N-Q (9-30-16)

N-Q 1 d264532dnq.htm N-Q (9-30-16) N-Q (9-30-16)

United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2016

Date of reporting period: September 30, 2016

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS – 90.60%
Investment Companies – 0.80%
American Beacon U.S. Government Money Market Select Fund, Select Class^{A B}		3,755,102	$	3,755,102


	Principal Amount
U.S. Treasury Bills – 89.80%
0.254%, Due 10/13/2016 ^B	$	95,500,000		95,495,512
0.254%, Due 11/10/2016 ^B		88,000,000		87,980,288
0.233%, Due 10/6/2016 ^B		46,500,000		46,499,581
0.213%, Due 10/20/2016 ^B		64,000,000		63,994,688
0.243%, Due 11/3/2016 ^B		90,000,000		89,984,430
0.112%, Due 11/17/2016 ^B		37,500,000		37,491,788

				421,446,287

Total Short-Term Investments (Cost $425,188,934)				425,201,389

TOTAL INVESTMENTS - 90.60% (Cost $425,188,934)				425,201,389
OTHER ASSETS, NET OF LIABILITIES – 9.40%				44,108,459

TOTAL NET ASSETS - 100.00%			$	469,309,848

Percentages are stated as a percent of net assets.

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

^B	All or a portion represents positions held by the American Beacon Cayman Managed Futures Strategy Fund, Ltd.

Purchased Futures Contracts Open on September 30, 2016:

Commodity Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Brent Crude Futures^A	89	October 2016	$	4,466,910	$	43,591
Coffee Futures^A	85	December 2016		4,830,656		88,857
Gasoline RBOB Futures^A	38	October 2016		2,335,108		142,584
Gold 100oz Futures^A	211	December 2016		27,790,810		(572,277	)
LME Copper Futures^A	9	October 2016		1,091,925		(22,720	)
LME Copper Futures^A	6	November 2016		729,000		2,381
LME Copper Futures^A	4	December 2016		486,700		1,466
LME Lead Futures^A	37	December 2016		1,964,237		159,808
LME Lead Futures^A	25	November 2016		1,325,000		131,068
LME Lead Futures^A	20	October 2016		1,058,375		120,556
LME Nickel Futures^A	25	October 2016		1,580,400		(5,767	)
LME Nickel Futures^A	19	December 2016		1,205,208		41,790
LME Nickel Futures^A	5	November 2016		316,560		6,018
LME Primary Aluminum Futures^A	168	November 2016		7,008,750		39,282
LME Primary Aluminum Futures^A	86	December 2016		3,600,175		17,645
LME Primary Aluminum Futures^A	44	October 2016		1,831,225		(18,998	)
LME Zinc Futures^A	59	October 2016		3,497,225		185,338
LME Zinc Futures^A	30	November 2016		1,781,437		64,954
LME Zinc Futures^A	15	December 2016		892,219		42,325
Low Sulphur Gasoil Futures^A	123	November 2016		5,507,325		62,732
Natural Gas Futures^A	181	October 2016		5,259,860		(163,160	)
Natural Gas Swap Futures^A	80	October 2017		615,400		(42,265	)
Natural Gas Swap Futures^A	80	November 2017		641,000		(16,665	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Description	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Natural Gas Swap Futures^A	80	December 2017	$	661,400	$	3,735
Natural Gas Swap Futures^A	80	January 2018		653,600		(4,065	)
Natural Gas Swap Futures^A	80	February 2018		637,200		(20,465	)
Natural Gas Swap Futures^A	28	March 2017		210,000		(4,800	)
Natural Gas Swap Futures^A	28	April 2017		207,480		(7,320	)
Natural Gas Swap Futures^A	28	May 2017		209,580		(5,220	)
Natural Gas Swap Futures^A	28	June 2017		211,540		(3,260	)
Natural Gas Swap Futures^A	28	July 2017		211,820		(2,980	)
Natural Gas Swap Futures^A	28	August 2017		210,700		(4,100	)
Natural Gas Swap Futures^A	28	September 2017		211,960		(2,840	)
NY Harbor ULSD Futures^A	65	October 2016		4,199,559		29,282
Silver Futures^A	53	December 2016		5,091,710		(174,455	)
Sugar #11 World Futures^A	473	February 2017		12,184,480		945,735
WTI Crude Futures^A	47	October 2016		2,267,280		9,324

			$	106,983,814	$	1,067,114

Currency Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Austrailian Dollar Currency Futures	785	December 2016	$	60,044,650	$	100,132
Japanese Yen Currency Futures	188	December 2016		23,242,675		(75,956	)

			$	83,287,325	$	24,176

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Amsterdam Index Futures	54	October 2016	$	5,484,956	$	110,483
ASX SPI 200 Index Futures	55	December 2016		5,699,560		181,720
CAC40 Index Futures	53	October 2016		2,645,550		(13,361	)
DAX Index Futures	10	December 2016		2,952,303		(26,041	)
Euro Stoxx 50 Index Futures	33	December 2016		1,109,892		(2,950	)
FTSE 100 Index Futures	182	December 2016		16,176,787		404,699
Hang Seng Index Futures	105	October 2016		15,779,646		(153,909	)
H-SHARES Index Futures	122	October 2016		7,549,894		(111,201	)
IBEX 35 Index Futures	15	October 2016		1,476,519		223
KOSPI 200 Index Futures	343	December 2016		40,206,383		(457,165	)
Mini MSCI EAFE Index Futures	22	December 2016		1,877,370		37,230
Mini MSCI Emerging Markets Index Futures	112	December 2016		5,110,000		88,963
MSCI Taiwan Stock Index Futures	346	October 2016		11,822,820		(78,631	)
NASDAQ 100 E-Mini Futures	336	December 2016		32,728,080		777,703
OMXS30 Index Futures	480	October 2016		8,048,678		114,017
Russell 2000 Mini Index Futures	150	December 2016		18,724,500		349,633
S&P 500 E-Mini Index Futures	399	December 2016		43,099,980		569,639
S&P/TSX 60 Index Futures	129	December 2016		16,817,836		151,360
TOPIX Index Futures	21	December 2016		2,739,806		(22,421	)
U.S. Dollar Index Futures	12	December 2016		1,144,620		(6,644	)

			$	241,195,180	$	1,913,347

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

Interest Rate Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
3-Month Euro Euribor Futures	740	December 2017	$	208,578,177	$	(58,243	)
3-Month Euro Euribor Futures	725	June 2019		204,299,339		5,853
3-Month Euro Euribor Futures	267	September 2018		75,264,759		392
90-Day Eurodollar Futures	279	June 2019		68,878,125		(23,222	)
90-Day Eurodollar Futures	117	September 2018		28,913,625		(8,190	)
90-Day Sterling Futures	2,382	September 2018		384,847,884		(24,885	)
90-Day Sterling Futures	1,845	December 2017		298,147,252		(16,469	)
Austrailia 10-Year Bond Futures	354	December 2016		37,122,340		140,883
Euro-Bobl Futures	573	December 2016		85,023,585		109,571
Euro-Bund Futures	218	December 2016		40,578,300		102,233
Euro-Buxl 30-Year Bond Futures	25	December 2016		5,397,132		(14,300	)
Euro-Schatz Futures	640	December 2016		80,618,741		40,757
Japanese 10-Year Government Bond Futures	66	December 2016		99,151,324		61,310
Long GILT Futures	320	December 2016		54,023,507		(288,476	)
U.S. Long Bond Futures	10	December 2016		1,681,562		(12,697	)
U.S. Treasury 10-Year Note Futures	244	December 2016		31,994,500		(49,888	)
U.S. Treasury 2-Year Note Futures	218	December 2016		47,626,187		(18,476	)
U.S. Treasury 5-Year Note Futures	225	December 2016		27,341,016		(23,125	)
U.S. Ultra Bond Futures	15	December 2016		2,758,125		(26,202	)

			$	1,782,245,480	$	(103,174	)

Sold Futures Contracts Open on September 30, 2016:

Commodity Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value			Unrealized Appreciation (Depreciation)
Cocoa Futures^A	161	December 2016	$	(4,445,210	)	$	46,656
Copper Futures^A	26	December 2016		(1,436,825	)		(77,770	)
Corn Futures^A	944	December 2016		(15,894,600	)		397,304
LME Copper Futures^A	6	November 2016		(729,000	)		(33,952	)
LME Copper Futures^A	9	October 2016		(1,091,925	)		(51,981	)
LME Lead Futures^A	13	October 2016		(687,944	)		(3,481	)
LME Nickel Futures^A	5	October 2016		(316,080	)		(27,372	)
LME Primary Aluminum Futures^A	44	October 2016		(1,831,225	)		(85,425	)
LME Primary Aluminum Futures^A	167	December 2016		(6,991,038	)		(428,746	)
LME Primary Aluminum Futures^A	168	November 2016		(7,008,750	)		(381,122	)
LME Zinc Futures^A	17	October 2016		(1,007,675	)		(58,486	)
Soybean Futures^A	48	November 2016		(2,289,600	)		(11,776	)
Wheat Futures^A	317	December 2016		(6,371,700	)		389,647

			$	(50,101,572	)	$	(326,504	)

Currency Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value			Unrealized Appreciation (Depreciation)
British Pound Currency Futures	832	December 2016	$	(67,584,400	)	$	69,400
Canadian Dollar Currency Futures	339	December 2016		(25,860,615	)		(105,216	)
Euro Currency Futures	424	December 2016		(59,768,100	)		(383,239	)
Mexican Peso Futures	550	December 2016		(14,060,750	)		129,172
Swiss Franc Currency Futures	127	December 2016		(16,430,625	)		(143,485	)

			$	(183,704,490	)	$	(433,368	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value			Unrealized Appreciation (Depreciation)
FTSE/JSE Top 40 Index Futures	161	December 2016	$	(5,388,411	)	$	(5,663	)
FTSE/MIB Index Futures	49	December 2016		(4,501,783	)		1,498
Nikkei 225 (SGX) Futures	49	December 2016		(3,955,081	)		(7,962	)

			$	(13,845,275	)	$	(12,127	)

Interest Rate Futures Contracts


Description	Number of Contracts	Expiration Date	Contract Value			Unrealized Appreciation (Depreciation)
90-Day Eurodollar Futures	20	December 2017	$	(4,946,750	)	$	(3,778	)
Austrailia 3-Year Bond Futures	1,229	December 2016		(106,581,299	)		(357,698	)

			$	(111,528,049	)	$	(361,476	)

^A	All or a portion represents positions held by th American Beacon Cayman Managed Futures Stategy Ltd.

Foreign Currency Contracts Open on September 30, 2016:


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	BRL		1,127,254	10/4/2016	DUB	$	—	$	(20,103	)	$	(20,103	)
Buy	INR		12,307,296	10/7/2016	DUB		134,803		—			134,803
Sell	INR		600,356	10/7/2016	DUB		—		(5,383	)		(5,383	)
Sell	INR		562,834	10/7/2016	DUB		—		(4,590	)		(4,590	)
Sell	INR		487,789	10/7/2016	DUB		—		(3,921	)		(3,921	)
Sell	INR		412,745	10/7/2016	DUB		—		(3,519	)		(3,519	)
Sell	INR		187,611	10/7/2016	DUB		—		(1,793	)		(1,793	)
Buy	PHP		37,470,750	10/11/2016	DUB		—		(1,481,243	)		(1,481,243	)
Buy	PHP		773,124	10/11/2016	DUB		—		(6,178	)		(6,178	)
Sell	PHP		51,542	10/11/2016	DUB		460		—			460
Sell	PHP		103,083	10/11/2016	DUB		1,432		—			1,432
Sell	PHP		154,625	10/11/2016	DUB		2,295		—			2,295
Sell	PHP		257,708	10/11/2016	DUB		3,689		—			3,689
Sell	PHP		103,083	10/11/2016	DUB		4,236		—			4,236
Sell	PHP		103,083	10/11/2016	DUB		4,305		—			4,305
Sell	PHP		360,791	10/11/2016	DUB		4,576		—			4,576
Sell	PHP		206,166	10/11/2016	DUB		8,288		—			8,288
Sell	PHP		257,708	10/11/2016	DUB		10,734		—			10,734
Sell	PHP		309,250	10/11/2016	DUB		11,833		—			11,833
Sell	PHP		309,250	10/11/2016	DUB		12,314		—			12,314
Sell	PHP		809,616	10/11/2016	DUB		20,248		—			20,248
Sell	PHP		618,499	10/11/2016	DUB		24,395		—			24,395
Sell	PHP		1,539,651	10/11/2016	DUB		24,754		—			24,754
Sell	PHP		876,207	10/11/2016	DUB		25,362		—			25,362
Sell	PHP		876,207	10/11/2016	DUB		27,913		—			27,913
Sell	PHP		824,666	10/11/2016	DUB		28,395		—			28,395
Sell	PHP		1,082,374	10/11/2016	DUB		30,171		—			30,171
Sell	PHP		1,030,832	10/11/2016	DUB		34,925		—			34,925
Sell	PHP		2,013,215	10/11/2016	DUB		38,600		—			38,600
Sell	PHP		2,949,005	10/11/2016	DUB		40,424		—			40,424
Sell	PHP		3,066,726	10/11/2016	DUB		43,572		—			43,572
Sell	PHP		3,046,521	10/11/2016	DUB		44,364		—			44,364
Sell	PHP		2,850,045	10/11/2016	DUB		44,367		—			44,367
Sell	PHP		2,751,910	10/11/2016	DUB		45,475		—			45,475

