# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001410368-25-032474
**Filing Date:** 2025-11
**Character Count:** 164013
**Document Hash:** dd9f41d6bc323feb2579d752cb8403af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032474.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032474

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**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:** 251529282

**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 ARK Transformational Innovation Fund (Series ID: S000056147)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000176824 | R5 Class       | ADNIX           |
| C000176825 | Investor Class | ADNPX           |
| C000176826 | Y Class        | ADNYX           |
| C000210490 | A Class        | ADNAX           |
| C000210491 | C Class        | ADNCX           |
| C000224371 | R6 Class       | ADNRX           |

## 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: June 30, 2026** 

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

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

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

------

ITEM 1. SCHEDULE OF INVESTMENTS.

------

**American Beacon ARK Transformational Innovation Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 85.2% |  |  |
|  **Communication Services - 14.7%** |  |  |
|  **Diversified Telecommunication Services - 0.6%** |  |  |
|  Iridium Communications, Inc. | 77755 | $**1357603** |
|  **Entertainment - 11.0%** |  |  |
|  ROBLOX Corp., Class A<sup>A</sup> | 86899 | 12037249 |
|  Roku, Inc.<sup>A</sup> | 130258 | 13042734 |
|  |  | **25079983** |
|  **Interactive Media & Services - 2.1%** |  |  |
|  Meta Platforms, Inc., Class A | 3412 | 2505705 |
|  Pinterest, Inc., Class A<sup>A</sup> | 72297 | 2325794 |
|  |  | **4831499** |
|  **Media - 1.0%** |  |  |
|  Trade Desk, Inc., Class A<sup>A</sup> | 44191 | **2165801** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **33434886** |
|  **Consumer Discretionary - 15.8%** |  |  |
|  **Automobiles - 12.4%** |  |  |
|  Tesla, Inc.<sup>A</sup> | 63602 | **28285082** |
|  **Broadline Retail - 1.6%** |  |  |
|  Amazon.com, Inc.<sup>A</sup> | 16006 | **3514437** |
|  **Hotels, Restaurants & Leisure - 1.8%** |  |  |
|  Airbnb, Inc., Class A<sup>A</sup> | 16792 | 2038885 |
|  DraftKings, Inc., Class A<sup>A</sup> | 54946 | 2054980 |
|  |  | **4093865** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **35893384** |
|  **Financials - 12.6%** |  |  |
|  **Capital Markets - 10.8%** |  |  |
|  Coinbase Global, Inc., Class A<sup>A</sup> | 38514 | 12998090 |
|  Robinhood Markets, Inc., Class A<sup>A</sup> | 81590 | 11682056 |
|  |  | **24680146** |
|  **Consumer Finance - 0.8%** |  |  |
|  SoFi Technologies, Inc.<sup>A</sup> | 70092 | **1851831** |
|  **Financial Services - 1.0%** |  |  |
|  Block, Inc.<sup>A</sup> | 31216 | **2255980** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **28787957** |
|  **Health Care - 18.3%** |  |  |
|  **Biotechnology - 10.1%** |  |  |
|  Beam Therapeutics, Inc.<sup>A</sup> <sup>B</sup> | 192268 | 4666345 |
|  Exact Sciences Corp.<sup>A</sup> | 42048 | 2300446 |
|  Intellia Therapeutics, Inc.<sup>A</sup> | 258208 | 4459252 |
|  Natera, Inc.<sup>A</sup> | 14856 | 2391370 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>A</sup> <sup>B</sup> | 525717 | 2565499 |
|  Twist Bioscience Corp.<sup>A</sup> | 133884 | 3767496 |
|  Veracyte, Inc.<sup>A</sup> | 84175 | 2889728 |
|  |  | **23040136** |
|  **Health Care Equipment & Supplies - 0.2%** |  |  |
|  Cerus Corp.<sup>A</sup> | 299780 | **476650** |

---

*See accompanying notes* 

------

**American Beacon ARK Transformational Innovation Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 85.2% (continued) | COMMON STOCKS - 85.2% (continued) | COMMON STOCKS - 85.2% (continued) |
|  **Health Care - 18.3% (continued)** | **Health Care - 18.3% (continued)** | **Health Care - 18.3% (continued)** |
|  **Health Care Providers & Services - 0.4%** |  |  |
|  GeneDx Holdings Corp.<sup>A</sup> | 8764 | $**944233** |
|  **Life Sciences Tools & Services - 7.6%** |  |  |
|  10X Genomics, Inc., Class A<sup>A</sup> | 273462 | 3196771 |
|  Illumina, Inc.<sup>A</sup> | 25206 | 2393814 |
|  Pacific Biosciences of California, Inc.<sup>A B</sup> | 622647 | 796988 |
|  Tempus AI, Inc.<sup>A</sup> <sup>B</sup> | 133731 | 10793429 |
|  |  | **17181002** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **41642021** |
|  **Industrials - 5.0%** |  |  |
|  **Aerospace & Defense - 4.3%** |  |  |
|  Archer Aviation, Inc., Class A<sup>A</sup> | 503284 | 4821461 |
|  BWX Technologies, Inc. | 12345 | 2276048 |
|  Kratos Defense & Security Solutions, Inc.<sup>A</sup> | 28874 | 2638217 |
|  |  | **9735726** |
|  **Machinery - 0.7%** |  |  |
|  Deere & Co. | 3401 | **1555141** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **11290867** |
|  **Information Technology - 18.8%** |  |  |
|  **Semiconductors & Semiconductor Equipment - 6.4%** |  |  |
|  Advanced Micro Devices, Inc.<sup>A</sup> | 40934 | 6622712 |
|  NVIDIA Corp. | 14754 | 2752801 |
|  Teradyne, Inc. | 37010 | 5094056 |
|  |  | **14469569** |
|  **Software - 12.4%** |  |  |
|  BitMine Immersion Technologies, Inc.<sup>A</sup> | 129797 | 6740358 |
|  Circle Internet Group, Inc.<sup>A</sup> | 46963 | 6226354 |
|  Gitlab, Inc., Class A<sup>A</sup> <sup>B</sup> | 57332 | 2584527 |
|  PagerDuty, Inc.<sup>A</sup> | 173153 | 2860488 |
|  Palantir Technologies, Inc., Class A<sup>A</sup> | 53790 | 9812372 |
|  |  | **28224099** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **42693668** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $107,857,210)** |  | **193742783** |
|  FOREIGN COMMON STOCKS - 13.2% |  |  |
|  **Communication Services - 0.1%** |  |  |
|  **Interactive Media & Services - 0.1%** |  |  |
|  Baidu, Inc., ADR<sup>A</sup> | 2549 | **335882** |
|  **Consumer Discretionary - 0.2%** |  |  |
|  **Broadline Retail - 0.2%** |  |  |
|  Alibaba Group Holding Ltd., ADR | 1950 | **348523** |
|  **Financials - 1.1%** |  |  |
|  **Capital Markets - 1.1%** |  |  |
|  Bullish<sup>A</sup> | 39902 | **2538166** |
|  **Health Care - 5.9%** |  |  |
|  **Biotechnology - 5.9%** |  |  |
|  CRISPR Therapeutics AG<sup>A</sup> | 208173 | **13491692** |

---

*See accompanying notes* 

------

**American Beacon ARK Transformational Innovation Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  FOREIGN COMMON STOCKS - 13.2% (continued) | FOREIGN COMMON STOCKS - 13.2% (continued) | FOREIGN COMMON STOCKS - 13.2% (continued) |
|  **Information Technology - 5.9%** | **Information Technology - 5.9%** | **Information Technology - 5.9%** |
|  **IT Services - 4.7%** |  |  |
|  Shopify, Inc., Class A<sup>A</sup> | 72443 | $**10765754** |
|  **Semiconductors & Semiconductor Equipment - 1.2%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 9384 | **2620858** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **13386612** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Common Stocks (Cost $15,103,299)** |  | **30100875** |
|  SHORT-TERM INVESTMENTS - 1.7% (Cost $3,932,423) |  |  |
|  **Investment Companies - 1.7%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>C D</sup> | 3932423 | **3932423** |
|  SECURITIES LENDING COLLATERAL - 5.0% (Cost $11,408,366) |  |  |
|  **Investment Companies - 5.0%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>C D</sup> | 11408366 | **11408366** |
|  **TOTAL INVESTMENTS - 105.1% (Cost $138,301,298)** |  | **239184447** |
|  **LIABILITIES, NET OF OTHER ASSETS - (5.1%)** |  | **(11602558)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**227581889** |

---

Percentages are stated as a percent of net assets.

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

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

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

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

ADR - American Depositary Receipt.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Transformational Innovation Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $193742783 | $— | $— | $193742783 |
|  Foreign Common Stocks | 30100875 |  |  | 30100875 |
|  Short-Term Investments | 3932423 |  |  | 3932423 |
|  Securities Lending Collateral | 11408366 |  |  | 11408366 |
|  Total Investments in Securities - Assets | $239184447 | $— | $— | $239184447 |

---

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

*See accompanying notes* 

------

**American Beacon Shapiro Equity Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.4% |  |  |
|  **Communication Services - 20.8%** |  |  |
|  **Entertainment - 10.9%** |  |  |
|  Electronic Arts, Inc. | 3805 | $767468 |
|  Lionsgate Studios Corp.<sup>A</sup> | 446604 | 3081568 |
|  Starz Entertainment Corp.<sup>A</sup> | 35993 | 530177 |
|  Walt Disney Co. | 27450 | 3143025 |
|  |  | **7522238** |
|  **Interactive Media & Services - 9.9%** |  |  |
|  Alphabet, Inc., Class C | 16120 | 3926026 |
|  Pinterest, Inc., Class A<sup>A</sup> | 89910 | 2892405 |
|  |  | **6818431** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **14340669** |
|  **Consumer Discretionary - 10.5%** |  |  |
|  **Hotels, Restaurants & Leisure - 4.5%** |  |  |
|  Penn Entertainment, Inc.<sup>A</sup> | 162500 | **3129750** |
|  **Leisure Products - 3.8%** |  |  |
|  Topgolf Callaway Brands Corp.<sup>A</sup> | 274500 | **2607750** |
|  **Textiles, Apparel & Luxury Goods - 2.2%** |  |  |
|  Deckers Outdoor Corp.<sup>A</sup> | 15270 | **1547920** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **7285420** |
|  **Consumer Staples - 2.5%** |  |  |
|  **Consumer Staples Distribution & Retail - 2.5%** |  |  |
|  Target Corp. | 19075 | **1711028** |
|  **Energy - 2.6%** |  |  |
|  **Oil, Gas & Consumable Fuels - 2.6%** |  |  |
|  Devon Energy Corp. | 51420 | **1802785** |
|  **Financials - 18.2%** |  |  |
|  **Banks - 9.0%** |  |  |
|  Bank of America Corp. | 58805 | 3033750 |
|  Truist Financial Corp. | 69705 | 3186912 |
|  |  | **6220662** |
|  **Capital Markets - 3.7%** |  |  |
|  Nasdaq, Inc. | 28755 | **2543380** |
|  **Financial Services - 5.5%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>A</sup> | 7505 | **3773064** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **12537106** |
|  **Health Care - 12.8%** |  |  |
|  **Health Care Equipment & Supplies - 7.3%** |  |  |
|  Hologic, Inc.<sup>A</sup> | 30700 | 2071943 |
|  Zimmer Biomet Holdings, Inc. | 30315 | 2986027 |
|  |  | **5057970** |
|  **Pharmaceuticals - 5.5%** |  |  |
|  Elanco Animal Health, Inc.<sup>A B</sup> | 186250 | **3751075** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **8809045** |

---

*See accompanying notes* 

------

**American Beacon Shapiro Equity Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.4% (continued) |  |  |
|  **Industrials - 7.3%** |  |  |
|  **Aerospace & Defense - 4.8%** |  |  |
|  L3Harris Technologies, Inc. | 10815 | $**3303009** |
|  **Professional Services - 2.5%** |  |  |
|  SS&C Technologies Holdings, Inc. | 19475 | **1728601** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **5031610** |
|  **Information Technology - 16.7%** |  |  |
|  **Semiconductors & Semiconductor Equipment - 8.1%** |  |  |
|  Micron Technology, Inc. | 18650 | 3120518 |
|  Ultra Clean Holdings, Inc.<sup>A</sup> | 91125 | 2483156 |
|  |  | **5603674** |
|  **Software - 8.6%** |  |  |
|  NCR Voyix Corp.<sup>A</sup> | 250400 | 3142520 |
|  Tenable Holdings, Inc.<sup>A</sup> | 94950 | 2768742 |
|  |  | **5911262** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **11514936** |
|  **Materials - 6.0%** |  |  |
|  **Chemicals - 1.8%** |  |  |
|  Axalta Coating Systems Ltd.<sup>A</sup> | 43770 | **1252698** |
|  **Containers & Packaging - 4.2%** |  |  |
|  Graphic Packaging Holding Co. | 149325 | **2922290** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **4174988** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $50,757,560)** |  | **67207587** |
|  SHORT-TERM INVESTMENTS - 3.5% (Cost $2,405,488) |  |  |
|  **Investment Companies - 3.5%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>C D</sup> | 2405488 | **2405488** |
|  **TOTAL INVESTMENTS - 100.9% (Cost $53,163,048)** |  | **69613075** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.9%)** |  | **(594680)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**69018395** |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shapiro Equity Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $67207587 | $— | $— | $67207587 |
|  Short-Term Investments | 2405488 |  |  | 2405488 |
|  Total Investments in Securities - Assets | $69613075 | $— | $— | $69613075 |

---

*See accompanying notes* 

------

**American Beacon Shapiro Equity Opportunities Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

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

*See accompanying notes* 

------

**American Beacon Shapiro SMID Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 94.6% |  |  |
|  **Communication Services - 15.3%** |  |  |
|  **Entertainment - 14.1%** |  |  |
|  Atlanta Braves Holdings, Inc., Class C<sup>A</sup> | 26551 | $1104256 |
|  Lionsgate Studios Corp.<sup>A</sup> | 177764 | 1226572 |
|  Madison Square Garden Sports Corp.<sup>A</sup> | 6843 | 1553361 |
|  Starz Entertainment Corp.<sup>A</sup> | 11908 | 175405 |
|  |  | **4059594** |
|  **Interactive Media & Services - 1.2%** |  |  |
|  Pinterest, Inc., Class A<sup>A</sup> | 10600 | **341002** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **4400596** |
|  **Consumer Discretionary - 10.4%** |  |  |
|  **Hotels, Restaurants & Leisure - 5.1%** |  |  |
|  Penn Entertainment, Inc.<sup>A</sup> | 76600 | **1475316** |
|  **Leisure Products - 5.3%** |  |  |
|  Topgolf Callaway Brands Corp.<sup>A</sup> | 159500 | **1515250** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **2990566** |
|  **Consumer Staples - 3.5%** |  |  |
|  **Food Products - 3.0%** |  |  |
|  Ingredion, Inc. | 2793 | 341053 |
|  Simply Good Foods Co.<sup>A</sup> | 21150 | 524943 |
|  |  | **865996** |
|  **Personal Products - 0.5%** |  |  |
|  BellRing Brands, Inc.<sup>A</sup> | 3675 | **133587** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **999583** |
|  **Energy - 1.9%** |  |  |
|  **Oil, Gas & Consumable Fuels - 1.9%** |  |  |
|  Devon Energy Corp. | 15943 | **558962** |
|  **Financials - 12.0%** |  |  |
|  **Banks - 4.3%** |  |  |
|  Ameris Bancorp | 8900 | 652459 |
|  Synovus Financial Corp. | 12100 | 593868 |
|  |  | **1246327** |
|  **Capital Markets - 7.7%** |  |  |
|  Donnelley Financial Solutions, Inc.<sup>A</sup> | 21853 | 1123900 |
|  Jefferies Financial Group, Inc. | 16544 | 1082308 |
|  |  | **2206208** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **3452535** |
|  **Health Care - 9.4%** |  |  |
|  **Health Care Equipment & Supplies - 4.3%** |  |  |
|  Hologic, Inc.<sup>A</sup> | 10700 | 722143 |
|  Neogen Corp.<sup>A</sup> | 90900 | 519039 |
|  |  | **1241182** |
|  **Pharmaceuticals - 5.1%** |  |  |
|  Elanco Animal Health, Inc.<sup>A</sup> <sup>B</sup> | 72982 | **1469857** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **2711039** |

---

*See accompanying notes* 

------

**American Beacon Shapiro SMID Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 94.6% (continued) |  |  |
|  **Industrials - 4.4%** |  |  |
|  **Aerospace & Defense - 2.3%** |  |  |
|  BWX Technologies, Inc. | 3572 | $**658570** |
|  **Professional Services - 2.1%** |  |  |
|  SS&C Technologies Holdings, Inc. | 6670 | **592029** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **1250599** |
|  **Information Technology - 21.7%** |  |  |
|  **Semiconductors & Semiconductor Equipment - 8.9%** |  |  |
|  MKS, Inc. | 9580 | 1185717 |
|  Ultra Clean Holdings, Inc.<sup>A</sup> | 50177 | 1367323 |
|  |  | **2553040** |
|  **Software - 12.8%** |  |  |
|  Blackbaud, Inc.<sup>A</sup> | 9700 | 623807 |
|  NCR Voyix Corp.<sup>A</sup> | 105900 | 1329045 |
|  Rapid7, Inc.<sup>A</sup> | 24050 | 450937 |
|  Tenable Holdings, Inc.<sup>A</sup> | 44500 | 1297620 |
|  |  | **3701409** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **6254449** |
|  **Materials - 16.0%** |  |  |
|  **Chemicals - 12.0%** |  |  |
|  Ashland, Inc. | 25500 | 1221705 |
|  Axalta Coating Systems Ltd.<sup>A</sup> | 42755 | 1223648 |
|  Ecovyst, Inc.<sup>A</sup> | 115124 | 1008486 |
|  |  | **3453839** |
|  **Containers & Packaging - 4.0%** |  |  |
|  Graphic Packaging Holding Co. | 59161 | **1157781** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **4611620** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $26,493,271)** |  | **27229949** |
|  EXCHANGE-TRADED INSTRUMENTS - 2.0% (Cost $572,129) |  |  |
|  **Exchange-Traded Funds - 2.0%** |  |  |
|  SPDR S&P MidCap 400 ETF Trust | 1000 | **596030** |
|  FOREIGN COMMON STOCKS - 2.1% (Cost $562,504) |  |  |
|  **Consumer Discretionary - 2.1%** |  |  |
|  **Hotels, Restaurants & Leisure - 2.1%** |  |  |
|  Genius Sports Ltd.<sup>A</sup> | 48925 | **605691** |
|  SHORT-TERM INVESTMENTS - 1.3% (Cost $364,745) |  |  |
|  **Investment Companies - 1.3%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>C</sup> <sup>D</sup> | 364745 | **364745** |
|  **TOTAL INVESTMENTS - 100.0% (Cost $27,992,649)** |  | **28796415** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.0%)** |  | **(10264)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**28786151** |

---

Percentages are stated as a percent of net assets.

