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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: August 31, 2026

Date of reporting period: May 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 DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 0.0%
Communication Services - 0.0%
Software - 0.0%
Internap Holding LLC^A ^B ^C		63,490	$	0

Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Southcross Energy Partners LLC^A ^B ^C		533,359		0

Industrials - 0.0%
Communications Equipment - 0.0%
4L Technologies, Inc.^A		140,935		1,409

Electrical Equipment - 0.0%
NSO Group^A ^B ^C		1		0

Total Industrials				1,409

Total Common Stocks (Cost $1,110,082)				1,409

PREFERRED STOCKS - 0.0% (Cost $339,302)
Energy - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Southcross Energy Partners LLC^A ^B ^C ^D		2,077,530		0


	Principal Amount
BANK LOAN OBLIGATIONS^E - 85.3%
Basic Materials - 1.1%
Chemicals - 1.1%
ECO Services Operations Corp., Due 6/12/2031, 2024 Term Loan B^F	$	60,000		60,287
Hexion Holdings Corp., 7.584%, Due 3/15/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		123,888		119,861
INEOS Quattro Holdings U.K. Ltd., 7.870%, Due 10/7/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		300,667		267,218
INEOS U.S. Finance LLC, 6.870%, Due 2/18/2030, 2023 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		276,672		261,917
Mativ Holdings, Inc., 8.120%, Due 4/4/2033, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.500%)		350,000		349,563
Natgasoline LLC, 9.120%, Due 3/29/2030, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 5.500%)		346,800		349,688

				1,408,534

Total Basic Materials				1,408,534

Communications - 9.2%
Advertising - 0.8%
Clear Channel Outdoor Holdings, Inc., 7.735%, Due 8/23/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		705,000		705,881
Neptune Bidco U.S., Inc., 8.769%, Due 2/3/2033, 2026 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.000%)		305,000		301,282

				1,007,163

Internet - 1.0%
MH Sub I LLC, 7.870%, Due 12/31/2031, 2024 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		1,083,860		933,930
Proofpoint, Inc., 6.700%, Due 8/31/2028, 2025 Repriced Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		250,000		243,898
PUG LLC, 8.370%, Due 3/15/2030, 2024 Extended Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		111,937		112,161

				1,289,989

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Communications - 9.2% (continued)
Media - 6.0%
Altice France SA, 10.548%, Due 5/31/2031, 2025 USD Term Loan B14, (3 mo. USD Secured Overnight Financing Rate + 6.875%)	$	845,704	$	856,808
Cengage Learning, Inc., 6.608% - 6.638%, Due 3/24/2031, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%, 3 mo. USD Secured Overnight Financing Rate + 3.000%)		1,491,080		1,467,550
DirecTV Financing LLC,
Due 2/17/2031, 2025 Term Loan B^F		120,000		120,204
9.175%, Due 8/2/2029, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.250%)		321,858		323,558
NEP Group, Inc., Due 10/17/2031, 2025 Term Loan B^F		1		1
Nexstar Broadcasting, Inc.,
6.370%, Due 3/18/2033, 2026 Term Loan B7, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		707,143		707,256
6.120%, Due 6/28/2032, 2025 Term Loan B5, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		630,238		629,884
Sunrise Financing Partnership, 6.099%, Due 2/15/2032, Term Loan AAA, (6 mo. USD Secured Overnight Financing Rate + 2.470%)		615,000		613,401
Townsquare Media, Inc., 8.587%, Due 2/19/2030, 2025 Term Loan, (6 mo. USD Secured Overnight Financing Rate + 5.000%)		155,963		113,658
Univision Communications, Inc.,
7.235%, Due 1/31/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		174,114		173,200
7.950%, Due 6/24/2029, 2022 First Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		789,436		789,681
Virgin Media Bristol LLC,
6.992%, Due 1/31/2029, 2020 USD Term Loan Q, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		795,000		760,107
6.967%, Due 3/31/2031, 2023 USD Term Loan Y, (6 mo. USD Secured Overnight Financing Rate + 3.175%)		894,848		803,761

				7,359,069

Telecommunications - 1.4%
Cyxtera DC Holdings, Inc., Due 1/16/2027, Term Loan B^B ^C ^G ^H		230,203		0
GOGO Intermediate Holdings LLC, 7.485%, Due 4/30/2028, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		592,134		547,807
Zayo Group Holdings, Inc., 6.735%, Due 3/11/2030, 2025 USD Term Loan, PIK (in-kind rate 0.500%)^F		1,123,902		1,122,689

				1,670,496

Total Communications				11,326,717

Consumer, Cyclical - 16.5%
Airlines - 0.3%
American Airlines, Inc., Due 5/20/2033, 2026 1st Lien Term Loan B^F		340,000		336,600

Apparel - 0.1%
ABG Intermediate Holdings 2 LLC, 5.870%, Due 12/21/2028, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		68,950		68,997

Auto Parts & Equipment - 0.6%
American Axle & Manufacturing, Inc., 7.012%, Due 2/3/2033, 2025 Incremental Term Loan C, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		450,450		450,639
DexKo Global, Inc., 8.163%, Due 10/6/2031, 2026 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		323,573		315,179

				765,818

Distribution/Wholesale - 1.9%
BCPE Empire Holdings, Inc.,
6.870%, Due 12/11/2030, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		618,596		614,111
7.120%, Due 12/29/2032, 2026 10th Amendment Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		295,000		293,342
Openlane, Inc., 6.148%, Due 10/8/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%)		578,550		580,720
Resideo Funding, Inc.,
5.641%, Due 6/13/2031, 2024 M&A 1st lien Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.000%)		90,111		90,083

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Consumer, Cyclical - 16.5% (continued)
Distribution/Wholesale - 1.9% (continued)
Resideo Funding, Inc., (continued)
5.674%, Due 8/13/2032, 2025 Incremental Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.000%)	$	800,975	$	800,975

				2,379,231

Entertainment - 5.3%
Caesars Entertainment, Inc., 5.870%, Due 2/6/2031, 2024 Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		650,000		627,250
Crown Finance U.S., Inc., 8.114%, Due 12/2/2031, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.500%)		834,284		835,269
Delta 2 Lux SARL, 5.450%, Due 9/30/2031, 2024 Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 1.750%)		278,794		279,025
Discovery Global Holdings, Inc., Due 6/30/2033, 2026 Term Loan B^F		860,000		861,479
Motion Finco SARL, 7.200%, Due 11/12/2029, 2024 USD Term Loan B^F		769,428		654,014
Ontario Gaming GTA LP, 7.950%, Due 8/1/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		703,829		663,359
OVG Business Services LLC, 6.620%, Due 6/25/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		875,661		877,307
Pioneer Opco LLC, 6.870%, Due 5/16/2033, Term Loan B, (1 mo. PRIME + 3.250%)		205,000		206,238
Six Flags Entertainment Corp., 5.620%, Due 5/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		644,801		642,080
Voyager Parent LLC, 7.950%, Due 7/1/2032, Repriced Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		925,481		925,148

				6,571,169

Food Service - 0.1%
Aramark Services, Inc., 5.370%, Due 6/22/2030, 2025 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		85,288		85,480

Leisure Time - 2.1%
Alterra Mountain Co.,
6.120%, Due 5/31/2030, 2025 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		79,600		79,699
6.120%, Due 8/17/2028, 2025 Term Loan B9, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		483,784		484,239
GBT U.S. III LLC, 5.667%, Due 7/25/2031, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		691,063		691,022
LC AHAB U.S. Bidco LLC, 6.120%, Due 5/1/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		594,958		591,490
Sabre GLBL, Inc.,
9.720%, Due 11/15/2029, 2024 Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 6.000%)		160,898		135,557
9.720%, Due 11/15/2029, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 6.000%)		119,314		99,329
SGH2 LLC, 8.200%, Due 8/18/2032, 2025 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		482,575		477,749

				2,559,085

Lodging - 1.0%
Fertitta Entertainment LLC, 6.870%, Due 1/27/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		1,250,187		1,245,161

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Consumer, Cyclical - 16.5% (continued)
Retail - 5.1%
Boots Group Bidco Ltd., 6.924%, Due 8/30/2032, USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.250%)	$	503,738	$	506,674
Burlington Coat Factory Warehouse Corp., 5.370%, Due 9/24/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		133,643		133,921
EG America LLC, 6.916%, Due 2/10/2031, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		1,320,000		1,322,310
Great Outdoors Group LLC, 6.870%, Due 1/23/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		318,396		319,817
LBM Acquisition LLC, 7.434%, Due 6/6/2031, 2024 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		300,360		241,303
LSF9 Atlantis Holdings LLC, 7.450%, Due 3/29/2029, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		1,835,020		1,813,238
Michaels Cos., Inc., 8.669%, Due 3/15/2033, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.000%)		565,000		559,457
NPC International, Inc., Due 4/19/2026, 1st Lien Term Loan^B ^C ^H		705,979		0
PetSmart, Inc., 7.584%, Due 8/18/2032, 2025 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		653,363		651,050
Staples, Inc., 9.413%, Due 9/4/2029, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.750%)		438,586		407,837
White Cap Buyer LLC, 6.870%, Due 10/19/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		386,490		383,529

				6,339,136

Total Consumer, Cyclical				20,350,677

Consumer, Non-Cyclical - 20.3%
Agriculture - 0.5%
Golden State Food LLC, 7.200%, Due 12/4/2031, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		553,821		555,677

Beverages - 0.3%
Primo Brands Corp., 6.432%, Due 3/31/2031, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		400,000		402,296

Biotechnology - 0.9%
BioMarin Pharmaceutical, Inc., 5.428%, Due 4/27/2033, Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 1.750%)		505,000		505,419
Genmab AS,
Due 12/13/2032, 2026 Term Loan B^F		235,000		235,308
6.700%, Due 12/13/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		399,750		400,274

				1,141,001

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Consumer, Non-Cyclical - 20.3% (continued)
Commercial Services - 8.9%
APi Group DE, Inc., 5.370%, Due 5/16/2033, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)	$	435,000	$	435,622
Camelot U.S. Acquisition LLC, 6.370%, Due 1/31/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		579,832		546,596
CHG Healthcare Services, Inc., 6.643% - 6.666%, Due 9/29/2031, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		855,000		855,787
CompoSecure Holdings LLC, 5.875%, Due 1/14/2033, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		625,000		622,394
Corpay Technologies Operating Co. LLC, Due 4/28/2028, Term Loan B5^F		82,972		82,985
Creative Artists Agency LLC, 6.120%, Due 10/1/2031, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		187,376		187,824
Eagle Parent Corp., 7.950%, Due 4/2/2029, 2022 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		932,098		936,367
Element Materials Technology Group U.S. Holdings, Inc., 7.200%, Due 7/6/2029, 2022 USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		634,719		638,159
First Advantage Holdings LLC, 6.450%, Due 10/31/2031, 2025 Repriced Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		405,187		400,377
Garda World Security Corp., 6.419%, Due 2/1/2029, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		1,031,139		1,030,881
Grant Thornton Advisors LLC, 6.370%, Due 6/2/2031, 2025 Term Loan B^F		1,144,727		1,099,591
Homeserve USA Holding Corp., 5.603%, Due 10/21/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		328,300		327,581
ION Platform Finance U.S., Inc., 7.450%, Due 10/7/2032, USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		1,010,000		785,588
Pye-Barker Fire & Safety LLC,
6.163%, Due 12/16/2032, 2025 Delayed Draw Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.500%)^I		59,800		59,921
6.163%, Due 12/16/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.500%)		400,200		401,012
Trans Union LLC, 5.370%, Due 6/24/2031, 2024 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		314,400		314,328
United Talent Agency LLC, 6.625%, Due 6/10/2032, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		247,500		248,119
Veritiv Corp., 7.700%, Due 12/2/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		253,082		242,508
Vestis Corp., 5.916%, Due 2/22/2031, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		473,436		464,204
VT Topco, Inc., 6.620%, Due 8/9/2030, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		330,743		325,368
Wand NewCo 3, Inc., 6.120%, Due 1/30/2031, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		956,410		953,819

				10,959,031

Cosmetics/Personal Care - 0.5%
Opal Bidco SAS, 6.700%, Due 4/28/2032, USD Term Loan B4, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		476,975		477,061
Prestige Brands, Inc., Due 5/20/2033, 2026 Term Loan B^F		175,000		175,437

				652,498

Food - 0.9%
Aspire Bakeries Holdings LLC, 6.620%, Due 12/23/2030, 2025 Repriced Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		365,050		365,050
Froneri Lux Finco SARL, 6.127%, Due 9/30/2032, 2025 USD Term Loan B6, (6 mo. USD Secured Overnight Financing Rate + 2.500%)		543,838		539,955
United Natural Foods, Inc., 8.370%, Due 5/1/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		248,986		249,765

				1,154,770

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Consumer, Non-Cyclical - 20.3% (continued)
Health Care - Products - 2.9%
Bausch & Lomb Corp., 7.370%, Due 1/15/2031, 2025 Repriced Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.750%)	$	1,934,635	$	1,940,922
Hologic, Inc., 5.924%, Due 4/7/2033, 2026 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		1,340,000		1,325,917
Medline Borrower LP, 5.114%, Due 5/30/2033, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.500%)		250,000		249,687

