American Beacon Balanced Fund R5 Class NPORTP American Beacon FEAC Floating Rate Income Fund (Nov 2024 report)

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, 2025

Date of reporting period: November 30, 2024

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 FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 0.44%
Communication Services - 0.04%
Software - 0.04%
Internap Holding LLC^{A B C}		63,490	$	47,031

Energy - 0.00%
Oil, Gas & Consumable Fuels - 0.00%
Southcross Energy Partners LLC^A		533,359		2,667

Financials - 0.40%
Commercial Services & Supplies - 0.00%
Constellis Holdings LLC^A		69,609		1,601

Financial Services - 0.40%
GEE Acquisition Holdings Corp.^{A B C}		94,492		472,460

Total Financials				474,061

Industrials - 0.00%
Communications Equipment - 0.00%
4L Technologies, Inc.^A		140,935		1,409

Total Common Stocks (Cost $3,757,492)				525,168

PREFERRED STOCKS - 0.00% (Cost $339,302)
Energy - 0.00%
Oil, Gas & Consumable Fuels - 0.00%
Southcross Energy Partners LLC^{A B D}		2,077,530		2


	Principal Amount
BANK LOAN OBLIGATIONS^E - 86.09%
Basic Materials - 1.01%
Chemicals - 0.88%
HB Fuller Co., 6.573%, Due 2/15/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)	$	156,182		156,767
Nouryon Finance BV,
Due 4/3/2028, 2024 Term Loan B^F		151,665		153,118
Due 4/3/2028, 2024 Term Loan B1^F		141,237		142,590
Paint Intermediate III LLC, 7.522%, Due 10/9/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		299,131		301,001
PMHC II, Inc., Due 4/23/2029, 2022 Term Loan B^F		304,058		303,870

				1,057,346

Forest Products & Paper - 0.13%
Asplundh Tree Expert LLC, 6.423%, Due 9/7/2027, 2021 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		152,226		152,703

Total Basic Materials				1,210,049

Communications - 8.62%
Advertising - 0.15%
CMG Media Corp., 8.171%, Due 6/18/2029, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		203,371		178,356

Internet - 3.12%
CMI Marketing, Inc., 8.937%, Due 3/23/2028, 2021 First Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		91,190		90,506
Gen Digital, Inc., 6.323%, Due 9/12/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		941,313		941,906
Go Daddy Operating Co. LLC, 6.323%, Due 5/30/2031, 2024 Term Loan B7, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		606,890		607,472
MH Sub I LLC, 8.823%, Due 5/3/2028, 2023 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		614,296		614,886
Proofpoint, Inc., 7.573%, Due 8/31/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		150,298		151,125
PUG LLC, 9.323%, Due 3/15/2030, 2024 Extended Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		784,031		783,866

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Communications - 8.62% (continued)
Internet - 3.12% (continued)
Research Now Group, Inc.,
9.785%, Due 7/15/2028, 2024 First Lien First Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.000%)	$	48,723	$	48,763
10.285%, Due 10/15/2028, 2024 First Lien Second Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.500%)		177,160		163,873
WatchGuard Technologies, Inc., 9.823%, Due 7/2/2029, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.250%)		303,275		300,434

				3,702,831

Media - 4.54%
Anuvu Holdings 2 LLC,
12.931%, Due 3/24/2025, 2021 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 8.000%)^{B C}		2,192,511		1,973,260
4.963%, Due 3/23/2026, 2021 2nd Lien Takeback Term Loan, PIK (in-kind rate 8.250%)^{B C}		1,904,245		1,133,026
Cengage Learning, Inc., 7.892%, Due 3/22/2031, 2024 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 3.500%)		599,581		601,775
Charter Communications Operating LLC, 6.593%, Due 12/7/2030, 2023 Term Loan B4, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		610,112		608,740
Coral-U.S. Co-Borrower LLC, 7.044%, Due 1/31/2028, 2020 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		608,544		606,389
NEP Group, Inc., 8.115%, Due 8/19/2026, 2023 Term Loan B, PIK (in-kind rate 1.500%)		525,341		495,922

				5,419,112

Telecommunications - 0.81%
CCI Buyer, Inc., Due 12/17/2027, Term Loan^F		300,846		302,889
Cincinnati Bell, Inc., 7.923%, Due 11/22/2028, 2021 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		60,273		60,635
Ensono LP, Due 5/26/2028, 2021 Term Loan^F		300,538		301,289
Zayo Group Holdings, Inc., 8.823%, Due 3/9/2027, 2022 USD Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		320,272		307,746

				972,559

Total Communications				10,272,858

Consumer, Cyclical - 15.24%
Airlines - 1.46%
American Airlines, Inc.,
6.454%, Due 1/29/2027, 2017 1st Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 1.750%)		93,777		93,490
9.629%, Due 4/20/2028, 2021 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.750%)		879,485		907,224
AS Mileage Plan IP Ltd., 6.656%, Due 10/15/2031, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		582,141		584,569
SkyMiles IP Ltd., 8.367%, Due 10/20/2027, 2020 Skymiles Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		98,171		100,086
United Airlines, Inc., 6.635%, Due 2/22/2031, 2024 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		64,981		65,305

				1,750,674

Apparel - 0.64%
ABG Intermediate Holdings 2 LLC, 7.323%, Due 12/21/2028, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		605,214		610,413
WH Borrower LLC,
10.147%, Due 2/15/2027, 2023 Incremental Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.500%)		79,475		80,469
Due 2/15/2027, Term Loan^F		67,404		67,489

				758,371

Auto Parts & Equipment - 0.51%
Clarios Global LP, 7.073%, Due 5/6/2030, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		299,721		301,408
First Brands Group LLC, 9.847%, Due 3/30/2027, 2022 Incremental Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.000%)		159,121		153,453
Power Stop LLC, 9.364%, Due 1/26/2029, 2022 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.750%)		158,625		151,554

				606,415

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Consumer, Cyclical - 15.24% (continued)
Distribution/Wholesale - 1.26%
Core & Main LP, 6.836%, Due 2/9/2031, 2024 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)	$	156,375	$	156,865
Resideo Funding, Inc., 6.656%, Due 6/13/2031, 2024 M&A Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		150,546		150,734
Veritiv Corp., Due 11/30/2030, Term Loan B^F		604,696		602,126
Windsor Holdings III LLC, Due 8/1/2030, 2024 1st Lien Term Loan B^F		595,248		601,795

				1,511,520

Entertainment - 5.57%
Allen Media LLC, 10.254%, Due 2/10/2027, 2021 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.500%)		2,944,924		1,915,673
AP Gaming I LLC, Due 2/15/2029, 2022 Term Loan B^F		157,248		158,312
CE Intermediate I LLC, 8.272%, Due 11/10/2028, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		90,621		90,508
Delta 2 Lux SARL,
Due 9/10/2031, 2024 Term Loan B2^F		195,026		195,757
6.845%, Due 9/30/2031, 2024 Term Loan B1, (3 mo. USD PRIME + 1.000%)		390,052		391,515
Deluxe Entertainment Services Group, Inc.,
Due 1/25/2025, 2019 1st Lien Term Loan, PIK (in-kind rate 1.500%)^{B C G}		86,917		1,417
Due 1/25/2025, 2019 2nd Lien Term Loan, PIK (in-kind rate 2.500%)^{B C G}		1,140,049		—
Flutter Financing BV, 6.604%, Due 11/29/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		1,198,520		1,204,765
Light & Wonder International, Inc., Due 4/14/2029, 2024 Term Loan B2^F		900,541		907,295
Ontario Gaming GTA LP, 8.893%, Due 8/1/2030, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		62,560		62,736
PCI Gaming Authority, 6.573%, Due 7/18/2031, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		904,291		902,455
UFC Holdings LLC, 6.770%, Due 11/14/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		647,100		651,436
WMG Acquisition Corp., 6.335%, Due 1/24/2031, 2024 Term Loan J, (3 mo. USD Secured Overnight Financing Rate + 1.750%)		156,932		156,769

				6,638,638

Food Service - 0.95%
Aramark Services, Inc., 6.573%, Due 6/22/2030, 2024 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		607,241		609,215
Golden State Foods LLC, Due 10/7/2031, Term Loan B^F		525,372		528,608

				1,137,823

Leisure Time - 1.24%
Alterra Mountain Co., 7.573%, Due 5/31/2030, 2024 Term Loan B7, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		573,872		578,176
Carnival Corp., 7.323%, Due 10/18/2028, 2024 Term Loan B1, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		597,500		600,487
GBT U.S. III LLC, 7.626%, Due 7/25/2031, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		302,961		304,918

				1,483,581

Lodging - 0.68%
Hilton Domestic Operating Co., Inc., 6.338%, Due 11/8/2030, 2023 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		599,675		603,201
Station Casinos LLC, 6.823%, Due 3/14/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		200,687		201,220

