AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

220 East Las Colinas Blvd, Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

AMERICAN BEACON FUNDS

220 East Las Colinas Blvd, Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2015

Date of reporting period: July 31, 2015

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.

American Beacon Balanced Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCK - 57.08%
CONSUMER DISCRETIONARY - 7.69%
Auto Components - 1.09%
Goodyear Tire & Rubber Co.		97,100	$	2,926
Johnson Controls, Inc.		198,100		9,025
				11,951
Automobiles - 3.18%
Ford Motor Co.		355,300		5,269
General Motors Co.		398,379		12,553
Harley-Davidson, Inc.		29,100		1,697
Honda Motor Co., Ltd., Sponsored ADRA		101,100		3,433
Toyota Motor Corp., Sponsored ADRA		89,600		11,958
				34,910
Hotels, Restaurants & Leisure - 0.11%
Carnival Corp.		23,200		1,236
Household Durables - 0.30%
Koninklijke Philips Electronics N.V.		39,451		1,097
Stanley Black & Decker, Inc.		15,500		1,635
Tupperware Brands Corp.		9,300		544
				3,276
Media - 1.27%
Comcast Corp., Special, Class A		76,400		4,762
Discovery Communications, Inc.B		65,600		2,166
Interpublic Group of Cos., Inc.		98,400		2,096
Omnicom Group, Inc.		13,800		1,009
Tribune Media Co., Class A		78,600		3,969
				14,002
Multiline Retail - 1.37%
Michael Kors Holdings Ltd.B		152,100		6,387
Nordstrom, Inc.		21,800		1,664
Target Corp.		85,500		6,997
				15,048
Specialty Retail - 0.37%
Bed Bath & Beyond, Inc.B		46,100		3,008
Lowe’s Cos., Inc.		15,000		1,040
				4,048
Total Consumer Discretionary				84,471
CONSUMER STAPLES - 2.42%
Beverages - 0.13%
Diageo PLC, Sponsored ADRA C		13,080		1,469
Food & Drug Retailing - 0.65%
Sysco Corp.		30,400		1,104
Wal-Mart Stores, Inc.		83,600		6,017
				7,121
Food Products - 0.24%
Bunge Ltd.		13,100		1,046
Kellogg Co.		24,500		1,621
				2,667

	Shares		Fair Value
			(000’s)
Tobacco - 1.40%
Altria Group, Inc.		66,100	$	3,595
Imperial Tobacco Group PLC, ADRA C		47,000		4,924
Philip Morris International, Inc.		79,900		6,834
				15,353
Total Consumer Staples				26,610
ENERGY - 6.65%
Energy Equipment & Services - 1.14%
Cobalt International Energy, Inc.B		536,800		4,139
Halliburton Co.		139,600		5,834
Schlumberger Ltd.		30,300		2,509
				12,482
Oil & Gas - 5.51%
Apache Corp.		44,600		2,045
BP PLC, Sponsored ADRA C		239,834		8,868
Canadian Natural Resources Ltd.		192,300		4,688
Cimarex Energy Co.		31,200		3,249
ConocoPhillips		64,090		3,226
Continental Resources, Inc.B		88,500		2,957
Devon Energy Corp.		39,300		1,942
Hess Corp.		59,200		3,493
Kosmos Energy Ltd.B		165,300		1,190
Marathon Oil Corp.		272,000		5,715
Marathon Petroleum Corp.		69,400		3,794
Murphy Oil Corp.		78,000		2,558
Occidental Petroleum Corp.		89,000		6,248
Phillips 66		68,295		5,429
Royal Dutch Shell PLC, Class A, ADRA C		72,781		4,183
Seadrill Ltd.		110,000		980
				60,565
Total Energy				73,047
FINANCIALS - 15.54%
Banks - 1.47%
Bank of New York Mellon Corp.		26,200		1,137
Citizens Financial Group		118,600		3,092
PNC Financial Services Group, Inc.		92,325		9,065
SunTrust Banks, Inc.		63,200		2,802
				16,096
Diversified Financials - 10.56%
American Express Co.		52,800		4,016
Bank of America Corp.		1,364,180		24,391
Blackstone Group, LPD		84,600		3,321
Capital One Financial Corp.		95,500		7,764
Citigroup, Inc.		409,770		23,954
Goldman Sachs Group, Inc.		10,600		2,174
JPMorgan Chase & Co.		295,634		20,259
KKR & Co., LPD		249,000		5,951
Morgan Stanley		30,100		1,169
Nomura Holdings, Inc.		389,300		2,803
Santander Consumer USA Holdings, Inc.		169,100		4,089
SLM Corp.		196,400		1,793
State Street Corp.		20,700		1,585
Wells Fargo & Co.		219,398		12,697
				115,966

	Shares		Fair Value
			(000’s)
Insurance - 3.21%
Allstate Corp.		22,800	$	1,572
American International Group, Inc.		154,600		9,913
Berkshire Hathaway, Inc., Class BB		40,673		5,806
Chubb Corp.		33,500		4,165
MetLife, Inc.		185,700		10,351
Unum Group		90,100		3,229
XL Group PLCC		6,500		247
				35,283
Real Estate - 0.30%
Hatteras Financial Corp.E		123,800		2,013
Two Harbors Investment Corp.E		121,400		1,241
				3,254
Total Financials				170,599
HEALTH CARE - 7.55%
Biotechnology - 0.23%
Keryx Biopharmaceuticals, Inc.B		150,000		1,197
PTC Therapeutics, Inc.B		25,800		1,321
				2,518
Health Care Equipment & Supplies - 1.26%
Medtronic PLCC		149,928		11,753
Zimmer Biomet Holdings, Inc.		20,400		2,123
				13,876
Health Care Providers & Services - 1.20%
Anthem, Inc.		54,100		8,346
Express Scripts Holding Co.B		32,200		2,900
Humana, Inc.		10,400		1,894
				13,140
Pharmaceuticals - 4.86%
AbbVie, Inc.		54,500		3,816
Endo International PLCB C		22,600		1,978
GlaxoSmithKline PLC, Sponsored ADRA C		127,400		5,534
Horizon Pharma PLCB C		71,300		2,627
Jazz Pharmaceuticals PLCB C		7,400		1,423
Johnson & Johnson		48,400		4,850
Merck & Co., Inc.		145,400		8,573
Mylan N.V.B		43,400		2,430
3Pfizer, Inc.		278,054		10,027
Sanofi, ADRA		206,000		11,122
ZS Pharma, Inc.B		17,600		1,051
				53,431
Total Health Care				82,965
INDUSTRIALS - 5.26%
Aerospace & Defense - 1.71%
Boeing Co.		18,200		2,624
General Dynamics Corp.		35,600		5,309
Raytheon Co.		44,700		4,876
Rockwell Collins, Inc.		22,900		1,938
United Technologies Corp.		39,900		4,002
				18,749

	Shares		Fair Value
			(000’s)
Commercial Services & Supplies - 0.11%
Covanta Holding Corp.		61,400	$	1,212
Construction & Engineering - 0.52%
AECOM Technology Corp.B		79,200		2,442
Chicago Bridge & Iron Co., N.V.		60,800		3,231
				5,673
Diversified Manufacturing - 0.20%
Eaton Corp., PLCC		36,800		2,229
Electrical Equipment - 0.18%
Emerson Electric Co.		38,200		1,977
Industrial Conglomerates - 0.38%
Honeywell International, Inc.		40,200		4,223
Machinery - 2.16%
Caterpillar, Inc.		24,800		1,950
CNH Industrial N.V.		333,700		2,993
Cummins, Inc.		33,000		4,274
Oshkosh Corp.		60,800		2,222
PACCAR, Inc.		31,600		2,049
Parker Hannifin Corp.		23,200		2,616
Reliance Steel & Aluminum Co.		67,600		4,097
Terex Corp.		74,288		1,646
Xylem, Inc.		53,700		1,854
				23,701
Total Industrials				57,764
INFORMATION TECHNOLOGY - 6.36%
Communications Equipment - 1.46%
ARRIS Group, Inc.B		75,820		2,344
Cisco Systems, Inc.		271,100		7,705
Corning, Inc.		320,200		5,981
				16,030
Computers & Peripherals - 0.58%
Hewlett-Packard Co.		107,200		3,272
International Business Machines Corp.		12,500		2,025
Teradata Corp.B		28,600		1,061
				6,358
Semiconductor Equipment & Products - 1.84%
Applied Materials, Inc.		136,700		2,373
Intel Corp.		63,800		1,847
Lam Research Corp.		35,500		2,729
Micron Technology, Inc.B		352,700		6,528
Qualcomm, Inc.		86,800		5,589
Texas Instruments, Inc.		22,400		1,120
				20,186
Software - 2.48%
Check Point Software Technologies Ltd.B		26,200		2,116
Microsoft Corp.		250,000		11,675
Navient Corp.		96,400		1,513
Oracle Corp.		301,100		12,027
				27,331
Total Information Technology				69,905

	Shares		Fair Value
			(000’s)
MATERIALS - 1.10%
Chemicals - 0.57%
Air Products & Chemicals, Inc.		800	$	114
Dow Chemical Co.		47,500		2,235
Eastman Chemical Co.		51,000		3,999
				6,348
Containers & Packaging - 0.11%
Packaging Corp of America		17,200		1,218
Metals & Mining - 0.19%
Rio Tinto PLC, Sponsored ADRA C		53,500		2,066
Paper & Forest Products - 0.23%
Louisiana-Pacific Corp.B		167,800		2,473
Total Materials				12,105
TELECOMMUNICATION SERVICES - 2.75%
Diversified Telecommunication Services - 1.64%
AT&T, Inc.		115,077		3,998
Telefonaktiebolaget LM Ericsson, Sponsored ADRA		311,100		3,338
Verizon Communications, Inc.		226,408		10,593
				17,929
Wireless Telecommunication Services - 1.11%
China Mobile Ltd., Sponsored ADRA		100,800		6,552
Vodafone Group PLC, Sponsored ADRA C		150,445		5,684
				12,236
Total Telecommunication Services				30,165
UTILITIES - 1.76%
Electric - 1.76%
Calpine Corp.B		255,200		4,671
CenterPoint Energy, Inc.		148,400		2,870
Entergy Corp.		49,400		3,508
NRG Energy, Inc.		96,500		2,166
PPL Corp.		51,800		1,648
Public Service Enterprise Group, Inc.		51,500		2,146
Southern Co.		52,200		2,335
Total Utilities				19,344
Total Common Stock (Cost $522,442)				626,975
PREFERRED STOCK - 0.44%
FINANCIALS - 0.32%
Insurance - 0.17%
Allstate Corp., 1.00%, Due 1/15/2053		68,300		1,775
Real Estate - 0.15%
Public Storage, Inc., 5.75%, Due 12/31/2049		68,900		1,700
Total Financials				3,475

	Shares		Fair Value
			(000’s)
SERVICE - 0.12%
Cable/Broadcasting/Satellite - 0.12%
Comcast Corp., 5.00%, Due 12/15/2061		52,500	$	1,356
Total Preferred Stock (Cost $4,943)				4,831
	Par Amount
	(000’s)
CORPORATE OBLIGATIONS 10.86%
MANUFACTURING - 2.06%
ABB Finance USA, Inc., 2.875%, Due 5/8/2022	$	175		173
Altera Corp., 2.50%, Due 11/15/2018		75		76
American Honda Finance Corp., 3.875%, Due 9/21/2020F		250		268
Apple, Inc., 2.40%, Due 5/3/2023		740		707
BAE Systems Holdings, Inc., 3.80%, Due 10/7/2024F		650		655
BHP Billiton Finance USA Ltd., 1.625%, Due 2/24/2017		285		287
Caterpillar Financial Services Corp., 1.625%, Due 6/1/2017		480		485
Cummins, Inc., 3.65%, Due 10/1/2023		215		225
Daimler Finance North America LLC,
2.25%, Due 9/3/2019F G		350		348
2.45%, Due 5/18/2020F G		650		645
Delphi Corp., 4.15%, Due 3/15/2024		410		424
Dow Chemical Co.,
4.25%, Due 11/15/2020		370		394
4.125%, Due 11/15/2021		300		315
3.50%, Due 10/1/2024		400		391
Eaton Corp., PLC,
5.60%, Due 5/15/2018C		205		225
2.75%, Due 11/2/2022C		200		194
Eaton Electric Holdings LLC, 3.875%, Due 12/15/2020G		385		406
EMC Corp., 1.875%, Due 6/1/2018		560		561
Ford Motor Credit Co. LLC,
0.912%, Due 3/27/2017G H		800		797
1.186%, Due 6/15/2018H		980		980
Ford Motor Credit Co., LLC,
4.25%, Due 2/3/2017G		300		311
5.875%, Due 8/2/2021G		400		451
General Electric Co., 5.25%, Due 12/6/2017		285		310
Hewlett-Packard Co.,
2.20%, Due 12/1/2015		325		326
4.05%, Due 9/15/2022		300		306
Ingersoll-Rand Luxembourg Finance S.A., 2.625%, Due 5/1/2020		300		300

	Par Amount		Fair Value
	(000’s)		(000’s)
Intel Corp., 3.30%, Due 10/1/2021	$	315	$	326
John Deere Capital Corp.,
1.05%, Due 10/11/2016		380		381
1.30%, Due 3/12/2018		465		463
Johnson Controls, Inc., 5.00%, Due 3/30/2020		320		350
Koninklijke Philips Electronics N.V., 5.75%, Due 3/11/2018		270		294
LYB International Finance BV, 4.00%, Due 7/15/2023		400		407
Microsoft Corp., 3.75%, Due 2/12/2045		490		448
Monsanto Co.,
1.15%, Due 6/30/2017		645		640
4.40%, Due 7/15/2044		385		343
Nissan Motor Acceptance Corp., 2.35%, Due 3/4/2019F		600		607
Northrop Grumman Corp.,
5.05%, Due 8/1/2019		150		166
3.85%, Due 4/15/2045		525		463
Nucor Corp.,
4.125%, Due 9/15/2022		205		212
4.00%, Due 8/1/2023		210		212
Oracle Corp.,
2.25%, Due 10/8/2019		425		428
3.25%, Due 5/15/2030		1,300		1,205
4.30%, Due 7/8/2034		425		426
PACCAR Financial Corp.,
1.15%, Due 8/16/2016		290		291
2.20%, Due 9/15/2019		245		247
Pentair Finance S.A., 3.15%, Due 9/15/2022		265		258
Qualcomm, Inc., 3.00%, Due 5/20/2022		260		253
Rio Tinto Finance USA Ltd., 3.75%, Due 6/15/2025		520		508
Toyota Motor Credit Corp., 2.125%, Due 7/18/2019		1,095		1,099
United Technologies Corp.,
1.80%, Due 6/1/2017		535		542
6.125%, Due 7/15/2038		450		554
Volkswagen Group of America Finance LLC, 2.45%, Due 11/20/2019F G		650		652
Xerox Corp., 2.95%, Due 3/15/2017		150		153
Xilinx, Inc., 2.125%, Due 3/15/2019		180		180
				22,668
FINANCE - 4.77%
ABN AMRO Bank N.V., 1.80%, Due 6/4/2018F		600		600
AEGON Funding Co., LLC, 5.75%, Due 12/15/2020G		350		397

	Par Amount		Fair Value
	(000’s)		(000’s)
Aetna, Inc., 4.75%, Due 3/15/2044	$	295	$	295
American Express Co., 4.05%, Due 12/3/2042		390		366
American Express Credit Corp.,
2.375%, Due 3/24/2017		470		478
2.125%, Due 3/18/2019		485		487
American International Group, Inc.,
4.875%, Due 6/1/2022		600		663
4.50%, Due 7/16/2044		280		269
Bank of America Corp.,
7.80%, Due 9/15/2016		700		749
2.60%, Due 1/15/2019		975		987
4.125%, Due 1/22/2024		400		414
6.11%, Due 1/29/2037		365		418
5.00%, Due 1/21/2044		645		679
Bank of New York Mellon Corp.,
1.30%, Due 1/25/2018		640		640
2.20%, Due 3/4/2019		480		483
Barclays Bank PLC,
0.821%, Due 12/9/2016C H		895		895
3.75%, Due 5/15/2024C		1,200		1,215
Bear Stearns Cos. LLC, 7.25%, Due 2/1/2018G		945		1,067
BNP Paribas S.A., 3.60%, Due 2/23/2016		320		325
Branch Banking & Trust Co., 1.45%, Due 10/3/2016		540		543
Capital One Financial Corp., 2.45%, Due 4/24/2019		360		360
Citigroup, Inc.,
0.822%, Due 3/10/2017H		310		309
0.985%, Due 4/27/2018H		875		872
8.50%, Due 5/22/2019		1,300		1,585
4.40%, Due 6/10/2025		1,295		1,305
5.875%, Due 1/30/2042		300		352
CNA Financial Corp., 7.35%, Due 11/15/2019		385		455
Deutsche Bank AG/London, 0.887%, Due 2/13/2017H		1,545		1,542
ERP Operating LP, 3.00%, Due 4/15/2023I		205		200
Fifth Third Bancorp, 0.701%, Due 12/20/2016H		1,000		995
General Electric Capital Corp.,
5.625%, Due 5/1/2018		375		414
6.00%, Due 8/7/2019		350		402
5.50%, Due 1/8/2020		250		284
5.30%, Due 2/11/2021		205		232
3.10%, Due 1/9/2023		805		809
5.875%, Due 1/14/2038		240		294
Goldman Sachs Group, Inc.,
5.35%, Due 1/15/2016		325		332
6.25%, Due 9/1/2017		650		710

	Par Amount		Fair Value
	(000’s)		(000’s)
5.95%, Due 1/18/2018	$	590	$	648
1.374%, Due 11/15/2018H		3,410		3,430
6.00%, Due 6/15/2020		175		201
5.75%, Due 1/24/2022		800		916
3.50%, Due 1/23/2025		245		240
Health Care REIT, Inc.,
4.125%, Due 4/1/2019E		240		254
5.25%, Due 1/15/2022E		285		312
Humana, Inc., 3.15%, Due 12/1/2022		480		468
ING Bank N.V., 3.75%, Due 3/7/2017F		400		415
JPMorgan Chase & Co.,
0.616%, Due 6/13/2016H		415		414
3.625%, Due 5/13/2024		1,200		1,205
3.875%, Due 9/10/2024		430		425
5.50%, Due 10/15/2040		650		736
KeyCorp, 5.10%, Due 3/24/2021		255		283
Liberty Mutual Group, Inc., 4.25%, Due 6/15/2023F		310		320
Liberty Mutual Insurance Co., 7.875%, Due 10/15/2026F		1,500		1,822
Macquarie Bank Ltd., 0.925%, Due 10/27/2017F H		820		819
Macquarie Group Ltd., 1.297%, Due 1/31/2017F H		1,060		1,065
MetLife, Inc.,
6.375%, Due 6/15/2034		350		437
4.721%, Due 12/15/2044		400		416
Morgan Stanley,
1.575%, Due 4/25/2018H		3,405		3,452
7.30%, Due 5/13/2019		750		882
5.625%, Due 9/23/2019		350		392
2.65%, Due 1/27/2020		735		738
4.35%, Due 9/8/2026		435		434
Nordea Bank AB, 4.875%, Due 1/27/2020F		250		278
PNC Funding Corp., 3.30%, Due 3/8/2022		425		436
Prudential Financial, Inc.,
7.375%, Due 6/15/2019		300		356
4.60%, Due 5/15/2044		650		640
Simon Property Group LP,
2.20%, Due 2/1/2019I		635		642
3.375%, Due 10/1/2024I		650		651
SunTrust Banks, Inc., 3.50%, Due 1/20/2017		420		432
Toronto Dominion Bank, 2.625%, Due 9/10/2018		585		600
UBS AG, 5.875%, Due 12/20/2017		611		670
UnitedHealth Group, Inc.,
1.625%, Due 3/15/2019		330		325
3.95%, Due 10/15/2042		215		197

	Par Amount		Fair Value
	(000’s)		(000’s)
US Bancorp, 1.95%, Due 11/15/2018	$	950	$	959
Ventas Realty LP, 5.70%, Due 9/30/2043I		175		190
Wachovia Corp., 0.659%, Due 10/15/2016H		400		399
Wells Fargo & Co.,
2.15%, Due 1/15/2019		265		267
2.15%, Due 1/30/2020		325		323
4.30%, Due 7/22/2027		265		270
3.90%, Due 5/1/2045		650		597
				52,378
CONSUMER - 0.27%
Altria Group, Inc.,
4.75%, Due 5/5/2021		310		336
2.85%, Due 8/9/2022		350		339
Anheuser-Busch InBev Worldwide, Inc., 8.00%, Due 11/15/2039		125		186
General Mills, Inc., 2.20%, Due 10/21/2019		950		948
Kraft Heinz Foods Co.,
3.50%, Due 7/15/2022F		310		313
5.00%, Due 7/15/2035F		310		321
Reynolds American, Inc., 5.85%, Due 8/15/2045		170		183
SABMiller Holdings, Inc., 4.95%, Due 1/15/2042F		300		314
				2,940
SERVICE - 1.26%
AbbVie, Inc.,
1.75%, Due 11/6/2017		305		305
2.90%, Due 11/6/2022		220		213
Actavis Funding SCS, 4.55%, Due 3/15/2035		150		141
Alibaba Group Holding Ltd., 3.60%, Due 11/28/2024F		650		624
Baxalta, Inc., 4.00%, Due 6/23/2025F		310		307
Baxter International, Inc., 1.85%, Due 6/15/2018		355		354
Bayer US Finance LLC, 2.375%, Due 10/8/2019F G		300		302
Becton Dickinson and Co.,
3.125%, Due 11/8/2021		355		354
3.875%, Due 5/15/2024		310		316
Cardinal Health, Inc., 3.20%, Due 3/15/2023		445		439
CBS Corp., 3.375%, Due 3/1/2022		700		690
Celgene Corp., 5.25%, Due 8/15/2043		185		193
Comcast Corp.,
5.875%, Due 2/15/2018		535		594
6.55%, Due 7/1/2039		450		568

	Par Amount		Fair Value
	(000’s)		(000’s)
CVS Health Corp., 1.90%, Due 7/20/2018	$	395	$	397
DIRECTV Holdings LLC, 6.35%, Due 3/15/2040G		155		169
eBay, Inc., 1.35%, Due 7/15/2017		350		347
Genzyme Corp., 5.00%, Due 6/15/2020		275		311
GlaxoSmithKline Capital PLC, 1.50%, Due 5/8/2017C		725		730
Home Depot, Inc., 2.70%, Due 4/1/2023		190		187
Lowe’s Companies, Inc., 4.25%, Due 9/15/2044		215		215
MasterCard, Inc., 3.375%, Due 4/1/2024		330		337
McKesson Corp.,
3.25%, Due 3/1/2016		160		162
3.796%, Due 3/15/2024		400		407
Medtronic, Inc.,
3.50%, Due 3/15/2025F		650		649
4.375%, Due 3/15/2035F		240		240
Quest Diagnostics, Inc., 4.75%, Due 1/30/2020		150		164
Sanofi,
1.25%, Due 4/10/2018		135		134
4.00%, Due 3/29/2021		355		382
Thomson Reuters Corp.,
4.70%, Due 10/15/2019		150		164
4.30%, Due 11/23/2023		300		312
3.85%, Due 9/29/2024		400		399
Time Warner, Inc.,
4.875%, Due 3/15/2020		460		504
4.75%, Due 3/29/2021		325		352
Viacom, Inc., 4.50%, Due 2/27/2042		450		371
Walgreens Boots Alliance, Inc.,
2.70%, Due 11/18/2019		425		427
3.80%, Due 11/18/2024		300		294
Wal-Mart Stores, Inc., 7.55%, Due 2/15/2030		350		498
Zimmer Biomet Holdings, Inc., 3.55%, Due 4/1/2025		255		246
				13,798
UTILITIES - 0.73%
Consolidated Edison Co. of New York, Inc.,
5.50%, Due 12/1/2039		350		404
4.625%, Due 12/1/2054		150		149
Delmarva Power & Light Co., 3.50%, Due 11/15/2023		290		297
Dominion Resources, Inc., 4.70%, Due 12/1/2044		650		647
Duke Energy Corp., 3.55%, Due 9/15/2021		620		642

	Par Amount		Fair Value
	(000’s)		(000’s)
Duke Energy Indiana, Inc., 6.05%, Due 6/15/2016	$	330	$	345
Duke Energy Progress LLC, 4.15%, Due 12/1/2044G		340		337
MidAmerican Energy Holdings Co., 6.125%, Due 4/1/2036		500		599
National Rural Utilities Cooperative Finance Corp., 5.45%, Due 4/10/2017		315		338
Pacific Gas & Electric Co., 4.30%, Due 3/15/2045		650		639
Progress Energy, Inc., 4.875%, Due 12/1/2019		350		383
Sierra Pacific Power Co., 3.375%, Due 8/15/2023		205		208
Southern Co.,
2.15%, Due 9/1/2019		290		288
2.75%, Due 6/15/2020		1,000		1,009
Southwestern Electric Power Co., 3.55%, Due 2/15/2022		600		616
Union Electric Co., 6.70%, Due 2/1/2019		260		302
WEC Energy Group, Inc., 3.55%, Due 6/15/2025		365		365
Xcel Energy, Inc., 5.613%, Due 4/1/2017		434		463
				8,031
ENERGY - 0.73%
Apache Corp., 5.10%, Due 9/1/2040		170		163
Buckeye Partners LP, 4.875%, Due 2/1/2021I		215		225
Canadian Natural Resources Ltd.,
3.45%, Due 11/15/2021		430		428
6.25%, Due 3/15/2038		365		397
Columbia Pipeline Group, Inc., 4.50%, Due 6/1/2025F		415		413
Devon Energy Corp., 4.75%, Due 5/15/2042		300		282
Energy Transfer Partners LP, 4.65%, Due 6/1/2021I		375		384
Enterprise Products Operating LLC, 6.125%, Due 10/15/2039G		450		498
EOG Resources, Inc., 2.50%, Due 2/1/2016		325		328
Halliburton Co., 3.25%, Due 11/15/2021		525		536
Husky Energy, Inc., 3.95%, Due 4/15/2022		480		477
Marathon Petroleum Corp., 3.625%, Due 9/15/2024		215		211
Occidental Petroleum Corp., 4.625%, Due 6/15/2045		205		207
Phillips 66,
2.95%, Due 5/1/2017		300		307
4.30%, Due 4/1/2022		220		232

	Par Amount		Fair Value
	(000’s)		(000’s)
Plains All American Pipeline LP / PAA Finance Corp., 4.70%, Due 6/15/2044I	$	180	$	166
Schlumberger Investment S.A., 3.65%, Due 12/1/2023		645		667
Shell International Finance BV, 1.125%, Due 8/21/2017		725		725
Spectra Energy Partners LP, 4.60%, Due 6/15/2021I		175		187
Sunoco Logistics Partners Operations LP, 4.25%, Due 4/1/2024I		125		121
TransCanada PipeLines Ltd.,
3.75%, Due 10/16/2023		300		303
7.625%, Due 1/15/2039		245		326
6.10%, Due 6/1/2040		170		192
Williams Partners LP, 3.90%, Due 1/15/2025I		230		215
				7,990
TRANSPORTATION - 0.24%
Burlington Northern Santa Fe LLC,
7.95%, Due 8/15/2030G		385		543
5.75%, Due 5/1/2040G		420		496
5.15%, Due 9/1/2043G		200		219
Canadian National Railway Co., 5.55%, Due 5/15/2018		350		386
CSX Corp., 5.50%, Due 4/15/2041		325		372
Norfolk Southern Corp., 5.75%, Due 4/1/2018		425		468
Union Pacific Corp., 3.375%, Due 2/1/2035		195		178
				2,662
TELECOMMUNICATIONS - 0.80%
America Movil S.A.B. de C.V., 6.375%, Due 3/1/2035		350		411
AT&T, Inc.,
2.45%, Due 6/30/2020		260		256
3.40%, Due 5/15/2025		350		334
4.50%, Due 5/15/2035		390		361
4.35%, Due 6/15/2045		841		724
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042F		300		306
Oi S.A., 5.75%, Due 2/10/2022F		3,085		2,444
Orange S.A., 2.125%, Due 9/16/2015		150		150
Rogers Communications, Inc., 5.00%, Due 3/15/2044		455		455
Verizon Communications, Inc.,
4.60%, Due 4/1/2021		380		410
3.50%, Due 11/1/2024		200		197
6.40%, Due 9/15/2033		525		607
6.90%, Due 4/15/2038		475		577

	Par Amount		Fair Value
	(000’s)		(000’s)
6.55%, Due 9/15/2043	$	600	$	709
Vodafone Group PLC, 6.15%, Due 2/27/2037C		815		884
				8,825
Total Corporate Obligations (Cost $117,565)				119,292
FOREIGN GOVERNMENT OBLIGATIONS 0.04%
Oil & Gas - 0.04%
Petrobras Global Finance BV, 3.875%, Due 1/27/2016		200		200
Petroleos Mexicanos, 6.00%, Due 3/5/2020		200		224
Total Foreign Government Obligations (Cost $399)				424
ASSET-BACKED OBLIGATIONS - 1.17%
Ally Auto Receivables Trust, 1.39%, Due 9/16/2019, 2015 1 A3		810		810
American Express Credit Account Master Trust, 1.26%, Due 1/15/2020, 2014 2 A		455		455
AmeriCredit Automobile Receivables Trust, 1.15%, Due 6/10/2019, 2014 3 A3		625		626
Capital Auto Receivables Asset Trust, 1.09%, Due 3/20/2018, 2013-4 A3		580		580
Capital One Multi-Asset Execution Trust, 1.48%, Due 7/15/2020, 2014 A5 A		905		910
Ford Credit Auto Lease Trust, 0.90%, Due 6/15/2017, 2014 A A4		260		260
Ford Credit Auto Owner Trust, 2.03%, Due 8/15/2020, 2015 A B		825		828
Ford Credit Floorplan Master Owner Trust,
1.50%, Due 9/15/2018, 2013-5 A1		1,100		1,106
1.40%, Due 8/15/2019, 2014 4 A1		1,560		1,563
GM Financial Automobile Leasing Trust, 1.68%, Due 12/20/2018, 2015 2 A3		1,000		1,004
Hyundai Auto Receivables Trust, 0.79%, Due 7/16/2018, 2014 A A3		320		320
Mercedes Benz Auto Lease Trust,
0.76%, Due 7/15/2019, 2013 B A4		245		245
0.90%, Due 12/16/2019, 2014 A A4		820		820
National Credit Union Administration, 0.587%, Due 3/11/2020, 2011 R3 1AH		1,321		1,324
Nissan Master Owner Trust Receivables, 0.487%, Due 2/15/2018, 2013-A AH		1,500		1,500
Volkswagen Auto Lease Trust, 1.25%, Due 12/20/2017, 2015 A A3		525		526
Total Asset-Backed Obligations (Cost $12,853)				12,877

	Par Amount		Fair Value
	(000’s)		(000’s)
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 1.58%
Banc of America Commercial Mortgage Trust,
5.317%, Due 9/10/2047, 2006-5 A2	$	12	$	12
5.623%, Due 4/10/2049, 2007-2 A2		21		21
Bear Stearns Commercial Mortgage Securities,
5.201%, Due 12/11/2038, 2006-PW14 A4		646		672
5.54%, Due 9/11/2041, 2006-PW13 A4		376		388
Ginnie Mae REMIC Trust,
2.174%, Due 7/16/2038, 2011-147 A		1,486		1,488
1.147%, Due 12/16/2038, 2013-139 A		1,789		1,770
1.45%, Due 4/16/2039, 2013-45 AB		1,741		1,724
1.624%, Due 7/16/2039, 2013-78 AB		1,831		1,805
2.586%, Due 9/16/2039, 2014-31 AB		643		651
1.367%, Due 11/16/2041, 2013 125 AB		1,828		1,804
3.20%, Due 11/16/2044, 2011-92 B		2,265		2,320
GS Mortgage Securities Corp., II,
3.679%, Due 8/10/2043, 2010-C1 A1F		134		139
3.849%, Due 12/10/2043, 2010-C2 A1F		417		424
3.645%, Due 3/10/2044, 2011-GC3 A2F		308		310
JP Morgan Chase Commercial Mortgage Securities Corp.,
3.853%, Due 6/15/2043, 2010-C1 A1F		22		22
4.388%, Due 2/15/2046, 2011-C3 A3F		400		425
5.695%, Due 2/12/2049, 2007-CB19 A4		547		578
JPMBB Commercial Mortgage Securities Trust, 3.157%, Due 7/15/2045, 2013 C12 ASB		665		686
LB-UBS Commercial Mortgage Trust, 5.424%, Due 2/15/2040, 2007-C1 A4		477		499
Wachovia Bank Commercial Mortgage Trust, 5.710%, Due 6/15/2049, 2007-C32 A2		39		39
Wells Fargo Commercial Mortgage Trust, 3.412%, Due 9/15/2048, 2015 C30 ASB		1,095		1,128
WF-RBS Commercial Mortgage Trust, 3.66%, Due 3/15/2047, 2014 C19 A3		455		477
Total Commercial Mortgage-Backed Obligations (Cost $17,239)				17,382
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.03%
Freddie Mac (REMIC), 0.587%, Due 12/15/2040, 3891 DFH		315		317