				3,516,526

Health Care - Services - 3.1%
Aveanna Healthcare LLC, 6.620%, Due 9/17/2032, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		1,035,872		1,038,276
Fortrea Holdings, Inc., 7.163%, Due 7/1/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		44,463		43,962
LifePoint Health, Inc., 7.423%, Due 5/19/2031, 2024 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		854,548		846,703
Pacific Dental Services LLC, 6.103%, Due 3/15/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		353,221		353,002
Radiology Partners, Inc., 8.200%, Due 6/30/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		553,735		551,658
Select Medical Corp., Due 12/31/2031, 2026 Term Loan B^F		650,000		651,625
Team Health Holdings, Inc., 7.663%, Due 6/30/2028, 2026 Repriced Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		315,770		316,648

				3,801,874

Household Products/Wares - 0.3%
Lavender Dutch BorrowerCo BV, 6.950%, Due 12/30/2032, USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		413,963		411,375

Pharmaceuticals - 2.0%
Bausch Health Cos., Inc., 9.870%, Due 10/8/2030, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 6.250%)		426,775		411,658
Curium BidCo SARL, 6.700%, Due 8/4/2031, 2025 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		59,850		59,850
Gainwell Acquisition Corp., 7.800%, Due 10/1/2027, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		1,251,226		1,227,766
Southern Veterinary Partners LLC, 6.156%, Due 12/4/2031, 2025 Term Loan B^F		561,936		562,149
Vizient, Inc., 5.370%, Due 8/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		160,769		161,051

				2,422,474

Total Consumer, Non-Cyclical				25,017,522

Energy - 4.6%
Oil & Gas - 1.5%
Apro LLC, 7.381%, Due 7/9/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		997,616		1,000,320
Deep Blue Operating I LLC, 5.902%, Due 10/1/2032, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		285,000		285,949
Delek U.S. Holdings, Inc., 6.620%, Due 5/17/2032, 2026 Term Loan B^F		573,766		574,483

				1,860,752

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Energy - 4.6% (continued)
Pipelines - 3.1%
BCP Renaissance Parent LLC, 5.950%, Due 10/31/2031, 2024 Term Loan B3, (3 mo. USD Secured Overnight Financing Rate + 2.250%)	$	514,344	$	513,316
CPPIB OVM Member U.S. LLC, 5.950%, Due 8/20/2031, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		384,761		384,969
Freeport LNG Investments LLLP, 6.925%, Due 2/11/2033, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		790,000		792,259
GIP Pilot Acquisition Partners LP, 5.641%, Due 5/19/2033, 2026 Term Loan B^F		125,000		124,844
NGL Energy Partners LP, 7.131%, Due 3/11/2033, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		265,000		265,615
Stonepeak Bayou Holdings LP, 6.450%, Due 10/1/2032, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		340,000		335,855
Traverse Midstream Partners LLC, Due 4/21/2033, 2026 Term Loan B^F		430,000		430,537
Venture Global Calcasieu Pass LLC, 6.954%, Due 4/11/2033, 2026 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 3.250%)		455,000		456,138
WhiteWater Matterhorn Holdings LLC, 5.450%, Due 6/16/2032, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 1.750%)		539,600		538,251

				3,841,784

Total Energy				5,702,536

Financial - 11.5%
Diversified Financial Services - 5.1%
AllSpring Buyer LLC, 6.750%, Due 11/1/2030, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		133,985		134,229
CPI Holdco B LLC, 5.620%, Due 5/19/2031, 2025 Add-on Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		782,544		781,402
Edelman Financial Center LLC, 7.620%, Due 12/1/2031, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		751,591		752,065
Eisner Advisory Group LLC, 7.620%, Due 2/28/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		855,436		838,328
Focus Financial Partners LLC, 6.120%, Due 9/15/2031, 2025 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		1,108,330		1,088,834
GC Ferry Acquisition I, Inc.,
3.500%, Due 8/16/2032, Delayed Draw Term Loan + 0.035%)^I		48,125		48,079
7.200%, Due 8/16/2032, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		281,170		280,903
HighTower Holdings LLC, 6.408%, Due 2/3/2032, 2025 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		1,336,160		1,334,904
Pretzel Parent, Inc., 8.120%, Due 10/1/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.500%)		601,363		567,350
Victory Capital Holdings, Inc., 5.450%, Due 9/23/2032, 2025 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 1.750%)		174,125		174,168
Virtus Investment Partners, Inc., 5.870%, Due 9/27/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		273,625		270,662

				6,270,924

Insurance - 4.9%
Acrisure LLC,
6.870%, Due 6/21/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		133,988		126,703
6.620%, Due 11/6/2030, 2024 1st Lien Term Loan B6, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		1,492,292		1,413,946
Alera Group, Inc.,
6.370%, Due 5/30/2032, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		517,403		498,259
9.120%, Due 5/30/2033, 2025 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.500%)		195,000		188,370
Alliant Holdings Intermediate LLC, 6.120%, Due 9/19/2031, 2025 Term Loan B^F		670,000		667,246
AmWINS Group, Inc., 5.620%, Due 1/30/2032, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		287,814		287,115
Asurion LLC,
9.175%, Due 1/20/2029, 2021 Second Lien Term Loan B4, (3 mo. USD Secured Overnight Financing Rate + 5.250%)		129,533		129,554
7.913%, Due 9/19/2030, 2024 Term Loan B12, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		244,457		244,533

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Financial - 11.5% (continued)
Insurance - 4.9% (continued)
Asurion LLC, (continued)
7.913%, Due 9/19/2030, 2025 Term Loan B13, (3 mo. USD Secured Overnight Financing Rate + 4.250%)	$	481,363	$	481,136
HUB International Ltd., 5.922%, Due 6/20/2030, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		239,434		239,918
OneDigital Borrower LLC, 6.620%, Due 7/2/2031, 2025 Repriced Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		708,626		700,300
Sedgwick Claims Management Services, Inc., 6.120%, Due 7/31/2031, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		754,127		753,184
Trucordia Insurance Holdings LLC, 6.870%, Due 6/17/2032, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		252,964		235,889

				5,966,153

Real Estate - 0.5%
CoreLogic, Inc., 7.235%, Due 6/2/2028, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		615,070		608,919

REITS - 1.0%
Iron Mountain, Inc., 5.620%, Due 1/31/2031, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		803,832		803,632
Starwood Property Trust, Inc.,
Due 9/24/2032, 2025 Incremental Term Loan B2^F		348,250		347,923
5.620%, Due 9/24/2032, 2026 Term Loan B^F		125,000		124,882

				1,276,437

Total Financial				14,122,433

Industrial - 10.8%
Aerospace/Defense - 0.9%
Kaman Corp.,
Due 2/26/2032, 2025 Delayed Draw Term Loan + 0.010%)^I		61,629		61,727
5.950%, Due 2/26/2032, 2025 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		531,319		532,164
TransDigm, Inc., 6.120%, Due 2/13/2033, 2026 Term Loan N, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		555,000		556,293

				1,150,184

Building Materials - 2.4%
Chamberlain Group, Inc., 6.620%, Due 9/8/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		567,616		567,888
Cornerstone Building Brands, Inc.,
7.024%, Due 4/12/2028, 2021 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		160,104		94,702
8.174%, Due 5/15/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		87,957		43,831
EMRLD Borrower LP,
5.916%, Due 5/31/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		200,607		200,617
5.950%, Due 8/4/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		730,354		730,128
MI Windows & Doors LLC, 6.370%, Due 3/28/2031, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		518,668		507,325
OEP Glass Purchaser LLC, 7.700%, Due 3/7/2033, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		290,000		289,458
Quikrete Holdings, Inc.,
5.870%, Due 3/19/2029, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		388,040		388,359
5.870%, Due 4/14/2031, 2025 Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		122,512		122,568

				2,944,876

Electronics - 0.4%
Pinnacle Buyer LLC,
2.500%, Due 10/1/2032, Delayed Draw Term Loan + 0.025%)^I		37,097		37,241
6.182%, Due 10/1/2032, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.500%)		192,421		193,170
Spectris PLC, 6.450%, Due 12/6/2032, USD Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		294,263		294,998

				525,409

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Industrial - 10.8% (continued)
Engineering & Construction - 1.8%
Brown Group Holding LLC, 6.120% - 6.166%, Due 7/1/2031, 2022 Incremental Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.500%, 3 mo. USD Secured Overnight Financing Rate + 2.500%)	$	164,435	$	164,912
DG Investment Intermediate Holdings 2, Inc.,
6.870%, Due 7/9/2032, 2025 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		1,286,775		1,288,383
9.120%, Due 7/29/2033, 2025 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.500%)		135,000		134,494
Tecta America Corp., 6.370%, Due 2/18/2032, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		565,725		567,671

				2,155,460

Environmental Control - 0.9%
Harsco Corp., 5.985%, Due 6/9/2028, 2021 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		877,029		875,205
Madison IAQ LLC, 5.470%, Due 11/8/2032, 2025 Repriced Term Loan^F		286,796		287,105

				1,162,310

Machinery - Construction & Mining - 0.7%
WEC U.S. Holdings Ltd., 5.620%, Due 1/27/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		884,250		884,550

Machinery - Diversified - 0.9%
Columbus McKinnon Corp., 7.200%, Due 2/3/2033, 2026 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		649,023		649,834
TK Elevator Midco GmbH, 6.377%, Due 4/30/2030, 2025 USD Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 2.750%)		486,286		490,084

				1,139,918

Metal Fabricate/Hardware - 0.5%
Tiger Acquisition LLC, 6.108%, Due 8/23/2032, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		559,212		560,303

Packaging & Containers - 2.3%
Clydesdale Acquisition Holdings, Inc.,
6.870%, Due 4/1/2032, 2025 Term Loan B^F		359,686		339,590
6.795%, Due 4/13/2029, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.175%)		226,032		220,099
Graham Packaging Co., Inc., 5.870%, Due 1/26/2033, 2026 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		515,000		515,535
Pregis TopCo Corp., 7.370%, Due 2/1/2029, 2025 Refinancing Term Loan^F		675,357		678,734
Sword Purchaser LLC, 7.620%, Due 4/11/2033, USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		595,000		579,530
Trident TPI Holdings, Inc., 7.450%, Due 9/15/2028, 2024 Term Loan B7^F		475,451		458,587

				2,792,075

Total Industrial				13,315,085

Technology - 9.9%
Software - 9.9%
Applied Systems, Inc., 8.200%, Due 2/23/2032, 2024 2nd Lien Term Loan^F		280,000		276,651
Ascend Learning LLC, 6.620%, Due 12/11/2028, 2025 Repriced Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		1,237,074		1,219,582
Athenahealth Group, Inc., Due 2/15/2029, 2022 Term Loan B^F		444,809		444,253
Boxer Parent Co., Inc.,
6.666%, Due 7/30/2031, 2025 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		1,290,976		1,206,921
9.413%, Due 7/30/2032, 2024 2nd Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.750%)		132,032		111,787
Cloud Software Group, Inc., 6.950%, Due 8/13/2032, 2025 Term Loan B (2032), (3 mo. USD Secured Overnight Financing Rate + 3.250%)		293,521		274,525
Cotiviti Corp.,
6.370%, Due 3/26/2032, 2025 2nd Amendment Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		352,338		329,435

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E - 85.3% (continued)
Technology - 9.9% (continued)
Software - 9.9% (continued)
Cotiviti Corp., (continued)
6.370%, Due 5/1/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.750%)	$	916,992	$	858,919
Dayforce, Inc., 6.663%, Due 2/4/2033, 2026 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		1,535,000		1,459,816
Electronic Arts, Inc., Due 3/24/2033, Term Loan B^F		960,000		962,918
Ellucian Holdings, Inc., 8.370%, Due 11/22/2032, 2024 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		40,000		39,000
Mitchell International, Inc.,
6.620%, Due 6/17/2031, 2026 Add-on Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		1,188,128		1,171,791
8.870%, Due 6/17/2032, 2024 2nd Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.250%)		115,000		106,202
RealPage, Inc.,
6.961%, Due 4/24/2028, 1st Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		1,011,315		977,396
7.450%, Due 4/24/2028, 2024 Incremental Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		227,700		222,470
UKG, Inc., 5.913%, Due 2/10/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		1,626,825		1,570,228
Zelis Payments Buyer, Inc., 6.870%, Due 11/26/2031, 5th Amendment Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		969,424		955,494

				12,187,388

Total Technology				12,187,388

Utilities - 1.4%
Electric - 1.4%
Alpha Generation LLC, 5.370%, Due 9/30/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		948,646		946,711
Compass Power Generation LLC, 6.870%, Due 4/14/2029, 2025 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		752,529		757,232

				1,703,943

Total Utilities				1,703,943

Total Bank Loan Obligations (Cost $107,251,710)				105,134,835

CORPORATE OBLIGATIONS - 5.4%
Basic Materials - 0.2%
Chemicals - 0.2%
Celanese U.S. Holdings LLC,
6.500%, Due 4/15/2030		15,000		15,383
6.750%, Due 4/15/2033		15,000		15,475
Olin Corp., 6.625%, Due 4/1/2033^J		15,000		14,890
Solstice Advanced Materials, Inc., 5.625%, Due 9/30/2033^J		25,000		24,716
WR Grace Holdings LLC, 5.625%, Due 8/15/2029^J		145,000		138,869