				804,421

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Consumer, Cyclical - 15.24% (continued)
Retail - 2.93%
1011778 BC Unlimited Liability Co., Due 9/20/2030, 2024 Term Loan B6^F	$	603,573	$	602,365
Dave & Buster’s, Inc., 7.813%, Due 11/1/2031, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		90,916		91,011
Highline Aftermarket Acquisition LLC, 8.573%, Due 11/9/2027, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		155,746		156,914
Johnstone Supply LLC, 7.507%, Due 6/9/2031, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		901,557		905,903
Les Schwab Tire Centers, 7.573%, Due 4/23/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		150,561		151,032
NPC International, Inc., 9.077%, Due 4/19/2024, 1st Lien Term Loan, (3 mo. USD PRIME)^{B C G H}		917,520		274,063
SiteOne Landscape Supply Holding LLC, 6.274%, Due 3/22/2030, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		607,620		609,139
Sweetwater Borrower LLC, 8.937%, Due 8/7/2028, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.250%)		77,497		78,272
Thermostat Purchaser III, Inc., 9.004%, Due 8/31/2028, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%)		307,361		308,513
White Cap Buyer LLC, 7.823%, Due 10/19/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		300,785		302,313

				3,479,525

Total Consumer, Cyclical				18,170,968

Consumer, Non-Cyclical - 25.95%
Beverages - 2.46%
City Brewing Co. LLC,
9.647%, Due 4/5/2028, 2024 First Lien Second Out Term Loan, PIK (in-kind rate 1.500%)		2,045,189		818,075
10.906%, Due 4/5/2028, 2024 First Out New Money Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.250%)		835,676		668,541
8.418%, Due 4/5/2028, 2024 FLFO Roll Up Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		1,943,653		1,438,303

				2,924,919

Commercial Services - 8.52%
AlixPartners LLP, 7.187%, Due 2/4/2028, 2021 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		751,575		755,649
Belron Finance 2019 LLC, 7.273%, Due 10/16/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		970,650		980,842
Boost Newco Borrower LLC, 7.104%, Due 1/31/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%)		149,850		151,081
Camelot U.S. Acquisition LLC, 7.323%, Due 1/31/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		878,928		873,435
Cimpress PLC, 7.573%, Due 5/17/2028, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		156,376		157,419
Corp. Service Co., 7.073%, Due 11/2/2029, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		299,192		300,688
Creative Artists Agency LLC, 7.323%, Due 10/1/2031, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		306,551		308,255
Crisis Prevention Institute, Inc., 9.354%, Due 4/9/2031, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.750%)		301,554		302,058
Grant Thornton Advisors LLC, 7.823%, Due 6/2/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		609,717		613,186
Hertz Corp., 8.338%, Due 6/30/2028, 2023 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		62,401		55,313
New Constellis Borrower LLC, Due 3/27/2026, 2020 2nd Lien Term Loan, PIK (in-kind rate 16.189%)^G		179,862		87,683
Nuvei Technologies Corp., 7.603%, Due 11/15/2031, 2024 Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		300,559		302,008
Prime Security Services Borrower LLC, 6.774%, Due 10/13/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		302,683		303,298
Priority Holdings LLC, 9.323%, Due 5/16/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		306,250		306,345

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Consumer, Non-Cyclical - 25.95% (continued)
Commercial Services - 8.52% (continued)
Raven Acquisition Holdings LLC,
1.625%, Due 11/19/2031, Delayed Draw Term Loan^F	$	38,889	$	39,083
7.860%, Due 11/19/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		544,444		547,167
Stats Intermediate Holdings LLC, 10.033%, Due 7/10/2026, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.250%)		926,730		908,965
Teneo Holdings LLC, 9.323%, Due 3/13/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		906,633		912,871
Trans Union LLC,
6.323%, Due 6/24/2031, 2024 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		653,828		654,050
Due 6/24/2031, 2024 Term Loan B9^F		272,195		272,263
Vestis Corp., 6.764%, Due 2/22/2031, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 2.250%)		78,406		78,651
VM Consolidated, Inc., 6.823%, Due 3/24/2028, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		201,111		202,117
VT Topco, Inc., 8.073%, Due 8/9/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		156,052		157,222
WEX, Inc., Due 3/31/2028, 2024 Term Loan B^F		901,407		902,534

				10,172,183

Food - 2.13%
Aspire Bakeries Holdings LLC, Due 12/13/2030, Term Loan^F		613,647		616,715
Froneri International Ltd., 6.573%, Due 9/17/2031, 2024 USD Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		1,039,879		1,038,714
U.S. Foods, Inc., 6.323%, Due 10/3/2031, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		602,940		606,365
United Natural Foods, Inc., Due 5/1/2031, 2024 Term Loan^F		272,195		276,142

				2,537,936

Health Care - Products - 2.67%
Carestream Health, Inc., 12.204%, Due 9/30/2027, 2022 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 7.500%)		2,256,715		1,915,386
Hanger, Inc.,
Due 10/23/2031, 2024 Delayed Draw Term Loan^F		77,629		78,357
8.073%, Due 10/23/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		532,405		537,399
Lifescan Global Corp., 11.121%, Due 12/31/2026, 2023 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.500%)		2,141,342		642,403

				3,173,545

Health Care - Services - 3.53%
ADMI Corp., 8.062%, Due 12/23/2027, 2021 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 3.375%)		155,080		151,495
Concentra Health Services, Inc., 6.823%, Due 7/28/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		606,107		610,653
Global Medical Response, Inc., 10.099%, Due 10/31/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.500%)		79,059		79,257
LifePoint Health, Inc.,
8.406%, Due 5/17/2031, 2024 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		61,105		61,259
8.632%, Due 5/17/2031, 2024 Incremental Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		61,019		61,114
Midwest Physician Administrative Services LLC, 7.865%, Due 3/12/2028, 2021 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		648,843		608,089
Phoenix Guarantor, Inc., 7.823%, Due 2/21/2031, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		313,863		316,217
SM Wellness Holdings, Inc., Due 4/14/2028, 2021 Term Loan^F		305,065		299,345
U.S. Fertility Enterprises LLC,
0.500%, Due 10/11/2031, 2024 Delayed Draw Term Loan^F		26,817		27,018
9.117%, Due 10/11/2031, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		589,964		594,389
Women’s Care Enterprises LLC,
12.935%, Due 1/12/2029, 2nd Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 8.250%)		1,247,207		1,096,507
9.185%, Due 1/15/2028, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		317,188		300,799

				4,206,142

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Consumer, Non-Cyclical - 25.95% (continued)
Household Products/Wares - 0.50%
Reynolds Consumer Products LLC, Due 2/4/2027, Term Loan^F	$	598,491	$	601,322

Pharmaceuticals - 6.14%
Alvogen Pharma U.S., Inc., 12.173%, Due 6/30/2025, 2022 Extended Term Loan, (1 mo. USD Secured Overnight Financing Rate + 7.500%)		4,842,584		4,524,813
Amneal Pharmaceuticals LLC, 10.073%, Due 5/4/2028, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 5.500%)		47,786		48,981
Bayou Intermediate II LLC, Due 8/2/2028, Term Loan B^F		307,008		301,635
Grifols Worldwide Operations USA, Inc., 6.735%, Due 11/15/2027, 2019 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		1		1
Jazz Financing Lux SARL, 6.823%, Due 5/5/2028, 2024 1st Lien Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		606,409		609,331
Organon & Co., 7.099%, Due 5/19/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		303,042		305,127
Perrigo Investments LLC, 6.923%, Due 4/20/2029, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		598,262		601,002
Southern Veterinary Partners LLC, 10.000%, Due 10/31/2031, 2024 1st Lien Term Loan, (3 mo. USD PRIME + 2.250%)		323,550		326,381
Vizient, Inc., Due 8/1/2031, 2024 Term Loan B^F		605,329		607,599

				7,324,870

Total Consumer, Non-Cyclical				30,940,917

Energy - 0.20%
Oil & Gas - 0.06%
Apro LLC, 8.266%, Due 7/9/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		7,114		7,167
Lealand Finance Co. BV,
7.687%, Due 6/30/2027, 2020 Make Whole Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		142,892		71,446
8.687%, Due 12/31/2027, 2020 Take Back Term Loan, PIK (in-kind rate 3.000%)		3,147		1,212

				79,825

Pipelines - 0.14%
Epic Crude Services LP, 7.656%, Due 10/15/2031, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		161,775		162,827

Total Energy				242,652

Financial - 10.88%
Banks - 0.28%
Chrysaor Bidco SARL,
Due 5/14/2031, Delayed Draw Term Loan^F		23,015		23,147
Due 7/17/2031, Term Loan B^F		311,201		312,990

