FOR VALIDATION PURPOSES ONLY

NPORT-EX 1 NQ-Stph_devk0vad.htm FOR VALIDATION PURPOSES ONLY - [665019.TX]

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 91.56%
Investment Companies - 2.70%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{A B C}		27,087,664	$	27,087,664


	Principal Amount
U.S. Treasury Obligations - 88.86%
U.S. Treasury Bills,
2.370%, Due 4/4/2019^A	$	80,000,000		79,984,258
2.380%, Due 4/11/2019^A		30,000,000		29,980,214
2.382%, Due 4/11/2019^A		50,000,000		49,967,023
2.421%, Due 4/18/2019		50,000,000		49,944,159
2.414%, Due 5/2/2019^A		30,000,000		29,939,324
2.415%, Due 5/2/2019^A		50,000,000		49,898,874
2.435%, Due 5/16/2019^A		110,000,000		109,675,134
2.456%, Due 5/23/2019		50,000,000		49,830,639
2.389%, Due 6/27/2019		35,000,000		34,801,426
2.437%, Due 7/5/2019		50,000,000		49,687,512
2.416%, Due 7/18/2019^A		32,000,000		31,773,320
2.420%, Due 7/18/2019^A		55,000,000		54,610,394
2.385%, Due 8/15/2019^A		50,000,000		49,549,972
2.391%, Due 8/15/2019^A		32,000,000		31,711,982
2.451%, Due 9/5/2019^A		91,000,000		90,062,415
2.410%, Due 9/19/2019		50,000,000		49,437,125
2.420%, Due 10/10/2019		50,000,000		49,381,000

				890,234,771

Total Short-Term Investments (Cost $917,198,322)				917,322,435

TOTAL INVESTMENTS - 91.56% (Cost $917,198,322)				917,322,435
OTHER ASSETS, NET OF LIABILITIES - 8.44%				84,544,710

TOTAL NET ASSETS - 100.00%			$	1,001,867,145

Percentages are stated as a percent of net assets.

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

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

^C	7-day yield.

Long Futures Contracts Open on March 31, 2019:

Commodity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Brent Crude Futures^A	122	April 2019	$	8,240,837	$	8,244,760	$	3,923
Gasoline RBOB Futures^A	38	April 2019		3,007,281		3,004,470		(2,811	)
Gold 100oz Futures^A	207	June 2019		27,379,993		26,878,950		(501,043	)
LME Copper Futures^A	13	April 2019		1,999,362		2,108,763		109,401
LME Copper Futures^A	155	May 2019		24,677,886		25,135,187		457,301
LME Copper Futures^A	197	May 2019		14,552,928		14,459,800		(93,128	)
LME Copper Futures^A	5	June 2019		813,247		810,813		(2,434	)
LME Lead Futures^A	50	April 2019		2,624,574		2,510,000		(114,574	)
LME Lead Futures^A	46	May 2019		2,478,594		2,315,525		(163,069	)
LME Nickel Futures^A	54	May 2019		4,264,430		4,196,124		(68,306	)
LME Nickel Futures^A	10	June 2019		803,189		779,100		(24,089	)
LME Primary Aluminum Futures^A	185	April 2019		8,891,102		8,788,656		(102,446	)

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
LME Primary Aluminum Futures^A	246	May 2019	$	11,857,473	$	11,692,687	$	(164,786	)
LME Zinc Futures^A	81	April 2019		5,511,321		6,023,869		512,548
LME Zinc Futures^A	138	May 2019		9,468,212		10,190,437		722,225
LME Zinc Futures^A	101	June 2019		7,183,518		7,410,244		226,726
Low Sulphur Gasoil Futures^A	77	May 2019		4,629,118		4,675,825		46,707
Natural Gas Swap Futures^A	224	October 2019		1,707,720		1,605,520		(102,200	)
Natural Gas Swap Futures^A	224	November 2019		1,707,720		1,682,800		(24,920	)
Natural Gas Swap Futures^A	224	December 2019		1,707,720		1,728,720		21,000
Natural Gas Swap Futures^A	224	January 2020		1,707,720		1,696,240		(11,480	)
Natural Gas Swap Futures^A	224	February 2020		1,707,720		1,632,960		(74,760	)
WTI Crude Futures^A	64	April 2019		3,819,658		3,848,960		29,302

			$	150,741,323	$	151,420,410	$	679,087


Currency Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
British Pound Currency Futures	64	June 2019	$	5,332,618	$	5,222,400	$	(110,218	)
Mexican Peso Futures	2,984	June 2019		76,908,210		75,868,200		(1,040,010	)
New Zealand Dollar Currency Futures	183	June 2019		12,638,288		12,478,770		(159,518	)
U.S. Dollar Index Futures	1,086	June 2019		104,615,393		105,173,670		558,277

			$	199,494,509	$	198,743,040	$	(751,469	)


Equity Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Amsterdam Index Futures	123	April 2019	$	14,933,283	$	15,120,436	$	187,153
CAC40 Index Futures	383	April 2019		22,980,089		22,955,150		(24,939	)
Euro Stoxx 50 Index Futures	230	June 2019		8,495,126		8,441,844		(53,282	)
FTSE 100 Index Futures	132	June 2019		12,302,542		12,398,253		95,711
FTSE/MIB Index Futures	176	June 2019		20,060,627		20,474,276		413,649
Hang Seng China Enterprises Index Futures	333	April 2019		23,905,490		24,124,625		219,135
Hang Seng Index Futures	208	April 2019		37,905,058		38,522,640		617,582
IBEX 35 Index Futures	99	April 2019		10,259,764		10,204,020		(55,744	)
KOSPI 200 Index Futures	273	June 2019		16,604,122		16,667,166		63,044
Mini MSCI EAFE Index Futures	14	June 2019		1,316,670		1,306,480		(10,190	)
Mini MSCI Emerging Markets Index Futures	143	June 2019		7,454,695		7,560,410		105,715
MSCI Taiwan Stock Index Futures	1,015	April 2019		39,256,982		39,656,050		399,068
NASDAQ 100 E-Mini Futures	139	June 2019		19,930,839		20,573,390		642,551
Nikkei 225 (SGX) Futures	84	June 2019		8,042,844		8,037,715		(5,129	)
OMXS30 Index Futures	448	April 2019		7,477,577		7,450,765		(26,812	)
Russell 2000 E-Mini Index Futures	22	June 2019		1,724,421		1,698,180		(26,241	)
S&P 500 E-Mini Index Futures	315	June 2019		43,638,730		44,695,350		1,056,620
S&P/TSX 60 Index Futures	327	June 2019		46,598,928		46,839,780		240,852
SPI 200 Futures	722	June 2019		79,186,047		79,089,993		(96,054	)
TOPIX Index Futures	21	June 2019		3,036,878		3,016,512		(20,366	)

			$	425,110,712	$	428,833,035	$	3,722,323


Interest Rate Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
3-Month Euro Euribor Futures	3,763	June 2020	$	1,057,693,182	$	1,058,201,592	$	508,410

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
3-Month Euro Euribor Futures	2,406	March 2021	$	675,392,912	$	675,879,845	$	486,933
3-Month Euro Euribor Futures	1,491	December 2021		417,842,931		418,257,860		414,929
90-Day Eurodollar Futures	503	June 2020		122,640,452		122,952,062		311,610
90-Day Eurodollar Futures	611	March 2021		149,133,518		149,511,700		378,182
90-Day Eurodollar Futures	726	December 2021		177,231,981		177,588,675		356,694
90-Day Sterling Futures	3,015	June 2020		485,686,504		486,712,938		1,026,434
90-Day Sterling Futures	2,095	March 2021		337,179,243		337,855,805		676,562
Australian 10-Year Bond Futures	921	June 2019		89,109,689		90,609,857		1,500,168
Australian 3-Year Bond Futures	2,645	June 2019		212,440,427		213,429,158		988,731
Euro-Bobl Futures	2,117	June 2019		314,280,226		316,173,598		1,893,372
Euro-Bund Futures	1,032	June 2019		188,923,817		192,562,885		3,639,068
Euro-Buxl 30-Year Bond Futures	188	June 2019		38,642,182		40,418,996		1,776,814
Euro-Schatz Futures	1,188	June 2019		149,121,244		149,222,290		101,046
Japanese 10-Year Government Bond Futures	254	June 2019		350,077,180		351,286,836		1,209,656
Long GILT Futures	503	June 2019		83,359,050		84,754,449		1,395,399
U.S. Long Bond Futures	476	June 2019		70,338,699		71,236,375		897,676
U.S. Treasury 10-Year Note Futures	1,305	June 2019		160,154,341		162,105,469		1,951,128
U.S. Treasury 2-Year Note Futures	593	June 2019		125,985,759		126,364,594		378,835
U.S. Treasury 5-Year Note Futures	1,101	June 2019		126,809,837		127,526,766		716,929
U.S. Ultra Bond Futures	203	June 2019		32,927,329		34,104,000		1,176,671

			$	5,364,970,503	$	5,386,755,750	$	21,785,247

Short Futures Contracts Open on March 31, 2019:

Commodity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
Cocoa Futures^A	177	May 2019	$	(3,841,790	)	$	(4,035,600	)	$	(193,810	)
Coffee Futures^A	492	May 2019		(19,072,607	)		(17,435,250	)		1,637,357
Corn Futures^A	1,340	May 2019		(24,815,122	)		(23,885,500	)		929,622
Kansas City Hard Red Winter Wheat Futures^A	547	May 2019		(13,089,841	)		(11,760,500	)		1,329,341
LME Copper Futures^A	13	April 2019		(2,010,025	)		(2,108,762	)		(98,737	)
LME Copper Futures^A	59	May 2019		(9,324,040	)		(9,567,588	)		(243,548	)
LME Lead Futures^A	50	April 2019		(2,488,955	)		(2,510,000	)		(21,045	)
LME Lead Futures^A	46	May 2019		(2,354,746	)		(2,315,525	)		39,221
LME Lead Futures^A	119	June 2019		(6,026,658	)		(6,000,575	)		26,083
LME Nickel Futures^A	7	May 2019		(520,741	)		(543,942	)		(23,201	)
LME Primary Aluminum Futures^A	185	April 2019		(8,662,061	)		(8,788,656	)		(126,595	)
LME Primary Aluminum Futures^A	324	May 2019		(15,084,939	)		(15,400,125	)		(315,186	)
LME Primary Aluminum Futures^A	407	June 2019		(19,030,281	)		(19,444,425	)		(414,144	)
LME Zinc Futures^A	68	April 2019		(4,524,494	)		(5,057,075	)		(532,581	)
Natural Gas Swap Futures^A	1,320	April 2019		(37,041,414	)		(35,138,400	)		1,903,014
Natural Gas Swap Futures^A	128	March 2020		(831,673	)		(838,400	)		(6,727	)
Natural Gas Swap Futures^A	128	April 2020		(831,673	)		(824,000	)		7,673
Natural Gas Swap Futures^A	128	May 2020		(831,673	)		(831,680	)		(7	)
Natural Gas Swap Futures^A	128	June 2020		(831,673	)		(840,320	)		(8,647	)
Natural Gas Swap Futures^A	128	July 2020		(831,673	)		(841,600	)		(9,927	)
Natural Gas Swap Futures^A	128	August 2020		(831,673	)		(836,480	)		(4,807	)
Natural Gas Swap Futures^A	128	September 2020		(831,673	)		(843,520	)		(11,847	)
NY Harbor ULSD Futures^A	63	April 2019		(5,203,493	)		(5,216,324	)		(12,831	)
Silver Futures^A	121	May 2019		(9,138,546	)		(9,141,550	)		(3,004	)
Soybean Futures^A	844	May 2019		(38,114,203	)		(37,315,350	)		798,853
Sugar #11 World Futures^A	426	April 2019		(5,848,058	)		(5,978,314	)		(130,256	)

			$	(232,013,725	)	$	(227,499,461	)	$	4,514,264

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Currency Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
Australian Dollar Currency Futures	2,079	June 2019	$	(146,570,818	)	$	(147,796,110	)	$	(1,225,292	)
Canadian Dollar Currency Futures	2,398	June 2019		(179,155,904	)		(179,921,940	)		(766,036	)
Euro Currency Futures	2,478	June 2019		(352,537,834	)		(349,661,287	)		2,876,547
Japanese Yen Currency Futures	631	June 2019		(71,210,069	)		(71,606,669	)		(396,600	)
Swiss Franc Currency Futures	238	June 2019		(29,884,807	)		(30,089,150	)		(204,343	)

			$	(779,359,432	)	$	(779,075,156	)	$	284,276

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
DAX Index Futures	47	June 2019	$	(15,121,744	)	$	(15,203,124	)	$	(81,380	)
FTSE/JSE Top 40 Index Futures	28	June 2019		(963,474	)		(985,480	)		(22,006	)

			$	(16,085,218	)	$	(16,188,604	)	$	(103,386	)

Forward Foreign Currency Contracts Open on March 31, 2019:


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
INR	18,146,678	USD	17,605,880	4/5/2019	DUB	$	540,798	$	—		$	540,798
USD	18,200,897	INR	18,146,678	4/5/2019	DUB		54,219		—			54,219
PHP	142,733	USD	141,432	4/8/2019	DUB		1,301		—			1,301
PHP	570,932	USD	573,712	4/8/2019	DUB		—		(2,780	)		(2,780	)
PHP	856,399	USD	860,882	4/8/2019	DUB		—		(4,483	)		(4,483	)
PHP	3,473,172	USD	3,480,035	4/8/2019	DUB		—		(6,863	)		(6,863	)
KRW	88,118	USD	88,370	4/10/2019	DUB		—		(252	)		(252	)
KRW	176,237	USD	177,621	4/10/2019	DUB		—		(1,384	)		(1,384	)
KRW	176,237	USD	176,718	4/10/2019	DUB		—		(481	)		(481	)
KRW	264,355	USD	264,381	4/10/2019	DUB		—		(26	)		(26	)
KRW	352,474	USD	353,592	4/10/2019	DUB		—		(1,118	)		(1,118	)
KRW	440,592	USD	441,768	4/10/2019	DUB		—		(1,176	)		(1,176	)
KRW	528,711	USD	529,001	4/10/2019	DUB		—		(290	)		(290	)
KRW	528,711	USD	530,570	4/10/2019	DUB		—		(1,859	)		(1,859	)
KRW	793,066	USD	799,347	4/10/2019	DUB		—		(6,281	)		(6,281	)
KRW	1,233,658	USD	1,243,439	4/10/2019	DUB		—		(9,781	)		(9,781	)
USD	43,635,524	KRW	43,266,144	4/10/2019	DUB		369,380		—			369,380
USD	3,265,087	KRW	3,260,382	4/10/2019	DUB		4,705		—			4,705
USD	3,088,880	KRW	3,084,145	4/10/2019	DUB		4,735		—			4,735
USD	3,008,350	KRW	2,996,026	4/10/2019	DUB		12,324		—			12,324
USD	2,996,158	KRW	2,996,026	4/10/2019	DUB		132		—			132
USD	2,561,991	KRW	2,555,434	4/10/2019	DUB		6,557		—			6,557
USD	1,873,590	KRW	1,863,804	4/10/2019	DUB		9,786		—			9,786
USD	1,751,520	KRW	1,747,682	4/10/2019	DUB		3,838		—			3,838
USD	1,718,788	KRW	1,718,309	4/10/2019	DUB		479		—			479
USD	1,718,749	KRW	1,718,309	4/10/2019	DUB		440		—			440
USD	1,652,571	KRW	1,647,814	4/10/2019	DUB		4,757		—			4,757
USD	1,652,834	KRW	1,647,814	4/10/2019	DUB		5,020		—			5,020
USD	1,586,533	KRW	1,586,132	4/10/2019	DUB		401		—			401
USD	1,594,402	KRW	1,586,132	4/10/2019	DUB		8,270		—			8,270
USD	1,543,400	KRW	1,542,072	4/10/2019	DUB		1,328		—			1,328
USD	1,542,638	KRW	1,542,072	4/10/2019	DUB		566		—			566
USD	1,498,114	KRW	1,498,013	4/10/2019	DUB		101		—			101
USD	1,427,848	KRW	1,424,581	4/10/2019	DUB		3,267		—			3,267

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	1,328,268	KRW	1,321,776	4/10/2019	DUB	$	6,492	$	—		$	6,492
USD	1,237,755	KRW	1,233,658	4/10/2019	DUB		4,097		—			4,097
USD	1,237,799	KRW	1,233,658	4/10/2019	DUB		4,141		—			4,141
USD	1,193,655	KRW	1,189,599	4/10/2019	DUB		4,056		—			4,056
USD	1,193,655	KRW	1,189,599	4/10/2019	DUB		4,056		—			4,056
USD	1,142,343	KRW	1,145,539	4/10/2019	DUB		—		(3,196	)		(3,196	)
USD	1,129,834	KRW	1,127,916	4/10/2019	DUB		1,918		—			1,918
USD	1,058,005	KRW	1,057,421	4/10/2019	DUB		584		—			584
USD	1,060,002	KRW	1,057,421	4/10/2019	DUB		2,581		—			2,581
USD	1,026,623	KRW	1,025,378	4/10/2019	DUB		1,245		—			1,245
USD	1,026,723	KRW	1,025,378	4/10/2019	DUB		1,345		—			1,345
USD	968,310	KRW	969,303	4/10/2019	DUB		—		(993	)		(993	)
USD	974,887	KRW	969,303	4/10/2019	DUB		5,584		—			5,584
USD	882,169	KRW	881,184	4/10/2019	DUB		985		—			985
USD	879,853	KRW	881,184	4/10/2019	DUB		—		(1,331	)		(1,331	)
USD	880,880	KRW	881,184	4/10/2019	DUB		—		(304	)		(304	)
USD	794,941	KRW	793,066	4/10/2019	DUB		1,875		—			1,875
USD	795,637	KRW	793,066	4/10/2019	DUB		2,571		—			2,571
USD	794,345	KRW	793,066	4/10/2019	DUB		1,279		—			1,279
USD	791,394	KRW	793,066	4/10/2019	DUB		—		(1,672	)		(1,672	)
USD	792,226	KRW	793,066	4/10/2019	DUB		—		(840	)		(840	)
USD	797,759	KRW	793,066	4/10/2019	DUB		4,693		—			4,693
USD	797,704	KRW	793,066	4/10/2019	DUB		4,638		—			4,638
USD	769,947	KRW	769,033	4/10/2019	DUB		914		—			914
USD	705,797	KRW	704,947	4/10/2019	DUB		850		—			850
USD	709,370	KRW	704,947	4/10/2019	DUB		4,423		—			4,423
USD	709,201	KRW	704,947	4/10/2019	DUB		4,254		—			4,254
USD	617,383	KRW	616,829	4/10/2019	DUB		554		—			554
USD	620,661	KRW	616,829	4/10/2019	DUB		3,832		—			3,832
USD	621,592	KRW	616,829	4/10/2019	DUB		4,763		—			4,763
USD	621,935	KRW	616,829	4/10/2019	DUB		5,106		—			5,106
USD	532,180	KRW	528,711	4/10/2019	DUB		3,469		—			3,469
USD	532,468	KRW	528,711	4/10/2019	DUB		3,757		—			3,757
USD	440,280	KRW	440,592	4/10/2019	DUB		—		(312	)		(312	)
USD	443,624	KRW	440,592	4/10/2019	DUB		3,032		—			3,032
USD	444,389	KRW	440,592	4/10/2019	DUB		3,797		—			3,797
USD	353,864	KRW	352,474	4/10/2019	DUB		1,390		—			1,390
USD	352,656	KRW	352,474	4/10/2019	DUB		182		—			182
USD	352,992	KRW	352,474	4/10/2019	DUB		518		—			518
USD	352,159	KRW	352,474	4/10/2019	DUB		—		(315	)		(315	)
USD	354,969	KRW	352,474	4/10/2019	DUB		2,495		—			2,495
USD	340,949	KRW	339,156	4/10/2019	DUB		1,793		—			1,793
USD	176,619	KRW	176,237	4/10/2019	DUB		382		—			382
USD	177,234	KRW	176,237	4/10/2019	DUB		997		—			997
USD	176,825	KRW	176,237	4/10/2019	DUB		588		—			588
USD	176,852	KRW	176,237	4/10/2019	DUB		615		—			615
USD	141,356	KRW	140,989	4/10/2019	DUB		367		—			367
USD	105,960	KRW	105,742	4/10/2019	DUB		218		—			218
USD	88,056	KRW	88,118	4/10/2019	DUB		—		(62	)		(62	)
PHP	47,530	USD	47,436	4/17/2019	DUB		94		—			94
TWD	81,190	USD	81,174	4/17/2019	DUB		16		—			16
TWD	81,190	USD	81,187	4/17/2019	DUB		3		—			3
PHP	95,061	USD	94,863	4/17/2019	DUB		198		—			198
PHP	142,591	USD	142,871	4/17/2019	DUB		—		(280	)		(280	)