				209,333

Mining - 0.0%
Novelis Corp., 6.875%, Due 1/30/2030^J		30,000		30,826

Total Basic Materials				240,159

Communications - 0.9%
Advertising - 0.1%
Clear Channel Outdoor Holdings, Inc.,
7.500%, Due 6/1/2029^J		25,000		25,088
7.125%, Due 2/15/2031^J		40,000		41,347
Lamar Media Corp., 5.375%, Due 11/1/2033^J		50,000		49,248
Neptune Bidco U.S., Inc., 10.375%, Due 5/15/2031^J		25,000		26,117

				141,800

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.4% (continued)
Communications - 0.9% (continued)
Internet - 0.1%
Getty Images, Inc., 10.500%, Due 11/15/2030^J	$	50,000	$	44,188
Wayfair LLC,
7.250%, Due 10/31/2029^J		25,000		25,722
6.750%, Due 11/15/2032^J		30,000		30,475

				100,385

Media - 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.125%, Due 5/1/2027^J		12,000		11,992
4.750%, Due 3/1/2030^J		60,000		56,705
4.750%, Due 2/1/2032^J		40,000		35,660
4.250%, Due 1/15/2034^J		20,000		16,706
7.375%, Due 2/1/2036^J		5,000		4,879
Directv Financing LLC, 8.875%, Due 2/1/2030^J		55,000		56,393
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 9.250%, Due 6/1/2032^J		40,000		41,065
DISH DBS Corp.,
5.750%, Due 12/1/2028^J		55,000		53,974
5.125%, Due 6/1/2029		40,000		36,202
EchoStar Corp., 10.750%, Due 11/30/2029		50,000		54,337
Gray Media, Inc.,
9.625%, Due 7/15/2032^J		35,000		34,521
7.250%, Due 8/15/2033^J		35,000		34,693
McGraw-Hill Education, Inc., 7.375%, Due 9/1/2031^J		25,000		25,529
Nexstar Media, Inc.,
6.500%, Due 9/15/2033^J		35,000		35,279
7.250%, Due 4/15/2034^J		10,000		10,063
Univision Communications, Inc., 7.375%, Due 6/30/2030^J		55,000		54,767

				562,765

Telecommunications - 0.2%
APLD ComputeCo LLC, 9.250%, Due 12/15/2030^J		25,000		26,986
Cipher Compute LLC, 7.125%, Due 11/15/2030^J		40,000		41,698
Level 3 Financing, Inc., 6.875%, Due 6/30/2033^J		90,000		92,703
Meridian Arc Holdco LLC, 6.250%, Due 4/30/2031^J		30,000		30,154
PR RNO Property Owner 1 LLC, 6.500%, Due 5/1/2031^J		25,000		25,034
SE Cosmos LLC, 8.875%, Due 5/1/2031^J		30,000		31,379
SV RNO Property Owner 1 LLC, 5.875%, Due 3/1/2031^J		45,000		44,435
Uniti Services LLC, 7.500%, Due 10/15/2033^J		20,000		21,048

				313,437

Total Communications				1,118,387

Consumer, Cyclical - 1.5%
Airlines - 0.1%
United Airlines Holdings, Inc., 5.375%, Due 3/1/2031		50,000		49,451

Apparel - 0.0%
Beach Acquisition Bidco LLC, 10.000%, Due 7/15/2033^J		40,000		44,234

Auto Manufacturers - 0.0%
Nissan Motor Acceptance Co. LLC, 6.125%, Due 9/30/2030^J		40,000		39,505

Auto Parts & Equipment - 0.2%
American Axle & Manufacturing, Inc.,
6.375%, Due 10/15/2032^J		30,000		30,112
7.750%, Due 10/15/2033^J		20,000		20,055
Clarios Global LP/Clarios U.S. Finance Co., 6.750%, Due 9/15/2032^J		85,000		87,070
Dexko Global, Inc., 7.500%, Due 4/15/2032^J		71,950		62,222
Qnity Electronics, Inc., 6.250%, Due 8/15/2033^J		35,000		35,690

				235,149

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.4% (continued)
Consumer, Cyclical - 1.5% (continued)
Distribution/Wholesale - 0.1%
Dealer Tire LLC/DT Issuer LLC, 8.000%, Due 2/1/2028^J	$	65,000	$	64,226

Entertainment - 0.3%
Discovery Global Holdings, Inc.,
4.054%, Due 3/15/2029		30,000		29,837
4.279%, Due 3/15/2032		15,000		13,000
5.050%, Due 3/15/2042		20,000		13,791
Light & Wonder International, Inc., 6.250%, Due 10/1/2033^J		80,000		79,114
Penn Entertainment, Inc., 6.750%, Due 4/1/2031^J		20,000		19,917
Rivers Enterprise Borrower LLC, 6.250%, Due 10/15/2030^J		20,000		20,158
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.625%, Due 2/1/2033^J		110,000		111,611
Voyager Parent LLC, 9.250%, Due 7/1/2032^J		38,000		40,297

				327,725

Home Builders - 0.0%
Taylor Morrison Communities, Inc., 5.750%, Due 11/15/2032^J		40,000		40,194

Housewares - 0.0%
Newell Brands, Inc., 6.375%, Due 5/15/2030		20,000		19,733

Leisure Time - 0.4%
Acushnet Co., 5.625%, Due 12/1/2033^J		50,000		49,609
Carnival Corp. Ltd., 5.750%, Due 8/1/2032^J		50,000		50,509
Life Time, Inc., 6.000%, Due 11/15/2031^J		105,000		106,521
Lindblad Expeditions LLC, 7.000%, Due 9/15/2030^J		35,000		36,019
NCL Corp. Ltd.,
5.875%, Due 1/15/2031^J		20,000		19,328
6.250%, Due 9/15/2033^J		20,000		19,175
Sabre Financial Borrower LLC, 11.125%, Due 6/15/2029^J		10,000		10,409
Sabre GLBL, Inc.,
10.750%, Due 11/15/2029^J		19,000		17,062
10.750%, Due 3/15/2030^J		21,000		18,564
Viking Cruises Ltd., 5.875%, Due 10/15/2033^J		160,000		160,320

				487,516

Lodging - 0.0%
Hilton Domestic Operating Co., Inc., 5.750%, Due 9/15/2033^J		35,000		35,310

Retail - 0.4%
Academy Ltd., 5.875%, Due 5/15/2031^J		30,000		30,185
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.750%, Due 1/15/2030^J		20,000		19,513
Michaels Cos., Inc., 8.500%, Due 3/15/2033^J		50,000		48,815
QXO Building Products, Inc., 6.750%, Due 4/30/2032^J		45,000		45,853
Staples, Inc., 10.750%, Due 9/1/2029^J		60,000		57,083
Victra Holdings LLC/Victra Finance Corp., 8.750%, Due 9/15/2029^J		250,000		258,574

				460,023

Total Consumer, Cyclical				1,803,066

Consumer, Non-Cyclical - 0.8%
Commercial Services - 0.3%
Allied Universal Holdco LLC, 7.875%, Due 2/15/2031^J		35,000		36,593
Dcli Bidco LLC, 7.750%, Due 11/15/2029^J		65,000		66,865
Graham Holdings Co., 5.625%, Due 12/1/2033^J		50,000		49,109

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.4% (continued)
Consumer, Non-Cyclical - 0.8% (continued)
Commercial Services - 0.3% (continued)
Herc Holdings, Inc.,
5.750%, Due 3/15/2031^J	$	15,000	$	14,998
6.000%, Due 3/15/2034^J		15,000		14,906
United Rentals North America, Inc., 5.375%, Due 11/15/2033^J		35,000		34,562
Veritiv Operating Co., 10.500%, Due 11/30/2030^J		20,000		20,521
VT Topco, Inc., 8.500%, Due 8/15/2030^J		30,000		30,809
Wand NewCo 3, Inc., 7.625%, Due 1/30/2032^J		70,000		72,403

				340,766

Food - 0.3%
Mars, Inc., 1.625%, Due 7/16/2032^J		128,000		107,228
Mondelez International, Inc., 1.875%, Due 10/15/2032		127,000		108,446
Performance Food Group, Inc., 5.625%, Due 3/1/2034^J		30,000		29,316
Post Holdings, Inc., 6.250%, Due 10/15/2034^J		5,000		4,955
U.S. Foods, Inc., 5.750%, Due 4/15/2033^J		39,000		38,944
United Natural Foods, Inc., 6.750%, Due 10/15/2028^J		81,000		81,226

				370,115

Health Care - Services - 0.2%
Centene Corp., 4.625%, Due 12/15/2029		35,000		34,089
IQVIA, Inc., 5.000%, Due 5/15/2027^J		139,000		138,933
LifePoint Health, Inc.,
10.000%, Due 6/1/2032^J		30,000		30,715
7.000%, Due 5/1/2034^J		15,000		14,647
Radiology Partners, Inc., 8.500%, Due 7/15/2032^J		40,000		41,000
Select Medical Corp., 6.250%, Due 12/1/2032^J		15,000		14,606
Tenet Healthcare Corp.,
5.500%, Due 11/15/2032^J		5,000		4,980
6.000%, Due 11/15/2033^J		5,000		5,049

				284,019

Total Consumer, Non-Cyclical				994,900

Energy - 0.7%
Oil & Gas - 0.5%
Caturus Energy LLC, 7.125%, Due 5/15/2031^J		40,000		39,950
Chord Energy Corp.,
6.000%, Due 10/1/2030^J		40,000		40,498
6.750%, Due 3/15/2033^J		35,000		35,935
CNX Resources Corp., 5.875%, Due 3/1/2034^J		40,000		39,376
Kodiak Gas Services LLC,
6.500%, Due 10/1/2033^J		25,000		25,442
6.750%, Due 10/1/2035^J		25,000		25,694
Matador Resources Co.,
6.500%, Due 4/15/2032^J		25,000		25,334
6.000%, Due 4/15/2034^J		25,000		24,702
Nabors Industries, Inc.,
9.125%, Due 1/31/2030^J		30,000		31,434
7.625%, Due 11/15/2032^J		25,000		26,061
Par Petroleum LLC, 7.375%, Due 6/1/2034^J		30,000		30,705
PBF Holding Co. LLC/PBF Finance Corp., 7.250%, Due 6/1/2034^J		10,000		9,955
SM Energy Co., 7.000%, Due 8/1/2032^J		40,000		40,977
WBI Operating LLC, 6.500%, Due 10/15/2033^J		70,000		70,893
Weatherford International Ltd., 6.750%, Due 10/15/2033^J		75,000		77,175

				544,131

Pipelines - 0.2%
Harvest Midstream I LP, 6.750%, Due 5/15/2034^J		20,000		20,533
Rockies Express Pipeline LLC, 6.750%, Due 3/15/2033^J		60,000		62,388
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.750%, Due 3/15/2034^J		20,000		20,436
Venture Global LNG, Inc., 8.375%, Due 6/1/2031^J		65,000		67,638

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.4% (continued)
Energy - 0.7% (continued)
Pipelines - 0.2% (continued)
Venture Global Plaquemines LNG LLC,
6.125%, Due 12/15/2030^J	$	15,000	$	15,407
7.500%, Due 5/1/2033^J		25,000		27,590
6.500%, Due 1/15/2034^J		45,000		47,048

				261,040

Total Energy				805,171

Financial - 0.4%
Diversified Financial Services - 0.2%
Azorra Finance Ltd., 7.250%, Due 1/15/2031^J		55,000		56,205
Freedom Mortgage Holdings LLC, 8.375%, Due 4/1/2032^J		25,000		25,385
OneMain Finance Corp.,
7.500%, Due 5/15/2031		30,000		30,927
6.500%, Due 3/15/2033		95,000		92,775

				205,292

Insurance - 0.1%
Acrisure LLC/Acrisure Finance, Inc., 6.750%, Due 7/1/2032^J		65,000		62,767
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.500%, Due 10/1/2031^J		35,000		35,082
Asurion LLC/Asurion Co-Issuer, Inc.,
8.000%, Due 12/31/2032^J		10,000		10,428
8.375%, Due 2/1/2034^J		10,000		9,773

				118,050

Real Estate - 0.0%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.,
5.250%, Due 4/15/2030^J		30,000		28,816
9.750%, Due 4/15/2030^J		15,000		16,159

				44,975

REITS - 0.1%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.000%, Due 2/1/2030^J		45,000		46,073
RHP Hotel Properties LP/RHP Finance Corp., 5.750%, Due 3/15/2034^J		25,000		24,802
Starwood Property Trust, Inc., 5.250%, Due 10/15/2028^J		60,000		59,844
XHR LP, 4.875%, Due 6/1/2029^J		40,000		39,391

				170,110

Total Financial				538,427

Industrial - 0.6%
Aerospace/Defense - 0.0%
TransDigm, Inc.,
6.250%, Due 1/31/2034^J		10,000		10,235
6.750%, Due 1/31/2034^J		10,000		10,249

				20,484

Building Materials - 0.2%
Builders FirstSource, Inc., 6.375%, Due 3/1/2034^J		120,000		119,898
Cornerstone Building Brands, Inc., 9.500%, Due 8/15/2029^J		30,000		18,169
Quikrete Holdings, Inc., 6.750%, Due 3/1/2033^J		35,000		35,503
Standard Building Solutions, Inc., 5.875%, Due 3/15/2034^J		20,000		19,500