				336,137

Diversified Financial Services - 6.59%
Advisor Group, Inc., Due 8/17/2028, 2024 Term Loan^F		115,695		116,039
Apex Group Treasury LLC,
8.409%, Due 7/27/2028, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		933,608		942,169
8.579%, Due 7/27/2028, USD Term Loan, (6 mo. USD Secured Overnight Financing Rate + 3.750%)		468,804		472,517
Aretec Group, Inc., 8.573%, Due 8/9/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		60,060		60,405
Armor Holding II LLC, 10.014%, Due 12/11/2028, 2021 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 4.500%)		594,569		601,258
AssetMark Financial Holdings, Inc., 7.604%, Due 9/5/2031, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		321,821		323,633
Blackhawk Network Holdings, Inc., 9.573%, Due 3/12/2029, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 5.000%)		135,083		136,276
Corpay Technologies Operating Co. LLC, 6.323%, Due 4/28/2028, Term Loan B5, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		312,077		312,199
Eisner Advisory Group LLC, 8.573%, Due 2/28/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.000%)		894,926		900,367

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Financial - 10.88% (continued)
Diversified Financial Services - 6.59% (continued)
Focus Financial Partners LLC,
7.823%, Due 9/15/2031, 2024 Term Loan B8, (1 mo. USD Secured Overnight Financing Rate + 3.250%)	$	589,903	$	595,005
7.861%, Due 9/15/2031, 2024 Delayed Draw Term Loan^F		63,357		63,905
Gen II Fund Services LLC, Due 11/19/2031, 2024 Term Loan B^F		904,768		908,161
Grosvenor Capital Management Holdings LLP, Due 5/15/2030, 2024 Term Loan B^F		150,621		151,299
HighTower Holdings LLC, 8.071%, Due 4/21/2028, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		150,495		151,812
Jane Street Group LLC,
6.514%, Due 1/26/2028, 2024 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.000%)		529,375		531,413
Due 1/26/2028, 2024 Term Loan B^F		530,750		532,794
Janney Montgomery Scott LLC,
Due 9/11/2031, Delayed Draw Term Loan^F		100,257		101,197
Due 9/11/2031, Term Loan^F		601,540		607,183
VFH Parent LLC, 7.323%, Due 6/21/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		197,307		197,925
Virtus Investment Partners, Inc., 6.937%, Due 9/28/2028, 2021 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		113,959		113,924

				7,819,481

Insurance - 2.50%
Acrisure LLC, 7.849%, Due 11/6/2030, 2024 Term Loan B6, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		61,201		61,265
Ardonagh Midco 3 PLC, 8.273% - 8.354%, Due 2/15/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		299,193		301,811
AssuredPartners, Inc., 8.073%, Due 2/14/2031, 2024 Incremental Term Loan B5, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		301,084		302,984
Asurion LLC, Due 12/23/2026, 2020 Term Loan B8^F		135,807		135,849
Baldwin Insurance Group Holdings LLC, 7.823%, Due 5/26/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		305,864		308,158
Howden Group Holdings Ltd., 8.073%, Due 2/15/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		313,054		314,297
HUB International Ltd., 7.367%, Due 6/20/2030, 2024 1st Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		453,877		457,067
Ryan Specialty Group LLC, 6.823%, Due 9/15/2031, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		681,349		683,734
Truist Insurance Holdings LLC, 7.854%, Due 5/6/2031, 1st Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		144,526		144,853
USI, Inc., Due 11/22/2029, 2024 Term Loan^F		297,383		299,057

				3,009,075

Investment Companies - 0.75%
Dragon Buyer, Inc., 7.897%, Due 9/30/2031, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		305,041		305,804
Intrado Corp., 8.104%, Due 1/31/2030, 2023 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		300,793		301,671
Solaris U.S. Bidco LLC, Due 10/29/2030, Term Loan B^F		301,554		289,492

				896,967

REITS - 0.76%
RHP Hotel Properties LP, 6.823%, Due 5/18/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		605,202		605,456
SBA Senior Finance II LLC, 6.330%, Due 1/25/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		302,250		302,250

				907,706

Total Financial				12,969,366

Industrial - 11.93%
Aerospace/Defense - 1.19%
Dynasty Acquisition Co., Inc.,
Due 10/31/2031, 2024 1st Lien Term Loan B1^F		464,320		467,222
Due 10/31/2031, 2024 1st Lien Term Loan B2^F		182,780		183,922

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount			Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Industrial - 11.93% (continued)
Aerospace/Defense - 1.19% (continued)
TransDigm, Inc.,
7.354%, Due 8/24/2028, 2024 Term Loan I, (3 mo. USD Secured Overnight Financing Rate + 2.750%)	$		303,372	$	303,730
7.104%, Due 2/28/2031, 2023 Term Loan J, (3 mo. USD Secured Overnight Financing Rate + 2.500%)			158,252		158,199
7.320%, Due 1/19/2032, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 1.500%)			327,204		327,001

					1,440,074

Building Materials - 1.35%
Griffon Corp., 6.823%, Due 1/24/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)			606,967		609,625
IPS Corp., 8.073%, Due 10/2/2028, 2021 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%)			307,456		308,704
Smyrna Ready Mix Concrete LLC, 8.073%, Due 4/2/2029, 2023 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%)			80,862		81,367
Summit Materials LLC, 6.359%, Due 1/12/2029, 2023 Incremental Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)			606,575		607,764

					1,607,460

Electrical Components & Equipment - 0.75%
Creation Technologies, Inc., 10.351%, Due 10/5/2028, 2021 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 5.500%)			933,603		897,426

Electronics - 0.86%
LSF12 Crown U.S. Commercial Bidco LLC, Due 10/10/2031, Term Loan B^F			600,253		600,253
NorthPole Newco SARL,
14.750%, Due 3/3/2025, 2022 Term Loan B1, (3 mo. USD PRIME + 7.000%)^{B C H}			1,179,824		294,956
15.000%, Due 3/18/2025, Term Loan, (3 mo. USD PRIME + 7.000%)^H			3,425,455		119,891
Due 12/31/2025, 2022 Revolver^{H I}			264,754		8,936
3.000%, Due 12/31/2025, 2022 Term Loan, PIK (in-kind rate 11.000%)^{B C H}			24,050		722

					1,024,758

Engineering & Construction - 0.57%
Construction Partners, Inc., 7.073%, Due 11/3/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)			669,412		673,596

Environmental Control - 2.30%
Bingo Industries Ltd., 8.365%, Due 7/14/2028, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.762%)			702,777		582,426
Covanta Holding Corp.,
6.927%, Due 11/30/2028, 2021 Term Loan C, (6 mo. USD Secured Overnight Financing Rate + 2.500%)			44,554		44,761
7.073% - 7.588%, Due 11/30/2028, 2021 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%, 6 mo. USD Secured Overnight Financing Rate + 2.500%)			579,923		582,614
EnergySolutions LLC, 7.841%, Due 9/20/2030, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)			587,896		592,305
Filtration Group Corp., 8.187%, Due 10/21/2028, 2021 Incremental Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.500%)			301,634		303,896
Madison IAQ LLC, 7.889%, Due 6/21/2028, Term Loan, (6 mo. USD Secured Overnight Financing Rate + 2.750%)			626,924		630,059

					2,736,061

Hand/Machine Tools - 0.37%
Dynamo Newco II GmbH,
Due 10/1/2031, Term Loan B^F		EUR	64,710		68,568
8.245%, Due 10/1/2031, USD Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 4.000%)		$	64,710		65,357
Madison Safety & Flow LLC, 7.823%, Due 9/26/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)			301,848		305,057

					438,982

Machinery - Construction & Mining - 0.26%
Vertiv Group Corp., 6.553%, Due 3/2/2027, 2024 Term Loan B2, (1 mo. USD Secured Overnight Financing Rate + 2.000%)			312,797		314,404

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Industrial - 11.93% (continued)
Machinery - Diversified - 2.00%
Arcline FM Holdings LLC, 9.054%, Due 6/23/2028, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.500%, 3 mo. USD Secured Overnight Financing Rate + 4.500%)	$	60,135	$	60,405
Chart Industries, Inc., 7.092%, Due 3/15/2030, 2024 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 2.500%)		150,753		151,318
Clark Equipment Co., Due 4/20/2029, 2024 Term Loan^F		299,839		300,651
CPM Holdings, Inc., 9.053%, Due 9/28/2028, 2023 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.500%)		308,494		299,779
Crown Equipment Corp., 7.122%, Due 10/10/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		97,065		97,672
DXP Enterprises, Inc., 8.323%, Due 10/11/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		446,988		452,204
Project Castle, Inc., 9.762% - 12.500%, Due 6/1/2029, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.500%, 3 mo. USD PRIME + 4.500%)		98,878		89,693
SPX Flow, Inc., 8.073%, Due 4/5/2029, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%)		317,029		319,122
TK Elevator U.S. Newco, Inc., 8.588%, Due 4/30/2030, USD Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 3.500%)		599,728		604,100

				2,374,944

Miscellaneous Manufacturing - 0.13%
Gemini HDPE LLC, Due 12/31/2027, 2020 Term Loan B^F		154,271		154,387