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

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

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

*See accompanying notes* 

------

**American Beacon Shapiro SMID Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

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

ETF - Exchange-Traded Fund.

SPDR - Standard & Poor's Depositary Receipt.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shapiro SMID Cap Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $27229949 | $— | $— | $27229949 |
|  Exchange-Traded Instruments | 596030 |  |  | 596030 |
|  Foreign Common Stocks | 605691 |  |  | 605691 |
|  Short-Term Investments | 364745 |  |  | 364745 |
|  Total Investments in Securities - Assets | $28796415 | $— | $— | $28796415 |

---

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

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% |  |  |
|  CONVERTIBLE PREFERRED STOCKS - 10.8% |  |  |
|  **Financials - 4.3%** |  |  |
|  **Capital Markets - 1.2%** |  |  |
|  ARES Management Corp., Series B, 6.750%, Due 10/1/2027 | 79408 | $**3953724** |
|  **Financial Services - 3.1%** |  |  |
|  AMG Capital Trust II, 5.150%, Due 10/15/2037 | 61254 | 3920256 |
|  Apollo Global Management, Inc., 6.750%, Due 7/31/2026 | 43587 | 3074822 |
|  Shift4 Payments, Inc., 6.000%, Due 5/1/2028 | 33600 | 3172176 |
|  |  | **10167254** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **14120978** |
|  **Health Care - 2.1%** |  |  |
|  **Health Care Providers & Services - 1.7%** |  |  |
|  BrightSpring Health Services, Inc., 6.750%, Due 2/1/2027 | 56294 | **5685131** |
|  **Life Sciences Tools & Services - 0.4%** |  |  |
|  Bruker Corp., 6.375%, Due 9/1/2028<sup>A</sup> | 4159 | **1130416** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **6815547** |
|  **Industrials - 0.8%** |  |  |
|  **Machinery - 0.8%** |  |  |
|  Chart Industries, Inc., Series B, 6.750%, Due 12/15/2025 | 38332 | **2728472** |
|  **Information Technology - 2.1%** |  |  |
|  **Software - 0.8%** |  |  |
|  NCR Voyix Corp., Series A, 5.500%, PIK (in-kind rate 5.500%)<sup>B</sup> | 2476 | **2534483** |
|  **Technology Hardware, Storage & Peripherals - 1.3%** |  |  |
|  Hewlett Packard Enterprise Co., 7.625%, Due 9/1/2027 | 61895 | **4218144** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **6752627** |
|  **Materials - 1.5%** |  |  |
|  **Chemicals - 1.5%** |  |  |
|  Albemarle Corp., 7.250%, Due 3/1/2027 | 108383 | 4128309 |
|  Lyondellbasell Advanced Polymers, Inc., 6.000%<sup>B</sup> | 1026 | 902880 |
|  |  | **5031189** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **5031189** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Preferred Stocks (Cost $31,036,987)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Preferred Stocks (Cost $31,036,987)** | **35448813** |
|  PREFERRED STOCKS - 1.9% |  |  |
|  **Financials - 1.9%** |  |  |
|  **Mortgage Real Estate Investment Trusts (REITs) - 1.9%** |  |  |
|  Adamas Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 11.283%, (3 mo. USD LIBOR + 6.429%)<sup>B</sup> <sup>C</sup> | 1078 | 27090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.875%, (1 day USD SOFR + 6.130%)<sup>B</sup> <sup>C</sup> | 26097 | 593707 |
|  AGNC Investment Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 9.572%, (3 mo. USD Term SOFR + 5.255%)<sup>B</sup> <sup>C</sup> | 3313 | 85144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 9.276%, (3 mo. USD Term SOFR + 4.959%)<sup>B</sup> <sup>C</sup> | 64916 | 1646270 |
|  MFA Financial, Inc., Series C, 9.583%, (3 mo. USD Term SOFR + 5.607%)<sup>B</sup> <sup>C</sup> | 69344 | 1655241 |
|  Redwood Trust, Inc., 10.000%, (5 yr. CMT + 6.278%)<sup>B</sup> <sup>C</sup> | 7315 | 185216 |
|  Rithm Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 9.878%, (3 mo. USD Term SOFR + 5.902%)<sup>B</sup> <sup>C</sup> | 17847 | 453671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.207%, (3 mo. USD Term SOFR + 5.231%)<sup>B</sup> <sup>C</sup> | 64479 | 1587473 |
|  |  | **6233812** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **6233812** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks (Cost $6,086,324)** |  | **6233812** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% (continued) |  |  |
|  CONVERTIBLE OBLIGATIONS - 73.9% |  |  |
|  **Basic Materials - 2.1%** |  |  |
|  **Mining - 2.1%** |  |  |
|  Centrus Energy Corp., 2.250%, Due 11/1/2030<sup>D</sup> <sup>E</sup> | $1519000 | $4974725 |
|  Century Aluminum Co., 2.750%, Due 5/1/2028<sup>E</sup> | 1136000 | 1850544 |
|  |  | **6825269** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **6825269** |
|  **Communications - 8.7%** |  |  |
|  **Internet - 4.0%** |  |  |
|  Airbnb, Inc., Due 3/15/2026<sup>E</sup> | 791000 | 773202 |
|  fuboTV, Inc., 3.250%, Due 2/15/2026<sup>E</sup> | 1260000 | 1244250 |
|  Hims & Hers Health, Inc., Due 5/15/2030<sup>D</sup> <sup>E</sup> | 1063000 | 1193218 |
|  Snap, Inc., 0.500%, Due 5/1/2030<sup>E</sup> | 3215000 | 2748825 |
|  Upwork, Inc., 0.250%, Due 8/15/2026<sup>E</sup> | 326000 | 315214 |
|  Wayfair, Inc., 3.500%, Due 11/15/2028<sup>E</sup> | 2363000 | 4899681 |
|  Ziff Davis, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 11/1/2026 | 959000 | 918722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 3/1/2028<sup>D</sup> <sup>E</sup> | 1020000 | 983025 |
|  |  | **13076137** |
|  **Media - 4.0%** |  |  |
|  Liberty Broadband Corp., 3.125%, Due 3/31/2053<sup>D</sup> <sup>E F</sup> | 3635000 | 3587745 |
|  Sirius XM Holdings, Inc., 3.750%, Due 3/15/2028<sup>E</sup> | 3946000 | 4113705 |
|  Sphere Entertainment Co., 3.500%, Due 12/1/2028<sup>E</sup> | 2859000 | 5403510 |
|  |  | **13104960** |
|  **Telecommunications - 0.7%** |  |  |
|  ADTRAN Holdings, Inc., 3.750%, Due 9/15/2030<sup>D</sup> <sup>E</sup> | 701000 | 784068 |
|  AST SpaceMobile, Inc., 2.375%, Due 10/15/2032<sup>D</sup> <sup>E</sup> | 830000 | 860295 |
|  BlackSky Technology, Inc., 8.250%, Due 8/1/2033<sup>D</sup> <sup>E</sup> | 641000 | 721125 |
|  |  | **2365488** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **28546585** |
|  **Consumer, Cyclical - 5.6%** |  |  |
|  **Entertainment - 3.2%** |  |  |
|  DraftKings Holdings, Inc., Due 3/15/2028<sup>E</sup> | 3211000 | 2881873 |
|  Live Nation Entertainment, Inc., 3.125%, Due 1/15/2029<sup>E</sup> | 3026000 | 4881271 |
|  Marriott Vacations Worldwide Corp., 3.250%, Due 12/15/2027<sup>E</sup> | 2762000 | 2632738 |
|  |  | **10395882** |
|  **Leisure Time - 0.7%** |  |  |
|  Carnival Corp., 5.750%, Due 12/1/2027<sup>E</sup> <sup>F</sup> | 664000 | 1483001 |
|  NCL Corp. Ltd., 0.750%, Due 9/15/2030<sup>D</sup> | 350000 | 353063 |
|  Peloton Interactive, Inc., Due 2/15/2026 | 690000 | 676200 |
|  |  | **2512264** |
|  **Retail - 1.7%** |  |  |
|  Cheesecake Factory, Inc., 2.000%, Due 3/15/2030<sup>D</sup> <sup>E</sup> | 3587000 | 3660534 |
|  GameStop Corp., Due 6/15/2032<sup>D</sup> <sup>E</sup> | 1715000 | 1954242 |
|  |  | **5614776** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **18522922** |
|  **Consumer, Non-Cyclical - 17.2%** |  |  |
|  **Biotechnology - 1.9%** |  |  |
|  Bridgebio Pharma, Inc., 2.250%, Due 2/1/2029<sup>E</sup> | 3754000 | 3695813 |
|  Celcuity, Inc., 2.750%, Due 8/1/2031<sup>E</sup> | 310000 | 411605 |
|  Ionis Pharmaceuticals, Inc., 1.750%, Due 6/15/2028<sup>E</sup> | 1437000 | 1985754 |
|  |  | **6093172** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% (continued) |  |  |
|  CONVERTIBLE OBLIGATIONS - 73.9% (continued) |  |  |
|  **Consumer, Non-Cyclical - 17.2% (continued)** |  |  |
|  **Commercial Services - 1.6%** |  |  |
|  Affirm Holdings, Inc., Due 11/15/2026E | $1394000 | $1324646 |
|  Alarm.com Holdings, Inc., 2.250%, Due 6/1/2029<sup>E</sup> | 2381000 | 2283379 |
|  Block, Inc., 0.250%, Due 11/1/2027<sup>E</sup> | 1722000 | 1566159 |
|  |  | **5174184** |
|  **Cosmetics/Personal Care - 0.1%** |  |  |
|  Oddity Finance LLC, Due 6/15/2030<sup>D</sup> <sup>E</sup> | 250000 | **251875** |
|  **Health Care - Products - 7.4%** |  |  |
|  CONMED Corp., 2.250%, Due 6/15/2027<sup>E</sup> | 3716000 | 3535798 |
|  Enovis Corp., 3.875%, Due 10/15/2028<sup>E</sup> | 4284000 | 4213314 |
|  Exact Sciences Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.375%, Due 3/15/2027<sup>E</sup> | 720000 | 690840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2030<sup>D</sup> | 3079000 | 3193309 |
|  Haemonetics Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/1/2026 | 1745000 | 1705740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2029<sup>E</sup> | 2653000 | 2447809 |
|  Integer Holdings Corp., 1.875%, Due 3/15/2030<sup>D</sup> <sup>E</sup> | 2376000 | 2302344 |
|  LeMaitre Vascular, Inc., 2.500%, Due 2/1/2030<sup>D</sup> <sup>E</sup> | 2490000 | 2534820 |
|  Omnicell, Inc., 1.000%, Due 12/1/2029<sup>D</sup> <sup>E</sup> | 3264000 | 3025728 |
|  Tempus AI, Inc., 0.750%, Due 7/15/2030<sup>D</sup> <sup>E</sup> | 756000 | 948780 |
|  |  | **24598482** |
|  **Health Care - Services - 0.7%** |  |  |
|  Oscar Health, Inc., 2.250%, Due 9/1/2030<sup>D</sup> <sup>E</sup> | 701000 | 770981 |
|  Teladoc Health, Inc., 1.250%, Due 6/1/2027 | 1540000 | 1438352 |
|  |  | **2209333** |
|  **Household Products/Wares - 0.8%** |  |  |
|  Spectrum Brands, Inc., 3.375%, Due 6/1/2029<sup>E</sup> | 3079000 | **2857312** |
|  **Pharmaceuticals - 4.7%** |  |  |
|  Collegium Pharmaceutical, Inc., 2.875%, Due 2/15/2029<sup>E</sup> | 2639000 | 3113254 |
|  Dexcom, Inc., 0.375%, Due 5/15/2028<sup>E</sup> | 1401000 | 1277011 |
|  Jazz Investments I Ltd., 3.125%, Due 9/15/2030<sup>E</sup> | 3759000 | 4460053 |
|  Mirum Pharmaceuticals, Inc., 4.000%, Due 5/1/2029<sup>E</sup> | 2191000 | 5261687 |
|  Pacira BioSciences, Inc., 2.125%, Due 5/15/2029<sup>E</sup> | 1333000 | 1350987 |
|  |  | **15462992** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **56647350** |
|  **Energy - 3.6%** |  |  |
|  **Coal - 0.3%** |  |  |
|  Peabody Energy Corp., 3.250%, Due 3/1/2028<sup>E</sup> | 691000 | **1035606** |
|  **Energy - Alternate Sources - 3.3%** |  |  |
|  Array Technologies, Inc., 1.000%, Due 12/1/2028<sup>E</sup> | 3471000 | 3005078 |
|  Enphase Energy, Inc., Due 3/1/2026 | 1823000 | 1775234 |
|  SolarEdge Technologies, Inc., 2.250%, Due 7/1/2029 | 1040000 | 1371240 |
|  Sunrun, Inc., 4.000%, Due 3/1/2030 | 1383000 | 1879225 |
|  XPLR Infrastructure LP, Due 11/15/2025<sup>D</sup> | 2716000 | 2695630 |
|  |  | **10726407** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **11762013** |
|  **Financial - 11.7%** |  |  |
|  **Diversified Financial Services - 1.4%** |  |  |
|  EZCORP, Inc., 3.750%, Due 12/15/2029<sup>D</sup> <sup>E</sup> | 1023000 | 1867998 |
|  WisdomTree, Inc., 4.625%, Due 8/15/2030<sup>D</sup> | 2775000 | 2939165 |
|  |  | **4807163** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% (continued) |  |  |
|  CONVERTIBLE OBLIGATIONS - 73.9% (continued) |  |  |
|  **Financial - 11.7% (continued)** |  |  |
|  **Investment Companies - 2.4%** |  |  |
|  Bit Digital, Inc., 4.000%, Due 10/01/2030 | $173000 | $173000 |
|  Capital Southwest Corp., 5.125%, Due 11/15/2029<sup>E</sup> | 1635000 | 1610475 |
|  MARA Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 3/1/2030<sup>D</sup> | 379000 | 378621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 6/1/2031<sup>D</sup> <sup>E</sup> | 2077000 | 1966052 |
|  Terawulf, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 2/1/2030<sup>D</sup> | 1389000 | 2235752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 9/1/2031<sup>D</sup> | 1164000 | 1385160 |
|  |  | **7749060** |
|  **REITS - 7.9%** |  |  |
|  Blackstone Mortgage Trust, Inc., 5.500%, Due 3/15/2027<sup>E</sup> | 2991000 | 2931180 |
|  Pebblebrook Hotel Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, Due 12/15/2026 | 1606000 | 1582689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, Due 1/15/2030<sup>D</sup> <sup>E</sup> | 1753000 | 1723516 |
|  PennyMac Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 3/15/2026<sup>E</sup> | 3766000 | 3739638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 6/1/2029 | 1025000 | 1054213 |
|  Redwood Trust, Inc., 7.750%, Due 6/15/2027<sup>E</sup> | 5768000 | 5770884 |
|  Summit Hotel Properties, Inc., 1.500%, Due 2/15/2026<sup>E</sup> | 5002000 | 4899459 |
|  Two Harbors Investment Corp., 6.250%, Due 1/15/2026<sup>E</sup> | 4310000 | 4299227 |
|  |  | **26000806** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **38557029** |
|  **Industrial - 4.0%** |  |  |
|  **Electronics - 1.4%** |  |  |
|  Applied Optoelectronics, Inc., 2.750%, Due 1/15/2030<sup>E</sup> | 1538000 | 1531959 |
|  OSI Systems, Inc., 2.250%, Due 8/1/2029<sup>E</sup> | 1999000 | 2897550 |
|  |  | **4429509** |
|  **Machinery - Construction & Mining - 1.8%** |  |  |
|  Bloom Energy Corp., 3.000%, Due 6/1/2029<sup>E</sup> | 1397000 | **5765419** |
|  **Miscellaneous Manufacturing - 0.0%** |  |  |
|  JBT Marel Corp., 0.375%, Due 9/15/2030<sup>D</sup> | 70000 | **68005** |
|  **Trucking & Leasing - 0.8%** |  |  |
|  Greenbrier Cos., Inc., 2.875%, Due 4/15/2028<sup>E</sup> | 2592000 | **2774477** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **13037410** |
|  **Technology - 17.6%** |  |  |
|  **Computers - 6.0%** |  |  |
|  Lumentum Holdings, Inc., 0.500%, Due 6/15/2028<sup>E</sup> | 1272000 | 1771260 |
|  Mitek Systems, Inc., 0.750%, Due 2/1/2026 | 1839000 | 1803115 |
|  Parsons Corp., 2.625%, Due 3/1/2029<sup>E</sup> | 1384000 | 1577760 |
|  Rapid7, Inc., 1.250%, Due 3/15/2029<sup>E</sup> | 2323000 | 2050830 |
|  Rubrik, Inc., Due 6/15/2030<sup>D</sup> | 171000 | 172966 |
|  Super Micro Computer, Inc., Due 6/15/2030<sup>D</sup> <sup>E</sup> | 2062000 | 2275417 |
|  Western Digital Corp., 3.000%, Due 11/15/2028<sup>E</sup> | 2973000 | 9535898 |
|  Zscaler, Inc., Due 7/15/2028<sup>D</sup> | 481000 | 476912 |
|  |  | **19664158** |
|  **Semiconductors - 1.7%** |  |  |
|  Cohu, Inc., 1.500%, Due 1/15/2031<sup>D</sup> | 350000 | 357974 |
|  MKS, Inc., 1.250%, Due 6/1/2030<sup>E</sup> | 2279000 | 2495505 |
|  ON Semiconductor Corp., 0.500%, Due 3/1/2029<sup>E</sup> | 3040000 | 2804920 |
|  |  | **5658399** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% (continued) |  |  |
|  CONVERTIBLE OBLIGATIONS - 73.9% (continued) |  |  |
|  **Technology - 17.6% (continued)** |  |  |
|  **Software - 9.9%** |  |  |
|  Bentley Systems, Inc., 0.375%, Due 7/1/2027<sup>E</sup> | $2720000 | $2560880 |
|  Bill Holdings, Inc., Due 4/1/2030<sup>D</sup> <sup>E</sup> | 1530000 | 1361700 |
|  Cloudflare, Inc., Due 6/15/2030<sup>D E</sup> | 103000 | 116956 |
|  CSG Systems International, Inc., 3.875%, Due 9/15/2028<sup>E</sup> | 3447000 | 3824446 |
|  Dayforce, Inc., 0.250%, Due 3/15/2026<sup>E</sup> | 2780000 | 2720230 |
|  DigitalOcean Holdings, Inc., Due 8/15/2030<sup>D</sup> <sup>E</sup> | 1387000 | 1545646 |
|  Evolent Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 12/1/2029<sup>E</sup> | 3060000 | 2449530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/15/2031<sup>D</sup> | 348000 | 347845 |
|  Five9, Inc., 1.000%, Due 3/15/2029<sup>E</sup> | 2497000 | 2206100 |
|  Jamf Holding Corp., 0.125%, Due 9/1/2026 | 340000 | 325380 |
|  Pagaya Technologies Ltd., 6.125%, Due 10/1/2029<sup>D</sup> <sup>E</sup> | 1979000 | 4696167 |
|  Planet Labs PBC, 0.500%, Due 10/15/2030<sup>D</sup> <sup>E</sup> | 699000 | 941902 |
|  Progress Software Corp., 3.500%, Due 3/1/2030<sup>E</sup> | 3626000 | 3642317 |
|  PROS Holdings, Inc., 2.250%, Due 9/15/2027<sup>E</sup> | 1630000 | 1606365 |
|  Strategy, Inc., Due 12/1/2029<sup>D</sup> <sup>E</sup> | 2519000 | 2254532 |
|  Unity Software, Inc., Due 3/15/2030<sup>D</sup> | 1388000 | 1874668 |
|  |  | **32474664** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **57797221** |
|  **Utilities - 3.4%** |  |  |
|  **Electric - 3.4%** |  |  |
|  CenterPoint Energy, Inc., 4.250%, Due 8/15/2026<sup>E</sup> | 3038000 | 3372180 |
|  Duke Energy Corp., 4.125%, Due 4/15/2026<sup>E</sup> | 3358000 | 3604813 |
|  PG&E Corp., 4.250%, Due 12/1/2027<sup>E</sup> | 4097000 | 4143296 |
|  |  | **11120289** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **11120289** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Obligations (Cost $211,248,447)** |  | **242816088** |
|  FOREIGN CONVERTIBLE OBLIGATIONS - 4.7% |  |  |
|  **Basic Materials - 2.2%** |  |  |
|  **Mining - 2.2%** |  |  |
|  Equinox Gold Corp., 4.750%, Due 10/15/2028<sup>E</sup> | 2440000 | 4676260 |
|  Fortuna Mining Corp., 3.750%, Due 6/30/2029<sup>E</sup> | 1670000 | 2647387 |
|  |  | **7323647** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **7323647** |
|  **Communications - 0.3%** |  |  |
|  **Internet - 0.3%** |  |  |
|  Wix.com Ltd., Due 9/15/2030<sup>D</sup> | 873000 | **953316** |
|  **Consumer, Cyclical - 0.3%** |  |  |
|  **Auto Parts & Equipment - 0.3%** |  |  |
|  indie Semiconductor, Inc., 4.500%, Due 11/15/2027<sup>D</sup> <sup>E</sup> | 1164000 | **1142175** |
|  **Consumer, Non-Cyclical - 1.0%** |  |  |
|  **Pharmaceuticals - 1.0%** |  |  |
|  Ascendis Pharma AS, 2.250%, Due 4/1/2028<sup>E</sup> | 2493000 | **3390480** |
|  **Financial - 0.7%** |  |  |
|  **Diversified Financial Services - 0.2%** |  |  |
|  Qfin Holdings, Inc., 0.500%, Due 4/1/2030<sup>D E</sup> | 828000 | **712080** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  SECURITIES HELD LONG - 98.5% (continued) |  |  |
|  FOREIGN CONVERTIBLE OBLIGATIONS - 4.7% (continued) |  |  |
|  **Financial - 0.7% (continued)** |  |  |
|  **Investment Companies - 0.5%** |  |  |
|  IREN Ltd., 3.500%, Due 12/15/2029, Series IREN<sup>D</sup> <sup>E</sup> | $446000 | $**1593781** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **2305861** |
|  **Technology - 0.2%** |  |  |
|  **Software - 0.2%** |  |  |
|  Nebius Group NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 9/15/2030<sup>D</sup> | 105000 | 122115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 9/15/2032<sup>D</sup> <sup>E</sup> | 350000 | 406875 |
|  |  | **528990** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **528990** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Convertible Obligations (Cost $11,350,183)** |  | **15644469** |
|  | **Shares** |  |
|  SHORT TERM INVESTMENTS - 7.2% (Cost $23,766,878) |  |  |
|  **Investment Companies - 7.2%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>G</sup> <sup>H</sup> | 23766878 | **23766878** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Securities Held Long (Cost $283,488,819)** |  | **323910060** |
|  SECURITIES SOLD SHORT - (39.3%) |  |  |
|  **Common Stocks - (39.3%)** |  |  |
|  **Communication Services - (3.2%)** |  |  |
|  **Diversified Telecommunication Services - (0.2%)** |  |  |
|  AST SpaceMobile, Inc.<sup>A</sup> | (9077) | **(445499)** |
|  **Entertainment - (2.5%)** |  |  |
|  Live Nation Entertainment, Inc.<sup>A</sup> | (24116) | (3940554) |
|  Sphere Entertainment Co.<sup>A</sup> | (70162) | (4358464) |
|  |  | **(8299018)** |
|  **Interactive Media & Services - (0.1%)** |  |  |
|  Snap, Inc., Class A<sup>A</sup> | (57634) | (444358) |
|  Ziff Davis, Inc.<sup>A</sup> | (529) | (20155) |
|  |  | **(464513)** |
|  **Media - (0.4%)** |  |  |
|  Sirius XM Holdings, Inc. | (56020) | **(1303866)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **(10512896)** |
|  **Consumer Discretionary - (2.7%)** |  |  |
|  **Hotels, Restaurants & Leisure - (1.0%)** |  |  |
|  Carnival Corp.<sup>A</sup> | (47584) | (1375654) |
|  Cheesecake Factory, Inc. | (28280) | (1545219) |
|  DraftKings, Inc., Class A<sup>A</sup> | (6566) | (245568) |
|  Marriott Vacations Worldwide Corp. | (786) | (52316) |
|  Norwegian Cruise Line Holdings Ltd.<sup>A</sup> | (6300) | (155169) |
|  |  | **(3373926)** |
|  **Specialty Retail - (1.7%)** |  |  |
|  GameStop Corp., Class A<sup>A</sup> | (42152) | (1149907) |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES SOLD SHORT - (39.3%) (continued) |  |  |
|  **Common Stocks - (39.3%) (continued)** |  |  |
|  **Consumer Discretionary - (2.7%) (continued)** |  |  |
|  **Specialty Retail - (1.6%) (continued)** |  |  |
|  Wayfair, Inc., Class A<sup>A</sup> | (47576) | $(4249964) |
|  |  | **(5399871)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **(8773797)** |
|  **Consumer Staples - (0.1%)** |  |  |
|  **Household Products - (0.1%)** |  |  |
|  Spectrum Brands Holdings, Inc. | (6503) | **(341603)** |
|  **Personal Products - 0.0%** |  |  |
|  Oddity Tech Ltd., Class A<sup>A</sup> | (1748) | **(108900)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **(450503)** |
|  **Energy - (1.6%)** |  |  |
|  **Oil, Gas & Consumable Fuels - (1.6%)** |  |  |
|  Centrus Energy Corp., Class A<sup>A</sup> | (14585) | (4522371) |
|  Peabody Energy Corp. | (27472) | (728557) |
|  |  | **(5250928)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **(5250928)** |
|  **Financials - (4.1%)** |  |  |
|  **Capital Markets - (2.0%)** |  |  |
|  Affiliated Managers Group, Inc. | (9568) | (2281298) |
|  ARES Management Corp., Class A | (19708) | (3151112) |
|  WisdomTree, Inc. | (85854) | (1193371) |
|  |  | **(6625781)** |
|  **Consumer Finance - (0.5%)** |  |  |
|  EZCORP, Inc., Class A<sup>A</sup> | (80838) | (1539155) |
|  Qfin Holdings, Inc. | (5688) | (163701) |
|  |  | **(1702856)** |
|  **Financial Services - (1.5%)** |  |  |
|  Apollo Global Management, Inc. | (19815) | (2640745) |
|  Block, Inc.<sup>A</sup> | (276) | (19947) |
|  Shift4 Payments, Inc., Class A<sup>A</sup> | (29493) | (2282758) |
|  |  | **(4943450)** |
|  **Insurance - (0.1%)** |  |  |
|  Oscar Health, Inc., Class A<sup>A</sup> | (14721) | **(278669)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **(13550756)** |
|  **Health Care - (8.0%)** |  |  |
|  **Biotechnology - (3.2%)** |  |  |
|  Ascendis Pharma AS<sup>A</sup> | (10243) | (2036411) |
|  Bridgebio Pharma, Inc.<sup>A</sup> | (16333) | (848336) |
|  Celcuity, Inc.<sup>A</sup> | (4753) | (234798) |
|  Exact Sciences Corp.<sup>A</sup> | (24286) | (1328687) |
|  Ionis Pharmaceuticals, Inc.<sup>A</sup> | (20291) | (1327437) |
|  Mirum Pharmaceuticals, Inc.<sup>A</sup> | (63437) | (4650567) |
|  |  | **(10426236)** |
|  **Health Care Equipment & Supplies - (1.2%)** |  |  |
|  CONMED Corp. | (1352) | (63584) |
|  Dexcom, Inc.<sup>A</sup> | (1638) | (110221) |
|  Enovis Corp.<sup>A</sup> | (23529) | (713870) |
|  Haemonetics Corp.<sup>A</sup> | (5581) | (272018) |
|  Integer Holdings Corp.<sup>A</sup> | (8048) | (831600) |
|  LeMaitre Vascular, Inc. | (11807) | (1033231) |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES SOLD SHORT - (39.3%) (continued) |  |  |
|  **Common Stocks - (39.3%) (continued)** |  |  |
|  **Health Care - (8.0%) (continued)** |  |  |
|  **Health Care Equipment & Supplies - (1.2%) (continued)** |  |  |
|  Omnicell, Inc.<sup>A</sup> | (27192) | $(827996) |
|  |  | **(3852520)** |
|  **Health Care Providers & Services - (1.8%)** |  |  |
|  BrightSpring Health Services, Inc.<sup>A</sup> | (176688) | (5222897) |
|  Hims & Hers Health, Inc.<sup>A</sup> | (11031) | (625679) |
|  |  | **(5848576)** |
|  **Health Care Technology - (0.1%)** |  |  |
|  Evolent Health, Inc., Class A<sup>A</sup> | (33623) | **(284450)** |
|  **Life Sciences Tools & Services - (0.4%)** |  |  |
|  Bruker Corp. | (24260) | (788208) |
|  Tempus AI, Inc.<sup>A</sup> | (6844) | (552379) |
|  |  | **(1340587)** |
|  **Pharmaceuticals - (1.3%)** |  |  |
|  Collegium Pharmaceutical, Inc.<sup>A</sup> | (52968) | (1853350) |
|  Jazz Pharmaceuticals PLC<sup>A</sup> | (15300) | (2016540) |
|  Pacira BioSciences, Inc.<sup>A</sup> | (19947) | (514034) |
|  |  | **(4383924)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **(26136293)** |
|  **Industrials - (3.8%)** |  |  |
|  **Electrical Equipment - (1.7%)** |  |  |
|  Array Technologies, Inc.<sup>A</sup> | (48871) | (398299) |
|  Bloom Energy Corp., Class A<sup>A</sup> | (48976) | (4141900) |
|  Sunrun, Inc.<sup>A</sup> | (72123) | (1247007) |
|  |  | **(5787206)** |
|  **Machinery - (1.1%)** |  |  |
|  Chart Industries, Inc.<sup>A</sup> | (11884) | (2378583) |
|  Greenbrier Cos., Inc. | (23989) | (1107572) |
|  JBT Marel Corp. | (140) | (19663) |
|  |  | **(3505818)** |
|  **Professional Services - (1.0%)** |  |  |
|  BlackSky Technology, Inc.<sup>A</sup> | (10077) | (203051) |
|  CSG Systems International, Inc. | (28891) | (1860003) |
|  Parsons Corp.<sup>A</sup> | (8395) | (696113) |
|  Planet Labs PBC<sup>A</sup> | (44666) | (579765) |
|  |  | **(3338932)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **(12631956)** |
|  **Information Technology - (10.9%)** |  |  |
|  **Communications Equipment - (0.7%)** |  |  |
|  ADTRAN Holdings, Inc.<sup>A</sup> | (45049) | (422559) |
|  Applied Optoelectronics, Inc.<sup>A</sup> | (23446) | (607955) |
|  Lumentum Holdings, Inc.<sup>A</sup> | (7231) | (1176556) |
|  |  | **(2207070)** |
|  **Electronic Equipment, Instruments & Components - (0.6%)** |  |  |
|  OSI Systems, Inc.<sup>A</sup> | (8259) | **(2058473)** |
|  **IT Services - (0.4%)** |  |  |
|  Cloudflare, Inc., Class A<sup>A</sup> | (285) | (61158) |
|  DigitalOcean Holdings, Inc.<sup>A</sup> | (20945) | (715481) |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES SOLD SHORT - (39.3%) (continued) |  |  |
|  **Common Stocks - (39.3%) (continued)** |  |  |
|  **Information Technology - (10.9%) (continued)** |  |  |
|  **IT Services - (0.4%) (continued)** |  |  |
|  Wix.com Ltd.<sup>A</sup> | (2794) | $(496299) |
|  |  | **(1272938)** |
|  **Semiconductors & Semiconductor Equipment - (0.9%)** |  |  |
|  Cohu, Inc.<sup>A</sup> | (2800) | (56924) |
|  indie Semiconductor, Inc., Class A<sup>A</sup> | (53835) | (219109) |
|  MKS, Inc. | (9674) | (1197351) |
|  ON Semiconductor Corp.<sup>A</sup> | (10743) | (529737) |
|  SolarEdge Technologies, Inc.<sup>A</sup> | (25169) | (931253) |
|  |  | **(2934374)** |
|  **Software - (4.2%)** |  |  |
|  Alarm.com Holdings, Inc.<sup>A</sup> | (10796) | (573052) |
|  Bentley Systems, Inc., Class B | (6510) | (335135) |
|  Bill Holdings, Inc.<sup>A</sup> | (5720) | (302988) |
|  Bit Digital, Inc.<sup>A</sup> | (27680) | (81562) |
|  Five9, Inc.<sup>A</sup> | (7467) | (180701) |
|  IREN Ltd.<sup>A</sup> | (30818) | (1446289) |
|  MARA Holdings, Inc.<sup>A</sup> | (35406) | (646513) |
|  NCR Voyix Corp.<sup>A</sup> | (64562) | (810253) |
|  Nebius Group NV<sup>A</sup> | (2240) | (251485) |
|  Pagaya Technologies Ltd., Class A<sup>A</sup> | (129008) | (3830247) |
|  Progress Software Corp.<sup>A</sup> | (23788) | (1045007) |
|  PROS Holdings, Inc.<sup>A</sup> | (4627) | (106005) |
|  Rapid7, Inc.<sup>A</sup> | (7170) | (134437) |
|  Rubrik, Inc., Class A<sup>A</sup> | (876) | (72051) |
|  Strategy, Inc.<sup>A</sup> | (2015) | (649253) |
|  Terawulf, Inc.<sup>A</sup> | (201873) | (2305390) |
|  Unity Software, Inc.<sup>A</sup> | (23145) | (926726) |
|  Zscaler, Inc.<sup>A</sup> | (497) | (148931) |
|  |  | **(13846025)** |
|  **Technology Hardware, Storage & Peripherals - (4.1%)** |  |  |
|  Hewlett Packard Enterprise Co. | (140465) | (3449821) |
|  Super Micro Computer, Inc.<sup>A</sup> | (23646) | (1133589) |
|  Western Digital Corp. | (74955) | (8999097) |
|  |  | **(13582507)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **(35901387)** |
|  **Materials - (3.2%)** |  |  |
|  **Chemicals - (1.0%)** |  |  |
|  Albemarle Corp. | (41912) | **(3398225)** |
|  **Metals & Mining - (2.2%)** |  |  |
|  Century Aluminum Co.<sup>A</sup> | (50965) | (1496332) |
|  Equinox Gold Corp.<sup>A</sup> | (345818) | (3880078) |
|  Fortuna Mining Corp.<sup>A</sup> | (203481) | (1823190) |
|  |  | **(7199600)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **(10597825)** |
|  **Real Estate - (0.2%)** |  |  |
|  **Hotel & Resort REITs - (0.2%)** |  |  |
|  Pebblebrook Hotel Trust | (68106) | (775727) |
|  Summit Hotel Properties, Inc. | (2813) | (15444) |
|  |  | **(791171)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **(791171)** |

