# EDGAR Filing Document

**Accession Number:** 0000809593
**File Stem:** 0001752724-23-011450
**Filing Date:** 2023-1
**Character Count:** 187170
**Document Hash:** d2d13809e02cc36085d64f623382b2dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-011450.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-011450

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN BEACON FUNDS
- **CENTRAL INDEX KEY:** 0000809593
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04984
- **FILM NUMBER:** 23550429

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 8173916100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN AADVANTAGE FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN EAGLE FUNDS
- **DATE OF NAME CHANGE:** 19890813

## Series and Classes Contracts Data

### American Beacon SiM High Yield Opportunities Fund (Series ID: S000031209)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000096903 | A Class        | SHOAX           |
| C000096904 | C Class        | SHOCX           |
| C000096905 | R5 Class       | SHOIX           |
| C000096906 | Y Class        | SHOYX           |
| C000096907 | Investor Class | SHYPX           |

## Nport-Ex

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**United States** 

**Securities and Exchange Commission** 

**Washington, DC 20549** 

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**FORM N-Q** 

------

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANY** 

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

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

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

**Irving, Texas 75039** 

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

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**Jeffrey K. Ringdahl, PRESIDENT** 

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

**Irving, Texas 75039** 

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

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

**Date of fiscal year end: August 31, 2023** 

**Date of reporting period: November 30, 2022** 

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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.

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ITEM 1. SCHEDULE OF INVESTMENTS.

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 3.87% |  |  |
|  **Energy - 3.87%** |  |  |
|  **Oil, Gas & Consumable Fuels - 3.87%** |  |  |
|  Enterprise Products Partners LP | 564749 | $14011423 |
|  Hess Midstream LP, Class A | 375487 | 11726459 |
|  Holly Energy Partners LP | 410438 | 7683399 |
|  Kinder Morgan, Inc. | 409346 | 7826696 |
|  Plains All American Pipeline LP | 995460 | 12363613 |
|  |  | **53611590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **53611590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $49,771,155)** |  | **53611590** |
|  PREFERRED STOCKS - 1.44% |  |  |
|  **Energy - 0.50%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.50%** |  |  |
|  Crestwood Equity Partners LP, 9.250%<sup>A</sup> | 768415 | **6915735** |
|  **Financials - 0.94%** |  |  |
|  **Mortgage Real Estate Investment Trusts (REITs) - 0.94%** |  |  |
|  Annaly Capital Management, Inc., Series F, 8.667%, (3 mo. USD LIBOR + 4.993%)<sup>A B</sup> | 207482 | 5062561 |
|  Annaly Capital Management, Inc., Series G, 6.500%, (3 mo. USD LIBOR + 4.172%)<sup>A B</sup> | 201537 | 4635351 |
|  Annaly Capital Management, Inc., Series I, 6.750%, (3 mo. USD LIBOR + 4.989%)<sup>A B</sup> | 145634 | 3343756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **13041668** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stocks (Cost $20,228,551)** |  | **19957403** |
|  | **Principal Amount\*** |  |
|  CORPORATE OBLIGATIONS - 66.96% |  |  |
|  **Communications - 5.57%** |  |  |
|  **Advertising - 0.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp., 3.625%, Due 1/15/2031 | $12496000 | **10405419** |
|  **Internet - 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.250%, Due 12/1/2027<sup>C</sup> | 8395000 | **7956949** |
|  **Media - 2.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., 6.875%, Due 2/1/2026<sup>C</sup> | 22125000 | 20466060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 6/1/2027<sup>C</sup> | 4200000 | 4093832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, Due 6/30/2030<sup>C</sup> | 16724000 | 16556927 |
|  |  | **41116819** |
|  **Telecommunications - 1.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxar Technologies, Inc., 7.750%, Due 6/15/2027<sup>C</sup> | 18020000 | **17617794** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **77096981** |
|  **Consumer, Cyclical - 13.05%** |  |  |
|  **Entertainment - 5.26%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., 4.625%, Due 10/15/2029<sup>C</sup> | 24432000 | 20436879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., 4.750%, Due 1/15/2028<sup>C</sup> | 18732000 | 16978272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., 5.250%, Due 8/15/2029<sup>C</sup> | 23515000 | 20263745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 5.500%, Due 4/15/2027<sup>C</sup> | 16797000 | 15166683 |
|  |  | **72845579** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount\*** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) |
|  **Consumer, Cyclical - 13.05% (continued)** | **Consumer, Cyclical - 13.05% (continued)** | **Consumer, Cyclical - 13.05% (continued)** |
|  **Leisure Time - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., 6.650%, Due 1/15/2028 | $10130000 | $**6617828** |
|  **Lodging - 4.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., 4.750%, Due 6/15/2031<sup>C</sup> | 23858000 | 20816105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 1/15/2028 | 17115000 | 15013806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/15/2029<sup>C</sup> | 3530000 | 2973961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, 4.500%, Due 2/15/2028<sup>C</sup> | 24058000 | 21201203 |
|  |  | **60005075** |
|  **Retail - 2.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVC, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 2/15/2027 | 5515000 | 4139917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 3/15/2043 | 22031000 | 11360065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co., 4.625%, Due 7/15/2029<sup>C</sup> | 30458000 | 25706552 |
|  |  | **41206534** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **180675016** |
|  **Consumer, Non-Cyclical - 24.41%** |  |  |
|  **Agriculture - 2.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., 5.625%, Due 2/15/2026<sup>C</sup> | 20298000 | 17670890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vector Group Ltd., 10.500%, Due 11/1/2026<sup>C</sup> | 22000000 | 22055000 |
|  |  | **39725890** |
|  **Commercial Services - 3.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., 4.625%, Due 10/1/2027<sup>C</sup> | 14801000 | 13686263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.250%, Due 5/15/2029<sup>C</sup> | 25405000 | 19021994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI CG, Inc., 8.625%, Due 3/15/2026<sup>C</sup> | 18048000 | 17386967 |
|  |  | **50095224** |
|  **Food - 3.50%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.500%, Due 1/15/2030<sup>C</sup> | 13459000 | 12909334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, Due 3/1/2029<sup>C</sup> | 16630000 | 13678840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc., 4.000%, Due 9/1/2028 | 25710000 | 21904149 |
|  |  | **48492323** |
|  **Health Care - Products - 2.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 4.625%, Due 7/15/2028<sup>C</sup> | 14780000 | 13411372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, 3.875%, Due 4/1/2029<sup>C</sup> | 11515000 | 9816537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc., 4.250%, Due 6/1/2028<sup>C</sup> | 14842000 | 13525410 |
|  |  | **36753319** |
|  **Health Care - Services - 9.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 5.500%, Due 7/1/2028<sup>C</sup> | 14528000 | 13656694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., 3.000%, Due 10/15/2030 | 16609000 | 13612570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., 3.750%, Due 3/15/2029<sup>C</sup> | 14695000 | 12786428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp., 4.750%, Due 2/1/2030 | 16165000 | 14346438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 3.500%, Due 9/1/2030 | 10150000 | 8723621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc., 5.375%, Due 2/15/2030<sup>C</sup> | 25620000 | 21618412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp., 6.250%, Due 8/15/2026<sup>C</sup> | 21377000 | 20542549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc., 3.625%, Due 1/15/2029<sup>C</sup> | 14079000 | 11010341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., 4.875%, Due 1/1/2026<sup>C</sup> | 17894000 | 16981048 |
|  |  | **133278101** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount\*** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) |
|  **Consumer, Non-Cyclical - 24.41% (continued)** | **Consumer, Non-Cyclical - 24.41% (continued)** | **Consumer, Non-Cyclical - 24.41% (continued)** |
|  **Pharmaceuticals - 2.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics USA, Inc., 5.500%, Due 8/1/2027<sup>C</sup> | $14431000 | $14322768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Brands, Inc., 3.750%, Due 4/1/2031<sup>C</sup> | 18680000 | 15368310 |
|  |  | **29691078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **338035935** |
|  **Energy - 4.91%** |  |  |
|  **Oil & Gas - 4.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berry Petroleum Co. LLC, 7.000%, Due 2/15/2026<sup>C</sup> | 22224000 | 21037683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.125%, Due 1/15/2027<sup>C</sup> | 22304000 | 21196829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 9/1/2030 | 10795000 | 11261722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, Due 5/1/2031 | 4335000 | 4703475 |
|  |  | **58199709** |
|  **Pipelines - 0.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.625%, Due 5/1/2027<sup>C</sup> | 10406000 | **9784313** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **67984022** |
|  **Financial - 2.92%** |  |  |
|  **Diversified Financial Services - 2.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., 4.250%, Due 6/1/2028<sup>C</sup> | 22390000 | 20239170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc., 5.000%, Due 10/1/2029<sup>C</sup> | 24691000 | 20217673 |
|  |  | **40456843** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **40456843** |
|  **Industrial - 8.06%** |  |  |
|  **Electronics - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc., 4.000%, Due 3/1/2029<sup>C</sup> | 26571000 | **22542613** |
|  **Engineering & Construction - 1.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM, 5.125%, Due 3/15/2027 | 15657000 | **14991578** |
|  **Environmental Control - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stericycle, Inc., 3.875%, Due 1/15/2029<sup>C</sup> | 15781000 | **13729470** |
|  **Machinery - Construction & Mining - 1.42%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc., 4.125%, Due 4/15/2029<sup>C</sup> | 22292000 | **19616960** |
|  **Machinery - Diversified - 0.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPW Industries Holding Corp., 9.000%, Due 10/1/2024 <sup>C</sup> | 14491000 | **12371691** |
|  **Transportation - 2.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 10.750%, Due 7/1/2025<sup>C</sup> | 29855000 | **28302671** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **111554983** |
|  **Technology - 8.04%** |  |  |
|  **Computers - 4.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., 3.875%, Due 9/1/2028<sup>C</sup> | 15376000 | 13827944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., 4.750%, Due 9/30/2028<sup>C</sup> | 21546000 | 19194685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 7/1/2032 | 7020000 | 7028775 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount\*** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) | CORPORATE OBLIGATIONS - 66.96% (continued) |
|  **Technology - 8.04% (continued)** |  |  |
|  **Computers - 4.45% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/1/2033 | $8771000 | $7992398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp., 4.875%, Due 4/1/2028<sup>C</sup> | 14573000 | 13506694 |
|  |  | **61550496** |
|  **Semiconductors - 2.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris Escrow Corp., 5.950%, Due 6/15/2030<sup>C</sup> | 14570000 | 13614409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc., 3.375%, Due 4/1/2031<sup>C</sup> | 23509000 | 18848576 |
|  |  | **32462985** |
|  **Software - 1.25%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Knight InfoServ LLC, 3.625%, Due 9/1/2028<sup>C</sup> | 19715000 | **17299913** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **111313394** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $1,027,891,109)** |  | **927117174** |
|  CONVERTIBLE OBLIGATIONS - 1.86% |  |  |
|  **Consumer, Non-Cyclical - 0.49%** |  |  |
|  **Agriculture - 0.49%** |  |  |
|  Turning Point Brands, Inc., 2.500%, Due 07/15/2024 | 7650000 | **6768235** |
|  **Financial - 1.37%** |  |  |
|  **Diversified Financial Services - 1.37%** |  |  |
|  EZCORP, Inc., 2.375%, Due 05/1/2025 | 16065000 | 14354077 |
|  Upstart Holdings, Inc., 0.250%, Due 08/15/2026 | 9070000 | 4659713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **19013790** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Obligations (Cost $27,466,006)** |  | **25782025** |
|  FOREIGN CONVERTIBLE OBLIGATIONS - 3.73% |  |  |
|  **Consumer, Non-Cyclical - 0.86%** |  |  |
|  **Biotechnology - 0.86%** |  |  |
|  Pharming Group NV, 3.000%, Due 01/21/2025<sup>D</sup> | 12500000 | **11888856** |
|  **Financial - 0.54%** |  |  |
|  **Real Estate - 0.54%** |  |  |
|  TAG Immobilien AG, 0.625%, Due 08/27/2026<sup>D</sup> | 10200000 | **7493569** |
|  **Industrial - 2.33%** |  |  |
|  **Transportation - 2.33%** |  |  |
|  Scorpio Tankers, Inc., 3.000%, Due 05/15/2025<sup>C E</sup> | 20723000 | **32203542** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Convertible Obligations (Cost $41,186,655)** |  | **51585967** |
|  FOREIGN CORPORATE OBLIGATIONS - 19.29% |  |  |
|  **Consumer, Cyclical - 1.96%** |  |  |
|  **Airlines - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA, 1.500%, Due 7/4/2027<sup>D</sup> | 17000000 | **13687793** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount\*** | **Fair Value** |
|  FOREIGN CORPORATE OBLIGATIONS - 19.29% (continued) | FOREIGN CORPORATE OBLIGATIONS - 19.29% (continued) | FOREIGN CORPORATE OBLIGATIONS - 19.29% (continued) |
|  **Consumer, Cyclical - 1.96% (continued)** | **Consumer, Cyclical - 1.96% (continued)** | **Consumer, Cyclical - 1.96% (continued)** |
|  **Entertainment - 0.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladbrokes Group Finance PLC, 5.125%, Due 9/8/2023<sup>D</sup> | 11200000 | $**13296324** |
|  **Retail - 0.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer PLC, 4.500%, Due 7/10/2027<sup>D</sup> | 100000 | **103851** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **27087968** |
|  **Consumer, Non-Cyclical - 2.26%** |  |  |
|  **Food - 1.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Austral SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 11/26/2026, Cash (2.000%) or PIK (in-kind rate 10.000%) | $14594704 | 2189206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 11/26/2026, PIK (in-kind rate 12.000%)<sup>C D</sup> | 26581914 | 15949148 |
|  |  | **18138354** |
|  **Pharmaceuticals - 0.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 Medical, Inc., 3.875%, Due 10/15/2029<sup>C</sup> | 15550000 | **13216067** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **31354421** |
|  **Energy - 9.63%** |  |  |
|  **Oil & Gas - 9.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp., 8.750%, Due 4/1/2027<sup>C</sup> | 28193000 | 29066137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CES Energy Solutions Corp., 6.375%, Due 10/21/2024<sup>C</sup> | 13205000 | 9767665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenfire Resources, Inc., 12.000%, Due 8/15/2025<sup>C</sup> | 16117000 | 17084020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp., 5.875%, Due 2/1/2029<sup>C</sup> | 18649000 | 17530060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OKEA ASA, 8.750%, Due 12/11/2024 | 11100000 | 11084497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secure Energy Services, Inc., 7.250%, Due 12/30/2026<sup>C</sup> | 18508000 | 13415084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strathcona Resources Ltd., 6.875%, Due 8/1/2026<sup>C</sup> | 32925000 | 27999340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc., 6.875%, Due 5/1/2030<sup>C</sup> | 7815000 | 7326563 |
|  |  | **133273366** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **133273366** |
|  **Financial - 2.61%** |  |  |
|  **Financial Services - 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane Bidco Ltd., 6.500%, Due 2/15/2027<sup>C</sup> | 11131000 | **10925915** |
|  **Real Estate - 1.82%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heimstaden AB, 4.250%, Due 3/9/2026<sup>D</sup> | 4600000 | 3447478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.248%, Due 11/19/2024, (5 yr. EUR Swap + 3.667%)<sup>B D F</sup> | 2860000 | 2293990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, Due 2/1/2027, (5 yr. EUR Swap + 3.149%)<sup>B D F</sup> | 6860000 | 4189167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/29/2027, (5 yr. EUR Swap + 3.268%)<sup>B D F</sup> | 1175000 | 770304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB, 1.000%, Due 8/12/2027<sup>D</sup> | 20775000 | 14534441 |
|  |  | **25235380** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **36161295** |
|  **Industrial - 2.83%** |  |  |
|  **Machinery - Diversified - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATS Corp., 4.125%, Due 12/15/2028<sup>C</sup> | 15895000 | **13625349** |
|  **Transportation - 1.84%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronav Luxembourg SA, 6.250%, Due 9/14/2026 | 26450000 | **25524250** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **39149599** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $279,898,338)** |  | **267026649** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SHORT-TERM INVESTMENTS - 1.21% (Cost $16,793,724) |  |  |
|  **Investment Companies - 1.21%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>G H</sup> | 16793724 | $**16793724** |
|  **TOTAL INVESTMENTS - 98.36% (Cost $1,463,235,538)** |  | **1361874532** |
|  **OTHER ASSETS, NET OF LIABILITIES - 1.64%** |  | **22685296** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**1384559828** |