Packaging & Containers - 1.18%
Berlin Packaging LLC, 8.303% - 8.354%, Due 6/9/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%, 3 mo. USD Secured Overnight Financing Rate + 3.750%)		144,405		145,118
Berry Global, Inc., 6.487%, Due 7/1/2029, 2023 Term Loan AA, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		1,048		1,050
Canister International Group, Inc., Due 3/22/2029, 2024 1st Lien Term Loan B^F		298,452		300,879
Graham Packaging Co., Inc., 7.073%, Due 8/4/2027, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.500%)		554,115		556,243
Plaze, Inc., 8.437%, Due 8/3/2026, 2020 Incremental Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		159,150		145,136
Pretium Packaging LLC, 9.171%, Due 10/2/2028, Second Out Term Loan A1, PIK (in-kind rate 1.380%)		6,265		5,045
Ring Container Technologies Group LLC, Due 8/12/2028, 2024 Term Loan B^F		261,734		263,174

				1,416,645

Transportation - 0.97%
AIT Worldwide Logistics, Inc., 9.480%, Due 4/5/2030, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		452,325		455,908
Echo Global Logistics, Inc., Due 11/23/2028, Term Loan^F		152,326		150,231
First Student Bidco, Inc.,
7.865%, Due 7/21/2028, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		128,898		129,438
7.865%, Due 7/21/2028, Term Loan C, (3 mo. USD Secured Overnight Financing Rate + 3.000%)		39,414		39,579
Kenan Advantage Group, Inc., 7.823%, Due 1/25/2029, 2024 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		293,259		292,983
Odyssey Logistics & Technology Corp., 9.104%, Due 10/12/2027, 2023 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%)		78,139		78,172

				1,146,311

Total Industrial				14,225,048

Technology - 11.11%
Computers - 3.34%
Ahead DB Holdings LLC, 8.104%, Due 2/1/2031, 2024 Term Loan B3, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		62,502		62,948
Amentum Government Services Holdings LLC, 6.823%, Due 9/29/2031, 2024 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		608,000		603,185
CACI International, Inc., 6.303% - 6.323%, Due 10/30/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 1.750%)		608,000		608,000
Clover Holdings 2 LLC, Due 11/1/2031, Term Loan B^F		97,065		97,005
Indy U.S. Bidco LLC, 9.323%, Due 3/6/2028, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.750%)		600,782		600,782

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Technology - 11.11% (continued)
Computers - 3.34% (continued)
Magenta Security Holdings LLC,
6.345%, Due 7/27/2028, 2024 Second Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 1.500%)	$	18,355	$	11,986
10.835%, Due 7/27/2028, 2024 Super Priority Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.250%)		800,092		810,925
11.595%, Due 7/27/2028, 2024 First Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.750%)		639,213		597,665
11.845%, Due 7/27/2028, 2024 Third Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 1.500%)		15,825		5,697
SonicWall U.S. Holdings, Inc., 12.254%, Due 5/18/2026, 2nd Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 7.500%)		320,469		297,235
UST Holdings Ltd., 7.616%, Due 11/20/2028, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		53,548		53,726
Verifone Systems, Inc., 8.782%, Due 8/20/2025, 2018 1st Lien Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		257,641		240,670

				3,989,824

Semiconductors - 1.13%
Natel Engineering Co., Inc., 10.950%, Due 4/30/2026, 2019 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 6.250%)		1,432,805		1,342,065

Software - 6.64%
Applied Systems, Inc., Due 2/24/2031, 2024 1st Lien Term Loan^F		293,285		295,637
AQA Acquisition Holding, Inc., 8.554%, Due 3/3/2028, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		301,083		303,811
AthenaHealth Group, Inc., 7.823%, Due 2/15/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		306,503		307,269
BCPE Pequod Buyer, Inc., Due 9/19/2031, Term Loan B^F		298,637		300,611
Boxer Parent Co., Inc., 8.335%, Due 7/30/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		612,944		616,842
CCC Intelligent Solutions, Inc., 6.937%, Due 9/21/2028, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 2.250%)		896,975		901,235
Central Parent, Inc., Due 7/6/2029, 2024 Term Loan B^F		300,912		301,087
Cloud Software Group, Inc.,
8.521% - 8.604%, Due 3/30/2029, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%)		40,129		40,244
Due 3/21/2031, 2024 Add-On Term Loan B^F		272,195		272,195
Cloudera, Inc., 8.423%, Due 10/8/2028, 2021 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.750%)		301,440		300,500
Darktrace PLC, Due 10/9/2031, 1st Lien Term Loan^F		153,006		153,013
EagleView Technology Corp., 8.366%, Due 8/14/2025, 2018 Add On Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		931,424		880,922
Epicor Software Corp.,
Due 5/30/2031, 2024 Delayed Draw Term Loan^F		30,797		31,018

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^E- 86.09% (continued)
Technology - 11.11% (continued)
Software - 6.64% (continued)
Epicor Software Corp., (continued)
Due 5/30/2031, 2024 Term Loan E^F	$	262,488	$	264,367
Evertec Group LLC, 7.339%, Due 10/30/2030, 2023 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		90,003		90,453
Genesys Cloud Services Holdings II LLC, 7.573%, Due 12/1/2027, 2024 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.000%)		607,095		612,122
Idera, Inc., 8.071%, Due 3/2/2028, 2024 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.500%)		154,151		152,352
iSolved, Inc., 7.838%, Due 10/15/2030, 2024 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		154,228		155,339
Mitchell International, Inc., 7.823%, Due 6/17/2031, 2024 1st Lien Term Loan, (1 mo. USD Secured Overnight Financing Rate + 3.250%)		61,478		61,613
Open Text Corp., Due 1/31/2030, 2023 Term Loan B^F		906,249		907,572
PointClickCare Technologies, Inc., 7.821%, Due 11/3/2031, 2024 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%)		61,635		62,020
Quartz Acquireco LLC, 7.354%, Due 6/28/2030, 2024 Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 2.750%)		313,030		314,204
Rocket Software, Inc., Due 11/28/2028, 2023 Term Loan B^F		302,345		303,999
S2P Acquisition Borrower, Inc., 8.364%, Due 8/14/2026, Term Loan, (3 mo. USD Secured Overnight Financing Rate + 3.750%)		140,357		140,827
Turing Midco LLC, 7.437%, Due 3/24/2028, 2021 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		154,658		150,298

				7,919,550

Total Technology				13,251,439

Utilities - 1.15%
Electric - 1.15%
Alpha Generation LLC, 7.323%, Due 9/30/2031, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.750%)		301,762		303,811
Calpine Construction Finance Co. LP, 6.573%, Due 7/31/2030, 2023 Refinancing Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		310,516		310,616
Calpine Corp.,
6.573%, Due 1/31/2031, 2024 Term Loan B10, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		151,108		151,431
6.573%, Due 1/31/2031, Term Loan B9, (1 mo. USD Secured Overnight Financing Rate + 2.000%)		604,288		605,998

				1,371,856

Total Utilities				1,371,856

Total Bank Loan Obligations (Cost $113,423,240)				102,655,153

CORPORATE OBLIGATIONS - 0.92%
Basic Materials - 0.36%
Chemicals - 0.36%
Vibrantz Technologies, Inc., 9.000%, Due 2/15/2030^J		451,000		426,701

Consumer, Cyclical - 0.17%
Entertainment - 0.17%
Allen Media LLC/Allen Media Co-Issuer, Inc., 10.500%, Due 2/15/2028^J		450,000		198,000

Industrial - 0.39%
Packaging & Containers - 0.39%
LABL, Inc., 8.625%, Due 10/1/2031^J		228,000		214,991
Mauser Packaging Solutions Holding Co., 9.250%, Due 4/15/2027^J		250,000		255,900

				470,891

Total Industrial				470,891

Total Corporate Obligations (Cost $1,159,543)				1,095,592

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
EXCHANGE-TRADED INSTRUMENTS - 9.48%
Domestic Fixed Income - 4.73%
SPDR Blackstone Senior Loan ETF		134,000	$	5,638,720

Exchange-Traded Funds - 4.75%
Invesco Senior Loan ETF		268,714		5,672,552

Total Exchange-Traded Instruments (Cost $11,238,674)				11,311,272

SHORT-TERM INVESTMENTS - 3.54% (Cost $4,219,203)
Investment Companies - 3.54%
American Beacon U.S. Government Money Market Select Fund, 4.47%^{K L}		4,219,203		4,219,203

TOTAL INVESTMENTS - 100.47% (Cost $134,137,454)				119,806,390
LIABILITIES, NET OF OTHER ASSETS - (0.47)%				(563,487	)

TOTAL NET ASSETS - 100.00%			$	119,242,903

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Value was determined using significant unobservable inputs.

Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s true market value. At period end, the value of these securities amounted to $4,196,935 or 3.52% 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 November 30, 2024.

^G	Zero coupon bank loan.

^H	Default Security. At period end, the amount of securities in default was $698,568 or 0.59% of net assets.

^I	Fixed Rate.

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 $1,095,592 or 0.92% 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.

FLFO - First Lien First Out.

IP - Intellectual Property.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

REITs – Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

SPDR - Standard & Poor’s Depositary Receipt.

USD - United States Dollar.

