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United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gregory J. Stumm, PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2026

Date of reporting period: January 31, 2026

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 54.9%
Communication Services - 2.7%
Diversified Telecommunication Services - 0.8%
Comcast Corp., Class A		29,390	$	874,352

Interactive Media & Services - 1.4%
Alphabet, Inc., Class A		4,506		1,523,028

Media - 0.5%
Omnicom Group, Inc.		5,886		453,457
Versant Media Group, Inc.^A		1,175		38,282

				491,739

Total Communication Services				2,889,119

Consumer Discretionary - 4.6%
Automobile Components - 1.2%
Aptiv PLC^A		14,592		1,105,344
BorgWarner, Inc.		3,500		165,935

				1,271,279

Automobiles - 0.8%
General Motors Co.		9,642		809,928

Distributors - 0.2%
Genuine Parts Co.		1,800		250,182

Hotels, Restaurants & Leisure - 2.0%
Carnival Corp.^A		49,006		1,471,160
Wynn Resorts Ltd.		6,856		736,677

				2,207,837

Household Durables - 0.3%
Lennar Corp., Class A		2,701		295,354

Specialty Retail - 0.1%
Lithia Motors, Inc.		490		158,486

Total Consumer Discretionary				4,993,066

Consumer Staples - 2.2%
Beverages - 1.1%
Constellation Brands, Inc., Class A		2,200		344,740
Keurig Dr. Pepper, Inc.		31,527		865,101

				1,209,841

Food Products - 1.1%
Conagra Brands, Inc.		7,200		133,272
J.M. Smucker Co.		2,400		251,664
Kraft Heinz Co.		17,600		417,824
Mondelez International, Inc., Class A		6,000		350,820

				1,153,580

Total Consumer Staples				2,363,421

Energy - 5.3%
Energy Equipment & Services - 1.3%
Halliburton Co.		13,612		456,274
NOV, Inc.		20,900		383,515
SLB Ltd.		10,760		520,569

				1,360,358

Oil, Gas & Consumable Fuels - 4.0%
APA Corp.		36,314		959,053

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 54.9% (continued)
Energy - 5.3% (continued)
Oil, Gas & Consumable Fuels - 4.0% (continued)
Chevron Corp.		4,221	$	746,695
ConocoPhillips		2,536		264,327
Exxon Mobil Corp.		6,796		960,954
Murphy Oil Corp.		2,000		60,180
Ovintiv, Inc.		8,900		386,883
Permian Resources Corp.		28,051		452,463
Shell PLC, ADR		6,935		534,203

				4,364,758

Total Energy				5,725,116

Financials - 11.6%
Banks - 5.4%
Bank of America Corp.		27,224		1,448,317
Citigroup, Inc.		8,157		943,846
Citizens Financial Group, Inc.		5,568		350,673
First Citizens BancShares, Inc., Class A		170		351,827
Truist Financial Corp.		7,100		365,082
U.S. Bancorp		12,700		712,597
Wells Fargo & Co.		11,945		1,080,903
Western Alliance Bancorp		6,670		594,630

				5,847,875

Capital Markets - 1.0%
LPL Financial Holdings, Inc.		1,403		511,394
State Street Corp.		4,676		611,901

				1,123,295

Consumer Finance - 1.2%
American Express Co.		1,796		632,497
Capital One Financial Corp.		1,505		329,490
SLM Corp.		12,045		327,022

				1,289,009

Financial Services - 2.1%
Berkshire Hathaway, Inc., Class B^A		1,849		888,500
Corebridge Financial, Inc.		10,500		323,715
Fidelity National Information Services, Inc.		14,468		799,357
Fiserv, Inc.^A		3,600		229,428

				2,241,000

Insurance - 1.9%
American International Group, Inc.		16,547		1,239,039
Everest Group Ltd.		816		270,325
Hartford Insurance Group, Inc.		1,740		235,004
Willis Towers Watson PLC		923		293,025

				2,037,393

Total Financials				12,538,572

Health Care - 7.5%
Health Care Equipment & Supplies - 2.5%
GE HealthCare Technologies, Inc.		14,861		1,173,573
Medtronic PLC		11,675		1,202,058
Solventum Corp.^A		270		20,782
Zimmer Biomet Holdings, Inc.		3,772		328,428

				2,724,841

Health Care Providers & Services - 3.1%
Centene Corp.^A		3,460		149,887
Cigna Group		550		150,760

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 54.9% (continued)
Health Care - 7.5% (continued)
Health Care Providers & Services - 3.1% (continued)
CVS Health Corp.		3,030	$	225,796
Elevance Health, Inc.		3,028		1,046,901
HCA Healthcare, Inc.		520		253,900
Humana, Inc.		1,510		294,752
Labcorp Holdings, Inc.		1,200		325,824
UnitedHealth Group, Inc.		3,150		903,830

				3,351,650

Life Sciences Tools & Services - 0.3%
Avantor, Inc.^A		33,297		363,603

Pharmaceuticals - 1.6%
GSK PLC, ADR		3,354		173,066
Merck & Co., Inc.		9,046		997,503
Sanofi SA, ADR		10,622		499,659

				1,670,228

Total Health Care				8,110,322

Industrials - 6.2%
Aerospace & Defense - 0.5%
Boeing Co.^A		1,430		334,220
General Dynamics Corp.		700		245,763

				579,983

Air Freight & Logistics - 0.8%
FedEx Corp.		2,530		815,293

Building Products - 0.9%
Johnson Controls International PLC		8,083		963,979

Construction & Engineering - 0.3%
AECOM		2,498		240,882
Fluor Corp.^A		2,300		106,237

				347,119

Electrical Equipment - 0.4%
Vertiv Holdings Co., Class A		2,480		461,726

Ground Transportation - 0.7%
JB Hunt Transport Services, Inc.		2,361		478,622
Norfolk Southern Corp.		860		250,466

				729,088

Machinery - 2.6%
CNH Industrial NV		45,080		485,061
Cummins, Inc.		682		394,755
Deere & Co.		520		274,560
Fortive Corp.		14,303		755,341
PACCAR, Inc.		4,758		584,806
Stanley Black & Decker, Inc.		2,300		180,918
Timken Co.		1,900		177,061

				2,852,502

Total Industrials				6,749,690

Information Technology - 7.4%
Communications Equipment - 1.3%
F5, Inc.^A		5,270		1,452,465

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 54.9% (continued)
Information Technology - 7.4% (continued)
Electronic Equipment, Instruments & Components - 0.1%
CDW Corp.		400	$	50,556

IT Services - 0.6%
Cognizant Technology Solutions Corp., Class A		8,015		657,711

Semiconductors & Semiconductor Equipment - 2.5%
Entegris, Inc.		8,611		1,016,701
Microchip Technology, Inc.		12,533		951,505
QUALCOMM, Inc.		4,699		712,322

				2,680,528

Software - 2.5%
Oracle Corp.		2,927		481,725
Salesforce, Inc.		3,600		764,244
Workday, Inc., Class A^A		8,390		1,473,536

				2,719,505

Technology Hardware, Storage & Peripherals - 0.4%
Hewlett Packard Enterprise Co.		19,666		423,212

Total Information Technology				7,983,977

Materials - 2.6%
Chemicals - 2.0%
Air Products & Chemicals, Inc.		2,712		739,020
Axalta Coating Systems Ltd.^A		17,482		587,046
Olin Corp.		9,300		193,533
PPG Industries, Inc.		6,100		705,343

				2,224,942

Metals & Mining - 0.6%
Freeport-McMoRan, Inc.		10,139		610,672

Total Materials				2,835,614

Real Estate - 1.3%
Industrial REITs - 0.3%
Prologis, Inc.		2,715		354,470

Specialized REITs - 1.0%
Public Storage		1,651		455,990
VICI Properties, Inc.		19,760		554,861

				1,010,851

Total Real Estate				1,365,321

Utilities - 3.5%
Electric Utilities - 2.8%
Entergy Corp.		8,551		819,955
PG&E Corp.		31,137		480,133
Pinnacle West Capital Corp.		7,593		710,401
PPL Corp.		6,947		251,829
Xcel Energy, Inc.		10,253		779,843

				3,042,161

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 54.9% (continued)
Utilities - 3.5% (continued)
Multi-Utilities - 0.7%
Dominion Energy, Inc.		12,200	$	734,074

Total Utilities				3,776,235

Total Common Stocks (Cost $44,267,814)				59,330,453


	Principal Amount
CORPORATE OBLIGATIONS - 11.0%
Communications - 1.6%
Internet - 0.5%
Amazon.com, Inc.,
1.200%, Due 6/3/2027	$	250,000		242,412
4.650%, Due 12/1/2029		250,000		256,496

				498,908

Media - 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital,
6.484%, Due 10/23/2045		30,000		28,235
5.750%, Due 4/1/2048		115,000		98,938
3.850%, Due 4/1/2061		85,000		51,155
3.950%, Due 6/30/2062		85,000		51,884
Comcast Corp., 6.550%, Due 7/1/2039		217,000		237,175
Cox Communications, Inc., 5.950%, Due 9/1/2054^B		265,000		232,690

				700,077

Telecommunications - 0.5%
AT&T, Inc.,
5.700%, Due 11/1/2054		80,000		76,387
3.650%, Due 9/15/2059		80,000		52,787
T-Mobile USA, Inc., 5.850%, Due 2/15/2056		190,000		187,362
Verizon Communications, Inc., 4.780%, Due 2/15/2035		181,000		177,638

				494,174

Total Communications				1,693,159

Consumer, Cyclical - 0.8%
Retail - 0.8%
Home Depot, Inc., 2.950%, Due 6/15/2029		500,000		484,924
Walmart, Inc.,
2.375%, Due 9/24/2029		150,000		142,924
7.550%, Due 2/15/2030		169,000		191,958

				819,806

Total Consumer, Cyclical				819,806

Consumer, Non-Cyclical - 0.3%
Beverages - 0.3%
PepsiCo, Inc., 4.450%, Due 5/15/2028		300,000		304,679

Energy - 0.3%
Oil & Gas - 0.1%
BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)^{C D}		150,000		159,208

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 11.0% (continued)
Energy - 0.3% (continued)
Pipelines - 0.2%
ONEOK Partners LP, 6.850%, Due 10/15/2037	$	45,000	$	49,868
ONEOK, Inc., 5.700%, Due 11/1/2054		80,000		74,751
Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032^B		65,000		57,505

				182,124

Total Energy				341,332

Financial - 2.6%
Banks - 1.6%
Bank of America Corp.,
1.734%, Due 7/22/2027, (1 day USD SOFR + 0.960%)^C		350,000		346,333
6.110%, Due 1/29/2037		176,000		188,453
Citigroup, Inc., 5.875%, Due 1/30/2042		145,000		152,345
Fifth Third Bank NA, 2.250%, Due 2/1/2027		250,000		246,245
JPMorgan Chase & Co., 5.500%, Due 10/15/2040		313,000		325,188
PNC Financial Services Group, Inc., 2.550%, Due 1/22/2030		500,000		470,722

				1,729,286

Insurance - 1.0%
Berkshire Hathaway Finance Corp., 2.300%, Due 3/15/2027		300,000		295,501
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		55,000		35,082
Markel Group, Inc., 5.000%, Due 5/20/2049		100,000		88,798
MetLife, Inc.,
6.375%, Due 6/15/2034		169,000		187,726
4.721%, Due 12/15/2044		193,000		173,115
Prudential Financial, Inc., 4.600%, Due 5/15/2044		313,000		278,910

				1,059,132

REITS - 0.0%
Public Storage Operating Co., 2.250%, Due 11/9/2031		45,000		40,261

Total Financial				2,828,679

Industrial - 1.2%
Aerospace/Defense - 0.2%
RTX Corp., 6.125%, Due 7/15/2038		217,000		237,680

Machinery - Construction & Mining - 0.2%
Caterpillar Financial Services Corp., 4.375%, Due 8/16/2029		200,000		202,995

Machinery - Diversified - 0.4%
John Deere Capital Corp., 2.450%, Due 1/9/2030		500,000		473,959

Transportation - 0.4%
Burlington Northern Santa Fe LLC, 5.750%, Due 5/1/2040		202,000		212,808
CSX Corp., 5.500%, Due 4/15/2041		157,000		160,548

				373,356

Total Industrial				1,287,990

Technology - 1.9%
Computers - 1.3%
Apple, Inc.,
1.400%, Due 8/5/2028		200,000		189,352
2.200%, Due 9/11/2029		300,000		283,674
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045		500,000		509,124
International Business Machines Corp., 4.250%, Due 5/15/2049		500,000		403,661

				1,385,811

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 11.0% (continued)
Technology - 1.9% (continued)
Semiconductors - 0.6%
Foundry JV Holdco LLC, 6.300%, Due 1/25/2039^B	$	200,000	$	212,875
NVIDIA Corp., 1.550%, Due 6/15/2028		500,000		476,072

				688,947

Total Technology				2,074,758

Utilities - 2.3%
Electric - 2.3%
Appalachian Power Co., 4.500%, Due 3/1/2049, Y		210,000		173,050
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036		235,000		254,680
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, 09-C		169,000		172,850
Dominion Energy, Inc.,
6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)^C		115,000		119,766
6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)^C		175,000		179,924
Duke Energy Carolinas LLC,
5.250%, Due 3/15/2035		55,000		56,661
6.000%, Due 1/15/2038		40,000		43,062
6.050%, Due 4/15/2038		115,000		124,779
Duke Energy Corp., 5.800%, Due 6/15/2054		95,000		93,871
Duke Energy Progress LLC,
4.150%, Due 12/1/2044		75,000		62,522
4.200%, Due 8/15/2045		30,000		24,971
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2		265,000		227,406
Entergy Arkansas LLC, 5.750%, Due 1/15/2056		80,000		80,093
Entergy Corp.,
2.800%, Due 6/15/2030		30,000		28,132
7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)^C		45,000		47,112
PacifiCorp,
4.150%, Due 2/15/2050		125,000		93,659
5.350%, Due 12/1/2053		95,000		83,770
Public Service Enterprise Group, Inc.,
5.450%, Due 4/1/2034		45,000		46,398
5.400%, Due 3/15/2035		70,000		71,950
Sempra,
6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)^C		135,000		136,568
6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)^C		100,000		102,505
6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)^C		45,000		45,805
6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)^C		80,000		81,151
System Energy Resources, Inc., 5.300%, Due 12/15/2034		145,000		146,445

