United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2020

Date of reporting period: July 31, 2020

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

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

ITEM 1. SCHEDULE OF INVESTMENTS.

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 57.62%
Communication Services - 3.51%
Interactive Media & Services - 0.56%
Alphabet, Inc., Class AA		690	$	1,026,686
Media - 2.42%
Comcast Corp., Class A		47,258		2,022,642
Discovery, Inc., Class CA		33,899		642,386
Interpublic Group of Cos., Inc.		15,300		276,165
News Corp., Class A		69,900		889,128
Omnicom Group, Inc.		4,386		235,660
ViacomCBS, Inc., Class B		13,152		342,873
				4,408,854
Wireless Telecommunication Services - 0.53%
Vodafone Group PLC, Sponsored ADR		63,432		964,166
Total Communication Services				6,399,706
Consumer Discretionary - 5.59%
Auto Components - 0.81%
Adient PLCA		8,332		138,644
Goodyear Tire & Rubber Co.		29,659		267,228
Magna International, Inc.		23,104		1,066,712
				1,472,584
Automobiles - 0.96%
General Motors Co.		54,842		1,365,018
Harley-Davidson, Inc.		15,141		394,120
				1,759,138
Hotels, Restaurants & Leisure - 0.69%
Aramark		59,764		1,262,216
Household Durables - 0.66%
Lennar Corp., Class A		16,717		1,209,475
Internet & Direct Marketing Retail - 0.29%
Booking Holdings, Inc.A		320		531,881
Multiline Retail - 0.29%
Dollar General Corp.		2,753		524,171
Specialty Retail - 1.89%
Advance Auto Parts, Inc.		10,956		1,644,934
Lowe’s Cos., Inc.		12,059		1,795,705
				3,440,639
Total Consumer Discretionary				10,200,104
Consumer Staples - 1.39%
Beverages - 0.64%
Coca-Cola European Partners PLC		28,165		1,159,553
Food Products - 0.20%
Mondelez International, Inc., Class A		6,700		371,783
Personal Products - 0.55%
Unilever PLC, Sponsored ADRB		16,600		1,003,968
Total Consumer Staples				2,535,304

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 57.62% (continued)
Energy - 4.71%
Energy Equipment & Services - 0.91%
Halliburton Co.		42,000	$	601,860
National Oilwell Varco, Inc.		63,600		732,036
Schlumberger Ltd.		18,400		333,776
				1,667,672
Oil, Gas & Consumable Fuels - 3.80%
Apache Corp.		49,114		753,900
Chevron Corp.		11,117		933,161
Hess Corp.		32,234		1,586,235
Marathon Oil Corp.		75,531		414,665
Marathon Petroleum Corp.		12,431		474,864
Murphy Oil Corp.B		13,800		182,298
Phillips 66		21,645		1,342,423
Royal Dutch Shell PLC, Class A, Sponsored ADRB		25,935		773,122
Valero Energy Corp.		8,546		480,542
				6,941,210
Total Energy				8,608,882
Financials - 15.41%
Banks - 6.15%
Bank of America Corp.		50,898		1,266,342
CIT Group, Inc.		7,150		135,635
Citigroup, Inc.		54,119		2,706,491
Citizens Financial Group, Inc.		35,068		870,037
Fifth Third Bancorp		19,200		381,312
JPMorgan Chase & Co.		16,551		1,599,489
PNC Financial Services Group, Inc.		4,900		522,683
US Bancorp		35,583		1,310,878
Wells Fargo & Co.		100,176		2,430,270
				11,223,137
Capital Markets - 2.73%
Bank of New York Mellon Corp.		25,788		924,500
Goldman Sachs Group, Inc.		13,252		2,623,366
Morgan Stanley		7,537		368,408
Northern Trust Corp.		10,252		803,244
State Street Corp.		4,206		268,301
				4,987,819
Consumer Finance - 1.09%
American Express Co.		6,682		623,564
Discover Financial Services		11,100		548,673
Navient Corp.		52,465		417,622
SLM Corp.		59,916		405,631
				1,995,490
Diversified Financial Services - 0.58%
Berkshire Hathaway, Inc., Class BA		1,786		349,663
Equitable Holdings, Inc.		34,800		712,008
				1,061,671
Insurance - 4.35%
American International Group, Inc.		122,044		3,922,494
Chubb Ltd.		10,279		1,307,900
Hartford Financial Services Group, Inc.		16,300		689,816
Travelers Cos., Inc.		7,557		864,672

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 57.62% (continued)
Financials - 15.41% (continued)
Insurance - 4.35% (continued)
Willis Towers Watson PLC		5,561	$	1,167,866
				7,952,748
Thrifts & Mortgage Finance - 0.51%
New York Community Bancorp, Inc.		87,693		923,408
Total Financials				28,144,273
Health Care - 5.83%
Biotechnology - 0.15%
Biogen, Inc.A		972		266,999
Health Care Equipment & Supplies - 1.59%
Medtronic PLC		23,099		2,228,591
Zimmer Biomet Holdings, Inc.		5,032		678,616
				2,907,207
Health Care Providers & Services - 3.43%
Anthem, Inc.		8,484		2,322,919
Centene Corp.A		5,600		365,400
CVS Health Corp.		19,336		1,217,008
Humana, Inc.		900		353,205
UnitedHealth Group, Inc.		6,641		2,010,762
				6,269,294
Pharmaceuticals - 0.66%
GlaxoSmithKline PLC, Sponsored ADR		18,743		755,718
Sanofi, ADR		8,503		445,982
				1,201,700
Total Health Care				10,645,200
Industrials - 8.72%
Aerospace & Defense - 1.33%
Boeing Co.		900		142,200
Embraer S.A., Sponsored ADRA		10,324		59,673
General Dynamics Corp.		8,582		1,259,323
Raytheon Technologies Corp.		17,084		968,321
				2,429,517
Air Freight & Logistics - 0.68%
FedEx Corp.		7,400		1,246,160
Construction & Engineering - 0.83%
AECOMA		21,547		779,786
Fluor Corp.		16,800		171,192
Quanta Services, Inc.		14,255		569,772
				1,520,750
Electrical Equipment - 0.29%
Emerson Electric Co.		8,346		517,536
Industrial Conglomerates - 1.28%
General Electric Co.		384,000		2,330,880
Machinery - 3.66%
CNH Industrial N.V.A		115,680		785,467
Cummins, Inc.		6,672		1,289,431
Deere & Co.		7,142		1,259,206
PACCAR, Inc.		4,439		377,670
Stanley Black & Decker, Inc.		13,223		2,027,350

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 57.62% (continued)
Industrials - 8.72% (continued)
Machinery - 3.66% (continued)
Westinghouse Air Brake Technologies Corp.		15,252	$	948,522
				6,687,646
Road & Rail - 0.65%
JB Hunt Transport Services, Inc.		9,141		1,182,845
Total Industrials				15,915,334
Information Technology - 7.28%
Communications Equipment - 0.46%
Telefonaktiebolaget LM Ericsson, Sponsored ADRB		73,120		844,536
Electronic Equipment, Instruments & Components - 1.15%
Corning, Inc.		42,295		1,311,145
TE Connectivity Ltd.		8,758		780,075
				2,091,220
IT Services - 0.63%
Cognizant Technology Solutions Corp., Class A		16,935		1,156,999
Semiconductors & Semiconductor Equipment - 2.46%
Broadcom, Inc.		5,304		1,680,042
QUALCOMM, Inc.		12,358		1,305,128
Texas Instruments, Inc.		11,781		1,502,667
				4,487,837
Software - 2.09%
Microsoft Corp.		8,745		1,792,813
Oracle Corp.		34,492		1,912,581
Teradata Corp.A		5,318		111,678
				3,817,072
Technology Hardware, Storage & Peripherals - 0.49%
Hewlett Packard Enterprise Co.		91,308		901,210
Total Information Technology				13,298,874
Materials - 2.05%
Chemicals - 1.71%
Air Products and Chemicals, Inc.		4,206		1,205,566
Corteva, Inc.A		36,454		1,041,126
DuPont de Nemours, Inc.		11,290		603,789
PPG Industries, Inc.		2,500		269,125
				3,119,606
Containers & Packaging - 0.34%
International Paper Co.		17,925		623,611
Total Materials				3,743,217
Real Estate - 0.85%
Equity Real Estate Investment Trusts (REITs) - 0.85%
MGM Growth Properties LLC, Class A		56,614		1,547,827
Utilities - 2.28%
Electric Utilities - 2.28%
Edison International		19,262		1,072,316
Entergy Corp.		4,787		503,257
Exelon Corp.		31,328		1,209,574
PPL Corp.		39,047		1,039,431

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 57.62% (continued)
Utilities - 2.28% (continued)
Electric Utilities - 2.28% (continued)
Southern Co.		6,243	$	340,930
				4,165,508
Total Utilities				4,165,508
Total Common Stocks (Cost $109,861,232)				105,204,229
	Principal Amount
CORPORATE OBLIGATIONS - 16.25%
Basic Materials - 0.20%
Chemicals - 0.09%
Dow Chemical Co., 3.500%, Due 10/1/2024	$	81,000		88,700
EI du Pont de Nemours and Co., 1.700%, Due 7/15/2025		70,000		73,180
				161,880
Iron/Steel - 0.11%
Nucor Corp.,
4.125%, Due 9/15/2022		57,000		60,875
4.000%, Due 8/1/2023		55,000		59,931
Steel Dynamics, Inc., 3.250%, Due 1/15/2031		80,000		87,405
				208,211
Total Basic Materials				370,091
Communications - 1.74%
Internet - 0.29%
Amazon.com, Inc.,
0.800%, Due 6/3/2025		350,000		355,168
3.875%, Due 8/22/2037		135,000		175,324
				530,492
Media - 0.76%
Charter Communications Operating LLC / Charter Communications Operating Capital,
3.750%, Due 2/15/2028		70,000		78,489
2.800%, Due 4/1/2031		80,000		83,938
Comcast Corp.,
3.150%, Due 3/1/2026		74,000		83,518
3.400%, Due 4/1/2030		80,000		93,858
1.950%, Due 1/15/2031		75,000		78,353
4.600%, Due 10/15/2038		80,000		108,217
6.550%, Due 7/1/2039		217,000		351,829
Fox Corp., 5.476%, Due 1/25/2039		80,000		110,549
ViacomCBS, Inc., 3.375%, Due 3/1/2022		337,000		348,849
Walt Disney Co., 6.400%, Due 12/15/2035		35,000		53,926
				1,391,526
Telecommunications - 0.69%
AT&T, Inc.,
3.400%, Due 5/15/2025		319,000		354,838
2.250%, Due 2/1/2032		65,000		66,582
5.350%, Due 9/1/2040		40,000		52,909
T-Mobile USA, Inc.,
3.750%, Due 4/15/2027C		110,000		124,609
3.875%, Due 4/15/2030C		125,000		143,156
Verizon Communications, Inc.,
2.625%, Due 8/15/2026		120,000		132,620

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Communications - 1.74% (continued)
Telecommunications - 0.69% (continued)
Verizon Communications, Inc. (continued)
4.329%, Due 9/21/2028	$	180,000	$	222,219
3.150%, Due 3/22/2030		80,000		91,831
4.500%, Due 8/10/2033		50,000		65,135
				1,253,899
Total Communications				3,175,917
Consumer, Cyclical - 1.53%
Airlines - 0.04%
American Airlines Pass Through Trust, 3.150%, Due 8/15/2033, Series AA		83,691		78,062
Apparel - 0.06%
NIKE, Inc., 3.375%, Due 3/27/2050		30,000		36,426
VF Corp., 2.050%, Due 4/23/2022		75,000		76,963
				113,389
Auto Manufacturers - 0.36%
General Motors Financial Co., Inc., 3.150%, Due 6/30/2022		120,000		123,321
Toyota Motor Credit Corp., 1.800%, Due 2/13/2025		500,000		523,340
				646,661
Auto Parts & Equipment - 0.05%
Aptiv Corp., 4.150%, Due 3/15/2024		80,000		88,190
Home Furnishings - 0.04%
Whirlpool Corp., 4.600%, Due 5/15/2050		60,000		75,200
Retail - 0.98%
Dollar General Corp., 4.125%, Due 5/1/2028		40,000		47,868
Dollar Tree, Inc., 3.700%, Due 5/15/2023		80,000		86,137
Home Depot, Inc.,
2.950%, Due 6/15/2029		500,000		574,133
3.300%, Due 4/15/2040		50,000		59,873
Lowe’s Cos., Inc., 2.500%, Due 4/15/2026		105,000		114,124
McDonald’s Corp., 3.700%, Due 1/30/2026		113,000		129,512
O’Reilly Automotive, Inc., 4.350%, Due 6/1/2028		95,000		113,508
Starbucks Corp., 4.000%, Due 11/15/2028		85,000		101,379
Target Corp., 2.250%, Due 4/15/2025		115,000		123,777
Walmart, Inc.,
2.375%, Due 9/24/2029		150,000		167,254
7.550%, Due 2/15/2030		169,000		265,004
				1,782,569
Total Consumer, Cyclical				2,784,071
Consumer, Non-Cyclical - 1.73%
Agriculture - 0.11%
Altria Group, Inc., 4.750%, Due 5/5/2021		145,000		149,876
Cargill, Inc., 1.375%, Due 7/23/2023C		50,000		51,152
				201,028
Beverages - 0.06%
Coca-Cola Co., 2.600%, Due 6/1/2050		105,000		112,444