				193,070

Electrical Components & Equipment - 0.0%
Energizer Holdings, Inc., 6.000%, Due 9/15/2033^J		35,000		33,362
WESCO Distribution, Inc., 5.500%, Due 4/15/2034^J		20,000		19,855

				53,217

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.4% (continued)
Industrial - 0.6% (continued)
Environmental Control - 0.1%
GFL Environmental Holdings U.S., Inc., 5.500%, Due 2/1/2034^J	$	65,000	$	63,485

Machinery - Diversified - 0.0%
Columbus McKinnon Corp., 7.125%, Due 2/1/2033^J		55,000		55,737

Metal Fabricate/Hardware - 0.0%
Advanced Drainage Systems, Inc., 5.375%, Due 3/1/2034^J		15,000		14,613

Packaging & Containers - 0.1%
Clydesdale Acquisition Holdings, Inc., 6.750%, Due 4/15/2032^J		120,000		115,344

Transportation - 0.2%
Genesee & Wyoming, Inc., 6.250%, Due 4/15/2032^J		69,000		70,039
PODS LLC, 8.750%, Due 5/15/2031^J		20,000		19,410
Watco Cos. LLC/Watco Finance Corp., 7.125%, Due 8/1/2032^J		125,000		128,778

				218,227

Total Industrial				734,177

Technology - 0.2%
Software - 0.2%
AthenaHealth Group, Inc., 6.500%, Due 2/15/2030^J		80,000		77,116
Cloud Software Group, Inc.,
9.000%, Due 9/30/2029^J		20,000		19,762
6.625%, Due 8/15/2033^J		30,000		27,306
CoreWeave, Inc., 9.250%, Due 6/1/2030^J		30,000		30,607
Ellucian Holdings, Inc., 6.500%, Due 12/1/2029^J		20,000		19,735
OAK-Eagle Acquireco, Inc.,
7.250%, Due 7/1/2033^J		40,000		41,714
8.750%, Due 7/1/2034^J		15,000		15,853
UKG, Inc., 6.875%, Due 2/1/2031^J		70,000		68,790

				300,883

Total Technology				300,883

Utilities - 0.1%
Electric - 0.1%
NRG Energy, Inc.,
6.000%, Due 2/1/2033^J		35,000		35,265
6.125%, Due 5/15/2036^J		15,000		14,967
Talen Energy Supply LLC, 6.250%, Due 2/1/2034^J		35,000		34,871

				85,103

Total Utilities				85,103

Total Corporate Obligations (Cost $6,604,007)				6,620,273

FOREIGN CORPORATE OBLIGATIONS - 0.5%
Communications - 0.0%
Telecommunications - 0.0%
Altice France SA, 6.875%, Due 7/15/2032^J		64,795		63,262

Consumer, Non-Cyclical - 0.1%
Commercial Services - 0.1%
Garda World Security Corp.,
6.500%, Due 1/15/2031^J		35,000		35,600
8.250%, Due 8/1/2032^J		85,000		87,169

				122,769

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 0.5% (continued)
Financial - 0.2%
Diversified Financial Services - 0.2%
Global Aircraft Leasing Co. Ltd., 8.750%, Due 9/1/2027^J	$	200,000	$	204,413

Industrial - 0.2%
Machinery - Diversified - 0.1%
TK Elevator U.S. Newco, Inc., 5.250%, Due 7/15/2027^J		139,000		139,063

Transportation - 0.1%
Seaspan Corp., 5.500%, Due 8/1/2029^J		55,000		52,599

Total Industrial				191,662

Total Foreign Corporate Obligations (Cost $577,733)				582,106


	Shares
EXCHANGE-TRADED INSTRUMENTS - 4.2%
Exchange-Traded Funds - 4.2%
Invesco Senior Loan ETF		126,700		2,593,549
State Street Blackstone Senior Loan ETF		64,500		2,615,475

				5,209,024

Total Exchange-Traded Instruments (Cost $5,214,078)				5,209,024

FOREIGN COMMON STOCKS - 0.1% (Cost $137,716)
Communication Services - 0.1%
Diversified Telecommunication Services - 0.1%
Altice France Lux 3/Altice Holdings 1^A ^B ^C		5,056		103,203

SHORT-TERM INVESTMENTS - 6.4% (Cost $7,912,370)
Investment Companies - 6.4%
American Beacon U.S. Government Money Market Select Fund, 3.51%^K ^L		7,912,370		7,912,370

TOTAL INVESTMENTS - 101.9% (Cost $129,146,998)				125,563,220
LIABILITIES, NET OF OTHER ASSETS - (1.9%)				(2,364,660	)

TOTAL NET ASSETS - 100.0%			$	123,198,560

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Value was determined using significant unobservable inputs.

^C	Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s fair market value. At period end, the value of these securities amounted to $103,203 or 0.1% of net assets.

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

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

^F	Coupon rates may not be available for all or a portion of bank loans that are unsettled and/or unfunded as of May 31, 2026.

^G	Default Security. At period end, the amount of securities in default was $0 or 0.0% of net assets.

^H	Zero coupon bank loan.

^I	All or a portion of the security is an Unfunded Loan Commitment. The rate represents the current interest rate if the loan is partially funded.

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 $6,688,933 or 5.4% of net assets. The Fund has no right to demand registration of these securities.

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

^L	7-day yield.

ETF - Exchange-Traded Fund.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

See accompanying notes

American Beacon DoubleLine Floating Rate Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

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

SOFR - Secured Overnight Financing Rate.

T-bills - Treasury bills.

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


American Beacon DoubleLine Floating Rate Fund	Level 1		Level 2		Level 3			Total
*Assets*
Common Stocks	$	—	$	1,409	$	0	⁽¹⁾	$	1,409	⁽¹⁾
Preferred Stocks		—		—		0	⁽¹⁾		0	⁽¹⁾
Bank Loan Obligations		—		105,134,835		0	⁽¹⁾		105,134,835	⁽¹⁾
Corporate Obligations		—		6,620,273		—			6,620,273
Foreign Corporate Obligations		—		582,106		—			582,106
Exchange-Traded Instruments		5,209,024		—		—			5,209,024
Foreign Common Stocks		—		—		103,203			103,203
Short-Term Investments		7,912,370		—		—			7,912,370

Total Investments in Securities - Assets	$	13,121,394	$	112,338,623	$	103,203		$	125,563,220

⁽¹⁾	Includes investments held in the Fund’s portfolio with $0 fair value.

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

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


Security Type	Balance as of 3/31/2026			Purchases		Sales		Accrued Discount (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3		Balance as of 5/31/2026			Unrealized Appreciation (Depreciation) at Period End*
Common Stocks	$	0	⁽¹⁾	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	0	⁽¹⁾	$	(158,774	)
Preferred Stocks		0	⁽¹⁾		—		—		—		—		—			—		—		0	⁽¹⁾		(339,302	)
Bank Loan Obligations		0	⁽¹⁾		—		—		424		—		(424	)		—		—		0	⁽¹⁾		(934,589	)
Foreign Common Stocks	$	85,420		$	—	$	—	$	—	$	—	$	17,783		$	—	$	—	$	103,203		$	(34,513	)

	$	85,420		$	—	$	—	$	424	$	—	$	17,359		$	—	$	—	$	103,203		$	(1,467,178	)

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

⁽¹⁾	Investments held in the Fund’s portfolio with $0 fair value.

For the period ended May 31, 2026, three common stocks, one preferred stock, and two bank loan obligations have been fair valued at $0 and one Foreign Common Stock has been valued at $103,203 by the Valuation Committee using significant unobservable inputs.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

American
Beacon

DoubleLine

Floating

Rate Fund

Fair

Value as

May 31,
2026

Valuation
Techniques

Unobservable
Input

Values
(Weighted
Average)

Impact to

valuation from an

increase to input

Foreign Common Stocks

$ 103,203

Market Comparables

Market Quotes

$ 20.41

Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

See accompanying notes

American Beacon DoubleLine Select Income Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 43.5%
Communications - 3.7%
Telecommunications - 3.7%
AT&T, Inc., 4.300%, Due 12/15/2042	$	11,015,000	$	9,181,457
T-Mobile USA, Inc., 5.500%, Due 1/15/2055		4,500,000		4,207,989

				13,389,446

Total Communications				13,389,446

Energy - 15.1%
Pipelines - 15.1%
Cheniere Energy, Inc., 5.650%, Due 4/15/2034		3,500,000		3,604,606
Energy Transfer LP, 5.750%, Due 2/15/2033		8,000,000		8,328,938
Enterprise Products Operating LLC, 5.550%, Due 2/16/2055		5,000,000		4,845,332
Flex Intermediate Holdco LLC, 4.317%, Due 12/30/2039^A		5,750,000		4,873,458
Kinder Morgan, Inc., 5.550%, Due 6/1/2045		5,500,000		5,318,768
MPLX LP, 5.400%, Due 9/15/2035		8,000,000		8,012,742
ONEOK, Inc., 6.625%, Due 9/1/2053		3,500,000		3,667,187
Venture Global Calcasieu Pass LLC, 6.250%, Due 1/15/2030^A		5,000,000		5,143,455
Western Midstream Operating LP, 5.250%, Due 2/1/2050		6,000,000		5,240,682
Williams Cos., Inc., 6.300%, Due 4/15/2040		5,000,000		5,313,722

				54,348,890

Total Energy				54,348,890

Financial - 6.7%
Diversified Financial Services - 1.4%
Pluto 2 GIP Sharon Finco, 6.640%, Due 9/30/2046^B ^C		5,000,000		5,144,500

Investment Companies - 1.7%
HA Sustainable Infrastructure Capital, Inc., 6.375%, Due 7/1/2034		6,000,000		6,154,550

Real Estate - 1.4%
AZ Battery Property LLC, 6.730%, Due 2/20/2046^B ^C		4,989,950		5,025,282

REITS - 2.2%
Crown Castle, Inc., 5.100%, Due 5/1/2033		8,000,000		7,954,048

Total Financial				24,278,380

Industrial - 1.3%
Transportation - 1.3%
Burlington Northern Santa Fe LLC, 5.200%, Due 4/15/2054		5,000,000		4,649,455

Technology - 2.0%
Semiconductors - 2.0%
Foundry JV Holdco LLC,
6.150%, Due 1/25/2032^A		2,000,000		2,103,402
5.875%, Due 1/25/2034^A		2,000,000		2,027,350
6.300%, Due 1/25/2039^A		3,000,000		3,168,598

				7,299,350

See accompanying notes

American Beacon DoubleLine Select Income Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 43.5% (continued)
Utilities - 14.7%
Electric - 14.7%
Ameren Corp., 5.375%, Due 3/15/2035	$	6,000,000	$	6,078,303
Basin Electric Power Cooperative, 7.690%, Due 12/17/2028^B ^C		375,000		390,348
Duke Energy Florida LLC, 5.875%, Due 11/15/2033		5,000,000		5,299,195
Entergy Arkansas LLC, 5.450%, Due 6/1/2034		3,000,000		3,092,554
Eversource Energy, 5.125%, Due 5/15/2033		8,500,000		8,507,440
Exelon Corp., 5.300%, Due 3/15/2033		7,400,000		7,575,330
ITC Holdings Corp., 5.400%, Due 6/1/2033^A		7,500,000		7,617,560
Sempra, 5.500%, Due 8/1/2033		5,000,000		5,154,992
Southern Co., 5.500%, Due 3/15/2029		9,150,000		9,385,363

				53,101,085

Total Utilities				53,101,085

Total Corporate Obligations (Cost $156,760,328)				157,066,606

FOREIGN CORPORATE OBLIGATIONS - 3.0%
Energy - 0.5%
Energy - Alternate Sources - 0.5%
Energia Eolica SA, 6.000%, Due 8/30/2034^D		1,726,442		1,608,008

Industrial - 0.7%
Transportation - 0.7%
Lima Metro Line 2 Finance Ltd.,
5.875%, Due 7/5/2034^A		2,367,713		2,416,940
5.875%, Due 7/5/2034^D		127,492		130,143

				2,547,083

Utilities - 1.8%
Electric - 1.8%
Comision Federal de Electricidad, 6.045%, Due 1/28/2034^A		3,000,000		2,943,000
Emirates Semb Corp. Water & Power Co. PJSC, 4.450%, Due 8/1/2035^A		2,000,000		1,872,395
Transelec SA, 3.875%, Due 1/12/2029^A		1,750,000		1,704,635