				2,497,130

Total Utilities				2,497,130

Total Corporate Obligations (Cost $12,104,400)				11,847,533

FOREIGN CORPORATE OBLIGATIONS - 2.9%
Communications - 0.3%
Telecommunications - 0.3%
America Movil SAB de CV, 6.375%, Due 3/1/2035		169,000		185,530
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042^B		150,000		138,917

				324,447

Total Communications				324,447

Consumer, Cyclical - 0.3%
Auto Manufacturers - 0.3%
Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027^B		350,000		358,103

Consumer, Non-Cyclical - 1.4%
Agriculture - 0.4%
BAT Capital Corp.,
6.000%, Due 2/20/2034		35,000		37,408

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.9% (continued)
Consumer, Non-Cyclical - 1.4% (continued)
Agriculture - 0.4% (continued)
BAT Capital Corp., (continued)
4.540%, Due 8/15/2047	$	260,000	$	215,935
Reynolds American, Inc., 5.700%, Due 8/15/2035		175,000		182,059

				435,402

Beverages - 0.5%
Anheuser-Busch InBev Worldwide, Inc., 5.450%, Due 1/23/2039		500,000		515,257

Pharmaceuticals - 0.5%
Bayer U.S. Finance II LLC,
3.950%, Due 4/15/2045^B		245,000		184,504
4.700%, Due 7/15/2064^B		200,000		154,003
Bayer U.S. Finance LLC, 6.125%, Due 11/21/2026^B		200,000		202,835

				541,342

Total Consumer, Non-Cyclical				1,492,001

Energy - 0.5%
Oil & Gas - 0.4%
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049^B		500,000		407,500

Pipelines - 0.1%
TransCanada PipeLines Ltd., 6.100%, Due 6/1/2040		82,000		86,354

Total Energy				493,854

Financial - 0.4%
Banks - 0.1%
HBOS PLC, 6.000%, Due 11/1/2033^B		80,000		84,046

Diversified Financial Services - 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.950%, Due 3/10/2055, (5 yr. CMT + 2.720%)^C		150,000		157,029

Insurance - 0.2%
Fairfax Financial Holdings Ltd.,
6.350%, Due 3/22/2054		200,000		209,320
6.100%, Due 3/15/2055		35,000		35,274

				244,594

Total Financial				485,669

Total Foreign Corporate Obligations (Cost $3,143,925)				3,154,074

FOREIGN SOVEREIGN OBLIGATIONS - 0.3% (Cost $284,230)
Mexico Government International Bonds, 3.771%, Due 5/24/2061		450,000		274,072

ASSET-BACKED OBLIGATIONS - 1.1%
AmeriCredit Automobile Receivables Trust, 4.120%, Due 5/20/2030, 2025-1 A3^B		75,000		75,302
CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A		2,706		2,708
Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2^B		75,000		75,768
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A^B		110,000		108,009
GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3		90,000		90,935
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A^B		90,000		88,518
Honda Auto Receivables Owner Trust, 4.570%, Due 9/21/2029, 2025-1 A3		85,000		85,921
John Deere Owner Trust, 3.740%, Due 2/16/2027, 2022-B A3		7,859		7,858
New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1^B		125,000		104,984
Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3^B		165,000		165,809
Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3^B		100,000		100,304
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II^B		98,250		91,299
Volkswagen Auto Lease Trust, 4.010%, Due 1/22/2029, 2025-B A3		110,000		110,293
World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3		60,000		60,445

Total Asset-Backed Obligations (Cost $1,192,106)				1,168,153

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.6%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028		3,539		3,513
3.000%, Due 11/1/2032		26,401		25,791
5.000%, Due 8/1/2033		10,165		10,328

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.6% (continued)
Federal Home Loan Mortgage Corp., (continued)
5.500%, Due 2/1/2034	$	10,112	$	10,371
2.500%, Due 6/1/2035		47,411		44,949
2.000%, Due 3/1/2036		136,090		125,802
4.000%, Due 1/1/2041		34,686		34,159
4.500%, Due 2/1/2041		24,492		24,620
2.500%, Due 9/1/2041		116,122		104,504
3.500%, Due 5/1/2042		115,458		111,024
3.500%, Due 6/1/2042		117,158		111,719
3.000%, Due 4/1/2047		105,378		94,480
3.000%, Due 8/1/2048		97,039		88,519
2.500%, Due 7/1/2050		63,789		54,768
2.500%, Due 12/1/2050		60,357		52,090
2.500%, Due 11/1/2051		117,189		101,651
2.000%, Due 2/1/2052		110,130		90,519
2.000%, Due 3/1/2052		195,491		159,097
2.500%, Due 5/1/2052		93,935		81,087
6.000%, Due 3/1/2053		54,832		57,252
4.500%, Due 5/1/2053		88,243		86,777
5.000%, Due 8/1/2053		187,561		188,073
6.000%, Due 8/1/2053		148,631		152,941
5.500%, Due 9/1/2053		102,974		106,145
5.500%, Due 2/1/2054		273,482		279,733
6.000%, Due 8/1/2054		85,314		88,399
5.000%, Due 9/1/2054		144,117		145,326
5.500%, Due 5/1/2055		269,719		275,465

				2,709,102

Federal National Mortgage Association,
3.500%, Due 1/1/2028		3,171		3,154
5.000%, Due 3/1/2034		11,280		11,426
4.500%, Due 4/1/2034		21,174		21,294
3.000%, Due 10/1/2034		2,711		2,628
2.000%, Due 11/1/2035		90,393		83,694
2.000%, Due 12/1/2035		43,011		39,842
3.500%, Due 6/1/2037		63,809		61,765
5.500%, Due 6/1/2038		2,716		2,827
4.500%, Due 1/1/2040		24,697		24,772
5.000%, Due 5/1/2040		45,397		46,545
5.000%, Due 6/1/2040		25,754		26,405
4.000%, Due 9/1/2040		24,176		23,795
4.000%, Due 1/1/2041		47,037		46,077
2.500%, Due 11/1/2041		91,244		82,507
3.000%, Due 6/1/2043		226,929		209,648
3.000%, Due 8/1/2043		206,072		190,316
4.000%, Due 7/1/2045		48,380		47,125
3.500%, Due 8/1/2045		22,753		21,549
3.500%, Due 11/1/2045		216,898		205,196
3.500%, Due 1/1/2046		86,681		82,095
3.500%, Due 5/1/2046		23,578		22,247
4.000%, Due 7/1/2046		48,770		47,520
3.000%, Due 10/1/2046		18,352		16,679
3.000%, Due 11/1/2046		105,889		97,101
3.500%, Due 3/1/2047		26,500		24,988
4.500%, Due 7/1/2047		11,185		11,144
4.500%, Due 8/1/2047		20,513		20,444
3.500%, Due 9/1/2047		33,363		31,441
4.500%, Due 4/1/2048		9,351		9,286
4.500%, Due 7/1/2048		55,446		55,032
4.500%, Due 10/1/2049		63,754		63,259
4.000%, Due 11/1/2049		123,940		120,210
2.500%, Due 8/1/2050		286,354		245,656
3.000%, Due 8/1/2050		82,796		74,103
2.500%, Due 9/1/2050		93,667		80,806

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.6% (continued)
Federal National Mortgage Association, (continued)
2.500%, Due 10/1/2050	$	43,898	$	37,647
3.000%, Due 10/1/2050		88,941		80,181
2.000%, Due 3/1/2051		139,055		115,118
2.000%, Due 4/1/2051		220,322		180,631
3.000%, Due 5/1/2051		100,466		90,716
3.000%, Due 6/1/2051		97,864		87,346
3.500%, Due 6/1/2051		116,457		108,223
2.000%, Due 7/1/2051		224,662		184,079
3.500%, Due 7/1/2051		98,212		91,747
2.500%, Due 8/1/2051		208,240		179,817
3.000%, Due 11/1/2051		74,615		66,297
2.000%, Due 1/1/2052		341,118		280,875
2.500%, Due 2/1/2052		177,563		153,405
3.500%, Due 5/1/2052		131,300		121,772
4.000%, Due 6/1/2052		154,402		148,981
5.000%, Due 6/1/2052		244,119		248,517
3.000%, Due 7/1/2052		101,642		91,671
4.500%, Due 8/1/2052		128,632		126,561
4.500%, Due 9/1/2052		196,848		193,637
4.500%, Due 10/1/2052		151,991		150,066
5.000%, Due 4/1/2053		73,166		73,921
4.500%, Due 6/1/2053		94,558		93,851
5.500%, Due 10/1/2053		177,725		180,727
6.000%, Due 1/1/2054		194,648		202,933
5.500%, Due 2/1/2054		189,739		194,594
6.500%, Due 6/1/2054		32,646		34,366

				5,670,255

Government National Mortgage Association,
6.500%, Due 8/15/2027		254		254
6.500%, Due 11/15/2027		641		647
7.500%, Due 12/15/2028		2,183		2,229
5.500%, Due 7/15/2033		10,446		10,820
6.000%, Due 12/15/2033		14,587		15,119
5.500%, Due 2/20/2034		15,194		15,717
5.000%, Due 10/15/2039		31,212		32,149
3.500%, Due 9/15/2041		62,892		59,155
3.500%, Due 8/20/2047		12,419		11,691
3.500%, Due 10/20/2047		11,356		10,645
4.000%, Due 1/20/2048		56,388		54,245
5.000%, Due 1/20/2050		25,809		26,293
4.500%, Due 2/20/2050		24,101		23,948
5.000%, Due 2/20/2050		13,335		13,612
2.500%, Due 4/20/2050		121,516		105,473
2.500%, Due 6/20/2051		121,414		105,230
3.000%, Due 6/20/2051		51,964		46,954
2.500%, Due 7/20/2051		190,344		164,982
3.000%, Due 8/20/2051		117,074		107,062
2.500%, Due 11/20/2051		97,231		84,270
3.000%, Due 12/20/2051		229,990		208,062
3.500%, Due 1/20/2052		83,645		77,579
4.000%, Due 3/20/2052		85,811		81,871
2.500%, Due 4/20/2052		54,530		47,261
4.500%, Due 9/20/2052		112,924		111,126
5.000%, Due 4/20/2053		216,662		217,444
5.500%, Due 7/20/2053		166,912		170,277
5.000%, Due 12/20/2054		163,387		163,545
5.500%, Due 5/20/2055		43,218		43,729

				2,011,389

Total U.S. Agency Mortgage-Backed Obligations (Cost $10,914,748)				10,390,746

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%
Federal Farm Credit Banks Funding Corp.,
4.375%, Due 10/24/2029	$	250,000	$	255,429
3.750%, Due 1/25/2030		300,000		298,676
Federal Home Loan Banks, 4.500%, Due 12/14/2029		350,000		359,901

				914,006

Total U.S. Government Agency Obligations (Cost $903,867)				914,006

U.S. TREASURY OBLIGATIONS - 12.5%
U.S. Treasury Bonds,
5.250%, Due 11/15/2028		217,000		226,460
4.750%, Due 2/15/2037		304,000		316,516
4.500%, Due 8/15/2039		241,000		240,435
2.750%, Due 8/15/2042		250,000		192,481
2.875%, Due 5/15/2049		500,000		357,324
4.625%, Due 5/15/2054		40,000		38,313
4.750%, Due 8/15/2055		500,000		488,984

				1,860,513

U.S. Treasury Notes,
4.875%, Due 4/30/2026		3,460,000		3,469,407
2.000%, Due 11/15/2026		500,000		493,836
2.500%, Due 3/31/2027		250,000		247,022
4.125%, Due 10/31/2027		250,000		252,432
2.875%, Due 5/15/2028		200,000		197,016
2.875%, Due 8/15/2028		300,000		294,938
2.625%, Due 2/15/2029		450,000		437,238
2.875%, Due 4/30/2029		300,000		293,027
2.375%, Due 5/15/2029		450,000		432,422
1.625%, Due 8/15/2029		350,000		326,649
1.750%, Due 11/15/2029		200,000		186,539
3.500%, Due 1/31/2030		350,000		347,197
4.000%, Due 2/28/2030		250,000		252,529
3.625%, Due 8/31/2030		630,000		626,013
3.625%, Due 10/31/2030		300,000		297,867
3.625%, Due 9/30/2031		200,000		197,273
4.375%, Due 1/31/2032		150,000		153,527
4.000%, Due 7/31/2032		100,000		100,090
3.875%, Due 9/30/2032		150,000		148,881
3.750%, Due 10/31/2032		400,000		393,781
4.125%, Due 11/15/2032		250,000		251,670
3.500%, Due 2/15/2033		250,000		241,816
3.875%, Due 8/15/2033		200,000		197,367
4.000%, Due 2/15/2034		300,000		297,516
4.375%, Due 5/15/2034		100,000		101,625
3.875%, Due 8/15/2034		300,000		293,777
4.250%, Due 8/15/2035		960,000		960,900
4.000%, Due 11/15/2035		175,000		171,418

				11,663,773

Total U.S. Treasury Obligations (Cost $13,936,719)				13,524,286


	Shares
FOREIGN COMMON STOCKS - 3.3%
Communication Services - 0.3%
Media - 0.3%
WPP PLC, ADR^E		11,400		238,032

Consumer Discretionary - 0.5%
Automobile Components - 0.5%
Magna International, Inc.		10,704		547,403

Consumer Staples - 0.8%
Beverages - 0.2%
Anheuser-Busch InBev SA, ADR^E		2,600		186,368

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 3.3% (continued)
Consumer Staples - 0.8% (continued)
Personal Products - 0.6%
Unilever PLC		10,213	$	698,161

Total Consumer Staples				884,529

Financials - 0.6%
Banks - 0.6%
Bank of Nova Scotia		8,627		644,609

Information Technology - 1.1%
Communications Equipment - 0.9%
Telefonaktiebolaget LM Ericsson, ADR^E		91,730		990,684

Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity PLC		908		202,284

Total Information Technology				1,192,968

Total Foreign Common Stocks (Cost $2,535,935)				3,507,541

SHORT-TERM INVESTMENTS - 3.1% (Cost $3,385,613)
Investment Companies - 3.1%
American Beacon U.S. Government Money Market Select Fund, 3.58%^F ^G		3,385,613		3,385,613

SECURITIES LENDING COLLATERAL - 0.7% (Cost $733,198)
Investment Companies - 0.7%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{F G}		733,198		733,198

TOTAL INVESTMENTS - 100.2% (Cost $93,402,555)				108,229,675
LIABILITIES, NET OF OTHER ASSETS - (0.2%)				(249,836	)

TOTAL NET ASSETS - 100.0%			$	107,979,839

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,842,971 or 2.6% of net assets. The Fund has no right to demand registration of these securities.

