Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

4151 Amon Carter Boulevard, MD 2450

Fort Worth, Texas 76155

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

4151 Amon Carter Boulevard, MD 2450

Fort Worth, Texas 76155

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2013

Date of reporting period: November 30, 2012

Form N-Q is to be used by management investment companies, other than small business investments 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.

The following is a copy of the registrant’s schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 as amended (the “1940 Act”) as of the close of the reporting period as set forth in Sections 210.12-12 – 12-14 of Regulation S-X:

American Beacon Zebra Small Cap Equity Fund

Schedule of Investments

November 30, 2012 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK—93.47%
CONSUMER DISCRETIONARY—12.81%
Auto Components—1.93%
Argan, Inc.		429	$	8
China Automotive Systems, Inc. ^A		1,964		10
Dorman Products, Inc.		941		32
Sauer-Danfoss, Inc.		949		50
Superior Industries International, Inc.		809		15
Tower International, Inc. ^A		838		7

				122

Interval Leisure Group, Inc.		1,145		22
Isle of Capri Casinos, Inc. ^A		1,140		6
Monarch Casino & Resort, Inc. ^A		229		2
Speedway Motorsports, Inc.		1,305		21
Town Sports International Holdings, Inc.		277		3

				149

Household Durables—1.64%
CSS Industries, Inc.		317		7
Deer Consumer Products, Inc. ^F		4,336		—
Flexsteel Industries, Inc.		255		5
Helen of Troy Ltd. ^A		1,319		41
Libbey, Inc. ^A		729		14
Lifetime Brands, Inc.		574		6
Matthews International Corp., Class A		736		22
Universal Electronics, Inc. ^A		521		9

				104

Internet & Catalog Retail—0.96%
Global Sources Ltd. ^A		1,822		11
Insight Enterprises, Inc. ^A		2,096		35
Systemax, Inc.		1,444		15

				61

Internet Software & Services—0.03%
Orbitz Worldwide, Inc. ^A		724		2

Leisure Equipment & Products—0.27%
Johnson Outdoors, Inc., Class A ^A		593		13
Steinway Musical Instruments, Inc.		191		4

				17

Media—2.24%
Courier Corp.		143		2
CTC Media, Inc.		6,270		52
Entercom Communications Corp., Class A ^A		1,263		8
Fisher Communications, Inc.		79		2
Gray Television, Inc. ^A		1,669		4
Harte-Hanks, Inc.		1,912		10
Journal Communications, Inc., Class A ^A		1,319		7
LIN TV Corp., Class A ^A		2,784		18
McClatchy Co., Class A ^A		3,670		12
Saga Communications, Inc., Class A		136		6
Sinclair Broadcast Group, Inc., Class A		1,887		21

				142

Multiline Retail—0.19%
Gordmans Stores, Inc. ^A		349		5
Stein Mart, Inc.		829		7

				12

Specialty Retail—1.20%
America’s Car-Mart, Inc. ^A		257		9
Big 5 Sporting Goods Corp.		489		7
Casual Male Retail Group, Inc. ^A		639		2
PC Connection, Inc.		1,217		13
Rush Enterprises, Inc., Class A ^A		982		20
Shoe Carnival, Inc.		469		10
West Marine, Inc. ^A		791		8
Winmark Corp.		117		7

				76

Textiles & Apparel—0.47%
Culp, Inc.		424		6
Delta Apparel, Inc. ^A		143		2
RG Barry Corp.		383		6
Unifi, Inc. ^A		649		9


	Shares		Fair Value
			(000’s)
Automobiles—0.95%
Federal-Mogul Corp. ^A		3,996	$	32
Hyster-Yale Materials Handling, Inc.		678		28

				60

Distributors—0.58%
Core-Mark Holding Co, Inc.		288		13
DXP Enterprises, Inc. ^A		334		17
VOXX International Corp. ^A		1,077		7

				37

Hotels, Restaurants & Leisure—2.35%
AFC Enterprises, Inc.		463		12
Ameristar Casinos, Inc.		1,392		27
Bob Evans Farms, Inc.		356		13
Churchill Downs, Inc.		410		25
Denny’s Corp. ^A		2,340		11
Einstein Noah Restaurant Group, Inc.		409		7
Weyco Group, Inc.		290		7

				30

Total Consumer Discretionary				812

CONSUMER STAPLES—5.16%
Beverages—0.54%
Coca-Cola Bottling Co. Consolidated		154		11
National Beverage Corp.		1,363		23

				34

Food & Drug Retailing—1.36%
Andersons, Inc.		317		13
Ingles Markets, Inc., Class A		520		8
Nash Finch Co.		569		12
Seneca Foods Corp., Class A ^A		147		5
Spartan Stores, Inc.		679		10
Village Super Market, Inc., Class A		207		8
Weis Markets, Inc.		753		30

				86

Food Products—1.98%
Alico, Inc.		200		7
Cal-Maine Foods, Inc.		487		22
Dole Food Co. Inc. ^A		1,425		16
Fresh Del Monte Produce, Inc.		1,730		45
J&J Snack Foods Corp.		388		24
John B Sanfilippo & Son, Inc.		384		7
SunOpta, Inc. ^A		734		5

				126

Household Products—0.21%
WD-40 Co.		279		13

Personal Products—0.99%
Nature’s Sunshine Products, Inc.		681		10
Revlon, Inc., Class A ^A		1,796		27
Steiner Leisure Ltd. ^A		504		23
The Female Health Co.		402		3

				63

Tobacco—0.08%
Alliance One International, Inc. ^A		1,411		5

Total Consumer Staples				327

ENERGY—6.28%
Energy Equipment & Services—0.90%
Blueknight Energy Partners LP ^B		477		3
Global Geophysical Services, Inc. ^A		659		3
Gulf Island Fabrication, Inc.		180		4
Matrix Service Co. ^A		713		8
PAA Natural Gas Storage LP ^B		1,173		21
Tesco Corp. ^A		1,191		13
TGC Industries, Inc.		605		5

				57

Oil & Gas—5.38%
Adams Resources & Energy, Inc.		225		8
Alon USA Energy, Inc.		1,783		25
Arabian American Development Co. ^A		608		5
Callon Petroleum Co. ^A		2,890		14
Calumet Specialty Products Partners LP ^B		701		22
Clayton Williams Energy, Inc. ^A		513		21
Delek US Holdings, Inc.		2,997		78
Eagle Rock Energy Partners LP ^B		2,954		27
Legacy Reserves LP ^B		1,735		42
North European Oil Royalty Trust ^C		333		8
NuStar GP Holdings LLC ^D		359		10
Pioneer Southwest Energy Partners LP ^B		1,783		40


	Shares		Fair Value
			(000’s)
Sabine Royalty Trust ^C		449	$	22
Saratoga Resources, Inc. ^A		1,762		7
Synergy Resources Corp. ^A		2,021		8
Warren Resources, Inc. ^A		1,311		4

				341

Total Energy				398

FINANCIALS—28.21%
Banks—14.42%
1st Source Corp.		498		11
Alliance Financial Corp.		44		2
American National Bankshares, Inc.		187		4
Ames National Corp.		82		2
Arrow Financial Corp.		254		6
Bancfirst Corp.		318		13
Banco Latinoamericano de Comercio Exterior S.A.		673		15
Bancorp, Inc. ^A		434		5
Bank of Kentucky Financial Corp.		76		2
Bank of Marin Bancorp		116		4
Bar Harbor Bankshares		35		1
BBCN Bancorp, Inc.		1,407		16
Beneficial Mutual Bancorp, Inc. ^A		787		7
Berkshire Hills Bancorp, Inc.		506		12
BofI Holding, Inc. ^A		288		8
Bridge Bancorp, Inc.		172		3
Bridge Capital Holdings ^A		87		1
Brookline Bancorp, Inc.		553		5
Bryn Mawr Bank Corp.		269		6
C&F Financial Corp.		85		3
Camden National Corp.		196		7
Cardinal Financial Corp.		651		10
Cathay General Bancorp		1,288		23
Center Bancorp, Inc.		145		2
Central Pacific Financial Corp. ^A		791		12
Chemical Financial Corp.		521		11
Citizens & Northern Corp.		301		5
Citizens Republic Bancorp, Inc. ^A		344		6
City Holding Co.		250		8
Clifton Savings Bancorp, Inc.		193		2
CNB Financial Corp.		270		4
CoBiz Financial, Inc.		989		7
Community Trust Bancorp, Inc.		335		11
Dime Community Bancshares, Inc.		828		12
Eagle Bancorp, Inc. ^A		407		8
Enterprise Financial Services Corp.		489		6
ESB Financial Corp.		333		4
Financial Institutions, Inc.		343		6
First Bancorp, Inc.		77		1
First Busey Corp.		1,381		6
First Citizens BancShares, Inc., Class A		171		29
First Community Bancshares, Inc.		448		7
First Defiance Financial Corp.		233		4
First Financial Bancorp		932		14
First Financial Bankshares, Inc.		475		18
First Financial Corp.		270		8
First Interstate Bancsystem, Inc.		314		5
First Merchants Corp.		424		6
First of Long Island Corp.		202		6
Flushing Financial Corp.		673		10
German American Bancorp, Inc.		268		6
Glacier Bancorp, Inc.		534		8
Great Southern Bancorp, Inc.		208		5
Hanmi Financial Corp. ^A		647		8
Heritage Financial Corp.		90		1


	Shares		Fair Value
			(000’s)
Home Bancshares, Inc.		458	$	15
Horizon Bancorp		231		4
Hudson Valley Holding Corp.		102		2
Independent Bank Corp.		407		12
International Bancshares Corp.		1,256		23
Investors Bancorp, Inc.		704		12
Kearny Financial Corp.		483		4
Lakeland Bancorp, Inc.		515		5
Lakeland Financial Corp.		313		8
MainSource Financial Group, Inc.		479		6
MB Financial, Inc.		858		17
Mercantile Bank Corp.		341		5
Merchants Bancshares, Inc.		61		2
Meridian Interstate Bancorp, Inc. ^A		261		4
MetroCorp Bancshares, Inc. ^A		131		1
National Bankshares, Inc.		150		5
National Penn Bancshares, Inc.		2,188		21
NBT Bancorp, Inc.		653		13
Northfield Bancorp, Inc.		391		6
Northrim BanCorp, Inc.		59		1
OceanFirst Financial Corp.		415		6
PacWest Bancorp		572		14
Park National Corp.		220		14
Penns Woods Bancorp, Inc.		35		1
Peoples Bancorp, Inc.		224		5
Preferred Bank ^A		423		6
Provident Financial Holdings, Inc.		126		2
Provident Financial Services, Inc.		517		7
Provident New York Bancorp		601		5
Renasant Corp.		384		7
S&T Bancorp, Inc.		485		8
Sandy Spring Bancorp, Inc.		485		9
SCBT Financial Corp.		218		8
Simmons First National Corp., Class A		261		6
Southside Bancshares, Inc.		402		8
StellarOne Corp.		319		4
Sterling Bancorp		462		4
Sterling Financial Corp.		2,047		43
SY Bancorp, Inc.		286		6
Taylor Capital Group, Inc. ^A		496		9
Territorial Bancorp, Inc.		163		4
Tompkins Financial Corp.		215		8
TowneBank		508		8
Trico Bancshares		117		2
Trustco Bank Corp NY		1,679		9
Trustmark Corp.		921		20
Union First Market Bankshares Corp.		498		8
United Community Banks, Inc. ^A		414		4
United Financial Bancorp, Inc.		210		3
Univest Corp of Pennsylvania		305		5
ViewPoint Financial Group, Inc.		481		10
Virginia Commerce Bancorp, Inc. ^A		666		6
Washington Banking Co.		142		2
Washington Federal, Inc.		1,848		31
Washington Trust Bancorp, Inc.		343		9
WesBanco, Inc.		585		12
West Bancorporation, Inc.		141		1
West Coast Bancorp		156		3
Wilshire Bancorp, Inc. ^A		1,969		11
WSFS Financial Corp.		153		7

				913

Diversified Financials—7.05%
Asset Acceptance Capital Corp.		1,175		7
Asta Funding, Inc.		217		2
Calamos Asset Management, Inc., Class A		153		1


	Shares		Fair Value
			(000’s)
Cass Information Systems, Inc.		270	$	13
CBIZ, Inc. ^A		1,555		9
Diamond Hill Investment Group, Inc.		53		4
Encore Capital Group, Inc. ^A		928		25
Epoch Holding Corp.		301		7
Euronet Worldwide, Inc. ^A		1,110		25
EZCORP, Inc., Class A ^A		680		13
Federal Agricultural Mortgage Corp., Class C		203		7
First BanCorp/Puerto Rico ^A		1,354		5
GAMCO Investors, Inc., Class A		100		5
Generac Holdings, Inc.		2,016		65
GFI Group, Inc.		1,774		5
Heartland Financial USA, Inc.		372		10
INTL. FCStone, Inc. ^A		325		6
MidWestOne Financial Group, Inc.		215		4
Nelnet, Inc., Class A		1,594		46
NewStar Financial, Inc. ^A		622		8
Nicholas Financial, Inc.		430		5
Och-Ziff Capital Management Group LLC, Class A ^D		11,192		106
Portfolio Recovery Associates, Inc.		422		42
Rockville Financial, Inc.		373		5
Safeguard Scientifics, Inc. ^A		201		3
Texas Pacific Land Trust ^C		114		7
TICC Capital Corp. ^E		738		7
Westwood Holdings Group, Inc.		131		5

				447

Insurance—5.48%
AMERISAFE, Inc. ^A		264		7
Amtrust Financial Services, Inc.		875		25
Argo Group International Holdings Ltd.		372		12
Baldwin & Lyons, Inc., Class B		139		3
Crawford & Co., Class B		797		5
Donegal Group, Inc., Class A		264		4
EMC Insurance Group, Inc.		252		6
Greenlight Capital Re Ltd., Class A ^A		1,004		23
Homeowners Choice, Inc.		1,692		35
Horace Mann Educators Corp.		897		17
Infinity Property & Casualty Corp.		135		7
Kansas City Life Insurance Co.		275		11
Kemper Corp.		400		12
Maiden Holdings Ltd.		2,127		19
National Interstate Corp.		371		10
National Western Life Insurance Co., Class A		108		16
Navigators Group, Inc. ^A		227		12
Phoenix Cos., Inc. ^A		126		3
Primerica, Inc.		1,156		33
Safety Insurance Group, Inc.		270		12
Selective Insurance Group, Inc.		616		12
State Auto Financial Corp.		182		3
Symetra Financial Corp.		3,391		40
Tower Group, Inc.		341		6
United Fire Group, Inc.		429		9
Universal Insurance Holdings, Inc.		1,008		5