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
TWD	162,381	USD	162,317	4/17/2019	DUB	$	64	$	—		$	64
TWD	162,381	USD	162,391	4/17/2019	DUB		—		(10	)		(10	)
TWD	162,381	USD	162,423	4/17/2019	DUB		—		(42	)		(42	)
PHP	237,651	USD	237,832	4/17/2019	DUB		—		(181	)		(181	)
PHP	332,712	USD	333,251	4/17/2019	DUB		—		(539	)		(539	)
PHP	380,242	USD	380,880	4/17/2019	DUB		—		(638	)		(638	)
PHP	475,303	USD	474,267	4/17/2019	DUB		1,036		—			1,036
PHP	2,566,634	USD	2,578,673	4/17/2019	DUB		—		(12,039	)		(12,039	)
USD	23,875,041	TWD	23,951,128	4/17/2019	DUB		—		(76,087	)		(76,087	)
USD	809,882	TWD	811,903	4/17/2019	DUB		—		(2,021	)		(2,021	)
USD	325,034	TWD	324,761	4/17/2019	DUB		273		—			273
USD	323,719	TWD	324,761	4/17/2019	DUB		—		(1,042	)		(1,042	)
USD	323,708	TWD	324,761	4/17/2019	DUB		—		(1,053	)		(1,053	)
USD	323,845	TWD	324,761	4/17/2019	DUB		—		(916	)		(916	)
USD	243,073	TWD	243,571	4/17/2019	DUB		—		(498	)		(498	)
USD	242,837	TWD	243,571	4/17/2019	DUB		—		(734	)		(734	)
USD	242,777	TWD	243,571	4/17/2019	DUB		—		(794	)		(794	)
USD	162,019	TWD	162,381	4/17/2019	DUB		—		(362	)		(362	)
USD	161,954	TWD	162,381	4/17/2019	DUB		—		(427	)		(427	)
USD	161,855	TWD	162,381	4/17/2019	DUB		—		(526	)		(526	)
USD	161,931	TWD	162,381	4/17/2019	DUB		—		(450	)		(450	)
USD	161,944	TWD	162,381	4/17/2019	DUB		—		(437	)		(437	)
USD	161,934	TWD	162,381	4/17/2019	DUB		—		(447	)		(447	)
USD	161,991	TWD	162,381	4/17/2019	DUB		—		(390	)		(390	)
USD	162,117	TWD	162,381	4/17/2019	DUB		—		(264	)		(264	)
USD	161,928	TWD	162,381	4/17/2019	DUB		—		(453	)		(453	)
USD	161,904	TWD	162,381	4/17/2019	DUB		—		(477	)		(477	)
USD	80,949	TWD	81,190	4/17/2019	DUB		—		(241	)		(241	)
USD	80,979	TWD	81,190	4/17/2019	DUB		—		(211	)		(211	)
USD	80,943	TWD	81,190	4/17/2019	DUB		—		(247	)		(247	)
USD	81,251	TWD	81,190	4/17/2019	DUB		61		—			61
USD	81,032	TWD	81,190	4/17/2019	DUB		—		(158	)		(158	)
INR	35,964	USD	36,116	4/25/2019	DUB		—		(152	)		(152	)
INR	71,927	USD	72,152	4/25/2019	DUB		—		(225	)		(225	)
INR	71,927	USD	72,137	4/25/2019	DUB		—		(210	)		(210	)
INR	71,927	USD	72,000	4/25/2019	DUB		—		(73	)		(73	)
INR	107,891	USD	108,344	4/25/2019	DUB		—		(453	)		(453	)
INR	107,891	USD	107,987	4/25/2019	DUB		—		(96	)		(96	)
INR	143,855	USD	144,655	4/25/2019	DUB		—		(800	)		(800	)
INR	143,855	USD	144,429	4/25/2019	DUB		—		(574	)		(574	)
INR	143,855	USD	144,461	4/25/2019	DUB		—		(606	)		(606	)
INR	179,818	USD	180,383	4/25/2019	DUB		—		(565	)		(565	)
INR	179,818	USD	179,996	4/25/2019	DUB		—		(178	)		(178	)
INR	215,782	USD	216,783	4/25/2019	DUB		—		(1,001	)		(1,001	)
INR	215,782	USD	216,413	4/25/2019	DUB		—		(631	)		(631	)
INR	215,782	USD	216,023	4/25/2019	DUB		—		(241	)		(241	)
INR	251,745	USD	252,001	4/25/2019	DUB		—		(256	)		(256	)
INR	287,709	USD	289,044	4/25/2019	DUB		—		(1,335	)		(1,335	)
INR	323,673	USD	323,941	4/25/2019	DUB		—		(268	)		(268	)
INR	359,636	USD	361,214	4/25/2019	DUB		—		(1,578	)		(1,578	)
INR	359,636	USD	361,204	4/25/2019	DUB		—		(1,568	)		(1,568	)
INR	395,600	USD	397,122	4/25/2019	DUB		—		(1,522	)		(1,522	)
INR	431,564	USD	433,198	4/25/2019	DUB		—		(1,634	)		(1,634	)
INR	431,564	USD	432,832	4/25/2019	DUB		—		(1,268	)		(1,268	)

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
INR	467,527	USD	469,755	4/25/2019	DUB	$	—	$	(2,228	)	$	(2,228	)
INR	503,491	USD	504,221	4/25/2019	DUB		—		(730	)		(730	)
INR	503,491	USD	503,853	4/25/2019	DUB		—		(362	)		(362	)
INR	539,454	USD	541,191	4/25/2019	DUB		—		(1,737	)		(1,737	)
INR	575,418	USD	577,767	4/25/2019	DUB		—		(2,349	)		(2,349	)
INR	1,294,691	USD	1,298,687	4/25/2019	DUB		—		(3,996	)		(3,996	)
INR	26,828,868	USD	27,149,980	4/25/2019	DUB		—		(321,112	)		(321,112	)
PHP	10,675,872	USD	10,667,552	5/3/2019	DUB		8,320		—			8,320
USD	1,379,736	TWD	1,381,592	5/3/2019	DUB		—		(1,856	)		(1,856	)
USD	405,501	TWD	406,350	5/3/2019	DUB		—		(849	)		(849	)
INR	18,052,531	USD	18,111,767	5/10/2019	DUB		—		(59,236	)		(59,236	)
BRL	127,703	USD	132,764	4/2/2019	HUS		—		(5,061	)		(5,061	)
BRL	280,946	USD	294,753	4/2/2019	HUS		—		(13,807	)		(13,807	)
BRL	10,624,848	USD	11,011,735	4/2/2019	HUS		—		(386,887	)		(386,887	)
BRL	22,705,505	USD	23,552,788	4/2/2019	HUS		—		(847,283	)		(847,283	)
USD	2,495,970	BRL	2,451,888	4/2/2019	HUS		44,082		—			44,082
USD	1,557,716	BRL	1,481,349	4/2/2019	HUS		76,367		—			76,367
USD	1,101,025	BRL	1,079,667	4/2/2019	HUS		21,358		—			21,358
USD	975,040	BRL	956,276	4/2/2019	HUS		18,764		—			18,764
USD	930,016	BRL	919,458	4/2/2019	HUS		10,558		—			10,558
USD	904,463	BRL	893,918	4/2/2019	HUS		10,545		—			10,545
USD	850,384	BRL	842,837	4/2/2019	HUS		7,547		—			7,547
USD	830,041	BRL	820,851	4/2/2019	HUS		9,190		—			9,190
USD	802,839	BRL	791,756	4/2/2019	HUS		11,083		—			11,083
USD	801,075	BRL	791,756	4/2/2019	HUS		9,319		—			9,319
USD	802,706	BRL	778,709	4/2/2019	HUS		23,997		—			23,997
USD	793,171	BRL	777,603	4/2/2019	HUS		15,568		—			15,568
USD	747,019	BRL	740,675	4/2/2019	HUS		6,344		—			6,344
USD	742,966	BRL	735,935	4/2/2019	HUS		7,031		—			7,031
USD	743,401	BRL	721,519	4/2/2019	HUS		21,882		—			21,882
USD	743,440	BRL	721,519	4/2/2019	HUS		21,921		—			21,921
USD	721,296	BRL	715,134	4/2/2019	HUS		6,162		—			6,162
USD	700,608	BRL	679,377	4/2/2019	HUS		21,231		—			21,231
USD	680,674	BRL	673,741	4/2/2019	HUS		6,933		—			6,933
USD	635,258	BRL	628,825	4/2/2019	HUS		6,433		—			6,433
USD	617,872	BRL	612,972	4/2/2019	HUS		4,900		—			4,900
USD	606,514	BRL	600,202	4/2/2019	HUS		6,312		—			6,312
USD	610,211	BRL	598,156	4/2/2019	HUS		12,055		—			12,055
USD	604,915	BRL	598,156	4/2/2019	HUS		6,759		—			6,759
USD	592,906	BRL	587,432	4/2/2019	HUS		5,474		—			5,474
USD	510,730	BRL	502,297	4/2/2019	HUS		8,433		—			8,433
USD	386,569	BRL	383,108	4/2/2019	HUS		3,461		—			3,461
USD	372,371	BRL	366,080	4/2/2019	HUS		6,291		—			6,291
USD	360,435	BRL	357,567	4/2/2019	HUS		2,868		—			2,868
USD	314,575	BRL	311,357	4/2/2019	HUS		3,218		—			3,218
USD	315,108	BRL	311,357	4/2/2019	HUS		3,751		—			3,751
USD	314,770	BRL	311,357	4/2/2019	HUS		3,413		—			3,413
USD	305,907	BRL	296,270	4/2/2019	HUS		9,637		—			9,637
USD	260,159	BRL	255,405	4/2/2019	HUS		4,754		—			4,754
USD	257,812	BRL	254,747	4/2/2019	HUS		3,065		—			3,065
USD	236,128	BRL	229,865	4/2/2019	HUS		6,263		—			6,263
USD	232,517	BRL	229,865	4/2/2019	HUS		2,652		—			2,652
USD	226,453	BRL	219,648	4/2/2019	HUS		6,805		—			6,805
USD	221,478	BRL	214,817	4/2/2019	HUS		6,661		—			6,661

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
USD	194,845	BRL	189,000	4/2/2019	HUS	$	5,845	$	—	$	5,845
USD	195,174	BRL	189,000	4/2/2019	HUS		6,174		—		6,174
USD	182,706	BRL	178,784	4/2/2019	HUS		3,922		—		3,922
USD	183,650	BRL	178,784	4/2/2019	HUS		4,866		—		4,866
USD	183,646	BRL	178,784	4/2/2019	HUS		4,862		—		4,862
USD	181,998	BRL	178,784	4/2/2019	HUS		3,214		—		3,214
USD	156,568	BRL	153,243	4/2/2019	HUS		3,325		—		3,325
USD	156,670	BRL	153,243	4/2/2019	HUS		3,427		—		3,427
USD	157,430	BRL	153,243	4/2/2019	HUS		4,187		—		4,187
USD	156,266	BRL	153,243	4/2/2019	HUS		3,023		—		3,023
USD	132,628	BRL	127,702	4/2/2019	HUS		4,926		—		4,926
USD	132,596	BRL	127,702	4/2/2019	HUS		4,894		—		4,894
USD	132,576	BRL	127,702	4/2/2019	HUS		4,874		—		4,874
USD	132,826	BRL	127,702	4/2/2019	HUS		5,124		—		5,124
USD	131,933	BRL	127,702	4/2/2019	HUS		4,231		—		4,231
USD	130,333	BRL	127,702	4/2/2019	HUS		2,631		—		2,631
USD	130,215	BRL	127,702	4/2/2019	HUS		2,513		—		2,513
USD	130,425	BRL	127,702	4/2/2019	HUS		2,723		—		2,723
USD	131,196	BRL	127,703	4/2/2019	HUS		3,493		—		3,493
USD	131,158	BRL	127,703	4/2/2019	HUS		3,455		—		3,455
USD	131,169	BRL	127,703	4/2/2019	HUS		3,466		—		3,466
USD	131,194	BRL	127,703	4/2/2019	HUS		3,491		—		3,491
USD	130,188	BRL	127,703	4/2/2019	HUS		2,485		—		2,485
USD	128,993	BRL	127,703	4/2/2019	HUS		1,290		—		1,290
USD	129,059	BRL	127,703	4/2/2019	HUS		1,356		—		1,356
USD	129,133	BRL	127,703	4/2/2019	HUS		1,430		—		1,430
USD	129,023	BRL	127,703	4/2/2019	HUS		1,320		—		1,320
USD	106,288	BRL	102,162	4/2/2019	HUS		4,126		—		4,126
USD	106,312	BRL	102,162	4/2/2019	HUS		4,150		—		4,150
USD	106,075	BRL	102,162	4/2/2019	HUS		3,913		—		3,913
USD	105,555	BRL	102,162	4/2/2019	HUS		3,393		—		3,393
USD	105,530	BRL	102,162	4/2/2019	HUS		3,368		—		3,368
USD	105,572	BRL	102,162	4/2/2019	HUS		3,410		—		3,410
USD	104,303	BRL	102,162	4/2/2019	HUS		2,141		—		2,141
USD	104,094	BRL	102,162	4/2/2019	HUS		1,932		—		1,932
USD	104,238	BRL	102,162	4/2/2019	HUS		2,076		—		2,076
USD	104,254	BRL	102,162	4/2/2019	HUS		2,092		—		2,092
USD	104,376	BRL	102,162	4/2/2019	HUS		2,214		—		2,214
USD	104,409	BRL	102,162	4/2/2019	HUS		2,247		—		2,247
USD	104,381	BRL	102,162	4/2/2019	HUS		2,219		—		2,219
USD	104,129	BRL	102,162	4/2/2019	HUS		1,967		—		1,967
USD	103,958	BRL	102,162	4/2/2019	HUS		1,796		—		1,796
USD	104,034	BRL	102,162	4/2/2019	HUS		1,872		—		1,872
USD	103,287	BRL	102,162	4/2/2019	HUS		1,125		—		1,125
USD	103,309	BRL	102,162	4/2/2019	HUS		1,147		—		1,147
USD	103,178	BRL	102,162	4/2/2019	HUS		1,016		—		1,016
USD	103,143	BRL	102,162	4/2/2019	HUS		981		—		981
USD	105,619	BRL	102,162	4/2/2019	HUS		3,457		—		3,457
USD	105,619	BRL	102,162	4/2/2019	HUS		3,457		—		3,457
USD	79,457	BRL	76,621	4/2/2019	HUS		2,836		—		2,836
USD	79,933	BRL	76,621	4/2/2019	HUS		3,312		—		3,312
USD	79,932	BRL	76,621	4/2/2019	HUS		3,311		—		3,311
USD	78,229	BRL	76,621	4/2/2019	HUS		1,608		—		1,608
USD	78,211	BRL	76,621	4/2/2019	HUS		1,590		—		1,590