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 January 31, 2026.

^D	Perpetual maturity. The date shown, if any, is the next call date.

^E	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

^F	The Fund is affiliated by having the same investment advisor.

^G	7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

Long Futures Contracts Open on January 31, 2026:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 ESG Index Futures		11	March 2026	$	3,808,312	$	3,831,163	$	22,851

				$	3,808,312	$	3,831,163	$	22,851

Glossary:

Index Abbreviations:


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

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.

Other Abbreviations:


ESG		Environmental, Social, Governance.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


Balanced Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	59,330,453	$	—	$	—	$	59,330,453
Corporate Obligations		—		11,847,533		—		11,847,533
Foreign Corporate Obligations		—		3,154,074		—		3,154,074
Foreign Sovereign Obligations		—		274,072		—		274,072
Asset-Backed Obligations		—		1,168,153		—		1,168,153
U.S. Agency Mortgage-Backed Obligations		—		10,390,746		—		10,390,746
U.S. Government Agency Obligations		—		914,006		—		914,006
U.S. Treasury Obligations		—		13,524,286		—		13,524,286
Foreign Common Stocks		3,507,541		—		—		3,507,541
Short-Term Investments		3,385,613		—		—		3,385,613
Securities Lending Collateral		733,198		—		—		733,198

Total Investments in Securities - Assets	$	66,956,805	$	41,272,870	$	—	$	108,229,675

*Financial Derivative Instruments - Assets*
Futures Contracts	$	22,851	$	—	$	—	$	22,851

Total Financial Derivative Instruments - Assets	$	22,851	$	—	$	—	$	22,851

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 3.4%
Communications - 1.6%
Media - 1.6%
Walt Disney Co., 3.800%, Due 3/22/2030	$	5,450,000	$	5,402,017

Utilities - 1.8%
Electric - 1.8%
Florida Power & Light Co., 5.000%, Due 8/1/2034		6,170,000		6,293,946

Total Corporate Obligations (Cost $11,737,408)				11,695,963

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 45.1%
Federal Home Loan Mortgage Corp.,
2.500%, Due 9/1/2042		10,283,641		9,235,328
1.500%, Due 1/1/2051		8,530,054		6,621,412
2.500%, Due 3/1/2052		11,296,809		9,642,784
2.500%, Due 4/1/2052		16,968,766		14,463,307
3.000%, Due 5/1/2052		9,869,920		8,783,113
1.500%, Due 6/1/2052		7,618,864		5,909,288
2.000%, Due 10/1/2052		22,060,617		17,933,070
4.000%, Due 10/1/2052		10,067,589		9,647,655
4.000%, Due 11/1/2052		12,609,512		12,085,239

				94,321,196

Federal National Mortgage Association,
3.000%, Due 7/1/2040		5,211,311		4,883,488
3.000%, Due 8/1/2040		3,416,308		3,197,735
2.500%, Due 11/1/2050		5,627,336		4,787,976
2.500%, Due 5/1/2051		9,351,221		7,944,824
2.500%, Due 2/1/2052		8,112,673		6,929,960
3.000%, Due 5/1/2052		19,584,732		17,397,222
3.500%, Due 10/1/2052		10,772,257		9,974,472
4.000%, Due 10/1/2052		6,543,755		6,260,538

				61,376,215

Total U.S. Agency Mortgage-Backed Obligations (Cost $154,313,408)				155,697,411

U.S. TREASURY OBLIGATIONS - 50.2%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041		35,820,000		32,166,640
2.500%, Due 2/15/2045		25,385,000		17,928,156
2.500%, Due 5/15/2046		23,735,000		16,424,435

				66,519,231

U.S. Treasury Notes,
1.875%, Due 2/15/2032		17,395,000		15,474,755
3.500%, Due 2/15/2033		36,175,000		34,990,834
4.000%, Due 2/15/2034		41,245,000		40,903,440
3.875%, Due 8/15/2034		16,010,000		15,677,917

				107,046,946

Total U.S. Treasury Obligations (Cost $177,253,173)				173,566,177

TOTAL INVESTMENTS - 98.7% (Cost $343,303,989)				340,959,551
OTHER ASSETS, NET OF LIABILITIES - 1.3%				4,419,803

TOTAL NET ASSETS - 100.0%			$	345,379,354

Percentages are stated as a percent of net assets.

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
*Assets*
Corporate Obligations	$	—	$	11,695,963	$	—	$	11,695,963
U.S. Agency Mortgage-Backed Obligations		—		155,697,411		—		155,697,411
U.S. Treasury Obligations		—		173,566,177		—		173,566,177

Total Investments in Securities - Assets	$	—	$	340,959,551	$	—	$	340,959,551

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Australia - 6.4%
Foreign Common Stocks - 6.4%
Austal Ltd.^A		98,965	$	481,296
Capricorn Metals Ltd.^A		89,650		850,109
Codan Ltd.		41,363		1,096,416
Deep Yellow Ltd.^A		517,083		1,023,269
Emerald Resources NL^A		206,447		1,004,221
FireFly Metals Ltd.^A		695,992		966,777
Liontown Ltd.^{A B}		547,195		707,182
Monadelphous Group Ltd.		45,578		985,634
Predictive Discovery Ltd.^A		1,726,088		986,135
Ramelius Resources Ltd.		319,947		972,181
SRG Global Ltd.		469,209		987,031

Total Foreign Common Stocks				10,060,251

Total Australia (Cost $7,592,094)				10,060,251

Austria - 0.7% (Cost $966,023)
Foreign Common Stocks - 0.7%
Vienna Insurance Group AG Wiener Versicherung Gruppe		14,268		1,122,284

Belgium - 0.9% (Cost $946,611)
Foreign Common Stocks - 0.9%
Cenergy Holdings SA		60,199		1,384,269

Brazil - 0.6% (Cost $380,223)
Foreign Common Stocks - 0.6%
Embraer SA		51,231		943,774

Canada - 12.7%
Foreign Common Stocks - 12.7%
5N Plus, Inc.^A		71,463		1,263,782
Aritzia, Inc.^A		9,008		710,042
Artemis Gold, Inc.^A		32,226		934,368
Bombardier, Inc., Class B^A ^B		7,258		1,239,881
Capstone Copper Corp.^A ^B		74,519		825,830
Enerflex Ltd.		81,048		1,487,452
Exchange Income Corp.^B		11,224		783,079
Extendicare, Inc.^B		61,147		1,041,383
Finning International, Inc.^B		13,909		872,243
Groupe Dynamite, Inc.		16,239		845,313
Headwater Exploration, Inc.^B		98,894		798,909
Hudbay Minerals, Inc.		43,536		1,031,128
IGM Financial, Inc.^B		19,053		921,552
Kinross Gold Corp.		21,912		690,035
Kraken Robotics, Inc.^{A B}		183,785		1,077,079
Lithium Argentina AG^A		117,317		787,484
Lundin Gold, Inc.		10,224		766,472
Major Drilling Group International, Inc.^A		68,877		755,717
NexGen Energy Ltd.^{A B}		76,616		962,166
Sprott, Inc.^B		7,076		867,630
Tamarack Valley Energy Ltd.		188,679		1,276,197

Total Foreign Common Stocks				19,937,742

Total Canada (Cost $15,014,049)				19,937,742

China - 2.2%
Foreign Common Stocks - 2.2%
Chongqing Machinery & Electric Co. Ltd., Class H		2,603,047		808,722
Hua Hong Semiconductor Ltd., Class H^A C		79,238		1,191,974
Precision Tsugami China Corp. Ltd.^D		146,611		792,227

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
China - 2.2% (continued)
Foreign Common Stocks - 2.2% (continued)
XD, Inc.^D		52,663	$	575,932

Total Foreign Common Stocks				3,368,855

Total China (Cost $2,447,945)				3,368,855

Denmark - 3.1%
Foreign Common Stocks - 3.1%
AL Sydbank		8,278		750,976
ALK-Abello AS^A		16,807		555,752
Cementir Holding NV		39,565		892,227
Jyske Bank AS		5,816		847,034
NKT AS^A		7,650		1,004,883
Per Aarsleff Holding AS		5,688		812,602

Total Foreign Common Stocks				4,863,474

Total Denmark (Cost $4,187,249)				4,863,474

Germany - 1.4%
Foreign Common Stocks - 1.4%
Bilfinger SE		7,975		1,119,514
Nordex SE^A		26,954		1,079,854

Total Foreign Common Stocks				2,199,368

Total Germany (Cost $1,736,254)				2,199,368

Greece - 1.4%
Foreign Common Stocks - 1.4%
Alpha Bank SA		213,000		1,021,869
National Bank of Greece SA		63,633		1,125,918

Total Foreign Common Stocks				2,147,787

Total Greece (Cost $1,332,131)				2,147,787

India - 1.6%
Foreign Common Stocks - 1.6%
Federal Bank Ltd.		309,557		969,012
Mahindra & Mahindra Financial Services Ltd.		174,297		703,378
South Indian Bank Ltd.		1,913,582		784,203

Total Foreign Common Stocks				2,456,593

Total India (Cost $2,497,383)				2,456,593

Israel - 6.3%
Foreign Common Stocks - 6.3%
Aryt Industries Ltd.		42,403		839,918
Bet Shemesh Engines Holdings 1997 Ltd.^A		3,767		952,971
Camtek Ltd.^{A B}		6,556		960,651
Clal Insurance Enterprises Holdings Ltd.		13,875		1,015,226
Elbit Systems Ltd.		1,478		1,048,157
Enlight Renewable Energy Ltd.^A		20,248		1,149,953
First International Bank of Israel Ltd.		9,584		816,597
Next Vision Stabilized Systems Ltd.		11,536		1,037,213
Plus500 Ltd.		18,155		1,042,657
Tower Semiconductor Ltd.^A		6,904		930,176

Total Foreign Common Stocks				9,793,519

Total Israel (Cost $6,448,111)				9,793,519

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Italy - 3.2%
Foreign Common Stocks - 3.2%
Banca Mediolanum SpA		40,245	$	942,689
BPER Banca SpA		76,441		1,074,274
Maire SpA		47,091		820,580
OVS SpA^C		163,550		923,213
Technoprobe SpA^A		69,690		1,294,300

Total Foreign Common Stocks				5,055,056

Total Italy (Cost $3,440,151)				5,055,056

Ivory Coast - 0.7% (Cost $752,248)
Foreign Common Stocks - 0.7%
Endeavour Mining PLC		19,572		1,090,884

Japan - 18.3%
Foreign Common Stocks - 18.3%
77 Bank Ltd.		19,706		1,078,447
CKD Corp.^B		35,497		947,752
Ebara Corp.		33,815		1,021,212
Ferrotec Corp.		19,764		756,112
Furukawa Electric Co. Ltd.		13,080		1,147,533
Ibiden Co. Ltd.^B		23,702		1,265,837
INFRONEER Holdings, Inc.		69,024		1,033,991
Kandenko Co. Ltd.		34,778		1,252,473
Kinden Corp.		21,225		939,318
Kioxia Holdings Corp.^A		10,943		1,519,516
Kraftia Corp.		15,327		799,520
Mitsui Kinzoku Co. Ltd.		9,422		1,245,934
Modec, Inc.		10,559		1,026,181
Namura Shipbuilding Co. Ltd.		25,434		692,915
NGK Insulators Ltd.		45,095		1,077,001
NHK Spring Co. Ltd.		49,807		905,516
Nippon Electric Glass Co. Ltd.		22,432		974,153
Okumura Corp.		24,966		1,039,962
Organo Corp.^B		10,048		1,056,902
Resonac Holdings Corp.		16,020		929,531
Sanki Engineering Co. Ltd.^B		21,125		909,644
SBI Holdings, Inc.		36,555		824,888
Shimizu Corp.		69,257		1,227,537
SKY Perfect JSAT Holdings, Inc.		86,774		1,254,250
Sumitomo Rubber Industries Ltd.		56,188		907,953
Takasago Thermal Engineering Co. Ltd.		21,625		625,740
Tokyo Ohka Kogyo Co. Ltd.		23,080		1,088,577
UACJ Corp.		66,360		1,046,354

Total Foreign Common Stocks				28,594,749

Total Japan (Cost $21,835,619)				28,594,749

Mexico - 0.4% (Cost $420,527)
Foreign Common Stocks - 0.4%
Gentera SAB de CV		232,791		646,982

Netherlands - 1.1%
Foreign Common Stocks - 1.1%
AMG Critical Materials NV		19,870		852,632
SBM Offshore NV		25,234		906,429