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	PHP		1,928,481	10/11/2016	DUB	$	48,206	$	—		$	48,206
Sell	PHP		1,928,481	10/11/2016	DUB		49,142		—			49,142
Sell	PHP		1,928,481	10/11/2016	DUB		49,193		—			49,193
Sell	PHP		2,115,474	10/11/2016	DUB		52,038		—			52,038
Sell	PHP		1,855,498	10/11/2016	DUB		61,843		—			61,843
Sell	PHP		6,648,868	10/11/2016	DUB		88,128		—			88,128
Sell	PHP		4,809,451	10/11/2016	DUB		91,390		—			91,390
Sell	PHP		4,809,451	10/11/2016	DUB		94,996		—			94,996
Sell	PHP		5,435,990	10/11/2016	DUB		116,126		—			116,126
Sell	PHP		6,555,062	10/11/2016	DUB		120,353		—			120,353
Buy	EUR		221,874	10/20/2016	DUB		1,353		—			1,353
Buy	EUR		3,032,273	10/20/2016	DUB		17,766		—			17,766
Buy	SEK		189,849	10/20/2016	DUB		—		(647	)		(647	)
Buy	SEK		103,480	10/20/2016	DUB		—		(195	)		(195	)
Buy	ZAR		187,840	10/20/2016	DUB		9,935		—			9,935
Sell	CAD		42,550	10/20/2016	DUB		—		(123	)		(123	)
Sell	CAD		454,633	10/20/2016	DUB		1,078		—			1,078
Sell	EUR		77,164	10/20/2016	DUB		—		(478	)		(478	)
Sell	EUR		38,263	10/20/2016	DUB		9		—			9
Sell	EUR		32,397	10/20/2016	DUB		84		—			84
Sell	EUR		1,409,439	10/20/2016	DUB		142		—			142
Sell	EUR		388,725	10/20/2016	DUB		829		—			829
Sell	EUR		1,821,212	10/20/2016	DUB		3,942		—			3,942
Sell	JPY		192,080	10/20/2016	DUB		—		(1,480	)		(1,480	)
Sell	JPY		101,066	10/20/2016	DUB		—		(536	)		(536	)
Sell	JPY		85,855	10/20/2016	DUB		—		(496	)		(496	)
Sell	JPY		18,995	10/20/2016	DUB		—		(150	)		(150	)
Sell	JPY		50,556	10/20/2016	DUB		458		—			458
Sell	JPY		72,968	10/20/2016	DUB		619		—			619
Sell	SEK		263,006	10/20/2016	DUB		2,768		—			2,768
Sell	ZAR		130,333	10/20/2016	DUB		—		(4,161	)		(4,161	)
Sell	ZAR		246,339	10/20/2016	DUB		349		—			349
Buy	KRW		6,609,215	10/24/2016	DUB		—		(32,514	)		(32,514	)
Buy	KRW		2,524,757	10/24/2016	DUB		—		(13,208	)		(13,208	)
Buy	KRW		2,524,757	10/24/2016	DUB		—		(13,208	)		(13,208	)
Buy	KRW		2,525,664	10/24/2016	DUB		—		(13,097	)		(13,097	)
Buy	KRW		2,524,757	10/24/2016	DUB		—		(12,687	)		(12,687	)
Buy	KRW		2,121,667	10/24/2016	DUB		—		(11,800	)		(11,800	)
Buy	KRW		2,122,575	10/24/2016	DUB		—		(11,737	)		(11,737	)
Buy	KRW		2,859,757	10/24/2016	DUB		—		(9,801	)		(9,801	)
Buy	KRW		1,933,740	10/24/2016	DUB		—		(9,300	)		(9,300	)
Buy	KRW		1,933,740	10/24/2016	DUB		—		(9,300	)		(9,300	)
Buy	KRW		1,933,740	10/24/2016	DUB		—		(9,230	)		(9,230	)
Buy	KRW		1,915,583	10/24/2016	DUB		—		(8,915	)		(8,915	)
Buy	KRW		3,903,795	10/24/2016	DUB		—		(8,675	)		(8,675	)
Buy	KRW		2,542,006	10/24/2016	DUB		—		(5,487	)		(5,487	)
Buy	KRW		1,606,911	10/24/2016	DUB		—		(5,352	)		(5,352	)
Buy	KRW		726,287	10/24/2016	DUB		—		(4,673	)		(4,673	)
Buy	KRW		1,016,802	10/24/2016	DUB		—		(4,639	)		(4,639	)
Buy	KRW		817,073	10/24/2016	DUB		—		(4,244	)		(4,244	)
Buy	KRW		1,252,846	10/24/2016	DUB		—		(4,031	)		(4,031	)
Buy	KRW		1,980,949	10/24/2016	DUB		—		(3,734	)		(3,734	)
Buy	KRW		1,926,477	10/24/2016	DUB		—		(3,579	)		(3,579	)
Buy	KRW		1,925,569	10/24/2016	DUB		—		(3,542	)		(3,542	)
Buy	KRW		726,287	10/24/2016	DUB		—		(3,094	)		(3,094	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	KRW		272,358	10/24/2016	DUB	$	—	$	(2,335	)	$	(2,335	)
Buy	KRW		181,572	10/24/2016	DUB		—		(1,557	)		(1,557	)
Buy	KRW		272,358	10/24/2016	DUB		—		(1,542	)		(1,542	)
Buy	KRW		181,572	10/24/2016	DUB		—		(1,481	)		(1,481	)
Buy	KRW		703,591	10/24/2016	DUB		—		(1,307	)		(1,307	)
Buy	KRW		363,144	10/24/2016	DUB		—		(1,112	)		(1,112	)
Buy	KRW		181,572	10/24/2016	DUB		—		(1,013	)		(1,013	)
Buy	KRW		181,572	10/24/2016	DUB		—		(1,013	)		(1,013	)
Buy	KRW		181,572	10/24/2016	DUB		—		(1,010	)		(1,010	)
Buy	KRW		181,572	10/24/2016	DUB		—		(958	)		(958	)
Buy	KRW		181,572	10/24/2016	DUB		—		(933	)		(933	)
Buy	KRW		90,786	10/24/2016	DUB		—		(781	)		(781	)
Buy	KRW		90,786	10/24/2016	DUB		—		(749	)		(749	)
Buy	KRW		90,786	10/24/2016	DUB		—		(610	)		(610	)
Buy	KRW		90,786	10/24/2016	DUB		—		(609	)		(609	)
Buy	KRW		90,786	10/24/2016	DUB		—		(502	)		(502	)
Buy	KRW		90,786	10/24/2016	DUB		—		(492	)		(492	)
Buy	KRW		90,786	10/24/2016	DUB		—		(276	)		(276	)
Buy	KRW		37,222	10/24/2016	DUB		88		—			88
Buy	KRW		90,786	10/24/2016	DUB		176		—			176
Buy	KRW		90,786	10/24/2016	DUB		239		—			239
Buy	KRW		90,786	10/24/2016	DUB		247		—			247
Buy	KRW		90,786	10/24/2016	DUB		286		—			286
Buy	KRW		181,572	10/24/2016	DUB		340		—			340
Buy	KRW		90,786	10/24/2016	DUB		342		—			342
Buy	KRW		90,786	10/24/2016	DUB		369		—			369
Buy	KRW		90,786	10/24/2016	DUB		374		—			374
Buy	KRW		181,572	10/24/2016	DUB		462		—			462
Buy	KRW		181,572	10/24/2016	DUB		462		—			462
Buy	KRW		181,572	10/24/2016	DUB		470		—			470
Buy	KRW		181,572	10/24/2016	DUB		502		—			502
Buy	KRW		272,358	10/24/2016	DUB		532		—			532
Buy	KRW		181,572	10/24/2016	DUB		555		—			555
Buy	KRW		1,089,431	10/24/2016	DUB		640		—			640
Buy	KRW		272,358	10/24/2016	DUB		693		—			693
Buy	KRW		181,572	10/24/2016	DUB		744		—			744
Buy	KRW		416,707	10/24/2016	DUB		988		—			988
Buy	KRW		998,645	10/24/2016	DUB		2,440		—			2,440
Buy	KRW		635,501	10/24/2016	DUB		2,612		—			2,612
Buy	KRW		3,586,044	10/24/2016	DUB		3,408		—			3,408
Buy	KRW		3,586,044	10/24/2016	DUB		3,440		—			3,440
Buy	KRW		3,404,472	10/24/2016	DUB		5,578		—			5,578
Buy	KRW		3,404,472	10/24/2016	DUB		5,701		—			5,701
Buy	KRW		10,258,810	10/24/2016	DUB		161,861		—			161,861
Sell	KRW		4,932,399	10/24/2016	DUB		—		(84,839	)		(84,839	)
Sell	KRW		1,967,331	10/24/2016	DUB		—		(34,063	)		(34,063	)
Sell	KRW		635,501	10/24/2016	DUB		—		(10,072	)		(10,072	)
Sell	KRW		635,501	10/24/2016	DUB		—		(9,988	)		(9,988	)
Sell	KRW		544,716	10/24/2016	DUB		—		(9,704	)		(9,704	)
Sell	KRW		544,716	10/24/2016	DUB		—		(9,618	)		(9,618	)
Sell	KRW		907,859	10/24/2016	DUB		—		(9,548	)		(9,548	)
Sell	KRW		635,501	10/24/2016	DUB		—		(9,495	)		(9,495	)
Sell	KRW		635,501	10/24/2016	DUB		—		(8,956	)		(8,956	)
Sell	KRW		453,930	10/24/2016	DUB		—		(7,022	)		(7,022	)
Sell	KRW		272,358	10/24/2016	DUB		—		(4,288	)		(4,288	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	KRW		181,572	10/24/2016	DUB	$	—	$	(2,973	)	$	(2,973	)
Sell	MYR		483,073	10/24/2016	DUB		—		(1,884	)		(1,884	)
Sell	MYR		784,994	10/24/2016	DUB		—		(1,484	)		(1,484	)
Sell	MYR		483,073	10/24/2016	DUB		—		(843	)		(843	)
Sell	MYR		362,305	10/24/2016	DUB		—		(685	)		(685	)
Sell	MYR		422,689	10/24/2016	DUB		—		(595	)		(595	)
Sell	MYR		362,305	10/24/2016	DUB		—		(362	)		(362	)
Sell	MYR		241,536	10/24/2016	DUB		—		(224	)		(224	)
Sell	MYR		362,305	10/24/2016	DUB		—		(161	)		(161	)
Sell	MYR		120,768	10/24/2016	DUB		—		(112	)		(112	)
Sell	MYR		543,457	10/24/2016	DUB		—		(110	)		(110	)
Sell	MYR		301,921	10/24/2016	DUB		—		(104	)		(104	)
Sell	MYR		301,921	10/24/2016	DUB		—		(98	)		(98	)
Sell	MYR		60,384	10/24/2016	DUB		—		(55	)		(55	)
Sell	MYR		422,689	10/24/2016	DUB		170		—			170
Sell	MYR		31,822,438	10/24/2016	DUB		8,922		—			8,922
Buy	INR		8,190,246	10/26/2016	DUB		—		(18,766	)		(18,766	)
Buy	INR		62,230,907	10/26/2016	DUB		468,603		—			468,603
Buy	TWD		3,032,510	10/26/2016	DUB		—		(15,293	)		(15,293	)
Buy	TWD		3,750,736	10/26/2016	DUB		—		(9,144	)		(9,144	)
Buy	TWD		319,212	10/26/2016	DUB		—		(1,919	)		(1,919	)
Buy	TWD		159,606	10/26/2016	DUB		—		(697	)		(697	)
Buy	TWD		319,212	10/26/2016	DUB		—		(610	)		(610	)
Buy	TWD		239,409	10/26/2016	DUB		—		(573	)		(573	)
Buy	TWD		239,409	10/26/2016	DUB		—		(541	)		(541	)
Buy	TWD		159,606	10/26/2016	DUB		—		(404	)		(404	)
Buy	TWD		79,803	10/26/2016	DUB		—		(307	)		(307	)
Buy	TWD		79,803	10/26/2016	DUB		—		(243	)		(243	)
Buy	TWD		79,803	10/26/2016	DUB		—		(223	)		(223	)
Buy	TWD		79,803	10/26/2016	DUB		—		(120	)		(120	)
Buy	TWD		79,803	10/26/2016	DUB		—		(80	)		(80	)
Buy	TWD		159,606	10/26/2016	DUB		—		(72	)		(72	)
Buy	TWD		159,606	10/26/2016	DUB		—		(37	)		(37	)
Buy	TWD		239,409	10/26/2016	DUB		128		—			128
Buy	TWD		79,803	10/26/2016	DUB		198		—			198
Buy	TWD		159,606	10/26/2016	DUB		578		—			578
Buy	BRL		30,487	11/3/2016	DUB		—		(149	)		(149	)
Buy	CLP		151,360	11/29/2016	DUB		712		—			712
Buy	CLP		151,360	11/29/2016	DUB		938		—			938
Buy	BRL		1,600,172	10/4/2016	HUS		—		(27,706	)		(27,706	)
Buy	BRL		1,419,061	10/4/2016	HUS		—		(22,811	)		(22,811	)
Buy	BRL		885,875	10/4/2016	HUS		—		(15,818	)		(15,818	)
Buy	BRL		735,206	10/4/2016	HUS		—		(11,958	)		(11,958	)
Buy	BRL		704,765	10/4/2016	HUS		—		(11,911	)		(11,911	)
Buy	BRL		613,133	10/4/2016	HUS		—		(10,167	)		(10,167	)
Buy	BRL		737,973	10/4/2016	HUS		—		(9,062	)		(9,062	)
Buy	BRL		582,384	10/4/2016	HUS		—		(8,715	)		(8,715	)
Buy	BRL		768,722	10/4/2016	HUS		—		(4,960	)		(4,960	)
Buy	BRL		194,025	10/4/2016	HUS		—		(3,477	)		(3,477	)
Buy	BRL		183,878	10/4/2016	HUS		—		(3,108	)		(3,108	)
Buy	BRL		215,242	10/4/2016	HUS		—		(2,663	)		(2,663	)
Buy	BRL		225,389	10/4/2016	HUS		—		(2,661	)		(2,661	)
Buy	BRL		215,242	10/4/2016	HUS		—		(2,494	)		(2,494	)
Buy	BRL		215,242	10/4/2016	HUS		—		(2,122	)		(2,122	)
Buy	BRL		522,731	10/4/2016	HUS		—		(1,604	)		(1,604	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	BRL		92,247	10/4/2016	HUS	$	—	$	(1,147	)	$	(1,147	)
Buy	BRL		338,238	10/4/2016	HUS		—		(1,111	)		(1,111	)
Buy	BRL		307,489	10/4/2016	HUS		—		(1,020	)		(1,020	)
Buy	BRL		553,480	10/4/2016	HUS		—		(980	)		(980	)
Buy	BRL		153,744	10/4/2016	HUS		—		(930	)		(930	)
Buy	BRL		184,493	10/4/2016	HUS		—		(915	)		(915	)
Buy	BRL		215,242	10/4/2016	HUS		—		(787	)		(787	)
Buy	BRL		51,351	10/4/2016	HUS		—		(590	)		(590	)
Buy	BRL		153,744	10/4/2016	HUS		—		(557	)		(557	)
Buy	BRL		30,749	10/4/2016	HUS		—		(180	)		(180	)
Buy	BRL		30,749	10/4/2016	HUS		115		—			115
Buy	BRL		30,749	10/4/2016	HUS		119		—			119
Buy	BRL		30,749	10/4/2016	HUS		122		—			122
Buy	BRL		30,749	10/4/2016	HUS		125		—			125
Buy	BRL		30,749	10/4/2016	HUS		129		—			129
Buy	BRL		30,749	10/4/2016	HUS		156		—			156
Buy	BRL		30,749	10/4/2016	HUS		156		—			156
Buy	BRL		92,247	10/4/2016	HUS		293		—			293
Buy	BRL		61,498	10/4/2016	HUS		304		—			304
Buy	BRL		61,498	10/4/2016	HUS		311		—			311
Buy	BRL		61,498	10/4/2016	HUS		311		—			311
Buy	BRL		61,498	10/4/2016	HUS		311		—			311
Buy	BRL		92,247	10/4/2016	HUS		456		—			456
Buy	BRL		676,476	10/4/2016	HUS		758		—			758
Buy	BRL		399,736	10/4/2016	HUS		1,256		—			1,256
Buy	BRL		368,987	10/4/2016	HUS		1,879		—			1,879
Buy	BRL		461,233	10/4/2016	HUS		2,532		—			2,532
Buy	BRL		31,025,629	10/4/2016	HUS		79,930		—			79,930
Sell	BRL		3,905,109	10/4/2016	HUS		—		(71,031	)		(71,031	)
Sell	BRL		4,286,703	10/4/2016	HUS		—		(70,079	)		(70,079	)
Sell	BRL		1,308,673	10/4/2016	HUS		—		(36,554	)		(36,554	)
Sell	BRL		2,049,413	10/4/2016	HUS		—		(33,138	)		(33,138	)
Sell	BRL		1,100,810	10/4/2016	HUS		—		(30,732	)		(30,732	)
Sell	BRL		1,054,994	10/4/2016	HUS		—		(29,897	)		(29,897	)
Sell	BRL		1,409,222	10/4/2016	HUS		—		(26,009	)		(26,009	)
Sell	BRL		645,727	10/4/2016	HUS		—		(19,441	)		(19,441	)
Sell	BRL		1,156,158	10/4/2016	HUS		—		(19,245	)		(19,245	)
Sell	BRL		734,591	10/4/2016	HUS		—		(18,399	)		(18,399	)
Sell	BRL		652,184	10/4/2016	HUS		—		(18,387	)		(18,387	)
Sell	BRL		899,712	10/4/2016	HUS		—		(18,254	)		(18,254	)
Sell	BRL		657,411	10/4/2016	HUS		—		(16,005	)		(16,005	)
Sell	BRL		845,594	10/4/2016	HUS		—		(15,994	)		(15,994	)
Sell	BRL		741,663	10/4/2016	HUS		—		(15,310	)		(15,310	)
Sell	BRL		584,229	10/4/2016	HUS		—		(15,247	)		(15,247	)
Sell	BRL		707,224	10/4/2016	HUS		—		(15,183	)		(15,183	)
Sell	BRL		613,748	10/4/2016	HUS		—		(15,121	)		(15,121	)
Sell	BRL		983,964	10/4/2016	HUS		—		(15,072	)		(15,072	)
Sell	BRL		1,156,158	10/4/2016	HUS		—		(14,585	)		(14,585	)
Sell	BRL		491,982	10/4/2016	HUS		—		(14,541	)		(14,541	)
Sell	BRL		559,630	10/4/2016	HUS		—		(14,017	)		(14,017	)
Sell	BRL		840,675	10/4/2016	HUS		—		(13,618	)		(13,618	)
Sell	BRL		1,199,207	10/4/2016	HUS		—		(13,003	)		(13,003	)
Sell	BRL		679,858	10/4/2016	HUS		—		(12,849	)		(12,849	)
Sell	BRL		830,220	10/4/2016	HUS		—		(12,583	)		(12,583	)
Sell	BRL		502,437	10/4/2016	HUS		—		(11,879	)		(11,879	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	BRL		443,706	10/4/2016	HUS	$	—	$	(10,945	)	$	(10,945	)
Sell	BRL		422,182	10/4/2016	HUS		—		(10,315	)		(10,315	)
Sell	BRL		526,728	10/4/2016	HUS		—		(9,831	)		(9,831	)
Sell	BRL		367,142	10/4/2016	HUS		—		(9,164	)		(9,164	)
Sell	BRL		1,045,462	10/4/2016	HUS		—		(8,877	)		(8,877	)
Sell	BRL		456,621	10/4/2016	HUS		—		(8,265	)		(8,265	)
Sell	BRL		342,235	10/4/2016	HUS		—		(8,091	)		(8,091	)
Sell	BRL		428,947	10/4/2016	HUS		—		(7,967	)		(7,967	)
Sell	BRL		614,978	10/4/2016	HUS		—		(7,094	)		(7,094	)
Sell	BRL		215,242	10/4/2016	HUS		—		(7,020	)		(7,020	)
Sell	BRL		334,855	10/4/2016	HUS		—		(6,289	)		(6,289	)
Sell	BRL		553,480	10/4/2016	HUS		—		(5,785	)		(5,785	)
Sell	BRL		637,424	10/4/2016	HUS		—		(5,740	)		(5,740	)
Sell	BRL		291,807	10/4/2016	HUS		—		(5,524	)		(5,524	)
Sell	BRL		282,890	10/4/2016	HUS		—		(5,447	)		(5,447	)
Sell	BRL		399,736	10/4/2016	HUS		—		(5,174	)		(5,174	)
Sell	BRL		316,099	10/4/2016	HUS		—		(5,130	)		(5,130	)
Sell	BRL		522,731	10/4/2016	HUS		—		(5,054	)		(5,054	)
Sell	BRL		399,736	10/4/2016	HUS		—		(3,889	)		(3,889	)
Sell	BRL		92,247	10/4/2016	HUS		—		(3,136	)		(3,136	)
Sell	BRL		122,996	10/4/2016	HUS		—		(3,077	)		(3,077	)
Sell	BRL		92,247	10/4/2016	HUS		—		(3,046	)		(3,046	)
Sell	BRL		175,884	10/4/2016	HUS		—		(2,854	)		(2,854	)
Sell	BRL		92,247	10/4/2016	HUS		—		(2,297	)		(2,297	)
Sell	BRL		61,498	10/4/2016	HUS		—		(2,279	)		(2,279	)
Sell	BRL		61,498	10/4/2016	HUS		—		(2,219	)		(2,219	)
Sell	BRL		61,498	10/4/2016	HUS		—		(2,101	)		(2,101	)
Sell	BRL		61,498	10/4/2016	HUS		—		(2,055	)		(2,055	)
Sell	BRL		215,242	10/4/2016	HUS		—		(1,932	)		(1,932	)
Sell	BRL		153,744	10/4/2016	HUS		—		(1,810	)		(1,810	)
Sell	BRL		153,744	10/4/2016	HUS		—		(1,797	)		(1,797	)
Sell	BRL		153,744	10/4/2016	HUS		—		(1,746	)		(1,746	)
Sell	BRL		170,041	10/4/2016	HUS		—		(1,659	)		(1,659	)
Sell	BRL		157,742	10/4/2016	HUS		—		(1,397	)		(1,397	)
Sell	BRL		104,546	10/4/2016	HUS		—		(1,313	)		(1,313	)
Sell	BRL		30,749	10/4/2016	HUS		—		(1,139	)		(1,139	)
Sell	BRL		124,225	10/4/2016	HUS		—		(1,134	)		(1,134	)
Sell	BRL		109,773	10/4/2016	HUS		—		(1,035	)		(1,035	)
Sell	BRL		92,247	10/4/2016	HUS		—		(652	)		(652	)
Sell	BRL		61,498	10/4/2016	HUS		—		(583	)		(583	)
Sell	BRL		61,498	10/4/2016	HUS		—		(440	)		(440	)
Sell	BRL		61,498	10/4/2016	HUS		—		(438	)		(438	)
Sell	BRL		61,498	10/4/2016	HUS		—		(431	)		(431	)
Sell	BRL		61,498	10/4/2016	HUS		—		(430	)		(430	)
Sell	BRL		61,498	10/4/2016	HUS		—		(422	)		(422	)
Sell	BRL		61,498	10/4/2016	HUS		—		(414	)		(414	)
Sell	BRL		61,498	10/4/2016	HUS		—		(396	)		(396	)
Sell	BRL		61,498	10/4/2016	HUS		—		(388	)		(388	)
Sell	BRL		61,498	10/4/2016	HUS		—		(382	)		(382	)
Sell	BRL		61,498	10/4/2016	HUS		—		(364	)		(364	)
Sell	BRL		30,749	10/4/2016	HUS		—		(220	)		(220	)
Sell	BRL		30,749	10/4/2016	HUS		—		(218	)		(218	)
Sell	BRL		30,749	10/4/2016	HUS		—		(218	)		(218	)
Sell	BRL		30,749	10/4/2016	HUS		—		(216	)		(216	)
Sell	BRL		30,749	10/4/2016	HUS		—		(216	)		(216	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	BRL		30,749	10/4/2016	HUS	$	—	$	(197	)	$	(197	)
Sell	BRL		30,749	10/4/2016	HUS		—		(197	)	$	(197	)
Sell	BRL		30,749	10/4/2016	HUS		—		(191	)		(191	)
Sell	BRL		30,749	10/4/2016	HUS		—		(178	)		(178	)
Sell	BRL		30,749	10/4/2016	HUS		—		(178	)		(178	)
Sell	BRL		491,982	10/4/2016	HUS		2,837		—			2,837
Sell	BRL		31,118	10/4/2016	HUS		271,342		—			271,342
Sell	PHP		1,973,219	10/11/2016	HUS		27,638		—			27,638
Buy	CLP		75,946	10/19/2016	HUS		444		—			444
Buy	CLP		227,837	10/19/2016	HUS		1,314		—			1,314
Buy	CLP		227,837	10/19/2016	HUS		1,321		—			1,321
Buy	CLP		75,946	10/19/2016	HUS		1,505		—			1,505
Buy	CLP		151,891	10/19/2016	HUS		1,545		—			1,545
Buy	CLP		75,946	10/19/2016	HUS		1,553		—			1,553
Buy	CLP		75,946	10/19/2016	HUS		1,607		—			1,607
Buy	CLP		75,946	10/19/2016	HUS		1,616		—			1,616
Buy	CLP		75,946	10/19/2016	HUS		1,765		—			1,765
Buy	CLP		75,946	10/19/2016	HUS		1,778		—			1,778
Buy	CLP		151,891	10/19/2016	HUS		2,402		—			2,402
Buy	CLP		379,729	10/19/2016	HUS		2,527		—			2,527
Buy	CLP		455,674	10/19/2016	HUS		2,977		—			2,977
Buy	CLP		151,891	10/19/2016	HUS		3,107		—			3,107
Buy	CLP		379,729	10/19/2016	HUS		3,673		—			3,673
Buy	CLP		227,837	10/19/2016	HUS		3,673		—			3,673
Buy	CLP		227,837	10/19/2016	HUS		4,491		—			4,491
Buy	CLP		379,729	10/19/2016	HUS		4,535		—			4,535
Buy	CLP		531,620	10/19/2016	HUS		4,834		—			4,834
Buy	CLP		227,837	10/19/2016	HUS		4,865		—			4,865
Buy	CLP		835,403	10/19/2016	HUS		4,897		—			4,897
Buy	CLP		531,620	10/19/2016	HUS		5,230		—			5,230
Buy	CLP		1,746,751	10/19/2016	HUS		21,946		—			21,946
Sell	CLP		455,674	10/19/2016	HUS		—		(11,903	)		(11,903	)
Sell	CLP		455,674	10/19/2016	HUS		—		(11,781	)		(11,781	)
Sell	CLP		379,729	10/19/2016	HUS		—		(11,018	)		(11,018	)
Sell	CLP		499,723	10/19/2016	HUS		—		(10,581	)		(10,581	)
Sell	CLP		379,729	10/19/2016	HUS		—		(9,664	)		(9,664	)
Sell	CLP		303,783	10/19/2016	HUS		—		(8,381	)		(8,381	)
Sell	CLP		227,837	10/19/2016	HUS		—		(7,982	)		(7,982	)
Sell	CLP		303,783	10/19/2016	HUS		—		(7,658	)		(7,658	)
Sell	CLP		227,837	10/19/2016	HUS		—		(7,479	)		(7,479	)
Sell	CLP		303,783	10/19/2016	HUS		—		(7,170	)		(7,170	)
Sell	CLP		227,837	10/19/2016	HUS		—		(6,477	)		(6,477	)
Sell	CLP		151,891	10/19/2016	HUS		—		(5,875	)		(5,875	)
Sell	CLP		227,837	10/19/2016	HUS		—		(5,571	)		(5,571	)
Sell	CLP		227,837	10/19/2016	HUS		—		(5,519	)		(5,519	)
Sell	CLP		227,837	10/19/2016	HUS		—		(5,186	)		(5,186	)
Sell	CLP		227,837	10/19/2016	HUS		—		(5,092	)		(5,092	)
Sell	CLP		227,837	10/19/2016	HUS		—		(5,055	)		(5,055	)
Sell	CLP		151,891	10/19/2016	HUS		—		(4,283	)		(4,283	)
Sell	CLP		227,837	10/19/2016	HUS		—		(4,238	)		(4,238	)
Sell	CLP		188,345	10/19/2016	HUS		—		(4,007	)		(4,007	)
Sell	CLP		151,891	10/19/2016	HUS		—		(3,684	)		(3,684	)
Sell	CLP		170,118	10/19/2016	HUS		—		(3,540	)		(3,540	)
Sell	CLP		151,891	10/19/2016	HUS		—		(3,279	)		(3,279	)
Sell	CLP		151,891	10/19/2016	HUS		—		(2,842	)		(2,842	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell	CLP		75,946	10/19/2016	HUS	$	—	$	(2,679	)	$	(2,679	)
Sell	CLP		75,946	10/19/2016	HUS		—		(2,630	)		(2,630	)
Sell	CLP		124,551	10/19/2016	HUS		—		(2,611	)		(2,611	)
Sell	CLP		75,946	10/19/2016	HUS		—		(2,479	)		(2,479	)
Sell	CLP		109,362	10/19/2016	HUS		—		(2,180	)		(2,180	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,785	)		(1,785	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,759	)		(1,759	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,734	)		(1,734	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,719	)		(1,719	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,286	)		(1,286	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,257	)		(1,257	)
Sell	CLP		75,946	10/19/2016	HUS		—		(1,148	)		(1,148	)
Sell	CLP		47,086	10/19/2016	HUS		—		(966	)		(966	)
Sell	CLP		45,567	10/19/2016	HUS		—		(905	)		(905	)
Sell	CLP		30,378	10/19/2016	HUS		—		(597	)		(597	)
Buy	COP		69,137	10/21/2016	HUS		9		—			9
Buy	COP		69,137	10/21/2016	HUS		675		—			675
Buy	COP		3,180,307	10/21/2016	HUS		75,975		—			75,975
Sell	COP		69,137	10/21/2016	HUS		—		(1,125	)		(1,125	)
Buy	KRW		272,358	10/24/2016	HUS		—		(1,763	)		(1,763	)
Buy	KRW		181,572	10/24/2016	HUS		—		(1,225	)		(1,225	)
Buy	KRW		90,786	10/24/2016	HUS		—		(569	)		(569	)
Buy	PEN		368,663	10/27/2016	HUS		3,693		—			3,693
Buy	BRL		2,033,818	11/3/2016	HUS		—		(36,314	)		(36,314	)
Buy	BRL		2,022,233	11/3/2016	HUS		—		(35,468	)		(35,468	)
Buy	BRL		1,633,823	11/3/2016	HUS		—		(30,153	)		(30,153	)
Buy	BRL		1,621,933	11/3/2016	HUS		—		(28,294	)		(28,294	)
Buy	BRL		1,530,165	11/3/2016	HUS		—		(27,659	)		(27,659	)
Buy	BRL		1,485,044	11/3/2016	HUS		—		(25,953	)		(25,953	)
Buy	BRL		1,396,325	11/3/2016	HUS		—		(24,512	)		(24,512	)
Buy	BRL		1,372,240	11/3/2016	HUS		—		(24,458	)		(24,458	)
Buy	BRL		1,490,532	11/3/2016	HUS		—		(22,927	)		(22,927	)
Buy	BRL		1,490,532	11/3/2016	HUS		—		(22,809	)		(22,809	)
Buy	BRL		1,412,179	11/3/2016	HUS		—		(22,197	)		(22,197	)
Buy	BRL		1,199,986	11/3/2016	HUS		—		(22,184	)		(22,184	)
Buy	BRL		1,199,376	11/3/2016	HUS		—		(21,491	)		(21,491	)
Buy	BRL		1,313,095	11/3/2016	HUS		—		(19,888	)		(19,888	)
Buy	BRL		937,794	11/3/2016	HUS		—		(16,419	)		(16,419	)
Buy	BRL		1,097,244	11/3/2016	HUS		—		(16,377	)		(16,377	)
Buy	BRL		1,036,573	11/3/2016	HUS		—		(16,025	)		(16,025	)
Buy	BRL		974,989	11/3/2016	HUS		—		(15,196	)		(15,196	)
Buy	BRL		927,733	11/3/2016	HUS		—		(14,430	)		(14,430	)
Buy	BRL		843,588	11/3/2016	HUS		—		(12,909	)		(12,909	)
Buy	BRL		735,662	11/3/2016	HUS		—		(11,119	)		(11,119	)
Buy	BRL		616,151	11/3/2016	HUS		—		(9,429	)		(9,429	)
Buy	BRL		975,599	11/3/2016	HUS		—		(8,411	)		(8,411	)
Buy	BRL		545,725	11/3/2016	HUS		—		(8,265	)		(8,265	)
Buy	BRL		731,699	11/3/2016	HUS		—		(6,944	)		(6,944	)
Buy	BRL		381,703	11/3/2016	HUS		—		(5,997	)		(5,997	)
Buy	BRL		426,824	11/3/2016	HUS		—		(4,516	)		(4,516	)
Buy	BRL		365,849	11/3/2016	HUS		—		(4,235	)		(4,235	)
Buy	BRL		365,849	11/3/2016	HUS		—		(2,905	)		(2,905	)
Buy	BRL		365,849	11/3/2016	HUS		—		(2,746	)		(2,746	)
Buy	BRL		396,337	11/3/2016	HUS		—		(2,368	)		(2,368	)
Buy	BRL		243,900	11/3/2016	HUS		—		(2,300	)		(2,300	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	BRL		426,824	11/3/2016	HUS	$	—	$	(2,005	)	$	(2,005	)
Buy	BRL		121,950	11/3/2016	HUS		—		(1,241	)		(1,241	)
Buy	BRL		121,950	11/3/2016	HUS		—		(1,241	)		(1,241	)
Buy	BRL		121,950	11/3/2016	HUS		—		(1,180	)		(1,180	)
Buy	BRL		121,950	11/3/2016	HUS		—		(1,165	)		(1,165	)
Buy	BRL		243,900	11/3/2016	HUS		—		(1,048	)		(1,048	)
Buy	BRL		91,462	11/3/2016	HUS		—		(914	)		(914	)
Buy	BRL		243,900	11/3/2016	HUS		—		(906	)		(906	)
Buy	BRL		60,975	11/3/2016	HUS		—		(601	)		(601	)
Buy	BRL		60,975	11/3/2016	HUS		—		(480	)		(480	)
Buy	BRL		60,975	11/3/2016	HUS		—		(460	)		(460	)
Buy	BRL		60,975	11/3/2016	HUS		—		(458	)		(458	)
Buy	BRL		60,975	11/3/2016	HUS		—		(454	)		(454	)
Buy	BRL		60,975	11/3/2016	HUS		—		(298	)		(298	)
Buy	BRL		30,487	11/3/2016	HUS		—		(239	)		(239	)
Buy	BRL		30,487	11/3/2016	HUS		—		(237	)		(237	)
Buy	BRL		30,487	11/3/2016	HUS		—		(236	)		(236	)
Buy	BRL		30,487	11/3/2016	HUS		—		(227	)		(227	)
Buy	BRL		30,487	11/3/2016	HUS		—		(218	)		(218	)
Buy	BRL		60,975	11/3/2016	HUS		—		(172	)		(172	)
Buy	BRL		30,487	11/3/2016	HUS		—		(160	)		(160	)
Buy	BRL		30,487	11/3/2016	HUS		—		(132	)		(132	)
Buy	BRL		30,487	11/3/2016	HUS		—		(110	)		(110	)
Buy	BRL		30,487	11/3/2016	HUS		—		(86	)		(86	)
Buy	BRL		30,487	11/3/2016	HUS		—		(84	)		(84	)
Buy	CLP		4,389,446	11/29/2016	HUS		—		(11,275	)		(11,275	)
Buy	CLP		227,040	11/29/2016	HUS		—		(854	)		(854	)
Buy	CLP		227,040	11/29/2016	HUS		—		(733	)		(733	)
Buy	CLP		202,823	11/29/2016	HUS		—		(655	)		(655	)
Buy	CLP		175,578	11/29/2016	HUS		—		(612	)		(612	)
Buy	CLP		151,360	11/29/2016	HUS		—		(461	)		(461	)
Buy	CLP		127,143	11/29/2016	HUS		—		(439	)		(439	)
Buy	CLP		99,898	11/29/2016	HUS		—		(327	)		(327	)
Buy	CLP		101,411	11/29/2016	HUS		—		(317	)		(317	)
Buy	CLP		75,680	11/29/2016	HUS		—		(247	)		(247	)
Buy	CLP		77,194	11/29/2016	HUS		—		(242	)		(242	)
Buy	CLP		51,462	11/29/2016	HUS		—		(186	)		(186	)
Buy	CLP		151,360	11/29/2016	HUS		—		(138	)		(138	)
Buy	CLP		151,360	11/29/2016	HUS		—		(119	)		(119	)
Buy	CLP		75,680	11/29/2016	HUS		—		(111	)		(111	)
Buy	CLP		24,218	11/29/2016	HUS		—		(91	)		(91	)
Buy	CLP		24,218	11/29/2016	HUS		—		(89	)		(89	)
Buy	CLP		24,218	11/29/2016	HUS		—		(87	)		(87	)
Buy	CLP		75,680	11/29/2016	HUS		—		(83	)		(83	)
Buy	CLP		75,680	11/29/2016	HUS		—		(36	)		(36	)
Buy	CLP		75,680	11/29/2016	HUS		—		(30	)		(30	)
Buy	CLP		75,680	11/29/2016	HUS		—		(22	)		(22	)
Buy	CLP		227,040	11/29/2016	HUS		15		—			15
Buy	CLP		75,680	11/29/2016	HUS		94		—			94
Buy	CLP		75,680	11/29/2016	HUS		96		—			96
Buy	CLP		75,680	11/29/2016	HUS		98		—			98
Buy	CLP		75,680	11/29/2016	HUS		108		—			108
Buy	CLP		75,680	11/29/2016	HUS		133		—			133
Buy	CLP		378,400	11/29/2016	HUS		170		—			170
Buy	CLP		75,680	11/29/2016	HUS		281		—			281