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Consumer, Non-Cyclical - 1.73% (continued)
Biotechnology - 0.05%
Amgen, Inc., 4.400%, Due 5/1/2045	$	65,000	$	87,690
Commercial Services - 0.07%
Moody’s Corp., 4.875%, Due 12/17/2048		40,000		55,679
S&P Global, Inc., 4.400%, Due 2/15/2026		65,000		77,341
				133,020
Food - 0.05%
Mondelez International, Inc., 2.125%, Due 4/13/2023		80,000		83,310
Health Care - Products - 0.30%
Abbott Laboratories, 1.150%, Due 1/30/2028		95,000		97,415
Medtronic, Inc., 3.500%, Due 3/15/2025		313,000		353,815
Zimmer Biomet Holdings, Inc., 3.550%, Due 4/1/2025		95,000		105,081
				556,311
Health Care - Services - 0.26%
Anthem, Inc., 3.125%, Due 5/15/2050		80,000		88,593
Children’s Health System of Texas, 2.511%, Due 8/15/2050		65,000		66,728
HCA, Inc., 4.125%, Due 6/15/2029		55,000		64,375
Health Care Service Corp., 3.200%, Due 6/1/2050C		40,000		43,960
Humana, Inc., 3.150%, Due 12/1/2022		80,000		84,417
Kaiser Foundation Hospitals, 4.150%, Due 5/1/2047		30,000		40,458
UnitedHealth Group, Inc., 2.750%, Due 5/15/2040		75,000		84,100
				472,631
Household Products/Wares - 0.05%
Procter & Gamble Co., 3.550%, Due 3/25/2040		65,000		83,405
Pharmaceuticals - 0.78%
AbbVie, Inc.,
3.200%, Due 5/14/2026		80,000		89,298
4.450%, Due 5/14/2046		60,000		76,808
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		665,000		783,062
Cigna Corp., 4.125%, Due 11/15/2025		65,000		75,318
CVS Health Corp.,
3.700%, Due 3/9/2023		55,000		59,172
4.100%, Due 3/25/2025		45,000		51,151
5.050%, Due 3/25/2048		45,000		61,987
Shire Acquisitions Investments Ireland DAC, 2.875%, Due 9/23/2023		80,000		85,231
Upjohn, Inc., 3.850%, Due 6/22/2040C		45,000		51,173
Zoetis, Inc., 3.000%, Due 9/12/2027		80,000		90,028
				1,423,228
Total Consumer, Non-Cyclical				3,153,067
Energy - 0.69%
Oil & Gas - 0.28%
BP Capital Markets America, Inc.,
3.796%, Due 9/21/2025		45,000		51,191
3.000%, Due 2/24/2050		40,000		43,090
Concho Resources, Inc., 4.300%, Due 8/15/2028		80,000		90,680
Diamondback Energy, Inc., 2.875%, Due 12/1/2024		70,000		71,154
EOG Resources, Inc., 4.375%, Due 4/15/2030		40,000		48,691
Marathon Petroleum Corp.,
4.500%, Due 5/1/2023		80,000		86,690
5.125%, Due 12/15/2026		60,000		70,919

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Energy - 0.69% (continued)
Oil & Gas - 0.28% (continued)
Valero Energy Corp., 2.700%, Due 4/15/2023	$	45,000	$	46,889
				509,304
Pipelines - 0.41%
Columbia Pipeline Group, Inc., 4.500%, Due 6/1/2025		81,000		94,407
Energy Transfer Operating LP, 3.750%, Due 5/15/2030		20,000		19,780
Enterprise Products Operating LLC, 6.125%, Due 10/15/2039		60,000		80,068
MPLX LP,
4.125%, Due 3/1/2027		60,000		65,475
5.200%, Due 3/1/2047		31,000		34,963
ONEOK, Inc., 4.550%, Due 7/15/2028		90,000		94,377
Phillips 66 Partners LP,
3.550%, Due 10/1/2026		33,000		35,773
3.750%, Due 3/1/2028		55,000		58,328
Sabine Pass Liquefaction LLC,
5.625%, Due 4/15/2023		75,000		82,655
5.625%, Due 3/1/2025		45,000		52,224
Spectra Energy Partners LP, 3.375%, Due 10/15/2026		43,000		47,424
Sunoco Logistics Partners Operations LP, 4.250%, Due 4/1/2024		38,000		40,149
Williams Cos., Inc., 3.500%, Due 11/15/2030		35,000		38,696
				744,319
Total Energy				1,253,623
Financial - 5.33%
Banks - 3.23%
Bank of America Corp.,
4.125%, Due 1/22/2024		193,000		215,363
2.456%, Due 10/22/2025, (3-mo. USD LIBOR + 0.870%)D		155,000		164,485
6.110%, Due 1/29/2037		176,000		256,164
5.000%, Due 1/21/2044		190,000		273,731
Bank of New York Mellon Corp., 3.250%, Due 5/16/2027		125,000		143,836
Citigroup, Inc.,
3.887%, Due 1/10/2028, (3-mo. USD LIBOR + 1.563%)D		235,000		268,565
4.412%, Due 3/31/2031, (SOFR + 3.914%)D		35,000		42,655
5.875%, Due 1/30/2042		145,000		224,324
Fifth Third Bank, 2.250%, Due 2/1/2027		500,000		533,992
Goldman Sachs Group, Inc.,
5.750%, Due 1/24/2022		385,000		414,254
2.908%, Due 6/5/2023, (3-mo. USD LIBOR + 1.053%)D		155,000		161,061
3.500%, Due 1/23/2025		80,000		87,967
3.272%, Due 9/29/2025, (3-mo. USD LIBOR + 1.201%)D		55,000		60,003
JPMorgan Chase & Co.,
3.625%, Due 5/13/2024		434,000		481,704
2.301%, Due 10/15/2025, (SOFR + 1.160%)D		195,000		206,321
3.782%, Due 2/1/2028, (3-mo. USD LIBOR + 1.337%)D		120,000		137,799
3.882%, Due 7/24/2038, (3-mo. USD LIBOR + 1.360%)D		105,000		130,846
5.500%, Due 10/15/2040		313,000		468,808
Morgan Stanley,
3.700%, Due 10/23/2024		155,000		173,202
3.591%, Due 7/22/2028, (3-mo. USD LIBOR + 1.340%)D		125,000		142,951
PNC Financial Services Group, Inc.,
3.500%, Due 1/23/2024		110,000		120,758
2.550%, Due 1/22/2030		500,000		553,347
State Street Corp., 2.354%, Due 11/1/2025, (SOFR + 0.940%)D		100,000		107,247
US Bancorp,
2.400%, Due 7/30/2024		155,000		165,833

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Financial - 5.33% (continued)
Banks - 3.23% (continued)
US Bancorp (continued)
1.375%, Due 7/22/2030	$	85,000	$	86,092
Wells Fargo & Co.,
2.572%, Due 2/11/2031, (3-mo. USD LIBOR + 1.000%)D		175,000		185,637
4.750%, Due 12/7/2046		75,000		98,314
				5,905,259
Diversified Financial Services - 0.71%
American Express Co.,
1.141%, Due 11/5/2021, (3-mo. USD LIBOR + 0.600%)D		420,000		422,182
3.400%, Due 2/27/2023		95,000		101,835
4.200%, Due 11/6/2025		105,000		123,481
BlackRock, Inc., 1.900%, Due 1/28/2031		80,000		84,881
CBOE Global Markets, Inc., 3.650%, Due 1/12/2027		75,000		86,327
Charles Schwab Corp., 3.250%, Due 5/22/2029		65,000		75,101
Mastercard, Inc.,
3.300%, Due 3/26/2027		60,000		69,178
3.350%, Due 3/26/2030		75,000		89,634
Nasdaq, Inc., 3.250%, Due 4/28/2050		40,000		45,930
Raymond James Financial, Inc., 3.625%, Due 9/15/2026		75,000		84,631
Visa, Inc., 3.150%, Due 12/14/2025		105,000		118,439
				1,301,619
Insurance - 0.86%
American International Group, Inc., 4.875%, Due 6/1/2022		289,000		312,091
Chubb INA Holdings, Inc., 3.350%, Due 5/3/2026		65,000		74,656
CNA Financial Corp., 3.900%, Due 5/1/2029		55,000		62,788
Liberty Mutual Group, Inc.,
4.250%, Due 6/15/2023C		30,000		32,934
4.569%, Due 2/1/2029C		38,000		46,274
MetLife, Inc.,
6.375%, Due 6/15/2034		169,000		264,882
4.721%, Due 12/15/2044		193,000		264,140
Prudential Financial, Inc., 4.600%, Due 5/15/2044		313,000		409,278
Trinity Acquisition PLC, 4.400%, Due 3/15/2026		52,000		60,418
Willis North America, Inc., 3.600%, Due 5/15/2024		30,000		32,754
				1,560,215
REITS - 0.53%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033		65,000		65,250
American Tower Corp., 2.100%, Due 6/15/2030		80,000		83,205
Camden Property Trust, 3.150%, Due 7/1/2029		70,000		79,479
Crown Castle International Corp., 3.700%, Due 6/15/2026		80,000		91,403
Digital Realty Trust LP, 3.700%, Due 8/15/2027		75,000		86,524
ERP Operating LP, 3.000%, Due 4/15/2023		47,000		49,642
Healthpeak Properties, Inc., 3.250%, Due 7/15/2026		60,000		66,907
Public Storage, 2.370%, Due 9/15/2022		95,000		98,814
Simon Property Group LP, 3.375%, Due 10/1/2024		313,000		339,398
				960,622
Total Financial				9,727,715
Industrial - 1.73%
Aerospace/Defense - 0.41%
General Dynamics Corp., 3.500%, Due 5/15/2025		140,000		158,341

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Industrial - 1.73% (continued)
Aerospace/Defense - 0.41% (continued)
Lockheed Martin Corp., 2.800%, Due 6/15/2050	$	30,000	$	33,823
Northrop Grumman Corp., 3.850%, Due 4/15/2045		115,000		143,513
Raytheon Technologies Corp.,
4.125%, Due 11/16/2028		75,000		90,118
6.125%, Due 7/15/2038		217,000		330,636
				756,431
Building Materials - 0.11%
Carrier Global Corp., 2.242%, Due 2/15/2025C		85,000		88,789
Vulcan Materials Co., 3.500%, Due 6/1/2030		95,000		106,667
				195,456
Electrical Components & Equipment - 0.03%
Emerson Electric Co., 1.800%, Due 10/15/2027		60,000		63,946
Electronics - 0.09%
Agilent Technologies, Inc., 2.100%, Due 6/4/2030		80,000		83,487
Allegion PLC, 3.500%, Due 10/1/2029		80,000		87,214
				170,701
Environmental Control - 0.05%
Republic Services, Inc., 2.500%, Due 8/15/2024		90,000		96,465
Machinery - Construction & Mining - 0.02%
Caterpillar, Inc., 2.600%, Due 4/9/2030		30,000		33,553
Machinery - Diversified - 0.33%
Deere & Co., 3.750%, Due 4/15/2050		35,000		45,590
John Deere Capital Corp., 2.450%, Due 1/9/2030		500,000		553,454
				599,044
Metal Fabricate/Hardware - 0.06%
Precision Castparts Corp., 3.250%, Due 6/15/2025		90,000		100,780
Miscellaneous Manufacturing - 0.09%
General Electric Co.,
3.450%, Due 5/15/2024		65,000		69,804
3.450%, Due 5/1/2027		95,000		99,921
				169,725
Transportation - 0.54%
Burlington Northern Santa Fe LLC,
3.650%, Due 9/1/2025		55,000		63,003
5.750%, Due 5/1/2040		202,000		304,236
CSX Corp., 5.500%, Due 4/15/2041		157,000		225,636
FedEx Corp., 3.800%, Due 5/15/2025		75,000		84,748
Norfolk Southern Corp., 2.900%, Due 6/15/2026		75,000		83,802
Union Pacific Corp., 4.100%, Due 9/15/2067		100,000		129,931
United Parcel Service, Inc., 3.400%, Due 3/15/2029		75,000		88,860
				980,216
Total Industrial				3,166,317
Technology - 1.54%
Computers - 1.07%
Apple, Inc.,
2.850%, Due 5/11/2024		85,000		91,956

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Technology - 1.54% (continued)
Computers - 1.07% (continued)
Apple, Inc. (continued)
2.200%, Due 9/11/2029	$	300,000	$	327,497
Dell International LLC / EMC Corp., 4.420%, Due 6/15/2021C		83,000		85,289
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045		500,000		639,055
HP, Inc., 4.050%, Due 9/15/2022		145,000		154,978
International Business Machines Corp., 4.250%, Due 5/15/2049		500,000		659,588
				1,958,363
Semiconductors - 0.26%
Analog Devices, Inc., 3.900%, Due 12/15/2025		65,000		74,873
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, Due 1/15/2025		85,000		91,374
Broadcom, Inc., 3.150%, Due 11/15/2025C		85,000		91,667
Intel Corp., 2.450%, Due 11/15/2029		30,000		33,117
Lam Research Corp.,
3.750%, Due 3/15/2026		40,000		46,275
1.900%, Due 6/15/2030		75,000		79,475
QUALCOMM, Inc., 2.900%, Due 5/20/2024		55,000		59,532
				476,313
Software - 0.21%
Broadridge Financial Solutions, Inc., 3.400%, Due 6/27/2026		55,000		61,434
Fiserv, Inc., 3.200%, Due 7/1/2026		80,000		90,166
Microsoft Corp., 2.525%, Due 6/1/2050		70,000		76,840
Oracle Corp., 4.300%, Due 7/8/2034		122,000		156,499
				384,939
Total Technology				2,819,615
Utilities - 1.76%
Electric - 1.54%
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		45,000		59,254
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036		277,000		420,148
Consolidated Edison Co. of New York, Inc.,
5.500%, Due 12/1/2039, Series 09-C		169,000		244,863
4.625%, Due 12/1/2054		50,000		69,376
Consumers Energy Co., 2.500%, Due 5/1/2060		80,000		85,133
Delmarva Power & Light Co., 3.500%, Due 11/15/2023		71,000		77,466
Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C		80,000		92,455
Duke Energy Corp., 3.750%, Due 4/15/2024		90,000		99,568
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		100,000		132,560
Edison International, 4.950%, Due 4/15/2025		65,000		72,302
Entergy Corp., 2.800%, Due 6/15/2030		45,000		49,680
Entergy Louisiana LLC, 4.000%, Due 3/15/2033		62,000		78,922
Exelon Corp., 4.050%, Due 4/15/2030		80,000		95,974
FirstEnergy Corp., 1.600%, Due 1/15/2026, Series A		65,000		64,043
Florida Power & Light Co., 3.950%, Due 3/1/2048		50,000		68,708
Georgia Power Co., 2.100%, Due 7/30/2023, Series A		55,000		57,365
Kentucky Utilities Co., 3.300%, Due 6/1/2050		75,000		88,530
MidAmerican Energy Co., 3.100%, Due 5/1/2027		85,000		96,633
National Rural Utilities Cooperative Finance Corp.,
2.950%, Due 2/7/2024		75,000		80,618
4.300%, Due 3/15/2049		65,000		89,776
NextEra Energy Capital Holdings, Inc., 2.750%, Due 5/1/2025		65,000		71,107
Northern States Power Co., 2.600%, Due 6/1/2051		70,000		76,983
Ohio Power Co., 2.600%, Due 4/1/2030, Series P		75,000		82,725