---

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES SOLD SHORT - (39.3%) (continued) |  |  |
|  **Common Stocks - (39.3%) (continued)** |  |  |
|  **Utilities - (1.5%)** |  |  |
|  **Electric Utilities - (0.9%)** |  |  |
|  Duke Energy Corp. | (17989) | $(2226139) |
|  PG&E Corp. | (37041) | (558578) |
|  |  | **(2784717)** |
|  **Multi-Utilities - (0.6%)** |  |  |
|  CenterPoint Energy, Inc. | (52434) | **(2034439)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **(4819156)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Proceeds $(90925706))** |  | **(129416668)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Securities Sold Short (Proceeds $(90925706))** |  | **(129416668)** |
|  **TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITITES SOLD SHORT) - 98.5%<br>(Cost $283,488,819)** |  | **323910060** |
|  **TOTAL WRITTEN OPTIONS CONTRACTS - (0.3%) (Premiums Received $(97795))** |  | **(870288)** |
|  **TOTAL SECURITIES SOLD SHORT - (39.3%) (Proceeds $(90925706))** |  | **(129416668)** |
|  **OTHER ASSETS, NET OF LIABILITIES - 41.1%** |  | **135176952** |
|  **NET ASSETS - 100.00%** |  | $**328800056** |

---

Percentages are stated as a percent of net assets.

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

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

<sup>C</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 September 30, 2025. 

<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 $68,712,803 or 20.9% of net assets. The Fund has no right to demand registration of these securities. 

<sup>E</sup> This security or a piece thereof is held as segregated collateral. At period end, the value of these securities amounted to $226,202,946 or 68.8% of net assets. 

<sup>F</sup> Callable security.

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

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

CMT - Constant Maturity Treasury.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

***Written Options Contracts Open on September 30, 2025:***

**Equity Options** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Currency** | **Number of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>Received** | **Fair Value** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  Call-Unity Software, Inc. | NFS | $30.00 | 10/17/2025 | USD | 77 | 7700 | $(33339) | $(78348) | $(45009) |
|  Call-Bloom Energy Corp. | NFS | $26.00 | 11/21/2025 | USD | 134 | 13400 | $(64456) | $(791940) | $(727484) |
|  |  |  |  |  |  |  | $(97795) | $(870288) | $(772493) |

---

***Glossary:***

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

NFS National Financial Services LLC

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

*See accompanying notes* 

------

**American Beacon SSI Alternative Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SSI Alternative Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Convertible Preferred Stocks | $— | $35448813 | $— | $35448813 |
|  Preferred Stocks | 5454889 | 778923 |  | 6233812 |
|  Convertible Obligations |  | 242816088 |  | 242816088 |
|  Foreign Convertible Obligations |  | 15644469 |  | 15644469 |
|  Short-Term Investments | 23766878 |  |  | 23766878 |
|  Total Investments in Securities - Assets | $29221767 | $294688293 | $— | $323910060 |
|  ***Liabilities*** |  |  |  |  |
|  Common Stocks (Sold Short) | $(129416668) | $— | $— | $(129416668) |
|  Total Investments in Securities - Liabilities | $(129416668) | $— | $— | $(129416668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $(100194901) | $294688293 | $— | $194493392 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Written Options | (870288) |  |  | (870288) |
|  Total Financial Derivative Instruments - Liabilities | $(870288) | $— | $— | $(870288) |

