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: January 31, 2018

Date of reporting period: April 30, 2017

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 Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Bermuda - 0.90%
Common Stocks - (Cost $222,352)
China Yuchai International Ltd.		457	$	8,866
Cosco International Holdings Ltd		64,000		27,481
Road King Infrastructure Ltd.		140,000		207,705
Yuexiu Transport Infrastructure Ltd.		104,000		80,223
Total Bermuda				324,275
Brazil - 4.90%
Common Stocks - (Cost $1,665,541)
Ambev S.A.		55,800		321,012
Biosev S.A.A		3,700		7,146
Centrais Eletricas Santa Catarina		900		5,073
Cia de Gas de Sao Paulo, Class A		6,262		94,698
CPFL Energia S.A.		20,300		166,286
Dimed S.A. Distribuidora da MedicamentosA		100		18,273
FII BTG Pactual Corporate Office Fund		7,522		240,515
Fleury S.A.		12,000		198,560
Grendene S.A.		13,400		104,066
Hypermarcas S.A.		52,400		496,257
Telefonica Brasil S.A.		8,100		120,681
Total Common Stocks				1,772,567
Preferred Stocks - (Cost $–)
Cia de Gas de Sao Paulo, Class AB C		134		67
Total Brazil				1,772,634
Chile - 2.66%
Common Stocks - (Cost $873,601)
Almendral S.A.A		143,569		12,262
AntarChile S.A.		2,356		28,947
Banco de Chile		4,513		544
Blumar S.A.		29,423		9,236
Embotelladora Andina S.A., Class B, ADR		9,096		231,220
Enel Chile S.A., ADR		16,706		91,215
Enel Chile S.A.		3,129,832		345,479
Inversiones Aguas Metropolitanas S.A.		6,607		10,446
Sigdo Koppers S.A.		16,018		22,968
SMU S.A.A		52,598		11,585
Vina Concha y Toro S.A.		111,423		179,638
Vina San Pedro Tarapaca S.A.		1,870,542		18,021
Total Chile				961,561
China - 14.97%
Common Stocks - (Cost $4,698,499)
Agricultural Bank of China Ltd., Class H		1,055,000		486,922
Bank of China Ltd., Class H		962,000		466,261
Bank of Communications Co., Ltd., Class H		613,000		472,063
Bank of Jinzhou Co., Ltd., Class H		14,000		15,947
China Communications Services Corp. Ltd., Class H		252,000		143,521
China Construction Bank Corp., Class H		592,000		481,007
China Petroleum & Chemical Corp., Class H		318,000		257,561
China Shineway Pharmaceutical Group Ltd.		73,000		88,313
China Telecom Corp. Ltd., Class H		1,000,000		488,535
Fuguiniao Co., Ltd., Class HA C		28,000		360
Huishang Bank Corp. Ltd., Class H		425,000		201,071
Industrial & Commercial Bank of China Ltd., Class H		736,000		480,678
Jilin Jiutai Rural Commercial Bank Corp. Ltd., Class HA		16,000		10,779

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
China - 14.97% (continued)
Koradior Holdings Ltd.		14,000	$	14,975
NVC Lighting Holding Ltd.		1,961,000		221,857
PetroChina Co., Ltd., Class H		650,000		457,938
Ping An Insurance Group Co. of China Ltd., Class H		64,500		363,200
Qinqin Foodstuffs Group Cayman Co., Ltd.A		618,400		221,017
Ronshine China Holdings Ltd.A		8,000		7,076
Tencent Holdings Ltd.		16,700		522,576
Tsingtao Brewery Co., Ltd., Class H		4,000		17,999
Total Common Stocks				5,419,656
Rights - (Cost $–)
Bank of Communications Co., Ltd., Expires 05/31/2017C		1,226		—
Total China				5,419,656
Colombia - 0.22%
Common Stocks - (Cost $75,558)
Grupo Aval Acciones y Valores S.A., ADR		9,880		78,842
Czech Republic - 2.04%
Common Stocks - (Cost $692,626)
CEZ A/S		28,256		493,165
O2 Czech Republic A/S		13,324		157,304
Philip Morris CR A/S		163		89,368
Total Czech Republic				739,837
Egypt - 1.89%
Common Stocks - (Cost $710,641)
Commercial International Bank Egypt SAE		66,557		269,178
Eastern Tobacco		14,398		177,083
Faisal Islamic Bank of Egypt		15,027		14,569
Global Telecom Holding SAEA		144,513		55,483
Telecom Egypt Co.		303,809		168,484
Total Egypt				684,797
Greece - 1.42%
Common Stocks - (Cost $496,825)
Aegean Airlines S.A.		14,980		128,910
Hellenic Telecommunications Organization S.A.		37,256		362,406
Sarantis S.A.		1,843		23,207
Total Greece				514,523
Hong Kong - 4.61%
Common Stocks - (Cost $1,706,552)
China Mobile Ltd.		42,500		453,229
China Unicom Hong Kong Ltd.		304,000		392,392
CITIC Ltd.		337,000		488,710
Goldlion Holdings Ltd.		46,000		19,575
Hopewell Highway Infrastructure Ltd.		493,500		285,504
Kingboard Chemical Holdings Ltd.		5,000		18,031
Kingdom Holding Ltd.		88,000		12,558
Total Hong Kong				1,669,999
Hungary - 2.76%
Common Stocks - (Cost $814,596)
Magyar Telekom Telecommunications PLC		285,820		478,165

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Hungary - 2.76% (continued)
Richter Gedeon Nyrt		21,560	$	522,062
Total Hungary				1,000,227
India - 9.65%
Common Stocks - (Cost $3,391,354)
Alkem Laboratories Ltd.		2,275		69,491
HCL Technologies Ltd.		22,212		281,802
Hindustan Unilever Ltd.		35,888		521,054
Infosys Ltd., Sponsored ADR		12,864		187,300
Infosys Ltd.		9,703		138,916
ITC Ltd.		82,052		354,330
Omaxe Ltd.		148,569		445,499
Oracle Financial Services Software Ltd.		5,183		286,906
Tata Consultancy Services Ltd.		13,012		460,163
Videocon Industries Ltd.A		151,731		244,826
Wipro Ltd., ADR		9,614		94,698
Wipro Ltd.		53,199		409,764
Total India				3,494,749
Indonesia - 1.72%
Common Stocks - (Cost $618,022)
Bank Central Asia Tbk PT		273,400		364,082
Chandra Asri Petrochemical Tbk PT		78,800		156,814
Multipolar Technology Tbk PT		570,100		42,344
Tunas Ridean Tbk PT		7,500		745
Unilever Indonesia Tbk PT		17,600		58,759
Total Indonesia				622,744
Luxembourg - 0.47%
Common Stocks - (Cost $141,917)
Pegas Nonwovens S.A.		4,895		168,685
Malaysia - 9.21%
Common Stocks - (Cost $3,318,788)
Allianz Malaysia Bhd		2,700		7,140
Batu Kawan Bhd		1,500		6,558
Fraser & Neave Holdings Bhd		55,100		315,800
Heineken Malaysia Bhd		19,600		79,195
Hong Leong Bank Bhd		158,800		504,824
Kuala Lumpur Kepong Bhd		88,000		497,065
Nestle Malaysia Bhd		16,900		319,235
PPB Group Bhd		22,500		87,595
Public Bank Bhd		108,400		498,425
Telekom Malaysia Bhd		341,000		507,455
Tenaga Nasional Bhd		159,100		510,909
Total Malaysia				3,334,201
Mexico - 2.28%
Common Stocks - (Cost $904,878)
Grupo Industrial Maseca SAB de CV, Class B		3,260		4,018
Grupo Sanborns SAB de CV		5,935		6,804
Industrias Bachoco SAB de CV, Series B		17,308		76,917
La Comer SAB de CVA		296,025		231,942
Megacable Holdings SAB de CV		120,585		457,160
Organizacion Soriana SAB de CV, Class BA		21,564		49,439
Total Mexico				826,280

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Peru - 0.19%
Common Stocks - (Cost $65,389)
Alicorp S.A.A.		29,431	$	69,863
Philippines - 3.25%
Common Stocks - (Cost $1,204,616)
Aboitiz Power Corp.		357,400		304,003
Cebu Air, Inc.		48,130		104,034
China Banking Corp.		42,445		29,987
Cosco Capital, Inc.		151,300		24,709
Integrated Micro-Electronics, Inc.		329,500		50,779
Manila Electric Co.		84,840		475,437
Pepsi-Cola Products Philippines, Inc.		40,900		3,029
RFM Corp.		101,000		9,784
San Miguel Corp.		50,960		112,190
San Miguel Pure Foods Co., Inc.		1,220		7,325
Top Frontier Investment Holdings, Inc.A		1,480		8,708
Union Bank of the Philippines		29,140		46,511
Total Common Stocks				1,176,496
Rights - (Cost $–)
China Banking Corp. Expires 05/31/2017E		10,258		883
Total Philippines				1,177,379
Poland - 1.06%
Common Stocks - (Cost $312,281)
Alumetal S.A.		1,789		29,764
AmRest Holdings SEA		1,129		106,957
Asseco Poland S.A.		11,892		167,381
Boryszew S.A.A		2,226		6,651
ComArch S.A.A		112		6,782
Lentex S.A.		2,609		7,264
Netia S.A.		14,379		16,309
Oponeo.pl S.A.		1,073		13,830
Stalexport Autostrady S.A.		29,864		30,024
Total Poland				384,962
Republic of Korea - 10.85%
Common Stocks - (Cost $3,418,198)
Aju Capital Co., Ltd.		1,109		7,076
Binggrae Co., Ltd.		916		55,222
Busan City Gas Co., Ltd.		333		10,184
Charm Engineering Co., Ltd.A		102,355		254,111
Daeduck Electronics Co.		16,851		137,426
Daesung Energy Co., Ltd.		9,126		50,286
Dong-Il Corp.		1,382		69,470
ESTec Corp/Republic of Korea		6,426		76,238
Fursys, Inc.		247		6,859
GMB Korea Corp.		4,370		20,815
Huvis Corp.		1,000		6,653
Jinro Distillers Co., Ltd.		260		7,186
JLS Co., Ltd.		1,737		11,556
Kia Motors Corp.		10,112		309,696
KT Corp.		16,598		469,686
LF Corp.		8,307		182,142
LG Electronics, Inc.		7,706		467,954
LG Uplus Corp.		27,150		344,773
Namyang Dairy Products Co., Ltd.		279		212,578
Nexen Corp.		5,527		40,072

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Republic of Korea - 10.85% (continued)
Saeron Automotive Corp.		3,060	$	20,384
Sam Young Electronics Co., Ltd.		695		7,940
Samchully Co., Ltd.		345		32,138
Samsung Electronics Co., Ltd.		265		519,567
Samwonsteel Co., Ltd.		2,041		6,529
SAVEZONE I&C Corp.		1,739		7,962
SK Hynix, Inc.		1,280		60,743
SK Telecom Co., Ltd.		2,117		445,577
Uju Electronics Co., Ltd.		835		12,255
YESCO Co., Ltd.		2,264		73,318
Total Republic of Korea				3,926,396
Russia - 1.50%
Common Stocks - (Cost $497,307)
Gazprom Neft PJSC, ADR		15,834		278,679
Gazprom PJSC, ADR		9,680		45,980
Rostelecom PJSC, ADR		28,013		220,182
Total Russia				544,841
South Africa - 4.22%
Common Stocks - (Cost $1,552,916)
Absa Bank Ltd.		1,084		59,181
Adbee Rf Ltd.A		701		2,328
Bid Corp. Ltd.		22,876		484,678
Clover Industries Ltd.		139,856		170,061
Mondi Ltd.		13,511		350,550
Netcare Ltd.		24,771		49,139
Tongaat Hulett Ltd.		31,489		284,523
Vodacom Group Ltd.		11,240		127,180
Total South Africa				1,527,640
Taiwan - 9.49%
Common Stocks - (Cost $3,071,591)
Chunghwa Telecom Co., Ltd.		142,000		480,064
Far Eastern International Bank		1,099,400		344,348
Hon Hai Precision Industry Co., Ltd.		162,288		531,439
KD Holding Corp.		3,000		17,252
Lian HWA Food Corp.		24,000		28,080
Sampo Corp.		45,000		27,593
Shan-Loong Transportation Co., Ltd.		57,000		64,234
Shanghai Commercial & Savings Bank Ltd.		480,106		477,385
Taichung Commercial Bank Co., Ltd.		1,172,379		380,806
Taiwan Business Bank		354,135		97,891
Taiwan Cooperative Financial Holding Co., Ltd.		96,934		49,317
Taiwan Secom Co., Ltd.		75,105		219,308
Taiwan Semiconductor Manufacturing Co., Ltd.		25,000		161,165
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		5,744		189,954
Taiwan Shin Kong Security Co., Ltd.		203,170		268,684
Union Bank Of Taiwan		238,000		71,863
Ve Wong Corp.		10,000		7,905
YungShin Global Holding Corp.		8,000		11,866
Zenitron Corp.		11,000		6,745
Total Taiwan				3,435,899
Thailand - 6.31%
Common Stocks - (Cost $2,053,917)
Advanced Information Technology PCL		60,500		45,913

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Thailand - 6.31% (continued)
Bangkok Bank PCL		15,400	$	79,916
Bangkok Bank PCL, NVDR		21,200		110,015
CS Loxinfo PCL		26,900		4,666
Kang Yong Electric PCL, NVDR		100		1,567
Kang Yong Electric PCL		2,100		32,906
KGI Securities Thailand PCL, NVDR		109,400		12,019
Krung Thai Bank PCL, NVDR		823,100		471,159
MBK PCL, NVDR		41,200		17,866
Mega Lifesciences PCL		38,600		28,735
MK Restaurants Group PCL		81,300		143,961
Modernform Group PCL, NVDR		26,400		3,816
Modernform Group PCL		33,200		4,799
Ratchaburi Electricity Generating Holding PCL		103,400		149,465
Ratchaburi Electricity Generating Holding PCL, NVDR		93,100		134,577
Siam Cement PCL, NVDR		32,000		495,866
Somboon Advance Technology PCL, NVDR		59,500		27,350
Thai Vegetable Oil PCL		166,100		175,272
Thai Vegetable Oil PCL, NVDR		184,400		194,582
Thai Wah PCL		119,000		34,403
Vinythai PCL, NVDR		195,100		115,627
Total Thailand				2,284,480
Turkey - 0.24%
Common Stocks - (Cost $81,305)
Nuh Cimento Sanayi A/S		2,859		8,629
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.		77,878		79,370
Total Turkey				87,999
SHORT-TERM INVESTMENTS - 2.17% (Cost $784,072)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%D		784,072		784,072
SECURITIES LENDING COLLATERAL - 0.26% (Cost $93,613)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%D		93,613		93,613
TOTAL INVESTMENTS - 99.24% (Cost $33,466,955)				35,930,154
OTHER ASSETS, NET OF LIABILITIES - 0.76%				273,364
TOTAL NET ASSETS - 100.00%			$	36,203,518

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

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

^C  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $1,310 or 0.004% of net assets.

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

ADR - American Depositary Receipt.

NVDR - Non Voting Depositary Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Private Joint Stock Company.

PLC - Public Limited Company.

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Futures Contracts Open on April 30, 2017:

Description	Type	Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures	Long		19		June 2017	$	930,050	$	20,620
						$	930,050	$	20,620

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

Acadian Emerging Markets Managed Volatility Fund	Level 1		Level 2		Level 3			Total
Assets
Foreign Common Stocks
Bermuda	$	324,275	$	—	$	—		$	324,275
Brazil		1,772,567		—		—			1,772,567
Chile		961,561		—		—			961,561
China		5,419,296		—		360			5,419,656
Colombia		78,842		—		—			78,842
Czech Republic		739,837		—		—			739,837
Egypt		684,797		—		—			684,797
Greece		514,523		—		—			514,523
Hong Kong		1,669,999		—		—			1,669,999
Hungary		1,000,227		—		—			1,000,227
India		3,494,749		—		—			3,494,749
Indonesia		622,744		—		—			622,744
Luxembourg		168,685		—		—			168,685
Malaysia		3,334,201		—		—			3,334,201
Mexico		826,280		—		—			826,280
Peru		69,863		—		—			69,863
Philippines		1,176,496		—		—			1,176,496
Poland		384,962		—		—			384,962
Republic of Korea		3,926,396		—		—			3,926,396
Russia		544,841		—		—			544,841
South Africa		1,527,640		—		—			1,527,640
Taiwan		3,435,899		—		—			3,435,899
Thailand		1,584,444		700,036		—			2,284,480
Turkey		87,999		—		—			87,999
Foreign Preferred Stocks
Brazil		—		—		67			67
Foreign Rights
China		—		—		0	(1)		—
Philippines		—		—		883			883
Short-Term Investments - Money Market Funds		784,072		—		—			784,072
Securities Lending Collateral Invested in Money Market Funds		93,613		—		—			93,613
Total Investments in Securities - Assets	$	35,228,808	$	700,036	$	1,310		$	35,930,154
Financial Derivative Instruments - Assets
Futures Contracts	$	20,620	$	—	$	—		$	20,620
Total Financial Derivative Instruments - Assets	$	20,620	$	—	$	—		$	20,620

⁽¹⁾  Investment held in the Fund’s portfolio with $0 fair value.

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

U.S. GAAP also requires all transfers between any level to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between levels.

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

Security Type	Balance as of 1/31/2017		Net Purchases		Net Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2017		Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Common Stocks	$	13,966	$	—	$	—	$	—	$	—	$	(13,606	)	$	—	$	—	$	360	$	(13,606	)
Foreign Preferred Stocks		—		67		—		—		—		—			—		—		67		—
Foreign Rights		—		883		—		—		—		—			—		—		883		—
	$	13,966	$	950	$	—	$	—	$	—	$	(13,606	)	$	—	$	—	$	1,310	$	(13,606	)

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

The Foreign Preferred Stocks and Foreign rights classified as Level 3 were fair valued using intrinsic valuation method and information from the rights offering. These securities were included in the Level 3 category due to limited market transparency of the inputs used in the valuation.

See accompanying notes.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top Ten Holdings (% Net Assets)
Hon Hai Precision Industry Co., Ltd.		1.5
Tencent Holdings Ltd.		1.4
Richter Gedeon Nyrt		1.4
Hindustan Unilever Ltd.		1.4
Samsung Electronics Co., Ltd.		1.4
Tenaga Nasional Bhd		1.4
Telekom Malaysia Bhd		1.4
Hong Leong Bank Bhd		1.4
Public Bank Bhd		1.4
Kuala Lumpur Kepong Bhd		1.4
Total Fund Holdings	211
Sector Allocation (% Equities)
Financials		19.9
Consumer Staples		16.8
Telecommunication Services		15.5
Information Technology		13.1
Utilities		8.4
Consumer Discretionary		7.6
Industrials		5.2
Health Care		4.5
Materials		3.4
Energy		3.0
Real Estate		2.6
Country Allocation (% Equities)
China		15.5
Republic of Korea		11.2
India		10.0
Taiwan		9.8
Malaysia		9.5
Thailand		6.5
Brazil		5.1
Hong Kong		4.8
South Africa		4.4
Philippines		3.4
Hungary		2.8
Chile		2.7
Mexico		2.4
Czech Republic		2.1
Egypt		1.9
Indonesia		1.8
Russia		1.5
Greece		1.5
Poland		1.1
Bermuda		0.9
Luxembourg		0.5
Turkey		0.2
Colombia		0.2
Peru		0.2

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 61.59%
Basic Materials - 6.32%
AK Steel Corp., 8.38%, Due 4/1/2022A	$	500,000	$	517,500
Aleris International, Inc., 9.50%, Due 4/1/2021		150,000		160,875
CF Industries, Inc.,
7.13%, Due 5/1/2020		150,000		163,500
5.15%, Due 3/15/2034		350,000		316,750
Chemours Co.,
6.63%, Due 5/15/2023		200,000		214,000
7.00%, Due 5/15/2025		400,000		439,500
Clearwater Paper Corp., 4.50%, Due 2/1/2023		500,000		480,625
Freeport-McMoRan, Inc., 3.55%, Due 3/1/2022		450,000		423,000
Hexion, Inc., 6.63%, Due 4/15/2020		250,000		236,250
Huntsman International LLC, 5.13%, Due 11/15/2022		250,000		262,812
Olin Corp., 5.13%, Due 9/15/2027		500,000		520,625
Platform Specialty Products Corp., 6.50%, Due 2/1/2022A		375,000		384,375
PQ Corp., 6.75%, Due 11/15/2022A		100,000		108,499
Tronox Finance LLC, 6.38%, Due 8/15/2020		250,000		254,063
United States Steel Corp.,
6.88%, Due 4/1/2021		21,000		21,210
8.38%, Due 7/1/2021A		200,000		220,250
7.50%, Due 3/15/2022		50,000		50,875
				4,774,709
Communications - 10.36%
Block Communications, Inc., 6.88%, Due 2/15/2025A		350,000		377,125
Cable One, Inc., 5.75%, Due 6/15/2022A		75,000		78,563
Cablevision Systems Corp.,
7.75%, Due 4/15/2018		250,000		261,562
5.88%, Due 9/15/2022		300,000		307,875
CenturyLink, Inc.,
5.80%, Due 3/15/2022, Series T		125,000		130,781
7.50%, Due 4/1/2024, Series Y		200,000		217,302
Cequel Communications Holdings I LLC / Cequel Capital Corp., 5.13%, Due 12/15/2021A		250,000		255,625
DISH DBS Corp.,
5.13%, Due 5/1/2020		250,000		261,250
5.00%, Due 3/15/2023		500,000		501,250
Frontier Communications Corp.,
7.13%, Due 3/15/2019		250,000		263,125
8.88%, Due 9/15/2020		75,000		79,172
11.00%, Due 9/15/2025		150,000		144,563
Hughes Satellite Systems Corp., 5.25%, Due 8/1/2026A		100,000		101,750
Level 3 Financing, Inc., 5.38%, Due 1/15/2024		400,000		415,736
Match Group, Inc., 6.38%, Due 6/1/2024		50,000		54,438
Nielsen Finance LLC / Nielsen Finance Co., 5.00%, Due 4/15/2022A		250,000		257,187
Qwest Corp., 6.75%, Due 12/1/2021		25,000		27,742
Sinclair Television Group, Inc.,
5.38%, Due 4/1/2021		250,000		257,187
6.13%, Due 10/1/2022		150,000		156,767
Sirius XM Radio, Inc., 6.00%, Due 7/15/2024A		250,000		267,500
Sprint Communications, Inc., 6.00%, Due 11/15/2022		425,000		442,797
Sprint Corp., 7.25%, Due 9/15/2021		750,000		820,312
T-Mobile USA, Inc., 6.63%, Due 4/1/2023		1,000,000		1,068,750
Townsquare Media, Inc., 6.50%, Due 4/1/2023A		100,000		101,125
Univision Communications, Inc.,
5.13%, Due 5/15/2023A		625,000		635,156
5.13%, Due 2/15/2025A		100,000		99,625
Windstream Services LLC,
7.75%, Due 10/15/2020		200,000		204,000