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	CLP		151,360	11/29/2016	HUS	$	282	$	—		$	—
Buy	CLP		75,680	11/29/2016	HUS		316		—			316
Buy	CLP		75,680	11/29/2016	HUS		351		—			351
Buy	CLP		75,680	11/29/2016	HUS		362		—			362
Buy	CLP		454,081	11/29/2016	HUS		429		—			429
Buy	CLP		75,680	11/29/2016	HUS		536		—			536
Buy	CLP		75,680	11/29/2016	HUS		556		—			556
Buy	CLP		75,680	11/29/2016	HUS		558		—			558
Buy	CLP		75,680	11/29/2016	HUS		559		—			559
Buy	CLP		378,400	11/29/2016	HUS		575		—			575
Buy	CLP		75,680	11/29/2016	HUS		720		—			720
Buy	CLP		151,360	11/29/2016	HUS		729		—			729
Buy	CLP		151,360	11/29/2016	HUS		821		—			821
Buy	CLP		227,040	11/29/2016	HUS		987		—			987
Buy	CLP		151,360	11/29/2016	HUS		1,137		—			1,137
Buy	CLP		151,360	11/29/2016	HUS		1,176		—			1,176
Buy	CLP		151,360	11/29/2016	HUS		1,177		—			1,177
Buy	CLP		151,360	11/29/2016	HUS		1,300		—			1,300
Buy	CLP		227,040	11/29/2016	HUS		1,415		—			1,415
Buy	CLP		302,720	11/29/2016	HUS		1,530		—			1,530
Buy	CLP		302,720	11/29/2016	HUS		1,818		—			1,818
Buy	CLP		1,437,922	11/29/2016	HUS		16,022		—			16,022
Buy	COP		686,755	11/29/2016	HUS		—		(10,007	)		(10,007	)
Buy	COP		755,431	11/29/2016	HUS		—		(5,204	)		(5,204	)
Buy	COP		686,755	11/29/2016	HUS		—		(3,650	)		(3,650	)
Buy	COP		68,675	11/29/2016	HUS		—		(603	)		(603	)
Buy	COP		68,675	11/29/2016	HUS		298		—			298
Buy	COP		68,675	11/29/2016	HUS		480		—			480
Buy	COP		206,027	11/29/2016	HUS		670		—			670
Sell	BRL		1,076,519	10/4/2016	RBS		—		(19,517	)		(19,517	)
Buy	AUD		1,030,888	10/20/2016	RBS		15,669		—			15,669
Buy	GBP		1,061,740	10/20/2016	RBS		—		(8,229	)		(8,229	)
Buy	GBP		337,936	10/20/2016	RBS		713		—			713
Buy	HKD		88,856	10/20/2016	RBS		—		(13	)		(13	)
Buy	HKD		1,052,662	10/20/2016	RBS		—		(3	)		(3	)
Sell	AUD		4,171,545	10/20/2016	RBS		—		(94,266	)		(94,266	)
Sell	AUD		250,357	10/20/2016	RBS		—		(4,825	)		(4,825	)
Sell	AUD		419,593	10/20/2016	RBS		—		(2,577	)		(2,577	)
Sell	EUR		3,634,479	10/20/2016	RBS		—		(1,373	)		(1,373	)
Sell	GBP		1,169,910	10/20/2016	RBS		29,282		—			29,282
Sell	GBP		4,640,397	10/20/2016	RBS		85,900		—			85,900
Sell	HKD		425,131	10/20/2016	RBS		—		(105	)		(105	)
Sell	KRW		4,295,782	10/20/2016	RBS		31,752		—			31,752
Buy	PEN		368,663	10/27/2016	RBS		—		(3,149	)		(3,149	)
Buy	PEN		221,198	10/27/2016	RBS		—		(1,721	)		(1,721	)
Buy	PEN		147,465	10/27/2016	RBS		—		(1,323	)		(1,323	)
Buy	PEN		73,733	10/27/2016	RBS		—		(699	)		(699	)
Buy	PEN		73,733	10/27/2016	RBS		—		(688	)		(688	)
Buy	PEN		73,733	10/27/2016	RBS		—		(688	)		(688	)
Buy	PEN		73,733	10/27/2016	RBS		—		(688	)		(688	)
Buy	PEN		73,733	10/27/2016	RBS		—		(685	)		(685	)
Buy	PEN		73,733	10/27/2016	RBS		—		(677	)		(677	)
Buy	PEN		73,733	10/27/2016	RBS		—		(666	)		(666	)
Buy	PEN		73,733	10/27/2016	RBS		—		(550	)		(550	)
Buy	PEN		73,733	10/27/2016	RBS		—		(524	)		(524	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy		PEN		73,733		10/27/2016		RBS	$	—	$	(517	)	$	(517	)
Buy		PEN		73,733		10/27/2016		RBS		—		(305	)		(305	)
Buy		PEN		73,733		10/27/2016		RBS		—		(280	)		(280	)
Buy		PEN		73,733		10/27/2016		RBS		—		(143	)		(143	)
Buy		PEN		221,198		10/27/2016		RBS		—		(22	)		(22	)
Buy		PEN		73,732		10/27/2016		RBS		44		—			44
Buy		PEN		73,732		10/27/2016		RBS		146		—			146
Buy		PEN		73,733		10/27/2016		RBS		213		—			213
Buy		PEN		73,733		10/27/2016		RBS		269		—			269
Buy		PEN		73,733		10/27/2016		RBS		400		—			400
Buy		PEN		73,733		10/27/2016		RBS		403		—			403
Sell		PEN		2,506,906		10/27/2016		RBS		—		(23,051	)		(23,051	)
Sell		PEN		2,506,906		10/27/2016		RBS		—		(22,543	)		(22,543	)
Sell		PEN		2,359,441		10/27/2016		RBS		—		(18,275	)		(18,275	)
Sell		PEN		430,008		10/27/2016		RBS		—		(4,717	)		(4,717	)
Sell		PEN		430,303		10/27/2016		RBS		—		(4,625	)		(4,625	)
Sell		PEN		430,303		10/27/2016		RBS		—		(4,438	)		(4,438	)
Sell		PEN		430,008		10/27/2016		RBS		—		(4,311	)		(4,311	)
Sell		PEN		516,128		10/27/2016		RBS		—		(4,054	)		(4,054	)
Sell		PEN		393,142		10/27/2016		RBS		—		(3,841	)		(3,841	)
Sell		PEN		393,142		10/27/2016		RBS		—		(3,519	)		(3,519	)
Sell		PEN		294,930		10/27/2016		RBS		—		(2,177	)		(2,177	)
Sell		PEN		221,198		10/27/2016		RBS		—		(1,906	)		(1,906	)
Sell		PEN		221,198		10/27/2016		RBS		—		(1,583	)		(1,583	)
Sell		PEN		221,198		10/27/2016		RBS		—		(1,471	)		(1,471	)
Sell		PEN		221,198		10/27/2016		RBS		—		(1,439	)		(1,439	)
Sell		PEN		221,198		10/27/2016		RBS		—		(1,322	)		(1,322	)
Sell		PEN		73,732		10/27/2016		RBS		—		(807	)		(807	)
Sell		PEN		73,732		10/27/2016		RBS		—		(295	)		(295	)
Sell		PEN		73,732		10/27/2016		RBS		—		(287	)		(287	)
Sell		PEN		73,732		10/27/2016		RBS		—		(239	)		(239	)
Sell		PEN		73,732		10/27/2016		RBS		—		(222	)		(222	)
Sell		PEN		73,733		10/27/2016		RBS		—		(138	)		(138	)
Sell		PEN		147,465		10/27/2016		RBS		—		(125	)		(125	)
Sell		PEN		147,465		10/27/2016		RBS		57		—			57
Sell		PEN		73,733		10/27/2016		RBS		85		—			85
Sell		PEN		147,465		10/27/2016		RBS		202		—			202
Sell		PEN		73,732		10/27/2016		RBS		269		—			269
Sell		PEN		73,733		10/27/2016		RBS		330		—			330
Sell		PEN		73,733		10/27/2016		RBS		339		—			339
Sell		PEN		73,733		10/27/2016		RBS		383		—			383
Sell		PEN		73,733		10/27/2016		RBS		561		—			561
Sell		PEN		147,465		10/27/2016		RBS		563		—			563
Sell		PEN		73,733		10/27/2016		RBS		590		—			590

									$	2,915,481	$	(3,965,134	)	$	(1,049,653	)

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

Glossary


Counterparty Abbreviations:
DUB	Deutsche Bank AG	HUS	HSBC Bank USA	RBS	Royal Bank of Scotland PLC

Currency Abbreviations:
AUD	Australian Dollar	GBP	Pound Sterling	PEN	Peruvian Nuevo Sol
BRL	Brazilian Real	HKD	Hong Kong Dollar	PHP	Philippine Peso
CAD	Canadian Dollar	INR	Indian Rupee	SEK	Swedish Krona
CLP	Chilean Peso	JPY	Japanese Yen	TWD	Taiwanese Dollar
COP	Colombian Peso	KRW	South Korean Won	USD	United States Dollar
EUR	Euro	MYR	Malaysian Ringgit	ZAR	South African Rand

Index Abbreviations:
CAC 40	Euronext Paris- French Stock Market Index	Hang Seng	Hong Kong Stock Market Index	Russell 2000	U.S. Small-Cap Stock Market Index
DAX	Deutsche Boerse AG German Stock Index	IBEX	Bolsa de Madrid- Spanish Stock Market Index	S&P 500	Standard and Poor’s U.S. Equity Larg-cap Index
Euro Stoxx 50	Eurozone Blue-chip Index	KOSPI	South Korean Stock Market Index	S&P/TSX	Canadian Equity Market Index
FTSE 100	Financial Times Stock Exchange 100 Index	MSCI EAFE	Morgan Stanley Capital International- Europe, Australasia and Far East	TOPIX	Tokyo Stock Exchange Tokyo Price Index
FTSE/JSE Top 40	largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index	NASDAQ	National Association of Securities Dealers Automated Quotations
FTSE/MIB	Borsa Italiana- Italian Stock Market Index	OMXS30	Stockholm Stock Exchange’s leading share Index

Exchange Abbreviations:
CME	Chicago Mercantile Exchange	JSE	Johannesburg Stock Exchange	SGX	Singapore Stock Exchange
LME	London Metal Exchange

Other Abbreviations:
Bobl	Medium term debt that is issued by the Federal Republic of Germany	Gilt	Bank of England Bonds	Sugar #11	World Benchmark for raw sugar
Bund	German Federal Government Bond	LIBOR	London Interbank Offer Rate	USLD	Ultra-low-sulfur diesel
Buxl	Long term debt that is issued by the Federal Republic of Germany	RBOB	Reformulated Gasoline Blendstock for Oxygen Blending	WTI	West Texas Intermediate

AMERICAN BEACON AHL MANAGED FUTURES STRATEGY FUND^SM

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


TOP ACTIVE EXPOSURES BY ASSET CLASS
Commodities		% of VaR
Corn	Short		3.46
Gold	Long		2.76
Sugar	Long		2.07
Crude Oil	Long		1.61
Natural Gas	Long		1.38

Currencies		% of VaR
GBP/USD	Short		8.06
KRW/USD	Long		4.84
AUD/USD	Long		4.38
BRL/USD	Long		3.69
EUR/USD	Short		3.23

Equities		% of VaR
S&P 500 Index	Long		3.23
Korean Kospi	Long		3.23
NASDAQ 100 Index	Long		3.00
Russell 2000 Futures	Long		1.84
Hang Seng Index	Long		1.84

Fixed Income		% of VaR
Short Sterling	Long		3.69
Gilts	Long		2.76
U.S. Treasuries	Long		2.07
Japanese Bonds	Long		1.84
Euro Bund	Long		1.15


ASSET CLASS EXPOSURE	% of VaR
Currencies		38.5
Equities		25.8
Commodities		21.0
Fixed Income		14.8

HOLDINGS SUMMARY
Number of Long Holdings		42
Number of Short Holdings		9
Number of Currency Pairs		17

AMERICAN BEACON BAHL & GAYNOR SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 97.96%
CONSUMER DISCRETIONARY - 15.90%
Auto Components - 2.09%
Gentex Corp.		17,810	$	312,744

Automobiles - 3.58%
Hyster-Yale Materials Handling, Inc.		1,950		117,254
Thor Industries, Inc.		4,915		416,301

				533,555

Hotels, Restaurants & Leisure - 4.59%
Brinker International, Inc.		1,615		81,444
Marriott Vacations Worldwide Corp.		3,340		244,889
Texas Roadhouse, Inc.		9,210		359,466

				685,799

Household Durables - 3.16%
Flexsteel Industries, Inc.		5,935		306,957
Matthews International Corp., Class A		2,730		165,875

				472,832

Multiline Retail - 1.49%
Pricesmart, Inc.		2,660		222,802

Specialty Retail - 0.99%
Monro Muffler Brake, Inc.		2,425		148,337

Total Consumer Discretionary				2,376,069

CONSUMER STAPLES - 4.28%
Food & Drug Retailing - 0.83%
B&G Foods, Inc.		2,525		124,180

Food Products - 1.90%
J&J Snack Foods Corp.		2,385		284,101

Personal Products - 1.55%
Inter Parfums, Inc.		7,165		231,214

Total Consumer Staples				639,495

ENERGY - 1.04%
Oil & Gas - 1.04%
GasLog Ltd.		10,690		155,540

FINANCIALS - 11.49%
Banks - 7.71%
Bank of the Ozarks, Inc.		2,755		105,792
Evercore Partners, Inc., Class A		7,355		378,856
Glacier Bancorp, Inc.		3,030		86,416
MainSource Financial Group, Inc.		3,820		95,309

AMERICAN BEACON BAHL & GAYNOR SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
FINANCIALS - 11.49% (Continued)
Banks - 7.71% (Continued)
PacWest Bancorp		4,370	$	187,517
S&T Bancorp, Inc.		4,705		136,398
Virtu Financial, Inc., Class A		10,920		163,472

				1,153,760

Diversified Financials - 2.19%
MarketAxess Holdings, Inc.		1,975		327,040

Insurance - 1.59%
Horace Mann Educators Corp.		6,480		237,492

Total Financials				1,718,292

HEALTH CARE - 15.75%
Biotechnology - 0.78%
Neogen Corp.^A		2,075		116,076

Health Care Equipment & Supplies - 9.97%
Abaxis, Inc.		5,115		264,036
Atrion Corp.		275		117,315
Bio-Techne Corp.		1,295		141,803
LeMaitre Vascular, Inc.		7,780		154,355
Mesa Laboratories, Inc.		1,565		178,973
Patterson Cos., Inc.		5,935		272,654
West Pharmaceutical Services, Inc.		4,845		360,953

				1,490,089

Health Care Providers & Services - 5.00%
Cantel Medical Corp.		5,665		441,756
Omnicell, Inc.^A		7,985		305,826

				747,582

Total Health Care				2,353,747

INDUSTRIALS - 15.84%
Aerospace & Defense - 0.50%
HEICO Corp.		1,070		74,044

Building Products - 6.15%
Apogee Enterprises, Inc.		5,185		231,718
Simpson Manufacturing Co., Inc.		3,820		167,888
Universal Forest Products, Inc.		1,565		154,137
Watsco, Inc.		2,595		365,636

				919,379

Commercial Services & Supplies - 4.07%
Healthcare Services Group, Inc.		5,255		207,993
Monotype Imaging Holdings, Inc.		9,010		199,211
MSA Safety, Inc.		3,480		201,979

				609,183

Electrical Equipment - 0.86%
II-VI, Inc.		5,255		127,854

AMERICAN BEACON BAHL & GAYNOR SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INDUSTRIALS - 15.84% (Continued)
Machinery - 4.26%
Applied Industrial Technologies, Inc.		4,780	$	223,417
Raven Industries, Inc.		7,985		183,895
Valmont Industries, Inc.		1,705		229,442

				636,754

Total Industrials				2,367,214

INFORMATION TECHNOLOGY - 27.46%
Electronic Equipment & Instruments - 4.27%
Analogic Corp.		1,705		151,063
Littelfuse, Inc.		605		77,930
Methode Electronics, Inc.		9,555		334,138
NVE Corp.		1,265		74,559

				637,691

Internet Software & Services - 3.16%
GrubHub, Inc.^A		3,030		130,260
NIC, Inc.		11,050		259,675
Reis, Inc.		3,990		81,635

				471,570

IT Consulting & Services - 5.63%
Hackett Group, Inc.		14,465		238,962
Ritchie Bros Auctioneers, Inc.		10,305		361,396
SYNNEX Corp.		2,115		241,343

				841,701

Semiconductor Equipment & Products - 8.16%
Cirrus Logic, Inc.^A		5,735		304,815
Monolithic Power Systems, Inc.		4,845		390,023
Power Integrations, Inc.		3,140		197,914
Silicon Motion Technology Corp., ADR^B		6,345		328,608

				1,221,360

Software - 6.24%
Blackbaud, Inc.		5,115		339,329
Mentor Graphics Corp.		9,420		249,065
National Instruments Corp.		6,145		174,518
Pegasystems, Inc.		5,735		169,125

				932,037

Total Information Technology				4,104,358

MATERIALS - 4.42%
Chemicals - 4.42%
Balchem Corp.		3,205		248,483
PolyOne Corp.		9,145		309,192
Stepan Co.		1,405		102,087

Total Materials				659,762

REAL ESTATE - 1.78%
Real Estate Management & Development - 1.78%
RE/MAX Holdings, Inc., Class A		6,070		265,745

Total Common Stock (Cost $13,042,979)				14,640,222

AMERICAN BEACON BAHL & GAYNOR SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.93% (Cost $438,285)
American Beacon U.S. Government Money Market Select Fund, Select Class^C		438,285	$	438,285

TOTAL INVESTMENTS - 100.89% (Cost $13,481,264)				15,078,507
LIABILITIES, NET OF OTHER ASSETS - (0.89%)				(132,613	)

TOTAL NET ASSETS - 100.00%			$	14,945,894

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	ADR - American Depositary Receipt.