	Par Amount		Fair Value
	(000’s)		(000’s)
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.94%
Federal Home Loan Mortgage Corporation
4.50%, Due 3/1/2019	$	71	$	74
5.00%, Due 10/1/2020		33		35
3.50%, Due 8/1/2026		145		154
3.50%, Due 9/1/2028		1,566		1,660
5.00%, Due 8/1/2033		203		227
5.50%, Due 2/1/2034		187		210
5.00%, Due 3/1/2034		149		166
6.00%, Due 6/1/2034		145		166
6.00%, Due 8/1/2034		116		133
5.00%, Due 8/1/2035		116		128
5.00%, Due 9/1/2035		80		88
5.50%, Due 4/1/2037		121		135
5.50%, Due 5/1/2038		61		68
4.00%, Due 1/1/2041		635		676
4.50%, Due 2/1/2041		498		542
3.50%, Due 3/1/2042		380		396
3.50%, Due 6/1/2042		1,864		1,939
3.50%, Due 7/1/2042		491		511
3.00%, Due 8/1/2042		791		794
3.50%, Due 2/1/2043		1,993		2,071
				10,173
Federal National Mortgage Association
6.00%, Due 4/1/2016		6		6
5.00%, Due 12/1/2017		48		51
4.50%, Due 9/1/2018		42		44
4.00%, Due 8/1/2020		74		77
3.50%, Due 1/1/2026		130		137
4.00%, Due 5/1/2026		668		713
4.00%, Due 6/1/2026		859		916
3.50%, Due 1/1/2028		415		439
3.00%, Due 7/1/2029		1,517		1,578
5.00%, Due 3/1/2034		224		249
4.50%, Due 4/1/2034		320		350
4.50%, Due 9/1/2034		98		108
3.50%, Due 10/1/2034		257		272
5.50%, Due 12/1/2035		59		66
5.00%, Due 2/1/2036		87		96
5.50%, Due 4/1/2036		105		118
6.00%, Due 9/1/2036		77		87
5.50%, Due 2/1/2037		117		132
5.50%, Due 6/1/2038		37		41
4.50%, Due 1/1/2040		544		592
5.00%, Due 5/1/2040		1,715		1,905
5.00%, Due 6/1/2040		739		821
4.00%, Due 9/1/2040		455		486
4.00%, Due 1/1/2041		1,362		1,454
4.00%, Due 2/1/2041		1,300		1,390
5.00%, Due 3/1/2041		650		721
4.50%, Due 4/1/2041		1,410		1,533

	Par Amount		Fair Value
	(000’s)		(000’s)
4.50%, Due 6/1/2041	$	804	$	874
4.50%, Due 8/1/2041		876		953
4.50%, Due 10/1/2041		550		602
5.00%, Due 3/1/2042		470		524
3.50%, Due 9/1/2042		684		711
3.50%, Due 1/1/2043		1,116		1,160
4.50%, Due 1/1/2043		1,528		1,665
3.00%, Due 5/1/2043		1,150		1,162
3.00%, Due 6/1/2043		2,652		2,677
3.50%, Due 7/1/2043		462		481
3.00%, Due 8/1/2043		2,243		2,265
3.50%, Due 8/1/2044		2,423		2,518
4.00%, Due 9/1/2044		1,046		1,121
4.00%, Due 3/1/2045		2,283		2,436
4.00%, Due 4/1/2045		701		748
4.00%, Due 7/1/2045		2,740		2,924
3.50%, Due 8/13/2045J		5,000		5,188
4.00%, Due 8/13/2045J		4,100		4,362
4.50%, Due 8/1/2099J		3,000		3,255
				50,008
Government National Mortgage Association
7.00%, Due 12/15/2025		87		102
6.50%, Due 8/15/2027		86		100
6.50%, Due 11/15/2027		89		104
7.50%, Due 12/15/2028		83		98
5.50%, Due 7/15/2033		187		215
6.00%, Due 12/15/2033		220		256
4.50%, Due 5/15/2039		991		1,078
5.50%, Due 2/15/2040		399		449
4.00%, Due 5/15/2040		373		397
4.50%, Due 6/15/2040		412		451
3.50%, Due 9/15/2041		1,111		1,166
3.50%, Due 3/15/2043		637		670
5.50%, Due 2/20/2034		271		306
4.50%, Due 10/20/2040		662		722
4.00%, Due 1/20/2045		1,423		1,510
4.00%, Due 2/20/2045		2,099		2,229
3.50%, Due 3/20/2045		2,266		2,375
5.00%, Due 3/20/2045		1,541		1,683
3.50%, Due 6/20/2045		1,652		1,728
5.00%, Due 10/15/2039		360		407
				16,046
Total U.S. Agency Mortgage-Backed Obligations (Cost $75,170)				76,227
U.S. TREASURY OBLIGATIONS - 17.14%
U.S. Treasury Floating Rate Note 0.134%, Due 1/31/2017		16,525		16,532
U.S. Treasury Notes/Bonds
0.875%, Due 1/31/2017		13,635		13,706
0.75%, Due 12/31/2017		2,800		2,796
1.375%, Due 9/30/2018		4,550		4,592
1.125%, Due 5/31/2019		5,000		4,975
1.25%, Due 2/29/2020		5,300		5,247

	Par Amount		Fair Value
	(000’s)		(000’s)
1.75%, Due 10/31/2020	$	7,800	$	7,841
2.00%, Due 11/15/2021		13,170		13,287
2.00%, Due 2/15/2022		17,645		17,773
1.625%, Due 11/15/2022		5,000		4,876
2.50%, Due 8/15/2023		5,600		5,777
2.375%, Due 8/15/2024		7,070		7,185
6.875%, Due 8/15/2025		580		827
5.25%, Due 11/15/2028		450		598
4.75%, Due 2/15/2037		630		841
4.50%, Due 8/15/2039		730		943
3.125%, Due 11/15/2041		6,615		6,900
2.875%, Due 5/15/2043		35,765		35,332
2.50%, Due 2/15/2045		41,915		38,215
				171,711
Total U.S. Treasury Obligations (Cost $187,795)				188,243
MUNICIPAL OBLIGATIONS - 0.28% (Cost $2,728)
Municipal Electric Authority of Georgia, 6.655%, Due 4/1/2057,		2,630		3,122
SHORT-TERM INVESTMENTS - 5.67%
American Beacon U.S. Government Money Market Select Fund, Select ClassK		5,000,000		5,000
JPMorgan U.S. Government Money Market Fund, Capital Class		47,233,981		47,234
	Par Amount
U.S. Treasury Bill , 0.01%, Due 9/24/2015	$	10,000		9,999
Total Short-Term Investments (Cost $62,234)				62,233
TOTAL INVESTMENTS - 101.23% (Cost $1,003,683)				1,111,923
LIABILITIES, NET OF OTHER ASSETS - (1.23%)				(13,552	)
TOTAL NET ASSETS - 100.00%			$	1,098,371

^A  ADR - American Depositary Receipt.

^B  Non-income producing security.

^C  PLC - Public Limited Company.

^D  MLP - Master Limited Partnership.

^E  REIT - Real Estate Investment Trust.

^F  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 $16,047 or 1.47% of net assets. The Fund has no right to demand registration of these securities.

^G  LLC - Limited Liability Company.

^H  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.

^I  LP - Limited Partnership.

^J  TBA - To Be Announced.

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

Futures Contracts Open on July 31, 2015:

Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index September Futures	Long		315	September 2015	$	33,049,800	$	256,175
					$	33,049,800	$	256,175

Top Ten Holdings (% Net Assets)
Citigroup, Inc.		2.2
Bank of America Corp.		2.2
JPMorgan Chase & Co.		1.8
Wells Fargo & Co.		1.2
Oracle Corp.		1.1
General Motors Co.		1.1
Microsoft Corp.		1.1
Toyota Motor Corp., Sponsored		1.1
Medtronic PLC		1.1
Sanofi		1.0
Total Fund Holdings	545

Sector Allocation (% Equities)
Financials	27.5
Consumer Discretionary	13.4
Health Care	13.1
Energy	11.6
Information Technology	11.1
Industrials	9.1
Telecommunication Services	4.8
Consumer Staples	4.2
Utilities	3.1
Materials	1.9
Service	0.2

Sector Allocation (% Bonds)
U.S. Treasury Notes/Bonds	41.2
Mortgage-Backed Obligations	18.2
Finance	12.5
Manufacturing	5.4
CMBS	4.2
U.S. Treasury Floating Rate Note	4.0
Service	3.3
Asset-Backed Obligations	3.1
Telecommunications	2.1
Energy	2.0
Utilities	1.9
Consumer	0.7
Municipal Obligations	0.7
Transportation	0.6
Collateralized Mortgage Obligations	0.1

American Beacon Large Cap Value Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCK - 95.90%
CONSUMER DISCRETIONARY - 12.33%
Auto Components - 1.80%
Delphi Automotive PLCA		123,764	$	9,663
Goodyear Tire & Rubber Co.		1,316,800		39,675
Johnson Controls, Inc.		3,422,409		155,926
				205,264
Automobiles - 4.58%
Ford Motor Co.		5,869,300		87,042
General Motors Co.		6,007,498		189,295
Harley-Davidson, Inc.		457,300		26,661
Honda Motor Co., Ltd., Sponsored ADRB		1,600,500		54,353
Toyota Motor Corp., Sponsored ADRB		1,219,600		162,768
				520,119
Hotels, Restaurants & Leisure - 0.24%
Carnival Corp.		358,500		19,104
McDonald’s Corp.		79,578		7,947
				27,051
Household Durables - 0.52%
Koninklijke Philips Electronics N.V.		623,575		17,342
Newell Rubbermaid, Inc.		65,318		2,827
Stanley Black & Decker, Inc.		304,923		32,166
Tupperware Brands Corp.		123,400		7,215
				59,550
Leisure Equipment & Products - 0.06%
Hasbro, Inc.		84,363		6,643
Media - 2.35%
Comcast Corp., Special, Class A		1,453,382		90,604
Discovery Communications, Inc.C		1,090,000		35,992
Interpublic Group of Cos., Inc.		1,548,900		32,992
McGraw-Hill Cos., Inc.		36,821		3,747
Omnicom Group, Inc.		405,574		29,639
Time Warner, Inc.		125,968		11,090
Time, Inc.		13,504		301
Tribune Media Co., Class A		931,459		47,029
Viacom, Inc., Class B		112,354		6,404
Walt Disney Co.		76,341		9,161
				266,959
Multiline Retail - 2.16%
Kohl’s Corp.		33,068		2,028
Michael Kors Holdings Ltd.C		1,958,800		82,250
Nordstrom, Inc.		345,300		26,350
Target Corp.		1,658,394		135,739
				246,367
Specialty Retail - 0.62%
Advance Auto Parts, Inc.		25,558		4,452
Bed Bath & Beyond, Inc.C		774,842		50,544
Lowe’s Cos., Inc.		230,600		15,994
				70,990
Total Consumer Discretionary				1,402,943

	Shares		Fair Value
			(000’s)
CONSUMER STAPLES - 5.03%
Beverages - 0.37%
Diageo PLC, Sponsored, ADRA B		379,319	$	42,601
Food & Drug Retailing - 0.74%
CVS Caremark Corp.		239,272		26,911
Sysco Corp.		539,196		19,578
Wal-Mart Stores, Inc.		529,400		38,106
				84,595
Food Products - 0.86%
Archer-Daniels-Midland Co.		53,430		2,534
Bunge Ltd.		204,400		16,321
Danone S.A., Sponsored ADRB		659,386		8,981
General Mills, Inc.		342,548		19,940
Kellogg Co.		442,377		29,272
Nestle S.A., Sponsored ADRB		265,661		20,084
				97,132
Household Products - 0.05%
Procter & Gamble Co.		74,940		5,748
Tobacco - 3.01%
Altria Group, Inc.		1,404,965		76,402
Imperial Tobacco Group PLC, ADRA B		928,072		97,225
Philip Morris International, Inc.		1,891,974		161,820
Reynolds American, Inc.		76,255		6,542
				341,989
Total Consumer Staples				572,065
ENERGY - 10.26%
Energy Equipment & Services - 1.37%
Baker Hughes, Inc.		18,671		1,086
Cobalt International Energy, Inc.C		4,124,700		31,801
Halliburton Co.		1,934,600		80,847
Schlumberger Ltd.		511,069		42,327
				156,061
Oil & Gas - 8.89%
Apache Corp.		608,000		27,883
BP PLC, Sponsored ADRA B		3,475,340		128,484
Canadian Natural Resources Ltd.		2,598,500		63,351
Chevron Corp.		164,243		14,532
Cimarex Energy Co.		403,200		41,981
ConocoPhillips		1,189,240		59,866
Continental Resources, Inc.C		1,238,200		41,368
Devon Energy Corp.		531,500		26,267
EOG Resources, Inc.		64,360		4,968
Exxon Mobil Corp.		256,196		20,293
Hess Corp.		857,200		50,583
Kosmos Energy Ltd.C		2,517,600		18,127
Marathon Oil Corp.		5,415,400		113,778
Marathon Petroleum Corp.		1,180,000		64,511
Murphy Oil Corp.		1,235,100		40,499
Occidental Petroleum Corp.		1,596,071		112,044
Phillips 66		1,237,320		98,367
Royal Dutch Shell PLC, Class A, ADRA B		1,173,474		67,451

	Shares		Fair Value
			(000’s)
Seadrill Ltd.		1,950,900	$	17,383
				1,011,736
Total Energy				1,167,797
FINANCIALS - 26.14%
Banks - 2.80%
Bank of New York Mellon Corp.		798,023		34,634
Citizens Financial Group		1,859,200		48,469
PNC Financial Services Group, Inc.		1,728,708		169,726
SunTrust Banks, Inc.		920,800		40,828
U.S. Bancorp		545,089		24,643
				318,300
Diversified Financials - 17.45%
American Express Co.		1,090,702		82,959
Bank of America Corp.		19,967,090		357,012
BlackRock, Inc., Class A		34,126		11,477
Blackstone Group, LPD		1,142,600		44,847
Capital One Financial Corp.		1,611,300		130,999
Citigroup, Inc.		6,164,908		360,400
Franklin Resources, Inc.		308,036		14,031
Goldman Sachs Group, Inc.		291,319		59,741
JPMorgan Chase & Co.		5,604,940		384,106
KKR & Co., LPD		3,349,900		80,063
Morgan Stanley		476,000		18,488
Nasdaq OMX Group		195,507		9,977
Nomura Holdings, Inc.		6,653,200		47,903
Santander Consumer USA Holdings, Inc.		1,993,500		48,203
SLM Corp.		3,919,000		35,780
State Street Corp.		482,630		36,950
Wells Fargo & Co.		4,558,233		263,785
				1,986,721
Insurance - 5.44%
ACE Ltd.		122,156		13,287
Allstate Corp.		361,000		24,891
American International Group, Inc.		2,489,300		159,614
Aon PLCA		153,660		15,484
Berkshire Hathaway, Inc., Class BC		546,665		78,031
Chubb Corp.		623,720		77,547
MetLife, Inc.		2,840,521		158,331
Prudential Financial, Inc.		140,428		12,408
Travelers Cos., Inc.		230,904		24,504
Unum Group		1,413,400		50,656
XL Group PLCA		116,100		4,414
				619,167
Real Estate - 0.45%
Hatteras Financial Corp.E		939,200		15,271
Two Harbors Investment Corp.E		3,546,659		36,247
				51,518
Total Financials				2,975,706
HEALTH CARE - 13.17%
Biotechnology - 0.22%
Keryx Biopharmaceuticals, Inc.C		1,030,450		8,223

	Shares		Fair Value
			(000’s)
PTC Therapeutics, Inc.C		335,000	$	17,155
				25,378
Health Care Equipment & Supplies - 2.51%
Medtronic PLCA		2,903,511		227,607
St. Jude Medical, Inc.		130,584		9,640
Thermo Fisher Scientific, Inc.		107,584		15,011
Zimmer Biomet Holdings, Inc.		320,700		33,375
				285,633
Health Care Providers & Services - 2.04%
Anthem, Inc.		946,400		146,000
Express Scripts Holding Co.C		623,211		56,133
Humana, Inc.		162,500		29,590
				231,723
Pharmaceuticals - 8.40%
Abbott Laboratories		316,149		16,026
AbbVie, Inc.		753,400		52,746
Endo International PLCA C		311,300		27,251
GlaxoSmithKline PLC, Sponsored ADRA B		2,004,400		87,071
Horizon Pharma PLCA C		983,000		36,224
Jazz Pharmaceuticals PLCA C		99,700		19,166
Johnson & Johnson		1,258,832		126,148
Merck & Co., Inc.		2,586,910		152,524
Mylan N.V.C		555,300		31,091
Novartis AG, ADRB		42,547		4,414
Pfizer, Inc.		5,529,849		199,406
Roche Holding AG, Sponsored ADRB		97,277		3,513
Sanofi, ADRB		3,449,100		186,217
ZS Pharma, Inc.C		237,400		14,180
				955,977
Total Health Care				1,498,711
INDUSTRIALS - 9.77%
Aerospace & Defense - 3.36%
Boeing Co.		285,100		41,103
General Dynamics Corp.		632,400		94,297
Lockheed Martin Corp.		126,750		26,250
Northrop Grumman Corp.		68,334		11,822
Raytheon Co.		802,600		87,556
Rockwell Collins, Inc.		356,200		30,142
United Technologies Corp.		913,746		91,658
				382,828
Air Freight & Couriers - 0.15%
United Parcel Service, Inc., Class B		170,712		17,474
Commercial Services & Supplies - 0.17%
Covanta Holding Corp.		830,100		16,386
Equifax, Inc.		31,430		3,210
				19,596
Construction & Engineering - 0.68%
AECOM Technology Corp.C		1,053,400		32,476
Chicago Bridge & Iron Co., N.V.		836,400		44,447
				76,923

	Shares		Fair Value
			(000’s)
Diversified Manufacturing - 0.35%
Eaton Corp., PLCA		662,015	$	40,105
Electrical Equipment - 0.43%
Emerson Electric Co.		650,100		33,642
Tyco International PLCA		405,782		15,416
				49,058
Industrial Conglomerates - 1.12%
3M Co.		157,816		23,884
Honeywell International, Inc.		986,772		103,660
				127,544
Machinery - 3.41%
Caterpillar, Inc.		372,200		29,266
CNH Industrial N.V.		5,426,800		48,678
Cummins, Inc.		522,700		67,705
Danaher Corp.		196,465		17,988
Deere & Co.		41,428		3,918
Illinois Tool Works, Inc.		91,736		8,208
Oshkosh Corp.		801,900		29,301
PACCAR, Inc.		459,600		29,800
Parker Hannifin Corp.		367,100		41,391
Pentair PLCA		98,160		5,969
Reliance Steel & Aluminum Co.		761,200		46,129
Terex Corp.		1,048,040		23,225
Xylem, Inc.		1,033,221		35,677
				387,255
Road & Rail - 0.10%
Canadian National Railway Co.		110,907		6,924
Union Pacific Corp.		43,566		4,252
				11,176
Total Industrials				1,111,959
INFORMATION TECHNOLOGY - 10.23%
Communications Equipment - 2.03%
ARRIS Group, Inc.C		1,034,710		31,993
Cisco Systems, Inc.		3,697,800		105,092
Corning, Inc.		5,036,100		94,074
				231,159
Computers & Peripherals - 1.05%
Hewlett-Packard Co.		1,698,900		51,850
International Business Machines Corp.		304,301		49,294
NVIDIA Corp.		61,299		1,223
Teradata Corp.C		447,700		16,614
				118,981
IT Consulting & Services - 0.47%
Accenture, PLC, Class AA		336,029		34,648
Fidelity National Information Services, Inc.		122,020		7,984
Fiserv, Inc.C		121,797		10,579
				53,211
Semiconductor Equipment & Products - 2.52%
Applied Materials, Inc.		1,884,200		32,710
Intel Corp.		1,144,400		33,130
Lam Research Corp.		488,600		37,559

	Shares		Fair Value
			(000’s)
Micron Technology, Inc.C		4,763,400	$	88,171
Qualcomm, Inc.		975,200		62,793
Texas Instruments, Inc.		645,846		32,279
				286,642
Software - 4.16%
Check Point Software Technologies Ltd.C		429,400		34,683
Microsoft Corp.		4,080,300		190,550
Navient Corp.		1,949,000		30,599
Oracle Corp.		5,484,383		219,046
				474,878
Total Information Technology				1,164,871
MATERIALS - 1.70%
Chemicals - 1.02%
Air Products & Chemicals, Inc.		13,800		1,966
Dow Chemical Co.		649,500		30,565
Eastman Chemical Co.		684,000		53,626
EI du Pont de Nemours & Co.		59,706		3,329
Monsanto Co.		30,583		3,116
PPG Industries, Inc.		210,481		22,812
				115,414
Containers & Packaging - 0.22%
Crown Holdings, Inc.C		122,262		6,298
Packaging Corp of America		270,400		19,141
				25,439
Metals & Mining - 0.28%
Rio Tinto PLC, Sponsored ADRA B		824,200		31,831
Paper & Forest Products - 0.18%
Louisiana-Pacific Corp.C		1,398,200		20,609
Total Materials				193,293
TELECOMMUNICATION SERVICES - 4.39%
Diversified Telecommunication Services - 2.76%
AT&T, Inc.		1,981,500		68,837
Telefonaktiebolaget LM Ericsson, Sponsored ADRB		4,927,500		52,872
Verizon Communications, Inc.		4,125,160		193,017
				314,726
Wireless Telecommunication Services - 1.63%
China Mobile Ltd., Sponsored ADRB		1,387,200		90,168
Vodafone Group PLC, Sponsored ADRA B		2,515,997		95,054
				185,222
Total Telecommunication Services				499,948
UTILITIES - 2.88%
Electric - 2.88%
Calpine Corp.C		3,723,500		68,140
CenterPoint Energy, Inc.		2,845,100		55,024
Duke Energy Corp.		128,266		9,520
Entergy Corp.		907,200		64,429
NRG Energy, Inc.		1,528,500		34,315
PPL Corp.		821,400		26,129
Public Service Enterprise Group, Inc.		807,100		33,632

	Shares		Fair Value
			(000’s)
Southern Co.		817,900	$	36,585
Total Utilities				327,774
Total Common Stock (Cost $9,264,504)				10,915,067
PREFERRED STOCK - 0.01% (Cost $743)
MANUFACTURING - 0.01%
Aerospace & Defense - 0.01%
United Technologies Corp., 7.50%, Due 8/1/2015		14,770		760
SHORT-TERM INVESTMENTS - 3.95%
American Beacon U.S. Government Money Market Select Fund, Select ClassF		35,000,000		35,000
JPMorgan U.S. Government Money Market Fund, Capital Class		414,921,936		414,922
Total Short-Term Investments (Cost $449,922)				449,922
TOTAL INVESTMENTS - 99.86% (Cost $9,715,169)				11,365,749
OTHER ASSETS, NET OF LIABILITIES - 0.14%				15,856
TOTAL NET ASSETS - 100.00%			$	11,381,605

Percentages are stated as a percent of net assets.

^A  PLC - Public Limited Company.

^B  ADR - American Depositary Receipt.

^C  Non-income producing security.

^D  MLP - Master Limited Partnership.

^E  REIT - Real Estate Investment Trust.

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

Futures Contracts Open on July 31, 2015:

Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index September Futures	Long		4,153	September 2015	$	435,732,760	$	1,482,774
					$	435,732,760	$	1,482,774

Top Ten Holdings (% Net Assets)
JPMorgan Chase & Co.		3.4
Bank of America Corp.		3.1
Wells Fargo & Co.		2.3
Medtronic PLC		2.0
Oracle Corp.		1.9
Pfizer, Inc.		1.7
Verizon Communications, Inc.		1.7
Microsoft Corp.		1.7
General Motors Co.		1.7
Citigroup		3.2
Total Fund Holdings	204

Sector Allocation (% Equities)
Financials	27.2
Health Care	13.7
Consumer Discretionary	12.9
Energy	10.7
Information Technology	10.7
Industrials	10.2
Consumer Staples	5.2
Telecommunication Services	4.6
Utilities	3.0
Materials	1.8
Manufacturing	0.0

American Beacon Mid-Cap Value Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCK - 94.52%
CONSUMER DISCRETIONARY - 19.73%
Auto Components - 3.35%
Dana Holding Corp.		766,200	$	14,221
Delphi Automotive PLCA		158,900		12,407
				26,628
Home Builders - 0.72%
D.R. Horton, Inc.		191,700		5,692
Hotels, Restaurants & Leisure - 4.51%
Darden Restaurants, Inc.		76,700		5,657
Norwegian Cruise Line Holdings Ltd.B		95,000		5,930
Royal Caribbean Cruises Ltd.		142,500		12,804
SeaWorld Entertainment, Inc.		212,700		3,688
Wyndham Worldwide Corp.		94,500		7,798
				35,877
Household Durables - 2.28%
Stanley Black & Decker, Inc.		134,750		14,215
Whirlpool Corp.		21,900		3,892
				18,107
Leisure Equipment & Products - 1.36%
Brunswick Corp.		203,600		10,809
Media - 3.77%
Interpublic Group of Cos., Inc.		393,725		8,386
Meredith Corp.		58,000		2,779
News Corp, Class A		588,625		8,670
News Corp., Class B		76,075		1,086
Omnicom Group, Inc.		123,544		9,029
				29,950
Multiline Retail - 1.13%
Nordstrom, Inc.		117,400		8,959
Specialty Retail - 2.61%
Hanesbrands, Inc.		274,000		8,502
L Brands, Inc.		94,400		7,620
Staples, Inc.		311,100		4,576
				20,698
Total Consumer Discretionary				156,720
CONSUMER STAPLES - 1.19%
Tobacco - 1.19%
Reynolds American, Inc.		109,826		9,422
ENERGY - 4.08%
Energy Equipment & Services - 2.55%
Baker Hughes, Inc.		104,950		6,102
SEACOR Holdings, Inc.		75,900		4,795
Superior Energy Services, Inc.		251,550		4,276
Weatherford International PLCA B		474,400		5,067
				20,240

	Shares		Fair Value
			(000’s)
Oil & Gas - 1.53%
Murphy Oil Corp.		342,575	$	11,233
Seadrill Ltd.C		103,900		926
				12,159
Total Energy				32,399
FINANCIALS - 28.63%
Banks - 8.59%
CIT Group, Inc.		169,800		7,987
Comerica, Inc.		111,925		5,309
Fifth Third Bancorp		538,100		11,338
First Niagara Financial Group, Inc.		436,600		4,239
KeyCorp		374,875		5,563
M&T Bank Corp.		63,600		8,341
New York Community Bancorp, Inc.		347,400		6,611
People’s United Financial, Inc.		398,100		6,477
Regions Financial Corp.		815,650		8,475
TCF Financial Corp.		155,500		2,560
Webster Financial Corp.		34,825		1,346
				68,246
Diversified Financials - 3.62%
Ameriprise Financial, Inc.		51,500		6,472
Capital One Financial Corp.		34,400		2,797
Discover Financial Services		119,900		6,692
Invesco Ltd.		101,500		3,918
SLM Corp.		501,800		4,581
Synovus Financial Corp.		136,325		4,297
				28,757
Insurance - 11.64%
Allstate Corp.		112,100		7,729
Assurant, Inc.		90,100		6,721
Axis Capital Holdings Ltd.		153,150		8,815
Endurance Specialty Holdings Ltd.		80,600		5,601
FNF Group		135,300		5,289
Genworth Financial, Inc., Class AB		187,800		1,316
HCC Insurance Holdings, Inc.		50,500		3,897
Lincoln National Corp.		163,770		9,225
Primerica, Inc.		99,700		4,509
Progressive Corp.		250,825		7,650
Torchmark Corp.		138,905		8,558
Validus Holdings Ltd.		121,243		5,620
Voya Financial, Inc.		146,375		6,872
Willis Group Holdings PLCA		230,275		10,706
				92,508
Real Estate - 4.78%
AvalonBay Communities, Inc.D		30,800		5,308
CBL & Associates Properties, Inc.D		321,700		5,257
Corporate Office Properties TrustD		91,500		2,116
Duke Realty Corp.D		282,800		5,704
EPR PropertiesD		47,000		2,685
Host Hotels & Resorts LPD E		267,300		5,180
Lamar Advertising Co., Class AD		129,950		7,803

	Shares		Fair Value
			(000’s)
MFA Financial, Inc.D		521,900	$	3,930
				37,983
Total Financials				227,494
HEALTH CARE - 5.75%
Health Care Equipment & Supplies - 1.06%
St. Jude Medical, Inc.		114,200		8,430
Health Care Providers & Services - 4.69%
Cardinal Health, Inc.		85,000		7,223
Cigna Corp.		59,300		8,544
Omnicare, Inc.		82,400		7,980
Universal Health Services, Inc., Class B		56,600		8,220
WellCare Health Plans, Inc.B		65,600		5,300
				37,267
Total Health Care				45,697
INDUSTRIALS - 14.81%
Aerospace & Defense - 1.75%
Spirit Aerosystems Holdings, Inc., Class AB		107,200		6,035
TransDigm Group, Inc.		34,700		7,853
				13,888
Building Products - 1.96%
Masco Corp.		60,175		1,588
Owens Corning		312,275		14,006
				15,594
Commercial Services & Supplies - 1.68%
Convergys Corp.		101,000		2,536
Genpact Ltd.		205,250		4,558
Republic Services, Inc.		59,900		2,548
Steelcase, Inc., Class A		207,800		3,709
				13,351
Construction & Engineering - 0.90%
AECOM Technology Corp.B		231,664		7,142
Diversified Manufacturing - 0.42%
Eaton Corp., PLCA		55,300		3,350
Electrical Equipment - 0.40%
Brady Corp., Class A		135,400		3,185
Industrial Conglomerates - 1.22%
KBR, Inc.		554,625		9,689
Machinery - 4.72%
CNH Industrial N.V.C		578,100		5,186
Dover Corp.		144,550		9,261
Joy Global, Inc.		139,300		3,679
Parker Hannifin Corp.		67,025		7,557
SPX Corp.		83,000		5,429
Terex Corp.		225,100		4,988
Xylem, Inc.		41,400		1,430
				37,530
Marine - 0.75%
Golar LNG Ltd.		137,500		5,922

	Shares		Fair Value
			(000’s)
Road & Rail - 1.01%
Werner Enterprises, Inc.		284,500	$	8,034
Total Industrials				117,685
INFORMATION TECHNOLOGY - 9.74%
Electronic Equipment & Instruments - 4.12%
Arrow Electronics, Inc.		88,875		5,168
Avnet, Inc.		243,200		10,148
Flextronics International Ltd.B		660,450		7,272
Ingram Micro, Inc., Class A		195,675		5,328
Keysight Technologies, Inc.B		158,600		4,844
				32,760
IT Consulting & Services - 2.37%
Computer Sciences Corp.		141,120		9,233
Total System Services, Inc.		208,100		9,619
				18,852
Semiconductor Equipment & Products - 2.39%
Marvell Technology Group Ltd.		413,300		5,141
Microchip Technology, Inc.C		141,300		6,053
ON Semiconductor Corp.B		730,350		7,757
				18,951
Software - 0.86%
CA, Inc.		34,500		1,005
Navient Corp.		370,100		5,811
				6,816
Total Information Technology				77,379
MATERIALS - 4.80%
Chemicals - 2.44%
Ashland, Inc.		66,470		7,598
Eastman Chemical Co.		66,500		5,214
FMC Corp.		134,800		6,543
				19,355
Construction Materials - 0.93%
CRH PLC, ADRA F		249,500		7,413
Containers & Packaging - 1.43%
Owens-Illinois, Inc.B		276,700		5,908
Packaging Corp of America		77,400		5,479
				11,387
Total Materials				38,155
UTILITIES - 5.79%
Electric - 4.65%
CenterPoint Energy, Inc.		81,800		1,582
Edison International		135,325		8,121
Great Plains Energy, Inc.		218,000		5,692
PG&E Corp.		158,300		8,312
Pinnacle West Capital Corp.		214,000		13,206
				36,913
Gas - 0.61%
Energen Corp.		42,100		2,324
UGI Corp.		69,900		2,554
				4,878

	Shares		Fair Value
			(000’s)
Multi-Utilities - 0.53%
Xcel Energy, Inc.		120,500	$	4,178
Total Utilities				45,969
Total Common Stock (Cost $714,635)				750,920
SHORT-TERM INVESTMENTS - 5.41% (Cost $43,018)
JPMorgan U.S. Government Money Market Fund, Capital Class		43,018,029		43,018
SECURITIES LENDING COLLATERAL - 1.05%
DWS Government and Agency Securities Portfolio, Institutional Class		2,137,763		2,138
American Beacon U.S. Government Money Market Select Fund, Select ClassG		6,180,238		6,180
Total Securities Lending Collateral (Cost $8,318)				8,318
TOTAL INVESTMENTS - 100.98% (Cost $765,971)				802,256
LIABILITIES, NET OF OTHER ASSETS - (0.98%)				(7,815	)
TOTAL NET ASSETS - 100.00%			$	794,441

Percentages are stated as a percent of net assets.