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Communications - 10.36% (continued)
Windstream Services LLC (continued)
6.38%, Due 8/1/2023	$	50,000	$	44,125
				7,832,390
Consumer, Cyclical - 6.04%
Allison Transmission, Inc., 5.00%, Due 10/1/2024A		150,000		152,813
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.88%, Due 2/15/2021A		150,000		151,500
CEC Entertainment, Inc., 8.00%, Due 2/15/2022		350,000		365,480
EMI Music Publishing Group North America Holdings, Inc., 7.63%, Due 6/15/2024A		125,000		138,125
Guitar Center, Inc., 6.50%, Due 4/15/2019A		250,000		213,437
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.88%, Due 2/15/2019A		250,000		238,750
JC Penney Corp., Inc., 5.88%, Due 7/1/2023A		150,000		151,500
PetSmart, Inc., 7.13%, Due 3/15/2023A		375,000		342,656
Pinnacle Entertainment, Inc., 5.63%, Due 5/1/2024A		125,000		129,063
Rite Aid Corp.,
6.75%, Due 6/15/2021		250,000		251,875
6.13%, Due 4/1/2023A		150,000		148,500
Sabre GLBL, Inc., 5.25%, Due 11/15/2023A		425,000		439,875
Scientific Games International, Inc., 10.00%, Due 12/1/2022		500,000		542,500
Sonic Automotive, Inc., 6.13%, Due 3/15/2027A		75,000		75,563
Springs Industries, Inc., 6.25%, Due 6/1/2021		375,000		386,719
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, Due 6/1/2024		275,000		272,937
Tempur Sealy International, Inc., 5.63%, Due 10/15/2023		25,000		25,550
Tops Holding LLC / Tops Markets II Corp., 8.00%, Due 6/15/2022A		200,000		175,000
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, Due 3/1/2025A		350,000		362,250
				4,564,093
Consumer, Non-cyclical - 13.42%
Ahern Rentals, Inc., 7.38%, Due 5/15/2023A		200,000		172,000
Ashtead Capital, Inc., 5.63%, Due 10/1/2024A		375,000		400,740
Avon International Operations, Inc., 7.88%, Due 8/15/2022A		100,000		107,500
Brand Energy & Infrastructure Services, Inc., 8.50%, Due 12/1/2021A		100,000		106,250
Cardtronics, Inc., 5.13%, Due 8/1/2022		250,000		255,000
Cardtronics, Inc. / Cardtronics USA, Inc., 5.50%, Due 5/1/2025A		200,000		204,250
Central Garden & Pet Co., 6.13%, Due 11/15/2023		225,000		240,188
CHS/Community Health Systems, Inc.,
8.00%, Due 11/15/2019		350,000		340,599
7.13%, Due 7/15/2020		100,000		89,750
6.25%, Due 3/31/2023		100,000		101,750
Cott Beverages, Inc., 5.38%, Due 7/1/2022		250,000		259,062
Cott Holdings, Inc., 5.50%, Due 4/1/2025A		175,000		178,063
DaVita, Inc.,
5.75%, Due 8/15/2022		100,000		103,625
5.13%, Due 7/15/2024		500,000		514,065
Dean Foods Co., 6.50%, Due 3/15/2023A		75,000		79,125
Dole Food Co., Inc., 7.25%, Due 6/15/2025A		50,000		51,813
Eagle Holding Co. II LLC, 7.63%, Due 5/15/2022, PIKA		250,000		254,687
Gartner, Inc., 5.13%, Due 4/1/2025A		75,000		77,625
HCA, Inc.,
5.88%, Due 5/1/2023		500,000		544,100
5.38%, Due 2/1/2025		100,000		104,125
HealthSouth Corp., 5.75%, Due 11/1/2024		400,000		407,500
Herc Rentals, Inc., 7.50%, Due 6/1/2022A		270,000		293,625
Horizon Pharma, Inc., 6.63%, Due 5/1/2023		40,000		39,550
Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.75%, Due 11/1/2024A		75,000		78,094
Kindred Healthcare, Inc., 6.38%, Due 4/15/2022		400,000		386,500
Kronos Acquisition Holdings, Inc., 9.00%, Due 8/15/2023A		175,000		177,406
LifePoint Health, Inc.,
5.88%, Due 12/1/2023		25,000		25,813

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Consumer, Non-cyclical - 13.42% (continued)
5.38%, Due 5/1/2024A	$	150,000	$	151,500
MEDNAX, Inc., 5.25%, Due 12/1/2023A		225,000		230,063
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc., 7.88%, Due 10/1/2022A		200,000		208,500
Monitronics International, Inc., 9.13%, Due 4/1/2020		325,000		315,250
Nature’s Bounty Co., 7.63%, Due 5/15/2021A		400,000		425,000
Post Holdings, Inc., 6.00%, Due 12/15/2022A		500,000		533,750
Spectrum Brands, Inc., 5.75%, Due 7/15/2025		250,000		267,977
Tenet Healthcare Corp.,
5.00%, Due 3/1/2019		250,000		250,470
4.75%, Due 6/1/2020		200,000		203,000
6.75%, Due 6/15/2023		200,000		191,000
United Rentals North America, Inc.,
5.75%, Due 11/15/2024		150,000		158,625
5.50%, Due 7/15/2025		250,000		261,482
5.50%, Due 5/15/2027		200,000		205,750
Universal Health Services, Inc., 4.75%, Due 8/1/2022A		350,000		359,856
Universal Hospital Services, Inc., 7.63%, Due 8/15/2020		450,000		456,187
Vector Group Ltd., 6.13%, Due 2/1/2025A		325,000		336,375
				10,147,590
Energy - 10.89%
Antero Resources Corp., 5.13%, Due 12/1/2022		300,000		304,500
Archrock Partners LP / Archrock Partners Finance Corp., 6.00%, Due 4/1/2021		250,000		250,625
Bristow Group, Inc., 6.25%, Due 10/15/2022		350,000		288,750
Calfrac Holdings LP, 7.50%, Due 12/1/2020A		175,000		160,562
California Resources Corp., 8.00%, Due 12/15/2022A		300,000		229,500
Callon Petroleum Co., 6.13%, Due 10/1/2024A		50,000		52,375
Carrizo Oil & Gas, Inc., 7.50%, Due 9/15/2020		250,000		257,500
Chesapeake Energy Corp.,
6.63%, Due 8/15/2020		95,000		95,950
8.00%, Due 12/15/2022A		50,000		52,688
5.75%, Due 3/15/2023		125,000		116,250
CONSOL Energy, Inc., 5.88%, Due 4/15/2022		250,000		243,750
Continental Resources, Inc.,
5.00%, Due 9/15/2022		100,000		100,875
4.90%, Due 6/1/2044		250,000		216,875
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.25%, Due 4/1/2023		200,000		208,750
CSI Compressco LP / CSI Compressco Finance, Inc., 7.25%, Due 8/15/2022		425,000		413,312
Denbury Resources, Inc., 5.50%, Due 5/1/2022		100,000		74,500
EP Energy LLC / Everest Acquisition Finance, Inc., 9.38%, Due 5/1/2020		200,000		189,250
FTS International, Inc., 8.63%, Due 6/15/2020AB		250,000		252,500
Genesis Energy LP / Genesis Energy Finance Corp., 5.63%, Due 6/15/2024		400,000		393,000
Hilcorp Energy I LP / Hilcorp Finance Co., 5.00%, Due 12/1/2024A		250,000		234,375
Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.75%, Due 4/1/2022		350,000		294,000
Laredo Petroleum, Inc., 5.63%, Due 1/15/2022		250,000		250,000
Lonestar Resources America, Inc., 8.75%, Due 4/15/2019A		150,000		131,250
Murphy Oil USA, Inc., 5.63%, Due 5/1/2027		575,000		589,375
Nabors Industries, Inc., 5.50%, Due 1/15/2023A		325,000		328,656
Parker Drilling Co., 6.75%, Due 7/15/2022		250,000		220,625
Parsley Energy LLC / Parsley Finance Corp., 5.38%, Due 1/15/2025A		200,000		202,000
Peabody Securities Finance Corp.,
6.00%, Due 3/31/2022A		75,000		76,500
6.38%, Due 3/31/2025A		75,000		76,125
Pioneer Energy Services Corp., 6.13%, Due 3/15/2022		100,000		90,750
QEP Resources, Inc., 6.88%, Due 3/1/2021		250,000		263,750
Sanchez Energy Corp., 6.13%, Due 1/15/2023		100,000		91,999

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Energy - 10.89% (continued)
SM Energy Co.,	$	175,000	$	167,125
5.63%, Due 6/1/2025
6.75%, Due 9/15/2026		100,000		100,750
Southwestern Energy Co., 5.80%, Due 1/23/2020		150,000		151,500
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, Due 8/15/2022		125,000		125,313
Sunoco LP / Sunoco Finance Corp., 6.38%, Due 4/1/2023		125,000		133,125
Tesoro Corp., 5.13%, Due 12/15/2026A		225,000		239,625
Unit Corp., 6.63%, Due 5/15/2021		300,000		298,500
WPX Energy, Inc., 7.50%, Due 8/1/2020		250,000		265,000
				8,231,855
Financial - 6.01%
Ally Financial, Inc., 5.13%, Due 9/30/2024		600,000		612,750
Credit Acceptance Corp., 6.13%, Due 2/15/2021		375,000		373,125
CyrusOne LP / CyrusOne Finance Corp.,
5.00%, Due 3/15/2024A		100,000		102,750
5.38%, Due 3/15/2027A		125,000		128,750
Equinix, Inc.,
5.38%, Due 1/1/2022		250,000		264,375
5.88%, Due 1/15/2026		250,000		269,375
FelCor Lodging LP, 5.63%, Due 3/1/2023		375,000		394,729
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
6.00%, Due 8/1/2020		300,000		310,500
6.25%, Due 2/1/2022A		100,000		104,000
iStar, Inc., 6.00%, Due 4/1/2022		75,000		76,875
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.88%, Due 8/1/2021A		90,000		91,350
OneMain Financial Holdings LLC, 6.75%, Due 12/15/2019A		400,000		420,500
RHP Hotel Properties LP / RHP Finance Corp., 5.00%, Due 4/15/2023		350,000		357,000
SBA Communications Corp., 4.88%, Due 7/15/2022		400,000		412,000
Springleaf Finance Corp., 5.25%, Due 12/15/2019		300,000		304,563
Uniti Group, Inc. / CSL Capital LLC, 8.25%, Due 10/15/2023		300,000		320,157
				4,542,799
Industrial - 3.08%
Gibraltar Industries, Inc., 6.25%, Due 2/1/2021		250,000		258,625
Grinding Media, Inc. / MC Grinding Media Canada, Inc., 7.38%, Due 12/15/2023A		200,000		213,360
Ingram Micro, Inc., 5.45%, Due 12/15/2024		200,000		200,735
NCI Building Systems, Inc., 8.25%, Due 1/15/2023A		250,000		272,500
Novelis Corp., 5.88%, Due 9/30/2026A		125,000		128,437
Standard Industries, Inc., 5.38%, Due 11/15/2024A		250,000		260,625
TransDigm, Inc., 6.00%, Due 7/15/2022		400,000		412,000
Tutor Perini Corp., 6.88%, Due 5/1/2025A		250,000		262,500
XPO Logistics, Inc., 6.50%, Due 6/15/2022A		300,000		317,625
				2,326,407
Technology - 3.58%
Advanced Micro Devices, Inc., 7.00%, Due 7/1/2024		400,000		425,500
BMC Software Finance, Inc., 8.13%, Due 7/15/2021A		250,000		254,220
Entegris, Inc., 6.00%, Due 4/1/2022A		250,000		260,625
First Data Corp., 7.00%, Due 12/1/2023A		425,000		455,685
Infor Software Parent LLC / Infor Software Parent, Inc., 7.13%, Due 5/1/2021, PIKA		150,000		153,300
Micron Technology, Inc., 5.50%, Due 2/1/2025		33,000		34,485
NCR Corp., 5.00%, Due 7/15/2022		225,000		229,500
Solera LLC / Solera Finance, Inc., 10.50%, Due 3/1/2024A		300,000		342,375

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Technology - 3.58% (continued)
Western Digital Corp., 7.38%, Due 4/1/2023A	$	500,000	$	547,500
				2,703,190
Utilities - 1.89%
AES Corp.,
5.50%, Due 3/15/2024		250,000		256,875
6.00%, Due 5/15/2026		125,000		131,875
Calpine Corp., 5.38%, Due 1/15/2023		300,000		295,500
Dynegy, Inc., 7.38%, Due 11/1/2022		250,000		239,375
NRG Energy, Inc.,
6.25%, Due 7/15/2022		100,000		101,881
6.63%, Due 3/15/2023		400,000		406,000
				1,431,506
Total Corporate Obligations (Cost $45,568,562)				46,554,539
BANK LOAN OBLIGATIONS - 14.71%
Consumer - 1.05%
Caesars Entertainment Resort Properties, LLC, 7.00%, Due 10/11/2020, Term Loan BC		59,666		59,778
Casablanca US Holdings, Inc., 5.90%, Due 3/15/2024, 1st Lien Term LoanC		30,000		29,850
Getty Images, Inc., 4.75%, Due 10/18/2019, Term Loan BC		40,311		35,607
iHeartCommunications, Inc., 7.74%, Due 1/30/2019, Term Loan DC		92,956		79,078
J.C. Penney Corporation, Inc., 5.30%, Due 6/23/2023, 2016 Term Loan BC		65,806		65,683
Revlon Consumer Products Corporation, 4.49%, Due 9/7/2023, 2016 Term Loan BC		57,696		57,754
RSC Acquisition, Inc., 6.40%, Due 11/30/2022, Term LoanC		246,892		243,189
Shearer’s Foods, Inc.,
5.08%, Due 6/30/2021, 1st Lien Term LoanC		44,538		44,612
5.40%, Due 6/30/2021, Incremental Term LoanC		9,875		9,900
Strategic Partners, Inc., 5.50%, Due 6/30/2023, 2016 Term LoanC		119,700		120,598
Varsity Brands, Inc., 5.00%, Due 12/11/2021, 1st Lien Term LoanC		51,078		51,334
				797,383
Energy - 0.62%
California Resources Corporation, 11.38%, Due 12/31/2021, Second Out Term LoanC		10,838		11,908
Chesapeake Energy Corporation, 8.55%, Due 8/23/2021, Term LoanC		41,681		45,002
Chief Exploration & Development, LLC, 7.93%, Due 5/16/2021, 2nd Lien Term LoanC		250,000		240,000
Citgo Petroleum Corporation, 4.65%, Due 7/29/2021, New Term Loan BC		124,680		125,304
Energy & Exploration Partners, Inc., 5.00%, Due 5/13/2022, 2016 2nd Lien PIK Term LoanC		6,195		2,788
MEG Energy Corp., 4.63%, Due 12/31/2023, 2017 Term Loan BC		20,249		20,259
Peabody Energy Corporation, 5.50%, Due 3/31/2022, Exit Term LoanC		20,000		20,050
				465,311
Financial - 2.26%
Acrisure, LLC, 5.90%, Due 11/22/2023, 2016 Term Loan BC		58,451		58,597
Americold Realty Operating Partnership, L.P., 4.75%, Due 12/1/2022, 2016 Term Loan BC		79,876		80,625
Ascensus, Inc., 5.02%, Due 12/3/2022, 2017 Term LoanC		45,757		46,100
AssuredPartners, Inc., 5.25%, Due 10/21/2022, 2016 Term Loan BC		172,821		173,722
Asurion LLC, 4.25%, Due 8/4/2022, New Term Loan B4C		167,424		168,435
Capital Automotive L.P., 7.00%, Due 3/24/2025, 2017 2nd Lien Term LoanC		125,000		127,500
Cision US Inc., 7.15%, Due 6/16/2023, Term Loan BC		99,250		99,829
Edgewood Partners Insurance Center, 6.00%, Due 3/16/2023, 2017 1st Lien Term Loan BC		49,000		49,000
Endo Luxembourg Finance Company I S.a r.l., 5.00%, Due 4/29/2024, 2017 Term Loan BC		125,000		125,937
Higginbotham & Associates, LLC, 6.00%, Due 11/25/2021, 1st Lien Term LoanC		207,500		208,019
IG Investment Holdings, LLC, 6.15%, Due 10/29/2021, Term Loan BC		244,260		245,635
Istar, Inc., 4.75%, Due 7/1/2020, 2016 Term Loan BC		84,828		85,570
MPH Acquisition Holdings LLC, 4.90%, Due 6/7/2023, 2016 Term Loan BC		103,788		105,104

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Financial - 2.26% (continued)
USIC Holdings, Inc., 5.17%, Due 12/8/2023, 2016 1st Lien Term LoanC	$	131,691	$	132,514
				1,706,587
Health Care - 1.00%
Affordable Care Holding Corp., 5.75%, Due 10/22/2022, 2015 1st Lien Term LoanC		49,375		49,375
Air Methods Corporation, 4.50%, Due 4/5/2024, 2017 Term Loan BC		125,000		124,844
Amneal Pharmaceuticals LLC, 4.65%, Due 11/1/2019, New Term LoanC		65,340		65,891
Curo Health Services Holdings, Inc., 5.79%, Due 2/7/2022, 2015 1st Lien Term LoanC		114,989		115,707
inVentiv Health, Inc., 4.80%, Due 11/9/2023, 2016 Term Loan BC		83,835		84,266
Onex Carestream Finance LP, 5.15%, Due 6/7/2019, 1st Lien Term LoanC		120,471		119,397
Press Ganey Holdings, Inc., 4.25%, Due 10/21/2023, 1st Lien Term LoanC		37,573		37,573
Prospect Medical Holdings, Inc., 7.06%, Due 6/30/2022, Term LoanC		74,438		75,182
Valeant Pharmaceuticals International, Inc., 5.74%, Due 4/1/2022, Term Loan B F1C		84,801		85,287
				757,522
Manufacturing - 2.95%
American Bath Group, LLC,
6.40%, Due 9/30/2023, 2017 1st Lien Add-On Term LoanC		225,848		228,294
6.40%, Due 9/30/2023, 2017 Term Loan BC		23,526		23,781
Anchor Glass Container Corporation, 8.75%, Due 12/7/2024, 2016 2nd Lien Term LoanC		27,185		27,660
ASP Chromaflo Dutch I B.V., 5.00%, Due 11/18/2023, Term Loan B2C		70,483		70,792
ASP Chromaflo Intermediate Holdings, Inc., 5.00%, Due 11/18/2023, Term Loan B1C		54,204		54,442
Avantor Performance Materials Holdings, LLC,
5.00%, Due 3/10/2024, 2017 1st Lien Term LoanC		19,192		19,372
5.00%, Due 3/10/2024, 2017 Delayed Draw Term LoanC		808		816
Avast Software B.V., 4.40%, Due 9/30/2023, 2017 USD Term Loan BC		103,441		104,389
BMC Software Finance, Inc., 5.00%, Due 9/10/2020, USD Term LoanC		112,365		112,962
BWAY Holding Company, 3.25%, Due 4/3/2024, 2017 Term Loan BC		40,000		39,736
Cortes NP Acquisition Corporation, 5.03%, Due 11/30/2023, 2017 Term Loan BC		100,492		101,078
CPG International Inc., 4.90%, Due 9/30/2020, New Term LoanC		147,781		148,428
Emerald Performance Materials, LLC, 4.50%, Due 8/1/2021, New 1st Lien Term LoanC		124,920		125,389
Flex Acquisition Company, Inc., 4.40%, Due 12/29/2023, 1st Lien Term LoanC		125,000		125,547
Global Brass & Copper, Inc., 5.25%, Due 7/18/2023, 2016 Term Loan BC		48,139		48,651
MacDermid, Inc., 4.50%, Due 6/7/2020, Term Loan B5C		42,706		42,896
Munters Corporation, 6.27%, Due 5/5/2021, Term LoanC		36,700		36,792
Netsmart Technologies, Inc.,
5.75%, Due 4/19/2023, 1st Lien Term LoanC		40,000		40,200
5.65%, Due 4/19/2023, Term Loan C1C		39,800		39,998
PLZ Aeroscience Corporation, 4.64%, Due 7/31/2022, Term LoanC		39,899		40,098
PQ Corporation, 5.25%, Due 11/4/2022, 2016 Term LoanC		141,433		143,075
Quikrete Holdings, Inc., 4.24%, Due 11/15/2023, 2016 1st Lien Term LoanC		124,688		124,870
Road Infrastructure Investment, LLC, 4.50%, Due 6/13/2023, 2016 1st Lien Term LoanC		77,615		78,080
SHO Holding I Corporation, 6.00%, Due 10/27/2022, Term LoanC		246,875		245,641
Tank Holding Corp., 5.25%, Due 3/16/2022, Refi Term LoanC		87,391		87,391
UTEX Industries Inc., 5.00%, Due 5/22/2021, 1st Lien Term loan 2014C		47,906		44,164
Vencore, Inc., 5.90%, Due 11/23/2019, 1st Lien Term LoanC		74,409		74,935
				2,229,477
Service - 3.23%
Academy, Ltd., 5.12%, Due 7/1/2022, 2015 Term Loan BC		23,649		16,259
Acosta Holdco, Inc., 4.25%, Due 9/26/2021, 2015 Term LoanC		25,242		23,464
ADMI Corp., 4.87%, Due 4/30/2022, 2015 Term Loan BC		41,455		41,662
ATI Holdings Acquisition, Inc., 5.65%, Due 5/10/2023, 2016 Term LoanC		100,142		101,060
Bass Pro Group, LLC, 6.15%, Due 12/16/2023, Term Loan BC		51,028		49,653
BioClinica, Inc., 5.38%, Due 10/20/2023, 1st Lien Term LoanC		86,461		87,002
BJ’s Wholesale Club, Inc., 4.75%, Due 2/3/2024, 2017 1st Lien Term LoanC		24,405		24,293
Brickman Group Ltd. LLC, 7.50%, Due 12/17/2021, 2nd Lien Term LoanC		125,000		125,547
California Pizza Kitchen, Inc., 7.00%, Due 8/23/2022, 2016 Term LoanC		248,750		248,335
Doosan Infracore International, Inc., 4.50%, Due 5/28/2021, Term Loan BC		55,772		56,400

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Service - 3.23% (continued)
EMI Music Publishing Limited, 3.74%, Due 8/22/2022, New Term Loan BC	$	21	$	21
Engility Corporation, 4.75%, Due 8/12/2023, Term Loan B2C		35,353		35,574
Fort Dearborn Company, 5.15%, Due 10/19/2023, 2016 1st Lien Term LoanC		67,223		67,895
Jo-Ann Stores, Inc., 6.39%, Due 10/20/2023, 2016 Term LoanC		13,392		13,336
Mister Car Wash Holdings, Inc.,
5.27%, Due 8/20/2021, Delayed Draw Term LoanC		9,974		10,024
Mister Car Wash Holdings, Inc. (continued)
5.25%, Due 8/20/2021, Term Loan BC		114,578		115,151
Neiman Marcus Group Ltd LLC, 4.25%, Due 10/25/2020, 2020 Term LoanC		36,610		29,166
NMSC Holdings, Inc., 6.15%, Due 4/19/2023, 1st Lien Term LoanC		73,351		73,167
Paradigm Acquisition Corp., 6.00%, Due 6/2/2022, Term LoanC		229,680		229,393
Petco Animal Supplies, Inc., 4.17%, Due 1/26/2023, 2017 Term Loan BC		36,485		32,962
Playpower, Inc., 5.90%, Due 6/23/2021, 2015 1st Lien Term LoanC		246,859		246,859
Rentpath, Inc., 6.25%, Due 12/17/2021, 1st Lien Term LoanC		120,327		118,723
Scientific Games International, Inc., 4.99%, Due 10/1/2021, 2017 Term Loan B3C		117,494		119,201
Tribune Media Company,
3.99%, Due 12/27/2020, Term LoanC		4,450		4,476
3.99%, Due 1/27/2024, Term Loan CC		55,601		55,914
USAGM HoldCo LLC, 4.79%, Due 7/28/2022, 2015 Term LoanC		162,938		163,467
Vestcom Parent Holdings, Inc., 5.25%, Due 12/19/2023, 2016 1st Lien Term LoanC		126,246		126,877
Vistage Worldwide, Inc, 6.50%, Due 8/19/2021, Term Loan BC		100,000		100,250
William Morris Endeavor Entertainment, LLC, 4.25%, Due 5/6/2021, 1st Lien Term LoanC		123,049		123,691
				2,439,822
Technology - 1.81%
Compuware Corporation, 5.25%, Due 12/15/2021, Term Loan B3C		107,322		107,725
Epicor Software Corporation, 4.75%, Due 6/1/2022, 1st Lien Term LoanC		233,012		232,648
Magic Newco LLC, 5.00%, Due 12/12/2018, 1st Lien Term LoanC		238,561		238,773
Misys Europe SA,
4.50%, Due 4/27/2024, USD 1st Lien Term LoanC		125,000		124,375
8.25%, Due 4/27/2025, USD 2nd Lien Term LoanC		7,000		6,930
Omnitracs, Inc., 4.90%, Due 11/25/2020, 1st Lien Term LoanC		61,991		62,495
SMS Systems Maintenance Services, Inc., 6.00%, Due 10/30/2023, 2016 1st Lien Term LoanC		124,688		125,155
Sophia, L.P., 4.40%, Due 9/30/2022, 2017 Term Loan BC		95,699		95,532
Survey Sampling International, LLC,
6.15%, Due 12/4/2020, 1st Lien Term Loan BC		122,500		122,500
10.15%, Due 12/4/2021, 2nd Lien Term LoanC		125,000		122,500
Triple Point Technology, Inc., 5.40%, Due 7/10/2020, 1st Lien Term LoanC		84,735		79,933
WEX Inc., 4.49%, Due 7/1/2023, Term Loan BC		48,110		48,576
				1,367,142
Telecommunications - 0.48%
Altice US Finance I Corporation, 3.25%, Due 1/25/2025, 2017 Incremental Term LoanC		125,000		124,870
LTS Buyer LLC, 4.40%, Due 4/13/2020, 1st Lien Term LoanC		24,554		24,619
Merrill Communications, LLC, 6.42%, Due 6/1/2022, 2015 Term LoanC		89,456		89,307
NeuStar, Inc., 4.75%, Due 2/28/2024, Term Loan B2C		125,000		126,615
				365,411
Transportation - 0.32%
American Tire Distributors Holdings, Inc., 5.25%, Due 9/1/2021, 2015 Term LoanC		241,285		241,437
				241,437
Utilities - 0.99%
Helix Gen Funding, LLC, 4.75%, Due 2/23/2024, Term Loan BC		135,468		136,688
Murray Energy Corporation, 8.40%, Due 4/16/2020, Term Loan B2C		45,928		43,798
Nautilus Power, LLC, 5.50%, Due 4/26/2024, Term Loan BC		125,000		123,750
Talen Energy Supply, LLC, 5.00%, Due 4/15/2024, 2017 Term Loan B2C		125,000		123,906