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 16.25% (continued)
Utilities - 1.76% (continued)
Electric - 1.54% (continued)
Southern Power Co., 4.150%, Due 12/1/2025	$	69,000	$	80,504
Southwestern Electric Power Co., 3.550%, Due 2/15/2022		289,000		298,857
WEC Energy Group, Inc., 3.550%, Due 6/15/2025		79,000		88,583
				2,822,133
Gas - 0.22%
National Fuel Gas Co., 3.950%, Due 9/15/2027		105,000		105,171
NiSource, Inc.,
3.490%, Due 5/15/2027		45,000		51,543
3.950%, Due 3/30/2048		95,000		118,186
Southern California Gas Co., 2.550%, Due 2/1/2030		40,000		44,243
Southwest Gas Corp., 2.200%, Due 6/15/2030		70,000		75,326
				394,469
Total Utilities				3,216,602
Total Corporate Obligations (Cost $25,901,350)				29,667,018
FOREIGN CORPORATE OBLIGATIONS - 2.97%
Basic Materials - 0.07%
Chemicals - 0.04%
Nutrien Ltd., 4.000%, Due 12/15/2026		64,000		73,600
Mining - 0.03%
Teck Resources Ltd., 6.000%, Due 8/15/2040		45,000		49,593
Total Basic Materials				123,193
Communications - 1.12%
Internet - 0.19%
Alibaba Group Holding Ltd., 3.600%, Due 11/28/2024		313,000		346,566
Media - 0.20%
Thomson Reuters Corp.,
4.300%, Due 11/23/2023		145,000		159,551
3.850%, Due 9/29/2024		193,000		210,866
				370,417
Telecommunications - 0.73%
America Movil S.A.B. de C.V., 6.375%, Due 3/1/2035		169,000		253,189
Bell Canada, Inc., 4.464%, Due 4/1/2048		40,000		53,627
Deutsche Telekom International Finance B.V., 4.875%, Due 3/6/2042C		150,000		202,187
Rogers Communications, Inc., 3.625%, Due 12/15/2025		75,000		85,255
TELUS Corp., 2.800%, Due 2/16/2027		64,000		68,786
Vodafone Group PLC,
3.750%, Due 1/16/2024		80,000		87,846
6.150%, Due 2/27/2037		393,000		580,355
				1,331,245
Total Communications				2,048,228
Consumer, Non-Cyclical - 0.54%
Beverages - 0.49%
Anheuser-Busch InBev Worldwide, Inc.,
4.375%, Due 4/15/2038		30,000		36,086
5.450%, Due 1/23/2039		545,000		716,249
5.550%, Due 1/23/2049		55,000		77,309

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.97% (continued)
Consumer, Non-Cyclical - 0.54% (continued)
Beverages - 0.49% (continued)
Coca-Cola Femsa S.A.B. de C.V., 2.750%, Due 1/22/2030	$	70,000	$	76,014
				905,658
Commercial Services - 0.05%
RELX Capital, Inc.,
3.500%, Due 3/16/2023		40,000		42,855
3.000%, Due 5/22/2030		40,000		44,394
				87,249
Total Consumer, Non-Cyclical				992,907
Energy - 0.69%
Oil & Gas - 0.54%
Canadian Natural Resources Ltd.,
3.900%, Due 2/1/2025		45,000		49,029
6.250%, Due 3/15/2038		176,000		222,098
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049C		500,000		627,289
Total Capital International S.A., 3.127%, Due 5/29/2050		70,000		78,816
				977,232
Pipelines - 0.15%
TransCanada PipeLines Ltd.,
3.750%, Due 10/16/2023		145,000		157,820
6.100%, Due 6/1/2040		82,000		117,426
				275,246
Total Energy				1,252,478
Financial - 0.36%
Banks - 0.36%
Bank of Montreal, 3.300%, Due 2/5/2024, Series E		75,000		81,905
HSBC Holdings PLC, 3.262%, Due 3/13/2023, (3-mo. USD LIBOR + 1.055%)D		88,000		91,292
Mitsubishi UFJ Financial Group, Inc., 2.623%, Due 7/18/2022		75,000		77,904
Royal Bank of Canada, 2.250%, Due 11/1/2024		150,000		159,963
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		220,000		241,170
				652,234
Total Financial				652,234
Industrial - 0.19%
Aerospace/Defense - 0.19%
BAE Systems Holdings, Inc., 3.800%, Due 10/7/2024C		313,000		348,490
Total Industrial				348,490
Total Foreign Corporate Obligations (Cost $4,464,912)				5,417,530
ASSET-BACKED OBLIGATIONS - 1.01%
American Express Credit Account Master Trust, 3.060%, Due 2/15/2024, 2018 6 A		100,000		102,622
AmeriCredit Automobile Receivables Trust, 1.900%, Due 3/18/2022, 2017 3 A3		3,185		3,187
CNH Equipment Trust, 1.160%, Due 6/16/2025, 2020 A A3		105,000		106,456
Ford Credit Auto Lease Trust, 2.220%, Due 10/15/2022, 2019 B A3		165,000		167,424
GM Financial Automobile Leasing Trust, 2.980%, Due 12/20/2021, 2019 1 A3		75,000		75,677
GM Financial Consumer Automobile Receivables Trust,
1.840%, Due 9/16/2024, 2020 1 A3		130,000		133,182
1.490%, Due 12/16/2024, 2020 2 A3		45,000		45,935
Honda Auto Receivables Owner Trust, 2.830%, Due 3/20/2023, 2019 1 A3		105,000		107,860
John Deere Owner Trust, 3.080%, Due 11/15/2022, 2018 B A3		138,594		140,684

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 1.01% (continued)
Mercedes-Benz Auto Lease Trust, 2.000%, Due 10/17/2022, 2019 B A3	$	105,000	$	106,611
PSNH Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1		89,255		92,438
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A AC		135,000		138,585
Toyota Auto Receivables Owner Trust,
1.920%, Due 1/16/2024, 2019 D A3		250,000		256,286
1.360%, Due 8/15/2024, 2020 B A3		145,000		147,708
Verizon Owner Trust, 1.850%, Due 7/22/2024, 2020 A A1A		210,000		215,619
Total Asset-Backed Obligations (Cost $1,806,089)				1,840,274
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.04% (Cost $70,139)
Freddie Mac REMIC Trust, 3.000%, Due 1/15/2047, 4881 PB		70,120		71,884
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.58%
Ginnie Mae REMIC Trust,
1.147%, Due 12/16/2038, 2013-139 A		130,615		130,513
1.624%, Due 7/16/2039, 2013-78 AB		260,805		261,686
1.367%, Due 11/16/2041, 2013-125 AB		323,557		323,760
JPMBB Commercial Mortgage Securities Trust, 3.157%, Due 7/15/2045, 2013 C12 ASB		156,253		158,993
WFRBS Commercial Mortgage Trust, 3.660%, Due 3/15/2047, 2014 C19 A3		186,336		187,873
Total Commercial Mortgage-Backed Obligations (Cost $1,064,501)				1,062,825
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.80%
Federal Home Loan Mortgage Corp.,
5.000%, Due 10/1/2020		18		19
3.500%, Due 9/1/2028		34,615		36,947
3.000%, Due 11/1/2032		102,394		109,367
5.000%, Due 8/1/2033		33,497		38,454
5.500%, Due 2/1/2034		32,531		38,124
2.500%, Due 5/1/2040		177,126		186,134
2.500%, Due 6/1/2040		367,039		385,823
4.000%, Due 1/1/2041		119,073		130,768
4.500%, Due 2/1/2041		79,698		88,611
3.500%, Due 6/1/2042		388,245		420,693
3.000%, Due 4/1/2047		265,619		287,720
3.500%, Due 1/1/2048		439,797		469,001
4.000%, Due 4/1/2048		199,008		213,032
3.000%, Due 8/1/2048		249,863		268,129
3.000%, Due 11/1/2049		519,965		552,803
2.500%, Due 6/1/2050		184,288		193,702
2.000%, Due 8/1/2050		355,000		367,861
				3,787,188
Federal National Mortgage Association,
4.000%, Due 8/1/2020		101		106
3.500%, Due 1/1/2028E		33,482		35,409
3.000%, Due 7/1/2032		142,783		149,794
5.000%, Due 3/1/2034E		35,701		40,941
4.500%, Due 4/1/2034		62,551		68,599
3.000%, Due 10/1/2034		12,728		13,561
3.500%, Due 6/1/2037		218,243		236,034
5.500%, Due 6/1/2038		7,061		8,142
4.500%, Due 1/1/2040		84,532		94,008
5.000%, Due 5/1/2040		128,155		146,994
5.000%, Due 6/1/2040		108,212		124,449
4.000%, Due 9/1/2040		77,700		85,414
4.000%, Due 1/1/2041		156,493		172,038
3.000%, Due 6/1/2043		671,415		725,211
3.500%, Due 7/1/2043		120,030		129,924
3.000%, Due 8/1/2043		582,907		627,030

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.80% (continued)
Federal National Mortgage Association (continued)
4.000%, Due 11/1/2044E	$	90,569	$	100,282
4.000%, Due 7/1/2045		360,620		392,739
3.500%, Due 8/1/2045		95,384		102,166
3.500%, Due 11/1/2045		958,919		1,021,380
3.500%, Due 5/1/2046		130,373		138,595
4.000%, Due 7/1/2046		157,675		172,382
3.000%, Due 10/1/2046		57,433		61,031
3.000%, Due 11/1/2046		270,415		291,078
3.000%, Due 12/1/2046E		169,447		182,926
3.000%, Due 3/1/2047E		122,523		130,525
3.500%, Due 3/1/2047		77,689		83,974
4.500%, Due 7/1/2047		74,035		79,845
4.500%, Due 8/1/2047		89,479		96,790
3.500%, Due 9/1/2047		99,654		108,503
3.500%, Due 2/1/2048		204,607		216,655
4.000%, Due 3/1/2048		163,844		174,255
4.500%, Due 4/1/2048		63,635		68,349
4.500%, Due 7/1/2048E		118,434		128,308
4.500%, Due 7/1/2048		194,803		209,486
3.000%, Due 10/1/2048E		119,951		123,253
3.000%, Due 9/1/2049		149,377		162,612
3.500%, Due 10/1/2049		364,738		384,369
4.000%, Due 10/1/2049E		217,784		231,767
4.500%, Due 10/1/2049		359,646		386,852
4.000%, Due 11/1/2049		449,544		485,333
2.500%, Due 7/1/2050		379,383		397,760
				8,588,869
Government National Mortgage Association,
6.500%, Due 8/15/2027		25,142		27,849
6.500%, Due 11/15/2027		29,552		33,066
7.500%, Due 12/15/2028		28,449		32,948
5.500%, Due 7/15/2033		34,630		40,507
6.000%, Due 12/15/2033		45,338		53,969
5.500%, Due 2/20/2034		47,487		55,525
5.000%, Due 10/15/2039		78,850		90,229
3.500%, Due 9/15/2041		198,080		211,553
3.500%, Due 8/20/2047		55,730		59,213
3.500%, Due 10/20/2047		53,236		56,642
4.000%, Due 1/20/2048		276,920		296,954
4.000%, Due 1/20/2050		393,380		418,287
5.000%, Due 1/20/2050		173,443		188,129
4.500%, Due 2/20/2050		182,294		194,752
5.000%, Due 2/20/2050		90,242		98,063
				1,857,686
Total U.S. Agency Mortgage-Backed Obligations (Cost $13,656,963)				14,233,743
U.S. TREASURY OBLIGATIONS - 11.32%
U.S. Treasury Notes/Bonds,
2.000%, Due 5/31/2021		275,000		279,275
2.000%, Due 2/15/2022		964,000		991,602
1.750%, Due 9/30/2022		500,000		517,578
1.625%, Due 11/15/2022		964,000		997,138
2.000%, Due 2/15/2023		500,000		523,770
2.750%, Due 7/31/2023		500,000		539,180
2.500%, Due 8/15/2023		964,000		1,033,250
2.375%, Due 8/15/2024		1,457,000		1,585,853
1.750%, Due 12/31/2024		700,000		747,988

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS - 11.32% (continued)
U.S. Treasury Notes/Bonds (continued)
1.125%, Due 2/28/2025	$	1,320,000	$	1,376,100
2.875%, Due 7/31/2025		500,000		565,820
6.875%, Due 8/15/2025		279,000		371,800
2.000%, Due 11/15/2026		500,000		551,504
1.750%, Due 12/31/2026		2,000,000		2,177,266
1.500%, Due 1/31/2027		350,000		375,648
2.875%, Due 5/15/2028		200,000		237,352
2.875%, Due 8/15/2028		100,000		119,129
5.250%, Due 11/15/2028		217,000		301,850
2.625%, Due 2/15/2029		450,000		530,859
2.375%, Due 5/15/2029		450,000		523,072
1.625%, Due 8/15/2029		350,000		384,932
1.750%, Due 11/15/2029		1,700,000		1,892,645
1.500%, Due 2/15/2030		190,000		207,360
4.750%, Due 2/15/2037		304,000		494,154
4.500%, Due 8/15/2039		241,000		393,658
2.750%, Due 8/15/2042		250,000		332,969
3.000%, Due 2/15/2049		804,000		1,159,896
2.875%, Due 5/15/2049		500,000		707,285
2.375%, Due 11/15/2049		580,000		750,556
Total U.S. Treasury Obligations (Cost $18,773,468)				20,669,489
	Shares
SHORT-TERM INVESTMENTS - 1.70%
Investment Companies - 1.59%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%F G		2,904,555		2,904,555
	Principal Amount
U.S. Treasury Obligations - 0.11%
U.S. Treasury Bill, 1.548%, Due 8/6/2020H	$	200,000		199,999
Total Short-Term Investments (Cost $3,104,513)				3,104,554
	Shares
SECURITIES LENDING COLLATERAL - 0.66% (Cost $1,215,168)
Investment Companies - 0.66%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%F G		1,215,168		1,215,168
TOTAL INVESTMENTS - 99.95% (Cost $179,918,335)				182,486,714
OTHER ASSETS, NET OF LIABILITIES - 0.05%				96,875
TOTAL NET ASSETS - 100.00%			$	182,583,589

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, collateralized by either cash and/or U.S. Treasuries, at July 31, 2020.

^C  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 $2,075,554 or 1.14% of net assets. The Fund has no right to demand registration of these securities.

^D  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 July 31, 2020.

^E  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.

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

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

^G  7-day yield.

^H  This security or a piece thereof is held as segregated collateral.

ADR - American Depositary Receipt.

DAC - Designated Activity Company.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

NASDAQ - National Association of Securities Dealers Automated Quotations.

PLC - Public Limited Company.

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

REMIC - Real Estate Mortgage Investment Conduit.

SOFR - Secured Overnight Financing Rate.