Total Foreign Common Stocks				1,759,061

Total Netherlands (Cost $1,808,655)				1,759,061

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Norway - 0.5% (Cost $449,856)
Foreign Common Stocks - 0.5%
Protector Forsikring ASA		15,197	$	825,702

Poland - 0.5% (Cost $882,418)
Foreign Common Stocks - 0.5%
LPP SA		153		846,237

Portugal - 0.6% (Cost $705,503)
Foreign Common Stocks - 0.6%
Sonae SGPS SA		482,495		1,013,089

Republic of Korea - 11.5%
Foreign Common Stocks - 11.5%
BHI Co. Ltd.^A		21,777		1,092,351
Caregen Co. Ltd.		17,581		1,535,928
Doosan Co. Ltd.		1,094		627,934
Eugene Technology Co. Ltd.		10,102		780,737
Hankook Tire & Technology Co. Ltd.		20,225		893,424
HD Hyundai Electric Co. Ltd.		1,670		1,033,425
HD Hyundai Heavy Industries Co. Ltd.		1,556		613,494
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		2,928		841,880
Hyundai Glovis Co. Ltd.		6,669		1,123,974
KIWOOM Securities Co. Ltd.		4,347		1,345,610
Korea Aerospace Industries Ltd.		9,788		1,128,537
Korea Investment Holdings Co. Ltd.		5,418		814,457
LEENO Industrial, Inc.^A		19,119		1,385,602
Oscotec, Inc.^A		19,981		773,418
Posco DX Co. Ltd.		36,194		974,778
S&S Tech Corp.		11,605		721,502
Samsung Electro-Mechanics Co. Ltd.		4,668		889,454
WONIK IPS Co. Ltd.^A		18,339		1,449,122

Total Foreign Common Stocks				18,025,627

Total Republic of Korea (Cost $11,951,171)				18,025,627

Singapore - 1.3%
Foreign Common Stocks - 1.3%
Hong Leong Asia Ltd.		351,105		940,249
Singapore Technologies Engineering Ltd.		144,169		1,113,322

Total Foreign Common Stocks				2,053,571

Total Singapore (Cost $1,378,930)				2,053,571

Spain - 3.1%
Foreign Common Stocks - 3.1%
Construcciones y Auxiliar de Ferrocarriles SA		11,326		757,183
Grenergy Renovables SA^A		9,653		1,099,543
Indra Sistemas SA		16,242		1,052,801
Tecnicas Reunidas SA^A		24,186		915,996
Unicaja Banco SA^C		292,898		1,003,534

Total Foreign Common Stocks				4,829,057

Total Spain (Cost $3,929,384)				4,829,057

Switzerland - 1.1%
Foreign Common Stocks - 1.1%
Huber & Suhner AG		3,756		761,059
Implenia AG		9,330		892,614

Total Foreign Common Stocks				1,653,673

Total Switzerland (Cost $1,429,071)				1,653,673

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Taiwan - 11.4%
Foreign Common Stocks - 11.4%
Ardentec Corp.		205,793	$	1,040,896
Asia Vital Components Co. Ltd.		24,186		1,124,140
ASPEED Technology, Inc.		4,100		1,158,569
Bizlink Holding, Inc.		10,909		451,414
Browave Corp.		90,567		1,314,228
Chenbro Micom Co. Ltd.		21,748		625,161
Chunghwa Precision Test Tech Co. Ltd.		10,450		1,098,997
Compeq Manufacturing Co. Ltd.		226,472		1,215,778
Fulltech Fiber Glass Corp.^A		380,818		1,110,373
Gold Circuit Electronics Ltd.		45,083		1,003,774
Jentech Precision Industrial Co. Ltd.		8,489		767,451
King Yuan Electronics Co. Ltd.		127,605		1,199,682
L&K Engineering Co. Ltd.		66,202		1,204,903
Mega Union Technology, Inc.		36,910		817,518
MPI Corp.		15,825		1,260,172
Sigurd Microelectronics Corp.		274,255		1,133,865
Taiwan Union Technology Corp.		86,003		1,374,018

Total Foreign Common Stocks				17,900,939

Total Taiwan (Cost $12,485,110)				17,900,939

Turkey - 0.6% (Cost $592,623)
Foreign Common Stocks - 0.6%
Eldorado Gold Corp.^{A B}		21,829		936,548

United Kingdom - 2.6%
Foreign Common Stocks - 2.6%
Babcock International Group PLC		46,604		916,703
Drax Group PLC		76,614		945,790
Games Workshop Group PLC		2,275		531,423
IG Group Holdings PLC		50,968		943,337
SigmaRoc PLC^A		407,760		799,314

Total Foreign Common Stocks				4,136,567

Total United Kingdom (Cost $3,405,569)				4,136,567

United States - 1.5%
Common Stocks - 1.5%
Kolon TissueGene, Inc., KDR^A		18,479		1,351,315
TAT Technologies Ltd.^A		18,010		916,349

Total Common Stocks				2,267,664

Total United States (Cost $1,710,859)				2,267,664

SHORT-TERM INVESTMENTS - 2.7% (Cost $4,262,549)
Investment Companies - 2.7%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{E F}		4,262,549		4,262,549

SECURITIES LENDING COLLATERAL - 1.2% (Cost $1,821,632)
Investment Companies - 1.2%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{E F}		1,821,632		1,821,632

TOTAL INVESTMENTS - 99.6% (Cost $116,809,948)				155,997,503
OTHER ASSETS, NET OF LIABILITIES - 0.4%				687,140

TOTAL NET ASSETS - 100.0%			$	156,684,643

Percentages are stated as a percent of net assets.

See accompanying notes

American Beacon IMC International Small Cap Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $3,118,721 or 2.0% of net assets. The Fund has no right to demand registration of these securities.

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.

^E	7-day yield.

^F	The Fund is affiliated by having the same investment advisor.

PLC - Public Limited Company.

KDR - Korean Depositary Receipt.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


IMC International Small Cap Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Australia	$	—	$	10,060,251	$	—	$	10,060,251
Austria		—		1,122,284		—		1,122,284
Belgium		—		1,384,269		—		1,384,269
Brazil		943,774		—		—		943,774
Canada		19,937,742		—		—		19,937,742
China		—		3,368,855		—		3,368,855
Denmark		—		4,863,474		—		4,863,474
Germany		—		2,199,368		—		2,199,368
Greece		—		2,147,787		—		2,147,787
India		—		2,456,593		—		2,456,593
Israel		1,890,827		7,902,692		—		9,793,519
Italy		—		5,055,056		—		5,055,056
Ivory Coast		—		1,090,884		—		1,090,884
Japan		—		28,594,749		—		28,594,749
Mexico		646,982		—		—		646,982
Netherlands		—		1,759,061		—		1,759,061
Norway		—		825,702		—		825,702
Poland		—		846,237		—		846,237
Portugal		—		1,013,089		—		1,013,089
Republic of Korea		—		18,025,627		—		18,025,627
Singapore		—		2,053,571		—		2,053,571
Spain		—		4,829,057		—		4,829,057
Switzerland		—		1,653,673		—		1,653,673
Taiwan		—		17,900,939		—		17,900,939
Turkey		936,548		—		—		936,548
United Kingdom		—		4,136,567		—		4,136,567
Common Stocks
United States		916,349		1,351,315		—		2,267,664
Short-Term Investments		4,262,549		—		—		4,262,549
Securities Lending Collateral		1,821,632		—		—		1,821,632

Total Investments in Securities - Assets	$	31,356,403	$	124,641,100	$	—	$	155,997,503

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Australia - 0.5% (Cost $2,295,153)
Foreign Common Stocks - 0.5%
Rio Tinto PLC		33,820	$	3,077,284

Austria - 0.7% (Cost $5,581,742)
Foreign Common Stocks - 0.7%
Mondi PLC		388,195		4,541,397

Belgium - 1.4%
Foreign Common Stocks - 1.4%
Anheuser-Busch InBev SA		68,405		4,903,094
KBC Group NV		14,430		2,043,655
Syensqo SA^A		22,938		1,927,545

Total Foreign Common Stocks				8,874,294

Total Belgium (Cost $6,954,593)				8,874,294

Canada - 2.0%
Foreign Common Stocks - 2.0%
Barrick Mining Corp.		20,372		931,189
Canadian Pacific Kansas City Ltd.		48,511		3,606,127
Gildan Activewear, Inc.		42,472		2,759,518
Linamar Corp.		27,546		1,746,242
Open Text Corp.^A		32,704		835,343
Suncor Energy, Inc.		44,635		2,359,183

Total Foreign Common Stocks				12,237,602

Total Canada (Cost $10,238,280)				12,237,602

China - 3.0%
Foreign Common Stocks - 3.0%
AIA Group Ltd.		451,000		5,208,392
ArcelorMittal SA		15,019		811,427
Prudential PLC		591,580		9,686,095
Techtronic Industries Co. Ltd.		227,000		3,111,680

Total Foreign Common Stocks				18,817,594

Total China (Cost $14,139,050)				18,817,594

Denmark - 1.1% (Cost $6,948,090)
Foreign Common Stocks - 1.1%
Novo Nordisk AS, Class B		110,032		6,522,649

France - 16.9%
Foreign Common Stocks - 16.9%
Air Liquide SA		17,027		3,187,003
Alstom SA^B		568,870		18,205,293
Arkema SA		57,309		3,484,247
BNP Paribas SA		104,029		11,163,033
Bureau Veritas SA		91,131		2,931,260
Capgemini SE		53,035		8,248,838
Cie de Saint-Gobain SA		69,284		6,857,367
Cie Generale des Etablissements Michelin SCA		96,043		3,571,042
Eiffage SA		6,638		982,501
Engie SA		166,139		4,952,123
Kering SA		29,954		9,341,909
Legrand SA		16,178		2,584,984
LVMH Moet Hennessy Louis Vuitton SE		2,251		1,453,679
Orange SA		279,513		5,211,180
Pernod Ricard SA		17,045		1,515,469
Societe Generale SA		115,022		10,055,235
Teleperformance SE		82,288		5,322,800
Thales SA		5,843		1,772,949

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
France - 16.9% (continued)
Foreign Common Stocks - 16.9% (continued)
Verallia SA^{A C}		130,562	$	3,416,486
Worldline SA^{A B C}		152,858		260,262

Total Foreign Common Stocks				104,517,660

Total France (Cost $95,117,188)				104,517,660

Germany - 9.7%
Foreign Common Stocks - 9.7%
Allianz SE		6,671		2,943,386
Bayerische Motoren Werke AG		41,583		4,314,443
Beiersdorf AG		17,629		2,101,380
Continental AG		61,755		4,878,542
Daimler Truck Holding AG		87,904		4,267,519
Deutsche Bank AG		53,713		2,120,036
Deutsche Boerse AG		6,262		1,584,608
Deutsche Post AG		89,622		5,030,287
Deutsche Telekom AG		133,686		4,463,136
E.ON SE		57,845		1,224,636
Infineon Technologies AG		100,739		4,971,347
Lanxess AG		86,658		1,793,318
Mercedes-Benz Group AG		67,899		4,650,941
Merck KGaA		23,960		3,565,464
MTU Aero Engines AG		4,685		2,080,296
SAP SE		23,685		4,788,013
Siemens Healthineers AG^C		46,373		2,316,901
Symrise AG		25,092		2,113,432
Zalando SE^{B C}		33,777		976,699

Total Foreign Common Stocks				60,184,384

Total Germany (Cost $54,887,832)				60,184,384

Israel - 0.7% (Cost $2,931,434)
Foreign Common Stocks - 0.7%
Bank Hapoalim BM		168,559		4,178,820

Italy - 2.3%
Foreign Common Stocks - 2.3%
Banca Monte dei Paschi di Siena SpA		189,515		1,962,190
Enel SpA		164,604		1,820,104
Eni SpA		85,336		1,743,402
Generali		1,985		80,961
Lottomatica Group SpA		72,034		1,769,265
UniCredit SpA		77,686		6,764,263

Total Foreign Common Stocks				14,140,185

Total Italy (Cost $8,578,765)				14,140,185

Japan - 11.1%
Foreign Common Stocks - 11.1%
Bandai Namco Holdings, Inc.		61,200		1,587,544
Ebara Corp.		60,500		1,827,099
FANUC Corp.		138,300		5,618,974
Japan Post Bank Co. Ltd.		112,000		1,985,947
KDDI Corp.		123,700		2,084,771
Maruwa Co. Ltd.^A		4,500		1,389,604
MatsukiyoCocokara & Co.		148,400		2,375,789
Mitsui Fudosan Co. Ltd.		220,200		2,525,701
Mizuho Financial Group, Inc.		71,700		3,148,097
Murata Manufacturing Co. Ltd.		11,000		223,465
Nitori Holdings Co. Ltd.^A		76,400		1,310,239
Otsuka Holdings Co. Ltd.		42,600		2,548,307

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Japan - 11.1% (continued)
Foreign Common Stocks - 11.1% (continued)
Renesas Electronics Corp.^B		485,200	$	8,101,293
Resona Holdings, Inc.		271,000		3,129,956
Shimadzu Corp.		116,700		3,143,983
Shin-Etsu Chemical Co. Ltd.		57,900		1,913,161
SMC Corp.		12,100		4,714,751
Sompo Holdings, Inc.		78,900		2,732,980
SUMCO Corp.		340,200		3,558,806
Sumitomo Corp.		150,200		6,074,425
Sumitomo Mitsui Financial Group, Inc.		45,400		1,592,091
Suzuki Motor Corp.		127,800		1,753,053
Tokyo Electron Ltd.		10,400		2,786,604
Toyo Suisan Kaisha Ltd.		34,700		2,471,247

Total Foreign Common Stocks				68,597,887

Total Japan (Cost $59,546,176)				68,597,887

Netherlands - 5.8%
Foreign Common Stocks - 5.8%
Akzo Nobel NV		36,578		2,554,801
ASML Holding NV		4,677		6,647,178
Heineken NV		98,297		8,096,740
IMCD NV		16,787		1,566,795
ING Groep NV		176,791		5,204,321
Koninklijke Philips NV		148,811		4,274,680
Magnum Ice Cream Co. NV^B		17,743		315,015
Randstad NV		154,250		5,519,345
Universal Music Group NV		80,510		1,973,503