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Utilities - 0.99% (continued)
TPF II Power, LLC, 5.00%, Due 10/2/2023, Term Loan BC	$	317,156	$	318,941
				747,083
Total Bank Loan Obligations (Cost $11,082,154)				11,117,175
FOREIGN CORPORATE OBLIGATIONS - 13.52%
BASIC MATERIALS - 2.93%
Alcoa Nederland Holding B.V., 7.00%, Due 9/30/2026A		200,000		221,000
Constellium N.V., 5.75%, Due 5/15/2024A		100,000		93,750
First Quantum Minerals Ltd.,
7.25%, Due 4/1/2023A		200,000		203,625
7.50%, Due 4/1/2025A		150,000		153,000
FMG Resources August 2006 Pty Ltd.,
9.75%, Due 3/1/2022A		100,000		115,062
6.88%, Due 4/1/2022A		100,000		103,563
Hudbay Minerals, Inc., 7.25%, Due 1/15/2023A		400,000		425,500
INEOS Group Holdings S.A., 5.63%, Due 8/1/2024A		250,000		254,375
New Gold, Inc., 6.25%, Due 11/15/2022A		400,000		408,000
Perstorp Holding AB, 8.50%, Due 6/30/2021A		225,000		237,937
				2,215,812
COMMUNICATIONS - 2.90%
Altice Luxembourg S.A., 7.75%, Due 5/15/2022A		400,000		425,052
SFR Group S.A., 6.00%, Due 5/15/2022A		350,000		364,875
Telecom Italia SpA/Milano, 5.30%, Due 5/30/2024A		400,000		414,000
Virgin Media Finance PLC, 6.38%, Due 4/15/2023A		500,000		524,375
VTR Finance B.V., 6.88%, Due 1/15/2024A		290,000		308,125
Ziggo Bond Finance B.V., 6.00%, Due 1/15/2027A		150,000		153,000
				2,189,427
CONSUMER, CYCLICAL - 1.66%
Fiat Chrysler Automobiles N.V., 5.25%, Due 4/15/2023		150,000		154,125
International Game Technology PLC, 6.50%, Due 2/15/2025A		500,000		547,500
Silversea Cruise Finance Ltd., 7.25%, Due 2/1/2025A		250,000		265,000
Viking Cruises Ltd., 6.25%, Due 5/15/2025A		300,000		288,750
				1,255,375
CONSUMER, NON-CYCLICAL - 1.27%
Clearwater Seafoods, Inc., 6.88%, Due 5/1/2025A		100,000		103,500
Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.00%, Due 7/15/2023A		200,000		175,250
IHS Markit Ltd., 5.00%, Due 11/1/2022A		325,000		347,344
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC, 5.63%, Due 10/15/2023A		350,000		334,250
				960,344
ENERGY - 1.36%
Transocean, Inc., 8.13%, Due 12/15/2021		500,000		520,000
Weatherford International Ltd., 5.13%, Due 9/15/2020		500,000		504,100
				1,024,100
FINANCIAL - 1.37%
Dana Financing Luxembourg Sarl, 5.75%, Due 4/15/2025A		250,000		256,095
Fly Leasing Ltd., 6.75%, Due 12/15/2020		500,000		525,000
Royal Bank of Scotland Group PLC, 4.70%, Due 7/3/2018		250,000		255,962
				1,037,057
INDUSTRIAL - 1.54%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.,
4.63%, Due 5/15/2023A		50,000		51,063

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
INDUSTRIAL - 1.54% (continued)
7.25%, Due 5/15/2024A	$	500,000	$	544,375
Bombardier, Inc., 6.00%, Due 10/15/2022A		350,000		349,125
Coveris Holdings S.A., 7.88%, Due 11/1/2019A		225,000		222,187
				1,166,750
TECHNOLOGY - 0.49%
Open Text Corp., 5.88%, Due 6/1/2026A		350,000		373,625
Total Foreign Corporate Obligations (Cost $9,967,975)				10,222,490
	Shares
COMMON STOCKS - 0.01%
ENERGY - 0.00%
Oil, Gas & Consumable Fuels - 0.00%
Energy & Exploration Partners, Inc.D		3		—
HEALTH CARE - 0.01%
Pharmaceuticals - 0.01%
Millennium Health, LLC		4,651		5,349
Total Common Stocks (Cost $26,255)				5,349
SHORT-TERM INVESTMENTS - 9.30% (Cost $7,029,382)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%E		7,029,382		7,029,382
TOTAL INVESTMENTS - 99.13% (Cost $73,674,328)				74,928,935
OTHER ASSETS, NET OF LIABILITIES - 0.87%				656,626
TOTAL NET ASSETS - 100.00%			$	75,585,561

Percentages are stated as a percent of net assets.

^A  Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $25,165,095 or 33.3% of net assets. The Fund has no right to demand registration of these securities.

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

^C  Term Loan.

^D  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amount to $0 or 0.00% of net assets.

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

LLC - Limited Liability Company.

LLLP - Limited Liability Limited Partnership.

LP - Limited Partnership.

PIK Payment in Kind.

PLC - Public Limited Company.

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

Crescent Short Duration High Income Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	—	$	46,554,539	$	—	$	46,554,539
Bank Loan Obligations		—		11,117,175		—		11,117,175
Foreign Corporate Obligations		—		10,222,490		—		10,222,490
Common Stocks		5,349		—		—		5,349
Short-Term Investments - Money Market Funds		7,029,382		—		—		7,029,382
Total Investments in Securities - Assets	$	7,034,731	$	67,894,204	$	—	$	74,928,935

U.S. GAAP also requires all transfers between any level to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between levels.

See accompanying notes.

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top Ten Holdings (% Net Assets)
T-Mobile USA, Inc.		1.4
Sprint Corp.		1.1
Univision Communications, Inc.		0.8
Ally Financial, Inc.		0.8
Murphy Oil USA, Inc.		0.8
International Game Technology PLC		0.7
Western Digital Corp.		0.7
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.		0.7
HCA, Inc.		0.7
Scientific Games International, Inc.		0.7
Total Fund Holdings	341
Sector Weightings (% Investments)
Consumer, Non-cyclical		14.8
Communications		13.4
Energy		13.0
Financial		9.7
Other		9.4
Basic Materials		9.3
Consumer, Cyclical		7.8
Technology		5.9
Industrial		4.7
Service		3.2
Manufacturing		3.0
Utilities		2.9
Consumer		1.1
Health Care		1.0
Telecommunications		0.5
Transportation		0.3

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Brazil - 2.81%
Foreign Corporate Obligations - 0.37%
Itau Unibanco Holding S.A., 2.850%, Due 5/26/2018A	$	1,600,000	$	1,604,800
Foreign Sovereign Obligations - 2.44%
Banco Nacional de Desenvolvimento Economico e Social,
4.00%, Due 4/14/2019A		1,000,000		1,019,200
6.37%, Due 6/16/2018A		9,195,000		9,574,294
				10,593,494
Total Brazil (Cost $12,207,469)				12,198,294
British Virgin Islands - 2.51%
Foreign Corporate Obligations - 2.51%
CNOOC Finance 2013 Ltd., 1.750%, Due 5/9/2018		3,534,000		3,523,783
CNPC General Capital Ltd.,
1.95%, Due 11/25/2017A		500,000		500,561
2.75%, Due 5/14/2019A		4,850,000		4,891,276
Sinopec Group Overseas Development 2013 Ltd., 2.500%, Due 10/17/2018A		1,500,000		1,507,893
Sinopec Group Overseas Development 2014 Ltd., 2.750%, Due 4/10/2019A		250,000		252,221
Sinopec Group Overseas Development 2016 Ltd., 2.125%, Due 5/3/2019A		250,000		248,933
Total British Virgin Islands (Cost $10,937,877)				10,924,667
Chile - 0.82%
Foreign Corporate Obligations - 0.82%
Banco del Estado de Chile, 2.000%, Due 11/9/2017A		1,800,000		1,802,196
Itau CorpBanca, 3.125%, Due 1/15/2018		1,750,000		1,760,525
Total Chile (Cost $3,568,810)				3,562,721
Colombia - 0.47% (Cost $2,046,810)
Foreign Government Obligations - 0.47%
Colombia Government International Bond, 7.375%, Due 3/18/2019		1,875,000		2,062,500
India - 1.12%
Foreign Corporate Obligations - 1.12%
ICICI Bank Ltd/Dubai,
4.70%, Due 2/21/2018A		1,200,000		1,224,550
4.80%, Due 5/22/2019A		3,000,000		3,128,610
State Bank of India, 3.622%, Due 4/17/2019A		500,000		510,064
Total India (Cost $4,876,299)				4,863,224
Indonesia - 1.43% (Cost $6,212,553)
Foreign Government Obligations - 1.43%
Indonesia Government International Bond, 11.625%, Due 3/4/2019A		5,300,000		6,232,800
Israel - 1.03% (Cost $4,462,853)
Foreign Corporate Obligations - 1.03%
Israel Electric Corp. Ltd., 5.625%, Due 6/21/2018A		4,300,000		4,463,056
Kazakhstan - 1.01% (Cost $4,379,424)
Foreign Corporate Obligations - 1.01%
KazMunayGas National Co. JSC, 9.125%, Due 7/2/2018A		4,075,000		4,377,365
Mexico - 5.22%
Foreign Corporate Obligations - 5.22%
Petroleos Mexicanos,
5.75%, Due 3/1/2018		3,000,000		3,090,510
6.00%, Due 3/5/2020		9,200,000		9,903,800
3.50%, Due 7/18/2018		1,000,000		1,015,700

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Principal Amount		Fair Value
Mexico - 5.22% (continued)
Foreign Corporate Obligations - 5.22% (continued)
Petroleos Mexicanos (continued)
5.50%, Due 2/4/2019	$	8,300,000	$	8,681,800
Total Mexico (Cost $22,624,482)				22,691,810
Netherlands - 3.51%
Foreign Corporate Obligations - 3.51%
Majapahit Holding B.V.,
7.25%, Due 6/28/2017A		14,425,000		14,533,187
8.00%, Due 8/7/2019A		650,000		727,155
Total Netherlands (Cost $15,283,517)				15,260,342
South Africa - 3.96%
Foreign Government Obligations - 3.96%
Republic of South Africa Government International Bond,
6.88%, Due 5/27/2019		7,750,000		8,389,685
5.50%, Due 3/9/2020		8,300,000		8,809,686
Total South Africa (Cost $17,306,347)				17,199,371
Turkey - 6.13%
Foreign Government Obligations - 6.13%
Turkey Government International Bond,
6.75%, Due 4/3/2018		21,350,000		22,167,705
7.50%, Due 7/14/2017		4,200,000		4,250,820
7.50%, Due 11/7/2019		180,000		198,234
Total Turkey (Cost $26,596,574)				26,616,759
United States - 67.09%
U.S. Treasury Obligations - 67.09%
U.S. Treasury Bill,
0.71%, Due 5/11/2017		14,000,000		13,997,424
0.75%, Due 5/25/2017		30,000,000		29,986,560
0.72%, Due 5/18/2017		70,000,000		69,977,530
0.69%, Due 6/15/2017		27,600,000		27,577,451
0.75%, Due 6/29/2017		30,700,000		30,662,945
0.78%, Due 7/6/2017		70,700,000		70,604,060
U.S. Treasury Notes/Bonds,
1.88%, Due 1/31/2022		3,000,000		3,009,609
1.88%, Due 2/28/2022		25,500,000		25,584,660
1.88%, Due 3/31/2022		20,100,000		20,151,034
Total United States (Cost $291,144,900)				291,551,273
	Shares
SHORT-TERM INVESTMENTS - 1.20% (Cost $5,233,402)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%B		5,233,402		5,233,402
TOTAL INVESTMENTS - 98.31% (Cost $426,881,317)				427,237,584
OTHER ASSETS, NET OF LIABILITIES - 1.69%				7,351,604
TOTAL NET ASSETS - 100.00%			$	434,589,188

Percentages are stated as a percent of net assets.

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

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

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

OTC Swap Agreements Outstanding on April 30, 2017:

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

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2017(3) (%)		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)			Fair Value(5)			Unrealized Appreciation (Depreciation)
Lebanese Republic		BRC		1.0000		12/20/2019		2.7600		USD		150	$	12,087		$	7,121		$	(4,966	)
Lebanese Republic		BRC		1.0000		6/20/2021		3.5100		USD		200		27,039			18,936			(8,103	)
Lebanese Republic		BRC		1.0000		6/20/2021		3.5100		USD		275		39,726			26,037			(13,689	)
Republic of Chile		BRC		1.0000		6/20/2021		0.5960		USD		500		(6,204	)		(8,648	)		(2,444	)
Russian Federation		BRC		1.0000		6/20/2021		1.2071		USD		500		25,796			3,357			(22,439	)
Republic of Kazakhstan		BCC		1.0000		12/20/2021		1.3254		USD		800		22,258			10,143			(12,115	)
Lebanese Republic		BCC		1.0000		12/20/2021		3.7055		USD		800		113,687			90,757			(22,930	)
Republic of South Africa		BCC		1.0000		12/20/2021		1.7575		USD		2,000		92,764			64,918			(27,846	)
Republic of South Africa		BCC		1.0000		12/20/2021		1.7575		USD		1,500		66,540			48,689			(17,851	)
Lebanese Republic		BRC		1.0000		12/20/2021		3.7055		USD		15,000		2,086,425			1,701,703			(384,722	)
Republic of Korea		BRC		1.0000		12/20/2021		0.5291		USD		500		(12,881	)		(10,829	)		2,052
Republic of Chile		BRC		1.0000		12/20/2021		0.6682		USD		2,500		(11,077	)		(38,124	)		(27,047	)
Republic of Kazakhstan		BRC		1.0000		12/20/2021		1.3254		USD		250		10,983			3,170			(7,813	)
Republic of Kazakhstan		BRC		1.0000		12/20/2021		1.3254		USD		3,000		128,107			38,038			(90,069	)
Lebanese Republic		BRC		1.0000		12/20/2021		3.7055		USD		3,000		505,382			340,341			(165,041	)
Republic of Indonesia		BRC		1.0000		12/20/2021		1.1704		USD		800		17,961			5,257			(12,704	)
Republic of Indonesia		BRC		1.0000		12/20/2021		1.1704		USD		1,000		23,693			6,571			(17,122	)
Republic of Kazakhstan		BRC		1.0000		12/20/2021		1.3254		USD		15,000		430,758			190,189			(240,569	)
Republic of South Africa		BRC		1.0000		12/20/2021		1.7575		USD		6,000		269,259			194,755			(74,504	)
Republic of Chile		CBK		1.0000		12/20/2021		0.6682		USD		8,000		(74,053	)		(121,998	)		(47,945	)
Republic of Kazakhstan		CBK		1.0000		12/20/2021		1.3254		USD		300		12,171			3,804			(8,367	)
Russian Federation		CBK		1.0000		12/20/2021		1.3790		USD		3,000		157,589			48,325			(109,264	)
Russian Federation		CBK		1.0000		12/20/2021		1.3790		USD		13,000		427,686			209,406			(218,280	)
Republic of Colombia		FBF		1.0000		12/20/2021		1.1304		USD		4,000		62,091			20,014			(42,077	)
Republic of Indonesia		HUB		1.0000		12/20/2021		1.1704		USD		1,800		39,738			11,828			(27,910	)
Republic of Korea		UAG		1.0000		12/20/2021		0.5291		USD		9,000		(207,549	)		(194,924	)		12,625
Republic of Indonesia		UAG		1.0000		12/20/2021		1.1704		USD		3,000		52,565			19,714			(32,851	)
Russian Federation		BCC		1.0000		6/20/2022		1.5499		USD		4,300		143,738			108,140			(35,598	)
Republic of Turkey		BCC		1.0000		6/20/2022		2.1013		USD		9,375		602,839			467,123			(135,716	)
Republic of Turkey		BRC		1.0000		6/20/2022		2.1013		USD		5,000		324,485			249,132			(75,353	)
Republic of South Africa		CBK		1.0000		6/20/2022		1.9450		USD		5,500		251,477			239,484			(11,993	)
Republic of Indonesia		HUS		1.0000		6/20/2022		1.3000		USD		3,000		42,250			38,173			(4,077	)
													$	5,677,330		$	3,790,602		$	(1,886,728	)
Credit Default Swaps on Corporate and Sovereign Securities - Sell Protection(2)
Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2017(3) (%)		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)			Fair Value(5)			Unrealized Appreciation (Depreciation)
United Mexican States		BRC		1.0000		6/20/2017		0.1257		USD		500	$	417		$	608		$	191
Republic of Philippines		BCC		1.0000		12/20/2019		0.3533		USD		3,000		28,790			47,373			18,583
Republic of Philippines		BRC		1.0000		12/20/2019		0.3533		USD		500		3,619			7,895			4,276

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2017(3) (%)		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)		Fair Value(5)		Unrealized Appreciation (Depreciation)
Republic of Colombia		HUB		1.0000		12/20/2021		0.5075		USD		7,000	$	35,496	$	78,111	$	42,615
													$	68,322	$	133,987	$	65,665

⁽¹⁾  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽³⁾  Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swaps agreements on corporate issues and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

⁽⁵⁾  The quoted market prices and resulting values for credit default swaps on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/ sold as of the period end. Increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Forward Currency Contracts Open on April 30, 2017:

Type	Currency	Principal Amount Covered by Contract		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	PEN		5,073,455	6/13/2017	CBK	$	17,454	$	—		$	17,454
Buy	COP		37,274,498	6/15/2017	CBK		—		(525,502	)		(525,502	)
Sell	COP		3,301,600	6/15/2017	CBK		45,400		—			45,400
Sell	COP		12,769,494	6/15/2017	CBK		—		(169,494	)		(169,494	)
Sell	COP		518,546	6/15/2017	CBK		—		(18,546	)		(18,546	)
Sell	KRW		2,591,089	5/30/2017	HUB		8,911		—			8,911
Sell	KRW	$	5,347,028	5/30/2017	HUB		25,972		—			25,972
Buy	PLN		13,082,513	6/1/2017	HUB		16,513		—			16,513
Buy	PLN		3,946,126	6/1/2017	HUB		172,126		—			172,126
Sell	PLN		25,831,873	6/1/2017	HUB		—		(1,375,873	)		(1,375,873	)
Buy	CNY		8,637,208	6/6/2017	HUB		—		(2,792	)		(2,792	)
Buy	CNY		2,300,255	6/6/2017	HUB		255		—			255
Sell	RUB		17,114,970	6/9/2017	HUB		—		(581,970	)		(581,970	)
Sell	RUB		1,195,755	6/9/2017	HUB		4,245		—			4,245
Sell	RUB		1,213,424	6/9/2017	HUB		—		(13,424	)		(13,424	)
Buy	CLP		12,171,509	6/13/2017	HUB		—		(328,491	)		(328,491	)
Buy	CLP		4,643,041	6/13/2017	HUB		—		(59,588	)		(59,588	)
Buy	PEN		6,596,705	6/13/2017	HUB		24,705		—			24,705
Buy	PEN		5,076,558	6/13/2017	HUB		20,557		—			20,557
Sell	CLP		726,533	6/13/2017	HUB		23,467		—			23,467
Sell	CLP		10,782,252	6/13/2017	HUB		373,748		—			373,748
Sell	CLP		5,277,288	6/13/2017	HUB		190,712		—			190,712
Sell	PEN		1,947,070	6/13/2017	HUB		—		(49,070	)		(49,070	)
Sell	PEN		12,909,436	6/13/2017	HUB		—		(159,436	)		(159,436	)
Buy	COP		1,556,684	6/15/2017	HUB		—		(43,316	)		(43,316	)
Buy	COP		5,970,370	6/15/2017	HUB		219,147		—			219,147
Sell	COP		3,721,068	6/15/2017	HUB		—		(9,818	)		(9,818	)
Sell	COP		3,723,574	6/15/2017	HUB		—		(12,324	)		(12,324	)

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell		COP		3,722,947		6/15/2017		HUB	$	—	$	(11,697	)	$	(11,697	)
Sell		COP		3,726,081		6/15/2017		HUB		—		(14,831	)		(14,831	)
Sell		COP		6,642,136		6/15/2017		HUB		4,864		—			4,864
Sell		COP		4,714,534		6/15/2017		HUB		66,466		—			66,466
Sell		COP		686,723		6/15/2017		HUB		13,277		—			13,277
Buy		BRL		4,929,081		6/20/2017		HUB		449,878		—			449,878
Sell		BRL		8,574,253		6/20/2017		HUB		—		(49,253	)		(49,253	)
Sell		BRL		8,550,124		6/20/2017		HUB		81,876		—			81,876
Sell		BRL		7,688,050		6/20/2017		HUB		80,950		—			80,950
Sell		BRL		2,964,069		6/20/2017		HUB		35,931		—			35,931
Sell		BRL		1,589,558		6/20/2017		HUB		10,442		—			10,442
Sell		BRL		8,578,236		6/20/2017		HUB		—		(53,236	)		(53,236	)
Sell		BRL		2,718,301		6/20/2017		HUB		—		(102,301	)		(102,301	)
Sell		BRL		2,717,188		6/20/2017		HUB		—		(113,188	)		(113,188	)
Buy		MXN		13,566,466		6/21/2017		HUB		1,132,446		—			1,132,446
Buy		MXN		2,172,752		6/21/2017		HUB		—		(27,248	)		(27,248	)
Buy		MXN		17,070,084		6/21/2017		HUB		26,972		—			26,972
Sell		MXN		1,438,361		6/21/2017		HUB		—		(73,361	)		(73,361	)
Sell		MXN		6,559,704		6/21/2017		HUB		—		(348,704	)		(348,704	)
Sell		MXN		13,326,160		6/21/2017		HUB		—		(45,160	)		(45,160	)
Sell		MXN		3,781,022		6/21/2017		HUB		—		(20,022	)		(20,022	)
Buy		CNY		9,623,498		11/14/2017		HUB		166,498		—			166,498
Sell		CNY		4,831,430		11/14/2017		HUB		1,570		—			1,570
Sell		CNY		4,841,829		11/14/2017		HUB		—		(8,829	)		(8,829	)
Sell		KRW		5,862,644		5/30/2017		UAG		25,356		—			25,356
Sell		KRW		5,346,083		5/30/2017		UAG		26,917		—			26,917
Buy		PLN		20,195,316		6/1/2017		UAG		795,316		—			795,316
Buy		PLN		1,651,992		6/1/2017		UAG		69,992		—			69,992
Buy		CNY		9,113,120		6/6/2017		UAG		52,120		—			52,120
Buy		CNY		7,681,084		6/6/2017		UAG		40,084		—			40,084
Sell		PEN		1,927,129		6/13/2017		UAG		—		(49,129	)		(49,129	)
Buy		COP		5,970,370		6/15/2017		UAG		219,147		—			219,147
Sell		COP		375,102		6/15/2017		UAG		4,898		—			4,898
Sell		COP		7,981,265		6/15/2017		UAG		—		(4,265	)		(4,265	)
Sell		COP		232,473		6/15/2017		UAG		—		(2,473	)		(2,473	)
Buy		BRL		4,284,630		6/20/2017		UAG		102,962		—			102,962
Sell		BRL		1,986,625		6/20/2017		UAG		—		(75,625	)		(75,625	)
Sell		BRL		1,947,109		6/20/2017		UAG		—		(81,109	)		(81,109	)
Buy		MXN		24,191,155		6/21/2017		UAG		36,699		—			36,699
Sell		MXN		18,042,696		6/21/2017		UAG		—		(961,696	)		(961,696	)
Sell		MXN		13,964,259		6/21/2017		UAG		—		(635,259	)		(635,259	)
									$	4,587,873	$	(6,027,030	)	$	(1,439,157	)

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Glossary:

Counterparty Abbreviations:
BCC	Barclays Capital
BRC	Barclays Bank, PLC
CBK	Citibank, N.A.
FBF	Credit Suisse International
HUB	HSBC Bank PLC
HUS	HSBC Bank USA
UAG	UBS AG
Currency Abbreviations:
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
KRW	South Korean Won
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
USD	United States Dollar
Exchange Abbreviations:
OTC	Over-the-Counter

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

GLG Total Return Fund	Level 1		Level 2			Level 3		Total
Assets
Foreign Corporate Obligations
Brazil	$	—	$	1,604,800		$	—	$	1,604,800
British Virgin Islands		—		10,924,667			—		10,924,667
Chile		—		3,562,721			—		3,562,721
India		—		4,863,224			—		4,863,224
Israel		—		4,463,056			—		4,463,056
Kazakhstan		—		4,377,365			—		4,377,365
Mexico		—		22,691,810			—		22,691,810
Netherlands		—		15,260,342			—		15,260,342
Foreign Sovereign Obligations
Brazil		—		10,593,494			—		10,593,494
Foreign Government Obligations
Colombia		—		2,062,500			—		2,062,500
Indonesia		—		6,232,800			—		6,232,800
South Africa		—		17,199,371			—		17,199,371
Turkey		—		26,616,759			—		26,616,759
U.S. Treasury Obligations		—		291,551,273			—		291,551,273
Short-Term Investments - Money Market Funds		5,233,402		—			—		5,233,402
Total Investments in Securities - Assets	$	5,233,402	$	422,004,182		$	—	$	427,237,584
Financial Derivative Instruments - Assets
Swap Contracts	$	—	$	80,342		$	—	$	80,342
Forward Currency Contracts		—		4,587,873			—		4,587,873
Total Financial Derivative Instruments - Assets	$	—	$	4,668,215		$	—	$	4,668,215
Financial Derivative Instruments - Liabilities
Swap Contracts	$	—	$	(1,901,405	)	$	—	$	(1,901,405	)
Forward Currency Contracts		—		(6,027,030	)		—		(6,027,030	)
Total Financial Derivative Instruments - Liabilities	$	—	$	(7,928,435	)	$	—	$	(7,928,435	)

U.S. GAAP also requires all transfers between any level to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between levels.