---

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

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 11.3% |  |  |
|  **Communications - 0.5%** |  |  |
|  **Internet - 0.1%** |  |  |
|  Uber Technologies, Inc., 4.800%, Due 9/15/2034 | $390000 | $**390800** |
|  **Telecommunications - 0.4%** |  |  |
|  T-Mobile USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, Due 7/15/2033 | 640000 | 653614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, Due 1/15/2035 | 1780000 | 1747935 |
|  |  | **2401549** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **2792349** |
|  **Consumer, Cyclical - 0.4%** |  |  |
|  **Airlines - 0.1%** |  |  |
|  United Airlines, Inc., 4.625%, Due 4/15/2029<sup>A</sup> | 360000 | **355050** |
|  **Auto Manufacturers - 0.2%** |  |  |
|  Stellantis NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 6/16/2031<sup>B</sup> | 450000 | 538091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, Due 4/1/2032<sup>B</sup> | 400000 | 433036 |
|  |  | **971127** |
|  **Home Builders - 0.1%** |  |  |
|  K Hovnanian Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 4/1/2031<sup>A</sup> | $480000 | 491960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 10/1/2033<sup>A</sup> | 420000 | 430491 |
|  |  | **922451** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **2248628** |
|  **Consumer, Non-Cyclical - 1.2%** |  |  |
|  **Commercial Services - 0.8%** |  |  |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.500%, Due 5/15/2033<sup>A</sup> | 1050000 | 1283608 |
|  United Rentals North America, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/15/2029<sup>A</sup> | $490000 | 504569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 3/15/2034<sup>A</sup> | 2075000 | 2157579 |
|  |  | **3945756** |
|  **Cosmetics/Personal Care - 0.0%** |  |  |
|  Prestige Brands, Inc., 5.125%, Due 1/15/2028<sup>A</sup> | 155000 | **153736** |
|  **Food - 0.1%** |  |  |
|  JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.500%, Due 1/15/2036<sup>A</sup> | 650000 | **663787** |
|  **Health Care - Services - 0.3%** |  |  |
|  HCA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2033 | 1120000 | 1163698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/1/2035 | 315000 | 329409 |
|  |  | **1493107** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **6256386** |
|  **Energy - 3.3%** |  |  |
|  **Oil & Gas - 1.1%** |  |  |
|  Aris Water Holdings LLC, 7.250%, Due 4/1/2030<sup>A</sup> | 1765000 | 1862610 |
|  BP Capital Markets PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 3/22/2027, (5 yr. U.K. Government Bond + 3.887%)<sup>B</sup> <sup>C D</sup> | 1000000 | 1322899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 3/22/2029, (5 yr. EUR Swap + 3.780%)<sup>B</sup> <sup>C D</sup> | 1200000 | 1408838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 8/19/2031, (5 yr. EUR Swap + 2.220%)<sup>B</sup> <sup>C D</sup> | 600000 | 717595 |
|  |  | **5311942** |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 11.3% (continued) |  |  |
|  **Energy - 3.3% (continued)** |  |  |
|  **Pipelines - 2.2%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 6/15/2029<sup>A</sup> | $625000 | $622896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 2/1/2032<sup>A</sup> | 435000 | 447909 |
|  Cheniere Energy, Inc., 5.650%, Due 4/15/2034 | 1735000 | 1787578 |
|  Kinetik Holdings LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 12/15/2028<sup>A</sup> | 100000 | 102646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 6/15/2030<sup>A</sup> | 1225000 | 1232281 |
|  ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, Due 11/1/2034 | 410000 | 404364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 10/15/2035 | 1015000 | 1018965 |
|  Plains All American Pipeline LP, 5.950%, Due 6/15/2035 | 180000 | 187881 |
|  Plains All American Pipeline LP/PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, Due 1/15/2031 | 200000 | 200479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, Due 9/15/2034 | 1575000 | 1623701 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 2/15/2029<sup>A</sup> | 535000 | 550954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/1/2031<sup>A</sup> | 500000 | 488913 |
|  Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 3/15/2033 | 280000 | 297755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 3/30/2034 | 600000 | 653323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, Due 2/15/2036 | 200000 | 204813 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, Due 2/1/2031 | 650000 | 652014 |
|  Williams Cos., Inc., 5.600%, Due 3/15/2035 | 900000 | 933918 |
|  |  | **11410390** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **16722332** |
|  **Financial - 2.7%** |  |  |
|  **Banks - 0.5%** |  |  |
|  Dresdner Funding Trust I, 8.151%, Due 6/30/2031<sup>B</sup> | 1800000 | 1983361 |
|  Morgan Stanley, 5.213%, Due 10/24/2035, (1 day GBP SONIA + 1.456%)<sup>C</sup> | 600000 | 793006 |
|  |  | **2776367** |
|  **Diversified Financial Services - 0.7%** |  |  |
|  Burford Capital Global Finance LLC, 9.250%, Due 7/1/2031<sup>A</sup> | $1510000 | 1604440 |
|  Encore Capital Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.276%, Due 1/15/2028, (3 mo. EURIBOR + 4.250%)<sup>B</sup> <sup>C</sup> | 680000 | 804355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 6/1/2028<sup>B</sup> | 500000 | 642419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 4/1/2029<sup>A</sup> | $440000 | 463650 |
|  |  | **3514864** |
|  **REITS - 1.5%** |  |  |
|  Digital Dutch Finco BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, Due 3/15/2030<sup>B</sup> | 400000 | 436415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, Due 1/15/2032<sup>B</sup> | 900000 | 908552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 9/13/2033<sup>B</sup> | 200000 | 236450 |
|  Digital Intrepid Holding BV, 0.625%, Due 7/15/2031<sup>B</sup> | 900000 | 901940 |
|  Equinix Europe 2 Financing Corp. LLC, 3.650%, Due 9/3/2033 | 2165000 | 2532273 |
|  Equinix, Inc., 1.000%, Due 3/15/2033 | 200000 | 194412 |
|  VICI Properties LP, 5.750%, Due 4/1/2034 | $2340000 | 2430101 |
|  |  | **7640143** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **13931374** |
|  **Industrial - 2.0%** |  |  |
|  **Aerospace/Defense - 1.0%** |  |  |
|  Hexcel Corp., 5.875%, Due 2/26/2035 | 1090000 | 1132821 |
|  Howmet Aerospace, Inc., 5.950%, Due 2/1/2037 | 2280000 | 2469551 |
|  TransDigm, Inc., 6.000%, Due 1/15/2033<sup>A</sup> | 1255000 | 1268788 |
|  |  | **4871160** |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 11.3% (continued) |  |  |
|  **Industrial - 2.0% (continued)** |  |  |
|  **Building Materials - 0.5%** |  |  |
|  Quikrete Holdings, Inc., 6.375%, Due 3/1/2032<sup>A</sup> | $1400000 | $1450327 |
|  Standard Industries, Inc., 4.375%, Due 7/15/2030<sup>A</sup> | 955000 | 915577 |
|  |  | **2365904** |
|  **Engineering & Construction - 0.2%** |  |  |
|  AECOM, 6.000%, Due 8/1/2033<sup>A</sup> | 1020000 | **1043032** |
|  **Packaging & Containers - 0.3%** |  |  |
|  Berry Global, Inc., 5.650%, Due 1/15/2034 | 1645000 | **1714273** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **9994369** |
|  **Technology - 1.2%** |  |  |
|  **Semiconductors - 0.4%** |  |  |
|  Broadcom, Inc., 3.137%, Due 11/15/2035<sup>A</sup> | 700000 | 605674 |
|  Marvell Technology, Inc., 5.450%, Due 7/15/2035 | 1360000 | 1402552 |
|  |  | **2008226** |
|  **Software - 0.8%** |  |  |
|  MSCI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 2/15/2031<sup>A</sup> | 1225000 | 1174009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, Due 8/15/2033<sup>A</sup> | 300000 | 268079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 9/1/2035 | 950000 | 958103 |
|  Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, Due 9/26/2030 | 460000 | 459683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, Due 9/26/2032 | 1225000 | 1225996 |
|  |  | **4085870** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **6094096** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $56,101,957)** |  | **58039534** |
|  FOREIGN CONVERTIBLE OBLIGATIONS - 0.3% (Cost $1,473,717) |  |  |
|  **Financial - 0.3%** |  |  |
|  **Banks - 0.3%** |  |  |
|  BNP Paribas Fortis SA, 4.024%, Due 12/29/2049<sup>B</sup> <sup>C D</sup> | 1500000 | **1642536** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% |  |  |
|  **Basic Materials - 0.6%** |  |  |
|  **Chemicals - 0.1%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 11/7/2033<sup>A</sup> | $200000 | 215963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 11/7/2033<sup>B</sup> | 390000 | 421127 |
|  |  | **637090** |
|  **Forest Products & Paper - 0.5%** |  |  |
|  Inversiones CMPC SA, 6.125%, Due 2/26/2034<sup>B</sup> | 1405000 | 1460248 |
|  Suzano Austria GmbH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 1/15/2031 | 365000 | 345370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, Due 1/15/2032 | 595000 | 533948 |
|  |  | **2339566** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **2976656** |
|  **Communications - 1.9%** |  |  |
|  **Internet - 0.3%** |  |  |
|  Future PLC, 6.750%, Due 7/10/2030<sup>B</sup> | 900000 | **1210001** |
|  **Media - 0.2%** |  |  |
|  Virgin Media Secured Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 5/15/2029<sup>A</sup> | 600000 | 787592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 1/15/2030<sup>B</sup> | 300000 | 374193 |
|  |  | **1161785** |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% (continued) |  |  |
|  **Communications - 1.9% (continued)** |  |  |
|  **Telecommunications - 1.4%** |  |  |
|  Altice France SA, 5.500%, Due 1/15/2028<sup>A</sup> | $200000 | $176000 |
|  Fibercop SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 6/30/2030<sup>B</sup> | 800000 | 954023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/30/2034<sup>B</sup> | $500000 | 476581 |
|  Koninklijke KPN NV, 0.875%, Due 11/15/2033<sup>B</sup> | 1400000 | 1346794 |
|  Network i2i Ltd., 3.975%, Due 3/3/2026, (5 yr. CMT + 3.390%)<sup>A</sup> <sup>C D</sup> | $300000 | 298009 |
|  Sable International Finance Ltd., 7.125%, Due 10/15/2032<sup>A</sup> | 1219000 | 1234492 |
|  Telefonica Emisiones SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.183%, Due 11/21/2033<sup>B</sup> | 200000 | 242664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.724%, Due 1/23/2034<sup>B</sup> | 300000 | 351198 |
|  Telefonica Europe BV, 5.752%, Due 1/15/2032, (8 yr. EURIBOR ICE Swap + 3.121%)<sup>B</sup> <sup>C D</sup> | 800000 | 994805 |
|  Vodafone Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/27/2080, (5 yr. EUR Swap + 3.477%)<sup>B</sup> <sup>C</sup> | 800000 | 905375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, Due 8/30/2086, (5 yr. U.K. Government Bond + 3.837%)<sup>B</sup> <sup>C</sup> | 250000 | 366372 |
|  |  | **7346313** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **9718099** |
|  **Consumer, Cyclical - 2.8%** |  |  |
|  **Auto Manufacturers - 0.3%** |  |  |
|  Volkswagen International Finance NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 6/14/2027, (10 yr. EUR Swap + 3.370%)<sup>B</sup> <sup>C D</sup> | 200000 | 234770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 6/27/2028, (10 yr. EUR Swap + 3.982%)<sup>B</sup> <sup>C D</sup> | 600000 | 714951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.493%, Due 11/15/2030, (5 yr. EURIBOR ICE Swap + 3.171%)<sup>B</sup> <sup>C D</sup> | 600000 | 727132 |
|  |  | **1676853** |
|  **Entertainment - 1.2%** |  |  |
|  Allwyn Entertainment Financing U.K. PLC, 4.125%, Due 2/15/2031<sup>A</sup> | 1400000 | 1596485 |
|  Cirsa Finance International SARL, 6.500%, Due 3/15/2029<sup>B</sup> | 700000 | 855877 |
|  CPUK Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/28/2027<sup>B</sup> | 700000 | 922605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.876%, Due 8/28/2027<sup>B</sup> | 600000 | 821357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.690%, Due 2/28/2047<sup>B</sup> | 200000 | 257964 |
|  Flutter Treasury DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/4/2031<sup>A</sup> | 400000 | 470606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 6/4/2031<sup>A</sup> | $200000 | 203034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 6/4/2031<sup>A</sup> | 300000 | 406618 |
|  Lottomatica Group SpA, 4.875%, Due 1/31/2031<sup>A</sup> | 500000 | 604864 |
|  |  | **6139410** |
|  **Home Builders - 0.3%** |  |  |
|  Maison Finco PLC, 6.000%, Due 10/31/2027<sup>A</sup> | 600000 | 797316 |
|  Miller Homes Group Finco PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 5/15/2029<sup>B</sup> | 100000 | 134995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.286%, Due 10/15/2030, (3 mo. EURIBOR + 4.250%)<sup>A</sup> <sup>C</sup> | 400000 | 476658 |
|  |  | **1408969** |
|  **Leisure Time - 0.3%** |  |  |
|  Deuce Finco PLC, 6.764%, Due 6/15/2027, (3 mo. EURIBOR + 4.750%)<sup>B</sup> <sup>C</sup> | 400000 | 473825 |
|  Pinnacle Bidco PLC, 10.000%, Due 10/11/2028<sup>B</sup> | 630000 | 893910 |
|  |  | **1367735** |
|  **Retail - 0.7%** |  |  |
|  1011778 BC ULC/New Red Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 2/15/2029<sup>A</sup> | $375000 | 358037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 6/15/2029<sup>A</sup> | 950000 | 971342 |
|  Boots Group Finco LP, 5.375%, Due 8/31/2032<sup>A</sup> | 600000 | 724686 |
|  Duomo Bidco SpA, 6.151%, Due 7/15/2031, (3 mo. EURIBOR + 4.125%)<sup>A</sup> <sup>C</sup> | 900000 | 1062968 |
|  Punch Finance PLC, 7.875%, Due 12/30/2030<sup>A</sup> | 500000 | 685572 |
|  |  | **3802605** |
|  **Toys, Games, & Hobbies - 0.0%** |  |  |
|  Asmodee Group AB, 5.764%, Due 12/15/2029, (3 mo. EURIBOR + 3.750%)<sup>A</sup> <sup>C</sup> | 211765 | **250125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **14645697** |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% (continued) |  |  |
|  **Consumer, Non-Cyclical - 1.8%** |  |  |
|  **Commercial Services - 0.7%** |  |  |
|  AA Bond Co. Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, Due 7/31/2050<sup>B</sup> | 200000 | $253144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 7/31/2050<sup>B</sup> | 800000 | 1128942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/31/2050, A8<sup>B</sup> | 500000 | 676552 |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.500%, Due 1/15/2031<sup>B</sup> | 300000 | 433989 |
|  RAC Bond Co. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 11/4/2046<sup>A</sup> | 500000 | 666653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 11/4/2046<sup>B</sup> | 400000 | 533323 |
|  |  | **3692603** |
|  **Food - 0.9%** |  |  |
|  Bimbo Bakeries USA, Inc., 5.375%, Due 1/9/2036<sup>B</sup> | $1385000 | 1407248 |
|  BRF SA, 4.875%, Due 1/24/2030<sup>B</sup> | 600000 | 584526 |
|  Tesco Corporate Treasury Services PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, Due 5/6/2032<sup>B</sup> | 600000 | 705215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 5/22/2034<sup>B</sup> | 900000 | 1169671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/27/2035<sup>B</sup> | 700000 | 924014 |