				347

Real Estate—1.26%
HFF, Inc., Class A		232		3
KKR Financial Holdings LLC ^D		7,261		77

				80

Total Financials				1,787


	Shares		Fair Value
			(000’s)
HEALTH CARE—5.63%
Biotechnology—1.34%
PDL BioPharma, Inc.		8,988	$	71
Sciclone Pharmaceuticals, Inc. ^A		2,466		11
SIGA Technologies, Inc. ^A		1,039		3

				85

Health Care Equipment & Supplies—1.15%
Atrion Corp.		51		10
CONMED Corp.		619		17
Exactech, Inc. ^A		291		5
Given Imaging Ltd.		471		9
Nutraceutical International Corp.		432		7
Orthofix International N.V. ^A		492		18
Young Innovations, Inc.		202		7

				73

Health Care Providers & Services—2.90%
Amsurg Corp. ^A		780		22
Carriage Services, Inc.		556		6
Corvel Corp. ^A		241		10
Ensign Group, Inc.		665		17
Gentiva Health Services, Inc.		2,670		27
National Healthcare Corp.		417		19
Select Medical Holdings Corp.		4,680		51
Stewart Enterprises, Inc., Class A		1,692		13
Triple-S Management Corp., Class B ^A		671		12
US Physical Therapy, Inc.		253		7

				184

Pharmaceuticals—0.24%
Acura Pharmaceuticals, Inc. ^A		604		1
Synutra International, Inc. ^A		2,991		14

				15

Total Health Care				357

INDUSTRIALS—18.95%
Aerospace & Defense—1.45%
Astronics Corp.		249		5
Cubic Corp.		604		30
LMI Aerospace, Inc. ^A		425		8
Moog, Inc., Class A ^A		1,246		46
Sparton Corp.		201		3

				92

Air Freight & Couriers—0.73%
Air Transport Services Group, Inc. ^A		3,818		14
UTi Worldwide, Inc.		2,234		32

				46

Airlines—0.65%
Hawaiian Holdings, Inc. ^A		3,542		22
Republic Airways Holdings, Inc. ^A		3,235		19

				41

Building Products—0.25%
AAON, Inc.		460		10
Patrick Industries, Inc. ^A		365		6

				16

Commercial Services & Supplies—4.56%
Aceto Corp.		735		7
CDI Corp.		390		6
CRA International, Inc. ^A		140		2
CSG Systems International, Inc. ^A		1,036		19
Education Management Corp. ^A		4,067		16
Electro Rent Corp.		530		8
Ennis, Inc.		763		12
G&K Services, Inc., Class A		472		16
GP Strategies Corp. ^A		426		9


	Shares		Fair Value
			(000’s)
Heritage-Crystal Clean, Inc. ^A		136	$	2
Intersections, Inc.		603		6
Kforce, Inc.		495		6
Marlin Business Services Corp.		177		3
McGrath Rentcorp		702		20
Monotype Imaging Holdings, Inc.		797		12
Multi-Color Corp.		542		12
National Research Corp.		130		7
PHI, Inc. ^A		108		3
Providence Service Corp. ^A		160		2
Schawk, Inc.		645		8
Standard Parking Corp. ^A		374		8
TeleTech Holdings, Inc. ^A		1,722		29
Tetra Tech, Inc. ^A		807		21
TRC Cos., Inc. ^A		1,078		6
United Stationers, Inc.		1,311		41
VSE Corp.		367		8

				289

Construction & Engineering—1.12%
Aegion Corp. ^A		560		12
Michael Baker Corp.		276		5
Primoris Services Corp.		1,746		25
Tutor Perini Corp.		2,269		29

				71

Electrical Equipment—1.39%
Chase Corp.		280		5
Coleman Cable, Inc.		955		9
Encore Wire Corp.		524		16
Franklin Electric Co. Inc.		450		26
Houston Wire & Cable Co.		585		7
Jinpan International Ltd.		557		3
Powell Industries, Inc. ^A		145		6
Preformed Line Products Co.		243		14
Vicor Corp.		346		2

				88

Industrial Conglomerates—1.86%
ICF International, Inc. ^A		622		13
Lydall, Inc. ^A		428		6
Park-Ohio Holdings Corp. ^A		873		18
Raven Industries, Inc.		665		17
Standex International Corp.		342		17
Trimas Corp. ^A		1,177		30
US Ecology, Inc.		344		8
Viasystems Group, Inc. ^A		748		9

				118

Machinery—3.09%
Alamo Group, Inc.		369		12
Altra Holdings, Inc.		767		14
American Railcar Industries, Inc.		582		18
Ampco-Pittsburgh Corp.		154		3
Columbus McKinnon Corp. ^A		736		11
Commercial Vehicle Group, Inc. ^A		1,808		14
Dynamic Materials Corp.		140		2
Gorman-Rupp Co.		410		11
Hardinge, Inc.		525		5
Hollysys Automation Technologies Ltd. ^A		2,419		27
Hurco Cos., Inc. ^A		243		6
Kadant, Inc. ^A		195		5
L.B. Foster Co., Class A		347		14
NACCO Industries, Inc., Class A		301		16
RBC Bearings, Inc. ^A		443		21
Sun Hydraulics Corp.		637		17

				196


	Shares		Fair Value
			(000’s)
Marine—1.94%
CAI International, Inc. ^A		1,096	$	22
Martin Midstream Partners LP ^B		199		6
Navios Maritime Holdings, Inc.		4,728		18
Safe Bulkers, Inc.		5,926		21
Ship Finance International Ltd.		2,817		46
StealthGas, Inc. ^A		1,388		10

				123

Road & Rail—0.90%
Marten Transport Ltd.		625		11
Patriot Transportation Holding, Inc. ^A		91		2
Quality Distribution, Inc. ^A		1,451		10
Roadrunner Transportation Systems, Inc. ^A		306		6
Saia, Inc. ^A		447		10
TravelCenters of America LLC ^D		2,218		10
Universal Truckload Services, Inc.		509		8

				57

Trading Companies & Distributors—0.69%
Textainer Group Holdings Ltd.		1,450		44
Transportation Infrastructure—0.32%
Macquarie Infrastructure Co. LLC ^D		462		20

Total Industrials				1,201

INFORMATION TECHNOLOGY—10.46%
Communications Equipment—1.07%
Aware, Inc.		481		3
Black Box Corp.		615		15
CalAmp Corp. ^A		295		3
Globecomm Systems, Inc. ^A		252		3
Mitel Networks Corp. ^A		3,905		13
Symmetricom, Inc. ^A		1,004		6
Verint Systems, Inc. ^A		895		25

				68

Computers & Peripherals—0.71%
Cray, Inc. ^A		1,094		16
Electronics for Imaging, Inc. ^A		1,070		19
Super Micro Computer, Inc. ^A		1,069		10

				45

Electronic Equipment & Instruments—3.82%
AVX Corp.		3,459		36
Coherent, Inc.		575		28
ePlus, Inc.		303		12
Littelfuse, Inc.		557		33
Measurement Specialties, Inc. ^A		355		11
Methode Electronics, Inc.		452		4
MTS Systems Corp.		475		23
Multi-Fineline Electronix, Inc. ^A		648		11
Orbotech Ltd.		1,451		12
Sanmina Corp. ^A		1,841		17
Scansource, Inc. ^A		890		26
Sypris Solutions, Inc.		915		4
Tessco Technologies, Inc.		252		5
TTM Technologies, Inc. ^A		1,477		13
Zygo Corp. ^A		504		7

				242

Internet Software & Services—0.44%
Perficient, Inc. ^A		759		8
United Online, Inc.		3,479		20

				28

IT Consulting & Services—1.25%
Computer Task Group, Inc. ^A		418		8


	Shares		Fair Value
			(000’s)
Exponent, Inc. ^A		248	$	13
iGATE Corp. ^A		1,465		21
Lionbridge Technologies ^A		1,673		7
Sykes Enterprises, Inc. ^A		1,303		19
Virtusa Corp. ^A		673		11

				79

Semiconductor Equipment & Products—2.40%
Alpha & Omega Semiconductor Ltd. ^A		690		6
Amkor Technology, Inc. ^A		4,221		18
Brooks Automation, Inc.		764		6
GSI Group, Inc. ^A		926		7
Integrated Silicon Solution, Inc. ^A		1,581		14
IXYS Corp.		1,131		9
Magnachip Semiconductor Corp. ^A		1,374		17
Microsemi Corp.		2,476		48
Nova Measuring Instruments Ltd. ^A		815		6
PDF Solutions, Inc. ^A		522		7
Rudolph Technologies, Inc. ^A		430		5
Tower Semiconductor Ltd.		1,049		9

				152

Software—0.77%
Actuate Corp. ^A		625		3
American Software, Inc., Class A		231		2
EPIQ Systems, Inc.		752		9
Magic Software Enterprises Ltd.		1,384		6
Net 1 UEPS Technologies, Inc. ^A		2,324		18
Telenav, Inc. ^A		1,323		11

				49

Total Information Technology				663

MATERIALS—4.29%
Chemicals—2.77%
A Schulman, Inc.		925		24
China Green Agriculture, Inc. ^A		4,143		14
FutureFuel Corp.		1,479		17
Hawkins, Inc.		213		9
Innospec, Inc.		902		29
KMG Chemicals, Inc.		317		6
Landec Corp. ^A		615		6
NL Industries, Inc.		2,676		29
OMNOVA Solutions, Inc. ^A		1,419		11
Stepan Co.		289		28
Zep, Inc.		276		3

				176

Construction Materials—0.13%
United States Lime & Minerals, Inc. ^A		171		8

Containers & Packaging—0.13%
AEP Industries, Inc. ^A		139		8

Metals & Mining—1.17%
China Gerui Advanced Materials Group Ltd. ^A		1,951		2
Gibraltar Industries, Inc. ^A		645		9
Metals USA Holdings Corp.		1,577		25
MFC Industrial Ltd.		1,266		11
NN, Inc. ^A		856		7
Noranda Aluminum Holding Corp.		2,041		12
Olympic Steel, Inc.		404		8

				74

Paper & Forest Products—0.09%
Mercer International, Inc. ^A		909		6

Total Materials				272


	Shares		Fair Value
			(000’s)
TELECOMMUNICATION SERVICES—0.76%
Diversified Telecommunication Services—0.30%
Atlantic Tele-Network, Inc.		373	$	13
Shenandoah Telecommunications Co.		409		6

				19

Wireless Telecommunication Services—0.46%
Iridium Communications, Inc. ^A		2,536		16
USA Mobility, Inc.		1,091		13

				29

Total Telecommunication Services				48

UTILITIES—0.92%
Electric Utilities—0.64%
MGE Energy, Inc.		490		24
Otter Tail Corp.		357		9
Pike Electric Corp.		672		7

				40

Water Utilities—0.28%
Connecticut Water Service, Inc.		148		5
Middlesex Water Co.		273		5
SJW Corp.		343		8

				18

Total Utilities				58

Total Common Stock (Cost $5,671)				5,923

SHORT-TERM INVESTMENTS—5.22% (Cost $331)
JPMorgan U.S. Government Money Market Fund, Capital Class		331,363		331

TOTAL INVESTMENTS—98.69% (Cost $6,002)				6,254
OTHER ASSETS, NET OF LIABILITIES—1.31%				83

TOTAL NET ASSETS—100.00%			$	6,337

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Limited Partnership.

^C	Royalty Trust.

^D	Limited Liability Company.

^E	Business Development Company.

^F	Valued at Fair Value pursuant to procedures approved by the Board of Trustees.

Futures Contracts Open on November 30, 2012 ($000’s):


Description	Type		Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Future		Long		4		December, 2012	$	328	$	8

							$	328	$	8

American Beacon Zebra Large Cap Equity Fund (Effective 12-31-12 Fund changed to Zebra Global Equity Fund)

Schedule of Investments

November 30, 2012 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK—94.39%
CONSUMER DISCRETIONARY—7.66%
Auto Components—1.79%
Autoliv, Inc.		202	$	12
Delphi Automotive plc ^A		469		16
LKQ Corp. ^A		554		12
Magna International, Inc., Class A		1,227		57
Toyota Industries Corp. ^A	EUR	1,900		57
TRW Automotive Holdings Corp. ^A		697		35
Westinghouse Air Brake Technologies Corp.		77		7

				196

Automobiles—0.52%
Daimler AG	EUR	725		36
General Motors Co. ^A		817		21

				57

Distributors—0.16%
Genuine Parts Co.		263		17

Hotels, Restaurants & Leisure—0.42%
Icahn Enterprises LP ^B		1,153		46

Household Durables—0.30%
Garmin Ltd.		557		21
Snap-On, Inc.		146		12

				33

Internet & Catalog Retail—0.20%
Liberty Media Corp—Liberty Capital, Class A ^A		196		22

Leisure Equipment & Products—0.07%
Mattel, Inc.		222		8

Media—3.12%
Comcast Corp., Class A		1,312		49
DIRECTV ^A		591		29
John Wiley & Sons, Inc., Class A		156		7
Nielsen Holdings N.V. ^A		936		27
Omnicom Group, Inc.		484		24
Thomson Reuters Corp.		2,532		70
Time Warner Cable, Inc.		633		60
Viacom, Inc., Class B		1,488		76

				342

Multiline Retail—0.29%
Dollar General Corp. ^A		637		32

Specialty Retail—0.46%
Cabela’s, Inc. ^A		119		6
Copart, Inc. ^A		225		7
Inditex ^A	EUR	172		24
Penske Automotive Group, Inc.		218		6
Sally Beauty Holdings, Inc. ^A		291		7