See accompanying notes.

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top Ten Holdings (% Net Assets)
U.S. Treasury Bill, 0.78%, 7/6/2017		16.2
U.S. Treasury Bill, 0.72%, 5/18/2017		16.1
U.S. Treasury Bill, 0.75%, 6/29/2017		7.1
U.S. Treasury Bill, 0.75%, 5/25/2017		6.9
U.S. Treasury Bill, 0.69%, 6/15/2017		6.3
U.S. Treasury Notes/Bonds, 1.88%, 2/28/2022		5.9
Turkey Government International Bond, 6.75%, 4/3/2018		5.1
U.S. Treasury Notes/Bonds, 1.88, 3/31/2022		4.6
Majapahit Holding B.V., 7.25%, 6/28/2017		3.3
U.S. Treasury Bill, 0.71%, 5/11/2017		3.2
Total Fund Holdings	38
Country Allocation (% Investments)
United States		69.5
Turkey		6.2
Mexico		5.3
South Africa		4
Netherlands		3.6
Brazil		2.9
British Virgin Islands		2.6
Indonesia		1.5
India		1.1
Israel		1
Kazakhstan		1
Chile		0.8
Colombia		0.5

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

		Principal Amount*		Fair Value
Angola - 3.84% (Cost $2,001,073)
Foreign Government Obligations - 2.36%
Angolan Government International Bond, 9.50%, Due 11/12/2025A		$	2,000,000	$	2,094,520
Structured Notes - 1.48%
Republic of Angola (Issuer Aurora Australis BV), 7.57%, Due 12/19/2023A B			1,312,500		1,313,944
Total Angola (Cost $3,313,573)					3,408,464
Argentina - 4.31%
Foreign Government Obligations - 4.31%
Argentina Bonar Bonds,
22.25%, Due 3/1/2018	ARS		10,388,072		714,243
22.40%, Due 10/9/2017	ARS		24,800,000		1,643,131
Argentine Bonos del Tesoro,
22.75%, Due 3/5/2018	ARS		15,750,000		1,079,328
16.00%, Due 10/17/2023	ARS		5,450,000		394,722
Total Argentina (Cost $3,912,519)					3,831,424
Armenia - 1.79% (Cost $1,500,000)
Structured Notes - 1.79%
Armenian Treasury Bond (Issuer Frontera Capital BV), 10.00%, Due 5/7/2021C D		$	1,500,000		1,589,400
Azerbaijan - 2.28% (Cost $2,000,000)
Structured Notes - 2.28%
Republic of Azerbaijan (Issuer Frontera Capital BV), 14.00%, Due 3/30/2020			2,000,000		2,022,000
Bosnia & Herzegovina - 0.38%
Foreign Government Obligations - 0.38%
Bosnia & Herzegovina Government International Bond,
0.56%, Due 12/11/2017, Series A	EUR		280,000		148,929
0.56%, Due 12/11/2021, Series BA	EUR		416,667		190,291
Total Bosnia & Herzegovina (Cost $435,768)					339,220
Cameroon, United Republic Of - 2.56% (Cost $2,044,327)
Foreign Government Obligations - 2.56%
Republic of Cameroon International Bond, 9.50%, Due 11/19/2025A			2,000,000		2,275,320
Congo - 0.99% (Cost $921,679)
Structured Notes - 0.99%
Congolese International Bond, 4.00%, Due 6/30/2029A E			1,170,923		877,709
Dominican Republic - 3.86% (Cost $3,654,535)
Foreign Government Obligations - 3.86%
Dominican Republic International Bond, 11.50%, Due 5/10/2024A	DOP		155,000,000		3,432,119
Ecuador - 2.26%
Foreign Government Obligations - 2.26%
Ecuador Government International Bond,
10.50%, Due 3/24/2020A			1,400,000		1,498,000
9.65%, Due 12/13/2026A			500,000		508,750
Total Ecuador (Cost $1,863,719)					2,006,750
Egypt - 4.45%
Foreign Government Obligations - 4.45%
Egypt Treasury Bills,
0.00%, Due 11/14/2017, Series 364D	EGP		28,000,000		1,407,924
0.01%, Due 1/23/2018, Series 364D	EGP		14,000,000		682,039

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

		Principal Amount*		Fair Value
Egypt - 4.45% (continued)
Foreign Government Obligations - 4.45% (continued)
Egypt Treasury Bills (continued)
0.01%, Due 1/9/2018, Series 364D	EGP		38,000,000	$	1,863,099
Total Egypt (Cost $3,879,500)					3,953,062
Ethiopia - 1.11% (Cost $936,924)
Foreign Government Obligations - 1.11%
Ethiopia International Bond, 6.625%, Due 12/11/2024A		$	1,000,000		988,500
Gabon - 2.31% (Cost $1,947,111)
Foreign Government Obligations - 2.31%
Gabon Government International Bond, 6.375%, Due 12/12/2024A			2,100,000		2,056,425
Gambia - 1.26% (Cost $1,069,596)
Structured Notes - 1.26%
Central Bank of Gambia (Issuer Frontera Capital BV), 15.00%, Due 8/9/2017C D			1,070,000		1,122,858
Georgia - 1.42% (Cost $1,250,000)
Structured Notes - 1.42%
Georgia Government (Issuer Frontera Capital BV), 10.00%, Due 8/4/2021A C D			1,250,000		1,259,500
Ghana - 4.38%
Foreign Government Obligations - 4.07%
Ghana Government Bond,
21.00%, Due 3/23/2020, Series 5YR	GHS		1,000,000		240,573
24.75%, Due 3/1/2021	GHS		3,900,000		1,041,136
24.75%, Due 7/19/2021	GHS		5,300,000		1,435,623
19.00%, Due 11/2/2026, Series 10Y	GHS		3,875,000		900,276
					3,617,608
Structured Notes - 0.31%
Ghana Government Promissory Notes (Issuer Saderea Ltd.), 12.50%, Due 11/30/2026A			270,195		275,599
Total Ghana (Cost $3,837,639)					3,893,207
Iraq - 3.27% (Cost $2,576,330)
Foreign Government Obligations - 3.27%
Iraq International Bond, 5.80%, Due 1/15/2028A			3,250,000		2,904,688
Ivory Coast - 3.23% (Cost $2,798,833)
Foreign Government Obligations - 3.23%
Ivory Coast Government International Bond, 5.75%, Due 12/31/2032A			2,989,000		2,866,451
Kazakhstan - 4.37%
Structured Notes - 4.37%
National Bank of Kazakhstan (Issuer Citigroup Global Markets),
8.72%, Due 10/2/2017	KZT		466,000,000		1,421,121
10.53%, Due 9/3/2017A	KZT		120,000,000		368,053
10.05%, Due 10/9/2017A	KZT		330,000,000		1,002,408
9.67%, Due 10/8/2017A	KZT		250,000,000		759,400
9.45%, Due 3/3/2018A	KZT		115,000,000		333,090
Total Kazakhstan (Cost $3,768,781)					3,884,072
Kenya - 2.69%
Foreign Government Obligations - 2.69%
Kenya Infrastructure Bond,
11.00%, Due 12/2/2024, Series 9YR	KES		75,000,000		643,206

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

		Principal Amount*		Fair Value
Kenya - 2.69% (continued)
Foreign Government Obligations - 2.69% (continued)
12.50%, Due 5/12/2025, Series 9YR	KES		36,000,000	$	336,704
12.00%, Due 9/18/2023, Series 12YR	KES		57,400,000		534,703
12.00%, Due 10/6/2031, Series 15YR	KES		103,000,000		878,677
Total Kenya (Cost $2,618,381)					2,393,290
Malawi - 1.35% (Cost $997,574)
Structured Notes - 1.35%
Republic of Malawi (Issuer Frontera Capital BV), 24.00%, Due 9/7/2018C D		$	1,000,000		1,199,800
Mongolia - 4.67%
Foreign Government Obligations - 1.00%
Mongolia Government International Bond, 8.75%, Due 3/9/2024A			800,000		888,876
Structured Notes - 3.67%
Mongolia Ministry of Finance (Issuer ING Bank NV), 16.50%, Due 10/13/2017			4,250,000		3,261,407
Total Mongolia (Cost $4,105,159)					4,150,283
Mozambique - 4.80%
Foreign Government Obligations - 1.53%
Mozambique International Bond, 10.50%, Due 1/18/2023A			1,900,000		1,358,500
Structured Notes - 3.27%
Mozambique Government Bond (issuer ICBC Standard Bank PLC), 27.00%, Due 2/26/2020	MZN		180,000,000		2,901,376
Total Mozambique (Cost $4,497,205)					4,259,876
Nicaragua - 2.48%
Foreign Government Obligations - 0.30%
Nicaragua Government International Bond, 5.00%, Due 2/1/2019			275,834		264,801
Structured Notes - 2.18%
Empresa Administradora de Aeropuertos Internacionales (Issuer Zambezi BV), 8.25%, Due 4/8/2024C D			2,000,000		1,938,400
Total Nicaragua (Cost $2,270,695)					2,203,201
Nigeria - 2.99%
Foreign Sovereign Obligations - 0.87%
Nigeria Government Bond, 6.697%, Due 8/31/2017	NGN		250,000,000		768,164
Structured Notes - 2.12%
Nigeria OMO Treasury Bill (Issuer Standard Chartered Bank), 19.25%, Due 9/20/2017D			1,000,000		1,881,600
Total Nigeria (Cost $1,690,962)					2,649,764
Rwanda - 0.92% (Cost $760,258)
Foreign Government Obligations - 0.92%
Rwanda International Government Bond, 6.625%, Due 5/2/2023A			800,000		813,715
Senegal - 0.86% (Cost $712,733)
Foreign Government Obligations - 0.86%
Senegal Government International Bond, 6.25%, Due 7/30/2024A			750,000		766,125
Sri Lanka - 4.61%
Foreign Government Obligations - 4.61%
Sri Lanka Government Bonds,
9.00%, Due 5/1/2021, Series A	LKR		215,000,000		1,276,034

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

		Principal Amount*		Fair Value
Sri Lanka - 4.61% (continued)
Foreign Government Obligations - 4.61% (continued)
Sri Lanka Government Bonds (continued)
11.40%, Due 1/1/2024, Series A	LKR		35,000,000	$	220,756
11.00%, Due 8/1/2021, Series A	LKR		200,000,000		1,265,236
11.50%, Due 9/1/2028	LKR		100,000,000		621,765
11.00%, Due 8/1/2024, Series A	LKR		115,000,000		715,362
Total Sri Lanka (Cost $4,226,971)					4,099,153
Supranational - 2.08% (Cost $3,000,000)
Foreign Government Obligations - 2.08%
European Bank for Reconstruction & Development, 7.80%, Due 7/24/2017A		$	3,000,000		1,846,851
Suriname - 1.25% (Cost $1,100,654)
Foreign Government Obligations - 1.25%
Republic of Suriname, 9.25%, Due 10/26/2026A			1,100,000		1,111,000
Tunisia - 1.10% (Cost $910,060)
Foreign Government Obligations - 1.10%
Banque Centrale de Tunisie International Bond, 5.75%, Due 1/30/2025A			1,000,000		981,000
Uganda - 2.09%
Foreign Government Obligations - 0.82%
Republic of Uganda Government Bonds,
16.13%, Due 3/22/2018, Series 2YR	UGX		800,000,000		223,737
10.75%, Due 9/6/2018	UGX		1,925,000,000		503,707
					727,444
Foreign Sovereign Obligations - 1.27%
Uganda Government Bond, 16.50%, Due 5/13/2021	UGX		4,200,000,000		1,127,553
Total Uganda (Cost $2,009,209)					1,854,997
Uruguay - 4.38%
Foreign Government Obligations - 4.38%
Uruguay Government International Bond, 5.00%, Due 9/14/2018F	UYU		67,478,662		2,390,145
Uruguay Notas del Tesoro, 13.90%, Due 7/29/2020, Series 8	UYU		40,750,000		1,499,217
Total Uruguay (Cost $4,270,203)					3,889,362
Zambia - 3.87%
Foreign Government Obligations - 3.87%
Zambia Government Bond,
11.00%, Due 9/1/2019, Series 5YR	ZMW		4,800,000		430,602
11.00%, Due 2/16/2020, Series 5YR	ZMW		500,000		43,613
11.00%, Due 5/26/2020, Series 5YR	ZMW		23,100,000		1,984,366
12.00%, Due 5/23/2023, Series 7YR	ZMW		6,100,000		479,130
12.00%, Due 11/21/2023, Series 7YR	ZMW		2,400,000		183,462
Zambia Government International Bond, 8.97%, Due 7/30/2027A			300,000		320,310
Total Zambia (Cost $3,354,897)					3,441,483
		Shares
SHORT-TERM INVESTMENTS - 8.43% (Cost $7,491,319)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%G			7,491,319		7,491,319
TOTAL INVESTMENTS - 96.64% (Cost $85,727,114)					85,862,388
OTHER ASSETS, NET OF LIABILITIES - 3.36%					2,988,520
TOTAL NET ASSETS - 100.00%				$	88,850,908

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Percentages are stated as a percent of net assets.

* In U.S. Dollars unless otherwise noted.

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

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

^C  Variable rate.

^D  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 $8,991,558 or 10.1% of net assets. The Fund has no right to demand registration of these securities.

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

^F  Inflation-Indexed Note.

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

PLC - Public Limited Company.

Glossary:

Currency Abbreviations:
ARS	Argentine Peso
DOP	Dominican Peso
EGP	Egyptian Pound
EUR	Euro
GHS	Ghanaian Cedi
KES	Kenyan Shilling
KZT	Kazakhstani Tenge
LKR	Sri Lankan Rupee
MZN	Mozambique Metical
NGN	Nigerian Naira
UGX	Ugandan Shilling
UYU	Uruguayan Peso
ZMW	Zambian Kwacha

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

Global Evolution Frontier Markets Income Fund	Level 1		Level 2		Level 3		Total
Foreign Government Obligations
Angola	$	—	$	2,094,520	$	—	$	2,094,520
Argentina		—		3,831,424		—		3,831,424
Bosnia & Herzegovina		—		—		339,220		339,220
Cameroon		—		2,275,320		—		2,275,320
Dominican Republic		—		3,432,119		—		3,432,119
Ecuador		—		2,006,750		—		2,006,750
Egypt		—		3,953,062		—		3,953,062
Ethiopia		—		988,500		—		988,500
Gabon		—		2,056,425		—		2,056,425
Ghana		—		3,617,608		—		3,617,608
Iraq		—		2,904,688		—		2,904,688
Ivory Coast		—		2,866,451		—		2,866,451
Kenya		—		2,393,290		—		2,393,290
Mongolia		—		888,876		—		888,876
Mozambique		—		1,358,500		—		1,358,500

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Global Evolution Frontier Markets Income Fund	Level 1		Level 2		Level 3		Total
Nicaragua	$	—	$	—	$	264,801	$	264,801
Rwanda		—		813,715		—		813,715
Senegal		—		766,125		—		766,125
Sri Lanka		—		4,099,153		—		4,099,153
Supranational		—		—		1,846,851		1,846,851
Suriname		—		1,111,000		—		1,111,000
Tunisia		—		981,000		—		981,000
Uganda		—		727,444		—		727,444
Uruguay		—		3,889,362		—		3,889,362
Zambia		—		3,441,483		—		3,441,483
Structured Notes
Angola		—		—		1,313,944		1,313,944
Armenia		—		—		1,589,400		1,589,400
Azerbaijan		—		—		2,022,000		2,022,000
Congo Republic		—		877,709		—		877,709
Gambia		—		—		1,122,858		1,122,858
Georgia		—		—		1,259,500		1,259,500
Ghana		—		275,599		—		275,599
Kazakhstan		—		—		3,884,072		3,884,072
Malawi		—		—		1,199,800		1,199,800
Mongolia		—		—		3,261,407		3,261,407
Mozambique		—		—		2,901,376		2,901,376
Nicaragua		—		—		1,938,400		1,938,400
Nigeria		—		—		1,881,600		1,881,600
Foreign Sovereign Obligations
Nigeria		—		768,164		—		768,164
Uganda		—		—		1,127,553		1,127,553
Short-Term Investments - Money Market Funds		7,491,319		—		—		7,491,319
Total Investments in Securities - Assets	$	7,491,319	$	52,418,287	$	25,952,782	$	85,862,388

U.S. GAAP requires all transfers between any level to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. As of April 30, 2017, there were no transfers between Level 1 and Level 2, and there were Foreign Sovereign Obligations transferred with a value of $1,127,553 from Level 2 to Level 3 for the Global Evolution Fund. This was due to limited market transparency as noted in the table below.

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

Security Type	Balance as of 1/31/2017		Net Purchases		Net Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2017		Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Government Obligations	$	2,273,510	$	—	$	136,278	$	1,970	$	3,016		$	308,654	$	—	$	—	$	2,450,872	$	308,654
Structured Notes		13,898,654		9,718,458		2,649,558		78,843		(711,075	)		2,039,035		—		—		22,374,357		2,039,035
Foreign Sovereign Obligations		—		—		—		—		—			—		1,127,553		—		1,127,553		—
	$	16,172,164	$	9,718,458	$	2,785,836	$	80,813	$	(708,059	)	$	2,347,689	$	1,127,553	$	—	$	25,952,782	$	2,347,689

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

The Foreign Government Obligations and the Structured Notes classified as Level 3 were valued using broker dealer quotes. The reference entities for the Structured Notes are foreign governments. These securities were included in the Level 3 category due to the limited market transparency of the inputs used in the valuation and/or lack of corroborative data for the quoted prices.

See accompanying notes.

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top Ten Holdings (% Net Assets)
Dominican Republic International Bond, 11.50%, 5/10/2024		3.9
Mongolia Ministry of Finance (Issuer ING Bank NV), 1.00%, 10/13/2017		3.7
Iraq International Bond, 5.80%, 1/15/2028		3.3
Mozambique Government Bond (issuer ICBC Standard Bank PLC), 27.00%, 2/26/2020		3.3
Ivory Coast Government International Bond, 5.75%, 12/31/2032		3.2
Uruguay Government International Bond, 5.00%, 9/14/2018		2.7
Republic of Cameroon International Bond, 9.50%, 11/19/2025		2.6
Angolan Government International Bond, 9.50%, 11/12/2025		2.4
Gabon Government International Bond, 6.38%, 12/12/2024		2.3
Republic of Azerbaijan (Issuer Frontera Capital BV), 14.00%, 3/30/2020		2.3
Total Fund Holdings	68
Asset Allocation (% Investments)
Fixed-Income		91.3
Cash Equivalents		8.7
Country Allocation (% Investments)
United States		8.7
Mozambique		5.0
Mongolia		4.8
Sri Lanka		4.8
Egypt		4.6
Ghana		4.5
Uruguay		4.5
Kazakhstan		4.5
Argentina		4.5
Zambia		4.0
Dominican Republic		4.0
Angola		4.0
Iraq		3.4
Ivory Coast		3.3
Nigeria		3.1
Kenya		2.8
Cameroon		2.6
Nicaragua		2.6
Gabon		2.4
Azerbaijan		2.3
Ecuador		2.3
Uganda		2.2
Supranational		2.2
Armenia		1.9
Georgia		1.5
Malawi		1.4
Gambia		1.3
Suriname		1.3
Ethiopia		1.2
Tunisia		1.1
Congo Republic		1.0
Rwanda		0.9
Senegal		0.9
Bosnia & Herzegovina		0.4

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
SECURITIES HELD LONG
COMMON STOCKS - 74.55%
CONSUMER DISCRETIONARY - 19.15%
Automobiles - 0.26%
Harley-Davidson, Inc.		801	$	45,505
Distributors - 1.26%
LKQ Corp.A		7,178		224,241
Diversified Consumer Services - 1.17%
Service Corp. International/US		543		17,495
ServiceMaster Global Holdings, Inc.A		4,978		189,662
				207,157
Hotels, Restaurants & Leisure - 2.71%
Brinker International, Inc.		998		44,102
Caesars Acquisition Co., Class AA		256		4,467
Caesars Entertainment Corp.A		592		6,571
Carnival Corp.		1,458		90,061
Dunkin’ Brands Group, Inc.		979		54,687
Extended Stay America, Inc.		996		17,370
Melco Crown Entertainment Ltd., ADR		3,102		68,089
MGM Resorts International		4,069		124,959
Royal Caribbean Cruises Ltd.		176		18,761
Wyndham Worldwide Corp.		558		53,183
				482,250
Household Durables - 2.58%
Mohawk Industries, Inc.A		982		230,564
Newell Brands, Inc.		4,770		227,720
				458,284
Internet & Direct Marketing Retail - 2.44%
Amazon.com, Inc.A		100		92,500
Ctrip.com International Ltd., ADRA		311		15,708
JD.com, Inc., ADRA		1,455		51,027
Netflix, Inc.A		540		82,188
Ocado Group PLCA		59,063		192,011
				433,434
Media - 3.79%
CBS Corp., Class B, NVDR		1,411		93,916
Comcast Corp., Class A		1,535		60,157
CTS Eventim AG & Co. KGaA		2,424		93,380
DISH Network Corp., Class A		165		10,633
ITV PLC		55,204		150,150
Time Warner, Inc.		606		60,158
Tribune Media Co., Class A		163		5,959
Viacom, Inc., Class B		4,689		199,564
				673,917
Multiline Retail - 1.51%
Dollar General Corp.		3,700		269,027
Specialty Retail - 3.05%
Barnes & Noble, Inc.		275		2,351
Bed Bath & Beyond, Inc.		685		26,544
Foot Locker, Inc.		764		59,088
Gap, Inc.		1,953		51,168
Lowe’s Cos., Inc.		3,302		280,274
MarineMax, Inc.A		2,402		48,881

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Specialty Retail - 3.05% (continued)
Tile Shop Holdings, Inc.		3,482	$	74,341
				542,647
Textiles, Apparel & Luxury Goods - 0.38%
Kate Spade & Co.A		1,151		20,027
Lululemon Athletica, Inc.A		430		22,360
Moncler SpA		875		21,598
NIKE, Inc., Class B		78		4,322
				68,307
Total Consumer Discretionary				3,404,769
CONSUMER STAPLES - 6.16%
Beverages - 0.77%
Anheuser-Busch InBev S.A., Sponsored ADR		163		18,458
Constellation Brands, Inc., Class A		285		49,174
Molson Coors Brewing Co., Class B		731		70,096
				137,728
Food & Staples Retailing - 1.13%
Alimentation Couche-Tard, Inc., Class B		4,378		201,349
Food Products - 1.20%
Mead Johnson Nutrition Co.		1,162		103,093
Mondelez International, Inc., Class A		2,454		110,503
				213,596
Household Products - 1.88%
HRG Group, Inc.A		11,323		226,573
Procter & Gamble Co.		1,223		106,805
				333,378
Tobacco - 1.18%
Reynolds American, Inc.		3,239		208,915
Total Consumer Staples				1,094,966
ENERGY - 7.68%
Energy Equipment & Services - 1.23%
Halliburton Co.		3,192		146,449
TechnipFMC PLCA		2,386		71,890
				218,339
Oil, Gas & Consumable Fuels - 6.45%
Anadarko Petroleum Corp.		1,575		89,806
Concho Resources, Inc.A		751		95,122
ConocoPhillips		1,372		65,732
Continental Resources, Inc.A		323		13,698
DHT Holdings, Inc.		264		1,265
Hess Corp.		1,612		78,714
Kinder Morgan, Inc.		2,071		42,725
Laredo Petroleum, Inc.A		3,548		45,627
Marathon Petroleum Corp.		4,041		205,848
MPLX LP		920		32,412
Newfield Exploration Co.A		1,578		54,630
Pioneer Natural Resources Co.		343		59,336
Tesoro Corp.		2,062		164,362
Tesoro Logistics LP		3,610		198,045
				1,147,322
Total Energy				1,365,661