|  |  | **4790674** |
|  **Private Equity - 0.2%** |  |  |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.500%, Due 1/15/2031<sup>A</sup> | 480000 | **694382** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **9177659** |
|  **Energy - 0.6%** |  |  |
|  **Oil & Gas - 0.6%** |  |  |
|  Deepocean Ltd., 6.000%, Due 4/8/2031<sup>A</sup> | 700000 | 832938 |
|  Guara Norte SARL, 5.198%, Due 6/15/2034<sup>A</sup> | $845119 | 826711 |
|  OEG Finance PLC, 7.250%, Due 9/27/2029<sup>A</sup> | 1100000 | 1349801 |
|  |  | **3009450** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **3009450** |
|  **Financial - 39.5%** |  |  |
|  **Banks - 22.7%** |  |  |
|  Abanca Corp. Bancaria SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.625%, Due 7/14/2028, (5 yr. EUR Swap + 7.643%)<sup>B</sup> <sup>C D</sup> | 1000000 | 1376627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 12/11/2036, (5 yr. EURIBOR ICE Swap + 2.450%)<sup>B</sup> <sup>C</sup> | 1200000 | 1450804 |
|  ABN AMRO Bank NV, 6.375%, Due 9/22/2034, (5 yr. EUR Swap + 3.902%)<sup>B</sup> <sup>C D</sup> | 1700000 | 2122090 |
|  AIB Group PLC, 6.000%, Due 7/14/2031, (5 yr. EURIBOR ICE Swap + 3.705%)<sup>B</sup> <sup>C D</sup> | 1800000 | 2158368 |
|  Banco Bilbao Vizcaya Argentaria SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 6/21/2028, (5 yr. EURIBOR ICE Swap + 5.544%)<sup>B</sup> <sup>C D</sup> | 1000000 | 1302022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, Due 11/30/2033, (5 yr. U.K. Government Bond + 3.600%)<sup>B</sup> <sup>C</sup> | 600000 | 875795 |
|  Banco de Sabadell SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 3/15/2026, (5 yr. EUR Swap + 6.198%)<sup>B</sup> <sup>C D</sup> | 1400000 | 1663533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/19/2027, (5 yr. EUR Swap + 5.171%)<sup>B</sup> <sup>C D</sup> | 1200000 | 1423262 |
|  Banco Mercantil del Norte SA, 6.625%, Due 1/24/2032, (10 yr. CMT + 5.034%)<sup>B</sup> <sup>C D</sup> | $1175000 | 1148032 |
|  Banco Santander SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 3/21/2029, (5 yr. EURIBOR ICE Swap + 3.760%)<sup>B</sup> <sup>C D</sup> | 2600000 | 2887603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/2/2031, (5 yr. EURIBOR ICE Swap + 3.819%)<sup>B</sup> <sup>C D</sup> | 2000000 | 2410173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 8/23/2033, (5 yr. EUR Swap + 2.850%)<sup>B</sup> <sup>C</sup> | 1600000 | 2002685 |
|  Bank of Ireland Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 3/10/2030, (5 yr. EURIBOR ICE Swap + 4.026%)<sup>B</sup> <sup>C D</sup> | 2200000 | 2693150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 3/18/2032, (5 yr. EURIBOR ICE Swap + 3.633%)<sup>B</sup> <sup>C D</sup> | 200000 | 239839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 3/1/2033, (5 yr. EUR Swap + 4.150%)<sup>B</sup> <sup>C</sup> | 540000 | 681000 |
|  Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, Due 12/15/2025, (5 yr. U.K. Government Bond + 6.016%)<sup>B</sup> <sup>C D</sup> | 1240000 | 1669343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, Due 3/15/2028, (5 yr. CMT + 3.410%)<sup>C</sup> <sup>D</sup> | $1030000 | 973485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, Due 9/15/2028, (5 yr. GBP SONIA Linked ICE Swap + 5.639%)<sup>C</sup> <sup>D</sup> | 1100000 | 1600108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, Due 6/15/2030, (5 yr. GBP SONIA Linked ICE Swap + 4.881%)<sup>C</sup> <sup>D</sup> | 2100000 | 2994071 |
|  BAWAG Group AG, 7.250%, Due 9/18/2029, (5 yr. EURIBOR ICE Swap + 5.052%)<sup>B</sup> <sup>C D</sup> | 2000000 | 2502959 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, Due 1/18/2033, (5 yr. CMT + 2.650%)<sup>B</sup> <sup>C</sup> | $600000 | 589200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 9/13/2034, (5 yr. CMT + 4.308%)<sup>B</sup> <sup>C</sup> | 400000 | 401607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, Due 1/8/2039, (5 yr. CMT + 4.214%)<sup>B</sup> <sup>C</sup> | 800000 | 872297 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% (continued) |  |  |
|  **Financial - 39.5% (continued)** |  |  |
|  **Banks - 22.7% (continued)** |  |  |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, Due 1/8/2039, (5 yr. CMT + 4.214%)<sup>A</sup> <sup>C</sup> | $700000 | $763260 |
|  Belfius Bank SA, 6.125%, Due 5/6/2031, (5 yr. EUR Swap + 3.928%)<sup>B</sup> <sup>C D</sup> | 1400000 | 1698290 |
|  BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/25/2030, (5 yr. CMT + 2.944%)<sup>B</sup> <sup>C D</sup> | $1900000 | 1734479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 6/11/2030, (5 yr. EURIBOR ICE Swap + 4.631%)<sup>B</sup> <sup>C D</sup> | 1800000 | 2340470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/31/2032, (5 yr. EURIBOR ICE Swap + 1.600%)<sup>B</sup> <sup>C</sup> | 400000 | 466624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.945%, Due 2/18/2037, (5 yr. EUR Swap + 1.650%)<sup>B</sup> <sup>C</sup> | 800000 | 942402 |
|  BPCE SA, 2.125%, Due 10/13/2046, NC10, (5 yr. EUR Swap + 2.050%)<sup>B</sup> <sup>C</sup> | 1800000 | 1906165 |
|  CaixaBank SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 9/14/2028, (5 yr. EUR Swap + 3.857%)<sup>B</sup> <sup>C D</sup> | 2600000 | 2949555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 1/16/2030, (5 yr. EURIBOR ICE Swap + 5.295%)<sup>B</sup> <sup>C D</sup> | 400000 | 522641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, Due 2/23/2033, (5 yr. EUR Swap + 3.550%)<sup>B</sup> <sup>C</sup> | 600000 | 753824 |
|  Commerzbank AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 10/9/2031, (5 yr. EURIBOR ICE Swap + 5.129%)<sup>B</sup> <sup>C D</sup> | 400000 | 530146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 10/9/2032, (5 yr. EURIBOR ICE Swap + 4.235%)<sup>B</sup> <sup>C D</sup> | 400000 | 494862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 12/6/2032, (5 yr. EURIBOR ICE Swap + 4.300%)<sup>B</sup> <sup>C</sup> | 1000000 | 1252464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, Due 2/20/2037, (5 yr. EURIBOR ICE Swap + 1.950%)<sup>B</sup> <sup>C</sup> | 1000000 | 1194231 |
|  Cooperatieve Rabobank UA, 4.875%, Due 6/29/2029, (5 yr. EUR Swap + 3.717%)<sup>B</sup> <sup>C D</sup> | 1800000 | 2137858 |
|  Credit Agricole SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.874%, Due 12/9/2031, (5 yr. U.K. Government Bond + 1.500%)<sup>B</sup> <sup>C</sup> | 1200000 | 1556581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 11/9/2034, (5 yr. U.K. Government Bond + 1.950%)<sup>B</sup> <sup>C</sup> | 400000 | 545167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 3/23/2035, (5 yr. EURIBOR ICE Swap + 3.636%)<sup>B</sup> <sup>C D</sup> | 2400000 | 2862642 |
|  Deutsche Bank AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, Due 10/30/2029, (5 yr. EURIBOR ICE Swap + 5.261%)<sup>B</sup> <sup>C D</sup> | 1000000 | 1282169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 10/30/2031, (5 yr. EURIBOR ICE Swap + 5.112%)<sup>B</sup> <sup>C D</sup> | 2400000 | 3036828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/12/2035, (3 mo. EURIBOR + 1.700%)<sup>B</sup> <sup>C</sup> | 1100000 | 1362682 |
|  Erste Group Bank AG, 4.250%, Due 10/15/2027, (5 yr. EUR Swap + 4.646%)<sup>B</sup> <sup>C D</sup> | 2600000 | 3053814 |
|  HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 9/28/2026, (5 yr. GBP Swap + 4.276%)<sup>C</sup> <sup>D</sup> | 1319000 | 1776406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.364%, Due 11/16/2032, (5 yr. EUR Swap + 3.300%)<sup>B</sup> <sup>C</sup> | 1100000 | 1380699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.874%, Due 11/18/2035, (1 day USD SOFR + 1.900%)<sup>C</sup> | $600000 | 618948 |
|  ING Groep NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 5/16/2027, (5 yr. CMT + 2.862%)<sup>C</sup> <sup>D</sup> | 1900000 | 1821520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 5/16/2031, NC10, (5 yr. CMT + 2.862%)<sup>C</sup> <sup>D</sup> | 1000000 | 891509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/26/2035, (5 yr. EUR Swap + 1.780%)<sup>B</sup> <sup>C</sup> | 900000 | 1085245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, Due 8/20/2037, (5 yr. EURIBOR ICE Swap + 1.500%)<sup>B</sup> <sup>C</sup> | 2200000 | 2586046 |
|  Intesa Sanpaolo SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, Due 9/1/2031, (5 yr. EUR Swap + 6.086%)<sup>B</sup> <sup>C D</sup> | 1900000 | 2361750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.505%, Due 9/20/2032<sup>B</sup> | 1991000 | 3084265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.184%, Due 2/20/2034, (5 yr. EURIBOR ICE Swap + 3.250%)<sup>B</sup> <sup>C</sup> | 1000000 | 1276775 |
|  Investec PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, Due 8/28/2029, (5 yr. U.K. Government Bond + 6.566%)<sup>B</sup> <sup>C D</sup> | 1400000 | 2101516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.125%, Due 3/6/2033, (5 yr. U.K. Government Bond + 5.905%)<sup>B</sup> <sup>C</sup> | 700000 | 1016311 |
|  Jyske Bank AS, 5.125%, Due 5/1/2035, (5 yr. EURIBOR ICE Swap + 2.500%)<sup>B</sup> <sup>C</sup> | 1100000 | 1367145 |
|  KBC Group NV, 6.250%, Due 9/17/2031, (5 yr. EURIBOR ICE Swap + 3.989%)<sup>B</sup> <sup>C D</sup> | 1800000 | 2207045 |
|  Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 6/27/2029, (5 yr. GBP SONIA Linked ICE Swap + 5.107%)<sup>B</sup> <sup>C D</sup> | 1000000 | 1414000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.707%, Due 12/3/2035, (5 yr. U.K. Government Bond + 2.400%)<sup>B</sup> <sup>C</sup> | 3400000 | 4022385 |
|  NatWest Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 3/31/2028, (5 yr. U.K. Government Bond + 3.992%)<sup>C</sup> <sup>D</sup> | 2700000 | 3482268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, Due 11/10/2033, (5 yr. CMT + 3.752%)<sup>C</sup> <sup>D</sup> | $1400000 | 1576057 |
|  Paragon Banking Group PLC, 4.375%, Due 9/25/2031, (5 yr. U.K. Government Bond + 3.956%)<sup>B</sup> <sup>C</sup> | 500000 | 664931 |
|  Shawbrook Group PLC, 12.250%, Due 1/4/2034, (5 yr. U.K. Government Bond + 7.948%)<sup>B</sup> <sup>C</sup> | 600000 | 911631 |
|  Societe Generale SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 4/6/2028, (5 yr. USD Swap + 3.929%)<sup>B</sup> <sup>C D</sup> | $200000 | 201349 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% (continued) |  |  |
|  **Financial - 39.5% (continued)** |  |  |
|  **Banks - 22.7% (continued)** |  |  |
|  Societe Generale SA, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.691%, Due 1/10/2034, (1 yr. CMT + 2.950%)<sup>B</sup> <sup>C</sup> | $1400000 | $1524962 |
|  Standard Chartered PLC, 4.300%, Due 8/19/2028, (5 yr. CMT + 3.135%)<sup>B</sup> <sup>C D</sup> | 1800000 | 1703177 |
|  Swedbank AB, 4.000%, Due 3/17/2029, (5 yr. CMT + 2.864%)<sup>B</sup> <sup>C D</sup> | 800000 | 748116 |
|  Unicaja Banco SA, 3.125%, Due 7/19/2032, (5 yr. EURIBOR ICE Swap + 3.050%)<sup>B</sup> <sup>C</sup> | 700000 | 821103 |
|  UniCredit SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 12/3/2031, (5 yr. EURIBOR ICE Swap + 4.212%)<sup>B</sup> <sup>C D</sup> | 3800000 | 4742264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, Due 4/16/2034, (5 yr. EURIBOR ICE Swap + 2.800%)<sup>B</sup> <sup>C</sup> | 300000 | 373909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.175%, Due 6/24/2037, (5 yr. EURIBOR ICE Swap + 1.800%)<sup>B</sup> <sup>C</sup> | 900000 | 1074554 |
|  |  | **116261093** |
|  **Diversified Financial Services - 1.8%** |  |  |
|  Bracken MidCo1 PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 11/1/2027, Cash (6.750%) or PIK (in-kind rate 7.500%)<sup>A</sup> | 1000000 | 1339630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 11/1/2027, Cash (6.750%) or PIK (in-kind rate 7.500%)<sup>B</sup> | 1030000 | 1379819 |
|  Burford Capital PLC, 5.000%, Due 12/1/2026, 0025 | 500000 | 665572 |
|  Jerrold Finco PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 4/15/2030<sup>A</sup> | 350000 | 485231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, Due 4/15/2030<sup>B</sup> | 200000 | 277275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 6/15/2031<sup>A</sup> | 300000 | 412476 |
|  Marex Group PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.250%, Due 6/30/2027, (5 yr. CMT + 10.158%)<sup>B</sup> <sup>C D</sup> | $1200000 | 1295819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, Due 2/2/2028<sup>B</sup> | 400000 | 510662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.404%, Due 11/4/2029 | $650000 | 670393 |
|  OSB Group PLC, 6.000%, Due 10/7/2026, (5 yr. U.K. Government Bond + 5.393%)<sup>B</sup> <sup>C D</sup> | 1049000 | 1402301 |
|  Sherwood Financing PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.514%, Due 12/15/2029, (3 mo. EURIBOR + 5.500%)<sup>A</sup> <sup>C</sup> | 320000 | 362150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.625%, Due 12/15/2029<sup>A</sup> | 450000 | 591818 |
|  |  | **9393146** |
|  **Insurance - 11.5%** |  |  |
|  Achmea BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 3/24/2029, (5 yr. EURIBOR ICE Swap + 4.780%)<sup>B</sup> <sup>C D</sup> | 3100000 | 3641551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 1/28/2035, (5 yr. EURIBOR ICE Swap + 3.735%)<sup>B</sup> <sup>C D</sup> | 600000 | 733659 |
|  Aegon Ltd., 5.625%, Due 4/15/2029, (5 yr. EUR Swap + 5.207%)<sup>B</sup> <sup>C D</sup> | 1400000 | 1691555 |
|  Allianz SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, Due 9/3/2054, (5 yr. CMT + 2.771%)<sup>A</sup> <sup>C</sup> | $1000000 | 1025924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.431%, Due 7/25/2055, (3 mo. EURIBOR + 2.750%)<sup>B</sup> <sup>C</sup> | 800000 | 971232 |
|  ASR Nederland NV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 12/27/2031, (5 yr. EURIBOR ICE Swap + 4.025%)<sup>B</sup> <sup>C D</sup> | 400000 | 506415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 4/2/2035, (5 yr. EURIBOR ICE Swap + 3.887%)<sup>B</sup> <sup>C D</sup> | 1550000 | 1929832 |
|  Aviva PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 12/15/2031, (5 yr. U.K. Government Bond + 4.649%)<sup>B</sup> <sup>C D</sup> | 700000 | 955079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, Due 9/30/2032, (5 yr. U.K. Government Bond + 3.194%)<sup>B</sup> <sup>C D</sup> | 600000 | 841310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 9/12/2054, (5 yr. U.K. Government Bond + 3.300%)<sup>B</sup> <sup>C</sup> | 1560000 | 2103263 |
|  AXA SA, 5.750%, Due 6/2/2030, (5 yr. EURIBOR ICE Swap + 3.599%)<sup>B</sup> <sup>C D</sup> | 800000 | 980744 |
|  BUPA Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/8/2026<sup>B</sup> | 350000 | 471422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 9/24/2031, (5 yr. U.K. Government Bond + 3.170%)<sup>B</sup> <sup>C D</sup> | 2156000 | 2410916 |
|  CNP Assurances SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/30/2051, (3 mo. EURIBOR + 3.650%)<sup>B</sup> <sup>C</sup> | 1000000 | 1112125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 7/16/2054, (3 mo. EURIBOR + 3.374%)<sup>B</sup> <sup>C</sup> | 700000 | 869397 |