				6,520,030

Total Utilities				6,520,030

Total Foreign Corporate Obligations (Cost $11,048,926)				10,675,121

ASSET-BACKED OBLIGATIONS - 42.5%
AASET MT-1 Ltd., 6.010%, Due 2/16/2050, 2025-2A B^A		4,658,809		4,584,294
AASET Trust, 6.900%, Due 5/16/2049, 2024-1A B^A		5,863,820		5,926,380
ALLO Issuer LLC, 6.046%, Due 6/20/2056, 2026-1A B^A		2,250,000		2,275,589
ALTDE Trust, 6.534%, Due 8/15/2050, 2025-1A B^A		3,327,294		3,335,193
American Credit Acceptance Receivables Trust, 4.900%, Due 3/12/2029, 2025-1 B^A		4,510,000		4,515,125
APL Finance DAC, 5.280%, Due 3/20/2036, 2025-1A B^A		1,425,000		1,420,414
Blue Stream Issuer LLC, 8.898%, Due 5/20/2053, 2023-1A C^A		2,000,000		2,031,380
Cloud Capital Holdco LP, 5.923%, Due 11/22/2049, 2024-2A A2^A		3,500,000		3,501,956
Compass Datacenters Issuer II LLC, 5.756%, Due 5/25/2050, 2025-1A B1^A		2,000,000		1,988,433
CyrusOne Data Centers Issuer I LLC, 5.450%, Due 4/20/2048, 2023-1A B^A		1,233,331		1,224,963
DataBank Issuer II LLC, 5.180%, Due 9/27/2055, 2025-1A A2^A		6,000,000		5,894,086
Diversified ABS X LLC, 5.945%, Due 2/28/2045, 2025-1A A1^A		4,085,767		4,089,143
Eclipse Aircraft LLC, 6.451%, Due 5/15/2051, 2026-1 B^A		3,680,000		3,687,360
Gilead Aviation LLC, 5.789%, Due 3/15/2050, 2025-1A A^A		4,706,266		4,703,997
GM Financial Consumer Automobile Receivables Trust, 4.880%, Due 8/16/2028, 2022-4 A4		941,347		943,300
GoodLeap Sustainable Home Solutions Trust, 2.410%, Due 5/20/2048, 2021-3CS B^A		2,691,408		1,698,939
GreenSky Home Improvement Issuer Trust, 6.220%, Due 3/25/2060, 2025-1A D^A		8,297,695		8,343,955
HERO Funding Trust,
3.990%, Due 9/20/2040, 2015-2A A^A		8,343		8,052
3.910%, Due 9/20/2042, 2016-3A A2^A		241,916		231,262
4.290%, Due 9/20/2047, 2016-4A A2^A		626,359		600,134
Horizon Aircraft Finance II Ltd., 3.721%, Due 7/15/2039, 2019-1 A^A		1,210,936		1,192,767
JOL Air Ltd., 3.967%, Due 4/15/2044, 2019-1 A^A		1,838,616		1,836,704

See accompanying notes

American Beacon DoubleLine Select Income Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 42.5% (continued)
Luminace ABS Issuer LLC, 5.870%, Due 10/30/2031, 2024-1 A^A	$	6,499,879	$	6,355,865
MetroNet Infrastructure Issuer LLC, 7.830%, Due 8/20/2055, 2025-2A C^A		3,000,000		3,060,546
Mosaic Solar Loan Trust,
3.280%, Due 9/20/2040, 2019-2A B^A		1,249,374		1,110,931
4.010%, Due 6/22/2043, 2018-1A A^A		1,027,021		965,826
6.120%, Due 8/22/2050, 2025-1A A^A		3,955,372		3,905,934
1.920%, Due 6/20/2052, 2021-3A B^A		2,378,348		1,699,836
3.160%, Due 1/20/2053, 2022-1A B^A		1,631,397		1,088,663
MP LLC, 5.547%, Due 11/15/2065, 2025-1A A^A		5,904,764		5,772,988
Navigator Aviation Ltd., 5.894%, Due 10/15/2050, 2025-1 B^A		4,831,473		4,711,301
PureWest ABS Issuer LLC, 5.685%, Due 4/5/2040		3,748,317		3,727,911
QTS Issuer ABS I LLC, 5.928%, Due 5/25/2055, 2025-1A B^A		5,000,000		4,832,168
QTS Issuer ABS II LLC, 5.778%, Due 10/5/2055, 2025-1A B^A		4,750,000		4,557,109
Redaptive EAAS Issuer LLC, 5.940%, Due 3/25/2042, 2025-1A A^A		1,059,648		1,065,164
Santander Drive Auto Receivables Trust, 4.490%, Due 8/15/2029, 2022-3 C		1,900,516		1,901,638
Scalelogix ABS U.S. Issuer LLC, 6.158%, Due 7/25/2055, 2025-1A B^A		1,950,000		1,903,108
SSI ABS Issuer LLC, 6.150%, Due 7/25/2065, 2025-1 A^A		4,817,920		4,739,510
Stack Infrastructure Issuer LLC, 5.000%, Due 5/25/2050, 2025-1A A2^A		5,280,000		5,125,565
Sunnova Helios II Issuer LLC,
2.010%, Due 7/20/2048, 2021-B B^A		1,046,192		809,217
4.870%, Due 7/20/2048, 2018-1A A^A		1,108,090		1,068,131
Sunnova Helios IV Issuer LLC, 2.980%, Due 6/20/2047, 2020-AA A^A		873,142		745,743
Switch ABS Issuer LLC, 10.033%, Due 6/25/2054, 2024-2A C^A		5,000,000		5,088,430
Tesla Auto Lease Trust, 4.820%, Due 10/20/2027, 2024-B A3^A		2,552,864		2,557,835
Thunderbolt II Aircraft Lease Ltd.,
5.960%, Due 9/15/2038, 2018-A A^A		23,012		23,022
7.680%, Due 9/15/2038, 2018-A B^A		70,584		70,253
TSC SPV Funding LLC, 5.954%, Due 5/20/2056, 2026-1A A2^A		3,050,000		3,045,648
Vantage Data Centers Issuer LLC, 6.000%, Due 11/15/2055, 2025-3A B^A		4,250,000		4,055,604
Vital Care Issuer LLC, 6.737%, Due 1/30/2056, 2025-1A A2^A		2,992,500		2,999,356
Vivint Solar Financing V LLC, 4.730%, Due 4/30/2048, 2018-1A A^A		3,890,713		3,799,541
Willis Engine Structured Trust VIII, 5.582%, Due 6/15/2050, 2025-A A^A		4,839,834		4,862,192
Wireless PropCo Funding LLC, 8.512%, Due 6/25/2055, 2025-1A C^A		3,600,000		3,603,719

Total Asset-Backed Obligations (Cost $156,916,307)				153,286,180

U.S. TREASURY OBLIGATIONS - 6.8%
U.S. Treasury Notes,
4.250%, Due 6/30/2029		4,000,000		4,021,250
3.750%, Due 1/31/2031		6,000,000		5,902,969
3.500%, Due 2/28/2031		7,500,000		7,297,851
3.750%, Due 2/28/2033		7,500,000		7,272,949

				24,495,019

Total U.S. Treasury Obligations (Cost $24,864,558)				24,495,019


	Shares
SHORT-TERM INVESTMENTS - 4.0% (Cost $14,461,444)
Investment Companies - 4.0%
American Beacon U.S. Government Money Market Select Fund, 3.51%^E ^F		14,461,444		14,461,444

TOTAL INVESTMENTS - 99.8% (Cost $364,051,563)				359,984,370
OTHER ASSETS, NET OF LIABILITIES - 0.2%				838,978

TOTAL NET ASSETS - 100.0%			$	360,823,348

Percentages are stated as a percent of net assets.

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 $180,584,124 or 50.0% of net assets. The Fund has no right to demand registration of these securities.

Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s fair market value. At period end, the value of these securities amounted to $10,560,130 or 2.9% of net assets.

^C	Value was determined using significant unobservable inputs.

See accompanying notes

American Beacon DoubleLine Select Income Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

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	The Fund is affiliated by having the same investment advisor.

^F	7-day yield.

DAC - Designated Activity Company.

LLC - Limited Liability Company.

LP - Limited Partnership.

PJSC - Public Joint Stock Company.

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


DoubleLine Select Income Fund	Level 1		Level 2		Level 3		Total
*Assets*
Corporate Obligations	$	—	$	146,506,476	$	10,560,130	$	157,066,606
Foreign Corporate Obligations		—		10,675,121		—		10,675,121
Asset-Backed Obligations		—		153,286,180		—		153,286,180
U.S. Treasury Obligations		—		24,495,019		—		24,495,019
Short-Term Investments		14,461,444		—		—		14,461,444

Total Investments in Securities - Assets	$	14,461,444	$	334,962,796	$	10,560,130	$	359,984,370

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


Security Type	Balance as of 3/31/2026		Purchases		Sales		Accrued Discount (Premiums)			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 5/31/2026		Unrealized Appreciation (Depreciation) at Period End*
Corporate Obligations	$	10,443,513	$	—	$	6,718	$	(168	)	$	6	$	123,497	$	—	$	—	$	10,560,130	$	196,976

	$	10,443,513	$	—	$	6,718	$	(168	)	$	6	$	123,497	$	—	$	—	$	10,560,130	$	196,976

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

For the period ended May 31, 2026, three corporate obligations have been fair valued at $10,560,130 by the Valuation Committee using significant unobservable inputs.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

American

Beacon

DoubleLine

Select

Income

Fund

Fair Value

as of

May 31,

2026

Valuation
Techniques

Unobservable
Input

Values
(Weighted
Average)

Impact to

valuation from

an increase to

input

Corporate Obligations

$10,560,130

Market Comparables

Market Quotes

$100.71-

$104.09 ($101.88)

Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

See accompanying notes

American Beacon Ninety One Emerging Markets Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
Argentina - 1.1% (Cost $3,054,230)
Foreign Common Stocks - 1.1%
Vista Energy SAB de CV, ADR^A		50,146	$	3,720,833

Austria - 0.9% (Cost $1,110,806)
Foreign Common Stocks - 0.9%
Erste Group Bank AG		25,793		3,098,750

Brazil - 4.5%
Foreign Common Stocks - 4.5%
Banco BTG Pactual SA^B		209,399		2,231,160
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		412,441		2,285,186
NU Holdings Ltd., Class A^A		173,753		2,281,377
Raia Drogasil SA		623,146		2,308,749
Sendas Distribuidora SA		1,158,352		2,009,214
Ultrapar Participacoes SA		357,377		1,832,739
XP, Inc., Class A		138,171		2,303,310

Total Foreign Common Stocks				15,251,735

Total Brazil (Cost $14,564,317)				15,251,735

Chile - 0.8% (Cost $2,454,744)
Foreign Common Stocks - 0.8%
Latam Airlines Group SA^C		47,901		2,571,326

China - 18.2%
Foreign Common Stocks - 18.2%
AAC Technologies Holdings, Inc.		228,500		1,326,641
AIA Group Ltd.		294,600		3,091,892
Alibaba Group Holding Ltd.		450,336		6,947,342
Anji Microelectronics Technology Shanghai Co. Ltd., Class A		47,701		2,003,096
China Construction Bank Corp., Class H		3,525,000		3,818,761
China Mengniu Dairy Co. Ltd.		978,000		2,116,510
China Resources Beer Holdings Co. Ltd.		594,500		1,835,790
Contemporary Amperex Technology Co. Ltd., Class A		85,459		5,353,379
Fuyao Glass Industry Group Co. Ltd., Class A		218,337		1,698,684
Hong Kong Exchanges & Clearing Ltd.		38,700		1,974,283
JD Health International, Inc.^A ^D		215,750		1,057,153
JL Mag Rare-Earth Co. Ltd., Class A		376,104		1,793,128
Laopu Gold Co. Ltd., Class H		34,500		2,218,734
NetEase, Inc.		135,000		3,343,605
Sany Heavy Industry Co. Ltd., Class A		648,581		1,719,060
Tencent Holdings Ltd.		196,300		10,700,578
WH Group Ltd.^D		1,551,123		1,791,227
WuXi AppTec Co. Ltd., Class A		430,435		6,461,088
Wuxi Biologics Cayman, Inc.^A ^D		610,000		2,595,082

Total Foreign Common Stocks				61,846,033

Total China (Cost $59,032,585)				61,846,033

Greece - 1.3%
Foreign Common Stocks - 1.3%
Alpha Bank SA		421,703		1,923,228
National Bank of Greece SA		138,245		2,390,516

Total Foreign Common Stocks				4,313,744

Total Greece (Cost $3,341,474)				4,313,744

India - 10.4%
Foreign Common Stocks - 10.4%
Apollo Hospitals Enterprise Ltd.		23,732		2,053,318
Bharti Airtel Ltd.		141,472		2,720,730
Eicher Motors Ltd.		26,615		2,020,779

See accompanying notes

American Beacon Ninety One Emerging Markets Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
India - 10.4% (continued)
Foreign Common Stocks - 10.4% (continued)
HDFC Bank Ltd.		239,290	$	1,882,205
Hindustan Aeronautics Ltd.^E		34,348		1,557,194
ICICI Bank Ltd., ADR		136,198		3,572,474
InterGlobe Aviation Ltd.^D		23,913		1,112,584
Larsen & Toubro Ltd.		62,155		2,675,936
Laurus Labs Ltd.^D		81,631		1,178,923
Lodha Developers Ltd.^D		168,921		1,680,319
Malco Energy Ltd.^A ^F ^G		421,641		537,171
Muthoot Finance Ltd.		60,536		2,100,599
Reliance Industries Ltd.		305,191		4,246,652
Swiggy Ltd.^A		516,256		1,399,325
Talwandi Sabo Power Ltd.^A ^F ^G		421,641		537,171
Varun Beverages Ltd.		350,099		1,954,289
Vedanta Aluminium Metal Ltd.^A ^F ^G		421,641		537,170
Vedanta Iron & Steel Ltd.^A ^F ^G		421,641		537,171
Vedanta Ltd.		815,261		3,029,767