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
FINANCIALS - 15.65%
Banks - 11.66%
1st Capital BankA		741	$	9,966
Aldermore Group PLCA		10,067		33,692
American Business BankA		2,328		96,030
American River Bankshares		1,702		25,190
American Riviera BankA		2,244		37,475
Banc of California, Inc.		5,006		108,630
Bank of Marin Bancorp		662		41,805
Bank of the James Financial Group, Inc.		3,536		53,747
Bay Bancorp, Inc.A		4,996		36,221
Baycom Corp.A		929		15,329
Bridge Bancorp, Inc.		4,655		168,744
Bryn Mawr Bank Corp.		971		41,656
California Bank of CommerceA		370		7,197
Cambridge Bancorp		768		51,456
Capital City Bank Group, Inc.		506		10,429
Carter Bank & Trust		14		237
Chemung Financial Corp.		366		13,904
Citizens Financial Group, Inc.		1,756		64,463
Comerica, Inc.		201		14,211
Commerce West Bank		1,605		30,174
Community Financial Corp.		2,259		81,211
Empire Bancorp, Inc.A		1,257		16,342
Farmers & Merchants Bank of Long Beach		7		51,842
Fifth Third Bancorp		1,623		39,650
First Foundation, Inc.A		2,671		41,935
First Northern Community BancorpA		1,856		22,458
First of Long Island Corp.		2,790		75,888
First South Bancorp, Inc.		1,886		24,480
Guaranty Bancorp		910		22,887
Huntington Bancshares, Inc.		2,056		26,440
Independent Bank Corp.		768		17,126
Old Line Bancshares, Inc.		912		25,317
Old Point Financial Corp.		155		4,772
Orrstown Financial Services, Inc.		1,318		28,271
Peapack Gladstone Financial Corp.		2,293		73,514
Premier Financial Bancorp, Inc.		1,059		22,694
Puget Sound Bancorp, Inc.A		1,067		25,820
Regions Financial Corp.		1,894		26,042
Republic First Bancorp, Inc.A		5,117		44,006
Seacoast Banking Corp. of FloridaA		4,729		114,442
Seacoast Commerce Banc Holdings		148		2,705
Shore Bancshares, Inc.		634		10,518
Signature BankA		371		51,365
Southern First Bancshares, Inc.A		64		2,157
Stewardship Financial Corp.		1,767		15,903
Sunshine Bancorp, Inc.A		2,930		62,966
Sussex Bancorp		1,956		50,465
Texas Capital Bancshares, Inc.A		186		14,155
Triumph Bancorp, Inc.A		436		9,766
Unity Bancorp, Inc.		210		3,434
Veritex Holdings, Inc.A		2,618		70,529
WashingtonFirst Bankshares, Inc.		2,396		67,399
Wintrust Financial Corp.		577		40,886
Zions Bancorporation		607		24,298
				2,072,239
Capital Markets - 0.41%
CBOE Holdings, Inc.		666		54,885

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Capital Markets - 0.41% (continued)
Intercontinental Exchange, Inc.		300	$	18,076
				72,961
Consumer Finance - 1.80%
Ally Financial, Inc.		6,827		135,175
Capital One Financial Corp.		828		66,555
OneMain Holdings, Inc.A		2,235		52,120
Regional Management Corp.A		2,383		47,255
Santander Consumer USA Holdings, Inc.A		1,529		19,479
				320,584
Diversified Financial Services - 0.15%
Marlin Business Services Corp.		1,055		26,849
Insurance - 0.25%
First American Financial Corp.		1,024		44,452
Thrifts & Mortgage Finance - 1.38%
BofI Holding, Inc.A		3,401		81,250
Coastway Bancorp, Inc.A		791		15,266
Elmira Savings Bank		511		8,815
Flagstar Bancorp, Inc.A		1,308		38,246
HomeStreet, Inc.A		401		10,426
PennyMac Financial Services, Inc., Class AA		2,991		49,351
Provident Bancorp, Inc.A		1,949		41,514
				244,868
Total Financials				2,781,953
HEALTH CARE - 0.83%
Health Care Providers & Services - 0.52%
AmerisourceBergen Corp.		26		2,133
Cardinal Health, Inc.		49		3,557
Cigna Corp.		339		53,009
Express Scripts Holding Co.A		37		2,270
McKesson Corp.		34		4,702
Universal Health Services, Inc., Class B		228		27,533
				93,204
Pharmaceuticals - 0.31%
Allergan PLC		223		54,381
Total Health Care				147,585
INDUSTRIALS - 5.69%
Aerospace & Defense - 0.55%
Meggitt PLC		7,812		46,796
TransDigm Group, Inc.		210		51,813
				98,609
Air Freight & Logistics - 0.36%
FedEx Corp.		337		63,929
Airlines - 1.27%
Copa Holdings S.A., Class A		222		25,845
Latam Airlines Group S.A., Sponsored ADR		1,224		15,508
Southwest Airlines Co.		699		39,298
Spirit Airlines, Inc.A		1,846		105,720

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Airlines - 1.27% (continued)
United Continental Holdings, Inc.A		565	$	39,669
				226,040
Building Products - 0.10%
AO Smith Corp.		323		17,403
Commercial Services & Supplies - 1.31%
KAR Auction Services, Inc.		5,329		232,451
Construction & Engineering - 0.16%
Fluor Corp.		575		29,509
Electrical Equipment - 0.12%
Rockwell Automation, Inc.		133		20,928
Machinery - 0.36%
Navistar International Corp.		530		14,262
Trinity Industries, Inc.		1,833		49,308
				63,570
Marine - 0.03%
Scorpio Bulkers, Inc.A		670		4,992
Road & Rail - 0.81%
Avis Budget Group, Inc.A		428		13,054
CSX Corp.		412		20,946
Kansas City Southern		147		13,240
Union Pacific Corp.		874		97,853
				145,093
Trading Companies & Distributors - 0.62%
AerCap Holdings N.V.A		989		45,504
Air Lease Corp.		1,217		46,417
Herc Holdings, Inc.A		388		17,642
				109,563
Total Industrials				1,012,087
INFORMATION TECHNOLOGY - 9.78%
Communications Equipment - 0.30%
Palo Alto Networks, Inc.A		487		52,796
Internet Software & Services - 3.39%
Alibaba Group Holding Ltd., Sponsored ADRA		823		95,056
Alphabet, Inc., Class CA		120		108,715
Alphabet, Inc., Class AA		42		38,830
Facebook, Inc., Class AA		48		7,212
Yahoo!, Inc.A		7,337		353,717
				603,530
IT Services - 1.43%
Cognizant Technology Solutions Corp., Class AA		1,284		77,335
Fidelity National Information Services, Inc.		2,110		177,641
				254,976
Semiconductors & Semiconductor Equipment - 0.83%
Intel Corp.		1,631		58,961
NXP Semiconductors N.V.A		830		87,772
				146,733
Software - 3.04%
Dell Technologies, Inc. Class V, Class VA		24		1,611
LINE Corp., ADRA		3,747		128,672
Microsoft Corp.		1,276		87,355

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Software - 3.04% (continued)
Red Hat, Inc.A		1,090	$	96,007
SS&C Technologies Holdings, Inc.		5,717		210,042
Symantec Corp.		547		17,302
				540,989
Technology Hardware, Storage & Peripherals - 0.79%
HP, Inc.		7,473		140,642
Total Information Technology				1,739,666
MATERIALS - 5.82%
Chemicals - 1.48%
Dow Chemical Co.		448		28,134
Olin Corp.		209		6,715
Sherwin-Williams Co.		682		228,252
				263,101
Construction Materials - 0.34%
Buzzi Unicem SpA		980		25,194
Summit Materials, Inc., Class AA		1,370		35,154
				60,348
Containers & Packaging - 0.49%
Ardagh Group S.A.A		263		5,636
Berry Plastics Group, Inc.A		1,625		81,250
Graphic Packaging Holding Co.		54		733
				87,619
Metals & Mining - 2.23%
Boliden AB		1,965		56,173
First Quantum Minerals Ltd.		6,628		63,170
Teck Resources Ltd., Class B		8,787		182,242
voestalpine AG		1,060		44,287
Warrior Met Coal, Inc.A		2,802		50,660
				396,532
Paper & Forest Products - 1.28%
Canfor Corp.A		9,109		136,797
West Fraser Timber Co., Ltd.		2,001		89,917
				226,714
Total Materials				1,034,314
REAL ESTATE - 1.41%
Equity Real Estate Investment Trusts (REITs) - 0.50%
Colony NorthStar, Inc., Class A		5,696		74,447
Gaming and Leisure Properties, Inc.		434		15,103
				89,550
Real Estate Management & Development - 0.91%
Realogy Holdings Corp.		5,294		161,731
Total Real Estate				251,281
TELECOMMUNICATION SERVICES - 2.38%
Diversified Telecommunication Services - 1.67%
Telefonica Deutschland Holding AG		33,909		164,370
Verizon Communications, Inc.		2,898		133,047
				297,417
Wireless Telecommunication Services - 0.71%
TIM Participacoes S.A., ADR		7,826		126,077

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Total Telecommunication Services				$	423,494
Total Common Stocks (Cost $12,157,579)					13,255,776
WARRANTS - 0.00% (Cost $292)
ENERGY - 0.00%
Oil, Gas & Consumable Fuels - 0.00%
Kinder Morgan, Inc., 5/25/2017, Strike Price $40.00A B		307			1
SHORT-TERM INVESTMENTS - 19.04% (Cost $3,386,021)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%C		3,386,021			3,386,021
TOTAL SECURITIES HELD LONG (Cost $15,543,892)					16,641,798
SECURITIES HELD SHORT
COMMON STOCKS - (23.19%)
CONSUMER DISCRETIONARY - (3.24%)
Automobiles - (0.79%)
Bayerische Motoren Werke AG		(143	)		(13,653	)
Ford Motor Co.		(1,083	)		(12,422	)
General Motors Co.		(479	)		(16,593	)
Nissan Motor Co., Ltd.		(3,451	)		(32,769	)
Tesla Motors, Inc.A		(46	)		(14,447	)
Toyota Motor Corp., ADR		(473	)		(51,150	)
					(141,034	)
Hotels, Restaurants & Leisure - (0.42%)
Cheesecake Factory, Inc.		(372	)		(23,867	)
Intercontinental Hotels Group		(484	)		(25,677	)
Six Flags Entertainment Corp.		(184	)		(11,520	)
Wynn Resorts Ltd.		(113	)		(13,952	)
					(75,016	)
Household Durables - (0.26%)
Leggett & Platt, Inc.		(55	)		(2,890	)
Meritage Homes Corp.		(383	)		(14,918	)
Newell Brands, Inc.		(270	)		(12,890	)
PulteGroup, Inc.		(683	)		(15,483	)
					(46,181	)
Internet & Direct Marketing Retail - (0.13%)
Boohoo.com PLCA		(4,599	)		(11,228	)
Netflix, Inc.A		(81	)		(12,328	)
					(23,556	)
Leisure Products - (0.13%)
Polaris Industries, Inc.		(268	)		(22,850	)
Media - (0.34%)
Discovery Communications, Inc., Class AA		(755	)		(21,729	)
Scripps Networks Interactive, Inc., Class A		(274	)		(20,473	)
Walt Disney Co.		(161	)		(18,612	)
					(60,814	)
Multiline Retail - (0.26%)
Dollar Tree, Inc.A		(461	)		(38,157	)
Marks & Spencer Group PLC		(1,684	)		(7,996	)
					(46,153	)
Specialty Retail - (0.56%)
Advance Auto Parts, Inc.		(120	)		(17,057	)
Asbury Automotive Group, Inc.A		(383	)		(23,440	)
Best Buy Co., Inc.		(200	)		(10,362	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Specialty Retail - (0.56%) (continued)
CarMax, Inc.A		(161	)	$	(9,511	)
Floor & Decor Holdings, Inc., Class AA		(174	)		(5,637	)
Home Depot, Inc.		(31	)		(4,839	)
Ross Stores, Inc.		(99	)		(6,435	)
Sally Beauty Holdings, Inc.A		(1,184	)		(22,520	)
					(99,801	)
Textiles, Apparel & Luxury Goods - (0.35%)
Fossil Group, Inc.A		(456	)		(7,866	)
HUGO BOSS AG		(41	)		(3,119	)
Pandora A/S		(107	)		(11,565	)
Steven Madden Ltd.		(92	)		(3,500	)
Under Armour, Inc., Class AA		(1,646	)		(35,372	)
					(61,422	)
Total Consumer Discretionary					(576,827	)
CONSUMER STAPLES - (2.26%)
Beverages - (0.13%)
Constellation Brands, Inc., Class A		(129	)		(22,258	)
Food & Staples Retailing - (0.34%)
Costco Wholesale Corp.		(155	)		(27,516	)
Kroger Co.		(456	)		(13,520	)
SUPERVALU, Inc.A		(2,424	)		(9,938	)
Wal-Mart Stores, Inc.		(137	)		(10,300	)
					(61,274	)
Food Products - (0.70%)
Blue Buffalo Pet Products, Inc.A		(233	)		(5,743	)
Dean Foods Co.		(93	)		(1,836	)
General Mills, Inc.		(633	)		(36,404	)
Hormel Foods Corp.		(1,075	)		(37,711	)
Kraft Heinz Co.		(476	)		(43,026	)
					(124,720	)
Household Products - (0.43%)
Church & Dwight Co., Inc.		(81	)		(4,012	)
Procter & Gamble Co.		(838	)		(73,182	)
					(77,194	)
Tobacco - (0.66%)
British American Tobacco PLC, Sponsored ADR		(1,713	)		(116,552	)
Total Consumer Staples					(401,998	)
ENERGY - (3.18%)
Energy Equipment & Services - (1.26%)
Baker Hughes, Inc.		(788	)		(46,783	)
National Oilwell Varco, Inc.		(2,138	)		(74,766	)
Schlumberger Ltd.		(1,410	)		(102,352	)
					(223,901	)
Oil, Gas & Consumable Fuels - (1.92%)
Apache Corp.		(547	)		(26,606	)
Chevron Corp.		(445	)		(47,481	)
EOG Resources, Inc.		(627	)		(57,998	)
Exxon Mobil Corp.		(578	)		(47,194	)
Hess Corp.		(375	)		(18,311	)
Marathon Oil Corp.		(2,160	)		(32,119	)
Noble Energy, Inc.		(181	)		(5,852	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Oil, Gas & Consumable Fuels - (1.92%) (continued)
Occidental Petroleum Corp.		(1,432	)	$	(88,125	)
Valero Energy Corp.		(291	)		(18,802	)
					(342,488	)
Total Energy					(566,389	)
FINANCIALS - (5.89%)
Banks - (4.80%)
Bank of the Ozarks, Inc.		(495	)		(23,498	)
Capital Bank Financial Corp., Class A		(640	)		(26,560	)
Cathay General Bancorp		(918	)		(34,930	)
CenterState Banks, Inc.		(1,614	)		(40,721	)
Community Bank System, Inc.		(883	)		(49,404	)
CVB Financial Corp.		(1,899	)		(40,905	)
FCB Financial Holdings, Inc., Class AA		(570	)		(26,933	)
First Financial Bancorp		(1,277	)		(35,309	)
First Financial Bankshares, Inc.		(1,031	)		(41,188	)
First Merchants Corp.		(619	)		(25,614	)
First Republic Bank		(370	)		(34,210	)
German American Bancorp, Inc.		(222	)		(7,299	)
Glacier Bancorp, Inc.		(1,432	)		(48,373	)
Home BancShares, Inc.		(1,576	)		(40,109	)
Independent Bank Corp.		(105	)		(6,647	)
Lakeland Financial Corp.		(293	)		(13,378	)
NBT Bancorp, Inc.		(258	)		(9,850	)
Renasant Corp.		(692	)		(29,341	)
ServisFirst Bancshares, Inc.		(1,010	)		(38,178	)
Simmons First National Corp., Class A		(254	)		(13,881	)
South State Corp.		(472	)		(41,607	)
Stock Yards Bancorp, Inc.		(597	)		(24,477	)
Tompkins Financial Corp.		(170	)		(14,054	)
UMB Financial Corp.		(369	)		(26,749	)
United Bankshares, Inc.		(1,158	)		(46,204	)
Webster Financial Corp.		(964	)		(48,981	)
WesBanco, Inc.		(639	)		(25,439	)
Westamerica Bancorp		(117	)		(6,437	)
Western Alliance BancorpA		(707	)		(33,865	)
					(854,141	)
Consumer Finance - (0.26%)
Credit Acceptance Corp.A		(62	)		(12,601	)
Discover Financial Services		(227	)		(14,208	)
Enova International, Inc.A		(653	)		(9,273	)
Synchrony Financial		(345	)		(9,591	)
					(45,673	)
Thrifts & Mortgage Finance - (0.83%)
Beneficial Bancorp, Inc.		(753	)		(12,048	)
Capitol Federal Financial, Inc.		(532	)		(7,783	)
Clifton Bancorp, Inc.		(418	)		(6,981	)
Kearny Financial Corp.		(870	)		(12,702	)
Northwest Bancshares, Inc.		(1,604	)		(25,889	)
Provident Financial Services, Inc.		(793	)		(20,372	)
Washington Federal, Inc.		(419	)		(14,120	)
WSFS Financial Corp.		(1,025	)		(48,380	)
					(148,275	)
Total Financials					(1,048,089	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
HEALTH CARE - (0.04%)
Biotechnology - (0.04%)
Celgene Corp.A		(55	)	$	(6,823	)
INDUSTRIALS - (2.04%)
Aerospace & Defense - (0.27%)
Airbus SEA		(38	)		(3,078	)
Airbus SEA		(30	)		(2,424	)
Boeing Co.		(53	)		(9,796	)
United Technologies Corp.		(270	)		(32,127	)
					(47,425	)
Air Freight & Logistics - (0.50%)
CH Robinson Worldwide, Inc.		(966	)		(70,228	)
United Parcel Service, Inc., Class B		(99	)		(10,639	)
XPO Logistics, Inc.A		(149	)		(7,359	)
					(88,226	)
Commercial Services & Supplies - (0.02%)
Cintas Corp.		(36	)		(4,409	)
Electrical Equipment - (0.08%)
Eaton Corp. PLC		(192	)		(14,523	)
Industrial Conglomerates - (0.13%)
General Electric Co.		(827	)		(23,974	)
Machinery - (0.35%)
Kone OYJ, Class B		(247	)		(11,317	)
PACCAR, Inc.		(307	)		(20,486	)
SKF AB, Class B		(710	)		(15,599	)
Volvo AB, Class BA		(896	)		(14,658	)
					(62,060	)
Marine - (0.12%)
Kirby Corp.A		(295	)		(20,827	)
Road & Rail - (0.24%)
Union Pacific Corp.		(220	)		(24,631	)
Werner Enterprises, Inc.		(656	)		(17,909	)
					(42,540	)
Trading Companies & Distributors - (0.33%)
Aircastle Ltd.		(1,404	)		(33,163	)
GATX Corp.		(426	)		(25,517	)
					(58,680	)
Total Industrials					(362,664	)
INFORMATION TECHNOLOGY - (4.53%)
Communications Equipment - 0.00%
Cisco Systems, Inc.		(12	)		(409	)
Electronic Equipment, Instruments & Components - (1.01%)
Amphenol Corp., Class A		(815	)		(58,933	)
Corning, Inc.		(4,190	)		(120,881	)
					(179,814	)
Internet Software & Services - (0.73%)
Alibaba Group Holding Ltd., Sponsored ADRA		(859	)		(99,214	)
Baidu, Inc., ADRA		(79	)		(14,238	)
United Internet AG		(301	)		(13,855	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Internet Software & Services - (0.73%) (continued)
Yahoo Japan Corp.		(379	)	$	(1,622	)
					(128,929	)
IT Services - (1.13%)
Accenture PLC, Class A		(51	)		(6,186	)
Infosys Ltd., Sponsored ADR		(5,449	)		(79,337	)
International Business Machines Corp.		(661	)		(105,952	)
Square, Inc., Class AA		(125	)		(2,280	)
Wirecard AG		(108	)		(6,378	)
					(200,133	)
Semiconductors & Semiconductor Equipment - (0.06%)
NVIDIA Corp.		(108	)		(11,264	)
Software - (1.50%)
Activision Blizzard, Inc.		(1,385	)		(72,366	)
Adobe Systems, Inc.A		(321	)		(42,930	)
Check Point Software Technologies Ltd.A		(300	)		(31,203	)
Electronic Arts, Inc.A		(587	)		(55,659	)
Symantec Corp.		(82	)		(2,594	)
Ultimate Software Group, Inc.A		(10	)		(2,027	)
VMware, Inc., Class AA		(31	)		(2,918	)
Workday, Inc., Class AA		(649	)		(56,723	)
					(266,420	)
Technology Hardware, Storage & Peripherals - (0.10%)
Canon, Inc.		(389	)		(12,898	)
Logitech International S.A.		(156	)		(5,213	)
Seagate Technology PLC		(2	)		(84	)
					(18,195	)
Total Information Technology					(805,164	)
MATERIALS - (0.79%)
Chemicals - (0.57%)
CF Industries Holdings, Inc.		(437	)		(11,686	)
Eastman Chemical Co.		(170	)		(13,835	)
Mosaic Co.		(1,140	)		(30,700	)
Yara International ASA		(1,201	)		(44,649	)
					(100,870	)
Paper & Forest Products - (0.22%)
Domtar Corp.		(984	)		(39,016	)
Total Materials					(139,886	)
REAL ESTATE - (1.00%)
Equity Real Estate Investment Trusts (REITs) - (1.00%)
Camden Property Trust		(76	)		(6,257	)
Digital Realty Trust, Inc.		(524	)		(60,176	)
Empire State Realty Trust, Inc., Class A		(210	)		(4,368	)
Equinix, Inc.		(106	)		(44,276	)
Federal Realty Investment Trust		(28	)		(3,665	)
GGP, Inc.		(78	)		(1,686	)
Host Hotels & Resorts, Inc.		(1,060	)		(19,027	)
Public Storage		(117	)		(24,497	)
Regency Centers Corp.		(72	)		(4,549	)
Simon Property Group, Inc.		(23	)		(3,801	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Equity Real Estate Investment Trusts (REITs) - (1.00%) (continued)
UDR, Inc.		(141	)	$	(5,265	)
					(177,567	)
Total Real Estate					(177,567	)
TELECOMMUNICATION SERVICES - (0.22%)
Diversified Telecommunication Services - (0.11%)
AT&T, Inc.		(476	)		(18,864	)
Wireless Telecommunication Services - (0.11%)
Freenet AG		(211	)		(6,622	)
Millicom International Cellular S.A.		(243	)		(13,333	)
					(19,955	)
Total Telecommunication Services					(38,819	)
TOTAL COMMON STOCKS (Proceeds $(3,922,546))					(4,124,226	)
EXCHANGE TRADED INSTRUMENTS - (9.24%)
EXCHANGE TRADED FUNDS - (9.24%)
Consumer Discretionary Select Sector SPDR Fund		(3,933	)		(354,206	)
Consumer Staples Select Sector SPDR Fund		(4,152	)		(229,107	)
Energy Select Sector SPDR Fund		(120	)		(8,141	)
Health Care Select Sector SPDR Fund		(1,440	)		(108,720	)
Industrial Select Sector SPDR Fund		(984	)		(65,279	)
iShares 20+ Year Treasury Bond ETF		(1,149	)		(140,580	)
iShares 7-10 Year Treasury Bond ETF, Class B		(639	)		(68,117	)
iShares EUR Govt Bond 7-10yr UCITS ETF EUR Dist		(663	)		(150,053	)
iShares Euro Government Bond Capped 10.5+yr UCITS ETF		(477	)		(73,024	)
iShares MSCI Emerging Markets ETF		(360	)		(14,422	)
iShares Russell 2000 ETF		(259	)		(36,016	)
iShares Russell 2000 Growth ETF		(62	)		(10,212	)
iShares STOXX Europe 600 UCITS ETF		(1,036	)		(43,482	)
Materials Select Sector SPDR Fund		(260	)		(13,798	)
Real Estate Select Sector SPDR Fund		(753	)		(23,832	)
SPDR S&P Telecom ETF		(471	)		(33,300	)
SPDR S&P500 ETF Trust		(44	)		(10,475	)
Technology Select Sector SPDR Fund		(1,678	)		(91,250	)
Utilities Select Sector SPDR Fund		(1,346	)		(69,588	)
Vanguard REIT ETF		(1,204	)		(99,679	)
TOTAL EXCHANGE TRADED INSTRUMENTS (Proceeds $(1,545,194))					(1,643,281	)
TOTAL SECURITIES HELD SHORT (Proceeds $(5,467,740))					(5,767,507	)
TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITIES SOLD SHORT) - 93.59% (Cost $15,543,892)					16,641,798
TOTAL SECURITIES SOLD SHORT - (32.43%) (Proceeds $(5,467,740))					(5,767,507	)
TOTAL PURCHASED OPTIONS - 0.12% (Cost $23,836)					21,308
OTHER ASSETS, NET OF LIABILITIES - 38.72%					6,886,410
NET ASSETS - 100.00%				$	17,782,009

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

^B  Warrant.