Long Futures Contracts Open on July 31, 2020:

Equity Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures	19	September 2020	$	3,043,660	$	3,100,325	$	56,665
			$	3,043,660	$	3,100,325	$	56,665

Index Abbreviations:

S&P 500 S&P 500 Index - 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 July 31, 2020, the investments were classified as described below:

Balanced Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	105,204,229	$	—	$	—	$	105,204,229
Corporate Obligations		—		29,667,018		—		29,667,018
Foreign Corporate Obligations		—		5,417,530		—		5,417,530
Asset-Backed Obligations		—		1,840,274		—		1,840,274
Collateralized Mortgage Obligations		—		71,884		—		71,884
Commercial Mortgage-Backed Obligations		—		1,062,825		—		1,062,825
U.S. Agency Mortgage-Backed Obligations		—		14,233,743		—		14,233,743
U.S. Treasury Obligations		—		20,669,489		—		20,669,489
Short-Term Investments		2,904,555		199,999		—		3,104,554
Securities Lending Collateral		1,215,168		—		—		1,215,168
Total Investments in Securities - Assets	$	109,323,952	$	73,162,762	$	—	$	182,486,714
Financial Derivative Instruments - Assets
Futures Contracts	$	56,665	$	—	$	—	$	56,665
Total Financial Derivative Instruments - Assets	$	56,665	$	—	$	—	$	56,665

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 53.25%
Communications - 8.10%
Media - 8.10%
Comcast Corp., 2.650%, Due 2/1/2030	$	9,885,000	$	10,944,651
Walt Disney Co., 3.800%, Due 3/22/2030		13,685,000		16,344,289
				27,288,940
Total Communications				27,288,940
Financial - 33.92%
Banks - 24.84%
Bank of America Corp., 3.974%, Due 2/7/2030, (3-mo. USD LIBOR + 1.210%)A		11,853,000		13,952,852
Citigroup, Inc., 3.980%, Due 3/20/2030, (3-mo. USD LIBOR + 1.338%)A		14,020,000		16,443,590
Goldman Sachs Group, Inc., 4.223%, Due 5/1/2029, (3-mo. USD LIBOR + 1.301%)A		13,780,000		16,307,916
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (SOFR + 1.510%)A		6,635,000		7,257,134
Morgan Stanley, 3.622%, Due 4/1/2031, (SOFR + 3.120%)A		12,470,000		14,589,577
Wells Fargo & Co., 4.478%, Due 4/4/2031, (3-mo. USD LIBOR + 3.770%)A		12,300,000		15,104,712
				83,655,781
Diversified Financial Services - 4.90%
American Express Co., 0.861%, Due 8/1/2022, (3-mo. USD LIBOR + 0.610%)A		12,120,000		12,185,077
American Express Credit Corp., 1.037%, Due 3/3/2022, (3-mo. USD LIBOR + 0.700%)A		4,299,000		4,325,032
				16,510,109
Insurance - 4.18%
MetLife, Inc., 4.550%, Due 3/23/2030		10,935,000		14,062,990
Total Financial				114,228,880
Industrial - 2.80%
Machinery - Diversified - 2.80%
John Deere Capital Corp., 0.798%, Due 9/8/2022, (3-mo. USD LIBOR + 0.480%)A		9,370,000		9,408,279
Technology - 8.43%
Computers - 4.51%
International Business Machines Corp.,
3.500%, Due 5/15/2029		10,250,000		12,053,784
1.950%, Due 5/15/2030		3,000,000		3,139,630
				15,193,414
Software - 3.92%
Oracle Corp., 2.950%, Due 4/1/2030		11,585,000		13,198,272
Total Technology				28,391,686
Total Corporate Obligations (Cost $173,039,956)				179,317,785
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.01%
Federal Home Loan Mortgage Corp.,
4.000%, Due 12/1/2034		16,200,733		17,146,776
4.500%, Due 12/1/2034		1,910,754		2,088,693
4.000%, Due 8/1/2038		4,667,498		5,006,592
Federal National Mortgage Association,
5.500%, Due 1/1/2024A		835,538		878,560
4.500%, Due 6/1/2039A		23,518,864		25,541,303
4.000%, Due 9/1/2039		9,350,207		9,983,543
Total U.S. Agency Mortgage-Backed Obligations (Cost $59,552,748)				60,645,467

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.06%
Federal Agricultural Mortgage Corp.,
0.304%, Due 8/13/2021, (3-mo. USD LIBOR - 0.130%)A	$	10,870,000	$	10,857,498
0.145%, Due 1/25/2022, (3-mo. USD LIBOR - 0.100%)A		26,980,000		26,969,858
0.348%, Due 2/18/2022, (3-mo. USD LIBOR - 0.100%)A		10,435,000		10,431,788
Federal Farm Credit Banks Funding Corp., 1.000%, Due 10/27/2021A		8,735,000		8,735,028
Federal Home Loan Bank, 1.000%, Due 11/3/2021A		27,410,000		27,403,125
Total U.S. Government Agency Obligations (Cost $84,432,205)				84,397,297
	Shares
SHORT-TERM INVESTMENTS - 12.83% (Cost $43,188,953)
Investment Companies - 12.83%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%B C		43,188,953		43,188,953
TOTAL INVESTMENTS - 109.15% (Cost $360,213,862)				367,549,502
LIABILITIES, NET OF OTHER ASSETS - (9.15%)				(30,808,222	)
TOTAL NET ASSETS - 100.00%			$	336,741,280

Percentages are stated as a percent of net assets.

^A  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 July 31, 2020.

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

^C  7-day yield.

LIBOR - London Interbank Offered Rate.

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

USD - United States Dollar.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2020, the investments were classified as described below:

Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
Assets
Corporate Obligations	$	—	$	179,317,785	$	—	$	179,317,785
U.S. Agency Mortgage-Backed Obligations		—		60,645,467		—		60,645,467
U.S. Government Agency Obligations		—		84,397,297		—		84,397,297
Short-Term Investments		43,188,953		—		—		43,188,953
Total Investments in Securities - Assets	$	43,188,953	$	324,360,549	$	—	$	367,549,502

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Australia - 0.47% (Cost $7,034,809)
Common Stocks - 0.47%
BHP Group PLCA		502,451	$	10,958,470
Belgium - 0.15% (Cost $4,809,922)
Common Stocks - 0.15%
Ontex Group N.V.A B		245,520		3,508,318
Canada - 1.06%
Common Stocks - 1.06%
Canadian National Railway Co.		148,704		14,525,687
Suncor Energy, Inc.		641,002		10,083,177
Total Common Stocks				24,608,864
Total Canada (Cost $28,424,820)				24,608,864
China - 1.82%
Common Stocks - 1.82%
China Mobile Ltd.A		1,889,507		12,879,724
CNOOC Ltd.A		21,750,000		23,041,190
ESR Cayman Ltd.A B C		2,603,800		6,420,048
Total Common Stocks				42,340,962
Total China (Cost $45,115,618)				42,340,962
Denmark - 1.13%
Common Stocks - 1.13%
Carlsberg A/S, Class BA		99,427		14,659,950
Vestas Wind Systems A/SA		90,459		11,693,351
Total Common Stocks				26,353,301
Total Denmark (Cost $18,453,608)				26,353,301
Finland - 0.79%
Common Stocks - 0.79%
Nordea Bank AbpA B		1,215,958		9,429,227
Sampo OYJ, Class AA		246,313		8,947,409
Total Common Stocks				18,376,636
Total Finland (Cost $23,978,283)				18,376,636
France - 16.41%
Common Stocks - 16.41%
Air France-KLMA B D		1,005,428		4,168,136
Air Liquide S.A.A		123,624		20,409,185
Airbus SEA B		154,615		11,407,775
Alstom S.A.A B		234,337		13,098,927
Atos SEA B		273,872		23,491,122
AXA S.A.A		217,561		4,354,258
BNP Paribas S.A.A B		1,216,841		49,369,491
Carrefour S.A.A		619,729		9,885,067
Danone S.A.A		183,281		12,244,782
Engie S.A.A B		1,716,125		22,923,113
Ipsen S.A.A		95,045		9,181,195
Publicis Groupe S.A.A		611,031		19,699,152
Renault S.A.A B		40,111		957,219
Safran S.A.A B		137,263		14,588,193
SanofiA		699,574		73,134,728
Societe Generale S.A.A B		462,281		7,103,819
TOTAL S.E.A		1,158,463		43,011,862

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
France - 16.41% (continued)
Common Stocks - 16.41% (continued)
Valeo S.A.A		148,989	$	3,845,308
Vinci S.A.A		177,172		15,298,094
Vivendi S.A.A		888,533		23,542,470
Total Common Stocks				381,713,896
Total France (Cost $393,398,458)				381,713,896
Germany - 12.73%
Common Stocks - 10.72%
BASF SEA		509,022		28,187,815
Bayer AGA		156,251		10,403,840
Bayerische Motoren Werke AGA		333,584		21,595,377
Commerzbank AGA B		2,293,314		11,811,770
Continental AGA		60,518		5,909,809
Daimler AGA		702,766		31,137,297
Deutsche Post AGA B		386,237		15,658,551
Fresenius Medical Care AG & Co. KGaAA B		122,695		10,809,770
Infineon Technologies AGA		1,075,012		26,868,516
Merck KGaAA		50,844		6,495,781
RWE AGA		144,367		5,457,562
SAP SEA		320,450		50,692,121
Siemens AGA		189,663		24,303,308
Total Common Stocks				249,331,517
Preferred Stocks - 2.01%
Volkswagen AGA B E		316,432		46,826,835
Total Germany (Cost $270,784,096)				296,158,352
Ireland - 1.17% (Cost $24,209,653)
Common Stocks - 1.17%
Ryanair Holdings PLC, Sponsored ADRB		364,486		27,336,450
Israel - 0.37% (Cost $10,601,648)
Common Stocks - 0.37%
Bank Leumi Le-Israel BMA		1,686,717		8,504,262
Italy - 3.88%
Common Stocks - 3.88%
Enel SpAA		2,984,075		27,314,154
Eni SpAA		2,228,055		19,927,675
Saras SpAA B		6,216,978		4,598,515
UniCredit SpAA B		4,185,826		38,440,553
Total Common Stocks				90,280,897
Total Italy (Cost $118,066,629)				90,280,897
Japan - 15.40%
Common Stocks - 15.40%
Alfresa Holdings Corp.A		785,100		16,130,661
Daiwa House Industry Co., Ltd.A		618,955		13,761,138
Digital Garage, Inc.A		197,300		6,631,876
FANUC Corp.A		146,600		24,634,447
Haseko Corp.A		1,189,200		14,084,163
Hazama Ando Corp.A		563,200		3,011,379
Hitachi Ltd.A		513,500		15,243,044
Iida Group Holdings Co., Ltd.A		454,400		7,006,439
Kao Corp.A		189,260		13,728,459

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Japan - 15.40% (continued)
Common Stocks - 15.40% (continued)
Komatsu Ltd.A		185,700	$	3,663,550
Makita Corp.		115,500		4,444,712
Mitsubishi UFJ Financial Group, Inc.A		6,881,600		25,815,994
Mizuho Financial Group, Inc.A		14,622,500		17,777,225
Murata Manufacturing Co., Ltd.A		226,900		14,212,378
Nexon Co., Ltd.A		817,600		21,095,495
Nintendo Co., Ltd.A		42,500		18,645,969
Nippon Television Holdings, Inc.A		447,300		4,856,502
Nissan Motor Co., Ltd.A D		5,042,200		17,422,645
Sompo Holdings, Inc.A		106,900		3,521,741
Sumitomo Mitsui Financial Group, Inc.A		1,476,200		39,465,456
Suzuken Co., Ltd.A		313,200		11,101,559
Suzuki Motor Corp.A		187,800		6,236,605
Taisei Corp.A		453,000		15,620,505
Takeda Pharmaceutical Co., Ltd.A		634,900		22,588,777
Toho Holdings Co., Ltd.A		269,400		4,605,792
Yamaha Corp.A		277,200		12,853,648
Total Common Stocks				358,160,159
Total Japan (Cost $394,924,684)				358,160,159
Luxembourg - 0.42% (Cost $12,720,888)
Common Stocks - 0.42%
ArcelorMittal S.A.A B		885,133		9,844,568
Macao - 0.09% (Cost $2,128,520)
Common Stocks - 0.09%
Sands China Ltd.A		548,400		2,125,934
Netherlands - 4.94%
Common Stocks - 4.94%
Aegon N.V.A		5,563,545		16,435,740
Akzo Nobel N.V.A		164,402		15,533,477
ING Groep N.V.A		2,787,820		19,328,112
JDE Peet’s B.V.A B		152,671		6,809,808
NN Group N.V.A		510,685		18,778,673
Randstad N.V.A		154,328		7,439,133
Signify NVA B C		496,099		14,819,547
Wolters Kluwer N.V.A		198,467		15,691,656
Total Common Stocks				114,836,146
Total Netherlands (Cost $113,218,838)				114,836,146
Norway - 0.98%
Common Stocks - 0.98%
Equinor ASAA		581,832		8,667,961
Telenor ASAA		904,349		14,045,909
Total Common Stocks				22,713,870
Total Norway (Cost $25,969,276)				22,713,870
Portugal - 0.56%
Common Stocks - 0.55%
EDP - Energias de Portugal S.A.A		1,718,000		8,700,382

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Portugal - 0.56% (continued)
Common Stocks - 0.55% (continued)
Galp Energia SGPS S.A.A		392,291	$	4,131,743
Total Common Stocks				12,832,125
Rights - 0.01%
EDP - Energias de Portugal S.A.B D		1,744,529		177,138
Total Portugal (Cost $10,941,285)				13,009,263
Republic of Korea - 3.79%
Common Stocks - 3.79%
Hana Financial Group, Inc.A		98,606		2,452,134
Hyundai Mobis Co., Ltd.A		97,489		16,847,183
Hyundai Motor Co.A		206,215		21,939,118
Kia Motors Corp.A		146,751		4,985,835
Samsung Electronics Co., Ltd.A		800,068		38,941,074
SK Telecom Co., Ltd.A		16,293		3,021,152
Total Common Stocks				88,186,496
Total Republic of Korea (Cost $76,242,573)				88,186,496
Singapore - 0.44% (Cost $9,969,213)
Common Stocks - 0.44%
DBS Group Holdings Ltd.A		713,010		10,169,367
Spain - 2.22%
Common Stocks - 2.22%
Aena SME S.A.A B C		54,769		7,137,244
Amadeus IT Group S.A.A		156,621		7,865,832
Banco Bilbao Vizcaya Argentaria S.A.A		4,258,869		13,344,201
Banco Santander S.A.A B		3,854,331		8,278,309
CaixaBank S.A.A		4,238,298		9,157,014
Telefonica S.A.A		1,416,757		5,928,610
Total Common Stocks				51,711,210
Total Spain (Cost $62,384,915)				51,711,210
Sweden - 0.96%
Common Stocks - 0.96%
Assa Abloy AB, Class BA		214,888		4,716,610
Sandvik ABA B		403,437		7,520,077
Swedbank AB, Class AA B		213,151		3,462,885
Volvo AB, Class BA B		382,150		6,612,558
Total Common Stocks				22,312,130
Total Sweden (Cost $18,359,561)				22,312,130
Switzerland - 8.95%
Common Stocks - 8.95%
ABB Ltd.A		1,841,516		46,129,540
Cie Financiere Richemont S.A.A		266,781		16,586,587
Credit Suisse Group AGA		3,175,432		34,028,367
Flughafen Zurich AGA B		29,620		3,741,447
Novartis AGA		635,741		52,651,348
Roche Holding AGA		52,519		18,172,017
UBS Group AGA		2,600,947		30,627,948