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	78,202	BRL	76,621	4/2/2019	HUS	$	1,581	$	—		$	1,581
USD	78,247	BRL	76,621	4/2/2019	HUS		1,626		—			1,626
USD	78,275	BRL	76,621	4/2/2019	HUS		1,654		—			1,654
USD	78,339	BRL	76,621	4/2/2019	HUS		1,718		—			1,718
USD	78,715	BRL	76,621	4/2/2019	HUS		2,094		—			2,094
USD	78,011	BRL	76,621	4/2/2019	HUS		1,390		—			1,390
USD	77,474	BRL	76,621	4/2/2019	HUS		853		—			853
USD	77,393	BRL	76,621	4/2/2019	HUS		772		—			772
USD	79,226	BRL	76,621	4/2/2019	HUS		2,605		—			2,605
USD	52,972	BRL	51,081	4/2/2019	HUS		1,891		—			1,891
USD	53,342	BRL	51,081	4/2/2019	HUS		2,261		—			2,261
USD	53,402	BRL	51,081	4/2/2019	HUS		2,321		—			2,321
USD	53,139	BRL	51,081	4/2/2019	HUS		2,058		—			2,058
USD	52,812	BRL	51,081	4/2/2019	HUS		1,731		—			1,731
USD	52,828	BRL	51,081	4/2/2019	HUS		1,747		—			1,747
USD	52,782	BRL	51,081	4/2/2019	HUS		1,701		—			1,701
USD	52,090	BRL	51,081	4/2/2019	HUS		1,009		—			1,009
USD	52,089	BRL	51,081	4/2/2019	HUS		1,008		—			1,008
USD	52,304	BRL	51,081	4/2/2019	HUS		1,223		—			1,223
USD	52,161	BRL	51,081	4/2/2019	HUS		1,080		—			1,080
USD	52,165	BRL	51,081	4/2/2019	HUS		1,084		—			1,084
USD	52,401	BRL	51,081	4/2/2019	HUS		1,320		—			1,320
USD	52,405	BRL	51,081	4/2/2019	HUS		1,324		—			1,324
USD	51,633	BRL	51,081	4/2/2019	HUS		552		—			552
USD	51,658	BRL	51,081	4/2/2019	HUS		577		—			577
USD	26,487	BRL	25,540	4/2/2019	HUS		947		—			947
USD	26,485	BRL	25,540	4/2/2019	HUS		945		—			945
USD	26,487	BRL	25,540	4/2/2019	HUS		947		—			947
USD	26,485	BRL	25,540	4/2/2019	HUS		945		—			945
USD	26,478	BRL	25,540	4/2/2019	HUS		938		—			938
USD	26,477	BRL	25,540	4/2/2019	HUS		937		—			937
USD	26,671	BRL	25,540	4/2/2019	HUS		1,131		—			1,131
USD	26,668	BRL	25,540	4/2/2019	HUS		1,128		—			1,128
USD	26,395	BRL	25,540	4/2/2019	HUS		855		—			855
USD	26,063	BRL	25,540	4/2/2019	HUS		523		—			523
USD	26,105	BRL	25,540	4/2/2019	HUS		565		—			565
USD	10,261,990	EUR	10,170,842	4/11/2019	HUS		91,148		—			91,148
USD	7,396,435	AUD	7,394,464	4/11/2019	HUS		1,971		—			1,971
USD	1,869,280	COP	1,816,851	4/24/2019	HUS		52,429		—			52,429
USD	3,575,685	CLP	3,526,939	4/30/2019	HUS		48,746		—			48,746
USD	3,529,547	CLP	3,526,939	4/30/2019	HUS		2,608		—			2,608
USD	1,838,127	CLP	1,836,947	4/30/2019	HUS		1,180		—			1,180
USD	1,753,515	CLP	1,763,470	4/30/2019	HUS		—		(9,955	)		(9,955	)
USD	1,753,592	CLP	1,763,470	4/30/2019	HUS		—		(9,878	)		(9,878	)
USD	1,470,437	CLP	1,469,558	4/30/2019	HUS		879		—			879
USD	736,757	CLP	734,779	4/30/2019	HUS		1,978		—			1,978
USD	736,648	CLP	734,779	4/30/2019	HUS		1,869		—			1,869
USD	589,232	CLP	587,823	4/30/2019	HUS		1,409		—			1,409
USD	442,445	CLP	440,867	4/30/2019	HUS		1,578		—			1,578
USD	441,944	CLP	440,867	4/30/2019	HUS		1,077		—			1,077
USD	441,989	CLP	440,867	4/30/2019	HUS		1,122		—			1,122
USD	299,711	CLP	293,912	4/30/2019	HUS		5,799		—			5,799
BRL	25,490	USD	26,476	5/3/2019	HUS		—		(986	)		(986	)
BRL	25,490	USD	26,462	5/3/2019	HUS		—		(972	)		(972	)

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
BRL	25,490	USD	26,441	5/3/2019	HUS	$	—	$	(951	)	$	(951	)
BRL	50,979	USD	52,894	5/3/2019	HUS		—		(1,915	)		(1,915	)
BRL	50,979	USD	52,326	5/3/2019	HUS		—		(1,347	)		(1,347	)
BRL	50,979	USD	52,936	5/3/2019	HUS		—		(1,957	)		(1,957	)
BRL	50,979	USD	52,901	5/3/2019	HUS		—		(1,922	)		(1,922	)
BRL	50,979	USD	52,856	5/3/2019	HUS		—		(1,877	)		(1,877	)
BRL	76,469	USD	79,445	5/3/2019	HUS		—		(2,976	)		(2,976	)
BRL	76,469	USD	79,415	5/3/2019	HUS		—		(2,946	)		(2,946	)
BRL	127,448	USD	131,176	5/3/2019	HUS		—		(3,728	)		(3,728	)
USD	10,990,954	BRL	10,603,699	5/3/2019	HUS		387,255		—			387,255
USD	880,116	BRL	891,185	5/3/2019	HUS		—		(11,069	)		(11,069	)
USD	870,876	BRL	875,791	5/3/2019	HUS		—		(4,915	)		(4,915	)
USD	871,596	BRL	875,791	5/3/2019	HUS		—		(4,195	)		(4,195	)
USD	810,014	BRL	820,497	5/3/2019	HUS		—		(10,483	)		(10,483	)
USD	770,117	BRL	772,767	5/3/2019	HUS		—		(2,650	)		(2,650	)
USD	763,071	BRL	771,268	5/3/2019	HUS		—		(8,197	)		(8,197	)
USD	747,823	BRL	755,970	5/3/2019	HUS		—		(8,147	)		(8,147	)
USD	728,167	BRL	739,200	5/3/2019	HUS		—		(11,033	)		(11,033	)
USD	727,933	BRL	737,533	5/3/2019	HUS		—		(9,600	)		(9,600	)
USD	724,289	BRL	732,586	5/3/2019	HUS		—		(8,297	)		(8,297	)
USD	703,093	BRL	713,710	5/3/2019	HUS		—		(10,617	)		(10,617	)
USD	694,773	BRL	703,283	5/3/2019	HUS		—		(8,510	)		(8,510	)
USD	692,501	BRL	695,491	5/3/2019	HUS		—		(2,990	)		(2,990	)
USD	681,673	BRL	688,632	5/3/2019	HUS		—		(6,959	)		(6,959	)
USD	681,245	BRL	688,632	5/3/2019	HUS		—		(7,387	)		(7,387	)
USD	677,881	BRL	688,221	5/3/2019	HUS		—		(10,340	)		(10,340	)
USD	667,136	BRL	676,071	5/3/2019	HUS		—		(8,935	)		(8,935	)
USD	661,705	BRL	664,394	5/3/2019	HUS		—		(2,689	)		(2,689	)
USD	636,757	BRL	642,465	5/3/2019	HUS		—		(5,708	)		(5,708	)
USD	626,656	BRL	633,541	5/3/2019	HUS		—		(6,885	)		(6,885	)
USD	627,663	BRL	633,541	5/3/2019	HUS		—		(5,878	)		(5,878	)
USD	607,836	BRL	615,372	5/3/2019	HUS		—		(7,536	)		(7,536	)
USD	578,282	BRL	586,262	5/3/2019	HUS		—		(7,980	)		(7,980	)
USD	560,331	BRL	565,369	5/3/2019	HUS		—		(5,038	)		(5,038	)
USD	559,965	BRL	565,369	5/3/2019	HUS		—		(5,404	)		(5,404	)
USD	544,576	BRL	542,930	5/3/2019	HUS		1,646		—			1,646
USD	541,742	BRL	540,381	5/3/2019	HUS		1,361		—			1,361
USD	515,543	BRL	509,793	5/3/2019	HUS		5,750		—			5,750
USD	486,009	BRL	491,688	5/3/2019	HUS		—		(5,679	)		(5,679	)
USD	434,640	BRL	439,552	5/3/2019	HUS		—		(4,912	)		(4,912	)
USD	432,819	BRL	436,876	5/3/2019	HUS		—		(4,057	)		(4,057	)
USD	426,846	BRL	433,324	5/3/2019	HUS		—		(6,478	)		(6,478	)
USD	428,110	BRL	425,853	5/3/2019	HUS		2,257		—			2,257
USD	421,053	BRL	422,796	5/3/2019	HUS		—		(1,743	)		(1,743	)
USD	407,088	BRL	411,177	5/3/2019	HUS		—		(4,089	)		(4,089	)
USD	404,613	BRL	407,835	5/3/2019	HUS		—		(3,222	)		(3,222	)
USD	391,097	BRL	392,596	5/3/2019	HUS		—		(1,499	)		(1,499	)
USD	359,394	BRL	360,625	5/3/2019	HUS		—		(1,231	)		(1,231	)
USD	347,116	BRL	351,641	5/3/2019	HUS		—		(4,525	)		(4,525	)
USD	305,321	BRL	308,383	5/3/2019	HUS		—		(3,062	)		(3,062	)
USD	301,629	BRL	300,602	5/3/2019	HUS		1,027		—			1,027
USD	273,002	BRL	276,575	5/3/2019	HUS		—		(3,573	)		(3,573	)
USD	266,999	BRL	269,989	5/3/2019	HUS		—		(2,990	)		(2,990	)
USD	240,423	BRL	241,598	5/3/2019	HUS		—		(1,175	)		(1,175	)

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	212,536	BRL	215,114	5/3/2019	HUS	$	—	$	(2,578	)	$	(2,578	)
USD	203,677	BRL	205,589	5/3/2019	HUS		—		(1,912	)		(1,912	)
USD	202,803	BRL	205,124	5/3/2019	HUS		—		(2,321	)		(2,321	)
USD	158,496	BRL	152,938	5/3/2019	HUS		5,558		—			5,558
USD	153,878	BRL	152,938	5/3/2019	HUS		940		—			940
USD	153,945	BRL	152,938	5/3/2019	HUS		1,007		—			1,007
USD	154,024	BRL	152,938	5/3/2019	HUS		1,086		—			1,086
USD	153,674	BRL	152,938	5/3/2019	HUS		736		—			736
USD	128,307	BRL	127,448	5/3/2019	HUS		859		—			859
USD	128,195	BRL	127,448	5/3/2019	HUS		747		—			747
USD	128,327	BRL	127,448	5/3/2019	HUS		879		—			879
USD	102,452	BRL	101,959	5/3/2019	HUS		493		—			493
USD	102,559	BRL	101,959	5/3/2019	HUS		600		—			600
USD	102,646	BRL	101,959	5/3/2019	HUS		687		—			687
USD	102,680	BRL	101,959	5/3/2019	HUS		721		—			721
USD	102,654	BRL	101,959	5/3/2019	HUS		695		—			695
USD	102,572	BRL	101,959	5/3/2019	HUS		613		—			613
USD	102,433	BRL	101,959	5/3/2019	HUS		474		—			474
USD	102,633	BRL	101,959	5/3/2019	HUS		674		—			674
USD	103,013	BRL	101,959	5/3/2019	HUS		1,054		—			1,054
USD	103,019	BRL	101,959	5/3/2019	HUS		1,060		—			1,060
USD	103,024	BRL	101,959	5/3/2019	HUS		1,065		—			1,065
USD	77,316	BRL	76,469	5/3/2019	HUS		847		—			847
USD	77,248	BRL	76,469	5/3/2019	HUS		779		—			779
USD	77,270	BRL	76,469	5/3/2019	HUS		801		—			801
USD	76,923	BRL	76,469	5/3/2019	HUS		454		—			454
USD	76,970	BRL	76,469	5/3/2019	HUS		501		—			501
USD	75,569	BRL	76,469	5/3/2019	HUS		—		(900	)		(900	)
USD	75,609	BRL	76,469	5/3/2019	HUS		—		(860	)		(860	)
USD	75,666	BRL	76,469	5/3/2019	HUS		—		(803	)		(803	)
USD	75,328	BRL	76,469	5/3/2019	HUS		—		(1,141	)		(1,141	)
USD	77,272	BRL	76,469	5/3/2019	HUS		803		—			803
USD	77,274	BRL	76,469	5/3/2019	HUS		805		—			805
USD	77,244	BRL	76,469	5/3/2019	HUS		775		—			775
USD	77,252	BRL	76,469	5/3/2019	HUS		783		—			783
USD	51,686	BRL	50,979	5/3/2019	HUS		707		—			707
USD	51,528	BRL	50,979	5/3/2019	HUS		549		—			549
USD	51,517	BRL	50,979	5/3/2019	HUS		538		—			538
USD	51,494	BRL	50,979	5/3/2019	HUS		515		—			515
USD	51,618	BRL	50,979	5/3/2019	HUS		639		—			639
USD	51,598	BRL	50,979	5/3/2019	HUS		619		—			619
USD	51,505	BRL	50,979	5/3/2019	HUS		526		—			526
USD	51,493	BRL	50,979	5/3/2019	HUS		514		—			514
USD	51,611	BRL	50,979	5/3/2019	HUS		632		—			632
USD	51,484	BRL	50,979	5/3/2019	HUS		505		—			505
USD	51,465	BRL	50,979	5/3/2019	HUS		486		—			486
USD	51,524	BRL	50,979	5/3/2019	HUS		545		—			545
USD	51,520	BRL	50,979	5/3/2019	HUS		541		—			541
USD	51,517	BRL	50,979	5/3/2019	HUS		538		—			538
USD	51,498	BRL	50,979	5/3/2019	HUS		519		—			519
USD	51,495	BRL	50,979	5/3/2019	HUS		516		—			516
USD	51,226	BRL	50,979	5/3/2019	HUS		247		—			247
USD	51,231	BRL	50,979	5/3/2019	HUS		252		—			252
USD	51,248	BRL	50,979	5/3/2019	HUS		269		—			269

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	51,312	BRL	50,979	5/3/2019	HUS	$	333	$	—		$	333
USD	51,325	BRL	50,979	5/3/2019	HUS		346		—			346
USD	51,223	BRL	50,979	5/3/2019	HUS		244		—			244
USD	51,326	BRL	50,979	5/3/2019	HUS		347		—			347
USD	50,204	BRL	50,979	5/3/2019	HUS		—		(775	)		(775	)
USD	50,213	BRL	50,979	5/3/2019	HUS		—		(766	)		(766	)
USD	50,374	BRL	50,979	5/3/2019	HUS		—		(605	)		(605	)
USD	50,402	BRL	50,979	5/3/2019	HUS		—		(577	)		(577	)
USD	50,208	BRL	50,979	5/3/2019	HUS		—		(771	)		(771	)
USD	50,219	BRL	50,979	5/3/2019	HUS		—		(760	)		(760	)
USD	50,229	BRL	50,979	5/3/2019	HUS		—		(750	)		(750	)
USD	50,309	BRL	50,979	5/3/2019	HUS		—		(670	)		(670	)
USD	50,251	BRL	50,979	5/3/2019	HUS		—		(728	)		(728	)
USD	50,364	BRL	50,979	5/3/2019	HUS		—		(615	)		(615	)
USD	51,508	BRL	50,979	5/3/2019	HUS		529		—			529
USD	51,510	BRL	50,979	5/3/2019	HUS		531		—			531
USD	51,524	BRL	50,979	5/3/2019	HUS		545		—			545
USD	51,494	BRL	50,979	5/3/2019	HUS		515		—			515
USD	51,503	BRL	50,979	5/3/2019	HUS		524		—			524
USD	51,513	BRL	50,979	5/3/2019	HUS		534		—			534
USD	25,788	BRL	25,490	5/3/2019	HUS		298		—			298
USD	25,755	BRL	25,490	5/3/2019	HUS		265		—			265
USD	25,752	BRL	25,490	5/3/2019	HUS		262		—			262
USD	25,751	BRL	25,490	5/3/2019	HUS		261		—			261
USD	25,748	BRL	25,490	5/3/2019	HUS		258		—			258
USD	25,748	BRL	25,490	5/3/2019	HUS		258		—			258
USD	25,746	BRL	25,490	5/3/2019	HUS		256		—			256
USD	25,826	BRL	25,490	5/3/2019	HUS		336		—			336
USD	25,803	BRL	25,490	5/3/2019	HUS		313		—			313
USD	25,771	BRL	25,490	5/3/2019	HUS		281		—			281
USD	25,787	BRL	25,490	5/3/2019	HUS		297		—			297
USD	25,754	BRL	25,490	5/3/2019	HUS		264		—			264
USD	25,754	BRL	25,490	5/3/2019	HUS		264		—			264
USD	25,753	BRL	25,490	5/3/2019	HUS		263		—			263
USD	25,807	BRL	25,490	5/3/2019	HUS		317		—			317
USD	25,800	BRL	25,490	5/3/2019	HUS		310		—			310
USD	25,744	BRL	25,490	5/3/2019	HUS		254		—			254
USD	25,736	BRL	25,490	5/3/2019	HUS		246		—			246
USD	25,740	BRL	25,490	5/3/2019	HUS		250		—			250
USD	25,914	BRL	25,490	5/3/2019	HUS		424		—			424
USD	25,902	BRL	25,490	5/3/2019	HUS		412		—			412
USD	25,765	BRL	25,490	5/3/2019	HUS		275		—			275
USD	25,665	BRL	25,490	5/3/2019	HUS		175		—			175
USD	25,171	BRL	25,490	5/3/2019	HUS		—		(319	)		(319	)
USD	25,192	BRL	25,490	5/3/2019	HUS		—		(298	)		(298	)
USD	25,200	BRL	25,490	5/3/2019	HUS		—		(290	)		(290	)
USD	25,224	BRL	25,490	5/3/2019	HUS		—		(266	)		(266	)
USD	25,114	BRL	25,490	5/3/2019	HUS		—		(376	)		(376	)
USD	25,125	BRL	25,490	5/3/2019	HUS		—		(365	)		(365	)
USD	25,121	BRL	25,490	5/3/2019	HUS		—		(369	)		(369	)
USD	25,751	BRL	25,490	5/3/2019	HUS		261		—			261
USD	25,878	BRL	25,490	5/3/2019	HUS		388		—			388
USD	25,888	BRL	25,490	5/3/2019	HUS		398		—			398
USD	25,892	BRL	25,490	5/3/2019	HUS		402		—			402

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on March 31, 2019 (continued):


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	25,890	BRL	25,490	5/3/2019	HUS	$	400	$	—		$	400
USD	25,892	BRL	25,490	5/3/2019	HUS		402		—			402
USD	25,754	BRL	25,490	5/3/2019	HUS		264		—			264
CNY	74,396	USD	74,828	5/10/2019	HUS		—		(432	)		(432	)
CNY	74,396	USD	74,632	5/10/2019	HUS		—		(236	)		(236	)
CNY	74,396	USD	74,435	5/10/2019	HUS		—		(39	)		(39	)
CNY	74,396	USD	74,317	5/10/2019	HUS		79		—			79
CNY	74,396	USD	74,383	5/10/2019	HUS		13		—			13
CNY	74,396	USD	74,452	5/10/2019	HUS		—		(56	)		(56	)
CNY	74,396	USD	74,407	5/10/2019	HUS		—		(11	)		(11	)
CNY	74,396	USD	74,494	5/10/2019	HUS		—		(98	)		(98	)
CNY	148,793	USD	149,676	5/10/2019	HUS		—		(883	)		(883	)
CNY	148,793	USD	149,756	5/10/2019	HUS		—		(963	)		(963	)
CNY	223,189	USD	223,241	5/10/2019	HUS		—		(52	)		(52	)
CNY	223,189	USD	223,326	5/10/2019	HUS		—		(137	)		(137	)
CNY	10,489,885	USD	10,506,863	5/10/2019	HUS		—		(16,978	)		(16,978	)
PEN	2,628,756	USD	2,603,160	6/14/2019	RBS		25,596		—			25,596
PEN	2,628,756	USD	2,635,602	6/14/2019	RBS		—		(6,846	)		(6,846	)

						$	2,504,768	$	(2,128,123	)	$	376,645

*	All values denominated in USD.