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

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

ADR - American Depositary Receipt.

LP - Limited Partnership.

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

S&P - Standard & Poor’s 500 Index.

Total Return Swap Agreements outstanding on April 30, 2017:

Pay/Receive Floating Rate	Description	Reference Entity	Counterparty	Floating Rate%			Expiration Date		Reference Quantity		Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	1-Day USD-FEDEF	NVR, Inc.	MSC		1.410	%		7/24/2017		156,013	$	92	$	38,222
Pay	1-Month EUR-EURIB	Kering S.A.	MSC		0.130	%		7/24/2017		18,968		81		4,445
Pay	1-Day USD-FEDEF	Caterpillar, Inc.	MSC		1.410	%		7/24/2017		88,602		936		7,114
Pay	1-Day USD-FEDEF	CSX Corp.	MSC		1.410	%		7/24/2017		94,759		1,912		2,447
Pay	1-Day USD-FEDEF	Delta Air Lines, Inc.	MSC		1.410	%		7/24/2017		89,518		1,949		(955	)
Pay	1-Day USD-FEDEF	Freeport-McMoRan, Inc.	MSC		1.410	%		7/24/2017		69,068		5,521		1,325
Pay	1-Month EUR-EURIB	Air France-KLM	MSC		0.130	%		7/24/2017		8,932		1,119		(326	)
Pay	1-Month GBP-LIBOR	Smurfit Kappa Group, PLC	MSC		0.760	%		7/24/2017		18,681		896		(266	)
Pay	1-Day USD-FEDEF	Las Vegas Sands, Corp.	MSC		1.410	%		7/24/2017		65,453		1,133		1,382
Pay	1-Day USD-FEDEF	Newmont Mining, Corp.	MSC		1.410	%		7/24/2017		83,603		2,483		348
Receive	1-Day GBP-SONIA	easyJet, PLC	MSC		0.350	%		7/24/2017		20,797		2,078		(4,499	)
Pay	1-Day EUR-FEDEF	Ryanair Holdings, PLC	MSC		0.210	%		8/1/2017		29,489		2,645		13,718
Pay	1-Day USD-FEDEF	Brunswick Corp./De	MSC		1.410	%		10/2/2017		28,330		532		1,861
Pay	1-Day USD-FEDEF	Monster Beverage Corp.	MSC		1.410	%		10/2/2017		45,798		975		(1,553	)
Pay	1-Day USD-FEDEF	Alphabet, Inc.	MSC		1.410	%		10/2/2017		68,344		84		9,316
Pay	1-Day USD-FEDEF	Rio Tinto, PLC	MSC		1.410	%		10/2/2017		121,368		3,166		4,702
Pay	1-Day USD-FEDEF	Take-Two Interactive Software, Inc.	MSC		1.410	%		10/2/2017		117,000		2,488		39,371
Pay	1-Day USD-FEDEF	Swift Transportation Co.	MSC		1.410	%		10/2/2017		61,341		2,833		8,294
Pay	1-Month GBP-LIBOR	Rio Tinto, PLC	MSC		0.760	%		10/5/2017		45,018		1,796		12,920
Pay	1-Month GBP-LIBOR	Anglo American, PLC	MSC		0.760	%		10/5/2017		40,213		4,804		16,764
Pay	1-Month GBP-LIBOR	Antofagasta, PLC	MSC		0.760	%		10/5/2017		31,247		5,803		22,513
Pay	1-Month EUR-EURIB	Moncler SpA	MSC		0.130	%		10/5/2017		3,724		277		2,781
Pay	1-Month EUR-EURIB	Accor S.A.	MSC		0.130	%		10/5/2017		29,387		794		4,181
Pay	1-Month EUR-EURIB	Cie Plastic Omnium S.A.	MSC		0.130	%		10/5/2017		33,710		1,130		7,481
Pay	1-Month GBP-LIBOR	International Consolidated Airlines Group S.A.	MSC		0.760	%		10/5/2017		25,204		5,672		8,496
Receive	1-Day USD-FEDEF	SPDR S&P 500 ETF Trust	MSC		0.560	%		2/22/2018		247,824		1,134		(22,159	)
Pay	1-Day GBP-FEDEF	Sky, PLC	MSC		0.810	%		4/27/2018		49,881		5,100		920
Pay	1-Day EUR-EONIA	Accor S.A.	MSC		0.190	%		1/17/2020		158,739		4,138		15,703
Pay	1-Day EUR-EONIA	FinecoBank Banca Fineco SpA	MSC		0.190	%		1/17/2020		69,837		12,327		11,610
Receive	1-Day GBP-SONIA	Ted Baker, PLC	MSC		0.430	%		1/17/2020		1,361		46		98
Receive	1-Day EUR-EONIA	Casino Guichard Perrachon S.A.	MSC		1.060	%		1/17/2020		9,014		191		(1,686	)
Receive	1-Day GBP-SONIA	J Sainsbury, PLC	MSC		0.350	%		1/17/2020		6,442		2,641		(1,076	)
Receive	1-Day EUR-EONIA	Eutelsat Communications S.A.	MSC		0.770	%		1/17/2020		19,476		1,013		(2,763	)
Receive	1-Day TWD-FEDEF	China Steel, Corp.	MSC		1.620	%		1/21/2020		2,703		4,020		(522	)
Receive	1-Day BRL-FEDEF	Telefonica Brasil S.A.	MSC		0.600	%		1/21/2020		22,195		1,637		(2,195	)
Receive	1-Day BRL-FEDEF	Raia Drogasil S.A.	MSC		0.840	%		1/21/2020		890		41		19
											$	83,487	$	198,031

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Purchased Options outstanding on April 30, 2017:

Exchange-Traded Fund Options

Description		Expiration Date		Number of Contracts		Currency	Exercise Price		Fair Value		Premiums Paid			Unrealized Appreciation/ (Depreciation)
Put - Financial Select Sector SPDR Fund			6/30/2017		180	USD		21.00	$	1,080	$	3,498		$	(2,418	)
									$	1,080	$	3,498		$	(2,418	)
Equity Options
Description		Expiration Date		Number of Contracts		Currency	Exercise Price		Fair Value		Premiums Paid			Unrealized Appreciation/ (Depreciation)
Call - Amazon.com, Inc.			4/28/2017		1	USD		950.00	$	1	$	293		$	(292	)
Put - Amazon.com, Inc.			5/19/2017		1	USD		880.00		278		2,492			(2,214	)
Put - Best Buy Co., Inc.			5/19/2017		3	USD		39.00		30		369			(339	)
Call - Alphabet, Inc.			5/19/2017		1	USD		850.00		8,010		1,821			6,189
Call - Melco Resorts & Entertainment Ltd.			5/19/2017		33	USD		22.00		2,475		1,519			956
Call - Red Hat, Inc.			5/19/2017		12	USD		90.00		768		1,555			(787	)
Put - Equinix, Inc.			6/16/2017		1	USD		370.00		175		1,806			(1,631	)
Put - United Continental Holdings, Inc.			6/16/2017		2	USD		70.00		570		688			(118	)
Call - HP, Inc.			6/16/2017		14	USD		18.00		1,806		883			923
Call - Koninklijke Ahold NV			6/16/2017		2	EUR		22.03		2		11			(9	)
Call - Koninklijke Ahold NV			6/16/2017		3	EUR		22.00		7		420			(414	)
Call - Palo Alto Networks, Inc.			6/16/2017		10	USD		120.00		2,050		2,930			(880	)
Call - Red Hat, Inc.			6/16/2017		5	USD		100.00		75		130			(55	)
Put - Amphenol Corp.			7/21/2017		3	USD		70.00		405		1,034			(629	)
Call - Dollar General Corp.			8/18/2017		3	USD		70.00		1,650		1,368			282
Call - TransDigm Group, Inc.			8/18/2017		1	USD		280.00		550		511			39
Call - Koninklijke Ahold NV			12/15/2017		2	EUR		22.03		52		62			(10	)
Call - Koninklijke Ahold NV			12/15/2017		3	EUR		22.00		78		308			(229	)
Call - Procter & Gamble Co.			1/19/2018		3	USD		90.00		708		983			(275	)
Call - Koninklijke Ahold NV			12/21/2018		2	EUR		22.03		172		169			3
Call - Koninklijke Ahold NV			12/21/2018		4	EUR		22.00		337		847			(510	)
									$	20,199	$	20,199		$	—
OTC European Foreign Currency Options
Description		Expiration Date		Number of Contracts		Currency	Exercise Price		Fair Value		Premiums Paid			Unrealized Appreciation/ (Depreciation)
Put - OTC EPUT USD Versus CNH			9/8/2017		159,058	USD		6.47	$	29	$	139		$	(110	)
									$	29	$	139		$	(110	)
Forward Currency Contracts Open on April 30, 2017:
Type	Currency	Principal Amount Covered by Contract		Settlement Date		Counterparty	Unrealized Appreciation				Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Buy	CAD		8,442		6/30/2017	MSC		$—			$	(98	)	$	(98	)
Buy	GBP		7,533		6/30/2017	MSC		28				—			28
Buy	JPY		31,620		6/30/2017	MSC		—				(472	)		(472	)
Buy	NOK		38,233		6/30/2017	MSC		—				(84	)		(84	)
Buy	NOK		6,838		6/30/2017	MSC		19				—			19
Buy	SEK		4,895		6/30/2017	MSC		—				(67	)		(67	)
Sell	CAD		4,399		6/30/2017	MSC		—				(2	)		(2	)
Sell	CAD		276,263		6/30/2017	MSC		3,412				—			3,412
Sell	CAD		17,916		6/30/2017	MSC		94				—			94
Sell	EUR		34,040		6/30/2017	MSC		—				(94	)		(94	)
Sell	EUR		14,507		6/30/2017	MSC		—				(38	)		(38	)

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Type	Currency		Principal Amount Covered by Contract		Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Sell		EUR		3,241		6/30/2017		MSC	$	—	$	(15	)	$	(15	)
Sell		GBP		3,652		6/30/2017		MSC		—		(3	)		(3	)
Sell		GBP		53,919		6/30/2017		MSC		—		(752	)		(752	)
Sell		GBP		5,982		6/30/2017		MSC		—		(82	)		(82	)
Sell		SEK		33,153		6/30/2017		MSC		14		—			14
Buy		SEK		9,228		7/20/2017		MSC		158		—			158
Sell		EUR		38,800		7/20/2017		MSC		—		(661	)		(661	)
Sell		EUR		177,313		7/20/2017		MSC		—		(2,603	)		(2,603	)
Sell		EUR		21,530		7/20/2017		MSC		87		—			87
Sell		GBP		53,852		7/20/2017		MSC		—		(637	)		(637	)
Sell		GBP		157,354		7/20/2017		MSC		—		(1,542	)		(1,542	)
Sell		JPY		121,144		7/20/2017		MSC		2,445		—			2,445
Sell		CNH		22,824		9/12/2017		MSC		485		—			485
									$	6,742	$	(7,150	)	$	(408	)

Glossary:

Counterparty Abbreviations:

MSC	Morgan Stanley & Co. Inc.
Currency Abbreviations:
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Yuan Renminbi
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
TWD	Taiwanese Dollar
USD	United States Dollar
Other Abbreviations:
EONIA	Euro Overnight Index Average
ETF	Exchange-Traded Fund
EURIB	Euro Interbank Offered Rate
FEDEF	Effective Federal Funds Rate
LIBOR	London Interbank Offered Rate
SONIA	Sterling Overnight Index Average
SPDR	Standard & Poor’s Depositary Receipt

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

Grosvenor Long/Short Fund	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	13,255,776		$	—	$	—	$	13,255,776
Warrants		1			—		—		1
Short-Term Investments - Money Market Funds		3,386,021			—		—		3,386,021
Total Investments in Securities - Assets	$	16,641,798		$	—	$	—	$	16,641,798
Liabilities
Common Stocks (Sold Short)	$	(4,124,226	)	$	—	$	—	$	(4,124,226	)
Exchange Traded Instruments (Sold Short)		(1,643,281	)		—		—		(1,643,281	)
Total Investments in Securities - Liabilities		(5,767,507	)		—		—		(5,767,507	)
Total Investments in Securities	$	10,874,291		$	—	$	—	$	10,874,291

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Grosvenor Long/Short Fund	Level 1		Level 2			Level 3		Total
Financial Derivative Instruments - Assets
Total Return Swaps	$	—	$	236,028		$	—	$	236,028
Purchased Options		21,308		—			—		21,308
Forward Currency Contracts		—		6,742			—		6,742
Total Financial Derivative Instruments - Assets	$	21,308	$	242,770		$	—	$	264,078
Financial Derivative Instruments - Liabilities
Total Return Swaps	$	—	$	(37,997	)	$	—	$	(37,997	)
Forward Currency Contracts		—		(7,150	)		—		(7,150	)
Total Financial Derivative Instruments - Liabilities	$	—	$	(45,147	)	$	—	$	(45,147	)

U.S GAAP also requires all transfers between any level to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between any levels.

See accompanying notes.

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top 10 Long Exposures (% Net Assets)
Yahoo!, Inc.	2.0
Lowe’s Cos., Inc.	1.6
Dollar General Corp.	1.5
KAR Auction Services, Inc.	1.3
Mohawk Industries, Inc.	1.3
Sherwin-Williams Co.	1.3
Newell Brands, Inc.	1.3
HRG Group, Inc.	1.3
LKQ Corp.	1.3
SS&C Technologies Holdings, Inc.	1.2
Top 10 Short Exposures (% Net Assets)
Consumer Discretionary Select Sector SPDR Fund	(2.0	)
Consumer Staples Select Sector SPDR Fund	(1.3	)
iShares EUR Govt Bond 7-10yr UCITS ETF EUR Dist	(0.8	)
iShares 20+ Year Treasury Bond ETF	(0.8	)
Corning, Inc.	(0.7	)
British American Tobacco PLC	(0.7	)
Health Care Select Sector SPDR Fund	(0.6	)
International Business Machines Corp.	(0.6	)
Schlumberger Ltd.	(0.6	)
Vanguard REIT ETF	(0.6	)
Net Sector Exposures (% Investments)
Other	31.1
Consumer Discretionary	26.0
Financials	15.9
Information Technology	8.6
Materials	8.2
Energy	7.4
Consumer Staples	6.4
Industrials	6.0
Telecommunication Services	3.5
Health Care	1.3
Real Estate	0.7
Broad Market Indices	(15.1	)
Fund Level Exposure (% Net Assets)
Net Exposure	61.2
Gross Exposure	126.0
Long Exposure	93.6
Short Exposure	32.4

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
SECURITIES HELD LONG
COMMON STOCKS - 56.96%
CONSUMER DISCRETIONARY - 10.07%
Auto Components - 0.68%
Lear Corp.		2,600	$	370,916
Stoneridge, Inc.A		21,900		429,459
				800,375
Automobiles - 0.16%
Thor Industries, Inc.		2,000		192,360
Diversified Consumer Services - 0.10%
Capella Education Co.		1,200		114,360
Hotels, Restaurants & Leisure - 2.40%
Del Taco Restaurants, Inc.A		64,900		853,435
DineEquity, Inc.		3,000		169,620
Domino’s Pizza, Inc.		8,200		1,487,398
Red Robin Gourmet Burgers, Inc.A		500		29,375
Texas Roadhouse, Inc.		4,200		196,896
Zoe’s Kitchen, Inc.A		5,200		93,860
				2,830,584
Household Durables - 0.07%
Libbey, Inc.		7,600		79,800
Internet & Direct Marketing Retail - 0.20%
Liberty TripAdvisor Holdings, Inc., Class AA		13,100		192,570
Nutrisystem, Inc.		900		47,496
				240,066
Leisure Products - 0.72%
American Outdoor Brands Corp.A		5,300		117,395
MCBC Holdings, Inc.		29,000		485,750
Vista Outdoor, Inc.A		12,300		240,588
				843,733
Media - 0.16%
Gannett Co., Inc.		2,100		17,556
Gray Television, Inc.A		2,000		29,300
TEGNA, Inc.		5,600		142,688
				189,544
Multiline Retail - 0.07%
Macy’s, Inc.		2,900		84,738
Specialty Retail - 4.90%
Bed Bath & Beyond, Inc.		1,400		54,250
Dick’s Sporting Goods, Inc.		5,000		252,750
Express, Inc.A		5,200		44,876
Finish Line, Inc., Class A		23,100		365,211
Francesca’s Holdings Corp.A		57,900		913,662
GNC Holdings, Inc., Class A		6,500		50,570
Group 1 Automotive, Inc.		800		55,160
MarineMax, Inc.A		57,200		1,164,020
Select Comfort Corp.A		47,800		1,477,020
Ulta Salon Cosmetics & Fragrance, Inc.A		4,970		1,398,757
				5,776,276
Textiles, Apparel & Luxury Goods - 0.61%
Hanesbrands, Inc.		7,300		159,213
Lululemon Athletica, Inc.A		7,100		369,200
Ralph Lauren Corp.		900		72,648

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
CONSUMER DISCRETIONARY - 10.07% (continued)
Vera Bradley, Inc.A		13,400	$	122,610
				723,671
Total Consumer Discretionary				11,875,507
CONSUMER STAPLES - 3.75%
Food & Staples Retailing - 0.39%
CVS Health Corp.		5,300		436,932
Village Super Market, Inc., Class A		800		21,112
				458,044
Food Products - 2.71%
Bunge Ltd.		18,600		1,469,958
Flowers Foods, Inc.		24,500		480,445
Fresh Del Monte Produce, Inc.		6,700		410,710
Sanderson Farms, Inc.		300		34,734
TreeHouse Foods, Inc.A		3,000		262,800
Tyson Foods, Inc., Class A		8,300		533,358
				3,192,005
Personal Products - 0.52%
Medifast, Inc.		12,100		560,472
Nu Skin Enterprises, Inc., Class A		1,000		55,230
				615,702
Tobacco - 0.13%
Universal Corp.		2,100		154,245
Total Consumer Staples				4,419,996
ENERGY - 3.18%
Energy Equipment & Services - 1.08%
Archrock, Inc.		80,300		947,540
Atwood Oceanics, Inc.A		6,400		50,112
Ensco PLC, Class A		30,100		237,489
Independence Contract Drilling, Inc.A		2,900		13,369
Matrix Service Co.A		2,600		30,550
				1,279,060
Oil, Gas & Consumable Fuels - 2.10%
Evolution Petroleum Corp.		39,200		313,600
International Seaways, Inc.A		43,100		833,123
Scorpio Tankers, Inc.		135,800		597,520
Teekay Corp.		12,400		107,632
Whiting Petroleum Corp.A		45,800		380,140
World Fuel Services Corp.		6,600		243,078
				2,475,093
Total Energy				3,754,153
FINANCIALS - 4.66%
Banks - 0.02%
Independent Bank Corp.		900		20,070
Capital Markets - 1.45%
Ameriprise Financial, Inc.		10,800		1,380,780
KCG Holdings, Inc., Class AA		16,800		334,320
				1,715,100
Consumer Finance - 0.31%
Nicholas Financial, Inc.A		13,000		129,740

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
FINANCIALS - 4.66% (continued)
Regional Management Corp.A		11,800	$	233,994
				363,734
Diversified Financial Services - 0.85%
Marlin Business Services Corp.		2,500		63,625
Voya Financial, Inc.		25,000		934,500
				998,125
Insurance - 2.03%
Ambac Financial Group, Inc.A		2,400		46,632
Assured Guaranty Ltd.		32,200		1,227,786
CNO Financial Group, Inc.		31,100		655,277
Lincoln National Corp.		3,000		197,790
Validus Holdings Ltd.		4,800		265,344
				2,392,829
Total Financials				5,489,858
HEALTH CARE - 4.97%
Biotechnology - 2.37%
Achillion Pharmaceuticals, Inc.A		115,000		392,150
Alexion Pharmaceuticals, Inc.A		600		76,668
Amgen, Inc.		1,300		212,316
Applied Genetic Technologies Corp.A		32,600		182,560
BioSpecifics Technologies Corp.A		11,706		664,082
Gilead Sciences, Inc.		10,100		692,355
Myriad Genetics, Inc.A		5,600		102,984
PDL BioPharma, Inc.		198,600		446,850
Pfenex, Inc.A		5,700		27,417
				2,797,382
Health Care Equipment & Supplies - 1.66%
Analogic Corp.		900		64,665
CR Bard, Inc.		1,600		491,968
FONAR Corp.A		4,596		88,013
Glaukos Corp.A		9,592		455,908
Hill-Rom Holdings, Inc.		400		30,256
Hologic, Inc.A		3,100		139,965
Orthofix International N.V.A		3,700		146,335
Teleflex, Inc.		2,600		537,914
				1,955,024
Health Care Providers & Services - 0.64%
Centene Corp.A		4,900		364,560
HCA Holdings, Inc.A		3,000		252,630
HealthSouth Corp.		1,700		79,730
LifePoint Health, Inc.A		900		55,935
				752,855
Health Care Technology - 0.15%
Computer Programs & Systems, Inc.		6,700		183,915
Life Sciences Tools & Services - 0.15%
VWR Corp.A		6,300		178,038
Total Health Care				5,867,214
INDUSTRIALS - 4.90%
Aerospace & Defense - 0.14%
Aerovironment, Inc.A		5,600		159,992

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
INDUSTRIALS - 4.90% (continued)
Commercial Services & Supplies - 0.27%
CECO Environmental Corp.		9,700	$	109,513
Pitney Bowes, Inc.		9,600		127,584
UniFirst Corp.		600		83,520
				320,617
Construction & Engineering - 0.79%
Argan, Inc.		12,400		828,940
EMCOR Group, Inc.		1,500		98,610
				927,550
Electrical Equipment - 0.87%
Acuity Brands, Inc.		1,200		211,320
Atkore International Group, Inc.A		20,600		540,956
Broadwind Energy, Inc.A		25,154		231,165
Powell Industries, Inc.		1,400		48,286
				1,031,727
Machinery - 0.20%
Allison Transmission Holdings, Inc.		5,800		224,344
Columbus McKinnon Corp.		400		10,452
				234,796
Marine - 0.02%
Costamare, Inc.		3,000		20,220
Professional Services - 1.47%
Barrett Business Services, Inc.		6,000		345,960
Dun & Bradstreet Corp.		3,900		427,479
ICF International, Inc.A		1,000		44,150
Insperity, Inc.		2,300		210,105
TrueBlue, Inc.A		26,000		711,100
				1,738,794
Road & Rail - 0.42%
ArcBest Corp.		18,900		499,905
Trading Companies & Distributors - 0.72%
HD Supply Holdings, Inc.A		7,900		318,370
Rush Enterprises, Inc., Class AA		4,900		184,975
United Rentals, Inc.A		3,100		339,946
				843,291
Total Industrials				5,776,892
INFORMATION TECHNOLOGY - 5.21%
Communications Equipment - 0.22%
Finisar Corp.A		2,500		57,100
Network-1 Technologies, Inc.A		41,800		200,640
				257,740
Electronic Equipment, Instruments & Components - 0.69%
Avnet, Inc.		9,300		363,327
PCM, Inc.A		12,700		320,040
Tech Data Corp.A		1,100		105,215
VeriFone Systems, Inc.A		1,200		22,248
				810,830
Internet Software & Services - 1.10%
Blucora, Inc.A		20,249		373,594
IAC/InterActiveCorpA		500		41,505
Liquidity Services, Inc.A		300		2,340
VeriSign, Inc.A		6,600		586,872

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
INFORMATION TECHNOLOGY - 5.21% (continued)
Web.com Group, Inc.A		14,900	$	287,570
				1,291,881
IT Services - 1.35%
Cognizant Technology Solutions Corp., Class AA		7,200		433,656
Convergys Corp.		6,200		139,562
CoreLogic, Inc.A		3,600		153,864
Gartner, Inc.A		1,600		182,544
Science Applications International Corp.		500		36,495
Total System Services, Inc.		10,300		590,293
Virtusa Corp.A		2,000		61,960
				1,598,374
Semiconductors & Semiconductor Equipment - 0.46%
Kulicke & Soffa Industries, Inc.A		24,400		544,608
Software - 0.69%
Barracuda Networks, Inc.A		11,500		233,795
CommVault Systems, Inc.A		1,200		60,540
Monotype Imaging Holdings, Inc.		9,400		191,290
Progress Software Corp.		4,500		133,740
Red Hat, Inc.A		1,600		140,928
Rubicon Project, Inc.A		8,300		47,393
Synchronoss Technologies, Inc.A		400		6,400
				814,086
Technology Hardware, Storage & Peripherals - 0.70%
NCR Corp.A		2,400		99,000
NetApp, Inc.		14,700		585,795
Super Micro Computer, Inc.A		5,900		143,960
				828,755
Total Information Technology				6,146,274
MATERIALS - 3.50%
Chemicals - 3.03%
Ashland Global Holdings, Inc.		1,500		185,250
Chemours Co.		5,400		217,566
Core Molding Technologies, Inc.A		18,150		359,007
Huntsman Corp.		55,800		1,382,166
KMG Chemicals, Inc.		10,338		543,262
Koppers Holdings, Inc.A		5,700		241,965
Trinseo S.A.		9,700		644,080
				3,573,296
Metals & Mining - 0.25%
Kaiser Aluminum Corp.		3,000		253,230
Steel Dynamics, Inc.		1,000		36,140
				289,370
Paper & Forest Products - 0.22%
Boise Cascade Co.A		7,100		216,550
Clearwater Paper Corp.A		1,000		48,600
				265,150
Total Materials				4,127,816
REAL ESTATE - 15.56%
Equity Real Estate Investment Trusts (REITs) - 15.16%
Brixmor Property Group, Inc.		60,800		1,200,800
CBL & Associates Properties, Inc.		154,700		1,430,975
CoreSite Realty Corp.		10,300		1,007,855