---

Percentages are stated as a percent of net assets.

\* In U.S. Dollars unless otherwise noted.

------

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

<sup>B</sup> Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, SOFR, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on November 30, 2022. 

<sup>C</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $983,124,303 or 71.01% of net assets. The Fund has no right to demand registration of these securities. 

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

<sup>E</sup> Callable security.

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

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

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

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, 2022:***

**Currency Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CME British Pound Currency Futures | 600 | December 2022 | $(43430040) | $(45240000) | $(1809960) |
|  CME Canadian Dollar Currency Futures | 316 | December 2022 | (24222605) | (23518300) | 704305 |
|  CME Euro Foreign Exchange Currency Futures | 448 | December 2022 | (56327520) | (58399600) | (2072080) |
|  |  |  | $(123980165) | $(127157900) | $(3177735) |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

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

---

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

---

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

CME Chicago Mercantile Exchange.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of November 30, 2022, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SiM High Yield Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** |
|  Common Stocks | $53611590 | $— | $— | $53611590 |
|  Preferred Stocks | 13041668 | 6915735 |  | 19957403 |
|  Corporate Obligations |  | 927117174 |  | 927117174 |
|  Convertible Obligations |  | 25782025 |  | 25782025 |
|  Foreign Convertible Obligations |  | 51585967 |  | 51585967 |
|  Foreign Corporate Obligations |  | 267026649 |  | 267026649 |
|  Short-Term Investments | 16793724 |  |  | 16793724 |
|  Total Investments in Securities - Assets | $83446982 | $1278427550 | $— | $1361874532 |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** |
|  Futures Contracts | $704305 | $— | $— | $704305 |
|  Total Financial Derivative Instruments - Assets | $704305 | $— | $— | $704305 |
|  ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** | ***Financial Derivative Instruments - Liabilities*** |
|  Futures Contracts | $(3882040) | $— | $— | $(3882040) |
|  Total Financial Derivative Instruments - Liabilities | $(3882040) | $— | $— | $(3882040) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2022, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 1.64% |  |  |
|  **Consumer Discretionary - 1.46%** |  |  |
|  **Commercial Services & Supplies - 0.01%** |  |  |
|  Constellis Holdings LLC<sup>A</sup> | 69609 | $**17403** |
|  **Entertainment - 1.45%** |  |  |
|  Cirque Du Soleil<sup>A</sup> | 698070 | 5875655 |
|  Deluxe Entertainment<sup>A B C</sup> | 102794 |  |
|  |  | **5875655** |
|  **Specialty Retail - 0.00%** |  |  |
|  Riverbed Holdings, Inc.<sup>A</sup> | 15164 | **3791** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **5896849** |
|  **Energy - 0.00%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.00%** |  |  |
|  Southcross Energy Partners LLC<sup>A</sup> | 533359 | **2667** |
|  **Financials - 0.18%** |  |  |
|  **Diversified Financial Services - 0.18%** |  |  |
|  GEE Acquisition Holdings Corp.<sup>A</sup> | 94492 | **708690** |
|  **Information Technology - 0.00%** |  |  |
|  **Communications Equipment - 0.00%** |  |  |
|  4L Technologies, Inc.<sup>A</sup> | 140935 | 4228 |
|  INAP Reorg<sup>A B C</sup> | 87247 | 13087 |
|  |  | **17315** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **17315** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $4,875,379)** |  | **6625521** |
|  WARRANTS - 0.12% (Cost $15,287) |  |  |
|  **Consumer Cyclical - 0.12%** |  |  |
|  CDS US Intermediate Holdings, Inc.<sup>A</sup> | 485314 | **485314** |
|  PREFERRED STOCKS - 0.02% (Cost $339,302) |  |  |
|  **Energy - 0.02%** |  |  |
|  **Oil, Gas & Consumable Fuels - 0.02%** |  |  |
|  Southcross Energy Partners LLC<sup>D</sup> | 2077530 | **83101** |
|  | **Principal Amount** |  |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% |  |  |
|  **Basic Materials - 1.45%** |  |  |
|  **Chemicals - 1.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Performance Materials Operations LLC, 8.831%, Due 8/27/2026, 2021 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 4.750%) | $1456298 | 1391682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ineos U.S. Finance LLC, Due 11/8/2027, 2022 USD Term Loan B<sup>F</sup> | 1068000 | 1052653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta U.S. HoldCo LLC, 7.392%, Due 8/2/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.250%) | 1994975 | 1932133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WR Grace & Co., 7.438%, Due 9/22/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.750%) | 1518886 | 1488509 |
|  |  | **5864977** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Basic Materials** |  | **5864977** |
|  **Communications - 11.80%** |  |  |
|  **Advertising - 1.67%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.321%, Due 9/27/2024, 2021 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 2892008 | 2864302 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Communications - 11.80% (continued)** | **Communications - 11.80% (continued)** | **Communications - 11.80% (continued)** |
|  **Advertising - 1.67% (continued)** | **Advertising - 1.67% (continued)** | **Advertising - 1.67% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings LLC, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 12/21/2028, 2021 Term Loan B<sup>F</sup> | $1423730 | $1374497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., 7.571%, Due 12/17/2026, 2021 Term Loan, (1 mo. USD LIBOR + 3.500%) | 982336 | 911117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dotdash Meredith, Inc, Due 12/1/2028, Term Loan B<sup>F</sup> | 1858230 | 1607369 |
|  |  | **6757285** |
|  **Internet - 3.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 7.321%, Due 12/6/2027, 2021 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 802000 | 727647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., 8.625%, Due 2/19/2026, 2019 USD Term Loan B, (1 mo. USD LIBOR + 4.500%) | 1812972 | 1798469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hunter Holdco Ltd., 7.924%, Due 8/19/2028, USD Term Loan B, (3 mo. USD LIBOR + 4.250%) | 2476028 | 2414127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-Logic Technologies Bidco Ltd., 7.703%, Due 2/16/2028, 2021 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.000%) | 2969219 | 2911942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internap Corp., 5.500%, Due 5/8/2025, 2020 Second Out Term Loan, PIK (in-kind rate 3.500%) | 350253 | 168121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 8.424%, Due 4/3/2028, 2021 USD Term Loan, (3 mo. USD LIBOR + 4.750%) | 2609963 | 2492514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 8.235%, Due 4/4/2025, 2021 1st Lien Term Loan B, (3 mo. USD LIBOR + 3.500%) | 2773006 | 2766074 |
|  |  | **13278894** |
|  **Media - 3.94%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc., 7.814%, Due 7/14/2026, 2021 Term Loan B, (6 mo. USD LIBOR + 4.750%) | 1471535 | 1348662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, 6.123%, Due 7/17/2025, 2017 Term Loan B1, (1 mo. USD LIBOR + 2.250%) | 989446 | 945910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.317%, Due 5/26/2026, 2022 First Priority Term Loan, (1 mo. USD Secured Overnight Financing Rate + 8.100%) | 505737 | 476151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEE Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.604%, Due 3/24/2025, 2021 Exit Term Loan, (3 mo. USD LIBOR + 8.000%) | 2192511 | 2137698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 3/23/2026, 2021 2nd Lien Takeback Term Loan, PIK (in-kind rate 6.750%) | 1778971 | 1245280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., 6.620%, Due 2/7/2024, 2017 Term Loan B, (1 mo. USD LIBOR + 2.500%) | 1266090 | 1262924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.080%, Due 4/1/2028, 2021 Term Loan B3, (1 mo. USD LIBOR + 3.000%) | 2977387 | 2793623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.936%, Due 4/21/2029, 2022 Term Loan B4, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 1064333 | 1011446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.821%, Due 3/15/2024, Term Loan C5, (1 mo. USD LIBOR + 2.750%) | 470902 | 469725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.321%, Due 3/15/2026, 2021 First Lien Term Loan B, (1 mo. USD LIBOR + 3.250%) | 1936759 | 1900444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.321%, Due 1/31/2029, 2022 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 1864630 | 1810239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.790%, Due 6/24/2029, 2022 First Lien Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.250%) | 561593 | 553169 |
|  |  | **15955271** |
|  **Telecommunications - 2.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connect Finco SARL, 7.580%, Due 12/11/2026, 2021 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 2939793 | 2899371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Subsea Communications Holding, Inc., 8.870%, Due 4/27/2027, 2021 Term Loan, (1 mo. USD LIBOR + 4.750%) | 1063418 | 1036173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxar Technologies Ltd., 8.436%, Due 6/14/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 4.350%) | 2457840 | 2362205 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Communications - 11.80% (continued)** | **Communications - 11.80% (continued)** | **Communications - 11.80% (continued)** |
|  **Telecommunications - 2.91% (continued)** | **Telecommunications - 2.91% (continued)** | **Telecommunications - 2.91% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLN U.S. HoldCo LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLN U.S. HoldCo LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLN U.S. HoldCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.894%, Due 10/18/2027, 2022 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.440%) | $894219 | $862921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.154%, Due 11/1/2027, 2022 Second Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 6.700%) | 3314183 | 2667918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.704%, Due 11/1/2027, 2022 Third Out Term Loan, (3 mo. USD Secured Overnight Financing Rate + 9.250%) | 2065000 | 1342250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Telepacific Corp., 7.250%, Due 5/1/2026, 2022 Term Loan, PIK (in-kind rate 7.250%) | 1761881 | 628551 |
|  |  | **11799389** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **47790839** |
|  **Consumer, Cyclical - 14.97%** |  |  |
|  **Airlines - 3.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada, 8.130%, Due 8/11/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.500%) | 1093260 | 1079594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC, 8.777%, Due 6/21/2027, 2020 Term Loan B, (3 mo. USD LIBOR + 5.250%) | 5246850 | 5391138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SkyMiles IP Ltd., 7.993%, Due 10/20/2027, 2020 Skymiles Term Loan B, (3 mo. USD LIBOR + 3.750%) | 6006000 | 6085581 |
|  |  | **12556313** |
|  **Apparel - 1.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp., 9.174%, Due 12/19/2025, Term Loan, (3 mo. USD LIBOR + 5.500%) | 3249935 | 3138884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Trojan Parent, Inc., 7.129% - 7.321%, Due 1/6/2028, 1st Lien Term Loan, (1 mo. USD LIBOR + 3.250%) | 1994949 | 1440354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings LLC, 8.879%, Due 3/11/2028, Term Loan, (1 mo. USD LIBOR + 5.000%) | 2219765 | 2016279 |
|  |  | **6595517** |
|  **Auto Parts & Equipment - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarios Global LP, 7.321%, Due 4/30/2026, 2021 USD Term Loan B, (1 mo. USD LIBOR + 3.250%) | 2000000 | **1965420** |
|  **Distribution/Wholesale - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., 8.071%, Due 6/11/2026, 2019 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 2014833 | **1955012** |
|  **Entertainment - 2.21%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC, 9.203%, Due 2/10/2027, 2021 Term Loan B, (3 mo. USD LIBOR + 5.500%) | 1250912 | 1035517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Core Holdings LLC, 9.571%, Due 9/1/2027, Amortization Term Loan B1, (1 mo. USD LIBOR + 5.500%) | 974026 | 862013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDS U.S. Intermediate Holdings, Inc., 9.642%, Due 11/24/2025, 2020 First Lien Term Loan, (3 mo. USD LIBOR + 6.000%) | 2101007 | 2083947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Entertainment Services Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/25/2024, 2019 1st Lien Term Loan, PIK (in-kind rate 1.500%)<sup>B C</sup> | 87627 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/25/2024, 2019 2nd Lien Term Loan, PIK (in-kind rate 2.500%)<sup>B C</sup> | 1084225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GVC Holdings Ltd., 7.506%, Due 10/31/2029, 2022 Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 505000 | 499066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stars Group Holdings BV, 6.781%, Due 7/22/2028, 2022 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.250%) | 1099000 | 1090142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; William Morris Endeavor Entertainment LLC, 6.830%, Due 5/18/2025, 2018 1st Lien Term Loan, (1 mo. USD LIBOR + 2.750%) | 3488048 | 3390243 |
|  |  | **8969174** |
|  **Home Furnishings - 0.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Aqua Merger Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/31/2028, 2022 Delayed Draw Term Loan<sup>G F</sup> | 444333 | 421375 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Consumer, Cyclical - 14.97% (continued)** | **Consumer, Cyclical - 14.97% (continued)** | **Consumer, Cyclical - 14.97% (continued)** |
|  **Home Furnishings - 0.62% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Al Aqua Merger Sub, Inc., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 7/31/2028, 2022 Term Loan B<sup>F</sup> | $2221667 | $2106873 |
|  |  | **2528248** |
|  **Household Products/Wares - 0.24%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis IV BV, 7.859%, Due 2/26/2029, USD Term Loan B1, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 1115205 | **970831** |
|  **Leisure Time - 3.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callaway Golf Co., 8.571%, Due 1/2/2026, Term Loan B, (1 mo. USD LIBOR + 4.500%) | 1259121 | 1255583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., 5.877%, Due 6/30/2025, USD Term Loan B, (6 mo. USD LIBOR + 3.000%) | 2504115 | 2404727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Football Group Ltd., 7.457%, Due 7/21/2028, Term Loan, (1 mo. USD LIBOR + 3.500%) | 2739300 | 2568094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SRAM LLC, 5.865%, Due 5/18/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 2.750%) | 2254098 | 2206199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TopGolf International, Inc., 10.577%, Due 2/9/2026, Term Loan B, (3 mo. USD LIBOR + 6.250%) | 2862584 | 2843805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 7.571%, Due 12/15/2024, 2017 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 2984350 | 2860708 |
|  |  | **14139116** |
|  **Lodging - 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Due 1/27/2029, 2022 Term Loan B<sup>F</sup> | 1396491 | **1329837** |
|  **Retail - 2.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDF Acquisition Corp., 11.269%, Due 2/12/2026, 2022 Extended Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 7.250%) | 1210630 | 1100668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 7.821%, Due 3/6/2028, 2021 Term Loan B1, (1 mo. USD LIBOR + 3.750%) | 1224835 | 1175535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Freight Tools USA, Inc., 6.821%, Due 10/19/2027, 2021 Term Loan B, (1 mo. USD LIBOR + 2.750%) | 1610037 | 1525848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Les Schwab Tire Centers, 6.580%, Due 11/2/2027, Term Loan B, (3 mo. USD LIBOR + 3.250%) | 1697945 | 1659742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NPC International, Inc., 3.500%, Due 4/19/2024, 1st Lien Term Loan, (3 mo. PRIME + 4.500%)<sup>B C</sup> | 964468 | 288086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rising Tide Holdings, Inc., 9.485%, Due 6/1/2028, Term Loan, (3 mo. USD LIBOR + 4.750%) | 2360656 | 1847213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SP PF Buyer LLC, 8.571%, Due 12/22/2025, Term Loan, (1 mo. USD LIBOR + 4.500%) | 1869240 | 1269756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 7.836%, Due 10/19/2027, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 796132 | 765584 |
|  |  | **9632432** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **60641900** |
|  **Consumer, Non-Cyclical - 17.29%** |  |  |
|  **Beverages - 1.44%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arterra Wines Canada, Inc., 7.142%, Due 11/24/2027, 2020 Term Loan, (3 mo. USD LIBOR + 3.500%) | 2493655 | 2320670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naked Juice LLC, Due 1/24/2029, Term Loan<sup>F</sup> | 1884278 | 1771221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc., 7.174%, Due 3/31/2028, Term Loan, (3 mo. USD LIBOR + 3.500%) | 1913429 | 1760354 |
|  |  | **5852245** |
|  **Commercial Services - 5.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 8.016%, Due 8/12/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 1580177 | 1558450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.821%, Due 5/12/2028, 2021 USD Incremental Term Loan B, (1 mo. USD LIBOR + 3.750%) | 1816331 | 1714580 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Consumer, Non-Cyclical - 17.29% (continued)** | **Consumer, Non-Cyclical - 17.29% (continued)** | **Consumer, Non-Cyclical - 17.29% (continued)** |
|  **Commercial Services - 5.75% (continued)** | **Commercial Services - 5.75% (continued)** | **Commercial Services - 5.75% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Government Services Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.674% - 8.170%, Due 1/29/2027, Term Loan B, (3 mo. USD LIBOR + 4.000%, 6 mo. USD LIBOR + 4.000%) | $1590971 | $1567106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.206% - 7.558%, Due 2/15/2029, 2022 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.000%) | 1151115 | 1131696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APX Group, Inc., 6.730% - 9.250%, Due 7/10/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.250%, 3 mo. PRIME + 2.250%) | 1903672 | 1812943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp., 6.644%, Due 3/3/2025, 2020 Term Loan B1, (3 mo. USD LIBOR + 3.250%) | 5748 | 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc., 7.321%, Due 9/29/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.250%) | 1782182 | 1744952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation Service Co., 7.436%, Due 11/2/2029, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 2600000 | 2557750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.330%, Due 6/30/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 1799826 | 1754074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.330%, Due 6/30/2028, 2021 Term Loan C, (1 mo. USD LIBOR + 3.250%) | 343492 | 334760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indy U.S. Bidco LLC, 7.821%, Due 3/5/2028, 2021 USD Term Loan, (1 mo. USD LIBOR + 3.750%) | 1130703 | 987952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inmar Holdings, Inc., 8.071%, Due 5/1/2024, 2017 1st Lien Term Loan, (1 mo. USD LIBOR + 4.000%) | 1877681 | 1697424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC, 7.580%, Due 7/3/2024, 2018 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 1136406 | 1112257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KUEHG Corp., 7.821%, Due 2/21/2025, 2018 Incremental Term Loan, (1 mo. USD LIBOR + 3.750%) | 2489583 | 2381834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Constellis Borrower LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.571%, Due 3/27/2024, 2020 Term Loan, (1 mo. USD LIBOR + 7.500%) | 1316330 | 1085972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.071%, Due 3/27/2025, 2020 2nd Lien Term Loan, PIK (in-kind rate 11.000%) | 911135 | 443613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trans Union LLC, 6.321%, Due 12/1/2028, 2021 Term Loan B6, (1 mo. USD LIBOR + 2.250%) | 1419000 | 1393813 |
|  |  | **23284335** |
|  **Food - 2.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHG PPC Parent LLC, 7.125%, Due 12/8/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.000%) | 903000 | 866880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands LLC, 6.321% - 6.665%, Due 8/3/2025, 2019 Term Loan, (1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250%) | 2177000 | 2161805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quirch Foods Holdings LLC, 8.739%, Due 10/27/2027, 2022 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.500%) | 2809365 | 2605686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shearer's Foods, Inc., 7.571%, Due 9/23/2027, 2021 Term Loan, (1 mo. USD LIBOR + 3.500%) | 1456306 | 1382763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snacking Investments Bidco Pty Ltd., 8.087%, Due 12/18/2026, USD Term Loan, (1 mo. USD LIBOR + 4.000%) | 2790102 | 2713374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 7.451%, Due 10/22/2025, Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.250%) | 1035150 | 1029177 |
|  |  | **10759685** |
|  **Health Care - Products - 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, 7.321%, Due 10/23/2028, USD Term Loan B, (1 mo. USD LIBOR + 3.250%) | 2470818 | **2343843** |
|  **Health Care - Services - 5.46%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 7.571%, Due 8/24/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 1678990 | 1632112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cano Health LLC, 8.186%, Due 11/23/2027, 2022 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.000%) | 2970258 | 2096497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compassus Intermediate, Inc., 7.127%, Due 12/31/2026, 2021 Term Loan, (3 mo. USD LIBOR + 4.250%) | 1189033 | 1090938 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Consumer, Non-Cyclical - 17.29% (continued)** | **Consumer, Non-Cyclical - 17.29% (continued)** | **Consumer, Non-Cyclical - 17.29% (continued)** |
|  **Health Care - Services - 5.46% (continued)** | **Health Care - Services - 5.46% (continued)** | **Health Care - Services - 5.46% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Da Vinci Purchaser Corp., 7.674% - 8.071%, Due 1/8/2027, 2019 Term Loan, (1 mo. USD LIBOR + 4.000%, 3 mo. USD LIBOR + 4.000%) | $2505333 | $2348749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envision Healthcare Corp., 8.374%, Due 3/31/2027, 2022 Second Out Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.250%) | 7903 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHX Ultimate Parent Corporation, 6.127%, Due 6/28/2024, 2017 1st Lien Term Loan, (6 mo. USD LIBOR + 3.250%) | 2984248 | 2935754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.321%, Due 3/14/2025, 2017 Incremental Term Loan, (1 mo. USD LIBOR + 4.250%) | 1147040 | 909029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.422%, Due 10/2/2025, 2020 Term Loan B, (1 mo. USD LIBOR + 4.250%) | 962349 | 760737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental LLC, 7.821%, Due 4/30/2025, 2018 1st Lien Term Loan, (1 mo. USD LIBOR + 3.750%) | 1988318 | 1834224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Dental Services LLC, 7.439%, Due 5/5/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.500%) | 2303174 | 2238409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parexel International Corp., 7.321%, Due 11/15/2028, 2021 1st Lien Term Loan, (1 mo. USD LIBOR + 3.250%) | 1863635 | 1789798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RegionalCare Hospital Partners Holdings, Inc., 8.165%, Due 11/16/2025, 2018 Term Loan B, (3 mo. USD LIBOR + 3.750%) | 1410000 | 1306196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Anesthesia Partners, Inc., 8.370%, Due 10/1/2028, 2021 Term Loan, (1 mo. USD LIBOR + 4.250%) | 1501255 | 1434404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WP CityMD Bidco LLC, 6.924%, Due 12/22/2028, 2021 1st Lien Term Loan B, (3 mo. USD LIBOR + 3.250%) | 1772257 | 1762846 |
|  |  | **22142064** |
|  **Household Products/Wares - 0.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instant Brands Holdings, Inc., 9.735%, Due 4/12/2028, Term Loan, (3 mo. USD LIBOR + 5.000%) | 597219 | **397748** |
|  **Pharmaceuticals - 1.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alvogen Pharma U.S., Inc., 11.203%, Due 6/30/2025, 2022 Extended Term Loan, (3 mo. USD LIBOR + 7.500%) | 2290901 | 1993084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 7.188% - 7.625%, Due 5/4/2025, 2018 Term Loan B, (1 mo. USD LIBOR + 3.500%, 3 mo. USD LIBOR + 3.500%) | 1207675 | 1100119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., 7.674%, Due 10/1/2027, Term Loan B, (3 mo. USD LIBOR + 4.000%) | 2227372 | 2169460 |
|  |  | **5262663** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Non-Cyclical** |  | **70042583** |
|  **Diversified - 0.59%** |  |  |
|  **Holding Companies - Diversified - 0.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Expositions Holding, Inc., 6.571%, Due 5/22/2024, 2017 Term Loan B, (1 mo. USD LIBOR + 2.500%) | 1493833 | 1444357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Eagle Holdings, Inc., 6.174%, Due 2/1/2027, 2020 Term Loan B, (3 mo. USD LIBOR + 2.500%) | 994733 | 968263 |
|  |  | **2412620** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** |  | **2412620** |
|  **Energy - 3.17%** |  |  |
|  **Energy - Alternate Sources - 0.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esdec Solar Group BV, 8.920%, Due 8/30/2028, Term Loan B, (6 mo. USD LIBOR + 4.750%) | 790100 | **762447** |
|  **Oil & Gas - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lealand Finance Co. BV, 7.071%, Due 6/28/2024, 2020 Make Whole Term Loan, (1 mo. USD LIBOR + 3.000%) | 142892 | 89308 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Energy - 3.17% (continued)** | **Energy - 3.17% (continued)** | **Energy - 3.17% (continued)** |
|  **Oil & Gas - 0.49% (continued)** | **Oil & Gas - 0.49% (continued)** | **Oil & Gas - 0.49% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waterbridge Midstream Operating LLC, 9.127%, Due 6/22/2026, Term Loan B, (3 mo. USD LIBOR + 5.750%) | $1977080 | $1893765 |
|  |  | **1983073** |
|  **Pipelines - 2.49%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCP Renaissance Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.615%, Due 10/31/2024, 2017 Term Loan B1, (3 mo. USD LIBOR + 3.500%) | 561211 | 555133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.053%, Due 10/31/2026, 2022 Term Loan B3, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 994819 | 979897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazos Delaware LLC, Due 5/21/2025, Term Loan B<sup>F</sup> | 1495955 | 1485977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIP III Stetson I LP, 8.321%, Due 7/18/2025, 2018 Term Loan B, (1 mo. USD LIBOR + 4.250%) | 3130149 | 3049548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, 7.924%, Due 10/5/2028, Term Loan B, (3 mo. USD LIBOR + 3.250%) | 1165655 | 1149137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traverse Midstream Partners LLC, 8.405%, Due 9/27/2024, 2017 Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.250%) | 2897194 | 2875465 |
|  |  | **10095157** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **12840677** |
|  **Financial - 4.35%** |  |  |
|  **Banks - 0.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AqGen Ascensus, Inc., 10.250%, Due 8/2/2029, 2021 2nd Lien Term Loan, (3 mo. USD LIBOR + 6.500%) | 2120000 | **1839100** |
|  **Diversified Financial Services - 1.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury LLC, 8.258%, Due 7/27/2028, USD Term Loan, (3 mo. USD LIBOR + 3.750%) | 1808027 | 1719885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astra Acquisition Corp., 9.321%, Due 10/25/2028, 2021 1st Lien Term Loan, (1 mo. USD LIBOR + 5.250%) | 227975 | 205937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citco Group Ltd., 7.594%, Due 4/19/2028, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.500%) | 958000 | 949617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group LLC, 6.821%, Due 1/26/2028, 2021 Term Loan, (1 mo. USD LIBOR + 2.750%) | 135 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBG Acquisition, Inc., 9.670%, Due 4/26/2024, Term Loan, (6 mo. USD LIBOR + 5.500%) | 243810 | 109714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investments U.S. Institutional Holdco, Inc., 7.571%, Due 5/30/2025, 2020 Term Loan, (1 mo. USD LIBOR + 3.500%) | 1632038 | 1530036 |
|  |  | **4515320** |
|  **Insurance - 1.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc., 8.571%, Due 2/28/2025, 2018 1st Lien Term Loan, (1 mo. USD LIBOR + 4.500%) | 2370359 | 2222212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, Due 7/31/2027, 2021 Term Loan B9<sup>F</sup> | 1402952 | 1213202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin Risk Partners LLC, 7.379%, Due 10/14/2027, 2021 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 1494949 | 1446364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hub International Ltd., 7.232% - 7.528%, Due 4/25/2025, 2021 Term Loan B, (3 mo. USD LIBOR + 3.250%) | 159000 | 156264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Insurance Group Ltd., 7.375%, Due 11/12/2027, 2021 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 1429604 | 1391819 |
|  |  | **6429861** |
|  **Investment Companies - 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinCo LLC, Due 6/27/2025, 2020 Term Loan B<sup>F</sup> | 1950000 | **1939041** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Financial - 4.35% (continued)** |  |  |
|  **Real Estate - 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 6.821%, Due 8/21/2025, 2020 Term Loan B, (1 mo. USD LIBOR + 2.750%) | $2992327 | $**2915394** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financial** |  | **17638716** |
|  **Government - 0.47%** |  |  |
|  **Municipal - 0.47%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore Intermediate LLC, 7.609%, Due 9/29/2028, Term Loan, (1 mo. USD LIBOR + 3.500%) | 1975760 | **1921427** |
|  **Industrial - 7.23%** |  |  |
|  **Aerospace/Defense - 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp., 7.571%, Due 12/6/2028, 2021 First Lien Term Loan, (1 mo. USD LIBOR + 3.500%) | 2983010 | **2926333** |
|  **Electrical Components & Equipment - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pelican Products, Inc., 7.924% - 8.420%, Due 12/29/2028, 2021 Term Loan, (3 mo. USD LIBOR + 4.250%, 6 mo. USD LIBOR + 4.250%) | 1581033 | **1407119** |
|  **Electronics - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro, Inc., 7.174%, Due 6/30/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.500%) | 1685925 | 1659051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthPole Newco SARL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.500%, Due 3/3/2025, 2022 Term Loan B1, PIK (in-kind rate 12.000%)<sup>B</sup> | 871711 | 130756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, Due 3/18/2025, Term Loan, (3 mo. PRIME + 7.000%) | 3425455 | 265473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, Due 12/31/2025, 2022 Term Loan, PIK (in-kind rate 11.000%)<sup>B</sup> | 19750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.000%, Due 12/31/2025, 2022 Revolver<sup>B C H</sup> | 206091 | 191665 |
|  |  | **2246945** |
|  **Engineering & Construction - 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VM Consolidated, Inc., 6.127%, Due 3/24/2028, 2021 Term Loan B, (6 mo. USD LIBOR + 3.250%) | 2492405 | **2471220** |
|  **Environmental Control - 0.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, 6.815%, Due 6/21/2028, Term Loan, (3 mo. USD LIBOR + 3.250%) | 2492424 | 2363142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Group Services, Inc., 9.571%, Due 11/12/2026, 2020 Term Loan B, (1 mo. USD LIBOR + 5.500%) | 1143428 | 1121508 |
|  |  | **3484650** |
|  **Hand/Machine Tools - 0.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Systems LLC, 7.409%, Due 10/8/2027, Term Loan B, (3 mo. USD LIBOR + 3.500%) | 2553263 | **2490070** |
|  **Machinery - Construction & Mining - 0.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield WEC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 8/1/2025, 2022 Term Loan<sup>F</sup> | 1000000 | 992190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.821%, Due 8/1/2025, 2021 Term Loan, (1 mo. USD LIBOR + 2.750%) | 2592132 | 2541637 |
|  |  | **3533827** |
|  **Machinery - Diversified - 0.14%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., 8.071%, Due 8/31/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 107 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Castle, Inc., 9.053%, Due 6/1/2029, Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 5.500%) | 700000 | 573125 |
|  |  | **573230** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Industrial - 7.23% (continued)** |  |  |
|  **Metal Fabricate/Hardware - 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anvil International LLC, 9.420%, Due 5/28/2026, 2019 1st Lien Term Loan, (3 mo. USD LIBOR + 5.000%) | $1480916 | $1364294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tiger Acquisition LLC, 7.321%, Due 6/1/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.250%) | 2761662 | 2613222 |
|  |  | **3977516** |
|  **Packaging & Containers - 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 7.430% - 7.880%, Due 3/11/2028, 2021 Term Loan B5, (1 mo. USD LIBOR + 3.750%, 3 mo. USD LIBOR + 3.750%) | 860564 | 822915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium PKG Holdings, Inc., 7.168% - 7.743%, Due 10/2/2028, 2021 1st Lien Term Loan, (3 mo. USD LIBOR + 4.000%) | 978931 | 819042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 7.689% - 8.425%, Due 11/3/2025, 2020 Term Loan, (1 mo. USD LIBOR + 3.750%, 3 mo. USD LIBOR + 3.750%, 6 mo. USD LIBOR + 3.750%) | 2448201 | 2359454 |
|  |  | **4001411** |
|  **Transportation - 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Savage Enterprises LLC, 7.300%, Due 9/15/2028, 2021 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 2184573 | **2164366** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrial** |  | **29276687** |
|  **Technology - 17.94%** |  |  |
|  **Computers - 4.45%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24-7 Intouch, Inc., 8.821%, Due 8/25/2025, 2018 Term Loan, (1 mo. USD LIBOR + 4.750%) | 1420968 | 1339263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronics for Imaging, Inc., 9.071%, Due 7/23/2026, Term Loan, (1 mo. USD LIBOR + 5.000%) | 2645131 | 1859316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Buyer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.170%, Due 7/27/2028, 2021 USD 1st Lien Term Loan, (3 mo. USD LIBOR + 4.750%) | 2054030 | 1843492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.670%, Due 7/27/2029, 2021 USD 2nd Lien Term Loan, (3 mo. USD LIBOR + 8.250%) | 728000 | 617890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McAfee LLC, 7.974%, Due 3/1/2029, 2022 USD Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.750%) | 1425923 | 1351960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc., 8.071%, Due 10/1/2027, 2020 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 2982793 | 2861632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ola Singapore Pte Ltd., 10.044%, Due 12/15/2026, Term Loan, (1 mo. USD Secured Overnight Financing Rate + 6.250%) | 825784 | 776237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.821%, Due 2/1/2028, Term Loan B, (1 mo. USD LIBOR + 3.750%) | 1167099 | 1137921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.654%, Due 2/1/2029, 2nd Lien Term Loan B1, (1 mo. USD LIBOR + 7.750%) | 1428059 | 1355228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perforce Software, Inc., 7.821%, Due 7/1/2026, 2020 Term Loan B, (1 mo. USD LIBOR + 3.750%) | 1819925 | 1678881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redstone Holdco LP, 9.108%, Due 4/27/2028, 2021 Term Loan, (3 mo. USD LIBOR + 4.750%) | 1253779 | 853096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SonicWall U.S. Holdings, Inc., 8.449%, Due 5/16/2025, 1st Lien Term Loan, (3 mo. USD LIBOR + 3.750%) | 2419194 | 2345868 |
|  |  | **18020784** |
|  **Semiconductors - 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natel Engineering Co., Inc., 10.294% - 10.420%, Due 4/30/2026, 2019 Term Loan B, (1 mo. USD LIBOR + 6.250%, 3 mo. USD LIBOR + 6.250%) | 1466065 | **1354893** |
|  **Software - 13.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.321%, Due 8/15/2025, 2018 Term Loan B, (1 mo. USD LIBOR + 3.250%) | 997409 | 966240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.674%, Due 10/25/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.000%) | 1165365 | 1091073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc., 8.985%, Due 4/23/2026, 2019 Term Loan, (3 mo. USD LIBOR + 4.250%) | 2403303 | 2291141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athenahealth, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/15/2029, 2022 Delayed Draw Term Loan<sup>G F</sup> | 292598 | 266557 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) | BANK LOAN OBLIGATIONS<sup>E</sup> - 79.26% (continued) |
|  **Technology - 17.94% (continued)** | **Technology - 17.94% (continued)** | **Technology - 17.94% (continued)** |
|  **Software - 13.16% (continued)** | **Software - 13.16% (continued)** | **Software - 13.16% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athenahealth, Inc., (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athenahealth, Inc., (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Athenahealth, Inc., (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.411%, Due 2/15/2029, 2022 Term Loan B, (1 mo. USD Secured Overnight Financing Rate + 3.500%) | $1722015 | $1568755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Purchaser, Inc., 9.807%, Due 5/8/2028, 2021 Term Loan, (3 mo. USD LIBOR + 5.250%) | 683038 | 534723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Byju's Alpha, Inc., 10.699%, Due 11/24/2026, Term Loan B, (1 mo. USD LIBOR + 6.000%) | 884143 | 700683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDK Global, Inc., 8.112%, Due 7/6/2029, 2022 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 4.500%) | 2050000 | 2023678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCert Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.696%, Due 10/16/2026, 2019 Term Loan B, (6 mo. USD Secured Overnight Financing Rate + 4.000%) | 1488550 | 1429544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.696%, Due 2/19/2029, 2021 2nd Lien Term Loan, (6 mo. USD LIBOR + 7.000%) | 1084000 | 981703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser LLC, 7.174%, Due 11/6/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.500%) | 1890475 | 1869207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings, Inc., 8.580%, Due 1/29/2026, Term Loan B, (1 mo. USD LIBOR + 4.500%) | 1057415 | 1032967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greeneden U.S. Holdings LLC, 8.071%, Due 12/1/2027, 2020 USD Term Loan B4, (1 mo. USD LIBOR + 4.000%) | 2768530 | 2683758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc., 7.453%, Due 3/11/2028, 2021 USD Term Loan B, (3 mo. USD Secured Overnight Financing Rate + 3.750%) | 2754457 | 2670667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MA FinanceCo. LLC, 8.973%, Due 6/5/2025, 2020 USD Term Loan B4, (3 mo. USD LIBOR + 4.250%) | 539320 | 535276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedAssets Software Intermediate Holdings, Inc., 8.071%, Due 12/18/2028, 2021 Term Loan, (1 mo. USD LIBOR + 4.000%) | 1994987 | 1790501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mediaocean LLC, 7.571%, Due 12/15/2028, 2021 Term Loan, (1 mo. USD LIBOR + 3.500%) | 2760130 | 2584172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitchell International, Inc., 8.415%, Due 10/15/2028, 2021 Term Loan B, (3 mo. USD LIBOR + 3.750%) | 999950 | 933363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navicure, Inc., 8.071%, Due 10/22/2026, 2019 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 1496164 | 1466240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Particle Investments SARL, 8.924%, Due 2/18/2027, Term Loan, (3 mo. USD LIBOR + 5.250%) | 3137629 | 3027812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, 7.674%, Due 6/2/2028, USD Term Loan B, (3 mo. USD LIBOR + 4.000%) | 1913031 | 1743843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 8.080%, Due 4/26/2024, 2021 Term Loan B, (1 mo. USD LIBOR + 4.000%) | 2991117 | 2907365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, 7.821%, Due 10/2/2028, Term Loan B, (1 mo. USD LIBOR + 3.750%) | 2338142 | 1395099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 8.717%, Due 3/30/2029, 2022 Incremental Term Loan, (1 mo. USD Secured Overnight Financing Rate + 4.500%) | 1795248 | 1726813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc., 8.321%, Due 11/28/2025, 2021 USD Incremental Term Loan B, (1 mo. USD LIBOR + 4.250%) | 1926513 | 1855868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Spinco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.821%, Due 6/21/2024, USD Term Loan B3, (1 mo. USD LIBOR + 2.750%) | 889000 | 877887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 2/26/2027, 2022 USD Term Loan B5<sup>F</sup> | 2072779 | 2036505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skopima Merger Sub, Inc., 8.071%, Due 5/12/2028, Term Loan B, (1 mo. USD LIBOR + 4.000%) | 2045779 | 1945536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symplr Software, Inc., 8.694%, Due 12/22/2027, 2020 Term Loan, (3 mo. USD Secured Overnight Financing Rate + 4.500%) | 1569319 | 1451620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultimate Software Group, Inc., 6.998%, Due 5/4/2026, 2021 Term Loan, (3 mo. USD LIBOR + 3.250%) | 2605683 | 2513390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weld North Education LLC, 7.821%, Due 12/21/2027, 2021 Term Loan B, (1 mo. USD LIBOR + 3.750%) | 2122502 | 2076338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xperi Corp., 7.571%, Due 6/8/2028, 2020 Term Loan B, (1 mo. USD LIBOR + 3.500%) | 2406217 | 2321999 |
|  |  | **53300323** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Technology** |  | **72676000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loan Obligations (Cost $340,793,332)** |  | **321106426** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Fair Value** |
|  CORPORATE OBLIGATIONS - 4.53% |  |  |
|  **Communications - 2.32%** |  |  |
|  **Internet - 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., 9.750%, Due 3/1/2027<sup>I</sup> | $2500000 | $**2468750** |
|  **Media - 0.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cengage Learning, Inc., 9.500%, Due 6/15/2024<sup>I</sup> | 3000000 | 2855370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., 7.375%, Due 6/30/2030<sup>I</sup> | 667000 | 660337 |
|  |  | **3515707** |
|  **Telecommunications - 0.85%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope, Inc., 4.750%, Due 9/1/2029<sup>I</sup> | 2000000 | 1675000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoTo Group, Inc., 5.500%, Due 9/1/2027<sup>I</sup> | 3000000 | 1761870 |
|  |  | **3436870** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communications** |  | **9421327** |
|  **Consumer, Cyclical - 1.13%** |  |  |
|  **Distribution/Wholesale - 0.16%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Auction Services, Inc., 5.125%, Due 6/1/2025<sup>I</sup> | 660000 | **641674** |
|  **Entertainment - 0.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Resort Collection LLC/CRC Finco, Inc., 5.750%, Due 7/1/2025<sup>I</sup> | 4000000 | **3951420** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer, Cyclical** |  | **4593094** |
|  **Consumer, Non-Cyclical - 0.65%** |  |  |
|  **Commercial Services - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADT Security Corp., 4.125%, Due 8/1/2029<sup>I</sup> | 3000000 | **2617500** |
|  **Financial - 0.43%** |  |  |
|  **REITS - 0.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., 4.125%, Due 8/15/2030<sup>I</sup> | 2000000 | **1732741** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Obligations (Cost $20,155,528)** |  | **18364662** |
|  FOREIGN CORPORATE OBLIGATIONS - 0.45% |  |  |
|  **Communications - 0.22%** |  |  |
|  **Telecommunications - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada/Telesat LLC, 4.875%, Due 6/1/2027<sup>I</sup> | 2000000 | **897960** |
|  **Consumer, Cyclical - 0.23%** |  |  |
|  **Airlines - 0.23%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Canada, 3.875%, Due 8/15/2026<sup>I</sup> | 1000000 | **915013** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Corporate Obligations (Cost $2,848,147)** |  | **1812973** |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS - 6.90% (Cost $27,965,625) |  |  |
|  **Investment Companies - 6.90%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>J K</sup> | 27965625 | **27965625** |
|  **TOTAL INVESTMENTS - 92.92% (Cost $396,992,600)** |  | **376443622** |
|  **OTHER ASSETS, NET OF LIABILITIES - 7.08%** |  | **28678250** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**405121872** |

---

Percentages are stated as a percent of net assets.

------

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

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

<sup>B</sup> Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $631,840 or 0.16% of net assets. 

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

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

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

<sup>F</sup> Coupon rates may not be available for all or a portion of bank loans that are unsettled and/or unfunded as of November 30, 2022.

<sup>G</sup> All or a portion of the security is an Unfunded Loan Commitment. At period end, the amount of unfunded loan commitments was $465,783 or 0.11% of net assets. Of this amount, $173,185 and $292,598 relates to Al Aqua Merger Sub, Inc. and Athenahealth, Inc., respectively. 

<sup>H</sup> Fixed Rate.

<sup>I</sup> Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $20,177,635 or 4.98% of net assets. The Fund has no right to demand registration of these securities. 

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

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

IP Ltd. - Intellectual Property Ltd.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LLLP - Limited Liability Limited Partnership.

LP - Limited Partnership.

PIK - Payment in Kind.

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

Pty Ltd. - Proprietary Ltd.

REITs – Real Estate Investment Trusts.

USD - United States Dollar.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of November 30, 2022, the investments were classified as described below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sound Point Floating Rate Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | **** |
|  Common Stocks | $28089 | $6584345 | $13087<sup>(1)</sup> | $6625521 |  |
|  Warrants | 485314 |  |  | 485314 |  |
|  Preferred Stocks | 83101 |  |  | 83101 |  |
|  Bank Loan Obligations<sup>(2)</sup> |  | 320618429<sup>(1)</sup> | 487997<sup>(1)</sup> | 321106426 |  |
|  Corporate Obligations |  | 18364662 |  | 18364662 |  |
|  Foreign Corporate Obligations |  | 1812973 |  | 1812973 |  |
|  Short-Term Investments | 27965625 |  |  | 27965625 |  |
|  Total Investments in Securities - Assets | $28562129 | $347380409 | $501084 | $376443622 |  |

---

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

*<sup>(2)</sup>* *Unfunded loan commitments represent $465,783 at period end.* 

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2022, there were transfers from Level 1 to Level 3 with a fair value of $13,087 and from Level 2 to Level 3 with a fair value of $191,665. During the period ended November 30, 2022, there were no transfers out of Level 3.

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Balance as<br>of<br>8/31/2022** | **Purchases** | **Sales** | **Accrued<br>Discounts<br>(Premiums)** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfer into<br>Level 3** | **Transfer out<br>of Level 3** | **Balance as<br>of<br>11/30/2022** | **Unrealized<br>Appreciation<br>(Depreciation)<br>at Period End\*** |
|  Common Stocks | $0<sup>(1)</sup> | $— | $– $|  | $– $|  | $13087 | $– $| 13087<sup>(1)</sup> | $(488032) |
|  Bank Loan Obligations | 296299<sup>(1)</sup> | 7239 | – | 3 | – | (7209) | 191665 | – | 487997<sup>(1)</sup> | (1279393) |
|  | $296299 | $7239 | $– $| 3 | $– $| (7209) | $204752 | $– $| 501084<sup>(1)</sup> | $(1767425) |

---

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

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

For the period ended November 30, 2022, two common stocks have been fair valued at $13,087 by the Valuation Committee. The remaining bank loan obligations valued at $487,997 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<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.18% |  |  |
|  **Communication Services - 6.18%** |  |  |
|  **Diversified Telecommunication Services - 2.44%** |  |  |
|  Verizon Communications, Inc. | 1153054 | $**44946045** |
|  **Entertainment - 1.92%** |  |  |
|  Nintendo Co. Ltd., ADR<sup>A</sup> | 3293337 | **35337506** |
|  **Media - 1.82%** |  |  |
|  Comcast Corp., Class A | 917949 | **33633651** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **113917202** |
|  **Consumer Discretionary - 10.42%** |  |  |
|  **Hotels, Restaurants & Leisure - 3.70%** |  |  |
|  Starbucks Corp. | 666876 | **68154727** |
|  **Multiline Retail - 2.85%** |  |  |
|  Target Corp. | 314597 | **52559721** |
|  **Specialty Retail - 3.87%** |  |  |
|  Lowe's Cos., Inc. | 335199 | **71246547** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **191960995** |
|  **Consumer Staples - 10.30%** |  |  |
|  **Beverages - 3.43%** |  |  |
|  Diageo PLC, ADR<sup>A</sup> | 339240 | **63285222** |
|  **Food Products - 2.26%** |  |  |
|  Nestle SA, ADR | 349216 | **41553212** |
|  **Tobacco - 4.61%** |  |  |
|  Altria Group, Inc. | 930397 | 43337892 |
|  Philip Morris International, Inc. | 417548 | 41617009 |
|  |  | **84954901** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **189793335** |
|  **Energy - 3.77%** |  |  |
|  **Oil, Gas & Consumable Fuels - 3.77%** |  |  |
|  Chevron Corp. | 378534 | **69389068** |
|  **Financials - 14.12%** |  |  |
|  **Capital Markets - 3.92%** |  |  |
|  BlackRock, Inc. | 100717 | **72113372** |
|  **Diversified Financial Services - 3.90%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>B</sup> | 225662 | **71895913** |
|  **Insurance - 6.30%** |  |  |
|  Cincinnati Financial Corp. | 358184 | 39744097 |
|  Progressive Corp. | 578029 | 76386532 |
|  |  | **116130629** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **260139914** |
|  **Health Care - 11.43%** |  |  |
|  **Pharmaceuticals - 11.43%** |  |  |
|  Johnson & Johnson | 449399 | 79993022 |
|  Merck & Co., Inc. | 621187 | 68405112 |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 97.18% (continued) |  |  |
|  **Health Care - 11.43% (continued)** |  |  |
|  **Pharmaceuticals - 11.43% (continued)** |  |  |
|  Pfizer, Inc. | 1239650 | $62143655 |
|  |  | **210541789** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **210541789** |
|  **Industrials - 9.11%** |  |  |
|  **Air Freight & Logistics - 3.74%** |  |  |
|  United Parcel Service, Inc., Class B | 362847 | **68842961** |
|  **Road & Rail - 2.81%** |  |  |
|  Norfolk Southern Corp. | 201862 | **51777603** |
|  **Trading Companies & Distributors - 2.56%** |  |  |
|  Fastenal Co. | 916247 | **47195883** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **167816447** |
|  **Information Technology - 21.94%** |  |  |
|  **Communications Equipment - 2.83%** |  |  |
|  Cisco Systems, Inc. | 1049465 | **52179400** |
|  **IT Services - 6.69%** |  |  |
|  Fidelity National Information Services, Inc. | 904358 | 65638303 |
|  Paychex, Inc. | 464126 | 57565548 |
|  |  | **123203851** |
|  **Semiconductors & Semiconductor Equipment - 4.64%** |  |  |
|  Texas Instruments, Inc. | 473420 | **85433373** |
|  **Software - 3.06%** |  |  |
|  Microsoft Corp. | 220837 | **56344352** |
|  **Technology Hardware, Storage & Peripherals - 4.72%** |  |  |
|  Apple, Inc. | 587116 | **86910782** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **404071758** |
|  **Materials - 3.98%** |  |  |
|  **Chemicals - 3.98%** |  |  |
|  Air Products & Chemicals, Inc. | 236155 | **73245835** |
|  **Real Estate - 3.18%** |  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 3.18%** |  |  |
|  Crown Castle, Inc. | 414085 | **58564042** |
|  **Utilities - 2.75%** |  |  |
|  **Multi-Utilities - 2.75%** |  |  |
|  Dominion Energy, Inc. | 829472 | **50689034** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $1,249,188,174)** |  | **1790129419** |
|  SHORT-TERM INVESTMENTS - 3.28% (Cost $60,345,327) |  |  |
|  **Investment Companies - 3.28%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>C D</sup> | 60345327 | **60345327** |

---

*See accompanying notes* 

------

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

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  SECURITIES LENDING COLLATERAL - 0.00% (Cost $8,800) |  |  |
|  **Investment Companies - 0.00%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>C D</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | $**8800** |
|  **TOTAL INVESTMENTS - 100.46% (Cost $1,309,542,301)** |  | **1850483546** |
|  **LIABILITIES, NET OF OTHER ASSETS - (0.46%)** |  | **(8434926)** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**1842048620** |

---

Percentages are stated as a percent of net assets.

------

<sup>A</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at November 30, 2022.

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

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

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

***Long Futures Contracts Open on November 30, 2022:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CME e-Mini Standard & Poor's 500 Index Futures | 306 | December 2022 | $57571636 | $62443125 | $4871489 |
|  |  |  | $57571636 | $62443125 | $4871489 |

---

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

CME Chicago Mercantile Exchange.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of November 30, 2022, the investments were classified as described below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The London Company Income Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | **** |
|  Common Stocks | $1790129419 | $— | $— | $1790129419 |  |
|  Short-Term Investments | 60345327 |  |  | 60345327 |  |
|  Securities Lending Collateral | 8800 |  |  | 8800 |  |
|  Total Investments in Securities - Assets | $1850483546 | $— | $— | $1850483546 |  |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | **** |
|  Futures Contracts | $4871489 | $— | $— | $4871489 |  |
|  Total Financial Derivative Instruments - Assets | $4871489 | $— | $— | $4871489 |  |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2022, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% |  |  |
|  **Communication Services - 2.30%** |  |  |
|  **Diversified Telecommunication Services - 0.40%** |  |  |
|  IDT Corp., Class B<sup>A</sup> | 5776 | $**161439** |
|  **Interactive Media & Services - 0.25%** |  |  |
|  Outbrain, Inc.<sup>A B</sup> | 26179 | **101575** |
|  **Media - 0.99%** |  |  |
|  EW Scripps Co., Class A<sup>A</sup> | 13395 | 200657 |
|  Scholastic Corp. | 3704 | 152308 |
|  Urban One, Inc.<sup>A</sup> | 10709 | 47120 |
|  |  | **400085** |
|  **Wireless Telecommunication Services - 0.66%** |  |  |
|  U.S. Cellular Corp.<sup>A</sup> | 12648 | **268896** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | **931995** |
|  **Consumer Discretionary - 9.88%** |  |  |
|  **Auto Components - 1.55%** |  |  |
|  Dorman Products, Inc.<sup>A</sup> | 1773 | 158932 |
|  Fox Factory Holding Corp.<sup>A</sup> | 1832 | 194375 |
|  Gentherm, Inc.<sup>A</sup> | 1750 | 125282 |
|  Standard Motor Products, Inc. | 3811 | 146381 |
|  |  | **624970** |
|  **Diversified Consumer Services - 0.29%** |  |  |
|  Perdoceo Education Corp.<sup>A</sup> | 8259 | **118517** |
|  **Hotels, Restaurants & Leisure - 0.22%** |  |  |
|  Accel Entertainment, Inc.<sup>A</sup> | 10469 | **89510** |
|  **Household Durables - 0.72%** |  |  |
|  Cavco Industries, Inc.<sup>A</sup> | 848 | 194726 |
|  Lifetime Brands, Inc. | 11579 | 97379 |
|  |  | **292105** |
|  **Leisure Products - 1.11%** |  |  |
|  Acushnet Holdings Corp. | 4789 | 217660 |
|  Malibu Boats, Inc., Class A<sup>A</sup> | 2283 | 131752 |
|  MasterCraft Boat Holdings, Inc.<sup>A</sup> | 3851 | 99048 |
|  |  | **448460** |
|  **Specialty Retail - 4.95%** |  |  |
|  Destination XL Group, Inc.<sup>A</sup> | 13661 | 90982 |
|  ODP Corp.<sup>A</sup> | 20169 | 970734 |
|  OneWater Marine, Inc., Class A<sup>A</sup> | 4618 | 150963 |
|  Shoe Carnival, Inc. | 6476 | 171031 |
|  TravelCenters of America, Inc.<sup>A</sup> | 12086 | 618199 |
|  |  | **2001909** |
|  **Textiles, Apparel & Luxury Goods - 1.04%** |  |  |
|  Rocky Brands, Inc. | 3584 | 101355 |
|  Steven Madden Ltd. | 6815 | 235390 |
|  Superior Group of Cos., Inc. | 8270 | 82700 |
|  |  | **419445** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | **3994916** |
|  **Consumer Staples - 3.74%** |  |  |
|  **Beverages - 1.76%** |  |  |
|  Coca-Cola Consolidated, Inc. | 1181 | 580816 |

---

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) |
|  **Consumer Staples - 3.74% (continued)** | **Consumer Staples - 3.74% (continued)** | **Consumer Staples - 3.74% (continued)** |
|  **Beverages - 1.76% (continued)** | **Beverages - 1.76% (continued)** | **Beverages - 1.76% (continued)** |
|  National Beverage Corp. | 2533 | $130525 |
|  |  | **711341** |
|  **Food & Staples Retailing - 1.70%** |  |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 7053 | 71094 |
|  Village Super Market, Inc., Class A | 7789 | 175564 |
|  Weis Markets, Inc. | 5044 | 439888 |
|  |  | **686546** |
|  **Personal Products - 0.28%** |  |  |
|  Inter Parfums, Inc. | 1207 | **115015** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | **1512902** |
|  **Energy - 6.94%** |  |  |
|  **Energy Equipment & Services - 2.57%** |  |  |
|  RPC, Inc. | 23842 | 220777 |
|  Weatherford International PLC<sup>A</sup> | 18915 | 820911 |
|  |  | **1041688** |
|  **Oil, Gas & Consumable Fuels - 4.37%** |  |  |
|  Battalion Oil Corp.<sup>A</sup> | 3181 | 36009 |
|  Chord Energy Corp. | 2630 | 401154 |
|  Civitas Resources, Inc. | 6585 | 443565 |
|  HighPeak Energy, Inc.<sup>B</sup> | 2251 | 53979 |
|  Magnolia Oil & Gas Corp., Class A | 10163 | 265051 |
|  Matador Resources Co. | 6881 | 456623 |
|  Riley Exploration Permian, Inc. | 1812 | 58908 |
|  VAALCO Energy, Inc. | 9887 | 51215 |
|  |  | **1766504** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | **2808192** |
|  **Financials - 15.65%** |  |  |
|  **Banks - 9.46%** |  |  |
|  1st Source Corp. | 4323 | 246843 |
|  American National Bankshares, Inc. | 1881 | 72550 |
|  Arrow Financial Corp. | 2620 | 92145 |
|  Bar Harbor Bankshares | 3036 | 91900 |
|  Capital Bancorp, Inc. | 3974 | 98635 |
|  Capstar Financial Holdings, Inc. | 3353 | 60019 |
|  Civista Bancshares, Inc. | 3320 | 75895 |
|  CNB Financial Corp. | 4754 | 121465 |
|  Community Trust Bancorp, Inc. | 3054 | 146317 |
|  CrossFirst Bankshares, Inc.<sup>A</sup> | 7666 | 106327 |
|  Enterprise Bancorp, Inc. | 3020 | 105640 |
|  Equity Bancshares, Inc., Class A | 3781 | 138233 |
|  Farmers National Banc Corp. | 5624 | 85541 |
|  Financial Institutions, Inc. | 4090 | 103559 |
|  First Bancorp, Inc. | 1914 | 60176 |
|  First Business Financial Services, Inc. | 2116 | 81085 |
|  First Guaranty Bancshares, Inc. | 3209 | 80193 |
|  First Mid Bancshares, Inc. | 3735 | 129418 |
|  First of Long Island Corp. | 3614 | 70292 |
|  Guaranty Bancshares, Inc. | 2070 | 73692 |
|  HBT Financial, Inc. | 5286 | 103870 |
|  Mercantile Bank Corp. | 3284 | 114316 |
|  Metrocity Bankshares, Inc. | 4263 | 95918 |
|  Mid Penn Bancorp, Inc. | 3045 | 100485 |

---

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) |
|  **Financials - 15.65% (continued)** | **Financials - 15.65% (continued)** | **Financials - 15.65% (continued)** |
|  **Banks - 9.46% (continued)** | **Banks - 9.46% (continued)** | **Banks - 9.46% (continued)** |
|  Midland States Bancorp, Inc. | 7308 | $196658 |
|  MidWestOne Financial Group, Inc. | 3990 | 139211 |
|  Orrstown Financial Services, Inc. | 2741 | 73760 |
|  Parke Bancorp, Inc. | 1969 | 42826 |
|  Peoples Financial Services Corp. | 1398 | 79602 |
|  RBB Bancorp | 3914 | 87948 |
|  Red River Bancshares, Inc. | 1134 | 59535 |
|  Republic Bancorp, Inc., Class A | 4713 | 207702 |
|  Sierra Bancorp | 3230 | 69897 |
|  South Plains Financial, Inc. | 4607 | 142633 |
|  Southern First Bancshares, Inc.<sup>A</sup> | 1432 | 70884 |
|  Summit Financial Group, Inc. | 2909 | 82499 |
|  Unity Bancorp, Inc. | 2012 | 57362 |
|  West BanCorp, Inc. | 2489 | 59836 |
|  |  | **3824867** |
|  **Consumer Finance - 0.76%** |  |  |
|  Atlanticus Holdings Corp.<sup>A</sup> | 10631 | **306173** |
|  **Diversified Financial Services - 0.26%** |  |  |
|  Alerus Financial Corp. | 4487 | **106162** |
|  **Insurance - 1.47%** |  |  |
|  Investors Title Co. | 1098 | 168587 |
|  National Western Life Group, Inc., Class A | 2025 | 426870 |
|  |  | **595457** |
|  **Thrifts & Mortgage Finance - 3.70%** |  |  |
|  Bridgewater Bancshares, Inc.<sup>A</sup> | 11967 | 230604 |
|  Enact Holdings, Inc. | 25285 | 627068 |
|  Home Bancorp, Inc. | 2636 | 113295 |
|  Home Point Capital, Inc. | 36090 | 57022 |
|  Merchants Bancorp | 14759 | 377683 |
|  Velocity Financial, Inc.<sup>A</sup> | 8993 | 91459 |
|  |  | **1497131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | **6329790** |
|  **Health Care - 17.53%** |  |  |
|  **Biotechnology - 8.49%** |  |  |
|  ACADIA Pharmaceuticals, Inc.<sup>A</sup> | 15000 | 233700 |
|  Alkermes PLC<sup>A</sup> | 21208 | 525534 |
|  Anika Therapeutics, Inc.<sup>A</sup> | 4479 | 141268 |
|  Catalyst Pharmaceuticals, Inc.<sup>A</sup> | 9178 | 153915 |
|  Eagle Pharmaceuticals, Inc.<sup>A</sup> | 5636 | 204700 |
|  Halozyme Therapeutics, Inc.<sup>A</sup> | 6200 | 355012 |
|  Insmed, Inc.<sup>A</sup> | 6652 | 122995 |
|  iTeos Therapeutics, Inc.<sup>A</sup> | 14310 | 288347 |
|  Travere Therapeutics, Inc.<sup>A</sup> | 6032 | 121424 |
|  Vir Biotechnology, Inc.<sup>A</sup> | 38427 | 1084410 |
|  Xencor, Inc.<sup>A</sup> | 6820 | 202690 |
|  |  | **3433995** |
|  **Health Care Equipment & Supplies - 1.77%** |  |  |
|  AtriCure, Inc.<sup>A</sup> | 4245 | 193402 |
|  Atrion Corp. | 208 | 125798 |
|  Axogen, Inc.<sup>A</sup> | 10889 | 119235 |
|  LeMaitre Vascular, Inc. | 2495 | 116891 |
|  OmniAb, Inc. | 876 |  |

---

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) |
|  **Health Care - 17.53% (continued)** | **Health Care - 17.53% (continued)** | **Health Care - 17.53% (continued)** |
|  **Health Care Equipment & Supplies - 1.77% (continued)** | **Health Care Equipment & Supplies - 1.77% (continued)** | **Health Care Equipment & Supplies - 1.77% (continued)** |
|  Zynex, Inc. | 11604 | $159207 |
|  |  | **714533** |
|  **Health Care Providers & Services - 4.25%** |  |  |
|  CorVel Corp.<sup>A</sup> | 2275 | 348007 |
|  Innovage Holding Corp.<sup>A B</sup> | 80677 | 522787 |
|  Patterson Cos., Inc. | 29919 | 850896 |
|  |  | **1721690** |
|  **Health Care Technology - 1.43%** |  |  |
|  HealthStream, Inc.<sup>A</sup> | 7684 | 195174 |
|  NextGen Healthcare, Inc.<sup>A</sup> | 18372 | 382137 |
|  |  | **577311** |
|  **Pharmaceuticals - 1.59%** |  |  |
|  Corcept Therapeutics, Inc.<sup>A</sup> | 8978 | 226964 |
|  Harmony Biosciences Holdings, Inc.<sup>A</sup> | 4529 | 270698 |
|  Ligand Pharmaceuticals, Inc.<sup>A</sup> | 1985 | 144707 |
|  |  | **642369** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | **7089898** |
|  **Industrials - 14.07%** |  |  |
|  **Air Freight & Logistics - 1.52%** |  |  |
|  Forward Air Corp. | 1351 | 151812 |
|  Hub Group, Inc., Class A<sup>A</sup> | 4700 | 395505 |
|  Radiant Logistics, Inc.<sup>A</sup> | 12428 | 66365 |
|  |  | **613682** |
|  **Building Products - 2.29%** |  |  |
|  CSW Industrials, Inc. | 330 | 39914 |
|  Simpson Manufacturing Co., Inc. | 1399 | 130177 |
|  UFP Industries, Inc. | 9240 | 756386 |
|  |  | **926477** |
|  **Commercial Services & Supplies - 1.17%** |  |  |
|  Deluxe Corp. | 8531 | 164989 |
|  Heritage-Crystal Clean, Inc.<sup>A</sup> | 1181 | 37320 |
|  HNI Corp. | 4798 | 139142 |
|  Interface, Inc. | 7718 | 83586 |
|  Kimball International, Inc., Class B | 6530 | 46755 |
|  |  | **471792** |
|  **Construction & Engineering - 0.36%** |  |  |
|  IES Holdings, Inc.<sup>A</sup> | 4356 | **147320** |
|  **Electrical Equipment - 0.12%** |  |  |
|  Preformed Line Products Co. | 533 | **50283** |
|  **Machinery - 1.32%** |  |  |
|  Franklin Electric Co., Inc. | 1585 | 132031 |
|  Mueller Industries, Inc. | 4787 | 329202 |
|  Tennant Co. | 1138 | 72297 |
|  |  | **533530** |
|  **Professional Services - 1.47%** |  |  |
|  CRA International, Inc. | 481 | 59288 |
|  Kelly Services, Inc., Class A | 21057 | 357758 |
|  Kforce, Inc. | 2024 | 119558 |

---

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) |
|  **Industrials - 14.07% (continued)** | **Industrials - 14.07% (continued)** | **Industrials - 14.07% (continued)** |
|  **Professional Services - 1.47% (continued)** | **Professional Services - 1.47% (continued)** | **Professional Services - 1.47% (continued)** |
|  Resources Connection, Inc. | 3041 | $58691 |
|  |  | **595295** |
|  **Road & Rail - 0.53%** |  |  |
|  PAM Transportation Services, Inc.<sup>A</sup> | 2019 | 56593 |
|  Universal Logistics Holdings, Inc. | 4157 | 157841 |
|  |  | **214434** |
|  **Trading Companies & Distributors - 5.29%** |  |  |
|  Applied Industrial Technologies, Inc. | 2610 | 345799 |
|  Beacon Roofing Supply, Inc.<sup>A</sup> | 9954 | 581214 |
|  DXP Enterprises, Inc.<sup>A</sup> | 3067 | 79221 |
|  Global Industrial Co. | 2557 | 62928 |
|  Rush Enterprises, Inc., Class A | 9108 | 469335 |
|  Rush Enterprises, Inc., Class B | 7456 | 395093 |
|  Titan Machinery, Inc.<sup>A</sup> | 4662 | 205268 |
|  |  | **2138858** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | **5691671** |
|  **Information Technology - 13.80%** |  |  |
|  **Communications Equipment - 0.22%** |  |  |
|  Cambium Networks Corp.<sup>A</sup> | 4096 | **87204** |
|  **Electronic Equipment, Instruments & Components - 5.72%** |  |  |
|  ePlus, Inc.<sup>A</sup> | 9212 | 457468 |
|  OSI Systems, Inc.<sup>A</sup> | 3219 | 284817 |
|  PC Connection, Inc.<sup>A</sup> | 14050 | 780478 |
|  ScanSource, Inc.<sup>A</sup> | 22912 | 684152 |
|  Vishay Precision Group, Inc.<sup>A</sup> | 2600 | 105482 |
|  |  | **2312397** |
|  **IT Services - 0.77%** |  |  |
|  Hackett Group, Inc. | 3863 | 89235 |
|  Information Services Group, Inc. | 13884 | 74418 |
|  Squarespace, Inc., Class A<sup>A</sup> | 7271 | 148983 |
|  |  | **312636** |
|  **Semiconductors & Semiconductor Equipment - 4.30%** |  |  |
|  Amkor Technology, Inc. | 41755 | 1169975 |
|  Diodes, Inc.<sup>A</sup> | 6165 | 568598 |
|  |  | **1738573** |
|  **Software - 2.55%** |  |  |
|  Alarm.com Holdings, Inc.<sup>A</sup> | 2416 | 120558 |
|  Altair Engineering, Inc., Class A<sup>A</sup> | 2325 | 114088 |
|  Appfolio, Inc., Class A<sup>A</sup> | 1016 | 115915 |
|  CommVault Systems, Inc.<sup>A</sup> | 3412 | 225192 |
|  Consensus Cloud Solutions, Inc.<sup>A</sup> | 1833 | 104096 |
|  Intapp, Inc.<sup>A</sup> | 4089 | 94497 |
|  OneSpan, Inc.<sup>A</sup> | 5103 | 64145 |
|  Rimini Street, Inc.<sup>A</sup> | 18009 | 75638 |
|  SPS Commerce, Inc.<sup>A</sup> | 838 | 119214 |
|  |  | **1033343** |
|  **Technology Hardware, Storage & Peripherals - 0.24%** |  |  |
|  Avid Technology, Inc.<sup>A</sup> | 3453 | **96960** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | **5581113** |

---

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
|  COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) | COMMON STOCKS - 95.31% (continued) |
|  **Materials - 3.92%** |  |  |
|  **Chemicals - 1.48%** |  |  |
|  Hawkins, Inc. | 1952 | $81203 |
|  Innospec, Inc. | 1737 | 192616 |
|  Kronos Worldwide, Inc. | 13349 | 122944 |
|  Tredegar Corp. | 7263 | 75100 |
|  Valhi, Inc.<sup>B</sup> | 5685 | 126548 |
|  |  | **598411** |
|  **Containers & Packaging - 1.64%** |  |  |
|  Greif, Inc., Class B | 7528 | 565654 |
|  Myers Industries, Inc. | 4224 | 98588 |
|  |  | **664242** |
|  **Metals & Mining - 0.80%** |  |  |
|  Olympic Steel, Inc. | 9175 | **321951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | **1584604** |
|  **Real Estate - 5.06%** |  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 1.63%** |  |  |
|  Alexander & Baldwin, Inc. | 11593 | 228962 |
|  PotlatchDeltic Corp. | 9051 | 432547 |
|  |  | **661509** |
|  **Real Estate Management & Development - 3.43%** |  |  |
|  Cushman & Wakefield PLC<sup>A</sup> | 53215 | 607715 |
|  Marcus & Millichap, Inc. | 12850 | 478534 |
|  RMR Group, Inc., Class A | 10389 | 300346 |
|  |  | **1386595** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | **2048104** |
|  **Utilities - 2.42%** |  |  |
|  **Electric Utilities - 2.42%** |  |  |
|  MGE Energy, Inc. | 4512 | 324909 |
|  Otter Tail Corp. | 11004 | 656169 |
|  |  | **981078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | **981078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks (Cost $35,727,992)** |  | **38554263** |
|  SHORT-TERM INVESTMENTS - 0.87% (Cost $350,432) |  |  |
|  **Investment Companies - 0.87%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>C D</sup> | 350432 | **350432** |
|  SECURITIES LENDING COLLATERAL - 0.20% (Cost $79,284) |  |  |
|  **Investment Companies - 0.20%** |  |  |
|  American Beacon U.S. Government Money Market Select Fund, 3.62%<sup>C D</sup> | 79284 | **79284** |
|  **TOTAL INVESTMENTS - 96.38% (Cost $36,157,708)** |  | **38983979** |
|  **OTHER ASSETS, NET OF LIABILITIES - 3.62%** |  | **1464975** |
|  **TOTAL NET ASSETS - 100.00%** |  | $**40448954** |

---

Percentages are stated as a percent of net assets.

------

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

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at November 30, 2022.

*See accompanying notes* 

------

**American Beacon Zebra Small Cap Equity Fund<sup>SM</sup>** 

**Schedule of Investments** 

November 30, 2022 (Unaudited)

------

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

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

PLC - Public Limited Company.

***Long Futures Contracts Open on November 30, 2022:***

**Equity Futures Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration Date** | **Notional Amount** | **Contract Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CME e-Mini Russell 2000 Index Futures | 4 | December 2022 | $371058 | $377500 | $6442 |
|  |  |  | $371058 | $377500 | $6442 |

---

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

CME Chicago Mercantile Exchange.

The Fund's investments are summarized by level based on the inputs used to determine their values. As of November 30, 2022, the investments were classified as described below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zebra Small Cap Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |  |
|  ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | ***Assets*** | **** |
|  Common Stocks | $38554263 | $— | $— | $38554263 |  |
|  Short-Term Investments | 350432 |  |  | 350432 |  |
|  Securities Lending Collateral | 79284 |  |  | 79284 |  |
|  Total Investments in Securities - Assets | $38983979 | $— | $— | $38983979 |  |
|  ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | ***Financial Derivative Instruments - Assets*** | **** |
|  Futures Contracts | $6442 | $— | $— | $6442 |  |
|  Total Financial Derivative Instruments - Assets | $6442 | $— | $— | $6442 |  |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended November 30, 2022, there were no transfers into or out of Level 3.

*See accompanying notes* 

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (Unaudited)

------

**Organization** 

American Beacon Funds (the "Trust") is organized as a Massachusetts business trust. As of November 30, 2022, the Trust consists of twenty-five active series, four of which are presented in this filing: American Beacon SiM High Yield Opportunities Fund, American Beacon Sound Point Floating Rate Income Fund, American Beacon The London Company Income Equity Fund, and American Beacon Zebra Small Cap Equity Fund (collectively the "Funds" and each individually a "Fund"). The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the "Act"), open-end management investment companies. The remaining twenty-one active series are reported in separate filings.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., which is a wholly-owned subsidiary of Resolute Topco, Inc., a wholly-owned subsidiary of Resolute Investment Holdings, LLC ("RIH"). RIH is owned primarily by Kelso Investment Associates VIII, L.P., KEP VI, LLC and Estancia Capital Partners L.P., investment funds affiliated with Kelso & Company, L.P. ("Kelso") or Estancia Capital Management, LLC ("Estancia"), which are private equity firms.

*Recently Adopted Accounting Pronouncements* 

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by the transitioning away from the London Interbank Offered Rate ("LIBOR") and other reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. Management has evaluated the implications of these changes, and has determined that there is no impact to the financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 imposes limits on the amount of derivatives the fund can enter into, eliminated the asset segregation framework used by funds to comply with Section 18 of the Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds were not required to fully comply with the new rule until August 19, 2022. Management has evaluated the implications of these changes, and has determined that there is no impact to the financial statements.

On December 3, 2020, the SEC adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund's investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management has valuated the Valuation Rule, and has determined that there is no impact to the financial statements.

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (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.

The Valuation Rule establishes requirements for determining fair value in good faith for purposes of the 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. Prior to September 8, 2022, fair value determinations were made pursuant to methodologies approved by the Board.

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 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.

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (Unaudited)

------

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 of 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 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. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (Unaudited)

------

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

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

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

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

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

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the Exchange close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board has designated 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 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 Funds<sup>SM</sup>** 

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (Unaudited)

------

**Securities Lending** 

The Funds may lend their securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned, initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is monitored and marked-to-market daily. Daily mark-to-market amounts are required to be paid to the borrower or received from the borrower by the end of the following business day. This one day settlement for mark-to-market amounts may result in the collateral being temporarily less than the value of the securities on loan or temporarily more than the required minimum collateral.

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the "Agent") in money market mutual funds and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Funds' Schedules of Investments.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount is received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend.

Securities lending transactions pose certain risks to the Funds, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Funds could also experience delays and costs in gaining access to the collateral. The Funds bear the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of November 30, 2022, the value of outstanding securities on loan and the value of collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br>Securities on Loan** | **Cash Collateral<br>Received** | **Non-Cash Collateral<br>Received** | **Total Collateral<br>Received** |
|  The London Company Income Equity | $1426364 | $8800 | $1415500 | $1424300 |
|  Zebra Small Cap Equity | 245954 | 79284 | 172549 | 251833 |

---

Cash collateral is listed on the Funds' Schedules of Investments.

------

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

**Supplementary Notes to Schedules of Investments** 

November 30, 2022 (Unaudited)

------

Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds' Schedules of Investments.

**Federal Income and Excise Taxes** 

It is the policy of each Fund to qualify as a regulated investment company ("RIC"), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities. Each of the tax years in the four year period ended August 31, 2022 remain subject to examination by the Internal Revenue Service.

*Cost of Investments for Federal Income Tax Purposes* 

As of November 30, 2022, the Funds' cost of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  SiM High Yield Opportunities | $1463235538 | $33108012 | $(134469018) | $(101361006) |
|  Sound Point Floating Rate Income | 396992600 | 7092582 | (27641560) | (20548978) |
|  The London Company Income Equity | 1309542301 | 608361313 | (67420068) | 540941245 |
|  Zebra Small Cap Equity | 36157708 | 4245180 | (1418909) | 2826271 |

---

Under the Regulated Investment Company Modernization Act of 2010 ("RIC MOD"), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of August 31, 2022, the Funds had the following capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term Capital<br>Loss Carryforwards** | **Long-Term Capital<br>Loss Carryforwards** |
|  SiM High Yield Opportunities | $9261167 | $18737365 |
|  Sound Point Floating Rate Income | 58033382 | 170431834 |

---

**Subsequent Events**

On December 14, 2022, the Board of Trustees of the Trust, at the recommendation by the Manager, has approved: (i) the termination of the investment advisory agreement among the Manager, Sound Point Capital Management, LP, and the Trust, on behalf of the American Beacon Sound Point Floating Rate Income Fund (the "Fund"), effective December 30, 2022, and (ii) a new investment advisory agreement among the Manager, First Eagle Alternative Credit, LLC ("FEAC") and the Trust, on behalf of the Fund, effective December 31, 2022. In connection with these approvals, the Board also approved a change in the Fund's name to the American Beacon FEAC Floating Rate Income Fund, effective December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** IRVING

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75039

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

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

- **a. Name of Series:** American Beacon SiM High Yield Opportunities Fund

- **b. EDGAR series identifier (if any):** S000031209

- **c. LEI of Series:** 0MZETX8CVFTL4Y6V3W63

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1390839176.34

**Total Liabilities:** $11049221.85

**Net Assets:** $1379789954.49

**Cash Not Reported:** $5696505.30

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -91.11000000 | **1-Year:** -3191.57000000 | **5-Year:** -28900.76000000 | **10-Year:** -26404.66000000 | **30-Year:** -140.27000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -2244.49000000 | **1-Year:** -93506.82000000 | **5-Year:** -280789.09000000 | **10-Year:** -76410.03000000 | **30-Year:** -20797.03000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000096907 | -3.70%               | 2.81%                | 1.68%                |
| Class ID C000096904 | -3.83%               | 2.73%                | 1.72%                |
| Class ID C000096906 | -3.77%               | 2.83%                | 1.82%                |
| Class ID C000096905 | -3.76%               | 2.95%                | 1.70%                |
| Class ID C000096903 | -3.81%               | 2.93%                | 1.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5535566.99             | $-55547375.03                              |
| Month 2  | $-6536254.82             | $37893660.58                               |
| Month 3  | $-4850306.11             | $26104891.55                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BAYTEX ENERGY CORP                           | Baytex Energy Corp.                                                                  | CUSIP: 07317QAH8<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |  28193000 | PA      | $29066137.21  | 2.11%             | 2027-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CES ENERGY SOLUTIONS                         | CES Energy Solutions Corp.                                                           | CUSIP: 15713JAB0<br>LEI: 984500NF54914EB1B646 | Long             | DBT              | CORP              | CA        |  13205000 | PA      | $9767665.32   | 0.71%             | 2024-10-21      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                          | Station Casinos LLC                                                                  | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |  24058000 | PA      | $21201203.20  | 1.54%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Berry Petroleum Co LLC                       | Berry Petroleum Co. LLC                                                              | CUSIP: 08580BAA4<br>LEI: DQ2XTZKV7SILNNV77403 | Long             | DBT              | CORP              | US        |  22224000 | PA      | $21037682.88  | 1.52%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                    | Qorvo, Inc.                                                                          | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |  23509000 | PA      | $18848575.84  | 1.37%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTA                             | Heimstaden Bostad AB                                                                 | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |   1175000 | PA      | $770304.19    | 0.06%             | 2027-10-29      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Leidos Inc                                   | Leidos, Inc.                                                                         | CUSIP: 808626AG0<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   8771000 | PA      | $7992398.33   | 0.58%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                         | Vermilion Energy, Inc.                                                               | CUSIP: 923725AD7<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |   7815000 | PA      | $7326562.50   | 0.53%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INTL CONSOLIDATED AIRLIN                     | International Consolidated Airlines Group SA                                         | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | DBT              | CORP              | ES        |  17000000 | PA      | $13687792.93  | 0.99%             | 2027-07-04      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT                          | Annaly Capital Management, Inc.                                                      | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               |  | US        |    201537 | NS      | $4635351.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR FUNDING INC                          | Avantor Funding, Inc.                                                                | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |  14780000 | PA      | $13411372.00  | 0.97%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                          | Prestige Brands, Inc.                                                                | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |  18680000 | PA      | $15368310.41  | 1.11%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                           | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |  10795000 | PA      | $11261721.83  | 0.82%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| QVC Inc                                      | QVC, Inc.                                                                            | CUSIP: 747262AM5<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |  22031000 | PA      | $11360064.84  | 0.82%             | 2043-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KANE BIDCO LTD                               | Kane Bidco Ltd.                                                                      | CUSIP: 000000000<br>LEI: 213800IT8MD1MLYZWC24 | Long             | DBT              | CORP              | JE        |  11131000 | PA      | $10925915.06  | 0.79%             | 2027-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                     | Marriott Ownership Resorts, Inc.                                                     | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |  17115000 | PA      | $15013805.83  | 1.09%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                         | Entegris Escrow Corp.                                                                | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14570000 | PA      | $13614409.65  | 0.99%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC                         | Townsquare Media, Inc.                                                               | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |  22125000 | PA      | $20466059.54  | 1.48%             | 2026-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline LP              | Plains All American Pipeline LP                                                      | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |    995460 | NS      | $12363613.20  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS USA/FOOD/FINANCE                         | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.                                | CUSIP: 46590XAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |  13459000 | PA      | $12909334.44  | 0.94%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OKEA AS                                      | OKEA ASA                                                                             | CUSIP: 000000000<br>LEI: 549300H385IGBB58CN91 | Long             | DBT              | CORP              | NO        |  11100000 | PA      | $11084497.19  | 0.80%             | 2024-12-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                              | MEG Energy Corp.                                                                     | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |  18649000 | PA      | $17530060.00  | 1.27%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPW INDUSTRIES HOLD CORP                     | JPW Industries Holding Corp.                                                         | CUSIP: 48128TAB8<br>LEI: 2549006C25X8KUBSYI24 | Long             | DBT              | CORP              | US        |   2325000 | PA      | $1984968.75   | 0.14%             | 2024-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                          | Medline Borrower LP                                                                  | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  11515000 | PA      | $9816537.50   | 0.71%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MAXAR TECHNOLOGIES INC                       | Maxar Technologies, Inc.                                                             | CUSIP: 57778KAC9<br>LEI: 549300OEN2G821MIJ922 | Long             | DBT              | CORP              | US        |  18020000 | PA      | $17617793.60  | 1.28%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                        | Caesars Entertainment, Inc.                                                          | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |  24432000 | PA      | $20436879.36  | 1.48%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                     | Occidental Petroleum Corp.                                                           | CUSIP: 674599DD4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   4335000 | PA      | $4703475.00   | 0.34%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                               | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  17894000 | PA      | $16981048.12  | 1.23%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                | PRA Group, Inc.                                                                      | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |  24691000 | PA      | $20217672.77  | 1.47%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                     | Turning Point Brands, Inc.                                                           | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |  20298000 | PA      | $17670889.54  | 1.28%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                         | Heimstaden Bostad AB                                                                 | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |   2860000 | PA      | $2293990.33   | 0.17%             | 2024-11-19      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSBYGGNADSBOLAGET                      | Samhallsbyggnadsbolaget i Norden AB                                                  | CUSIP: 000000000<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |  20775000 | PA      | $14534440.64  | 1.05%             | 2027-08-12      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs Inc                          | Churchill Downs, Inc.                                                                | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |  18732000 | PA      | $16978271.38  | 1.23%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                | Carnival Corp.                                                                       | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  10130000 | PA      | $6617827.70   | 0.48%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                                   | CPI CG, Inc.                                                                         | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18048000 | PA      | $17386967.27  | 1.26%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UPSTART HOLDINGS INC                         | Upstart Holdings, Inc.                                                               | CUSIP: 91680MAB3<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |   9070000 | PA      | $4659712.50   | 0.34%             | 2026-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC                          | TreeHouse Foods, Inc.                                                                | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |  25710000 | PA      | $21904148.70  | 1.59%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHARMING NV                                  | Pharming Group NV                                                                    | CUSIP: 000000000<br>LEI: 724500DCJ9MPG74JEH91 | Long             | DBT              | CORP              | NL        |  12500000 | PA      | $11888855.59  | 0.86%             | 2025-01-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| SECURE ENERGY SE                             | Secure Energy Services, Inc.                                                         | CUSIP: 81373CAB8<br>LEI: 549300EZKELHYBQO9X11 | Long             | DBT              | CORP              | CA        |  18508000 | PA      | $13415083.82  | 0.97%             | 2026-12-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                         | Strathcona Resources Ltd.                                                            | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |  32925000 | PA      | $27999340.32  | 2.03%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                       | Victoria's Secret & Co.                                                              | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |  30458000 | PA      | $25706552.00  | 1.86%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SYNEOS HEALTH INC                            | Syneos Health, Inc.                                                                  | CUSIP: 87166BAA0<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | DBT              | CORP              | US        |  14079000 | PA      | $11010341.16  | 0.80%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Vector Group Ltd                             | Vector Group Ltd.                                                                    | CUSIP: 92240MBJ6<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $22055000.00  | 1.60%             | 2026-11-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CRESTWOOD EQUITY PARTNER                     | Crestwood Equity Partners LP                                                         | CUSIP: 226344307<br>LEI: 549300CUY0F1TYDLDL45 | Long             | EP               | CORP              | US        |    768415 | NS      | $6915735.00   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                              | 180 Medical, Inc.                                                                    | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |  15550000 | PA      | $13216066.76  | 0.96%             | 2029-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCORPIO TANKERS INC                          | Scorpio Tankers, Inc.                                                                | CUSIP: 80918TAD1<br>LEI: 549300NVJUH16NXG8K87 | Long             | DBT              | CORP              | MH        |  20723000 | PA      | $32203542.00  | 2.33%             | 2025-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN AB                                | Heimstaden AB                                                                        | CUSIP: 000000000<br>LEI: 549300WD2QBD89VBPV88 | Long             | DBT              | CORP              | SE        |   4600000 | PA      | $3447478.15   | 0.25%             | 2026-03-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                        | AECOM                                                                                | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |  15657000 | PA      | $14991577.50  | 1.09%             | 2027-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                         | BWX Technologies, Inc.                                                               | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |  22292000 | PA      | $19616960.00  | 1.42%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STERICYCLE INC                               | Stericycle, Inc.                                                                     | CUSIP: 858912AG3<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | DBT              | CORP              | US        |  15781000 | PA      | $13729470.00  | 1.00%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Nova Austral SA                              | Nova Austral SA                                                                      | CUSIP: 000000000<br>LEI: 213800FU5HJ5AXKACP98 | Long             | DBT              | CORP              | CL        |  26581914 | PA      | $15949148.40  | 1.16%             | 2026-11-26      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| NOVA AUSTRAL SA                              | Nova Austral SA                                                                      | CUSIP: 000000000<br>LEI: 213800FU5HJ5AXKACP98 | Long             | DBT              | CORP              | CL        |  14594704 | PA      | $2189205.60   | 0.16%             | 2026-11-26      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                     | Acadia Healthcare Co., Inc.                                                          | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |  14528000 | PA      | $13656694.10  | 0.99%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP                      | Pediatrix Medical Group, Inc.                                                        | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25620000 | PA      | $21618412.20  | 1.57%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications, Inc.                                                       | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |  16724000 | PA      | $16556927.24  | 1.20%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| American Beacon U.S. Government Money Market | American Beacon U.S. Government Money Market                                         | CUSIP: 02368W200<br>LEI: 549300EXCES9V5RWB620 | Long             | STIV             | RF                | US        |  16793724 | NS      | $16793724.03  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INT                     | Science Applications International Corp.                                             | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |  14573000 | PA      | $13506693.59  | 0.98%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |      -600 | NC      | $-1809960.12  | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| LADBROKES GROUP FIN PLC                      | Ladbrokes Group Finance PLC                                                          | CUSIP: 000000000<br>LEI: 213800QOWHF5R9VLL274 | Long             | DBT              | CORP              | GB        |  11200000 | PA      | $13296324.11  | 0.96%             | 2023-09-08      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                           | AMN Healthcare, Inc.                                                                 | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |  14801000 | PA      | $13686263.28  | 0.99%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Holly Energy Partners LP                     | Holly Energy Partners LP                                                             | CUSIP: 435763107<br>LEI: 529900NVV7ODCT0QCG29 | Long             | EC               | CORP              | US        |    410438 | NS      | $7683399.36   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CALUMET SPECIALTY PROD                       | Calumet Specialty Products Partners LP/Calumet Finance Corp.                         | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22304000 | PA      | $21196829.44  | 1.54%             | 2027-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BLACK KNIGHT INFOSERV LL                     | Black Knight InfoServ LLC                                                            | CUSIP: 092174AA9<br>LEI: 549300H5PS5C68DAUX66 | Long             | DBT              | CORP              | US        |  19715000 | PA      | $17299912.50  | 1.25%             | 2028-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                     | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16630000 | PA      | $13678840.20  | 0.99%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                            | Kinder Morgan, Inc.                                                                  | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    409346 | NS      | $7826695.52   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENFIRE RESOURCES                          | Greenfire Resources, Inc.                                                            | CUSIP: 36136LAA2<br>LEI: 984500ECD69AE1066096 | Long             | DBT              | CORP              | CA        |  16117000 | PA      | $17084020.00  | 1.24%             | 2025-08-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Leidos Inc                                   | Leidos, Inc.                                                                         | CUSIP: 808626AE5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   7020000 | PA      | $7028775.00   | 0.51%             | 2032-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KBR INC                                      | KBR, Inc.                                                                            | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |  21546000 | PA      | $19194685.02  | 1.39%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                          | Marks & Spencer PLC                                                                  | CUSIP: 000000000<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $103850.41    | 0.01%             | 2027-07-10      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT                          | Annaly Capital Management, Inc.                                                      | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               |  | US        |    207482 | NS      | $5062560.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL CORP                          | Select Medical Corp.                                                                 | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |  21377000 | PA      | $20542548.81  | 1.49%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                     | Marriott Ownership Resorts, Inc.                                                     | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   3530000 | PA      | $2973961.28   | 0.22%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |      -316 | NC      | $704305.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP                                 | Centene Corp.                                                                        | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  16609000 | PA      | $13612570.31  | 0.99%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                 | Teleflex, Inc.                                                                       | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |  14842000 | PA      | $13525409.67  | 0.98%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                        | Carriage Services, Inc.                                                              | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25405000 | PA      | $19021993.75  | 1.38%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                             | Lamar Media Corp.                                                                    | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12496000 | PA      | $10405419.20  | 0.75%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT                      | Six Flags Entertainment Corp.                                                        | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |  16797000 | PA      | $15166683.18  | 1.10%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HORIZON THERAPEUTICS USA                     | Horizon Therapeutics USA, Inc.                                                       | CUSIP: 44055PAA4<br>LEI: 254900IS87RLPXY88S03 | Long             | DBT              | CORP              | US        |  14431000 | PA      | $14322767.50  | 1.04%             | 2027-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                     | Univision Communications, Inc.                                                       | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $4093832.32   | 0.30%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                          | Go Daddy Operating Co. LLC/GD Finance Co., Inc.                                      | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8395000 | PA      | $7956948.98   | 0.58%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                     | Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.                    | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10406000 | PA      | $9784312.89   | 0.71%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Hess Midstream LP                            | Hess Midstream LP                                                                    | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375487 | NS      | $11726459.01  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIOS SA LOGIST/FIN US                      | Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc.            | CUSIP: 63938NAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |  29855000 | PA      | $28302671.36  | 2.05%             | 2025-07-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                     | SeaWorld Parks & Entertainment, Inc.                                                 | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |  23515000 | PA      | $20263744.61  | 1.47%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                     | ATS Corp.                                                                            | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |  15895000 | PA      | $13625348.82  | 0.99%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPW INDUSTRIES HOLD CORP                     | JPW Industries Holding Corp.                                                         | CUSIP: 48128TAA0<br>LEI: 2549006C25X8KUBSYI24 | Long             | DBT              | CORP              | US        |  12166000 | PA      | $10386722.50  | 0.75%             | 2024-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                             | Boyd Gaming Corp.                                                                    | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |  23858000 | PA      | $20816105.00  | 1.51%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners LP              | Enterprise Products Partners LP                                                      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    564749 | NS      | $14011422.69  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA INC                                      | HCA, Inc.                                                                            | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10150000 | PA      | $8723620.50   | 0.63%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                     | Charles River Laboratories International, Inc.                                       | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |  14695000 | PA      | $12786428.24  | 0.93%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                     | Turning Point Brands, Inc.                                                           | CUSIP: 90041LAE5<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   7650000 | PA      | $6768234.84   | 0.49%             | 2024-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EURONAV LUXEMBOURG SA                        | Euronav Luxembourg SA                                                                | CUSIP: 000000000<br>LEI: 5493007W8CBMOPUMCE82 | Long             | DBT              | CORP              | LU        |  26450000 | PA      | $25524250.00  | 1.85%             | 2026-09-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOSTAD AB                         | Heimstaden Bostad AB                                                                 | CUSIP: 000000000<br>LEI: 549300TJR3PR8EXILG79 | Long             | DBT              | CORP              | SE        |   6860000 | PA      | $4189166.94   | 0.30%             | 2027-02-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| EZCORP INC                                   | EZCORP, Inc.                                                                         | CUSIP: 302301AE6<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  16065000 | PA      | $14354077.50  | 1.04%             | 2025-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                      | Booz Allen Hamilton, Inc.                                                            | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |  15376000 | PA      | $13827944.32  | 1.00%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                  | Future                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              |  | US        |      -437 | NC      | $-2073331.89  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                     | Encore Capital Group, Inc.                                                           | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |  22390000 | PA      | $20239169.92  | 1.47%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TAG IMMOBILIEN AG                            | TAG Immobilien AG                                                                    | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | DBT              | CORP              | DE        |  10200000 | PA      | $7493569.09   | 0.54%             | 2026-08-27      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                         | TTM Technologies, Inc.                                                               | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |  26571000 | PA      | $22542613.47  | 1.63%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT                          | Annaly Capital Management, Inc.                                                      | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               |  | US        |    145634 | NS      | $3343756.64   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QVC INC                                      | QVC, Inc.                                                                            | CUSIP: 747262AY9<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   5515000 | PA      | $4139917.48   | 0.30%             | 2027-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                        | Encompass Health Corp.                                                               | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |  16165000 | PA      | $14346437.50  | 1.04%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-23

**Name of Applicant:** AMERICAN BEACON FUNDS

**Signature:** Sonia Bates

**Name of Signer:** Sonia Bates

**Title:** Treasurer