^A  PLC - Public Limited Company.

^B  Non-income producing security.

^C  All or a portion of this security is on loan at July 31, 2015.

^D  REIT - Real Estate Investment Trust.

^E  LP - Limited Partnership.

^F  ADR - American Depositary Receipt.

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

Futures Contracts Open on July 31, 2015:

Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 400 Midcap E Index September Futures	Long		262	September 2015	$	39,281,660	$	(393,541	)
					$	39,281,660	$	(393,541	)

Top Ten Holdings (% Net Assets)
Dana Holding Corp.		1.8
Stanley Black & Decker, Inc.		1.8
Owens Corning		1.8
Pinnacle West Capital Corp.		1.7
Royal Caribbean Cruises Ltd.		1.6
Fifth Third Bancorp		1.4
Murphy Oil Corp.		1.4
Brunswick Corp.		1.4
Willis Group Holdings PLC		1.3
Delphi Automotive plc		1.6
Total Fund Holdings	119

Sector Allocation (% Equities)
Financials	30.2
Consumer Discretionary	20.9
Industrials	15.7
Information Technology	10.3
Utilities	6.1
Health Care	6.1
Materials	5.1
Energy	4.3
Consumer Staples	1.3

American Beacon Small Cap Value Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCK - 96.07%
CONSUMER DISCRETIONARY - 15.21%
Auto Components - 1.64%
American Axle & Manufacturing Holdings, Inc.A		1,672,918	$	33,425
Biglari Holdings, Inc.		5,600		2,435
Cooper Tire & Rubber Co.		367,435		12,100
Cooper-Standard Holding, Inc.A		54,600		3,511
Dana Holding Corp.		777,978		14,439
Federal Signal Corp.		541,700		8,104
Horizon Global Corp.A		24,316		304
Modine Manufacturing Co.A		113,825		1,153
Standard Motor Products, Inc.		140,889		5,152
Tenneco, Inc.A		308,314		15,357
				95,980
Automobiles - 0.57%
Hyster-Yale Materials Handling, Inc.		88,042		5,958
Thor Industries, Inc.		428,650		23,953
Winnebago Industries, Inc.B		153,309		3,423
				33,334
Commercial Services - 0.07%
Sotheby’s		103,688		4,337
Hotels, Restaurants & Leisure - 1.11%
Belmond Ltd., Class AA		796,690		9,648
Bravo Brio Restaurant Group, Inc.A		169,035		2,196
Brinker International, Inc.		189,935		11,377
Cheesecake Factory, Inc.		348,930		20,146
Cracker Barrel Old Country Store, Inc.B		53,800		8,172
International Speedway Corp., Class A		101,774		3,488
Lakes Entertainment, Inc.A		75,400		688
Ruby Tuesday, Inc.A		817,000		5,997
Speedway Motorsports, Inc.		157,860		3,307
				65,019
Household Durables - 4.02%
ACCO Brands Corp.A		789,227		6,456
Cavco Industries, Inc.A		89,639		6,551
Ethan Allen Interiors, Inc.		568,316		17,157
Haverty Furniture Companies, Inc.		182,502		4,048
Helen of Troy Ltd.A		163,391		14,342
HNI Corp.		94,199		4,671
KB Home		515,760		8,242
Kimball International, Inc., Class B		183,033		2,072
Knoll, Inc.		701,536		16,977
La-Z-Boy, Inc.		130,345		3,311
M/I Homes, Inc.A		409,500		10,270
Matthews International Corp., Class A		60,900		3,279
MDC Holdings, Inc.		186,700		5,575
Meritage Homes Corp.		151,400		6,828
Ryland Group, Inc.		178,400		8,112
Standard Pacific Corp.A		1,809,730		16,269
Taylor Morrison Home Corp., Class AA		126,400		2,433

	Shares		Fair Value
			(000’s)
Tempur Sealy International, Inc.A		459,700	$	34,731
TRI Pointe Homes, Inc.A		711,500		10,530
Universal Electronics, Inc.A		134,690		6,982
Whirlpool Corp.		159,955		28,430
William Lyon Homes, Class AA		742,170		17,709
				234,975
Internet & Catalog Retail - 0.14%
Insight Enterprises, Inc.A		312,435		8,433
Media - 1.74%
AH Belo Corp., Class A		34,854		179
Banner Corp.		37,090		1,768
Entercom Communications Corp., Class AA		193,295		2,035
EW Scripps Co., Class A		814,778		17,902
John Wiley & Sons, Inc., Class A		53,338		2,827
Meredith Corp.		316,218		15,153
New York Times Co., Class A		949,320		12,550
Saga Communications, Inc., Class A		3,994		162
Scholastic Corp.		123,500		5,322
Sinclair Broadcast Group, Inc., Class A		259,900		7,542
Starz - Liberty CapitalA		351,000		14,198
Time, Inc.		561,850		12,540
TiVo, Inc.A		860,270		8,568
Travelzoo, Inc.A		103,656		927
				101,673
Multiline Retail - 0.31%
Big Lots, Inc.		65,360		2,822
Dillard’s, Inc., Class A		140,090		14,273
Stein Mart, Inc.		94,911		967
				18,062
Specialty Retail - 4.87%
Aaron’s, Inc.		162,255		6,000
American Eagle Outfitters, Inc.		1,288,467		22,870
ANN, Inc.A		104,593		4,785
Big 5 Sporting Goods Corp.		311,542		3,430
Buckle, Inc.		305,847		13,528
Caleres, Inc.		216,638		7,158
Children’s Place Retail Stores, Inc.		149,180		8,638
Destination Maternity Corp.		50,163		495
Essendant, Inc.		284,769		10,485
Express, Inc.		963,462		18,344
Finish Line, Inc., Class A		407,910		11,213
Francesca’s Holdings Corp.A		191,078		2,324
GameStop Corp., Class AB		412,000		18,890
Genesco, Inc.A		141,079		9,126
GNC Holdings, Inc., Class A		261,984		12,892
Group 1 Automotive, Inc.		144,000		13,964
Hibbett Sports, Inc.A		93,523		4,260
Kirkland’s, Inc.		120,916		3,299
Men’s Wearhouse, Inc.		433,323		25,792
Murphy USA, Inc.A		174,100		9,534
Penske Automotive Group, Inc.		331,818		17,918

	Shares		Fair Value
			(000’s)
Pep Boys, Inc.A		561,670	$	6,656
Pier 1 Imports, Inc.B		200,124		2,363
Rent-A-Center, Inc.		202,700		5,430
Rush Enterprises, Inc., Class AA		603,100		15,373
Shoe Carnival, Inc.		20,918		592
Sonic Automotive, Inc., Class A		1,130,370		26,327
Zumiez, Inc.A		96,280		2,513
				284,199
Textiles & Apparel - 0.74%
Deckers Outdoor Corp.A		121,920		8,886
Guess?, Inc.		648,872		14,203
Movado Group, Inc.		51,795		1,312
Oxford Industries, Inc.		116,010		9,736
Tumi Holdings, Inc.A		48,027		925
Unifirst Corp.		12,017		1,332
Vera Bradley, Inc.A		613,740		6,665
				43,059
Total Consumer Discretionary				889,071
CONSUMER STAPLES - 2.33%
Food & Drug Retailing - 1.40%
Andersons, Inc.		95,100		3,547
Casey’s General Stores, Inc.		229,606		23,469
Fresh Market, Inc.A B		261,660		7,981
Petmed Express, Inc.B		220,326		3,712
SpartanNash Co.		210,625		6,784
SUPERVALU, Inc.A		554,300		5,111
United Natural Foods, Inc.A		74,645		3,399
Vitamin Shoppe, Inc.A		737,891		27,125
Weis Markets, Inc.		20,792		877
				82,005
Food Products - 0.72%
Cal-Maine Foods, Inc.B		166,900		9,039
Fresh Del Monte Produce, Inc.		335,922		13,276
Herbalife Ltd.A B		261,000		13,178
Sanderson Farms, Inc.B		94,460		6,802
				42,295
Personal Products - 0.05%
Medifast, Inc.A		86,784		2,679
Tobacco - 0.16%
Universal Corp.		164,003		9,356
Total Consumer Staples				136,335
ENERGY - 2.62%
Energy Equipment & Services - 0.97%
Atwood Oceanics, Inc.		173,267		3,604
Cobalt International Energy, Inc.A		1,031,700		7,954
Dynegy, Inc.A		129,600		3,376
Gulf Island Fabrication, Inc.		193,530		2,208
McDermott International, Inc.A		1,519,200		6,684
Oil States International, Inc.A		204,045		6,144
Patterson-UTI Energy, Inc.		644,010		10,617
Rowan Cos., PLCC		446,700		7,697

	Shares		Fair Value
			(000’s)
RPC, Inc.B		665,430	$	8,185
				56,469
Oil & Gas - 1.65%
Abraxas Petroleum Corp.A		1,857,360		3,492
Bellatrix Exploration Ltd.A B		669,150		1,305
Bill Barrett Corp.A B		540,570		3,070
Callon Petroleum Co.A		753,040		4,925
Carrizo Oil & Gas, Inc.A		117,400		4,476
Delek US Holdings, Inc.		219,200		7,819
Denbury Resources, Inc.		476,820		1,879
Gran Tierra Energy, Inc.A		767,120		1,688
Helix Energy Solutions Group, Inc.A		138,467		1,159
Kosmos Energy Ltd.A		1,022,400		7,361
LinnCo LLCB D		458,711		1,789
Natural Gas Services Group, Inc.A		225,090		4,529
Newfield Exploration Co.A		378,900		12,424
PBF Energy, Inc., Class A		328,700		10,377
Synergy Resources Corp.A		888,437		8,644
Ultra Petroleum Corp.A B		355,450		2,765
Western Refining, Inc.		435,363		19,226
				96,928
Total Energy				153,397
FINANCIALS - 30.14%
Banks - 14.66%
1st Source Corp.		76,030		2,584
Associated Banc-Corp.		1,568,455		30,914
Astoria Financial Corp.		404,880		6,122
BancorpSouth, Inc.		295,210		7,460
Bank of Hawaii Corp.		233,600		15,761
BankUnited, Inc.		324,850		11,864
BBCN Bancorp, Inc.		339,596		5,213
Berkshire Hills Bancorp, Inc.		81,138		2,361
BOK Financial Corp.		159,430		10,596
Boston Private Financial Holdings, Inc.		781,439		9,831
Brookline Bancorp, Inc.		971,288		10,946
Bryn Mawr Bank Corp.		31,460		909
Capital Bank Financial Corp.A		213,800		6,408
Cardinal Financial Corp.		307,950		7,194
Cathay General Bancorp		289,615		9,300
Central Pacific Financial Corp.		379,620		8,841
Chemical Financial Corp.		309,760		10,207
City Holding Co.		69,872		3,369
City National Corp.		310,079		27,879
Clifton Bancorp, Inc.		316,250		4,301
CoBiz Financial, Inc.		526,927		6,739
Columbia Banking System, Inc.		554,090		18,169
Community Bank System, Inc.		32,760		1,252
Community Trust Bancorp, Inc.		25,731		901
CVB Financial Corp.		503,793		8,922
Dime Community Bancshares, Inc.		107,895		1,834
FCB Financial Holdings, Inc.A		132,280		4,594
First Commonwealth Financial Corp.		354,770		3,264
First Financial Bancorp		158,500		3,013
First Financial Corp.		105,716		3,508

	Shares		Fair Value
			(000’s)
First Horizon National Corp.		4,079,318	$	64,656
First Interstate Bancsystem, Inc., Class A		292,270		8,105
First Merchants Corp.		103,800		2,702
First Midwest Bancorp, Inc.		1,126,407		21,143
First Niagara Financial Group, Inc.		3,231,327		31,376
FirstMerit Corp.		1,079,388		20,228
Flushing Financial Corp.		38,640		802
FNB Corp.		480,360		6,624
Fulton Financial Corp.		1,236,245		16,022
Hancock Holding Co.		253,035		7,394
Hanmi Financial Corp.		520,100		13,164
Iberiabank Corp.		104,940		6,774
Independent Bank Corp.		69,530		3,362
International Bancshares Corp.		423,883		11,415
Investors Bancorp, Inc.		1,210,000		14,738
MainSource Financial Group, Inc.		121,840		2,667
MB Financial, Inc.		206,549		7,043
National Bank Holdings Corp., Class A		89,500		1,937
National Penn Bancshares, Inc.		480,497		5,151
NBT Bancorp, Inc.		208,658		5,640
Northwest Bancshares, Inc.		386,000		4,898
Old National Bancorp		927,659		13,349
Opus Bank		47,716		1,868
People’s United Financial, Inc.		858,000		13,960
Popular, Inc.A		722,400		22,120
PrivateBancorp, Inc.		194,800		8,053
Prosperity Bancshares, Inc.		548,134		29,923
Provident Financial Services, Inc.		285,891		5,609
Real Industry, Inc.A		763,975		8,717
Renasant Corp.		91,830		2,952
S&T Bancorp, Inc.		209,848		6,489
Sandy Spring Bancorp, Inc.		73,330		2,005
Seacoast Banking Corp. of FloridaA		393,138		5,877
Simmons First National Corp., Class A		129,900		5,904
South State Corp.		87,500		6,801
Sterling Bancorp		342,000		5,092
Stock Yards Bancorp, Inc.		41,471		1,529
TCF Financial Corp.		729,231		12,003
Tompkins Financial Corp.		33,870		1,831
TowneBank		19,754		349
Trustmark Corp.		394,568		9,485
UMB Financial Corp.		234,670		12,865
Umpqua Holdings Corp.		815,384		14,465
Union Bankshares Corp.		124,000		3,060
United Bankshares, Inc.		148,700		6,027
United Community Banks, Inc.		692,690		14,456
United Financial Bancorp, Inc.		58,500		789
Valley National Bancorp		2,265,380		22,473
Washington Federal, Inc.		1,190,645		27,718
Washington Trust Bancorp, Inc.		137,798		5,480
Webster Financial Corp.		896,146		34,645
WesBanco, Inc.		352,143		11,698
Wilshire Bancorp, Inc.		273,810		3,182
Wintrust Financial Corp.		653,402		35,231
				856,102

	Shares		Fair Value
			(000’s)
Diversified Financials - 3.92%
Ashford, Inc.A		1	$	—
Beneficial Bancorp, Inc.A		227,400		2,924
Calamos Asset Management, Inc., Class A		299,597		3,598
Capitol Federal Financial, Inc.		514,750		6,187
Cash America International, Inc.		76,000		2,107
Cohen & Steers, Inc.		95,510		2,952
Credit Acceptance Corp.A		86,668		20,819
Customers Bancorp, Inc.A		261,900		6,587
Encore Capital Group, Inc.A B		219,650		9,447
Enova International, Inc.A		69,540		1,257
EZCORP, Inc., Class AA		75,956		539
Federated Investors, Inc., Class B		99,727		3,362
First BanCorp Puerto RicoA		1,085,300		4,678
Flagstar Bancorp, Inc.A		155,200		3,151
GAMCO Investors, Inc., Class A		12,911		886
Greenhill & Co., Inc.		87,084		3,425
Janus Capital Group, Inc.		235,300		3,854
KCG Holdings, Inc., Class AA B		324,200		3,443
MGIC Investment Corp.A		1,018,900		11,279
Nelnet, Inc., Class A		170,879		6,731
Northfield Bancorp, Inc.		214,520		3,231
Oppenheimer Holdings, Inc., Class A		193,278		4,387
Oritani Financial Corp.		139,840		2,197
Outerwall, Inc.B		72,500		5,134
Pacific Continental Corp.		188,100		2,498
Physicians Realty TrustE		285,030		4,572
Piper Jaffray Cos.A		169,867		7,619
PRA Group, Inc.		90,560		5,755
Prospect Capital Corp.B		128,755		918
Stifel Financial Corp.A		245,794		13,506
Synovus Financial Corp.		1,580,185		49,808
Texas Capital Bancshares, Inc.A		516,100		30,419
Virtus Investment Partners, Inc.		14,463		1,748
				229,018
Insurance - 7.96%
Allied World Assurance Co. Holdings AG		459,285		19,409
American Equity Investment Life Holding Co.		426,890		12,610
American Financial Group, Inc.		257,835		17,778
AMERISAFE, Inc.		43,200		2,162
Amtrust Financial Services, Inc.B		254,631		17,699
Argo Group International Holdings Ltd.		83,734		4,721
Aspen Insurance Holdings Ltd.		415,420		19,978
Assurant, Inc.		203,700		15,196
Assured Guaranty Ltd.		425,940		10,418
Axis Capital Holdings Ltd.		266,700		15,351
CNO Financial Group, Inc.		897,372		16,009
Employers Holdings, Inc.		58,400		1,402
Endurance Specialty Holdings Ltd.		309,025		21,474
Enstar Group Ltd.A		65,643		10,502
FBL Financial Group, Inc., Class A		131,626		7,504
First American Financial Corp.		411,950		16,717
Global Indemnity PLCA C		424,623		11,741
Hanover Insurance Group, Inc.		249,580		20,179

	Shares		Fair Value
			(000’s)
Hilltop Holdings, Inc.A		287,460	$	6,051
Horace Mann Educators Corp.		967,671		34,102
Infinity Property & Casualty Corp.		54,738		4,243
Kemper Corp.		191,520		7,416
Maiden Capital Financing Trust		220,350		3,645
Mercury General Corp.		118,200		6,672
Montpelier Re Holdings Ltd.		325,238		13,871
National Western Life Insurance Co., Class A		14,720		3,547
Navigators Group, Inc.A		49,613		3,879
Old Republic International Corp.		914,060		15,292
Primerica, Inc.		176,430		7,980
ProAssurance Corp.		165,000		7,968
Radian Group, Inc.		780,252		14,403
Renaissancere Holdings Ltd.		138,100		14,818
Safety Insurance Group, Inc.		171,500		9,945
Selective Insurance Group, Inc.		225,569		6,950
State Auto Financial Corp.		77,539		1,876
Stewart Information Services Corp.		60,140		2,473
Symetra Financial Corp.		735,750		18,423
Third Point Reinsurance Ltd.A		289,200		4,298
United Fire Group, Inc.		81,260		2,808
Universal Insurance Holdings, Inc.		159,300		4,368
Validus Holdings Ltd.		311,510		14,438
White Mountains Insurance Group Ltd.		21,454		15,147
				465,463
Real Estate - 3.60%
American Assets Trust, Inc.E		238,090		9,909
Apollo Residential Mortgage, Inc.E		224,410		3,249
Ashford Hospitality Prime, Inc.E		140,369		2,044
Ashford Hospitality Trust, Inc.E		443,993		3,880
Brandywine Realty TrustE		499,085		6,872
CBL & Associates Properties, Inc.E		307,020		5,017
Corporate Office Properties TrustE		397,430		9,193
EPR PropertiesE		323,890		18,501
Geo Group, Inc.E		818,906		30,915
Granite Real Estate Investment TrustE		267,400		8,233
Healthcare Trust of America, Inc., Class AE		521,718		13,111
Hersha Hospitality TrustE		183,100		4,966
Hospitality Properties TrustE		128,503		3,524
Kite Realty Group TrustE		445,160		11,752
Mack-Cali Realty Corp.E		367,281		7,654
Medical Properties Trust, Inc.E		862,500		11,790
New Residential Investment Corp.E		366,310		5,747
Pebblebrook Hotel TrustE		223,914		9,113
Pennsylvania Real Estate Investment TrustE		321,105		7,039
RAIT Financial TrustE		843,570		4,420
Ramco-Gershenson Properties TrustE		315,300		5,341
RLJ Lodging TrustE		469,456		14,004
Ryman Hospitality Properties, Inc.E		93,900		5,369
WCI Communities, Inc.A		346,341		8,742
				210,385
Total Financials				1,760,968

	Shares		Fair Value
			(000’s)
HEALTH CARE - 5.28%
Biotechnology - 0.08%
Charles River Laboratories International, Inc.A		36,894	$	2,864
PDL BioPharma, Inc.		274,391		1,597
				4,461
Health Care Equipment & Supplies - 1.73%
Computer Programs and Systems, Inc.B		58,570		2,739
Globus Medical, Inc., Class AA		433,210		12,156
Haemonetics Corp.A		667,928		26,724
Hillenbrand, Inc.		361,840		10,262
Hill-Rom Holdings, Inc.		113,369		6,352
Integra LifeSciences Holdings Corp.A		48,805		3,130
Invacare Corp.		622,890		10,620
Meridian Bioscience, Inc.		366,860		6,636
Natus Medical, Inc.A		130,459		5,892
Seaspine Holdings Corp.A		31,408		492
Sirona Dental Systems, Inc.		78,500		8,147
STERIS Corp.		111,800		7,729
				100,879
Health Care Providers & Services - 3.35%
Advisory Board Co.A		216,820		12,988
Air Methods Corp.		289,500		11,403
Hanger Orthopedic Group, Inc.A		1,076,260		23,290
HealthSouth Corp.		535,710		24,482
LifePoint Hospitals, Inc.A		464,987		38,529
Magellan Health Services, Inc.A		95,820		5,806
Omnicell, Inc.A		277,550		10,136
Owens & Minor, Inc.		319,753		11,243
Select Medical Holdings Corp.		1,045,975		15,093
Triple-S Management Corp., Class BA		170,581		3,681
Universal American Corp.		258,300		2,394
WellCare Health Plans, Inc.A		464,870		37,561
				196,606
Pharmaceuticals - 0.12%
Lannett Co., Inc.A		115,370		6,876
Total Health Care				308,822
INDUSTRIALS - 20.05%
Aerospace & Defense - 1.39%
AAR Corp.		378,301		10,195
Aerovironment, Inc.A		350,150		9,125
Aircastle Ltd.		664,511		15,996
Curtiss-Wright Corp.		91,900		6,191
Kaman Corp.		12,727		502
Moog, Inc., Class AA		16,020		1,071
Orbital ATK, Inc.		178,755		12,683
Triumph Group, Inc.		288,967		15,561
World Fuel Services Corp.		237,450		9,652
				80,976
Building Products - 2.36%
American Woodmark Corp.A		103,910		6,833
Apogee Enterprises, Inc.		122,657		6,768

	Shares		Fair Value
			(000’s)
Crane Co.		273,039	$	14,526
Masonite International Corp.		358,500		24,762
Owens Corning		452,090		20,276
Simpson Manufacturing Co., Inc.		966,248		34,611
Trex Co., Inc.A		473,800		21,496
Universal Forest Products, Inc.		133,010		8,446
				137,718
Commercial Services & Supplies - 7.26%
ABM Industries, Inc.		689,689		22,732
Aceto Corp.		255,600		5,989
American Public Education, Inc.A		70,795		1,831
Apollo Group, Inc., Class AA		82,407		1,056
Bridgepoint Education, Inc.A		124,309		1,171
Brink’s Co.		485,840		15,173
Capella Education Co.		156,953		8,085
CDI Corp.		95,825		1,160
Convergys Corp.		487,672		12,245
Con-way, Inc.		1,651,200		64,050
CSG Systems International, Inc.		506,230		15,744
CyrusOne, Inc.E		333,712		10,258
Deluxe Corp.		277,966		17,909
DeVry, Inc.		176,953		5,376
Dun & Bradstreet Corp.		133,720		16,684
Ennis, Inc.		84,758		1,422
FTI Consulting, Inc.A		285,290		11,674
G&K Services, Inc., Class A		65,519		4,295
Heidrick & Struggles International, Inc.		161,500		3,532
Herman Miller, Inc.		472,500		13,249
HMS Holdings Corp.A		597,810		6,887
Hudson Global, Inc.A		630,300		1,374
Interface, Inc.		530,940		13,789
Kelly Services, Inc., Class A		231,533		3,459
Kforce, Inc.		17,535		410
Koppers Holdings, Inc.		22,146		450
Korn/Ferry International		608,654		20,378
McGrath Rentcorp		262,928		6,668
Mobile Mini, Inc.		591,429		21,960
Monotype Imaging Holdings, Inc.		200,726		5,004
Monster Worldwide, Inc.A		370,984		2,615
Morningstar, Inc.		41,539		3,539
Navigant Consulting, Inc.A		417,189		6,558
PHH Corp.A		765,660		19,111
Pitney Bowes, Inc.		732,190		15,317
Resources Connection, Inc.		164,122		2,598
RR Donnelley & Sons Co.		1,167,500		20,490
Steelcase, Inc., Class A		655,332		11,698
Strayer Education, Inc.A		46,975		2,612
Tetra Tech, Inc.		46,500		1,239
TrueBlue, Inc.A		484,773		12,488
Viad Corp.		185,011		5,304
Weight Watchers International, Inc.A B		303,299		1,213
West Corp.		204,000		5,885
				424,681

	Shares		Fair Value
			(000’s)
Construction & Engineering - 1.83%
AECOM Technology Corp.A		413,500	$	12,748
Aegion Corp.A		143,102		2,829
Comfort Systems USA, Inc.		1,055,967		29,188
EMCOR Group, Inc.		368,884		17,644
Granite Construction, Inc.		260,210		8,852
MYR Group, Inc.A		320,361		9,624
Primoris Services Corp.		737,700		13,389
Tutor Perini Corp.		616,742		12,908
				107,182
Diversified Manufacturing - 0.59%
Barnes Group, Inc.		892,750		34,755
Electrical Equipment - 1.28%
Brady Corp., Class A		122,894		2,890
Encore Wire Corp.		360,300		12,369
EnerSys, Inc.		410,766		25,652
Geospace Technologies Corp.A		262,431		4,577
II-VI, Inc.		1,372,388		23,331
Regal-Beloit Corp.		83,940		5,828
				74,647
Industrial Conglomerates - 0.61%
GATX Corp.		110,000		5,834
ICF International, Inc.A		26,351		966
KBR, Inc.		1,070,400		18,700
Park-Ohio Industries, Inc.		30,331		1,362
Raven Industries, Inc.		200,820		3,902
Rexnord Corp.A		155,270		3,292
Trimas Corp.A		60,790		1,429
				35,485
Machinery - 3.40%
Actuant Corp., Class A		173,921		4,011
AGCO Corp.		281,700		15,496
Applied Industrial Technologies, Inc.		108,862		4,205
Astec Industries, Inc.		211,120		8,299
Briggs & Stratton Corp.		103,000		1,903
Chart Industries, Inc.A		225,860		6,166
CIRCOR International, Inc.		97,700		4,673
Columbus McKinnon Corp.		111,542		2,617
EnPro Industries, Inc.		291,900		14,793
ESCO Technologies, Inc.		62,225		2,369
FreightCar America, Inc.		240,188		4,626
Harsco Corp.		334,100		4,591
iRobot Corp.A		261,203		8,042
John Bean Technologies Corp.		74,582		2,719
L.B. Foster Co., Class A		65,098		1,911
Lindsay Corp.B		126,240		10,588
Meritor, Inc.A		1,826,099		25,711
Miller Industries, Inc.		231,100		4,047
Mueller Industries, Inc.		113,590		3,677
Navistar International Corp.B		419,400		7,356
Oshkosh Corp.		642,100		23,462
Tennant Co.		22,895		1,369
Terex Corp.		716,400		15,875

	Shares		Fair Value
			(000’s)
TimkenSteel Corp.		378,300	$	7,048
Valmont Industries, Inc.		68,800		7,653
Wabash National Corp.A		251,933		3,462
Watts Water Technologies, Inc., Class A		38,480		2,134
				198,803
Marine - 0.26%
Great Lakes Dredge & Dock Corp.A		348,541		1,767
Matson, Inc.		319,000		13,213
				14,980
Road & Rail - 0.71%
Forward Air Corp.		143,681		6,976
Marten Transport Ltd.		294,506		5,710
Quality Distribution, Inc.A		58,390		929
Ryder System, Inc.		196,290		17,768
Swift Transportation Co.A		161,265		3,841
TravelCenters of America LLCA D		78,170		1,271
Werner Enterprises, Inc.		179,624		5,073
				41,568
Trading Companies & Distributors - 0.36%
Air Lease Corp.		374,660		13,244
WESCO International, Inc.A B		123,210		7,560
				20,804
Total Industrials				1,171,599
INFORMATION TECHNOLOGY - 11.79%
Communications Equipment - 1.65%
Adtran, Inc.		215,189		3,551
Anixter International, Inc.		74,577		4,938
ARRIS Group, Inc.A		1,136,508		35,140
Bel Fuse, Inc., Class B		66,988		1,479
Brocade Communications Systems, Inc.		1,638,180		16,808
CommScope Holding Co., Inc.A		431,600		13,539
Extreme NetworksA		1,993,600		4,625
Finisar Corp.A		144,231		2,511
IxiaA		176,831		2,334
Plantronics, Inc.		162,753		9,453
Ubiquiti Networks, Inc.B		67,676		2,181
				96,559
Computers & Peripherals - 0.77%
Electronics for Imaging, Inc.A		186,360		8,517
Lexmark International, Inc., Class A		397,290		13,504
Mercury Systems, Inc.A		736,178		10,373
NCR Corp.A		466,100		12,836
				45,230
Electronic Equipment & Instruments - 3.50%
Arrow Electronics, Inc.		348,200		20,248
Avnet, Inc.		100,200		4,181
AVX Corp.		489,700		6,596
Benchmark Electronics, Inc.A		625,481		13,798
Celestica, Inc.A		267,800		3,583
ChipMOS TECHNOLOGIES Bermuda Ltd.		69,000		1,136
Coherent, Inc.		43,455		2,518
DTS, Inc.A		116,253		3,312
Greatbatch Inc.A		64,440		3,514

	Shares		Fair Value
			(000’s)
Ingram Micro, Inc., Class A		768,111	$	20,916
Itron, Inc.A		102,426		3,301
Knowles Corp.A B		371,340		7,074
Littelfuse, Inc.		97,490		8,969
Nanometrics, Inc.A		299,186		4,093
Newport Corp.A		60,896		965
Plexus Corp.A		488,156		18,618
Rofin-Sinar Technologies, Inc.A		63,991		1,596
Sanmina Corp.A		665,377		14,685
Scansource, Inc.A		411,265		15,558
Tech Data Corp.A		198,149		11,558
Vishay Intertechnology, Inc.		3,310,402		38,003
				204,222
Internet Software & Services - 0.31%
Constant Contact, Inc.A		211,500		5,465
Engility Holdings, Inc.		47,900		1,049
Netgear, Inc.A		195,087		6,534
Perficient, Inc.A		297,600		4,830
				17,878
IT Consulting & Services - 1.23%
Acxiom Corp.A		442,759		7,930
CACI International, Inc., Class AA		96,070		7,890
Computer Task Group, Inc.		18,317		128
Mantech International Corp., Class A		92,870		2,768
MoneyGram International, Inc.A		235,221		2,399
Science Applications International Corp.		69,310		3,721
Sykes Enterprises, Inc.A		394,513		9,618
SYNNEX Corp.		267,001		20,194
Syntel, Inc.A		185,700		8,113
Unisys Corp.A		131,234		2,083
Virtusa Corp.A		145,700		6,985
				71,829
Semiconductor Equipment & Products - 2.86%
Advanced Energy Industries, Inc.A		144,000		3,771
Amkor Technology, Inc.A		335,724		1,481
Brooks Automation, Inc.		2,711,062		28,602
Diodes, Inc.A		1,538,859		34,147
Fairchild Semiconductor International, Inc.A		1,508,474		22,718
Inphi Corp.A		194,522		4,421
IXYS Corp.		125,390		1,312
Kulicke & Soffa Industries, Inc.A		478,614		4,982
Microsemi Corp.		187,125		6,164
MKS Instruments, Inc.		220,890		7,842
Omnivision Technologies, Inc.A		189,881		4,637
PDF Solutions, Inc.A		51,376		720
Photronics, Inc.A		1,139,175		9,398
QLogic Corp.A		1,758,445		15,597
Rovi Corp.A		74,720		821
Teradyne, Inc.		638,040		12,289
Ultra Clean Holdings, Inc.A		62,631		475
Xcerra Corp.A		1,243,033		7,812
				167,189

	Shares		Fair Value
			(000’s)
Software - 1.47%
Comverse, Inc.A		437,580	$	8,870
DST Systems, Inc.		23,050		2,516
FARO Technologies, Inc.A		462,826		20,313
Mentor Graphics Corp.		2,089,010		54,502
				86,201
Total Information Technology				689,108
MATERIALS - 3.88%
Chemicals - 1.59%
A. Schulman, Inc.		79,470		2,959
American Vanguard Corp.		408,900		5,242
Cabot Corp.		258,048		9,078
Calgon Carbon Corp.		322,090		5,698
Chemtura Corp.A		128,689		3,530
Innospec, Inc.		218,995		9,472
Intrepid Potash, Inc.		543,410		4,641
Kronos Worldwide, Inc.		267,690		2,634
Olin Corp.B		156,440		3,597
PolyOne Corp.		596,200		20,431
Quaker Chemical Corp.		31,234		2,895
Rayonier Advanced Materials, Inc.		103,407		1,453
Scotts Miracle-Gro Co., Class A		256,077		15,464
Stepan Co.		125,479		6,150
				93,244
Construction Materials - 0.03%
Boise Cascade Co.A		54,319		1,802
Metals & Mining - 1.52%
Carpenter Technology Corp.		171,360		6,433
Century Aluminum Co.A		109,247		1,018
Coeur d’Alene Mines Corp.B		423,519		1,495
Commercial Metals Co.		243,702		3,755
Gibraltar Industries, Inc.A		492,819		9,433
Global Brass & Copper Holdings, Inc.		168,070		2,832
Haynes International, Inc.		128,940		5,489
Hecla Mining Co.		1,414,700		2,971
Horsehead Holding Corp.A B		1,126,300		9,326
Kaiser Aluminum Corp.		182,500		15,412
Materion Corp.		84,991		2,601
Noranda Aluminum Holding Corp.		1,357,600		882
Pan American Silver Corp.		231,973		1,448
Steel Dynamics, Inc.		864,900		17,324
Stillwater Mining Co.A		726,700		6,918
Worthington Industries, Inc.		57,778		1,563
				88,900
Paper & Forest Products - 0.74%
Domtar Corp.		243,560		9,903
Glatfelter Co.		143,100		2,921
Louisiana-Pacific Corp.A		1,398,226		20,610
Neenah Paper, Inc.		81,085		4,912
Schweitzer-Mauduit International, Inc.		116,700		4,633
				42,979
Total Materials				226,925

	Shares		Fair Value
			(000’s)
TELECOMMUNICATION SERVICES - 0.48%
Diversified Telecommunication Services - 0.24%
Atlantic Tele-Network, Inc.		51,710	$	3,658
EchoStar Corp., Class AA		169,040		7,846
IDT Corp., Class B		81,965		1,395
magicJack VocalTec Ltd.A B		51,409		372
Premiere Global Services, Inc.A		76,610		827
				14,098
Wireless Telecommunication Services - 0.24%
Iridium Communications, Inc.A B		361,400		2,682
Telephone & Data Systems, Inc.		385,083		11,325
				14,007
Total Telecommunication Services				28,105
UTILITIES - 4.29%
Electric - 2.69%
Allete, Inc.		283,290		13,680
El Paso Electric Co.		80,070		2,917
Empire District Electric Co.		175,500		4,038
Great Plains Energy, Inc.		1,884,790		49,212
IDACORP, Inc.		155,525		9,660
NorthWestern Corp.		397,830		21,419
NRG Yield, Inc., Class AB		79,500		1,567
PNM Resources, Inc.		304,480		8,032
Portland General Electric Co.		1,282,544		46,184
				156,709
Gas - 0.74%
Chesapeake Utilities Corp.		166,935		8,584
Laclede Group, Inc.		138,540		7,496
MDU Resources Group, Inc.		327,240		6,384
One Gas, Inc.		168,200		7,574
Piedmont Natural Gas Co., Inc.		354,410		13,472
				43,510
Multi-Utilities - 0.76%
Avista Corp.		432,240		14,273
NiSource, Inc.		880,700		15,377
Westar Energy, Inc.		388,370		14,622
				44,272
Water - 0.10%
California Water Service Group		281,740		6,066
Total Utilities				250,557
Total Common Stock (Cost $4,837,486)				5,614,887
SHORT-TERM INVESTMENTS - 3.72%
American Beacon U.S. Government Money Market Select Fund, Select Class		15,000,000		15,000
JPMorgan U.S. Government Money Market Fund, Capital Class		202,322,457		202,322
Total Short-Term Investments (Cost $217,322)				217,322

SECURITIES LENDING COLLATERAL - 2.70%
American Beacon U.S. Government Money Market Select Fund, Select ClassF	114,824,826	$	114,825
DWS Government and Agency Securities Portfolio, Institutional Class	42,885,273		42,885
Total Securities Lending Collateral (Cost $157,710)			157,710
TOTAL INVESTMENTS - 102.49% (Cost $5,212,518)			5,989,919
LIABILITIES, NET OF OTHER ASSETS - (2.49%)			(145,283	)
TOTAL NET ASSETS - 100.00%		$	5,844,636

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

^B  All or a portion of this security is on loan at July 31, 2015.