				50

Textiles & Apparel—0.33%
LVMH Moet Hennessy Louis Vuitton ^A	EUR	205		36

Total Consumer Discretionary				839


	Shares		Fair Value
			(000’s)
CONSUMER STAPLES—10.71%
Beverages—2.47%
Anheuser-Busch InBev N.V.	EUR	456	$	40
Brown-Forman Corp., Class B		245		17
Coca-Cola Co.		2,867		108
Constellation Brands, Inc., Class A ^A		567		20
Molson Coors Brewing Co., Class B		399		17
PepsiCo, Inc.		977		69

				271

Food & Drug Retailing—2.59%
Costco Wholesale Corp.		227		24
Sysco Corp.		1,035		33
Wal-Mart Stores, Inc.		3,153		226

				283

Food Products—2.08%
Archer-Daniels-Midland Co.		1,529		41
Bunge Ltd.		413		30
Campbell Soup Co.		613		23
Hormel Foods Corp.		822		25
Ingredion, Inc.		186		12
JM Smucker Co.		186		16
Kellogg Co.		697		39
McCormick & Co., Inc. ^C		242		16
Seaboard Corp.		11		26

				228

Household Products—1.80%
Church & Dwight Co., Inc.		201		11
Kimberly-Clark Corp.		755		65
Procter & Gamble Co.		1,738		121

				197

Tobacco—1.77%
Philip Morris International, Inc.		1,318		119
Reynolds American, Inc.		1,724		75

				194

Total Consumer Staples				1,173

ENERGY—8.91%
Energy—0.05%
Access Midstream Partners LP ^B		158		6

Energy Equipment & Services—0.05%
Unit Corp. ^A		139		6

Oil & Gas—8.81%
Alliance Holdings GP LP ^B		214		10
Chevron Corp.		2,133		225
Energy Transfer Equity LP ^B		349		16
Enterprise Products Partners LP ^B		805		42
Exxon Mobil Corp.		2,626		231
HollyFrontier Corp.		773		35
Idemitsu Kosan Co. Ltd.	YEN	700		57
Kinder Morgan Inc.		1,961		66
Linn Energy LLC ^D		629		25
Magellan Midstream Partners LP ^B		1,281		57
Marathon Petroleum Corp.		428		25
NuStar Energy LP ^B		142		7
Occidental Petroleum Corp.		706		53
Plains All American Pipeline LP ^B		1,243		58
Spectra Energy Corp.		1,181		33
Sunoco Logistics Partners LP ^B		465		24

				964

Total Energy				976


	Shares		Fair Value
			(000’s)
FINANCIALS—20.28%
Banks—4.77%
Bank of New York Mellon Corp.		4,148	$	99
BB&T Corp.		1,218		34
BOK Financial Corp.		360		20
Commerce Bancshares, Inc.		226		8
East West Bancorp, Inc.		287		6
First Republic Bank		392		13
Hudson City Bancorp, Inc.		1,463		12
M&T Bank Corp.		262		26
Northern Trust Corp.		200		10
Ocwen Financial Corp. ^A		355		13
PNC Financial Services Group, Inc.		463		26
U.S. Bancorp		1,570		51
Wells Fargo & Co.		6,192		204

				522

Diversified Financials—4.07%
American Express Co.		871		49
Ameriprise Financial, Inc.		468		28
BlackRock, Inc., Class A		395		78
Credit Acceptance Corp. ^A		92		8
Discover Financial Services		1,854		77
Franklin Resources, Inc.		714		94
Raymond James Financial, Inc.		272		10
SEI Investments Co.		311		7
SLM Corp.		2,013		33
State Street Corp.		1,159		52
Towers Watson & Co., Class A		182		10

				446

Insurance—9.91%
ACE Ltd.		1,236		98
Aflac, Inc.		2,236		118
Alleghany Corp.		54		19
Allied World Assurance Co. Holdings AG		86		7
Allstate Corp.		420		17
Alterra Capital Holdings Ltd.		225		5
American Financial Group, Inc.		496		20
American National Insurance Co.		137		9
Aon plc		592		34
Arch Capital Group Ltd. ^A		565		25
Assurant, Inc.		274		9
Assured Guaranty Ltd.		1,900		27
Axis Capital Holdings Ltd.		167		6
Berkshire Hathaway, Inc., Class A ^A		1		132
Chubb Corp.		596		46
CNA Financial Corp.		1,649		47
CNO Financial Group, Inc.		1,137		10
Erie Indemnity Co., Class A		108		8
Everest Re Group Ltd.		61		7
HCC Insurance Holdings, Inc.		272		10
Loews Corp.		1,468		60
Markel Corp. ^A		13		6
Marsh & McLennan Cos., Inc.		955		34
Mercury General Corp.		158		7
MetLife, Inc.		1,967		65
PartnerRe Ltd.		72		6
Principal Financial Group, Inc.		682		19
ProAssurance Corp.		104		9
Progressive Corp.		1,132		24
Protective Life Corp.		329		9
Prudential Financial, Inc.		2,186		114
Reinsurance Group of America, Inc.		441		23
RenaissanceRe Holdings Ltd.		60		5
Torchmark Corp.		219		11


		Shares		Fair Value
				(000’s)
WEX, Inc. ^A			74	$	5
White Mountains Insurance Group Ltd.			11		6
Willis Group Holdings plc			421		15
WR Berkley Corp.			343		14

					1,086

Real Estate—1.53%
Brookfield Asset Management, Inc., Class A			2,351		82
Brookfield Office Properties, Inc. ^E			5,257		85

					167

Total Financials					2,221

HEALTH CARE—11.75%
Biotechnology—0.73%
Amgen, Inc.			694		62
Biogen Idec, Inc. ^A			120		18

					80

Health Care Equipment & Supplies—2.13%
Baxter International, Inc.			374		25
Becton Dickinson and Co.			423		32
Bio-Rad Laboratories, Inc., Class A ^A			61		6
Covidien plc			1,084		63
Medtronic, Inc.			951		40
Stryker Corp.			1,219		67

					233

Health Care Providers & Services—3.23%
Aetna, Inc.			1,006		43
Cigna Corp.			755		39
Coventry Health Care, Inc.			331		14
HCA Holdings, Inc.			2,505		81
Henry Schein, Inc. ^A			213		17
McKesson Corp.			454		43
Mednax, Inc. ^A			87		7
Service Corp International			519		7
UnitedHealth Group, Inc.			829		45
WellPoint, Inc.			1,039		58

					354

Pharmaceuticals—5.66%
Abbott Laboratories			1,444		94
Johnson & Johnson			2,488		173
Merck & Co., Inc.			2,375		105
Pfizer, Inc.			6,902		173
Sanofi	EUR		623		56
Warner Chilcott plc, Class A			1,660		19

					620

Total Health Care					1,287

INDUSTRIALS—11.79%
Aerospace & Defense—4.40%
General Dynamics Corp.			1,759		117
L-3 Communications Holdings, Inc.			470		36
Lockheed Martin Corp.			1,208		113
Northrop Grumman Corp.			1,123		75
Raytheon Co.			1,438		82
United Technologies Corp.			722		58

					481

Airlines—0.79%
Alaska Air Group, Inc. ^A			208		9
Copa Holdings S.A., Class A			85		8
Delta Air Lines, Inc. ^A			4,098		41
United Continental Holdings, Inc.			1,424		29

					87


		Shares		Fair Value
				(000’s)
Building Products—0.06%
Crane Co.			168	$	7

Commercial Services & Supplies—0.41%
Dun & Bradstreet Corp.			92		7
Genpact Ltd.			529		8
KAR Auction Services, Inc.			414		7
Morningstar, Inc.			91		6
Rollins, Inc.			239		5
Verisk Analytics, Inc., Class A ^A			214		12

					45

Construction & Engineering—0.15%
AECOM Technology Corp. ^A			414		9
URS Corp.			186		7

					16

Electrical Equipment—0.26%
AMETEK, Inc.			466		17
Hubbell, Inc., Class B			131		11

					28

Industrial Conglomerates—2.28%
3M Co.			521		47
Carlisle Cos., Inc.			148		8
General Electric Co.			7,403		157
Honeywell International, Inc.			521		32
Teleflex, Inc.			84		6

					250

Machinery—2.28%
CNH Global N.V.			1,811		87
Danaher Corp.			427		23
Donaldson Co, Inc.			245		8
IDEX Corp.			186		8
Illinois Tool Works, Inc.			926		57
Lincoln Electric Holdings, Inc.			206		10
PACCAR, Inc.			481		21
Pentair Ltd.			170		8
Reliance Steel & Aluminum Co.			186		10
Timken Co.			236		11
Valmont Industries, Inc.			47		7

					250

Road & Rail—0.60%
Amerco, Inc.			90		11
Central Japan Railway Co.	EUR		700		55

					66

Trading Companies & Distributors—0.56%
MSC Industrial Direct Co., Inc., Class A			76		6
Toyota Tshusho corp. ^A	EUR		2,400		55
					61

Total Industrials					1,291

INFORMATION TECHNOLOGY—12.97%
Communications Equipment—1.14%
Cisco Systems, Inc.			5,484		104
Harris Corp.			446		21

					125

Computers & Peripherals—3.87%
Dell, Inc.			7,891		76
Hewlett-Packard Co.			3,336		43
International Business Machines Corp.			1,115		212
Seagate Technology plc			1,992		50
Western Digital Corp.			1,274		43

					424

Electronic Equipment & Instruments—1.19%
Arrow Electronics, Inc.			561		21


		Shares		Fair Value
				(000’s)
Avnet, Inc. ^A			546	$	16
Flextronics International Ltd. ^A			4,152		24
Ingram Micro, Inc., Class A ^A			390		6
TE Connectivity Ltd.			1,621		58
Teledyne Technologies, Inc. ^A			85		5

					130

IT Consulting & Services—0.92%
Automatic Data Processing, Inc.			327		19
Broadridge Financial Solutions, Inc.			252		6
Fidelity National Information Services, Inc.			620		22
Fiserv, Inc. ^A			369		28
IHS, Inc., Class A ^A			87		8
SAIC, Inc.			1,060		12
Syntel, Inc.			94		6

					101

Office Electronics—0.40%
Xerox Corp.			6,445		44

Semiconductor Equipment & Products—0.91%
Intel Corp.			5,089		100

Software—4.54%
Activision Blizzard, Inc.			2,096		24
Amdocs Ltd.			400		13
Ansys, Inc. ^A			116		8
CA, Inc.			1,454		32
DST Systems, Inc.			104		6
Microsoft Corp.			8,187		217
Oracle Corp.			4,918		158
SAP AG	EUR		483		38

					496

Total Information Technology					1,420

MATERIALS—3.83%
Chemicals—2.25%
Agrium, Inc.			585		59
Air Products & Chemicals, Inc.			445		37
Kronos Worldwide, Inc.			466		8
LyondellBasell Industries N.V., Class A			466		23
NewMarket Corp.			29		8
PPG Industries, Inc.			303		37
RPM International, Inc.			252		7
Sigma-Aldrich Corp.			272		20
Terra Nitrogen Co. LP ^B			56		12
Valhi, Inc.			1,209		15
Valspar Corp.			159		10
Westlake Chemical Corp.			137		10

					246

Containers & Packaging—0.25%
Aptargroup, Inc.			143		7
Graphic Packaging Holding Co. ^A			1,006		7
Silgan Holdings, Inc.			135		6
Sonoco Products Co.			247		7

					27

Metals & Mining—1.33%
Southern Copper Corp.			4,016		146

Total Materials					419

TELECOMMUNICATION SERVICES—0.55%
Diversified Telecommunication—0.14%
France Telecom S.A.	EUR		1,463		15


	Shares		Fair Value
			(000’s)
Wireless Telecommunication Services—0.41%
NTT DOCOMO ^A		YEN 31	$	45

Total Telecommunication Services				60

UTILITIES—5.94%
Electric Utilities—4.46%
AES Corp.		1,561		17
Alliant Energy Corp.		208		9
Ameren Corp.		428		13
American Electric Power Co., Inc.		1,015		43
Dominion Resources, Inc.		1,133		58
DTE Energy Co.		336		20
Duke Energy Corp.		364		23
Edison International		586		27
Entergy Corp.		475		30
NextEra Energy, Inc.		1,524		105
Northeast Utilities		309		12
OGE Energy Corp.		214		12
PG&E Corp.		881		36
PPL Corp.		1,372		40
Public Service Enterprise Group, Inc.		1,444		43

				488

Gas Utilities—0.76%
AGL Resources, Inc.		293		11
Atmos Energy Corp.		207		7
MDU Resources Group, Inc.		370		8
Sempra Energy		630		43
TC Pipelines LP ^B		149		6
UGI Corp.		226		8

				83

Multi-Utilities—0.52%
SCANA Corp.		274		13
Wisconsin Energy Corp.		429		16
Xcel Energy, Inc.		1,028		28

				57

Oil & Gas—0.20%
GDF Suez		EUR 957		22

Total Utilities				650

Total Common Stock (Cost $9,955)				10,336

SHORT-TERM INVESTMENTS— 3.81% (Cost $417)
JPMorgan U.S. Government Money Market Fund,
Capital Class		417,441		417

TOTAL INVESTMENTS—98.20% (Cost $10,372)				10,753
OTHER ASSETS, NET OF LIABILITIES—1.80%				197

TOTAL NET ASSETS—100.00%			$	10,950

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Limited Partnership.

^C	Non-voting participating shares.

^D	Limited Liability Company.

^E	REIT—Real Estate Investment Trust.