Glossary:

Currency Abbreviations:


EUR		Euro

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of November 30, 2024, the investments were classified as described below:


FEAC Floating Rate Income Fund	Level 1		Level 2		Level 3			Total
*Assets*
Common Stocks	$	—	$	5,677	$	519,491		$	525,168
Preferred Stocks		—		2		—			2
Bank Loan Obligations		—		98,977,709		3,677,444	⁽¹⁾		102,655,153
Corporate Obligations		—		1,095,592		—			1,095,592
Exchange-Traded Instruments		11,311,272		—		—			11,311,272
Short-Term Investments		4,219,203		—		—			4,219,203

Total Investments in Securities - Assets	$	15,530,475	$	100,078,980	$	4,196,935		$	119,806,390

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

See accompanying notes

American Beacon FEAC Floating Rate Income Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2024, 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 8/31/2024			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 11/30/2024			Unrealized Appreciation (Depreciation) at Period End*
Common Stocks	$	519,491		$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	519,491		$	(1,992,624	)
Bank Loan Obligations		3,626,660	⁽¹⁾		1,249,584		1,132,776		68,452		—		(134,476	)		—		—		3,677,444	⁽¹⁾		(3,675,123	)

	$	4,146,151	⁽¹⁾	$	1,249,584	$	1,132,776	$	68,452	$	—	$	(134,476	)	$	—	$	—	$	4,196,935	⁽¹⁾	$	(5,667,747	)

*	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 November 30, 2024, two common stocks have been fair valued at $519,491 by the Valuation Committee. The remaining bank loan obligations valued at $3,677,444 have been classified as Level 3 due to the use of significant unobservable inputs.

See accompanying notes

American Beacon Ninety One Global Franchise Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
China - 2.80% (Cost $10,385,279)
Foreign Common Stocks - 2.80%
NetEase, Inc., ADR		116,439	$	10,186,084

Germany - 3.37% (Cost $10,613,292)
Foreign Common Stocks - 3.37%
Beiersdorf AG^A		94,122		12,222,282

Israel - 2.97% (Cost $7,274,651)
Foreign Common Stocks - 2.97%
Check Point Software Technologies Ltd.^B		59,320		10,796,240

South Korea - 1.25% (Cost $6,129,356)
Foreign Common Stocks - 1.25%
Samsung Electronics Co. Ltd., GDR^C		4,627		4,539,087

Taiwan - 5.56% (Cost $13,996,372)
Foreign Common Stocks - 5.56%
ASML Holding NV^A		29,323		20,181,623

United Kingdom - 3.47%
Foreign Common Stocks - 3.47%
London Stock Exchange Group PLC^A		57,465		8,256,126
St. James’s Place PLC^A		377,495		4,335,539

Total Foreign Common Stocks				12,591,665

Total United Kingdom (Cost $12,057,016)				12,591,665

United States - 76.44%
Common Stocks - 76.44%
Align Technology, Inc.^B		19,217		4,473,141
Alphabet, Inc., Class A		85,732		14,484,421
Autodesk, Inc.^B		53,157		15,516,528
Automatic Data Processing, Inc.		39,556		12,140,923
Booking Holdings, Inc.		3,694		19,216,114
Edwards Lifesciences Corp.^B		111,426		7,950,245
Electronic Arts, Inc.		76,368		12,499,151
FactSet Research Systems, Inc.		20,026		9,826,157
ICON PLC^B		53,327		11,212,002
Intuit, Inc.		24,514		15,731,369
Johnson & Johnson		58,524		9,071,805
Microsoft Corp.		56,606		23,970,377
Monster Beverage Corp.^B		122,026		6,727,293
Moody’s Corp.		27,215		13,606,956
Motorola Solutions, Inc.		10,533		5,263,340
Nestle SA^A		116,924		10,153,159
Philip Morris International, Inc.		153,324		20,401,292
Roche Holding AG^A		28,685		8,323,154
S&P Global, Inc.		16,062		8,392,556
VeriSign, Inc.^B		67,015		12,543,868
Visa, Inc., Class A		114,547		36,091,469

Total Common Stocks				277,595,320

Total United States (Cost $204,852,707)				277,595,320

See accompanying notes

American Beacon Ninety One Global Franchise Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 3.96% (Cost $14,375,656)
Investment Companies - 3.96%
American Beacon U.S. Government Money Market Select Fund, 4.47%^{D E}		14,375,656	$	14,375,656

TOTAL INVESTMENTS - 99.82% (Cost $279,684,329)				362,487,957
OTHER ASSETS, NET OF LIABILITIES - 0.18%				654,238

TOTAL NET ASSETS - 100.00%			$	363,142,195

Percentages are stated as a percent of net assets.

^B	Non-income producing security.

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.

^D	7-day yield.

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

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of November 30, 2024, the investments were classified as described below:


Ninety One Global Franchise Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
China	$	10,186,084	$	—	$	—	$	10,186,084
Germany		—		12,222,282		—		12,222,282
Israel		10,796,240		—		—		10,796,240
South Korea		4,539,087		—		—		4,539,087
Taiwan		—		20,181,623		—		20,181,623
United Kingdom		—		12,591,665		—		12,591,665
Common Stocks
United States		259,119,007		18,476,313		—		277,595,320
Short-Term Investments		14,375,656		—		—		14,375,656

Total Investments in Securities - Assets	$	299,016,074	$	63,471,883	$	—	$	362,487,957

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Ninety One International Franchise Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

Shares

Fair Value

Australia - 3.00% (Cost $100,939)

Foreign Common Stocks - 3.00%

REA Group Ltd.^A

849

139,709

Canada - 6.76%

Foreign Common Stocks - 6.76%

Constellation Software, Inc.

314,450

Warrants - 0.00%

Constellation Software, Inc.^{A B C}

Total Canada (Cost $205,545)

314,450

China - 5.40%

Foreign Common Stocks - 5.40%

AIA Group Ltd.^A

9,600

72,214

Hangzhou Tigermed Consulting Co. Ltd., Class H^{A D}

5,700

24,730

Kweichow Moutai Co. Ltd., Class A^A

300

63,740

NetEase, Inc.^A

5,200

90,580

Total Foreign Common Stocks

251,264

Total China (Cost $299,244)

251,264

France - 11.08%

Foreign Common Stocks - 11.08%

EssilorLuxottica SA^A

967

235,151

Hermes International SCA^A

131,093

L’Oreal SA^A

430

149,526

Total Foreign Common Stocks

515,770

Total France (Cost $499,656)

515,770

Germany - 14.45%

Foreign Common Stocks - 13.38%

Beiersdorf AG^A

913

118,558

SAP SE^A

1,723

410,100

Siemens Healthineers AG^{A D}

1,727

93,779

Total Foreign Common Stocks

622,437

Foreign Preferred Stocks - 1.07%

Sartorius AG^A^E

217

49,981

Total Germany (Cost $556,999)

672,418

Ireland - 3.07% (Cost $133,374)

Foreign Common Stocks - 3.07%

Accenture PLC, Class A

394

142,774

Japan - 3.15% (Cost $133,690)

Foreign Common Stocks - 3.15%

Nintendo Co. Ltd.^A

2,500

146,674

Netherlands - 6.17%

Foreign Common Stocks - 6.17%

Heineken NV^A

1,233

91,644

Wolters Kluwer NV^A

1,170

195,202

Total Foreign Common Stocks

286,846

Total Netherlands (Cost $278,520)

286,846

See accompanying notes

American Beacon Ninety One International Franchise Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

Shares

Fair Value

Spain - 2.44% (Cost $111,677)

Foreign Common Stocks - 2.44%

Amadeus IT Group SA^A

1,618

113,612

Switzerland - 3.70%

Foreign Common Stocks - 3.70%

Lonza Group AG^A

151

90,146

Novartis AG^A

774

81,925

Total Foreign Common Stocks

172,071

Total Switzerland (Cost $156,239)

172,071

Taiwan - 6.87%

Foreign Common Stocks - 6.87%

ASML Holding NV^A

179

123,197

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

1,064

196,478

Total Foreign Common Stocks

319,675

Total Taiwan (Cost $235,965)

319,675

United Kingdom - 10.00%

Foreign Common Stocks - 10.00%

InterContinental Hotels Group PLC^A

982

122,593

London Stock Exchange Group PLC^A

1,721

247,260

Reckitt Benckiser Group PLC^A

1,539

95,344

Total Foreign Common Stocks

465,197

Total United Kingdom (Cost $394,070)

465,197

United States - 21.74%

Common Stocks - 21.74%

Alcon AG^A

1,724

153,511

Experian PLC^A

2,686

128,152

ICON PLC^B

740

155,585

Mastercard, Inc., Class A

551

293,650

Nestle SA^A

1,400

121,569

Philip Morris International, Inc.