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

Futures Contracts Open on September 30, 2016:


Description	Type	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
Russell 2000 Mini Index Futures	Long	2	December 2016	$	249,660	$	2,786

				$	249,660	$	2,786


Top Ten Holdings (% Net Assets)
Cantel Medical Corp.		3.0
Thor Industries, Inc.		2.8
Monolithic Power Systems, Inc.		2.6
Evercore Partners, Inc.		2.5
Watsco, Inc.		2.4
Ritchie Bros Auctioneers, Inc.		2.4
West Pharmaceutical Services, Inc.		2.4
Texas Roadhouse, Inc.		2.4
Blackbaud, Inc.		2.3
Methode Electronics, Inc.		2.2
Total Fund Holdings	67

Sector Allocation (% Equities)
Information Technology		28.0
Industrials		16.2
Consumer Discretionary		16.2
Healthcare		16.1
Financials		11.7
Materials		4.5
Consumer Staples		4.4
Real Estate		1.8
Energy		1.1

AMERICAN BEACON BRIDGEWAY LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 99.19%
CONSUMER DISCRETIONARY - 21.64%
Auto Components - 2.06%
Lear Corp.		23,500	$	2,848,670

Hotels, Restaurants & Leisure - 1.01%
Darden Restaurants, Inc.		22,800		1,398,096

Internet & Catalog Retail - 2.24%
Amazon.com, Inc.^A		3,700		3,098,047

Media - 3.06%
Netflix, Inc.^A		14,000		1,379,700
Omnicom Group, Inc.		15,800		1,343,000
Scripps Networks Interactive, Inc., Class A		23,800		1,511,062

				4,233,762

Multiline Retail - 1.24%
Dollar General Corp.		15,300		1,070,847
Michael Kors Holdings Ltd.^A		13,800		645,702

				1,716,549

Specialty Retail - 8.63%
AutoZone, Inc.^A		2,400		1,844,016
Foot Locker, Inc.		26,900		1,821,668
Home Depot, Inc.		13,600		1,750,048
L Brands, Inc.		17,200		1,217,244
Lowe’s Cos., Inc.		10,100		729,321
O’Reilly Automotive, Inc.^A		6,900		1,932,759
Ulta Salon Cosmetics & Fragrance, Inc.		11,000		2,617,780

				11,912,836

Textiles & Apparel - 3.40%
NIKE, Inc., Class B		30,100		1,584,765
Skechers U.S.A., Inc., Class A^A		55,100		1,261,790
Under Armour, Inc., Class A^A		50,779		1,841,323

				4,687,878

Total Consumer Discretionary				29,895,838

CONSUMER STAPLES - 10.39%
Beverages - 2.14%
Constellation Brands, Inc., Class A		10,200		1,698,198
PepsiCo, Inc.		11,600		1,261,732

				2,959,930

Food & Drug Retailing - 2.27%
Kroger Co.		47,000		1,394,960
Sysco Corp.		35,500		1,739,855

				3,134,815

Food Products - 4.02%
Hormel Foods Corp.		64,800		2,457,864
Kellogg Co.		18,900		1,464,183
Tyson Foods, Inc., Class A		21,700		1,620,339

				5,542,386

AMERICAN BEACON BRIDGEWAY LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
CONSUMER STAPLES - 10.39% (Continued)
Household Products - 1.47%
Clorox Co.		5,100	$	638,418
Colgate-Palmolive Co.		18,800		1,393,832

				2,032,250

Personal Products - 0.49%
Estee Lauder Cos., Inc., Class A		7,700		681,912

Total Consumer Staples				14,351,293

ENERGY - 2.81%
Gas - 1.08%
ONEOK, Inc.		29,000		1,490,310

Oil & Gas - 1.73%
Continental Resources, Inc.^A		17,700		919,692
Tesoro Corp.		18,500		1,471,860

				2,391,552

Total Energy				3,881,862

FINANCIALS - 3.81%
Diversified Financials - 2.37%
Ally Financial, Inc.		81,500		1,586,805
Santander Consumer USA Holdings, Inc.		139,600		1,697,536

				3,284,341

Insurance - 1.44%
Reinsurance Group of America, Inc.		18,400		1,986,096

Total Financials				5,270,437

HEALTH CARE - 17.32%
Biotechnology - 3.05%
Gilead Sciences, Inc.		16,700		1,321,304
Mettler-Toledo International, Inc.^A		3,700		1,553,371
United Therapeutics Corp.^A		11,400		1,346,112

				4,220,787

Health Care Equipment & Supplies - 6.37%
Align Technology, Inc.^A		12,900		1,209,375
DexCom, Inc.^A		20,500		1,797,030
Edwards Lifesciences Corp.^A		21,600		2,604,096
Idexx Laboratories, Inc.^A		15,400		1,736,042
Intuitive Surgical, Inc.^A		2,000		1,449,660

				8,796,203

Health Care Providers & Services - 6.79%
Aetna, Inc.		19,600		2,262,820
Cardinal Health, Inc.		17,600		1,367,520
HCA Holdings, Inc.		18,700		1,414,281
Henry Schein, Inc.^A		7,800		1,271,244
McKesson Corp.		7,100		1,183,925
UnitedHealth Group, Inc.		13,400		1,876,000

				9,375,790

AMERICAN BEACON BRIDGEWAY LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 17.32% (Continued)
Pharmaceuticals - 1.11%
Johnson & Johnson		13,000	$	1,535,690

Total Health Care				23,928,470

INDUSTRIALS - 12.33%
Aerospace & Defense - 2.40%
Huntington Ingalls Industries, Inc.		7,600		1,165,992
Lockheed Martin Corp.		9,000		2,157,480

				3,323,472

Airlines - 4.21%
American Airlines Group, Inc.		36,100		1,321,621
Delta Air Lines, Inc.		38,900		1,531,104
Southwest Airlines Co.		39,700		1,543,933
United Continental Holdings, Inc.		27,100		1,421,937

				5,818,595

Commercial Services & Supplies - 3.02%
Equifax, Inc.		15,500		2,085,990
Global Payments, Inc.		27,200		2,087,872

				4,173,862

Machinery - 1.71%
Danaher Corp.		12,700		995,553
Illinois Tool Works, Inc.		11,400		1,366,176

				2,361,729

Rental Auto/Equipment - 0.99%
United Rentals, Inc.^A		17,400		1,365,726

Total Industrials				17,043,384

INFORMATION TECHNOLOGY - 25.79%
Communications - 2.66%
Facebook, Inc., Class A^A		28,600		3,668,522

Communications Equipment - 1.08%
Juniper Networks, Inc.		61,900		1,489,314

Electronic Equipment & Instruments - 1.91%
NVIDIA Corp.		38,500		2,638,020

Internet Software & Services - 1.07%
Alphabet, Inc., Class C^A		1,900		1,476,851

IT Consulting & Services - 7.37%
Accenture PLC, Class A^B		9,500		1,160,615
Automatic Data Processing, Inc.		15,200		1,340,640
Broadridge Financial Solutions, Inc.		20,100		1,362,579
CDW Corp.		48,900		2,236,197
Fiserv, Inc.^A		24,700		2,456,909
Total System Services, Inc.		34,600		1,631,390

				10,188,330

AMERICAN BEACON BRIDGEWAY LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 25.79% (Continued)
Semiconductor Equipment & Products - 9.04%
Applied Materials, Inc.		91,200	$	2,749,680
Lam Research Corp.		22,800		2,159,388
Micron Technology, Inc.^A		133,800		2,378,964
Qualcomm, Inc.		27,500		1,883,750
Skyworks Solutions, Inc.		26,200		1,994,868
Texas Instruments, Inc.		19,100		1,340,438

				12,507,088

Software - 2.66%
Cadence Design Systems, Inc.^A		62,100		1,585,413
Electronic Arts, Inc.^A		24,400		2,083,760

				3,669,173

Total Information Technology				35,637,298

MATERIALS - 1.05%
Chemicals - 1.05%
Dow Chemical Co.		27,900		1,446,057

REAL ESTATE - 4.05%
Equity Real Estate Investment Trusts - 4.05%
Digital Realty Trust, Inc.^C		10,800		1,048,896
Equinix, Inc.^C		5,100		1,837,275
Equity Lifestyle Properties, Inc.^C		17,700		1,366,086
Public Storage, Inc.^C		6,000		1,338,840

Total Real Estate				5,591,097

Total Common Stock (Cost $128,594,632)				137,045,736

SHORT-TERM INVESTMENTS - 1.79% (Cost $2,478,348)
American Beacon U.S. Government Money Market Select Fund, Select Class^D		2,478,348		2,478,348

TOTAL INVESTMENTS - 100.98% (Cost $131,072,980)				139,524,084
LIABILITIES, NET OF OTHER ASSETS - (0.98%)				(1,350,165	)

TOTAL NET ASSETS - 100.00%			$	138,173,919

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	PLC - Public Limited Company.

^C	REIT - Real Estate Investment Trust.

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

AMERICAN BEACON BRIDGEWAY LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

Futures Contracts Open on September 30, 2016:


Description	Type		Number of Contracts	Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures		Long	18		December 2016	$	1,944,360	$	4,326

						$	1,944,360	$	4,326

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 98.86%
CONSUMER DISCRETIONARY - 9.77%
Auto Components - 2.04%
Goodyear Tire & Rubber Co.		928,600	$	29,993,780
Lear Corp.		304,700		36,935,734

				66,929,514

Automobiles - 2.37%
Ford Motor Co.		2,983,940		36,016,156
General Motors Co.		1,307,880		41,551,348

				77,567,504

Household Durables - 0.91%
Garmin Ltd.		617,500		29,707,925

Media - 1.16%
Nielsen Holdings PLC^A		300,000		16,071,000
Twenty-First Century Fox, Inc., Class A		910,300		22,047,466

				38,118,466

Multiline Retail - 2.08%
Kohl’s Corp.		796,900		34,864,375
Macy’s, Inc.		895,600		33,181,980

				68,046,355

Specialty Retail - 1.21%
Best Buy Co., Inc.		1,036,600		39,577,388

Total Consumer Discretionary				319,947,152

CONSUMER STAPLES - 12.21%
Beverages - 0.99%
PepsiCo, Inc.		298,200		32,435,214

Food & Drug Retailing - 0.97%
Sysco Corp.		646,500		31,684,965

Food Products - 7.74%
Aramark		899,300		34,200,379
Campbell Soup Co.		526,400		28,794,080
Ingredion, Inc.		276,800		36,831,008
JM Smucker Co.		243,600		33,017,544
Kellogg Co.		462,300		35,814,381
Pilgrim’s Pride Corp.		1,019,400		21,529,728
Tyson Foods, Inc., Class A		848,100		63,327,627

				253,514,747

Household Products - 2.51%
Clorox Co.		282,000		35,300,760
Colgate-Palmolive Co.		411,796		30,530,555
Procter & Gamble Co.		182,100		16,343,475

				82,174,790

Total Consumer Staples				399,809,716

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
ENERGY - 8.11%
Energy Equipment & Services - 1.25%
National Oilwell Varco, Inc.		1,115,700	$	40,990,818

Oil & Gas - 6.86%
Antero Resources Corp.^B		1,325,400		35,719,530
Continental Resources, Inc.^B		736,200		38,252,951
Exxon Mobil Corp.		221,570		19,338,630
Kinder Morgan, Inc.		1,585,200		36,665,676
Marathon Petroleum Corp.		299,740		12,166,447
Tesoro Corp.		476,600		37,918,296
Valero Energy Corp.		840,000		44,520,000

				224,581,530

Total Energy				265,572,348

FINANCIALS - 20.73%
Banks - 1.96%
CIT Group, Inc.		908,500		32,978,550
Fifth Third Bancorp		1,528,400		31,271,064

				64,249,614

Diversified Financials - 5.35%
Ally Financial, Inc.		1,540,600		29,995,482
Capital One Financial Corp.		363,200		26,088,656
Citigroup, Inc.		1,041,500		49,190,045
CME Group, Inc.		311,600		32,568,432
JPMorgan Chase & Co.		559,400		37,250,446

				175,093,061

Insurance - 13.42%
Aflac, Inc.		430,600		30,947,222
Allstate Corp.		476,800		32,985,024
American International Group, Inc.		658,400		39,069,456
Arch Capital Group Ltd.^B		310,000		24,570,600
Berkshire Hathaway, Inc., Class B^B		241,800		34,932,846
Cincinnati Financial Corp.		260,600		19,654,452
Everest Re Group Ltd.		171,500		32,579,855
Hartford Financial Services Group, Inc.		454,400		19,457,408
Lincoln National Corp.		711,000		33,402,780
MetLife, Inc.		557,700		24,778,611
Prudential Financial, Inc.		476,900		38,938,885
Travelers Cos., Inc.		301,800		34,571,190
Voya Financial, Inc.		817,600		23,563,232
WR Berkley Corp.		424,900		24,542,224
XL Group Ltd.		757,500		25,474,725

				439,468,510

Total Financials				678,811,185

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 8.22%
Health Care Equipment & Supplies - 0.95%
Baxter International, Inc.		655,500	$	31,201,800

Health Care Providers & Services - 4.90%
Aetna, Inc.		184,000		21,242,800
HCA Holdings, Inc.		513,800		38,858,694
Humana, Inc.		88,000		15,566,320
Quest Diagnostics, Inc.		546,800		46,275,684
UnitedHealth Group, Inc.		274,700		38,458,000

				160,401,498

Pharmaceuticals - 2.37%
Johnson & Johnson		398,100		47,027,553
Mallinckrodt PLC^A ^B		438,800		30,619,464

				77,647,017

Total Health Care				269,250,315

INDUSTRIALS - 12.31%
Aerospace & Defense - 2.32%
Northrop Grumman Corp.		164,900		35,280,355
Raytheon Co.		117,000		15,927,210
Spirit Aerosystems Holdings, Inc., Class A^B		549,200		24,461,368

				75,668,933

Airlines - 1.80%
JetBlue Airways Corp.^B		1,240,300		21,382,772
United Continental Holdings, Inc.		717,800		37,662,966

				59,045,738

Commercial Services & Supplies - 1.07%
Republic Services, Inc.		697,400		35,183,830

Construction & Engineering - 0.85%
Fluor Corp.		543,800		27,907,816

Electrical Equipment - 1.02%
Emerson Electric Co.		615,500		33,550,905

Industrial Conglomerates - 2.19%
Carlisle Cos., Inc.		290,300		29,776,071
General Electric Co.		1,405,300		41,624,986

				71,401,057

Machinery - 2.04%
Deere & Co.		346,400		29,565,240
Ingersoll-Rand PLC^A		549,400		37,326,236

				66,891,476

Transportation & Logistics - 1.02%
Norfolk Southern Corp.		344,700		33,456,582

Total Industrials				403,106,337

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 11.72%
Communications Equipment - 2.19%
Corning, Inc.		1,964,000	$	46,448,600
Juniper Networks, Inc.		1,047,900		25,212,474

				71,661,074

Computers & Peripherals - 1.18%
HP, Inc.		2,494,100		38,733,373

Electronic Equipment & Instruments - 1.36%
NVIDIA Corp.		647,900		44,394,108

Office Electronics - 0.81%
Xerox Corp.		2,623,000		26,570,990

Semiconductor Equipment & Products - 3.51%
Applied Materials, Inc.		1,084,200		32,688,630
Lam Research Corp.		393,400		37,258,914
Qualcomm, Inc.		658,900		45,134,650

				115,082,194

Software - 2.67%
Activision Blizzard, Inc.		886,300		39,263,090
Amdocs Ltd.		254,600		14,728,610
CA, Inc.		1,012,100		33,480,268

				87,471,968

Total Information Technology				383,913,707

MATERIALS - 3.13%
Chemicals - 0.90%
Dow Chemical Co.		569,700		29,527,551

Metals & Mining - 2.23%
Freeport-McMoRan Copper & Gold, Inc.		3,006,300		32,648,418
Newmont Mining Corp.		1,024,200		40,240,818

				72,889,236

Total Materials				102,416,787

REAL ESTATE - 1.94%
Equity Real Estate Investment Trusts - 1.94%
Digital Realty Trust, Inc.^C		308,400		29,951,808
Public Storage, Inc.^C		150,000		33,471,000

Total Real Estate				63,422,808

TELECOMMUNICATION SERVICES - 3.61%
Diversified Telecommunication Services - 2.35%
AT&T, Inc.		1,244,749		50,549,257
CenturyLink, Inc.		967,300		26,533,039

				77,082,296

Wireless Telecommunication Services - 1.26%
T-Mobile US, Inc.		882,100		41,211,712

Total Telecommunication Services				118,294,008

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
UTILITIES - 7.11%
Electric - 6.09%
American Water Works Co., Inc.		461,400	$	34,531,176
CMS Energy Corp.		845,900		35,536,259
DTE Energy Co.		273,800		25,646,846
Edison International		315,300		22,780,425
Exelon Corp.		937,800		31,219,362
Public Service Enterprise Group, Inc.		533,300		22,329,271
Southern Co.		534,300		27,409,590

				199,452,929

Multi-Utilities - 1.02%
Xcel Energy, Inc.		813,400		33,463,276

Total Utilities				232,916,205

Total Common Stock (Cost $2,999,165,273)				3,237,460,568

SHORT-TERM INVESTMENTS - 0.86% (Cost $28,139,804)
American Beacon U.S. Government Money Market Select Fund, Select Class^D		28,139,804		28,139,804

TOTAL INVESTMENTS - 99.72% (Cost $3,027,305,077)				3,265,600,372
OTHER ASSETS, NET OF LIABILITIES - 0.28%				9,045,710

TOTAL NET ASSETS - 100.00%			$	3,274,646,082

Percentages are stated as a percent of net assets.

^A	PLC - Public Limited Company.

^B	Non-income producing security.

^C	REIT - Real Estate Investment Trust.

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

Futures Contracts Open on September 30, 2016:


Description	Type	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures	Long	257	December 2016	$	27,761,140	$	211,885

				$	27,761,140	$	211,885

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Top Ten Holdings (% Net Assets)
Tyson Foods, Inc.		1.9
AT&T, Inc.		1.5
Johnson & Johnson		1.4
Corning, Inc.		1.4
Quest Diagnostics, Inc.		1.4
Qualcomm, Inc.		1.4
Valero Energy Corp.		1.4
NVIDIA Corp.		1.4
General Electric Co.		1.3
Citigroup		1.5
Total Fund Holdings	100

Sector Allocation (% Equities)
Financials		21.0
Industrials		12.4
Consumer Staples		12.2
Information Technology		11.9
Consumer Discretionary		9.9
Healthcare		8.3
Energy		8.2
Utilities		7.2
Telecommunication Services		3.7
Materials		3.2
Real Estate		2.0

AMERICAN BEACON HOLLAND LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 95.89%
CONSUMER DISCRETIONARY - 21.51%
Auto Components - 1.13%
Delphi Automotive PLC^A		15,840	$	1,129,709

Hotels, Restaurants & Leisure - 1.64%
Starbucks Corp.		30,203		1,635,190

Internet & Catalog Retail - 8.23%
Amazon.com, Inc.^B		5,697		4,770,155
priceline.com, Inc.^B		2,321		3,415,328

				8,185,483

Media - 1.45%
Twenty-First Century Fox, Inc., Class A		59,619		1,443,972

Multiline Retail - 1.31%
Dollar General Corp.		18,675		1,307,063

Specialty Retail - 4.15%
Advance Auto Parts, Inc.		11,740		1,750,669
Lowe’s Cos., Inc.		33,019		2,384,302

				4,134,971

Textiles & Apparel - 3.60%
NIKE, Inc., Class B		39,590		2,084,414
Under Armour, Inc., Class A^B		38,825		1,501,751

				3,586,165

Total Consumer Discretionary				21,422,553

CONSUMER STAPLES - 10.45%
Beverages - 3.13%
Monster Beverage Corp.^B		14,461		2,123,019
PepsiCo, Inc.		9,186		999,161

				3,122,180

Food & Drug Retailing - 7.32%
Costco Wholesale Corp.		11,818		1,802,363
CVS Caremark Corp.		30,369		2,702,537
Mead Johnson Nutrition Co., Class A		16,578		1,309,828
Whole Foods Market, Inc.		51,719		1,466,234

				7,280,962

Total Consumer Staples				10,403,142

FINANCIALS - 3.48%
Diversified Financials - 3.48%
BlackRock, Inc., Class A		5,227		1,894,578
TD Ameritrade Holding Corp.		44,447		1,566,312

Total Financials				3,460,890

HEALTH CARE - 13.52%
Biotechnology - 5.16%
Biogen Idec, Inc.^B		2,223		695,866
Gilead Sciences, Inc.		27,868		2,204,916
Quintiles IMS Holdings, Inc.^B		18,269		1,480,885
Vertex Pharmaceuticals, Inc.^B		8,675		756,547

				5,138,214

AMERICAN BEACON HOLLAND LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 13.52% (Continued)
Health Care Equipment & Supplies - 2.81%
Hologic, Inc.^B		25,584	$	993,427
Medtronic PLC^A		20,942		1,809,389

				2,802,816

Health Care Providers & Services - 3.33%
Cerner Corp.^B		26,085		1,610,749
DaVita HealthCare Partners, Inc.^B		15,586		1,029,767
Envision Healthcare Holdings, Inc.^B		30,482		678,834

				3,319,350

Pharmaceuticals - 2.22%
Bristol-Myers Squibb Co.		16,831		907,528
Zoetis, Inc.		25,031		1,301,862

				2,209,390

Total Health Care				13,469,770

INDUSTRIALS - 11.33%
Aerospace & Defense - 1.47%
Boeing Co.		11,090		1,460,997

Air Freight & Couriers - 2.66%
United Parcel Service, Inc., Class B		24,223		2,649,027

Airlines - 2.52%
Southwest Airlines Co.		64,613		2,512,800

Electrical Equipment - 1.77%
Roper Industries, Inc.		9,645		1,759,923

Industrial Conglomerates - 2.91%
Honeywell International, Inc.		24,897		2,902,741

Total Industrials				11,285,488

INFORMATION TECHNOLOGY - 33.27%
Communications - 2.10%
Facebook, Inc., Class A^B		16,337		2,095,547

Communications Equipment - 1.49%
Cisco Systems, Inc.		46,679		1,480,658

Computers & Peripherals - 5.01%
Apple, Inc.		34,421		3,891,294
International Business Machines Corp.		6,907		1,097,177

				4,988,471

Internet Software & Services - 5.33%
Alphabet, Inc., Class C^B		5,893		4,580,570
IHS Markit Ltd.^B		19,493		731,962

				5,312,532

IT Consulting & Services - 7.52%
Automatic Data Processing, Inc.		16,029		1,413,758
Tyler Technologies, Inc.		7,511		1,286,109
Visa, Inc., Class A		57,867		4,785,601

				7,485,468

AMERICAN BEACON HOLLAND LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 33.27% (Continued)
Semiconductor Equipment & Products - 1.89%
NXP Semiconductors N.V.^B		18,491	$	1,886,267

Software - 9.93%
Adobe Systems, Inc.^B		33,338		3,618,507
Check Point Software Technologies Ltd.^B		11,746		911,607
Citrix Systems, Inc.^B		11,093		945,345
Intuit, Inc.		11,367		1,250,484
Microsoft Corp.		54,989		3,167,366

				9,893,309

Total Information Technology				33,142,252

MATERIALS - 1.32%
Chemicals - 1.32%
Ecolab, Inc.		10,795		1,313,967

TELECOMMUNICATION SERVICES - 1.01%
Wireless Telecommunication Services - 1.01%
SBA Communications Corp., Class A^B		8,950		1,003,832

Total Common Stock (Cost $68,794,410)				95,501,894

SHORT-TERM INVESTMENTS - 3.72% (Cost $3,706,175)
American Beacon U.S. Government Money Market Select Fund, Select Class ^C		3,706,175		3,706,175

TOTAL INVESTMENTS - 99.61% (Cost $72,500,585)				99,208,069
OTHER ASSETS, NET OF LIABILITIES - 0.39%				388,876

TOTAL NET ASSETS - 100.00%			$	99,596,945

Percentages are stated as a percent of net assets.

^A	PLC - Public Limited Company.

^B	Non-income producing security.