Glossary:
Currency Abbreviations:

EUR		Euro
YEN		Japanese Yen


Futures Contracts Open on November 30, 2012 ($000’s):

Description	Type		Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index Future		Long		6		December, 2012	$	424	$	9

							$	424	$	9

American Beacon London Company Income Equity Fund

Schedule of Investments

November 30, 2012 (Unaudited)


	Shares		Fair Value
			(000’s)
PREFERRED STOCK—2.69%
FINANCIALS—2.69%
Diversified Financials—2.19%
Aegon N.V., 8.00%, Due 2/15/2042		8,302	$	230
Morgan Stanley Capital Trust VIII, 6.45%, Due 4/15/2067		9,160		230

				460

Insurance—0.50%
Montpelier Re Holdings Ltd., 8.875%, Due 12/31/2049		3,850		104

Total Financials				564

Total Preferred Stock (Cost $552)				564

COMMON STOCK—93.10%
CONSUMER DISCRETIONARY—5.79%
Leisure Equipment & Products—2.89%
Hasbro, Inc.		15,760		606

Specialty Retail—2.90%
Lowe’s Cos., Inc.		16,811		607

Total Consumer Discretionary				1,213

CONSUMER STAPLES—19.68%
Beverages—3.34%
Coca-Cola Co.		18,478		701

Food & Drug Retailing—3.19%
Wal-Mart Stores, Inc.		9,276		668

Food Products—2.62%
Hershey Co.		7,513		550

Tobacco—10.53%
Altria Group, Inc.		18,898	$	639
Lorillard, Inc.		5,177		627
Philip Morris International, Inc.		5,599		503
Reynolds American, Inc.		9,987		437

				2,206

Total Consumer Staples				4,125

ENERGY—5.00%
Chevron Corp.		5,764		609
ConocoPhillips		7,726		440

Total Energy				1,049

FINANCIALS—18.44%
Banks—3.83%
Wells Fargo & Co.		24,317		803

Diversified Financials—6.01%
BlackRock, Inc., Class A		3,100		611
Federated Investors, Inc., Class B		32,711		649

				1,260

Insurance—6.24%
Berkshire Hathaway, Inc., Class B ^A		7,091		625
Cincinnati Financial Corp.		16,828		681

				1,306


	Shares		Fair Value
			(000’s)
Real Estate—2.36%
Hatteras Financial Corp. ^B		18,557	$	495

Total Financials				3,864

HEALTH CARE—8.13%
Bristol-Myers Squibb Co.		20,854		680
Johnson & Johnson		4,034		281
Pfizer, Inc.		29,615		742

Total Health Care				1,703

INFORMATION TECHNOLOGY—12.32%
Communications Equipment—2.95%
Cisco Systems, Inc.		32,665		617

Computers & Peripherals—2.17%
International Business Machines Corp.		2,396		455

IT Consulting & Services—2.39%
Paychex, Inc.		15,391		501

Semiconductor Equipment & Products—2.10%
Intel Corp.		22,530		441

Software—2.71%
Microsoft Corp.		21,324		568

Total Information Technology				2,582

MATERIALS—10.71%
Chemicals—8.34%
Albemarle Corp.		14,420		862
NewMarket Corp.		3,341		887

				1,749

Paper & Forest Products—2.37%
MeadWestvaco Corp.		16,048		496

Total Materials				2,245

TELECOMMUNICATION SERVICES—3.57%
Verizon Communications, Inc.		16,980		749

UTILITIES—9.46%
Electric Utilities—6.32%
Dominion Resources, Inc.		15,817		809
Duke Energy Corp.		8,074		515

				1,324

Gas Utilities—3.14%
Kinder Morgan Management LLC ^A ^C		8,671		658

Total Utilities				1,982

Total Common Stock (Cost $19,296)				19,512

SHORT-TERM INVESTMENTS—3.05% (Cost $640)
JPMorgan U.S. Government Money
Market Fund, Capital Class		639,541		640


Shares	Fair Value
	(000’s)
TOTAL INVESTMENTS—98.84% (Cost $20,488)		20,716
OTHER ASSETS, NET OF LIABILITIES—1.16%		244

TOTAL NET ASSETS—100.00%	$	20,960

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	REIT—Real Estate Investment Trust.

^C	Limited Liability Company.


Futures Contracts Open on November 30, 2012 ($000’s):
Description	Type		Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index Future		Long		9		December, 2012	$	636	$	5

							$	636	$	5

American Beacon SiM High Yield Opportunities Fund

Schedule of Investments

November 30, 2012 (Unaudited)


			Shares		Fair Value
					(000’s)
COMMON STOCKS—1.42% (Cost $5,031)
FINANCIALS—1.42%
Real Estate—1.42%
Omega Healthcare Investors, Inc. ^A				229,000	$	5,248

CONVERTIBLE PREFERRED STOCKS—2.88% (Cost $10,958)
INDUSTRIALS—2.88%
Airlines—2.88%
Continental Airlines Finance Trust II, 6.00%, Due 11/15/2030				321,250		10,641


	Par Amount ^E
	(000’s)
CONVERTIBLE OBLIGATIONS—5.31%
Industrials—5.31%
Marine Harvest ASA, 4.50%, Due 2/23/2015		EUR	$	5,200		7,719
Pescanova S.A.,
5.125%, Due 4/20/2017		EUR		2,250		2,871
8.75%, Due 2/17/2019		EUR		4,500		6,241
Rexlot Holdings Ltd, 6.00%, Due 9/28/2016		HKD		20,000		2,793

Total Convertible Obligations (Cost $17,551)						19,624

CORPORATE OBLIGATIONS—81.32%
Financials—10.27%
Cirsa Funding Luxembourg S.A., 8.75%, Due 5/15/2018 ^B		EUR		7,300		9,066
Logo Merger Sub Corp., 8.375%, Due 10/15/2020 ^B				9,000		9,135

Nuveen Investments, Inc.,
9.125%, Due 10/15/2017 ^B				4,000		3,970
9.50%, Due 10/15/2020 ^B				5,000		5,050
Omega Healthcare Investors, Inc., 5.875%, Due 3/15/2024 ^A,B				3,000		3,218
Ono Finance II plc, 11.125%, Due 7/15/2019 ^B		EUR		6,500		7,524

						28,828

Industrials—66.89%
ADS Tactical, Inc., 11.00%, Due 4/1/2018 ^B				9,200		9,108
Alliance HealthCare Services, Inc., 8.00%, Due 12/1/2016				8,700		7,700
Calpine Corp., 7.875%, Due 1/15/2023 ^B				5,850		6,523
Ceridian Corp., 11.25%, Due 11/15/2015				5,500		5,363
CityCenter Holdings LLC., 10.75%, Due 1/15/2017 ^C				4,365		4,703
Ducommun, Inc., 9.75%, Due 7/15/2018				7,385		7,847
Eileme 2 AB, 11.75%, Due 1/31/2020 ^B		EUR		6,400		9,540
Forbes Energy Services Ltd., 9.00%, Due 6/15/2019				3,150		2,843
Goodman Networks, Inc., 12.375%, Due 7/1/2018 ^B				7,300		8,012
Griffey Intermediate Inc., 7.00%, Due 10/15/2020 ^B				8,600		8,729
HCA, Inc., 7.50%, Due 2/15/2022				8,700		9,896
Kindred Healthcare, Inc., 8.25%, Due 6/1/2019				8,800		8,536
Live Nation Entertainment, Inc., 7.00%, Due 9/1/2020 ^B				6,000		6,240
Merge Healthcare, Inc., 11.75%, Due 5/1/2015				3,900		4,154
MGM Resorts International, 7.75%, Due 3/15/2022				6,000		6,315
Moto Finance plc, 10.25%, Due 3/15/2017 ^B		GBP		4,350		6,795
Multiplan, Inc., 9.875%, Due 9/1/2018 ^B				3,600		3,987
NESCO LLC., 11.75%, Due 4/15/2017 ^B ^C				8,500		9,148
Nord Anglia Education UK Holdings plc, 10.25%, Due 4/1/2017 ^B				8,750		9,581
North Atlantic Trading Co.,
11.50%, Due 7/15/2016 ^B				1,000		1,030
11.00%, Due 1/15/2017 ^B				7,500		7,950


	Par Amount ^E				Fair Value
	(000’s)				(000’s)
Obrascon Huarte Lain S.A.,
8.75%, Due 3/15/2018		EUR	$	2,100	$	2,950
7.625%, Due 3/15/2020		EUR		4,500		5,926
OTE plc, 4.625%, Due 5/20/2016		EUR		8,150		8,824
Quality Distribution LLC, 9.875%, Due 11/1/2018 ^C				3,450		3,726
Sabre Holdings Corp., 8.35%, Due 3/15/2016				7,000		7,280
Saratoga Resources, Inc., 12.50%, Due 7/1/2016				6,515		6,515
Satmex Escrow SA de CV, 9.50%, Due 5/15/2017 ^B ^D				8,895		9,406
Simmons Foods, Inc., 10.50%, Due 11/1/2017 ^B				6,110		5,331
Syncreon Global Ireland Ltd., 9.50%, Due 5/1/2018 ^B				10,500		10,815
Tenet Healthcare Corp., 8.00%, Due 8/1/2020				7,730		8,290
Univision Communications, Inc., 6.75%, Due 9/15/2022 ^B				9,250		9,343
VWR Funding, Inc., 10.75%, Due 6/30/2017 ^B		EUR		6,387		8,472
Western Areas NL, 6.40%, Due 7/2/2015		AUD		8,000		8,338
Wynn Las Vegas LLC., 5.375%, Due 3/15/2022 ^B, ^C				7,500		7,950

						247,166

Utilities—4.16%
Energy Future Intermediate Holding Co. LLC, 10.00%, Due 12/1/2020 ^C				5,650		6,300
NRG Energy, Inc.,
8.25%, Due 9/1/2020				5,700		6,326
7.875%, Due 5/15/2021				2,000		2,210
6.625%, Due 3/15/2023 ^B				500		518

						15,354

Total Corporate Obligations (Cost $289,104)						300,483

FOREIGN GOVERNMENT OBLIGATIONS—2.83%
Soverign/Government—2.83%
Mexican Bonos,
7.25%, Due 12/15/2016		MXN		91,000		7,596
5.00%, Due 6/15/2017		MXN		37,000		2,847

Total Foreign Government Obligations (Cost $10,251)						10,443

U.S. AGENCY OBLIGATIONS—2.98%
Federal National Mortgage Association,
1.375%, Due 11/15/2016				1,000		1,032
1.25%, Due 1/30/2017				7,750		7,976
0.875%, Due 12/20/2017				2,000		2,012

Total U.S. Agency Obligations (Cost $10,860)						11,020

U.S. TREASURY OBLIGATIONS—0.34% (Cost $1,254)
U.S. Treasury Note, 0.875%, Due 2/28/2017				1,250		1,270


	Shares
SHORT-TERM INVESTMENTS—0.74% (Cost $2,752)
JPMorgan U.S. Government Money Market Fund, Capital Class		2,751,625		2,752

TOTAL INVESTMENTS—97.82% (Cost $347,761)				361,481
OTHER ASSETS, NET OF LIABILITIES—2.18%				8,029

TOTAL NET ASSETS—100.00%			$	369,510

Percentages are stated as a percent of net assets.

^A	REIT—Real Estate Investment Trust.

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 $155,867 or 42.18% of net assets. The Fund has no right to demand registration of these securities.

^C	Limited Liability Company.

^D	Non-income producing security.

^E	In U.S. dollars unless otherwise noted.

Futures Contracts Open on November 30, 2012 ($000’s):


Description	Type		Number of Contracts		Expiration Date	Contract Value			Unrealized Appreciation (Depreciation)
GBP Currency Future		Short		41	December, 2012	$	(4,106	)	$	10
Euro Currency Future		Short		433	December, 2012		(70,363	)		(620	)
AUD Currency Future		Short		83	December, 2012		(8,640	)		(43	)

						$	(83,109	)	$	(653	)

OTC swap agreements outstanding on November 30, 2012:

Credit Default Swaps on Corporate Issues–Sell Protection ⁽¹⁾ :


Index/Tranches	Counterparty	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at 11/30/2012 ⁽²⁾			Notional Amount ⁽³⁾		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Fair Value
Delta Airline	GLM		5.000	%		12/20/2016		6.6980	%	$	1,000,000	$	174	$	118	$	56
Delta Airline	GLM		5.000	%		3/20/2017		6.7542	%		1,000,000		101		41		60
Delta Airline	GLM		5.000	%		3/20/2017		6.7542	%		1,000,000		120		60		60
Delta Airline	JPM		5.000	%		6/20/2017		6.8061	%		2,000,000		214		86		128
Delta Airline	FBF		5.000	%		6/20/2017		6.8061	%		2,000,000		222		94		128
Delta Airline	GLM		5.000	%		6/20/2017		6.8061	%		1,000,000		124		60		64
Delta Airline	JPM		5.000	%		9/20/2017		6.8530	%		2,000,000		226		89		137
Delta Airline	FBF		5.000	%		12/20/2017		6.8955	%		2,000,000		153		8		145

												$	1,334	$	556	$	778

⁽¹⁾

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽³⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Glossary:


Counterpary Abbreviations:
GLM		Goldman Sachs Bank USA
JPM		JP Morgan Chase Bank, N.A.
FBF		Credit Suisse Bank


Currency Abbreviations:
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
MXN		Mexican Peso


Exchange Abbreviations:
OTC		Over-the-Counter

American Beacon Flexible Bond Fund

Schedule of Investments

November 30, 2012 (Unaudited)