^C  PLC - Public Limited Company.

^D  LLC - Limited Liability Company.

^E  REIT - Real Estate Investment Trust.

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

Futures Contracts Open on July 31, 2015:

Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index September Futures	Long		1,685	September 2015	$	208,131,200	$	(3,805,339	)
					$	208,131,200	$	(3,805,339	)

Top Ten Holdings (% Net Assets)
First Horizon National Corp.		1.1
Con-way, Inc.		1.1
Mentor Graphics Corp.		0.9
Synovus Financial Corp.		0.9
Great Plains Energy, Inc.		0.8
Portland General Electric Co.		0.8
LifePoint Hospitals, Inc.		0.7
Vishay Intertechnology, Inc.		0.7
WellCare Health Plans, Inc.		0.6
Wintrust Financial Corp.		0.6
Total Fund Holdings	604

Sector Allocation (% Equities)
Financials	31.4
Industrials	20.9
Consumer Discretionary	15.8
Information Technology	12.3
Health Care	5.5
Utilities	4.5
Materials	4.0
Energy	2.7
Consumer Staples	2.4
Telecommunication Services	0.5

American Beacon International Equity Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
Australia - 1.20%
Common Stocks - (Cost $25,415)
Ansell Ltd.		429,944	$	7,876
Caltex Australia Ltd.		531,517		13,422
James Hardie Industries PLC, CDIA B		630,913		8,758
Total Australia				30,056
Austria - 0.24%
Common Stocks - (Cost $6,887)
Uniqa Insurance Group AG		625,619		5,909
Belgium - 1.64%
Common Stocks - (Cost $26,898)
Anheuser-Busch InBev N.V.		215,544		25,648
KBC Groep N.V.		223,942		15,608
Total Belgium				41,256
Canada - 2.31%
Common Stocks - (Cost $79,390)
Baytex Energy Corp.C		555,667		4,784
Bombardier, Inc., Class B		4,180,200		5,210
Encana Corp.		681,500		5,180
Home Capital Group, Inc.		44,600		1,083
Imperial Oil Ltd.D		274,520		10,156
MDA Corp.C		193,700		11,484
National Bank of Canada		192,600		6,736
Precision Drilling Corp.		1,027,500		5,225
Suncor Energy, Inc.		294,000		8,282
Total Canada				58,140
Denmark - 0.43%
Common Stocks - (Cost $12,120)
Carlsberg A.S., Class B		124,160		10,817
Finland - 0.74%
Common Stocks - (Cost $12,016)
Sampo OYJ, Class A		375,703		18,568
France - 10.15%
Common Stocks - (Cost $225,776)
AXA S.A.		556,763		14,675
BNP Paribas		587,334		38,257
Cap Gemini S.A.		182,461		17,444
Cie de Saint-Gobain		238,550		11,309
Cie Generale des Etablissements Michelin		90,840		8,899
GDF Suez		862,952		16,571
Iliad S.A.		14,768		3,504

	Shares		Fair Value
			(000’s)
Legrand S.A.		256,048	$	15,762
Orange S.A.		203,690		3,341
Sanofi		334,377		35,977
Schneider Electric S.A.		213,288		14,896
Technip S.A.		354,166		20,156
Total S.A.		580,319		28,728
Valeo S.A.		90,961		12,138
Vinci S.A.		210,601		13,507
Total France				255,164
Germany - 8.17%
Common Stocks - (Cost $135,365)
Bayer AG Reg		364,247		53,724
Commerzbank AGD		657,780		8,514
Continental AG		35,050		7,835
Daimler AG, Reg SE		45,676		4,083
Deutsche Boerse AG		158,220		14,358
HeidelbergCement AG		171,240		13,061
Infineon Technologies AG		779,560		8,737
Lanxess AG		150,370		8,675
Linde AG		77,425		14,634
Merck KGaA		137,730		14,010
METRO AG		219,610		6,934
Muenchener Rueckversicherungs AG Reg		33,507		6,156
SAP AG		160,434		11,499
Siemens AG Reg		120,420		12,887
Total Common Stocks				185,107
Preferred Stocks - (Cost $24,741)
Volkswagen AG		101,913		20,415
Total Germany				205,522
Hong Kong/China - 2.32%
Common Stocks - (Cost $47,606)
AIA Group Ltd.		1,273,600		8,313
Cheung Kong Property Holdings Ltd.D		162,792		1,357
China Merchants Holdings Intl.		2,050,103		7,524
China Mobile Ltd.		1,876,807		24,523
CK Hutchison Holdings Ltd.		162,792		2,417
CNOOC Ltd.		8,591,000		10,628
GCL-Poly Energy Holdings Ltd.D		17,305,000		3,505
Total Hong Kong/China				58,267
Ireland - 0.76%
Common Stocks - (Cost $12,408)
CRH PLCB		641,560		19,106
Israel - 2.00%
Common Stocks - (Cost $34,917)
Teva Pharmaceutical Industries Ltd., Sponsored ADR, F		728,970		50,314

	Shares		Fair Value
			(000’s)
Italy - 1.63%
Common Stocks - (Cost $34,729)
Atlantia SpA		294,948	$	7,878
Azimut Holding SpA		357,343		8,932
ENI SpA		571,184		10,012
Intesa Sanpaolo SpA		1,671,515		6,429
UniCredit SpAC		1,160,576		7,692
Total Italy				40,943
Japan - 15.41%
Common Stocks - (Cost $330,800)
Canon, Inc.		289,700		9,285
Daikin Industries Ltd.		165,300		10,697
Daiwa House Industry Co., Ltd.		942,600		23,482
Don Quijote Co., Ltd.		513,300		21,910
East Japan Railway Co.		190,200		18,800
Hitachi Ltd.		2,827,000		18,349
Isuzu Motors Ltd.		640,900		8,884
ITOCHU Corp.		375,000		4,602
Japan Tobacco, Inc.		311,100		12,083
JGC Corp.		300,000		5,129
KDDI Corp.		2,281,700		58,002
Komatsu Ltd.		226,200		4,189
Konica Minolta, Inc.		1,253,500		15,646
Nikon Corp.C		1,000,900		11,904
Nissan Motor Co., Ltd.		1,382,900		13,373
Seven & I Holdings Co., Ltd.		353,400		16,322
Shin-Etsu Chemical Co., Ltd.		134,600		8,055
Softbank Corp.		418,000		23,208
Sony Corp.		589,200		16,796
Sumitomo Mitsui Financial Group, Inc.		769,500		34,422
Suntory Beverage & Food Ltd.		281,500		11,902
Toshiba Corp.D		1,441,000		4,418
Toyota Motor Corp.		406,200		27,050
United Arrows Ltd.		218,100		8,711
Total Japan				387,219
Luxembourg - 0.26%
Common Stocks - (Cost $6,126)
RTL Group S.A.,		70,595		6,423
Netherlands - 5.91%
Common Stocks - (Cost $121,912)
Akzo Nobel		517,540		37,065
ING Groep N.V. CVAG		936,070		15,924
Koninklijke Philips Electronics N.V.		240,627		6,690
NXP Semiconductor N.V.D		83,437		8,173
PostNL N.V.D		1,265,767		5,438
QIAGEN N.V.D		349,330		9,793
Reed Elsevier N.V.C		1,621,184		27,009
SBM Offshore N.V.D		692,530		8,446
TNT Express N.V.		1,205,200		10,099
Unilever N.V., CVA GDRG H		135,942		6,093

	Shares		Fair Value
			(000’s)
Wolters Kluwer N.V.		418,516	$	13,872
Total Netherlands				148,602
Norway - 0.89%
Common Stocks - (Cost $16,356)
Telenor ASA,		1,018,365		22,341
Portugal - 0.23%
Common Stocks - (Cost $7,949)
Galp Energia SGPS S.A.,		492,800		5,710
Singapore - 1.26%
Common Stocks - (Cost $22,150)
DBS Group Holdings Ltd.		1,156,342		17,010
Noble Group Ltd.		12,368,500		4,102
Singapore Telecommunications Ltd.		3,526,000		10,512
Total Singapore				31,624
South Korea - 4.11%
Common Stocks - (Cost $129,287)
Hana Financial Group, Inc.		462,277		11,516
Hyundai Mobis Co., Ltd.		36,196		6,604
Hyundai Motor Co.		128,101		16,312
KB Financial Group, Inc. ADRF		220,266		6,936
KT&G Corp.		151,050		14,199
LG Electronics, Inc.		199,764		6,931
POSCO		41,106		6,903
Samsung Electronics Co., Ltd.		15,260		15,454
SK Telecom Co., Ltd.		86,983		18,546
Total South Korea				103,401
Spain - 1.54%
Common Stocks - (Cost $35,390)
CaixaBank S.A.		2,126,116		9,478
Red Electrica Corporation S.A.		99,245		7,932
Repsol S.A.		171,652		2,884
Tecnicas Reunidas S.A.		84,920		4,324
Telefonica S.A.		927,032		14,192
Total Spain				38,810
Sweden - 1.83%
Common Stocks - (Cost $39,362)
Assa Abloy AB		830,340		16,854
Getinge AB, Class B		517,860		12,708
Swedbank AB, Class A		703,567		16,491
Total Sweden				46,053
Switzerland - 8.81%
Common Stocks - (Cost $170,362)
ABB Ltd.		656,370		13,334
Aryzta AG		180,149		9,148
Cie Financiere Richemont S.A.		100,378		8,663

	Shares		Fair Value
			(000’s)
Clariant AG		435,575	$	8,691
Credit Suisse Group AG Reg		1,041,034		30,683
Givaudan S.A. Reg		1,856		3,457
Novartis AG Reg		684,053		71,074
Roche Holding AG Genusschein		96,888		27,985
Swiss Re AG		104,450		9,404
UBS Group AG		1,104,512		25,432
Zurich Insurance Group AG		44,459		13,541
Total Switzerland				221,412
United Kingdom - 23.27%
Common Stocks - (Cost $515,852)
Anglo American PLCB		426,177		5,399
Aon PLCB		85,400		8,606
Aviva PLCB		3,548,225		28,813
BAE Systems PLCB		1,564,304		11,731
Balfour Beatty PLCB		1,816,150		6,685
Barclays PLCB		7,429,596		33,525
BG Group PLCB		586,599		10,008
BP PLCB		1,745,740		10,781
British American Tobacco PLCB		854,915		50,746
Carnival PLCB		290,495		16,113
Direct Line Insurance Group PLCB		1,205,945		6,891
GlaxoSmithKline PLCB		1,570,141		34,230
Glencore Xstrata PLCB		1,557,832		5,060
HSBC Holdings PLCB		3,235,406		29,101
Informa PLCB		1,320,805		12,293
Kingfisher PLCB		2,264,455		12,755
Lloyds Banking Group PLCB		41,870,492		54,401
Marks & Spencer Group PLCB		1,472,810		12,512
Michael Page International PLCB		928,226		7,944
Petrofac Ltd.		746,530		10,259
Provident Financial Holdings PLCB		218,802		10,159
Prudential PLCB		1,059,190		24,935
Reed Elsevier PLCB		804,834		14,052
Rexam PLCB		1,463,135		12,716
Royal Dutch Shell PLC, Class AB		389,096		11,180
Royal Dutch Shell PLC, Class BB		303,526		8,819
Shire PLCB		184,535		16,369
Sky PLCB		683,110		12,161
SSE PLC		746,402		17,659
Standard Chartered PLCB		791,570		12,117
Tesco PLCB		3,582,820		12,069
Unilever PLCB		237,907		10,800
Vodafone Group PLCB		7,573,301		28,603
William Hill PLCB		1,793,060		11,338
Wolseley PLCB		214,053		14,227
Total United Kingdom				585,057
SHORT-TERM INVESTMENTS - 4.21%
American Beacon U.S. Government Money Market Select Fund, Select Class		10,000,000		10,000

	Shares		Fair Value
			(000’s)
JPMorgan U.S. Government Money Market Fund, Capital Class		95,868,534	$	95,869
Total Short-Term Investments (Cost $105,869)				105,869
SECURITIES LENDING COLLATERAL - 1.57%
American Beacon U.S. Government Money Market Select Fund, Select ClassI		33,490,924		33,491
DWS Government and Agency Securities Portfolio, Institutional Class		5,921,603		5,922
Total Securities Lending Collateral (Cost $39,413)				39,413
TOTAL INVESTMENTS - 100.89% (Cost $2,219,096)				2,535,996
LIABILITIES, NET OF OTHER ASSETS - (0.89)%				(22,449	)
TOTAL NET ASSETS - 100.00%			$	2,513,547

Percentages are stated as a percent of net assets.

^A  CDI - Chess Depository Interest.

^B  PLC - Public Limited Company.

^C  All or a portion of this security is on loan at July 31, 2015.

^D  Non-income producing security.

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

^F  ADR - American Depositary Receipt.

^G  CVA - Dutch Certificate.

^H  GDR - Global Depositary Receipt.

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

Futures Contracts Open on July 31, 2015:
Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Amsterdam Index August Futures	Long		30	August 2015	$	3,243,144	$	32,518
CAC 40 10 Euro August Futures	Long		201	August 2015		11,223,219		100,809
DAX Index September Futures	Long		33	September 2015		10,244,646		208,156
FTSE 100 Index September Futures	Long		223	September 2015		23,172,969		145,803
FTSE MIB Index August Futures	Long		22	September 2015		2,843,154		149,447
Hang Seng IDX August Futures	Long		23	August 2015		3,638,307		12,063
IBEX 35 Index August Futures	Long		33	August 2015		4,047,857		(1,633	)
OMXS 30 Index August Futures	Long		177	August 2015		3,311,577		10,853
S&P TSX 60 Index August Futures	Long		76	September 2015		9,892,759		938
SPI 200 August Futures	Long		74	September 2015		7,642,377		209,114
TOPIX Index September Futures	Long		193	September 2015		25,851,367		195,193
					$	105,111,376	$	1,063,261

Forward Foreign Currency Exchange Contracts on July 31, 2015:

Type	Currency	Principal Amount Covered by Contract		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
BUY	CHF		9,898,731		9/9/2015	CBK	$	—	$	(381,373	)	$	(381,373	)
BUY	CAD		470,680		9/9/2015	SOG		—		(19,480	)		(19,480	)
BUY	GBP		1,445,901		9/9/2015	BOA		1,501		—			1,501
BUY	SEK		188,900		9/9/2015	BOA		—		(4,022	)		(4,022	)
BUY	EUR		2,137,235		9/9/2015	BOA		—		(21,908	)		(21,908	)
BUY	JPY		1,372,504		9/9/2015	SOG		—		(9,971	)		(9,971	)
BUY	AUD		213,883		9/9/2015	SOG		—		(8,895	)		(8,895	)
BUY	CHF		310,827		9/9/2015	SOG		—		(8,271	)		(8,271	)
BUY	JPY		428,614		9/9/2015	GLM		—		(5,686	)		(5,686	)
BUY	SEK		57,995		9/9/2015	DUB		—		(716	)		(716	)
BUY	EUR		549,376		9/9/2015	DUB		586		—			586
BUY	GBP		468,375		9/9/2015	DUB		5,186		—			5,186
BUY	CHF		103,609		9/9/2015	DUB		—		(2,150	)		(2,150	)
BUY	CAD		229,330		9/9/2015	GLM		—		(5,984	)		(5,984	)
BUY	AUD		145,912		9/9/2015	GLM		—		(2,210	)		(2,210	)
BUY	GBP		624,500		9/9/2015	SOG		556		—			556
BUY	CAD		305,773		9/9/2015	BOA		—		(10,029	)		(10,029	)
BUY	JPY		922,611		9/9/2015	BOA		—		(11,616	)		(11,616	)
BUY	SEK		104,392		9/9/2015	SOG		—		(2,090	)		(2,090	)
BUY	EUR		988,876		9/9/2015	SOG		—		(6,524	)		(6,524	)
BUY	AUD		291,824		9/9/2015	BOA		—		(7,130	)		(7,130	)
BUY	AUD		6,551,099		9/9/2015	TDB		—		(315,263	)		(315,263	)
BUY	JPY		20,689,508		9/9/2015	UAG		78,266		—			78,266
BUY	SEK		2,689,792		9/9/2015	CBK		—		(127,350	)		(127,350	)
BUY	GBP		19,892,186		9/9/2015	BRC		309,092		—			309,092
BUY	CAD		8,726,691		9/9/2015	GLM		—		(413,668	)		(413,668	)
BUY	EUR		24,692,882		9/9/2015	CBK		—		(696,654	)		(696,654	)
SELL	CHF		252,461		9/9/2015	BOA		6,462		—			6,462
SELL	EUR		2,131,577		9/9/2015	CBK		28,429		—			28,429
SELL	GBP		1,889,112		9/9/2015	CBK		—		(13,824	)		(13,824	)
SELL	CAD		619,191		9/9/2015	BOA		18,788		—			18,788
SELL	SEK		330,574		9/9/2015	SOG		6,748		—			6,748
SELL	CHF		124,331		9/9/2015	CBK		3,381		—			3,381
SELL	AUD		576,353		9/9/2015	BOA		9,850		—			9,850
SELL	JPY		831,238		9/9/2015	SOG		7,443		—			7,443
SELL	CHF		859,956		9/9/2015	SOG		17,005		—			17,005
SELL	CAD		886,743		9/9/2015	CBK		23,521		—			23,521
SELL	EUR		2,538,115		9/9/2015	SOG		4,802		—			4,802
SELL	CHF		219,012		9/9/2015	CBK		1,376		—			1,376
SELL	GBP		1,655,778		9/9/2015	CBK		—		(1,002	)		(1,002	)
SELL	JPY		1,769,357		9/9/2015	CBK		—		(2,358	)		(2,358	)
SELL	AUD		546,385		9/9/2015	CBK		4,638		—			4,638
SELL	SEK		289,293		9/9/2015	CBK		—		(599	)		(599	)
SELL	EUR		2,693,973		9/9/2015	CBK		—		(32,438	)		(32,438	)
SELL	CAD		756,219		9/9/2015	CBK		5,011		—			5,011
SELL	SEK		273,739		9/9/2015	SOG		3,835		—			3,835
SELL	AUD		642,014		9/9/2015	CBK		9,905		—			9,905
SELL	GBP		1,904,724		9/9/2015	SOG		—		(32,854	)		(32,854	)
SELL	JPY		1,881,464		9/9/2015	CBK		39,811		—			39,811
							$	586,192	$	(2,144,065	)	$	(1,557,873	)

Glossary:

Counterparty Abbreviations:

BOA	Bank of America, N.A.	GLM	Goldman Sachs Bank USA
BRC	Barclays Bank PLC Wholesale	SOG	Societe Generale
CBK	Citibank N.A.	TDB	Toronto Dominion Bank
DUB	Deutsche Bank AG	UAG	UBS AG
Currency Abbreviations:
AUD	Australian Dollar	EUR	Euro	SEK	Swedish Krona
CAD	Canadian Dollar	GBP	British Pound
CHF	Swiss Franc	JPY	Japanese Yen

Top Ten Holdings (% Net Assets)
Novartis AG Reg		2.8
KDDI Corp.		2.3
Lloyds Banking Group PLC		2.2
Bayer AG Reg		2.1
BNP Paribas		1.5
Akzo Nobel		1.5
Sanofi		1.4
Sumitomo Mitsui Financial Group, Inc.		1.4
Teva Pharmaceutical Industries Ltd. Sponsored		2.0
British American Tobacco plc		2.0
Total Fund Holdings	166

Sector Allocation (% Equities)
Financials	24.6
Consumer Discretionary	14.2
Health Care	14.0
Industrials	10.3
Telecommunication Services	8.6
Consumer Staples	7.8
Energy	7.7
Materials	6.3
Information Technology	4.7
Utilities	1.8

Country Allocation (% Equities)
United Kingdom	24.6
Japan	16.2
France	10.7
Switzerland	9.3
Germany	8.6
Netherlands	6.2
South Korea	4.3
Hong Kong/China	2.4
Canada	2.4
Israel	2.1
Sweden	1.9
Italy	1.7
Belgium	1.7
Spain	1.6
Singapore	1.3
Australia	1.3
Norway	0.9
Finland	0.8
Ireland	0.8
Denmark	0.5
Luxembourg	0.3
Portugal	0.2
Austria	0.2

American Beacon Emerging Markets Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
Argentina - 0.19%
Common Stocks - (Cost $147)
YPF S.A., Sponsored ADRA		5,925	$	136
Preferred Stocks - (Cost $131)
Nortel Inversora S.A., B Shares, ADRA B		4,450		75
Total Argentina				211
Austria - 1.71%
Common Stocks - (Cost $2,479)
Erste Group Bank AG		56,079		1,681
Vienna Insurance Group AG		7,758		267
Total Austria				1,948
Brazil - 11.63%
Common Stocks - (Cost $15,275)
Banco Bradesco S.A.		19,020		154
Banco do Brasil S.A.		48,800		314
BM&FBovespa S.A.		98,300		300
Brasil Insurance Participacoes e Administracao S.A.		47,900		13
BRF S.A.C		37,336		784
CCR S.A.		32,584		145
Centrais Eletricas Brasileiras S.A., Sponsored ADRA C		195,350		326
Cia de Saneamento Basico do Estado de Sao Paulo, ADRA C		64,253		325
Cia de Saneamento Basico do Estado de Sao PauloC		192,300		982
Cia Hering		55,900		193
Duratex S.A.C D		91,600		186
EDP - Energias do Brasil S.A.		19,700		75
Embraer S.A., Sponsored ADRA		35,170		979
Estacio Participacoes S.A.		73,900		306
Gerdau S.A., Sponsored ADRA		50,370		87
Kroton Educacional S.A.		58,200		163
Magnesita Refratarios S.A.		204,000		160
Marfrig Alimentos S.A.		647,800		1,005
Mills Estruturas e Servicos de Engenharia S.A.C		98,056		177
Oi S.A., ADRA		19,802		27
Petroleo Brasileiro S.A., Sponsored ADRA C		84,143		573
Raia Drogasil S.A.C		19,124		243
Sul America S.A.E		26,300		133
Telefonica Brasil S.A., ADRA		60,995		794
TIM Participacoes S.A.		121,500		333
Ultrapar Participacoes S.A.		10,058		206
Viver Incorporadora e Construtora S.A.C		431,588		5
Total Common Stocks				8,988

	Shares		Fair Value
			(000’s)
Convertible Bonds - (Cost $116)
Viver Incorporadora e Construtora S.A. 8/6/2016F G		270,118	$	13
Preferred Stocks - (Cost $7,814)
Alpargatas S.A.B C		128,800		293
Banco Bradesco S.A.B C		63,393		505
Banco Estado Rio Gran, B SharesB		94,300		272
Cia Brasileira de Distribuicao Grupo Pao de AcucarB		26,300		576
Gerdau S.A.B		105,200		181
Itau Unibanco Holding S.A.B		52,932		465
Itau Unibanco Holding S.A., Sponsored ADRA B		48,948		425
Itausa - Investimentos Itau S.A.B		43,952		108
Marcopolo S.A.B C		96,700		65
Metalurgica Gerdau S.A.B		7,400		8
Petroleo Brasileiro S.A., Sponsored ADRA B C		134,920		830
Randon Participacoes S.A.B		196,000		183
Telefonica Brasil S.A.B		3,500		46
Vale S.A., Sponsored ADRA B		61,082		262
Total Preferred Stocks				4,219
Total Brazil				13,220
Chile - 0.77%
Common Stocks - (Cost $1,191)
Cencosud S.A.		146,534		309
Corpbanca S.A.		1,104,347		11
Empresa Nacional de Telecom		29,624		305
S.A.C.I. Falabella		38,618		251
Total Chile				876
Colombia - 0.68%
Common Stocks - (Cost $1,007)
Grupo Aval Acciones y Valores S.A., ADRA		67,950		588
Grupo de Inversiones Suramericana S.A.		10,693		137
Total Common Stocks				725
Preferred Stocks - (Cost $83)
Grupo de Inversiones Suramericana S.A.B		4,000		51
Total Colombia				776
Czech Republic - 1.22%
Common Stocks - (Cost $1,650)
Ceska telekomunikacni infrastruktura ASC		74,550		522
Komercni Banka A.S.		1,923		430
O2 Czech Republic A.S.		74,550		434
Total Czech Republic				1,386

	Shares		Fair Value
			(000’s)
Egypt - 0.17%
Common Stocks - (Cost $207)
Commercial International Bank Egypt SAE		27,733	$	198
Greece - 0.46%
Common Stocks - (Cost $764)
JUMBO S.A.G		62,000		419
National Bank of Greece S.A.C D		110,470		104
Total Greece				523
Hong Kong/China - 21.34%
Common Stocks - (Cost $27,023)
AIA Group Ltd.		45,000		294
Anhui Conch Cement Co., Ltd. H		112,000		349
Apt. Satellite Holdings Ltd.		685,500		639
Bank of China Ltd. H		1,733,000		946
Baoxin Auto Group Ltd.		189,500		94
Bosideng International Holdings Ltd.		5,942,000		582
Chaoda Modern Agriculture Holdings Ltd.		2,200,000		102
China Communications Services Corp., Ltd. H		1,302,000		591
China Construction Bank H		2,278,415		1,856
China Life Insurance Co., Ltd. H		190,000		698
China Machinery Engineering Corp. H		73,000		55
China Mengniu Dairy Co., Ltd.		49,000		222
China Mobile Ltd.		153,000		1,999
China Overseas Land & Investment Ltd.		72,000		227
China Pacific Insurance Group Co., Ltd. H		64,200		269
China Railway Construction Corp., Ltd. H		73,000		95
China Resources Cement Holdings Ltd.		216,000		112
China Resources Power Holdings Co., Ltd.		218,000		561
China Shenhua Energy Co., Ltd.		120,000		228
China Taiping Insurance Holdings Co., Ltd.C		32,000		95
China Yuchai International Ltd.		18,107		271
China ZhengTong Auto Services Holdings Ltd.		202,000		108
Chongqing Changan Automobile Co., Ltd.		37,700		80
Chow Tai Fook Jewellery Group Ltd.		339,200		331
CNOOC Ltd.		399,000		494
Cosco International Holdings Ltd.		644,000		370
COSCO Pacific Ltd.		607,869		796
CSPC Pharmaceutical Group Ltd.		106,000		97
Dickson Concepts International Ltd.		280,445		112
Dongfeng Motor Group Co., Ltd. H		766,000		882
First Pacific Co., Ltd.		949,874		760
Galaxy Entertainment Group Ltd.		61,000		281

	Shares		Fair Value
			(000’s)
Guangzhou Automobile Group Co., Ltd. H		363,370	$	292
Huandian Power International Corp. H		138,000		140
Huatai Securities Co., Ltd. HC H		31,400		68
Industrial & Commercial Bank of China Ltd. H		1,365,555		941
Lee & Man Paper Manufacturing Ltd.		208,000		127
Lianhua Supermarket Holdings Co., Ltd. HC		616,000		329
Lifestyle International Holdings Ltd.		475,000		775
Luk Fook Holdings International Ltd.		318,000		894
NetEase, Inc., ADRA		772		107
NWS Holdings Ltd.		103,511		155
Parkson Retail Group Ltd.		2,303,500		392
Ping An Insurance Group Co., H		65,000		374
Qihoo 360 Technology Co., Ltd., ADRA C		1,220		76
Samsonite International S.A.		172,800		564
Shanghai Industrial Holdings Ltd.		256,000		755
Shenzhen International Holdings Ltd.		66,500		110
Sihuan Pharmaceutical Holdings Group Ltd.D		327,000		177
Sinotrans Shipping Ltd.		2,792,000		627
TAL Education Group, ADRA		3,841		130
Tencent Holdings Ltd.		66,700		1,242
Tsingtao Brewery Co., Ltd. H		4,000		21
Weichai Power Co., Ltd. H		362,000		544
Weiqiao Textile Co., Ltd. H		558,500		292
West China Cement Ltd.		966,000		174
Wumart Stores, Inc., H		595,000		368
Total Hong Kong/China				24,270
Hungary - 1.27%
Common Stocks - (Cost $1,703)
Magyar Telekom Telecommunications PLCC I		316,533		459
OTP Bank PLCI		8,432		173
Richter Gedeon Nyrt		50,252		808
Total Hungary				1,440
India - 8.51%
Common Stocks - (Cost $9,694)
Ashok Leyland Ltd.		410,411		542
Bank of India		155,189		397
Bharat Petroleum Corp., Ltd.		19,694		287
Glenmark Pharmaceuticals Ltd.		25,746		405
HDFC Bank Ltd.		24,166		419
ICICI Bank Ltd.		52,825		248
Idea Cellular Ltd.C		48,967		132
India Cements Ltd.		416,135		602
IndusInd Bank Ltd.		29,238		444
Infrastructure Development Finance Co., Ltd.		20,806		49
Larsen & Toubro Ltd.		3,363		94
Marico Ltd.		41,503		284
Maruti Suzuki India Ltd.		6,575		444