Total Foreign Common Stocks				36,152,378

Total Netherlands (Cost $31,680,584)				36,152,378

Republic of Korea - 3.8%
Foreign Common Stocks - 3.8%
BGF retail Co. Ltd.		45,382		3,828,690
Hana Financial Group, Inc.		32,894		2,288,328
Kia Corp.		8,514		904,214
KT&G Corp.		1,737		185,903
Samsung Electronics Co. Ltd.		119,572		13,357,637
Samsung Fire & Marine Insurance Co. Ltd.		3,287		1,145,241
Shinhan Financial Group Co. Ltd.		26,271		1,539,854

Total Foreign Common Stocks				23,249,867

Total Republic of Korea (Cost $13,854,742)				23,249,867

Singapore - 1.1% (Cost $6,514,125)
Foreign Common Stocks - 1.1%
United Overseas Bank Ltd.		232,100		6,991,251

South Africa - 0.5% (Cost $2,497,494)
Foreign Common Stocks - 0.5%
Anglo American PLC		64,007		2,966,598

Spain - 3.4%
Foreign Common Stocks - 3.1%
Banco Santander SA		688,533		8,859,365
Bankinter SA		163,390		2,796,958
Industria de Diseno Textil SA		31,751		2,072,960
Repsol SA		285,248		5,619,876

Total Foreign Common Stocks				19,349,159

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
Spain - 3.4% (continued)
Foreign Preferred Stocks - 0.3%
Grifols SA, 1.926%^D		179,184	$	1,661,846

Total Spain (Cost $14,772,981)				21,011,005

Sweden - 1.4%
Foreign Common Stocks - 1.4%
Electrolux AB, Class B^{A B}		223,276		1,801,324
Hexagon AB, Class B		379,491		4,305,982
Sandvik AB		69,298		2,742,238

Total Foreign Common Stocks				8,849,544

Total Sweden (Cost $7,414,971)				8,849,544

Switzerland - 1.8%
Foreign Common Stocks - 1.8%
ABB Ltd.		39,818		3,440,687
Adecco Group AG^A		208,364		6,117,360
Cie Financiere Richemont SA, Class A		9,422		1,824,664

Total Foreign Common Stocks				11,382,711

Total Switzerland (Cost $10,196,252)				11,382,711

United Kingdom - 20.4%
Foreign Common Stocks - 20.4%
3i Group PLC		55,409		2,547,923
AstraZeneca PLC, ADR		57,572		5,340,954
AstraZeneca PLC		63,431		11,776,280
Barclays PLC		2,140,591		14,297,104
Barratt Redrow PLC		777,470		4,133,402
Beazley PLC		103,333		1,603,020
Berkeley Group Holdings PLC		29,320		1,654,102
British American Tobacco PLC		97,841		5,911,731
Bunzl PLC		28,538		799,719
Compass Group PLC		109,861		3,290,626
Croda International PLC		49,300		1,842,151
Diageo PLC		164,865		3,800,193
Hikma Pharmaceuticals PLC		163,528		3,427,545
Howden Joinery Group PLC		212,362		2,432,070
IMI PLC		83,211		3,149,329
JD Sports Fashion PLC		704,496		789,223
Marks & Spencer Group PLC^A		420,845		2,114,518
Melrose Industries PLC		64,638		554,649
National Grid PLC		232,279		3,939,057
NatWest Group PLC		207,462		1,900,639
Reckitt Benckiser Group PLC		134,044		11,174,006
RELX PLC		201,785		7,177,261
Rolls-Royce Holdings PLC		268,835		4,469,736
RS Group PLC		184,397		1,691,936
Segro PLC		229,949		2,397,956
Smith & Nephew PLC		127,799		2,178,388
Smiths Group PLC		30,397		1,045,572
SSE PLC		51,740		1,719,162
Standard Chartered PLC		88,041		2,248,065
Taylor Wimpey PLC		3,817,858		5,578,967
Unilever PLC		78,859		5,347,504
WH Smith PLC		159,154		1,471,858
Whitbread PLC		131,398		4,905,425

Total Foreign Common Stocks				126,710,071

Total United Kingdom (Cost $105,365,946)				126,710,071

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
United States - 10.2%
Common Stocks - 10.2%
Aegon Ltd.		504,995	$	3,975,464
Amcor PLC, CDI		42,349		1,833,305
Aon PLC, Class A		8,545		2,987,674
BP PLC		645,025		4,078,846
Carnival PLC^B		145,450		4,320,681
Chubb Ltd.		5,355		1,657,694
CNH Industrial NV		104,960		1,129,370
CRH PLC		16,564		2,027,599
GSK PLC		392,046		10,066,602
ICON PLC^B		8,888		1,602,062
Medtronic PLC		26,393		2,717,423
Roche Holding AG		23,579		10,700,269
Sanofi SA		59,004		5,550,793
Shell PLC		276,407		10,594,343

Total Common Stocks				63,242,125

Total United States (Cost $55,768,593)				63,242,125

SHORT-TERM INVESTMENTS - 1.9% (Cost $11,985,810)
Investment Companies - 1.9%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{E F}		11,985,810		11,985,810

SECURITIES LENDING COLLATERAL - 0.0% (Cost $148,405)
Investment Companies - 0.0%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{E F}		148,405		148,405

TOTAL INVESTMENTS - 99.7% (Cost $527,418,206)				618,379,521
OTHER ASSETS, NET OF LIABILITIES - 0.3%				1,703,290

TOTAL NET ASSETS - 100.0%			$	620,082,811

Percentages are stated as a percent of net assets.

^A	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

^B	Non-income producing security.

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 $6,970,348 or 1.1% of net assets. The Fund has no right to demand registration of these securities.

^D	A type of Preferred Stock that has no maturity date.

^E	7-day yield.

^F	The Fund is affiliated by having the same investment advisor.

ADR - American Depositary Receipt.

CDI - CHESS (Clearing House Electronic Subregister System) Depositary Interest.

PLC - Public Limited Company.

Long Futures Contracts Open on January 31, 2026:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
ICE U.S. Mini MSCI EAFE Index Futures		92	March 2026	$	13,848,986	$	13,969,280	$	120,294

				$	13,848,986	$	13,969,280	$	120,294

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

Glossary:

Index Abbreviations:


MSCI EAFE		Morgan Stanley Capital International - Europe, Australasia, and Far East.

Exchange Abbreviations:


ICE		Intercontinental Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


International Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Australia	$	—	$	3,077,284	$	—	$	3,077,284
Austria		—		4,541,397		—		4,541,397
Belgium		—		8,874,294		—		8,874,294
Canada		12,237,602		—		—		12,237,602
China		—		18,817,594		—		18,817,594
Denmark		—		6,522,649		—		6,522,649
France		—		104,517,660		—		104,517,660
Germany		—		60,184,384		—		60,184,384
Israel		—		4,178,820		—		4,178,820
Italy		80,961		14,059,224		—		14,140,185
Japan		—		68,597,887		—		68,597,887
Netherlands		315,015		35,837,363		—		36,152,378
Republic of Korea		—		23,249,867		—		23,249,867
Singapore		—		6,991,251		—		6,991,251
South Africa		—		2,966,598		—		2,966,598
Spain		—		19,349,159		—		19,349,159
Sweden		—		8,849,544		—		8,849,544
Switzerland		—		11,382,711		—		11,382,711
United Kingdom		5,340,954		121,369,117		—		126,710,071
Foreign Preferred Stocks
Spain		—		1,661,846		—		1,661,846
Common Stocks
United States		12,121,822		51,120,303		—		63,242,125
Short-Term Investments		11,985,810		—		—		11,985,810
Securities Lending Collateral		148,405		—		—		148,405

Total Investments in Securities - Assets	$	42,230,569	$	576,148,952	$	—	$	618,379,521

*Financial Derivative Instruments - Assets*
Futures Contracts	$	120,294	$	—	$	—	$	120,294

Total Financial Derivative Instruments - Assets	$	120,294	$	—	$	—	$	120,294

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4%
Communication Services - 2.9%
Diversified Telecommunication Services - 0.9%
Comcast Corp., Class A		1,005,193	$	29,904,492

Interactive Media & Services - 1.5%
Alphabet, Inc., Class A		146,226		49,424,388

Media - 0.5%
Omnicom Group, Inc.		198,700		15,307,848
Versant Media Group, Inc.^A		40,207		1,309,944

				16,617,792

Total Communication Services				95,946,672

Consumer Discretionary - 6.2%
Automobile Components - 1.3%
Aptiv PLC^A		478,528		36,248,496
BorgWarner, Inc.		119,881		5,683,558

				41,932,054

Automobiles - 0.8%
General Motors Co.		323,209		27,149,556

Distributors - 0.3%
Genuine Parts Co.		58,600		8,144,814

Hotels, Restaurants & Leisure - 2.7%
Carnival Corp.^A		1,580,568		47,448,651
Marriott International, Inc., Class A		54,358		17,139,077
Wynn Resorts Ltd.		231,377		24,861,459

				89,449,187

Household Durables - 0.3%
Lennar Corp., Class A		88,216		9,646,420

Specialty Retail - 0.8%
Lithia Motors, Inc.		15,492		5,010,733
Lowe’s Cos., Inc.		80,403		21,472,425

				26,483,158

Total Consumer Discretionary				202,805,189

Consumer Staples - 3.6%
Beverages - 1.6%
Constellation Brands, Inc., Class A		74,722		11,708,937
Keurig Dr. Pepper, Inc.		1,044,645		28,665,059
PepsiCo, Inc.		78,647		12,082,539

				52,456,535

Food Products - 1.4%
Conagra Brands, Inc.		222,994		4,127,619
J.M. Smucker Co.		81,794		8,576,919
Kraft Heinz Co.		604,614		14,353,536
Mondelez International, Inc., Class A		199,160		11,644,885
Nestle SA, ADR		68,465		6,508,283

				45,211,242

Household Products - 0.2%
Kimberly-Clark Corp.		81,981		8,197,280

Personal Products - 0.1%
Kenvue, Inc.		152,487		2,653,274

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4% (continued)
Consumer Staples - 3.6% (continued)
Tobacco - 0.3%
Philip Morris International, Inc.		50,575	$	9,075,178

Total Consumer Staples				117,593,509

Energy - 8.0%
Energy Equipment & Services - 1.4%
Halliburton Co.		456,487		15,301,444
NOV, Inc.		698,571		12,818,778
SLB Ltd.		354,507		17,151,049

				45,271,271

Oil, Gas & Consumable Fuels - 6.6%
APA Corp.		1,278,087		33,754,278
Chevron Corp.		231,456		40,944,566
ConocoPhillips		286,820		29,895,249
EOG Resources, Inc.		63,459		7,115,658
Exxon Mobil Corp.		402,271		56,881,119
Murphy Oil Corp.		66,745		2,008,357
Ovintiv, Inc.		326,070		14,174,263
Permian Resources Corp.		863,333		13,925,561
Shell PLC, ADR		238,237		18,351,396

				217,050,447

Total Energy				262,321,718

Financials - 22.9%
Banks - 9.2%
Bank of America Corp.		888,672		47,277,350
Citigroup, Inc.		457,447		52,931,192
Citizens Financial Group, Inc.		184,623		11,627,556
First Citizens BancShares, Inc., Class A		5,780		11,962,115
JPMorgan Chase & Co.		158,795		48,573,803
PNC Financial Services Group, Inc.		91,269		20,380,368
Truist Financial Corp.		239,316		12,305,629
U.S. Bancorp		431,240		24,196,876
Wells Fargo & Co.		570,553		51,629,341
Western Alliance Bancorp		216,265		19,280,025

				300,164,255

Capital Markets - 3.9%
ARES Management Corp., Class A		25,404		3,802,216
Blackrock, Inc.		15,122		16,920,611
KKR & Co., Inc.		139,345		15,921,560
LPL Financial Holdings, Inc.		67,539		24,617,965
Morgan Stanley		143,341		26,202,735
Nasdaq, Inc.		213,327		20,669,253
State Street Corp.		159,612		20,886,826

				129,021,166

Consumer Finance - 2.1%
American Express Co.		130,976		46,125,818
Capital One Financial Corp.		48,975		10,722,097
SLM Corp.		400,527		10,874,308

				67,722,223

Financial Services - 2.3%
Berkshire Hathaway, Inc., Class B^A		61,958		29,772,678
Corebridge Financial, Inc.		330,570		10,191,473
Fidelity National Information Services, Inc.		495,654		27,384,884

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4% (continued)
Financials - 22.9% (continued)
Financial Services - 2.3% (continued)
Fiserv, Inc.^A		121,539	$	7,745,680

				75,094,715

Insurance - 5.4%
American International Group, Inc.		576,112		43,139,267
Aon PLC, Class A		52,253		18,269,739
Chubb Ltd.		60,176		18,628,082
Everest Group Ltd.		26,242		8,693,450
Hartford Insurance Group, Inc.		57,799		7,806,333
Marsh & McLennan Cos., Inc.		104,366		19,640,637
Progressive Corp.		156,820		32,618,560
Travelers Cos., Inc.		69,107		19,661,633
Willis Towers Watson PLC		30,962		9,829,506

				178,287,207

Total Financials				750,289,566

Health Care - 13.0%
Biotechnology - 0.5%
AbbVie, Inc.		71,079		15,851,328

Health Care Equipment & Supplies - 3.3%
Abbott Laboratories		143,744		15,711,219
GE HealthCare Technologies, Inc.		502,506		39,682,899
Medline, Inc., Class A^A		41,092		1,816,266
Medtronic PLC		389,148		40,066,678
Solventum Corp.^A		8,825		679,260
Zimmer Biomet Holdings, Inc.		124,896		10,874,695