	Par Amount ^H				Fair Value
	(000’s)				(000’s)
CORPORATE OBLIGATIONS—27.47%
Financials—19.67%
Alexandria Real Estate Equities, Inc., 4.60%, Due 4/1/2022 ^A			$	50	$	54
American International Group, Inc., 8.25%, Due 8/15/2018				235		306
Asian Development Bank,
2.75%, Due 5/21/2014				500		517
2.00%, Due 8/29/2017		NOK		400		70
Bank of America Corp.,
6.50%, Due 8/1/2016				285		331
5.75%, Due 12/1/2017				60		69
Bank of America NA, 5.30%, Due 3/15/2017				250		279
Barclays Bank PLC,
6.75%, Due 2/24/2014		AUD		300		323
5.20%, Due 7/10/2014				250		266
BNP Paribas S.A., 1.250%, Due 1/10/2014 ^B				250		251
Cie de Financement Foncier, 2.25%, Due 3/7/2014 ^C				200		203
Citigroup, Inc.,
6.375%, Due 8/12/2014				360		390
5.50%, Due 10/15/2014				50		54
6.125%, Due 5/15/2018				60		72
Danske Bank A/S,
1.390%, Due 4/14/2014 ^B ^C				200		198
3.875%, Due 4/14/2016 ^C				200		210
Derwent Cap Jersey LTD, 2.75%, Due 7/15/2016		GBP		100		178
Dexia Credit Local S.A., 2.75%, Due 4/29/2014				250		254
DNB Bank ASA, 3.20%, Due 4/3/2017 ^C				200		213
Eksportfinans ASA,
3.00%, Due 11/17/2014				50		50
2.375%, Due 5/25/2016				100		95
European Investment Bank,
1.625%, Due 3/15/2013				180		181
2.875%, Due 3/15/2013				290		292
1.25%, Due 9/17/2013				395		398
6.75%, Due 6/13/2017		RUB		3,766		125
6.00%, Due 12/7/2028		GBP		150		327
Export-Import Bank of Korea, 5.00%, Due 4/11/2022				200		235
Fifth Third Bancorp, 0.799%, Due 12/20/2016 ^B				435		422
General Electric Capital Corp., 1.048%, Due 6/2/2014 ^B				120		121
Goldman Sachs Group, Inc.,
0.719%, Due 7/22/2015 ^B				420		411
7.50%, Due 2/15/2019				132		166
5.25%, Due 7/27/2021				135		154
Hartford Financial Services Group, Inc., 6.625%, Due 4/15/2042				285		357
Henderson UK Finance plc, 7.25%, Due 3/24/2016		GBP		100		171
HSBC Bank USA, 10.00%, Due 1/5/2017		BRL		500		254
Icahn Enterprises LP., 8.00%, Due 1/15/2018 ^D				—		—
ING Bank N.V.,
1.645%, Due 10/18/2013 ^C ^E				180		181
1.808%, Due 6/9/2014 ^B ^C				565		567
Jones Lang LaSalle, Inc., 4.40%, Due 11/15/2022				30		31
JP Morgan Chase Bank, NA, 0.867%, Due 5/31/2017 ^E		EUR		400		501
JPMorgan Chase & Co.,
1.116%, Due 1/24/2014 ^B				120		121
4.40%, Due 7/22/2020				10		11
Kookmin Bank, 7.25%, Due 5/14/2014				100		108
Landwirtschaftliche Rentenbank,
0.33%, Due 2/12/2013 ^B ^C ^E				180		180
3.25%, Due 3/15/2013				215		217
Lloyds Banking Group PLC, 5.49%, Due 10/1/2014 ^E		AUD		100		106
Merrill Lynch & Co. Inc, 7.75%, Due 5/14/2038				100		131
Metinvest BV, 10.25%, Due 5/20/2015 ^C				100		102


	Par Amount ^H				Fair Value
	(000’s)				(000’s)
Morgan Stanley,
1.293%, Due 4/29/2013 ^B ^,E			$	56	$	56
2.81%, Due 5/14/2013 ^B ^,E				140		141
4.75%, Due 3/22/2017				130		141
7.60%, Due 8/8/2017		NZD		430		379
6.25%, Due 8/28/2017				145		163
National Australia Bank Ltd, 1.60%, Due 8/7/2015				250		254
Nordic Investment Bank, 2.125%, Due 8/9/2017		NOK		400		71
Santander US Debt SAU, 3.724%, Due 1/20/2015 ^C				200		201
Scotland International Finance No 2 BV, 4.25%, Due 5/23/2013 ^C				195		197
Societe Generale NA, Inc., 4.58%, Due 10/20/2014 ^E		AUD		250		261
Springleaf Finance Corp., 5.75%, Due 9/15/2016				100		90
Standard Bank Plc, 8.125%, Due 12/2/2019				100		112
Standard Chartered plc,
5.50%, Due 11/18/2014 ^C				100		108
3.85%, Due 4/27/2015 ^C				300		317
Swire Properties Mtn., 4.375%, Due 6/18/2022				200		219
Temasek Financial I Ltd., 3.375%, Due 7/23/2042				250		245
The Korea Development Bank, 3.00%, Due 9/14/2022				200		202
UBS AG, 5.875%, Due 12/20/2017				300		357
United Overseas Bank Ltd., 5.375%, Due 9/3/2019 ^C ^E				100		106
Virgin Media Finance plc, 4.875%, Due 2/15/2022				200		206

						14,079

Industrials—7.62%
African Export Import BA, 5.75%, Due 7/27/2016				347		376
American Axle & Manufacturing Holdings, Inc., 9.25%, Due 1/15/2017 ^C				44		49
ARAMARK Corp., 3.813%, Due 2/1/2015 ^B				50		50
ArcelorMittal, 4.25%, Due 8/5/2015				210		212
BAA SH PLC., 7.125%, Due 3/1/2017		GBP		70		121
BRF—Brasil Foods S.A., 5.875%, Due 6/6/2022 ^C				200		220
British Telecommunications plc, 1.504%, Due 12/20/2013 ^E				200		201
Carnival plc, 4.25%, Due 11/27/2013		EUR		125		167
Case New Holland, Inc., 7.75%, Due 9/1/2013				60		63
Chesapeake Energy Corp.,
7.625%, Due 7/15/2013				150		155
6.775%, Due 3/15/2019				21		21
China Resources Cement Holdings Ltd., 2.125%, Due 10/5/2017				200		199
Continental Airlines 2012-2 Class A Pass Thru Certificates, 4.00%, Due 4/29/2026				100		105
CSN Islands XII Corp., 7.00%, Due 12/31/2049 ^C				100		103
Digicel Ltd., 7.00%, Due 2/15/2020 ^C				400		422
DuPont Fabros Technology LP, 8.50%, Due 12/15/2017 ^D				45		49
Fidelity National Information Services, Inc., 5.00%, Due 3/15/2022				150		157
Ford Motor Credit Co. LLC, 5.00%, Due 5/15/2018 ^F				200		219
FTI Consulting, Inc., 6.00%, Due 11/15/2022 ^C				30		31
Gibraltar Industries, Inc., 8.00%, Due 12/1/2015				50		51
Heathrow Funding Ltd., 2.50%, Due 6/25/2017 ^C				200		207
Hewlett-Packard Co., 4.65%, Due 12/9/2021				140		135
Hospitality Properties Trust, 5.00%, Due 8/15/2022 ^A				40		43
Ineos Finance plc, 9.00%, Due 5/15/2015 ^C				145		155
Jaguar Land Rover plc, 8.125%, Due 5/15/2018		GBP		100		176
Marriott International, Inc.,
3.00%, Due 3/1/2019				75		78
3.25%, Due 9/15/2022				30		30
Network Rail Infrastructure Finance plc, 1.75%, Due 3/18/2013				205		206
Noble Group Ltd., 8.50%, Due 5/30/2013				100		103
Packaging Corp of America, 3.90%, Due 6/15/2022				25		26
Petronas Global Sukuk Ltd., 4.25%, Due 8/12/2014				—		0
Plains Exploration & Production Co., 6.50%, Due 11/15/2020				80		82
Prospect Medical Holdings, Inc., 8.375%, Due 5/1/2019 ^C				50		52
PTT Global Chemical PCL, 4.25%, Due 9/19/2022				200		206
Reynolds Group Issuer Inc,
7.125%, Due 4/15/2019				100		108
7.875%, Due 8/15/2019				100		110
Rock-Tenn Co.,
3.50%, Due 3/1/2020 ^C				20		21
4.00%, Due 3/1/2023 ^C				20		20


	Par Amount ^H				Fair Value
	(000’s)				(000’s)
SandRidge Energy, Inc., 7.50%, Due 3/15/2021			$	50	$	52
Sinopec Group Overseas Development 2012 Ltd., 3.90%, Due 5/17/2022				200		217
Sirius XM Radio, Inc., 5.25%, Due 8/15/2022 ^C				50		50
SP PowerAssets LTD, 2.70%, Due 9/14/2022				200		197
Sprint Nextel Corp., 7.00%, Due 8/15/2020				30		32
Tenet Healthcare Corp., 4.75%, Due 6/1/2020 ^C				20		20
Vale S.A., 5.625%, Due 9/11/2042				100		108
Wyndham Worldwide Corp., 4.25%, Due 3/1/2022				50		52

						5,457

Utilities—0.18%
Tokyo Electric Power Co. Inc, 4.50%, Due 3/24/2014		EUR		100		131

Total Corporate Obligations (Cost $18,894)						19,667

CONVERTIBLE OBLIGATIONS—1.50%
Communications—0.04%
priceline.com, Inc., 1.00%, Due 3/15/2018 ^C				29		32

Financials—0.15%
Billion Express Investment Ltd, 0.75%, Due 10/18/2015				100		106

Industrials—1.09%
ArcelorMittal, 5.00%, Due 5/15/2014				196		200
Glencore Finance Europe S.A., 5.00%, Due 12/31/2014				100		122
Lukoil International Finance BV, 2.625%, Due 6/16/2015				100		112
Microsoft Corp., 0.01%, Due 6/15/2013 ^C				100		101
Seadrill Ltd., 3.375%, Due 10/27/2017				100		135
Shire plc, 2.75%, Due 5/9/2014				100		110

						780

Sovereign/Government—0.22%
KFW, 1.50%, Due 7/30/2014		EUR		100		157

Total Convertible Obligations (Cost $1,039)						1,075

FOREIGN GOVERNMENT OBLIGATIONS—18.42%
Buoni del Tesoro Poliennali, 2.35%, Due 9/15/2035		EUR		236		251
Comunidad De Madrid,
4.305%, Due 3/6/2014		EUR		100		129
4.20%, Due 9/24/2014		EUR		200		251
France (Gov’t OF) Bond, 4.50%, Due 4/25/2041		EUR		80		132
Hungary Government Bond,
5.50%, Due 2/12/2016		HUF		170,000		770
7.50%, Due 11/12/2020		HUF		30,000		145
Instituto de Credito Oficial, 2.375%, Due 3/4/2013		USD		200		199
Italy Government International Bond, 3.125%, Due 1/26/2015		USD		200		203
KFW, 1.875%, Due 1/14/2013		USD		160		160
KommunalBanken AS, 1.375%, Due 6/8/2017		USD		200		204
Korea Treasury Bond,
3.00%, Due 12/10/2013		KRW		352,000		326
5.75%, Due 9/10/2018		KRW		574,000		608
Malaysia Government Bond,
3.702%, Due 2/25/2013		MYR		2,015		664
5.094%, Due 4/30/2014		MYR		575		194
Mexican Bonos,
7.00%, Due 6/19/2014		MXN		11,200		894
8.00%, Due 12/7/2023		MXN		2,500		232
8.50%, Due 5/31/2029				17,310		1,657
8.50%, Due 11/18/2038		MXN		4,350		416
Namibia International, 5.50%, Due 11/3/2021		USD		200		222
New Zealand Government Bond, 6.00%, Due 5/15/2021		NZD		350		343
Obrigacoes do Tesouro,
4.375%, Due 6/16/2014		EUR		100		131
3.85%, Due 4/15/2021		EUR		260		262
4.95%, Due 10/25/2023		EUR		205		214


	Par Amount ^H				Fair Value
	(000’s)				(000’s)
Poland Government Bond,
5.25%, Due 10/25/2020		PLN	$	3,045	$	1,061
5.75%, Due 9/23/2022		PLN		940		342
Republic of Ireland Treasury, 4.50%, Due 4/18/2020		EUR		255		334
Republic of Portugal, 3.50%, Due 3/25/2015 ^C		USD		200		188
South Africa Government Bond,
6.75%, Due 3/31/2021		ZAR		3,690		418
6.50%, Due 2/28/2041		ZAR		3,560		319
Turkey Government Bond, 9.00%, Due 3/5/2014		TRY		1,505		874
UK Treasury Bond, 1.75%, Due 9/7/2022		GBP		80		128
United Kingdom Gilt, 4.50%, Due 3/7/2013		GBP		475		769
Uruguay Government International Bond, 4.375%, Due 12/15/2028		UYU		2,429		147

Total Foreign Government Obligations (Cost $12,610)						13,187

ASSET-BACKED SECURITIES—0.76%
Avenue CLO Fund Ltd., 0.66%, Due 2/15/2017, 2004 1A A1L ^B ^C				99		99
Carrington Mortgage Loan Trust, 0.308%, Due 5/25/2036, 2006 RFC1 A2 ^B				30		30
KGS Alpha SBA, 0.766%, Due 8/25/2038, COOF 8/37 1 ^I				5,000		212
Landmark CDO Ltd., 0.890%, Due 1/15/2016, 2003 3A A1L ^B ^C				13		13
Oakwood Mortgage Investors, Inc., 6.61%, Due 2/15/2021, 2001 C A3				340		183
Residential Asset Securities Corp., 0.788%, Due 7/25/2033, 2003 KS5 AIIB ^B				10		8

Total Asset-Backed Securities (Cost $518)						545

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS—5.57%
Adjustable Rate Mortgage Trust, 3.107%, Due 9/25/2035, 2005 5 2A1				95		87
American Home Mortgage Investment Trust,
2.533%, Due 10/25/2034, 2004 3 5A ^B				96		96
2.027%, Due 9/25/2045, 2005 2 4A1 ^B				11		10
Banc of America Alternative Loan Trust, 0.608%, Due 5/25/2035, 2005 4 CB6 ^B				101		73
Banc of America Mortgage Securities, Inc., 3.627%, Due 7/20/2032, 2002 G1A3 ^B				25		26
Bear Stearns Adjustable Rate Mortgage Trust,
2.831%, Due 11/25/2030, 2000 2 A1				63		65
2.764%, Due 8/25/2033, 2003 5 2A1 ^B				140		142
3.005%, Due 8/25/2033, 2003 5 1A1 ^B				58		58
3.109%, Due 4/25/2034, 2004 1 22A1 ^B				56		55
3.477%, Due 11/25/2034, 2004 9 22A1 ^B				35		35
2.47%, Due 10/25/2035, 2005 9 A1 ^B				79		75
Bear Stearns Alt-A Trust,
2.993%, Due 9/25/2034, 2004 9 2A1 ^B				208		179
2.961%, Due 11/25/2036, 2006 6 32A1				137		87
Chase Mortgage Finance Corp.,
2.936%, Due 2/25/2037, 2007 A1 7A1				66		66
3.031%, Due 2/25/2037, 2007 A1 1A5				66		66
Citigroup Mortgage Loan Trust, Inc.,
2.689%, Due 8/25/2035, 2005 3 2A2A				67		67
1.99%, Due 9/25/2035, 2005 6 A3 ^B				68		68
Countrywide Alternative Loan Trust,
0.658%, Due 8/25/2033, 2003 15T2 A2 ^B				19		19
5.50%, Due 10/25/2033, 2003 20CB 1A4				165		167
6.00%, Due 10/25/2033, 2003 J2 A1				35		36
0.488%, Due 2/25/2037, 2005 81 A1 ^B				22		14
0.418%, Due 7/20/2046, 2006 OA9 2A1A ^B				18		9
0.398%, Due 9/25/2046, 2006 OA11 A1B ^B				23		15
Countrywide Home Loan Mortgage Pass Through Trust,
2.990%, Due 6/25/2033, 2003 27 A1 ^B				67		68
0.968%, Due 9/25/2034, 2004 16 1A4A ^B				63		55
0.498%, Due 4/25/2035, 2005 3 2A1 ^B				282		200
0.438%, Due 5/25/2035, 2005 9 1A3 ^B				179		137
Credit Suisse First Boston Mortgage Securities Corp., 2.876%, Due 9/25/2034, 2004 AR8 2A1				59		60
Fastnet Securities plc, 0.666%, Due 3/10/2050, 4 A1 ^B		EUR		142		184
First Horizon Asset Securities, Inc., 2.536%, Due 2/25/2034, 2004 AR1 2A1 ^B				85		85