	Shares		Fair Value
			(000’s)
NMDC Ltd.		150,911	$	240
NTPC Ltd.		143,391		303
Oriental Bank of Commerce		65,415		174
Power Grid Corp. of India Ltd.		92,754		205
Punjab National Bank		89,096		208
Reliance Industries Ltd.		59,306		926
Reliance Infrastructure Ltd.		142,465		917
Rolta India Ltd.		117,950		209
Sesa Sterlite Ltd.		46,534		94
Shree Cement Ltd.		1,765		317
Shriram Transport Finance Co., Ltd.		22,790		318
South Indian Bank Ltd.		118,213		42
State Bank of India		156,333		656
Steel Authority of India Ltd.		316,466		278
Sun Pharmaceutical Industries Ltd.		10,402		133
Tata Consultancy Services Ltd.		7,024		275
Vedanta Ltd.		4,332		35
Total India				9,677
Indonesia - 1.51%
Common Stocks - (Cost $2,158)
AKR Corporindo Tbk PT		194,700		83
Aneka Tambang Persero Tbk PT		116,900		4
Kalbe Farma Tbk PT		1,419,800		183
Link Net Tbk PTC		355,500		144
Matahari Department Store Tbk PT		245,200		317
Surya Citra Media Tbk PT		432,400		94
XL Axiata Tbk PT		4,068,203		892
Total Indonesia				1,717
Japan - 0.16%
Common Stocks - (Cost $196)
Nexon Co., Ltd.,		13,400		184
Luxembourg - 0.70%
Common Stocks - (Cost $1,165)
Ternium S.A., Sponsored ADRA		51,040		794
Malaysia - 0.95%
Common Stocks - (Cost $1,265)
Astro Malaysia Holdings Bhd		179,900		144
CIMB Group Holdings Bhd		235,131		331
Genting Malaysia Bhd		378,900		423
IHH Healthcare Bhd		115,500		182
Total Malaysia				1,080
Mexico - 5.48%
Common Stocks - (Cost $8,397)
ALFA S.A.B.		193,235		384
Alpek S.A. de C.V.		103,100		142
Alsea S.A.B. de C.V.		75,523		245

	Shares		Fair Value
			(000’s)
America Movil S.A.B. de C.V. Series L, Sponsored ADR A		30,511	$	591
Cemex, S.A.B. de C.V., Series L, Sponsored ADR A		172,361		1,465
Consorcio ARA, S.A.B. de C.V.		288,600		116
Desarrolladora Homex, S.A.B. de C.V.C G		456,630		15
El Puerto de Liverpool S.A.B. de C.V.		12,416		146
Fomento Economico Mexicano, S.A.B. de C.V., Series B, Sponsored ADR A		7,933		719
Grupo Financiero Banorte, S.A.B. de C.V.		96,623		511
Grupo Financiero Inbursa		72,523		164
Grupo Financiero Santander Mexico, S.A.B. de C.V., ADRA		27,513		246
Macquarie Mexico Real Estate NPVH J		574,190		850
Mexichem, S.A.B. de C.V.		67,239		197
TF Administradora IndustrialJ		204,423		414
Urbi Desarrollos Urbanos, S.A.B. de C.V.C G		1,452,850		23
Total Mexico				6,228
Netherlands - 0.15%
Common Stocks - (Cost $268)
Yandex N.V.C		12,093		168
Peru - 0.42%
Common Stocks - (Cost $513)
Credicorp Ltd.,		3,647		481
Philippines - 1.30%
Common Stocks - (Cost $1,299)
BDO Unibank, Inc.		64,640		142
DMCI Holdings, Inc.		410,300		107
International Container Terminal Services, Inc.		64,710		155
Lt Group, Inc.		514,100		167
Metro Pacific Investments Corp.		2,229,500		236
Metropolitan Bank & Trust Co.		169,473		328
SM Investments Corp.		17,490		342
Total Philippines				1,477
Poland - 1.94%
Common Stocks - (Cost $2,540)
Bank Pekao S.A.		10,451		441
Bank Zachodni WBK S.A.		2,996		239
CCC S.A.		3,750		192
LPP S.A.		6		12
PKO Bank Polski S.A.		61,047		474
PKP Cargo S.A.		9,412		200
Polski Koncern Naftowy Orlen S.A.		13,099		264

	Shares		Fair Value
			(000’s)
Powszechny Zaklad Ubezpieczen S.A.		1,256	$	144
Synthos S.A.C		187,660		234
Total Poland				2,200
Qatar - 0.14%
Common Stocks - (Cost $195)
Commercial Bank of Qatar QSC		8,614		128
Ooredoo QSC		1,223		27
Total Qatar				155
Russia - 4.23%
Common Stocks - (Cost $7,685)
Gazprom OAO, Sponsored ADRA		314,500		1,444
Lukoil OAO, Sponsored ADRA		25,020		1,023
Mail.ru Group Ltd., Reg S, GDRK L		9,342		176
Megafon Reg S, GDRK L		15,431		191
NovaTek OAO, Reg S, Sponsored GDRK L		1,764		176
Rosneft Oil Co. Reg S, GDRK L		66,768		258
Sberbank, Sponsored ADRA		189,743		932
Sistema JSFC, Reg S, Sponsored GDRK L		55,360		470
X5 Retail Group N.V., Reg S, GDRC K L		7,785		139
Total Russia				4,809
Singapore - 0.41%
Common Stocks - (Cost $323)
Haw Par Corp., Ltd.,		72,957		469
South Africa - 2.49%
Common Stocks - (Cost $2,803)
Aveng Ltd.C		142,446		73
Barclays Africa Group Ltd.		23,516		346
Imperial Holdings Ltd.		10,556		142
Life Healthcare Group Holdings Ltd.		76,200		225
MTN Group Ltd.		26,104		436
Naspers Ltd., N Shares		4,574		640
Sasol Ltd.		8,166		283
Steinhoff International Holdings Ltd.		60,806		368
Vodacom Group Pty. Ltd.		27,815		322
Total South Africa				2,835
South Korea - 15.57%
Common Stocks - (Cost $20,859)
Amorepacific Corp.		825		290
Cosmax Inc.		864		150
Coway Co., Ltd.		4,370		365
E-Mart Co., Ltd.		1,264		258
Hana Financial Group, Inc.		33,440		833
Hotel Shilla Co., Ltd.		2,820		304
Hyundai Engineering & Construction Co., Ltd.		6,775		199
Hyundai Mobis Co., Ltd.		6,606		1,206
Hyundai Motor Co.		4,599		586
KB Financial Group, Inc.		53,965		1,697

	Shares		Fair Value
			(000’s)
Kia Motors Corp.		26,585	$	997
Kolao Holdings		5,701		106
Korea Aerospace Industries Ltd.		2,068		172
Korea Electric Power Corp.		10,901		474
Korea Electric Power Corp., Sponsored ADRA		3,970		86
KT Corp.		13,105		343
KT Corp., Sponsored ADRA		16,320		213
LG Chem Ltd.		2,132		456
LG Electronics, Inc.		7,427		258
Lotte Chemical Corp.		692		154
Lotte Confectionery Co., Ltd.		198		329
Lotte Shopping Co., Ltd.		2,097		452
NAVER Corp.		402		180
POSCO		8,136		1,366
Samsung Electronics Co., Ltd.		3,031		3,068
Samsung Life Insurance Co., Ltd.		2,296		210
Shinhan Financial Group Co., Ltd.		27,842		999
Shinsegae Co., Ltd.		1,469		261
SK C&C Co. Ltd.		205		54
SK Corp.G		447		83
SK Hynix, Inc.		9,795		311
SK Telecom Co., Ltd.		601		128
Total Common Stocks				16,588
Preferred Stocks - (Cost $932)
Hyundai Motor Co., Ltd.B		10,372		926
Samsung Electronics Co., Ltd.B		239		188
Total Preferred Stocks				1,114
Total South Korea				17,702
Spain - 0.09%
Common Stocks - (Cost $191)
Cemex Latam Holdings S.A.C		23,996		105
Switzerland - 0.34%
Common Stocks - (Cost $450)
Coca-Cola HBC AG, GDRD F L		7,475		156
DKSH Holding Ltd., AG		3,140		236
Total Switzerland				392
Taiwan - 6.13%
Common Stocks - (Cost $6,684)
Advanced Semiconductor Engineering, Inc.		308,570		357
Casetek Holdings Ltd.		29,000		164
Catcher Technology Co., Ltd.		25,000		276
Chailease Holding Co., Ltd.		107,094		223
Compal Electronics, Inc.		365,000		247
Delta Electronics, Inc.		37,000		182
Eclat Textile Co., Ltd.		11,931		175
Fubon Financial Holding Co., Ltd.		167,000		305
Hermes Microvision, Inc.		3,525		176
HON HAI Precision Industry Co., Ltd.		323,014		928

	Shares		Fair Value
			(000’s)
Largan Precision Co., Ltd.		2,000	$	203
MediaTek, Inc.		34,000		358
Nan Ya Plastics Corp.		44,000		90
Nan Ya Printed Circuit Board Corp.		100,139		102
Pegatron Corp.		47,000		132
Radiant Opto-Electronics Corp.		121,970		363
Shin Kong Financial Holding Co., Ltd.		1,337,486		391
Simplo Technology Co., Ltd.		50,000		206
Taiwan Mobile Co., Ltd.		45,000		149
Taiwan Semiconductor Manufacturing Co., Ltd.		307,385		1,358
Uni-President Enterprises Corp.		192,949		340
United Microelectronics Corp.		671,226		239
Total Taiwan				6,964
Thailand - 1.73%
Common Stocks - (Cost $2,287)
Advanced Info Service PCLM		51,600		367
Bangkok Bank PCLM		112,590		529
Indorama Ventures PCL		265,700		200
Land and Houses PCLM		567,300		129
Minor International PCLM		215,270		179
PTT PCLM		27,000		250
Thai Oil PCLM		120,500		165
Total Access Communication PCLM		48,900		97
Total Access Communication PCL NVDRM,N		23,700		47
Total Thailand				1,963
Turkey - 2.03%
Common Stocks - (Cost $2,808)
Akbank T.A.S.		106,840		286
Arcelik A.S.		20,944		110
Aygaz A.S.		52,310		197
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.J		573,570		538
Turkiye Garanti Bankasi A.S.		95,140		282
Turkiye Halk Bankasi A.S.		66,161		290
Turkiye Vakiflar Bankasi Tao		398,047		600
Total Turkey				2,303
United Arab Emirates - 0.24%
Common Stocks - (Cost $247)
Emaar Properties PJSCB O		128,258		276
United Kingdom - 0.41%
Common Stocks - (Cost $543)
APR Energy PLCI		37,620		66
Mondi PLCI		16,804		403
Total United Kingdom				469

	Shares		Fair Value
			(000’s)
United States - 0.39%
Common Stocks - (Cost $402)
JD.com, Inc., ADRA C		5,697	$	188
MercadoLibre, Inc.		1,917		251
Total United States				439
SHORT-TERM INVESTMENTS - 4.38% (Cost $4,976)
JPMorgan U.S. Government Money Market Fund, Capital Class		4,975,743		4,976
TOTAL INVESTMENTS - 99.14% (Cost $138,470)				112,711
OTHER ASSETS, NET OF LIABILITIES - 0.86%				982
TOTAL NET ASSETS - 100.00%			$	113,693

Percentages are stated as a percent of net assets.

^A  ADR - American Depositary Receipt.

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

^C  Non-income producing security.

^D  Step Up/Down - A scheduled increase in the exercise or conversion price at which a warrant, an option, or a convertible security may be used to acquire shares of common stock.

^E  Par value represents units rather than shares.

^F  Variable rate.

^G  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $834 or 0.73% of net assets.

^H  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 $918 or 0.81% of net assets. The Fund has no right to demand registration of these securities.

^I  PLC - Public Limited Company.

^J  REIT - Real Estate Investment Trust.

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

^L  GDR - Global Depositary Receipt.

^M  PCL - Public Company Limited (Thailand).

^N  NVDR - Non Voting Depositary Receipt.

^O  PJSC - Private Joint Stock Company.

Futures Contracts Open on July 31, 2015:

Description	Type	Number of Contracts		Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets September Futures	Long		114	September 2015	$	5,130,000	$	(230,554	)
					$	5,130,000	$	(230,554	)

Foreign Currency Contracts Open at July 31, 2015 (000’s):

Type	Currency	Principal Amount Covered by Contract		Settlement Date		Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
SELL	EUR		404		8/20/2015	UAG	$	—	$	(1	)	$	(1	)
SELL	EUR		404		8/20/2015	GST		—		(1	)		(1	)
							$	—	$	(2	)	$	(2	)

Glossary:

GST	Goldman Sachs International
UAG	UBS AG
Currency Abbreviations:
EUR	Euro

Top Ten Holdings (% Net Assets)
China Mobile Ltd.		1.8
China Construction Bank H		1.6
KB Financial Group, Inc.		1.5
Erste Group Bank AG		1.5
Cemex, S.A.B. de C.V., Sponsored		1.3
POSCO		1.2
Samsung Electronics Co. Ltd.		2.9
Gazprom OAO Sponsored		1.3
Taiwan Semiconductor Manufacturing Co. Ltd.		1.2
Petroleo Brasileiro S.A. Sponsored		1.2
Total Fund Holdings	298

Sector Allocation (% Equities)
Financials	27.6
Consumer Discretionary	15.0
Information Technology	10.2
Industrials	10.0
Telecommunication Services	9.6
Materials	8.8
Energy	6.2
Consumer Staples	5.9
Utilities	4.0
Health Care	2.7

Country Allocation (% Equities)
Hong Kong/China	22.6
South Korea	16.4
Brazil	12.3
India	9.0
Taiwan	6.5
Mexico	5.8
Russia	4.5
South Africa	2.6
Turkey	2.1
Poland	2.0
Thailand	1.8
Austria	1.8
Indonesia	1.6
Philippines	1.4
Czech Republic	1.3
Hungary	1.3
Malaysia	1.0
Chile	0.8
Luxembourg	0.7
Colombia	0.7
Greece	0.5
Singapore	0.4
Peru	0.4
Switzerland	0.4
United States	0.4
United Kingdom	0.4
United Arab Emirates	0.3
Argentina	0.2
Egypt	0.2
Netherlands	0.2
Japan	0.2
Qatar	0.1
Spain	0.1

American Beacon High Yield Bond Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCKS - 0.31% (Cost $715)
FINANCIALS - 0.05%
Other Finance - 0.05%
iPayment, Inc.A C		28,688	$	86
MANUFACTURING - 0.01%
Other Manufacturing - 0.00%
Liberty Tire Recycling LLCA B C		13,053		—
Paper & Forest Products - 0.01%
Catalyst Paper Corp.C		8,426		13
Total Manufacturing				13
MATERIALS - 0.00%
Paper & Forest Products - 0.00%
Verso Corp.C		1,132		—
SERVICE - 0.07%
Communications - 0.07%
Cengage Learning Holdings 11 Inc.C		1,154		31
Cengage Learning Holdings II LPD		3,169		84
Total Service				115
TELECOMMUNICATION SERVICES - 0.17%
Wireless Telecommunication Services - 0.17%
NII Holdings, Inc.C		19,161		274
TRANSPORTATION - 0.01%
Other Transportation - 0.01%
CEVA Holding LLCA B C		22		17
Total Common Stocks (Cost $715)				505
CONVERTIBLE PREFERRED STOCKS - 0.02% (Cost $68)
TRANSPORTATION - 0.02%
Other Transportation - 0.02%
CEVA Holding LLC, Series A-2A B C		49		36
	Par Amount
	(000’s)
CONVERTIBLE OBLIGATIONS - 0.11% (Cost $521)
Energy - 0.11%
Goodrich Petroleum Corp., 5.00%, Due 10/1/2032	$	435		174
RIGHTS - 0.01% (Cost $71)
FINANCE - 0.01%
Other Finance - 0.01%
iPayment Holdings, Inc. Exercise Price $0.40, Expires 12/29/22, Acquired 12/19/2012-01/15/2014, Cost $71A C E F		115,286		23
PREFERRED STOCKS - 0.21% (Cost $349)
FINANCE - 0.21%
Banks - 0.21%
Ally Financial, Inc., 7.00%, Due 12/31/2049G		93		94

	Par Amount		Fair Value
	(000’s)		(000’s)
Countrywide Capital V, 7.00%, Due 11/01/2036	$	10,000	$	256
Total Finance				350
Total Preferred Stocks (Cost $349)				350
CORPORATE OBLIGATIONS - 93.37%
Consumer - 3.45%
American Achievement Corp., 10.875%, Due 4/15/2016G		255		251
Beverages & More, Inc., 10.00%, Due 11/15/2018G		225		224
Cott Beverages, Inc.,
6.75%, Due 1/1/2020G		300		312
5.375%, Due 7/1/2022		240		235
Dean Foods Co., 6.50%, Due 3/15/2023G		375		383
Diamond Foods, Inc., 7.00%, Due 3/15/2019G		380		388
ESAL GmbH, 6.25%, Due 2/5/2023G		200		197
First Quality Finance Co. Inc., 4.625%, Due 5/15/2021G		269		256
Innovation Ventures LLC, 9.50%, Due 8/15/2019B G		243		250
JBS Investments GmbH, 7.75%, Due 10/28/2020G		350		378
JBS USA LLC / JBS USA Finance, Inc.,
8.25%, Due 2/1/2020B G		300		318
7.25%, Due 6/1/2021B G		200		210
5.875%, Due 7/15/2024B G		275		279
Marfrig Overseas Ltd., 9.50%, Due 5/4/2020G		250		254
Motors Liquidation Co., 8.375%, Due 7/15/2049A H I		1,570		—
Post Holdings, Inc.,
6.75%, Due 12/1/2021G		200		202
7.375%, Due 2/15/2022		300		307
6.00%, Due 12/15/2022G		100		97
Revlon Consumer Products Corp., 5.75%, Due 2/15/2021		340		340
Simmons Foods, Inc., 7.875%, Due 10/1/2021G		325		299
Spectrum Brands, Inc.,
6.625%, Due 11/15/2022		260		278
5.75%, Due 7/15/2025G		210		216
				5,674
Energy - 14.52%
Antero Resources Corp., 5.125%, Due 12/1/2022		210		198
Antero Resources Finance Corp., 6.00%, Due 12/1/2020		315		319
Bill Barrett Corp.,
7.625%, Due 10/1/2019		110		99
7.00%, Due 10/15/2022		155		128
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, Due 11/15/2022B G		215		219
Bonanza Creek Energy, Inc., 5.75%, Due 2/1/2023		330		267
BreitBurn Energy Partners LP / BreitBurn Finance Corp., 7.875%, Due 4/15/2022D		600		414
California Resources Corp.,
5.50%, Due 9/15/2021		200		165
6.00%, Due 11/15/2024		685		554
Calumet Specialty Products Partners LP / Calumet Finance Corp., 7.75%, Due 4/15/2023D G		300		305
Carrizo Oil & Gas, Inc., 7.50%, Due 9/15/2020		260		261
CGG S.A., 6.50%, Due 6/1/2021		600		456
Chaparral Energy, Inc.,
9.875%, Due 10/1/2020		200		136
8.25%, Due 9/1/2021		100		60
7.625%, Due 11/15/2022		797		465
CHC Helicopter S.A.,
9.25%, Due 10/15/2020		405		259
9.375%, Due 6/1/2021		65		32

	Par Amount		Fair Value
	(000’s)		(000’s)
Chesapeake Energy Corp.,
6.625%, Due 8/15/2020	$	200	$	179
6.875%, Due 11/15/2020		480		431
5.75%, Due 3/15/2023		400		338
Clayton Williams Energy, Inc., 7.75%, Due 4/1/2019		500		444
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, Due 4/1/2023D G		200		201
CSI Compressco LP / Compressco Finance, Inc., 7.25%, Due 8/15/2022D		200		189
DCP Midstream LLC,
5.35%, Due 3/15/2020B G		55		54
4.75%, Due 9/30/2021B G		100		95
6.75%, Due 9/15/2037B G		90		83
5.85%, Due 5/21/2043B G		170		128
DCP Midstream Operating LP, 3.875%, Due 3/15/2023D		310		263
Drill Rigs Holdings, Inc., 6.50%, Due 10/1/2017G		200		160
Eclipse Resources Corp., 8.875%, Due 7/15/2023G		315		296
Energy Transfer Equity LP, 7.50%, Due 10/15/2020D		600		672
Energy XXI Gulf Coast, Inc.,
11.00%, Due 3/15/2020G		235		177
7.50%, Due 12/15/2021		200		41
6.875%, Due 3/15/2024		100		22
EnQuest PLC, 7.00%, Due 4/15/2022G J		200		146
EP Energy LLC / Everest Acquisition Finance, Inc.,
9.375%, Due 5/1/2020B		105		108
6.375%, Due 6/15/2023B G		115		108
EPL Oil & Gas, Inc., 8.25%, Due 2/15/2018		545		264
EV Energy Partner LP, 8.00%, Due 4/15/2019D		430		377
Gastar Exploration, Inc., 8.625%, Due 5/15/2018		495		431
Genesis Energy LP / Genesis Energy Finance Corp., 5.75%, Due 2/15/2021D		420		410
Goodrich Petroleum Corp., 8.875%, Due 3/15/2019		400		116
Halcon Resources Corp.,
9.75%, Due 7/15/2020		100		54
8.875%, Due 5/15/2021		400		208
9.25%, Due 2/15/2022		100		50
Hercules Offshore, Inc., 7.50%, Due 10/1/2021G		370		107
Linn Energy LLC / Linn Energy Finance Corp.,
6.25%, Due 11/1/2019B		100		61
8.625%, Due 4/15/2020B		400		246
7.75%, Due 2/1/2021B K		250		146
6.50%, Due 9/15/2021B		100		58
Magnum Hunter Resources Corp., 9.75%, Due 5/15/2020		925		707
MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 4.875%, Due 12/1/2024D		355		346
Memorial Production Partners LP / Memorial Production Finance Corp.,
7.625%, Due 5/1/2021D		90		76
6.875%, Due 8/1/2022		300		240
Memorial Resource Development Corp., 5.875%, Due 7/1/2022		200		189
Midstates Petroleum Co., Inc./Midstates Petroleum Co., LLC, 9.25%, Due 6/1/2021B		300		104
NGPL PipeCo LLC,
7.119%, Due 12/15/2017B G		165		165
9.625%, Due 6/1/2019B G		545		545
7.768%, Due 12/15/2037B G		135		137
Oasis Petroleum, Inc., 6.875%, Due 3/15/2022		230		212
Ocean Rig UDW, Inc., 7.25%, Due 4/1/2019G		400		252
Offshore Group Investment Ltd.,
7.50%, Due 11/1/2019		200		107
7.125%, Due 4/1/2023		300		158

	Par Amount		Fair Value
	(000’s)		(000’s)
Paragon Offshore PLC, 7.25%, Due 8/15/2024G J	$	280	$	87
Penn Virginia Corp., 8.50%, Due 5/1/2020		795		374
PetroQuest Energy, Inc., 10.00%, Due 9/1/2017B		215		195
Quicksilver Resources, Inc., 7.00%, Due 6/21/2019G H		100		59
Regency Energy Partners LP / Regency Energy Finance Corp.,
5.875%, Due 3/1/2022D		200		212
4.50%, Due 11/1/2023D		70		66
Resolute Energy Corp., 8.50%, Due 5/1/2020		380		179
Rex Energy Corp., 8.875%, Due 12/1/2020		305		247
Rice Energy, Inc.,
6.25%, Due 5/1/2022		400		378
7.25%, Due 5/1/2023G		125		123
Rockies Express Pipeline LLC, 6.875%, Due 4/15/2040B G		730		755
Sabine Pass Liquefaction LLC,
5.625%, Due 2/1/2021B		725		739
6.25%, Due 3/15/2022B		320		330
5.625%, Due 4/15/2023B		300		297
5.75%, Due 5/15/2024B		475		472
Sabine Pass LNG LP, 7.50%, Due 11/30/2016D		295		307
Samson Investment Co., 9.75%, Due 2/15/2020H		265		—
Sanchez Energy Corp.,
7.75%, Due 6/15/2021		200		180
6.125%, Due 1/15/2023		870		704
SandRidge Energy, Inc.,
8.75%, Due 6/1/2020G		200		155
8.125%, Due 10/15/2022		505		152
Seventy Seven Energy, Inc., 6.50%, Due 7/15/2022		405		215
Talos Production LLC, 9.75%, Due 2/15/2018B G		375		298
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
6.375%, Due 8/1/2022D		240		249
5.25%, Due 5/1/2023D		155		153
Transocean, Inc., 3.00%, Due 10/15/2017		395		371
Triangle USA Petroleum Corp., 6.75%, Due 7/15/2022G		465		316
Ultra Petroleum Corp., 6.125%, Due 10/1/2024G		400		308
W&T Offshore, Inc., 8.50%, Due 6/15/2019		400		243
Western Refining Logistics LP / WNRL Finance Corp., 7.50%, Due 2/15/2023D		265		272
Western Refining, Inc., 6.25%, Due 4/1/2021		235		236
Whiting Canadian Holding Co. ULC, 8.125%, Due 12/1/2019		205		211
Whiting Petroleum Corp., 5.00%, Due 3/15/2019		145		139
WPX Energy, Inc.,
6.00%, Due 1/15/2022		350		327
8.25%, Due 8/1/2023		295		300
				23,887
Finance - 8.04%
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust,
4.25%, Due 7/1/2020		300		303
5.00%, Due 10/1/2021		200		208
Ally Financial, Inc., 8.00%, Due 11/1/2031		220		263
Argos Merger Sub, Inc., 7.125%, Due 3/15/2023G		560		592
A-S Co-Issuer Subsidiary, Inc. / A-S Merger Sub LLC, 7.875%, Due 12/15/2020B G		325		346
Banco do Brasil SA/Cayman, 9.00%, Due 6/29/2049G		150		129
Bank of America Corp., 8.125%, Due 12/29/2049I		600		641
Bank One Capital III, 8.75%, Due 9/1/2030		275		393
CIT Group, Inc., 5.00%, Due 8/15/2022		800		813
Citigroup, Inc., 6.30%, Due 12/29/2049		700		686

	Par Amount		Fair Value
	(000’s)		(000’s)
Cogent Communications Finance, Inc., 5.625%, Due 4/15/2021G	$	355	$	336
Communications Sales & Leasing Inc / CSL Capital LLC,
6.00%, Due 4/15/2023B G		300		288
8.25%, Due 10/15/2023B G		150		143
E*Trade Financial Corp.,
5.375%, Due 11/15/2022		100		104
4.625%, Due 9/15/2023		200		199
Fly Leasing Ltd., 6.375%, Due 10/15/2021		225		228
Genworth Holdings, Inc.,
7.70%, Due 6/15/2020		225		248
6.50%, Due 6/15/2034		125		110
6.15%, Due 11/15/2066I		275		164
Geo Group, Inc., 5.125%, Due 4/1/2023		520		523
Goldman Sachs Group, Inc., 5.375%, Due 12/29/2049		295		293
HUB International Ltd., 7.875%, Due 10/1/2021G		380		388
Intesa Sanpaolo S.p.A., 5.017%, Due 6/26/2024G		250		246
iStar Financial, Inc., 5.00%, Due 7/1/2019		470		461
JPMorgan Chase & Co., 6.00%, Due 12/31/2049		600		594
Navient Corp.,
8.45%, Due 6/15/2018		100		108
5.50%, Due 1/15/2019		600		587
Provident Funding Associates LP / PFG Finance Corp., 6.75%, Due 6/15/2021D G		400		384
Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, Due 12/1/2021B G		470		482
ROC Finance LLC / ROC Finance 1 Corp., 12.125%, Due 9/1/2018B G		675		717
Royal Bank of Scotland Group PLC, 6.125%, Due 12/15/2022J		800		859
Stena AB, 7.00%, Due 2/1/2024G		310		296
Stena International S.A., 5.75%, Due 3/1/2024G		650		621
TMX Finance LLC / TitleMax Finance Corp., 8.50%, Due 9/15/2018B G		590		469
				13,222
Gas - 0.06%
NGL Energy Partners LP / NGL Energy Finance Corp., 5.125%, Due 7/15/2019 D		100		97
Manufacturing - 19.72%
Advanced Micro Devices, Inc., 7.50%, Due 8/15/2022		800		552
AECOM Technology Corp., 5.75%, Due 10/15/2022G		285		289
Alcoa, Inc., 5.125%, Due 10/1/2024		330		332
Aleris International, Inc., 7.875%, Due 11/1/2020		300		304
Alpha Natural Resources, Inc., 7.50%, Due 8/1/2020G H		220		14
ArcelorMittal,
6.25%, Due 3/1/2021I		800		807
7.00%, Due 2/25/2022I		355		364
6.125%, Due 6/1/2025		155		148
Ardagh Finance Holdings S.A., 8.625%, Due 6/15/2019G L		287		300
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.,
6.25%, Due 1/31/2019G J		250		257
7.00%, Due 11/15/2020G J		106		107
6.75%, Due 1/31/2021G J		400		410
Axalta Coating Systems US Holdings Inc. / Axalta Coating Systems Dutch Holding B, 7.375%, Due 5/1/2021G		150		160
Axiall Corp., 4.875%, Due 5/15/2023		380		366
Ball Corp., 5.25%, Due 7/1/2025		285		287
Barminco Finance Property Ltd., 9.00%, Due 6/1/2018G		300		271
Berry Plastics Corp., 5.125%, Due 7/15/2023		100		98
Beverage Packaging Holdings Luxembourg II SA, 6.00%, Due 6/15/2017G		345		343
Blackboard, Inc., 7.75%, Due 11/15/2019G		400		376

	Par Amount		Fair Value
	(000’s)		(000’s)
BMC Software Finance, Inc., 8.125%, Due 7/15/2021G	$	500	$	373
Bombardier, Inc., 7.50%, Due 3/15/2025G		600		497
Boxer Parent Company, Inc., 9.00%, Due 10/15/2019G L		575		357
Brookfield Residential Properties, Inc., 6.375%, Due 5/15/2025G		195		190
Catalyst Paper Corp., 11.00%, Due 10/30/2017L		146		123
CDW LLC / CDW Finance Corp.,
5.00%, Due 9/1/2023B		130		129
5.50%, Due 12/1/2024B		145		146
Cemex Finance LLC,
9.375%, Due 10/12/2022B G		300		336
6.00%, Due 4/1/2024B G		200		201
Cemex SAB de CV, 5.70%, Due 1/11/2025G		200		194
Cemex, S.A.B. de C.V., 6.125%, Due 5/5/2025G		200		201
Chemours Co.,
6.625%, Due 5/15/2023G		300		264
7.00%, Due 5/15/2025G		390		342
CONSOL Energy, Inc.,
5.875%, Due 4/15/2022		100		78
8.00%, Due 4/1/2023G		400		331
CPG Merger Sub LLC, 8.00%, Due 10/1/2021B G		265		270
Dell, Inc.,
6.50%, Due 4/15/2038		80		74
5.40%, Due 9/10/2040		320		266
Eagle Spinco, Inc., 4.625%, Due 2/15/2021		390		379
Eldorado Gold Corp., 6.125%, Due 12/15/2020G		600		549
Fiat Chrysler Automobiles N.V.,
4.50%, Due 4/15/2020		295		299
5.25%, Due 4/15/2023		500		502
First Data Corp.,
8.25%, Due 1/15/2021G		700		740
11.75%, Due 8/15/2021		320		363
First Quantum Minerals Ltd.,
6.75%, Due 2/15/2020G		300		231
7.00%, Due 2/15/2021G		400		305
FMG Resources August 2006 Property Ltd., 9.75%, Due 3/1/2022G		500		460
Gardner Denver, Inc., 6.875%, Due 8/15/2021G		585		519
Gates Global LLC / Gates Global Co., 6.00%, Due 7/15/2022B G		290		257
Gibraltar Industries, Inc., 6.25%, Due 2/1/2021		350		358
Goodyear Tire & Rubber Co., 6.50%, Due 3/1/2021		500		529
Griffon Corp., 5.25%, Due 3/1/2022		290		283
Horsehead Holding Corp., 10.50%, Due 6/1/2017G		145		150
Infor US, Inc., 6.50%, Due 5/15/2022G		400		409
K Hovnanian Enterprises, Inc.,
8.00%, Due 11/1/2019G		195		172
7.25%, Due 10/15/2020G		230		232
KB Home, 7.50%, Due 9/15/2022		500		517
Kratos Defense & Security Solutions, Inc., 7.00%, Due 5/15/2019		185		167
Liberty Tire Recycling LLC, 11.00%, Due 3/31/2021A B G L		168		103
Midwest Vanadium Property Ltd., 11.50%, Due 2/15/2018G H		200		9
Milacron LLC, 7.75%, Due 2/15/2021B G		315		325
Momentive Performance Materials, Inc., 3.88%, Due 10/24/2021		205		178
Murray Energy Corp., 11.25%, Due 4/15/2021G		200		123
Navistar International Corp., 8.25%, Due 11/1/2021		295		279
NCR Corp., 5.875%, Due 12/15/2021		275		285
New Gold, Inc., 6.25%, Due 11/15/2022G		285		254