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

Futures Contracts Open on September 30, 2016:


Description	Type	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures	Long	34	December 2016	$	3,672,680	$	19,046

				$	3,672,680	$	19,046

AMERICAN BEACON HOLLAND LARGE CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Top Ten Holdings (% Net Assets)
Visa, Inc.		4.8
Amazon.com, Inc.		4.8
Alphabet, Inc.		4.6
Apple, Inc.		3.9
Adobe Systems, Inc.		3.6
Priceline.com, Inc.		3.4
Microsoft Corp.		3.2
Honeywell International, Inc.		2.9
CVS Caremark Corp.		2.7
United Parcel Service Inc.		2.7
Total Fund Holdings	51

Sector Allocation (% Equities)
Information Technology		34.7
Consumer Discretionary		22.4
Healthcare		14.1
Industrials		11.8
Consumer Staples		10.9
Financials		3.6
Materials		1.4
Telecommunication Services		1.1

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
SECURITIES SOLD LONG
COMMON STOCKS - 16.77%
CONSUMER DISCRETIONARY - 5.78%
Automobiles - 0.31%
Ford Motor Co.		47,271	$	570,561

Hotels, Restaurants & Leisure - 0.49%
Carnival PLC, ADR^{A B}		14,399		706,703
Rezidor Hotel Group AB ^K		51,172		222,284

				928,987

Household Durables - 0.23%
Lennar Corp., Class B		12,759		428,320

Media - 2.08%
CBS Corp.		4,308		236,552
Liberty Broadband^C		7,048		494,488
Liberty Media Corp-Liberty Braves^C		13,355		233,045
Liberty Media Group LLC, Class A^C ^L		7,685		220,175
Liberty SiriusXM Group^C		6,572		223,317
RELX N.V.		27,820		496,865
Viacom, Inc., Class B		6,988		266,243
Zillow Group, Inc., Class A^C		50,375		1,735,419

				3,906,104

Specialty Retail - 0.22%
Lowe’s Cos., Inc.		5,700		411,597

Textiles & Apparel - 2.45%
Cie Financiere Richemont S.A. Reg ^K		6,737		410,200
Coach, Inc.		12,100		442,376
The Swatch Group AG, ADR^B		10,834		152,976
Under Armour, Inc.^C		106,063		3,591,293

				4,596,845

Total Consumer Discretionary				10,842,414

CONSUMER STAPLES - 1.21%
Beverages - 0.54%
Coca-Cola Co.		2,844		120,358
Heineken N.V. ^K		10,079		886,479

				1,006,837

Food & Drug Retailing - 0.10%
Wal-Mart Stores, Inc.		2,500		180,300

Food Products - 0.41%
Hormel Foods Corp.		5,100		193,443
Kellogg Co.		1,900		147,193
Unilever N.V.		9,301		428,776

				769,412

Household Products - 0.10%
Clorox Co.		1,500		187,770

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
CONSUMER STAPLES - 1.21%
Tobacco - 0.06%
Reynolds American, Inc.		2,500	$	117,875

Total Consumer Staples				2,262,194

ENERGY - 0.70%
Energy Equipment & Services - 0.10%
Schlumberger Ltd.		2,300		180,872

Oil & Gas - 0.60%
Exxon Mobil Corp.		5,100		445,128
Royal Dutch Shell PLC, ADR, Class A^A B		13,367		669,286

				1,114,414

Total Energy				1,295,286

FINANCIALS - 3.76%
Asset Management - 0.53%
Stellar Acquisition III Inc.^{C D}		100,000		997,000

Banks - 0.28%
Bank of Kyoto Ltd. ^K		44,695		327,726
Virtu Financial, Inc., Class A		11,900		178,143

				505,869

Diversified Financials - 2.29%
AR Capital Acquisition Corp.^{C E}		67,331		665,904
Arowana, Inc.^{C D E}		2,500		25,500
Boulevard Acquisition Corp. II^{C E}		66,358		651,636
Boulevard Acquisition Corp. II^{C D E}		9,464		96,627
Capitol Acquisition Corp. III^{C D E}		9,300		94,023
Double Eagle Acquisition Corp.^{C D E}		8,011		81,312
Easterly Acquisition Corp.^C		194		1,928
Electrum Special Acquisition Corp.^C E		68,228		671,365
Gores Holdings, Inc.^{C D E}		6,531		75,629
GP Investments Acquisition Corp.^{C E}		4,510		43,431
Hennessy Capital Acquisition Corp. II^C		56,686		555,524
Hydra Industries Acquisition Corp.^C E		15,534		154,719
Industrivarden AB ^K		14,886		275,206
M I Acquisitions, Inc.^{C D}		50,000		501,000
Pace Holdings Corp.^C		1		10
Pace Holdings Corp.^{C D E}		8,011		83,314
Quinpario Acquisition Corp. 2^{C E}		13,513		133,914
Terrapin 3 Acquisition Corp.^{C E}		18,332		180,570

				4,291,612

Insurance - 0.66%
Crawford & Co., Class A		138,158		1,236,514

Total Financials				7,030,995

HEALTH CARE - 0.74%
Biotechnology - 0.07%
Gilead Sciences, Inc.		1,551		122,715

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 0.74% (Continued)
Health Care Equipment & Supplies - 0.15%
St. Jude Medical, Inc.		3,400	$	271,184

Health Care Providers & Services - 0.15%
Alere, Inc.^C		6,300		272,412

Pharmaceuticals - 0.37%
AbbVie, Inc.		2,800		176,596
Bristol-Myers Squibb Co.		3,300		177,936
Mylan N.V.^C		6,000		228,720
Valeant Pharmaceuticals International, Inc.		4,778		117,300

				700,552

Total Health Care				1,366,863

INDUSTRIALS - 1.14%
Aerospace & Defense - 0.17%
Boeing Co.		1,400		184,436
United Technologies Corp.		1,293		131,369

				315,805

Industrial Conglomerates - 0.19%
General Electric Co.		5,800		171,796
Honeywell International, Inc.		1,600		186,544

				358,340

Machinery - 0.67%
Volvo AB, A Shares ^K		109,450		1,248,255

Road & Rail - 0.10%
Union Pacific Corp.		2,000		195,060

Trading Companies & Distributors - 0.01%
Nexeo Solutions Inc.^C		38,613		23,747

Total Industrials				2,141,207

INFORMATION TECHNOLOGY - 1.99%
Computers & Peripherals - 0.30%
Applied DNA Sciences, Inc.^C		759		2,330
International Business Machines Corp.		1,100		174,735
Lexmark International, Inc., Class A		9,300		371,628

				548,693

Electronic Equipment & Instruments - 0.34%
Ingram Micro, Inc., Class A		9,500		338,770
Rofin-Sinar Technologies, Inc.^C		9,100		292,838

				631,608

Internet Software & Services - 0.75%
Global Eagle Entertainment, Inc.^C		333		2,767
Yahoo, Inc.^C		32,532		1,402,129

				1,404,896

IT Consulting & Services - 0.37%
Dell Technologies^C		14,375		687,125

Semiconductor Equipment & Products - 0.15%
SunPower Corp.^C		31,665		282,452

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 1.99% (Continued)
Software - 0.08%
VMware, Inc., Class A^C		1,916	$	140,539

Total Information Technology				3,695,313

MATERIALS - 1.10%
Chemicals - 0.34%
Delta Technology Holdings Ltd.^C		17,778		27,734
Dow Chemical Co.		6,533		338,605
Monsanto Co.		2,700		275,940

				642,279

Metals & Mining - 0.76%
Industrias Penoles S.A.B. de C.V.		33,920		811,711
Vale S.A. Sponsored, ADR^B		112,810		620,455

				1,432,166

Total Materials				2,074,445

TELECOMMUNICATION SERVICES - 0.07%
Diversified Telecommunication Services - 0.07%
Telefonica S.A.		503		5,070
Verizon Communications, Inc.		2,533		131,665

Total Telecommunication Services				136,736

UTILITIES - 0.28%
Electric - 0.28%
NRG Yield, Inc., Class A		31,636		516,300

Total COMMON STOCKS (Cost $31,473,082)				31,361,752

WARRANTS - 7.13%
CONSUMER DISCRETIONARY - 1.16%
Automobiles - 0.44%
Blue Bird Corp., 2/24/2020, Strike Price $11.50		519,590		831,344

Hotels, Restaurants & Leisure - 0.65%
Chanticleer Holdings, Inc., 6/21/2017, Strike Price $5.00		3,294		131
Del Taco Restaurants, Inc., 6/30/2020, Strike Price $11.50		314,940		1,196,772

				1,196,903

Media - 0.07%
Hemisphere Media Group, Inc., 4/4/2018, Strike Price $12.00		247,832		138,786

Retail - 0.00%
KBS Fashion Group Ltd., 1/22/2018, Strike Price $11.50		40,000		220

Total Consumer Discretionary				2,167,253

ENERGY - 0.59%
Energy - 0.02%
FieldPoint Petroleum Corp., 3/23/2018, Strike Price $4.00		42,260		993
Sunworks, Inc., 3/9/2020, Strike Price $4.15		73,040		29,946

				30,939

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
ENERGY - 0.59% (Continued)
Oil & Gas - 0.57%
Centennial Resource Development, Inc., 4/13/2021, Strike Price $11.50		195,001	$	1,053,005
Kinder Morgan, Inc., 5/25/2017, Strike Price $40.00		1,294,547		20,065

				1,073,070

Total Energy				1,104,009

FINANCIALS - 4.54%
Asset Management - 0.01%
Hennessy Capital Acquisition Corp. II, 9/11/2020, Strike Price $11.50		56,686		22,674

Banks - 4.45%
Associated Banc-Corp., 11/21/2018, Strike Price $19.77		146,042		394,313
First Financial Bancorp, 12/23/2018, Strike Price $12.20		300		3,083
M&T Bank Corp., 12/23/2018, Strike Price $73.86		3,751		161,087
PNC Financial Services Group, Inc., 12/31/2018, Strike Price $67.33		96,752		2,272,704
SunTrust Banks, Inc., 11/14/2018, Strike Price $44.15		393,280		2,165,006
SunTrust Banks, Inc., 12/31/2018, Strike Price $33.70		985		11,081
TCF Financial Corp., 11/14/2018, Strike Price $16.93		117,314		195,914
Texas Capital Bancshares, Inc., 1/16/2019, Strike Price $14.84		6,348		251,666
Valley National Bancorp, 11/14/2018, Strike Price $16.11		43,064		2,205
Washington Federal, Inc., 11/14/2018, Strike Price $17.57		25,856		248,218
Wells Fargo & Co., 10/28/2018, Strike Price $33.90		17,936		223,841
Wintrust Financial Corp., 12/19/2018, Strike Price $22.82		10,830		383,653
Zions Bancorporation, 5/22/2020, Strike Price $36.20		489,911		2,008,635

				8,321,406

Diversified Financials - 0.01%
Arowana, Inc., 5/1/2020, Strike Price $12.50^E		117,141		15,217
Global Eagle Entertainment, Inc., 1/31/2018, Strike Price $11.50		12,075		9,056

				24,273

Insurance - 0.04%
Lincoln National Corp., 7/10/2019, Strike Price $10.08		1,867		74,232

Specialty Finance - 0.03%
China Lending Corp., 7/6/2021, Strike Price $12.00		304,570		63,321

Total Financials				8,505,906

HEALTH CARE - 0.24%
Biotechnology - 0.19%
BioTime, Inc., 10/1/2018, Strike Price $5.00		364,911		295,578
Cellectar Biosciences Inc., 4/8/2021, Strike Price $3.04		45,853		37,599
ContraFect Corp., 1/31/2017, Strike Price $4.80		48,649		5,989

				339,166

Health Care Equipment & Supplies - 0.01%
DarioHealth Corp., 3/8/2021, Strike Price $5.63		35,678		23,992

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 0.24% (Continued)
Pharmaceuticals - 0.04%
EyeGate Pharmaceuticals, Inc., 7/31/2020, Strike Price $10.62		24,172	$	8,460
Kitov Pharmaceuticals Holdings Ltd., 11/20/2020, Strike Price $4.13		52,932		57,696
Oculus Innovative Sciences, Inc., 1/21/2020, Strike Price $1.30		66,393		15,735

				81,891

Total Health Care				445,049

INDUSTRIALS - 0.05%
Chemicals - 0.05%
AgroFresh Solutions, Inc., 2/19/2019, Strike Price $11.50		116,749		91,064

Commercial Services & Supplies - 0.00%
Tempus Applied Solutions Holdings, Inc., 7/31/2020, Strike Price $11.50		37,152		214

Total Industrials				91,278

INFORMATION TECHNOLOGY - 0.14%
Computers & Peripherals - 0.12%
Applied DNA Sciences, Inc., 11/14/2019, Strike Price $3.50		84,177		96,804
Eastman Kodak Co., 9/3/2018, Strike Price $14.93		3,604		13,227
Eastman Kodak Co., 9/3/2018, Strike Price $16.12		47,679		121,343

				231,374

IT Consulting & Services - 0.02%
CardConnect Corp., 8/1/2021, Strike Price $12.00		30,873		33,652

Software & Services - 0.00%
RMG Networks Holding Corp., 4/8/2018, Strike Price $11.50		59,907		659

Total Information Technology				265,685

MATERIALS - 0.41%
Chemicals - 0.00%
Delta Technology Holdings Ltd., 12/18/2017, Strike Price $10.00		9,990		920

Construction Materials - 0.01%
US Concrete, Inc., 8/31/2017, Strike Price $22.69		662		16,388

Metals & Mining - 0.40%
Franco-Nevada Corp., 6/16/2017, Strike Price $75.00		40,596		736,449
New Gold, Inc., 6/28/2017, Strike Price $15.00		62,717		6,215

				742,664

Total Materials				759,972

Total WARRANTS (Cost $11,403,936)				13,339,152

CONVERTIBLE PREFERRED STOCKS - 6.27%
ENERGY - 1.83%
Oil & Gas - 1.43%
Southwestern Energy Co., 6.25%, Due 1/15/2018		84,546		2,669,117

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
ENERGY - 1.83% (Continued)
Oilfield Mach./Service - 0.40%
McDermott International, Inc., 6.25%, Due 4/1/2017		42,000	$	743,400

Power - 0.00%
SunEdison, Inc., 6.75%, Due 12/31/2029		500		3,309

Total Energy				3,415,826

FINANCE - 0.36%
Real Estate Investments Trusts - 0.36%
Forestar Group, Inc., 6.00%, Due 12/15/2016		43,037		665,137

MANUFACTURING - 1.56%
William Lyon Homes, Inc., 6.50%, Due 12/1/2017		31,100		2,923,400

SERVICE - 2.31%
Other Service - 0.19%
Stericycle, Inc., 5.25%, Due 9/15/2018		5,298		351,098

Pharmaceuticals - 2.12%
Allergan PLC, 5.50%, Due 3/1/2018^A		4,846		3,981,619

Total Service				4,332,717

UTILITIES - 0.21%
Dominion Resources, Inc., 6.375%, Due 7/1/2017		7,815		388,874

Total CONVERTIBLE PREFERRED STOCKS (Cost $11,827,643)				11,725,954

PREFERRED STOCKS - 3.96%
ENERGY - 0.11%
Hess Corp., 8.00%, Due 2/1/2019		3,160		208,023

MANUFACTURING - 0.40%
Rayonier Advanced Materials, Inc., 8.00%, Due 8/15/2019		7,134		747,929

SERVICE - 1.50%
Mandatory Exchange Trust, 5.75%, Due 6/1/2017 ^F		21,719		2,804,466

UTILITIES - 1.95%
Great Plains Energy Inc., 7.00%, Due 9/15/2019 ^C		70,833		3,647,191

Total PREFERRED STOCKS (Cost $6,697,218)				7,407,609


	Principal Amount
CONVERTIBLE OBLIGATIONS - 24.71%
Auto Manufacturing - 0.68%
Fiat Chrysler Automobiles N.V., 7.875%, Due 12/15/2016	$	1,998,000		1,279,969

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Principal Amount		Fair Value
Banks - 1.20%
Immunogen, Inc., 4.50%, Due 7/1/2021^F	$	730,000	$	613,656
Intercept Pharmaceuticals, Inc., 3.25%, Due 7/1/2023		1,465,000		1,638,053

				2,251,709

Cable/Broadcasting/Satellite - 1.86%
DISH Network Corp., 3.375%, Due 8/15/2026 ^F		3,175,000		3,476,625

Electric - 0.53%
Chugoku Electric Power Co., 0.01%, Due 3/25/2020		100,000,000		994,773

Electronics - 2.11%
Advanced Micro Devices, Inc., 2.125%, Due 9/1/2026		1,953,000		2,121,452
Intel Corp., 2.95%, Due 12/15/2035		1,319,000		1,821,044

				3,942,496

Health Care Supply - 0.90%
Wright Medical Group, N.V., 2.25%, Due 11/15/2021 ^F		1,298,000		1,687,400

Information / Data Technology - 2.43%
Cornerstone OnDemand, Inc., 1.50%, Due 7/1/2018		1,305,000		1,422,450
Mentor Graphics Corp., 4.00%, Due 4/1/2031		1,400,000		1,871,625
Unisys Corp., 5.50%, Due 3/1/2021^F		1,000,000		1,248,750

				4,542,825

Internet Tech - 1.94%
SINA Corp/China, 1.00%, Due 12/1/2018		1,976,000		1,974,765
Yahoo, Inc., 0.01%, Due 12/1/2018		1,606,000		1,644,143

				3,618,908

Metals & Mining - 1.32%
Alleghany Technologies, Inc., 4.75%, Due 7/1/2022		1,744,000		2,460,130

Oil & Gas - 4.49%
Chesapeake Energy Corp., 5.50%, Due 9/15/2026^F		4,676,000		4,687,690
Oasis Petroleum, Inc., 2.625%, Due 9/15/2023		968,000		1,092,025
Whiting Petroleum Corp., 1.25%, Due 6/5/2020		2,730,200		2,620,992

				8,400,707

Pharmaceuticals - 1.22%
Depomed, Inc., 2.50%, Due 9/1/2021		1,606,000		2,286,543

Telecom - 6.03%
America Movil S.A.B. de C.V., 5.50%, Due 9/17/2018		2,600,000		2,623,088
Ciena Corp., 3.75%, Due 10/15/2018^F		927,000		1,172,655
InterDigital, Inc., 1.50%, Due 3/1/2020		1,981,000		2,416,820
Telecom Italia Finance S.A., 6.125%, Due 11/15/2016		1,000,000		1,099,310
Telefonica Participacion Co., 4.90%, Due 9/25/2017		4,100,000		3,958,627

				11,270,500

Total CONVERTIBLE OBLIGATIONS (Cost $44,108,043)				46,212,585

COLLATERALIZED MORTGAGE OBLIGATIONS - 17.49%
Fannie Mae Interest Strip,
8.50%, Due 3/25/2023, 211 2		273,714		51,404
5.00%, Due 4/25/2034, 351 5		305,853		57,978
5.50%, Due 8/25/2035, 359 14		1,233,707		238,388

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Principal Amount		Fair Value
Fannie Mae Interest Strip, (Continued)
5.50%, Due 10/25/2035, 359 12	$	1,204,603	$	256,973
7.00%, Due 2/25/2037, 381 17		987,005		236,647
Fannie Mae REMICS,
6.726%, Due 2/25/2024, 1996 45 SI		1,503,101		230,595
6.50%, Due 3/25/2027, 1997 9 CL H		939,904		143,616
7.493%, Due 9/17/2027, 1997 65 SI^G		1,837,744		390,555
7.00%, Due 10/25/2031		1,047,164		236,528
7.226%, Due 3/25/2032, 2002 8 SC^G		164,224		36,100
6.476%, Due 9/25/2032, 2002 90 DS^G		973,180		169,745
7.476%, Due 12/25/2032, 2002 86 US^G		641,944		132,249
5.50%, Due 7/25/2033 ^G		2,267,156		407,987
4.50%, Due 12/25/2033, 2003 119 GI		138,329		24,096
6.076%, Due 2/25/2035, 2005 2 S^G		212,044		49,890
6.106%, Due 7/25/2035, 2005 66 LS^G		2,350,078		547,544
5.606%, Due 8/25/2035, 2005 73 ST		2,497,040		476,970
6.146%, Due 10/25/2035 ^G		776,313		157,850
6.176%, Due 3/25/2036, 2006 8 HL^G		2,073,775		450,975
6.045%, Due 6/25/2036, 2006 44 SF^G		4,189,568		803,770
6.726%, Due 6/25/2036, 2006 46 ES		1,567,192		376,783
6.086%, Due 7/25/2036 ^G		1,067,582		186,088
6.055%, Due 10/25/2036 ^G		1,454,332		311,844
5.526%, Due 11/25/2036, 2008 50 SA^G		202,340		37,934
6.066%, Due 11/25/2036, 2006 106 CS^G		2,351,582		489,981
6.116%, Due 12/25/2036, 2006 117 SA^G		1,617,644		349,621
5.976%, Due 2/25/2037, 2007 1 NI^G		1,641,016		289,893
5.00%, Due 3/25/2039, 2009 11 TI		1,070,226		169,589
5.00%, Due 5/25/2039, 2009 50 GI		1,171,393		161,713
5.00%, Due 2/25/2040, 2010 16 PI		174,021		28,234
5.956%, Due 7/25/2040, 2010 68 SC^G		1,410,783		294,660
8.612%, Due 12/25/2041, 2011 130 NY^G		339,571		389,764
5.50%, Due 12/25/2043, 2014 38 QI		1,889,577		387,727
5.00%, Due 5/25/2045, 2015 30 EI		1,821,415		338,113
5.50%, Due 5/25/2045, 2015 30 IO		2,981,917		618,697
5.725%, Due 9/25/2045, 2015 66 AS		2,649,270		545,255
5.00%, Due 10/25/2045, 2015 70 JI		1,562,660		299,264
5.50%, Due 7/25/2046		3,331,566		717,930
2.028%, Due 6/25/2055, 2015 42 AI		3,735,647		261,649
1.840%, Due 9/25/2055, 2015 64 SK		7,104,686		473,844
Freddie Mac REMICS,
3.00%, Due 3/15/2026		6,750,591		443,008
7.592%, Due 2/15/2028, 2526 SW^G		122,110		25,992
8.50%, Due 1/15/2030, 2206 IO		139,379		35,668
7.442%, Due 2/15/2032, 2411 S^G		859,305		182,805
7.00%, Due 4/15/2032, 2525 IK		131,964		42,939
7.292%, Due 6/15/2032, 3489 SD^G		130,496		28,535
5.50%, Due 3/15/2033		695,227		184,110
12.515%, Due 7/15/2033, 2647 IV^G		583,782		348,240
5.542%, Due 3/15/2035, 2950 SN^G		929,685		171,307
6.192%, Due 10/15/2036, 3232 ST^G		177,622		31,484

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Principal Amount		Fair Value
Freddie Mac REMICS, (Continued)
5.812%, Due 12/15/2036, 3257 SI^G	$	667,100	$	127,287
6.182%, Due 12/15/2036, 3256 S^G		1,242,170		247,220
5.926%, Due 1/15/2037 ^G		2,529,361		506,929
5.972%, Due 7/15/2037, 3510 CI^G		2,116,593		456,865
6.606%, Due 7/15/2037 ^G		4,506,110		627,863
5.522%, Due 9/15/2037 ^G		1,502,980		261,175
5.862%, Due 10/15/2037 ^G		1,881,691		382,447
1.00%, Due 3/15/2038, 3421 IO		13,167,296		639,646
1.948%, Due 4/15/2039		4,544,507		317,966
8.085%, Due 5/15/2041, 3866 DS^G		360,950		400,922
6.219%, Due 9/15/2041, 3997 ES^G		267,873		299,229
1.881%, Due 10/15/2041, 4413 WI		1,077,188		73,895
3.00%, Due 12/15/2042		3,716,348		387,051
0.890%, Due 4/15/2043, 4517 KI^G		6,135,755		138,018
6.00%, Due 11/15/2043, 4472 IJ		2,229,028		506,770
6.00%, Due 6/15/2045, 4496 ID		1,549,267		283,764
Ginnie Mae REMIC Trust,
6.993%, Due 5/16/2031, 2001 22 SD^G		392,797		89,425
6.993%, Due 6/16/2032, 2002 41 SY^G		121,943		22,012
7.193%, Due 2/16/2033, 2003 11 SK^G		288,038		54,378
7.138%, Due 6/20/2033, 2004 56 S^G		441,838		96,173
5.923%, Due 10/16/2033, 2003 92 SN^G		184,116		34,476
6.088%, Due 11/20/2033, 2003 98 SC^G		1,201,723		254,069
6.638%, Due 11/20/2033, 2004 37 SM^G		1,360,765		92,793
6.043%, Due 5/16/2034, 2004 40 SB^G		2,580,793		442,569
6.568%, Due 6/20/2034, 2004 46 S		2,901,044		682,732
5.588%, Due 9/20/2034, 2004 86 SP^G		173,539		24,884
5.50%, Due 1/20/2035, 2015 179 IV		1,271,218		53,889
5.588%, Due 1/20/2035, 2009 25 SB^G		2,865,135		123,268
5.00%, Due 6/20/2035, 2014 183 IM		1,858,877		429,676
6.270%, Due 8/16/2036, 2006 47 SA^G		1,565,830		330,930
5.50%, Due 9/20/2036		7,412,819		539,476
6.053%, Due 11/16/2036, 2008 83 SD^G		102,140		21,006
5.588%, Due 5/20/2037 ^G		2,628,761		526,396
6.168%, Due 6/20/2037 ^G		1,276,082		238,172
6.138%, Due 12/20/2037, 2007 81 SP^G		2,591,400		521,972
5.893%, Due 5/16/2038, 2008 40 SA^G		300,049		57,743
5.00%, Due 9/20/2038, 2016 12 KI		1,225,891		291,190
5.50%, Due 5/16/2039, 2009 776 GI		1,224,304		190,816
4.50%, Due 9/20/2039, 2013 88 WI		419,751		41,890
4.50%, Due 1/16/2040		2,543,074		380,302
4.00%, Due 2/20/2040, 2015 162 LI		2,040,873		225,897
5.488%, Due 5/20/2040 ^G		4,358,697		620,079
6.00%, Due 9/20/2040		2,748,514		603,053
5.00%, Due 12/20/2040, 2010 163 IO		2,003,589		329,849
5.00%, Due 5/16/2042, 2013 44 IB		459,997		105,533
5.00%, Due 6/20/2043, 2013 86 IA		340,396		72,561
6.193%, Due 8/16/2043, 2013 113 SD^G		1,918,141		362,922
5.638%, Due 11/20/2043, 2013 165 ST^G		191,786		31,174