	Par Amount ^H			Fair Value
	(000’s)			(000’s)
GSR Mortgage Loan Trust,
6.00%, Due 3/25/2032, 2003 2F 3A1		$	5	$	5
2.559%, Due 6/25/2034, 2004 7 3A1			60		59
5.133%, Due 11/25/2035, 2005 AR7 6A1 ^B			68		67
LB-UBS Commercial Mortgage Trust, 0.452%, Due 9/15/2045, 2007 C7 XW			1,560		22
Morgan Stanley ABS Capital I, 0.258%, Due 7/25/2036, 2006 A2FP ^B			90		33
Nomura Asset Acceptance Corp., 7.50%, Due 3/25/2034, 2004 R1 A2 ^C			142		153
Residential Asset Securitization Trust, 2.850%, Due 12/25/2034, 2004 IP2 4A			117		117
Structured Adjustable Rate Mortgage Loan Trust,
2.805%, Due 5/25/2034, 2004 5 3A2			88		88
2.786%, Due 7/25/2034, 2004 8 3A ^B			85		83
Structured Asset Mortgage Investments, Inc., 0.438%, Due 5/25/2045, 2005 AR2 2A1 ^B			125		89
Structured Asset Securities Corp., 5.50%, Due 5/25/2035, 2005 6 2A14			152		150
Vanderbilt Mortgage Finance, 8.525%, Due 3/7/2025, 2000 B IA4			38		39
WaMu Mortgage Pass Through Certificates,
2.473%, Due 3/25/2035, 2005 AR3 A1			63		60
1.872%, Due 12/19/2039, 2001 AR5 1A			126		126
0.438%, Due 4/25/2045, 2005 AR6 2A1A ^B			183		171
0.528%, Due 7/25/2045, 2005 AR9 A1A ^B			112		105
0.478%, Due 12/25/2045, 2005 AR17 A1A1 ^B			183		167
Washington Mutual MSC Mortgage Pass-Through Certificates, 2.343%, Due 2/25/2033, 2003 AR1 2A ^B			4		4
Wells Fargo Mortgage Backed Securities Trust, 2.685%, Due 3/25/2035, 2005 AR3 2A1 ^B			144		146

Total Non-Agency Mortgage-Backed Obligations (Cost $3,416)					3,988

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS—0.03% (Cost $23)
Fannie Mae Grantor Trust, 6.00%, Due 2/25/2044, 2004 T3 CL 1A1			21		23

U.S. TREASURY OBLIGATIONS—29.14%
U.S. Treasury Bonds—8.87%
2.00%, Due 11/15/2021			700		734
3.875%, Due 4/15/2029 ^G			718		1,204
4.375%, Due 5/15/2041			325		434
2.375%, Due 1/15/2025 ^G			1,755		2,391
2.375%, Due 1/15/2027 ^G			184		256
1.75%, Due 1/15/2028 ^G			663		868
2.50%, Due 1/15/2029 ^G			323		467

					6,354

U.S. Treasury Notes—20.27%
1.375%, Due 2/15/2013			800		802
3.125%, Due 4/30/2013			1,000		1,012
1.375%, Due 5/15/2013			350		352
0.375%, Due 6/30/2013			100		100
0.375%, Due 7/31/2013			500		501
0.75%, Due 8/15/2013			600		602
0.75%, Due 9/15/2013			1,100		1,105
0.125%, Due 9/30/2013			200		200
0.50%, Due 10/15/2013			1,700		1,704
0.25%, Due 10/31/2013			300		300
2.00%, Due 11/30/2013			1,000		1,018
1.875%, Due 4/30/2014			1,000		1,023
2.00%, Due 7/15/2014 ^G			368		388
0.25%, Due 8/31/2014			1,000		1,000
1.625%, Due 1/15/2015 ^G			121		129
1.00%, Due 8/31/2019			1,400		1,402
2.00%, Due 1/15/2026 ^G			117		154
1.75%, Due 5/15/2022			100		102
1.625%, Due 8/15/2022			2,600		2,614

					14,508

Total U.S. Treasury Obligations (Cost $20,624)					20,862

SHORT-TERM INVESTMENTS—14.04%
Other Investment Companies—8.93%


	Shares		Fair Value
			(000’s)
JPMorgan U.S. Government Money Market Fund, Capital Class		6,394,733	$	6,395


	Par Amount
	(000’s)
Certificates Of Deposit—0.70%
Banco do Brasil S.A., 0.01%, Due 3/26/2013	$	250		250
Itau Unibanco Holding SA, 0.01%, Due 3/26/2013		250		249

				499

U.S. Treasury Bills—4.41%
0.09%, Due 12/13/2012		2,185		2,185
0.01%, Due 11/14/2013		515		514
0.176%, Due 7/25/2013		460		460

				3,159

Total Short-Term Investments (Cost 10,050)				10,053

TOTAL INVESTMENTS—96.93% (Cost $67,263)				69,400
PURCHASED OPTIONS—0.04% (Cost $88)				26
WRITTEN OPTIONS—(0.12%)				(89	)
OTHER ASSETS, NET OF LIABILITIES—3.15%				2,266

TOTAL NET ASSETS—100.00%			$	71,603

Percentages are stated as a percent of net assets.

^A	REIT—Real Estate Investment Trust.

^B	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $4,531 or 6.33% of net assets. The Fund has no right to demand registration of these securities.

^D	Limited Partnership.

^E	Variable rate.

^F	Limited Liability Company.

^G	Inflation-Indexed Note.

^H	In U.S. dollars unless otherwise noted.

^I	Valued at Fair Value pursuant to procedures approved by Board of Trustees.

Futures Contracts Open on November 30, 2012


Description	Type		Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
3-Month Canadian Bankers Acceptance December Futures		Long		21		December, 2012	$	5,216,996	$	(5,805	)
3-Month Canadian Bankers Acceptance March Futures		Short		21		March, 2013		5,218,582		7,013
3-Month Canadian Bankers Acceptance March Futures		Long		6		March, 2014		1,489,664		2,466
3-Month Canadian Bankers Acceptance June Futures		Short		6		June, 2014		1,488,909		(2,492	)
3-Month Sterling Interest Rate December Futures		Long		5		December, 2013		995,367		(481	)
3-Month Sterling Interest Rate March Futures		Short		22		March, 2014		6,609		(1,872	)
3-Month Sterling Interest Rate March Futures		Short		5		March, 2014		995,066		501
3-Month Sterling Interest Rate March Futures		Short		15		March, 2015		2,979,191		3,645
90 Day Eurodollar March Futures		Long		10		March, 2013		2,492,000		6,875
90 Day Eurodollar September Futures		Short		10		September, 2013		2,491,250		(6,675	)
90 Day Eurodollar December Futures		Short		21		December, 2015		5,208,000		(5,037	)
Euro OAT December Futures		Short		32		December, 2012		5,703,911		(92,690	)
Euro OAT December Futures		Short		7		December, 2012		1,247,731		(27,234	)


German Euro Bond December Futures	Short	22	December, 2012	$	4,085,679	$	(33,555	)
German Euro Bond December Futures	Short	1	December, 2012		185,713		(819	)
German Euro Bond December Futures	Short	52	December, 2012		7,492,861		(7,158	)
OMX Riksbank (RIBA) December Futures	Long	52	December, 2013		65,104		1,414
UK Long GILT March Futures	Short	1	March, 2013		191,223		(1,121	)
U.S. Treasury Bond ULTRA LNG March Futures	Short	2	March, 2013		331,875		2,219
U.S. Treasury 5 Year Note March Futures	Short	4	March, 2013		498,875		(1,219	)
U.S. Treasury 10 Year Note March Futures	Short	25	March, 2013		3,341,016		(10,547	)
U.S. Treasury 30 Year Note March Futures	Short	6	March, 2013		900,375		(94	)

				$	52,625,997	$	(172,666	)

Centrally cleared swap agreements outstanding on November 30, 2012:

Interest Rate Swaps


Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Curr		Notional Amount ⁽⁴⁾		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Fair Value
Receive		6-Month JPY-LIBOR		0.500	%		1/15/2016		JPY	$	490,000,000	$	(14,412	)	$	(17,582	)	$	(31,994	)
Receive		3-Month USD-LIBOR		1.500	%		6/20/2017		USD		3,200,000		(22,133	)		(99,087	)		(121,220	)
Receive		3-Month USD-LIBOR		1.000	%		6/20/2022		USD		6,200,000		90,817			56,986			147,803
Receive		3-Month USD-LIBOR		1.750	%		12/19/2022		USD		5,100,000		70,813			(111,230	)		(40,417	)
Receive		6-Month AUD-BBSW		1.000	%		3/15/2023		AUD		1,400,000		(24,539	)		45,240			20,701
Receive		6-Month AUD-BBSW		3.750	%		3/15/2023		AUD		200,000		(591	)		(841	)		(1,432	)
Receive		6-Month JPY-LIBOR		2.500	%		6/15/2032		JPY		180,000,000		(26,909	)		24,864			(2,045	)
Receive		3-Month USD-LIBOR		1.000	%		12/19/2042		USD		3,200,000		33,894			16,668			50,562

												$	106,940		$	(84,982	)	$	21,958

OTC Swap Agreements Outstanding on November 30, 2012:

Interest Rate Swaps


Pay/ Receive Floating Rate	Floating Rate Index	Counterparty		Fixed Rate			Maturity Date		Curr		Notional Amount ⁽⁴⁾		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Fair Value
Receive	6-Month AUD-BBSW		CBK		4.750	%		6/15/2022		AUD		1,500,000	$	(8,926	)	$	136,348	$	127,422
Receive	6-Month AUD-BBSW		DUB		4.750	%		6/15/2022		AUD		600,000		(3,414	)		54,382		50,968
Receive	1-Month USD-LIBOR		GLM		0.783	%		7/10/2016		USD		2,200,000		430			5,724		6,154
Receive	1-Year BRL-CDI		GLM		9.930	%		1/2/2015		BRL		800,000		2,865			13,915		16,780
Pay	1-Year BRL-CDI		MYC		10.605	%		1/2/2012		BRL		4,300,000		29,554			88,012		117,566
Pay	1-Year BRL-CDI		BRC		10.115	%		1/2/2015		BRL		3,100,000		—			70,713		70,713

													$	20,509		$	369,094	$	389,603

Credit Default Swaps on Corporate and Sovereign Issues - Buy Protection ⁽¹⁾


Index/Obligation	Counterparty	Fixed Rate			Maturity Date		Implied Credit Spread at 11/30/2012 ⁽³⁾			Notional Amount ⁽⁴⁾		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Fair Value
Credit Agricole SA	GLM		-1.000	%		12/20/2016		1.353	%	$	50,000	$	4,065	$	(3,170	)	$	895
Credit Agricole SA	DUB		-1.000	%		12/20/2016		1.353	%		150,000		13,371		(10,685	)		2,686
Credit Agricole SA	CBK		-1.000	%		06/20/2017		1.527	%		100,000		15,219		(12,333	)		2,886
DDR Corporation	BOA		-1.000	%		09/20/2017		1.719	%		400,000		2,441		(528	)		1,913
KIMCO Realty
Corporation	BOA		-5.000	%		09/20/2017		1.152	%		200,000		461		(256	)		205
Chesapeake Energy
Corporation	BOA		-5.000	%		06/20/2014		2.715	%		120,000		1,330		(5,517	)		(4,187	)

												$	36,887	$	(32,489	)	$	(4,398	)

Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection ⁽²⁾


Index/Obligation	Counterparty	Fixed Rate			Maturity Date		Implied Credit Spread at 11/30/2012 ⁽³⁾			Notional Amount ⁽⁴⁾		Upfront Premiums (Received)			Unrealized Appreciation (Depreciation)		Fair Value
Republic of Italy	FBF		-1.000	%		06/20/2017		2.299	%	$	200,000	$	(24,630	)	$	13,559	$	(11,071	)
NRG Energy, Inc.	CBK		-5.000	%		06/20/2017		3.649	%		40,000		(2,224	)		4,477		2,253
Citibank N.A, NY	FBF		-1.000	%		09/20/2014		0.581	%		100,000		(1,062	)		1,819		757

												$	(27,916	)	$	19,855	$	(8,061	)

Credit Default Swaps on Credit Indices - Buy Protection ⁽ ¹⁾


Index/Obligation	Counterparty	Fixed Pay Rate			Maturity Date		Curr		Notional Amount ⁽⁴⁾		Premiums Paid		Unrealized Appreciation (Depreciation)			Fair Value ⁽⁵⁾
iTraxx Europe 16
Index	MYC		(5.000	)%		12/20/2017		EUR	$	280,000	$	9,994	$	(10,549	)	$	(555	)
iTraxx Europe 16
Index	BRC		(5.000	)%		12/20/2017		EUR		800,000		10,082		(11,667	)		(1,585	)
iTraxx Europe 16
Index	FBF		(5.000	)%		6/20/2017		GBP		800,000		8,414		(37,725	)		(29,311	)

											$	28,490	$	(59,941	)	$	(31,451	)

⁽¹⁾

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾

⁽³⁾

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁴⁾	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽⁵⁾

The quoted market prices and resulting values for credit default swaps on asset-backed securities and credit indices serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/ sold as of the period end. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Purchased options outstanding on November 30, 2012:

Interest Rate Swaptions


Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date	Notional Amount		Fair Value		Premium Paid		Unrealized Appreciation (Depreciation)
Put-OTC 25-Year IRS	GLM	3-Month USD-LIBOR	Pay		3.750	%	1/14/2013	$	300,000	$	171	$	11,267	$	11,096

										$	171	$	11,267	$	11,096

Options on Exchange-Traded Future Contracts


Description	Exercise Price		Expiration Date		# of Contracts		Fair Value		Cost		Unrealized Appreciation (Depreciation)
Put - U.S. Treasury Notes – 10 Year Future	$	390.63		2/22/2013		16	$	6,250	$	15,000	$	(8,750	)
Put - U.S. Treasury Notes – 10 Year Future		250.00		2/22/2013		16		4,000		5,000		(1,000	)
Put - CME 90-Day Eurodollar September Future		22.50		9/16/2013		40		2,250		12,250		(10,000	)
Put - CME 90-Day Eurodollar September Future		37.50		12/16/2013		98		9,188		28,125		(18,937	)
Put - CME 90-Day Eurodollar September Future		107.50		12/15/2014		15	$	4,031	$	16,313		(12,282	)

							$	25,719	$	76,688	$	(50,969	)

Written options outstanding on November 30, 2012:

Interest Rate Swaptions


Description	Counterparty		Floating Rate Index		Exercise Rate			Expiration Date		Notional Amount		Fair Value			Premium			Unrealized Appreciation/ (Depreciation)
Put - OTC 5-Year IRS		GLM		3-Month USD-LIBOR		3.750	%		1/14/2013	$	1,100,000	$	(65	)	$	(13,640	)	$	13,575

												$	(65	)	$	(13,640	)	$	13,575

Options on Exchange-Traded Future Contracts


Description	Exercise Price		Expiration Date		# of Contracts		Fair Value			Cost			Unrealized Appreciation/ (Depreciation)
Put - U.S. Treasury Notes - 10 Year Future	$	31.25		12/21/2012		16	$	(500	)	$	(6,500	)	$	6,000
Put - U.S. Treasury Notes - 10 Year Future		156.25		2/22/2013		32		(5,000	)		(10,250	)		5,250
Put - CME 90-Day Eurodollar September Future		17.50		9/16/2013		40		(1,750	)		(9,750	)		8,000
Put - CME 90-Day Eurodollar December Future		30.00		12/16/2013		98		(7,350	)		(23,825	)		16,475
Put - CME 90-Day Eurodollar September Future		115.00		9/15/2014		29		(8,337	)		(9,225	)		888
Call - CME 90-Day Eurodollar December Future		132.50		12/15/2014		30		(9,938	)		(3,375	)		(6,563	)
Put - CME 90-Day Eurodollar December Future		70.00		12/15/2014		15		(2,625	)		(12,375	)		9,750

							$	(35,500	)	$	(75,300	)	$	39,800

Forward Currency Contracts Open at November 30, 2012:


Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy		AUD		430,000		1/15/2013		JPM	$	6,685	$	—		$	6,685
Buy		AUD		104,500		2/20/2013		JPM		79		—			79
Buy		AUD		104,500		2/20/2013		JPM		1,253		—			1,253
Buy		AUD		155,500		2/14/2013		UAG		3,204		—			3,204
Sell		AUD		801,000		1/10/2013		BOA		—		(5,532	)		(5,532	)
Sell		AUD		22,000		1/10/2013		DUB		20		—			20
Sell		AUD		170,000		1/15/2013		GST		—		(214	)		(214	)
Sell		AUD		1,987,000		2/11/2013		HUS		—		(53,085	)		(53,085	)
Sell		AUD		163,000		2/20/2013		JPM		2,289		—			2,289
Sell		AUD		293,000		2/20/2013		JPM		2,330		—			2,330
Sell		AUD		45,150		1/15/2013		JPM		—		(34	)		(34	)
Sell		AUD		214,850		1/15/2013		JPM		740		—			740
Sell		AUD		548,500		2/5/2013		JPM		—		(6,340	)		(6,340	)
Sell		AUD		103,000		2/5/2013		JPM		354		—			354
Sell		AUD		151,000		2/20/2013		JPM		—		(402	)		(402	)
Sell		AUD		209,000		2/20/2013		JPM		—		(557	)		(557	)
Sell		AUD		155,500		2/14/2013		UAG		—		(4,313	)		(4,313	)
Buy		BRL		581,457		2/4/2013		BCC		—		(13,441	)		(13,441	)
Buy		BRL		581,457		12/4/2012		BCC		—		(13,992	)		(13,992	)
Buy		BRL		2,033,000		12/5/2012		HUS		—		(25,652	)		(25,652	)
Buy		BRL		2,033,000		3/5/2013		HUS		—		(13,380	)		(13,380	)
Sell		BRL		581,457		12/4/2012		BCC		13,416		—			13,416
Sell		BRL		2,033,000		12/5/2012		HUS		13,047		—			13,047
Buy		CAD		159,296		2/20/2013		JPM		998		—			998
Buy		CAD		42,000		2/4/2013		JPM		—		(231	)		(231	)
Buy		CAD		66,500		2/4/2013		JPM		420		—			420
Buy		CAD		208,680		1/15/2013		JPM		—		(109	)		(109	)
Buy		CAD		239,977		2/20/2013		JPM		2,180		—			2,180
Sell		CAD		436,000		12/20/2012		DUB		8,152		—			8,152
Sell		CAD		42,000		2/4/2013		JPM		27		—			27


Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell		CAD		206,176		1/15/2013		JPM	$	2,627	$	—		$	2,627
Sell		CHF		2,040,000		1/18/2013		CBK		—		(14,709	)		(14,709	)
Sell		CHF		347,000		1/18/2013		JPM		—		(5,188	)		(5,188	)
Buy		CLP		219,610,000		2/12/2013		HUS		—		(1,899	)		(1,899	)
Buy		CLP		106,090,000		5/15/2013		HUS		2,078		—			2,078
Buy		CNY		262,752		2/1/2013		BCC		—		(36	)		(36	)
Buy		CNY		611,503		2/1/2013		BCC		1,854		—			1,854
Buy		CNY		843,500		4/7/2016		CBK		—		(12,562	)		(12,562	)
Buy		CNY		2,661,279		2/1/2013		DUB		5,698		—			5,698
Buy		CNY		182,323		2/1/2013		GST		119		—			119
Buy		CZK		1,071,200		2/20/2013		JPM		1,587		—			1,587
Buy		CZK		1,068,803		2/20/2013		UAG		1,722		—			1,722
Sell		CZK		664,591		2/20/2013		UAG		—		(1,005	)		(1,005	)
Buy		EUR		31,000		2/20/2013		JPM		945		—			945
Buy		EUR		136,500		1/15/2013		JPM		2,269		—			2,269
Buy		EUR		46,000		2/4/2013		JPM		3,095		—			3,095
Buy		EUR		72,000		2/4/2013		JPM		5,160		—			5,160
Buy		EUR		37,000		2/4/2013		JPM		402		—			402
Buy		EUR		63,000		2/20/2013		JPM		235		—			235
Buy		EUR		42,000		2/20/2013		JPM		356		—			356
Buy		EUR		103,000		12/5/2012		JPM		175		—			175
Buy		EUR		84,000		1/15/2013		JPM		1,003		—			1,003
Buy		EUR		26,000		2/20/2013		UAG		582		—			582
Buy		EUR		52,500		2/20/2013		UAG		196		—			196
Sell		EUR		1,294,000		1/15/2013		BOA		—		(1,155	)		(1,155	)
Sell		EUR		483,000		2/5/2013		CBK		—		(1,755	)		(1,755	)
Sell		EUR		30,000		1/15/2013		DUB		—		(222	)		(222	)
Sell		EUR		101,000		2/14/2013		GFX		—		(2,171	)		(2,171	)
Sell		EUR		306,000		1/15/2013		GLM		—		(2,116	)		(2,116	)
Sell		EUR		3,937,000		2/5/2013		HUS		—		(56,630	)		(56,630	)
Sell		EUR		46,000		2/5/2013		HUS		—		(957	)		(957	)
Sell		EUR		246,000		2/5/2013		HUS		—		(4,363	)		(4,363	)
Sell		EUR		69,000		2/5/2013		HUS		—		(21	)		(21	)
Sell		EUR		72,838		2/20/2013		JPM		—		(1,065	)		(1,065	)
Sell		EUR		39,000		2/4/2013		JPM		—		(1,120	)		(1,120	)
Sell		EUR		105,000		2/20/2013		JPM		—		(276	)		(276	)
Sell		EUR		7,000		2/4/2013		JPM		—		(76	)		(76	)
Sell		EUR		136,500		1/15/2013		JPM		28		—			28
Sell		EUR		37,000		2/4/2013		JPM		—		(102	)		(102	)
Sell		EUR		42,000		2/20/2013		JPM		—		(1,026	)		(1,026	)
Sell		EUR		103,000		3/1/2013		JPM		—		(175	)		(175	)
Sell		EUR		140,000		12/18/2012		JPM		—		(2,580	)		(2,580	)
Sell		EUR		84,000		1/15/2013		JPM		876		—			876
Sell		EUR		103,000		12/5/2012		JPM		—		(2,527	)		(2,527	)
Sell		EUR		116,000		2/8/2013		JPM		—		(2,797	)		(2,797	)
Sell		EUR		42,000		2/20/2013		UAG		—		(1,284	)		(1,284	)
Sell		EUR		52,500		2/20/2013		UAG		—		(145	)		(145	)
Sell		EUR		150,000		2/5/2013		UAG		—		(1,456	)		(1,456	)
Sell		EUR		134,000		2/14/2013		UAG		—		(1,209	)		(1,209	)
Buy		GBP		577,000		12/13/2012		HUS		3,193		—			3,193
Buy		GBP		27,000		2/4/2013		JPM		852		—			852
Buy		GBP		42,500		2/4/2013		JPM		1,831		—			1,831
Buy		GBP		80,000		12/5/2012		JPM		—		(30	)		(30	)
Buy		GBP		66,495		12/18/2012		JPM		476		—			476
Sell		GBP		431,000		12/12/2012		FBF		—		(5,632	)		(5,632	)
Sell		GBP		110,000		12/13/2012		HUS		1,480		—			1,480
Sell		GBP		27,000		2/4/2013		JPM		350		—			350
Sell		GBP		80,000		3/1/2013		JPM		27		—			27
Sell		GBP		108,000		12/18/2012		JPM		126		—			126
Sell		GBP		63,500		12/18/2012		JPM		74		—			74
Sell		GBP		3,000		12/18/2012		JPM		12		—			12
Sell		GBP		80,000		12/5/2012		JPM		—		(413	)		(413	)
Sell		GBP		112,000		2/8/2013		JPM		—		(560	)		(560	)
Sell		GBP		210,500		2/14/2013		UAG		967		—			967
Sell		GBP		106,500		2/14/2013		UAG		489		—			489


Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy		HKD		3,877,473		3/28/2013		UAG	$	394	$	—		$	394
Buy		IDR		1,231,458,000		1/30/2013		BCC		3,113		—			3,113
Sell		IDR		1,235,075,000		1/30/2013		BCC		—		(877	)		(877	)
Buy		INR		23,000,000		3/21/2013		HUS		—		(769	)		(769	)
Buy		INR		23,000,000		3/21/2013		HUS		—		(243	)		(243	)
Buy		JPY		4,277,572		2/20/2013		GST		—		(70	)		(70	)
Buy		JPY		11,200,350		2/20/2013		JPM		—		(416	)		(416	)
Sell		JPY		37,123,000		12/10/2012		BRC		23,437		—			23,437
Sell		JPY		429,000,000		3/8/2013		CBK		141,578		—			141,578
Sell		JPY		6,772,720		2/20/2013		JPM		—		(457	)		(457	)
Sell		JPY		4,442,844		2/20/2013		JPM		374		—			374
Sell		JPY		4,123,558		2/20/2013		JPM		1,940		—			1,940
Buy		KRW		58,276,500		1/14/2013		GST		160		—			160
Sell		KRW		58,276,500		1/14/2013		GST		—		(376	)		(376	)
Sell		KRW		69,873,300		1/28/2013		JPM		—		(1,359	)		(1,359	)
Sell		KRW		140,414,400		12/17/2012		JPM		—		(3,591	)		(3,591	)
Sell		KRW		70,377,300		12/17/2012		UAG		—		(1,952	)		(1,952	)
Buy		MXN		42,688		12/3/2012		DUB		—		(25	)		(25	)
Buy		MXN		1,581,250		2/20/2013		JPM		1,871		—			1,871
Buy		MXN		1,586,666		2/20/2013		JPM		1,878		—			1,878
Buy		MXN		4,051,955		2/20/2013		JPM		4,795		—			4,795
Buy		MXN		549,181		1/28/2013		JPM		247		—			247
Buy		MXN		545,927		12/17/2012		JPM		160		—			160
Buy		MXN		1,049,271		12/17/2012		JPM		32		—			32
Buy		MXN		1,468,873		2/20/2013		JPM		2,757		—			2,757
Buy		MXN		1,695,881		2/20/2013		JPM		3,183		—			3,183
Sell		MXN		42,688		12/3/2012		BOA		—		(142	)		(142	)
Sell		MXN		42,688		4/3/2013		DUB		23		—			23
Sell		MXN		3,132,500		2/14/2013		UAG		—		(146	)		(146	)
Buy		MYR		3,299,604		1/25/2013		CBK		6,352		—			6,352
Buy		MYR		140,442		2/4/2013		JPM		1,497		—			1,497
Buy		MYR		89,618		2/4/2013		UAG		851		—			851
Sell		MYR		89,618		2/4/2013		JPM		—		(112	)		(112	)
Buy		NOK		255,500		2/4/2013		JPM		1,819		—			1,819
Buy		NOK		399,500		2/4/2013		JPM		3,999		—			3,999
Buy		NOK		400,000		12/5/2012		JPM		181		—			181
Buy		NOK		465,000		12/5/2012		JPM		1,908		—			1,908
Sell		NOK		255,500		2/4/2013		JPM		—		(321	)		(321	)
Sell		NOK		400,000		2/14/2013		JPM		—		(182	)		(182	)
Sell		NOK		400,000		12/5/2012		JPM		—		(1,641	)		(1,641	)
Sell		NOK		400,000		2/14/2013		JPM		—		(1,315	)		(1,315	)
Sell		NOK		465,000		12/5/2012		JPM		—		(2,861	)		(2,861	)
Buy		NZD		216,366		1/15/2013		GST		520		—			520
Buy		NZD		57,492		1/15/2013		JPM		138		—			138
Buy		NZD		274,299		1/15/2013		JPM		343		—			343
Sell		NZD		1,498,000		12/14/2012		CBK		—		(3,926	)		(3,926	)
Sell		NZD		642,000		12/14/2012		HUS		—		(4,321	)		(4,321	)
Sell		NZD		146,000		2/20/2013		JPM		668		—			668
Sell		NZD		195,000		2/20/2013		JPM		—		(180	)		(180	)
Sell		NZD		539,768		1/15/2013		JPM		—		(1,309	)		(1,309	)
Sell		NZD		261,000		2/20/2013		JPM		2,596		—			2,596
Sell		NZD		154,000		2/20/2013		JPM		—		(491	)		(491	)
Sell		PLN		131,145		2/20/2013		JPM		—		(1,876	)		(1,876	)
Buy		RON		335,000		2/20/2013		JPM		1,611		—			1,611
Buy		RUB		13,400,000		1/14/2013		JPM		5,389		—			5,389
Sell		RUB		3,768,868		1/23/2013		JPM		—		(3,569	)		(3,569	)
Buy		SEK		2,585,000		2/14/2013		FBF		6,027		—			6,027
Buy		SEK		336,373		2/4/2013		JPM		838		—			838
Buy		SEK		60,445		2/4/2013		JPM		36		—			36
Buy		SEK		282,702		2/4/2013		JPM		167		—			167
Buy		SEK		298,950		2/4/2013		JPM		176		—			176
Buy		SEK		290,928		2/4/2013		JPM		51		—			51
Buy		SEK		320,602		2/4/2013		JPM		57		—			57
Buy		SEK		189,937		2/4/2013		JPM		119		—			119
Buy		SEK		349,126		1/15/2013		JPM		—		(588	)		(588	)


Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy		SEK		618,690		1/15/2013		JPM	$	—	$	(1,320	)	$	(1,320	)
Buy		SEK		191,426		2/4/2013		JPM		223		—			223
Buy		SEK		285,479		2/4/2013		JPM		335		—			335
Buy		SEK		455,348		2/20/2013		UAG		108		—			108
Sell		SEK		805,000		2/20/2013		JPM		—		(1,227	)		(1,227	)
Sell		SEK		284,648		2/4/2013		JPM		—		(311	)		(311	)
Sell		SEK		185,332		2/4/2013		JPM		513		—			513
Sell		SEK		381,913		2/4/2013		JPM		—		(537	)		(537	)
Sell		SEK		287,757		2/4/2013		JPM		6		—			6
Sell		SEK		284,499		2/4/2013		JPM		—		(232	)		(232	)
Sell		SEK		300,000		2/4/2013		JPM		57		—			57
Sell		SEK		452,368		2/4/2013		JPM		—		(1,626	)		(1,626	)
Sell		SEK		450,768		2/4/2013		JPM		—		(1,200	)		(1,200	)
Sell		SEK		604,809		2/4/2013		JPM		—		(2,212	)		(2,212	)
Sell		SEK		449,178		2/4/2013		JPM		—		(1,033	)		(1,033	)
Sell		SEK		320,498		2/4/2013		JPM		—		(341	)		(341	)
Sell		SEK		302,977		2/4/2013		JPM		—		(961	)		(961	)
Sell		SEK		191,300		2/4/2013		JPM		—		(204	)		(204	)
Sell		SEK		285,236		2/4/2013		JPM		—		(299	)		(299	)
Sell		SEK		863,357		2/20/2013		JPM		—		(2,492	)		(2,492	)
Sell		SEK		1,586,156		1/15/2013		JPM		—		(2,620	)		(2,620	)
Sell		SEK		453,075		2/4/2013		JPM		—		(1,483	)		(1,483	)
Sell		SEK		455,621		2/20/2013		UAG		—		(200	)		(200	)
Buy		SGD		213,373		1/25/2013		BRC		—		(394	)		(394	)
Buy		TRY		322,659		1/15/2013		JPM		1,998		—			1,998
Buy		TRY		51,000		2/4/2013		JPM		5		—			5
Sell		TRY		317,458		1/15/2013		JPM		—		(1,400	)		(1,400	)
Sell		TRY		51,000		2/4/2013		JPM		55		—			55
Buy		TWD		5,055,490		1/25/2013		DUB		—		(458	)		(458	)
Buy		ZAR		1,502,885		2/20/2013		JPM		—		(4,226	)		(4,226	)
Buy		ZAR		372,576		2/4/2013		JPM		—		(3,543	)		(3,543	)
Buy		ZAR		1,892,440		2/20/2013		JPM		—		(5,321	)		(5,321	)
Buy		ZAR		837,468		2/20/2013		JPM		—		(864	)		(864	)
Sell		ZAR		853,931		2/20/2013		JPM		—		(967	)		(967	)

									$	320,663	$	(333,130	)	$	(12,467	)


Glossary:

Counterparty Abbreviations:

BCC	Barclays Capital	DUB	Deusche Bank AG	GST	Goldman Sachs International
BRC	Barclays Bank PLC	FBF	Credit Suisse International	HUS	HSBC Bank USA
BOA	Bank of America, N.A.	GFX	Credit Suisse London Branch	JPM	JP Morgan Chase Bank, N.A.
CBK	Citibank, N.A.	GLM	Goldman Sachs Bank	MYC	Morgan Stanley Capital Securities, Inc.
				UAG	UBS AG

Currency Abbreviations:

AUD	Australian Dollar	IDR	Indonesian Rupiah	PHP	Philippine Peso
BRL	Brazilian Real	INR	Indian Rupee	RON	New Romanian Leu
CAD	Canadian Dollar	JPY	Japanese Yen	RUB	Russian Ruble
CHF	Swiss Franc	KRW	South Korean Won	SEK	Swedish Krona
CLP	Chilean Peco	MXN	Mexico Peso	SGD	Singapore Dollar
CNY	Chinese Renminbi	MYR	Malaysian Ringgit	TRY	Turkish New Lira
EUR	Euro	NOK	Norwegian Krone	TWD	Taiwanese Dollar
GBP	British Pound	NZD	New Zealand Dollar	USD	United States Dollar
HKD	Hong Kong Dollar	PLN	Polish Zloty	UYU	Uruguayan Peso
HUF	Hungarian Forint			ZAR	South African Rand


Index Abbreviations:

iTraxx		Markit iTraxx Europe

Exchange Abbreviations:

CME		Chicago Mercantile Exchange
OTC		Over-the-Counter

Other Abbreviations:

BBSW		Australian Financial Markets Associations Bank-Bill Reference Rate
LIBOR		London Interbank Offer Rate
CDI		Brazil Interbank Deposit Rate
EURIBOR		Euro Interbank Offer Rate
IRS		Interest Rate Swap

AMERICAN BEACON FUNDS

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Security Valuation and Fair Value Measurements

Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally 4 p.m. ET, each day that the Exchange is open for business. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade.

Debt securities (other than short-term securities) normally are valued on the basis of prices provided by an independent pricing service and may take into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. The prices of debt securities may be determined using quotes obtained from brokers.

Investments in mutual funds are valued at the closing net asset value (“NAV”) per share of the mutual fund on the day of valuation. Investment grade short-term obligations with 60 days or less to maturity are valued using the amortized cost method, which approximates fair value.

Securities for which the market prices are not readily available or are not reflective of the fair value of the security, as determined by the Manager, will be priced at a fair value following procedures approved by the Trust’s Board of Trustees (the “Board”).

Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

Other investments, including restricted securities and those financial instruments for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee, established by the Fund’s Board.

For valuation purposes, the last quoted price of non U.S. equity securities may be adjusted under the circumstances described below. If the Fund determines that developments between the close of a foreign market and the close of the NYSE will, in its judgment, materially affect the value of some or all of its portfolio securities, the Fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Fund 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. A Fund may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Adjustments to closing prices to reflect fair value on affected foreign securities may be provided by an independent pricing service.

Valuation Inputs

Various inputs may be used to determine the 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 2 securities are fixed-income securities that are valued using observable inputs as stated above.

Level 3—Prices determined using significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

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

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 are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities 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 asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. 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. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter (“OTC”) financial derivative instruments, such as foreign currency contracts, options contracts, or swaps agreements, 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 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.

The Funds’ investments are summarized by level based on the inputs used to determine their values. U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) also requires all transfers between levels to be disclosed. The end of period timing recognition has been adopted for transfers between levels of the Funds’ assets and liabilities. During the period ended November 30, 2012, there were no transfers between levels. As of November 30, 2012, the investments were classified as described below (in thousands):


Zebra Small Cap Equity Fund	Level 1		Level 2		Level 3		Total
Common Stock	$	5,923	$	—	$	—	$	5,923
Short-Term Investments		331		—		—		331

Total Investments in Securities	$	6,254	$	—	$	—	$	6,254

Futures Contracts	$	8	$	—	$	—	$	8


Zebra Large Cap Equity Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	10,336		$	—	$	—	$	10,336
Short-Term Investments		417			—		—		417

Total Investments in Securities	$	10,753		$	—	$	—	$	10,753

Futures Contracts	$	9		$	—	$	—	$	9

London Company Income Equity Fund	Level 1			Level 2		Level 3		Total
Preferred Stock	$	564		$	—	$	—	$	564
Common Stock		19,512			—		—		19,512
Short-Term Investments		640			—		—		640

Total Investments in Securities	$	20,716		$	—	$	—	$	20,716

Futures Contracts	$	5		$	—	$	—	$	5

SiM High Yield Opportunities Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	5,248		$	—	$	—	$	5,248
Preferred Stock		—			10,641		—		10,641
Convertible Obligations		—			19,624		—		19,624
Corporate Obligations		—			300,483		—		300,483
Sovereign Obligations		—			10,443		—		10,443
U.S. Agency Obligations		—			11,020		—		11,020
U.S. Treasury Obligations		—			1,270		—		1,270
Short-Term Investments		2,752			—		—		2,752

Total Investments in Securities	$	8,000		$	353,481	$	—	$	361,481


Financial derivative instruments-assets*	Level 1			Level 2		Level 3		Total
Credit Contracts	$	—		$	556	$	—	$	556
Futures Contracts		10			—		—		10

	$	10		$	556	$	—	$	566


Financial derivative instruments-liabilities*	Level 1			Level 2		Level 3		Total
Futures Contracts	$	(663	)	$	—	$	—	$	(663	)

*	Financial derivative instruments may include open futures contracts, swap agreements, written swaptions, and foreign currency contracts.


Flexible Bond Fund	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	19,667	$	—	$	19,667
Convertible Obligations		—		1,075		—		1,075
Foreign Government Obligations		874		12,313		—		13,187
Asset-Backed Securities		—		545		—		545
Non-Agency Mortgage-Backed Obligations		—		3,988		—		3,988
U.S. Agency Mortgage-Backed Obligations		—		23		—		23
U.S. Treasury Obligations		—		20,862		—		20,862
Short-Term Investments
Other Investment Companies		6,395		—		—		6,395
Certificates of Deposit		499		—		—		499
U.S. Treasury Bills		—		3,159		—		3,159

Total Investments in Securities	$	7,768	$	61,632	$	—	$	69,400


Financial derivative instruments-assets*	Level 1		Level 2		Level 3		Total
Futures Contracts	$	24	$	—	$	—	$	24
Purchase Options Outstanding		26		—				26
Swap Agreements		—		619		—		619
Forward Currency Contracts		321		—		—		321

	$	371	$	619	$	—	$	990


Financial derivative instruments-liabilities*	Level 1			Level 2			Level 3		Total
Futures Contracts	$	(197	)	$	—		$	—	$	(197	)
Written Options Outstanding		—			(89	)		—		(89	)
Swap Agreements		—			(242	)		—		(242	)
Forward Currency Contracts		(333	)		—			—		(333	)

	$	(530	)	$	(331	)	$	—	$	(861	)

*	Financial derivative instruments may include open futures contracts, swap agreements, written swaptions, and foreign currency contracts.

Currency Translation

All assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the mean of the bid and ask prices of such currencies against U.S. dollars as last quoted by a recognized dealer.

Futures Contracts

Futures contracts are contracts to buy or sell a standard quantity of securities at a specified price on a future date. The Funds may enter into financial futures contracts as a method for keeping assets readily convertible to cash if needed to meet shareholder redemptions or for other needs while maintaining exposure to the stock or bond market, as applicable. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Upon entering into a futures contract, the Funds are required to set aside or deposit with a broker an amount, termed the initial margin, which typically represents a portion of the face value of the futures contract. A Fund usually reflects this amount on the Schedule of Investments as a U.S. Treasury Bill held as collateral or as cash deposited with broker on the Statements of Assets and Liabilities. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement values are accounted for as unrealized appreciation or (depreciation) until the contracts are terminated, at which time realized gains and losses are recognized. Futures contracts are valued at the most recent settlement price established each day by the exchange on which they are traded.

Cost of Investments for Federal Income Tax Purposes

As of November 30, 2012, the cost of investments for federal income tax purposes was as follows:


	Cost of Investments for Federal Income Tax Purposes		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
Zebra Small Cap Equity	$	6,076	$	537	$	(361	)	$	178
Zebra Large Cap Equity		10,401		736		(384	)		352
The London Company Income
Equity		20,507		545		(336	)		209
SiM High Yield Opportunities		347,740		14,946		(1,205	)		13,741
Flexible Bond		66,984		4,187		(1,771	)		2,416

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon an evaluation within 90 days of the filing date of this report, the principal executive and financial officers concluded that the disclosure controls and procedures of the Trust are effective.

(b) There were no changes in the Trust’s internal control over financial reporting during the Trust’s last fiscal quarter that materially affected, or were reasonably likely to materially affect, the Trust’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal financial officer of the Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN BEACON FUNDS


By:		/s/ Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: January 29, 2013


By:		/s/ Melinda G. Heika
		Melinda G. Heika
		Treasurer

Date: January 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: January 29, 2013


By:		/s/ Melinda G. Heika
		Melinda G. Heika
		Treasurer

Date: January 29, 2013

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