Total Foreign Common Stocks				35,333,777

Total India (Cost $38,392,744)				35,333,777

Malaysia - 0.4% (Cost $1,301,796)
Foreign Common Stocks - 0.4%
Tenaga Nasional Bhd.		425,300		1,531,724

Mexico - 2.4%
Foreign Common Stocks - 2.4%
Arca Continental SAB de CV		146,519		1,901,442
Grupo Mexico SAB de CV, Series B		401,382		4,961,190
Ternium SA, ADR		29,003		1,399,395

Total Foreign Common Stocks				8,262,027

Total Mexico (Cost $5,014,452)				8,262,027

Peru - 1.0% (Cost $1,901,640)
Foreign Common Stocks - 1.0%
Credicorp Ltd.		9,807		3,360,172

Poland - 0.9% (Cost $2,030,628)
Foreign Common Stocks - 0.9%
Powszechna Kasa Oszczednosci Bank Polski SA		107,635		3,056,843

Republic of Korea - 21.3%
Foreign Common Stocks - 21.3%
Kia Corp.		30,355		3,408,139
Samsung C&T Corp.		13,265		3,806,976
Samsung Electronics Co. Ltd.		155,449		32,698,960
Shinhan Financial Group Co. Ltd.		57,143		3,549,161
SK Hynix, Inc.		18,642		28,859,845

Total Foreign Common Stocks				72,323,081

Total Republic of Korea (Cost $16,202,873)				72,323,081

Saudi Arabia - 1.9%
Foreign Common Stocks - 1.9%
SABIC Agri-Nutrients Co.		57,903		2,140,155
Saudi Awwal Bank		156,241		1,420,600
Saudi National Bank		272,115		2,857,041

Total Foreign Common Stocks				6,417,796

Total Saudi Arabia (Cost $6,686,906)				6,417,796

See accompanying notes

American Beacon Ninety One Emerging Markets Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
South Africa - 4.2%
Foreign Common Stocks - 4.2%
Capitec Bank Holdings Ltd.		10,051	$	2,764,636
MTN Group Ltd.		261,547		3,496,971
Naspers Ltd., Class N		57,695		3,031,985
Sanlam Ltd.		384,660		2,034,440
Valterra Platinum Ltd.		33,336		2,775,430

Total Foreign Common Stocks				14,103,462

Total South Africa (Cost $8,875,918)				14,103,462

Taiwan - 23.5%
Foreign Common Stocks - 23.5%
Accton Technology Corp.		91,000		7,059,105
ASE Technology Holding Co. Ltd., ADR^C		129,847		4,979,632
Delta Electronics, Inc.		111,000		8,663,709
MediaTek, Inc.		61,000		8,392,843
Taiwan Semiconductor Manufacturing Co. Ltd.		675,000		50,745,399

Total Foreign Common Stocks				79,840,688

Total Taiwan (Cost $29,501,208)				79,840,688

Thailand - 1.3%
Foreign Common Stocks - 1.3%
CP ALL PCL		1,085,400		1,575,823
Kasikornbank PCL		441,200		2,724,879

Total Foreign Common Stocks				4,300,702

Total Thailand (Cost $4,072,002)				4,300,702

Turkey - 1.9% (Cost $3,067,854)
Foreign Common Stocks - 1.9%
Aselsan Elektronik Sanayi Ve Ticaret AS		777,483		6,442,036

United Arab Emirates - 1.4%
Foreign Common Stocks - 1.4%
Aldar Properties PJSC		668,720		1,420,058
Emaar Properties PJSC		564,101		1,809,128
Emirates NBD Bank PJSC		220,926		1,661,261

Total Foreign Common Stocks				4,890,447

Total United Arab Emirates (Cost $5,096,090)				4,890,447

United States - 1.6%
Common Stocks - 1.6%
BeOne Medicines Ltd., Class H^A		137,400		3,099,736
Laureate Education, Inc.^A		70,520		2,255,935

Total Common Stocks				5,355,671

Total United States (Cost $5,084,865)				5,355,671

SHORT-TERM INVESTMENTS - 0.9% (Cost $3,092,705)
Investment Companies - 0.9%
American Beacon U.S. Government Money Market Select Fund, 3.51%^H ^I		3,092,705		3,092,705

See accompanying notes

American Beacon Ninety One Emerging Markets Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
SECURITIES LENDING COLLATERAL - 0.1% (Cost $263,857)
Investment Companies - 0.1%
American Beacon U.S. Government Money Market Select Fund, 3.51%^H ^I		263,857	$	263,857

TOTAL INVESTMENTS - 100.0% (Cost $214,143,694)				339,377,409
OTHER ASSETS, NET OF LIABILITIES - 0.0%				135,297

TOTAL NET ASSETS - 100.0%			$	339,512,706

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Unit - Usually consists of one common stock and/or rights and warrants.

^C	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at May 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 $9,415,288 or 2.8% of net assets. The Fund has no right to demand registration of these securities.

^G	Value was determined using significant unobservable inputs.

^H	7-day yield.

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

ADR - American Depositary Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Public Joint Stock Company.

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


Ninety One Emerging Markets Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Argentina	$	3,720,833	$	—	$	—	$	3,720,833
Austria		3,098,750		—		—		3,098,750
Brazil		15,251,735		—		—		15,251,735
Chile		2,571,326		—		—		2,571,326
China		61,846,033		—		—		61,846,033
Greece		4,313,744		—		—		4,313,744
India		33,185,094		—		2,148,683		35,333,777
Malaysia		1,531,724		—		—		1,531,724
Mexico		8,262,027		—		—		8,262,027
Peru		3,360,172		—		—		3,360,172
Poland		3,056,843		—		—		3,056,843
Republic of Korea		72,323,081		—		—		72,323,081
Saudi Arabia		6,417,796		—		—		6,417,796
South Africa		14,103,462		—		—		14,103,462
Taiwan		79,840,688		—		—		79,840,688
Thailand		4,300,702		—		—		4,300,702
Turkey		6,442,036		—		—		6,442,036
United Arab Emirates		4,890,447		—		—		4,890,447
Common Stocks
United States		5,355,671		—		—		5,355,671
Short-Term Investments		3,092,705		—		—		3,092,705
Securities Lending Collateral		263,857		—		—		263,857

Total Investments in Securities - Assets	$	337,228,726	$	—	$	2,148,683	$	339,377,409

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

See accompanying notes

American Beacon Ninety One Emerging Markets Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


Security Type	Balance as of 8/31/2025		Purchases		Sales		Accrued Discount (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 5/31/2026		Unrealized Appreciation (Depreciation) at Period End*
Foreign Common Stocks	$	—	$	1,958,765	$	—	$	—	$	—	$	189,918	$	—	$	—	$	2,148,683	$	189,918

	$	—	$	1,958,765	$	—	$	—	$	—	$	189,918	$	—	$	—	$	2,148,683	$	189,918

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

For the period ended May 31, 2026, four Foreign Common Stocks were fair valued at $2,148,683 by the Valuation Committee due to the use of significant unobservable inputs.

See accompanying notes

American Beacon Ninety One Global Franchise Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
China - 5.8%
Foreign Common Stocks - 5.8%
AIA Group Ltd.		747,800	$	7,848,327
NetEase, Inc., ADR		124,782		15,325,725

Total Foreign Common Stocks				23,174,052

Total China (Cost $19,213,296)				23,174,052

France - 3.0% (Cost $12,049,926)
Foreign Common Stocks - 3.0%
LVMH Moet Hennessy Louis Vuitton SE		21,691		11,968,344

Germany - 2.3% (Cost $13,190,522)
Foreign Common Stocks - 2.3%
Beiersdorf AG		115,351		9,307,849

Israel - 1.6% (Cost $6,387,739)
Foreign Common Stocks - 1.6%
Check Point Software Technologies Ltd.^A		49,129		6,634,872

Netherlands - 9.6% (Cost $14,631,271)
Foreign Common Stocks - 9.6%
ASML Holding NV		24,004		38,771,990

United Kingdom - 4.9%
Foreign Common Stocks - 4.9%
London Stock Exchange Group PLC		130,318		15,833,540
St. James’s Place PLC		229,097		3,733,151

Total Foreign Common Stocks				19,566,691

Total United Kingdom (Cost $18,835,185)				19,566,691

United States - 70.5%
Common Stocks - 70.5%
Align Technology, Inc.^A		40,876		7,151,256
Alphabet, Inc., Class A		78,459		29,841,096
Autodesk, Inc.^A		54,341		12,569,617
Automatic Data Processing, Inc.		37,243		8,261,987
Booking Holdings, Inc.		107,146		17,939,455
Edwards Lifesciences Corp.^A		135,697		11,733,720
Electronic Arts, Inc.		78,068		15,747,877
FactSet Research Systems, Inc.^B		20,472		5,025,262
Intuit, Inc.		35,709		11,838,605
Johnson & Johnson		59,828		13,481,043
Marsh & McLennan Cos., Inc.		77,164		12,343,925
Microsoft Corp.		49,503		22,288,231
Monster Beverage Corp.^A		111,787		9,846,199
Moody’s Corp.		15,873		7,194,437
Motorola Solutions, Inc.		26,077		10,516,332
Philip Morris International, Inc.		133,756		23,725,639
Roche Holding AG		33,123		13,973,998
S&P Global, Inc.		16,418		6,961,232
VeriSign, Inc.		32,698		9,331,355
Visa, Inc., Class A		102,784		33,544,586

Total Common Stocks				283,315,852

Total United States (Cost $208,087,748)				283,315,852

See accompanying notes

American Beacon Ninety One Global Franchise Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.3% (Cost $9,261,235)
Investment Companies - 2.3%
American Beacon U.S. Government Money Market Select Fund, 3.51%^C ^D		9,261,235	$	9,261,235

SECURITIES LENDING COLLATERAL - 0.9% (Cost $3,580,931)
Investment Companies - 0.9%
American Beacon U.S. Government Money Market Select Fund, 3.51%^C ^D		3,580,931		3,580,931

TOTAL INVESTMENTS - 100.9% (Cost $305,237,853)				405,581,816
LIABILITIES, NET OF ASSETS - (0.9)%				(3,576,947	)

TOTAL NET ASSETS - 100.0%			$	402,004,869

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 May 31, 2026.

^C	7-day yield.

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

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


Ninety One Global Franchise Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
China	$	23,174,052	$	—	$	—	$	23,174,052
France		11,968,344		—		—		11,968,344
Germany		9,307,849		—		—		9,307,849
Israel		6,634,872		—		—		6,634,872
Netherlands		38,771,990		—		—		38,771,990
United Kingdom		19,566,691		—		—		19,566,691
Common Stocks
United States		283,315,852		—		—		283,315,852
Short-Term Investments		9,261,235		—		—		9,261,235
Securities Lending Collateral		3,580,931		—		—		3,580,931

Total Investments in Securities - Assets	$	405,581,816	$	—	$	—	$	405,581,816

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

See accompanying notes

American Beacon Ninety One International Franchise Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
Canada - 0.0% (Cost $0)
Warrants - 0.0%
Constellation Software, Inc.^A ^B ^C		40	$	0

SHORT-TERM INVESTMENTS - 117.3% (Cost $208,955)
Investment Companies - 117.3%
American Beacon U.S. Government Money Market Select Fund, 3.51%^D ^E		208,955		208,955

TOTAL INVESTMENTS - 117.3% (Cost $208,955)				208,955
LIABILITIES, NET OF ASSETS - (17.3)%				(30,761	)

TOTAL NET ASSETS - 100.0%			$	178,194

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s fair market value. At period end, the value of these securities amounted to $0 or 0.0% of net assets.

^C	Value was determined using significant unobservable inputs.

^D	7-day yield.

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

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


Ninety One International Franchise Fund	Level 1		Level 2		Level 3			Total
*Assets*
Warrants
Canada	$	—	$	—	$	0	⁽¹⁾	$	0	⁽¹⁾
Short-Term Investments		208,955		—		—			208,955

Total Investments in Securities - Assets	$	208,955	$	—	$	0	⁽¹⁾	$	208,955

⁽¹⁾	Includes investments held in the Fund’s portfolio with $0 fair value.