				108,831,017

Health Care Providers & Services - 5.9%
Centene Corp.^A		108,391		4,695,498
Cigna Group		129,720		35,557,549
CVS Health Corp.		108,216		8,064,256
Elevance Health, Inc.		143,517		49,619,568
HCA Healthcare, Inc.		16,955		8,278,618
Humana, Inc.		81,420		15,893,184
Labcorp Holdings, Inc.		40,743		11,062,539
McKesson Corp.		39,023		32,436,308
UnitedHealth Group, Inc.		102,360		29,370,155

				194,977,675

Life Sciences Tools & Services - 0.3%
Avantor, Inc.^A		1,061,116		11,587,387

Pharmaceuticals - 3.0%
GSK PLC, ADR		109,433		5,646,743
Johnson & Johnson		132,106		30,021,088
Merck & Co., Inc.		329,128		36,292,945
Pfizer, Inc.		325,791		8,613,914
Sanofi SA, ADR		356,620		16,775,405

				97,350,095

Total Health Care				428,597,502

Industrials - 12.9%
Aerospace & Defense - 3.6%
Boeing Co.^A		172,515		40,320,206
General Dynamics Corp.		90,319		31,710,097
Northrop Grumman Corp.		21,322		14,760,368

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4% (continued)
Industrials - 12.9% (continued)
Aerospace & Defense - 3.6% (continued)
RTX Corp.		154,231	$	30,989,635

				117,780,306

Air Freight & Logistics - 0.9%
FedEx Corp.		87,016		28,040,906

Building Products - 1.0%
Johnson Controls International PLC		258,718		30,854,709
Trane Technologies PLC		7,299		3,069,813

				33,924,522

Construction & Engineering - 0.4%
AECOM		81,824		7,890,289
Fluor Corp.^A		79,817		3,686,747

				11,577,036

Electrical Equipment - 0.8%
Eaton Corp. PLC		31,556		11,089,410
Vertiv Holdings Co., Class A		83,072		15,466,345

				26,555,755

Ground Transportation - 1.3%
JB Hunt Transport Services, Inc.		77,448		15,700,258
Norfolk Southern Corp.		28,691		8,355,967
Union Pacific Corp.		75,469		17,742,762

				41,798,987

Industrial Conglomerates - 0.4%
Honeywell International, Inc.		63,549		14,458,669

Machinery - 4.0%
Caterpillar, Inc.		11,719		7,703,602
CNH Industrial NV		1,509,559		16,242,855
Cummins, Inc.		23,332		13,505,028
Deere & Co.		16,446		8,683,488
Fortive Corp.		482,719		25,492,390
Illinois Tool Works, Inc.		43,239		11,296,621
Otis Worldwide Corp.		31,772		2,713,964
PACCAR, Inc.		274,315		33,716,057
Stanley Black & Decker, Inc.		80,195		6,308,139
Timken Co.		62,558		5,829,780

				131,491,924

Professional Services - 0.3%
Equifax, Inc.		53,463		10,767,448

Trading Companies & Distributors - 0.2%
WW Grainger, Inc.		5,397		5,828,436

Total Industrials				422,223,989

Information Technology - 10.8%
Communications Equipment - 1.6%
F5, Inc.^A		184,371		50,814,491

Electronic Equipment, Instruments & Components - 0.1%
CDW Corp.		11,700		1,478,763

IT Services - 1.2%
Accenture PLC, Class A		73,865		19,473,769

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4% (continued)
Information Technology - 10.8% (continued)
IT Services - 1.2% (continued)
Cognizant Technology Solutions Corp., Class A		254,008	$	20,843,896

				40,317,665

Semiconductors & Semiconductor Equipment - 4.5%
Analog Devices, Inc.		77,714		24,159,728
Entegris, Inc.		278,210		32,848,255
KLA Corp.		14,238		20,331,010
Microchip Technology, Inc.		420,300		31,909,176
QUALCOMM, Inc.		153,994		23,343,950
Texas Instruments, Inc.		73,981		15,946,605

				148,538,724

Software - 3.0%
Oracle Corp.		98,886		16,274,658
Salesforce, Inc.		150,832		32,020,125
Workday, Inc., Class A^A		282,143		49,552,775

				97,847,558

Technology Hardware, Storage & Peripherals - 0.4%
Hewlett Packard Enterprise Co.		661,942		14,244,992

Total Information Technology				353,242,193

Materials - 3.3%
Chemicals - 2.4%
Air Products & Chemicals, Inc.		87,877		23,946,483
Axalta Coating Systems Ltd.^A		589,850		19,807,163
Olin Corp.		351,280		7,310,137
PPG Industries, Inc.		206,234		23,846,837
Sherwin-Williams Co.		12,466		4,420,942

				79,331,562

Construction Materials - 0.3%
CRH PLC		74,829		9,159,818

Metals & Mining - 0.6%
Freeport-McMoRan, Inc.		341,300		20,556,499

Total Materials				109,047,879

Real Estate - 2.1%
Industrial REITs - 1.0%
Prologis, Inc.		238,858		31,185,300

Specialized REITs - 1.1%
Public Storage		65,019		17,957,598
VICI Properties, Inc.		672,191		18,875,123

				36,832,721

Total Real Estate				68,018,021

Utilities - 6.7%
Electric Utilities - 5.3%
American Electric Power Co., Inc.		43,196		5,173,801
Duke Energy Corp.		172,627		20,948,287
Entergy Corp.		286,721		27,493,677
NextEra Energy, Inc.		93,520		8,220,408
PG&E Corp.		1,794,634		27,673,256
Pinnacle West Capital Corp.		244,227		22,849,878
PPL Corp.		235,784		8,547,170
Southern Co.		168,459		15,045,073

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.4% (continued)
Utilities - 6.7% (continued)
Electric Utilities - 5.3% (continued)
Xcel Energy, Inc.		512,688	$	38,995,049

				174,946,599

Multi-Utilities - 1.4%
Dominion Energy, Inc.		728,878		43,856,589

Total Utilities				218,803,188

Total Common Stocks (Cost $2,010,864,822)				3,028,889,426

FOREIGN COMMON STOCKS - 4.7%
Communication Services - 0.3%
Media - 0.3%
WPP PLC, ADR^B		388,476		8,111,379

Consumer Discretionary - 0.6%
Automobile Components - 0.6%
Magna International, Inc.		368,063		18,822,742

Consumer Staples - 1.4%
Beverages - 0.5%
Anheuser-Busch InBev SA, ADR^B		83,143		5,959,690
Coca-Cola Europacific Partners PLC		61,485		5,638,175
Diageo PLC, ADR^B		33,671		3,124,669

				14,722,534

Household Products - 0.2%
Reckitt Benckiser Group PLC, ADR		451,690		7,529,672

Personal Products - 0.7%
Unilever PLC		342,129		23,387,938

Total Consumer Staples				45,640,144

Financials - 0.6%
Banks - 0.6%
Bank of Nova Scotia		282,070		21,076,270

Information Technology - 1.8%
Communications Equipment - 1.1%
Telefonaktiebolaget LM Ericsson, ADR^B		3,287,296		35,502,797

Electronic Equipment, Instruments & Components - 0.2%
TE Connectivity PLC		32,393		7,216,512

Semiconductors & Semiconductor Equipment - 0.5%
NXP Semiconductors NV		72,670		16,433,594

Total Information Technology				59,152,903

Total Foreign Common Stocks (Cost $109,892,662)				152,803,438

SHORT-TERM INVESTMENTS - 2.6% (Cost $84,804,835)
Investment Companies - 2.6%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{C D}		84,804,835		84,804,835

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
SECURITIES LENDING COLLATERAL - 0.9% (Cost $30,308,502)
Investment Companies - 0.9%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{C D}		30,308,502	$	30,308,502

TOTAL INVESTMENTS - 100.6% (Cost $2,235,870,821)				3,296,806,201
LIABILITIES, NET OF OTHER ASSETS - (0.6%)				(18,430,224	)

TOTAL NET ASSETS - 100.0%			$	3,278,375,977

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

^C	The Fund is affiliated by having the same investment advisor.

^D	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on January 31, 2026:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 ESG Index Futures		282	March 2026	$	98,136,129	$	98,217,075	$	80,946

				$	98,136,129	$	98,217,075	$	80,946

Glossary:

Index Abbreviations:


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

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.

Other Abbreviations:


ESG		Environmental, Social, Governance.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


Large Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	3,028,889,426	$	—	$	—	$	3,028,889,426
Foreign Common Stocks		152,803,438		—		—		152,803,438
Short-Term Investments		84,804,835		—		—		84,804,835
Securities Lending Collateral		30,308,502		—		—		30,308,502

Total Investments in Securities - Assets	$	3,296,806,201	$	—	$	—	$	3,296,806,201

*Financial Derivative Instruments - Assets*
Futures Contracts	$	80,946	$	—	$	—	$	80,946

Total Financial Derivative Instruments - Assets	$	80,946	$	—	$	—	$	80,946

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7%
Communication Services - 1.6%
Interactive Media & Services - 0.2%
IAC, Inc.^A		187,600	$	6,931,820
Ziff Davis, Inc.^A		25,600		978,432

				7,910,252

Media - 1.4%
National CineMedia, Inc.^B		1,212,464		4,376,995
Nexstar Media Group, Inc.		47,770		10,145,393
Scholastic Corp.^B		36,600		1,279,902
Stagwell, Inc.^{A B}		5,234,448		31,459,033
TEGNA, Inc.		276,790		5,303,296

				52,564,619

Total Communication Services				60,474,871

Consumer Discretionary - 11.7%
Automobile Components - 2.4%
Adient PLC^A		644,025		13,395,720
American Axle & Manufacturing Holdings, Inc.^{A B}		1,500,487		11,958,881
BorgWarner, Inc.		150,063		7,114,487
Gentherm, Inc.^A		284,750		9,100,610
Goodyear Tire & Rubber Co.^A		719,500		6,770,495
Lear Corp.		181,794		21,286,259
Phinia, Inc.		82,540		5,874,372
Standard Motor Products, Inc.		54,500		2,176,185
Visteon Corp.		62,860		5,711,460
XPEL, Inc.^A		137,069		7,060,424

				90,448,893

Automobiles - 0.5%
Thor Industries, Inc.		142,583		15,950,760
Winnebago Industries, Inc.		74,042		3,399,268

				19,350,028

Broadline Retail - 0.2%
Kohl’s Corp.		159,500		2,786,465
Macy’s, Inc.		317,100		6,348,342

				9,134,807

Distributors - 0.1%
GigaCloud Technology, Inc., Class A^A		26,700		1,066,131
Gold.com, Inc.		35,100		1,819,935

				2,886,066

Diversified Consumer Services - 0.3%
Graham Holdings Co., Class B		5,400		6,299,802
Perdoceo Education Corp.		133,280		4,268,958

				10,568,760

Hotels, Restaurants & Leisure - 1.9%
Cheesecake Factory, Inc.^B		189,549		10,986,260
Dine Brands Global, Inc.^B		13,300		457,387
Golden Entertainment, Inc.		61,590		1,658,003
Marriott Vacations Worldwide Corp.		432,554		23,492,008
Papa John’s International, Inc.^B		411,210		14,462,256
Travel & Leisure Co.		162,850		11,324,589
Wyndham Hotels & Resorts, Inc.		173,504		12,629,356

				75,009,859

Household Durables - 1.9%
Beazer Homes USA, Inc.^A		27,400		591,018
Century Communities, Inc.		241,094		15,184,100

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Consumer Discretionary - 11.7% (continued)
Household Durables - 1.9% (continued)
Ethan Allen Interiors, Inc.		40,170	$	921,098
Green Brick Partners, Inc.^A		106,929		7,419,804
KB Home		252,745		14,542,947
Leggett & Platt, Inc.		39,300		458,631
M/I Homes, Inc.^A		39,800		5,321,260
Meritage Homes Corp.		100,200		6,964,902
Newell Brands, Inc.		3,286,744		13,968,662
Tri Pointe Homes, Inc.^A		188,700		6,293,145

				71,665,567

Leisure Products - 1.1%
Brunswick Corp.		302,495		24,266,149
Callaway Golf Co.^A		221,670		3,180,965
Johnson Outdoors, Inc., Class A		13,865		629,332
Malibu Boats, Inc., Class A^A		12,400		403,000
Smith & Wesson Brands, Inc.		52,200		570,024
YETI Holdings, Inc.^A		303,958		13,893,920

				42,943,390

Specialty Retail - 2.8%
Abercrombie & Fitch Co., Class A^A		29,700		2,899,611
Academy Sports & Outdoors, Inc.		444,017		24,425,375
Advance Auto Parts, Inc.		55,300		2,654,953
Asbury Automotive Group, Inc.^A		47,100		11,045,421
Boot Barn Holdings, Inc.^A		35,645		6,361,919
Buckle, Inc.		121,560		5,749,788
Group 1 Automotive, Inc.		23,900		8,466,814
Lithia Motors, Inc.		69,381		22,440,591
MarineMax, Inc.^A		32,300		873,069
Sally Beauty Holdings, Inc.^A		149,700		2,278,434
Signet Jewelers Ltd.		58,200		5,370,114
Sonic Automotive, Inc., Class A^B		233,306		13,989,028

				106,555,117

Textiles, Apparel & Luxury Goods - 0.5%
G-III Apparel Group Ltd.		60,100		1,763,935
PVH Corp.		68,500		4,271,660
VF Corp.		641,715		12,571,197

				18,606,792

Total Consumer Discretionary				447,169,279

Consumer Staples - 1.9%
Consumer Staples Distribution & Retail - 0.3%
Andersons, Inc.		40,400		2,504,396
Ingles Markets, Inc., Class A		36,700		2,747,362
United Natural Foods, Inc.^A		107,160		3,989,567
Village Super Market, Inc., Class A		17,560		626,189