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Principal Amount		Fair Value
Ginnie Mae REMIC Trust, (Continued)
0.984%, Due 1/16/2044, 2015 80 HI	$	3,376,402	$	125,983
5.50%, Due 1/20/2044, 2014 2 TI		492,804		89,327
6.00%, Due 5/20/2044, 2016 1 IO		2,544,178		373,752
6.306%, Due 11/20/2044, 2014 161 SL^G		187,013		41,251
7.00%, Due 8/20/2045, 2015 111 YI		393,699		77,915
5.00%, Due 12/16/2045, 2015 180 CI		1,423,538		340,839
3.50%, Due 7/20/2046		6,387,559		620,493
2.090%, Due 1/20/2066		4,971,934		617,952
1.875%, Due 2/20/2066		5,005,449		549,035
2.228%, Due 2/20/2066		4,965,427		677,796
Government National Mortgage Association,
3.50%, Due 10/20/2041		4,665,076		558,467
3.50%, Due 5/16/2042		4,143,171		675,167
2.360%, Due 6/20/2065		4,497,213		550,909
1.916%, Due 4/20/2066		4,023,653		537,797

Total COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $32,683,916)				32,707,566


	Shares
INVESTMENT COMPANIES - 6.97%
CLOSED END FUNDS - 6.97%
Adams Diversified Equity Fund, Inc.		47,087		619,194
Adams Natural Resources Fund I		15,000		298,950
ASA Gold and Precious Metals Fund		25,951		383,815
BlackRock Resources & Commodities Strategy Trust		32,600		265,690
Direxion Daily FTSE China Bull 3X Shares		9,556		321,751
Invesco Dynamic Credit Opportunities Fund		174,383		2,050,744
Invesco Senior Income Trust		311,644		1,349,419
Liberty All Star Equity Fund		117,601		609,173
Morgan Stanley China A Share Fund, Inc.		8,564		160,147
Nuveen Credit Strategies Income Fund		162,307		1,376,363
PowerShares Senior Loan Portfolio		58,400		1,355,464
The China Fund, Inc.		10,400		170,976
Vanguard FTSE Emerging Markets Fund		50,861		2,252,634
Voya Prime Rate Trust		255,714		1,350,170
WisdomTree Japan Hedged Equity Fund		11,021		472,911

Total Closed End Funds				13,037,401

Total INVESTMENT COMPANIES (Cost $12,817,419)				13,037,401

EXCHANGE TRADED INSTRUMENTS - 1.44%
EXCHANGE TRADED FUNDS - 1.07%
CurrencyShares British Pound Sterling Trust		200		25,320
CurrencyShares Japanese Yen Trust		3,390		322,762
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		44,798		1,101,135
iShares US Preferred Stock ETF		3,744		147,888
Vaneck Vectors Gold Miners ETF		14,960		395,393

Total Exchange Traded Funds				1,992,498

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares			Fair Value
EXCHANGE TRADED NOTES - 0.37%
ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN		28,565		$	517,883
VelocityShares VIX Tail Risk ETN		7,325			177,705

Total Exchange Traded Notes					695,588

Total EXCHANGE TRADED INSTRUMENTS (Cost $2,676,358)					2,688,086

SHORT-TERM INVESTMENTS - 19.08% (Cost $35,670,370)
American Beacon U.S. Government Money Market Select Fund, Select Class^H		35,670,370			35,670,370

Total Securities Held Long (Cost $189,357,986)					194,150,475

SECURITIES SOLD SHORT
COMMON STOCKS - (48.79%)
CONSUMER DISCRETIONARY - (10.45%)
Automobiles - (1.92%)
Blue Bird Corp.^C		(162,546	)		(2,374,797	)
Fiat Chrysler Automobiles N.V.		(140,676	)		(900,326	)
General Motors Co.		(10,060	)		(319,606	)

					(3,594,729	)

Homebuilders - (1.29%)
William Lyon Homes, Inc., Class A^C		(129,624	)		(2,404,525	)

Hotels, Restaurants & Leisure - (1.61%)
Carnival Corp.		(14,386	)		(702,325	)
Del Taco Restaurants, Inc.^C		(193,430	)		(2,305,686	)

					(3,008,011	)

Household Durables - (0.29%)
Lennar Corp., Class A		(12,893	)		(545,890	)

Media - (2.67%)
CBS Corp., Class B^I		(4,287	)		(234,670	)
DISH Network Corp., Class A		(39,205	)		(2,147,650	)
Hemisphere Media Group, Inc.^C		(52,232	)		(665,958	)
Liberty Braves Group^C		(13,124	)		(228,095	)
Liberty Broadband^C		(6,951	)		(496,857	)
Liberty Media Group LLC, Class C^CL		(7,030	)		(197,824	)
Liberty SiriusXM Group^C		(6,786	)		(226,720	)
RELX PLC^A		(27,674	)		(530,234	)
Viacom, Inc., Class A		(6,582	)		(281,841	)

					(5,009,849	)

Specialty Retail - (0.37%)
Home Depot, Inc.		(1,700	)		(218,756	)
Tiffany & Co.		(6,451	)		(468,536	)

					(687,292	)

Textiles & Apparel - (2.30%)
Cie Financiere Richemont S.A., ADR^B		(24,593	)		(148,788	)
Kering ^K		(2,015	)		(406,042	)
Under Armour, Inc., Class A^C		(97,259	)		(3,761,978	)

					(4,316,808	)

Total Consumer Discretionary					(19,567,104	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares			Fair Value
CONSUMER STAPLES - (0.67%)
Beverages - (0.43%)
Heineken Holding N.V. ^K		(10,065	)	$	(806,906	)

Food Products - (0.24%)
Unilever PLC, Sponsored ADR^AB		(9,335	)		(442,479	)

Total Consumer Staples					(1,249,385	)

ENERGY - (3.85%)
Energy Equipment & Services - (0.36%)
McDermott International, Inc.^C		(134,768	)		(675,188	)

Oil & Gas - (3.49%)
Chesapeake Energy Corp.^C		(190,044	)		(1,191,576	)
Chevron Corp.		(2,523	)		(259,667	)
Hess Corp.		(3,160	)		(169,439	)
Kinder Morgan, Inc.		(13,997	)		(323,751	)
Royal Dutch Shell PLC, ADR, Class B^A B		(13,112	)		(692,707	)
Southwestern Energy Co.^C		(166,181	)		(2,299,945	)
Whiting Petroleum Corp.^C		(179,456	)		(1,568,445	)

					(6,505,530	)

Total Energy					(7,180,718	)

FINANCIALS - (16.42%)
Banks - (13.28%)
Associated Banc-Corp.		(77,009	)		(1,508,606	)
First Financial Bancorp		(300	)		(6,552	)
M&T Bank Corp.		(1,220	)		(141,642	)
PNC Financial Services Group, Inc.		(77,214	)		(6,956,209	)
SunTrust Banks, Inc.		(151,138	)		(6,619,844	)
TCF Financial Corp.		(45,778	)		(664,240	)
Washington Federal, Inc.		(18,087	)		(482,561	)
Wintrust Financial Corp.		(9,878	)		(548,920	)
Zions Bancorporation		(254,958	)		(7,908,797	)

					(24,837,371	)

Diversified Financials - (1.87%)
Centennial Resource Development, Inc.^C		(140,407	)		(2,211,410	)
Industrivarden AB ^K		(14,897	)		(296,570	)
Texas Capital Bancshares, Inc.^C		(5,906	)		(324,358	)
Wells Fargo & Co.		(15,104	)		(668,805	)

					(3,501,143	)

Insurance - (0.88%)
Crawford & Co., Class B		(137,528	)		(1,560,943	)
Lincoln National Corp.		(1,867	)		(87,712	)

					(1,648,655	)

Real Estate - (0.34%)
Forestar Group, Inc.^C		(54,164	)		(634,260	)

Specialty Finance - (0.05%)
LendingClub Corp.^C		(15,537	)		(96,019	)

Total Financials					(30,717,448	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares			Fair Value
HEALTH CARE - (3.82%)
Biotechnology - (0.78%)
BioTime, Inc.^C		(70,874	)	$	(276,409	)
Immunogen, Inc.^C		(125,249	)		(335,667	)
Intercept Pharmaceuticals, Inc.^C		(5,100	)		(839,409	)

					(1,451,485	)

Health Care Equipment & Supplies - (0.60%)
Wright Medical Group, N.V.^C		(45,647	)		(1,119,721	)

Pharmaceuticals - (2.44%)
Abbott Laboratories		(2,961	)		(125,221	)
Allergan PLC^{A C}		(12,519	)		(2,883,251	)
Depomed, Inc.^C		(61,704	)		(1,541,983	)

					(4,550,455	)

Total Health Care					(7,121,661	)

INDUSTRIALS - (0.86%)
Commercial Services & Supplies - (0.14%)
Stericycle, Inc.^C		(3,200	)		(256,448	)

Machinery - (0.67%)
Volvo AB, Class B^{C K}		(110,112	)		(1,255,788	)

Trading Companies & Distributors - (0.05%)
Nexeo Solutions Inc.^C		(11,717	)		(96,548	)

Total Industrials					(1,608,784	)

INFORMATION TECHNOLOGY - (5.17%)
Communications Equipment - (1.13%)
Ciena Corp.^C		(27,615	)		(602,007	)
InterDigital, Inc.		(19,151	)		(1,516,759	)

					(2,118,766	)

Computers & Peripherals - (0.02%)
Eastman Kodak Co.^C		(2,100	)		(31,500	)

Internet Software & Services - (1.31%)
Cornerstone OnDemand, Inc.^C		(9,448	)		(434,136	)
Sina Corp.^C		(4,020	)		(296,797	)
Zillow Group, Inc., Class C^C		(49,534	)		(1,716,353	)

					(2,447,286	)

IT Consulting & Services - (0.42%)
Unisys Corp.^C		(80,164	)		(780,797	)

Semiconductor Equipment & Products - (1.44%)
Advanced Micro Devices, Inc.		(183,084	)		(1,265,083	)
Intel Corp.		(38,198	)		(1,441,975	)

					(2,707,058	)

Software - (0.85%)
Mentor Graphics Corp.		(59,528	)		(1,573,920	)

Total Information Technology					(9,659,327	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares			Fair Value
MATERIALS - (2.85%)
Chemicals - (0.37%)
AgroFresh Solutions, Inc.^C		(18,691	)	$	(98,875	)
Rayonier Advanced Materials, Inc.		(44,585	)		(596,101	)

					(694,976	)

Construction Materials - (0.02%)
US Concrete, Inc.^C		(662	)		(30,495	)

Metals & Mining - (2.46%)
Allegheny Technologies, Inc.		(101,355	)		(1,831,485	)
Franco-Nevada Corp.		(27,816	)		(1,943,378	)
Fresnillo PLC^{A K}		(31,334	)		(737,265	)
Kinross Gold Corp.^C		(26,071	)		(109,759	)

					(4,621,887	)

Total Materials					(5,347,358	)

TELECOMMUNICATION SERVICES - (2.89%)
Koninklijke KPN N.V.^{C K}		(537,800	)		(1,785,226	)
Telecom Italia SpA/Milano^{C K}		(660,000	)		(546,120	)
Telefonica S.A. ^K		(303,620	)		(3,072,409	)

Total Telecommunication Services					(5,403,755	)

UTILITIES - (1.81%)
Electric - (1.71%)
Dominion Resources, Inc.		(2,345	)		(174,163	)
Great Plains Energy, Inc.		(90,833	)		(2,478,833	)
NRG Yield, Inc., Class C		(31,476	)		(533,833	)

					(3,186,829	)

Multi Utilities - (0.10%)
Chugoku Electric Power Co. ^K		(15,533	)		(195,235	)

Total Utilities					(3,382,064	)

Total COMMON STOCKS (Proceeds $(87,229,383))					(91,237,604	)

PREFERRED STOCKS – (0.37%)
FINANCE – (0.08%)
Citigroup, Inc., 7.125%, Due 12/31/2049		(5,001	)		(144,829	)

MATERIALS – (0.29%)
Vale S.A., Sponsored ADR^{B J}		(114,706	)		(540,265	)

Total PREFERRED STOCKS (Proceeds $(671,416))					(685,094	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Principal Amount			Fair Value
CORPORATE OBLIGATIONS – (0.26%) (Proceeds ($406,250))
Metals & Mining – (0.26%)
Alleghany Technologies, Inc., 7.875%, Due 8/15/2023	$	(500,000	)	$	(481,250	)

CONVERTIBLE OBLIGATIONS - (0.62%) (Proceeds ($1,048,774))
Oil & Gas – (0.62%)
Whiting Petroleum Corp., 1.25%, Due 4/1/2020		(1,405,000	)		(1,160,881	)


	Shares
EXCHANGE TRADED INSTRUMENTS - (4.48%)
EXCHANGE TRADED FUNDS - (4.45%)
CurrencyShares Euro Trust		(97	)		(10,607	)
Direxion Daily Emerging Markets Bear 3X Shares		(3,977	)		(89,681	)
Direxion Daily Financial Bear 3X Shares		(3,977	)		(126,548	)
Direxion Daily Financial Bear 3X Shares		(14,700	)		(210,798	)
Direxion Daily Financial Bull 3X Shares		(7,958	)		(231,976	)
Direxion Daily FTSE China Bull 3X Shares		(25,000	)		(477,250	)
Direxion Daily Gold Miners Index Bull 3X Shares		(52,871	)		(1,000,849	)
Direxion Daily Junior Gold Miners Index Bull 3x Shares		(50,000	)		(871,500	)
iShares China Large-Cap Fund		(29,789	)		(1,132,280	)
iShares MSCI USA Minimum Volatility ETF		(31,243	)		(1,419,369	)
PowerShares DB US Dollar Index Bullish Fund		(5,810	)		(143,392	)
SPDR EURO STOXX 50 ETF		(43,944	)		(1,439,605	)
SPDR S&P Oil & Gas Exploration & Production ETF		(12,522	)		(481,596	)
Vanguard FTSE Emerging Markets Fund		(18,399	)		(692,354	)

					(8,327,805	)

EXCHANGE TRADED NOTES - (0.03%)
iPATH S&P 500 VIX Short-Term Futures ETN		(1,520	)		(51,786	)

Total EXCHANGE TRADED INSTRUMENTS (Proceeds $(8,297,964))					(8,379,591	)

Total Securities Sold Short (Proceeds $(97,653,787))					(101,944,420	)

TOTAL INVESTMENTS IN SECURITIES (excludes securities sold short) - 103.82% (Cost $189,357,986)					194,150,475
TOTAL PURCHASED OPTIONS - 7.34% (Cost $18,872,523)					13,716,843
TOTAL WRITTEN OPTIONS - (1.34)% (Premiums $(4,535,567))					(2,511,626	)
TOTAL SECURITIES SOLD SHORT - (54.52)% (Proceeds $(97,653,787))					(101,944,420	)
OTHER ASSETS, NET OF LIABILITIES – 44.70%					83,587,412

TOTAL NET ASSETS - 100.00%				$	186,998,684

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	Unit - Usually consists of one common stock and/or rights and warrants.

^E	SPAC - Special Purpose Acquisition Company.

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 $15,691,242 or 8.39% of net assets. The Fund has no right to demand registration of these securities.

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

^G	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.

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

^I	Non-voting participating shares.

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

^K	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of securities amounted to ($5,731,411) or (3.06%) of net assets.

^L	LLC – Limited Liability Company.

Futures Contracts Open on September 30, 2016:


Description	Type		Number of Contracts		Expiration Date		Contract Value			Unrealized Appreciation (Depreciation)
Japanese Yen Currency Futures		Long		18		December 2016	$	2,225,363		$	(4,058	)
Nikkei 225 (CME) Futures		Long		50		December 2016		4,148,750			(59,622	)
U.S. Dollar Index Futures		Long		4		December 2016		381,540			(341	)
U.S. Treasury Ultra 10-Year Note Futures		Short		(16)		December 2016		(2,306,500	)		(251	)

							$	4,449,153		$	(64,272	)

Purchased Options Outstanding on September 30, 2016:

Equity Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Call - Fiat Chrysler Automobiles NV	$	7.00		10/21/2016		532	$	12,681	$	5,320	$	(7,361	)
Call - Seadrill Ltd.		7.00		10/21/2016		151		27,148		378		(26,770	)
Call - Zions Bancorporation		29.00		10/21/2016		333		24,433		128,205		103,772
Call - ASA Gold And Precious Metals Ltd.		15.00		11/18/2016		45		8,233		3,780		(4,453	)
Call - Forestar Group, Inc.		17.50		11/18/2016		100		1,509		1,750		241
Call - Forestar Group, Inc.		15.00		11/18/2016		49		984		858		(126	)
Call - McDermott International, Inc.		6.00		11/18/2016		66		2,646		660		(1,986	)
Call - SPDR S&P Oil + Gas Exploration		31.00		11/18/2016		435		248,101		333,863		85,762
Put - ASA Gold And Precious Metals Ltd.		15.00		11/18/2016		577		49,123		56,258		7,135
Put - Fiat Chrysler Automobiles NV		5.00		11/18/2016		150		6,829		750		(6,079	)
Put - Applied Dna Sciences, Inc.		5.00		12/16/2016		21		4,791		4,410		(381	)
Put - Fiat Chrysler Automobiles NV		6.00		12/16/2016		112		6,730		3,920		(2,810	)
Call - Agrofresh Solutions, Inc.		7.50		1/20/2017		12		721		360		(361	)
Call - Energy XXI Ltd.		1.50		1/20/2017		169		8,710		423		(8,287	)
Call - Energy XXI Ltd.		2.00		1/20/2017		5		178		13		(165	)
Call - General Electric Co.		29.00		1/20/2017		64		14,499		9,024		(5,475	)
Call - Kinross Gold Corp.		7.00		1/20/2017		1,708		129,023		13,663		(115,360	)
Call - Lendingclub Corp.		5.50		1/20/2017		767		60,160		88,205		28,045
Call - Linn Energy LLC		4.00		1/20/2017		1,653		71,090		4,132		(66,958	)
Call - McDermott International, Inc.		6.00		1/20/2017		95		3,809		2,375		(1,434	)
Call - McDermott International, Inc.		7.00		1/20/2017		5		150		50		(100	)
Call - Monsanto Co.		115.00		1/20/2017		440		70,040		18,919		(51,121	)
Call - SPDR S&P Oil + Gas Exploration		37.00		1/20/2017		161		41,791		59,973		18,182
Put - Alibaba Group Holding Ltd.		105.00		1/20/2017		499		312,437		331,835		19,398
Put - Bunge Ltd.		35.00		1/20/2017		130		7,220		2,925		(4,295	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Put - SPDR S&P Oil + Gas Exploration	$	31.00		1/20/2017		2,500	$	533,571	$	169,999	$	(363,572	)
Put - SPDR S&P Oil + Gas Exploration		35.00		1/20/2017		126		36,214		20,412		(15,802	)
Put - Vipshop Holdings Ltd.		6.00		1/20/2017		1,038		35,464		7,784		(27,680	)
Call - ASA Gold And Precious Metals Ltd.		17.50		2/17/2017		2		291		155		(136	)
Put - ASA Gold And Precious Metals Ltd.		15.00		2/17/2017		26		2,874		4,030		1,156
Put - Biotime, Inc.		3.00		3/17/2017		87		4,068		2,175		(1,893	)
Put - Dish Network Corp.		30.00		3/17/2017		709		45,996		21,270		(24,726	)
Put - Sunpower Corp.		7.00		3/17/2017		1,051		115,992		88,810		(27,182	)
Call - Energy XXI Ltd.		1.00		1/19/2018		27		2,067		68		(1,999	)
Call - Energy XXI Ltd.		2.00		1/19/2018		559		27,341		1,398		(25,943	)
Call - Linn Energy LLC		3.00		1/19/2018		345		17,781		863		(16,918	)
Put - Valeant Pharmaceuticals International		10.00		1/19/2018		298		84,891		41,868		(43,023	)

							$	2,019,586	$	1,430,881	$	(588,705	)

ETF Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Call - Vaneck Vectors Gold Miners ETF	$	20.00		12/16/2016		1,105	$	688,292	$	734,824	$	46,528
Put - iShares MSCI Canada ETF		19.00		12/16/2016		2,500		44,926		31,250		(13,676	)
Put - iShares MSCI Canada ETF		23.00		12/16/2016		2,500		94,476		56,250		(38,226	)
Put - SPDR S&P 500 ETF Trust		180.00		12/30/2016		148		103,828		10,360		(93,468	)
Call - Currencyshares British Pound ETF		135.00		1/20/2017		240		17,050		10,800		(6,250	)
Call - Currencyshares British Pound ETF		140.00		1/20/2017		542		378,936		6,775		(372,161	)
Call - Currencyshares British Pound ETF		150.00		1/20/2017		297		77,561		1,485		(76,076	)
Call - Currencyshares Euro Trust ETF		100.00		1/20/2017		40		37,222		37,900		678
Call - Currencyshares Euro Trust ETF		113.00		1/20/2017		300		34,086		20,550		(13,536	)
Call - Currencyshares Japanese Yen ETF		90.00		1/20/2017		220		75,515		133,100		57,585
Call - SPDR Euro STOXX 50 ETF		35.00		1/20/2017		1,507		192,561		67,815		(124,746	)
Put - Currencyshares British Pound ETF		135.00		1/20/2017		78		44,596		67,470		22,874
Put - Currencyshares British Pound ETF		130.00		1/20/2017		231		51,466		103,950		52,484
Put - Currencyshares Euro Trust ETF		103.00		1/20/2017		800		119,882		34,000		(85,882	)
Put - Currencyshares Japanese Yen ETF		85.00		1/20/2017		3,532		943,089		35,320		(907,769	)
Put - iShares MSCI Brazil Capped ETF		23.00		1/20/2017		264		71,774		4,092		(67,682	)
Put - iShares U.S. Real Estate ETF		65.00		1/20/2017		169		62,473		5,239		(57,234	)
Put - Vaneck Vectors Russia ETF		16.00		1/20/2017		648		134,640		24,624		(110,016	)
Call - Currencyshares Euro Trust ETF		109.00		3/17/2017		60		15,249		17,040		1,791
Call - iShares Edge MSCI Min Vol USA ETF		48.00		3/17/2017		1,295		112,208		35,613		(76,595	)
Put - Currencyshares Japanese Yen ETF		95.00		3/17/2017		2,000		646,467		545,000		(101,467	)
Call - Currencyshares Japanese Yen ETF		95.00		1/19/2018		110		59,019		62,810		3,791
Call - SPDR Euro STOXX 50 ETF		32.00		1/19/2018		769		174,594		215,320		40,726
Call - Wisdomtree Japan Hedged Equity		50.78		1/19/2018		1,250		202,801		145,000		(57,801	)
Call - Wisdomtree Japan Hedged Equity		41.78		1/19/2018		1,075		432,211		464,938		32,727
Put - SPDR Euro STOXX 50 ETF		31.00		1/19/2018		769		293,789		215,320		(78,469	)
Put - Wisdomtree Japan Hedged Equity		30.00		1/19/2018		664		113,015		59,760		(53,255	)
Put - Wisdomtree Japan Hedged Equity		40.78		1/19/2018		3,896		1,800,876		1,383,080		(417,796	)
Put - Wisdomtree Japan Hedged Equity		39.78		1/19/2018		664		264,305		210,488		(53,817	)
Put - Wisdomtree Japan Hedged Equity		35.00		1/19/2018		3,250		984,572		547,625		(436,947	)
Put - Wisdomtree Japan Hedged Equity		37.78		1/19/2018		2,663		940,387		657,761		(282,626	)