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

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
PREFERRED STOCKS - 3.6%
Financials - 3.6%
Banks - 0.4%
Pinnacle Financial Partners, Inc., Series A, 7.271%, (3 mo. USD Term SOFR + 3.614%)^A ^B ^C		404,671	$	10,371,718

Mortgage Real Estate Investment Trusts (REITs) - 3.2%
AGNC Investment Corp.,
Series C, 9.030%, (3 mo. USD Term SOFR + 5.373%)^A ^C		298,378		7,695,169
Series D, 8.267%, (3 mo. USD Term SOFR + 4.594%)^A ^C		239,065		5,964,672
Series E, 8.912%, (3 mo. USD Term SOFR + 5.255%)^A ^C		640,201		16,369,939
Series F, 8.632%, (3 mo. USD Term SOFR + 4.959%)^A ^C		398,977		10,026,292
Annaly Capital Management, Inc.,
Series F, 8.912%, (3 mo. USD Term SOFR + 5.255%)^A ^C		689,787		17,955,156
Series G, 8.091%, (3 mo. USD Term SOFR + 4.434%)^A ^C		560,157		14,121,558
Series I, 8.950%, (3 mo. USD Term SOFR + 5.251%)^A ^C		217,680		5,590,022

				77,722,808

Total Financials				88,094,526

Total Preferred Stocks (Cost $85,923,721)				88,094,526


	Principal Amount
CORPORATE OBLIGATIONS - 55.7%
Communications - 0.5%
Telecommunications - 0.5%
Ciena Corp., 4.000%, Due 1/31/2030^D	$	12,407,000		11,908,240

Consumer, Cyclical - 9.8%
Entertainment - 4.0%
Churchill Downs, Inc., 6.750%, Due 5/1/2031^D		23,942,000		24,442,939
Pioneer Opco LLC, 7.000%, Due 5/15/2033^D		21,435,000		21,898,017
SeaWorld Parks & Entertainment, Inc., 5.250%, Due 8/15/2029^D		24,571,000		23,911,060
Vail Resorts, Inc., 6.500%, Due 5/15/2032^D		26,305,000		26,798,929

				97,050,945

Leisure Time - 1.0%
Life Time, Inc., 6.000%, Due 11/15/2031^D		23,525,000		23,865,783

Lodging - 2.2%
Boyd Gaming Corp., 4.750%, Due 6/15/2031^D		28,973,000		27,933,000
Station Casinos LLC, 4.500%, Due 2/15/2028^D		3,938,000		3,881,616
4.625%, Due 12/1/2031^D		21,015,000		19,888,159

				51,702,775

Retail - 2.6%
FirstCash, Inc., 6.125%, Due 5/1/2034^D		34,890,000		34,916,334
Men’s Wearhouse LLC, 9.000%, Due 2/1/2031^D		25,950,000		27,304,356

				62,220,690

Total Consumer, Cyclical				234,840,193

Consumer, Non-Cyclical - 22.9%
Agriculture - 1.0%
Turning Point Brands, Inc., 7.625%, Due 3/15/2032^D		23,245,000		24,136,516

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 55.7% (continued)
Consumer, Non-Cyclical - 22.9% (continued)
Commercial Services - 5.6%
AMN Healthcare, Inc., 6.500%, Due 1/15/2031^D	$	23,860,000	$	23,982,092
Carriage Services, Inc., 4.250%, Due 5/15/2029^D		24,431,000		23,373,257
CompoSecure Holdings LLC, 5.625%, Due 2/1/2033^D		34,175,000		33,175,039
CPI CG, Inc., 10.000%, Due 7/15/2029^D		19,494,000		20,517,435
GEO Group, Inc., 10.250%, Due 4/15/2031		31,475,000		34,108,482

				135,156,305

Cosmetics/Personal Care - 0.9%
Prestige Brands, Inc., 3.750%, Due 4/1/2031^D		24,155,000		22,168,374

Food - 3.8%
Industrial F&B Investments III, Inc., 7.750%, Due 2/11/2033^D		31,775,000		32,411,233
Post Holdings, Inc.,
6.250%, Due 10/15/2034^D		21,825,000		21,629,754
6.500%, Due 3/15/2036^D		11,025,000		10,938,268
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, Due 3/1/2029^D		27,870,000		26,958,094

				91,937,349

Health Care - Products - 3.3%
Avantor Funding, Inc.,
4.625%, Due 7/15/2028^D		9,255,000		9,149,526
3.875%, Due 11/1/2029^D		10,410,000		9,886,826
Insulet Corp., 6.500%, Due 4/1/2033^D		25,575,000		26,023,125
Medline Borrower LP, 3.875%, Due 4/1/2029^D		20,300,000		19,756,001
Neogen Food Safety Corp., 8.625%, Due 7/20/2030^D		13,352,000		14,004,713

				78,820,191

Health Care - Services - 8.3%
Acadia Healthcare Co., Inc., 7.375%, Due 3/15/2033^D		10,797,000		11,075,865
Charles River Laboratories International, Inc., 4.000%, Due 3/15/2031^D		31,248,000		29,262,939
Concentra Health Services, Inc., 6.875%, Due 7/15/2032^D		22,700,000		23,495,294
Option Care Health, Inc., 4.375%, Due 10/31/2029^D		19,920,000		19,157,797
Pediatrix Medical Group, Inc., 5.375%, Due 2/15/2030^D		23,630,000		23,384,709
Select Medical Corp., 6.250%, Due 12/1/2032^D		39,265,000		38,234,510
Sotera Health Holdings LLC, 7.375%, Due 6/1/2031^D		18,625,000		19,375,718
Tenet Healthcare Corp., 5.500%, Due 11/15/2032^D		33,855,000		33,718,094

				197,704,926

Total Consumer, Non-Cyclical				549,923,661

Energy - 3.2%
Oil & Gas - 2.4%
Helix Energy Solutions Group, Inc., 9.750%, Due 3/1/2029^D		23,635,000		24,857,331
Transocean International Ltd.,
7.500%, Due 4/15/2031		27,785,000		28,508,077
6.800%, Due 3/15/2038		4,850,000		4,629,856

				57,995,264

Pipelines - 0.8%
Venture Global LNG, Inc., 9.000%, Due 9/30/2029, (5 yr. CMT + 5.440%)^A ^D ^E		17,775,000		17,553,655

Total Energy				75,548,919

Financial - 4.7%
Diversified Financial Services - 3.9%
Encore Capital Group, Inc.,
4.250%, Due 6/1/2028^D	GBP	5,910,000		7,674,939
6.625%, Due 4/15/2031^D	$	12,355,000		12,457,349
6.625%, Due 6/1/2032^D		2,850,000		2,849,358
EZCORP, Inc., 7.375%, Due 4/1/2032^D		23,354,000		24,721,096

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 55.7% (continued)
Financial - 4.7% (continued)
Diversified Financial Services - 3.9% (continued)
Jefferson Capital Holdings LLC,
9.500%, Due 2/15/2029^D	$	2,592,000	$	2,714,902
8.250%, Due 5/15/2030^D		15,135,000		15,921,082
Rfna LP, 7.875%, Due 2/15/2030^D		26,600,000		26,100,477

				92,439,203

Real Estate - 0.8%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.,
5.750%, Due 1/15/2029^D		4,990,000		4,923,948
5.250%, Due 4/15/2030^D		15,965,000		15,334,781

				20,258,729

Total Financial				112,697,932

Industrial - 6.7%
Aerospace/Defense - 1.9%
AAR Escrow Issuer LLC, 6.750%, Due 3/15/2029^D		22,760,000		23,380,665
Moog, Inc., 5.500%, Due 10/15/2034^D		21,569,000		21,368,564

				44,749,229

Electrical Components & Equipment - 1.0%
WESCO Distribution, Inc., 5.500%, Due 4/15/2034^D		24,000,000		23,825,474

Electronics - 1.0%
TTM Technologies, Inc., 4.000%, Due 3/1/2029^D		25,531,000		24,728,831

Environmental Control - 0.9%
Clean Harbors, Inc., 5.750%, Due 10/15/2033^D		21,895,000		22,004,978

Machinery - Construction & Mining - 0.7%
BWX Technologies, Inc., 4.125%, Due 4/15/2029^D		18,742,000		18,154,583

Miscellaneous Manufacturing - 1.2%
Axon Enterprise, Inc., 6.250%, Due 3/15/2033^D		27,467,000		28,155,076

Total Industrial				161,618,171

Technology - 7.9%
Computers - 5.9%
Amentum Holdings, Inc., 7.250%, Due 8/1/2032^D		28,391,879		29,389,399
Booz Allen Hamilton, Inc.,
3.875%, Due 9/1/2028^D		2,820,000		2,759,754
5.950%, Due 8/4/2033		13,060,000		13,356,020
CACI International, Inc., 6.375%, Due 6/15/2033^D		29,250,000		29,914,588
Gartner, Inc.,
3.750%, Due 10/1/2030^D		13,155,000		12,105,962
5.600%, Due 11/20/2035		6,466,000		6,194,643
KBR, Inc., 4.750%, Due 9/30/2028^D		16,221,000		16,017,560
Science Applications International Corp., 5.875%, Due 11/1/2033^D		32,700,000		32,287,620

				142,025,546

Office & Business Equipment - 0.9%
Zebra Technologies Corp., 6.500%, Due 6/1/2032^D		22,260,000		22,580,589

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

Principal Amount

Fair Value

CORPORATE OBLIGATIONS - 55.7% (continued)

Technology - 7.9% (continued)

Semiconductors - 1.1%

Entegris, Inc., 5.950%, Due 6/15/2030^D

14,220,000

14,366,750

Qorvo, Inc., 3.375%, Due 4/1/2031^D

12,715,000

11,646,560

26,013,310

Total Technology

190,619,445

Total Corporate Obligations (Cost $1,328,516,797)

1,337,156,561

CONVERTIBLE OBLIGATIONS - 3.7%

Consumer, Cyclical - 0.7%

Home Builders - 0.7%

Winnebago Industries, Inc., 3.250%, Due 1/15/2030

17,438,000

15,947,051

Financial - 3.0%

Diversified Financial Services - 3.0%

Coinbase Global, Inc. Due 10/1/2032^D ^F

27,360,000

23,214,960

Upstart Holdings, Inc.,

2.000%, Due 10/1/2029

11,275,000

12,515,250

Due 2/15/2032^D ^F

47,900,000

36,547,700

72,277,910

Total Financial

72,277,910

Total Convertible Obligations (Cost $83,175,065)

88,224,961

FOREIGN CONVERTIBLE OBLIGATIONS - 1.5%

Consumer, Non-Cyclical - 0.4%

Biotechnology - 0.4%

Pharming Group NV, 4.500%, Due 4/25/2029^G

EUR

6,300,000

9,249,836

Energy - 1.1%

Oil & Gas - 1.1%

Borr Drilling Ltd., 3.500%, Due 5/1/2033^D

28,350,000

27,683,775

Total Foreign Convertible Obligations (Cost $36,088,531)

36,933,611

FOREIGN CORPORATE OBLIGATIONS - 32.6%

Basic Materials - 2.6%

Chemicals - 2.6%

Cerdia Finanz GmbH, 9.375%, Due 10/3/2031^D

44,255,000

39,165,675

Nynas AB, 11.750%, Due 6/17/2028^G

21,500,000

22,790,756

61,956,431

Total Basic Materials

61,956,431

Communications - 0.5%

Internet - 0.5%

Momox Holding AG, 8.650%, Due 12/16/2028, (3 mo. EURIBOR + 6.500%)^A

EUR

9,900,000

11,403,016

Consumer, Cyclical - 3.1%

Distribution/Wholesale - 0.7%

Magellan Bidco SARL, 7.148%, Due 12/19/2029, (3 mo. EURIBOR + 5.000%)^A ^G

14,600,000

15,880,052

Entertainment - 1.4%

Flutter Treasury DAC, 5.875%, Due 6/4/2031^D

33,790,000

33,397,190

Leisure Time - 1.0%

Cruise Yacht Upper HoldCo Ltd., 11.875%, Due 7/5/2028

27,000,000

24,981,473

Total Consumer, Cyclical

74,258,715

Consumer, Non-Cyclical - 1.7%

Food - 1.7%

Minerva Luxembourg SA, 8.875%, Due 9/13/2033^D

32,080,000

33,682,579

Nova Austral SA,

11.672%, Due 11/30/2026^H ^I ^J

2,123,961

11.701%, Due 11/30/2026^H ^I ^J

1,840,989

10.000%, Due 4/30/2027^H ^J

4,186,691

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 32.6% (continued)
Consumer, Non-Cyclical - 1.7% (continued)
Food - 1.7% (continued)
Nova Austral SA, (continued)
Due 11/30/2100^F ^H ^J		$	4,098,252	$	409

					41,834,629

Total Consumer, Non-Cyclical					41,834,629

Energy - 13.5%
Oil & Gas - 13.5%
Archer Norge AS, 9.500%, Due 2/25/2030			23,085,294		24,628,938
Bluenord ASA,
7.875%, Due 5/19/2031^G			12,200,000		12,242,290
12.000%, Due 7/10/2085^K			8,000,000		8,836,080
Borr IHC Ltd./Borr Finance LLC,
10.375%, Due 11/15/2030^D			22,892,075		24,291,507
9.000%, Due 1/15/2034^D			26,690,000		26,775,437
CES Energy Solutions Corp., 6.875%, Due 5/24/2029^D		CAD	13,090,000		9,827,113
DOF Group ASA, 8.125%, Due 9/16/2030^G		$	9,900,000		10,188,838
Floatel International Ltd., 9.750%, Due 4/10/2029			22,375,000		22,172,096
Kistos Holdings PLC, 9.875%, Due 5/18/2030^G			21,450,000		21,312,710
Paratus Energy Services Ltd.,
9.500%, Due 6/27/2029			22,700,000		23,654,741
8.125%, Due 5/22/2031^G			17,900,000		17,900,000
Secure Waste Infrastructure Corp.,
6.750%, Due 3/22/2029^D		CAD	10,220,000		7,672,506
5.750%, Due 11/20/2032^D			6,025,000		4,494,025
Serica Energy PLC, 7.875%, Due 5/12/2031		$	22,200,000		22,476,171
Shearwater GeoServices AS, 9.500%, Due 4/3/2029			25,000,000		23,156,486
TGS ASA, 8.500%, Due 1/15/2030^D			22,495,000		23,653,295
Vermilion Energy, Inc., 7.250%, Due 2/15/2033^D			11,700,000		11,773,137
Viridien,
8.500%, Due 10/15/2030^D		EUR	3,662,053		4,535,995
10.000%, Due 10/15/2030^D		$	23,609,000		25,248,574