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Switzerland - 8.95% (continued)
Common Stocks - 8.95% (continued)
Zurich Insurance Group AGA		17,050	$	6,302,993
Total Common Stocks				208,240,247
Total Switzerland (Cost $195,413,363)				208,240,247
United Kingdom - 17.27%
Common Stocks - 17.27%
AstraZeneca PLCA		71,630		7,944,717
Aviva PLCA		3,387,730		11,793,295
Babcock International Group PLCA		3,709,612		14,053,587
Balfour Beatty PLCA		2,453,772		7,748,466
Barclays PLCA		28,184,356		37,432,736
BP PLCA		3,400,599		12,327,800
British American Tobacco PLCA		587,661		19,502,670
BT Group PLCA		8,528,972		11,066,556
Capita PLCA B		3,394,173		1,535,038
Coca-Cola European Partners PLC		126,200		5,195,654
Compass Group PLCA		1,254,697		17,350,270
GlaxoSmithKline PLCA		1,880,917		37,771,957
Imperial Brands PLCA		919,891		15,435,422
Informa PLCA		1,814,562		8,837,859
International Consolidated Airlines Group S.A.A D		1,574,162		3,436,350
Johnson Matthey PLCA		159,511		4,701,677
Kingfisher PLCA		4,942,213		15,733,112
Linde PLCA B		62,367		15,265,840
Micro Focus International PLCA		519,319		1,893,378
Prudential PLCA		1,741,819		25,456,875
RELX PLCA		1,310,403		27,818,560
Rolls-Royce Holdings PLCA		4,736,345		14,471,668
RSA Insurance Group PLCA		1,178,811		6,665,647
Standard Chartered PLCA		1,253,576		6,371,974
Tesco PLCA		5,889,952		16,793,744
Unilever PLCA		296,448		17,804,726
Vodafone Group PLCA		9,337,101		14,182,007
WH Smith PLCA		375,110		4,637,562
WPP PLCA		2,468,606		18,463,421
Total Common Stocks				401,692,568
Total United Kingdom (Cost $527,863,953)				401,692,568
United States - 1.75%
Common Stocks - 1.75%
Aon PLC, Class A		88,729		18,208,966
Ferguson PLCA		171,669		15,353,191
Samsonite International S.A.A B C		7,514,100		7,045,663
Total Common Stocks				40,607,820
Total United States (Cost $30,238,362)				40,607,820
SHORT-TERM INVESTMENTS - 1.87%
Investment Companies - 1.73%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.020%F G		40,346,274		40,346,274

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS - 1.87% (continued)
U.S. Treasury Obligations - 0.14%
U.S. Treasury Bill, 1.548%, Due 8/6/2020H	$	3,300,000	$	3,299,975
Total Short-Term Investments (Cost $43,645,579)				43,646,249
	Shares
SECURITIES LENDING COLLATERAL - 0.34% (Cost $7,818,363)
Investment Companies - 0.34%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%F G		7,818,363		7,818,363
TOTAL INVESTMENTS - 99.96% (Cost $2,476,716,917)				2,325,214,798
OTHER ASSETS, NET OF LIABILITIES - 0.04%				1,037,338
TOTAL NET ASSETS - 100.00%			$	2,326,252,136

Percentages are stated as a percent of net assets.

^A  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $2,193,778,402 or 94.31% of net assets.

^B  Non-income producing security.

^C  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 $35,422,502 or 1.52% of net assets. The Fund has no right to demand registration of these securities.

^D  All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2020.

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

^F  7-day yield.

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

^H  This security or a piece thereof is held as segregated collateral.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

Long Futures Contracts Open on July 31, 2020:

Equity Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	487	September 2020	$	44,403,366	$	44,161,160	$	(242,206	)
			$	44,403,366	$	44,161,160	$	(242,206	)

Forward Foreign Currency Contracts Open on July 31, 2020:

Currency Purchased*		Currency Sold*			Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
EUR	576,692		USD	579,886	8/7/2020	SSB	$	—	$	(3,194	)	$	(3,194	)
							$	—	$	(3,194	)	$	(3,194	)

* All values denominated in USD.

Glossary:
Counterparty Abbreviations:
SSB	State Street Bank & Trust Co.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

Currency Abbreviations:
EUR	Euro.
USD	United States Dollar.
Index Abbreviations:
MSCI EAFE	MSCI Europe, Australasia, and Far East.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2020, the investments were classified as described below:

International Equity Fund	Level 1			Level 2			Level 3		Total
Assets
Foreign Common Stocks
Australia	$	—		$	10,958,470		$	—	$	10,958,470
Belgium		—			3,508,318			—		3,508,318
Canada		24,608,864			—			—		24,608,864
China		—			42,340,962			—		42,340,962
Denmark		—			26,353,301			—		26,353,301
Finland		—			18,376,636			—		18,376,636
France		—			381,713,896			—		381,713,896
Germany		—			249,331,517			—		249,331,517
Ireland		27,336,450			—			—		27,336,450
Israel		—			8,504,262			—		8,504,262
Italy		—			90,280,897			—		90,280,897
Japan		4,444,712			353,715,447			—		358,160,159
Luxembourg		—			9,844,568			—		9,844,568
Macao		—			2,125,934			—		2,125,934
Netherlands		—			114,836,146			—		114,836,146
Norway		—			22,713,870			—		22,713,870
Portugal		—			12,832,125			—		12,832,125
Republic of Korea		—			88,186,496			—		88,186,496
Singapore		—			10,169,367			—		10,169,367
Spain		—			51,711,210			—		51,711,210
Sweden		—			22,312,130			—		22,312,130
Switzerland		—			208,240,247			—		208,240,247
United Kingdom		5,195,654			396,496,914			—		401,692,568
Foreign Preferred Stocks
Germany		—			46,826,835			—		46,826,835
Foreign Rights
Portugal		177,138			—			—		177,138
Common Stocks
United States		18,208,966			22,398,854			—		40,607,820
Short-Term Investments		40,346,274			3,299,975			—		43,646,249
Securities Lending Collateral		7,818,363			—			—		7,818,363
Total Investments in Securities - Assets	$	128,136,421		$	2,197,078,377		$	—	$	2,325,214,798
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(242,206	)	$	—		$	—	$	(242,206	)
Forward Foreign Currency Contracts		—			(3,194	)		—		(3,194	)
Total Financial Derivative Instruments - Liabilities	$	(242,206	)	$	(3,194	)	$	—	$	(245,400	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

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

Security Type	Balance as of 10/31/2019		Purchases		Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3		Balance as of 7/31/2020		Unrealized Appreciation (Depreciation) at Period end**
Foreign Preferred Stocks	$	148,121	$	—	$	147,755		—	$	452		(818	)	$	—	$	—	$	—	$	—
	$	148,121	$		$	147,755	$	—	$	452	$	(818	)	$	—	$	—	$	—	$	—

** Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end.

The foreign preferred stock, classified as Level 3, was fair valued using the stated redemption value during the period and redeemed by the Fund on December 2, 2019. This security was included in the Level 3 category due to the use of unobservable inputs that were significant to the valuation.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87%
Communication Services - 5.08%
Diversified Telecommunication Services - 0.15%
Verizon Communications, Inc.		109,563	$	6,297,681
Interactive Media & Services - 0.64%
Alphabet, Inc., Class AA		17,500		26,039,125
Media - 3.69%
Comcast Corp., Class A		2,108,090		90,226,252
Discovery, Inc., Class CA		867,100		16,431,545
Interpublic Group of Cos., Inc.		370,300		6,683,915
News Corp., Class A		1,781,700		22,663,224
Omnicom Group, Inc.		109,378		5,876,880
ViacomCBS, Inc., Class B		322,103		8,397,225
				150,279,041
Wireless Telecommunication Services - 0.60%
Vodafone Group PLC, Sponsored ADR		1,601,350		24,340,520
Total Communication Services				206,956,367
Consumer Discretionary - 6.60%
Auto Components - 0.97%
Adient PLCA		186,098		3,096,670
Aptiv PLC		40,197		3,125,317
Goodyear Tire & Rubber Co.		687,400		6,193,474
Magna International, Inc.		590,000		27,240,300
				39,655,761
Automobiles - 1.06%
General Motors Co.		1,385,332		34,480,914
Harley-Davidson, Inc.		340,212		8,855,718
				43,336,632
Hotels, Restaurants & Leisure - 0.85%
Aramark		1,454,599		30,721,131
Marriott International, Inc., Class A		44,751		3,751,252
				34,472,383
Household Durables - 0.76%
Lennar Corp., Class A		426,733		30,874,133
Internet & Direct Marketing Retail - 0.31%
Booking Holdings, Inc.A		7,700		12,798,401
Multiline Retail - 0.33%
Dollar General Corp.		70,349		13,394,450
Specialty Retail - 2.32%
Advance Auto Parts, Inc.		268,341		40,288,718
Lowe’s Cos., Inc.		362,931		54,044,055
				94,332,773
Total Consumer Discretionary				268,864,533
Consumer Staples - 4.04%
Beverages - 1.53%
Coca-Cola European Partners PLC		744,981		30,670,868
Diageo PLC, Sponsored ADR		143,635		21,148,817

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87% (continued)
Consumer Staples - 4.04% (continued)
Beverages - 1.53% (continued)
PepsiCo, Inc.		74,863	$	10,305,641
				62,125,326
Food Products - 1.28%
Archer-Daniels-Midland Co.		174,377		7,468,567
Danone S.A., Sponsored ADR		384,708		5,132,005
JM Smucker Co.		35,619		3,894,938
Mondelez International, Inc., Class A		161,400		8,956,086
Nestle S.A., Sponsored ADR		225,904		26,622,786
				52,074,382
Household Products - 0.51%
Colgate-Palmolive Co.		39,272		3,031,798
Kimberly-Clark Corp.		67,205		10,217,848
Reckitt Benckiser Group PLC, Sponsored ADRB		375,140		7,656,608
				20,906,254
Personal Products - 0.55%
Unilever PLC, Sponsored ADRB		372,300		22,516,704
Tobacco - 0.17%
Philip Morris International, Inc.		89,862		6,902,300
Total Consumer Staples				164,524,966
Energy - 6.22%
Energy Equipment & Services - 1.02%
Halliburton Co.		1,015,800		14,556,414
National Oilwell Varco, Inc.		1,610,600		18,538,006
Schlumberger Ltd.		479,500		8,698,130
				41,792,550
Oil, Gas & Consumable Fuels - 5.20%
Apache Corp.		1,276,700		19,597,345
Chevron Corp.		369,078		30,980,407
ConocoPhillips		249,851		9,341,929
EOG Resources, Inc.		125,550		5,882,017
Hess Corp.		846,803		41,671,176
Marathon Oil Corp.		1,924,386		10,564,879
Marathon Petroleum Corp.		316,780		12,100,996
Murphy Oil Corp.B		359,070		4,743,315
Phillips 66		572,616		35,513,644
Pioneer Natural Resources Co.		37,900		3,673,268
Royal Dutch Shell PLC, Class A, Sponsored ADRB		655,422		19,538,130
Suncor Energy, Inc.		430,029		6,777,257
Valero Energy Corp.		203,907		11,465,691
				211,850,054
Total Energy				253,642,604
Financials - 25.62%
Banks - 9.86%
Bank of America Corp.		1,285,962		31,994,735
CIT Group, Inc.		168,600		3,198,342
Citigroup, Inc.		1,855,195		92,778,302
Citizens Financial Group, Inc.		875,053		21,710,065
Fifth Third Bancorp		483,800		9,608,268
JPMorgan Chase & Co.		937,744		90,623,580
PNC Financial Services Group, Inc.		247,961		26,450,000
Truist Financial Corp.		347,672		13,023,793

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87% (continued)
Financials - 25.62% (continued)
Banks - 9.86% (continued)
US Bancorp		1,361,193	$	50,146,350
Wells Fargo & Co.		2,570,578		62,362,222
				401,895,657
Capital Markets - 5.13%
Bank of New York Mellon Corp.		652,038		23,375,562
BlackRock, Inc.		29,541		16,986,371
Goldman Sachs Group, Inc.		433,361		85,788,144
Moody’s Corp.		29,428		8,278,096
Morgan Stanley		189,478		9,261,685
Nasdaq, Inc.		168,359		22,107,220
Northern Trust Corp.		252,664		19,796,224
State Street Corp.		239,844		15,299,649
T Rowe Price Group, Inc.		58,811		8,121,799
				209,014,750
Consumer Finance - 1.51%
American Express Co.		268,067		25,016,012
Discover Financial Services		287,600		14,216,068
Navient Corp.		1,379,481		10,980,669
SLM Corp.		1,660,629		11,242,458
				61,455,207
Diversified Financial Services - 0.85%
Berkshire Hathaway, Inc., Class BA		87,779		17,185,372
Equitable Holdings, Inc.		857,900		17,552,634
				34,738,006
Insurance - 7.69%
American International Group, Inc.		3,138,424		100,868,947
Aon PLC		165,435		33,950,571
Chubb Ltd.		458,970		58,399,343
Hartford Financial Services Group, Inc.		397,700		16,830,664
Marsh & McLennan Cos., Inc.		250,844		29,248,410
Travelers Cos., Inc.		377,466		43,189,660
Willis Towers Watson PLC		147,086		30,889,531
				313,377,126
Thrifts & Mortgage Finance - 0.58%
New York Community Bancorp, Inc.		2,272,126		23,925,487
Total Financials				1,044,406,233
Health Care - 13.29%
Biotechnology - 0.16%
Biogen, Inc.A		24,000		6,592,560
Health Care Equipment & Supplies - 4.11%
Abbott Laboratories		212,768		21,412,971
Boston Scientific Corp.A		284,823		10,985,623
Danaher Corp.		126,592		25,799,450
Medtronic PLC		965,826		93,182,892
Zimmer Biomet Holdings, Inc.		120,267		16,219,208
				167,600,144
Health Care Providers & Services - 5.00%
Anthem, Inc.		220,242		60,302,259
Centene Corp.A		148,100		9,663,525
Cigna Corp.A		171,155		29,556,757
CVS Health Corp.		506,612		31,886,159

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87% (continued)
Health Care - 13.29% (continued)
Health Care Providers & Services - 5.00% (continued)
Humana, Inc.		23,600	$	9,261,820
McKesson Corp.		83,029		12,467,635
UnitedHealth Group, Inc.		167,150		50,609,677
				203,747,832
Life Sciences Tools & Services - 0.66%
Thermo Fisher Scientific, Inc.		64,545		26,718,403
Pharmaceuticals - 3.36%
GlaxoSmithKline PLC, Sponsored ADR		478,234		19,282,395
Johnson & Johnson		372,797		54,338,891
Merck & Co., Inc.		236,460		18,973,550
Pfizer, Inc.		683,787		26,312,124
Roche Holding AG, Sponsored ADR		164,050		7,070,555
Sanofi, ADR		213,664		11,206,677
				137,184,192
Total Health Care				541,843,131
Industrials - 15.13%
Aerospace & Defense - 2.85%
Boeing Co.		22,500		3,555,000
Embraer S.A., Sponsored ADRA		261,400		1,510,892
General Dynamics Corp.		209,343		30,718,992
Lockheed Martin Corp.		40,524		15,357,380
Northrop Grumman Corp.		97,011		31,529,545
Raytheon Technologies Corp.		593,793		33,656,187
				116,327,996
Air Freight & Logistics - 0.76%
FedEx Corp.		184,900		31,137,160
Building Products - 1.01%
Johnson Controls International PLC		388,660		14,955,637
Masco Corp.		238,228		13,617,113
Trane Technologies PLC		114,635		12,824,217
				41,396,967
Construction & Engineering - 0.86%
AECOMA		525,877		19,031,489
Fluor Corp.		212,100		2,161,299
Quanta Services, Inc.		342,952		13,707,791
				34,900,579
Electrical Equipment - 0.75%
Eaton Corp. PLC		185,954		17,317,896
Emerson Electric Co.		213,379		13,231,632
				30,549,528
Industrial Conglomerates - 2.24%
General Electric Co.		9,863,900		59,873,873
Honeywell International, Inc.		210,006		31,368,596
				91,242,469
Machinery - 4.96%
CNH Industrial N.V.A		2,819,939		19,147,386
Cummins, Inc.		168,597		32,583,056
Deere & Co.		134,795		23,765,706
Illinois Tool Works, Inc.		139,337		25,775,952
Otis Worldwide Corp.		72,531		4,550,595
PACCAR, Inc.		108,951		9,269,551

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87% (continued)
Industrials - 15.13% (continued)
Machinery - 4.96% (continued)
Stanley Black & Decker, Inc.		451,367	$	69,203,588
Westinghouse Air Brake Technologies Corp.		286,934		17,844,426
				202,140,260
Professional Services - 0.30%
Equifax, Inc.		76,124		12,374,717
Road & Rail - 1.40%
Canadian National Railway Co.		89,095		8,712,600
JB Hunt Transport Services, Inc.		231,431		29,947,172
Union Pacific Corp.		105,163		18,230,006
				56,889,778
Total Industrials				616,959,454
Information Technology - 11.66%
Communications Equipment - 0.52%
Telefonaktiebolaget LM Ericsson, Sponsored ADRB		1,851,020		21,379,281
Electronic Equipment, Instruments & Components - 1.29%
Corning, Inc.		1,062,340		32,932,540
TE Connectivity Ltd.		219,100		19,515,237
				52,447,777
IT Services - 2.65%
Accenture PLC, Class A		170,181		38,253,285
Cognizant Technology Solutions Corp., Class A		448,086		30,613,236
Fidelity National Information Services, Inc.		137,175		20,070,074
Fiserv, Inc.A		189,643		18,924,475
				107,861,070
Semiconductors & Semiconductor Equipment - 4.25%
Analog Devices, Inc.		79,310		9,108,754
Broadcom, Inc.		136,215		43,146,101
Intel Corp.		258,024		12,315,486
NXP Semiconductors N.V.		102,204		12,012,036
QUALCOMM, Inc.		278,707		29,434,246
Texas Instruments, Inc.		527,113		67,233,263
				173,249,886
Software - 2.38%
Microsoft Corp.		226,808		46,497,908
Oracle Corp.		862,439		47,822,243
Teradata Corp.A		123,294		2,589,174
				96,909,325
Technology Hardware, Storage & Peripherals - 0.57%
Hewlett Packard Enterprise Co.		2,373,244		23,423,918
Total Information Technology				475,271,257
Materials - 3.56%
Chemicals - 3.15%
Air Products and Chemicals, Inc.		110,168		31,577,454
Corteva, Inc.A		964,686		27,551,432
DuPont de Nemours, Inc.		456,740		24,426,455
PPG Industries, Inc.		247,793		26,674,917

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 96.87% (continued)
Materials - 3.56% (continued)
Chemicals - 3.15% (continued)
Sherwin-Williams Co.		27,836	$	18,035,501
				128,265,759
Containers & Packaging - 0.41%
International Paper Co.		485,886		16,903,974
Total Materials				145,169,733
Real Estate - 0.78%
Equity Real Estate Investment Trusts (REITs) - 0.78%
MGM Growth Properties LLC, Class A		1,003,896		27,446,517
Public Storage		22,774		4,552,067
				31,998,584
Total Real Estate				31,998,584
Utilities - 4.89%
Electric Utilities - 4.41%
American Electric Power Co., Inc.		95,115		8,263,591
Duke Energy Corp.		361,869		30,664,779
Edison International		491,993		27,389,250
Entergy Corp.		124,770		13,117,070
Exelon Corp.		800,026		30,889,004
PPL Corp.		1,017,054		27,073,978
Southern Co.		614,823		33,575,484
Xcel Energy, Inc.		125,738		8,680,952
				179,654,108
Multi-Utilities - 0.48%
Dominion Energy, Inc.		242,048		19,613,149
Total Utilities				199,267,257
Total Common Stocks (Cost $3,740,196,870)				3,948,904,119
SHORT-TERM INVESTMENTS - 3.24%
Investment Companies - 3.09%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%C D		126,040,685		126,040,685
	Principal Amount
U.S. Treasury Obligations - 0.15%
U.S. Treasury Bill, 1.548%, Due 8/6/2020E	$	6,200,000		6,199,953
Total Short-Term Investments (Cost $132,239,380)				132,240,638
	Shares
SECURITIES LENDING COLLATERAL - 0.37% (Cost $14,792,713)
Investment Companies - 0.37%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%C D		14,792,713		14,792,713
TOTAL INVESTMENTS - 100.48% (Cost $3,887,228,963)				4,095,937,470
LIABILITIES, NET OF OTHER ASSETS - (0.48%)				(19,533,540	)
TOTAL NET ASSETS - 100.00%			$	4,076,403,930

Percentages are stated as a percent of net assets.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

^A  Non-income producing security.

^B  All or a portion of this security is on loan, collateralized by either cash and/or U.S.Treasuries, at July 31, 2020.

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

^D  7-day yield.

^E  This security or a piece thereof is held as segregated collateral.

ADR - American Depositary Receipt.

LLC - Limited Liability Company.

PLC - Public Limited Company.

Long Futures Contracts Open on July 31, 2020:

Equity Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures		784	September 2020	$	123,969,212	$	127,929,200	$	3,959,988
				$	123,969,212	$	127,929,200	$	3,959,988

Index Abbreviations:

S&P 500 S&P 500 Index - 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 July 31, 2020, the investments were classified as described below:

Large Cap Value Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	3,948,904,119	$	—	$	—	$	3,948,904,119
Short-Term Investments		126,040,685		6,199,953		—		132,240,638
Securities Lending Collateral		14,792,713		—		—		14,792,713
Total Investments in Securities - Assets	$	4,089,737,517	$	6,199,953	$	—	$	4,095,937,470
Financial Derivative Instruments - Assets
Futures Contracts	$	3,959,988	$	—	$	—	$	3,959,988
Total Financial Derivative Instruments - Assets	$	3,959,988	$	—	$	—	$	3,959,988

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.92%
Communication Services - 1.65%
Media - 1.65%
Altice USA, Inc., Class AA		126,901	$	3,425,058
Liberty Broadband Corp., Class CA		11,500		1,578,605
				5,003,663
Total Communication Services				5,003,663
Consumer Discretionary - 18.26%
Auto Components - 1.65%
Dana, Inc.		175,822		2,009,646
Lear Corp.		27,366		3,020,659
				5,030,305
Automobiles - 1.06%
Ford Motor Co.		486,504		3,215,791
Diversified Consumer Services - 1.01%
Adtalem Global Education, Inc.A		89,895		3,086,994
Hotels, Restaurants & Leisure - 4.64%
Aramark		100,266		2,117,618
Marriott Vacations Worldwide Corp.		46,686		3,952,437
MGM Resorts International		116,993		1,882,417
SeaWorld Entertainment, Inc.A		110,118		1,593,407
Wyndham Destinations, Inc.		81,234		2,160,824
Wyndham Hotels & Resorts, Inc.		54,816		2,420,675
				14,127,378
Household Durables - 2.53%
Lennar Corp., Class A		40,770		2,949,709
Mohawk Industries, Inc.A		23,408		1,869,129
Newell Brands, Inc.		175,822		2,883,481
				7,702,319
Internet & Direct Marketing Retail - 1.30%
Qurate Retail, Inc.A		363,526		3,966,069
Multiline Retail - 0.40%
Dollar General Corp.		6,367		1,212,277
Specialty Retail - 3.76%
Aaron’s, Inc.		133,283		6,954,707
Advance Auto Parts, Inc.		20,143		3,024,270
Gap, Inc.		108,339		1,448,492
				11,427,469
Textiles, Apparel & Luxury Goods - 1.91%
Gildan Activewear, Inc.		223,217		3,964,334
PVH Corp.		38,098		1,853,849
				5,818,183
Total Consumer Discretionary				55,586,785
Consumer Staples - 1.31%
Beverages - 0.73%
Coca-Cola European Partners PLC		54,005		2,223,386
Food & Staples Retailing - 0.58%
US Foods Holding Corp.A		86,984		1,765,775

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.92% (continued)
Consumer Staples - 1.31% (continued)
Total Consumer Staples			$	3,989,161
Energy - 5.91%
Energy Equipment & Services - 3.14%
Baker Hughes Co.		163,116		2,526,667
Halliburton Co.		218,507		3,131,205
National Oilwell Varco, Inc.		240,148		2,764,103
TechnipFMC PLC		141,894		1,139,409
				9,561,384
Oil, Gas & Consumable Fuels - 2.77%
Cenovus Energy, Inc.B		322,637		1,438,961
EQT Corp.		81,261		1,179,910
Equitrans Midstream Corp.		105,828		1,021,240
Hess Corp.		29,665		1,459,815
HollyFrontier Corp.		55,870		1,536,425
Murphy Oil Corp.B		134,314		1,774,288
				8,410,639
Total Energy				17,972,023
Financials - 22.91%
Banks - 5.16%
Fifth Third Bancorp		161,385		3,205,106
KeyCorp		239,934		2,881,607
Pinnacle Financial Partners, Inc.		50,154		1,987,101
Regions Financial Corp.		288,610		3,134,305
Signature Bank		18,864		1,934,126
Valley National Bancorp		343,144		2,563,286
				15,705,531
Capital Markets - 1.15%
Invesco Ltd.		183,090		1,838,223
Northern Trust Corp.		21,059		1,649,973
				3,488,196
Consumer Finance - 2.74%
Ally Financial, Inc.		180,562		3,629,296
Discover Financial Services		29,809		1,473,459
Navient Corp.		121,642		968,270
SLM Corp.		336,545		2,278,410
				8,349,435
Diversified Financial Services - 2.80%
Equitable Holdings, Inc.		175,271		3,586,045
Jefferies Financial Group, Inc.		109,754		1,778,015
Voya Financial, Inc.		63,939		3,158,586
				8,522,646
Insurance - 10.29%
American Financial Group, Inc.		17,918		1,088,877
American International Group, Inc.		133,974		4,305,924
Arch Capital Group Ltd.A		33,780		1,038,735
Assurant, Inc.		22,356		2,402,599
Axis Capital Holdings Ltd.		209,591		8,408,791
CNO Financial Group, Inc.		230,088		3,474,329
Fidelity National Financial, Inc.		146,243		4,732,424
Markel Corp.A		1,460		1,525,028
Reinsurance Group of America, Inc.		17,884		1,524,611

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.92% (continued)
Financials - 22.91% (continued)
Insurance - 10.29% (continued)
Willis Towers Watson PLC		13,378	$	2,809,514
				31,310,832
Thrifts & Mortgage Finance - 0.77%
New York Community Bancorp, Inc.		224,132		2,360,110
Total Financials				69,736,750
Health Care - 6.57%
Health Care Equipment & Supplies - 2.97%
Envista Holdings Corp.		91,503		2,001,170
Hologic, Inc.A		35,772		2,496,170
LivaNova PLCA		29,492		1,372,558
Zimmer Biomet Holdings, Inc.		23,601		3,182,831
				9,052,729
Health Care Providers & Services - 3.16%
Cardinal Health, Inc.		35,401		1,933,603
Encompass Health Corp.		23,333		1,588,511
McKesson Corp.		16,715		2,509,924
Universal Health Services, Inc., Class B		32,562		3,578,564
				9,610,602
Pharmaceuticals - 0.44%
Mylan N.V.A		83,452		1,344,412
Total Health Care				20,007,743
Industrials - 15.05%
Aerospace & Defense - 1.69%
BWX Technologies, Inc.		36,437		1,986,545
Textron, Inc.		8,200		286,508
TransDigm Group, Inc.		6,676		2,881,228
				5,154,281
Airlines - 0.25%
Alaska Air Group, Inc.		21,529		741,459
Building Products - 1.68%
JELD-WEN Holding, Inc.A		142,407		2,791,177
Owens Corning		38,457		2,325,495
				5,116,672
Commercial Services & Supplies - 1.16%
Republic Services, Inc.		40,445		3,528,826
Construction & Engineering - 2.03%
AECOMA		67,342		2,437,107
Jacobs Engineering Group, Inc.		17,016		1,452,316
Quanta Services, Inc.		57,522		2,299,154
				6,188,577
Machinery - 5.42%
Dover Corp.		31,140		3,205,240
Snap-on, Inc.		13,975		2,038,533
Stanley Black & Decker, Inc.		25,474		3,905,674
Terex Corp.		149,768		2,823,127

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.92% (continued)
Industrials - 15.05% (continued)
Machinery - 5.42% (continued)
Westinghouse Air Brake Technologies Corp.		72,731	$	4,523,141
				16,495,715
Road & Rail - 2.45%
Avis Budget Group, Inc.A		69,143		1,790,804
JB Hunt Transport Services, Inc.		23,924		3,095,766
Ryder System, Inc.		70,448		2,580,510
				7,467,080
Trading Companies & Distributors - 0.37%
AerCap Holdings N.V.A		41,115		1,107,227
Total Industrials				45,799,837
Information Technology - 5.34%
Electronic Equipment, Instruments & Components - 1.29%
Avnet, Inc.		147,663		3,945,555
IT Services - 0.45%
Alliance Data Systems Corp.		18,715		830,197
Genpact Ltd.		13,301		529,646
				1,359,843
Semiconductors & Semiconductor Equipment - 2.92%
Marvell Technology Group Ltd.		159,915		5,832,100
Microchip Technology, Inc.B		30,061		3,058,106
				8,890,206
Technology Hardware, Storage & Peripherals - 0.68%
Hewlett Packard Enterprise Co.		208,702		2,059,889
Total Information Technology				16,255,493
Materials - 6.40%
Chemicals - 5.38%
Ashland Global Holdings, Inc.		49,341		3,724,259
Axalta Coating Systems Ltd.A		89,323		1,982,971
Corteva, Inc.A		50,396		1,439,310
Dow, Inc.A		59,156		2,428,945
Eastman Chemical Co.		21,653		1,615,963
Element Solutions, Inc.A		218,214		2,369,804
Olin Corp.		248,961		2,798,322
				16,359,574
Containers & Packaging - 1.02%
Packaging Corp. of America		32,417		3,115,922
Total Materials				19,475,496
Real Estate - 7.25%
Equity Real Estate Investment Trusts (REITs) - 6.77%
American Campus Communities, Inc.		81,331		2,898,637
AvalonBay Communities, Inc.		15,426		2,362,029
EPR Properties		55,289		1,582,924
Healthpeak Properties, Inc.		46,029		1,256,131
Lamar Advertising Co., Class A		34,820		2,288,719
MGM Growth Properties LLC, Class A		210,266		5,748,673
STAG Industrial, Inc.		45,790		1,492,754

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.92% (continued)
Real Estate - 7.25% (continued)
Equity Real Estate Investment Trusts (REITs) - 6.77% (continued)
VICI Properties, Inc.		137,413	$	2,983,236
				20,613,103
Real Estate Management & Development - 0.48%
Realogy Holdings Corp.B		161,574		1,463,860
Total Real Estate				22,076,963
Utilities - 5.27%
Electric Utilities - 4.63%
Edison International		32,375		1,802,316
Entergy Corp.		33,495		3,521,330
Evergy, Inc.		46,951		3,043,833
NRG Energy, Inc.		91,173		3,082,559
Xcel Energy, Inc.		38,256		2,641,194
				14,091,232
Gas Utilities - 0.64%
UGI Corp.		57,897		1,930,286
Total Utilities				16,021,518
Total Common Stocks (Cost $310,987,258)				291,925,432
SHORT-TERM INVESTMENTS - 4.50%
Investment Companies - 4.24%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%C D		12,920,446		12,920,446
	Principal Amount
U.S. Treasury Obligations - 0.26%
U.S. Treasury Bill, 1.548%, Due 8/6/2020E	$	800,000		799,994
Total Short-Term Investments (Cost $13,720,278)				13,720,440
TOTAL INVESTMENTS - 100.42% (Cost $324,707,536)				305,645,872
LIABILITIES, NET OF OTHER ASSETS - (0.42%)				(1,291,512	)
TOTAL NET ASSETS - 100.00%			$	304,354,360

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, collateralized by either cash and/or U.S.Treasuries, at July 31, 2020.

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

^D  7-day yield.

^E  This security or a piece thereof is held as segregated collateral.

LLC - Limited Liability Company.

PLC - Public Limited Company.

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

Long Futures Contracts Open on July 31, 2020:

Equity Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
S&P MidCap 400 E-Mini Index Futures		68	September 2020	$	12,267,999	$	12,651,400	$	383,401
				$	12,267,999	$	12,651,400	$	383,401

Index Abbreviations:

S&P 400 Standard & Poor’s Midcap Index.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2020, the investments were classified as described below:

Mid-Cap Value Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	291,925,432	$	—	$	—	$	291,925,432
Short-Term Investments		12,920,446		799,994		—		13,720,440
Total Investments in Securities - Assets	$	304,845,878	$	799,994	$	—	$	305,645,872
Financial Derivative Instruments - Assets
Futures Contracts	$	383,401	$	—	$	—	$	383,401
Total Financial Derivative Instruments - Assets	$	383,401	$	—	$	—	$	383,401

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94%
Communication Services - 1.69%
Diversified Telecommunication Services - 0.01%
IDT Corp., Class BA		20,067	$	130,636
Liberty Latin America Ltd., Class CA		31,424		321,468
				452,104
Entertainment - 0.27%
IMAX Corp.A		913,747		10,316,204
World Wrestling Entertainment, Inc., Class A		44,105		2,055,734
				12,371,938
Interactive Media & Services - 0.01%
Meet Group, Inc.A		74,700		465,381
Media - 1.28%
AMC Networks, Inc., Class AA		24,479		565,465
Emerald Holding, Inc.		245,992		669,098
Entravision Communications Corp., Class A		246,176		324,952
Gray Television, Inc.A		1,508,940		21,638,199
John Wiley & Sons, Inc., Class A		50,180		1,697,589
MDC Partners, Inc., Class AA		1,501,108		3,317,449
Meredith Corp.B		26,397		379,061
MSG Networks, Inc., Class AA B		416,773		3,971,847
Scholastic Corp.		266,984		6,388,927
TEGNA, Inc.		1,700,577		20,032,797
WideOpenWest, Inc.A		84,232		459,907
				59,445,291
Wireless Telecommunication Services - 0.12%
Telephone & Data Systems, Inc.		284,238		5,519,902
Total Communication Services				78,254,616
Consumer Discretionary - 12.90%
Auto Components - 2.43%
Adient PLCA		2,087,141		34,730,026
American Axle & Manufacturing Holdings, Inc.A		4,133,191		29,180,329
Cooper Tire & Rubber Co.		468,987		14,566,736
Dana, Inc.		418,545		4,783,969
Gentherm, Inc.A		412,393		15,988,477
Goodyear Tire & Rubber Co.		108,014		973,206
Motorcar Parts of America, Inc.A B		76,874		1,279,568
Stoneridge, Inc.A		142,010		2,942,447
Visteon Corp.A		112,252		8,150,618
				112,595,376
Automobiles - 0.81%
Harley-Davidson, Inc.		1,039,350		27,054,280
Winnebago Industries, Inc.		171,543		10,362,913
				37,417,193
Distributors - 0.02%
Funko, Inc., Class AA B		119,900		664,246
Diversified Consumer Services - 0.42%
Adtalem Global Education, Inc.A		224,471		7,708,334
frontdoor, Inc.A		120,083		5,042,886

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Consumer Discretionary - 12.90% (continued)
Diversified Consumer Services - 0.42% (continued)
H&R Block, Inc.		470,000	$	6,815,000
				19,566,220
Hotels, Restaurants & Leisure - 0.82%
Bloomin’ Brands, Inc.		621,809		7,163,240
Brinker International, Inc.		27,200		731,408
Cheesecake Factory, Inc.B		275,878		6,621,072
Dunkin’ Brands Group, Inc.		51,236		3,521,450
Hilton Grand Vacations, Inc.A		276,313		5,609,154
Hyatt Hotels Corp., Class AB		122,800		5,894,400
Marriott Vacations Worldwide Corp.		4,738		401,119
SeaWorld Entertainment, Inc.A		18,613		269,330
Twin River Worldwide Holdings, Inc.		30,800		664,048
Wyndham Destinations, Inc.		268,781		7,149,575
				38,024,796
Household Durables - 3.89%
Cavco Industries, Inc.A		29,953		6,000,484
Century Communities, Inc.A		108,453		3,863,096
Ethan Allen Interiors, Inc.		81,299		962,580
Green Brick Partners, Inc.A		15,095		208,311
Hamilton Beach Brands Holding Co., Class A		36,438		553,858
Helen of Troy Ltd.A		111,190		20,931,517
Hooker Furniture Corp.		46,647		998,246
KB Home		834,340		28,067,198
La-Z-Boy, Inc.		25,100		714,346
M/I Homes, Inc.A		297,486		12,384,342
MDC Holdings, Inc.		291,834		13,082,918
Meritage Homes Corp.A		110,587		10,968,019
Taylor Morrison Home Corp.A		318,304		7,464,229
Tempur Sealy International, Inc.A		113,600		9,195,920
Toll Brothers, Inc.		299,870		11,455,034
TRI Pointe Group, Inc.A		732,404		12,245,795
Whirlpool Corp.		251,886		41,087,644
				180,183,537
Internet & Direct Marketing Retail - 0.01%
Duluth Holdings, Inc., Class BA B		62,400		461,136
Leisure Products - 0.25%
Malibu Boats, Inc., Class AA		199,223		11,710,328
Multiline Retail - 0.26%
Big Lots, Inc.		127,250		5,006,015
Dillard’s, Inc., Class AB		130,921		3,083,190
Kohl’s Corp.		133,679		2,545,248
Nordstrom, Inc.B		116,703		1,597,664
				12,232,117
Specialty Retail - 2.96%
Aaron’s, Inc.		321,025		16,751,085
American Eagle Outfitters, Inc.B		74,800		748,000
Asbury Automotive Group, Inc.A		78,781		7,889,917
AutoNation, Inc.A		272,565		13,993,487
Bed Bath & Beyond, Inc.B		233,511		2,526,589
Buckle, Inc.		115,996		1,859,416
Cato Corp., Class A		39,600		284,724
Designer Brands, Inc., Class A		106,100		627,051
Dick’s Sporting Goods, Inc.		55,397		2,527,211
Foot Locker, Inc.		15,200		446,728

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Consumer Discretionary - 12.90% (continued)
Specialty Retail - 2.96% (continued)
Genesco, Inc.A		37,000	$	575,350
Group 1 Automotive, Inc.		280,195		23,541,984
Haverty Furniture Cos., Inc.		33,450		475,659
Hibbett Sports, Inc.A B		28,792		667,686
Lithia Motors, Inc., Class A		2,646		606,331
ODP Corp.		889,895		19,639,983
Penske Automotive Group, Inc.		237,598		10,649,142
Rent-A-Center, Inc.		160,173		4,632,203
Sally Beauty Holdings, Inc.A		376,846		4,375,182
Sonic Automotive, Inc., Class A		479,774		18,288,985
Tilly’s, Inc., Class A		73,700		442,937
Urban Outfitters, Inc.A		327,741		5,420,836
Zumiez, Inc.A		17,741		409,817
				137,380,303
Textiles, Apparel & Luxury Goods - 1.03%
Culp, Inc.		17,000		188,700
Deckers Outdoor Corp.A		13,854		2,898,950
Fossil Group, Inc.A B		73,000		241,630
G-III Apparel Group Ltd.A		262,917		2,600,249
Hanesbrands, Inc.B		795,234		11,236,656
Kontoors Brands, Inc.A B		7,608		145,769
Movado Group, Inc.		94,170		907,799
Oxford Industries, Inc.		108,927		4,677,325
Ralph Lauren Corp.		117,277		8,361,850
Rocky Brands, Inc.		12,200		277,550
Skechers USA, Inc., Class AA		265,981		7,787,924
Tapestry, Inc.		34,100		455,576
Unifi, Inc.A		37,518		448,715
Vera Bradley, Inc.A		106,500		467,003
Wolverine World Wide, Inc.		294,835		7,087,833
				47,783,529
Total Consumer Discretionary				598,018,781
Consumer Staples - 2.75%
Beverages - 0.01%
MGP Ingredients, Inc.		12,070		437,779
Food & Staples Retailing - 0.51%
Chefs’ Warehouse, Inc.A		269,596		3,108,442
Ingles Markets, Inc., Class A		53,697		2,161,304
Performance Food Group Co.A		465,234		13,035,857
SpartanNash Co.		188,344		3,959,932
Village Super Market, Inc., Class A		27,832		702,758
Weis Markets, Inc.		9,200		458,344
				23,426,637
Food Products - 1.81%
Calavo Growers, Inc.		85,243		4,924,488
Darling Ingredients, Inc.A		1,404,483		39,227,210
Fresh Del Monte Produce, Inc.		130,168		2,939,193
Hain Celestial Group, Inc.A B		278,026		9,447,324
J&J Snack Foods Corp.		31,597		3,890,539
Pilgrim’s Pride Corp.A		232,177		3,563,917
Seneca Foods Corp., Class AA		6,405		250,948

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Consumer Staples - 2.75% (continued)
Food Products - 1.81% (continued)
SunOpta, Inc.A B		2,995,678	$	19,711,561
				83,955,180
Household Products - 0.16%
Central Garden & Pet Co., Class AA		82,847		2,870,649
Spectrum Brands Holdings, Inc.		88,256		4,779,945
				7,650,594
Personal Products - 0.19%
Edgewell Personal Care Co.A		147,066		4,395,803
Inter Parfums, Inc.		71,230		2,912,594
Nu Skin Enterprises, Inc., Class A		20,700		928,395
USANA Health Sciences, Inc.A		5,300		430,254
				8,667,046
Tobacco - 0.07%
Universal Corp.		82,338		3,471,370
Total Consumer Staples				127,608,606
Energy - 3.47%
Energy Equipment & Services - 1.20%
Cactus, Inc., Class A		355,645		8,044,690
ChampionX Corp.A		62,300		592,473
Dril-Quip, Inc.A		138,269		4,602,975
Frank’s International N.V.A		5,073,985		11,568,686
Helix Energy Solutions Group, Inc.A		2,145,077		8,987,873
Hoegh LNG Partners LP		20,491		211,057
KLX Energy Services Holdings, Inc.A B		28,125		281,250
Liberty Oilfield Services, Inc., Class AB		155,440		878,236
Matrix Service Co.A		109,242		956,414
National Oilwell Varco, Inc.		1,051,200		12,099,312
NexTier Oilfield Solutions, Inc.A		1,735,811		4,374,244
Oil States International, Inc.A		45,000		201,600
ProPetro Holding Corp.A		118,526		636,484
RPC, Inc.A B		143,300		425,601
Select Energy Services, Inc., Class AA		91,100		404,484
Solaris Oilfield Infrastructure, Inc., Class A		118,907		863,265
TechnipFMC PLC		29,100		233,673
				55,362,317
Oil, Gas & Consumable Fuels - 2.27%
Altus Midstream Co.B		116,207		1,575,767
Antero Midstream Corp.B		1,262,489		7,158,313
Berry Corp.		495,163		2,329,742
Bonanza Creek Energy, Inc.A		244,162		4,441,307
Brigham Minerals, Inc., Class A		30,521		338,173
Cimarex Energy Co.		98,699		2,414,177
CNX Resources Corp.A		495,663		4,783,148
CVR Energy, Inc.		140,883		2,704,953
Devon Energy Corp.		136,538		1,432,284
Diamond S Shipping Inc.A B		57,232		502,497
Earthstone Energy, Inc., Class AA B		240,137		631,560
Enerplus Corp.		666,668		1,653,337
EQT Corp.		693,960		10,076,299
Equitrans Midstream Corp.		1,581,000		15,256,650
Falcon Minerals Corp.		61,745		154,980
Frontline Ltd.B		112,948		903,584
Hess Midstream LP, Class A		100,144		1,741,504