							$	9,211,870	$	5,945,559	$	(3,266,311	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

ETN Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Call - Ipath S&P 500 Vix Short-Term Futures ETN	$	29.00		11/18/2016		888	$	641,912	$	519,480	$	(122,432	)
Put - Ipath S&P 500 Vix Short-Term Futures ETN		28.00		11/18/2016		1,190		132,291		85,680		(46,611	)
Put - Ipath S&P 500 Vix Short-Term Futures ETN		6.00		3/17/2017		4,000		134,271		172,000		37,729
Put - Ipath S&P 500 Vix Short-Term Futures ETN		7.00		3/17/2017		4,800		235,394		381,600		146,206

							$	1,143,868	$	1,158,760	$	14,892

Index Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Call - Dollar Index	$	94.00		12/9/2016		780	$	206,310	$	161,460	$	(44,850	)
Call - CBOE SPX Volatility Index		30.00		12/21/2016		455		36,646		31,850		(4,796	)
Call - Powershares DB US Dollar Index		23.00		1/20/2017		4,023		680,920		685,921		5,001
Call - Powershares DB US Dollar Index		26.00		1/20/2017		4,262		182,911		42,620		(140,291	)
Put - Powershares DB US Dollar Index		24.00		1/20/2017		1,711		86,024		27,376		(58,648	)
Put - Powershares DB US Dollar Index		25.00		1/20/2017		3,160		268,450		205,400		(63,050	)
Put - Powershares DB US Dollar Index		22.00		1/20/2017		788		7,490		1,576		(5,914	)
Put - Dollar Index		94.00		3/3/2017		1,100		126,900		137,500		10,600
Put - Dollar Index		93.00		3/3/2017		1,000		104,001		89,000		(15,001	)
Call - Powershares DB US Dollar Index		26.00		3/17/2017		3,124		126,836		49,984		(76,852	)
Call - Powershares DB US Dollar Index		25.00		3/17/2017		22,314		1,664,260		859,088		(805,172	)
Put - Powershares DB US Dollar Index		24.00		3/17/2017		4,775		114,879		114,600		(279	)
Call - Direxion Daily Gold Miners Index		24.00		1/19/2018		300		227,302		253,500		26,198
Put - Direxion Daily Gold Miners Index		31.00		1/19/2018		65		95,451		119,925		24,474
Put - Direxion Daily Gold Miners Index		4.00		1/19/2018		3,006		576,312		465,930		(110,382	)
Put - Direxion Daily Gold Miners Index		33.00		1/19/2018		440		720,511		866,801		146,290
Put - Powershares DB US Dollar Index		23.00		1/19/2018		2,847		147,421		83,987		(63,434	)

							$	5,372,624	$	4,196,518	$	(1,176,106	)

Future Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Paid		Fair Value		Net Unrealized Appreciation (Depreciation)
Call - Japanese Yen Future Option	$	98.00		6/9/2017		875	$	468,963	$	400,750	$	(68,213	)
Call - Japanese Yen Future Option		100.00		6/9/2017		313		116,938		113,125		(3,813	)
Put - Japanese Yen Future Option		100.00		6/9/2017		313		108,875		120,000		11,125
Put - Japanese Yen Future Option		98.00		6/9/2017		1,250		429,799		351,250		(78,549	)

							$	1,124,575	$	985,125	$	(139,450	)

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

Written Options Outstanding on September 30, 2016:

Equity Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Received			Fair Value			Net Unrealized Appreciation (Depreciation)
Call - Schlumberger Ltd.	$	80.00		10/14/2016		23	$	(3,598	)	$	(1,219	)	$	2,379
Call - Bristol-Myers Squibb Co.		70.00		10/21/2016		33		(3,480	)		(66	)		3,414
Call - Gilead Sciences, Inc.		85.00		10/21/2016		15		(1,927	)		(300	)		1,627
Call - United Technologies Corp.		115.00		10/21/2016		13		(552	)		(247	)		305
Call - Reynolds American, Inc.		52.50		10/21/2016		25		(861	)		(125	)		736
Call - Coca-Cola Co./The		45.00		10/21/2016		28		(799	)		(28	)		771
Call - Eastman Kodak Co.		15.00		10/21/2016		245		(19,467	)		(12,250	)		7,217
Call - Wells Fargo & Co.		50.00		10/21/2016		27		(2,064	)		(81	)		1,983
Put - SPDR S&P Oil + Gas Exploration		34.00		10/21/2016		126		(16,323	)		(2,142	)		14,181
Call - Verizon Communications, Inc.		55.00		10/21/2016		25		(711	)		(125	)		586
Call - Monsanto Co.		115.00		10/21/2016		557		(10,315	)		(2,228	)		8,087
Call - Eastman Kodak Co.		17.50		10/21/2016		79		(7,877	)		(395	)		7,482
Call - Union Pacific Corp.		95.00		10/21/2016		20		(3,957	)		(7,760	)		(3,803	)
Call - Boeing Co./The		140.00		10/21/2016		14		(2,386	)		(168	)		2,218
Call - Chevron Corp.		105.00		10/21/2016		19		(2,906	)		(1,501	)		1,405
Call - Ford Motor Co.		13.00		10/21/2016		97		(1,500	)		(291	)		1,209
Call - Dow Chemical Co./The		54.00		10/28/2016		65		(6,134	)		(3,120	)		3,014
Call - International Business Machine		165.00		11/18/2016		11		(2,887	)		(2,101	)		786
Call - Wal-Mart Stores, Inc.		75.00		11/18/2016		25		(2,761	)		(2,100	)		661
Call - Abbvie, Inc.		67.50		11/18/2016		28		(2,869	)		(1,120	)		1,749
Call - Global Eagle Entertainment, Inc.		7.50		11/18/2016		3		(523	)		(383	)		140
Call - Adams Natural Resources Fund, Inc.		20.00		11/18/2016		80		(5,471	)		(3,000	)		2,471
Call - Home Depot, Inc./The		130.00		11/18/2016		15		(3,652	)		(4,275	)		(623	)
Call - Biotime, Inc.		4.00		12/16/2016		30		(704	)		(900	)		(196	)
Call - Virtu Financial, Inc.		17.50		12/16/2016		119		(2,554	)		(1,785	)		769
Call - General Motors Co.		33.00		12/16/2016		42		(3,405	)		(3,360	)		45
Call - Kellogg Co.		85.00		12/16/2016		19		(1,711	)		(1,330	)		381
Call - Hormel Foods Corp.		40.00		12/16/2016		51		(2,777	)		(3,825	)		(1,048	)
Call - Honeywell International, Inc.		120.00		12/16/2016		16		(2,759	)		(2,656	)		103
Call - Suntrust Banks, Inc.		40.00		1/20/2017		10		(2,417	)		(4,750	)		(2,333	)
Call - Suntrust Banks, Inc.		42.00		1/20/2017		600		(107,973	)		(197,999	)		(90,026	)
Call - M&T Bank Corp.		90.00		1/20/2017		25		(72,505	)		(67,375	)		5,130
Call - Clorox Co./The		130.00		1/20/2017		15		(2,947	)		(3,375	)		(428	)
Call - General Electric Co.		31.00		1/20/2017		121		(11,602	)		(5,082	)		6,520
Call - Alibaba Group Holding Ltd.		110.00		1/20/2017		386		(278,427	)		(210,369	)		68,058
Call - Vmware, Inc.		77.50		1/20/2017		162		(53,284	)		(40,500	)		12,784
Call - Mylan NV		50.00		1/20/2017		60		(10,215	)		(1,680	)		8,535
Call - Adams Natural Resources Fund, Inc.		20.00		2/17/2017		10		(745	)		(1,050	)		(305	)
Call - Global Eagle Entertainment, Inc.		10.00		2/17/2017		59		(4,450	)		(2,508	)		1,942
Call - Applied Dna Sciences, Inc.		5.00		3/17/2017		1		(19	)		(33	)		(14	)
Call - Biotime, Inc.		3.00		3/17/2017		38		(2,453	)		(3,325	)		(872	)
Call - Biotime, Inc.		4.00		3/17/2017		125		(4,050	)		(6,563	)		(2,513	)

							$	(668,017	)	$	(603,490	)	$	64,527

AMERICAN BEACON IONIC STRATEGIC ARBITRAGE FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)

ETF Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Received			Fair Value			Net Unrealized Appreciation (Depreciation)
Call - Currencyshares Japanese Yen ETF	$	94.00		10/21/2016		35	$	(5,756	)	$	(5,845	)	$	(89	)
Put - Currencyshares Japanese Yen ETF		94.00		10/21/2016		23		(3,322	)		(989	)		2,333
Put - Currencyshares Japanese Yen ETF		93.00		10/21/2016		95		(9,448	)		(1,710	)		7,738
Call - Wisdomtree Japan Hedged Equity		42.00		11/18/2016		1,075		(189,613	)		(190,813	)		(1,200	)
Put - Wisdomtree Japan Hedged Equity		34.00		11/18/2016		172		(20,863	)		(1,118	)		19,745
Put - Wisdomtree Japan Hedged Equity		40.00		11/18/2016		228		(12,895	)		(9,348	)		3,547
Put - Wisdomtree Japan Hedged Equity		38.00		11/18/2016		439		(56,177	)		(8,780	)		47,397
Put - Wisdomtree Japan Hedged Equity		37.00		11/18/2016		1,179		(110,105	)		(21,222	)		88,883
Put - Currencyshares Japanese Yen ETF		95.00		12/16/2016		2,000		(514,295	)		(380,000	)		134,295
Put - iShares MSCI Canada ETF		21.00		12/16/2016		5,000		(90,496	)		(62,500	)		27,996
Put - Currencyshares British Pound ETF		140.00		1/20/2017		53		(22,927	)		(70,490	)		(47,563	)
Put - Wisdomtree Japan Hedged Equity		37.00		1/20/2017		299		(42,374	)		(14,053	)		28,321
Put - Wisdomtree Japan Hedged Equity		35.00		1/20/2017		4,286		(584,873	)		(137,152	)		447,721
Put - Wisdomtree Japan Hedged Equity		40.00		1/20/2017		3,793		(858,372	)		(375,506	)		482,866
Put - Wisdomtree Japan Hedged Equity		30.00		1/20/2017		595		(34,009	)		(7,438	)		26,571

							$	(2,555,525	)	$	(1,286,964	)	$	1,268,561

Index Options


Description	Exercise Price		Expiration Date		Number of Contracts		Premiums Received			Fair Value			Net Unrealized Appreciation (Depreciation)
Call - PowerShares DB US Dollar Index	$	24.00		12/16/2016		268	$	(18,914	)	$	(21,171	)	$	(2,257	)
Call - Powershares DB US Dollar Index		25.00		12/16/2016		25,000		(1,293,110	)		(600,001	)		693,109

							$	(1,312,024	)	$	(621,172	)	$	690,852

Glossary


Other Abbreviations:
CBOE	Chicago Board Options Exchange	FTSE	Financial Times Stock Exchange	REMIC	Real Estate Mortgage Investment Conduit
ETF	Exchange Traded Fund	MSCI	Morgan Stanley Composite Index	SPDR	Standard & Poor’s Depositary Receipts
ETN	Exchange Traded Note	REIT	Real Estate Investment Trust	VIX	Volatility Index

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 97.41%
CONSUMER DISCRETIONARY - 12.98%
Auto Components - 0.87%
Motorcar Parts of America, Inc.^A		161,830	$	4,657,467

Hotels, Restaurants & Leisure - 5.98%
Buffalo Wild Wings, Inc.^A		30,224		4,253,726
Chuy’s Holdings, Inc.^A		184,191		5,146,297
National CineMedia, Inc., Acquired 12/21/2012 – 9/20/2016, Cost $9,106,526^B		563,755		8,298,474
Papa John’s International, Inc.		78,000		6,150,300
Potbelly Corp., Acquired 6/23/2014 – 9/20/2016, Cost $3,281,668^A ^B ^C		260,734		3,240,924
Wingstop, Inc.^C		166,044		4,865,089

				31,954,810

Leisure Equipment & Products - 1.01%
Sportsman’s Warehouse Holdings, Inc.^A ^C		512,629		5,392,857

Media - 1.23%
IMAX Corp.^A		227,378		6,587,141

Multiline Retail - 0.71%
Ollie’s Bargain Outlet Holdings, Inc.^A		145,000		3,800,450

Specialty Retail - 3.18%
Aaron’s, Inc.		184,500		4,689,990
Boot Barn Holdings, Inc.^A ^C		318,566		3,625,281
Bright Horizons Family Solutions, Inc.^A		46,100		3,083,629
Monro Muffler Brake, Inc.		91,340		5,587,268

				16,986,168

Total Consumer Discretionary				69,378,893

CONSUMER STAPLES - 3.20%
Beverages - 0.85%
MGP Ingredients, Inc.		111,648		4,523,977

Food Products - 2.35%
Calavo Growers, Inc.		76,042		4,975,428
Inventure Foods, Inc., Acquired 9/12/2014 – 9/20/2016, Cost $3,785,628^A ^B		310,966		2,923,080
TreeHouse Foods, Inc.^A		53,900		4,699,541

				12,598,049

Total Consumer Staples				17,122,026

ENERGY - 6.93%
Energy Equipment & Services - 4.79%
Core Laboratories N.V.^C		25,000		2,808,250
Flotek Industries, Inc.^A ^C		293,023		4,260,554
Forum Energy Technologies, Inc.^A		244,500		4,855,770
Oceaneering International, Inc.		94,700		2,605,197
PDC Energy, Inc.^A		71,600		4,801,496
RigNet, Inc., Acquired 5/9/2014 – 9/20/2016, Cost $5,877,687^A ^B		199,906		3,022,579
RPC, Inc.^A ^C		194,098		3,260,846

				25,614,692

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
ENERGY - 6.93% (Continued)
Oil & Gas - 2.14%
Carrizo Oil & Gas, Inc.^A		92,000	$	3,737,040
Rice Energy, Inc.^A		295,000		7,702,450

				11,439,490

Total Energy				37,054,182

FINANCIALS - 6.08%
Banks - 1.17%
East West Bancorp, Inc.		82,400		3,024,904
SVB Financial Group^A		29,400		3,249,876

				6,274,780

Diversified Financials - 2.86%
Euronet Worldwide, Inc.^A		104,792		8,575,129
MarketAxess Holdings, Inc.		40,500		6,706,395

				15,281,524

Insurance - 2.05%
Hilltop Holdings, Inc.^A		289,300		6,497,678
WEX, Inc.^A		41,100		4,442,499

				10,940,177

Total Financials				32,496,481

HEALTH CARE - 22.52%
Biotechnology - 2.37%
MiMedx Group, Inc.^A ^C		378,880		3,250,790
Neogen Corp.^A		112,850		6,312,829
Repligen Corp.^A		103,779		3,133,088

				12,696,707

Health Care Equipment & Supplies - 5.13%
Abaxis, Inc.		86,281		4,453,825
ABIOMED, Inc.^A		44,600		5,734,668
Bio-Techne Corp.		29,300		3,208,350
Medidata Solutions, Inc.^A		125,542		7,000,222
NuVasive, Inc.^A		105,480		7,031,297

				27,428,362

Health Care Providers & Services - 9.14%
AAC Holdings, Inc.^A ^C		172,300		2,996,297
Acadia Healthcare Co., Inc.^A		130,600		6,471,230
Advisory Board Co.^A		155,725		6,967,137
HealthEquity, Inc.^A		215,772		8,166,970
MAXIMUS, Inc.		78,300		4,428,648
Omnicell, Inc.^A		102,000		3,906,600
PAREXEL International Corp.^A		134,600		9,347,970
VCA Antech, Inc.^A		93,755		6,560,975

				48,845,827

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 22.52% (Continued)
Pharmaceuticals - 5.88%
Akorn, Inc.^A		166,900	$	4,549,694
ICON PLC^A ^D		133,500		10,328,895
Ligand Pharmaceuticals, Inc.^C		66,650		6,802,299
Pacira Pharmaceuticals, Inc.^A ^C		105,028		3,594,058
Proto Labs, Inc.^A		102,805		6,159,048

				31,433,994

Total Health Care				120,404,890

INDUSTRIALS - 13.92%
Aerospace & Defense - 2.89%
Aerovironment, Inc.^A		113,700		2,775,417
Astronics Corp.		104,295		4,698,490
HEICO Corp., Class ^A		73,900		4,471,689
Orbital ATK, Inc.		45,600		3,476,088

				15,421,684

Air Freight & Couriers - 1.29%
Echo Global Logistics, Inc.^A		176,700		4,074,702
HUB Group, Inc., Class A^A		69,200		2,820,592

				6,895,294

Building Products - 1.16%
Trex Co., Inc.^A		105,900		6,218,448

Commercial Services & Supplies - 4.92%
CoStar Group, Inc.^A		39,401		8,531,499
HMS Holdings Corp.^A		397,669		8,816,322
WageWorks, Inc.^A		146,442		8,919,782

				26,267,603

Diversified Manufacturing - 0.42%
Acuity Brands, Inc.		8,500		2,249,100

Electrical Equipment - 1.34%
Cognex Corp.		135,800		7,178,388

Machinery - 1.38%
Lindsay Corp.^C		36,000		2,663,280
RBC Bearings, Inc.		61,600		4,711,168

				7,374,448

Trading Companies & Distributors - 0.52%
MSC Industrial Direct Co., Inc., Class A		38,145		2,800,224

Total Industrials				74,405,189

INFORMATION TECHNOLOGY - 29.74%
Communications Equipment - 0.47%
CalAmp Corp.^A		180,659		2,520,193

Electronic Equipment & Instruments - 1.57%
CyberOptics Corp.^A		36,258		891,222
FLIR Systems, Inc.		93,900		2,950,338
Taser International, Inc.^A		159,900		4,574,739

				8,416,299

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 29.74% (Continued)
Internet Software & Services - 5.72%
Athenahealth, Inc.^A		36,902	$	4,654,080
Fortinet, Inc.^A		65,100		2,404,143
HealthStream, Inc., Acquired 11/6/2013 – 9/20/2016, Cost $5,035,654^A ^B		168,714		4,656,506
Mimecast Ltd.^A		85,445		1,634,563
Proofpoint, Inc.^A		103,326		7,733,951
Q2 Holdings, Inc.^A		94,900		2,719,834
Shopify, Inc., Class A^A		77,300		3,317,716
Stamps.com, Inc.^C		36,500		3,449,615

				30,570,408

IT Consulting & Services - 2.88%
Cardtronics PLC^A ^D		178,253		7,950,084
Tyler Technologies, Inc.		43,384		7,428,642

				15,378,726

Semiconductor Equipment & Products - 8.09%
8x8, Inc.^A		493,100		7,608,533
Cavium, Inc.^A		82,200		4,784,040
Integrated Device Technology, Inc.^A		179,600		4,148,760
MA COM Technology Solutions Holdings, Inc.^A		70,800		2,997,672
Microsemi Corp.		197,830		8,304,903
Power Integrations, Inc.		109,800		6,920,694
Rudolph Technologies, Inc.^A		219,400		3,892,156
Semtech Corp.^A		166,286		4,611,111

				43,267,869

Software - 11.01%
Aspen Technology, Inc.^A		129,648		6,066,230
CyberArk Software Ltd.^A		89,100		4,416,687
Envestnet, Inc.^A		207,909		7,578,283
Globant S.A.^A ^C		47,300		1,992,276
Guidewire Software, Inc.^A		124,100		7,443,518
Imperva, Inc.^A		65,700		3,528,747
Manhattan Associates, Inc.^A		97,717		5,630,454
National Instruments Corp.		102,667		2,915,743
Qualys, Inc.^A		156,300		5,969,097
SPS Commerce, Inc.^A		85,918		6,307,240
Ultimate Software Group, Inc.^A		34,600		7,071,894

				58,920,169

Total Information Technology				159,073,664

MATERIALS - 2.04%
Chemicals - 0.96%
Balchem Corp.		66,466		5,153,109

Metals & Mining - 1.08%
Mueller Water Products, Inc., Class A		460,300		5,776,765

Total Materials				10,929,874

Total Common Stock (Cost $419,491,159)				520,865,199

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.60% (Cost $13,893,459)
American Beacon U.S. Government Money Market Select Fund, Select Class^E		13,893,459	$	13,893,459

SECURITIES LENDING COLLATERAL - 6.63%
DWS Government and Agency Securities Portfolio, Institutional Class		8,855,779		8,855,779
American Beacon U.S. Government Money Market Select Fund, Select Class ^E		26,567,338		26,567,338

Total Securities Lending Collateral (Cost $35,423,117)				35,423,117

TOTAL INVESTMENTS - 106.64% (Cost $468,807,735)				570,181,775
LIABILITIES, NET OF OTHER ASSETS - (6.64%)				(35,516,480	)

TOTAL NET ASSETS - 100.00%			$	534,665,295

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Illiquid Security. At period end, the value of illiquid securities was $22,141,563 or 4.14% of net assets.

^C	All or a portion of this security is on loan a September 30, 2016.

^D	PLC - Public Limited Company.