					324,839,939

Total Energy					324,839,939

Financial - 4.3%
Real Estate - 4.3%
CPI Property Group SA, 7.500%, Due 3/26/2031, (5 yr. EURIBOR ICE Swap + 5.232%)^A ^E ^G		EUR	16,735,000		18,225,439
Heimstaden AB, 8.375%, Due 1/29/2030^G			15,500,000		18,871,171
Omniyat Sukuk 1 Ltd., 7.250%, Due 3/4/2031^G		$	5,000,000		4,468,275
Samhallsbyggnadsbolaget I Norden Holding AB,
2.250%, Due 7/12/2027^G		EUR	23,605,000		26,588,181
1.125%, Due 9/26/2029^G			24,976,000		24,161,251
Sobha Sukuk I Holding Ltd., 7.125%, Due 9/11/2030^G		$	11,665,000		10,898,261

					103,212,578

Total Financial					103,212,578

Industrial - 5.6%
Aerospace/Defense - 1.7%
Czechoslovak Group AS, 6.500%, Due 1/10/2031^D			10,680,000		10,920,597
Efesto Bidco SpA Efesto U.S. LLC, 7.500%, Due 2/15/2032, XR^D			30,388,000		29,768,106

					40,688,703

Machinery - Diversified - 1.4%
ATS Corp.,
4.125%, Due 12/15/2028^D			10,615,000		10,329,532
6.500%, Due 8/21/2032^D		CAD	31,500,000		23,495,506

					33,825,038

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

Principal Amount

Fair Value

FOREIGN CORPORATE OBLIGATIONS - 32.6% (continued)

Industrial - 5.6% (continued)

Transportation - 2.5%

Euronav Luxembourg SA, 6.250%, Due 9/14/2026

26,450,000

26,347,111

Scorpio Tankers, Inc., 7.500%, Due 1/30/2030

16,500,000

17,068,679

TORM PLC, 8.250%, Due 1/25/2029

15,600,000

16,225,161

59,640,951

Total Industrial

134,154,692

Technology - 1.3%

Software - 1.3%

Verve Group SE, 6.122%, Due 4/1/2029, (3 mo. EURIBOR + 4.000%)^A ^G

EUR

28,560,000

30,032,697

Total Foreign Corporate Obligations (Cost $777,414,170)

781,692,697

Shares

FOREIGN COMMON STOCKS - 0.5%

Consumer Staples - 0.2%

Food Products - 0.2%

Nova Austral SA^B ^H ^J

10,322,247

4,205,170

Energy - 0.3%

Oil, Gas & Consumable Fuels - 0.3%

KNOT Offshore Partners LP

664,766

7,312,426

Total Foreign Common Stocks (Cost $16,668,947)

11,517,596

SHORT-TERM INVESTMENTS - 1.4% (Cost $32,472,069)

Investment Companies - 1.4%

American Beacon U.S. Government Money Market Select Fund, 3.51%^L ^M

32,472,069

32,472,069

TOTAL INVESTMENTS - 99.0% (Cost $2,360,259,300)

2,376,092,021

OTHER ASSETS, NET OF LIABILITIES - 1.0%

23,363,870

TOTAL NET ASSETS - 100.0%

2,399,455,891

Percentages are stated as a percent of net assets.

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 May 31, 2026.

^B	Non-income producing security.

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

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $1,656,836,692 or 69.1% of net assets. The Fund has no right to demand registration of these securities.

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

^F	Zero coupon bond.

^I	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

^J	Value was determined using significant unobservable inputs.

^K	Step Up/Down - A zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. The rate disclosed represents the coupon rate at May 31, 2026. The maturity date disclosed represents the final maturity date.

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

^M	7-day yield.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

EURIBOR - Euro Interbank Offered Rate.

ICE - Intercontinental Exchange.

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

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.

T-bills - Treasury bills.

Short Futures Contracts Open on May 31, 2026:

Currency Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
CME British Pound Currency Futures	93	June 2026	$	(7,788,787	)	$	(7,824,206	)	$	(35,419	)
CME Canadian Dollar Currency Futures	637	June 2026		(47,074,018	)		(46,204,795	)		869,223
CME Euro Foreign Exchange Currency Futures	715	June 2026		(104,411,441	)		(104,327,438	)		84,003

			$	(159,274,246	)	$	(158,356,439	)	$	917,807

Forward Foreign Currency Contracts Open on May 31, 2026:


Currency Purchased^*		Currency Sold^*			Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	55,895,000		EUR	59,587,638		12/7/2027		GST	$	—	$	(3,692,638	)	$	(3,692,638	)

									$	—	$	(3,692,638	)	$	(3,692,638	)

*	All values denominated in USD.

Glossary:

Counterparty Abbreviations:


GST		Goldman Sachs International

Currency Abbreviations:


CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
USD		United States Dollar

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.

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


SiM High Yield Opportunities Fund	Level 1		Level 2		Level 3		Total
*Assets*
Preferred Stocks	$	88,094,526	$	—	$	—	$	88,094,526
Corporate Obligations		—		1,337,156,561		—		1,337,156,561
Convertible Obligations		—		88,224,961		—		88,224,961
Foreign Convertible Obligations		—		36,933,611		—		36,933,611
Foreign Corporate Obligations		—		773,540,647		8,152,050		781,692,697
Foreign Common Stocks		7,312,426		—		4,205,170		11,517,596
Short-Term Investments		32,472,069		—		—		32,472,069

Total Investments in Securities - Assets	$	127,879,021	$	2,235,855,780	$	12,357,220	$	2,376,092,021

*Financial Derivative Instruments - Assets*
Futures Contracts	$	953,226	$	—	$	—	$	953,226

Total Financial Derivative Instruments - Assets	$	953,226	$	—	$	—	$	953,226

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


SiM High Yield Opportunities Fund	Level 1			Level 2			Level 3		Total
*Financial Derivative Instruments - Liabilities*
Futures Contracts	$	(35,419	)	$	—		$	—	$	(35,419	)
Forward Foreign Currency Contracts		—			(3,692,638	)		—		(3,692,638	)

Total Financial Derivative Instruments - Liabilities	$	(35,419	)	$	(3,692,638	)	$	—	$	(3,728,057	)

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


Security Type	Balance as of 8/31/2025		Purchases		Sales		Accrued Discount (Premiums)			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 5/31/2026		Unrealized Appreciation (Depreciation) at Period End*
Foreign Corporate Obligations	$	6,443,140	$	1,708,910	$	—	$	(55	)	$	—	$	55	$	—	$	—	$	8,152,050	$	337
Foreign Common Stocks	$	6,987,573	$	—	$	27,934,788	$	–		$	—	$	25,152,385	$	—	$	—	$	4,205,170	$	(6,117,078	)

	$	13,430,713	$	1,708,910	$	27,934,788	$	(55	)	$	—	$	25,152,440	$	—	$	—	$	12,357,220	$	(6,116,741	)

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

For the period ended May 31, 2026, one Foreign Common Stock has been fair valued at $4,205,170 and four Foreign Corporate Obligations have been valued at $8,152,050 by the Valuation Committee using significant unobservable inputs.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:


American Beacon SiM High Yield Opportunities Fund	Fair Value as of May 31, 2026	Valuation Techniques	Unobservable Input	Input Assumptions	Fair Value At 5/31/2026 per share
Foreign Corporate Obligations	$409	Enterprise Value Method	EBITDA Estimate, EBITDA Comparable, Illiquidity Discount	6.35x	0.01 USD
Foreign Corporate Obligations Foreign	$8,151,641	Enterprise Value Method	EBITDA Estimate, EBITDA Comparable, Illiquidity Discount	6.35x	100.00 USD
Foreign Common Stocks	$4,205,170	Enterprise Value Method	EBITDA Estimate, EBITDA Comparable, Illiquidity Discount	6.35x	0.407389 USD

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 91.2%
Consumer Discretionary - 5.0%
Hotels, Restaurants & Leisure - 2.4%
Starbucks Corp.		270,252	$	26,798,188

Specialty Retail - 2.6%
Lowe’s Cos., Inc.		135,509		29,047,709

Total Consumer Discretionary				55,845,897

Consumer Staples - 6.6%
Tobacco - 6.6%
Altria Group, Inc.		376,286		26,181,980
Philip Morris International, Inc.		267,994		47,536,776

				73,718,756

Total Consumer Staples				73,718,756

Energy - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
Chevron Corp.		218,154		39,804,379

Financials - 17.5%
Capital Markets - 7.0%
Blackrock, Inc.		40,806		42,718,986
Charles Schwab Corp.		405,915		35,456,675

				78,175,661

Financial Services - 4.1%
Berkshire Hathaway, Inc., Class B^A		94,512		44,844,054

Insurance - 6.4%
Chubb Ltd.		62,127		19,366,850
Cincinnati Financial Corp.		144,887		22,808,111
Progressive Corp.		153,653		29,255,531

				71,430,492

Total Financials				194,450,207

Health Care - 6.5%
Health Care Providers & Services - 2.8%
UnitedHealth Group, Inc.		82,683		31,445,172

Pharmaceuticals - 3.7%
Johnson & Johnson		181,751		40,953,953

Total Health Care				72,399,125

Industrials - 18.3%
Aerospace & Defense - 2.5%
Northrop Grumman Corp.		49,227		27,748,275

Commercial Services & Supplies - 2.8%
Republic Services, Inc.		156,907		31,450,439

Ground Transportation - 4.7%
Norfolk Southern Corp.		172,334		52,554,977

Machinery - 4.1%
Cummins, Inc.		71,161		46,014,838

Professional Services - 1.6%
Paychex, Inc.		187,684		18,201,594

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 91.2% (continued)
Industrials - 18.3% (continued)
Trading Companies & Distributors - 2.6%
Fastenal Co.		638,730	$	28,231,866

Total Industrials				204,201,989

Information Technology - 24.1%
Communications Equipment - 4.6%
Cisco Systems, Inc.		424,591		51,129,248

Electronic Equipment, Instruments & Components - 5.9%
Corning, Inc.		363,118		65,782,457

Semiconductors & Semiconductor Equipment - 4.8%
Texas Instruments, Inc.		173,061		52,901,286

Software - 3.0%
Microsoft Corp.		74,836		33,694,161

Technology Hardware, Storage & Peripherals - 5.8%
Apple, Inc.		206,016		64,289,353

Total Information Technology				267,796,505

Materials - 3.5%
Chemicals - 3.5%
Air Products & Chemicals, Inc.		138,648		38,630,106

Real Estate - 1.4%
Specialized REITs - 1.4%
Crown Castle, Inc.		167,817		15,355,255

Utilities - 4.7%
Multi-Utilities - 4.7%
Dominion Energy, Inc.		780,555		52,250,352

Total Common Stocks (Cost $491,777,793)				1,014,452,571

FOREIGN COMMON STOCKS - 5.9%
Communication Services - 2.0%
Entertainment - 2.0%
Nintendo Co. Ltd., ADR		1,975,293		22,024,517

Consumer Discretionary - 1.9%
Hotels, Restaurants & Leisure - 1.9%
Restaurant Brands International, Inc.		283,880		21,205,836

Information Technology - 2.0%
Electronic Equipment, Instruments & Components - 2.0%
TE Connectivity PLC		107,986		23,045,292

Total Foreign Common Stocks (Cost $62,172,083)				66,275,645

SHORT-TERM INVESTMENTS - 2.5% (Cost $27,824,721)
Investment Companies - 2.5%
American Beacon U.S. Government Money Market Select Fund, 3.51%^B ^C		27,824,721		27,824,721

TOTAL INVESTMENTS - 99.6% (Cost $581,774,597)				1,108,552,937
OTHER ASSETS, NET OF LIABILITIES - 0.4%				4,079,319

TOTAL NET ASSETS - 100.0%			$	1,112,632,256

Percentages are stated as a percent of net assets.

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

May 31, 2026 (Unaudited)

^A	Non-income producing security.

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

^C	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

Long Futures Contracts Open on May 31, 2026:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures	84	June 2026	$	30,439,026	$	31,902,150	$	1,463,124

			$	30,439,026	$	31,902,150	$	1,463,124

Glossary:

Index Abbreviations:


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

CME		Chicago Mercantile Exchange.

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


The London Company Income Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	1,014,452,571	$	—	$	—	$	1,014,452,571
Foreign Common Stocks		66,275,645		—		—		66,275,645
Short-Term Investments		27,824,721		—		—		27,824,721

Total Investments in Securities - Assets	$	1,108,552,937	$	—	$	—	$	1,108,552,937

*Financial Derivative Instruments - Assets*
Futures Contracts	$	1,463,124	$	—	$	—	$	1,463,124

Total Financial Derivative Instruments - Assets	$	1,463,124	$	—	$	—	$	1,463,124

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended May 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

May 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 Fair Valuation Committee (“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

May 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.

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 do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of a Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that a Fund could obtain the fair value assigned to an investment if a Fund were to sell the investment at approximately the time at which a Fund determines its NAV.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

May 31, 2026 (Unaudited)

Level 3 trading assets and trading liabilities, at fair value

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

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

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

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

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