	Par Amount		Fair Value
	(000’s)		(000’s)
Norbord, Inc., 6.25%, Due 4/15/2023G	$	275	$	279
Norske Skog Holding AS, 8.00%, Due 2/24/2021G		120		76
Nova Chemicals Corp., 5.00%, Due 5/1/2025G		195		193
Nuance Communications, Inc., 5.375%, Due 8/15/2020G		450		456
Nufarm Australia Ltd., 6.375%, Due 10/15/2019G		255		259
Owens-Brockway Glass Container, Inc., 5.00%, Due 1/15/2022G		300		300
Park Ohio Industries, Inc., 8.125%, Due 4/1/2021		490		521
Peabody Energy Corp.,
6.25%, Due 11/15/2021		400		113
10.00%, Due 3/15/2022G		460		233
Pittsburgh Glass Works LLC, 8.00%, Due 11/15/2018B G		191		200
Plastipak Holdings, Inc., 6.50%, Due 10/1/2021G		230		231
Platform Specialty Products Corp., 6.50%, Due 2/1/2022G		200		207
Rain CII Carbon LLC / CII Carbon Corp., 8.25%, Due 1/15/2021B G		300		293
Rayonier AM Products, Inc., 5.50%, Due 6/1/2024G		500		424
Reliance Intermediate Holdings LP, 6.50%, Due 4/1/2023D G		255		265
Rentech Nitrogen Partners LP, 6.50%, Due 4/15/2021D G		235		230
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC, 8.25%, Due 2/15/2021B		300		311
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu,
8.50%, Due 5/15/2018B		200		203
9.00%, Due 4/15/2019B		300		309
5.75%, Due 10/15/2020B		110		114
Sealed Air Corp., 5.50%, Due 9/15/2025G		200		204
Shea Homes LP / Shea Homes Funding Corp., 5.875%, Due 4/1/2023D G		300		305
Signode Industrial Group US, Inc., 6.375%, Due 5/1/2022G		425		415
Smurfit Kappa Treasury Funding Ltd., 7.50%, Due 11/20/2025		625		776
Springs Industries, Inc., 6.25%, Due 6/1/2021		265		264
SRA International, Inc., 11.00%, Due 10/1/2019		200		210
Stackpole International Intermediate Co., 7.75%, Due 10/15/2021G		335		321
SunGard Availability Services Capital, Inc., 8.75%, Due 4/1/2022G		650		435
Taylor Morrison Communities Inc / Monarch Communities, Inc.,
5.25%, Due 4/15/2021G		445		444
5.875%, Due 4/15/2023G		485		486
5.625%, Due 3/1/2024G		300		292
Terex Corp., 6.00%, Due 5/15/2021		215		216
TPC Group, Inc., 8.75%, Due 12/15/2020G		800		717
TransDigm, Inc.,
7.50%, Due 7/15/2021		385		412
6.00%, Due 7/15/2022		475		474
6.50%, Due 7/15/2024		100		101
6.50%, Due 5/15/2025G		100		100
US Concrete, Inc., 8.50%, Due 12/1/2018		295		312
Verso Paper Holdings LLC / Verso Paper, Inc.,
11.75%, Due 1/15/2019B		989		281
William Lyon Homes, Inc., 8.50%, Due 11/15/2020		345		372
Wolverine World Wide, Inc., 6.125%, Due 10/15/2020		265		279
Xerium Technologies, Inc., 8.875%, Due 6/15/2018		395		407
ZF North America Capital, Inc., 4.75%, Due 4/29/2025G		300		293
				32,467
Service - 31.63%
24 Hour Holdings III LLC, 8.00%, Due 6/1/2022B G		300		238
Acadia Healthcare Co., Inc., 5.125%, Due 7/1/2022		325		324
ADT Corp., 4.875%, Due 7/15/2042		255		199
Ahern Rentals, Inc., 7.375%, Due 5/15/2023G		558		527
Alere, Inc.,
6.50%, Due 6/15/2020		285		296
6.375%, Due 7/1/2023G		140		146

	Par Amount		Fair Value
	(000’s)		(000’s)
AMC Entertainment, Inc., 5.75%, Due 6/15/2025	$	420	$	418
Amsurg Corp., 5.625%, Due 7/15/2022		300		309
Bon-Ton Department Stores, Inc., 8.00%, Due 6/15/2021		375		281
Boyd Gaming Corp.,
9.00%, Due 7/1/2020		455		495
6.875%, Due 5/15/2023		220		229
Caesars Entertainment Operating Co., Inc.,
11.25%, Due 6/1/2017H		1,100		907
12.75%, Due 4/15/2018H		400		124
9.00%, Due 2/15/2020H		200		166
Carmike Cinemas, Inc., 6.00%, Due 6/15/2023G		95		97
Carrols Restaurant Group, Inc., 8.00%, Due 5/1/2022G		600		630
CCO Holdings LLC / CCO Holdings Capital Corp.,
5.25%, Due 9/30/2022B		600		608
5.75%, Due 1/15/2024B		225		229
Cengage Learning Acquisitions, Inc., Escrow, 11.50%, Due 4/15/2020A G H		75		—
Cenveo Corp.,
11.50%, Due 5/15/2017		1,170		1,164
6.00%, Due 8/1/2019G		375		336
8.50%, Due 9/15/2022G		430		343
Cequel Communications Holdings I LLC, 6.375%, Due 9/15/2020B G		275		277
Chinos Intermediate Holdings A, Inc., 7.75%, Due 5/1/2019G L		350		239
CHS/Community Health Systems, Inc.,
7.125%, Due 7/15/2020		200		213
5.125%, Due 8/1/2021		150		156
6.875%, Due 2/1/2022		535		572
Clean Harbors, Inc., 5.125%, Due 6/1/2021		250		252
Clear Channel Worldwide Holdings, Inc.,
7.625%, Due 3/15/2020		530		557
6.50%, Due 11/15/2022		525		539
Community Health Systems, Inc., 8.00%, Due 11/15/2019		200		210
Concordia Healthcare Corp., 7.00%, Due 4/15/2023G		300		306
Covanta Holding Corp., 5.875%, Due 3/1/2024		375		369
CSC Holdings LLC, 6.75%, Due 11/15/2021B		1,000		1,038
CST Brands, Inc., 5.00%, Due 5/1/2023		490		488
Cumulus Media Holdings, Inc., 7.75%, Due 5/1/2019		870		762
DaVita HealthCare Partners, Inc., 5.75%, Due 8/15/2022		200		213
DISH DBS Corp.,
7.875%, Due 9/1/2019		230		257
5.875%, Due 7/15/2022		880		876
5.00%, Due 3/15/2023		200		187
5.875%, Due 11/15/2024		100		97
Dollar Tree, Inc., 5.75%, Due 3/1/2023B G		905		955
DPx Holdings BV, 7.50%, Due 2/1/2022G		220		231
DreamWorks Animation SKG, Inc., 6.875%, Due 8/15/2020G		525		518
Eldorado Resorts, Inc., 7.00%, Due 8/1/2023G		375		376
Endo Finance LLC / Endo Finco, Inc.,
5.375%, Due 1/15/2023B G		375		379
6.00%, Due 2/1/2025B G		465		479
6.00%, Due 7/15/2023B G		200		208
Equinix, Inc.,
5.375%, Due 1/1/2022		270		274
5.375%, Due 4/1/2023		580		586

	Par Amount		Fair Value
	(000’s)		(000’s)
FelCor Lodging LP,
5.625%, Due 3/1/2023D	$	275	$	282
6.00%, Due 6/1/2025D G		115		118
Ferrellgas LP / Ferrellgas Finance Corp., 6.75%, Due 6/15/2023D G		300		301
Fontainebleau Las Vegas Holdings LLC, 10.25%, Due 6/15/2015B G H I K		800		4
Golden Nugget Escrow, Inc., 8.50%, Due 12/1/2021G		370		385
Gray Television, Inc., 7.50%, Due 10/1/2020		670		709
Guitar Center, Inc., 9.625%, Due 4/15/2020G		345		274
HCA, Inc.,
7.50%, Due 2/15/2022		300		350
5.875%, Due 3/15/2022		200		219
4.75%, Due 5/1/2023		250		257
5.875%, Due 5/1/2023		500		538
5.375%, Due 2/1/2025		550		562
5.25%, Due 4/15/2025		100		105
Hertz Corp.,
6.75%, Due 4/15/2019		200		206
6.25%, Due 10/15/2022		400		408
Hologic, Inc., 5.25%, Due 7/15/2022G		200		207
Horizon Pharma Financing, Inc., 6.625%, Due 5/1/2023G		200		210
iHeartCommunications, Inc.,
10.00%, Due 1/15/2018		795		636
9.00%, Due 3/1/2021		1,470		1,331
International Game Technology, Inc.,
6.25%, Due 2/15/2022G		350		344
6.50%, Due 2/15/2025G		700		671
iPayment, Inc., 9.50%, Due 12/15/2019G		334		329
Isle of Capri Casinos, Inc., 8.875%, Due 6/15/2020		270		292
JC Penney Corp., Inc.,
7.95%, Due 4/1/2017		275		287
8.125%, Due 10/1/2019		370		368
JLL/Delta Dutch Pledgeco B.V., 8.75%, Due 5/1/2020G L		225		232
Jo-Ann Stores Holdings, Inc., 9.75%, Due 10/15/2019G L		295		253
Kinetic Concepts, Inc. / KCI USA, Inc., 12.50%, Due 11/1/2019		305		327
Landry’s, Inc., 9.375%, Due 5/1/2020G		400		429
LBI Media, Inc.,
10.00%, Due 4/15/2019G		285		292
4.25%, Due 4/15/2020G L		358		374
Lee Enterprises, Inc., 9.50%, Due 3/15/2022G		515		525
LIN Television Corp., 5.875%, Due 11/15/2022G		280		285
LTF Merger Sub, Inc., 8.50%, Due 6/15/2023G		265		255
McGraw-Hill Global Education Holdings LLC, 9.75%, Due 4/1/2021B		310		343
Men’s Wearhouse, Inc., 7.00%, Due 7/1/2022		490		522
MGM Resorts International,
6.75%, Due 10/1/2020		235		251
6.625%, Due 12/15/2021		615		650
7.75%, Due 3/15/2022		375		416
Midcontinent Communications & Finance Corp., 6.25%, Due 8/1/2021G		490		497
Monitronics International, Inc., 9.125%, Due 4/1/2020		265		257
NetFlix, Inc., 5.875%, Due 2/15/2025G		400		420
New Red Finance, Inc.,
4.625%, Due 1/15/2022G		100		100
6.00%, Due 4/1/2022G		400		413
Nexstar Broadcasting, Inc., 6.125%, Due 2/15/2022G		275		282
Nextstar Broadcasting, Inc., 6.875%, Due 11/15/2020		260		276

	Par Amount		Fair Value
	(000’s)		(000’s)
NPC International, Inc., 10.50%, Due 1/15/2020	$	500	$	526
Numericable-SFR SAS, 6.25%, Due 5/15/2024G		275		280
PF Chang’s China Bistro, Inc., 10.25%, Due 6/30/2020G		500		516
Quad Graphics, Inc., 7.00%, Due 5/1/2022		400		386
Radio One, Inc., 9.25%, Due 2/15/2020G		1,275		1,170
Radio Systems Corp., 8.375%, Due 11/1/2019G		200		212
Ruby Tuesday, Inc., 7.625%, Due 5/15/2020		300		309
Sabre GLBL, Inc., 5.375%, Due 4/15/2023G		400		398
Scientific Games International, Inc.,
6.625%, Due 5/15/2021		425		338
7.00%, Due 1/1/2022G		650		674
10.00%, Due 12/1/2022		470		456
Select Medical Corp., 6.375%, Due 6/1/2021		460		465
Serta Simmons Bedding LLC, 8.125%, Due 10/1/2020B G		425		451
Service Corp International, 7.50%, Due 4/1/2027		475		550
Sirius XM Radio, Inc.,
6.00%, Due 7/15/2024G		500		521
5.375%, Due 4/15/2025G		425		424
SiTV LLC / SiTV Finance, Inc., 10.375%, Due 7/1/2019B G		810		649
Sugarhouse HSP Gaming Prop Mezz LP, 6.375%, Due 6/1/2021D G		525		500
Tenet Healthcare Corp.,
5.00%, Due 3/1/2019G		300		303
8.125%, Due 4/1/2022		940		1,055
6.75%, Due 6/15/2023G		100		105
6.875%, Due 11/15/2031		250		235
Time, Inc., 5.75%, Due 4/15/2022G		275		264
United Rentals North America, Inc., 6.125%, Due 6/15/2023		275		283
Unitymedia KabelBW GmbH, 6.125%, Due 1/15/2025G		300		310
Univision Communications, Inc., 5.125%, Due 2/15/2025G		375		376
Valeant Pharmaceuticals International, Inc.,
7.50%, Due 7/15/2021G		200		217
5.625%, Due 12/1/2021G		350		359
5.50%, Due 3/1/2023G		100		102
5.875%, Due 5/15/2023G		450		468
Visant Corp., 10.00%, Due 10/1/2017		655		509
VPI Escrow Corp., 6.375%, Due 10/15/2020G		920		969
WMG Acquisition Corp.,
5.625%, Due 4/15/2022G		500		505
6.75%, Due 4/15/2022G		525		507
Wynn Macau Ltd., 5.25%, Due 10/15/2021G		200		190
				52,054
Telecommunications - 10.89%
Altice S.A.,
7.75%, Due 5/15/2022G		425		428
7.625%, Due 2/15/2025G		255		250
Avanti Communications Group PLC, 10.00%, Due 10/1/2019G J		375		353
Avaya, Inc.,
9.00%, Due 4/1/2019G		350		357
10.50%, Due 3/1/2021G		150		122
Brightstar Corp., 9.50%, Due 12/1/2016G		250		254
CenturyLink, Inc.,
5.80%, Due 3/15/2022		300		291
6.75%, Due 12/1/2023		300		301
Colombia Telecomunicaciones SA ESP, 8.50%, Due 12/29/2049G		300		314
CommScope Technologies Finance LLC, 6.00%, Due 6/15/2025B G		300		296

	Par Amount		Fair Value
	(000’s)		(000’s)
CommScope, Inc.,
5.00%, Due 6/15/2021G	$	175	$	173
5.50%, Due 6/15/2024G		175		171
CyrusOne LP / CyrusOne Finance Corp., 6.375%, Due 11/15/2022D		330		342
Digicel Group Ltd., 7.125%, Due 4/1/2022G		500		459
Digicel Ltd., 6.00%, Due 4/15/2021G		200		189
EarthLink Holdings Corp.,
8.875%, Due 5/15/2019		190		198
7.375%, Due 6/1/2020		360		374
Frontier Communications Corp.,
8.50%, Due 4/15/2020		100		104
8.75%, Due 4/15/2022		100		99
6.875%, Due 1/15/2025		255		217
7.875%, Due 1/15/2027		300		263
Hughes Satellite Systems Corp., 7.625%, Due 6/15/2021		300		332
Intelsat Jackson Holdings S.A.,
7.25%, Due 10/15/2020		300		297
7.50%, Due 4/1/2021		300		299
6.625%, Due 12/15/2022		610		557
Intelsat Luxembourg S.A., 7.75%, Due 6/1/2021		760		604
Level 3 Communications, Inc., 5.75%, Due 12/1/2022		265		267
Level 3 Financing, Inc.,
5.375%, Due 8/15/2022		280		283
5.125%, Due 5/1/2023G		225		219
Millicom International Cellular S.A., 6.625%, Due 10/15/2021G		400		416
Nokia OYJ, 6.625%, Due 5/15/2039		575		624
Oi S.A., 5.75%, Due 2/10/2022G		200		158
Sable International Finance Ltd., 6.875%, Due 8/1/2022G		200		197
Sprint Capital Corp., 8.75%, Due 3/15/2032		500		473
Sprint Corp.,
7.875%, Due 9/15/2023		670		641
7.125%, Due 6/15/2024		200		183
Sprint Nextel Corp.,
7.00%, Due 3/1/2020G		100		107
7.00%, Due 8/15/2020		570		548
11.50%, Due 11/15/2021		515		586
6.00%, Due 11/15/2022		600		527
Telecom Italia SpA, 5.303%, Due 5/30/2024G		565		568
T-Mobile USA, Inc.,
6.542%, Due 4/28/2020		100		105
6.633%, Due 4/28/2021		270		286
6.125%, Due 1/15/2022		300		314
6.50%, Due 1/15/2024		100		106
6.375%, Due 3/1/2025		100		105
Virgin Media Finance PLC, 6.375%, Due 4/15/2023G J		255		266
Virgin Media Secured Finance PLC,
5.50%, Due 1/15/2025G J		600		606
5.25%, Due 1/15/2026G		725		699
WaveDivision Escrow LLC / WaveDivision Escrow Corp., 8.125%, Due 9/1/2020B G		295		302
Wind Acquisition Finance S.A.,
4.75%, Due 7/15/2020G		300		307
7.375%, Due 4/23/2021G		620		656
Windstream Services LLC,
7.75%, Due 10/15/2020B		140		128
7.75%, Due 10/1/2021B		410		346
7.50%, Due 6/1/2022B		295		243
				17,910

	Par Amount		Fair Value
	(000’s)		(000’s)
Transportation - 2.11%
Eletson Holdings, 9.625%, Due 1/15/2022G	$	265	$	257
Florida East Coast Holdings Corp., 6.75%, Due 5/1/2019G		200		202
Global Ship Lease, Inc., 10.00%, Due 4/1/2019G		400		416
HD Supply, Inc., 7.50%, Due 7/15/2020		885		944
Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, Due 2/15/2021D		665		638
OPE KAG Finance Sub, Inc., 7.875%, Due 7/31/2023G		255		259
VistaJet Malta Finance PLC / VistaJet Co. Finance LLC, 7.75%, Due 6/1/2020B G J		225		209
Watco Cos. LLC, 6.375%, Due 4/1/2023B G		475		480
XPO Logistics, Inc., 6.50%, Due 6/15/2022G		70		69
				3,474
Utilities - 2.95%
AES Corp.,
3.283%, Due 6/1/2019I		205		203
5.50%, Due 4/15/2025		155		148
Calpine Corp.,
5.375%, Due 1/15/2023		190		186
5.75%, Due 1/15/2025		790		770
Dynegy, Inc., 7.625%, Due 11/1/2024G		280		289
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc., 10.00%, Due 12/1/2020B		575		9
GenOn Energy, Inc., 9.50%, Due 10/15/2018		390		392
Illinois Power Generating Co., 7.00%, Due 4/15/2018		345		327
InterGen N.V., 7.00%, Due 6/30/2023G		600		540
MPM Escrow LLC, 8.875%, Due 10/15/2020A B		205		—
NRG Energy, Inc.,
7.875%, Due 5/15/2021		505		532
6.25%, Due 7/15/2022		515		516
6.25%, Due 5/1/2024		170		167
NRG Yield Operating LLC, 5.375%, Due 8/15/2024B		300		300
Talen Energy Supply LLC, 6.50%, Due 6/1/2025B G		100		98
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc., 11.50%, Due 10/1/2020B G H		700		371
				4,848
Total Corporate Obligations (Cost $166,937)				153,633
	Shares
	(000’s)
SHORT-TERM INVESTMENTS - 3.11% (Cost $5,117)
JPMorgan U.S. Government Money Market Fund, Capital Class		5,116,677		5,117
TOTAL INVESTMENTS - 97.14% (Cost $173,777)				159,838
OTHER ASSETS, NET OF LIABILITIES - 2.86%				4,704
TOTAL NET ASSETS - 100.00%			$	164,542

Percentages are stated as a percent of net assets.

^A  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $265 or %0.16 of net assets.

^B  LLC - Limited Liability Company.

^C  Non-income producing security.

^D  LP - Limited Partnership.

^E  Warrant.

^F  Call.

^G  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 $68,916 or 41.88% of net assets. The Fund has no right to demand registration of these securities.

^H  In Default.

^I  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.

^J  PLC - Public Limited Company.

^K  Non-voting participating shares.

^L  PIK - Payment in Kind.

Top Ten Holdings (% Net Assets)
iHeartCommunications, Inc., 9.000%, Due 3/1/21		0.8
Radio One, Inc., 9.250%, Due 2/15/20, 144A		0.7
Cenveo Corp., 11.500%, Due 5/15/17		0.7
Tenet Healthcare Corp., 8.125%, Due 4/1/22		0.6
VPI Escrow Corp., 6.375%, Due 10/15/20, 144A		0.6
CSC Holdings LLC, 6.750%, Due 11/15/2021		0.6
Dollar Tree, Inc., 5.750%, Due 3/1/2023, 144A		0.6
Caesars Entertainment Operating Co, Inc., 11.25%, Due 6/1/2017		0.6
HD Supply, Inc., 7.500%, Due 7/15/2020		0.6
DISH DBS Corp., 5.875%, Due 7/15/22		0.5
Total Fund Holdings	489

Sector Allocation (% Bonds)
Service	33.7
Manufacturing	21.0
Energy	15.4
Telecommunications	11.6
Finance	8.5
Consumer	3.7
Utilities	3.1
Transportation	2.2
Equity	0.6
Gas	0.1
Convertible Obligations	0.1

American Beacon Retirement Income and Appreciation Fund

July 31, 2015 (Unaudited)

	Shares		Fair Value
			(000’s)
COMMON STOCKS - 0.26% (Cost $139)
CONSUMER DISCRETIONARY- 0.26%
Household Durables - 0.26%
Lennar Corp., Class A		4,280	$	227
PREFERRED STOCKS - 3.34% (Cost $3,184)
CONSUMER- 0.33%
Consumer Products - 0.33%
Tyson Foods, Inc., 4.75%, Due 7/15/2017		5,280		285
ENERGY - 0.56%
Oil & Gas - 0.56%
Chesapeake Energy Corp., 5.75%, Due 12/31/49		495		285
Southwestern Energy Co., 6.25%, Due 1/15/18		4,750		204
Total Energy				489
FINANCE - 1.11%
Other Finance - 0.38%
AMG Capital Trust II, 5.15%, Due 10/15/2037		5,510		331
Real Estate Investment Trusts - 0.73%
American Tower Corp., 5.25%, Due 5/15/2017		2,120		220
Crown Castle International Corp., 4.50%, Due 11/1/2016		2,380		245
Health Care REIT, Inc., 6.50%, Due 12/31/2049A		2,680		167
				632
MANUFACTURING - 0.47%
Machinery - 0.47%
Stanley Black & Decker, Inc., 4.75%, Due 11/17/2015		2,850		411
TRANSPORTATION - 0.15%
Other Transportation - 0.15%
Genesee & Wyoming, Inc., 5.00%, Due 10/01/2015		1,285		128
UTILITIES - 0.72%
Electric - 0.72%
Dominion Resources, Inc., 6.38%, Due 7/1/2017		2,320		117
Exelon Corp., 6.50%, Due 6/1/2017		5,275		247
NextEra Energy, Inc., 5.80%, Due 9/1/16		4,620		266
Total Utilities				630
Total Preferred Stocks (Cost $3,184)				2,906
CONVERTIBLE PREFERRED STOCKS - 3.95% (Cost $3,364)
FINANCE - 2.10%
Banks - 1.14%
Bank of America Corp., 7.25%, Due 12/31/2049		395		439
Wells Fargo & Co., 7.50%, Due 12/31/2049		460		548
HMO - 0.83%
Anthem, Inc., 5.25%, Due 5/1/2018		14,065		721
Real Estate Investment Trusts - 0.13%
Weyerhaeuser Co., 6.38%, Due 7/1/2016		2,220		114
MATERIALS - 0.12%
Metals & Mining - 0.12%
Alcoa, Inc., 5.38%, Due 10/1/2017		2,860		103

	Shares		Fair Value
			(000’s)
SERVICE - 1.23%
Other Service - 0.24%
Amsurg Corp., 5.25%, Due 7/1/2017		1,525	$	207
Pharmaceuticals - 0.99%
Allergan PLC, 5.50%, Due 3/1/2018D		775		862
TELECOMMUNICATIONS - 0.50%
Telecom - 0.50%
Frontier Communications Corp., 11.13%, Due 6/29/2018		2,011		197
T-Mobile US, Inc., 5.50%, Due 12/15/2017		3,350		238
Total Telecommunications				435
Total Convertible Preferred Stocks (Cost $3,364)				3,429
	Par Amount
	(000’s)
CONVERTIBLE OBLIGATIONS - 17.41%
Consumer - 0.17%
Jarden Corp., 1.125%, Due 3/15/2034	$	120		148
Energy - 0.64%
SEACOR Holdings, Inc., 2.50%, Due 12/15/2027		245		239
Whiting Petroleum Corp., 1.25%, Due 4/1/2020B		370		320
				559
Finance - 1.31%
Ares Capital Corp., 4.75%, Due 1/15/2018		320		325
MGIC Investment Corp., 5.00%, Due 5/1/2017		230		259
Molina Healthcare, Inc., 1.625%, Due 8/15/2044		170		235
Spirit Realty Capital, Inc., 2.875%, Due 5/15/2019		220		209
Starwood Waypoint Residential Trust, 3.00%, Due 7/1/2019		115		108
				1,136
Manufacturing - 8.28%
Citrix Systems, Inc., 0.50%, Due 4/15/2019		205		221
Fiat Chrysler Automobiles N.V., 7.875%, Due 12/15/2016		246		335
Intel Corp., 3.25%, Due 8/1/2039		150		218
Lam Research Corp., 0.50%, Due 5/15/2016		425		537
Medidata Solutions, Inc., 1.00%, Due 8/1/2018		167		199
Microchip Technology, Inc., 1.625%, Due 2/15/2025B		260		244
Micron Technology, Inc.,
1.625%, Due 2/15/2033		75		131
3.00%, Due 11/15/2043		355		331
NVIDIA Corp., 1.00%, Due 12/1/2018		505		578
ON Semiconductor Corp., 2.625%, Due 12/15/2026		200		235
Proofpoint, Inc., 0.75%, Due 6/15/2020B		130		141
Red Hat, Inc., 0.25%, Due 10/1/2019B		130		163
Rovi Corp., 0.50%, Due 3/1/2020B		96		80
Salesforce.com, Inc., 0.25%, Due 4/1/2018		525		660
SanDisk Corp., 0.50%, Due 10/15/2020		385		385
ServiceNow, Inc., Due 11/1/2018		162		200
Standard Pacific Corp., 1.25%, Due 8/1/2032		215		262
SunEdison, Inc.,
0.25%, Due 1/15/2020B		280		289
2.625%, Due 6/1/2023B		130		118
SunPower Corp., 0.75%, Due 6/1/2018		205		254
Synchronoss Technologies, Inc., 0.75%, Due 8/15/2019		335		386
Take-Two Interactive Software, Inc., 1.75%, Due 12/1/2016		190		317

	Par Amount		Fair Value
	(000’s)		(000’s)
Tesla Motors, Inc.,
0.25%, Due 3/1/2019	$	120	$	118
1.25%, Due 3/1/2021		360		352
Verint Systems, Inc., 1.50%, Due 6/1/2021		100		111
Workday, Inc., 0.75%, Due 7/15/2018		280		334
				7,199
Service - 6.62%
Acorda Therapeutics, Inc., 1.75%, Due 6/15/2021		215		222
BioMarin Pharmaceutical, Inc., 0.75%, Due 10/15/2018		156		256
Cepheid, Inc., 1.25%, Due 2/1/2021		110		122
Depomed, Inc., 2.50%, Due 9/1/2021		95		166
Emergent BioSolutions, Inc., 2.875%, Due 1/15/2021		110		135
FireEye, Inc.,
1.00%, Due 6/1/2035B		275		282
1.625%, Due 6/1/2035B		169		172
Gilead Sciences, Inc., 1.625%, Due 5/1/2016		43		223
HealthSouth Corp., 2.00%, Due 12/1/2043		130		164
Hologic, Inc., 2.00%, Due 3/1/2042		215		302
Horizon Pharma Investment Ltd., 2.50%, Due 3/15/2022B		200		288
Illumina, Inc.,
0.25%, Due 3/15/2016		55		144
Zero Coupon, Due 6/15/2019		125		145
0.50%, Due 6/15/2021		115		141
Impax Laboratories, Inc., 2.00%, Due 6/15/2022B		130		134
Incyte Corp., 0.375%, Due 11/15/2018		75		154
Integra LifeSciences Holdings Corp., 1.625%, Due 12/15/2016		350		439
Isis Pharmaceuticals, Inc., 1.00%, Due 11/15/2021B		120		127
Liberty Interactive LLC, 0.75%, Due 3/30/2043C		200		332
Liberty Media Corp., 1.375%, Due 10/15/2023		250		241
LinkedIn Corp., 0.50%, Due 11/1/2019B		260		262
NuVasive, Inc., 2.75%, Due 7/1/2017		105		147
Priceline Group, Inc., 0.35%, Due 6/15/2020		480		562
Twitter, Inc.,
0.25%, Due 9/15/2019B		100		88
1.00%, Due 9/15/2021B		265		229
Yahoo, Inc., Zero Coupon, Due 12/1/2018		270		274
				5,751
Telecommunications - 0.11%
CalAmp Corp., 1.625%, Due 5/15/2020 B		105		97
Transportation - 0.14%
Greenbrier Cos., Inc., 3.50%, Due 4/1/2018		100		126
Utilities - 0.14%
NRG Yield, Inc., 3.25%, Due 6/1/2020 B		130		123
Total Convertible Obligations (Cost $14,050)				15,139
CORPORATE OBLIGATIONS - 34.78%
Consumer - 1.30%
Altria Group, Inc., 4.75%, Due 5/5/2021		300		326
Anheuser-Busch InBev Worldwide, Inc., 8.00%, Due 11/15/2039		100		148
General Mills, Inc., 2.20%, Due 10/21/2019		550		549
SABMiller Holdings, Inc., 4.95%, Due 1/15/2042B		100		105
				1,128

	Par Amount		Fair Value
	(000’s)		(000’s)
Energy - 1.63%
Apache Corp., 5.10%, Due 9/1/2040	$	130	$	124
Canadian Natural Resources Ltd., 6.25%, Due 3/15/2038		275		299
Devon Energy Corp., 4.75%, Due 5/15/2042		300		282
EOG Resources, Inc., 2.50%, Due 2/1/2016		250		252
TransCanada PipeLines Ltd.,
3.75%, Due 10/16/2023		300		304
6.10%, Due 6/1/2040		140		158
				1,419
Finance - 14.42%
ABN AMRO Bank N.V., 1.80%, Due 6/4/2018B		400		400
AEGON Funding Co., LLC, 5.75%, Due 12/15/2020C		250		284
American International Group, Inc., 4.875%, Due 6/1/2022		400		442
Bank of America Corp.,
7.80%, Due 9/15/2016		600		642
4.125%, Due 1/22/2024		600		621
6.11%, Due 1/29/2037		275		315
Barclays Bank PLC, 3.75%, Due 5/15/2024D		700		709
BNP Paribas S.A., 3.60%, Due 2/23/2016		280		284
Citigroup, Inc., 8.50%, Due 5/22/2019		650		794
General Electric Capital Corp.,
5.625%, Due 5/1/2018		250		276
6.00%, Due 8/7/2019		300		345
5.50%, Due 1/8/2020		150		170
Goldman Sachs Group, Inc.,
5.35%, Due 1/15/2016		175		179
6.25%, Due 9/1/2017		350		383
6.00%, Due 6/15/2020		535		613
ING Bank N.V., 3.75%, Due 3/7/2017B		600		622
JPMorgan Chase & Co.,
0.616%, Due 6/13/2016E		375		374
3.625%, Due 5/13/2024		600		603
5.50%, Due 10/15/2040		350		396
MetLife, Inc., 6.375%, Due 6/15/2034		400		499
Morgan Stanley,
7.30%, Due 5/13/2019		530		623
5.625%, Due 9/23/2019		150		168
Nordea Bank AB, 4.875%, Due 1/27/2020B		250		278
Prudential Financial, Inc.,
7.375%, Due 6/15/2019		250		296
4.60%, Due 5/15/2044		350		344
Simon Property Group LP, 3.375%, Due 10/1/2024F		350		350
UBS AG, 5.875%, Due 12/20/2017		552		605
Wachovia Corp., 0.659%, Due 10/15/2016E		600		598
Wells Fargo & Co., 3.90%, Due 5/1/2045		350		321
				12,534
Manufacturing - 5.93%
American Honda Finance Corp., 3.875%, Due 9/21/2020B		250		268
BAE Systems Holdings, Inc., 3.80%, Due 10/7/2024B		350		352
Daimler Finance North America LLC,
2.25%, Due 9/3/2019B C		150		149
2.45%, Due 5/18/2020B C		350		347
Dow Chemical Co., 4.125%, Due 11/15/2021		300		315
Ford Motor Credit Co., LLC,
4.25%, Due 2/3/2017C		300		311
5.875%, Due 8/2/2021C		350		395