|  Direct Line Insurance Group PLC, 4.750%, Due 6/7/2027, (5 yr. GBP Swap + 3.394%)<sup>B</sup> <sup>C D</sup> | 2760000 | 3681899 |
|  Galaxy Bidco Ltd., 8.125%, Due 12/19/2029<sup>A</sup> | 900000 | 1252688 |
|  Hiscox Ltd., 7.000%, Due 6/11/2036, (1 day USD SOFR + 3.027%)<sup>B</sup> <sup>C</sup> | $1000000 | 1076077 |
|  La Mondiale SAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, Due 1/17/2034, (5 yr. EUR Swap + 4.083%)<sup>B</sup> <sup>C D</sup> | 700000 | 874154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, Due 1/18/2048, (5 yr. CMT + 3.235%)<sup>B</sup> <sup>C</sup> | $800000 | 789393 |
|  Legal & General Group PLC, 5.625%, Due 3/24/2031, (5 yr. U.K. Government Bond + 5.378%)<sup>B</sup> <sup>C D</sup> | 2500000 | 3203212 |
|  Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, 3.500%, Due 12/21/2028,<br>(5 yr. EUR Swap + 3.592%)<sup>B</sup> <sup>C D</sup> | 600000 | 669187 |
|  Pension Insurance Corp. PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 7/25/2029, (5 yr. U.K. Government Bond + 6.658%)<sup>C</sup> <sup>D</sup> | 1664000 | 2297936 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 48.4% (continued) |  |  |
|  **Financial - 39.5% (continued)** |  |  |
|  **Insurance - 11.5% (continued)** |  |  |
|  Pension Insurance Corp. PLC, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 5/7/2031<sup>B</sup> | 750000 | $957303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 11/15/2034<sup>B</sup> | 2300000 | 3183896 |
|  Phoenix Group Holdings PLC, 5.750%, Due 4/26/2028, (5 yr. U.K. Government Bond + 4.169%)<sup>B</sup> <sup>C D</sup> | 2700000 | 3563298 |
|  Real Finance Bonds No. 6 PLC, 10.125%, Due 5/25/2033, (5 yr. U.K. Government Bond + 6.344%)<sup>B</sup> <sup>C D</sup> | 2100000 | 3305367 |
|  Rothesay Life PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 9/12/2028, (5 yr. U.K. Government Bond + 5.419%)<sup>B</sup> <sup>C D</sup> | 300000 | 412763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/13/2031, (5 yr. U.K. Government Bond + 3.873%)<sup>B</sup> <sup>C D</sup> | 5293000 | 6349429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.019%, Due 12/10/2034<sup>B</sup> | 300000 | 422274 |
|  SCOR SE, 6.000%, Due 6/20/2034, (5 yr. EURIBOR ICE Swap + 3.857%)<sup>B</sup> <sup>C D</sup> | 1500000 | 1816002 |
|  Unipol Assicurazioni SpA, 6.375%, Due 4/27/2030, (5 yr. EUR Swap + 6.744%)<sup>B</sup> <sup>C D</sup> | 1640000 | 2051768 |
|  Zurich Finance Ireland II DAC, 5.500%, Due 4/23/2055, (5 yr. CMT + 2.419%)<sup>B</sup> <sup>C</sup> | $2800000 | 2824402 |
|  |  | **58975472** |
|  **Savings & Loans - 3.5%** |  |  |
|  Coventry Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.579%, Due 9/19/2028, (1 yr. GBP Swap + 2.083%)<sup>B</sup> <sup>C</sup> | 500000 | 681709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, Due 6/11/2029, (5 yr. U.K. Government Bond + 4.727%)<sup>B</sup> <sup>C D</sup> | 2400000 | 3435271 |
|  Nationwide Building Society, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 6/20/2027, (5 yr. U.K. Government Bond + 5.625%)<sup>B</sup> <sup>C D</sup> | 1600000 | 2141080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 12/20/2030, (5 yr. U.K. Government Bond + 3.852%)<sup>B</sup> <sup>C D</sup> | 4300000 | 5928685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, Due 12/6/2099<sup>E</sup> | 3386700 | 5875655 |
|  |  | **18062400** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **202692111** |
|  **Industrial - 0.1%** |  |  |
|  **Transportation - 0.1%** |  |  |
|  Edge Finco PLC, 8.125%, Due 8/15/2031<sup>A</sup> | 350000 | **501900** |
|  **Technology - 0.1%** |  |  |
|  **Software - 0.1%** |  |  |
|  IPD 3 BV, 5.500%, Due 6/15/2031<sup>A</sup> | 500000 | **596139** |
|  **Utilities - 1.0%** |  |  |
|  **Electric - 0.7%** |  |  |
|  ContourGlobal Power Holdings SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, Due 1/1/2028<sup>B</sup> | 500000 | 582690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, Due 1/1/2028<sup>A</sup> | 200000 | 233076 |
|  EDP Servicios Financieros Espana SA, 3.500%, Due 7/21/2031<sup>B</sup> | 1000000 | 1193593 |
|  ESB Finance DAC, 2.125%, Due 11/5/2033<sup>B</sup> | 500000 | 535337 |
|  National Grid Electricity Transmission PLC, 0.823%, Due 7/7/2032<sup>B</sup> | 1000000 | 997440 |
|  |  | **3542136** |
|  **Gas - 0.3%** |  |  |
|  APA Infrastructure Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750%, Due 3/15/2029<sup>B</sup> | 600000 | 655331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/22/2030<sup>B</sup> | 600000 | 755856 |
|  |  | **1411187** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **4953323** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $228,018,752)** |  | **248271034** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 6.3% |  |  |
|  Bundesrepublik Deutschland Bundesanleihe, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, Due 8/15/2034<sup>B</sup> | 16230000 | 19010521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/15/2035<sup>B</sup> | 10610000 | 12285485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, Due 8/15/2035<sup>B</sup> | 1100000 | 1279419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Sovereign Obligations (Cost $30,197,262)** |  | **32575425** |
|  ASSET-BACKED OBLIGATIONS - 16.4% |  |  |
|  AIMCO CLO 19 Ltd., 9.325%, Due 10/20/2037, 2024-19A E, (3 mo. USD Term SOFR + 5.000%)<sup>A C</sup> | $1500000 | 1503805 |
|  Aqueduct European CLO 8 DAC, 8.616%, Due 7/15/2037, 2024-8A E, (3 mo. EURIBOR + 6.590%)<sup>A</sup> <sup>C</sup> | 1500000 | 1775251 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  ASSET-BACKED OBLIGATIONS - 16.4% (continued) |  |  |
|  Armada Euro CLO I DAC, 2.764%, Due 10/24/2033, 1A AR, (3 mo. EURIBOR + 0.820%)<sup>A</sup> <sup>C</sup> | 800000 | $937832 |
|  Avoca CLO XIX DAC, 7.402%, Due 4/15/2038, 19A ER, (3 mo. EURIBOR + 5.000%)<sup>A</sup> <sup>C</sup> | 2000000 | 2342231 |
|  Avoca CLO XXVIII DAC, 8.236%, Due 10/15/2037, 28A ER, (3 mo. EURIBOR + 6.210%)<sup>A</sup> <sup>C</sup> | 1500000 | 1775154 |
|  Avoca CLO XXXVII DAC, 7.463%, Due 7/15/2038, 37A E, (3 mo. EURIBOR + 5.500%)<sup>A</sup> <sup>C</sup> | 1000000 | 1176961 |
|  Ballyrock CLO 27 Ltd., 9.768%, Due 10/25/2037, 2024-27A D, (3 mo. USD Term SOFR + 5.450%)<sup>A</sup> <sup>C</sup> | $1300000 | 1303143 |
|  Ballyrock CLO 28 Ltd., 5.645%, Due 1/20/2038, 2024-28A A1A, (3 mo. USD Term SOFR + 1.320%)<sup>A</sup> <sup>C</sup> | 2000000 | 2005958 |
|  Ballyrock CLO 29 Ltd., 9.462%, Due 7/25/2038, 2025-29A D, (3 mo. USD Term SOFR + 5.150%)<sup>A</sup> <sup>C</sup> | 2500000 | 2505130 |
|  Bardot CLO Ltd., 10.532%, Due 10/22/2032, 2019-2A ERR, (3 mo. USD Term SOFR + 6.200%)<sup>A</sup> <sup>C</sup> | 1750000 | 1723967 |
|  BBAM European CLO VII DAC, Due 1/26/2039, 7A A, (3 mo. EURIBOR + 1.290%)<sup>A</sup> <sup>C F</sup> | 800000 | 939241 |
|  Capital Four CLO I DAC, 3.046%, Due 10/15/2034, 3A A, (3 mo. EURIBOR + 1.020%)<sup>A</sup> <sup>C</sup> | 600000 | 703049 |
|  Capital Four CLO IV DAC, 8.406%, Due 4/15/2038, 4A ER, (3 mo. EURIBOR + 6.380%)<sup>A</sup> <sup>C</sup> | 1500000 | 1768399 |
|  Capital Four CLO X DAC, 7.529%, Due 10/25/2038, 10A E, (3 mo. EURIBOR + 5.500%)<sup>A</sup> <sup>C</sup> | 1600000 | 1878481 |
|  Contego CLO X DAC, 9.126%, Due 5/15/2038, 10A ER, (3 mo. EURIBOR + 7.090%)<sup>A</sup> <sup>C</sup> | 400000 | 473044 |
|  CVC Cordatus Loan Fund XVII DAC, 8.154%, Due 11/18/2033, 17A ER, (3 mo. EURIBOR + 6.120%)<sup>A</sup> <sup>C</sup> | 1250000 | 1487519 |
|  Fidelity Grand Harbour CLO DAC, Due 10/15/2039, 2022-1A ERR, (3 mo. EURIBOR + 5.100%)<sup>A</sup> <sup>C</sup> <sup>F</sup> | 500000 | 587025 |
|  GoldenTree Loan Management U.S. CLO 22 Ltd., 9.575%, Due 10/20/2037, 2024-22A E, (3 mo. USD Term SOFR + 5.250%)<sup>A</sup> <sup>C</sup> | $1500000 | 1505209 |
|  Golub Capital Partners CLO 64B-R Ltd., 10.118%, Due 10/25/2037, 2022-64A ER, (3 mo. USD Term SOFR + 5.800%)<sup>A</sup> <sup>C</sup> | 1750000 | 1739342 |
|  Golub Capital Partners CLO 75B Ltd., 10.218%, Due 7/25/2037, 2024-75A E, (3 mo. USD Term SOFR + 5.900%)<sup>A</sup> <sup>C</sup> | 1000000 | 1009263 |
|  Harvest CLO XVI DAC, 7.596%, Due 10/15/2031, 16A ER, (3 mo. EURIBOR + 5.570%)<sup>A</sup> <sup>C</sup> | 1550000 | 1821365 |
|  Hayfin Emerald CLO I DAC, 5.142%, Due 4/17/2034, 1A DR, (3 mo. EURIBOR + 3.100%)<sup>A C</sup> | 1500000 | 1759658 |
|  Henley CLO XIV DAC, 7.425%, Due 3/25/2038, 14A E, (3 mo. EURIBOR + 5.500%)<sup>A</sup> <sup>C</sup> | 1500000 | 1762311 |
|  HPS Loan Management Ltd., 5.695%, Due 10/20/2037, 2024-22A A1, (3 mo. USD Term SOFR + 1.370%)<sup>A</sup> <sup>C</sup> | $1500000 | 1504800 |
|  ICG Euro CLO DAC, 8.576%, Due 2/15/2037, 2024-1A E, (3 mo. EURIBOR + 6.540%)<sup>A</sup> <sup>C</sup> | 1500000 | 1767198 |
|  Jubilee CLO DAC, 8.804%, Due 7/21/2037, 2024-28A E, (3 mo. EURIBOR + 6.780%)<sup>A</sup> <sup>C</sup> | 1500000 | 1770846 |
|  Madison Park Euro Funding X DAC, 2.679%, Due 10/25/2030, 10A A1, (3 mo. EURIBOR + 0.740%)<sup>A</sup> <sup>C</sup> | 961631 | 1124723 |
|  Margay CLO I DAC, 3.326%, Due 1/15/2038, 1A AR, (3 mo. EURIBOR + 1.300%)<sup>A</sup> <sup>C</sup> | 1000000 | 1173485 |
|  Menlo CLO II Ltd., 10.577%, Due 4/20/2038, 2025-2A E, (3 mo. USD Term SOFR + 6.250%)<sup>A</sup> <sup>C</sup> | $1000000 | 1019040 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.689%, Due 10/18/2038, 2017-26A AR2, (3 mo. USD Term SOFR + 1.360%)<sup>A</sup> <sup>C</sup> | 1900000 | 1906910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.829%, Due 10/18/2038, 2017-26A ER, (3 mo. USD Term SOFR + 6.500%)<sup>A</sup> <sup>C</sup> | 1500000 | 1530638 |
|  North Westerly IX ESG CLO DAC, 8.026%, Due 1/15/2038, IX-A E, (3 mo. EURIBOR + 6.000%)<sup>A</sup> <sup>C</sup> | 1000000 | 1175301 |
|  North Westerly X ESG CLO DAC, Due 4/25/2038, X-A E, (3 mo. EURIBOR + 5.150%)<sup>A</sup> <sup>C F</sup> | 500000 | 587025 |
|  Oaktree CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.932%, Due 10/22/2037, 2024-27A E, (3 mo. USD Term SOFR + 5.600%)<sup>A</sup> <sup>C</sup> | $1250000 | 1251716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.919%, Due 4/15/2038, 2025-29A E, (3 mo. USD Term SOFR + 4.650%)<sup>A</sup> <sup>C</sup> | 750000 | 740873 |
|  OCP CLO Ltd., 9.718%, Due 10/16/2037, 2024-36A E, (3 mo. USD Term SOFR + 5.400%)<sup>A</sup> <sup>C</sup> | 1500000 | 1490817 |
|  OCP Euro CLO DAC, 7.821%, Due 10/18/2037, 2024-11A E, (3 mo. EURIBOR + 5.800%)<sup>A</sup> <sup>C</sup> | 1500000 | 1766650 |
|  Palmer Square European Loan Funding DAC, 7.836%, Due 5/15/2034, 2024-3A E, (3 mo. EURIBOR + 5.800%)<sup>A</sup> <sup>C</sup> | 1500000 | 1769564 |
|  Penta CLO 16 DAC, 8.811%, Due 10/18/2036, 2024-16A E, (3 mo. EURIBOR + 6.790%)<sup>A</sup> <sup>C</sup> | 1500000 | 1772762 |
|  Penta CLO 9 DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.979%, Due 7/25/2036, 2021-9A E, (3 mo. EURIBOR + 6.040%)<sup>A</sup> <sup>C</sup> | 1000000 | 1189480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.679%, Due 7/25/2036, 2021-9A F, (3 mo. EURIBOR + 8.740%)<sup>A</sup> <sup>C</sup> | 1000000 | 1176583 |
|  Pikes Peak CLO 16 Ltd., 10.318%, Due 7/25/2037, 2024-16A E, (3 mo. USD Term SOFR + 6.000%)<sup>A</sup> <sup>C</sup> | $1500000 | 1514786 |
|  Providus CLO VI DAC, 8.138%, Due 5/20/2034, 6A E, (3 mo. EURIBOR + 6.110%)<sup>A</sup> <sup>C</sup> | 1250000 | 1489336 |
|  Rockfield Park CLO DAC, 7.991%, Due 7/16/2034, 1A D, (3 mo. EURIBOR + 5.950%)<sup>A C</sup> | 1500000 | 1775582 |
|  RRE 1 Loan Management DAC, Due 10/15/2040, 1A DRR, (3 mo. EURIBOR + 5.000%)<sup>A</sup> <sup>C F</sup> | 500000 | 587025 |
|  RRE 24 Loan Management DAC, 3.529%, Due 4/15/2040, 24A A1, (3 mo. EURIBOR + 1.160%)<sup>A</sup> <sup>C</sup> | 750000 | 879888 |
|  RRE 25 Loan Management DAC, 3.330%, Due 4/15/2038, 25A A1, (3 mo. EURIBOR + 1.170%)<sup>A</sup> <sup>C</sup> | 1500000 | 1757927 |
|  RRE 5 Loan Management DAC, 8.376%, Due 1/15/2037, 5A DR, (3 mo. EURIBOR + 6.350%)<sup>A</sup> <sup>C</sup> | 1000000 | 1194571 |
|  RRE 8 Loan Management DAC, 7.776%, Due 7/15/2040, 8A DR, (3 mo. EURIBOR + 5.750%)<sup>A</sup> <sup>C</sup> | 1000000 | 1188038 |
|  RRE 9 Loan Management DAC, 7.776%, Due 7/15/2040, 9A DR, (3 mo. EURIBOR + 5.750%)<sup>A</sup> <sup>C</sup> | 750000 | 889984 |
|  Sculptor European CLO IV DAC, 7.948%, Due 4/27/2038, 4A ER, (3 mo. EURIBOR + 6.000%)<sup>A</sup> <sup>C</sup> | 1000000 | 1181903 |
|  Sculptor European CLO V DAC, 7.522%, Due 10/15/2039, 5A ERR, (3 mo. EURIBOR + 5.500%)<sup>A</sup> <sup>C</sup> | 1000000 | 1174051 |
|  Sound Point Euro CLO X Funding DAC, 3.524%, Due 4/20/2038, 10A A, (3 mo. EURIBOR + 1.500%)<sup>A</sup> <sup>C</sup> | 800000 | 941835 |
|  Sycamore Tree CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.642%, Due 8/28/2038, 2025-7A A1, (3 mo. USD Term SOFR + 1.360%)<sup>A</sup> <sup>C</sup> | $1000000 | 1002502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.782%, Due 8/28/2038, 2025-7A E, (3 mo. USD Term SOFR + 5.500%)<sup>A</sup> <sup>C</sup> | 1000000 | 999021 |
|  Symphony CLO 47 Ltd., 8.925%, Due 4/20/2038, 2025-47A E, (3 mo. USD Term SOFR + 4.600%)<sup>A</sup> <sup>C</sup> | 1000000 | 990551 |
|  Symphony CLO XXXIII Ltd., 5.579%, Due 1/24/2038, 2022-33A AR, (3 mo. USD Term SOFR + 1.260%)<sup>A</sup> <sup>C</sup> | 1000000 | 1001294 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  ASSET-BACKED OBLIGATIONS - 16.4% (continued) |  |  |
|  Tikehau CLO X DAC, 8.974%, Due 4/20/2038, 10A E, (3 mo. EURIBOR + 6.950%)<sup>A</sup> <sup>C</sup> | 500000 | $596461 |
|  Voya Euro CLO II DAC, 8.046%, Due 7/15/2035, 2A ER, (3 mo. EURIBOR + 6.020%)<sup>A</sup> <sup>C</sup> | 1700000 | 2015783 |
|  Voya Euro CLO III DAC, 9.926%, Due 4/15/2033, 3X F, (3 mo. EURIBOR + 7.900%)<sup>B</sup> <sup>C</sup> | 1300000 | 1494086 |
|  Voya Euro CLO IV DAC, 8.186%, Due 10/15/2034, 4A ER, (3 mo. EURIBOR + 6.160%)<sup>A</sup> <sup>C</sup> | 1750000 | 2077099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Obligations (Cost $80,278,516)** |  | **83953472** |
|  U.S. TREASURY OBLIGATIONS - 10.3% |  |  |
|  U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 11/15/2034 | $3140000 | 3175816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 2/15/2035 | 22700000 | 23593813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/15/2035 | 25795000 | 26004584 |
|  |  | **52774213** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations (Cost $52,334,052)** |  | **52774213** |
|  SHORT-TERM INVESTMENTS - 7.5% |  |  |
|  **U.S. Treasury Obligations - 2.1%** |  |  |
|  U.S. Treasury Bills, 4.244%, Due 10/16/2025<sup>F</sup> <sup>G</sup> | 10600000 | **10582094** |
|  | **Shares** |  |
|  **Investment Companies - 5.4%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 4.09%<sup>H</sup> <sup>I</sup> | 27637466 | **27637466** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost $38,219,066)** |  | **38219560** |
|  **TOTAL INVESTMENTS - 100.5% (Cost $486,623,322)** |  | **515475774** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.5%)** |  | **(2534410)** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**512941364** |