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

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


Top Ten Holdings (% Net Assets)
ICON PLC		1.9
PAREXEL International Corp.		1.7
WageWorks, Inc.		1.7
HMS Holdings Corp.		1.6
Euronet Worldwide, Inc.		1.6
CoStar Group, Inc.		1.6
Microsemi Corp.		1.6
National CineMedia, Inc.		1.6
HealthEquity, Inc.		1.5
Cardtronics PLC		1.5
Total Fund Holdings	104

Sector Allocation (% Equities)
Information Technology		29.8
Health Care		22.5
Industrials		13.9
Consumer Discretionary		13.0
Energy		6.9
Financials		6.1
Consumer Staples		3.2
Cash		2.6
Materials		2.0

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
COMMON STOCK - 98.04%
CONSUMER DISCRETIONARY - 21.65%
Auto Components - 2.41%
LKQ Corp.^A		33,700	$	1,195,002
Mobileye N.V.^A		18,300		779,031

				1,974,033

Automobiles - 0.50%
Tesla Motors, Inc.^{A B}		2,000		408,060

Hotels, Restaurants & Leisure - 3.10%
Buffalo Wild Wings, Inc.^A		4,300		605,182
National CineMedia, Inc.		62,400		918,528
Papa John’s International, Inc.		12,950		1,021,108

				2,544,818

Household Durables - 0.79%
Harman International Industries, Inc.		7,650		646,043

Internet & Catalog Retail - 1.84%
Expedia, Inc.		9,668		1,128,449
TripAdvisor, Inc.^A		6,050		382,239

				1,510,688

Media - 3.87%
Cinemark Holdings, Inc.		24,850		951,258
IMAX Corp.^A		35,462		1,027,334
Netflix, Inc.^A		12,150		1,197,383

				3,175,975

Specialty Retail - 8.29%
Bright Horizons Family Solutions, Inc.^A		8,500		568,565
CarMax, Inc.^A		16,300		869,605
Copart, Inc.^A		19,200		1,028,351
O’Reilly Automotive, Inc.^A		2,900		812,319
Ross Stores, Inc.		23,050		1,482,115
Tractor Supply Co.		12,300		828,405
Ulta Salon Cosmetics & Fragrance, Inc.		5,100		1,213,698

				6,803,058

Textiles & Apparel - 0.85%
Under Armour, Inc., Class A^{A B}		18,050		698,174

Total Consumer Discretionary				17,760,849

CONSUMER STAPLES - 2.95%
Beverages - 2.95%
Brown-Forman Corp., Class B		22,660		1,074,990
Monster Beverage Corp.^A		9,150		1,343,312

Total Consumer Staples				2,418,302

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
ENERGY - 6.41%
Energy Equipment & Services - 3.53%
Baker Hughes, Inc.		14,450	$	729,292

Energy Equipment & Services - 3.53% (Continued)
Core Laboratories N.V.^B		7,450		836,858
Oceaneering International, Inc.		20,450		562,580
RPC, Inc.^{A B}		45,750		768,600

				2,897,330

Oil & Gas - 2.88%
Cabot Oil & Gas Corp.		23,600		608,880
Pioneer Natural Resources Co.		5,850		1,086,052
Range Resources Corp.		17,250		668,438

				2,363,370

Total Energy				5,260,700

FINANCIALS - 7.43%
Banks - 2.66%
East West Bancorp, Inc.		25,650		941,612
SVB Financial Group^A		11,200		1,238,048

				2,179,660

Diversified Financials - 3.60%
Affiliated Managers Group, Inc.^A		4,230		612,081
Euronet Worldwide, Inc.^A		14,150		1,157,894
MarketAxess Holdings, Inc.		7,150		1,183,969

				2,953,944

Insurance - 1.17%
WEX, Inc.^A		8,900		962,001

Total Financials				6,095,605

HEALTH CARE - 20.68%
Biotechnology - 1.50%
Alexion Pharmaceuticals, Inc.^A		3,450		422,763
QIAGEN N.V.^A		29,300		803,992

				1,226,755

Health Care Equipment & Supplies - 10.43%
ABIOMED, Inc.^A		4,000		514,320
Dentsply Sirona, Inc.		10,916		648,737
DexCom, Inc.^A		5,250		460,215
Hologic, Inc.^A		21,600		838,728
Idexx Laboratories, Inc.^A		12,800		1,442,944
Illumina, Inc.^A		7,050		1,280,702
Intuitive Surgical, Inc.^A		1,250		906,038
Medidata Solutions, Inc.^A		16,299		908,832
ResMed, Inc.		16,550		1,072,275
Varian Medical Systems, Inc.^A		4,950		492,674

				8,565,465

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
HEALTH CARE - 20.68% (Continued)
Health Care Providers & Services - 6.36%
Acadia Healthcare Co., Inc.^A		15,000	$	743,250
Cerner Corp.^A		22,230		1,372,703
Henry Schein, Inc.^A		6,495		1,058,555
PAREXEL International Corp.^A		13,950		968,828
VCA Antech, Inc.^A		15,330		1,072,793

				5,216,129

Pharmaceuticals - 2.39%
Akorn, Inc.^A		23,400		637,884
ICON PLC^{A C}		11,500		889,755
Pacira Pharmaceuticals, Inc.^A		12,700		434,594

				1,962,233

Total Health Care				16,970,582

INDUSTRIALS - 13.28%
Aerospace & Defense - 1.20%
Orbital ATK, Inc.		12,900		983,367

Commercial Services & Supplies - 4.54%
CoStar Group, Inc.^A		6,720		1,455,081
HMS Holdings Corp.^A		51,962		1,151,998
Verisk Analytics, Inc.^A		13,750		1,117,600

				3,724,679

Diversified Manufacturing - 1.37%
Acuity Brands, Inc.		4,250		1,124,550

Electrical Equipment - 3.58%
Cognex Corp.		23,000		1,215,780
IPG Photonics Corp.		7,800		642,329
Roper Industries, Inc.		3,250		593,028
Sensata Technologies Holding N.V.^A		12,500		484,750

				2,935,887

Road & Rail - 0.88%
J.B. Hunt Transport Services, Inc.		8,900		722,146

Trading Companies & Distributors - 1.71%
Fastenal Co.		17,360		725,301
MSC Industrial Direct Co., Inc., Class A		9,280		681,245

				1,406,546

Total Industrials				10,897,175

INFORMATION TECHNOLOGY - 25.64%
Communications Equipment - 1.26%
Palo Alto Networks, Inc.^A		6,500		1,035,645

Electronic Equipment & Instruments - 2.99%
FLIR Systems, Inc.		36,550		1,148,401
NVIDIA Corp.		19,000		1,301,880

				2,450,281

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
INFORMATION TECHNOLOGY - 25.64% (Continued)
Internet Software & Services - 5.85%
Akamai Technologies, Inc.^A		11,000	$	582,890
Athenahealth, Inc.^A		7,777		980,835
Fortinet, Inc.^A		26,250		969,412
IHS Markit Ltd.^A		17,249		647,700
MercadoLibre, Inc.		8,750		1,618,488

				4,799,325

Semiconductor Equipment & Products - 4.20%
Lam Research Corp.		6,868		650,468
Microchip Technology, Inc.		21,630		1,344,088
NXP Semiconductors N.V.^A		5,650		576,357
Xilinx, Inc.		16,150		877,591

				3,448,504

Software - 11.34%
Ansys, Inc.^A		5,450		504,725
Aspen Technology, Inc.^A		20,000		935,800
Autodesk, Inc.^A		12,300		889,659
Cadence Design Systems, Inc.^A		33,700		860,360
Check Point Software Technologies Ltd.^A		6,650		516,107
Electronic Arts, Inc.^A		12,350		1,054,690
FireEye, Inc.^A		27,969		411,983
National Instruments Corp.		20,005		568,142
Red Hat, Inc.^A		10,490		847,906
Salesforce.com, Inc.^A		6,870		490,037
Splunk, Inc.^A		9,900		580,932
Tableau Software, Inc., Class A^A		8,800		486,376
Ultimate Software Group, Inc.^A		5,650		1,154,804

				9,301,521

Total Information Technology				21,035,276

Total Common Stock (Cost $60,866,842)				80,438,489

SHORT-TERM INVESTMENTS - 2.02% (Cost $1,656,485)
American Beacon U.S. Government Money Market Select Fund, Select Class ^D		1,656,486		1,656,485

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND^SM

SCHEDULE OF INVESTMENTS

September 30, 2016 (Unaudited)


	Shares		Fair Value
SECURITIES LENDING COLLATERAL - 3.26%
American Beacon U.S. Government Money Market Select Fund, Select Class ^D		2,005,648	$	2,005,648
DWS Government and Agency Securities Portfolio, Institutional Class		668,549		668,549

Total Securities Lending Collateral (Cost $2,674,197)				2,674,197

TOTAL INVESTMENTS - 103.32% (Cost $65,197,524)				84,769,171
LIABILITIES, NET OF OTHER ASSETS - (3.32%)				(2,722,238	)

TOTAL NET ASSETS - 100.00%			$	82,046,933

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 September 30, 2016.

^C	PLC - Public Limited Company.

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


Top Ten Holdings (% Net Assets)
MercadoLibre, Inc.		2.0
Ross Stores, Inc.		1.8
CoStar Group, Inc.		1.8
Idexx Laboratories, Inc.		1.8
Cerner Corp.		1.7
Microchip Technology, Inc.		1.6
Monster Beverage Corp.		1.6
NVIDIA Corp.		1.6
Illumina, Inc.		1.6
SVB Financial Group		1.5
Total Fund Holdings	92

Sector Allocation (% Equities)
Information Technology		25.7
Consumer Discretionary		21.6
Health Care		20.7
Industrials		13.3
Financials		7.4
Energy		6.4
Consumer Staples		2.9
Cash		2.0

AMERICAN BEACON FUNDS^SM

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Organization

American Beacon Funds (the “Trust”), is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of September 30, 2016, the Trust consists of twenty-five active series, eight of which are presented in this filing (collectively, the “Funds” and each individually a “Fund”): American Beacon AHL Managed Futures Strategy Fund, American Beacon Bahl & Gaynor Small Cap Growth Fund, American Beacon Bridgeway Large Cap Growth Fund, American Beacon Bridgeway Large Cap Value, American Beacon Holland Large Cap Growth Fund, American Beacon Ionic Strategic Arbitrage Fund, American Beacon Stephens Small Cap Growth Fund and American Beacon Stephens Mid-Cap Growth Fund. The remaining seventeen active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a wholly-owned subsidiary of Astro AB Borrower, Inc., which is indirectly owned by investment funds affiliated with Kelso & Company, L.P. and Estancia Capital Management, LLC, and was organized in 1986 to provide business management, advisory, administrative and asset management consulting services to the Trust and other investors.

Consolidation of Subsidiaries

The consolidated Schedule of Investments of the American Beacon AHL Managed Futures Strategy Fund, (the “CFC Fund”), includes the accounts of the American Beacon Cayman Managed Futures Strategy Fund Ltd., a wholly-owned and controlled subsidiary (the “Subsidiary”). All inter-company accounts and transactions have been eliminated in consolidation for the CFC Fund.

For Federal tax purposes, taxable income for the CFC Fund and its Subsidiary are calculated separately. The Subsidiary is classified as controlled foreign corporations under the Internal Revenue Code of 1986 (“the Code”) and the Subsidiary’s taxable income is included in the calculation of the CFC Fund’s taxable income. Net losses of the Subsidiary are not deductible by the CFC Fund either in the current period or future periods. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

The CFC Fund may each invest up to 25% of its total assets in the Subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the CFC Fund’s investment objectives and policies. The CFC Fund expects to achieve a significant portion of its exposure to commodities and commodities-related investments through investment in the Subsidiary. Unlike the CFC Fund, the Subsidiary may invest without limitation in commodities and commodities-related investments.


	Inception Date of Subsidiary	Subsidiary Net Assets at September 30, 2016		% of Total Net Assets of the Fund at September 30, 2016			Net Realized Gain(Loss) from Investments Held in Subsidiary
American Beacon Cayman Managed Futures Strategy Fund, Ltd.	August 19, 2014	$	107,798,747		22.97	%	$	(8,366,944	)

CFTC Regulation

On August 13, 2013, the CFTC adopted rules to harmonize conflicting United States Securities and Exchange Commission (the “SEC”) and Commodity Futures Trading Commission (“CFTC”) disclosure, reporting and recordkeeping requirements fur registered investment companies that do not meet an exemption from the definition of commodity pool. The harmonization rules provide that the CFTC will accept the SEC’s disclosure, reporting, and recordkeeping regime as substituted compliance for substantially all of the otherwise applicable CFTC regulations as long as such investment companies meet the applicable SEC requirements.

The AHL Managed Futures Strategy Fund is a commodity pool, as defined in the regulation of the CFTC and operated by the Manager, a commodity pool operator regulated with the CFTC.

Security Valuation and Fair Value Measurements

Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally 4 p.m. Eastern Time, 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 normally are valued on the basis of prices provided by an independent pricing service and may take into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The prices of debt securities may be determined using quotes obtained from brokers.

Investments in open-end mutual funds are valued at the closing net asset value (“NAV”) per share of the mutual fund on the day of valuation.

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”).

Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are 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 Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed.

For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted under the circumstances described below. If the Manager determines that developments between the close of a foreign market and the close of the Exchange will, in its judgment, materially affect the value of some or all of its portfolio securities, the Manager 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 Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Funds’ pricing time of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. These securities are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADRs and futures contracts. The Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but a Fund is open. The Funds use outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets, and adjusted prices.

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.

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. Fixed-income securities are considered Level 2 securities as they are valued using observable inputs.

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

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

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

Fixed-income securities including corporate, U.S. government agencies, and U.S. treasury obligations, 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.

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. As of September 30, 2016, the investments were classified as described below:


AHL Managed Futures Strategy Fund¹	Level 1			Level 2			Level 3		Total
Short-Term Investments - Money Markets	$	3,755,102		$	—		$	—	$	3,755,102
U.S. Treasury Obligations		—			421,446,287			—		421,446,287

Total Investments in Securities	$	3,755,102		$	421,446,287		$	—	$	425,201,389


Other Financial Instruments - Assets
Futures Contracts	$	6,518,949		$	—			—	$	6,518,949
Forward Currency Contracts		—			2,915,481			—		2,915,481

Total Financial Instruments	$	6,518,949		$	2,915,481		$	—	$	9,434,430


Other Financial Instruments - Liabilities
Futures Contracts	$	(4,750,961	)	$	—		$	—	$	(4,750,961	)
Forward Currency Contracts		—			(3,965,134	)		—		(3,965,134	)

Total Financial Instruments	$	(4,750,961	)	$	(3,965,134	)	$	—	$	(8,716,095	)


Bahl & Gaynor Small Cap Growth Fund¹	Level 1			Level 2			Level 3		Total
Common Stock	$	14,640,222		$	—		$	—	$	14,640,222
Short-Term Investments - Money Markets		438,285			—			—		438,285

Total Investments in Securities	$	15,078,507		$	—		$	—	$	15,078,507


Other Financial Instruments - Assets
Futures Contracts	$	2,786		$	—		$	—	$	2,786

Total Financial Derivative Instruments	$	2,786		$	—		$	—	$	2,786


Bridgeway Large Cap Growth¹	Level 1			Level 2			Level 3		Total
Common Stock	$	137,045,736		$	—		$	—	$	137,045,736
Short-Term Investments - Money Markets		2,478,348			—			—		2,478,348

Total Investments in Securities	$	139,524,084		$	—		$	—	$	139,524,084


Other Financial Instruments - Assets	$	—							$	—
Futures Contracts	$	4,326		$	—			—	$	4,326

Total Other Financial Instruments	$	4,326		$	—		$	—	$	4,326


Bridgeway Large Cap Value Fund¹	Level 1			Level 2			Level 3		Total
Common Stock	$	3,237,460,568		$	—		$	—	$	3,237,460,568
Short-Term Investments - Money Markets		28,139,804			—			—		28,139,804

Total Investments in Securities	$	3,265,600,372		$	—		$	—	$	3,265,600,372


Other Financial Instruments - Assets
Futures Contracts	$	211,885		$	—			—	$	211,885

Total Other Financial Instruments	$	211,885		$	—		$	—	$	211,885


Holland Large Cap Growth Fund¹	Level 1			Level 2			Level 3		Total
Common Stock	$	95,501,894		$	—		$	—	$	95,501,894
Short-Term Investments - Money Markets		3,706,175			—			—		3,706,175

Total Investments in Securities	$	99,208,069		$	—		$	—	$	99,208,069


Other Financial Instruments - Assets
Futures Contracts	$	19,046		$	—		$	—	$	19,046

Total Financial Derivative Instruments	$	19,046		$	—		$	—	$	19,046


Ionic Strategic Arbitrage Fund¹	Level 1			Level 2			Level 3		Total
Assets
Common Stock	$	31,361,752		$			$	—	$	31,361,752
Warrants		13,339,152			—			—		13,339,152
Convertible Preferred Stocks		11,725,954			—			—		11,725,954
Preferred Stock		7,407,609			—			—		7,407,609
Convertible Obligations		—			46,212,585			—		46,212,585
Collateralized Mortgage Obligations		—			32,707,566			—		32,707,566
Investment Companies		13,037,401			—			—		13,037,401
Exchange Traded Instruments		2,688,086			—			—		2,688,086
Short-Term Investments - Money Markets		35,670,370			—			—		35,670,370

Total Investments in Securities	$	115,230,324		$	78,920,151		$	—	$	194,150,475


Liabilities
Common Stock (Sold Short)	$	(82,136,043	)	$	(9,101,561	)	$	—	$	(91,237,604	)
Preferred Stock (Sold Short)		(685,094	)		—			—		(685,094	)
Corporate Obligations (Sold Short)		—			(481,250	)		—		(481,250	)
Convertible Obligations (Sold Short)		—			(1,160,881	)		—		(1,160,881	)
Exchange Traded Instruments (Sold Short)		(8,379,591	)		—			—		(8,379,591	)

Total Investments in Securities - Liabilities		(91,200,728	)		(10,743,692	)		—		(101,944,420	)

Total Investments in Securities	$	24,029,596		$	68,176,459		$	—	$	92,206,055


Other Financial Instruments - Assets
Purchased Options	$	13,716,843		$	—		$	—	$	13,716,843

	$	13,716,843		$	—		$	—	$	13,716,843


Other Financial Instruments - Liabilities
Futures Contracts	$	(64,272	)	$	—		$	—	$	(64,272	)
Written Options		(2,511,626	)		—			—		(2,511,626	)

	$	(2,575,898	)	$	—		$	—	$	(2,575,898	)


Stephens Small Cap Growth Fund¹	Level 1			Level 2			Level 3		Total
Common Stock	$	520,865,199		$	—		$	—	$	520,865,199
Short-Term Investments - Money Markets		13,893,459			—			—		13,893,459
Securities Lending Collateral invested in Money Markets Funds		35,423,117			—			—		35,423,117

Total Investments in Securities	$	570,181,775		$	—		$	—	$	570,181,775


Stephens Mid-Cap Growth Fund¹	Level 1			Level 2			Level 3		Total
Common Stock	$	80,438,489		$	—		$	—	$	80,438,489
Short-Term Investments - Money Markets		1,656,485			—			—		1,656,485
Securities Lending Collateral invested in Money Markets Funds		2,674,197			—			—		2,674,197

Total Investments in Securities	$	84,769,171		$	—		$	—	$	84,769,171

¹	Refer to the Schedules of Investments for sector and industry information.

U.S. Generally Accepted Accounting Principle requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of each Fund’s assets and liabilities. During the period ended September 30 2016, there were no transfers between levels.

Securities and other investments

American Depositary Receipts (ADRs)

ADRs are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. 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.

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-characterizes 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.

Other Investment Company Securities and Other Exchange Traded Products

The Funds may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies, ETFs, unit investment trusts, and other investment companies of the Trust. The Funds may invest in investment company securities advised by the Manager or a sub-advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund’s shareholders indirectly will bear a Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund’s shareholders directly bear in connection with the Fund’s own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

Convertible Securities

Convertible securities include corporate bonds, notes, preferred stock or other securities that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or dividends paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While no securities investment is without some risk, investments in convertible securities generally entail less risk than the issuer’s common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security. The market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. While convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar quality, they do enable the investor to benefit from increases in the market price of the underlying common stock. Holders of convertible securities have a claim on the assets of the issuer prior to the common stockholders, but may be subordinated to holders of similar non-convertible securities of the same issuer. Because of the conversion feature, certain convertible securities may be considered equity equivalents.

Illiquid and 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 (the “Securities Act”). Illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Disposal of both illiquid and restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Illiquid and restricted securities outstanding at the quarter ended September 30, 2016 are disclosed in the Notes to the Schedules of Investments.

Rights and Warrants

Rights are short-term warrants issued in conjunction with new stock or bond issues. Warrants are options to purchase an issuer’s securities at a stated price during a stated term. If the market price of the underlying common stock does not exceed the warrant’s exercise price during the life of the warrant, the warrant will expire worthless. Warrants usually have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may be purchased with values that vary depending on the change in value of one or more specified indices (“index warrants”). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of the exercise. The market for warrants or rights may be very limited and it may be difficult to sell them promptly at an acceptable price. There is no specific limit on the percentage of assets the Fund may invest in rights and warrants.

Special Purpose Acquisition Company

A special purpose acquisition company (“SPAC”) is a collective investment structure that allows public stock market investors to invest in private equity type transactions, particularly leveraged buyouts. SPACs are shell or blank-check companies, governed by the SEC, that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). SPACs outstanding at the quarter ended September 30, 2016 are disclosed in the Notes to the Schedules of Investments.

Mortgage-Related and Other Asset-Backed Securities

The Ionic Strategic Arbitrage Fund 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.

Short Sales

The Ionic Strategic Arbitrage Fund may enter into short sale transactions. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in the market price of the security. The Funds are obligated to deliver the security at the market price at the time the short position is closed. The risk of loss on a short sale transaction is theoretically unlimited, because there is no limit to the cost of replacing the security sold short, whereas losses from purchase transactions cannot exceed the total amount invested. As of September 30, 2016 short positions were held by the Fund and are disclosed in the Notes to the Schedule of Investments.

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 Funds do not use derivatives for the purpose of creating financial leverage.

Options Contracts

The Funds may write (1) call and put options on futures, swaps (“swaptions”), securities, commodities or currencies they own or in which they may invest and (2) inflation-capped options. Writing put options tends to increase the Fund’s exposure to unfavorable movements of the underlying instrument in exchange for an upfront premium. Writing call options tends to decrease the Fund’s exposure to favorable movements of the underlying instrument in exchange for an upfront premium. When the Funds write a call, put, or inflation-capped option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss when the underlying transaction is sold. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to favorable movements of the underlying instrument in exchange for paying an upfront premium. Purchasing put options tends to decrease the Fund’s exposure to unfavorable movements of the underlying instrument. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is sold.

For the quarter ended September 30, 2016, the Ionic Strategic Arbitrage Fund purchased/sold options primarily for return enhancement, hedging and exposing cash to markets.

Forward Foreign Currency Contracts

The AHL Managed Futures Fund and the Ionic Strategic Arbitrage Fund may enter into forward foreign currency contracts to hedge the exchange rate risk on investment transactions or to hedge the value of the Funds’ securities denominated in foreign currencies. Forward foreign currency contracts are valued at the forward exchange rate prevailing on the day of valuation. The Funds bear 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 Funds also bear the credit risk if the counterparty fails to perform under the contract.

For the period ended September 30, 2016, the AHL Managed Futures Fund and the Ionic Strategic Arbitrage Fund 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. Certain Funds may enter into financial futures contracts as a method for keeping assets readily convertible to cash if needed to meet shareholder redemptions or for other needs while maintaining exposure to

the stock or bond market, as applicable. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Upon entering into a futures contract, the Funds are required to set aside or deposit with a broker an amount, termed the initial margin, which typically represents 5% of the face value of the futures contract. 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.

During the period ended September 30, 2016 the Funds entered into future contracts primarily for return enhancement and exposing cash to markets.

Principal Risks

In the normal course of business the Funds 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 and counterparty risk), for example by not making principal and interest payments when due, reduces the value of the issuer’s debt and could reduce the Funds’ income. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds 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 Funds’ investments may be illiquid and the Funds may not be able to vary the portfolio investments in response to changes in economic and other conditions. If a Fund is required to liquidate all or a portion of its investments quickly, the Fund 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.

The fair values of equities, such as common stocks and preferred securities or equity related investments such as futures, 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.

Counterparty Credit Risk

A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party is determined at the close of business of the Funds and additional required collateral is delivered to/pledged by the Funds on the next business day. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Securities Lending

The Stephens Small Cap Growth and Stephens Mid-Cap Growth 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 80%, 10% 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.

As of September 30, 2016, the value of outstanding securities on loan and the value of collateral was as follows:


Fund	Fair Value of Securities on Loan		Non-Cash Collateral		Cash Collateral Posted by Borrower
Stephens Small Cap Growth	$	34,533,584	$	—	$	35,423,117
Stephens Mid-Cap Growth		2,609,191		—		2,674,197

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 December 31, 2015 remains subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of September 30, 2016, the Funds’ cost of investments for federal income tax purposes were as follows:


Fund	Cost of Investments for Federal Income Tax Purposes		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
AHL Managed Futures Strategy	$	425,188,935	$	15,281	$	(2,827	)	$	12,454
Bahl & Gaynor Small Cap Growth		13,626,546		1,655,435		(203,474	)		1,451,961
Bridgeway Large Cap Growth		131,072,506		14,944,974		(6,493,396	)		8,451,578
Bridgeway Large Cap Value		3,027,305,077		310,538,507		(72,243,212	)		238,295,295
Holland Large Cap Growth		72,767,300		28,143,336		(1,702,567	)		26,440,769
Ionic Strategic Arbitrage		100,564,454		9,668,454		(18,026,853	)		(8,358,399	)
Stephens Small Cap Growth		473,084,984		114,738,975		(17,642,184	)		97,096,791
Stephens Mid-Cap Growth		66,823,795		21,576,713		(3,631,337	)		17,945,376

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

For the period ended September 30, 2016, the Funds have the following capital loss carryforwards:


Fund	Short-term		Long-term
AHL Managed Futures	$	8,177,897	$	5,275,500
Bahl & Gaynor Small Cap Growth		236,473		143,046
Bridgeway Large Cap Growth		12,258,064		—
Ionic Strategic Arbitrage		—		366,871
Stephens Small Cap Growth		1,911,588		12,249,899
Stephens Mid-Cap Growth		921,326		1,133,611

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: November 29, 2016

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: November 29, 2016


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

Date: November 29, 2016