	Par Amount		Fair Value
	(000’s)		(000’s)
Hewlett-Packard Co.,
2.20%, Due 12/1/2015	$	250	$	251
4.05%, Due 9/15/2022		350		357
Ingersoll-Rand Luxembourg Finance S.A., 2.625%, Due 5/1/2020		200		200
Johnson Controls, Inc., 5.00%, Due 3/30/2020		300		328
Nissan Motor Acceptance Corp., 2.35%, Due 3/4/2019B		350		355
Northrop Grumman Corp., 5.05%, Due 8/1/2019		150		166
Oracle Corp., 3.25%, Due 5/15/2030		700		650
United Technologies Corp., 6.125%, Due 7/15/2038		150		185
Volkswagen Group of America Finance LLC, 2.45%, Due 11/20/2019B C		350		351
Xerox Corp., 2.95%, Due 3/15/2017		175		179
				5,159
Service - 4.18%
Alibaba Group Holding Ltd., 3.60%, Due 11/28/2024B		350		336
Bayer US Finance LLC, 2.375%, Due 10/8/2019B C		200		201
CBS Corp., 3.375%, Due 3/1/2022		300		296
Comcast Corp., 6.55%, Due 7/1/2039		400		506
McKesson Corp., 3.25%, Due 3/1/2016		140		142
Medtronic, Inc., 3.50%, Due 3/15/2025B		350		349
Quest Diagnostics, Inc., 4.75%, Due 1/30/2020		125		136
Thomson Reuters Corp.,
4.70%, Due 10/15/2019		125		136
4.30%, Due 11/23/2023		300		312
Time Warner, Inc.,
4.875%, Due 3/15/2020		150		164
4.75%, Due 3/29/2021		325		352
Viacom, Inc., 4.50%, Due 2/27/2042		350		289
Walgreens Boots Alliance, Inc., 3.80%, Due 11/18/2024		200		196
Wal-Mart Stores, Inc., 7.55%, Due 2/15/2030		150		214
				3,629
Telecommunications - 3.13%
America Movil S.A.B. de C.V., 6.375%, Due 3/1/2035		275		323
AT&T, Inc.,
3.40%, Due 5/15/2025		150		143
4.35%, Due 6/15/2045		473		407
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042B		250		255
Orange S.A., 2.125%, Due 9/16/2015		125		125
Verizon Communications, Inc.,
4.60%, Due 4/1/2021		340		367
6.90%, Due 4/15/2038		325		395
6.55%, Due 9/15/2043		250		295
Vodafone Group PLC, 6.15%, Due 2/27/2037D		375		407
				2,717
Transportation - 1.21%
Burlington Northern Santa Fe LLC,
5.75%, Due 5/1/2040C		140		165
5.15%, Due 9/1/2043C		300		329
Canadian National Railway Co., 5.55%, Due 5/15/2018		250		275
CSX Corp., 5.50%, Due 4/15/2041		250		286
				1,055
Utilities - 2.98%
Consolidated Edison Co. of New York, Inc., 5.50%, Due 12/1/2039		300		346
Dominion Resources, Inc., 4.70%, Due 12/1/2044		350		348
MidAmerican Energy Holdings Co., 6.125%, Due 4/1/2036		300		359
Pacific Gas & Electric Co., 4.30%, Due 3/15/2045		350		344

	Par Amount		Fair Value
	(000’s)		(000’s)
Progress Energy, Inc., 4.875%, Due 12/1/2019	$	350	$	383
Southern Co., 2.75%, Due 6/15/2020		500		505
Southwestern Electric Power Co., 3.55%, Due 2/15/2022		300		308
				2,593
Total Corporate Obligations (Cost $28,638)				30,234
FOREIGN GOVERNMENT OBLIGATIONS - 0.62%
Energy - 0.62%
Petrobras Global Finance BV, 3.875%, Due 1/27/2016		200		200
Petroleos Mexicanos, 6.00%, Due 3/5/2020		300		336
Total Foreign Government Obligations (Cost $498)				536
ASSET-BACKED OBLIGATIONS - 1.94%
GM Financial Automobile Leasing Trust, 1.68%, Due 12/20/2018, 2015 2 A3		500		502
National Credit Union Administration, 0.587%, Due 3/11/2020, 2011 R3 1AE		1,184		1,188
Total Asset-Backed Obligations (Cost $1,687)				1,690
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.36%
Freddie Mac (REMIC), 0.587%, Due 12/15/2040, 3891 DFE		315		317
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 10.26%
Banc of America Commercial Mortgage Trust,
5.317%, Due 9/10/2047, 2006-5 A2		9		9
5.623%, Due 4/10/2049, 2007-2 A2		20		20
Ginnie Mae REMIC Trust,
1.45%, Due 4/16/2039, 2013-45 AB		1,741		1,724
2.17%, Due 4/16/2041, 2012 44 A		1,816		1,837
3.20%, Due 11/16/2044, 2011-92 B		2,737		2,803
GS Mortgage Securities Corp., II,
3.849%, Due 12/10/2043, 2010-C2 A1B		493		501
3.645%, Due 3/10/2044, 2011-GC3 A2B		462		465
JP Morgan Chase Commercial Mortgage Securities Corp.,
3.853%, Due 6/15/2043, 2010-C1 A1B		17		17
4.388%, Due 2/15/2046, 2011-C3 A3B		600		638
5.695%, Due 2/12/2049, 2007-CB19 A4		398		421
LB-UBS Commercial Mortgage Trust, 5.424%, Due 2/15/2040, 2007-C1 A4		429		449
Wachovia Bank Commercial Mortgage Trust, 5.710%, Due 6/15/2049, 2007-C32 A2		31		31
Total Commercial Mortgage-Backed Obligations (Cost $8,805)				8,915
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 16.28%
Federal Home Loan Mortgage Corporation - 4.85%
5.00%, Due 2/1/2021		88		94
4.50%, Due 4/1/2021		90		94
5.00%, Due 9/1/2035		239		265
5.50%, Due 4/1/2037		60		67
5.00%, Due 3/1/2038		116		127
5.50%, Due 5/1/2038		87		97
4.00%, Due 1/1/2041		762		811
4.50%, Due 2/1/2041		664		722
3.50%, Due 6/1/2042		1,864		1,939
				4,216
Federal National Mortgage Association - 10.60%
3.50%, Due 1/1/2026		162		172
6.50%, Due 7/1/2032		70		82
5.50%, Due 6/1/2033		101		114

	Par Amount		Fair Value
	(000’s)		(000’s)
4.50%, Due 9/1/2034	$	59	$	65
5.50%, Due 12/1/2035		109		122
5.00%, Due 2/1/2036		87		96
5.50%, Due 4/1/2036		140		157
5.50%, Due 2/1/2037		88		99
6.00%, Due 9/1/2037		53		60
6.00%, Due 1/1/2038		66		75
4.50%, Due 1/1/2040		445		484
4.00%, Due 9/1/2040		364		389
4.00%, Due 1/1/2041		1,271		1,360
3.00%, Due 6/1/2043		1,326		1,339
3.00%, Due 8/1/2043		894		903
3.50%, Due 8/13/2045 G		1,700		1,764
4.00%, Due 8/13/2045 G		800		851
4.50%, Due 8/1/2099 G		1,000		1,085
				9,217
Government National Mortgage Association - 0.83%
6.00%, Due 2/15/2033		228		266
5.50%, Due 4/15/2033		234		268
5.00%, Due 5/15/2033		167		187
				721
Total U.S. Agency Mortgage-Backed Obligations (Cost $13,577)				14,154
U.S. TREASURY OBLIGATIONS - 10.03%
0.875%, Due 1/31/2017		1,000		1,005
0.75%, Due 12/31/2017		600		599
1.375%, Due 9/30/2018		1,000		1,009
1.125%, Due 5/31/2019		1,000		995
1.50%, Due 1/31/2022		2,000		1,953
2.00%, Due 2/15/2022		1,500		1,511
6.875%, Due 8/15/2025		250		357
5.25%, Due 11/15/2028		550		730
4.75%, Due 2/15/2037		420		561
Total U.S. Treasury Obligations (Cost $8,375)				8,720
	Shares
SHORT-TERM INVESTMENTS - 3.30% (Cost $2,870)
JPMorgan U.S. Government Money Market Fund, Capital Class		2,869,968		2,870
TOTAL INVESTMENTS - 102.53% (Cost $85,502)				89,137
LIABILITIES, NET OF OTHER ASSETS - (2.53%)				(2,206	)
TOTAL NET ASSETS - 100.00%			$	86,931

Percentages are stated as a percent of net assets.

^A  REIT - Real Estate Investment Trust.

^B  Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $9,146 or 10.52% of net assets. The Fund has no right to demand registration of these securities.

^C  LLC - Limited Liability Company.

^D  PLC - Public Limited Company.

^E  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.

^F  LP - Limited Partnership.

^G  TBA - To Be Announced.

Top Ten Holdings (% Net Assets)
Ginnie Mae REMIC Trust, 3.200%, Due 11/16/44		3.2
Freddie Mac Gold Pool, 3.50%, Due 6/1/42		2.2
Ginnie Mae REMIC Trust, 2.170%, Due 4/16/41		2.1
Ginnie Mae REMIC Trust, 1.450%, Due 4/16/39		2.0
Fannie Mae TBA, 4.000%, Due 8/13/45		2.0
Fannie Mae Pool, 5.00%, Due 1/1/41		1.6
Fannie Mae Pool, 3.000%, Due 6/1/43		1.5
National Credit Union Administration, 0.625%, Due 3/11/20		1.4
Fannie Mae TBA, 4.500%, Due 8/1/2099		1.2
Fannie Mae Pool, 3.000%, Due 8/1/43		1.0
Total Fund Holdings	231

Sector Allocation (% Equities)
Finance	40.0
Service	16.3
Utilities	9.6
Energy	7.4
Telecommunications	6.6
Manufacturing	6.3
Consumer	4.3
Consumer Discretionary	3.5
Financials	2.5
Transportation	1.9
Materials	1.6
Sector Allocation (% Bonds)
Mortgage-Backed Obligations	18.1
Finance	17.2
Manufacturing	15.5
Service	11.8
CMBS	11.2
U.S. Treasury Notes/Bonds	10.9
Telecommunications	3.5
Utilities	3.4
Energy	3.2
Asset-Backed Obligations	2.1
Consumer	1.6
Transportation	1.5

American Beacon Intermediate Bond Fund

July 31, 2015 (Unaudited)

	Par Amount		Fair Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 37.72%
Consumer - 1.19%
Altria Group, Inc.,
4.75%, Due 5/5/2021	$	390	$	423
2.85%, Due 8/9/2022		650		630
Anheuser-Busch InBev Worldwide, Inc., 8.00%, Due 11/15/2039		175		260
General Mills, Inc., 2.20%, Due 10/21/2019		1,500		1,497
Kraft Heinz Foods Co.,
3.50%, Due 7/15/2022A		415		419
5.00%, Due 7/15/2035A		415		430
Reynolds American, Inc., 5.85%, Due 8/15/2045		230		247
SABMiller Holdings, Inc., 4.95%, Due 1/15/2042A		400		419
				4,325
Energy - 3.04%
Apache Corp., 5.10%, Due 9/1/2040		200		191
Buckeye Partners LP, 4.875%, Due 2/1/2021B		335		351
Canadian Natural Resources Ltd.,
3.45%, Due 11/15/2021		550		548
6.25%, Due 3/15/2038		360		391
Columbia Pipeline Group, Inc., 4.50%, Due 6/1/2025A		555		552
Devon Energy Corp., 4.75%, Due 5/15/2042		400		376
Energy Transfer Partners LP, 4.65%, Due 6/1/2021B		435		446
Enterprise Products Operating LLC, 6.125%, Due 10/15/2039C		390		431
EOG Resources, Inc., 2.50%, Due 2/1/2016		425		429
Halliburton Co., 3.25%, Due 11/15/2021		895		913
Husky Energy, Inc., 3.95%, Due 4/15/2022		695		690
Marathon Petroleum Corp., 3.625%, Due 9/15/2024		335		329
Occidental Petroleum Corp., 4.625%, Due 6/15/2045		275		278
Phillips 66,
2.95%, Due 5/1/2017		480		492
4.30%, Due 4/1/2022		300		316
Plains All American Pipeline LP / PAA Finance Corp., 4.70%, Due 6/15/2044B		305		282
Schlumberger Investment S.A., 3.65%, Due 12/1/2023		965		999
Shell International Finance BV, 1.125%, Due 8/21/2017		1,160		1,159
Spectra Energy Partners LP, 4.60%, Due 6/15/2021B		235		251
Sunoco Logistics Partners Operations LP, 4.25%, Due 4/1/2024B		200		193
TransCanada PipeLines Ltd.,
3.75%, Due 10/16/2023		400		405
7.625%, Due 1/15/2039		305		406
6.10%, Due 6/1/2040		290		328
Williams Partners LP, 3.90%, Due 1/15/2025B		310		289
				11,045
Finance - 13.43%
AEGON Funding Co., LLC, 5.75%, Due 12/15/2020C		400		454
Aetna, Inc., 4.75%, Due 3/15/2044		515		516
American Express Co., 4.05%, Due 12/3/2042		458		430
American Express Credit Corp.,
2.375%, Due 3/24/2017		625		636
2.125%, Due 3/18/2019		780		784
American International Group, Inc.,
4.875%, Due 6/1/2022		1,000		1,106
4.50%, Due 7/16/2044		395		380

	Par Amount		Fair Value
	(000’s)		(000’s)
Bank of America Corp.,
7.80%, Due 9/15/2016	$	700	$	749
2.60%, Due 1/15/2019		1,135		1,149
6.11%, Due 1/29/2037		360		412
5.00%, Due 1/21/2044		1,100		1,159
Bank of New York Mellon Corp.,
1.30%, Due 1/25/2018		860		860
2.20%, Due 3/4/2019		710		715
Barclays Bank PLC, 3.75%, Due 5/15/2024D		2,100		2,127
Bear Stearns Cos. LLC, 7.25%, Due 2/1/2018C		1,035		1,168
BNP Paribas S.A., 3.60%, Due 2/23/2016		400		406
Branch Banking & Trust Co., 1.45%, Due 10/3/2016		810		815
Capital One Financial Corp., 2.45%, Due 4/24/2019		580		580
Citigroup, Inc.,
8.50%, Due 5/22/2019		1,650		2,013
4.40%, Due 6/10/2025		1,495		1,507
5.875%, Due 1/30/2042		500		586
CNA Financial Corp., 7.35%, Due 11/15/2019		480		568
ERP Operating LP, 3.00%, Due 4/15/2023B		290		283
General Electric Capital Corp.,
5.625%, Due 5/1/2018		375		414
6.00%, Due 8/7/2019		350		402
5.50%, Due 1/8/2020		800		908
5.30%, Due 2/11/2021		250		282
3.10%, Due 1/9/2023		1,060		1,064
5.875%, Due 1/14/2038		320		392
Goldman Sachs Group, Inc.,
6.25%, Due 9/1/2017		1,100		1,202
5.95%, Due 1/18/2018		970		1,065
6.00%, Due 6/15/2020		990		1,135
5.75%, Due 1/24/2022		500		573
3.50%, Due 1/23/2025		325		318
Health Care REIT, Inc.,
4.125%, Due 4/1/2019E		350		370
5.25%, Due 1/15/2022E		500		548
Humana, Inc., 3.15%, Due 12/1/2022		515		502
JPMorgan Chase & Co.,
0.616%, Due 6/13/2016F		480		479
3.625%, Due 5/13/2024		1,900		1,909
3.875%, Due 9/10/2024		570		563
5.50%, Due 10/15/2040		1,000		1,132
KeyCorp, 5.10%, Due 3/24/2021		385		427
Liberty Mutual Group, Inc., 4.25%, Due 6/15/2023A		480		495
MetLife, Inc.,
6.375%, Due 6/15/2034		500		624
4.721%, Due 12/15/2044		600		624
Morgan Stanley,
7.30%, Due 5/13/2019		1,120		1,317
5.625%, Due 9/23/2019		600		672
2.65%, Due 1/27/2020		855		858
4.35%, Due 9/8/2026		575		574
PNC Funding Corp., 3.30%, Due 3/8/2022		535		548
Prudential Financial, Inc.,
7.375%, Due 6/15/2019		450		533
4.60%, Due 5/15/2044		1,000		984

	Par Amount		Fair Value
	(000’s)		(000’s)
Simon Property Group LP,
2.20%, Due 2/1/2019B	$	950	$	960
3.375%, Due 10/1/2024B		1,000		1,000
SunTrust Banks, Inc., 3.50%, Due 1/20/2017		630		648
Toronto Dominion Bank, 2.625%, Due 9/10/2018		880		903
UBS AG, 5.875%, Due 12/20/2017		1,163		1,276
UnitedHealth Group, Inc.,
1.625%, Due 3/15/2019		400		393
3.95%, Due 10/15/2042		350		320
US Bancorp, 1.95%, Due 11/15/2018		1,660		1,676
Ventas Realty LP, 5.70%, Due 9/30/2043B		290		316
Wells Fargo & Co.,
2.15%, Due 1/15/2019		405		408
2.15%, Due 1/30/2020		325		323
4.30%, Due 7/22/2027		300		305
				48,845
Manufacturing - 8.17%
ABB Finance USA, Inc., 2.875%, Due 5/8/2022		315		311
Altera Corp., 2.50%, Due 11/15/2018		115		117
American Honda Finance Corp., 3.875%, Due 9/21/2020A		500		535
Apple, Inc., 2.40%, Due 5/3/2023		1,080		1,032
BAE Systems Holdings, Inc., 3.80%, Due 10/7/2024A		1,000		1,006
BHP Billiton Finance USA Ltd., 1.625%, Due 2/24/2017		375		378
Caterpillar Financial Services Corp., 1.625%, Due 6/1/2017		585		590
Cummins, Inc., 3.65%, Due 10/1/2023		290		303
Daimler Finance North America LLC,
2.25%, Due 9/3/2019A C		500		497
2.45%, Due 5/18/2020A C		1,000		993
Delphi Corp., 4.15%, Due 3/15/2024		705		729
Dow Chemical Co.,
4.25%, Due 11/15/2020		515		548
4.125%, Due 11/15/2021		400		421
3.50%, Due 10/1/2024		600		586
Eaton Corp., PLC,
5.60%, Due 5/15/2018D		395		434
2.75%, Due 11/2/2022D		335		326
Eaton Electric Holdings LLC, 3.875%, Due 12/15/2020C		665		700
EMC Corp., 1.875%, Due 6/1/2018		805		806
Ford Motor Credit Co., LLC,
4.25%, Due 2/3/2017C		700		726
5.875%, Due 8/2/2021C		600		676
General Electric Co., 5.25%, Due 12/6/2017		380		413
Hewlett-Packard Co.,
2.20%, Due 12/1/2015		425		427
4.05%, Due 9/15/2022		350		357
Ingersoll-Rand Luxembourg Finance S.A., 2.625%, Due 5/1/2020		500		500
Intel Corp., 3.30%, Due 10/1/2021		465		480
John Deere Capital Corp.,
1.05%, Due 10/11/2016		565		567
1.30%, Due 3/12/2018		475		473
Johnson Controls, Inc., 5.00%, Due 3/30/2020		480		525
Koninklijke Philips Electronics N.V., 5.75%, Due 3/11/2018		535		582
LYB International Finance BV, 4.00%, Due 7/15/2023		600		610
Microsoft Corp., 3.75%, Due 2/12/2045		575		526

	Par Amount		Fair Value
	(000’s)		(000’s)
Monsanto Co.,
1.15%, Due 6/30/2017	$	950	$	943
4.40%, Due 7/15/2044		420		374
Nissan Motor Acceptance Corp., 2.35%, Due 3/4/2019A		900		910
Northrop Grumman Corp.,
5.05%, Due 8/1/2019		200		222
3.85%, Due 4/15/2045		615		542
Nucor Corp.,
4.125%, Due 9/15/2022		325		337
4.00%, Due 8/1/2023		325		328
Oracle Corp.,
2.25%, Due 10/8/2019		630		634
3.25%, Due 5/15/2030		2,000		1,854
4.30%, Due 7/8/2034		630		632
PACCAR Financial Corp.,
1.15%, Due 8/16/2016		595		597
2.20%, Due 9/15/2019		325		328
Pentair Finance S.A., 3.15%, Due 9/15/2022		420		409
Qualcomm, Inc., 3.00%, Due 5/20/2022		345		336
Rio Tinto Finance USA Ltd., 3.75%, Due 6/15/2025		690		673
Toyota Motor Credit Corp., 2.125%, Due 7/18/2019		1,455		1,460
United Technologies Corp.,
1.80%, Due 6/1/2017		725		735
6.125%, Due 7/15/2038		600		739
Xerox Corp., 2.95%, Due 3/15/2017		175		179
Xilinx, Inc., 2.125%, Due 3/15/2019		300		301
				29,707
Service - 5.24%
AbbVie, Inc.,
1.75%, Due 11/6/2017		455		456
2.90%, Due 11/6/2022		330		320
Actavis Funding SCS, 4.55%, Due 3/15/2035		200		188
Alibaba Group Holding Ltd., 3.60%, Due 11/28/2024A		1,000		960
Baxalta, Inc., 4.00%, Due 6/23/2025A		415		411
Baxter International, Inc., 1.85%, Due 6/15/2018		525		524
Bayer US Finance LLC, 2.375%, Due 10/8/2019A C		500		504
Becton Dickinson and Co.,
3.125%, Due 11/8/2021		470		468
3.875%, Due 5/15/2024		465		474
Cardinal Health, Inc., 3.20%, Due 3/15/2023		635		624
CBS Corp., 3.375%, Due 3/1/2022		1,000		987
Celgene Corp., 5.25%, Due 8/15/2043		310		324
Comcast Corp.,
5.875%, Due 2/15/2018		800		888
6.55%, Due 7/1/2039		800		1,010
CVS Health Corp., 1.90%, Due 7/20/2018		455		457
DIRECTV Holdings LLC, 6.35%, Due 3/15/2040C		225		245
eBay, Inc., 1.35%, Due 7/15/2017		520		515
Genzyme Corp., 5.00%, Due 6/15/2020		270		306
GlaxoSmithKline Capital PLC, 1.50%, Due 5/8/2017D		945		950
Home Depot, Inc., 2.70%, Due 4/1/2023		330		325
Lowe’s Companies, Inc., 4.25%, Due 9/15/2044		330		330
MasterCard, Inc., 3.375%, Due 4/1/2024		575		588
McKesson Corp.,
3.25%, Due 3/1/2016		200		203
3.796%, Due 3/15/2024		600		609

	Par Amount		Fair Value
	(000’s)		(000’s)
Medtronic, Inc., 4.375%, Due 3/15/2035A	$	330	$	330
Quest Diagnostics, Inc., 4.75%, Due 1/30/2020		225		246
Sanofi,
1.25%, Due 4/10/2018		235		234
4.00%, Due 3/29/2021		340		366
Thomson Reuters Corp.,
4.70%, Due 10/15/2019		225		246
4.30%, Due 11/23/2023		400		416
3.85%, Due 9/29/2024		600		598
Time Warner, Inc.,
4.875%, Due 3/15/2020		1,090		1,194
4.75%, Due 3/29/2021		350		379
Viacom, Inc., 4.50%, Due 2/27/2042		500		412
Walgreens Boots Alliance, Inc.,
2.70%, Due 11/18/2019		580		583
3.80%, Due 11/18/2024		500		490
Wal-Mart Stores, Inc., 7.55%, Due 2/15/2030		400		570
Zimmer Biomet Holdings, Inc., 3.55%, Due 4/1/2025		340		329
				19,059
Telecommunications - 2.64%
America Movil S.A.B. de C.V., 6.375%, Due 3/1/2035		375		441
AT&T, Inc.,
2.45%, Due 6/30/2020		345		339
3.40%, Due 5/15/2025		500		478
4.50%, Due 5/15/2035		515		477
4.35%, Due 6/15/2045		448		386
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042A		850		866
Orange S.A., 2.125%, Due 9/16/2015		225		225
Rogers Communications, Inc., 5.00%, Due 3/15/2044		790		790
Verizon Communications, Inc.,
4.60%, Due 4/1/2021		780		841
3.50%, Due 11/1/2024		350		344
6.40%, Due 9/15/2033		780		902
6.90%, Due 4/15/2038		900		1,094
6.55%, Due 9/15/2043		850		1,004
Vodafone Group PLC, 6.15%, Due 2/27/2037D		1,310		1,421
				9,608
Transportation - 0.91%
Burlington Northern Santa Fe LLC,
7.95%, Due 8/15/2030C		520		735
5.75%, Due 5/1/2040C		440		520
5.15%, Due 9/1/2043C		500		547
Canadian National Railway Co., 5.55%, Due 5/15/2018		400		441
CSX Corp., 5.50%, Due 4/15/2041		425		486
Norfolk Southern Corp., 5.75%, Due 4/1/2018		300		330
Union Pacific Corp., 3.375%, Due 2/1/2035		260		237
				3,296
Utilities - 3.10%
Consolidated Edison Co. of New York, Inc.,
5.50%, Due 12/1/2039		350		404
4.625%, Due 12/1/2054		235		233
Delmarva Power & Light Co., 3.50%, Due 11/15/2023		510		522
Dominion Resources, Inc., 4.70%, Due 12/1/2044		1,000		995
Duke Energy Corp., 3.55%, Due 9/15/2021		710		735
Duke Energy Indiana, Inc., 6.05%, Due 6/15/2016		390		407

	Par Amount		Fair Value
	(000’s)		(000’s)
Duke Energy Progress LLC, 4.15%, Due 12/1/2044C	$	465	$	461
MidAmerican Energy Holdings Co., 6.125%, Due 4/1/2036		1,000		1,198
National Rural Utilities Cooperative Finance Corp., 5.45%, Due 4/10/2017		435		466
Progress Energy, Inc., 4.875%, Due 12/1/2019		450		492
Sierra Pacific Power Co., 3.375%, Due 8/15/2023		295		299
Southern Co.,
2.15%, Due 9/1/2019		390		387
2.75%, Due 6/15/2020		1,500		1,513
Southwestern Electric Power Co., 3.55%, Due 2/15/2022		800		822
Union Electric Co., 6.70%, Due 2/1/2019		440		511
WEC Energy Group, Inc., 3.55%, Due 6/15/2025		420		421
Xcel Energy, Inc., 5.613%, Due 4/1/2017		1,321		1,411
				11,277
Total Corporate Obligations (Cost $134,162)				137,162
FOREIGN GOVERNMENT OBLIGATIONS - 0.08% (Cost $300)
Energy - 0.08%
Petrobras Global Finance BV, 3.875%, Due 1/27/2016		300		300
ASSET-BACKED OBLIGATIONS - 4.95%
Ally Auto Receivables Trust, 1.39%, Due 9/16/2019, 2015 1 A3		915		915
American Express Credit Account Master Trust, 1.26%, Due 1/15/2020, 2014 2 A		850		851
AmeriCredit Automobile Receivables Trust, 1.15%, Due 6/10/2019, 2014 3 A3		960		961
Capital Auto Receivables Asset Trust, 1.09%, Due 3/20/2018, 2013-4 A3		980		981
Capital One Multi-Asset Execution Trust, 1.48%, Due 7/15/2020, 2014 A5 A		1,400		1,407
Ford Credit Auto Lease Trust, 0.90%, Due 6/15/2017, 2014 A A4		440		440
Ford Credit Auto Owner Trust, 2.03%, Due 8/15/2020, 2015 A B		1,100		1,104
Ford Credit Floorplan Master Owner Trust,
1.50%, Due 9/15/2018, 2013-5 A1		1,700		1,708
1.40%, Due 8/15/2019, 2014 4 A1		1,790		1,792
GM Financial Automobile Leasing Trust, 1.68%, Due 12/20/2018, 2015 2 A3		1,500		1,505
Hyundai Auto Receivables Trust, 0.79%, Due 7/16/2018, 2014 A A3		550		550
Mercedes Benz Auto Lease Trust,
0.76%, Due 7/15/2019, 2013 B A4		410		410
0.90%, Due 12/16/2019, 2014 A A4		1,405		1,405
National Credit Union Administration,
0.587%, Due 3/11/2020, 2011 R3 1AF		1,852		1,858
0.637%, Due 10/7/2020, 2010 R1 1AF		1,385		1,392
Volkswagen Auto Lease Trust, 1.25%, Due 12/20/2017, 2015 A A3		705		706
Total Asset-Backed Obligations (Cost $17,946)				17,985
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.12%
Freddie Mac (REMIC), 0.587%, Due 12/15/2040, 3891 DFF		420		422
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 6.46%
Banc of America Commercial Mortgage Trust,
5.317%, Due 9/10/2047, 2006-5 A2		13		13
5.623%, Due 4/10/2049, 2007-2 A2		26		26
Bear Stearns Commercial Mortgage Securities,
5.201%, Due 12/11/2038, 2006-PW14 A4		768		798
5.54%, Due 9/11/2041, 2006-PW13 A4		1,152		1,187
Ginnie Mae REMIC Trust,
2.174%, Due 7/16/2038, 2011-147 A		2,229		2,232
1.45%, Due 4/16/2039, 2013-45 AB		2,612		2,586

	Par Amount		Fair Value
	(000’s)		(000’s)
2.586%, Due 9/16/2039, 2014-31 AB	$	964	$	977
2.17%, Due 4/16/2041, 2012 44 A		3,632		3,673
1.732%, Due 5/16/2042, 2012 70 A		2,443		2,446
2.70%, Due 4/16/2043, 2011-109 AB		1,400		1,421
3.20%, Due 11/16/2044, 2011-92 B		2,549		2,609
GS Mortgage Securities Corp., II,
3.679%, Due 8/10/2043, 2010-C1 A1A		202		209
3.849%, Due 12/10/2043, 2010-C2 A1A		607		617
3.645%, Due 3/10/2044, 2011-GC3 A2A		462		465
JP Morgan Chase Commercial Mortgage Securities Corp.,
3.853%, Due 6/15/2043, 2010-C1 A1A		24		24
5.695%, Due 2/12/2049, 2007-CB19 A4		547		578
JPMBB Commercial Mortgage Securities Trust, 3.157%, Due 7/15/2045, 2013 C12 ASB		935		965
LB-UBS Commercial Mortgage Trust, 5.424%, Due 2/15/2040, 2007-C1 A4		525		549
Wachovia Bank Commercial Mortgage Trust, 5.710%, Due 6/15/2049, 2007-C32 A2		49		49
Wells Fargo Commercial Mortgage Trust, 3.412%, Due 9/15/2048, 2015 C30 ASB		1,230		1,267
WF-RBS Commercial Mortgage Trust, 3.66%, Due 3/15/2047, 2014 C19 A3		770		807
Total Commercial Mortgage-Backed Obligations (Cost $23,272)				23,498
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 26.02%
Federal Home Loan Mortgage Corporation - 2.55%
3.00%, Due 7/1/2033		3,756		3,852
3.50%, Due 3/1/2042		696		724
3.50%, Due 6/1/2042		3,106		3,231
3.50%, Due 2/1/2043		1,422		1,479
				9,286
Federal National Mortgage Association - 17.96%
4.00%, Due 5/1/2026		136		145
4.00%, Due 6/1/2026		1,580		1,686
3.00%, Due 8/1/2027		553		575
3.00%, Due 11/1/2027		1,061		1,105
3.50%, Due 1/1/2028		2,359		2,495
5.00%, Due 3/1/2034		123		137
4.50%, Due 4/1/2034		354		386
5.50%, Due 6/1/2034		78		88
4.50%, Due 9/1/2034		39		43
3.50%, Due 10/1/2034		2,585		2,731
5.50%, Due 2/1/2035		136		154
5.00%, Due 5/1/2035		1,710		1,893
5.00%, Due 11/1/2035		103		114
5.50%, Due 12/1/2035		84		94
5.00%, Due 2/1/2036		87		96
5.50%, Due 4/1/2036		175		196
6.00%, Due 9/1/2036		33		37
6.50%, Due 12/1/2036		73		83
5.50%, Due 2/1/2037		88		99
6.00%, Due 9/1/2037		80		90
6.00%, Due 1/1/2038		106		120
5.50%, Due 3/1/2038		220		249
5.00%, Due 4/1/2038		81		89
5.50%, Due 6/1/2038		55		62
4.50%, Due 1/1/2040		989		1,076
5.00%, Due 5/1/2040		879		976
5.00%, Due 6/1/2040		1,197		1,330

	Par Amount		Fair Value
	(000’s)		(000’s)
4.00%, Due 9/1/2040	$	697	$	745
4.00%, Due 12/1/2040		3,435		3,675
4.00%, Due 1/1/2041		1,738		1,854
4.00%, Due 2/1/2041		845		904
5.00%, Due 3/1/2041		832		922
4.50%, Due 4/1/2041		2,004		2,179
4.50%, Due 5/1/2041		421		458
4.50%, Due 8/1/2041		2,098		2,283
4.00%, Due 9/1/2041		1,786		1,906
4.50%, Due 10/1/2041		820		897
4.00%, Due 11/1/2041		526		562
5.00%, Due 3/1/2042		725		808
3.50%, Due 9/1/2042		836		870
4.00%, Due 11/1/2042		295		315
3.50%, Due 1/1/2043		874		909
4.50%, Due 1/1/2043		584		637
3.00%, Due 5/1/2043		1,758		1,776
3.00%, Due 6/1/2043		4,960		5,009
3.50%, Due 7/1/2043		715		744
3.00%, Due 8/1/2043		3,590		3,623
3.50%, Due 8/1/2044		1,079		1,121
4.00%, Due 9/1/2044		818		876
3.50%, Due 11/1/2044		2,122		2,205
4.00%, Due 4/1/2045		819		874
3.50%, Due 8/13/2045 G		7,300		7,576
4.00%, Due 8/13/2045 G		5,100		5,426
				65,303
Government National Mortgage Association - 5.51%
6.50%, Due 3/15/2028		95		111
6.00%, Due 4/15/2031		111		129
4.50%, Due 5/15/2039		1,990		2,164
5.50%, Due 2/15/2040		364		409
4.50%, Due 6/15/2040		761		833
3.50%, Due 9/15/2041		1,465		1,537
3.50%, Due 3/15/2043		1,469		1,545
5.50%, Due 2/20/2034		116		131
4.50%, Due 10/20/2040		815		890
4.00%, Due 1/20/2045		1,887		2,004
4.00%, Due 2/20/2045		2,845		3,021
3.50%, Due 3/20/2045		3,010		3,156
5.00%, Due 3/20/2045		2,052		2,241
3.50%, Due 6/20/2045		1,796		1,879
				20,050
Total U.S. Agency Mortgage-Backed Obligations (Cost $93,514)				94,639
U.S. TREASURY OBLIGATIONS - 25.54%
3.125%, Due 10/31/2016		6,400		6,612
0.875%, Due 1/31/2017		5,500		5,529
0.75%, Due 12/31/2017		4,600		4,593
1.375%, Due 9/30/2018		4,450		4,491
1.125%, Due 5/31/2019		3,000		2,985
1.25%, Due 2/29/2020		6,000		5,940
1.75%, Due 10/31/2020		10,400		10,456

	Par Amount		Fair Value
	(000’s)		(000’s)
2.00%, Due 11/15/2021	$	5,975	$	6,028
2.00%, Due 2/15/2022		14,370		14,475
1.625%, Due 11/15/2022		7,000		6,826
2.50%, Due 8/15/2023		7,500		7,738
2.375%, Due 8/15/2024		6,060		6,158
6.875%, Due 8/15/2025		770		1,098
5.25%, Due 11/15/2028		750		996
4.75%, Due 2/15/2037		800		1,068
4.50%, Due 8/15/2039		1,700		2,195
3.125%, Due 11/15/2041		5,450		5,685
Total U.S. Treasury Obligations (Cost $91,080)				92,873
	Shares
SHORT-TERM INVESTMENTS - 2.40%
JPMorgan U.S. Government Money Market Fund, Capital Class		3,729,059		3,729
U.S. Treasury Bills - 1.37%
U.S. Treasury Bill, 0.01%, Due 9/24/2015		5,000,000		5,000
Total Short-Term Investments (Cost 8,729)				8,729
TOTAL INVESTMENTS - 103.29% (Cost $369,423)				375,608
LIABILITIES, NET OF OTHER ASSETS - (3.29%)				(11,952	)
TOTAL NET ASSETS - 100.00%			$	363,656

Percentages are stated as a percent of net assets.