---

Percentages are stated as a percent of net assets.

<sup>A</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $125,857,095 or 24.5% of net assets. The Fund has no right to demand registration of these securities. 

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

<sup>C</sup> 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 September 30, 2025. 

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

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

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

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

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

CLO - Collateralized Loan Obligation.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

ESG - Environmental, Social, Governance.

EURIBOR - Euro Interbank Offered Rate.

ICE - Intercontinental Exchange.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

SONIA - Sterling Overnight Index Average.

ULC - Unlimited Liability Corporation.

*See accompanying notes* 

------

**American Beacon TwentyFour Strategic Income Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

***Forward Foreign Currency Contracts Open on September 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 | 188080 | GBP | 188312 | 10/27/2025 | SSB | $— | $(232) | $(232) |
| USD | 489598 | EUR | 491665 | 10/27/2025 | SSB |  | (2067) | (2067) |
| USD | 2040007 | GBP | 2041196 | 10/27/2025 | SSB |  | (1189) | (1189) |
| USD | 3650561 | EUR | 3653966 | 10/27/2025 | SSB |  | (3405) | (3405) |
| USD | 106462537 | GBP | 106442996 | 10/27/2025 | SSB | 19541 |  | 19541 |
| USD | 208146646 | EUR | 208045390 | 10/27/2025 | SSB | 101256 |  | 101256 |
|  |  |  |  |  |  | $120797 | $(6893) | $113904 |

---

\* *All values denominated in USD.*

***Glossary:***

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

SSB State Street Bank & Trust Co.

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TwentyFour Strategic Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $— | $58039534 | $— | $58039534 |
|  Foreign Convertible Obligations |  | 1642536 |  | 1642536 |
|  Foreign Corporate Obligations |  | 248271034 |  | 248271034 |
|  Foreign Sovereign Obligations |  | 32575425 |  | 32575425 |
|  Asset-Backed Obligations |  | 83953472 |  | 83953472 |
|  U.S. Treasury Obligations |  | 52774213 |  | 52774213 |
|  Short-Term Investments | 27637466 | 10582094 |  | 38219560 |
|  Total Investments in Securities - Assets | $27637466 | $487838308 | $— | $515475774 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $120797 | $— | $120797 |
|  Total Financial Derivative Instruments - Assets | $— | $120797 | $— | $120797 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(6893) | $— | $(6893) |
|  Total Financial Derivative Instruments - Liabilities | $— | $(6893) | $— | $(6893) |