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
REAL ESTATE - 15.56% (continued)
DuPont Fabros Technology, Inc.		7,000	$	360,850
Empire State Realty Trust, Inc., Class A		69,300		1,441,440
Equity LifeStyle Properties, Inc.		7,200		582,552
Forest City Realty Trust, Inc., Class A		64,600		1,459,960
GGP, Inc.		7,500		162,075
Host Hotels & Resorts, Inc.		33,900		608,505
Hudson Pacific Properties, Inc.		20,500		704,380
Kite Realty Group Trust		30,900		629,124
NexPoint Residential Trust, Inc.		7,000		168,070
Pennsylvania Real Estate Investment Trust		30,200		418,270
QTS Realty Trust, Inc., Class A		24,200		1,293,248
Ramco-Gershenson Properties Trust		10,300		137,299
Ryman Hospitality Properties, Inc.		16,900		1,077,882
SBA Communications Corp.A		11,700		1,479,933
Senior Housing Properties Trust		25,500		548,760
Simon Property Group, Inc.		8,400		1,388,184
Taubman Centers, Inc.		21,900		1,369,845
Vornado Realty Trust		4,300		413,832
				17,883,839
Real Estate Management & Development - 0.40%
Forestar Group, Inc.A		32,900		465,535
Total Real Estate				18,349,374
TELECOMMUNICATION SERVICES - 0.33%
Diversified Telecommunication Services - 0.06%
MagicJack VocalTec Ltd.A		7,800		63,960
Wireless Telecommunication Services - 0.27%
Spok Holdings, Inc.		1,500		26,925
Telephone & Data Systems, Inc.		5,400		148,284
United States Cellular Corp.A		3,700		144,966
				320,175
Total Telecommunication Services				384,135
UTILITIES - 0.83%
Independent Power and Renewable Electricity Producers - 0.11%
Atlantica Yield PLC		6,400		133,376
Multi-Utilities - 0.72%
CenterPoint Energy, Inc.		29,600		844,488
Total Utilities				977,864
Total Common Stocks (Cost $66,718,197)				67,169,083
EXCHANGE TRADED INSTRUMENTS - 7.95%
EXCHANGE TRADED FUNDS - 7.95%
Consumer Staples Select Sector SPDR Fund		23,300		1,285,694
Financial Select Sector SPDR Fund		36,200		851,786
Health Care Select Sector SPDR Fund		75,000		5,662,500
Technology Select Sector SPDR Fund		28,900		1,571,582
Total Exchange Traded Funds				9,371,562
Total Exchange Traded Instruments (Cost $9,330,576)				9,371,562

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
Short-Term Investments - 4.89% (Cost $5,768,509)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%B		5,768,509		$	5,768,509
TOTAL SECURITIES HELD LONG (Cost $81,817,282)					82,309,154
SECURITIES HELD SHORT
COMMON STOCKS - (45.52%)
CONSUMER DISCRETIONARY - (10.37%)
Automobiles - (1.29%)
Tesla Motors, Inc.A		(4,850	)		(1,523,240	)
Hotels, Restaurants & Leisure - (0.71%)
Buffalo Wild Wings, Inc.A		(1,200	)		(189,060	)
Chipotle Mexican Grill, Inc.A		(1,070	)		(507,683	)
Sonic Corp.		(1,400	)		(37,774	)
Wynn Resorts Ltd.		(800	)		(98,408	)
					(832,925	)
Internet & Direct Marketing Retail - (0.07%)
Wayfair, Inc., Class AA		(1,800	)		(82,278	)
Leisure Products - (0.06%)
Mattel, Inc.		(3,300	)		(73,986	)
Media - (1.11%)
Charter Communications, Inc., Class AA		(3,790	)		(1,308,156	)
Multiline Retail - (0.03%)
Fred’s, Inc., Class A		(2,500	)		(36,800	)
Specialty Retail - (4.98%)
Barnes & Noble, Inc.		(3,900	)		(33,345	)
Buckle, Inc.		(52,700	)		(985,490	)
Cato Corp., Class A		(33,900	)		(764,784	)
Conn’s, Inc.A		(29,600	)		(520,960	)
GameStop Corp., Class A		(13,400	)		(304,046	)
L Brands, Inc.		(29,600	)		(1,563,176	)
Lumber Liquidators Holdings, Inc.A		(26,000	)		(638,300	)
Restoration HardwareA		(6,600	)		(316,602	)
Tiffany & Co.		(8,100	)		(742,365	)
					(5,869,068	)
Textiles, Apparel & Luxury Goods - (2.12%)
G-III Apparel Group Ltd.A		(1,500	)		(35,550	)
NIKE, Inc., Class B		(9,100	)		(504,231	)
Under Armour, Inc., Class AA		(35,600	)		(765,044	)
Under Armour, Inc., Class CA		(39,600	)		(768,636	)
VF Corp.		(7,900	)		(431,577	)
					(2,505,038	)
Total Consumer Discretionary					(12,231,491	)
CONSUMER STAPLES - (1.63%)
Food Products - (0.38%)
Cal-Maine Foods, Inc.A		(11,700	)		(441,675	)
Personal Products - (1.25%)
Coty, Inc., Class A		(82,700	)		(1,476,195	)

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
CONSUMER STAPLES - (1.63%) (continued)
Total Consumer Staples				$	(1,917,870	)
ENERGY - (1.88%)
Energy Equipment & Services - (1.12%)
Frank’s International N.V.		(63,200	)		(575,120	)
Schlumberger Ltd.		(8,000	)		(580,720	)
Weatherford International PLCA		(28,300	)		(163,291	)
					(1,319,131	)
Oil, Gas & Consumable Fuels - (0.76%)
Cheniere Energy, Inc.A		(7,800	)		(353,730	)
Golar LNG Ltd.		(16,000	)		(408,160	)
Occidental Petroleum Corp.		(2,200	)		(135,388	)
					(897,278	)
Total Energy					(2,216,409	)
FINANCIALS - (5.11%)
Capital Markets - (0.48%)
CME Group, Inc.		(500	)		(58,095	)
Financial Engines, Inc.		(8,300	)		(352,750	)
Ladenburg Thalmann Financial Services, Inc.A		(20,709	)		(57,571	)
Nasdaq, Inc.		(1,400	)		(96,418	)
					(564,834	)
Consumer Finance - (1.55%)
FirstCash, Inc.		(30,100	)		(1,563,695	)
LendingClub Corp.A		(46,300	)		(270,855	)
					(1,834,550	)
Insurance - (2.22%)
Cincinnati Financial Corp.		(900	)		(64,881	)
RLI Corp.		(18,200	)		(1,041,404	)
Willis Towers Watson PLC		(11,400	)		(1,511,868	)
					(2,618,153	)
Thrifts & Mortgage Finance - (0.86%)
LendingTree, Inc.		(5,200	)		(732,680	)
PHH Corp.A		(20,100	)		(259,290	)
Walter Investment Management Corp.		(21,500	)		(23,005	)
					(1,014,975	)
Total Financials					(6,032,512	)
HEALTH CARE - (3.57%)
Biotechnology - (0.76%)
Heron Therapeutics, Inc.A		(45,309	)		(695,493	)
TESARO, Inc.A		(1,400	)		(206,626	)
					(902,119	)
Health Care Equipment & Supplies - (0.99%)
Penumbra, Inc.A		(13,600	)		(1,162,120	)
Health Care Providers & Services - (1.61%)
Envision Healthcare Corp.A		(22,900	)		(1,283,087	)
HealthEquity, Inc.A		(1,500	)		(68,280	)
Teladoc, Inc.A		(21,900	)		(543,120	)
					(1,894,487	)
Health Care Technology - (0.20%)
Evolent Health, Inc., Class AA		(10,400	)		(241,800	)

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
HEALTH CARE - (3.57%) (continued)
Life Sciences Tools & Services - (0.01%)
Accelerate Diagnostics, Inc.A		(400	)	$	(10,920	)
Total Health Care					(4,211,446	)
INDUSTRIALS - (1.12%)
Building Products - (0.64%)
Johnson Controls International PLC		(18,100	)		(752,417	)
Machinery - (0.48%)
Flowserve Corp.		(3,200	)		(162,784	)
Wabtec Corp.		(4,900	)		(411,061	)
					(573,845	)
Total Industrials					(1,326,262	)
INFORMATION TECHNOLOGY - (3.16%)
Internet Software & Services - (1.94%)
2U, Inc.A		(11,500	)		(522,100	)
Benefitfocus, Inc.A		(42,200	)		(1,329,300	)
Pandora Media, Inc.A		(31,900	)		(346,115	)
Zillow Group, Inc.A		(2,300	)		(89,700	)
					(2,287,215	)
IT Services - (0.38%)
Paychex, Inc.		(7,500	)		(444,600	)
Semiconductors & Semiconductor Equipment - (0.56%)
Advanced Micro Devices, Inc.		(49,400	)		(657,020	)
Software - (0.28%)
FireEye, Inc.A		(26,600	)		(332,766	)
Total Information Technology					(3,721,601	)
MATERIALS - (2.36%)
Chemicals - (1.11%)
CF Industries Holdings, Inc.		(48,700	)		(1,302,238	)
Containers & Packaging - (1.25%)
Ball Corp.		(19,200	)		(1,476,288	)
Total Materials					(2,778,526	)
REAL ESTATE - (14.49%)
Equity Real Estate Investment Trusts (REITs) - (14.29%)
Brandywine Realty Trust		(12,400	)		(210,428	)
Chatham Lodging Trust		(72,700	)		(1,407,472	)
Chesapeake Lodging Trust		(28,800	)		(671,328	)
EPR Properties		(12,300	)		(894,333	)
Equity Residential		(9,600	)		(619,968	)
FelCor Lodging Trust, Inc.		(122,700	)		(950,925	)
GEO Group, Inc.		(8,000	)		(266,560	)
Getty Realty Corp.		(46,900	)		(1,200,640	)
Gladstone Commercial Corp.		(8,300	)		(185,090	)
Global Net Lease, Inc.		(5,633	)		(133,108	)
Government Properties Income Trust		(45,600	)		(972,192	)
HCP, Inc.		(8,900	)		(279,015	)
Hersha Hospitality Trust		(77,000	)		(1,419,880	)

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares			Fair Value
REAL ESTATE - (14.49%) (continued)
Investors Real Estate Trust		(246,100	)	$	(1,454,451	)
Iron Mountain, Inc.		(36,200	)		(1,258,312	)
iStar, Inc.A		(43,300	)		(529,559	)
Macerich Co.		(3,000	)		(187,290	)
New York REIT, Inc.A		(115,800	)		(1,104,732	)
Park Hotels & Resorts, Inc.		(2,800	)		(72,337	)
Parkway, Inc.		(3,200	)		(64,480	)
Rayonier, Inc.		(2,000	)		(56,440	)
Realty Income Corp.		(7,300	)		(425,955	)
Seritage Growth Properties		(7,700	)		(319,550	)
STAG Industrial, Inc.		(7,000	)		(184,520	)
Sunstone Hotel Investors, Inc.		(36,400	)		(541,996	)
WP Carey, Inc.		(23,000	)		(1,439,800	)
					(16,850,361	)
Real Estate Management & Development - (0.20%)
Kennedy-Wilson Holdings, Inc.		(11,500	)		(234,600	)
Total Real Estate					(17,084,961	)
TELECOMMUNICATION SERVICES - (0.14%)
Wireless Telecommunication Services - (0.14%)
Sprint Corp.A		(18,500	)		(167,055	)
UTILITIES - (1.69%)
Independent Power and Renewable Electricity Producers - (0.84%)
TerraForm Power, Inc., Class A		(60,400	)		(760,436	)
Vivint Solar, Inc.A		(77,022	)		(231,066	)
					(991,502	)
Multi-Utilities - (0.85%)
Dominion Resources, Inc.		(12,900	)		(998,847	)
Total Utilities					(1,990,349	)
TOTAL COMMON STOCKS (Proceeds $(53,313,942))					(53,678,482	)
EXCHANGE TRADED INSTRUMENTS - (7.86%)
EXCHANGE TRADED FUNDS - (7.86%)
Energy Select Sector SPDR Fund		(77,000	)		(5,223,680	)
Industrial Select Sector SPDR Fund		(15,800	)		(1,048,172	)
Utilities Select Sector SPDR Fund		(58,000	)		(2,998,600	)
TOTAL EXCHANGE TRADED INSTRUMENTS (Proceeds $(9,380,184))					(9,270,452	)
TOTAL SECURITIES HELD SHORT (Proceeds $(62,694,126))					(62,948,934	)
TOTAL INVESTMENTS IN SECURITIES (excludes securities sold short) - 69.80% (Cost $81,817,282)					82,309,154
TOTAL SECURITIES SOLD SHORT - (53.38%) (Proceeds $(62,694,126))					(62,948,934	)
OTHER ASSETS, NET OF LIABILITIES - 83.58%					98,571,655
NET ASSETS - 100.00%				$	117,931,875

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

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

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

Purchased Futures Contracts Open on April 30, 2017:

Equity Futures Contracts

Description	Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		122		June 2017	$	5,971,900	$	295,568
Mini MSCI EAFE Index Futures		101		June 2017		9,210,190		366,013
					$	15,182,090	$	661,581
Interest Rate Futures Contracts
Description	Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 10 Year Note Futures		73		June 2017	$	9,177,469	$	3,133
					$	9,177,469	$	3,133

Sold Futures Contracts Open on April 30, 2017:

Equity Futures Contracts

Description	Number of Contracts		Expiration Date		Contract Value			Unrealized Appreciation (Depreciation)
S&P 500 E Mini Index Futures		32		June 2017	$	(3,808,800	)	$	(18,731	)
					$	(3,808,800	)	$	(18,731	)

OTC Contracts for Difference outstanding on April 30, 2017:
OTC Contracts for Difference - Equity
Reference Entity	Counterparty	Long/Short	Currency	Notional Amount		Unrealized Appreciation (Depreciation)
Bobst Group S.A., Reg Shares	MSC	Long	CHF		1,700	$	9,222
Georg Fischer Ltd.	MSC	Long	CHF		919		10,174
Gurit Holding AG-BR	MSC	Long	CHF		894		15,617
Lonza AG-Reg	MSC	Long	CHF		2,194		28,212
Mobilezone Holding AG	MSC	Long	CHF		26,960		1,724
Dfds A/S	MSC	Long	DKK		15,597		27,404
Royal Unibrew A/S	MSC	Long	DKK		12,690		(14,121	)
SimCorp A/S	MSC	Long	DKK		13,120		(15,560	)
Aalberts Industries N.V.	MSC	Long	EUR		2,520		3,663
ABC arbitrage	MSC	Long	EUR		62,487		13,609
Advanced Metallurgical-W/I	MSC	Long	EUR		8,960		8,489
Air France-KLM	MSC	Long	EUR		26,600		(240	)
Aperam S.A.	MSC	Long	EUR		22,990		(7,010	)
Arkema, Inc.	MSC	Long	EUR		6,790		45,029
Ascopiave SpA	MSC	Long	EUR		126,149		10,715
BE Semiconductor Industries N.V.	MSC	Long	EUR		29,715		202,238
Biesse SpA	MSC	Long	EUR		1,390		2,634
Boiron S.A.	MSC	Long	EUR		495		2,178
Cewe Color Holding AG	MSC	Long	EUR		13,424		(4,824	)
Chargeurs S.A.	MSC	Long	EUR		2,130		6,982

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Reference Entity	Counterparty	Long/Short	Currency	Notional Amount		Unrealized Appreciation (Depreciation)
Christian Dior SE	MSC	Long	EUR		3,865	$	127,737
Construcciones y Auxiliar de Ferrocarriles	MSC	Long	EUR		5,290		58
Covestro AG	MSC	Long	EUR		807		185
Deutz AG	MSC	Long	EUR		87,900		109,024
Dialog Semiconductor, PLC	MSC	Long	EUR		14,590		24,705
Draegerwerk AG-Vorz Akt	MSC	Long	EUR		350		681
El.En. SpA	MSC	Long	EUR		7,300		20,986
Euronext N.V.	MSC	Long	EUR		950		2,369
EVS Broadcast Equipment S.A.	MSC	Long	EUR		12,960		15,595
Gestevision Telecinco S.A.	MSC	Long	EUR		38,050		20,717
H&R AG	MSC	Long	EUR		4,490		(220	)
Indus Holding AG	MSC	Long	EUR		980		534
IPSOS S.A.	MSC	Long	EUR		30,970		36,912
Jacquet Metal Service	MSC	Long	EUR		25,408		62,806
LISI	MSC	Long	EUR		990		4,625
Melexis N.V.	MSC	Long	EUR		1,770		(4,395	)
Mersen	MSC	Long	EUR		5,750		13,838
Moncler SpA	MSC	Long	EUR		15,860		12,608
Neopost S.A.	MSC	Long	EUR		1,440		(392	)
Outokumpu OYJ	MSC	Long	EUR		54,000		(20,859	)
Siltronic AG	MSC	Long	EUR		2,790		8,573
Telecom Italia-RNC	MSC	Long	EUR		772,100		8,828
Valmet Corp.	MSC	Long	EUR		64,280		19,599
VERBIO AG	MSC	Long	EUR		5,600		(3,436	)
Vittoria Assicurazioni SpA	MSC	Long	EUR		11,140		4,610
Washtec AG	MSC	Long	EUR		1,440		8,828
Wuestenrot & Wuerttembergische AG	MSC	Long	EUR		1,320		934
3i Group, PLC	MSC	Long	GBP		86,600		21,082
Abcam, PLC	MSC	Long	GBP		138,690		50,146
Avon Rubber, PLC	MSC	Long	GBP		23,768		13,837
BGEO Group, PLC	MSC	Long	GBP		12,360		24,146
Carnival, PLC	MSC	Long	GBP		11,790		33,357
Drax Group, PLC	MSC	Long	GBP		9,600		(29	)
Entertainment One Ltd.	MSC	Long	GBP		22,200		(86	)
Fenner, PLC	MSC	Long	GBP		8,700		149
Genus, PLC	MSC	Long	GBP		15,630		(2,831	)
Gocompare.com Holdings, Ltd.	MSC	Long	GBP		202,062		—
Indivior, PLC	MSC	Long	GBP		167,800		27,818
JD Sports Fashion, PLC	MSC	Long	GBP		19,250		125
Numis Corp, PLC	MSC	Long	GBP		31,023		4,816
Persimmon, PLC	MSC	Long	GBP		7,000		4,890
QinetiQ, PLC	MSC	Long	GBP		65,600		6,942
Redrow Group, PLC	MSC	Long	GBP		111,200		28,054
SVG Capital, PLC	MSC	Long	GBP		11,800		611
Vedanta Resources, PLC	MSC	Long	GBP		61,440		(13,116	)
Virgin Money Holdings UK, PLC	MSC	Long	GBP		299,862		53,279
Wizz Air Holdings, PLC	MSC	Long	GBP		18,030		5,598
Aker ASA, A Shares	MSC	Long	NOK		1,000		27
Austevoll Seafood ASA	MSC	Long	NOK		35,700		11,460
BW LPG Ltd.	MSC	Long	NOK		106,044		(7,660	)
Kvaerner ASA	MSC	Long	NOK		320,077		31,759
SpareBank 1 Nord-Norge	MSC	Long	NOK		67,200		—
TGS-NOPEC Geophysical Co. ASA	MSC	Long	NOK		8,700		4,548
Capio AB	MSC	Long	SEK		27,600		1,870
KappAhl AB	MSC	Long	SEK		10,600		(599	)
LeoVegas AB	MSC	Long	SEK		89,500		9,097
New Wave Group AB	MSC	Long	SEK		18,554		(1,572	)
Oriflame Holding AG	MSC	Long	SEK		5,327		(60	)

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Reference Entity	Counterparty	Long/Short	Currency	Notional Amount		Unrealized Appreciation (Depreciation)
Tethys Oil AB	MSC	Long	SEK		38,800	$	4,382
ams AG	MSC	Short	CHF		1,250		1,024
Basilea Pharmaceutica AG	MSC	Short	CHF		2,860		(6,752	)
Burckhardt Compression Holding AG	MSC	Short	CHF		1,641		(37,916	)
Dufry Group	MSC	Short	CHF		786		(4,631	)
Evolva Holding S.A.	MSC	Short	CHF		864,900		(1,243	)
Galenica AG-Reg Shares	MSC	Short	CHF		848		(32,129	)
Givaudan S.A.	MSC	Short	CHF		502		(3,026	)
Meyer Burger Technology AG	MSC	Short	CHF		90,200		(740	)
Nestle S.A.	MSC	Short	CHF		6,110		(6,445	)
Newron Pharmaceuticals SpA	MSC	Short	CHF		4,250		(1,921	)
VZ Holding AG	MSC	Short	CHF		513		902
ALK-Abello A/S	MSC	Short	DKK		3,260		(26,253	)
Christian Hansen Holding A/S	MSC	Short	DKK		3,770		766
Nets A/S	MSC	Short	DKK		71,480		(62,827	)
Novozymes A/S, B Shares	MSC	Short	DKK		850		302
Accor S.A.	MSC	Short	EUR		33,970		(84,586	)
Air Liquide S.A.	MSC	Short	EUR		8,587		(34,130	)
AIXTRON AG	MSC	Short	EUR		7,100		(547	)
Anheuser-Busch InBev S.A./N.V.	MSC	Short	EUR		3,638		(8,319	)
Bollore S.A.	MSC	Short	EUR		382,300		(88,171	)
Bureau Veritas S.A.	MSC	Short	EUR		18,240		(18,571	)
Cairn Homes Ltd.	MSC	Short	EUR		304,515		(23,212	)
Caverion Corp.	MSC	Short	EUR		29,298		(3,828	)
Deutsche Bank AG-Registered	MSC	Short	EUR		18,670		(24,295	)
Ferrovial S.A. SQ	MSC	Short	EUR		66,820		(37,473	)
Industria de Diseno Textil S.A.	MSC	Short	EUR		7,090		(7,682	)
Intesa Sanpaolo	MSC	Short	EUR		75,800		(15,188	)
MorphoSys AG	MSC	Short	EUR		11,870		(50,669	)
Nokia OYJ	MSC	Short	EUR		100,900		(38,017	)
Parrot Promesses	MSC	Short	EUR		53,330		(23,810	)
Royal Dutch Shell PLC-A Shares-Euronext	MSC	Short	EUR		17,170		1,309
SES Global-FDR	MSC	Short	EUR		7,890		11,538
SFR Group S.A.	MSC	Short	EUR		8,280		(4,348	)
SLM Solutions Group AG	MSC	Short	EUR		19,660		(75,181	)
UniCredit SpA	MSC	Short	EUR		10,900		(12,582	)
Vallourec S.A.	MSC	Short	EUR		166,000		(16,088	)
Wirecard AG	MSC	Short	EUR		3,520		(6,095	)
Allied Minds, PLC	MSC	Short	GBP		106,870		11,061
Capita, PLC	MSC	Short	GBP		115,800		22,472
Capital & Counties Properties, PLC	MSC	Short	GBP		347,900		5,029
Cobham, PLC	MSC	Short	GBP		347,200		167
Dairy Crest Group, PLC	MSC	Short	GBP		4,700		—
EasyJet, PLC	MSC	Short	GBP		104,560		(54,110	)
Filtrona, PLC	MSC	Short	GBP		85,000		(9,897	)
Fresnillo, PLC	MSC	Short	GBP		3,760		3,162
HSBC Holdings, PLC	MSC	Short	GBP		36,200		(6,604	)
Hurricane Energy, PLC	MSC	Short	GBP		50,124		(1,459	)
Mediclinic International, PLC	MSC	Short	GBP		10,110		131
NCC Group, PLC	MSC	Short	GBP		489,226		(89,437	)
Provident Financial, PLC	MSC	Short	GBP		5,300		(5,623	)
Purplebricks Group, PLC	MSC	Short	GBP		266,813		(37,510	)
Randgold Resources Ltd.	MSC	Short	GBP		5,260		18,034
Royal Bank of Scotland Group, PLC	MSC	Short	GBP		251,800		(80,735	)
Sirius Minerals, PLC	MSC	Short	GBP		2,175,400		(7,036	)
Sound Energy, PLC	MSC	Short	GBP		599,817		31,041
Sports Direct International, PLC	MSC	Short	GBP		47,600		4,520
Tullow Oil, PLC	MSC	Short	GBP		311,100		(7,380	)

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Reference Entity	Counterparty	Long/Short	Currency	Notional Amount		Unrealized Appreciation (Depreciation)
Nordic Nanovector ASA	MSC	Short	NOK		3,120	$	(5,099	)
Norwegian Air Shuttle ASA	MSC	Short	NOK		31,980		(33,598	)
Hennes & Mauritz AB, B Shares	MSC	Short	SEK		26,220		(8,883	)
Ratos AB-B Shares	MSC	Short	SEK		307,554		(66,062	)
						$	74,975

Glossary:
Counterparty Abbreviations:
MSC	Morgan Stanley & Co. Inc.
Currency Abbreviations:
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar
Other Abbreviations:
OTC	Over-the-Counter

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

Numeric Integrated Alpha Fund	Level 1			Level 2			Level 3		Total
Assets
Common Stocks	$	67,169,083		$	—		$	—	$	67,169,083
Exchange Traded Instruments		9,371,562			—			—		9,371,562
Short-Term Investments - Money Market Funds		5,768,509			—			—		5,768,509
Total Investments in Securities - Assets	$	82,309,154		$	—		$	—	$	82,309,154
Liabilities
Common Stocks (Sold Short)	$	(53,678,482	)	$	—		$	—	$	(53,678,482	)
Exchange Traded Instruments (Sold Short)		(9,270,452	)		—			—		(9,270,452	)
Total Investments in Securities - Liabilities		(62,948,934	)		—			—		(62,948,934	)
Total Investments in Securities	$	19,360,220		$	—		$	—	$	19,360,220
Financial Derivative Instruments - Assets
Futures Contracts	$	664,714		$	—		$	—	$	664,714
Swap Agreements		—			1,133,626			—		1,133,626
Total Financial Derivative Instruments - Assets	$	664,714		$	1,133,626		$	—	$	1,798,340
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(18,731	)	$	—		$	—	$	(18,731	)
Swap Agreements		—			(1,058,651	)		—		(1,058,651	)
Total Financial Derivative Instruments - Liabilities	$	(18,731	)	$	(1,058,651	)	$	—	$	(1,077,382	)

U.S. GAAP also requires all transfers between any level to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between any levels.