				9,867,514

Food Products - 0.9%
Darling Ingredients, Inc.^A		444,658		20,303,084
Fresh Del Monte Produce, Inc.		120,980		4,798,067
J&J Snack Foods Corp.		86,391		8,207,145
Seneca Foods Corp., Class A^A		10,440		1,245,805

				34,554,101

Household Products - 0.2%
Central Garden & Pet Co., Class A^A		311,874		9,565,176

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Consumer Staples - 1.9% (continued)
Personal Products - 0.4%
Herbalife Ltd.^A		66,029	$	1,138,340
Interparfums, Inc.		151,157		14,748,389

				15,886,729

Tobacco - 0.1%
Universal Corp.		61,200		3,463,308

Total Consumer Staples				73,336,828

Energy - 7.6%
Energy Equipment & Services - 3.3%
Atlas Energy Solutions, Inc.^B		1,013,760		11,830,579
Bristow Group, Inc.^A		72,360		3,180,946
Expro Group Holdings NV^A		405,261		6,488,229
Helmerich & Payne, Inc.		255,362		8,651,664
Kodiak Gas Services, Inc.		288,403		12,115,810
Noble Corp. PLC		226,000		8,050,120
NOV, Inc.		1,596,950		29,304,032
Oceaneering International, Inc.^A		141,900		4,271,190
Oil States International, Inc.^A		38,700		327,789
Patterson-UTI Energy, Inc.		245,400		1,847,862
RPC, Inc.		203,400		1,352,610
Select Water Solutions, Inc.		816,141		9,867,145
Transocean Ltd.^A		1,567,200		7,788,984
Valaris Ltd.^A		107,760		6,220,985
Weatherford International PLC		157,772		14,843,190

				126,141,135

Oil, Gas & Consumable Fuels - 4.3%
APA Corp.		559,683		14,781,228
California Resources Corp.		392,090		20,976,815
Clean Energy Fuels Corp.^A		331,350		728,970
CNX Resources Corp.^A		167,100		6,483,480
Crescent Energy Co., Class A		134,467		1,313,742
Green Plains, Inc.^A		99,200		1,136,832
Gulfport Energy Corp.^A		43,765		8,935,500
Infinity Natural Resources, Inc., Class A^A		409,769		6,507,132
International Seaways, Inc.		74,720		4,457,048
Magnolia Oil & Gas Corp., Class A		799,937		20,406,393
Murphy Oil Corp.^B		722,600		21,743,034
NextDecade Corp.^{A B}		207,900		1,099,791
Northern Oil & Gas, Inc.^B		1,136,872		28,421,800
Ovintiv, Inc.		90,600		3,938,382
PBF Energy, Inc., Class A		164,847		5,515,781
Peabody Energy Corp.		173,100		6,103,506
Range Resources Corp.		89,400		3,383,790
Talos Energy, Inc.^A		241,800		2,882,256
World Kinect Corp.		143,320		3,856,741

				162,672,221

Total Energy				288,813,356

Financials - 20.9%
Banks - 14.2%
Ameris Bancorp		86,300		6,957,506
Arrow Financial Corp.		5,800		196,098
Associated Banc-Corp.		443,038		12,077,216
Atlantic Union Bankshares Corp.		493,485		19,166,957
Axos Financial, Inc.^A		78,200		7,741,018
Banc of California, Inc.		53,700		1,072,926
Bank OZK		143,600		6,829,616

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Financials - 20.9% (continued)
Banks - 14.2% (continued)
BankUnited, Inc.		29,180	$	1,385,175
Banner Corp.		414,124		25,609,428
Bar Harbor Bankshares		17,930		608,006
Bridgewater Bancshares, Inc.^A		9,800		188,258
Business First Bancshares, Inc.		25,270		711,856
Byline Bancorp, Inc.		56,910		1,817,136
Capitol Federal Financial, Inc.		47,100		342,888
Cathay General Bancorp		93,000		4,759,740
Central Pacific Financial Corp.		10,110		329,283
City Holding Co.		121,302		14,931,063
Civista Bancshares, Inc.		6,800		164,084
Coastal Financial Corp.^A		66,240		6,344,467
Community Financial System, Inc.		162,521		10,157,562
Community Trust Bancorp, Inc.		23,260		1,435,142
Community West Bancshares		6,800		162,996
Cullen/Frost Bankers, Inc.		108,806		14,995,643
Customers Bancorp, Inc.^A		40,880		3,230,338
Dime Community Bancshares, Inc.		12,900		438,858
Eastern Bankshares, Inc.		115,190		2,359,667
Enterprise Financial Services Corp.		41,640		2,388,054
Equity Bancshares, Inc., Class A		6,700		309,004
Farmers National Banc Corp.		47,070		610,969
FB Financial Corp.		590,407		33,966,115
Financial Institutions, Inc.		7,100		233,874
First Bancorp/Southern Pines NC		276,634		16,025,408
First Busey Corp.		111,410		2,746,256
First Commonwealth Financial Corp.		133,070		2,399,252
First Financial Bancorp		118,710		3,411,725
First Financial Corp.		4,100		267,156
First Hawaiian, Inc.		930,063		24,693,173
First Merchants Corp.		23,390		929,986
FNB Corp.		447,100		7,846,605
Fulton Financial Corp.		205,010		4,233,457
Glacier Bancorp, Inc.		447,509		22,679,756
Great Southern Bancorp, Inc.		15,330		940,955
Hancock Whitney Corp.		49,960		3,437,248
Hanmi Financial Corp.		10,700		284,299
Heritage Commerce Corp.		21,800		277,514
Hilltop Holdings, Inc.		89,140		3,338,293
HomeTrust Bancshares, Inc.		22,750		980,980
Hope Bancorp, Inc.		47,000		563,060
Horizon Bancorp, Inc.		15,500		273,110
Independent Bank Corp.		303,224		23,933,643
International Bancshares Corp.		80,800		5,626,912
Kearny Financial Corp.		19,300		150,347
Live Oak Bancshares, Inc.		519,893		20,774,924
Mercantile Bank Corp.		20,740		1,078,065
Mid Penn Bancorp, Inc.		8,200		270,518
National Bank Holdings Corp., Class A		552,072		22,182,253
NB Bancorp, Inc.		16,300		354,036
NBT Bancorp, Inc.		102,394		4,549,365
Northeast Community Bancorp, Inc.		900		21,240
Northfield Bancorp, Inc.		12,400		152,768
Northrim BanCorp, Inc.		7,900		186,124
Northwest Bancshares, Inc.		131,100		1,688,568
OceanFirst Financial Corp.		23,100		433,125
Old Second Bancorp, Inc.		56,710		1,125,126
Origin Bancorp, Inc.		17,180		735,819
Orrstown Financial Services, Inc.		6,900		248,538
Pathward Financial, Inc.		32,480		2,932,619
Peapack-Gladstone Financial Corp.		1,200		38,064

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Financials - 20.9% (continued)
Banks - 14.2% (continued)
Peoples Bancorp, Inc.		46,100	$	1,499,172
Preferred Bank		19,510		1,673,373
Provident Financial Services, Inc.		94,360		2,089,130
QCR Holdings, Inc.		21,970		1,983,012
Renasant Corp.		767,928		28,958,565
S&T Bancorp, Inc.		47,580		2,028,811
Seacoast Banking Corp. of Florida		1,064,195		35,586,681
ServisFirst Bancshares, Inc.		181,907		14,889,088
Shore Bancshares, Inc.		11,900		225,743
Sierra Bancorp		900		31,869
Simmons First National Corp., Class A		853,105		17,343,625
SmartFinancial, Inc.		14,330		572,054
Southern Missouri Bancorp, Inc.		14,620		914,773
Southside Bancshares, Inc.		10,700		344,433
Texas Capital Bancshares, Inc.^A		304,300		30,786,031
Third Coast Bancshares, Inc.^A		4,900		198,744
Towne Bank		29,200		1,022,000
Triumph Financial, Inc.^A		245,763		15,505,188
TrustCo Bank Corp.		21,240		921,816
Trustmark Corp.		21,290		905,251
United Bankshares, Inc.		72,460		3,067,232
United Community Banks, Inc.		63,850		2,198,356
Univest Financial Corp.		10,100		334,714
WaFd, Inc.		135,313		4,413,910
Washington Trust Bancorp, Inc.		1,300		44,681
WesBanco, Inc.		28,280		998,001
Westamerica BanCorp		33,450		1,691,901
WSFS Financial Corp.		49,760		3,220,965
Zions Bancorp NA		121,400		7,273,074

				544,053,423

Capital Markets - 2.2%
Artisan Partners Asset Management, Inc., Class A		65,000		2,893,800
Donnelley Financial Solutions, Inc.^A		149,334		7,728,035
Federated Hermes, Inc.		110,400		5,882,112
Hamilton Lane, Inc., Class A		101,599		14,349,843
Oppenheimer Holdings, Inc., Class A		15,790		1,326,834
Perella Weinberg Partners^B		386,195		8,616,010
Piper Sandler Cos.		42,778		14,816,160
Stifel Financial Corp.		146,782		18,098,221
Victory Capital Holdings, Inc., Class A		85,900		6,058,527
Virtu Financial, Inc., Class A		49,900		2,071,349
Virtus Investment Partners, Inc.		8,570		1,399,052

				83,239,943

Consumer Finance - 1.3%
Bread Financial Holdings, Inc.		70,560		5,118,422
Encore Capital Group, Inc.^A		31,740		1,752,048
Enova International, Inc.^A		40,100		6,623,317
EZCORP, Inc., Class A^A		87,710		1,881,380
LendingClub Corp.^A		137,720		2,328,845
Navient Corp.		174,380		1,710,668
Nelnet, Inc., Class A		22,870		3,016,553
PROG Holdings, Inc.		36,500		1,184,060
Regional Management Corp.		6,600		244,530
SLM Corp.		955,147		25,932,241
World Acceptance Corp.^A		8,390		1,017,287

				50,809,351

Financial Services - 1.5%
Burford Capital Ltd.		998,740		9,677,791

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Financials - 20.9% (continued)
Financial Services - 1.5% (continued)
Euronet Worldwide, Inc.^A		39,844	$	2,887,096
Merchants Bancorp		35,620		1,476,805
NCR Atleos Corp.^A		88,700		3,308,510
NMI Holdings, Inc.^A		117,390		4,545,341
Radian Group, Inc.		205,000		6,744,500
Walker & Dunlop, Inc.		211,215		13,283,311
WEX, Inc.^A		107,966		16,615,968

				58,539,322

Insurance - 1.7%
American Coastal Insurance Corp.		69,320		765,986
Assured Guaranty Ltd.		76,300		6,474,055
Baldwin Insurance Group, Inc.^{A B}		564,926		12,383,178
CNO Financial Group, Inc.		109,230		4,593,122
Donegal Group, Inc., Class A		34,620		646,355
Employers Holdings, Inc.		34,230		1,493,113
Genworth Financial, Inc.^A		621,000		5,179,140
Global Indemnity Group LLC, Class A		270,304		7,819,895
Heritage Insurance Holdings, Inc.^A		31,600		823,812
Horace Mann Educators Corp.		155,551		6,970,240
Skyward Specialty Insurance Group, Inc.^A		180,749		8,065,020
United Fire Group, Inc.		38,700		1,390,878
Universal Insurance Holdings, Inc.		42,950		1,307,828
White Mountains Insurance Group Ltd.		2,350		4,805,585

				62,718,207

Total Financials				799,360,246

Health Care - 3.3%
Biotechnology - 0.2%
Catalyst Pharmaceuticals, Inc.^A		185,250		4,501,575
Emergent BioSolutions, Inc.^A		80,450		912,303
Rigel Pharmaceuticals, Inc.^A		44,500		1,551,270
Vanda Pharmaceuticals, Inc.^A		38,200		288,028

				7,253,176

Health Care Equipment & Supplies - 1.4%
Embecta Corp.		88,260		936,439
Haemonetics Corp.^A		158,409		10,559,544
LivaNova PLC^A		269,700		17,721,987
Merit Medical Systems, Inc.^A		185,147		15,013,570
Solventum Corp.^A		139,709		10,753,402
Varex Imaging Corp.^A		59,100		823,854

				55,808,796

Health Care Providers & Services - 1.0%
Addus HomeCare Corp.^A		76,978		7,965,683
Centene Corp.^A		191,500		8,295,780
Concentra Group Holdings Parent, Inc.		638,047		14,151,883
Fulgent Genetics, Inc.^A		77,900		2,040,980
Pediatrix Medical Group, Inc.^A		213,000		4,553,940

				37,008,266

Life Sciences Tools & Services - 0.0%
Azenta, Inc.^A		29,800		1,158,624
CryoPort, Inc.^A		71,200		677,112

				1,835,736

Pharmaceuticals - 0.7%
Amphastar Pharmaceuticals, Inc.^A		65,400		1,732,446
Collegium Pharmaceutical, Inc.^A		81,080		3,723,193

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Health Care - 3.3% (continued)
Pharmaceuticals - 0.7% (continued)
CorMedix, Inc.^{A B}		112,000	$	869,120
Harmony Biosciences Holdings, Inc.^A		52,454		1,915,620
Innoviva, Inc.^A		68,900		1,378,000
Prestige Consumer Healthcare, Inc.^A		233,993		15,085,529
SIGA Technologies, Inc.		108,060		724,002

				25,427,910

Total Health Care				127,333,884

Industrials - 20.8%
Aerospace & Defense - 1.8%
AAR Corp.^A		343,057		36,333,167
ATI, Inc.^A		259,521		31,220,376

				67,553,543

Air Freight & Logistics - 0.4%
Hub Group, Inc., Class A		290,239		13,809,572

Building Products - 2.0%
Apogee Enterprises, Inc.		218,720		8,121,074
AZZ, Inc.		98,767		12,275,750
Gibraltar Industries, Inc.^A		376,602		19,304,619
Hayward Holdings, Inc.^A		908,630		14,665,288
Quanex Building Products Corp.		506,952		9,490,142
UFP Industries, Inc.		114,637		11,839,709