^A  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 $10,642 or 2.93% of net assets. The Fund has no right to demand registration of these securities.

^B  LP - Limited Partnership.

^C  LLC - Limited Liability Company.

^D  PLC - Public Limited Company.

^E  REIT - Real Estate Investment Trust.

^F  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.

^G TBA - To Be Announced.

Top Ten Holdings (% Net Assets)
Fannie Mae TBA, 4.000%, Due 8/13/45		1.5
Fannie Mae Pool, 3.000%, Due 6/1/43		1.4
U.S. Treasury Bill, 0.010%, Due 9/24/2015		1.4
Freddie Mac Gold Pool, 3.000%, Due 7/1/33		1.1
Fannie Mae Pool, 3.000%, Due 8/1/43		1.0
Fannie Mae Pool, 4.00%, Due 12/1/40		1.0
Ginnie Mae REMIC Trust, 2.170%, Due 4/16/41		1.0
Freddie Mac Gold Pool, 3.50%, Due 6/1/42		0.9
Ginnie Mae II Pool, 3.500%, Due 3/20/2045		0.9
Total Fund Holdings	353

Sector Allocation (% Bonds)
Mortgage-Backed Obligations	25.8
U.S. Treasury Notes/Bonds	25.3
Finance	13.3
Manufacturing	8.1
CMBS	6.4
Service	5.2
Asset-Backed Obligations	4.9
Utilities	3.1
Energy	3.1
Telecommunications	2.6
Consumer	1.2
Transportation	0.9
Collateralized Mortgage Obligations	0.1

American Beacon Short-Term Bond Fund

July 31, 2015 (Unaudited)

	Par Amount		Fair Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 34.74%
Finance - 19.23%
ABN AMRO Bank N.V., 1.375%, Due 1/22/2016A	$	3,000	$	3,007
Bank America Corp., 3.625%, Due 3/17/2016		4,420		4,495
Bank of Tokyo-Mitsubishi UFJ Ltd., 1.55%, Due 9/9/2016A		3,000		3,014
Barclays Bank PLC, 5.00%, Due 9/22/2016B		995		1,040
Citigroup, Inc.,
1.255%, Due 7/25/2016C		1,000		1,003
0.954%, Due 11/15/2016C		1,000		1,002
0.822%, Due 3/10/2017C		1,000		997
Credit Suisse/New York NY, 1.70%, Due 4/27/2018		2,000		1,990
Danske Bank A/S, 3.875%, Due 4/14/2016A		3,000		3,060
Deutsche Bank AG/London, 3.25%, Due 1/11/2016		3,700		3,739
General Electric Capital Corp., 1.50%, Due 7/12/2016		3,000		3,024
Goldman Sachs Group, Inc., 3.625%, Due 2/7/2016		3,270		3,315
JPMorgan Chase & Co.,
3.45%, Due 3/1/2016		3,500		3,552
3.15%, Due 7/5/2016		2,273		2,316
Morgan Stanley, 3.80%, Due 4/29/2016		3,000		3,065
Sumitomo Mitsui Banking Corp., 1.45%, Due 7/19/2016		2,350		2,359
UBS AG/Stamford CT, 1.375%, Due 6/1/2017		1,000		997
Wells Fargo & Company, 3.676%, Due 6/15/2016		3,500		3,587
				45,562
Manufacturing - 5.31%
American Honda Finance Corp., 1.00%, Due 8/11/2015A		2,000		2,000
Daimler Finance North America LLC, 3.00%, Due 3/28/2016A D		3,500		3,547
Ford Motor Credit Co., LLC, 4.25%, Due 2/3/2017D		1,000		1,038
Nissan Motor Acceptance Corp., 0.981%, Due 9/26/2016A C		3,000		3,012
Volkswagen Group of America Finance LLC, 1.65%, Due 5/22/2018A		3,000		2,987
				12,584
Service - 5.06%
AbbVie, Inc., 1.20%, Due 11/6/2015		3,000		3,003
Alibaba Group Holding Ltd., 1.625%, Due 11/28/2017A		3,000		2,986
McKesson Corp., 0.95%, Due 12/4/2015		1,000		1,000
Medtronic, Inc., 1.50%, Due 3/15/2018A		2,000		1,999
Thomson Reuters Corp., 1.30%, Due 2/23/2017		1,000		999
Walgreens Boots Alliance, Inc., 1.75%, Due 11/17/2017		2,000		2,006
				11,993
Telecommunications - 4.65%
AT&T, Inc., 1.195%, Due 11/27/2018		3,000		3,010
British Telecommunications PLC, 1.625%, Due 6/28/2016B		3,000		3,011
Verizon Communications, Inc., 1.35%, Due 6/9/2017		5,000		4,995
				11,016
Utilities - 0.49%
Dominion Resources, Inc., 1.95%, Due 8/15/2016		1,149		1,159
Total Corporate Obligations (Cost $83,091)				82,314
ASSET-BACKED OBLIGATIONS - 14.13%
Capital Auto Receivables Asset Trust, 1.32%, Due 6/20/2018, 2014 1 A3		3,000		3,007
Chrysler Capital Auto Receivables Trust, 0.91%, Due 4/16/2018, 2013-AA A3A		2,560		2,563
Citibank Credit Card Issuance Trust, 1.32%, Due 9/7/2018, 2013 A6 A6		5,000		5,027
Ford Credit Floorplan Master Owner Trust, 0.85%, Due 1/15/2018, 2013-1 A1		3,000		3,001

	Par Amount		Fair Value
	(000’s)		(000’s)
Golden Credit Card Trust, 0.617%, Due 9/15/2018, 2013-2A AA C	$	3,000	$	3,001
MMCA Auto Owner Trust, 1.21%, Due 12/16/2019, 2014 A A3A		2,955		2,956
National Credit Union Administration,
0.637%, Due 1/8/2020, 2011 R1 1AC		3,846		3,865
0.587%, Due 2/6/2020, 2011 R2 1AC		1,056		1,060
0.587%, Due 3/11/2020, 2011 R3 1AC		3,672		3,683
1.84%, Due 10/7/2020, 2010-R1 2A		57		57
Synchrony Credit Card Master Note Trust, 1.61%, Due 11/15/2020, 2014 1 A		2,000		2,009
Toyota Auto Receivables Owner Trust, 0.93%, Due 7/16/2018, 2014 C A3		2,000		1,999
Volkswagen Auto Lease Trust, 0.84%, Due 7/20/2016, 2013 A A3		1,250		1,251
Volkswagen Auto Loan Enhanced Trust, 0.85%, Due 8/22/2016, 2012-1 A3		8		8
Total Asset-Backed Obligations (Cost $33,517)				33,487
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 1.04%
Banc of America Commercial Mortgage Trust, 5.623%, Due 4/10/2049, 2007-2 A2		24		24
Ginnie Mae REMIC Trust,
2.45%, Due 7/16/2032, 2011-109 A		5		5
2.25%, Due 8/16/2034, 2011-78 A		374		375
2.21%, Due 12/16/2035, 2011-31 A		738		740
2.45%, Due 7/16/2038, 2011-49 A		1,263		1,281
JP Morgan Chase Commercial Mortgage Securities Corp., 3.853%, Due 6/15/2043, 2010-C1 A1A		32		32
Total Commercial Mortgage-Backed Obligations (Cost $2,460)				2,457
U.S. TREASURY OBLIGATIONS - 48.55%
0.875%, Due 11/30/2016		10,000		10,053
0.625%, Due 12/15/2016		15,000		15,026
0.625%, Due 5/31/2017		20,000		19,991
0.625%, Due 6/30/2017		20,000		19,991
0.625%, Due 8/31/2017		20,000		19,964
0.625%, Due 9/30/2017		20,000		19,952
0.875%, Due 1/31/2018		5,000		5,004
1.375%, Due 7/31/2018		5,000		5,055
Total U.S. Treasury Obligations (Cost $115,092)				115,036
	Shares
SHORT-TERM INVESTMENTS - 1.00% (Cost $2,373)
JPMorgan U.S. Government Money Market Fund, Capital Class		2,373,326		2,373
TOTAL INVESTMENTS - 99.46% (Cost $236,533)				235,667
OTHER ASSETS, NET OF LIABILITIES - 0.54%				1,260
TOTAL NET ASSETS - 100.00%			$	236,927

Percentages are stated as a percent of net assets.

^A  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 $34,164 or 14.42% of net assets. The Fund has no right to demand registration of these securities.

^B  PLC - Public Limited Company.

^C  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.

^D  LLC - Limited Liability Company.

Top Ten Holdings (% Net Assets)
Verizon Communications, Inc., 1.350%, Due 6/9/2017		2.1
Citibank Credit Card Issuance Trust, 1.320%, Due 9/7/2018		2.1
Bank America Corp., 3.625%, Due 3/17/16		1.9
National Credit Union Administration, 0.625%, Due 3/11/20		1.6
National Credit Union Administration, 0.606%, Due 1/8/20		1.6
Deutsche Bank AG/London, 3.250%, Due 1/11/16		1.6
Wells Fargo & Company, 3.676%, Due 6/15/16		1.5
Daimler Finance North America LLC, 3.000%, Due 3/28/16, 144A		1.5
JPMorgan Chase & Co., 3.450%, Due 3/1/16		1.5
Goldman Sachs Group, Inc., 3.625%, Due 2/7/2016		1.4
Total Fund Holdings	61

Sector Allocation (% Bonds)
U.S. Treasury Notes/Bonds	49.3
Finance	19.5
Asset-Backed Obligations	14.4
Manufacturing	5.4
Service	5.1
Telecommunications	4.7
CMBS	1.1
Utilities	0.5

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, including exchange-traded funds (“ETFs”) 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. Prices of debt securities may be determined using quotes obtained from brokers.

Investments in open-end mutual funds are valued at the closing net asset value 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 market 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 Board of Trustees (the “Board”).

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.

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.

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 include 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 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. 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.

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 any levels to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of each Fund’s assets and liabilities. As of July 31, 2015, the investments were classified as described below (in thousands):

Balanced Fund1	Level 1			Level 2		Level 3		Total
Common Stock	$	626,975		$	—	$	—	$	626,975
Preferred Stock		4,831			—		—		4,831
Corporate Obligations		—			119,292		—		119,292
Foreign Government Obligations		—			424		—		424
Asset-Backed Obligations		—			12,877		—		12,877
Commercial Mortgage-Backed Obligations		—			17,382		—		17,382
Collateralized Mortgage Obligations		—			317		—		317
U.S. Agency Mortgage-Backed Obligations		—			76,227		—		76,227
U.S. Treasury Obligations		—			188,243		—		188,243
Municipal Obligations		—			3,122		—		3,122
Short-Term Investments - Money Market Funds		52,234			9,999		—		62,233
Total Investments in Securities	$	684,040		$	427,883	$	—	$	1,111,923
Derivative Financial Instruments - Assets2
Futures Contracts	$	256		$	—	$	—	$	256
Total Derivative Financial Instruments	$	256		$	—	$	—	$	256
Large Cap Value Fund1	Level 1			Level 2		Level 3		Total
Common Stock	$	10,915,067		$	—	$	—	$	10,915,067
Preferred Stock		760			—				760
Short-Term Investments - Money Market Funds		449,922			—		—		449,922
Total Investments in Securities	$	11,365,749		$	—	$	—	$	11,365,749
Derivative Financial Instruments - Assets2
Futures Contracts	$	1,483		$	—	$	—	$	1,483
Total Derivative Financial Instruments	$	1,483		$	—	$	—	$	1,483
Mid-Cap Value Fund1	Level 1			Level 2		Level 3		Total
Common Stock	$	750,920		$	—	$	—	$	750,920
Short-Term Investments - Money Market Funds		43,018			—		—		43,018
Securities Lending Collateral - Money Market Funds		8,318			—		—		8,318
Total Investments in Securities	$	802,256		$	—	$	—	$	802,256
Derivative Financial Instruments - Liabilities2
Futures Contracts	$	(394	)	$	—	$	—	$	(394	)
Total Derivative Financial Instruments	$	(394	)	$	—	$	—	$	(394	)
Small Cap Value Fund1	Level 1			Level 2		Level 3		Total
Common Stock	$	5,614,887		$	—	$	—	$	5,614,887
Short-Term Investments - Money Market Funds		217,322			—		—		217,322
Security Lending Collateral - Money Market Funds		157,710			—		—		157,710
Total Investments in Securities	$	5,989,919		$	—	$	—	$	5,989,919
Derivative Financial Instruments - Liabilities2
Futures Contracts	$	(3,805	)	$	—	$	—	$	(3,805	)
Total Derivative Financial Instruments	$	(3,805	)	$	—	$	—	$	(3,805	)

International Equity1	Level 1			Level 2		Level 3		Total
Foreign Common Stock	$	2,370,299		$	—	$	—	$	2,370,299
Foreign Preferred Stock		20,415			—		—		20,415
Short-Term Investments - Money Market Funds		105,869			—		—		105,869
Securities Lending Collateral - Money Market Funds		39,413			—		—		39,413
Total Investments in Securities	$	2,535,996		$	—	$	—	$	2,535,996
Derivative Financial Instruments-Assets2
Futures Contracts	$	1,065		$	—	$	—	$	1,065
Foreign Currency Contracts		586			—		—		586
Total Derivative Financial Instruments	$	1,651		$	—	$	—	$	1,651
Derivative Financial Instruments-Liabilities2
Futures Contracts	$	(2	)	$	—	$	—	$	(2	)
Foreign Currency Contracts		(2,144	)		—		—		(2,144	)
Total Derivative Financial Instruments	$	(2,146	)	$	—	$	—	$	(2,146	)
Emerging Markets Fund1	Level 1			Level 2		Level 3		Total
Foreign Preferred Stock	$	5,459		$	—	$	—	$	5,459
Foreign Common Stock		101,217			430		177		101,824
Foreign Convertible Bonds		—			13		—		13
Domestic Common Stock		439			—		—		439
Short-Term Investments - Money Market Funds		4,976			—		—		4,976
Total Investments in Securities	$	112,091		$	443	$	177	$	112,711
Derivative Financial Instruments2
Futures Contracts	$	(230	)	$	—	$	—	$	(230	)
Foreign Currency Contracts		(2	)		—		—		(2	)
Total Derivative Financial Instruments	$	(232	)	$	—	$	—	$	(232	)
High Yield Bond1	Level 1			Level 2		Level 3		Total
Common Stock	$	402		$	—	$	103	$	505
Convertible Preferred Stocks		—			—		36		36
Rights		—			—		23		23
Convertible Obligations		—			174		—		174
Preferred Stocks		350			—		—		350
Corporate Obligations		—			153,530		103		153,633
Short-Term Investments - Money Market Funds		5,117			—		—		5,117
Total Investments in Securities	$	5,869		$	153,704	$	265	$	159,838
Retirement Income and Appreciation Fund1	Level 1			Level 2		Level 3		Total
Common Stock	$	227		$	—	$	—	$	227
Preferred Stock		2,906			—		—		2,906
Convertible Preferred Stock		3,429			—		—		3,429
Convertible Obligations		—			15,139		—		15,139
Corporate Obligations		—			30,234		—		30,234
Foreign Government Obligations		—			536		—		536
Asset-Backed Obligations		—			1,690		—		1,690
Collateralized Mortgage Obligations		—			317		—		317
Commercial Mortgage-Backed Obligations		—			8,915		—		8,915
U.S. Agency Mortgage-Backed Obligations		—			14,154		—		14,154
U.S. Treasury Obligations		—			8,720		—		8,720
Short-Term Investments - Money Market Funds		2,870			—		—		2,870
Total Investments in Securities	$	9,432		$	79,705	$	—	$	89,137

Intermediate Bond Fund1	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	137,162	$	—	$	137,162
Foreign Government Obligations		—		300		—		300
Asset-Backed Obligations		—		17,985		—		17,985
Collateralized Mortgage Obligations		—		422		—		422
Commercial Mortgage-Backed Obligations		—		23,498		—		23,498
U.S. Agency Mortgage-Backed Obligations		—		94,639		—		94,639
U.S. Treasury Obligations		—		92,873		—		92,873
Short-Term Investments - Money Market Funds		8,729		—		—		8,729
Total Investments in Securities	$	8,729	$	366,879	$	—	$	375,608

Short-Term Bond Fund1	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	82,314	$	—	$	82,314
Asset-Backed Obligations		—		33,487		—		33,487
Commercial Mortgage-Backed Obligations		—		2,457		—		2,457
U.S. Treasury Obligations		—		115,036		—		115,036
Short-Term Investments - Money Market Funds		2,373		—		—		3,785
Total Investments in Securities	$	2,373	$	233,294	$	—	$	235,667

¹  Refer to the schedules of investments for sector and industry information.

²  Financial derivative instruments may include open futures contracts and foreign currency contracts.

During the quarter ended July 31, 2015, the International Equity Fund transferred securities with a value of $2,044,249 from Level 2 to Level 1; the Emerging Markets Fund transferred securities with a value of $69,528 from Level 2 to Level 1 and $177 from Level 2 to Level 3 of the valuation hierarchy.

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

							Convertible
	Common						Preferred			Corporate
	Stocks			Rights			Stocks			Obligations			Totals
Balance as of October 31, 2014	$	76		$	—		$	45		$	—		$	121
Realized gain (loss)		(67	)		—			—			(4	)		(71	)
Change in unrealized appreciation or (depreciation)		14			(48	)		(9	)		(65	)		(108	)
Purchases		138			71			—			334			543
Sales		58			—			—			162			220
Transfer into Level 3		—			—			—			—			—
Transfer out of Level 3		—			—			—			—			—
Balance as of July 31, 2015		103			23			36			103			265
Change in unrealized at period end*	$	14		$	(48	)	$	(9	)	$	(65	)	$	(108	)
Valuation Technique		Indicative bid quote			Indicative bid quote			Indicative bid quote			Financial Analysis
Unobservable Inputs		Broker Quote			Broker Quote			Broker Quote				**
Input Value(s)		$3.20 - $750		$	0.15		$	750		$	80

* Change in unrealized appreciation or (depreciation) attributable to Level 3 securities held at period end. This balance is included in the change in unrealized appreciation or (depreciation) on the Statements of Operations.

** Private company financial information

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

	Foreign
	Common
	Stocks
Balance as of October 31, 2014	$	—
Realized gain (loss)		—
Change in unrealized appreciation or (depreciation)		—
Purchases		—
Sales		—
Transfer into Level 3		177
Transfer out of Level 3		—
Balance as of July 31, 2015		177
Change in unrealized at period end*	$	—

	Foreign Common Stocks
Ending Balance as of 7/31/2015	$177
Valuation Technique	Indicative bid quote
Unobservable Inputs	Market Discount
Input Value(s)	$3.60 HKD - $4.41 HKD

* Change in unrealized appreciation or (depreciation) attributable to Level 3 securities held at period end. This balance is included in the change in unrealized appreciation or (depreciation) on the Statements of Operations.

Securities and other Investments

American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and Non-Voting Depositary Receipts (“NVDRs”)

ADRs are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. GDRs are in bearer form and traded in both the U.S. and European securities markets. NVDRs represent financial interests in an issuer but the holder is not entitled to any voting rights. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund’s possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Fund may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Emerging Markets Debt

The Funds may invest in emerging markets dept. The Fund’s emerging markets debt securities may include obligations of government and corporations. As with any fixed income securities, emerging markets debt securities are subject to the risk of being downgraded in credit rating and to the risk of default. In the event of a default on any investments in foreign debt obligations, it may be more difficult for the Fund to obtain or to enforce a judgment against the issuers of such securities. With respect to debt issued by emerging markets governments, such issues may be unwilling to pay interest and repay principal when due, either due to inability to pay or submission to political pressure not to pay, and as a result my default, declare temporary suspensions of interest payments or require that the conditions of payments be renegotiated.

Payment In-Kind Securities

Certain Funds may invest in payment in-kind securities. Payment in-kind securities give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investment to interest receivable in the Statements of Assets and Liabilities.

Restricted Securities

Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding at the period ended July 31, 2014 are disclosed in the Notes to the Schedules of Investments.

High-Yield Securities

Non-investment-grade securities are rated below the four highest credit grades by at least one of the public rating agencies (or are unrated if not publicly rated). Participation in high-yielding securities transactions generally involves greater returns in the form of higher average yields. However, participation in such transactions involves greater risks, including sensitivity to economic changes, solvency, and relative liquidity in the secondary trading market. Lower ratings may reflect a greater possibility that the financial condition of the issuer, or adverse changes in general economic conditions, or both, may impair the ability of the issuer to make payments of interest and principal. The prices and yields of lower-rated securities generally fluctuate more than higher-quality securities, and such prices may decline significantly in periods of general economic difficulty or rising interest rates.

Real Estate Investment Trusts

The Funds may own shares of real estate investment trusts (“REITS”) which report information on the source of their distributions annually. The Funds re-characterize distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information, which may include the previous year allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made the following year. These re-characterizations are not recorded for financial statement purposes, but as an adjustment to the calculation of taxable income.

Mortgage-Related and Other Asset-Backed Securities

The Funds’ may invest in mortgage or other asset-backed securities (“ABS”). These securities may include mortgage instruments issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real property. The value of the Fund’s mortgage-backed securities (“MBS”) may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, a Fund has exposure to subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to subprime, Alt-A and non-conforming mortgage loans has become increasingly susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

Mortgage-Backed Securities

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities’ effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of the Fund’s portfolio at the time resulting in reinvestment risk.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of increased prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Agency Mortgage-Backed Securities

Certain MBS may be issued or guaranteed by the U.S. government or a government sponsored entity, such as Fannie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Although these instruments may be guaranteed by the U.S. government or a government sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment.

Privately Issued Mortgage-Backed Securities

MBS held by a Fund may be issued by private issuers including commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles or SPVs) and other entities that acquire and package mortgage loans for resale as MBS. These privately issued non-agency MBS may offer higher yields than those issued by government agencies, but also may be subject to greater price changes than governmental issues. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. Alt-A loans refer to loans extended to borrowers who have incomplete documentation of income, assets, or other variables that are important to the credit underwriting processes. Non-conforming mortgages are loans that do not meet the standards that allow purchase by government-sponsored enterprises. MBS with exposure to subprime loans, Alt-A loans or non-conforming loans have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for MBS that are backed by mortgage pools that contain subprime, Alt-A and non-conforming loans, but a level of risk exists for all loans.

Unlike agency MBS issued or guaranteed by the U.S. government or a government-sponsored entity (e.g., Fannie Mae (the Federal National Mortgage Association) and Freddie Mac (the Federal Home Loan Mortgage Corporation), MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancements provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by an SPV in multiple classes or “tranches,” with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of “reserve funds” (in which case cash or investments, sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and “overcollateralization” (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment on the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans.

Privately issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, MBS held in the Fund’s portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

Asset-Backed Securities

ABS may include MBS, loans, receivables or other assets. The value of the Fund’s ABS may be affected by, among other things, actual or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the market’s assessment of the quality of underlying assets or actual or perceived changes in the credit worthiness of the individual borrowers, the originator, the servicing agent or the financial institution providing the credit support.

Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities.

Rising or high interest rates tend to extend the duration of ABS, making them more volatile and more sensitive to changes in interest rates. The underlying assets are sometimes subject to prepayments which can shorten the security’s weighted average life and may lower its return. Defaults on loans underlying ABS have become an increasing risk for ABS that are secured by home equity loans related to sub-prime, Alt-A or non-conforming mortgage loans, especially in a declining residential real estate market.

ABS (other than MBS) present certain risks that are not presented by MBS. Primarily, these securities may not have the benefit of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. ABS are often backed by a pool of assets representing the obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the securities may contain elements of credit support which fall into two categories: (i) liquidity protection, and (ii) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection

refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets.

Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment in such a security. The availability of ABS may be affected by legislative or regulatory developments. It is possible that such developments may require the Fund to dispose of any then existing holdings of such securities.

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.

Securities Lending

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

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds, and other short-term investments, provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in the Fund’s Schedule of Investments and the collateral is shown on the Statements of Assets and Liabilities as a payable.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Fund, the Agent, and the Manager retain 78%, 12% and 10%, respectively, of the income generated from securities lending.

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

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

Financial Derivative Instruments

The Funds may utilize derivative instruments to enhance return, hedge risk, gain efficient exposure to an asset class or to manage liquidity. When considering the Fund’s use of derivatives, it is important to note that the Fund does not use derivatives for the purpose of creating financial leverage.

Forward Foreign Currency Contracts

The Funds’ may enter into forward foreign currency contracts to hedge the exchange rate risk on investment transactions or to hedge the value of the Fund’s securities denominated in foreign currencies. Forward foreign currency contracts are valued at the forward exchange rate prevailing on the day of valuation. The Fund bears the market risk that arises from changes in foreign exchange rates, and accordingly, the unrealized gain (loss) on these contracts is reflected in the accompanying financial statements. The Fund also bears the credit risk if the counterparty fails to perform under the contract.

For the period ended July 31, 2015, the International Equity and Emerging Markets Funds entered into foreign currency exchange contracts primarily for return enhancement and hedging.

Futures Contracts

Futures contracts are contracts to buy or sell a standard quantity of securities at a specified price on a future date. The Fund 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 Fund is 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. The Fund usually reflects this amount on the Schedule of Investments as a U.S. Treasury Bill held as collateral for futures contracts or as Cash deposited with broker on the Statement 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 (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.

For the period ended July 31, 2015, the Funds entered into future contracts primarily for return enhancement, hedging and exposing cash to markets.

Principal Risks

In the normal course of business the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists. Security values fluctuate (market risk) and may decline due to factors affecting securities markets in general, particular industries represented in the securities markets or conditions specifically related to a particular company. Failure of the other party to a transaction to perform (credit risk), for example by not making principal and interest payments when due, reduces the value of the issuer’s debt and could reduce the Portfolios’ income. Similar to credit risk, the Portfolios may be exposed to counterparty risk, or the risk that an institution or other entity with which the Portfolios have unsettled or open transactions will fail to make required payments or otherwise comply with the terms of the instrument, transaction or contract. The potential loss could exceed the value of the financial assets recorded in the financial statements. Some of the Portfolios’ investments may be illiquid and the Portfolios may not be able to vary the portfolio investments in response to changes in economic and other conditions. If a Portfolio is required to liquidate all or a portion of its investments quickly, the Portfolio may realize significantly less than the value at which it previously recorded those investments.

Market Risks

The Funds’ investments in financial derivatives and other financial instruments expose the Funds to various risks such as, but not limited to, interest rate, foreign currency and equity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income’s market price to interest rate (i.e. yield) movements.

If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund.

The fair values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Credit and Counterparty Risks

The Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. The Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Financial assets, which potentially expose the Fund to counterparty risk, consist principally of cash due from counterparties and investments. Furthermore, to the extent that unpaid amounts owed to the Fund exceed a predetermined threshold agreed to with the counterparty, such counterparty shall advance collateral to the Fund in the form of cash or cash equivalents equal in value to the unpaid amount owed to the Fund. The Fund may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to the Fund subsequently falls, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced to the Fund

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once the Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Fund is subject to various Master Agreements, which govern the terms of certain transactions with select counterparties. These Master Agreements reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of forward and OTC derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement and result in the need for multiple agreements with a single counterparty. Therefore, exposure cannot be netted and collateralized across all types of transactions. Exposures can only be netted across transactions governed under the same Master Agreement with the same legal entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury bills and US dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper may be used. The Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. Master Repurchase Agreements (“Master Repo Agreements”) govern transactions between the Fund and select counterparties. The Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral for Repurchase Agreements.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the financial statements. The fair value of OTC financial derivative transactions net of collateral received in or pledged by counterparty as of period end is disclosed in the Notes to the Schedule of Investments.

Federal Income and Excise Taxes

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

The Funds do not have any unrecognized tax benefits in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2013 remains subject to examination by the Internal Revenue Service. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other expenses” on the Statements of Operations.

Cost of Investments for Federal Income Tax Purposes

As of July 31, 2015, the cost of investments for federal income tax purposes was as follows (in thousands):

Fund	Cost of Investments for Federal Income Tax Purposes		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
Balanced	$	1,018,247	$	133,421	$	(39,745	)	$	93,676
Large Cap Value		9,817,865		2,220,157		(672,273	)		1,547,884
Mid-Cap Value		767,971		74,566		(40,281	)		34,285
Small Cap Value		5,240,934		1,050,989		(302,004	)		748,985
International Equity		2,232,824		457,086		(153,914	)		303,172
Emerging Markets		140,932		6,970		(35,191	)		(28,221	)
High Yield Bond		173,966		1,838		(15,966	)		(14,128	)
Retirement Income and Appreciation		85,828		4,638		(1,329	)		3,309
Intermediate Bond		369,727		7,378		(1,497	)		5,881
Short-Term Bond		236,533		134		(1,000	)		(866	)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “RIC MOD”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carry-forwards. Under the RIC MOD, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carry-forwards may be more likely to expire unused. Additionally, post-enactment capital loss carry-forwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

Finally, the RIC MOD contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions. Except for the simplification provisions related to RIC qualification, the RIC MOD is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive office and principal financial officer have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Investment Company Act”) as of date within 90 days of the filing date of this report and have concluded based on such evaluation, that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There was no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270:30a-2(a)) is attached hereto.

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:	September 29, 2015

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:	September 29, 2015
By:	/s/ Melinda G. Heika
	Melinda G. Heika
	Chief Financial Officer and Treasurer
Date:	September 29, 2015