*Glossary*:

Counterparty Abbreviations:

DUB		Deutsche Bank AG.
HUS		HSBC Bank (USA).
RBS		Royal Bank of Scotland PLC.

Currency Abbreviations:

AUD		Australian Dollar
BRL		Brazilian Real
CLP		Chilean Peso
CNY		Chinese Yuan
COP		Colombian Peso
EUR		Euro
INR		Indian Rupee
KRW		South Korean Won
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
TWD		Taiwan Dollar
USD		United States Dollar

Index Abbreviations:

CAC40		Euronet Paris - French Stock Market Index.
DAX		Deutsche Boerse AG German Stock Index.
Euro Stoxx 50		Eurozone Blue-chip Index.
FTSE 100		Financial Times Stock Exchange 100 Index.
FTSE/MIB		Borsa Italiana - Italian Stock Market Index.
Hang Seng		Hong Kong Stock Market Index.
IBEX		Bolsa de Madrid - Spanish Stock Market Index.
JSE		Johannesburg Stock Exchange.
KOSPI		South Korean Stock Market Index.
MSCI		Morgan Stanley Capital International.
MSCI EAFE		Morgan Stanley Capital International - Europe, Australasia, and Far East.
NASDAQ		National Association of Securities Dealers Automated Quotations.
NIKKEI 225		Nikkei Stock Average.
OMXS30		Stockholm Stock Exchange’s leading share index.
S&P 500		Standard & Poor’s U.S. Equity Large-Cap Index.

See accompanying notes

American Beacon AHL Managed Futures Strategy Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)


S&P/TSX		Canadian Equity Market Index.
SPI 200		Australian Equity Market Index Future.
TOPIX		Tokyo Stock Exchange Tokyo Price Index.

Exchange Abbreviations:

SGX		Singapore Stock Exchange.
LME		London Metal Exchange.

Other Abbreviations:

Bobl		Medium term debt that is issued by the Federal Republic of Germany.
Bund		German Federal Government Bond.
Buxl		Long term debt that is issued by the Federal Republic of Germany.
EURIBOR		Euro Interbank Offered Rate.
GILT		Bank of England Bonds.
RBOB		Reformulated Gasoline Blendstock for Oxygen Blending.
Sugar #11		World Benchmark for raw sugar.
ULSD		Ultra-low-sulfur diesel.
WTI		West Texas Intermediate.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


AHL Managed Futures Strategy Fund	Level 1			Level 2			Level 3		Total
*Assets*
Short-Term Investments:
Investment Companies	$	27,087,664		$	—		$	—	$	27,087,664
U.S. Treasury Obligations		—			890,234,771			—		890,234,771

Total Investments in Securities - Assets	$	27,087,664		$	890,234,771		$	—	$	917,322,435

*Financial Derivative Instruments - Assets*
Futures Contracts	$	38,061,448		$	—		$	—	$	38,061,448
Forward Foreign Currency Contracts		—			2,504,768			—		2,504,768

Total Financial Derivative Instruments - Assets	$	38,061,448		$	2,504,768		$	—	$	40,566,216

*Financial Derivative Instruments - Liabilities*
Futures Contracts	$	(7,931,106	)	$	—		$	—	$	(7,931,106	)
Forward Foreign Currency Contracts		—			(2,128,123	)		—		(2,128,123	)

Total Financial Derivative Instruments - Liabilities	$	(7,931,106	)	$	(2,128,123	)	$	—	$	(10,059,229	)

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon AHL TargetRisk Fund^SM

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount*

Fair Value

FOREIGN SOVEREIGN OBLIGATIONS - 44.03%

Deutsche Bundesrepublik Inflation Linked Bond, 0.500%, Due 4/15/2030,
Series I/L^A B

EUR

3,109,470

4,167,113

French Republic Government Bond OAT, 1.850%, Due 7/25/2027,
Series OATE^{A B}

EUR

2,193,080

3,091,101

United Kingdom Gilt Inflation Linked, 0.125%, Due 3/22/2026,
Series 3MO^{A B}

GBP

3,288,600

5,095,483

Total Foreign Sovereign Obligations (Cost $12,033,421)

12,353,697

U.S. TREASURY OBLIGATIONS - 29.17%

United States Treasury Inflation Protected Security,

0.625%, Due 4/15/2023^A

3,039,930

3,060,952

0.750%, Due 7/15/2028^A

5,013,550

5,123,655

Total U.S. Treasury Obligations (Cost $7,961,342)

8,184,607

SHORT-TERM INVESTMENTS - 16.07%

Shares

Investment Companies - 5.43%

American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^C D

1,524,505

1,524,505

Principal Amount*

U.S. Treasury Obligations - 10.64%

U.S. Treasury Bill, 2.41%, Due 6/20/2019

3,000,000

2,984,240

Total Short-Term Investments (Cost $4,508,453)

4,508,745

TOTAL INVESTMENTS - 89.27% (Cost $24,503,216)

25,047,049

OTHER ASSETS, NET OF LIABILITIES - 10.73%

3,007,479

TOTAL NET ASSETS - 100.00%

28,054,528

Percentages are stated as a percent of net assets.

*	In U.S. Dollars unless otherwise noted.

^A	Inflation-Indexed Note.

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.

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

^D	7-day yield.

GILT - Bank of England Bonds.

OAT - Obligations Assimilables du Trésor.

Long Futures Contracts Open on March 31, 2019:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Amsterdam Index Futures	3	April 2019	$	361,510	$	368,791	$	7,281
BIST 30 Index Futures	49	April 2019		116,422		106,033		(10,389	)
CAC40 Index Futures	9	April 2019		533,083		539,416		6,333
DAX Index Futures	1	June 2019		323,233		323,471		238
Euro Stoxx 50 Index Futures	17	June 2019		614,746		623,962		9,216
FTSE 100 Index Futures	31	June 2019		2,847,819		2,911,711		63,892
FTSE CHINA A50 Index Futures	3	April 2019		37,443		39,375		1,932
FTSE/JSE Top 40 Index Futures	3	June 2019		105,586		105,587		1
FTSE/MIB Index Futures	3	June 2019		339,015		348,993		9,978
Hang Seng China Enterprises Index Futures	3	April 2019		215,386		217,339		1,953
Hang Seng Index Futures	1	April 2019		181,843		185,205		3,362

See accompanying notes

American Beacon AHL TargetRisk Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


IBEX 35 Index Futures	2	April 2019		205,093		206,142		1,049
KOSPI 200 Index Futures	7	June 2019		426,367		427,363		996
MSCI SING IX ETS Futures	5	April 2019		132,025		132,706		681
MSCI Taiwan Stock Index Futures	3	April 2019		116,169		117,210		1,041
NASDAQ 100 E-Mini Futures	7	June 2019		987,605		1,036,070		48,465
Nikkei 225 (SGX) Futures	9	June 2019		868,705		861,184		(7,521	)
OMXS30 Index Futures	8	April 2019		132,110		133,049		939
S&P 500 E-Mini Index Futures	16	June 2019		2,201,662		2,270,240		68,578
S&P/TSX 60 Index Futures	6	June 2019		854,498		859,446		4,948
SGX NIFTY 50 Index Futures	1	April 2019		23,159		23,351		192
SPI 200 Futures	1	June 2019		109,650		109,543		(107	)
TOPIX Index Futures	3	June 2019		432,491		430,930		(1,561	)

			$	12,165,620	$	12,377,117	$	211,497

Interest Rate Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Canadian 10 Year Bond Futures	8	June 2019	$	817,204	$	832,357	$	15,153
Euro-Bobl Futures	23	June 2019		3,405,629		3,435,046		29,417
EURO-BTP Futures	8	June 2019		1,140,911		1,161,864		20,953
Euro-Bund Futures	19	June 2019		3,470,598		3,545,247		74,649
Euro-Buxl 30-Year Bond Futures	2	June 2019		408,319		429,989		21,670
EURO-OAT Futures	10	June 2019		1,776,435		1,824,751		48,316
Japanese 10-Year Government Bond Futures	5	June 2019		6,888,963		6,915,095		26,132
KOREA 10 Year BOND Futures	5	June 2019		560,222		567,659		7,437
KOREA 3 Year BOND Futures	6	June 2019		577,702		579,808		2,106
Long GILT Futures	45	June 2019		7,455,895		7,582,884		126,989
U.S. Long Bond Futures	21	June 2019		3,063,418		3,142,781		79,363
U.S. Treasury 10-Year Note Futures	39	June 2019		4,780,864		4,844,531		63,667
U.S. Treasury 2-Year Note Futures	8	June 2019		1,699,195		1,704,750		5,555
U.S. Treasury 5-Year Note Futures	30	June 2019		3,445,582		3,474,844		29,262
U.S. Ultra Bond Futures	11	June 2019		1,774,518		1,848,000		73,482

			$	41,265,455	$	41,889,606	$	624,151

OTC Swap Agreements Outstanding on March 31, 2019:

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


Refrence Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 3/31/2019 ⁽³⁾ (%)		Curr		Notional Amount ⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Markit CDX NA.IG-31 5-Year Index Version 1		GST		1.00		12/20/2023		0.5637		USD		10,000	$	(179,131	)	$	(193,920	)	$	(14,789	)
Markit CDX NA.HY-31 5-Year Index Version 1		FBF		5.00		12/20/2023		3.3599		USD		5,000		(287,764	)		(332,944	)		(45,180	)

													$	(466,895	)	$	(526,864	)	$	(59,969	)

Credit Default Swaps on Credit Indices - Sell Protection⁽²⁾


Reference Entity	Counter- Party	Fixed Rate (%)		Expiration Date		Implied Credit Spread at 3/31/2019 ⁽³⁾ (%)		Curr		Notional Amount ⁽⁴⁾ (000s)		Premiums Paid (Received)		Fair Value		Unrealized Appreciation (Depreciation)
Markit CDX NA.IG-31 5-Year Index Version 1	FBF		1.00		12/20/2023		0.5637		USD		10,000	$	119,145	$	193,920	$	74,775

Markit CDX NA.HY-31 5-Year Index Version 3	JPM		5.00		12/20/2023		3.3599		USD		5,000		—		332,944		332,944

See accompanying notes

American Beacon AHL TargetRisk Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 3/31/2019 ⁽³⁾ (%)		Curr		Notional Amount ⁽⁴⁾ (000s)		Premiums Paid (Received)		Fair Value		Unrealized Appreciation (Depreciation)
Markit CDX NA.IG-32 5-Year Index Version 1		GST		1.00		6/20/2024		0.6376		USD		10,000	$	160,535	$	178,989	$	18,454
iTraxx Europe ES-31 5-Year Index Version 1		GST		1.00		6/20/2024		0.6556		EUR		10,000		176,328		202,908		26,580
Markit CDX NA.HY-32 5-Year Index Version 1		FBF		5.00		6/20/2024		3.5059		USD		5,000		287,325		332,347		45,022

													$	743,333	$	1,241,108	$	497,775

⁽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.

OTC Swap Agreements Outstanding on March 31, 2019

Total Return Swap Agreements


Pay/Receive Floating Rate	Description		Reference Entity		Counter- party		Floating Rate			Expiration Date		Reference Quantity		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Pay		1-Month USD-LIBOR		BBUXALC INDEX		JPM		0.000	%		5/4/2019		28,000		2,976,225	$	—	$	162,004

																$	—	$	162,004

Forward Foreign Currency Contracts Open on March 31, 2019:


Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
USD	5,340,251	GBP	5,262,412	4/11/2019	SSB	$	77,839	$	—	$	77,839
USD	3,545,552	EUR	3,521,325	4/11/2019	SSB		24,227		—		24,227
USD	255,091	GBP	252,792	4/11/2019	SSB		2,299		—		2,299
USD	4,203,531	EUR	4,158,170	4/11/2019	SSB		45,361		—		45,361

						$	149,726	$	—	$	149,726

*	All Values denominated is USD

Glossary:

Counterparty Abbreviations:


FBF		Credit Suisse Securities USA LLC
GST		Goldman Sachs International
JPM		JPMorgan Chase Bank NA.
SSB		State Street Bank & Trust Co.

Currency Abbreviations:

EUR		Euro
GBP		Pound Sterling
USD		United States Dollar.

See accompanying notes

American Beacon AHL TargetRisk Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Index Abbreviations:

BIST 30		Bora Istanbul 30 Index.
CAC40		Euronet Paris - French Stock Market Index.
DAX		Deutsche Boerse AG German Stock Index.
Euro Stoxx 50		Eurozone Blue-chip Index.
FTSE 100		Financial Times Stock Exchange 100 Index.
FTSE CHINA A 50		Financial Times Stock Exchange China A50 Index.
FTSE/JFE Top 40		Largest 40 companies ranked by full market value in the FTSE/JSE All-Share Index.
FTSE/MIB		Borsa Italiana - Italian Stock Market Index.
Hang Seng		Hong Kong Stock Market Index.
IBEX		Bolsa de Madrid - Spanish Stock Market Index.
KOSPI		South Korean Stock Market Index.
MSCI		Morgan Stanley Capital International.
NASDAQ		National Association of Securities Dealers Automated Quotations.
OMXS30		Stockholm Stock Exchange’s leading share index.
SGX NIFTY		Singapore Stock Exchange NIFTY.
S&P 500		Standard & Poor’s U.S. Equity Large-Cap Index.
S&P/TSX		Canadian Equity Market Index.
SPI 200		Australian Equity Market Index Future.
TOPIX		Tokyo Stock Exchange Tokyo Price Index.

Exchange Abbreviations:

JSE		Johannesburg Stock Exchange.
SGX		Singapore Stock Exchange.

Other Abbreviations:

Bobl		Medium term debt that is issued by the Federal Republic of Germany.
BTP		Buoni del Tesoro Poliennali.
Bund		German Federal Government Bond.
Buxl		Long term debt that is issued by the Federal Republic of Germany.
GILT		Bank of England Bonds.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


AHL TargetRisk Fund	Level 1			Level 2			Level 3		Total
*Assets*
Foreign Sovereign Obligations	$	—		$	12,353,697		$	—	$	12,353,697
U.S. Treasury Obligations		—			8,184,607			—		8,184,607
Short-Term Investments		1,524,505			2,984,240			—		4,508,745

Total Investments in Securities - Assets	$	1,524,505		$	23,522,544		$	—	$	25,047,049

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—		$	149,726		$	—	$	149,726
Futures Contracts		855,226			—			—		855,226
Swap Contract Agreements		—			659,779			—		659,779

Total Financial Derivative Instruments - Assets	$	855,226		$	809,505		$	—	$	1,664,731

*Financial Derivative Instruments - Liabilities*
Futures Contracts	$	(19,578	)	$	—		$	—	$	(19,578	)
Swap Contract Agreements		—			(59,969	)		—		(59,969	)

Total Financial Derivative Instruments - Liabilities	$	(19,578	)	$	(59,969	)	$	—	$	(79,547	)

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Bahl & Gaynor Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.97%
Communication Services - 3.02%
Entertainment - 0.46%
Cinemark Holdings, Inc.		5,170	$	206,748

Media - 2.56%
Nexstar Media Group, Inc., Class A		10,739		1,163,786

Total Communication Services				1,370,534

Consumer Discretionary - 10.92%
Auto Components - 1.15%
LCI Industries		6,803		522,606

Automobiles - 0.48%
Thor Industries, Inc.		3,490		217,671

Hotels, Restaurants & Leisure - 3.64%
Marriott Vacations Worldwide Corp.		5,838		545,853
Ruth’s Hospitality Group, Inc.		9,100		232,869
Texas Roadhouse, Inc.		14,074		875,262

				1,653,984

Household Durables - 0.38%
Hooker Furniture Corp.		6,002		173,038

Leisure Products - 3.90%
Brunswick Corp.		21,992		1,106,857
Johnson Outdoors, Inc., Class A		9,341		666,574

				1,773,431

Specialty Retail - 0.78%
Winmark Corp.		1,885		355,492

Textiles, Apparel & Luxury Goods - 0.59%
Superior Group of Cos., Inc.		16,101		267,599

Total Consumer Discretionary				4,963,821

Consumer Staples - 6.57%
Food & Staples Retailing - 0.46%
Pricesmart, Inc.		3,527		207,670

Food Products - 3.19%
Calavo Growers, Inc.		10,670		894,679
J&J Snack Foods Corp.		3,503		556,417

				1,451,096

Personal Products - 2.92%
Inter Parfums, Inc.		17,507		1,328,256

Total Consumer Staples				2,987,022

Financials - 10.21%
Banks - 6.37%
Chemical Financial Corp.		6,369		262,148
First Financial Bancorp		41,923		1,008,668
First Interstate BancSystem, Inc., Class A		21,845		869,868
Glacier Bancorp, Inc.		7,501		300,565

See accompanying notes

American Beacon Bahl & Gaynor Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.97% (continued)
Financials - 10.21% (continued)
Banks - 6.37% (continued)
S&T Bancorp, Inc.		11,504	$	454,753

				2,896,002

Capital Markets - 2.44%
Evercore, Inc., Class A		12,174		1,107,834

Insurance - 1.40%
Horace Mann Educators Corp.		18,002		633,850

Total Financials				4,637,686

Health Care - 17.48%
Health Care Equipment & Supplies - 5.91%
Atrion Corp.		667		586,080
Cantel Medical Corp.		9,880		660,873
Globus Medical, Inc., Class A^A		10,472		517,422
LeMaitre Vascular, Inc.		29,750		922,250

				2,686,625

Health Care Providers & Services - 4.29%
Chemed Corp.		3,400		1,088,238
US Physical Therapy, Inc.		8,172		858,305

				1,946,543

Health Care Technology - 5.50%
Medidata Solutions, Inc.^A		11,507		842,773
Omnicell, Inc.^A		12,341		997,646
Simulations Plus, Inc.		31,246		659,603

				2,500,022

Pharmaceuticals - 1.78%
Phibro Animal Health Corp., Class A		24,545		809,985

Total Health Care				7,943,175

Industrials - 19.29%
Building Products - 3.68%
AAON, Inc.		9,341		431,368
Simpson Manufacturing Co., Inc.		13,342		790,780
Universal Forest Products, Inc.		15,008		448,589

				1,670,737

Commercial Services & Supplies - 6.67%
Healthcare Services Group, Inc.		30,842		1,017,477
Matthews International Corp., Class A		7,547		278,862
MSA Safety, Inc.		8,504		879,314
Ritchie Bros Auctioneers, Inc.		25,180		856,120