				75,696,582

Commercial Services & Supplies - 1.9%
Brink’s Co.		79,480		10,097,139
CoreCivic, Inc.^A		148,800		2,757,264
Deluxe Corp.		590,666		15,593,582
Interface, Inc.		704,951		22,184,808
MillerKnoll, Inc.		718,495		14,427,380
Pitney Bowes, Inc.		310,340		3,236,846
Quad/Graphics, Inc.		391,375		2,395,215

				70,692,234

Construction & Engineering - 1.7%
Everus Construction Group, Inc.^A		157,807		13,964,341
Fluor Corp.^A		493,874		22,812,040
Great Lakes Dredge & Dock Corp.^A		168,400		2,522,632
MYR Group, Inc.^A		33,387		8,348,086
NWPX Infrastructure, Inc.^A		24,600		1,659,270
WillScot Holdings Corp.		855,337		17,132,400

				66,438,769

Electrical Equipment - 1.0%
EnerSys		74,727		13,465,058
Regal Rexnord Corp.		97,312		15,715,888
Thermon Group Holdings, Inc.^A		187,390		8,479,398

				37,660,344

Ground Transportation - 1.8%
ArcBest Corp.		85,469		7,711,013
Covenant Logistics Group, Inc.		26,980		663,708
Heartland Express, Inc.		50,100		505,509
Schneider National, Inc., Class B		448,187		12,029,339
U-Haul Holding Co.		530,184		27,203,741
Werner Enterprises, Inc.		652,940		22,363,195

				70,476,505

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Industrials - 20.8% (continued)
Machinery - 6.8%
Alamo Group, Inc.		41,999	$	8,202,825
Albany International Corp., Class A		320,374		17,777,553
Astec Industries, Inc.		45,540		2,218,709
Atmus Filtration Technologies, Inc.		275,676		15,980,938
Blue Bird Corp.^A		320,310		16,114,796
Enerpac Tool Group Corp.		393,212		15,870,036
Flowserve Corp.		173,496		13,558,712
Greenbrier Cos., Inc.		179,437		9,047,214
Helios Technologies, Inc.		300,968		19,496,707
Hillman Solutions Corp.^A		1,260,583		11,811,663
Kennametal, Inc.		212,495		7,307,703
Lindsay Corp.		61,087		7,652,368
Manitowoc Co., Inc.^A		42,500		549,100
Miller Industries, Inc.		140,585		5,759,767
Standex International Corp.		188,927		45,342,480
Stanley Black & Decker, Inc.		105,200		8,275,032
Terex Corp.		99,300		5,660,100
Timken Co.		358,382		33,397,619
Titan International, Inc.^A		159,100		1,517,814
Toro Co.		153,044		14,003,526

				259,544,662

Marine Transportation - 0.6%
Genco Shipping & Trading Ltd.		64,990		1,358,291
Kirby Corp.^A		195,050		22,949,583

				24,307,874

Passenger Airlines - 0.2%
JetBlue Airways Corp.^A		235,300		1,145,911
SkyWest, Inc.^A		81,400		7,856,728

				9,002,639

Professional Services - 1.1%
ManpowerGroup, Inc.		175,040		6,359,203
Robert Half, Inc.		623,032		21,563,138
Verra Mobility Corp.^A		653,963		12,621,486

				40,543,827

Trading Companies & Distributors - 1.5%
Boise Cascade Co.		87,434		7,065,542
DNOW, Inc.^A		1,254,128		19,050,204
MSC Industrial Direct Co., Inc., Class A		144,351		12,174,563
Rush Enterprises, Inc., Class A		260,853		16,744,154
Titan Machinery, Inc.^A		58,400		950,168
Transcat, Inc.^A		19,499		1,175,985
Willis Lease Finance Corp.		4,400		802,032

				57,962,648

Total Industrials				793,689,199

Information Technology - 11.2%
Communications Equipment - 3.1%
Ciena Corp.^A		137,013		34,501,243
Extreme Networks, Inc.^A		853,526		12,444,409
F5, Inc.^A		139,296		38,391,371
Lumentum Holdings, Inc.^A		85,718		33,587,741

				118,924,764

Electronic Equipment, Instruments & Components - 4.3%
Arrow Electronics, Inc.^A		15,413		2,042,068
Avnet, Inc.		715,645		44,649,092

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Information Technology - 11.2% (continued)
Electronic Equipment, Instruments & Components - 4.3% (continued)
Benchmark Electronics, Inc.		58,670	$	3,059,054
Climb Global Solutions, Inc.		36,978		4,385,221
Coherent Corp.^A		167,964		35,638,601
IPG Photonics Corp.^A		43,964		4,062,713
Kimball Electronics, Inc.^A		60,500		1,827,705
Knowles Corp.^A		943,907		22,880,306
Novanta, Inc.^A		117,663		15,830,380
ScanSource, Inc.^A		43,140		1,854,589
Vishay Intertechnology, Inc.		869,785		17,526,168
Vishay Precision Group, Inc.^A		110,818		5,549,765
Vontier Corp.		133,800		5,017,500

				164,323,162

IT Services - 0.2%
ASGN, Inc.^A		151,317		7,882,102

Semiconductors & Semiconductor Equipment - 2.1%
Alpha & Omega Semiconductor Ltd.^A		19,400		428,740
Cohu, Inc.^A		573,078		16,355,646
Diodes, Inc.^A		42,800		2,533,332
Ichor Holdings Ltd.^A		592,906		17,988,768
Penguin Solutions, Inc.^A		207,195		3,980,216
Power Integrations, Inc.		199,612		9,170,175
Universal Display Corp.		113,615		13,045,275
Veeco Instruments, Inc.^A		475,505		14,850,021

				78,352,173

Software - 1.5%
BlackLine, Inc.^A		296,028		13,756,421
Consensus Cloud Solutions, Inc.^A		49,240		1,051,767
Workiva, Inc.^A		376,800		29,021,136
Zeta Global Holdings Corp., Class A^A B		785,314		14,591,134

				58,420,458

Total Information Technology				427,902,659

Materials - 6.7%
Chemicals - 4.0%
Avient Corp.		332,482		12,019,224
Celanese Corp.		70,800		3,146,352
Ecovyst, Inc.^A		2,288,298		24,278,842
Hawkins, Inc.		76,815		10,005,154
HB Fuller Co.		239,132		14,371,833
Ingevity Corp.^A		44,100		2,901,339
Innospec, Inc.		102,256		8,356,360
Intrepid Potash, Inc.^A		33,400		1,096,856
Koppers Holdings, Inc.		27,900		821,934
LSB Industries, Inc.^A		178,000		1,653,620
Minerals Technologies, Inc.		20,100		1,321,776
Olin Corp.		1,285,722		26,755,875
Quaker Chemical Corp.		71,289		10,959,971
Scotts Miracle-Gro Co.		181,430		11,651,435
Sensient Technologies Corp.		151,372		14,307,681
Stepan Co.		203,189		11,705,718

				155,353,970

Construction Materials - 0.7%
Knife River Corp.^A		389,907		26,190,053

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Materials - 6.7% (continued)
Containers & Packaging - 0.5%
Greif, Inc., Class A		254,601	$	17,979,923

Metals & Mining - 1.5%
Elah Holdings, Inc.^A		3,122		37,839
Ferroglobe PLC		1,957,047		9,295,973
Kaiser Aluminum Corp.		170,874		20,952,570
Materion Corp.		170,533		23,581,303
Metallus, Inc.^A		63,300		1,262,835
Ryerson Holding Corp.		80,400		2,268,888

				57,399,408

Total Materials				256,923,354

Real Estate - 3.6%
Health Care REITs - 0.3%
Alexandria Real Estate Equities, Inc.		188,200		10,283,248

Hotel & Resort REITs - 0.2%
Sunstone Hotel Investors, Inc.		864,345		7,580,306

Office REITs - 0.4%
COPT Defense Properties		527,592		16,255,109

Real Estate Management & Development - 0.6%
Howard Hughes Holdings, Inc.^A		62,450		5,099,667
Jones Lang LaSalle, Inc.^A		8,456		3,026,487
Newmark Group, Inc., Class A		482,529		8,603,492
RMR Group, Inc., Class A^B		123,645		1,873,222
Seritage Growth Properties, Class A^A B		898,083		2,963,674
Tejon Ranch Co.^{A B}		67,690		1,089,132

				22,655,674

Retail REITs - 1.1%
InvenTrust Properties Corp.		294,552		8,656,883
NETSTREIT Corp.		426,059		8,026,952
NNN REIT, Inc.		271,799		11,325,864
Urban Edge Properties		767,192		14,906,541

				42,916,240

Specialized REITs - 1.0%
Four Corners Property Trust, Inc.		591,996		14,592,701
PotlatchDeltic Corp.		584,844		24,405,540

				38,998,241

Total Real Estate				138,688,818

Utilities - 3.4%
Electric Utilities - 0.9%
IDACORP, Inc.		5,732		761,152
OGE Energy Corp.		433,149		18,919,948
Otter Tail Corp.		50,650		4,515,954
Portland General Electric Co.		191,100		9,602,775

				33,799,829

Gas Utilities - 0.8%
MDU Resources Group, Inc.		1,366,185		28,020,454
Northwest Natural Holding Co.		80,090		3,728,991

				31,749,445

Multi-Utilities - 1.6%
Avista Corp.		730,332		30,155,408

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 92.7% (continued)
Utilities - 3.4% (continued)
Multi-Utilities - 1.6% (continued)
Black Hills Corp.		201,900	$	14,734,662
Northwestern Energy Group, Inc.		235,538		15,983,609

				60,873,679

Water Utilities - 0.1%
H2O America		50,900		2,648,836

Total Utilities				129,071,789

Total Common Stocks (Cost $2,906,983,728)				3,542,764,283

EXCHANGE-TRADED INSTRUMENTS - 0.0% (Cost $742,458)
Exchange-Traded Funds - 0.0%
iShares Russell 2000 Value ETF^B		3,800		736,744

FOREIGN COMMON STOCKS - 3.2%
Communication Services - 0.1%
Interactive Media & Services - 0.1%
Webtoon Entertainment, Inc.^{A B}		186,100		2,249,949

Consumer Discretionary - 0.4%
Automobile Components - 0.1%
Garrett Motion, Inc.		304,930		5,500,937

Textiles, Apparel & Luxury Goods - 0.3%
Ermenegildo Zegna NV^B		1,351,596		11,745,370

Total Consumer Discretionary				17,246,307

Consumer Staples - 0.1%
Food Products - 0.1%
SunOpta, Inc.^A		1,293,993		5,926,488

Energy - 0.2%
Energy Equipment & Services - 0.1%
Seadrill Ltd.^A		88,800		3,417,024

Oil, Gas & Consumable Fuels - 0.1%
Kosmos Energy Ltd.^{A B}		2,030,207		3,207,727

Total Energy				6,624,751

Financials - 1.5%
Banks - 1.3%
Bank of NT Butterfield & Son Ltd.		312,597		16,192,524
First BanCorp		107,940		2,387,633
OFG Bancorp		454,619		18,321,146
Popular, Inc.		103,517		13,822,625

				50,723,928

Insurance - 0.2%
Hamilton Insurance Group Ltd., Class B^A		99,300		2,755,575
SiriusPoint Ltd.^A		214,120		4,370,189

				7,125,764

Total Financials				57,849,692

Information Technology - 0.7%
Semiconductors & Semiconductor Equipment - 0.7%
Kulicke & Soffa Industries, Inc.		77,311		4,432,240

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 3.2% (continued)
Information Technology - 0.7% (continued)
Semiconductors & Semiconductor Equipment - 0.7% (continued)
Tower Semiconductor Ltd.^A		166,287	$	22,403,847

				26,836,087

Total Information Technology				26,836,087

Materials - 0.2%
Metals & Mining - 0.2%
Centerra Gold, Inc.		372,211		6,238,256

Total Foreign Common Stocks (Cost $72,401,530)				122,971,530

SHORT-TERM INVESTMENTS - 3.8% (Cost $145,908,190)
Investment Companies - 3.8%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{C D}		145,908,190		145,908,190

SECURITIES LENDING COLLATERAL - 0.5% (Cost $18,917,814)
Investment Companies - 0.5%
American Beacon U.S. Government Money Market Select Fund, 3.58%^{C D}		18,917,814		18,917,814

TOTAL INVESTMENTS - 100.2% (Cost $3,144,953,720)				3,831,298,561
LIABILITIES, NET OF OTHER ASSETS - (0.2%)				(7,343,124	)

TOTAL NET ASSETS - 100.0%			$	3,823,955,437

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

^C	The Fund is affiliated by having the same investment advisor.

^D	7-day yield.

ETF - Exchange-Traded Fund.

LLC - Limited Liability Company.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on January 31, 2026:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini Russell 2000 Index Futures	1,010	March 2026	$	129,297,310	$	132,542,300	$	3,244,990

			$	129,297,310	$	132,542,300	$	3,244,990

Glossary:

Index Abbreviations:


Russell 2000		U.S. Small-Cap Stock Market Index.

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


Small Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	3,542,764,283	$	—	$	—	$	3,542,764,283
Exchange-Traded Instruments		736,744		—		—		736,744
Foreign Common Stocks		122,971,530		—		—		122,971,530
Short-Term Investments		145,908,190		—		—		145,908,190
Securities Lending Collateral		18,917,814		—		—		18,917,814

Total Investments in Securities - Assets	$	3,831,298,561	$	—	$	—	$	3,831,298,561

*Financial Derivative Instruments - Assets*
Futures Contracts	$	3,244,990	$	—	$	—	$	3,244,990

Total Financial Derivative Instruments - Assets	$	3,244,990	$	—	$	—	$	3,244,990

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2026 (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^SM

Supplementary Notes to Schedules of Investments

January 31, 2026 (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.

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.

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2026 (Unaudited)

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.

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.