1,197

159,273

Total Common Stocks

1,011,740

Total United States (Cost $932,634)

1,011,740

SHORT-TERM INVESTMENTS - 1.10% (Cost $51,094)

Investment Companies - 1.10%

American Beacon U.S. Government Money Market Select Fund, 4.47%^{F G}

51,094

51,094

TOTAL INVESTMENTS - 98.93% (Cost $4,089,646)

4,603,294

OTHER ASSETS, NET OF LIABILITIES - 1.07%

49,645

TOTAL NET ASSETS - 100.00%

4,652,939

Percentages are stated as a percent of net assets.

^B	Non-income producing security.

^C	Value was determined using significant unobservable inputs.

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 $118,509 or 2.55% of net assets. The Fund has no right to demand registration of these securities.

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

^F	7-day yield.

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

See accompanying notes

American Beacon Ninety One International Franchise Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

ADR - American Depositary Receipt.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of November 30, 2024, the investments were classified as described below:


Ninety One International Franchise Fund	Level 1		Level 2		Level 3			Total
*Assets*
Foreign Common Stocks
Australia	$	—	$	139,709	$	—		$	139,709
Canada		314,450		—		—			314,450
China		—		251,264		—			251,264
France		—		515,770		—			515,770
Germany		—		622,435		—			622,435
Ireland		142,774		—		—			142,774
Japan		—		146,674		—			146,674
Netherlands		—		286,846		—			286,846
Spain		—		113,612		—			113,612
Switzerland		—		172,072		—			172,072
Taiwan		196,478		123,197		—			319,675
United Kingdom		—		465,197		—			465,197
Warrants
Canada		—		—		0	⁽¹⁾		0	⁽¹⁾
Foreign Preferred Stocks
Germany		—		49,982		—			49,982
Common Stocks
United States		608,507		403,233		—			1,011,740
Short-Term Investments		51,094		—		—			51,094

Total Investments in Securities - Assets	$	1,313,303	$	3,289,991	$	0	⁽¹⁾	$	4,603,294	⁽¹⁾

⁽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 November 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 0.57%
Financials - 0.57%
Mortgage Real Estate Investment Trusts (REITs) - 0.57%
AGNC Investment Corp.		346,000	$	3,342,360
Annaly Capital Management, Inc.		338,932		6,754,915

				10,097,275

Total Financials				10,097,275

Total Common Stocks (Cost $10,362,793)				10,097,275

PREFERRED STOCKS - 2.03%
Financials - 2.03%
Mortgage Real Estate Investment Trusts (REITs) - 2.03%
AGNC Investment Corp.,
Series C, 10.029%, Due 12/29/2024, (3 mo. USD Term SOFR + 5.373%)^A		230,515		5,898,879
Series D, 9.250%, Due 12/29/2024, (3 mo. USD Term SOFR + 4.594%)^A		6,803		173,204
Series E, 9.847%, Due 12/29/2024, (3 mo. USD LIBOR + 4.993%)^A		413,322		10,436,380
Annaly Capital Management, Inc.,
Series F, 9.721%, Due 12/30/2024, (3 mo. USD Term SOFR + 5.255%)^A		369,632		9,540,202
Series G, 8.900%, Due 12/29/2024, (3 mo. USD Term SOFR + 4.434%)^A		387,379		9,858,796

				35,907,461

Total Financials				35,907,461

Total Preferred Stocks (Cost $34,036,309)				35,907,461


	Principal Amount
BANK LOAN OBLIGATIONS^B- 0.21% (Cost $4,195,239)
Consumer, Non-Cyclical - 0.21%
Food - 0.21%
Nova Austral SA, Due 11/1/2030, Term Loan B^{C D E}	$	7,697,080		3,598,629

CORPORATE OBLIGATIONS - 65.64%
Communications - 4.22%
Internet - 0.67%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.500%, Due 3/1/2029^F		12,710,000		11,787,205

Media - 2.62%
Townsquare Media, Inc., 6.875%, Due 2/1/2026^F		24,042,000		24,012,413
Univision Communications, Inc., 7.375%, Due 6/30/2030^F		23,139,000		22,307,027

				46,319,440

Telecommunications - 0.93%
Ciena Corp., 4.000%, Due 1/31/2030^F		17,862,000		16,449,146

Total Communications				74,555,791

Consumer, Cyclical - 11.41%
Entertainment - 4.17%
Churchill Downs, Inc., 6.750%, Due 5/1/2031^F		23,867,000		24,431,742
SeaWorld Parks & Entertainment, Inc., 5.250%, Due 8/15/2029^F		29,496,000		28,468,551
Vail Resorts, Inc., 6.500%, Due 5/15/2032^F		20,225,000		20,770,747

				73,671,040

Leisure Time - 1.20%
Life Time, Inc., 6.000%, Due 11/15/2031^F		21,255,000		21,261,866

Lodging - 2.90%
Boyd Gaming Corp., 4.750%, Due 6/15/2031^F		28,548,000		26,614,598
Station Casinos LLC,
4.500%, Due 2/15/2028^F		4,613,000		4,407,051
4.625%, Due 12/1/2031^F		22,390,000		20,233,499

				51,255,148

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 65.64% (continued)
Consumer, Cyclical - 11.41% (continued)
Retail - 3.14%
FirstCash, Inc., 6.875%, Due 3/1/2032^F	$		25,364,000	$	25,860,818
QVC, Inc., 6.875%, Due 4/15/2029^F			30,811,000		26,134,053
Victoria’s Secret & Co., 4.625%, Due 7/15/2029^F			3,853,000		3,484,701

					55,479,572

Total Consumer, Cyclical					201,667,626

Consumer, Non-Cyclical - 26.72%
Agriculture - 1.25%
Turning Point Brands, Inc., 5.625%, Due 2/15/2026^F			22,198,000		22,123,968

Commercial Services - 7.65%
AMN Healthcare, Inc., 4.625%, Due 10/1/2027^F			28,331,000		27,107,345
Carriage Services, Inc., 4.250%, Due 5/15/2029^F			26,153,000		24,163,032
CoreCivic, Inc., 8.250%, Due 4/15/2029			24,851,000		26,391,886
CPI CG, Inc., 10.000%, Due 7/15/2029^F			21,890,000		23,159,314
GEO Group, Inc., 10.250%, Due 4/15/2031			31,500,000		34,482,986

					135,304,563

Cosmetics/Personal Care - 1.17%
Prestige Brands, Inc., 3.750%, Due 4/1/2031^F			23,030,000		20,653,302

Food - 3.91%
Post Holdings, Inc., 6.250%, Due 10/15/2034^F			21,625,000		21,369,471
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, Due 3/1/2029^F			25,755,000		23,853,645
TreeHouse Foods, Inc., 4.000%, Due 9/1/2028			26,270,000		23,768,721

					68,991,837

Health Care - Products - 3.83%
Avantor Funding, Inc.,
3.875%, Due 7/15/2028^F		EUR	5,000,000		5,263,453
4.625%, Due 7/15/2028^F		$	9,880,000		9,545,513
3.875%, Due 11/1/2029^F			4,200,000		3,900,136
Medline Borrower LP, 3.875%, Due 4/1/2029^F			13,740,000		12,881,616
Neogen Food Safety Corp., 8.625%, Due 7/20/2030^F			22,849,000		24,613,011
Teleflex, Inc., 4.250%, Due 6/1/2028^F			11,917,000		11,407,244

					67,610,973

Health Care - Services - 8.13%
Acadia Healthcare Co., Inc., 5.500%, Due 7/1/2028^F			19,778,000		19,196,725
Charles River Laboratories International, Inc., 4.000%, Due 3/15/2031^F			21,545,000		19,487,459
Concentra Escrow Issuer Corp., 6.875%, Due 7/15/2032^F			23,245,000		23,948,459
Encompass Health Corp., 4.750%, Due 2/1/2030			16,965,000		16,421,416
Pediatrix Medical Group, Inc., 5.375%, Due 2/15/2030^F			23,455,000		22,679,939
Select Medical Corp., 6.250%, Due 12/1/2032^F			21,555,000		21,597,804
Tenet Healthcare Corp., 6.750%, Due 5/15/2031			19,840,000		20,326,750

					143,658,552

Pharmaceuticals - 0.78%
Option Care Health, Inc., 4.375%, Due 10/31/2029^F			14,745,000		13,696,613

Total Consumer, Non-Cyclical					472,039,808

Energy - 3.32%
Oil & Gas - 3.32%
Talos Production, Inc., 9.375%, Due 2/1/2031^F			15,120,000		15,881,778
Tidewater, Inc., 10.375%, Due 7/3/2028^F			14,900,000		15,830,624
Transocean, Inc.,
7.500%, Due 4/15/2031			24,535,000		23,238,108
6.800%, Due 3/15/2038			4,500,000		3,766,024

					58,716,534

Total Energy					58,716,534

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 65.64% (continued)
Financial - 6.40%
Diversified Financial Services - 2.76%
Encore Capital Group, Inc.,
4.250%, Due 6/1/2028^F		GBP	19,445,000	$	22,964,825
9.250%, Due 4/1/2029^F		$	4,010,000		4,308,681
PRA Group, Inc.,
5.000%, Due 10/1/2029^F			17,275,000		15,890,259
8.875%, Due 1/31/2030^F			5,290,000		5,560,339