---

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

*See accompanying notes* 

------

**American Beacon TwentyFour Sustainable Short Term Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 9.2% |  |  |
|  **Communications - 3.6%** |  |  |
|  **Telecommunications - 3.6%** |  |  |
|  AT&T, Inc., 2.900%, Due 12/4/2026 | 100000 | $132057 |
|  T-Mobile USA, Inc., 2.250%, Due 2/15/2026 | $110000 | 109134 |
|  Verizon Communications, Inc., 1.875%, Due 9/19/2030 | 100000 | 117532 |
|  |  | **358723** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **358723** |
|  **Consumer, Cyclical - 1.3%** |  |  |
|  **Auto Manufacturers - 1.3%** |  |  |
|  General Motors Financial Co., Inc., 5.150%, Due 8/15/2026<sup>A</sup> | 100000 | **134991** |
|  **Consumer, Non-Cyclical - 1.2%** |  |  |
|  **Commercial Services - 1.2%** |  |  |
|  Fiserv Funding ULC, 2.875%, Due 6/15/2028 | 100000 | **117894** |
|  **Financial - 2.1%** |  |  |
|  **Banks - 0.7%** |  |  |
|  Bank of America Corp., 7.000%, Due 7/31/2028<sup>A</sup> | 50000 | **71652** |
|  **REITS - 1.4%** |  |  |
|  Digital Dutch Finco BV, 1.500%, Due 3/15/2030<sup>A</sup> | 130000 | **141835** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **213487** |
|  **Technology - 1.0%** |  |  |
|  **Software - 1.0%** |  |  |
|  Oracle Corp., 2.950%, Due 4/1/2030 | $110000 | **103665** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $905,940)** |  | **928760** |
|  FOREIGN CORPORATE OBLIGATIONS - 68.5% |  |  |
|  **Communications - 5.0%** |  |  |
|  **Media - 1.4%** |  |  |
|  Arqiva Financing PLC, 7.210%, Due 6/30/2045<sup>A</sup> | 100000 | **141466** |
|  **Telecommunications - 3.6%** |  |  |
|  Deutsche Telekom International Finance BV, 2.500%, Due 10/10/2025<sup>A</sup> | 100000 | 134436 |
|  Orange SA, 1.750%, Due 7/15/2028, (5 yr. EUR Swap + 2.100%)<sup>A</sup> <sup>B C</sup> | 100000 | 111841 |
|  Telefonica Europe BV, 3.875%, Due 6/22/2026, (8 yr. EUR Swap + 2.967%)<sup>A</sup> <sup>B C</sup> | 100000 | 117960 |
|  |  | **364237** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **505703** |
|  **Consumer, Cyclical - 1.4%** |  |  |
|  **Entertainment - 1.4%** |  |  |
|  CPUK Finance Ltd., 5.876%, Due 8/28/2027<sup>A</sup> | 100000 | **136893** |
|  **Consumer, Non-Cyclical - 1.4%** |  |  |
|  **Food - 1.4%** |  |  |
|  J Sainsbury PLC, 5.125%, Due 6/29/2030<sup>A</sup> | 100000 | **136425** |
|  **Financial - 44.3%** |  |  |
|  **Banks - 22.3%** |  |  |
|  Argenta Spaarbank NV, 5.375%, Due 11/29/2027, (1 yr. EUR Swap + 2.750%)<sup>A</sup> <sup>B</sup> | 100000 | 121242 |
|  Banco Santander SA, 2.250%, Due 10/4/2032, (5 yr. U.K. Government Bond + 1.650%)<sup>A</sup> <sup>B</sup> | 100000 | 128119 |
|  Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, Due 11/22/2030, (5 yr. U.K. Government Bond + 3.750%)<sup>A</sup> <sup>B</sup> | 100000 | 134240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.407%, Due 11/14/2032, (5 yr. U.K. Government Bond + 4.750%)<sup>A</sup> <sup>B</sup> | 100000 | 143347 |
|  BNP Paribas SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 5/24/2031, (5 yr. U.K. Government Bond + 1.650%)<sup>A</sup> <sup>B</sup> | 100000 | 132015 |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Sustainable Short Term Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 68.5% (continued) |  |  |
|  **Financial - 44.3% (continued)** |  |  |
|  **Banks - 22.3% (continued)** |  |  |
|  BNP Paribas SA, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.159%, Due 8/28/2034, (5 yr. EURIBOR ICE Swap + 1.700%)<sup>A</sup> <sup>B</sup> | 100000 | $119929 |
|  BPCE SA, 6.125%, Due 5/24/2029<sup>A</sup> | 100000 | 138559 |
|  Credit Agricole SA, 1.874%, Due 12/9/2031, (5 yr. U.K. Government Bond + 1.500%)<sup>A</sup> <sup>B</sup> | 100000 | 129715 |
|  Deutsche Bank AG, 2.129%, Due 11/24/2026, (1 day USD SOFR + 1.870%)<sup>B</sup> | $150000 | 149452 |
|  HSBC Holdings PLC, 8.201%, Due 11/16/2034, (5 yr. U.K. Government Bond + 4.550%)<sup>A</sup> <sup>B</sup> | 100000 | 148208 |
|  ING Groep NV, 6.250%, Due 5/20/2033, (5 yr. U.K. Government Bond + 2.800%)<sup>A</sup> <sup>B</sup> | 100000 | 138130 |
|  Intesa Sanpaolo SpA, 5.148%, Due 6/10/2030<sup>A</sup> | 100000 | 133640 |
|  Lloyds Banking Group PLC, 6.625%, Due 6/2/2033, (5 yr. U.K. Government Bond + 3.100%)<sup>A</sup> <sup>B</sup> | 100000 | 139368 |
|  NatWest Group PLC, 5.642%, Due 10/17/2034, (5 yr. U.K. Government Bond + 2.100%)<sup>A</sup> <sup>B</sup> | 100000 | 135408 |
|  Santander U.K. Group Holdings PLC, 7.098%, Due 11/16/2027, (1 yr. GBP Swap + 2.866%)<sup>A</sup> <sup>B</sup> | 100000 | 138066 |
|  Societe Generale SA, 5.500%, Due 4/13/2029, (1 yr. CMT + 1.200%)<sup>A</sup> <sup>B</sup> | $200000 | 204243 |
|  |  | **2233681** |
|  **Insurance - 14.0%** |  |  |
|  ASR Nederland NV, 3.375%, Due 5/2/2049, (5 yr. EUR Swap + 4.000%)<sup>A</sup> <sup>B</sup> | 100000 | 117542 |
|  Aviva PLC, 4.375%, Due 9/12/2049, (1 day GBP SONIA + 4.721%)<sup>A</sup> <sup>B</sup> | 100000 | 130755 |
|  AXA SA, 3.250%, Due 5/28/2049, (3 mo. EURIBOR + 3.200%)<sup>A</sup> <sup>B</sup> | 100000 | 118006 |
|  BUPA Finance PLC, 5.000%, Due 12/8/2026<sup>A</sup> | 100000 | 134692 |
|  CNP Assurances SA, 4.750%, Due 6/27/2028, (5 yr. EUR Swap + 3.914%)<sup>A</sup> <sup>B C</sup> | 100000 | 117694 |
|  NN Group NV, 4.625%, Due 1/13/2048, (3 mo. EURIBOR + 4.950%)<sup>A</sup> <sup>B</sup> | 100000 | 121495 |
|  Pension Insurance Corp. PLC, 5.625%, Due 9/20/2030<sup>A</sup> | 100000 | 135202 |
|  Phoenix Group Holdings PLC, 5.867%, Due 6/13/2029<sup>A</sup> | 100000 | 136957 |
|  Real Finance Bonds No. 3 PLC, 6.125%, Due 11/13/2028<sup>A</sup> | 100000 | 138912 |
|  Rothesay Life PLC, 8.000%, Due 10/30/2025<sup>A</sup> | 190000 | 256092 |
|  |  | **1407347** |
|  **Real Estate - 2.6%** |  |  |
|  Liberty Living Finance PLC, 3.375%, Due 11/28/2029<sup>A</sup> | 100000 | 126636 |
|  Telereal Securitisation PLC, 1.963%, Due 12/10/2033, B2, (1 day GBP SONIA + 4.440%)<sup>A</sup> <sup>B</sup> | 100000 | 133493 |
|  |  | **260129** |
|  **Savings & Loans - 5.4%** |  |  |
|  Coventry Building Society, 5.875%, Due 3/12/2030, (1 yr. U.K. Government Bond + 1.950%)<sup>A</sup> <sup>B</sup> | 100000 | 138788 |
|  Nationwide Building Society, 5.750%, Due 6/20/2027, (5 yr. U.K. Government Bond + 5.625%)<sup>A</sup> <sup>B C</sup> | 200000 | 267635 |
|  Yorkshire Building Society, 6.375%, Due 11/15/2028, (1 yr. U.K. Government Bond + 2.650%)<sup>A</sup> <sup>B</sup> | 100000 | 138981 |
|  |  | **545404** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **4446561** |
|  **Industrial - 2.7%** |  |  |
|  **Transportation - 1.3%** |  |  |
|  Eversholt Funding PLC, 6.359%, Due 12/2/2025<sup>A</sup> | 100000 | **134832** |
|  **Trucking & Leasing - 1.4%** |  |  |
|  Porterbrook Rail Finance Ltd., 7.125%, Due 10/20/2026 | 100000 | **137663** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **272495** |
|  **Technology - 1.2%** |  |  |
|  **Software - 1.2%** |  |  |
|  Sage Group PLC, 3.820%, Due 2/15/2028<sup>A</sup> | 100000 | **120084** |
|  **Utilities - 12.5%** |  |  |
|  **Electric - 9.9%** |  |  |
|  EnBW International Finance BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/24/2028<sup>A</sup> | 25000 | 30163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/20/2029<sup>A</sup> | 70000 | 82947 |
|  Iberdrola International BV, 1.450%, Due 11/9/2026, NC6, (5 yr. EUR Swap + 1.832%)<sup>A</sup> <sup>B C</sup> | 100000 | 114731 |
|  NIE Finance PLC, 6.375%, Due 6/2/2026<sup>A</sup> | 100000 | 136075 |
|  SSE PLC, 4.000%, Due 1/21/2028, (5 yr. EUR Swap + 2.696%)<sup>A</sup> <sup>B C</sup> | 200000 | 237712 |
|  TenneT Holding BV, 4.625%, Due 3/21/2029, (5 yr. EURIBOR ICE Swap + 1.947%)<sup>A</sup> <sup>B C</sup> | 100000 | 121050 |
|  Tennet Netherlands BV, 1.375%, Due 6/26/2029<sup>A</sup> | 120000 | 135465 |
|  Vattenfall AB, 6.875%, Due 8/17/2083, (5 yr. U.K. Government Bond + 3.059%)<sup>A</sup> <sup>B</sup> | 100000 | 137431 |
|  |  | **995574** |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Sustainable Short Term Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 68.5% (continued) |  |  |
|  **Utilities - 12.5% (continued)** |  |  |
|  **Gas - 1.3%** |  |  |
|  APA Infrastructure Ltd., 7.125%, Due 11/9/2083, (5 yr. EURIBOR ICE Swap + 4.098%)<sup>A</sup> <sup>B</sup> | 100000 | $**129545** |
|  **Water - 1.3%** |  |  |
|  Severn Trent Utilities Finance PLC, 3.625%, Due 1/16/2026<sup>A</sup> | 100000 | **134143** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **1259262** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $6,431,656)** |  | **6877423** |
|  FOREIGN SOVEREIGN OBLIGATIONS - 7.8% (Cost $772,595) |  |  |
|  Bundesobligation, 2.400%, Due 4/18/2030 <sup>A</sup> | 660000 | **779313** |
|  COLLATERALIZED MORTGAGE OBLIGATIONS - 3.7% |  |  |
|  Castell PLC, 4.823%, Due 11/25/2053, 2021-1 A, (1 day GBP SONIA + 0.850%)<sup>A</sup> <sup>B</sup> | 10027 | 13493 |
|  Holmes Master Issuer PLC, 4.609%, Due 10/15/2072, 2023-2 A1, (1 day GBP SONIA + 0.540%)<sup>A</sup> <sup>B</sup> | 100000 | 134847 |
|  Together Asset-Backed Securitisation PLC, 4.772%, Due 7/12/2063, 2021-1ST1 A, (1 day GBP SONIA + 0.700%)<sup>A</sup> <sup>B</sup> | 33873 | 45558 |
|  Twin Bridges PLC, 6.086%, Due 3/12/2055, 2021-1 D, (1 day GBP SONIA + 2.100%)<sup>A</sup> <sup>B</sup> | 130000 | 175416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations (Cost $361,600)** |  | **369314** |
|  U.S. TREASURY OBLIGATIONS - 3.2% (Cost $321,091) |  |  |
|  U.S. Treasury Notes, 4.000%, Due 3/31/2030 | $319000 | **322726** |
|  SHORT-TERM INVESTMENTS - 4.3% (Cost $430,602) |  |  |
|  **U.S. Treasury Obligations - 4.3%** |  |  |
|  U.S. Treasury Bills, 4.091%, Due 10/30/2025<sup>D</sup> <sup>E</sup> | 432000 | **430590** |
|  **TOTAL INVESTMENTS - 96.7% (Cost $9,223,484)** |  | **9708126** |
|  **OTHER ASSETS, NET OF LIABILITIES - 3.3%** |  | **326635** |
|  **TOTAL NET ASSETS - 100.0%** |  | $**10034761** |

---

Percentages are stated as a percent of net assets.

<sup>A</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>B</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 September 30, 2025. 

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

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

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

CMT - Constant Maturity Treasury.

EURIBOR - Euro Interbank Offered Rate.

ICE - Intercontinental Exchange.

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.

SONIA - Sterling Overnight Index Average.

ULC - Unlimited Liability Corporation.

***Forward Foreign Currency Contracts Open on September 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 | 3119724 | EUR | 3130112 | 10/9/2025 | SSB | $— | $(10388) | $(10388) |
| USD | 5585406 | GBP | 5582242 | 10/9/2025 | SSB | 3164 |  | 3164 |
|  |  |  |  |  |  | $3164 | $(10388) | $(7224) |

---

*See accompanying notes* 

------

**American Beacon TwentyFour Sustainable Short Term Bond Fund<sup>SM</sup>** 

**Schedule of Investments** 

September 30, 2025 (Unaudited)

\* *All values denominated in USD.*

***Glossary:***

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

SSB State Street Bank & Trust Co.

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TwentyFour Sustainable Short Term Bond Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** |  |  |  |  |
|  Corporate Obligations | $— | $928760 | $— | $928760 |
|  Foreign Corporate Obligations |  | 6877423 |  | 6877423 |
|  Foreign Sovereign Obligations |  | 779313 |  | 779313 |
|  Collateralized Mortgage Obligations |  | 369314 |  | 369314 |
|  U.S. Treasury Obligations |  | 322726 |  | 322726 |
|  Short-Term Investments |  | 430590 |  | 430590 |
|  Total Investments in Securities - Assets | $— | $9708126 | $— | $9708126 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $3164 | $— | $3164 |
|  Total Financial Derivative Instruments - Assets | $— | $3164 | $— | $3164 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $(10388) | $— | $(10388) |
|  Total Financial Derivative Instruments - Liabilities | $— | $(10388) | $— | $(10388) |

---

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

*See accompanying notes* 

------

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

**Supplementary Notes to Schedules of Investments** 

September 30, 2025 (Unaudited)

**Security Valuation and Fair Value Measurements** 

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

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

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

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

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

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

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

------

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

**Supplementary Notes to Schedules of Investments** 

September 30, 2025 (Unaudited)

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

*Valuation Inputs* 

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

---

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

---

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

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

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

Mortgage-related and asset-backed securities ("ABS") are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

------

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

**Supplementary Notes to Schedules of Investments** 

September 30, 2025 (Unaudited)

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

OTC financial derivative instruments, such as forward foreign currency contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the fair value of the financial derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends, and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

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

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

- **a. Name of Series:** American Beacon ARK Transformational Innovation Fund

- **b. EDGAR series identifier (if any):** S000056147

- **c. LEI of Series:** 549300M383W9AQ1N7O54

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $239479097.24

**Total Liabilities:** $11665486.87

**Net Assets:** $227813610.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210491 | 6.75%                | -0.21%               | 11.20%               |
| Class ID C000224371 | 6.83%                | -0.10%               | 11.29%               |
| Class ID C000176826 | 6.87%                | -0.15%               | 11.26%               |
| Class ID C000176825 | 6.85%                | -0.15%               | 11.25%               |
| Class ID C000176824 | 6.92%                | -0.14%               | 11.27%               |
| Class ID C000210490 | 6.82%                | -0.15%               | 11.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6843968.81              | $7259294.42                                |
| Month 2  | $5228285.83              | $-5403225.10                               |
| Month 3  | $4210678.08              | $19336429.20                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 10X Genomics Inc                             | 10X Genomics, Inc.                           | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |    273462 | NS      | $3196770.78   | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Archer Aviation Inc                          | Archer Aviation, Inc.                        | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    503284 | NS      | $4821460.72   | 2.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Exact Sciences Corp                          | Exact Sciences Corp.                         | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     42048 | NS      | $2300446.08   | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradyne Inc                                 | Teradyne, Inc.                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     37010 | NS      | $5094056.40   | 2.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Pacific Biosciences of California Inc        | Pacific Biosciences of California, Inc.      | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |    622647 | NS      | $796988.16    | 0.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Beam Therapeutics Inc                        | Beam Therapeutics, Inc.                      | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192268 | NS      | $4666344.36   | 2.05%             |  |  |  | No            | 1                  | On Loan: —       |
| Robinhood Markets Inc                        | Robinhood Markets, Inc.                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     81590 | NS      | $11682056.20  | 5.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Micro Devices Inc                   | Advanced Micro Devices, Inc.                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     40934 | NS      | $6622711.86   | 2.91%             |  |  |  | No            | 1                  | On Loan: No      |
| PagerDuty Inc                                | PagerDuty, Inc.                              | CUSIP: 69553P100<br>LEI: 549300U1SB749EDAGH21 | Long             | EC               | CORP              | US        |    173153 | NS      | $2860487.56   | 1.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Intellia Therapeutics Inc                    | Intellia Therapeutics, Inc.                  | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |    256872 | NS      | $4436179.44   | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Alibaba Group Holding Ltd                    | Alibaba Group Holding Ltd.                   | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1950 | NS      | $348523.50    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Iridium Communications Inc                   | Iridium Communications, Inc.                 | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     77755 | NS      | $1357602.30   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Block Inc                                    | Block, Inc.                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     31216 | NS      | $2255980.32   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Bullish                                      | Bullish                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     39902 | NS      | $2538166.22   | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Trade Desk Inc/The                           | Trade Desk, Inc.                             | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     44191 | NS      | $2165800.91   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp                                  | NVIDIA Corp.                                 | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     14754 | NS      | $2752801.32   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Recursion Pharmaceuticals Inc                | Recursion Pharmaceuticals, Inc.              | CUSIP: 75629V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525717 | NS      | $2565498.96   | 1.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Twist Bioscience Corp                        | Twist Bioscience Corp.                       | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |    133884 | NS      | $3767495.76   | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| CRISPR Therapeutics AG                       | CRISPR Therapeutics AG                       | CUSIP: 000000000<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |    208173 | NS      | $13491692.13  | 5.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Illumina Inc                                 | Illumina, Inc.                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     25206 | NS      | $2393813.82   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Airbnb Inc                                   | Airbnb, Inc.                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     16792 | NS      | $2038884.64   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Tempus AI Inc                                | Tempus AI, Inc.                              | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |    133731 | NS      | $10793429.01  | 4.74%             |  |  |  | No            | 1                  | On Loan: —       |
| Palantir Technologies Inc                    | Palantir Technologies, Inc.                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     53790 | NS      | $9812371.80   | 4.31%             |  |  |  | No            | 1                  | On Loan: No      |
| GeneDx Holdings Corp                         | GeneDx Holdings Corp.                        | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8764 | NS      | $944233.36    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| BWX Technologies Inc                         | BWX Technologies, Inc.                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     12345 | NS      | $2276047.65   | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SoFi Technologies Inc                        | SoFi Technologies, Inc.                      | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     70092 | NS      | $1851830.64   | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Tesla Inc                                    | Tesla, Inc.                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     63602 | NS      | $28285081.44  | 12.42%            |  |  |  | No            | 1                  | On Loan: No      |
| Veracyte Inc                                 | Veracyte, Inc.                               | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     84175 | NS      | $2889727.75   | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| DraftKings Inc                               | DraftKings, Inc.                             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     54946 | NS      | $2054980.40   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Deere & Co                                   | Deere & Co.                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      3401 | NS      | $1555141.26   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc.                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3412 | NS      | $2505704.56   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Gitlab Inc                                   | Gitlab, Inc.                                 | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     57332 | NS      | $2584526.56   | 1.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Baidu Inc                                    | Baidu, Inc.                                  | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |      2549 | NS      | $335881.73    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |   3932423 | NS      | $3932423.25   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Natera Inc                                   | Natera, Inc.                                 | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14856 | NS      | $2391370.32   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Shopify Inc                                  | Shopify, Inc.                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     72443 | NS      | $10765754.23  | 4.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solutions Inc      | Kratos Defense & Security Solutions, Inc.    | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     28874 | NS      | $2638217.38   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Pinterest Inc                                | Pinterest, Inc.                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72297 | NS      | $2325794.49   | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ROBLOX Corp                                  | ROBLOX Corp.                                 | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86899 | NS      | $12037249.48  | 5.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Roku Inc                                     | Roku, Inc.                                   | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |    130258 | NS      | $13042733.54  | 5.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd    | Taiwan Semiconductor Manufacturing Co. Ltd.  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      9384 | NS      | $2620857.36   | 1.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Circle Internet Group Inc                    | Circle Internet Group, Inc.                  | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |     46963 | NS      | $6226354.54   | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Cerus Corp                                   | Cerus Corp.                                  | CUSIP: 157085101<br>LEI: 254900BIEY9XIDA04Q21 | Long             | EC               | CORP              | US        |    299780 | NS      | $476650.20    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| BitMine Immersion Technologies Inc           | BitMine Immersion Technologies, Inc.         | CUSIP: 09175A206<br>LEI: 254900TGJJ1D9JNAQT27 | Long             | EC               | CORP              | US        |    129797 | NS      | $6740358.21   | 2.96%             |  |  |  | No            | 1                  | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |  11408366 | NS      | $11408366.25  | 5.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Amazon.com Inc                               | Amazon.com, Inc.                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     16006 | NS      | $3514437.42   | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Coinbase Global Inc                          | Coinbase Global, Inc.                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     38514 | NS      | $12998089.86  | 5.71%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer