American Beacon Balanced Fund NPORTP American Beacon TwentyFour Strategic Income Fund (Sep 2024 report)

United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gregory J. Stumm, PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2025

Date of reporting period: September 30, 2024

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 90.84%
Communication Services - 22.40%
Entertainment - 16.87%
ROBLOX Corp., Class A^A		276,937	$	12,257,232
Roku, Inc.^A		266,589		19,903,535

				32,160,767

Interactive Media & Services - 3.76%
Meta Platforms, Inc., Class A		7,712		4,414,657
Pinterest, Inc., Class A^A		85,426		2,765,239

				7,179,896

Media - 1.77%
Trade Desk, Inc., Class A^A		30,740		3,370,641

Total Communication Services				42,711,304

Consumer Discretionary - 18.21%
Automobiles - 15.36%
Tesla, Inc.^A		111,967		29,293,926

Broadline Retail - 0.48%
Amazon.com, Inc.^A		4,921		916,930

Hotels, Restaurants & Leisure - 2.37%
DraftKings, Inc., Class A^A		115,047		4,509,843

Total Consumer Discretionary				34,720,699

Financials - 17.67%
Capital Markets - 11.72%
Coinbase Global, Inc., Class A^A		73,539		13,102,443
Robinhood Markets, Inc., Class A^A		394,821		9,246,708

				22,349,151

Consumer Finance - 1.06%
SoFi Technologies, Inc.^A^B		256,302		2,014,534

Financial Services - 4.89%
Block, Inc.^A		138,972		9,329,190

Total Financials				33,692,875

Health Care - 16.74%
Biotechnology - 11.56%
Beam Therapeutics, Inc.^A^B		99,484		2,437,358
Intellia Therapeutics, Inc.^A		273,591		5,622,295
Moderna, Inc.^A		22,721		1,518,444
Natera, Inc.^A		8,484		1,077,044
Prime Medicine, Inc.^A^B		76,427		295,773
Recursion Pharmaceuticals, Inc., Class A^A^B		588,255		3,876,600
Twist Bioscience Corp.^A		85,429		3,859,682
Veracyte, Inc.^A		97,975		3,335,069

				22,022,265

Health Care Equipment & Supplies - 0.28%
Cerus Corp.^A		310,773		540,745

Life Sciences Tools & Services - 4.90%
10X Genomics, Inc., Class A^A		245,969		5,553,980
Pacific Biosciences of California, Inc.^{A B}		620,226		1,054,384
Tempus AI, Inc.^A^B		48,336		2,735,818

				9,344,182

Total Health Care				31,907,192

Industrials - 0.76%
Aerospace & Defense - 0.76%
Archer Aviation, Inc., Class A^A		478,411		1,449,585

See accompanying notes

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

September, 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 90.84% (continued)
Information Technology - 15.06%
Semiconductors & Semiconductor Equipment - 3.15%
Advanced Micro Devices, Inc.^A		15,678	$	2,572,446
Teradyne, Inc.		25,568		3,424,322

				5,996,768

Software - 11.91%
PagerDuty, Inc.^A		252,929		4,691,833
Palantir Technologies, Inc., Class A^A		236,221		8,787,421
UiPath, Inc., Class A^A		432,412		5,534,874
Unity Software, Inc.^A^B		163,288		3,693,575

				22,707,703

Total Information Technology				28,704,471

Total Common Stocks (Cost $134,865,717)				173,186,126

FOREIGN COMMON STOCKS - 8.13%
Health Care - 4.22%
Biotechnology - 4.22%
CRISPR Therapeutics AG^A^B		171,227		8,044,245

Information Technology - 3.91%
IT Services - 3.91%
Shopify, Inc., Class A^A		93,095		7,460,633

Total Foreign Common Stocks (Cost $10,958,736)				15,504,878

SHORT-TERM INVESTMENTS - 1.30% (Cost $2,487,676)
Investment Companies - 1.30%
American Beacon U.S. Government Money Market Select Fund, 4.81% ^{C D}		2,487,676		2,487,676

SECURITIES LENDING COLLATERAL - 1.86% (Cost $3,541,281)
Investment Companies - 1.86%
American Beacon U.S. Government Money Market Select Fund, 4.81% ^{C D}		3,541,281		3,541,281

TOTAL INVESTMENTS - 102.13% (Cost $151,853,410)				194,719,961
LIABILITIES, NET OF OTHER ASSETS - (2.13)%				(4,060,944	)

TOTAL NET ASSETS - 100.00%			$	190,659,017

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

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

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

^D	7-day yield.

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


ARK Transformational Innovation Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	173,186,126	$	—	$	—	$	173,186,126
Foreign Common Stocks		15,504,878		—		—		15,504,878
Short-Term Investments		2,487,676		—		—		2,487,676
Securities Lending Collateral		3,541,281		—		—		3,541,281

Total Investments in Securities - Assets	$	194,719,961	$	—	$	—	$	194,719,961

See accompanying notes

American Beacon ARK Transformational Innovation Fund^SM

Schedule of Investments

September, 30, 2024 (Unaudited)

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

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

September, 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.07%
Communication Services - 13.68%
Entertainment - 9.25%
Lions Gate Entertainment Corp., Class B^A		792,504	$	5,484,128
Walt Disney Co.		72,150		6,940,108

				12,424,236

Interactive Media & Services - 4.43%
Alphabet, Inc., Class C		35,630		5,956,980

Total Communication Services				18,381,216

Consumer Discretionary - 11.64%
Hotels, Restaurants & Leisure - 4.00%
Penn Entertainment, Inc.^{A B}		285,300		5,380,758

Household Durables - 3.83%
Mohawk Industries, Inc.^A		32,020		5,144,974

Leisure Products - 3.32%
Topgolf Callaway Brands Corp.^A		406,100		4,458,978

Textiles, Apparel & Luxury Goods - 0.49%
Carter’s, Inc.		10,175		661,171

Total Consumer Discretionary				15,645,881

Energy - 2.92%
Oil, Gas & Consumable Fuels - 2.92%
Devon Energy Corp.		100,220		3,920,606

Financials - 15.01%
Banks - 4.46%
Bank of America Corp.		151,100		5,995,648

Capital Markets - 5.02%
Nasdaq, Inc.		92,380		6,744,664

Financial Services - 5.53%
Berkshire Hathaway, Inc., Class B^A		16,155		7,435,500

Total Financials				20,175,812

Health Care - 16.16%
Health Care Equipment & Supplies - 10.22%
Baxter International, Inc.		188,800		7,168,736
Zimmer Biomet Holdings, Inc.		60,865		6,570,377

				13,739,113

Life Sciences Tools & Services - 0.95%
Avantor, Inc.^A		49,300		1,275,391

Pharmaceuticals - 4.99%
Elanco Animal Health, Inc.^A		456,800		6,710,392

Total Health Care				21,724,896

Industrials - 15.90%
Aerospace & Defense - 4.90%
L3Harris Technologies, Inc.		27,655		6,578,295

Electrical Equipment - 4.23%
Sensata Technologies Holding PLC		158,600		5,687,396

Professional Services - 6.77%
Dun & Bradstreet Holdings, Inc.		173,700		1,999,287
SS&C Technologies Holdings, Inc.		95,700		7,101,897

				9,101,184

Total Industrials				21,366,875

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

September, 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.07% (continued)
Information Technology - 13.01%
Electronic Equipment, Instruments & Components - 3.10%
Corning, Inc.		92,325	$	4,168,474

IT Services - 1.11%
Okta, Inc.^A		20,050		1,490,517

Semiconductors & Semiconductor Equipment - 5.50%
Micron Technology, Inc.		71,290		7,393,486

Software - 3.30%
NCR Voyix Corp.^A		327,200		4,440,104

Total Information Technology				17,492,581

Materials - 7.75%
Chemicals - 2.76%
Axalta Coating Systems Ltd.^A		102,320		3,702,961

Containers & Packaging - 4.99%
Graphic Packaging Holding Co.		226,700		6,708,053

Total Materials				10,411,014

Total Common Stocks (Cost $105,360,234)				129,118,881

EXCHANGE-TRADED INSTRUMENTS - 2.12% (Cost $2,704,407)
Domestic Equity - 2.12%
Invesco S&P 500 Equal Weight ETF^B		15,922		2,852,586

SHORT-TERM INVESTMENTS - 1.79% (Cost $2,397,027)
Investment Companies - 1.79%
American Beacon U.S. Government Money Market Select Fund, 4.81%^C^D		2,397,027		2,397,027

SECURITIES LENDING COLLATERAL - 1.98% (Cost $2,665,043)
Investment Companies - 1.98%
American Beacon U.S. Government Money Market Select Fund, 4.81%^C^D		2,665,043		2,665,043

TOTAL INVESTMENTS - 101.96% (Cost $113,126,711)				137,033,537
LIABILITIES, NET OF OTHER ASSETS - (1.96)%				(2,633,649	)

TOTAL NET ASSETS - 100.00%			$	134,399,888

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

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

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

^D	7-day yield.

ETF - Exchange-Traded Fund.

PLC - Public Limited Company.

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


Shapiro Equity Opportunities Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	129,118,881	$	—	$	—	$	129,118,881
Exchange-Traded Instruments		2,852,586		—		—		2,852,586
Short-Term Investments		2,397,027		—		—		2,397,027

See accompanying notes

American Beacon Shapiro Equity Opportunities Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


Shapiro Equity Opportunities Fund	Level 1		Level 2		Level 3		Total
*Assets*
Securities Lending Collateral	$	2,665,043	$	—	$	—	$	2,665,043

Total Investments in Securities - Assets	$	137,033,537	$	—	$	—	$	137,033,537

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

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.02%
Communication Services - 13.35%
Entertainment - 13.35%
Atlanta Braves Holdings, Inc., Class C^A		49,251	$	1,960,190
Lions Gate Entertainment Corp., Class B^A		243,126		1,682,432
Madison Square Garden Sports Corp.^A		10,043		2,091,555

				5,734,177

Total Communication Services				5,734,177

Consumer Discretionary - 12.67%
Hotels, Restaurants & Leisure - 4.18%
Penn Entertainment, Inc.^{A B}		95,200		1,795,472

Household Durables - 3.97%
Mohawk Industries, Inc.^A		10,627		1,707,546

Leisure Products - 3.63%
Topgolf Callaway Brands Corp.^A		142,200		1,561,356

Textiles, Apparel & Luxury Goods - 0.89%
Carter’s, Inc.		5,850		380,133

Total Consumer Discretionary				5,444,507

Consumer Staples - 9.16%
Food Products - 9.16%
Ingredion, Inc.		14,413		1,980,779
TreeHouse Foods, Inc.^A		46,550		1,954,169

				3,934,948

Total Consumer Staples				3,934,948

Energy - 1.45%
Oil, Gas & Consumable Fuels - 1.45%
Devon Energy Corp.		15,943		623,690

Health Care - 10.34%
Health Care Equipment & Supplies - 5.19%
Envista Holdings Corp.^A		74,900		1,480,024
Neogen Corp.^A		44,500		748,045

				2,228,069

Pharmaceuticals - 5.15%
Elanco Animal Health, Inc.^A		150,682		2,213,518

Total Health Care				4,441,587

Industrials - 22.47%
Aerospace & Defense - 5.07%
BWX Technologies, Inc.		20,042		2,178,565

Electrical Equipment - 4.43%
Sensata Technologies Holding PLC		53,138		1,905,529

Machinery - 2.21%
AGCO Corp.		9,700		949,242

Professional Services - 10.76%
Dun & Bradstreet Holdings, Inc.		219,000		2,520,690
SS&C Technologies Holdings, Inc.		28,300		2,100,143

				4,620,833

Total Industrials				9,654,169

Information Technology - 12.04%
Semiconductors & Semiconductor Equipment - 5.69%
Ultra Clean Holdings, Inc.^A		61,277		2,446,791

Software - 6.35%
NCR Voyix Corp.^A		149,000		2,021,930
Rapid7, Inc.^A		12,200		486,658

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.02% (continued)
Information Technology - 12.04% (continued)
Software - 6.35% (continued)
Tenable Holdings, Inc.^A		5,400	$	218,808

				2,727,396

Total Information Technology				5,174,187

Materials - 13.48%
Chemicals - 8.48%
Ashland, Inc.		8,650		752,291
Axalta Coating Systems Ltd.^A		52,855		1,912,822
Ecovyst, Inc.^A		142,574		976,632

				3,641,745

Containers & Packaging - 5.00%
Graphic Packaging Holding Co.		72,636		2,149,299

Total Materials				5,791,044

Utilities - 2.06%
Electric Utilities - 2.06%
TXNM Energy, Inc.		20,200		884,154

Total Common Stocks (Cost $35,836,640)				41,682,463

FOREIGN COMMON STOCKS - 1.49% (Cost $1,768,666)
Materials - 1.49%
Chemicals - 1.49%
Arcadium Lithium PLC^A		224,720		640,452

SHORT-TERM INVESTMENTS - 1.66% (Cost $712,851)
Investment Companies - 1.66%
American Beacon U.S. Government Money Market Select Fund, 4.81% ^{C D}		712,851		712,851

TOTAL INVESTMENTS - 100.17% (Cost $38,318,157)				43,035,766
LIABILITIES, NET OF OTHER ASSETS - (0.17)%				(71,233	)

TOTAL NET ASSETS - 100.00%			$	42,964,533

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

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

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

^D	7-day yield.

PLC - Public Limited Company.

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


Shapiro SMID Cap Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	41,682,463	$	—	$	—	$	41,682,463
Foreign Common Stocks		640,452		—		—		640,452
Short-Term Investments		712,851		—		—		712,851

Total Investments in Securities - Assets	$	43,035,766	$	—	$	—	$	43,035,766

See accompanying notes

American Beacon Shapiro SMID Cap Equity Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

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

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares		Fair Value
SECURITIES HELD LONG - 98.33%
CONVERTIBLE PREFERRED STOCKS - 3.59%
Financials - 0.97%
Financial Services - 0.97%
AMG Capital Trust II, 5.150%, Due 10/15/2037		19,446	$	1,069,530
Apollo Global Management, Inc., 6.750%, Due 7/31/2026		10,692		730,371

				1,799,901

Total Financials				1,799,901

Industrials - 1.03%
Machinery - 1.03%
Chart Industries, Inc., Series B, 6.750%, Due 12/15/2025		38,332		1,925,416

Information Technology - 1.14%
Software - 0.45%
NCR Voyix Corp., Series A, 5.500%, PIK (in-kind rate 5.500%)^A		767		834,933

Technology Hardware, Storage & Peripherals - 0.69%
Hewlett Packard Enterprise Co., 7.625%, Due 9/1/2027^B		21,151		1,282,385

Total Information Technology				2,117,318

Materials - 0.45%
Chemicals - 0.45%
Lyondellbasell Advanced Polymers, Inc., 6.000%^A		1,026		846,450

Total Convertible Preferred Stocks (Cost $6,917,909)				6,689,085

PREFERRED STOCKS - 2.18%
Financials - 2.18%
Mortgage Real Estate Investment Trusts (REITs) - 2.18%
AGNC Investment Corp.,
Series E, 6.500%, (3 mo. USD LIBOR + 4.993%)^{A C}		3,313		83,753
Series F, 6.125%, (3 mo. USD LIBOR + 4.697%)^{A C}		39,299		963,612
MFA Financial, Inc., Series C, 6.500%, (3 mo. USD LIBOR + 5.345%)^{A C}		39,518		936,577
New York Mortgage Trust, Inc.,
Series E, 7.875%, (3 mo. USD LIBOR + 6.429%)^{A C}		1,078		26,389
Series F, 6.875%, (Secured Overnight Financing Rate + 6.130%)^{A C}		23,244		507,184
Redwood Trust, Inc., 10.000%, (5 yr. CMT + 6.278%)^{A C}		7,315		189,532
Rithm Capital Corp.,
Series B, 11.020%, (3 mo. USD LIBOR + 5.640%)^{A C}		17,847		455,812
Series C, 6.375%, (3 mo. USD LIBOR + 4.969%)^{A C}		36,984		886,876

				4,049,735

Total Financials				4,049,735

Total Preferred Stocks (Cost $3,992,303)				4,049,735


	Principal Amount
CONVERTIBLE OBLIGATIONS - 83.16%
Basic Materials - 0.76%
Mining - 0.76%
Century Aluminum Co., 2.750%, Due 5/1/2028^D	$	911,000		1,004,377
MP Materials Corp., 0.250%, Due 4/1/2026^{D E}		452,000		414,193

				1,418,570

Total Basic Materials				1,418,570

Communications - 11.34%
Internet - 6.59%
Airbnb, Inc., Due 3/15/2026^{D F}		791,000		736,006
Expedia Group, Inc., Due 2/15/2026^F		1,496,000		1,427,932
Perficient, Inc., 0.125%, Due 11/15/2026^D		2,482,000		2,439,806
Snap, Inc., Due 5/1/2027^{D F}		2,912,000		2,490,411

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 98.33% (continued)
CONVERTIBLE OBLIGATIONS - 83.16% (continued)
Communications - 11.34% (continued)
Internet - 6.59% (continued)
Upwork, Inc., 0.250%, Due 8/15/2026^D	$	326,000	$	297,374
Wayfair, Inc., 1.000%, Due 8/15/2026^D		2,235,000		2,083,209
Ziff Davis, Inc.,
1.750%, Due 11/1/2026		959,000		885,277
3.625%, Due 3/1/2028^{D E}		1,020,000		974,738
Zillow Group, Inc., 2.750%, Due 5/15/2025^D		841,000		936,534

				12,271,287

Media - 4.75%
Cable One, Inc., 1.125%, Due 3/15/2028^D		3,589,000		2,887,816
Liberty Broadband Corp., 3.125%, Due 3/31/2053^{E G}		863,000		856,090
Sirius XM Holdings, Inc., 3.750%, Due 3/15/2028^D		1,751,000		1,804,405
Sphere Entertainment Co., 3.500%, Due 12/1/2028^{D E}		2,265,000		3,289,912

				8,838,223

Total Communications				21,109,510

Consumer, Cyclical - 11.57%
Airlines - 0.96%
American Airlines Group, Inc., 6.500%, Due 7/1/2025^D		1,750,000		1,794,625

Auto Manufacturers - 0.39%
Rivian Automotive, Inc., 4.625%, Due 3/15/2029^D		808,000		727,705

Entertainment - 2.71%
DraftKings Holdings, Inc., Due 3/15/2028^{D F}		861,000		745,195
Live Nation Entertainment, Inc., 3.125%, Due 1/15/2029		2,142,000		2,634,099
Marriott Vacations Worldwide Corp., 3.250%, Due 12/15/2027^D		1,801,000		1,658,721

				5,038,015

Home Builders - 0.16%
Meritage Homes Corp., 1.750%, Due 5/15/2028^{D E}		258,000		293,733

Leisure Time - 5.16%
Liberty TripAdvisor Holdings, Inc., 0.500%, Due 6/30/2051^{D E G}		3,855,000		3,590,926
NCL Corp. Ltd., 2.500%, Due 2/15/2027		1,370,000		1,352,190
Peloton Interactive, Inc., Due 2/15/2026^F		690,000		620,998
Royal Caribbean Cruises Ltd., 6.000%, Due 8/15/2025^D		1,130,000		4,039,185

				9,603,299

Retail - 2.19%
Cheesecake Factory, Inc., 0.375%, Due 6/15/2026^D		3,255,000		3,067,975
Shake Shack, Inc., Due 3/1/2028^{D F}		1,091,000		1,011,246

				4,079,221

Total Consumer, Cyclical				21,536,598

Consumer, Non-Cyclical - 16.76%
Biotechnology - 1.90%
Bridgebio Pharma, Inc., 2.250%, Due 2/1/2029^D		2,327,000		1,943,045
Guardant Health, Inc., Due 11/15/2027^{D F}		276,000		220,842
Halozyme Therapeutics, Inc., 0.250%, Due 3/1/2027^D		1,372,000		1,373,140

				3,537,027

Commercial Services - 3.76%
Affirm Holdings, Inc., Due 11/15/2026^F		2,198,000		1,945,230
Alarm.com Holdings, Inc., 2.250%, Due 6/1/2029^{D E}		399,000		378,451
Block, Inc., 0.250%, Due 11/1/2027^D		1,422,000		1,225,764
Chegg, Inc., 0.125%, Due 3/15/2025		1,933,000		1,850,848

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 98.33% (continued)
CONVERTIBLE OBLIGATIONS - 83.16% (continued)
Consumer, Non-Cyclical - 16.76% (continued)
Commercial Services - 3.76% (continued)
Repay Holdings Corp.,
Due 2/1/2026^{D E F}	$	1,118,000	$	1,030,237
2.875%, Due 7/15/2029^{E G}		576,000		559,296

				6,989,826

Cosmetics/Personal Care - 1.03%
Beauty Health Co., 1.250%, Due 10/1/2026^{D E}		2,314,000		1,912,067

Health Care - Products - 5.77%
CONMED Corp., 2.250%, Due 6/15/2027^D		2,059,000		1,910,089
Enovis Corp., 3.875%, Due 10/15/2028^{D E}		2,333,000		2,449,650
Exact Sciences Corp., 0.375%, Due 3/15/2027^D		2,010,000		1,946,685
Haemonetics Corp.,
Due 3/1/2026^{D F}		1,875,000		1,725,000
2.500%, Due 6/1/2029^E		395,000		396,382
Integer Holdings Corp., 2.125%, Due 2/15/2028^D		1,466,000		2,311,149

				10,738,955

Health Care - Services - 0.71%
Teladoc Health, Inc., 1.250%, Due 6/1/2027		1,540,000		1,329,790

Household Products/Wares - 0.44%
Spectrum Brands, Inc., 3.375%, Due 6/1/2029^{D E G}		787,000		814,736

Pharmaceuticals - 3.16%
Collegium Pharmaceutical, Inc., 2.875%, Due 2/15/2029^D		2,139,000		2,689,792
Dexcom, Inc., 0.375%, Due 5/15/2028^D		552,000		487,140
Jazz Investments I Ltd., 3.125%, Due 9/15/2030^E		841,000		875,902
Mirum Pharmaceuticals, Inc., 4.000%, Due 5/1/2029^D		977,000		1,431,671
Pacira BioSciences, Inc., 2.125%, Due 5/15/2029^{D E}		521,000		391,911

				5,876,416

Total Consumer, Non-Cyclical				31,198,817

Diversified - 1.79%
Holding Companies - Diversified - 1.79%
RWT Holdings, Inc., 5.750%, Due 10/1/2025		3,394,000		3,326,120

Energy - 0.95%
Energy - Alternate Sources - 0.95%
Enphase Energy, Inc., Due 3/1/2028^{D F}		983,000		865,532
Sunnova Energy International, Inc., 0.250%, Due 12/1/2026		1,196,000		901,495

				1,767,027

Total Energy				1,767,027

Financial - 15.42%
Diversified Financial Services - 5.28%
Coinbase Global, Inc., 0.250%, Due 4/1/2030^{D E}		330,000		298,485
EZCORP, Inc.,
2.375%, Due 5/1/2025		594,000		581,443
3.750%, Due 12/15/2029^{D E}		463,000		558,841
LendingTree, Inc., 0.500%, Due 7/15/2025		2,292,000		2,142,791
SoFi Technologies, Inc., Due 10/15/2026^{D E F}		3,028,000		2,731,256
Upstart Holdings, Inc., 2.000%, Due 10/1/2029^E		836,000		913,748
WisdomTree, Inc., 5.750%, Due 8/15/2028^D		2,097,000		2,600,280

				9,826,844

Investment Companies - 1.31%
Bitdeer Technologies Group, 8.500%, Due 8/15/2029^D		554,000		643,696

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 98.33% (continued)
CONVERTIBLE OBLIGATIONS - 83.16% (continued)
Financial - 15.42% (continued)
Investment Companies - 1.31% (continued)
Core Scientific, Inc., 3.000%, Due 9/1/2029^{D E}	$	115,000	$	158,150
MARA Holdings, Inc.,
1.000%, Due 12/1/2026		1,102,000		975,677
2.125%, Due 9/1/2031^{D E}		578,000		656,538

				2,434,061

Private Equity - 1.15%
HAT Holdings I LLC/HAT Holdings II LLC, Due 5/1/2025^{E F}		2,020,000		2,140,190

Real Estate - 0.35%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 0.250%, Due 6/15/2026^D		756,000		660,366

REITS - 7.33%
Arbor Realty Trust, Inc., 7.500%, Due 8/1/2025		851,000		864,829
Blackstone Mortgage Trust, Inc., 5.500%, Due 3/15/2027		1,677,000		1,588,958
Pebblebrook Hotel Trust, 1.750%, Due 12/15/2026^D		2,615,000		2,397,955
PennyMac Corp.,
5.500%, Due 11/1/2024		1,068,000		1,059,990
5.500%, Due 3/15/2026		2,403,000		2,327,305
8.500%, Due 6/1/2029^E		525,000		524,475
Summit Hotel Properties, Inc., 1.500%, Due 2/15/2026^D		1,921,000		1,808,501
Two Harbors Investment Corp., 6.250%, Due 1/15/2026		3,152,000		3,065,320

				13,637,333

Total Financial				28,698,794

Industrial - 4.97%
Electronics - 0.67%
Mesa Laboratories, Inc., 1.375%, Due 8/15/2025		838,000		805,089
OSI Systems, Inc., 2.250%, Due 8/1/2029^D^E		433,000		450,067

				1,255,156

Machinery - Construction & Mining - 0.51%
Bloom Energy Corp., 3.000%, Due 6/1/2029^{D E}		1,115,000		948,220

Metal Fabricate/Hardware - 0.62%
Xometry, Inc., 1.000%, Due 2/1/2027^D		1,376,000		1,159,280

Transportation - 1.97%
Air Transport Services Group, Inc., 3.875%, Due 8/15/2029^D		2,944,000		2,764,710
CryoPort, Inc., 0.750%, Due 12/1/2026^E		1,028,000		897,444

				3,662,154

Trucking & Leasing - 1.19%
Greenbrier Cos., Inc., 2.875%, Due 4/15/2028^D		2,026,000		2,222,522

Total Industrial				9,247,332

Technology - 15.70%
Computers - 3.00%
3D Systems Corp., Due 11/15/2026^F		816,000		682,338
Lumentum Holdings, Inc., 0.500%, Due 6/15/2028		1,332,000		1,151,514
Super Micro Computer, Inc., Due 3/1/2029^{E F}		1,952,000		1,575,264
Western Digital Corp., 3.000%, Due 11/15/2028^{D E}		1,467,000		2,174,094

				5,583,210

Software - 12.70%
Bentley Systems, Inc., 0.375%, Due 7/1/2027^D		1,497,000		1,380,234
CSG Systems International, Inc., 3.875%, Due 9/15/2028^D		1,990,000		1,983,035
Dayforce, Inc., 0.250%, Due 3/15/2026^D		1,599,000		1,502,261
DigitalOcean Holdings, Inc., Due 12/1/2026^F		2,471,000		2,181,893

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount		Fair Value
SECURITIES HELD LONG - 98.33% (continued)
CONVERTIBLE OBLIGATIONS - 83.16% (continued)
Technology - 15.70% (continued)
Software - 12.70% (continued)
Envestnet, Inc., 2.625%, Due 12/1/2027^D	$	1,887,000	$	1,996,446
Evolent Health, Inc., 3.500%, Due 12/1/2029^D^E		2,272,000		2,443,536
i3 Verticals LLC, 1.000%, Due 2/15/2025		1,444,000		1,397,958
Jamf Holding Corp., 0.125%, Due 9/1/2026^D		1,452,000		1,307,451
MicroStrategy, Inc., Due 2/15/2027^D^F		854,000		1,163,148
Pagaya Technologies Ltd., 6.125%, Due 10/1/2029^E		139,000		143,587
Pegasystems, Inc., 0.750%, Due 3/1/2025		1,470,000		1,436,925
Progress Software Corp., 3.500%, Due 3/1/2030^D^E		1,663,000		1,998,094
PROS Holdings, Inc., 2.250%, Due 9/15/2027^D		1,069,000		953,548
RingCentral, Inc., Due 3/1/2025^F		1,040,000		1,011,920
Snowflake, Inc., Due 10/1/2027^{E F}		475,000		492,575
Veradigm, Inc., 0.875%, Due 1/1/2027		451,000		493,281
Verint Systems, Inc., 0.250%, Due 4/15/2026^D		1,717,000		1,595,952
Vertex, Inc., 0.750%, Due 5/1/2029^D^E		129,000		161,250

				23,643,094

Total Technology				29,226,304

Utilities - 3.90%
Electric - 3.90%
CenterPoint Energy, Inc., 4.250%, Due 8/15/2026^D		2,157,000		2,183,963
Duke Energy Corp., 4.125%, Due 4/15/2026^D		1,763,000		1,866,136
PG&E Corp., 4.250%, Due 12/1/2027^D^E		2,956,000		3,201,348

				7,251,447

Total Utilities				7,251,447

Total Convertible Obligations (Cost $149,787,743)				154,780,519

FOREIGN CONVERTIBLE OBLIGATIONS - 4.05%
Basic Materials - 2.43%
Mining - 2.43%
Equinox Gold Corp., 4.750%, Due 10/15/2028^D		1,649,000		2,047,792
First Majestic Silver Corp., 0.375%, Due 1/15/2027^D		1,442,000		1,273,863
SSR Mining, Inc., 2.500%, Due 4/1/2039^D^G		1,278,000		1,196,208

				4,517,863

Total Basic Materials				4,517,863

Consumer, Non-Cyclical - 0.57%
Pharmaceuticals - 0.57%
Ascendis Pharma AS, 2.250%, Due 4/1/2028^D		910,000		1,057,519

Energy - 1.05%
Oil & Gas - 1.05%
Kosmos Energy Ltd., 3.125%, Due 3/15/2030^D^E		2,129,000		1,966,131

Total Foreign Convertible Obligations (Cost $7,357,609)				7,541,513


	Shares
SHORT TERM INVESTMENTS - 5.35% (Cost $9,955,003)
Investment Companies - 5.35%
American Beacon U.S. Government Money Market Select Fund, 4.81%^H^I		9,955,003		9,955,003

Total Securities Held Long (Cost $178,010,567)				183,015,855

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (23.59%)
Common Stocks - (23.59%)
Communication Services - (2.67%)
Entertainment - (2.14%)
Live Nation Entertainment, Inc.^B		(14,742	)	$	(1,614,102	)
Sphere Entertainment Co.^B		(53,600	)		(2,368,048	)

					(3,982,150	)

Interactive Media & Services - (0.11%)
Snap, Inc., Class A^B		(2,337	)		(25,006	)
Ziff Davis, Inc.^B		(3,850	)		(187,341	)

					(212,347	)

Media - (0.42%)
Cable One, Inc.		(46	)		(16,090	)
Charter Communications, Inc., Class A^B		(327	)		(105,974	)
Sirius XM Holdings, Inc.		(27,269	)		(644,912	)

					(766,976	)

Total Communication Services					(4,961,473	)

Consumer Discretionary - (3.14%)
Automobiles - (0.20%)
Rivian Automotive, Inc., Class A^B		(33,721	)		(378,350	)

Hotels, Restaurants & Leisure - (2.79%)
Airbnb, Inc., Class A^B		(225	)		(28,532	)
Cheesecake Factory, Inc.		(7,133	)		(289,243	)
DraftKings, Inc., Class A^B		(3,651	)		(143,119	)
Marriott Vacations Worldwide Corp.		(1,377	)		(101,182	)
Norwegian Cruise Line Holdings Ltd.^B		(13,919	)		(285,479	)
Royal Caribbean Cruises Ltd.		(22,544	)		(3,998,404	)
Shake Shack, Inc., Class A^B		(3,201	)		(330,375	)

					(5,176,334	)

Household Durables - (0.07%)
Meritage Homes Corp.		(619	)		(126,938	)

Specialty Retail - (0.08%)
Wayfair, Inc., Class A^B		(2,686	)		(150,899	)

Total Consumer Discretionary					(5,832,521	)

Consumer Staples - (0.19%)
Household Products - (0.18%)
Spectrum Brands Holdings, Inc.		(3,620	)		(344,407	)

Personal Products - (0.01%)
Beauty Health Co.^B		(7,545	)		(10,865	)

Total Consumer Staples					(355,272	)

Energy - (0.44%)
Oil, Gas & Consumable Fuels - (0.44%)
Kosmos Energy Ltd.^B		(204,327	)		(823,438	)

Financials - (2.22%)
Capital Markets - (1.22%)
Affiliated Managers Group, Inc.		(3,241	)		(576,250	)
Coinbase Global, Inc., Class A^B		(685	)		(122,046	)
WisdomTree, Inc.		(157,355	)		(1,571,976	)

					(2,270,272	)

Consumer Finance - (0.55%)
EZCORP, Inc., Class A^B		(32,167	)		(360,592	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (23.59%) (continued)
Common Stocks - (23.59%) (continued)
Financials - (2.22%) (continued)
Consumer Finance - (0.55%) (continued)
SoFi Technologies, Inc.^B		(18,744	)	$	(147,328	)
Upstart Holdings, Inc.^B		(12,819	)		(512,888	)

					(1,020,808	)

Financial Services - (0.45%)
Apollo Global Management, Inc.		(4,677	)		(584,204	)
Block, Inc.^B		(935	)		(62,767	)
Repay Holdings Corp.^B		(25,076	)		(204,620	)

					(851,591	)

Total Financials					(4,142,671	)

Health Care - (5.01%)
Biotechnology - (1.40%)
Ascendis Pharma AS, ADR^B		(3,255	)		(486,004	)
Bridgebio Pharma, Inc.^B		(5,810	)		(147,923	)
Exact Sciences Corp.^B		(7,607	)		(518,189	)
Halozyme Therapeutics, Inc.^B		(8,678	)		(496,729	)
Mirum Pharmaceuticals, Inc.^B		(24,493	)		(955,227	)

					(2,604,072	)

Health Care Equipment & Supplies - (1.77%)
CONMED Corp.		(2,992	)		(215,185	)
Dexcom, Inc.^B		(993	)		(66,571	)
Enovis Corp.^B		(23,318	)		(1,003,840	)
Haemonetics Corp.^B		(1,738	)		(139,700	)
Integer Holdings Corp.^B		(14,327	)		(1,862,510	)

					(3,287,806	)

Health Care Providers & Services - (0.01%)
Guardant Health, Inc.^B		(608	)		(13,948	)

Health Care Technology - (0.62%)
Evolent Health, Inc., Class A^B		(38,706	)		(1,094,606	)
Veradigm, Inc.^B		(5,096	)		(49,431	)

					(1,144,037	)

Pharmaceuticals - (1.21%)
Collegium Pharmaceutical, Inc.^B		(46,773	)		(1,807,309	)
Jazz Pharmaceuticals PLC^B		(3,027	)		(337,238	)
Pacira BioSciences, Inc.^B		(7,919	)		(119,181	)

					(2,263,728	)

Total Health Care					(9,313,591	)

Industrials - (2.40%)
Air Freight & Logistics - (0.35%)
Air Transport Services Group, Inc.^B		(40,444	)		(654,788	)

Electrical Equipment - (0.18%)
Bloom Energy Corp., Class A^B		(31,460	)		(332,218	)

Machinery - (1.41%)
Chart Industries, Inc.^B		(12,330	)		(1,530,646	)
Greenbrier Cos., Inc.		(21,460	)		(1,092,099	)

					(2,622,745	)

Passenger Airlines - (0.07%)
American Airlines Group, Inc.^B		(10,798	)		(121,370	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (23.59%) (continued)
Common Stocks - (23.59%) (continued)
Industrials - (2.40%) (continued)
Professional Services - (0.32%)
CSG Systems International, Inc.		(11,584	)	$	(563,562	)
Dayforce, Inc.^B		(543	)		(33,259	)

					(596,821	)

Trading Companies & Distributors - (0.07%)
Xometry, Inc., Class A^B		(7,339	)		(134,817	)

Total Industrials					(4,462,759	)

Information Technology - (4.51%)
Communications Equipment - (0.11%)
Lumentum Holdings, Inc.^B		(3,356	)		(212,703	)

Electronic Equipment, Instruments & Components - (0.11%)
OSI Systems, Inc.^B		(1,328	)		(201,630	)

IT Services - (0.11%)
Core Scientific, Inc.^B		(7,877	)		(93,421	)
Perficient, Inc.^B		(783	)		(59,101	)
Snowflake, Inc., Class A^B		(559	)		(64,207	)

					(216,729	)

Semiconductors & Semiconductor Equipment - (0.08%)
Enphase Energy, Inc.^B		(1,311	)		(148,169	)

Software - (2.60%)
Alarm.com Holdings, Inc.^B		(2,766	)		(151,217	)
Bentley Systems, Inc., Class B		(5,458	)		(277,321	)
Bitdeer Technologies Group, Class A^B		(18,467	)		(144,597	)
Envestnet, Inc.^B		(16,240	)		(1,016,949	)
Jamf Holding Corp.^B		(2,772	)		(48,094	)
MARA Holdings, Inc.^B		(30,166	)		(489,292	)
MicroStrategy, Inc., Class A^B		(4,667	)		(786,856	)
NCR Voyix Corp.^B		(26,494	)		(359,524	)
Pagaya Technologies Ltd., Class A^B		(3,336	)		(35,262	)
Progress Software Corp.		(17,081	)		(1,150,747	)
PROS Holdings, Inc.^B		(11,491	)		(212,813	)
Verint Systems, Inc.^B		(3,058	)		(77,459	)
Vertex, Inc., Class A^B		(2,528	)		(97,353	)

					(4,847,484	)

Technology Hardware, Storage & Peripherals - (1.50%)
Hewlett Packard Enterprise Co.		(42,302	)		(865,499	)
Super Micro Computer, Inc.^B		(710	)		(295,644	)
Western Digital Corp.^B		(23,867	)		(1,629,877	)

					(2,791,020	)

Total Information Technology					(8,417,735	)

Materials - (1.08%)
Metals & Mining - (1.08%)
Century Aluminum Co.^B		(31,626	)		(513,290	)
Equinox Gold Corp.^B		(201,322	)		(1,226,051	)
First Majestic Silver Corp.		(26,100	)		(156,600	)
MP Materials Corp.^B		(2,034	)		(35,900	)
SSR Mining, Inc.		(14,569	)		(82,752	)

					(2,014,593	)

Total Materials					(2,014,593	)

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Shares			Fair Value
SECURITIES SOLD SHORT - (23.59%) (continued)
Common Stocks - (23.59%) (continued)
Real Estate - (0.50%)
Hotel & Resort REITs - (0.35%)
Pebblebrook Hotel Trust		(27,566	)	$	(364,698	)
Summit Hotel Properties, Inc.		(39,598	)		(271,642	)

					(636,340	)

Real Estate Management & Development - (0.15%)
Anywhere Real Estate, Inc.^B		(4,631	)		(23,525	)
Zillow Group, Inc., Class C^B		(4,149	)		(264,914	)

					(288,439	)

Total Real Estate					(924,779	)

Utilities - (1.43%)
Electric Utilities - (1.25%)
Duke Energy Corp.		(8,063	)		(929,664	)
PG&E Corp.		(70,553	)		(1,394,833	)

					(2,324,497	)

Multi-Utilities - (0.18%)
CenterPoint Energy, Inc.		(11,232	)		(330,445	)

Total Utilities					(2,654,942	)

Total Common Stocks (Proceeds $(38,197,034))					(43,903,774	)

Total Securities Sold Short (Proceeds $(38,197,034))					(43,903,774	)

TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITITES SOLD SHORT) - 98.33% (Cost $178,010,567)					183,015,855
TOTAL SECURITIES SOLD SHORT - (23.59%) (Proceeds $(38,197,034))					(43,903,774	)
OTHER ASSETS, NET OF LIABILITIES - 25.26%					47,013,743

NET ASSETS - 100.00%				$	186,125,824

Percentages are stated as a percent of net assets.

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

^B	Non-income producing security.

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 September 30, 2024.

^D	This security or a piece thereof is held as segregated collateral. At period end, the value of these securities amounted to $114,905,869 or 61.74% of net assets.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $42,661,517 or 22.92% of net assets. The Fund has no right to demand registration of these securities.

^F	Zero coupon bond.

^G	Callable security.

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

^I	7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

PIK - Payment in Kind.

PLC - Public Limited Company.

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

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

See accompanying notes

American Beacon SSI Alternative Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

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


SSI Alternative Income Fund	Level 1			Level 2		Level 3		Total
*Assets*
Convertible Preferred Stocks	$	—		$	6,689,085	$	—	$	6,689,085
Preferred Stocks		3,353,019			696,716		—		4,049,735
Convertible Obligations		—			154,780,519		—		154,780,519
Foreign Convertible Obligations		—			7,541,513		—		7,541,513
Short-Term Investments		9,955,003			—		—		9,955,003

Total Investments in Securities - Assets	$	13,308,022		$	169,707,833	$	—	$	183,015,855

*Liabilities*
Common Stocks (Sold Short)		(43,903,774	)		—		—		(43,903,774	)

Total Investments in Securities - Liabilities	$	(43,903,774	)	$	—	$	—	$	(43,903,774	)

Total Investments in Securities	$	(30,595,752	)	$	169,707,833	$	—	$	139,112,081

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

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 8.06%
Communications - 0.73%
Internet - 0.43%
Uber Technologies, Inc.,
4.500%, Due 8/15/2029^A		$	795,000	$	787,926
4.800%, Due 9/15/2034			555,000		554,163

					1,342,089

Telecommunications - 0.30%
T-Mobile USA, Inc.,
5.050%, Due 7/15/2033			640,000		655,317
4.700%, Due 1/15/2035			280,000		278,673

					933,990

Total Communications					2,276,079

Consumer, Cyclical - 1.62%
Airlines - 0.18%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.750%, Due 4/20/2029^A			575,000		574,051

Auto Manufacturers - 0.87%
Ford Motor Credit Co. LLC,
6.860%, Due 6/5/2026		GBP	400,000		544,742
5.800%, Due 3/5/2027		$	360,000		366,498
6.050%, Due 3/5/2031			200,000		205,160
General Motors Co., 5.600%, Due 10/15/2032			415,000		427,735
Stellantis NV,
4.250%, Due 6/16/2031^B		EUR	700,000		799,403
2.750%, Due 4/1/2032^B			400,000		413,511

					2,757,049

Auto Parts & Equipment - 0.21%
American Axle & Manufacturing, Inc., 5.000%, Due 10/1/2029		$	710,000		651,852

Lodging - 0.36%
Hilton Domestic Operating Co., Inc.,
5.750%, Due 5/1/2028^A			800,000		803,558
4.000%, Due 5/1/2031^A			100,000		93,522
6.125%, Due 4/1/2032^A			200,000		205,978

					1,103,058

Total Consumer, Cyclical					5,086,010

Consumer, Non-Cyclical - 0.85%
Commercial Services - 0.42%
United Rentals North America, Inc.,
6.000%, Due 12/15/2029^A			790,000		815,376
6.125%, Due 3/15/2034^A			475,000		490,887

					1,306,263

Cosmetics/Personal Care - 0.05%
Prestige Brands, Inc., 5.125%, Due 1/15/2028^A			155,000		153,745

Food - 0.14%
General Mills, Inc., 4.950%, Due 3/29/2033			430,000		440,685

Health Care - Services - 0.24%
HCA, Inc.,
3.500%, Due 9/1/2030			115,000		108,267
5.500%, Due 6/1/2033			620,000		643,299

					751,566

Total Consumer, Non-Cyclical					2,652,259

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
CORPORATE OBLIGATIONS - 8.06% (continued)
Energy - 2.58%
Oil & Gas - 0.21%
Solaris Midstream Holdings LLC, 7.625%, Due 4/1/2026^A		$	665,000	$	669,759

Pipelines - 2.37%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, Due 6/15/2029^A			625,000		618,499
EnLink Midstream LLC,
5.625%, Due 1/15/2028^A			424,000		434,147
5.375%, Due 6/1/2029			500,000		512,644
EnLink Midstream Partners LP, 4.850%, Due 7/15/2026			400,000		400,438
Hess Midstream Operations LP,
5.125%, Due 6/15/2028^A			400,000		395,662
5.500%, Due 10/15/2030^A			960,000		957,382
Kinetik Holdings LP,
6.625%, Due 12/15/2028^A			100,000		103,848
5.875%, Due 6/15/2030^A			1,225,000		1,233,292
Plains All American Pipeline LP/PAA Finance Corp.,
3.800%, Due 9/15/2030			180,000		171,439
5.700%, Due 9/15/2034			875,000		908,331
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.375%, Due 2/15/2029^A			535,000		541,724
Targa Resources Corp., 6.125%, Due 3/15/2033			280,000		300,295
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
6.875%, Due 1/15/2029			200,000		205,040
4.875%, Due 2/1/2031			650,000		645,221

					7,427,962

Total Energy					8,097,721

Financial - 1.36%
Diversified Financial Services - 0.75%
Burford Capital Global Finance LLC, 9.250%, Due 7/1/2031^A			660,000		710,191
Encore Capital Group, Inc.,
5.375%, Due 2/15/2026^A		GBP	400,000		530,769
7.935%, Due 1/15/2028, (3 mo. EUR EURIBOR + 4.250%)^{B C}		EUR	580,000		647,174
9.250%, Due 4/1/2029^A		$	440,000		473,574

					2,361,708

REITS - 0.61%
Digital Euro Finco LLC, 1.125%, Due 4/9/2028^B		EUR	400,000		413,610
Equinix Europe 2 Financing Corp. LLC,
3.650%, Due 9/3/2033			165,000		183,521
5.500%, Due 6/15/2034		$	980,000		1,026,982
Equinix, Inc., 3.900%, Due 4/15/2032			300,000		286,903

					1,911,016

Total Financial					4,272,724

Industrial - 0.26%
Aerospace/Defense - 0.26%
TransDigm, Inc., 6.000%, Due 1/15/2033^A			805,000		816,282

Technology - 0.66%
Software - 0.66%
Fidelity National Information Services, Inc., 1.500%, Due 5/21/2027		EUR	500,000		539,004
MSCI, Inc.,
3.625%, Due 9/1/2030^A		$	200,000		187,730
3.875%, Due 2/15/2031^A			1,125,000		1,065,283
3.250%, Due 8/15/2033^A			300,000		264,064

					2,056,081

Total Technology					2,056,081

Total Corporate Obligations (Cost $24,600,967)					25,257,156

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount				Fair Value
FOREIGN CORPORATE OBLIGATIONS - 47.30%
Basic Materials - 0.39%
Chemicals - 0.39%
Sociedad Quimica y Minera de Chile SA,
6.500%, Due 11/7/2033^A		$		200,000	$	215,710
6.500%, Due 11/7/2033^B				600,000		647,130
UPL Corp. Ltd., 4.625%, Due 6/16/2030^B				430,000		365,500

						1,228,340

Total Basic Materials						1,228,340

Communications - 1.77%
Media - 0.24%
Virgin Media Secured Finance PLC, 5.250%, Due 5/15/2029^A		GBP		600,000		754,040

Telecommunications - 1.53%
Altice France SA, 5.500%, Due 1/15/2028^A		$		200,000		145,551
Network i2i Ltd.,
5.650%, Due 1/15/2025, (5 yr. CMT + 4.274%)^{B C D}				550,000		548,765
3.975%, Due 3/3/2026, (5 yr. CMT + 3.390%)^{A C D}				300,000		290,997
Orange SA, 3.625%, Due 11/16/2031^B		EUR		400,000		461,973
Sable International Finance Ltd.,
5.750%, Due 9/7/2027^A			$	386,000		384,153
7.125%, Due 10/15/2032^A				869,000		871,764
Telefonica Europe BV, 5.752%, Due 1/15/2032, (8 yr. EURIBOR ICE Swap + 3.121%)^{B C D}		EUR		800,000		932,472
Vodafone Group PLC,
4.875%, Due 10/3/2078, (5 yr. GBP Swap + 3.267%)^{B C}		GBP		600,000		794,501
8.000%, Due 8/30/2086, (5 yr. U.K. Government Bond + 3.837%)^{B C}				250,000		366,836

						4,797,012

Total Communications						5,551,052

Consumer, Cyclical - 2.40%
Auto Manufacturers - 0.39%
Jaguar Land Rover Automotive PLC, 4.500%, Due 7/15/2028^A		EUR		300,000		335,827
Volkswagen International Finance NV,
3.875%, Due 6/14/2027, (10 yr. EUR Swap + 3.370%)^{B C D}				200,000		215,931
4.625%, Due 6/27/2028, (10 yr. EUR Swap + 3.982%)^{B C D}				600,000		651,361

						1,203,119

Entertainment - 0.76%
Cirsa Finance International SARL, 6.500%, Due 3/15/2029^B				500,000		582,795
CPUK Finance Ltd.,
5.876%, Due 8/28/2027^B		GBP		600,000		810,810
3.690%, Due 2/28/2047^B				200,000		250,283
Inter Media & Communication SpA, 6.750%, Due 2/9/2027^B		EUR		644,403		727,074

						2,370,962

Home Builders - 0.25%
Maison Finco PLC, 6.000%, Due 10/31/2027^A		GBP		600,000		774,118

Leisure Time - 0.29%
Deuce Finco PLC, 8.231%, Due 6/15/2027, (3 mo. EUR EURIBOR + 4.750%)^{B C}		EUR		400,000		447,597
Pinnacle Bidco PLC, 10.000%, Due 10/11/2028^B		GBP		330,000		470,423

						918,020

Retail - 0.71%
1011778 BC ULC/New Red Finance, Inc.,
3.500%, Due 2/15/2029^A		$		375,000		351,516
6.125%, Due 6/15/2029^A				425,000		437,170
Duomo Bidco SpA, 7.803%, Due 7/15/2031, (3 mo. EUR EURIBOR + 4.125%)^{A C}		EUR		700,000		786,607
Punch Finance PLC,
6.125%, Due 6/30/2026^A		GBP		100,000		132,358
6.125%, Due 6/30/2026^B				400,000		529,432

						2,237,083

Total Consumer, Cyclical						7,503,302

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 47.30% (continued)
Consumer, Non-Cyclical - 1.73%
Commercial Services - 0.69%
AA Bond Co. Ltd.,
6.500%, Due 1/31/2026^A		GBP	209,318	$	279,638
3.250%, Due 7/31/2050^B			200,000		239,649
7.375%, Due 7/31/2050^B			400,000		557,551
House of HR Group BV, 9.000%, Due 11/3/2029^B		EUR	300,000		334,028
La Financiere Atalian, 8.500%, Due 6/30/2028^A			135,430		72,663
RAC Bond Co. PLC, 5.250%, Due 11/4/2046^A		GBP	500,000		654,488

					2,138,017

Food - 0.72%
Bimbo Bakeries USA, Inc., 5.375%, Due 1/9/2036^B		$	725,000		747,441
BRF SA, 4.875%, Due 1/24/2030^B			200,000		193,196
La Doria SpA, 8.155%, Due 11/12/2029, (3 mo. EUR EURIBOR + 4.500%)^{B C}		EUR	350,000		395,057
Tesco Corporate Treasury Services PLC, 5.500%, Due 2/27/2035^B		GBP	700,000		938,997

					2,274,691

Pharmaceuticals - 0.10%
Cheplapharm Arzneimittel GmbH, 5.500%, Due 1/15/2028^A		$	325,000		315,125

Private Equity - 0.22%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, 8.500%, Due 1/15/2031^A		GBP	480,000		694,985

Total Consumer, Non-Cyclical					5,422,818

Energy - 0.40%
Oil & Gas - 0.40%
Guara Norte SARL, 5.198%, Due 6/15/2034^A		$	703,928		670,697
OEG Finance PLC, 7.250%, Due 9/27/2029^A		EUR	500,000		566,148

					1,236,845

Total Energy					1,236,845

Financial - 38.66%
Banks - 23.55%
Abanca Corp. Bancaria SA,
6.000%, Due 1/20/2026, (5 yr. EUR Swap + 6.570%)^{B C D}			600,000		663,535
10.625%, Due 7/14/2028, (5 yr. EUR Swap + 7.643%)^{B C D}			400,000		505,926
ABN AMRO Bank NV, 6.875%, Due 9/22/2031, (5 yr. EUR Swap + 4.239%)^{B C D}			700,000		813,295
AIB Group PLC,
6.250%, Due 6/23/2025, (5 yr. EUR Swap + 6.629%)^{B C D}			1,000,000		1,123,919
7.125%, Due 10/30/2029, (5 yr. EURIBOR ICE Swap + 4.387%)^{B C D}			600,000		696,308
2.875%, Due 5/30/2031, (5 yr. EUR Swap + 3.300%)^{B C}			600,000		659,047
Banco Bilbao Vizcaya Argentaria SA,
8.375%, Due 6/21/2028, (5 yr. EURIBOR ICE Swap + 5.544%)^{B C D}			1,000,000		1,213,945
8.250%, Due 11/30/2033, (5 yr. U.K. Government Bond + 3.600%)^{B C}		GBP	1,000,000		1,451,581
Banco de Sabadell SA,
5.750%, Due 3/15/2026, (5 yr. EUR Swap + 6.198%)^{B C D}		EUR	1,800,000		1,991,236
5.000%, Due 5/19/2027, (5 yr. EUR Swap + 5.171%)^{B C D}			1,200,000		1,284,018
Banco Santander SA,
4.375%, Due 1/14/2026, (5 yr. EUR Swap + 4.534%)^{B C D}			1,000,000		1,083,929
4.750%, Due 11/12/2026, (5 yr. CMT + 3.753%)^{C D}		$	400,000		380,854
4.125%, Due 11/12/2027, (5 yr. EUR Swap + 4.311%)^{C D}		EUR	400,000		414,982
3.625%, Due 3/21/2029, (5 yr. EURIBOR ICE Swap + 3.760%)^{B C D}			1,000,000		958,833
5.750%, Due 8/23/2033, (5 yr. EUR Swap + 2.850%)^{B C}			600,000		711,472
Bank of Ireland Group PLC, 6.750%, Due 3/1/2033, (5 yr. EUR Swap + 4.150%)^{B C}			540,000		654,046
Barclays PLC,
6.375%, Due 12/15/2025, (5 yr. U.K. Government Bond + 6.016%)^{B C D}		GBP	1,240,000		1,645,385
4.375%, Due 3/15/2028, (5 yr. CMT + 3.410%)^{C D}		$	530,000		474,356
9.250%, Due 9/15/2028, (5 yr. GBP Swap + 5.639%)^{C D}		GBP	1,100,000		1,560,163
8.500%, Due 6/15/2030, (5 yr. GBP Swap + 4.881%)^{C D}			1,400,000		1,939,581
3.750%, Due 11/22/2030, (5 yr. U.K. Government Bond + 3.750%)^{B C}			600,000		784,251
BAWAG Group AG, 5.125%, Due 10/1/2025, (5 yr. EUR Swap + 5.546%)^{B C D}		EUR	1,000,000		1,099,931
BBVA Bancomer SA,
5.125%, Due 1/18/2033, (5 yr. CMT + 2.650%)^{B C}		$	200,000		190,257

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 47.30% (continued)
Financial - 38.66% (continued)
Banks - 23.55% (continued)
BBVA Bancomer SA, (continued)
5.875%, Due 9/13/2034, (5 yr. CMT + 4.308%)^B^C		$	400,000	$	389,325
8.125%, Due 1/8/2039, (5 yr. CMT + 4.214%)^A^C			700,000		741,672
Belfius Bank SA, 3.625%, Due 4/16/2025, (5 yr. EUR Swap + 2.938%)^B^{C D}		EUR	1,000,000		1,092,322
BNP Paribas SA,
7.375%, Due 6/11/2030, (5 yr. EURIBOR ICE Swap + 4.631%)^B^{C D}			1,800,000		2,136,412
2.500%, Due 3/31/2032, (5 yr. EURIBOR ICE Swap + 1.600%)^B^C			400,000		431,834
2.588%, Due 8/12/2035, (5 yr. CMT + 2.050%)^B^C		$	800,000		696,145
CaixaBank SA,
3.625%, Due 9/14/2028, (5 yr. EUR Swap + 3.857%)^B^{C D}		EUR	2,000,000		1,981,261
7.500%, Due 1/16/2030, (5 yr. EURIBOR ICE Swap + 5.295%)^B^{C D}			400,000		475,871
6.250%, Due 2/23/2033, (5 yr. EUR Swap + 3.550%)^B^C			600,000		717,887
Commerzbank AG,
7.875%, Due 10/9/2031, (5 yr. EURIBOR ICE Swap + 5.129%)^B^{C D}			400,000		475,687
6.500%, Due 12/6/2032, (5 yr. EURIBOR ICE Swap + 4.300%)^B^C			1,000,000		1,196,537
Cooperatieve Rabobank UA, 4.875%, Due 6/29/2029, (5 yr. EUR Swap + 3.717%)^B^{C D}			1,000,000		1,074,545
Credit Agricole SA,
7.500%, Due 6/23/2026, (5 yr. GBP SONIA Linked ICE Swap + 4.812%)^A^{C D}		GBP	800,000		1,085,604
1.874%, Due 12/9/2031, (5 yr. U.K. Government Bond + 1.500%)^B^C			1,200,000		1,488,539
Danske Bank AS, 4.375%, Due 5/18/2026, (5 yr. CMT + 3.387%)^B^{C D}		$	1,750,000		1,687,679
Deutsche Bank AG,
8.125%, Due 10/30/2029, (5 yr. EURIBOR ICE Swap + 5.261%)^B^{C D}		EUR	1,000,000		1,159,067
4.500%, Due 7/12/2035, (3 mo. EUR EURIBOR + 1.700%)^B^C			1,100,000		1,266,699
Deutsche Pfandbriefbank AG,
4.600%, Due 2/22/2027^B			200,000		197,971
8.474%, Due 4/28/2028, 3529, (5 yr. EURIBOR ICE Swap + 5.383%)^B^{C D}			400,000		347,201
Erste Group Bank AG, 4.250%, Due 10/15/2027, (5 yr. EUR Swap + 4.646%)^B^{C D}			2,200,000		2,295,871
HSBC Holdings PLC,
5.875%, Due 9/28/2026, (5 yr. GBP Swap + 4.276%)^C^D		GBP	1,319,000		1,739,190
6.364%, Due 11/16/2032, (5 yr. EUR Swap + 3.300%)^B^C		EUR	1,100,000		1,321,888
ING Groep NV, 3.875%, Due 5/16/2027, (5 yr. CMT + 2.862%)^C^D		$	1,900,000		1,712,854
Intesa Sanpaolo SpA,
5.875%, Due 9/1/2031, (5 yr. EUR Swap + 6.086%)^B^{C D}		EUR	1,100,000		1,210,689
8.505%, Due 9/20/2032^B		GBP	1,991,000		2,975,681
Investec PLC,
10.500%, Due 8/28/2029, (5 yr. U.K. Government Bond + 6.566%)^B^{C D}			800,000		1,163,179
9.125%, Due 3/6/2033, (5 yr. U.K. Government Bond + 5.905%)^B^C			700,000		1,009,133
Jyske Bank AS, 5.125%, Due 5/1/2035, (5 yr. EURIBOR ICE Swap + 2.500%)^B^C		EUR	800,000		937,518
Lloyds Banking Group PLC,
7.875%, Due 6/27/2029, (5 yr. GBP SONIA Linked ICE Swap + 5.107%)^B^{C D}		GBP	1,000,000		1,380,648
2.707%, Due 12/3/2035, (5 yr. U.K. Government Bond + 2.400%)^B^C			1,800,000		2,018,976
NatWest Group PLC,
5.125%, Due 5/12/2027, (5 yr. U.K. Government Bond + 4.985%)^C^D			200,000		255,607
4.500%, Due 3/31/2028, (5 yr. U.K. Government Bond + 3.992%)^C^D			1,900,000		2,311,587
3.622%, Due 8/14/2030, (5 yr. U.K. Government Bond + 3.550%)^B^C			600,000		791,352
8.125%, Due 11/10/2033, (5 yr. CMT + 3.752%)^C^D		$	400,000		436,345
Paragon Banking Group PLC, 4.375%, Due 9/25/2031, (5 yr. U.K. Government Bond + 3.956%)^B^C		GBP	500,000		642,164
Shawbrook Group PLC, 12.250%, Due 1/4/2034, (5 yr. U.K. Government Bond + 7.948%)^B^C			600,000		842,279
Societe Generale SA,
6.750%, Due 4/6/2028, (5 yr. USD Swap + 3.929%)^B^{C D}		$	200,000		190,655
7.875%, Due 1/18/2029, (5 yr. EUR Swap + 5.228%)^B^{C D}		EUR	600,000		688,307
6.691%, Due 1/10/2034, (1 yr. CMT + 2.950%)^B^C		$	400,000		432,802
Standard Chartered PLC, 4.300%, Due 8/19/2028, (5 yr. CMT + 3.135%)^B^{C D}			1,400,000		1,273,431
Svenska Handelsbanken AB, 4.625%, Due 8/23/2032, (5 yr. U.K. Government Bond + 2.800%)^B^C		GBP	600,000		784,060
Swedbank AB, 4.000%, Due 3/17/2029, (5 yr. CMT + 2.864%)^B^{C D}		$	1,400,000		1,228,500
Unicaja Banco SA, 3.125%, Due 7/19/2032, (5 yr. EUR Swap + 3.050%)^B^C		EUR	700,000		754,208
UniCredit SpA,
3.875%, Due 6/3/2027, (5 yr. EURIBOR ICE Swap + 4.081%)^B^{C D}			2,100,000		2,194,435
5.375%, Due 4/16/2034, (5 yr. EURIBOR ICE Swap + 2.800%)^B^C			300,000		350,156
Virgin Money U.K. PLC, 8.250%, Due 6/17/2027, (5 yr. U.K. Government Bond + 6.357%)^B^{C D}		GBP	1,402,000		1,920,515

					73,805,138

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 47.30% (continued)
Financial - 38.66% (continued)
Diversified Financial Services - 1.92%
Bracken MidCo1 PLC, 6.750%, Due 11/1/2027, Cash (6.750%) or PIK (in-kind rate 7.500%)^A		GBP	500,000	$	646,185
Burford Capital PLC, 5.000%, Due 12/1/2026, 0025			500,000		651,763
Jerrold Finco PLC,
5.250%, Due 1/15/2027^B			530,000		697,069
7.875%, Due 4/15/2030^A			350,000		477,513
7.875%, Due 4/15/2030^B			200,000		272,865
Marex Group PLC, 13.250%, Due 6/30/2027, (5 yr. CMT + 10.158%)^B^{C D}		$	1,200,000		1,318,650
OSB Group PLC, 6.000%, Due 10/7/2026, (5 yr. U.K. Government Bond + 5.393%)^B^{C D}		GBP	1,049,000		1,313,406
Sherwood Financing PLC, 6.000%, Due 11/15/2026^A			500,000		630,573

					6,008,024

Insurance - 10.57%
Achmea BV, 4.625%, Due 3/24/2029, (5 yr. EURIBOR ICE Swap + 4.780%)^B^{C D}		EUR	1,400,000		1,460,253
Aegon Ltd., 5.625%, Due 4/15/2029, (5 yr. EUR Swap + 5.207%)^B^{C D}			1,400,000		1,535,033
AG Insurance SA, 3.500%, Due 6/30/2047, (5 yr. EUR Swap + 3.875%)^B^C			400,000		441,602
Allianz SE, 5.600%, Due 9/3/2054, (5 yr. CMT + 2.771%)^A^C		$	600,000		618,757
ASR Nederland NV, 4.625%, Due 10/19/2027, (5 yr. EUR Swap + 3.789%)^B^{C D}		EUR	750,000		802,885
Athora Netherlands NV, 7.000%, Due 6/19/2025, (5 yr. EUR Swap + 6.463%)^B^{C D}			1,500,000		1,687,356
Aviva PLC, 6.875%, Due 12/15/2031, (5 yr. U.K. Government Bond + 4.649%)^B^{C D}		GBP	700,000		935,210
BUPA Finance PLC,
5.000%, Due 12/8/2026^B			350,000		466,122
4.000%, Due 9/24/2031, (5 yr. U.K. Government Bond + 3.170%)^B^{C D}			1,456,000		1,474,705
CNP Assurances SACA, 2.500%, Due 6/30/2051, (3 mo. EUR EURIBOR + 3.650%)^B^C		EUR	1,000,000		1,012,786
Direct Line Insurance Group PLC, 4.750%, Due 12/7/2027, (5 yr. GBP SONIA Linked ICE Swap + 3.394%)^B^C ^D		GBP	1,560,000		1,833,280
Galaxy Bidco Ltd., 6.500%, Due 7/31/2026^B			240,000		318,462
La Mondiale SAM,
4.375%, Due 4/24/2029, (5 yr. EUR Swap + 4.411%)^B^{C D}		EUR	700,000		736,518
4.800%, Due 1/18/2048, (5 yr. CMT + 3.235%)^B^C		$	800,000		777,120
Legal & General Group PLC, 5.625%, Due 3/24/2031, (5 yr. U.K. Government Bond + 5.378%)^B^{C D}		GBP	1,000,000		1,230,262
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, 3.500%, Due 12/21/2028, (5 yr. EUR Swap + 3.592%)^B^{C D}		EUR	600,000		568,347
Pension Insurance Corp. PLC,
7.375%, Due 7/25/2029, (5 yr. U.K. Government Bond + 6.658%)^C^D		GBP	1,664,000		2,222,049
4.625%, Due 5/7/2031^B			750,000		914,060
6.875%, Due 11/15/2034^B			1,000,000		1,353,908
Phoenix Group Holdings PLC,
5.750%, Due 4/26/2028, (5 yr. U.K. Government Bond + 4.169%)^B^{C D}			2,200,000		2,726,591
8.500%, Due 12/12/2029, (5 yr. CMT + 4.189%)^B^{C D}		$	1,105,000		1,155,521
QBE Insurance Group Ltd., 5.250%, Due 5/16/2025, (5 yr. CMT + 3.047%)^B^{C D}			1,000,000		995,000
Real Finance Bonds No. 6 PLC, 10.125%, Due 5/25/2033, (5 yr. U.K. Government Bond + 6.344%)^B^{C D}		GBP	900,000		1,352,417
Rothesay Life PLC,
6.875%, Due 9/12/2028, (5 yr. U.K. Government Bond + 5.419%)^B^{C D}			300,000		393,715
5.000%, Due 10/13/2031, (5 yr. U.K. Government Bond + 3.873%)^B^{C D}			3,893,000		4,238,642
UnipolSai Assicurazioni SpA, 6.375%, Due 4/27/2030, (5 yr. EUR Swap + 6.744%)^B^{C D}		EUR	1,640,000		1,847,700

					33,098,301

Savings & Loans - 2.62%
Coventry Building Society, 8.750%, Due 6/11/2029, (5 yr. U.K. Government Bond + 4.727%)^B^C D		GBP	1,800,000		2,485,925
Nationwide Building Society,
5.750%, Due 6/20/2027, (5 yr. U.K. Government Bond + 5.625%)^B^{C D}			1,600,000		2,065,813
10.250%, Due 12/6/2099^E			2,086,700		3,654,656

					8,206,394

Total Financial					121,117,857

Industrial - 0.65%
Aerospace/Defense - 0.14%
Rolls-Royce PLC,
4.625%, Due 2/16/2026^B		EUR	200,000		226,102
1.625%, Due 5/9/2028^B			200,000		211,040

					437,142

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 47.30% (continued)
Industrial - 0.65% (continued)
Machinery - Construction & Mining - 0.11%
Siemens Energy Finance BV, 4.000%, Due 4/5/2026^B		EUR	300,000	$	337,417

Packaging & Containers - 0.25%
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, Due 9/15/2028^A		$	800,000		793,298

Transportation - 0.15%
Zenith Finco PLC, 6.500%, Due 6/30/2027^A		GBP	500,000		482,572

Total Industrial					2,050,429

Utilities - 1.30%
Electric - 0.95%
ContourGlobal Power Holdings SA,
2.750%, Due 1/1/2026^B		EUR	600,000		658,446
3.125%, Due 1/1/2028^A			200,000		210,129
ESB Finance DAC, 2.125%, Due 11/5/2033^B			500,000		511,505
National Grid Electricity Distribution West Midlands PLC, 3.875%, Due 10/17/2024^B		GBP	700,000		935,225
NGG Finance PLC, 5.625%, Due 6/18/2073, (12 yr. GBP Swap + 3.480%)^{B C}			500,000		667,559

					2,982,864

Gas - 0.26%
APA Infrastructure Ltd., 0.750%, Due 3/15/2029^B		EUR	800,000		799,608

Water - 0.09%
Severn Trent Utilities Finance PLC, 6.250%, Due 6/7/2029^B		GBP	200,000		279,048

Total Utilities					4,061,520

Total Foreign Corporate Obligations (Cost $143,620,629)					148,172,163

FOREIGN SOVEREIGN OBLIGATIONS - 4.38% (Cost $13,015,145)
Bundesrepublik Deutschland Bundesanleihe, 2.200%, Due 2/15/2034^B		EUR	12,220,000		13,723,301

ASSET-BACKED OBLIGATIONS - 17.80%
AIMCO CLO 19 Ltd., 1.000%, Due 10/20/2037, 2024-19A E, (3 mo. USD Term SOFR + 5.000%)^A C		$	1,500,000		1,500,000
Aqueduct European CLO 8 DAC, 10.334%, Due 7/15/2037, 2024-8A E, (3 mo. EUR EURIBOR + 6.590%)^{A C}		EUR	1,500,000		1,676,608
Armada Euro CLO IV DAC, 12.785%, Due 7/15/2033, 4X F, (3 mo. EUR EURIBOR + 9.100%)^B C			700,000		780,016
Avoca CLO XXVIII DAC, 3.352%, Due 10/15/2037, 28A ER, (3 mo. EUR EURIBOR + 6.210%)^A C			1,500,000		1,665,550
Ballyrock CLO 27 Ltd.,
6.212%, Due 10/25/2037, 2024-27A A1A, (3 mo. USD Term SOFR + 1.350%)^{A C}		$	1,600,000		1,601,618
10.312%, Due 10/25/2037, 2024-27A D, (3 mo. USD Term SOFR + 5.450%)^{A C}			1,300,000		1,303,857
Capital Four CLO I DAC, 4.705%, Due 10/15/2034, 3A A, (3 mo. EUR EURIBOR + 1.020%)^A C		EUR	600,000		666,143
Capital Four CLO IV DAC, 10.051%, Due 4/15/2038, 4A ER, (3 mo. EUR EURIBOR + 6.380%)^A C			1,500,000		1,638,178
Capital Four CLO VII DAC, 5.426%, Due 4/25/2037, 7A A, (3 mo. EUR EURIBOR + 1.500%)^A C			1,500,000		1,673,915
Carlyle Global Market Strategies Euro CLO DAC, 8.319%, Due 5/17/2031, 2016-1A DR, (3 mo. EUR EURIBOR + 4.770%)^{A C}			500,000		556,981
Contego CLO X DAC, 5.290%, Due 5/15/2038, 10A AR, (3 mo. EUR EURIBOR + 1.490%)^{A C}			2,600,000		2,904,014
Cumulus Static CLO DAC, 5.185%, Due 4/25/2033, 2023-1A A, (3 mo. EUR EURIBOR + 1.500%)^{A C}			473,153		527,728
CVC Cordatus Loan Fund X DAC, 9.748%, Due 1/27/2031, 10A F, (3 mo. EUR EURIBOR + 6.050%)^{A C}			1,000,000		1,071,037
CVC Cordatus Loan Fund XVII DAC, 9.669%, Due 11/18/2033, 17A ER, (3 mo. EUR EURIBOR + 6.120%)^{A C}			1,250,000		1,392,937
Dryden 56 Euro CLO DAC, 10.135%, Due 1/15/2032, 2017-56A F, (3 mo. EUR EURIBOR + 6.450%)^{A C}			1,100,000		1,168,666
Dryden 62 Euro CLO DAC, 8.535%, Due 7/15/2031, 2017-62X E, (3 mo. EUR EURIBOR + 4.850%)^{B C}			1,000,000		1,094,208
Golub Capital Partners CLO 75B Ltd., 11.185%, Due 7/25/2037, 2024-75A E, (3 mo. USD Term SOFR + 5.900%)^{A C}		$	1,000,000		997,244
Harvest CLO XVI DAC, 9.255%, Due 10/15/2031, 16A ER, (3 mo. EUR EURIBOR + 5.570%)^A C		EUR	1,550,000		1,726,425
Hayfin Emerald CLO I DAC, 6.762%, Due 4/17/2034, 1A DR, (3 mo. EUR EURIBOR + 3.100%)^A C			1,500,000		1,585,465
ICG Euro CLO, 10.226%, Due 2/15/2037, 2024-1A E, (3 mo. EUR EURIBOR + 6.540%)^{A C}			1,500,000		1,612,977
Jubilee CLO DAC, 10.471%, Due 7/21/2037, 2024-28A E, (3 mo. EUR EURIBOR + 6.780%)^{A C}			1,500,000		1,670,978
Oaktree CLO Ltd., 10.380%, Due 10/22/2037, 2024-27A E, (3 mo. USD Term SOFR + 5.600%)^A C		$	1,250,000		1,244,964
OCP CLO Ltd., 4.593%, Due 10/16/2037, 2024-36A E, (3 mo. USD Term SOFR + 5.400%)^{A C}			1,500,000		1,500,000
OCP Euro CLO DAC, 5.284%, Due 4/20/2038, 2024-9A A, (3 mo. EUR EURIBOR + 1.480%)^A C		EUR	3,000,000		3,344,184
Penta CLO 16 DAC, 10.710%, Due 10/18/2036, 2024-16A E, (3 mo. EUR EURIBOR + 6.790%)^A C			1,500,000		1,687,039

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount				Fair Value
ASSET-BACKED OBLIGATIONS - 17.80% (continued)
Penta CLO 9 DAC,
9.725%, Due 7/25/2036, 2021-9A E, (3 mo. EUR EURIBOR + 6.040%)^{A C}		EUR		1,000,000	$	1,113,771
12.425%, Due 7/25/2036, 2021-9A F, (3 mo. EUR EURIBOR + 8.740%)^{A C}				1,000,000		1,106,310
Pikes Peak CLO 16 Ltd., 11.315%, Due 7/25/2037, 2024-16A E, (3 mo. USD Term SOFR + 6.000%)^{A C}		$		1,500,000		1,512,274
Providus CLO II DAC, 8.935%, Due 7/15/2031, 2X E, (3 mo. EUR EURIBOR + 5.250%)^{B C}		EUR		545,000		606,666
Providus CLO VI DAC, 9.670%, Due 5/20/2034, 6A E, (3 mo. EUR EURIBOR + 6.110%)^{A C}				1,250,000		1,389,773
Rockfield Park CLO DAC, 9.614%, Due 7/16/2034, 1A D, (3 mo. EUR EURIBOR + 5.950%)^A C				1,500,000		1,679,278
RRE 5 Loan Management DAC, 10.035%, Due 1/15/2037, 5A DR, (3 mo. EUR EURIBOR + 6.350%)^{A C}				1,000,000		1,114,995
Segovia European CLO DAC, 8.804%, Due 10/18/2031, 2018-5A E, (3 mo. EUR EURIBOR + 5.130%)^{A C}				1,190,000		1,327,215
Voya Euro CLO I DAC, 10.095%, Due 10/15/2030, 1X F, (3 mo. EUR EURIBOR + 6.410%)^B C				1,100,000		1,224,496
Voya Euro CLO II DAC,
4.645%, Due 7/15/2035, 2A AR, (3 mo. EUR EURIBOR + 0.960%)^{A C}				2,557,000		2,839,606
9.705%, Due 7/15/2035, 2A ER, (3 mo. EUR EURIBOR + 6.020%)^{A C}				1,700,000		1,909,953
Voya Euro CLO III DAC, 11.585%, Due 4/15/2033, 3X F, (3 mo. EUR EURIBOR + 7.900%)^B C				1,300,000		1,398,673
Voya Euro CLO IV DAC, 9.845%, Due 10/15/2034, 4A ER, (3 mo. EUR EURIBOR + 6.160%)^A C				1,750,000		1,950,454

Total Asset-Backed Obligations (Cost $55,633,067)						55,764,196

COLLATERALIZED MORTGAGE OBLIGATIONS - 1.28% (Cost $3,954,002)
Together Asset-Backed Securitisation PLC, 5.914%, Due 10/12/2065, 2024-1ST2A A, (Sterling Overnight Index Average + 0.960%)^{A C}		GBP		3,000,000		4,016,691

U.S. TREASURY OBLIGATIONS - 16.30%
U.S. Treasury Notes,
4.500%, Due 11/15/2033		$		15,555,000		16,408,702
4.000%, Due 2/15/2034				34,115,000		34,664,038

Total U.S. Treasury Obligations (Cost $49,804,983)						51,072,740

SHORT-TERM INVESTMENTS - 4.58%
U.S. Treasury Obligations - 1.93%
U.S. Treasury Bills, 5.126%, Due 10/22/2024				6,050,000		6,033,281


			Shares
Investment Companies - 2.65%
American Beacon U.S. Government Money Market Select Fund, 4.81% ^{F G}				8,300,088		8,300,088

Total Short-Term Investments (Cost $14,332,376)						14,333,369

TOTAL INVESTMENTS - 99.70% (Cost $304,961,169)						312,339,616
OTHER ASSETS, NET OF LIABILITIES - 0.30%						946,301

TOTAL NET ASSETS - 100.00%					$	313,285,917

Percentages are stated as a percent of net assets.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $82,023,935 or 26.18% of net assets. The Fund has no right to demand registration of these securities.

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

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

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

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

^G	7-day yield.

CLO - Collateralized Loan Obligation.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

EURIBOR - Euro Interbank Offered Rate.

See accompanying notes

American Beacon TwentyFour Strategic Income Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

ICE - Intercontinental Exchange.

IP - Intellectual Property.

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.

SONIA - Sterling Overnight Index Average.

Forward Foreign Currency Contracts Open on September 30, 2024:


Currency Purchased^*		Currency Sold^*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	628,467	GBP	626,981	10/24/2024	SSB	$	1,486	$	—		$	1,486
USD	679,255	GBP	676,803	10/24/2024	SSB		2,452		—			2,452
USD	1,006,796	EUR	1,005,125	10/24/2024	SSB		1,671		—			1,671
USD	1,767,456	GBP	1,762,982	10/24/2024	SSB		4,474		—			4,474
USD	2,167,997	EUR	2,156,104	10/24/2024	SSB		11,893		—			11,893
USD	74,616,271	GBP	74,910,282	10/24/2024	SSB		—		(294,011	)		(294,011	)
USD	116,820,679	EUR	116,380,039	10/24/2024	SSB		440,640		—			440,640

						$	462,616	$	(294,011	)	$	168,605

*	All values denominated in USD.

Glossary:

Counterparty Abbreviations:


SSB		State Street Bank & Trust Co.

Currency Abbreviations:

EUR		Euro
GBP		Pound Sterling
USD		United States Dollar

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


TwentyFour Strategic Income Fund	Level 1		Level 2			Level 3		Total
*Assets*
Corporate Obligations	$	—	$	25,257,156		$	—	$	25,257,156
Foreign Corporate Obligations		—		148,172,163			—		148,172,163
Foreign Sovereign Obligations		—		13,723,301			—		13,723,301
Asset-Backed Obligations		—		55,764,196			—		55,764,196
Collateralized Mortgage Obligations		—		4,016,691			—		4,016,691
U.S. Treasury Obligations		—		51,072,740			—		51,072,740
Short-Term Investments		8,300,088		6,033,281			—		14,333,369

Total Investments in Securities - Assets	$	8,300,088	$	304,039,528		$	—	$	312,339,616

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—	$	462,616		$	—	$	462,616

Total Financial Derivative Instruments - Assets	$	—	$	462,616		$	—	$	462,616

*Financial Derivative Instruments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(294,011	)	$	—	$	(294,011	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(294,011	)	$	—	$	(294,011	)

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

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

Principal Amount

Fair Value

CORPORATE OBLIGATIONS - 12.19%

Communications - 1.29%

Telecommunications - 1.29%

AT&T, Inc., 2.900%, Due 12/4/2026

GBP

100,000

128,890

Consumer, Cyclical - 1.33%

Auto Manufacturers - 1.33%

General Motors Financial Co., Inc., 5.150%, Due 8/15/2026^A

100,000

133,491

Consumer, Non-Cyclical - 3.93%

Cosmetics/Personal Care - 2.48%

Haleon U.K. Capital PLC, 3.125%, Due 3/24/2025

250,000

247,783

Pharmaceuticals - 1.45%

Becton Dickinson & Co., 3.020%, Due 5/24/2025

GBP

110,000

144,916

Total Consumer, Non-Cyclical

392,699

Financial - 2.64%

Banks - 1.31%

Bank of America Corp., 2.300%, Due 7/25/2025^A

100,000

130,852

REITS - 1.33%

Digital Stout Holding LLC, 4.250%, Due 1/17/2025^A

100,000

133,227

Total Financial

264,079

Technology - 3.00%

Software - 3.00%

Fidelity National Information Services, Inc., 4.500%, Due 7/15/2025

130,000

129,762

Fiserv, Inc., 2.250%, Due 7/1/2025

GBP

130,000

170,025

299,787

Total Technology

299,787

Total Corporate Obligations (Cost $1,174,094)

1,218,946

FOREIGN CORPORATE OBLIGATIONS - 67.81%

Communications - 6.07%

Media - 1.43%

Arqiva Financing PLC, 7.210%, Due 6/30/2045^A

100,000

142,991

Telecommunications - 4.64%

Deutsche Telekom International Finance BV, 2.500%, Due 10/10/2025^A

100,000

130,613

Orange SA, 5.000%, Due 10/1/2026, (5 yr. EUR Swap + 3.990%)^{A B C}

EUR

100,000

113,989

Telefonica Europe BV, 3.875%, Due 6/22/2026, (8 yr. EUR Swap + 2.967%)^{A B C}

100,000

110,820

Vodafone Group PLC, 2.625%, Due 8/27/2080, (5 yr. EUR Swap + 3.002%)^{A B}

100,000

108,733

464,155

Total Communications

607,146

Consumer, Cyclical - 3.19%

Distribution/Wholesale - 1.84%

Bunzl Finance PLC, 2.250%, Due 6/11/2025^A

GBP

140,000

183,516

Entertainment - 1.35%

CPUK Finance Ltd., 5.876%, Due 8/28/2027^A

100,000

135,135

Total Consumer, Cyclical

318,651

Consumer, Non-Cyclical - 1.98%

Food - 1.98%

Tesco Corporate Treasury Services PLC, 2.500%, Due 5/2/2025^A

150,000

197,260

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)


	Principal Amount			Fair Value
FOREIGN CORPORATE OBLIGATIONS - 67.81% (continued)
Financial - 42.52%
Banks - 20.90%
ABN AMRO Bank NV, 5.250%, Due 5/26/2026^A		GBP	100,000	$	134,684
Argenta Spaarbank NV, 5.375%, Due 11/29/2027, (1 yr. EUR Swap + 2.750%)^A^B		EUR	100,000		116,175
Banco Santander SA, 1.500%, Due 4/14/2026^A		GBP	100,000		127,099
Barclays PLC,
3.750%, Due 11/22/2030, (5 yr. U.K. Government Bond + 3.750%)^A^B			100,000		130,708
8.407%, Due 11/14/2032, (5 yr. U.K. Government Bond + 4.750%)^A^B			100,000		142,809
BNP Paribas SA, 2.000%, Due 5/24/2031, (5 yr. U.K. Government Bond + 1.650%)^A^B			100,000		126,403
BPCE SA, 6.125%, Due 5/24/2029^A			100,000		138,170
Credit Agricole SA,
5.375%, Due 1/15/2029, (1 yr. U.K. Government Bond + 1.650%)^A^B			100,000		134,961
1.874%, Due 12/9/2031, (5 yr. U.K. Government Bond + 1.500%)^A^B			100,000		124,045
HSBC Holdings PLC, 1.750%, Due 7/24/2027, (Sterling Overnight Index Average + 1.307%)^B			100,000		126,368
ING Groep NV, 6.250%, Due 5/20/2033, (5 yr. U.K. Government Bond + 2.800%)^A^B			100,000		136,816
Lloyds Banking Group PLC, 6.625%, Due 6/2/2033, (5 yr. U.K. Government Bond + 3.100%)^A^B			100,000		137,637
NatWest Group PLC, 3.622%, Due 8/14/2030, (5 yr. U.K. Government Bond + 3.550%)^A^B			100,000		131,892
Santander U.K. Group Holdings PLC, 7.098%, Due 11/16/2027, (1 yr. GBP Swap + 2.866%)^A^B			100,000		138,944
Standard Chartered PLC, 2.500%, Due 9/9/2030, (5 yr. EUR Swap + 2.800%)^A^B		EUR	100,000		110,151
Virgin Money U.K. PLC, 5.125%, Due 12/11/2030, (5 yr. U.K. Government Bond + 5.250%)^A^B		GBP	100,000		132,778

					2,089,640

Insurance - 12.52%
ASR Nederland NV, 3.375%, Due 5/2/2049, (5 yr. EUR Swap + 4.000%)^A^B		EUR	100,000		108,032
Aviva PLC, 6.125%, Due 11/14/2036, (5 yr. U.K. Government Bond + 2.850%)^A^B		GBP	10,000		13,684
AXA SA, 3.250%, Due 5/28/2049, (3 mo. EUR EURIBOR + 3.200%)^A^B		EUR	100,000		109,965
BUPA Finance PLC, 5.000%, Due 12/8/2026^A		GBP	100,000		133,178
CNP Assurances SACA, 4.250%, Due 6/5/2045, (5 yr. EUR Swap + 3.600%)^A^B		EUR	100,000		111,342
Legal & General Group PLC, 5.375%, Due 10/27/2045, (5 yr. U.K. Government Bond + 4.580%)^A^B		GBP	100,000		133,314
NN Group NV, 4.500%, Due 1/15/2026, (3 mo. EUR EURIBOR + 4.000%)^A^{B C}		EUR	100,000		111,858
Phoenix Group Holdings PLC, 5.867%, Due 6/13/2029^A		GBP	100,000		133,482
Real Finance Bonds No. 3 PLC, 6.125%, Due 11/13/2028^A			100,000		136,999
Rothesay Life PLC, 8.000%, Due 10/30/2025^A			190,000		259,707

					1,251,561

Real Estate - 2.38%
Heimstaden Bostad Treasury BV, 0.250%, Due 10/13/2024^A		EUR	100,000		111,083
Telereal Securitisation PLC, 1.963%, Due 12/10/2033, B2, (Sterling Overnight Index Average + 4.440%)^A^B		GBP	100,000		127,346

					238,429

Savings & Loans - 6.72%
Coventry Building Society, 7.000%, Due 11/7/2027, (1 yr. U.K. Government Bond + 2.600%)^A^B			100,000		138,574
Leeds Building Society, 1.500%, Due 3/16/2027, (1 yr. U.K. Government Bond + 1.300%)^A^B			100,000		127,293
Nationwide Building Society, 5.875%, Due 12/20/2024, (5 yr. U.K. Government Bond + 5.390%)^A^B ^C			200,000		267,036
Yorkshire Building Society, 6.375%, Due 11/15/2028, (1 yr. U.K. Government Bond + 2.650%)^A^B			100,000		138,625

					671,528

Total Financial					4,251,158

Industrial - 4.07%
Miscellaneous Manufacturing - 1.32%
Siemens Financieringsmaatschappij NV, 1.000%, Due 2/20/2025^A			100,000		131,638

Transportation - 1.35%
Eversholt Funding PLC, 6.359%, Due 12/2/2025^A			100,000		135,563

Trucking & Leasing - 1.40%
Porterbrook Rail Finance Ltd., 7.125%, Due 10/20/2026			100,000		139,805

Total Industrial					407,006

Technology - 1.14%
Software - 1.14%
Sage Group PLC, 3.820%, Due 2/15/2028^A		EUR	100,000		114,110

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

Principal Amount

Fair Value

FOREIGN CORPORATE OBLIGATIONS - 67.81% (continued)

Utilities - 8.84%

Electric - 6.32%

NGG Finance PLC, 5.625%, Due 6/18/2073, (12 yr. GBP Swap + 3.480%)^A^B

GBP

100,000

133,512

NIE Finance PLC, 6.375%, Due 6/2/2026^A

100,000

137,004

SSE PLC, 4.000%, Due 1/21/2028, (5 yr. EUR Swap + 2.696%)^A^{B C}

EUR

100,000

111,020

TenneT Holding BV, 4.625%, Due 3/21/2029, (5 yr. EURIBOR ICE Swap + 1.947%)^A^{B C}

100,000

113,124

Vattenfall AB, 6.875%, Due 8/17/2083, (5 yr. U.K. Government Bond + 3.059%)^A^B

GBP

100,000

137,361

632,021

Gas - 1.21%

APA Infrastructure Ltd., 7.125%, Due 11/9/2083, (5 yr. EURIBOR ICE Swap + 4.098%)^A^B

EUR

100,000

120,888

Water - 1.31%

Severn Trent Utilities Finance PLC, 3.625%, Due 1/16/2026^A

GBP

100,000

130,981

Total Utilities

883,890

Total Foreign Corporate Obligations (Cost $6,498,941)

6,779,221

FOREIGN SOVEREIGN OBLIGATIONS - 6.44% (Cost $614,242)

Bundesobligation, 2.100%, Due 4/12/2029, Series 189^A

EUR

575,000

644,253

COLLATERALIZED MORTGAGE OBLIGATIONS - 5.11%

Castell PLC, 5.809%, Due 11/25/2053, 2021-1 A, (Sterling Overnight Index Average + 0.850%)^A^B

GBP

27,587

36,929

Together Asset-Backed Securitisation PLC, 5.754%, Due 7/12/2063, 2021-1ST1 A, (Sterling Overnight Index Average + 0.700%)^A^B

55,447

74,137

Tower Bridge Funding PLC, 6.780%, Due 11/20/2063, 2021-2 D, (Sterling Overnight Index Average + 1.800%)^A^B

169,000

225,823

Twin Bridges PLC, 7.080%, Due 3/12/2055, 2021-1 D, (Sterling Overnight Index Average + 2.100%)^A^B

130,000

173,424

Total Collateralized Mortgage Obligations (Cost $518,709)

510,313

U.S. TREASURY OBLIGATIONS - 5.16% (Cost $517,234)

U.S. Treasury Notes, 3.625%, Due 8/31/2029

515,000

516,247

TOTAL INVESTMENTS - 96.71% (Cost $9,323,220)

9,668,980

OTHER ASSETS, NET OF LIABILITIES - 3.29%

329,173

TOTAL NET ASSETS - 100.00%

9,998,153

Percentages are stated as a percent of net assets.

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

EURIBOR - Euro Interbank Offered Rate.

ICE - Intercontinental Exchange.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

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.

See accompanying notes

American Beacon TwentyFour Sustainable Short Term Bond Fund^SM

Schedule of Investments

September 30, 2024 (Unaudited)

Forward Foreign Currency Contracts Open on September 30, 2024:


Currency Purchased^*		Currency Sold^*			Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
EUR	9,886		USD	9,939		10/18/2024		SSB	$	—	$	(53	)	$	(53	)
EUR	17,364		USD	17,382		10/18/2024		SSB		—		(17	)		(17	)
GBP	130,100		USD	128,515		10/18/2024		SSB		1,585		—			1,585
GBP	159,267		USD	159,442		10/18/2024		SSB		—		(175	)		(175	)
EUR	157,774		USD	157,644		10/18/2024		SSB		130		—			130
USD	2,438,917		EUR	2,435,985		10/18/2024		SSB		2,932		—			2,932
USD	6,917,877		GBP	6,994,084		10/18/2024		SSB		—		(76,209	)		(76,209	)

									$	4,647	$	(76,454	)	$	(71,807	)

*	All values denominated in USD.

Glossary:

Counterparty Abbreviations:


SSB		State Street Bank & Trust Co.

Currency Abbreviations:


EUR		Euro
GBP		Pound Sterling
USD		United States Dollar

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


TwentyFour Sustainable Short Term Bond Fund	Level 1		Level 2			Level 3		Total
*Assets*
Corporate Obligations	$	—	$	1,218,946		$	—	$	1,218,946
Foreign Corporate Obligations		—		6,779,221			—		6,779,221
Foreign Sovereign Obligations		—		644,253			—		644,253
Collateralized Mortgage Obligations		—		510,313			—		510,313
U.S. Treasury Obligations		—		516,247			—		516,247

Total Investments in Securities - Assets	$	—	$	9,668,980		$	—	$	9,668,980

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—	$	4,647		$	—	$	4,647

Total Financial Derivative Instruments - Assets	$	—	$	4,647		$	—	$	4,647

*Financial Derivative Instruments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(76,454	)	$	—	$	(76,454	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(76,454	)	$	—	$	(76,454	)

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

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedule of Investments

September 30, 2024 (Unaudited)

Security Valuation and Fair Value Measurements

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

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

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

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedule of Investments

September 30, 2024 (Unaudited)

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

Valuation Inputs

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


Level 1 -		Quoted prices in active markets for identical securities.

Level 2 -		Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others.

Level 3 -		Prices determined using other significant unobservable inputs. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in pricing an investment.

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

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedule of Investments

September 30, 2024 (Unaudited)

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

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

American Beacon Balanced Fund (AABPX) NPORT-PAmerican Beacon TwentyFour Strategic Income Fund (Sep 2024 report)