					48,724,104

Real Estate - 3.64%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.,
5.750%, Due 1/15/2029^F			12,175,000		10,577,059
5.250%, Due 4/15/2030^F			36,490,000		29,488,449
Greystar Real Estate Partners LLC, 7.750%, Due 9/1/2030^F			22,921,000		24,260,763

					64,326,271

Total Financial					113,050,375

Industrial - 7.25%
Aerospace/Defense - 2.36%
AAR Escrow Issuer LLC, 6.750%, Due 3/15/2029^F			19,935,000		20,407,951
Triumph Group, Inc., 9.000%, Due 3/15/2028^F			20,250,000		21,199,725

					41,607,676

Electronics - 1.32%
TTM Technologies, Inc., 4.000%, Due 3/1/2029^F			25,001,000		23,369,935

Environmental Control - 1.26%
Waste Management, Inc., 3.875%, Due 1/15/2029^F			22,986,000		22,309,235

Machinery - Construction & Mining - 0.96%
BWX Technologies, Inc., 4.125%, Due 4/15/2029^F			17,992,000		16,917,144

Packaging & Containers - 0.91%
Sealed Air Corp., 6.500%, Due 7/15/2032^F			15,875,000		16,162,488

Transportation - 0.44%
Altera Shuttle Tankers LLC, 9.000%, Due 3/13/2028			7,400,000		7,716,092

Total Industrial					128,082,570

Technology - 6.32%
Computers - 4.70%
Amentum Holdings, Inc., 7.250%, Due 8/1/2032^F			23,180,000		23,811,836
Booz Allen Hamilton, Inc.,
3.875%, Due 9/1/2028^F			5,971,000		5,715,946
5.950%, Due 8/4/2033			11,500,000		11,951,445
Gartner, Inc., 3.750%, Due 10/1/2030^F			13,330,000		12,331,105
KBR, Inc., 4.750%, Due 9/30/2028^F			16,021,000		15,340,107
Science Applications International Corp., 4.875%, Due 4/1/2028^F			14,323,000		13,787,131

					82,937,570

Semiconductors - 1.62%
Entegris, Inc., 5.950%, Due 6/15/2030^F			17,545,000		17,574,493
Qorvo, Inc., 3.375%, Due 4/1/2031^F			12,970,000		11,209,860

					28,784,353

Total Technology					111,721,923

Total Corporate Obligations (Cost $1,153,026,750)					1,159,834,627

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Principal Amount			Fair Value
CONVERTIBLE OBLIGATIONS - 0.97% (Cost $15,505,802)
Financial - 0.97%
Diversified Financial Services - 0.97%
Upstart Holdings, Inc., 0.250%, Due 8/15/2026		$	19,010,000	$	17,204,050

FOREIGN CONVERTIBLE OBLIGATIONS - 0.40% (Cost $7,768,497)
Consumer, Non-Cyclical - 0.40%
Biotechnology - 0.40%
Pharming Group NV, 4.500%, Due 4/25/2029^G		EUR	7,000,000		7,116,443

FOREIGN CORPORATE OBLIGATIONS - 25.38%
Basic Materials - 1.26%
Chemicals - 1.26%
Cerdia Finanz GmbH, 9.375%, Due 10/3/2031^F		$	21,275,000		22,212,971

Consumer, Cyclical - 2.35%
Entertainment - 1.28%
Flutter Treasury DAC, 6.375%, Due 4/29/2029^F			22,100,000		22,611,356

Leisure Time - 1.07%
Cruise Yacht Upper HoldCo Ltd., 11.875%, Due 7/5/2028			18,400,000		18,958,106

Total Consumer, Cyclical					41,569,462

Consumer, Non-Cyclical - 2.80%
Food - 2.06%
Minerva Luxembourg SA, 8.875%, Due 9/13/2033^F			24,530,000		25,883,884
Nova Austral SA,
12.000%, Due 11/26/2026, Cash (2.000%) or PIK (in-kind rate 10.000%)^{C D H I}			15,326,995		306,540
12.000%, Due 11/26/2026, PIK (in-kind rate 12.000%)^{C D G H I}			25,331,728		9,763,547
Due 1/1/2099^{C D J}			146,458		1,465
Due 12/31/2099^{C D J}			1,250,186		481,856

					36,437,292

Pharmaceuticals - 0.74%
180 Medical, Inc., 3.875%, Due 10/15/2029^F			14,200,000		13,094,625

Total Consumer, Non-Cyclical					49,531,917

Energy - 11.05%
Oil & Gas - 11.05%
Archer Norge AS, 9.736%, Due 7/6/2027, (1 day USD SOFR + 5.000%)^A			12,809,720		13,674,474
Borr IHC Ltd./Borr Finance LLC, 10.375%, Due 11/15/2030^F			33,402,403		33,337,436
CES Energy Solutions Corp., 6.875%, Due 5/24/2029^F		CAD	10,125,000		7,303,682
Floatel International Ltd., 9.750%, Due 4/10/2029		$	25,125,000		21,348,406
Greenfire Resources Ltd., 12.000%, Due 10/1/2028^F			17,258,000		18,489,117
Odfjell Rig III Ltd., 9.250%, Due 5/31/2028			17,928,664		18,841,502
Paratus Energy Services Ltd., 9.500%, Due 6/27/2029			27,600,000		27,111,736
Seadrill Finance Ltd., 8.375%, Due 8/1/2030^F			15,080,000		15,440,052
Secure Energy Services, Inc., 6.750%, Due 3/22/2029^F		CAD	18,365,000		13,362,385
Shelf Drilling Holdings Ltd., 9.625%, Due 4/15/2029^F		$	25,127,000		21,487,485
TGS ASA, 8.500%, Due 1/15/2030^F			4,800,000		4,920,726

					195,317,001

Total Energy					195,317,001

Financial - 4.03%
Diversified Financial Services - 1.08%
Kane Bidco Ltd., 6.500%, Due 2/15/2027^F		GBP	15,064,000		19,152,570

Real Estate - 2.95%
Heimstaden AB,
4.250%, Due 3/9/2026^G		EUR	5,500,000		5,564,935
4.375%, Due 3/6/2027^G			5,400,000		5,329,068

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

Principal Amount

Fair Value

FOREIGN CORPORATE OBLIGATIONS - 25.38% (continued)

Financial - 4.03% (continued)

Real Estate - 2.95% (continued)

Heimstaden Bostad AB,

2.625%, Due 2/1/2027, (5 yr. EUR Swap + 3.149%)^{A G K}

EUR

8,620,000

8,409,844

3.000%, Due 10/29/2027, (5 yr. EUR Swap + 3.268%)^{A G K}

2,475,000

2,381,250

Samhallsbyggnadsbolaget i Norden AB, 2.250%, Due 8/12/2027^G

36,600,000

30,289,030

51,974,127

Total Financial

71,126,697

Industrial - 3.89%

Machinery - Diversified - 1.49%

ATS Corp.,

4.125%, Due 12/15/2028^F

14,545,000

13,570,364

6.500%, Due 8/21/2032^F

CAD

17,685,000

12,701,838

26,272,202

Transportation - 2.40%

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

26,450,000

26,221,869

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

15,600,000

16,148,382

42,370,251

Total Industrial

68,642,453

Total Foreign Corporate Obligations (Cost $469,517,868)

448,400,501

Shares

FOREIGN COMMON STOCKS - 0.18% (Cost $2,188,049)

Energy - 0.18%

Oil, Gas & Consumable Fuels - 0.18%

Scorpio Tankers, Inc.

63,766

3,230,386

SHORT-TERM INVESTMENTS - 2.82% (Cost $49,907,912)

Investment Companies - 2.82%

American Beacon U.S. Government Money Market Select Fund, 4.47%^{L M}

49,907,912

49,907,912

TOTAL INVESTMENTS - 98.20% (Cost $1,746,509,219)

1,735,297,284

OTHER ASSETS, NET OF LIABILITIES - 1.80%

31,782,323

TOTAL NET ASSETS - 100.00%

1,767,079,607

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 November 30, 2024.

^B	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.

^D	Value was determined using significant unobservable inputs.

^E	Zero coupon bank loan.

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 $1,235,339,690 or 69.91% of net assets. The Fund has no right to demand registration of these securities.

^H	Default Security. At period end, the amount of securities in default was $10,070,087 or 0.57% of net assets.

^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	Zero coupon bond.

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

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

^M	7-day yield.

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

DAC - Designated Activity Company.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

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

REITs – Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

Short Futures Contracts Open on November 30, 2024:

Currency Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
CME British Pound Currency Futures		539	December 2024	$	(44,128,546	)	$	(42,863,975	)	$	1,264,571
CME Canadian Dollar Currency Futures		458	December 2024		(33,736,489	)		(32,733,260	)		1,003,229
CME Euro Foreign Exchange Currency Futures		95	December 2024		(13,165,309	)		(12,556,031	)		609,278

				$	(91,030,344	)	$	(88,153,266	)	$	2,877,078

Forward Foreign Currency Contracts Open on November 30, 2024:


Currency Purchased^*		Currency Sold^*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	55,895,000	EUR	56,135,097	12/7/2027	GST	$	—	$	(240,097	)	$	(240,097	)

						$	—	$	(240,097	)	$	(240,097	)

*	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 November 30, 2024, the investments were classified as described below:


SiM High Yield Opportunities Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	10,097,275	$	—	$	—	$	10,097,275
Preferred Stocks		35,907,461		—		—		35,907,461
Bank Loan Obligations		—		—		3,598,629		3,598,629
Corporate Obligations		—		1,159,834,627		—		1,159,834,627
Convertible Obligations		—		17,204,050		—		17,204,050
Foreign Convertible Obligations		—		7,116,443		—		7,116,443
Foreign Corporate Obligations		—		437,847,093		10,553,408		448,400,501
Foreign Common Stocks		3,230,386		—		—		3,230,386
Short-Term Investments		49,907,912		—		—		49,907,912

Total Investments in Securities - Assets	$	99,143,034	$	1,622,002,213	$	14,152,037	$	1,735,297,284

See accompanying notes

American Beacon SiM High Yield Opportunities Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


SiM High Yield Opportunities Fund	Level 1		Level 2			Level 3		Total
*Financial Derivative Instruments - Assets*
Futures Contracts	$	2,877,078	$	—		$	—	$	2,877,078

Total Financial Derivative Instruments - Assets	$	2,877,078	$	—		$	—	$	2,877,078

*Financial Derivative Instruments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(240,097	)	$	—	$	(240,097	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(240,097	)	$	—	$	(240,097	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2024, one Foreign Corporate Obligation was transferred from Level 2 to Level 3 with a fair value of $306,540.


Security Type	Balance as of 8/31/2024			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 11/30/2024		Unrealized Appreciation (Depreciation) at Period End*
Bank Loan Obligations	$	3,598,629		$	—	$	—	$	145,910	$	—		$	(145,910	)	$	—	$	—	$	3,598,629	$	(596,610	)
Foreign Corporate Obligations	$	10,246,867	⁽¹⁾	$	—	$	—	$	120,422	$	(2,514,533	)	$	2,394,112		$	306,540	$	—	$	10,553,408	$	(27,556,917	)

	$	13,845,496	⁽¹⁾	$	—	$	—	$	266,332	$	(2,514,533	)	$	2,248,202		$	306,540	$	—	$	14,152,037	$	(28,153,527	)

*	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 November 30, 2024, one bank loan obligation valued at $3,598,629 has been classified as Level 3 due to the use of significant unobservable inputs. Four foreign corporate obligations have been fair valued at $10,553,408 by the Valuation Committee and have been classified as Level 3 due to the use of significant unobservable inputs.

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 89.53%
Communication Services - 1.74%
Media - 1.74%
Comcast Corp., Class A		568,287	$	24,544,316

Consumer Discretionary - 7.01%
Hotels, Restaurants & Leisure - 3.00%
Starbucks Corp.		413,723		42,390,059

Specialty Retail - 4.01%
Lowe’s Cos., Inc.		207,386		56,498,168

Total Consumer Discretionary				98,888,227

Consumer Staples - 8.64%
Food Products - 1.69%
Nestle SA, ADR ^A		274,185		23,793,774

Tobacco - 6.95%
Altria Group, Inc.		575,974		33,256,739
Philip Morris International, Inc.		486,521		64,736,484

				97,993,223

Total Consumer Staples				121,786,997

Energy - 2.69%
Oil, Gas & Consumable Fuels - 2.69%
Chevron Corp.		234,292		37,938,904

Financials - 23.37%
Capital Markets - 8.18%
Blackrock, Inc.		62,431		63,854,427
Charles Schwab Corp.		621,342		51,422,264

				115,276,691

Financial Services - 8.19%
Berkshire Hathaway, Inc., Class B^B		139,946		67,596,717
Fidelity National Information Services, Inc.		562,638		47,993,021

				115,589,738

Insurance - 7.00%
Cincinnati Financial Corp.		221,829		35,454,929
Progressive Corp.		235,224		63,247,029

				98,701,958

Total Financials				329,568,387

Health Care - 5.83%
Pharmaceuticals - 5.83%
Johnson & Johnson		278,203		43,124,247
Merck & Co., Inc.		384,546		39,085,255

				82,209,502

Total Health Care				82,209,502

Industrials - 14.70%
Aerospace & Defense - 2.62%
Northrop Grumman Corp.		75,360		36,900,024

Air Freight & Logistics - 2.16%
United Parcel Service, Inc., Class B		224,682		30,493,841

Ground Transportation - 4.05%
Norfolk Southern Corp.		207,036		57,110,880

Professional Services - 2.98%
Paychex, Inc.		287,288		42,021,616

Trading Companies & Distributors - 2.89%
Fastenal Co.		488,850		40,848,306

Total Industrials				207,374,667

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 89.53% (continued)
Information Technology - 15.65%
Communications Equipment - 2.73%
Cisco Systems, Inc.		649,820	$	38,475,842

Semiconductors & Semiconductor Equipment - 4.18%
Texas Instruments, Inc.		293,112		58,924,305

Software - 3.44%
Microsoft Corp.		114,554		48,509,037

Technology Hardware, Storage & Peripherals - 5.30%
Apple, Inc.		315,359		74,844,152

Total Information Technology				220,753,336

Materials - 5.03%
Chemicals - 5.03%
Air Products & Chemicals, Inc.		212,278		70,970,904

Real Estate - 1.94%
Specialized REITs - 1.94%
Crown Castle, Inc.		256,888		27,294,350

Utilities - 2.93%
Multi-Utilities - 2.93%
Dominion Energy, Inc.		704,331		41,379,446

Total Common Stocks (Cost $676,881,132)				1,262,709,036

FOREIGN COMMON STOCKS - 7.60%
Communication Services - 3.14%
Entertainment - 3.14%
Nintendo Co. Ltd., ADR^A		3,023,721		44,297,513

Consumer Staples - 1.78%
Beverages - 1.78%
Diageo PLC, ADR		210,589		25,135,903

Information Technology - 2.68%
Electronic Equipment, Instruments & Components - 2.68%
TE Connectivity PLC		249,900		37,764,888

Total Foreign Common Stocks (Cost $98,217,523)				107,198,304

SHORT-TERM INVESTMENTS - 2.63% (Cost $37,083,343)
Investment Companies - 2.63%
American Beacon U.S. Government Money Market Select Fund, 4.47%^{C D}		37,083,343		37,083,343

SECURITIES LENDING COLLATERAL - 0.00% (Cost $1,425)
Investment Companies - 0.00%
American Beacon U.S. Government Money Market Select Fund, 4.47%^{C D}		1,425		1,425

TOTAL INVESTMENTS - 99.76% (Cost $812,183,423)				1,406,992,108
OTHER ASSETS, NET OF LIABILITIES - 0.24%				3,448,765

TOTAL NET ASSETS - 100.00%			$	1,410,440,873

Percentages are stated as a percent of net assets.

^A	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at November 30, 2024.

^B	Non-income producing security.

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

^D	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

REITs - Real Estate Investment Trusts.

See accompanying notes

American Beacon The London Company Income Equity Fund^SM

Schedule of Investments

November 30, 2024 (Unaudited)

Long Futures Contracts Open on November 30, 2024:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index Futures		135		December 2024	$	40,387,534	$	40,847,625	$	460,091

					$	40,387,534	$	40,847,625	$	460,091

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 November 30, 2024, the investments were classified as described below:


The London Company Income Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	1,262,709,036	$	—	$	—	$	1,262,709,036
Foreign Common Stocks		107,198,304		—		—		107,198,304
Short-Term Investments		37,083,343		—		—		37,083,343
Securities Lending Collateral		1,425		—		—		1,425

Total Investments in Securities - Assets	$	1,406,992,108	$	—	$	—	$	1,406,992,108

*Financial Derivative Instruments - Assets*
Futures Contracts	$	460,091	$	—	$	—	$	460,091

Total Financial Derivative Instruments - Assets	$	460,091	$	—	$	—	$	460,091

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2024, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

November 30, 2024 (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 approved by the Board, 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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

November 30, 2024 (Unaudited)

and less liquid than the securities of larger-capitalization companies. The Funds may fair value securities as a result of significant events occurring after the close of the foreign markets in which a Fund invests as described below. In addition, the Funds may invest in illiquid securities requiring these procedures.

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

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

Valuation Inputs

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


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 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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

November 30, 2024 (Unaudited)

categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

November 30, 2024 (Unaudited)

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 to 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 applied by the Manager 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.

American Beacon Balanced Fund R5 Class (AADBX) NPORT-PAmerican Beacon FEAC Floating Rate Income Fund (Nov 2024 report)