				3,031,773

Construction & Engineering - 1.19%
Valmont Industries, Inc.		4,170		542,517

Industrial Conglomerates - 1.15%
Raven Industries, Inc.		13,599		521,794

Machinery - 3.21%
Federal Signal Corp.		18,360		477,176

See accompanying notes

American Beacon Bahl & Gaynor Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.97% (continued)
Industrials - 19.29% (continued)
Machinery - 3.21% (continued)
John Bean Technologies Corp.		10,704	$	983,591

				1,460,767

Professional Services - 1.14%
Barrett Business Services, Inc.		6,670		515,791

Road & Rail - 1.01%
Landstar System, Inc.		4,188		458,125

Trading Companies & Distributors - 1.24%
Applied Industrial Technologies, Inc.		5,923		352,241
MSC Industrial Direct Co., Inc., Class A		2,529		209,173

				561,414

Total Industrials				8,762,918

Information Technology - 21.65%
Electronic Equipment, Instruments & Components - 5.57%
Littelfuse, Inc.		3,335		608,571
Mesa Laboratories, Inc.		3,832		883,276
SYNNEX Corp.		10,871		1,036,984

				2,528,831

IT Services - 3.33%
CSG Systems International, Inc.		22,515		952,384
Hackett Group, Inc.		35,350		558,530

				1,510,914

Semiconductors & Semiconductor Equipment - 5.31%
Brooks Automation, Inc.		14,605		428,365
Cabot Microelectronics Corp.		2,204		246,760
Monolithic Power Systems, Inc.		6,567		889,763
Power Integrations, Inc.		3,335		233,250
Silicon Motion Technology Corp., ADR		15,510		614,816

				2,412,954

Software - 7.44%
Blackbaud, Inc.		9,504		757,754
LogMeIn, Inc.		3,688		295,409
Monotype Imaging Holdings, Inc.		22,012		437,819
Pegasystems, Inc.		15,171		986,115
Progress Software Corp.		12,952		574,680
QAD, Inc., Class A		7,685		330,993

				3,382,770

Total Information Technology				9,835,469

Materials - 4.67%
Chemicals - 4.67%
Balchem Corp.		8,475		786,480
PolyOne Corp.		26,678		781,932
Stepan Co.		6,338		554,702

				2,123,114

Total Materials				2,123,114

Real Estate - 2.66%
Equity Real Estate Investment Trusts (REITs) - 1.03%
CoreSite Realty Corp.		4,400		470,888

See accompanying notes

American Beacon Bahl & Gaynor Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.97% (continued)
Real Estate - 2.66% (continued)
Real Estate Management & Development - 1.63%
RE/MAX Holdings, Inc., Class A		19,176	$	739,043

Total Real Estate				1,209,931

Utilities - 1.50%
Gas Utilities - 1.50%
ONE Gas, Inc.		7,668		682,682

Total Common Stocks (Cost $41,061,096)				44,516,352

SHORT-TERM INVESTMENTS - 1.82% (Cost $826,314)
Investment Companies - 1.82%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{B C}		826,314		826,314

TOTAL INVESTMENTS - 99.79% (Cost $41,887,410)				45,342,666
OTHER ASSETS, NET OF LIABILITIES - 0.21%				95,522

TOTAL NET ASSETS - 100.00%			$	45,438,188

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.

^C	7-day yield.

ADR - American Depositary Receipt.

Long Futures Contracts Open on March 31, 2019:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index Futures	10	June 2019	$	768,192	$	771,900	$	3,708

			$	768,192	$	771,900	$	3,708

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


Bahl & Gaynor Small Cap Growth Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	44,516,352	$	—	$	—	$	44,516,352
Short-Term Investments		826,314		—		—		826,314

Total Investments in Securities - Assets	$	45,342,666	$	—	$	—	$	45,342,666

*Financial Derivative Instruments - Assets*
Futures Contracts	$	3,708	$	—	$	—	$	3,708

Total Financial Derivative Instruments - Assets	$	3,708	$	—	$	—	$	3,708

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Bridgeway Large Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.95%
Communication Services - 8.18%
Entertainment - 4.40%
Netflix, Inc.^A		14,100	$	5,027,496
Walt Disney Co.		32,100		3,564,063

				8,591,559

Interactive Media & Services - 1.04%
TripAdvisor, Inc.^A		39,500		2,032,275

Media - 2.74%
Charter Communications, Inc., Class A^A		9,500		3,295,645
Comcast Corp., Class A		51,200		2,046,976

				5,342,621

Total Communication Services				15,966,455

Consumer Discretionary - 16.30%
Auto Components - 0.53%
Lear Corp.		7,600		1,031,396

Hotels, Restaurants & Leisure - 1.37%
Starbucks Corp.		36,000		2,676,240

Internet & Direct Marketing Retail - 5.16%
Amazon.com, Inc.^A		3,600		6,410,700
eBay, Inc.		50,200		1,864,428
Wayfair, Inc., Class A^A		12,000		1,781,400

				10,056,528

Specialty Retail - 6.80%
Best Buy Co., Inc.		35,600		2,529,736
Burlington Stores, Inc.^A		13,700		2,146,516
O’Reilly Automotive, Inc.^A		10,100		3,921,830
TJX Cos, Inc.		53,000		2,820,130
Tractor Supply Co.		19,000		1,857,440

				13,275,652

Textiles, Apparel & Luxury Goods - 2.44%
Lululemon Athletica, Inc.^A		29,000		4,752,230

Total Consumer Discretionary				31,792,046

Consumer Staples - 5.02%
Food & Staples Retailing - 0.98%
Costco Wholesale Corp.		7,900		1,912,906

Food Products - 1.29%
McCormick & Co., Inc.		16,700		2,515,521

Household Products - 1.37%
Church & Dwight Co., Inc.		37,500		2,671,125

Personal Products - 1.38%
Estee Lauder Cos, Inc., Class A		16,300		2,698,465

Total Consumer Staples				9,798,017

Financials - 7.52%
Capital Markets - 2.09%
Charles Schwab Corp.		33,300		1,427,418
S&P Global, Inc.		8,100		1,705,455

See accompanying notes

American Beacon Bridgeway Large Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.95% (continued)
Financials - 7.52% (continued)
Capital Markets - 2.09% (continued)
State Street Corp.		14,300	$	941,083

				4,073,956

Consumer Finance - 2.78%
Capital One Financial Corp.		19,100		1,560,279
Santander Consumer USA Holdings, Inc.		106,900		2,258,797
Synchrony Financial		50,600		1,614,140

				5,433,216

Diversified Financial Services - 0.99%
Berkshire Hathaway, Inc., Class B^A		9,600		1,928,544

Insurance - 1.66%
Marsh & McLennan Cos, Inc.		17,500		1,643,250
Progressive Corp.		22,200		1,600,398

				3,243,648

Total Financials				14,679,364

Health Care - 15.38%
Biotechnology - 1.79%
Amgen, Inc.		9,100		1,728,818
BioMarin Pharmaceutical, Inc.^A		5,300		470,799
Vertex Pharmaceuticals, Inc.^A		7,000		1,287,650

				3,487,267

Health Care Equipment & Supplies - 3.83%
ABIOMED, Inc.^A		10,200		2,913,018
Align Technology, Inc.^A		16,000		4,549,280

				7,462,298

Health Care Providers & Services - 6.57%
Centene Corp.^A		38,600		2,049,660
Cigna Corp.^A		12,000		1,929,840
Encompass Health Corp.		16,400		957,760
HCA Healthcare, Inc.		30,500		3,976,590
UnitedHealth Group, Inc.		15,800		3,906,708

				12,820,558

Pharmaceuticals - 3.19%
Eli Lilly & Co.		22,200		2,880,672
Merck & Co., Inc.		40,300		3,351,751

				6,232,423

Total Health Care				30,002,546

Industrials - 10.75%
Aerospace & Defense - 0.73%
Huntington Ingalls Industries, Inc.		6,900		1,429,680

Airlines - 3.59%
Delta Air Lines, Inc.		50,000		2,582,500
Southwest Airlines Co.		35,000		1,816,850
United Continental Holdings, Inc.^A		32,500		2,592,850

				6,992,200

Commercial Services & Supplies - 1.68%
Waste Management, Inc.		31,600		3,283,556

Road & Rail - 3.01%
CSX Corp.		40,500		3,030,210

See accompanying notes

American Beacon Bridgeway Large Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.95% (continued)
Industrials - 10.75% (continued)
Road & Rail - 3.01% (continued)
Union Pacific Corp.		17,000	$	2,842,400

				5,872,610

Trading Companies & Distributors - 1.74%
United Rentals, Inc.^A		13,400		1,530,950
WW Grainger, Inc.		6,200		1,865,766

				3,396,716

Total Industrials				20,974,762

Information Technology - 29.64%
Electronic Equipment, Instruments & Components - 0.86%
Zebra Technologies Corp., Class A^A		8,000		1,676,240

IT Services - 5.40%
DXC Technology Co.		26,500		1,704,215
Fidelity National Information Services, Inc.		17,600		1,990,560
Fiserv, Inc.^A		31,700		2,798,476
VeriSign, Inc.^A		22,300		4,048,788

				10,542,039

Semiconductors & Semiconductor Equipment - 6.90%
Advanced Micro Devices, Inc.^A		90,500		2,309,560
Micron Technology, Inc.^A		110,900		4,583,497
NVIDIA Corp.		21,600		3,878,496
Xilinx, Inc.		21,200		2,687,948

				13,459,501

Software - 11.98%
Adobe, Inc.^A		11,900		3,171,231
Cadence Design Systems, Inc.^A		48,400		3,073,884
Fortinet, Inc.^A		32,200		2,703,834
Intuit, Inc.		23,700		6,195,417
Microsoft Corp.		45,200		5,330,888
Red Hat, Inc.^A		15,900		2,904,930

				23,380,184

Technology Hardware, Storage & Peripherals - 4.50%
Apple, Inc.		31,600		6,002,420
Dell Technologies, Inc., Class C^A		47,253		2,773,278

				8,775,698

Total Information Technology				57,833,662

Materials - 2.42%
Chemicals - 1.67%
LyondellBasell Industries N.V., Class A		25,900		2,177,672
Westlake Chemical Corp.		15,800		1,072,188

				3,249,860

Containers & Packaging - 0.75%
Packaging Corp. of America		14,800		1,470,824

Total Materials				4,720,684

Real Estate - 2.74%
Equity Real Estate Investment Trusts (REITs) - 2.74%
Alexandria Real Estate Equities, Inc.		14,300		2,038,608
Equity LifeStyle Properties, Inc.		15,100		1,725,930

See accompanying notes

American Beacon Bridgeway Large Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.95% (continued)
Real Estate - 2.74% (continued)
Equity Real Estate Investment Trusts (REITs) - 2.74% (continued)
Extra Space Storage, Inc.		15,500	$	1,579,605

				5,344,143

Total Real Estate				5,344,143

Total Common Stocks (Cost $156,821,293)				191,111,679

SHORT-TERM INVESTMENTS - 1.61% (Cost $3,138,049)
Investment Companies - 1.61%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{B C}		3,138,049		3,138,049

TOTAL INVESTMENTS - 99.56% (Cost $159,959,342)				194,249,728
OTHER ASSETS, NET OF LIABILITIES - 0.44%				864,003

TOTAL NET ASSETS - 100.00%			$	195,113,731

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.

^C	7-day yield.

Long Futures Contracts Open on March 31, 2019:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures		22		June 2019	$	3,020,369	$	3,121,580	$	101,211

					$	3,020,369	$	3,121,580	$	101,211


Index Abbreviations:

S&P 500		Standard & Poor’s U.S. Equity Large-Cap Index.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


Bridgeway Large Cap Growth Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	191,111,679	$	—	$	—	$	191,111,679
Short-Term Investments		3,138,049		—		—		3,138,049

Total Investments in Securities - Assets	$	194,249,728	$	—	$	—	$	194,249,728

*Financial Derivative Instruments - Assets*
Futures Contracts	$	101,211	$	—	$	—	$	101,211

Total Financial Derivative Instruments - Assets	$	101,211	$	—	$	—	$	101,211

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Bridgeway Large Cap Value Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.42%
Communication Services - 5.58%
Diversified Telecommunication Services - 2.32%
AT&T, Inc.		2,154,000	$	67,549,440
CenturyLink, Inc.		2,779,300		33,323,807

				100,873,247

Entertainment - 1.02%
Walt Disney Co.		400,000		44,412,000

Media - 2.24%
Charter Communications, Inc., Class A^A		51,800		17,969,938
Comcast Corp., Class A		1,098,900		43,934,022
DISH Network Corp., Class A^A		1,121,300		35,533,997

				97,437,957

Total Communication Services				242,723,204

Consumer Discretionary - 8.82%
Auto Components - 0.95%
Lear Corp.		304,700		41,350,837

Automobiles - 1.45%
Ford Motor Co.		2,102,840		18,462,935
General Motors Co.		1,204,980		44,704,758

				63,167,693

Household Durables - 0.66%
PulteGroup, Inc.		1,019,300		28,499,628

Multiline Retail - 1.87%
Kohl’s Corp.		695,200		47,808,904
Macy’s, Inc.		1,400,400		33,651,612

				81,460,516

Specialty Retail - 2.15%
AutoZone, Inc.^A		8,700		8,909,844
Best Buy Co., Inc.		733,600		52,129,616
Burlington Stores, Inc.^A		207,700		32,542,436

				93,581,896

Textiles, Apparel & Luxury Goods - 1.74%
Capri Holdings Ltd.		555,600		25,418,700
VF Corp.		577,200		50,164,452

				75,583,152

Total Consumer Discretionary				383,643,722

Consumer Staples - 6.09%
Food & Staples Retailing - 1.69%
Kroger Co.		948,000		23,320,800
Walgreens Boots Alliance, Inc.		796,100		50,369,247

				73,690,047

Food Products - 1.99%
Hershey Co.		193,900		22,265,537
Hormel Foods Corp.		300,000		13,428,000
McCormick & Co., Inc.		337,200		50,792,436

				86,485,973

Household Products - 2.41%
Church & Dwight Co., Inc.		447,600		31,882,548

See accompanying notes

American Beacon Bridgeway Large Cap Value Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.42% (continued)
Consumer Staples - 6.09% (continued)
Household Products - 2.41% (continued)
Procter & Gamble Co.		698,900	$	72,720,545

				104,603,093

Total Consumer Staples				264,779,113

Energy - 6.89%
Oil, Gas & Consumable Fuels - 6.89%
Anadarko Petroleum Corp.		773,700		35,187,876
ConocoPhillips		788,100		52,597,794
Devon Energy Corp.		962,400		30,373,344
Marathon Petroleum Corp.		1,100,800		65,882,880
Phillips 66		560,000		53,295,200
Valero Energy Corp.		736,800		62,502,744

				299,839,838

Total Energy				299,839,838

Financials - 26.94%
Banks - 5.94%
Bank of America Corp.		2,889,100		79,710,269
Citigroup, Inc.		1,041,500		64,802,130
Fifth Third Bancorp		1,852,100		46,709,962
Regions Financial Corp.		3,100,900		43,877,735
SunTrust Banks, Inc.		389,800		23,095,650

				258,195,746

Capital Markets - 4.67%
Ameriprise Financial, Inc.		397,000		50,855,700
Franklin Resources, Inc.		1,521,100		50,409,254
Intercontinental Exchange, Inc.		300,000		22,842,000
Morgan Stanley		1,156,400		48,800,080
State Street Corp.		459,800		30,259,438

				203,166,472

Consumer Finance - 5.79%
Ally Financial, Inc.		1,621,600		44,577,784
American Express Co.		480,100		52,474,930
Capital One Financial Corp.		618,600		50,533,434
Discover Financial Services		715,836		50,938,890
Synchrony Financial		1,671,700		53,327,230

				251,852,268

Diversified Financial Services - 1.22%
Voya Financial, Inc.		1,061,600		53,037,536

Insurance - 9.32%
Aflac, Inc.		1,061,200		53,060,000
Allstate Corp.		476,800		44,905,024
American Financial Group, Inc.		258,800		24,899,148
American International Group, Inc.		787,200		33,896,832
Loews Corp.		706,200		33,848,166
MetLife, Inc.		495,300		21,084,921
Principal Financial Group, Inc.		848,000		42,561,120
Prudential Financial, Inc.		476,900		43,817,572
Reinsurance Group of America, Inc.		211,200		29,986,176
Travelers Cos., Inc.		385,100		52,820,316

See accompanying notes

American Beacon Bridgeway Large Cap Value Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.42% (continued)
Financials - 26.94% (continued)
Insurance - 9.32% (continued)
Unum Group		729,900	$	24,692,517

				405,571,792

Total Financials				1,171,823,814

Health Care - 11.49%
Biotechnology - 1.19%
Amgen, Inc.		272,400		51,750,552

Health Care Equipment & Supplies - 0.54%
Boston Scientific Corp.^A		607,200		23,304,336

Health Care Providers & Services - 4.88%
Cigna Corp.^A		343,538		55,247,781
CVS Health Corp.		435,700		23,497,301
HCA Healthcare, Inc.		654,300		85,307,634
Humana, Inc.		181,000		48,146,000

				212,198,716

Life Sciences Tools & Services - 0.50%
Waters Corp.^A		87,300		21,974,283

Pharmaceuticals - 4.38%
Eli Lilly & Co.		400,000		51,904,000
Merck & Co., Inc.		787,000		65,454,790
Pfizer, Inc.		1,722,200		73,141,834

				190,500,624

Total Health Care				499,728,511

Industrials - 7.52%
Airlines - 1.94%
American Airlines Group, Inc.		811,852		25,784,420
Delta Air Lines, Inc.		369,100		19,064,015
United Continental Holdings, Inc.^A		497,800		39,714,484

				84,562,919

Commercial Services & Supplies - 2.83%
Republic Services, Inc.		806,600		64,834,508
Waste Management, Inc.		561,900		58,387,029

				123,221,537

Road & Rail - 2.75%
Norfolk Southern Corp.		344,700		64,420,983
Union Pacific Corp.		329,900		55,159,280

				119,580,263

Total Industrials				327,364,719

Information Technology - 12.22%
Communications Equipment - 1.18%
Cisco Systems, Inc.		535,566		28,915,208
Juniper Networks, Inc.		838,800		22,203,036

				51,118,244

Electronic Equipment, Instruments & Components - 1.64%
Corning, Inc.		2,160,200		71,502,620

IT Services - 1.40%
Amdocs Ltd.		712,600		38,558,786

See accompanying notes

American Beacon Bridgeway Large Cap Value Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 99.42% (continued)
Information Technology - 12.22% (continued)
IT Services - 1.40% (continued)
DXC Technology Co.		349,300	$	22,463,483

				61,022,269

Semiconductors & Semiconductor Equipment - 4.66%
Intel Corp.		1,516,200		81,419,940
Micron Technology, Inc.^A		1,991,500		82,308,695
QUALCOMM, Inc.		681,300		38,854,539

				202,583,174

Software - 1.94%
Microsoft Corp.		425,300		50,159,882
Oracle Corp.		637,900		34,261,609

				84,421,491

Technology Hardware, Storage & Peripherals - 1.40%
Hewlett Packard Enterprise Co.		1,425,300		21,992,379
Western Digital Corp.		807,000		38,784,420

				60,776,799

Total Information Technology				531,424,597

Materials - 5.07%
Chemicals - 3.32%
Air Products & Chemicals, Inc.		267,500		51,081,800
LyondellBasell Industries N.V., Class A		689,300		57,956,344
Westlake Chemical Corp.		523,800		35,545,068

				144,583,212

Containers & Packaging - 0.65%
WestRock Co.		732,200		28,079,870

Metals & Mining - 1.10%
Freeport-McMoRan, Inc.		3,721,200		47,966,268

Total Materials				220,629,350

Real Estate - 4.51%
Equity Real Estate Investment Trusts (REITs) - 4.51%
Alexandria Real Estate Equities, Inc.		400,500		57,095,280
Extra Space Storage, Inc.		522,500		53,247,975
Prologis, Inc.		594,800		42,795,860
Realty Income Corp.		586,700		43,157,652

				196,296,767

Total Real Estate				196,296,767

Utilities - 4.29%
Electric Utilities - 1.41%
American Electric Power Co., Inc.		732,800		61,372,000

Multi-Utilities - 2.88%
Ameren Corp.		977,700		71,909,835
CenterPoint Energy, Inc.		1,733,200		53,209,240

				125,119,075

Total Utilities				186,491,075

Total Common Stocks (Cost $4,009,927,057)				4,324,744,710

See accompanying notes

American Beacon Bridgeway Large Cap Value Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 0.92% (Cost $39,922,434)
Investment Companies - 0.92%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{B C}		39,922,434	$	39,922,434

TOTAL INVESTMENTS - 100.34% (Cost $4,049,849,491)				4,364,667,144
LIABILITIES, NET OF OTHER ASSETS - (0.34%)				(14,757,213	)

TOTAL NET ASSETS - 100.00%			$	4,349,909,931

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.

^C	7-day yield.

Long Futures Contracts Open on March 31, 2019:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures		200		June 2019	$	28,150,091	$	28,378,000	$	227,909

					$	28,150,091	$	28,378,000	$	227,909

Index Abbreviations:

S&P 500 Standard & Poor’s U.S. Equity Large-Cap Index.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


Bridgeway Large Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	4,324,744,710	$	—	$	—	$	4,324,744,710
Short-Term Investments		39,922,434		—		—		39,922,434

Total Investments in Securities - Assets	$	4,364,667,144	$	—	$	—	$	4,364,667,144

*Financial Derivative Instruments - Assets*
Futures Contracts	$	227,909	$	—	$	—	$	227,909

Total Financial Derivative Instruments - Assets	$	227,909	$	—	$	—	$	227,909

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
SECURITIES HELD LONG - 108.63%
COMMON STOCKS - 5.21%
Consumer Discretionary - 3.08%
Automobiles - 0.69%
NIO, Inc., ADR^A		43,660	$	222,666

Hotels, Restaurants & Leisure - 0.55%
Carnival PLC, ADR		3,570		177,822

Internet & Direct Marketing Retail - 1.44%
Naspers Ltd., Class N, Sponsored ADR		10,000		464,300

Specialty Retail - 0.40%
Blink Charging Co.^A		6,211		19,440
Home Depot, Inc.		571		109,569

				129,009

Total Consumer Discretionary				993,797

Consumer Staples - 0.34%
Beverages - 0.34%
Coca-Cola Co.		2,317		108,575

Energy - 0.46%
Oil, Gas & Consumable Fuels - 0.46%
Chesapeake Energy Corp.^A		12,530		38,843
Petroleo Brasileiro SA, ADR		6,775		107,858

				146,701

Total Energy				146,701

Financials - 1.33%
Banks - 1.33%
Crescent Acquisition Corp.^A		16,200		162,000
Zions Bancorp NA		5,896		267,737

				429,737

Insurance - 0.00%
Greenlight Capital Re Ltd., Class A^A		18		196

Total Financials				429,933

Total Common Stocks (Cost $1,674,606)				1,679,006

WARRANTS - 4.82%
Consumer Discretionary - 0.54%
Automobiles - 0.05%
Electra Meccanica Vehicles Co., 08/08/2023, Strike Price $4.25^A		15,849		17,275

Hotels, Restaurants & Leisure - 0.19%
Del Taco Restaurants, Inc., 06/30/2020, Strike Price $11.50^A		45,927		60,164

Internet & Direct Marketing Retail - 0.19%
Yatra Online, Inc., 12/16/2021, Strike Price $11.50^A		373,150		59,704

Specialty Retail - 0.11%
Blink Charging Co., 02/08/2023, Strike Price $4.25^A		30,536		36,949

Total Consumer Discretionary				174,092

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
WARRANTS - 4.82% (continued)
Consumer Staples - 0.67%
Food Products - 0.67%
Hostess Brands, Inc., 11/04/2021, Strike Price $11.50^A		166,426	$	216,354

Energy - 2.26%
Oil, Gas & Consumable Fuels - 2.26%
Altus Midstream Co., 11/12/2023, Strike Price $11.50^A		90,168		49,592
Falcon Minerals Corp., 08/15/2022, Strike Price $11.50^A		83,391		68,381
Magnolia Oil & Gas Corp., 07/31/2023, Strike Price $11.50^A		180,117		610,597

				728,570

Total Energy				728,570

Industrials - 0.30%
Commercial Services & Supplies - 0.30%
NRC Group Holdings Corp., 10/18/2023, Strike Price $11.50^A		105,017		94,515

Information Technology - 1.05%
IT Services - 0.93%
International Money Express, Inc., 07/26/2023, Strike Price $11.50^A		44,916		154,960
Verra Mobility Corp., 10/17/2023, Strike Price $11.50^A		47,904		143,712

				298,672

Software - 0.12%
GTY Govetech, Inc., 02/14/2024, Strike Price $11.50^A		65,924		39,555

Total Information Technology				338,227

Total Warrants (Cost $1,820,822)				1,551,758


	Principal Amount
CORPORATE OBLIGATIONS - 13.56%
Communications - 5.09%
Perficient, Inc., 2.375%, Due 9/15/2023^B	$	760,000		740,479
Viavi Solutions, Inc., 1.000%, Due 3/1/2024		797,000		897,197

				1,637,676

Technology - 8.47%
Five9, Inc., 0.125%, Due 5/1/2023^B		1,000,000		1,403,915
MongoDB, Inc., 0.750%, Due 6/15/2024^B		600,000		1,325,151

				2,729,066

Total Corporate Obligations (Cost $3,823,707)				4,366,742

CONVERTIBLE OBLIGATIONS - 31.63%
Communications - 4.01%
Palo Alto Networks, Inc., 0.750%, Due 7/1/2023^B		668,000		739,636
Twitter, Inc., 0.250%, Due 6/15/2024^B		597,000		552,452

				1,292,088

Consumer, Cyclical - 0.91%
NIO, Inc., 4.500%, Due 2/1/2024^B		343,000		293,601

Consumer, Non-Cyclical - 5.62%
Exact Sciences Corp., 0.375%, Due 3/15/2027		888,000		903,786
Inovio Pharmaceuticals, Inc., 6.500%, Due 3/1/2024^B		500,000		499,939
Tilray, Inc., 5.000%, Due 10/1/2023^B		488,000		405,034

				1,808,759

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Principal Amount		Fair Value
CONVERTIBLE OBLIGATIONS - 31.63% (continued)
Energy - 3.60%
Chesapeake Energy Corp., 5.500%, Due 9/15/2026	$	1,253,000	$	1,161,023

Technology - 17.49%
j2 Global, Inc., 3.250%, Due 6/15/2029		796,000		1,061,479
RealPage, Inc., 1.500%, Due 11/15/2022		1,021,000		1,571,850
ServiceNow, Inc., Due 6/1/2022^C		1,017,000		1,883,986
Workday, Inc., 0.250%, Due 10/1/2022		790,000		1,115,382

				5,632,697

Total Convertible Obligations (Cost $9,188,415)				10,188,168

FOREIGN CORPORATE OBLIGATIONS - 2.72% (Cost $940,438)
Financial - 2.72%
Greenlight Capital Re Ltd., 4.000%, Due 8/1/2023^B		937,000		880,942

COLLATERALIZED MORTGAGE OBLIGATIONS - 7.13%
Agency CMO Interest Only - 6.06%
Fannie Mae REMIC Trust, 5.500%, Due 12/25/2043, 2014-38 QI		1,055,709		206,492
Freddie Mac REMIC Trust,
1.000%, Due 3/15/2038, 3421 IO		4,713,565		151,733
4.500%, Due 12/15/2042, 303 157^D		1,260,850		272,048
Ginnie Mae REMIC Trust,
4.000%, Due 2/20/2040, 2015-162 LI		1,039,381		171,072
6.000%, Due 9/20/2040, 2016-75 IO		1,288,196		291,097
3.500%, Due 10/20/2041, 2013-81 PI		2,979,134		343,664
3.500%, Due 5/16/2042, 2015-84 IO		2,701,280		517,103

				1,953,209

Agency CMO Interest Only Inverse Floater - 1.07%
Freddie Mac REMIC Trust, 0.184%, Due 4/15/2043, 4517 KI, (1-mo. LIBOR + 1.071%)^E		7,017,910		201,804
Ginnie Mae REMIC Trust, 4.112%, Due 11/20/2033, 2003-98 SC, (1-mo. LIBOR + 6.600%)^E		879,527		141,432

				343,236

Total Collateralized Mortgage Obligations (Cost $2,119,192)				2,296,445


	Shares
INVESTMENT COMPANIES - 12.80%
Closed-End Funds - 12.80%
Adams Natural Resources Fund, Inc.		22,650		379,841
Highland Floating Rate Opportunities Fund^A		53,839		747,824
Invesco Dynamic Credit Opportunities Fund		15,884		172,341
Invesco Senior Income Trust		32,443		136,261
MFS Intermediate Income Trust		64,014		243,253
Nuveen Credit Strategies Income Fund		24,022		185,690
Pershing Square Holdings Ltd./Fund		54,514		937,641
PGIM Short Duration High Yield Fund, Inc.		55,434		786,054
Voya Infrastructure Industrials and Materials Fund		20,000		252,000
Voya Prime Rate Trust		58,989		281,967

Total Closed-End Funds				4,122,872

Total Investment Companies (Cost $3,987,413)				4,122,872

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares			Fair Value
EXCHANGE-TRADED INSTRUMENTS - 2.40% (Cost $649,475)
Exchange-Traded Notes - 2.40%
ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN		54,644		$	773,212

SHORT-TERM INVESTMENTS - 28.35% (Cost $9,132,392)
Investment Companies - 28.35%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{F G}		9,132,392			9,132,392

TOTAL SECURITIES HELD LONG (Cost $33,336,460)					34,991,537

SECURITIES SOLD SHORT - (52.87%)
COMMON STOCKS - (41.24%)
Communication Services - (1.75%)
Interactive Media & Services - (1.75%)
Tencent Holdings Ltd., ADR		(10,000	)		(459,800	)
Twitter, Inc.^A		(3,144	)		(103,375	)

					(563,175	)

Total Communication Services					(563,175	)

Consumer Discretionary - (1.44%)
Hotels, Restaurants & Leisure - (1.10%)
Carnival Corp.		(3,570	)		(181,071	)
Del Taco Restaurants, Inc.^A		(17,186	)		(172,891	)

					(353,962	)

Specialty Retail - (0.34%)
Lowe’s Cos, Inc.		(996	)		(109,032	)

Total Consumer Discretionary					(462,994	)

Consumer Staples - (2.35%)
Beverages - (0.35%)
PepsiCo, Inc.		(915	)		(112,133	)

Food Products - (2.00%)
Hostess Brands, Inc.^A		(51,546	)		(644,325	)

Total Consumer Staples					(756,458	)

Energy - (4.95%)
Oil, Gas & Consumable Fuels - (4.95%)
Altus Midstream Co., Class A^A		(13,456	)		(79,390	)
Falcon Minerals Corp.^A		(28,698	)		(253,690	)
Magnolia Oil & Gas Corp.^A		(96,332	)		(1,155,984	)
Petroleo Brasileiro SA, ADR		(7,419	)		(106,092	)

					(1,595,156	)

Total Energy					(1,595,156	)

Health Care - (2.38%)
Biotechnology - (2.17%)
Exact Sciences Corp.^A		(5,171	)		(447,912	)
Inovio Pharmaceuticals, Inc.^A		(67,699	)		(252,517	)

					(700,429	)

Pharmaceuticals - (0.21%)
Tilray, Inc.^A		(1,026	)		(67,224	)

Total Health Care					(767,653	)

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares			Fair Value
COMMON STOCKS - (41.24%) (continued)
Industrials - (1.13%)
Commercial Services & Supplies - (1.13%)
NRC Group Holdings Corp.^A		(41,691	)	$	(363,962	)

Information Technology - (27.24%)
Communications Equipment - (1.53%)
Viavi Solutions, Inc.^A		(39,838	)		(493,194	)

IT Services - (6.77%)
International Money Express, Inc.^A		(28,001	)		(326,492	)
MongoDB, Inc.^A		(8,520	)		(1,252,610	)
Perficient, Inc.^A		(12,208	)		(334,377	)
Verra Mobility Corp.^A		(22,421	)		(266,810	)

					(2,180,289	)

Software - (18.94%)
Five9, Inc.^A		(19,289	)		(1,019,038	)
GTY Govetech, Inc.^A		(17,823	)		(156,842	)
j2 Global, Inc.		(8,596	)		(744,414	)
Palo Alto Networks, Inc.^A		(1,738	)		(422,126	)
RealPage, Inc.^A		(19,442	)		(1,179,935	)
ServiceNow, Inc.^A		(6,969	)		(1,717,789	)
Workday, Inc., Class A^A		(4,464	)		(860,882	)

					(6,101,026	)

Total Information Technology					(8,774,509	)

TOTAL COMMON STOCKS (Proceeds $(12,279,088))					(13,283,907	)


	Principal Amount
CORPORATE OBLIGATIONS - (3.83%) (Proceeds $(1,199,750))
Energy - (3.83%)
Chesapeake Energy Corp., 8.000%, Due 6/15/2027	$	(1,253,000	)		(1,234,205	)


	Shares

EXCHANGE-TRADED INSTRUMENTS - (7.80%)
Exchange-Traded Funds - (7.80%)
Direxion Daily Gold Miners Index Bull 3X Shares		(38,800	)		(767,852	)
Invesco CurrencyShares Euro Currency Trust^A		(10,000	)		(1,070,200	)
iShares China Large-Cap ETF		(10,000	)		(442,700	)
SPDR S&P 500 ETF Trust		(700	)		(197,736	)
VanEck Vectors Gold Miners ETF		(1,594	)		(35,738	)

Total Exchange-Traded Funds					(2,514,226	)

TOTAL EXCHANGE-TRADED INSTRUMENTS (Proceeds $(2,536,904))					(2,514,226	)

TOTAL SECURITIES SOLD SHORT (Proceeds $(16,015,742))					(17,032,338	)

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITIES SOLD SHORT) - 108.62% (Cost $33,336,460)	$	34,991,537
TOTAL PURCHASED OPTIONS CONTRACTS - 6.52% (Premiums Paid $2,430,387)		2,101,391
TOTAL WRITTEN OPTIONS CONTRACTS - (1.20%) (Premiums Received $(637,327))		(387,306	)
TOTAL SECURITIES SOLD SHORT - (52.87%) (Proceeds $(16,015,742))		(17,032,338	)
OTHER ASSETS, NET OF LIABILITIES - 38.93%		12,539,310

NET ASSETS - 100.00%	$	32,212,594

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

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 $6,841,149 or 21.24% of net assets. The Fund has no right to demand registration of these securities.

^C	Zero coupon bond.

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

Variable, floating, or adjustable rate securities with an interest rate that changes periodically. Rates are periodically reset with rates that are based on a predetermined benchmark such as a widely followed interest rate such as T-bills, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on March 31, 2019.

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

^G	7-day yield.

ADR - American Depositary Receipt.

CMO - Collateralized Mortgage Obligation.

ETF - Exchange-Traded Fund.

ETN - Exchange-Traded Note.

LIBOR - London Interbank Offered Rate.

PLC - Public Limited Company.

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

Long Futures Contracts Open on March 31, 2019:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures		2	June 2019	$	279,720	$	283,780	$	4,060

				$	279,720	$	283,780	$	4,060



*OTC Swap Agreements Outstanding on March 31, 2019:*

Total Return Swap Agreements

Pay/Receive Floating Rate	Description	Reference Entity	Counter- party		Floating Rate			Expiration Date		Reference Quantity		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Pay	1-Month USD-LIBOR	Zions Bancorp		DUB		3.684	%		8/5/2019		75,101		1,261,321	$	—	$	(289,515	)
Receive	1-Month USD-LIBOR	Zions Bancorp		DUB		2.184	%		8/5/2019		74,187		3,644,065		—		275,234

														$	—	$	(14,281	)

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)

Purchased Options Contracts Open on March 31, 2019:

Equity Options


Description	Counter- party	Exercise Price		Expiration Date		Currency	Number of Contracts		Notional Amount		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Call - Adams Natural Resources Fund, Inc.	CCP		17.50		4/18/2019	USD		65		6,500	$	685	$	4,875	$	4,190
Call - Zions Bancorp NA	CCP		52.50		4/18/2019	USD		100		10,000		11,954		1,100		(10,854	)
Call - Caesars Entertainment Corp.	CCP		8.00		6/21/2019	USD		143		14,300		22,477		17,875		(4,602	)
Call - Firsthand Technology Value Fund, Inc.	CCP		15.00		6/21/2019	USD		67		6,700		10,729		2,848		(7,881	)
Put - NIO, Inc.	CCP		6.00		6/21/2019	USD		399		39,900		26,106		49,875		23,769
Call - Zions Bancorp NA	CCP		52.50		7/19/2019	USD		59		5,900		7,505		2,035		(5,470	)
Put - NIO, Inc.	CCP		6.00		7/19/2019	USD		399		39,900		28,122		55,062		26,940
Call - Adams Natural Resources Fund, Inc.	CCP		17.50		8/16/2019	USD		73		7,300		4,113		3,833		(280	)
Put - Blink Charging Co.	CCP		2.50		9/20/2019	USD		237		23,700		14,843		14,220		(623	)
Call - Adams Natural Resources Fund, Inc.	CCP		17.50		11/15/2019	USD		79		7,900		7,548		5,728		(1,820	)
Put - iQIYI, Inc.	CCP		12.50		1/17/2020	USD		193		19,300		31,948		12,255		(19,693	)
Put - Shake Shack, Inc.	CCP		40.00		1/15/2021	USD		106		10,600		49,983		40,280		(9,703	)

											$	216,013	$	209,986	$	(6,027	)


Exchange-Traded Fund Options
Description	Counter- party	Exercise Price		Expiration Date		Currency	Number of Contracts		Notional Amount		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Call - VanEck Vectors Gold Miners ETF	CCP		20.00		4/18/2019	USD		1,400		140,000	$	179,308	$	345,800	$	166,492
Call - VanEck Vectors Gold Miners ETF	CCP		23.00		4/18/2019	USD		810		81,000		54,112		21,060		(33,052	)
Put - iShares iBoxx High Yield Corporate Bond ETF	CCP		80.00		4/18/2019	USD		90		9,000		2,447		270		(2,177	)
Call - Euro Currency Futures	CCP		1.17		6/7/2019	USD		21		2,625,000		49,088		3,150		(45,938	)
Call - iShares iBoxx High Yield Corporate Bond ETF	CCP		87.00		7/19/2019	USD		90		9,000		2,965		3,285		320
Call - Euro Currency Futures	CCP		1.17		12/6/2019	USD		50		6,250,000		111,775		86,250		(25,525	)
Put - Euro Currency Futures	CCP		1.14		12/6/2019	USD		50		6,250,000		109,068		132,500		23,432
Call - CurrencyShares Euro Trust ETF	CCP		116.00		1/17/2020	USD		821		82,100		156,271		41,050		(115,221	)
Call - iShares China Large-Cap ETF	CCP		37.00		1/17/2020	USD		160		16,000		100,326		132,800		32,474
Put - iShares China Large-Cap ETF	CCP		37.00		1/17/2020	USD		1,440		144,000		391,734		149,760		(241,974	)

											$	1,157,094	$	915,925	$	(241,169	)

Index Options


Description	Counterparty	Exercise Price		Expiration Date		Currency	Number of Contracts		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Call - CBOE SPX Volatility Index	CCP		20.00		4/17/2019	USD		300	$	30,612	$	12,000	$	(18,612	)
Call - S&P 500 Index	CCP		2,830.00		6/21/2019	USD		8		45,300		57,200		11,900
Put - S&P 500 Index	CCP		2,200.00		6/21/2019	USD		6		16,077		1,860		(14,217	)
Put - S&P 500 Index	CCP		2,760.00		6/21/2019	USD		8		51,308		38,160		(13,148	)
Put - S&P 500 Index	CCP		2,225.00		7/31/2019	USD		2		4,331		1,390		(2,941	)

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Description	Counterparty	Exercise Price		Expiration Date	Currency	Number of Contracts		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Call - S&P 500 Index	CCP		2,975.00	12/20/2019	USD		6	$	55,797	$	39,720	$	(16,077	)
Put - S&P 500 Index	CCP		1,825.00	12/20/2019	USD		6		11,769		3,870		(7,899	)
Call - S&P 500 Index	CCP		2,925.00	3/20/2020	USD		2		23,567		23,120		(447	)
Put - S&P 500 Index	CCP		1,950.00	3/20/2020	USD		2		3,297		3,310		13
Call - S&P 500 Index	CCP		2,500.00	6/19/2020	USD		10		234,955		432,050		197,095
Put - S&P 500 Index	CCP		2,700.00	6/19/2020	USD		20		345,211		274,000		(71,211	)
Put - S&P 500 Index	CCP		2,500.00	6/19/2020	USD		10		235,056		88,800		(146,256	)

								$	1,057,280	$	975,480	$	(81,800	)

Written Options Contracts Open on March 31, 2019:


Equity Options
Description	Counter- party	Exercise Price		Expiration Date	Currency	Number of Contracts		Notional Amount			Premiums Received			Fair Value			Unrealized Appreciation (Depreciation)
Call - Blink Charging Co.	CCP		5.00	4/18/2019	USD		116		11,600		$	(3,197	)	$	(348	)	$	2,849
Call - EOG Resources, Inc.	CCP		97.00	4/18/2019	USD		1		100			(240	)		(160	)		80
Call - Occidental Petroleum Corp.	CCP		65.00	5/17/2019	USD		9		900			(2,446	)		(2,781	)		(335	)
Call - Occidental Petroleum Corp.	CCP		67.50	5/17/2019	USD		2		200			(417	)		(342	)		75
Call - Phillips 66	CCP		100.00	5/17/2019	USD		6		600			(1,648	)		(792	)		856
Put - Kraft Heinz Co.	CCP		32.50	5/17/2019	USD		41		4,100			(9,282	)		(5,535	)		3,747
Call - Blink Charging Co.	CCP		5.00	6/21/2019	USD		213		21,300			(9,648	)		(3,195	)		6,453
Call - Chevron Corp.	CCP		125.00	6/21/2019	USD		14		1,400			(5,895	)		(4,186	)		1,709
Call - ConocoPhillips	CCP		67.50	6/21/2019	USD		10		1,000			(3,430	)		(2,840	)		590
Call - DowDuPont, Inc.	CCP		57.50	6/21/2019	USD		14		1,400			(2,660	)		(1,302	)		1,358
Call - ElectraMeccanica Vehicles Corp.	CCP		5.00	6/21/2019	USD		5		500			(147	)		(125	)		22
Call - EOG Resources, Inc.	CCP		92.50	6/21/2019	USD		9		900			(3,461	)		(6,615	)		(3,154	)
Call - Exxon Mobil Corp.	CCP		80.00	6/21/2019	USD		28		2,800			(8,250	)		(7,700	)		550
Call - Kinder Morgan, Inc.	CCP		20.00	6/21/2019	USD		19		1,900			(1,383	)		(1,311	)		72
Call - Marathon Petroleum Corp.	CCP		60.00	6/21/2019	USD		8		800			(2,646	)		(3,120	)		(474	)
Call - Marathon Petroleum Corp.	CCP		62.50	6/21/2019	USD		2		200			(639	)		(396	)		243
Call - Schlumberger Ltd.	CCP		45.00	6/21/2019	USD		11		1,100			(1,630	)		(1,727	)		(97	)
Call - Schlumberger Ltd.	CCP		42.50	6/21/2019	USD		1		100			(247	)		(276	)		(29	)
Put - Kraft Heinz Co.	CCP		35.00	7/19/2019	USD		59		5,900			(17,235	)		(19,765	)		(2,530	)
Call - Greenlight Capital Re Ltd.	CCP		12.50	8/16/2019	USD		106		10,600			(5,860	)		(8,480	)		(2,620	)
Put - Greenlight Capital Re Ltd.	CCP		10.00	8/16/2019	USD		106		10,600			(7,669	)		(7,420	)		249
Call - Blink Charging Co.	CCP		5.00	9/20/2019	USD		58		5,800			(3,488	)		(1,218	)		2,270
Call - Blink Charging Co.	CCP		7.50	9/20/2019	USD		74		7,400			(2,180	)		(740	)		1,440
Call - ElectraMeccanica Vehicles Corp.	CCP		5.00	9/20/2019	USD		68		6,800			(3,363	)		(3,332	)		31

											$	(97,061	)	$	(83,706	)	$	13,355


Exchange-Traded Fund Options
Description	Counter- party	Exercise Price		Expiration Date	Currency	Number of Contracts		Notional Amount			Premiums Received			Fair Value			Unrealized Appreciation/ (Depreciation)
Call - VanEck Vectors Gold Miners ETF	CCP		21.00	4/18/2019	USD		700		(70,000	)	$	(83,625)		$	(109,200	)	$	(25,575	)

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Description	Counter- party	Exercise Price		Expiration Date	Currency	Number of Contracts		Notional Amount			Premiums Received			Fair Value			Unrealized Appreciation (Depreciation)
Put - iShares iBoxx High Yield Corporate Bond ETF	CCP		83.00	4/18/2019	USD		90		(9,000	)	$	(5,808	)	$	(540	)	$	5,268
Call - iShares iBoxx High Yield Corporate Bond ETF	CCP		86.00	7/19/2019	USD		90		(9,000	)		(6,593	)		(7,605	)		(1,012	)
Put - iShares China Large-Cap ETF	CCP		40.00	1/17/2020	USD		800		(80,000	)		(310,366	)		(137,600	)		172,766

											$	(406,392	)	$	(254,945	)	$	151,447


Index Options
Description	Counter- party	Exercise Price		Expiration Date	Currency	Number of Contracts		Notional Amount			Premiums Received			Fair Value			Unrealized Appreciation (Depreciation)
Put - S&P 500 Index	CCP		2,720.00	4/5/2019	USD		2		200		$	(8,759	)	$	(120	)	$	8,639
Put - S&P 500 Index	CCP		2,800.00	4/12/2019	USD		2		200			(6,159	)		(2,786	)		3,373
Call - CBOE SPX Volatility Index	CCP		25.00	4/17/2019	USD		300		30,000			(15,288	)		(6,000	)		9,288
Put - S&P 500 Index	CCP		2,830.00	4/18/2019	USD		2		200			(7,569	)		(5,250	)		2,319
Put - S&P 500 Index	CCP		2,825.00	4/26/2019	USD		2		200			(6,879	)		(6,879	)		—
Put - S&P 500 Index	CCP		2,650.00	6/21/2019	USD		6		600			(60,200	)		(15,270	)		44,930
Put - S&P 500 Index	CCP		2,590.00	7/31/2019	USD		2		200			(15,839	)		(6,320	)		9,519
Call - S&P 500 Index	CCP		3,300.00	12/20/2019	USD		6		600			(10,706	)		(3,630	)		7,076
Call - S&P 500 Index	CCP		3,300.00	3/20/2020	USD		2		200			(2,475	)		(2,400	)		75

											$	(133,874	)	$	(48,655	)	$	85,219


*Glossary*:

Counterparty Abbreviations:

DUB		Deutsche Bank AG.

Currency Abbreviations:


USD United States Dollar.

Index Abbreviations:

CBOE		Chicago Board Options Exchange.
S&P 500		Standard & Poor’s U.S. Equity Large-Cap Index.

Other Abbreviations:

CCP		Central Counterparty Clearing House.
ETF		Exchange-Traded Fund.
LIBOR		London Interbank Offered Rate.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


Ionic Strategic Arbitrage Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	1,679,006	$	—	$	—	$	1,679,006
Warrants		1,551,758		—		—		1,551,758
Corporate Obligations		—		4,366,742		—		4,366,742
Convertible Obligations		—		10,188,168		—		10,188,168
Foreign Corporate Obligations		—		880,942		—		880,942
Collateralized Mortgage Obligations		—		2,296,445		—		2,296,445

See accompanying notes

American Beacon Ionic Strategic Arbitrage Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Ionic Strategic Arbitrage Fund	Level 1			Level 2			Level 3		Total
Investment Companies	$	4,122,872		$	—		$	—	$	4,122,872
Exchange-Traded Instruments		773,212			—			—		773,212
Short-Term Investments		9,132,392			—			—		9,132,392

Total Investments in Securities - Assets	$	17,259,240		$	17,732,297		$	—	$	34,991,537

*Liabilities*
Common Stocks (Sold Short)	$	(13,283,907	)	$	—		$	—	$	(13,283,907	)
Corporate Obligations (Sold Short)		—			(1,234,205	)		—		(1,234,205	)
Exchange-Traded Instruments (Sold Short)		(2,514,226	)		—			—		(2,514,226	)

Total Investments in Securities - Liabilities		(15,798,133	)		(1,234,205	)		—		(17,032,338	)

Total Investments in Securities	$	1,461,107		$	16,498,092		$	—	$	17,959,199

*Financial Derivative Instruments - Assets*
Futures Contracts	$	4,060		$	—		$	—	$	4,060
Swap Contract Agreements		—			275,234			—		275,234
Purchased Options		2,101,391			—			—		2,101,391

Total Financial Derivative Instruments - Assets	$	2,105,451		$	275,234		$	—	$	2,380,685

*Financial Derivative Instruments - Liabilities*
Swap Contract Agreements	$	—		$	(289,515	)	$	—	$	(289,515	)
Written Options		(387,306	)		—			—		(387,306	)

Total Financial Derivative Instruments - Liabilities	$	(387,306	)	$	(289,515	)	$	—	$	(676,821	)

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Stephens Mid-Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.85%
Communication Services - 6.22%
Entertainment - 4.98%
Electronic Arts, Inc.^A		20,284	$	2,061,463
Live Nation Entertainment, Inc.^A		49,708		3,158,446
Spotify Technology S.A.^A		11,095		1,539,986
Take-Two Interactive Software, Inc.^A		18,073		1,705,549

				8,465,444

Internet Software & Services - 1.24%
IAC/InterActiveCorp^A		10,035		2,108,454

Total Communication Services				10,573,898

Consumer Discretionary - 13.14%
Diversified Consumer Services - 1.29%
Bright Horizons Family Solutions, Inc.^A		17,272		2,195,444

Hotels, Restaurants & Leisure - 2.04%
Domino’s Pizza, Inc.		8,490		2,191,269
MGM Resorts International		50,102		1,285,617

				3,476,886

Internet & Direct Marketing Retail - 2.58%
GrubHub, Inc.^A		22,493		1,562,589
MercadoLibre, Inc.^A		5,570		2,828,056

				4,390,645

Multiline Retail - 0.75%
Ollie’s Bargain Outlet Holdings, Inc.^A		14,960		1,276,537

Specialty Retail - 4.39%
Burlington Stores, Inc.^A		15,766		2,470,217
Ross Stores, Inc.		19,982		1,860,324
Ulta Salon Cosmetics & Fragrance, Inc.^A		8,968		3,127,411

				7,457,952

Textiles, Apparel & Luxury Goods - 2.09%
Canada Goose Holdings, Inc.^{A B}		19,536		938,118
Lululemon Athletica, Inc.^A		15,985		2,619,462

				3,557,580

Total Consumer Discretionary				22,355,044

Consumer Staples - 2.18%
Beverages - 2.18%
Brown-Forman Corp., Class B		29,420		1,552,787
Monster Beverage Corp.^A		39,448		2,153,072

				3,705,859

Total Consumer Staples				3,705,859

Energy - 2.58%
Energy Equipment & Services - 0.46%
Core Laboratories N.V.		11,294		778,496

Oil, Gas & Consumable Fuels - 2.12%
Cabot Oil & Gas Corp.		66,673		1,740,165
Pioneer Natural Resources Co.		7,630		1,161,897

See accompanying notes

American Beacon Stephens Mid-Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.85% (continued)
Energy - 2.58% (continued)
Oil, Gas & Consumable Fuels - 2.12% (continued)
Range Resources Corp.		62,689	$	704,624

				3,606,686

Total Energy				4,385,182

Financials - 3.69%
Banks - 1.95%
East West Bancorp, Inc.		25,754		1,235,419
SVB Financial Group^A		9,338		2,076,398

				3,311,817

Capital Markets - 1.74%
MarketAxess Holdings, Inc.		12,049		2,965,018

Total Financials				6,276,835

Health Care - 21.10%
Biotechnology - 1.28%
Alexion Pharmaceuticals, Inc.^A		8,585		1,160,520
Exelixis, Inc.^A		42,818		1,019,069

				2,179,589

Health Care Equipment & Supplies - 9.75%
ABIOMED, Inc.^A		7,180		2,050,536
Align Technology, Inc.^A		4,970		1,413,120
DexCom, Inc.^A		16,017		1,907,625
Hologic, Inc.^A		37,454		1,812,774
IDEXX Laboratories, Inc.^A		14,611		3,267,019
Intuitive Surgical, Inc.^A		4,870		2,778,725
ResMed, Inc.		22,493		2,338,597
Varian Medical Systems, Inc.^A		7,228		1,024,352

				16,592,748

Health Care Providers & Services - 1.61%
Acadia Healthcare Co., Inc.^A		35,441		1,038,776
Covetrus, Inc.^A		11,591		369,173
Henry Schein, Inc.^A		22,040		1,324,824

				2,732,773

Health Care Technology - 2.93%
Cerner Corp.^A		31,229		1,786,611
Medidata Solutions, Inc.^A		24,500		1,794,380
Veeva Systems, Inc., Class A^A		10,994		1,394,699

				4,975,690

Life Sciences Tools & Services - 5.10%
ICON PLC^A		16,068		2,194,568
Illumina, Inc.^A		9,439		2,932,603
PRA Health Sciences, Inc.^A		16,417		1,810,631
QIAGEN N.V.^A		42,874		1,744,114

				8,681,916

Pharmaceuticals - 0.43%
Pacira Pharmaceuticals, Inc.^A		19,274		733,568

Total Health Care				35,896,284

Industrials - 14.67%
Aerospace & Defense - 2.46%
Harris Corp.		13,556		2,165,029

See accompanying notes

American Beacon Stephens Mid-Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.85% (continued)
Industrials - 14.67% (continued)
Aerospace & Defense - 2.46% (continued)
HEICO Corp., Class A		23,949	$	2,013,153

				4,178,182

Air Freight & Logistics - 0.47%
CH Robinson Worldwide, Inc.		9,186		799,090

Commercial Services & Supplies - 1.51%
Copart, Inc.^A		42,527		2,576,711

Electrical Equipment - 1.47%
Rockwell Automation, Inc.		8,735		1,532,643
Sensata Technologies Holding PLC^A		21,485		967,255

				2,499,898

Industrial Conglomerates - 1.05%
Roper Technologies, Inc.		5,220		1,785,083

Machinery - 0.66%
Middleby Corp.^A		8,649		1,124,630

Professional Services - 4.55%
CoStar Group, Inc.^A		6,628		3,091,432
IHS Markit Ltd.^A		28,718		1,561,685
Verisk Analytics, Inc.		23,197		3,085,201

				7,738,318

Road & Rail - 0.87%
JB Hunt Transport Services, Inc.		14,711		1,490,077

Trading Companies & Distributors - 1.63%
Fastenal Co.		21,537		1,385,044
MSC Industrial Direct Co., Inc., Class A		16,718		1,382,746

				2,767,790

Total Industrials				24,959,779

Information Technology - 33.09%
Electronic Equipment, Instruments & Components - 5.23%
Cognex Corp.		37,806		1,922,813
FLIR Systems, Inc.		51,515		2,451,084
IPG Photonics Corp.^A		10,292		1,562,120
Keysight Technologies, Inc.^A		19,430		1,694,296
National Instruments Corp.		28,414		1,260,445

				8,890,758

IT Services - 7.79%
Euronet Worldwide, Inc.^A		17,875		2,548,796
Fiserv, Inc.^A		21,389		1,888,221
Global Payments, Inc.		19,332		2,639,205
Shopify, Inc., Class A^{A B}		7,101		1,467,209
Square, Inc., Class A^A		31,983		2,396,166
WEX, Inc.^A		12,076		2,318,471

				13,258,068

Semiconductors & Semiconductor Equipment - 4.02%
Microchip Technology, Inc.		27,163		2,253,442
NXP Semiconductors N.V.		7,177		634,375
ON Semiconductor Corp.^A		38,250		786,803

See accompanying notes

American Beacon Stephens Mid-Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 96.85% (continued)
Information Technology - 33.09% (continued)
Semiconductors & Semiconductor Equipment - 4.02% (continued)
Xilinx, Inc.		24,904	$	3,157,578

				6,832,198

Software - 16.05%
2U, Inc.^A		13,403		949,602
ANSYS, Inc.^A		7,180		1,311,858
Aspen Technology, Inc.^A		27,716		2,889,670
Autodesk, Inc.^A		16,268		2,534,880
Cadence Design Systems, Inc.^A		47,096		2,991,067
DocuSign, Inc.^A		24,097		1,249,188
Dropbox, Inc., Class A^A		46,145		1,005,961
Fortinet, Inc.^A		18,878		1,585,186
Guidewire Software, Inc.^A		6,375		619,395
Palo Alto Networks, Inc.^A		8,031		1,950,569
Proofpoint, Inc.^A		8,433		1,024,019
PTC, Inc.^A		17,220		1,587,340
RingCentral, Inc., Class A^A		5,522		595,272
Splunk, Inc.^A		13,857		1,726,582
Tableau Software, Inc., Class A^A		16,568		2,108,775
Tyler Technologies, Inc.^A		4,818		984,799
Ultimate Software Group, Inc.^A		6,637		2,191,073

				27,305,236

Total Information Technology				56,286,260

Materials - 0.18%
Chemicals - 0.18%
Albemarle Corp.		3,662		300,212

Total Common Stocks (Cost $124,687,062)				164,739,353

SHORT-TERM INVESTMENTS - 2.90% (Cost $4,921,575)
Investment Companies - 2.90%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{C D}		4,921,575		4,921,575

SECURITIES LENDING COLLATERAL - 1.21% (Cost $2,062,066)
Investment Companies - 1.21%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{C D}		2,062,066		2,062,066

TOTAL INVESTMENTS - 100.96% (Cost $131,670,703)				171,722,994
LIABILITIES, NET OF OTHER ASSETS - (0.96%)				(1,630,320	)

TOTAL NET ASSETS - 100.00%			$	170,092,674

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 March 31, 2019.

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

^D	7-day yield.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:

See accompanying notes

American Beacon Stephens Mid-Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


Stephens Mid-Cap Growth Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	164,739,353	$	—	$	—	$	164,739,353
Short-Term Investments		4,921,575		—		—		4,921,575
Securities Lending Collateral		2,062,066		—		—		2,062,066

Total Investments in Securities - Assets	$	171,722,994	$	—	$	—	$	171,722,994

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Stephens Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.65%
Communication Services - 2.68%
Entertainment - 0.90%
Take-Two Interactive Software, Inc.^A		39,620	$	3,738,939

Interactive Media & Services - 0.91%
ANGI Homeservices, Inc., Class A^A		247,108		3,815,348

Wireless Telecommunication Services - 0.87%
Boingo Wireless, Inc.^A		155,741		3,625,651

Total Communication Services				11,179,938

Consumer Discretionary - 13.45%
Diversified Consumer Services - 3.22%
Bright Horizons Family Solutions, Inc.^A		41,263		5,244,940
Chegg, Inc.^A		148,630		5,665,775
Grand Canyon Education, Inc.^A		21,888		2,506,395

				13,417,110

Hotels, Restaurants & Leisure - 1.83%
Potbelly Corp.^A		237,742		2,023,185
Wingstop, Inc.		73,670		5,601,130

				7,624,315

Internet & Direct Marketing Retail - 0.53%
GrubHub, Inc.^A		31,977		2,221,442

Leisure Products - 0.47%
Sturm Ruger & Co., Inc.		36,965		1,959,884

Multiline Retail - 1.66%
Ollie’s Bargain Outlet Holdings, Inc.^A		81,241		6,932,295

Specialty Retail - 4.99%
Aaron’s, Inc.		134,039		7,050,451
Boot Barn Holdings, Inc.^A		136,271		4,011,818
Five Below, Inc.^A		17,594		2,186,055
Floor & Decor Holdings, Inc.^A		45,629		1,880,827
Monro, Inc.		49,822		4,310,600
Sportsman’s Warehouse Holdings, Inc.^A		292,246		1,402,781

				20,842,532

Textiles, Apparel & Luxury Goods - 0.75%
Canada Goose Holdings, Inc.^{A B}		65,137		3,127,879

Total Consumer Discretionary				56,125,457

Consumer Staples - 3.50%
Beverages - 1.37%
MGP Ingredients, Inc.^B		73,808		5,694,287

Food Products - 2.13%
Calavo Growers, Inc.		66,129		5,544,917
Limoneira Co.		142,308		3,348,507

				8,893,424

Total Consumer Staples				14,587,711

Energy - 1.80%
Energy Equipment & Services - 0.53%
Core Laboratories N.V.		18,142		1,250,528

See accompanying notes

American Beacon Stephens Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.65% (continued)
Energy - 1.80% (continued)
Energy Equipment & Services - 0.53% (continued)
RigNet, Inc.^A		98,805	$	965,325

				2,215,853

Oil, Gas & Consumable Fuels - 1.27%
Callon Petroleum Co.^A		190,371		1,437,301
Carrizo Oil & Gas, Inc.^A		80,870		1,008,449
PDC Energy, Inc.^A		34,665		1,410,172
Range Resources Corp.		129,972		1,460,885

				5,316,807

Total Energy				7,532,660

Financials - 8.23%
Banks - 1.36%
Ameris Bancorp		89,327		3,068,382
Veritex Holdings, Inc.		108,493		2,627,701

				5,696,083

Capital Markets - 1.34%
MarketAxess Holdings, Inc.		22,753		5,599,058

Consumer Finance - 5.53%
Encore Capital Group, Inc.^{A B}		132,995		3,621,454
EZCORP, Inc., Class A^A		449,236		4,186,880
FirstCash, Inc.		66,397		5,743,340
Green Dot Corp., Class A^A		87,482		5,305,783
PRA Group, Inc.^A		156,863		4,205,497

				23,062,954

Total Financials				34,358,095

Health Care - 19.47%
Biotechnology - 2.45%
Ligand Pharmaceuticals, Inc.^A		39,305		4,941,031
Repligen Corp.^A		89,611		5,294,218

				10,235,249

Health Care Equipment & Supplies - 4.30%
ABIOMED, Inc.^A		8,857		2,529,471
Insulet Corp.^A		30,617		2,911,370
Neogen Corp.^A		73,110		4,195,783
NuVasive, Inc.^A		66,758		3,791,187
Penumbra, Inc.^A		30,593		4,497,477

				17,925,288

Health Care Providers & Services - 2.48%
Acadia Healthcare Co., Inc.^A		104,488		3,062,543
BioTelemetry, Inc.^A		47,156		2,952,909
Covetrus, Inc.^A		29,693		945,722
HealthEquity, Inc.^A		45,980		3,401,601

				10,362,775

Health Care Technology - 4.86%
HealthStream, Inc.^A		100,197		2,811,528
HMS Holdings Corp.^A		162,420		4,809,256
Medidata Solutions, Inc.^A		71,566		5,241,494
Omnicell, Inc.^A		92,014		7,438,412

				20,300,690

Life Sciences Tools & Services - 3.96%
Bio-Techne Corp.		22,328		4,433,224

See accompanying notes

American Beacon Stephens Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.65% (continued)
Health Care - 19.47% (continued)
Life Sciences Tools & Services - 3.96% (continued)
ICON PLC^A		55,646	$	7,600,131
PRA Health Sciences, Inc.^A		40,677		4,486,266

				16,519,621

Pharmaceuticals - 1.42%
Pacira Pharmaceuticals, Inc.^A		107,990		4,110,100
Supernus Pharmaceuticals, Inc.^A		51,332		1,798,673

				5,908,773

Total Health Care				81,252,396

Industrials - 15.70%
Aerospace & Defense - 5.51%
Aerovironment, Inc.^A		29,769		2,036,497
Axon Enterprise, Inc.^A		81,782		4,449,759
HEICO Corp., Class A		88,371		7,428,466
Kratos Defense & Security Solutions, Inc.^A		240,205		3,754,404
Mercury Systems, Inc.^A		82,661		5,296,917

				22,966,043

Air Freight & Logistics - 1.27%
Echo Global Logistics, Inc.^A		108,564		2,690,216
Hub Group, Inc., Class A^A		64,107		2,618,771

				5,308,987

Building Products - 1.19%
Trex Co., Inc.^A		80,749		4,967,678

Machinery - 3.86%
Kornit Digital Ltd.^{A B}		179,313		4,267,650
Lindsay Corp.		22,357		2,163,934
Proto Labs, Inc.^A		50,167		5,274,558
RBC Bearings, Inc.^A		34,648		4,406,186

				16,112,328

Professional Services - 1.49%
CoStar Group, Inc.^A		13,340		6,222,043

Trading Companies & Distributors - 2.38%
Beacon Roofing Supply, Inc.^A		94,908		3,052,241
MSC Industrial Direct Co., Inc., Class A		37,905		3,135,123
SiteOne Landscape Supply, Inc.^A		65,574		3,747,554

				9,934,918

Total Industrials				65,511,997

Information Technology - 31.87%
Electronic Equipment, Instruments & Components - 3.36%
Cognex Corp.		68,938		3,506,187
FLIR Systems, Inc.		105,527		5,020,975
National Instruments Corp.		61,321		2,720,199
nLight, Inc.^A		123,446		2,750,377

				13,997,738

IT Services - 3.39%
Euronet Worldwide, Inc.^A		47,552		6,780,440
MAXIMUS, Inc.		31,933		2,266,604

See accompanying notes

American Beacon Stephens Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.65% (continued)
Information Technology - 31.87% (continued)
IT Services - 3.39% (continued)
WEX, Inc.^A		26,628	$	5,112,310

				14,159,354

Semiconductors & Semiconductor Equipment - 3.47%
CyberOptics Corp.^A		52,047		890,003
Inphi Corp.^A		58,901		2,576,330
Power Integrations, Inc.		30,363		2,123,588
Semtech Corp.^A		108,690		5,533,408
Silicon Laboratories, Inc.^A		41,515		3,356,903

				14,480,232

Software - 21.65%
2U, Inc.^A		54,066		3,830,576
8x8, Inc.^A		242,550		4,899,510
Aspen Technology, Inc.^A		65,384		6,816,936
Cornerstone OnDemand, Inc.^A		55,231		3,025,554
CyberArk Software Ltd.^A		40,003		4,762,357
Envestnet, Inc.^A		82,967		5,425,212
FireEye, Inc.^A		211,304		3,547,794
Five9, Inc.^A		126,447		6,680,195
Globant S.A.^A		59,719		4,263,937
Guidewire Software, Inc.^A		44,408		4,314,681
Manhattan Associates, Inc.^A		80,434		4,432,718
Mimecast Ltd.^A		82,362		3,899,841
Proofpoint, Inc.^A		54,496		6,617,449
PROS Holdings, Inc.^A		130,298		5,503,788
Q2 Holdings, Inc.^A		87,821		6,082,482
Qualys, Inc.^A		55,128		4,561,291
SPS Commerce, Inc.^A		32,955		3,495,207
Tyler Technologies, Inc.^A		17,402		3,556,969
Ultimate Software Group, Inc.^A		14,006		4,623,801

				90,340,298

Total Information Technology				132,977,622

Materials - 0.95%
Chemicals - 0.95%
Balchem Corp.		42,588		3,952,166

Total Common Stocks (Cost $247,789,014)				407,478,042

SHORT-TERM INVESTMENTS - 2.47% (Cost $10,296,938)
Investment Companies - 2.47%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{C D}		10,296,938		10,296,938

SECURITIES LENDING COLLATERAL - 1.61% (Cost $6,718,889)
Investment Companies - 1.61%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{C D}		6,718,889		6,718,889

TOTAL INVESTMENTS - 101.73% (Cost $264,804,841)				424,493,869
LIABILITIES, NET OF OTHER ASSETS - (1.73%)				(7,208,262	)

TOTAL NET ASSETS - 100.00%			$	417,285,607

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 March 31, 2019.

See accompanying notes

American Beacon Stephens Small Cap Growth Fund^SM

Schedule of Investments

March 31, 2019 (Unaudited)

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

^D	7-day yield.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of March 31, 2019, the investments were classified as described below:


Stephens Small Cap Growth Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	407,478,042	$	—	$	—	$	407,478,042
Short-Term Investments		10,296,938		—		—		10,296,938
Securities Lending Collateral		6,718,889		—		—		6,718,889

Total Investments in Securities - Assets	$	424,493,869	$	—	$	—	$	424,493,869

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended March 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

Organization

American Beacon Funds (the “Trust”), is organized as a Massachusetts business trust. As of March 31, 2019, the Trust consists of thirty-three active series, eight of which are presented in this filing: American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL TargetRisk Fund, American Beacon Bahl & Gaynor Small Cap Growth Fund, American Beacon Bridgeway Large Cap Growth Fund, American Beacon Bridgeway Large Cap Value Fund, American Beacon Ionic Strategic Arbitrage Fund, American Beacon Stephens Mid-Cap Growth Fund, and American Beacon Stephens Small Cap Growth 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, as amended (the “Act”), as diversified, open-end management investment companies except for the American Beacon AHL Managed Futures Strategy Fund, American Beacon AHL TargetRisk Fund and American Beacon Ionic Strategic Arbitrage Fund which are registered as non-diversified. The remaining twenty-five active series are reported in separate filings.

American Beacon Advisors, Inc. (the “Manager”) is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. (“RIM”) organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., which is a wholly-owned subsidiary of Resolute Topco, Inc., a wholly-owned subsidiary of Resolute Investment Holdings, LLC (“RIH”). RIH is owned primarily by Kelso Investment Associates VIII, L.P., KEP VI, LLC and Estancia Capital Partners L.P., investment funds affiliated with Kelso & Company, L.P. (“Kelso”) or Estancia Capital Management, LLC (“Estancia”), which are private equity firms.

Consolidation of Subsidiaries

The Schedules of Investments of the AHL Managed Futures Strategy Fund and the AHL TargetRisk Fund (the controlled foreign corporation “CFC Funds”) are consolidated to include the accounts of the American Beacon Cayman Managed Futures Strategy Fund, Ltd. and American Beacon Cayman TargetRisk Fund, Ltd., respectively, each of which are wholly-owned and controlled subsidiaries (the “Subsidiaries”) of the CFC Funds. All intercompany accounts and transactions have been eliminated in consolidation for the CFC Funds.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

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

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


Fund	Inception Date of Subsidiary		Subsidiary Net Assets at March 31, 2019		% of Total Net Assets of the CFC Fund at March 31, 2019
American Beacon Cayman Managed Futures Strategy Fund, Ltd.		August 19, 2014	$	241,019,255		24.1	%
American Beacon Cayman TargetRisk Fund, Ltd.		December 31, 2018		6,168,986		22.0	%

CFTC Regulation

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

The CFC Funds are commodity pools, as defined in the regulation of the CFTC and operated by the Manager, a commodity pool operator regulated by the CFTC.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. The Funds are considered investment companies and accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946, Financial Services – Investment Companies, a part of the Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Valuation and Fair Value Measurements

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

The NAV of each class of the Fund’s shares is determined based on a pro rata allocation of the Fund’s investment income, expenses and total capital gains and losses. The Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund’s NAV

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

the same markets and adjusted prices.

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

Valuation Inputs

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


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

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

		Level 3 -		Prices determined using other significant unobservable inputs. Unobservable inputs reflect 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, ETFs, preferred securities, and financial derivative instruments, such as futures contracts or options that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. 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 generally categorized as Level 2 of the fair value hierarchy.

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

Mortgage-related and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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 the 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 the 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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

(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.

Securities Lending

The Funds may lend their 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 Funds’ Schedules of Investments.

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 Funds bear the risk of any deficiency in the amount of the cash collateral available for return to the borrower and any action which impairs its ability to liquidate non-cash collateral to satisfy a borrower default.

As of March 31, 2019, the value of outstanding securities on loan and the value of collateral were as follows:


Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Stephens Mid-Cap Growth	$	2,057,939	$	2,062,066	$	—	$	2,062,066
Stephens Small Cap Growth		6,581,002		6,718,889		—		6,718,889

Cash collateral is listed on the Funds’ Schedules of Investments.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

March 31, 2019 (Unaudited)

Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds’ Schedules of Investments.

Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions 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.

Cost of Investments for Federal Income Tax Purposes

As of March 31, 2019, the Funds’ cost of investments for federal income tax purposes were as follows:


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
AHL Managed Futures Strategy	$	917,198,322	$	124,113	$	—		$	124,113
AHL TargetRisk		19,726,041		484,357		—			484,357
Bahl & Gaynor Small Cap Growth		41,887,410		5,694,784		(2,239,528	)		3,455,256
Bridgeway Large Cap Growth		159,959,342		38,613,910		(4,323,524	)		34,290,386
Bridgeway Large Cap Value		4,049,849,491		588,600,111		(273,782,458	)		314,817,653
Ionic Strategic Arbitrage		19,113,778		3,592,126		(3,032,620	)		559,506
Stephens Mid-Cap Growth		131,670,703		43,150,288		(3,097,997	)		40,052,291
Stephens Small Cap Growth		264,804,841		172,319,518		(12,630,490	)		159,689,028

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the 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.

During the year ended December 31, 2018, the Ionic Strategic Arbitrage Fund had $23,033,314 and $4,939,340 in Short-Term and Long-Term, respectively, post RIC MOD capital loss carryforwards.

The Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any capital losses incurred after October 31 through the Funds’ fiscal year end, December 31, 2018. Qualified late year ordinary losses are specified losses generally incurred after October 31 and ordinary losses incurred after December 31 through the end of the Funds’ fiscal year, December 31, 2018. For the period ended December 31, 2018, Bahl & Gaynor Small Cap Growth Fund deferred $211,184 short-term capital losses and $545,982 long-term capital losses, Bridgeway Large Cap Growth Fund deferred $725,466 of short-term capital losses to January 1, 2019, and Bridgeway Large Cap Value Fund deferred $13,967,073 short-term and $22,247,988 long-term capital losses to January 1, 2019.

For the period ended December 31, 2018, the AHL Managed Futures Strategy Fund, AHL TargetRisk Fund, Ionic Strategic Arbitrage Fund, Stephens Mid-Cap Growth Fund and Stephens Small Cap Growth Fund did not have any capital loss carryforwards.