See accompanying notes.

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top 10 Long Exposures (% Net Assets)
Health Care Select Sector SPDR Fund	4.8
Technology Select Sector SPDR Fund	1.3
Domino’s Pizza, Inc.	1.3
SBA Communications Corp.	1.3
Select Comfort Corp.	1.3
Bunge Ltd.	1.3
Forest City Realty Trust, Inc.	1.2
Empire State Realty Trust, Inc.	1.2
CBL & Associates Properties, Inc.	1.2
Ulta Salon Cosmetics & Fragrance, Inc.	1.2
Top 10 Short Exposures (% Net Assets)
Energy Select Sector SPDR Fund	(4.4	)
Utilities Select Sector SPDR Fund	(2.5	)
FirstCash, Inc.	(1.3	)
L Brands, Inc.	(1.3	)
Tesla Motors, Inc.	(1.3	)
Willis Towers Watson PLC	(1.3	)
Ball Corp.	(1.3	)
Coty, Inc.	(1.3	)
Investors Real Estate Trust	(1.2	)
WP Carey, Inc.	(1.2	)
Net Sector Exposures (% Investments)
Other	29.8
Industrials	23.0
Consumer Staples	12.9
Information Technology	12.5
Health Care	8.6
Energy	7.9
Materials	7.0
Real Estate	6.5
Telecommunication Services	1.1
Broad Market Indicies	0.5
Consumer Discretionary	(1.8	)
Financials	(2.8	)
Utilities	(5.2	)
Fund Level Exposure (% Net Assets)
Net Exposure	16.4
Gross Exposure	123.2
Long Exposure	69.8
Short Exposure	53.4

See accompanying notes.

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
Australia - 1.31%
Common Stocks - (Cost $378,236)
MYOB Group Ltd.		140,418	$	370,110
Bermuda - 2.37%
Common Stocks - (Cost $545,705)
IHS Markit Ltd.A		15,352		666,277
China - 5.81%
Common Stocks - (Cost $1,232,128)
Ping An Insurance Group Co. of China Ltd., Class H		93,143		524,489
Tencent Holdings Ltd.		35,471		1,109,958
Total China				1,634,447
Curacao - 2.77%
Common Stocks - (Cost $837,182)
Schlumberger Ltd.		10,723		778,383
Denmark - 3.50%
Common Stocks - (Cost $1,027,228)
Novo Nordisk A/S, Class B		25,324		985,404
France - 2.97%
Common Stocks - (Cost $828,162)
Danone S.A.		11,966		836,558
Germany - 3.89%
Common Stocks - (Cost $867,586)
SAP SE, Sponsored ADRB		10,931		1,095,068
Hong Kong - 4.09%
Common Stocks - (Cost $956,244)
AIA Group Ltd.		166,134		1,150,156
India - 4.32%
Common Stocks - (Cost $1,146,232)
HDFC Bank Ltd., ADR		6,814		542,463
Infosys Ltd., Sponsored ADR		46,234		673,167
Total India				1,215,630
Japan - 2.24%
Common Stocks - (Cost $617,959)
Fast Retailing Co., Ltd.		1,933		630,490
Mexico - 2.36%
Common Stocks - (Cost $635,444)
Fomento Economico Mexicano SAB de CV, Sponsored ADR		7,379		664,405
Netherlands - 2.80%
Common Stocks - (Cost $830,006)
Core Laboratories N.V.B		7,112		788,152
Republic of Korea - 2.39%
Common Stocks - (Cost $773,701)
Amorepacific Corp.		2,620		672,326
South Africa - 3.63%
Common Stocks - (Cost $824,705)
Sanlam Ltd.		64,954		344,558
Shoprite Holdings Ltd.		43,211		678,378

See accompanying notes.

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

	Shares		Fair Value
South Africa - 3.63% (continued)
Total South Africa				1,022,936
United Kingdom - 2.83%
Common Stocks - (Cost $811,281)
Nielsen Holdings PLC		19,346	$	795,701
United States - 45.77%
Common Stocks - (Cost $10,774,781)
Alphabet, Inc., Class CA		946		857,038
Amazon.com, Inc.A		887		820,466
Autodesk, Inc.A		5,971		537,808
Cerner Corp.A		8,847		572,843
Equinix, Inc.		1,989		830,805
FleetCor Technologies, Inc.A		4,591		647,974
Kansas City Southern		8,756		788,653
Lowe’s Cos., Inc.		9,542		809,925
MercadoLibre, Inc.		1,766		404,255
Mondelez International, Inc., Class A		17,768		800,093
NIKE, Inc., Class B		14,267		790,535
Priceline Group, Inc.A		455		840,303
Red Hat, Inc.A		7,603		669,672
Regeneron Pharmaceuticals, Inc.A		2,135		829,426
Salesforce.com, Inc.A		9,482		816,590
Visa, Inc., Class A		11,614		1,059,429
Whole Foods Market, Inc.		22,038		801,522
Total United States				12,877,337
SHORT-TERM INVESTMENTS - 6.33% (Cost $1,779,910)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%C		1,779,910		1,779,910
SECURITIES LENDING COLLATERAL - 6.38% (Cost $1,795,416)
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.69%C		1,795,416		1,795,416
TOTAL INVESTMENTS - 105.76% (Cost $26,661,906)				29,758,706
OTHER LIABILITIES, NET OF ASSETS - (5.76%)				(1,621,280	)
TOTAL NET ASSETS - 100.00%			$	28,137,426

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 April 30, 2017.

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

ADR - American Depositary Receipt.

PLC - Public Limited Company.

Futures Contracts Open on April 30, 2017:

Description	Type	Number of Contracts		Expiration Date		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	Long		7		June 2017	$	638,330	$	15,935
Mini MSCI Emerging Markets Index Futures	Long		4		June 2017		195,800		4,017
S&P 500 E-Mini Index Futures	Long		7		June 2017		833,175		9,060
						$	1,667,305	$	29,012

See accompanying notes.

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2017, the investments were classified as described below:

SGA Global Growth Fund	Level 1		Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	370,110	$	—	$	—	$	370,110
Bermuda		666,277		—		—		666,277
China		1,634,447		—		—		1,634,447
Curacao		778,383		—		—		778,383
Denmark		985,404		—		—		985,404
France		836,558		—		—		836,558
Germany		1,095,068		—		—		1,095,068
Hong Kong		1,150,156		—		—		1,150,156
India		1,215,630		—		—		1,215,630
Japan		630,490		—		—		630,490
Mexico		664,405		—		—		664,405
Netherlands		788,152		—		—		788,152
Republic of Korea		672,326		—		—		672,326
South Africa		1,022,936		—		—		1,022,936
United Kingdom		795,701		—		—		795,701
Domestic Common Stocks		12,877,337		—		—		12,877,337
Short-Term Investments - Money Market Funds		1,779,910		—		—		1,779,910
Securities Lending Collateral Invested in Money Market Funds		1,795,416		—		—		1,795,416
Total Investments in Securities - Assets	$	29,758,706	$	—	$	—	$	29,758,706
Financial Derivative Instruments - Assets
Futures Contracts	$	29,012	$	—	$	—	$	29,012
Total Financial Derivative Instruments - Assets	$	29,012	$	—	$	—	$	29,012

U.S. GAAP also requires all transfers between any level to be disclosed. The end of the period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2017, there were no transfers between levels.

See accompanying notes.

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2017 (Unaudited)

Top Ten Holdings (% Net Assets)
AIA Group Ltd.		4.1
Tencent Holdings Ltd.		3.9
SAP SE, Sponsored ADR		3.9
Visa, Inc.		3.8
Novo Nordisk A/S		3.5
Alphabet, Inc.		3.0
Priceline Group, Inc.		3.0
Danone S.A.		3.0
Equinix, Inc.		3.0
Regeneron Pharmaceuticals, Inc.		2.9
Total Fund Holdings	35
Sector Allocation (% Equities)
Information Technology		31.5
Consumer Staples		17.0
Consumer Discretionary		14.8
Financials		9.8
Health Care		9.1
Industrials		8.6
Energy		6.0
Real Estate		3.2
Country Allocation (% Equities)
United States		49.2
China		6.2
India		4.6
Hong Kong		4.4
Germany		4.2
South Africa		3.9
Denmark		3.8
France		3.2
United Kingdom		3.0
Netherlands		3.0
Curacao		3.0
Republic of Korea		2.6
Bermuda		2.6
Mexico		2.5
Japan		2.4
Australia		1.4

See accompanying notes.

AMERICAN BEACON FUNDS^SM

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Organization

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. As of April 30, 2017, the Trust consisted of thirty-two active series, seven of which are presented in this filing: American Beacon Acadian Emerging Markets Managed Volatility Fund (“Acadian Fund”), American Beacon Crescent Short Duration High Income Fund (“Crescent Fund”), American Beacon GLG Total Return Fund (“GLG Fund”), Global Evolution Frontier Markets Income Fund (“Global Evolution Fund”), American Beacon Grosvenor Long/Short Fund (“Grosvenor Fund”), American Beacon Numeric Integrated Alpha Fund (“Numeric Fund”), and American Beacon SGA Global Growth Fund (“SGA Fund”) (collectively, the “Funds” and each individually a “Fund”). The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940 (the “Act”), as amended, as non-diversified, open-end management investment companies except for the Acadian Fund and Crescent Fund, that are registered as diversified, open-end management investment companies. The remaining twenty-five active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a wholly-owned subsidiary of Resolute Investment Managers, 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.

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, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed.

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 a fund’s 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

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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 pm 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. Level 2 securities include fixed-income securities that are valued using observable inputs as stated above.

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, exchange-traded funds (“ETFs”) 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

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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.

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

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

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

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

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the Exchange close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Manager the responsibility for monitoring significant events that may materially affect the fair values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the Manager. For instances in which daily market quotes are not readily available, investments may be valued, pursuant to guidelines established by the Board. In the event that the security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Valuation Committee, generally based upon recommendations provided by the Manager.

When a Fund uses fair valuation methods applied by the Manager that use significant unobservable inputs to determine its NAV, the securities priced using this methodology are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

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Securities and other investments

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

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

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or over-the-counter (“OTC”). OTC stock may be less liquid than exchange-traded stock.

Credit-Linked Notes

Credit-linked notes (“CLNs”) are derivative debt obligations that are issued by limited purpose entities or by financial firms, such as banks, securities firms or their affiliates, and that are structured so that their performance is linked to that of an underlying bond or other debt obligation (a “reference asset”), normally by means of an embedded or underlying credit default swap. The reference assets for the CLNs in which the Fund may invest will be limited to sovereign or quasi-sovereign debt instruments or other investments in which the Fund’s investment policies permit it to invest directly. The Fund may invest in CLNs when the Fund’s Sub-Advisor believes that doing so is more efficient than investing in the reference assets directly or when such direct investment by the Fund is not feasible due to legal or other restrictions.

The issuer or one of the affiliates of the issuer of the CLNs in which the Fund will invest, normally will purchase the reference asset underlying the CLN directly, but in some cases it may gain exposure to the reference asset through a credit default swap or other derivative. Under the terms of a CLN, the Fund will receive a fixed or variable rate of interest on the outstanding principal amount of the CLN, which in turn will be subject to reduction (potentially down to zero) if a “credit event” occurs with respect to the underlying reference asset or its issuer. Such credit events will include payment defaults on the reference asset, and normally will also include events that do not involve an actual default, such as actual or potential insolvencies, repudiations of indebtedness, moratoria on payments, reference asset restructurings, limits on the convertibility or repatriation of currencies, and the imposition of ownership restrictions. If

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a credit event occurs, payments on the CLN would terminate, and the Fund normally would receive delivery of the underlying reference asset (or, in some cases, a comparable “deliverable” asset) in lieu of the repayment of principal. In some cases, however, including but not limited to instances where there has been a market disruption or in which it is or has become illegal, impossible or impracticable for the Fund to purchase, hold or receive the reference assets, the Fund may receive a cash settlement based on the value of the reference asset or a comparable instrument, less fees charged and certain expenses incurred by the CLN issuer.

CLNs are debt obligations of the CLN issuers, and the Fund would have no ownership or other property interest in the reference assets (other than following a credit event that results in the reference assets being delivered to the Fund) or any direct recourse to the issuers of those reference assets. Thus, the Fund will be exposed to the credit risk of the issuers of the reference assets that underlie its CLNs, as well as to the credit risk of the issuers of the CLNs themselves. CLNs will also be subject to currency risk, liquidity risk, valuation risks, and the other risks of a credit default swap. Various determinations that may need to be made with respect to the CLNs, including the occurrence of a credit event, the selection of deliverable assets (where applicable) and the valuation of the reference asset for purposes of determining any cash settlement amount, normally will be made by the issuer or sponsor of the CLN. The interests of such issuer or sponsor may not be aligned with those of the Fund or other investors in the CLN. Accordingly, CLNs may also be subject to potential conflicts of interest. There may be no established trading market for the Fund’s CLNs, in which event they may constitute illiquid investments.

Inflation Protected Securities

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. Interest is accrued based on the principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recorded as interest income, even though principal is not received until maturity.

Inflation-Indexed Bonds

The Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted based on the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income, even though investors do not receive their principal until maturity.

Structured Notes

Structured notes are hybrid securities that combine a debt obligation with an embedded derivative component. The derivative component is linked to changes in the value of an underlying reference asset or index so as to modify the return characteristics of the debt obligation. During the period, the Global Evolution Fund invested in structured notes to obtain a customized exposure and return structure that was not otherwise available.

Fluctuations in the value of structured notes are recorded as unrealized gains and losses. Net payments are recorded as net realized gains and losses. At maturity, or when the note is sold, the Fund records a realized gain or loss. Structured notes may be leveraged, increasing the volatility of each note’s value relative to the change in the underlying reference asset or index. These notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of a decline in the value of the underlying reference asset or index in addition to counterparty risk. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex or more traditional debt securities. These notes are subject to prepayment, credit, and interest rate risks similar to those of conventional fixed income securities.

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Payment In-Kind Securities

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

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 Funds may invest in rights and warrants.

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, exchange-traded notes (“ETNs”), 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, a Fund becomes a shareholder of that investment company. As a result, Fund 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 Fund 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.

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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. Restricted securities outstanding at the period ended April 30, 2017 are disclosed in the Notes to the Schedules of Investments.

Short Sales

The Grosvenor Long/Short Fund and the Numeric 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 April 30, 2017 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.

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. The initial margin amount is reflected as a Deposit with broker for futures contracts on the Statements of Assets and Liabilities. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement values are accounted for as unrealized appreciation (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 April 30, 2017 the Funds entered into future contracts primarily for return enhancement and exposing cash to markets.

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Options Contracts

The Grosvenor Fund may write (1) call and put options on futures, swaps (“swaptions”), securities, commodities or currencies it owns or in which it 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 Fund writes 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 Fund 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.

Swap Agreements

The Grosvenor Fund, GLG Fund, and Numeric Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Funds and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. The Funds may enter into credit default, cross-currency, interest rate and other forms of swap agreements to manage its exposure to credit, currency, interest rate, and inflation risk. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee pursuant to procedures approved by the Board.

Payments received or made at the beginning of the measurement period represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains or losses.

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Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

The Funds’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Funds’ exposure to the counterparty.

Credit Default Swap Agreements

Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of periodic premium throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure up to the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for

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asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. The Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation that the Fund owns or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default that the Fund does not own.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the Notes to the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent a market participant view of the likelihood or risk of default for the underlying referent security to credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreements outstanding as of April 30, 2017, for which the Fund is the seller of protection is disclosed in the Notes to the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Over-the-Counter Swap Agreements

OTC financial derivative instruments such as forward currency contracts, options contracts, interest rate, and credit default swap agreements derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. These instruments are valued using evaluated prices furnished by a pricing service selected by the Board. In certain cases, when a valuation is not readily available from a pricing service, the

AMERICAN BEACON FUNDS^SM

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Fund’s Manager may provide a valuation. Derivative instruments that use valuation techniques and inputs similar to those described above are normally categorized as Level 2 in the fair value hierarchy.

Total Return Swap Agreements

The Grosvenor Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

Contracts for Difference

The Numeric Fund may utilize equity-related securities including total swaps based on individual companies (also referred to as contracts for difference (“CFDs”)). A CFD is a form of equity swap in which its value is based on the fluctuating value of some underlying asset (e.g., shares of a particular stock or a stock index). A SFD is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the nominal value of the underlying stock at the opening of the contract and the stock’s value at the close of the contract. The size of the contract and the contract’s expiration date are typically negotiated by the parties to the CFD transaction. CFDs enable the Funds to take short or long positions on an underlying stock and thus potentially capture gains on movements in the share prices of the stock without the need to own the underlying stock. By entering into a CFD transaction, the Fund could incur losses because it would face many of the same types of risks as owning the underlying equity securities directly as well as the other risks associated with the investments in swaps. As with other types of swap transactions, CFDs also carry counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty were to do so, the value of the contract, and of the Funds’ shares, may be reduced. Entry into a CFD transaction may, in certain circumstances, require the payment of an initial margin and adverse market movements against the underlying stock may require the buyer to make additional margin payments. The Fund’s use of swaps is intended to generate profits, adjust leverage, hedge exposures, and manager volatility.

Forward Currency Contracts

The Grosvenor Fund and GLG Fund may enter into forward 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 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.

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

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SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

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.

Currency Risk

The Fund may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, purchasing or selling forward currency exchange contracts in non-U.S. currencies, including both non-deliverable forwards (“NDFs”) and deliverable forwards, non-U.S. currency futures contracts, options (including non-deliverable options (“NDOs”) on non-U.S. currencies and non-U.S. currency futures) and swaps for cross-currency investments. Foreign currencies may decline in value relative to the U.S. dollar and other currencies and thereby affect the Funds’ investments in foreign (non-U.S.) currencies.

Derivatives Risk

Derivatives may involve significant risk. The use of derivative instruments may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the Funds’ initial investment. Derivatives may be illiquid and may be more volatile than other types of investments. The funds may buy or sell derivatives not traded on an exchanged and which may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk. As a result, the Funds may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Funds to greater losses in the event of a default by a counterparty. In addition, the Funds’ investments in derivatives are subject to the following risks: Futures and Forward Currency Contracts; Options; Swap Agreements; and Warrants.

Emerging Markets Risk

When investing emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures.

Forward Currency Contracts Risk

Foreign currency forward contracts, including non-deliverable forwards, are derivative instruments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. The use of foreign currency forward contracts may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities or currencies underlying the foreign currency forward contract.

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SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Futures Contract Risk

Futures contracts are derivative investments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Funds to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. Futures contracts may experience dramatic price changes (losses) and imperfect correlation between the price of the contract and the underlying security or index which will increase the volatility of the Funds and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract).

High Portfolio Turnover Risk

Portfolio turnover is a measure of the Funds’ trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that the Funds sold and replaced the entire value of its securities holdings during the period. High portfolio turnover could increase the Funds’ transaction costs, have a negative impact on performance, and generate higher capital gain distributions to shareholders than if the Funds have a lower portfolio turnover rate.

Leverage Risk

The Fund’s use of futures, forward currency contracts, swaps, other derivative instruments and selling securities short will have the economic effect of financial leverage. Financial leverage magnifies the exposure to the swings in prices of an asset or class of assets underlying a derivative instrument and results in increased volatility, which means that the Funds will have the potential for greater losses than if the Funds do not use the derivative instruments that have a leveraging effect. Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of an increase or decrease in the Funds’ exposure to an asset or class of assets and may cause the Funds’ NAV to be volatile.

Liquidity Risk

Liquidity risk is the risk that the Funds may not be able to dispose of securities or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at the Funds currently value them. For example, certain investments are subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for the Funds to value illiquid securities accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of an y specific adverse changes in the conditions of a particular issuer. Disposal of illiquid securities may entail registration expenses and other transaction costs that are higher than those for liquid securities. The Funds may seek to borrow money to meet tis obligations (including among other things redemptions obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging the Funds. In some cases, due to unanticipated levels of illiquidity the Funds may choose to meet its redemption obligations wholly or in part by distributions of assets in-kind.

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.

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SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

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.

Other Investment Companies Risk

The Funds may invest in shares of other registered investment companies, including exchange-traded funds (“ETF”) and money market funds. To the extent that the Funds invest in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses charged by the underlying funds in addition to the Funds’ direct fees and expenses and will be subject to the risks associated with investments in those funds.

Short Position Risk

The Funds’ losses are potentially unlimited in a short position transaction because there is potentially no limit on the amount that the security that the Funds are required to purchase may have appreciated. Because the Funds may invest the proceeds of a short sale, another effect of short selling on the Funds is similar to the effect of leverage, in that it amplifies changes in the Funds’ net asset value since it increases the exposure of the Funds to the market.

Valuation Risk

The Funds may value certain assets at a price different from the price at which they can be sold. This risk may be especially pronounced for investments, such as certain derivatives, which may be illiquid or which may become illiquid.

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.

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SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

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 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, 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 Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

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

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

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SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

As of April 30, 2017, the value of outstanding securities on loan and the value of collateral was as follows:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Acadian	$	89,960	$	93,613	$	—	$	93,613
SGA		1,748,409		1,795,416		—		1,795,416

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. The tax years for the periods ended September 30, 2013 and 2014 for the SGA Fund and the periods ended January 31, 2015 and 2016 for the Acadian, Crescent, Global Evolution, Grosvenor, and SGA Funds, respectively, and the period ended January 31, 2016 for the Numeric Fund, remain subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of April 30, 2017, the Funds’ cost of investments for federal income tax purposes were as follows:

Fund	Tax cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Acadian	$	33,645,646	$	3,297,963	$	(1,013,755	)	$	2,284,208
Crescent		73,712,739		1,618,658		(402,462	)		1,216,196
GLG		426,908,490		527,330		(198,236	)		329,094
Global Evolution		85,749,706		3,483,441		(3,370,759	)		112,682
Grosvenor		15,616,466		1,273,390		(248,059	)		1,025,331
SGA		26,706,693		3,375,387		(323,373	)		3,052,014
Numeric		81,952,304		3,132,698		(2,775,848	)		356,850

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. Prior to RIC MOD, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. RIC MOD requires that post-enactment net capital losses be used before pre-enactment net capital losses.

For the period ended April 30, 2017, the Funds have the following capital loss carryforwards:

Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
Acadian	$	1,944,443	$	2,522,917
Crescent		1,136,714		1,601,586
Global Evolution		4,648,074		9,614,613

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: June 29, 2017

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: June 29, 2017

By:

      /s/ Melinda G. Heika                            

    Melinda G. Heika

    Treasurer

Date: June 29, 2017

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.