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Energy - 3.47% (continued)
Oil, Gas & Consumable Fuels - 2.27% (continued)
International Seaways, Inc.		84,974	$	1,467,501
Kosmos Energy Ltd.		2,529,208		4,072,025
Magnolia Oil & Gas Corp., Class AA		133,900		800,722
NACCO Industries, Inc., Class A		5,465		119,356
PDC Energy, Inc.A		303,375		4,326,127
Range Resources Corp.		2,913,265		18,819,692
Renewable Energy Group, Inc.A		114,423		3,155,786
REX American Resources Corp.A		6,501		443,043
Southwestern Energy Co.A		1,435,196		3,487,526
Talos Energy, Inc.A		25,144		171,231
World Fuel Services Corp.		440,319		10,360,706
				105,321,990
Total Energy				160,684,307
Financials - 25.37%
Banks - 13.90%
1st Source Corp.		13,256		439,039
Amalgamated Bank, Class A		45,834		529,383
Amerant Bancorp, Inc.A		33,998		453,873
Ameris Bancorp		21,079		486,398
Associated Banc-Corp		1,461,812		18,769,666
Banc of California, Inc.		91,233		978,018
BancorpSouth Bank		164,295		3,438,694
Bank of NT Butterfield & Son Ltd.		994,266		25,880,744
Bank OZK		240,545		5,785,107
BankUnited, Inc.		50,829		1,023,696
Banner Corp.		246,277		8,725,594
Bar Harbor Bankshares		20,094		399,469
Berkshire Hills Bancorp, Inc.		124,970		1,244,701
BOK Financial Corp.		12,800		712,960
Boston Private Financial Holdings, Inc.		802,506		4,722,748
Bridge Bancorp, Inc.		25,190		455,687
Brookline Bancorp, Inc.		150,233		1,441,486
Bryn Mawr Bank Corp.		16,586		431,899
Cadence BanCorp		153,621		1,199,780
Camden National Corp.		6,774		214,668
Cathay General Bancorp		511,442		12,366,668
Central Pacific Financial Corp.		251,186		3,908,454
CIT Group, Inc.		50,700		961,779
CNB Financial Corp.		13,200		215,556
Columbia Banking System, Inc.		399,249		11,550,274
Community Trust Bancorp, Inc.		21,473		657,289
ConnectOne Bancorp, Inc.		92,233		1,271,893
CrossFirst Bankshares, Inc.A B		23,400		214,578
Cullen/Frost Bankers, Inc.		85,069		6,130,072
Customers Bancorp, Inc.A		89,281		1,057,980
CVB Financial Corp.		179,711		3,247,378
Dime Community Bancshares, Inc.		77,453		909,685
Eagle Bancorp, Inc.		45,705		1,374,806
East West Bancorp, Inc.		263,779		9,142,580
Enterprise Financial Services Corp.		42,180		1,225,751
Equity Bancshares, Inc., Class AA		56,700		801,738
FB Financial Corp.		11,700		297,297
Financial Institutions, Inc.		24,188		357,257
First BanCorp		325,349		4,311,608
First Busey Corp.		63,883		1,092,399

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Financials - 25.37% (continued)
Banks - 13.90% (continued)
First Business Financial Services, Inc.		14,059	$	209,057
First Citizens BancShares, Inc., Class A		9,819		4,181,618
First Financial Bancorp		52,267		727,295
First Financial Corp.		20,044		670,071
First Hawaiian, Inc.		1,246,447		21,663,249
First Horizon National Corp.		1,380,806		12,800,072
First Internet Bancorp		27,752		406,567
First Interstate BancSystem, Inc., Class A		233,866		6,807,839
First Merchants Corp.		52,483		1,282,160
First Mid Bancshares, Inc.		18,452		450,413
First Midwest Bancorp, Inc.		1,070,858		12,994,862
First of Long Island Corp.		37,600		560,616
Flushing Financial Corp.		82,339		912,316
FNB Corp.		1,408,408		10,436,303
Franklin Financial Network, Inc.		18,047		476,441
Fulton Financial Corp.		1,758,593		17,058,352
Great Southern Bancorp, Inc.		25,176		908,098
Great Western Bancorp, Inc.		71,459		928,967
Hancock Whitney Corp.		402,000		7,662,120
Hanmi Financial Corp.		105,353		972,408
Harborone Bancorp, Inc.A		454,089		3,932,411
Heartland Financial USA, Inc.		58,067		1,814,013
Heritage Commerce Corp.		353,643		2,397,700
Heritage Financial Corp.		230,041		4,351,226
Hilltop Holdings, Inc.		695,637		13,544,052
Home BancShares, Inc.		337,100		5,504,843
HomeTrust Bancshares, Inc.		13,693		197,453
Hope Bancorp, Inc.		397,567		3,351,490
Horizon Bancorp, Inc.		68,418		691,706
Independent Bank Group, Inc.		79,860		3,508,250
International Bancshares Corp.		189,252		5,757,046
Investors Bancorp, Inc.		2,023,743		16,432,793
Lakeland Bancorp, Inc.		125,190		1,274,434
Live Oak Bancshares, Inc.		59,077		1,004,900
Metropolitan Bank Holding Corp.A		15,100		446,658
Midland States Bancorp, Inc.		62,970		887,247
MidWestOne Financial Group, Inc.		23,116		417,937
National Bank Holdings Corp., Class A		318,676		8,852,819
Northrim BanCorp, Inc.		9,886		227,576
OceanFirst Financial Corp.		119,206		1,826,236
OFG Bancorp		1,899,617		24,846,990
Old National Bancorp		1,385,771		19,386,936
Origin Bancorp, Inc.		9,900		235,026
Orrstown Financial Services, Inc.		19,116		259,978
Pacific Premier Bancorp, Inc.		46,502		977,007
PacWest Bancorp		49,700		908,268
Park National Corp.		3,314		284,209
Peapack Gladstone Financial Corp.		42,622		693,886
People’s United Financial, Inc.		636,001		6,862,451
Peoples Bancorp, Inc.		10,800		216,756
Pinnacle Financial Partners, Inc.		253,266		10,034,399
Popular, Inc.		823,431		30,557,524
Preferred Bank		14,979		557,968
Prosperity Bancshares, Inc.		681,179		37,846,305
RBB Bancorp		34,627		443,226
Renasant Corp.		133,863		3,109,637
Republic Bancorp, Inc., Class A		38,038		1,149,508

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Financials - 25.37% (continued)
Banks - 13.90% (continued)
S&T Bancorp, Inc.		60,515	$	1,301,073
Sandy Spring Bancorp, Inc.		9,885		228,541
Seacoast Banking Corp. of FloridaA		795,381		15,016,793
Sierra Bancorp		12,100		212,718
Simmons First National Corp., Class A		175,140		2,905,573
South Plains Financial, Inc.		17,100		228,456
South State Corp.		168,309		8,021,607
Southern National Bancorp of Virginia, Inc.		47,045		396,119
Sterling Bancorp		20,500		230,625
Synovus Financial Corp.		44,300		892,645
TCF Financial Corp.		437,535		12,027,837
Texas Capital Bancshares, Inc.A		911,856		30,291,856
TriCo Bancshares		7,820		218,960
TriState Capital Holdings, Inc.A		15,800		209,350
Trustmark Corp.		142,654		3,212,568
UMB Financial Corp.		370,148		18,433,370
Umpqua Holdings Corp.		3,163,222		34,320,959
United Bankshares, Inc.		151,853		3,996,771
United Community Banks, Inc.		482,949		8,659,276
Univest Financial Corp.		15,752		240,848
Valley National Bancorp		988,493		7,384,043
Veritex Holdings, Inc.		519,138		8,679,987
Washington Trust Bancorp, Inc.		15,500		516,770
Webster Financial Corp.		463,661		12,644,035
WesBanco, Inc.		251,250		4,982,288
West Bancorp, Inc.		16,320		267,811
Western Alliance Bancorp		188,030		6,759,678
Wintrust Financial Corp.		164,065		7,021,982
				644,630,879
Capital Markets - 2.91%
Affiliated Managers Group, Inc.		94,596		6,507,259
AllianceBernstein Holding LP, MLP		311,547		8,851,050
Artisan Partners Asset Management, Inc., Class A		14,540		526,784
BrightSphere Investment Group, Inc.A		185,931		2,498,913
Calamos Asset Management, Inc.A C D		268,616		—
Cohen & Steers, Inc.		76,585		4,608,885
Cowen, Inc., Class A		75,486		1,243,254
Evercore, Inc., Class A		763,334		42,212,370
Federated Hermes, Inc.		356,430		9,395,495
GAMCO Investors, Inc., Class A		9,055		106,759
Greenhill & Co., Inc.		61,652		738,591
Lazard Ltd., Class A		200,032		5,864,938
LPL Financial Holdings, Inc.		96,654		7,637,599
Oppenheimer Holdings, Inc., Class A		21,588		457,450
Piper Sandler Cos.		32,513		2,012,880
Sculptor Capital Management, Inc.B		3,435		42,697
Stifel Financial Corp.		653,914		31,701,751
Stonex Group, Inc.A		45,446		2,385,006
Victory Capital Holdings, Inc., Class AB		67,728		1,202,172
Virtus Investment Partners, Inc.		23,050		3,132,956
Waddell & Reed Financial, Inc., Class AB		236,029		3,443,663
Westwood Holdings Group, Inc.		20,960		238,106
WisdomTree Investments, Inc.		105,039		378,140
				135,186,718
Consumer Finance - 1.28%
Encore Capital Group, Inc.A		74,847		2,734,161

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Financials - 25.37% (continued)
Consumer Finance - 1.28% (continued)
EZCORP, Inc., Class AA B		62,171	$	355,618
Navient Corp.		98,319		782,619
Nelnet, Inc., Class A		57,535		3,337,030
PRA Group, Inc.A		910,086		36,003,002
SLM Corp.		2,299,184		15,565,476
World Acceptance Corp.A B		8,009		595,069
				59,372,975
Diversified Financial Services - 0.19%
Banco Latinoamericano de Comercio Exterior S.A.		43,356		505,965
Jefferies Financial Group, Inc.		503,077		8,149,847
				8,655,812
Insurance - 4.49%
Ambac Financial Group, Inc.A		137,710		1,762,688
American Equity Investment Life Holding Co.		646,158		16,444,721
Argo Group International Holdings Ltd.		267,979		8,979,976
Axis Capital Holdings Ltd.		204,584		8,207,910
Brighthouse Financial, Inc.A		198,280		5,619,255
CNO Financial Group, Inc.		2,226,652		33,622,445
Employers Holdings, Inc.		99,550		3,237,366
Enstar Group Ltd.A		250,679		42,101,538
FBL Financial Group, Inc., Class A		25,606		890,577
First American Financial Corp.		117,622		5,999,898
Global Indemnity Ltd.		378,628		8,651,650
Hanover Insurance Group, Inc.		9,400		957,672
Horace Mann Educators Corp.		274,794		10,326,759
James River Group Holdings Ltd.		9,900		458,568
Kemper Corp.		187,035		14,685,988
MBIA, Inc.A		176,825		1,416,368
Mercury General Corp.		252,400		10,830,484
National Western Life Group, Inc., Class A		11,220		2,185,544
ProAssurance Corp.		59,167		869,755
Safety Insurance Group, Inc.		54,560		4,128,555
Selective Insurance Group, Inc.		148,309		8,059,111
State Auto Financial Corp.		12,000		186,120
Stewart Information Services Corp.		25,770		1,081,051
Third Point Reinsurance Ltd.A		112,397		875,573
United Fire Group, Inc.		5,000		126,850
Universal Insurance Holdings, Inc.		24,542		429,730
Unum Group		428,642		7,385,502
White Mountains Insurance Group Ltd.		9,928		8,737,931
				208,259,585
Mortgage Real Estate Investment Trusts (REITs) - 0.06%
Apollo Commercial Real Estate Finance, Inc.		24,800		230,640
Ares Commercial Real Estate Corp.		26,700		243,771
Colony Credit Real Estate, Inc.		103,156		649,883
Granite Point Mortgage Trust, Inc.B		35,000		237,650
Great Ajax Corp.		59,664		514,304
MFA Financial, Inc.		89,100		234,333
New York Mortgage Trust, Inc.		93,100		243,922
TPG RE Finance Trust, Inc.		28,200		244,776
				2,599,279
Thrifts & Mortgage Finance - 2.54%
Axos Financial, Inc.A		280,191		6,279,080
Bridgewater Bancshares, Inc.A		19,700		183,013
Essent Group Ltd.		454,819		16,296,165

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Financials - 25.37% (continued)
Thrifts & Mortgage Finance - 2.54% (continued)
Federal Agricultural Mortgage Corp., Class C		7,500	$	446,325
Flagstar Bancorp, Inc.		125,143		3,926,987
FS Bancorp, Inc.		7,233		274,854
Hingham Institution for Savings		2,300		404,800
HomeStreet, Inc.		56,443		1,492,353
Luther Burbank Corp.		295,213		2,825,188
Merchants Bancorp		30,530		562,668
Meridian Bancorp, Inc.		22,457		256,122
MGIC Investment Corp.		4,773,021		39,472,884
New York Community Bancorp, Inc.		860,491		9,060,970
NMI Holdings, Inc., Class AA		428,900		6,656,528
Northfield Bancorp, Inc.		144,373		1,387,425
PennyMac Financial Services, Inc.		210,457		10,156,655
Premier Financial Corp.		26,300		464,984
Provident Financial Services, Inc.		48,200		657,930
Radian Group, Inc.		66,418		990,957
Southern Missouri Bancorp, Inc.		10,178		221,982
Sterling Bancorp, Inc.		141,556		431,746
Territorial Bancorp, Inc.		13,426		294,969
TrustCo Bank Corp.		75,487		437,070
Walker & Dunlop, Inc.		67,859		3,420,772
Washington Federal, Inc.		442,610		10,330,517
Waterstone Financial, Inc.		16,515		252,349
WSFS Financial Corp.		19,000		542,070
				117,727,363
Total Financials				1,176,432,611
Health Care - 4.99%
Biotechnology - 0.89%
Coherus Biosciences, Inc.A B		187,889		3,304,967
Emergent BioSolutions, Inc.A		182,782		20,332,670
Halozyme Therapeutics, Inc.A		125,012		3,399,076
United Therapeutics Corp.A		127,255		14,185,115
				41,221,828
Health Care Equipment & Supplies - 0.52%
Integer Holdings Corp.A		104,300		6,859,811
Invacare Corp.B		950,341		6,690,401
Natus Medical, Inc.A		156,092		2,900,189
NuVasive, Inc.A		138,247		7,899,434
				24,349,835
Health Care Providers & Services - 2.95%
Acadia Healthcare Co., Inc.A		205,822		6,135,554
AdaptHealth Corp.A		198,567		3,868,085
American Renal Associates Holdings, Inc.A		19,528		125,956
AMN Healthcare Services, Inc.A		391,124		21,488,352
Encompass Health Corp.		360,929		24,572,046
Hanger, Inc.A		735,705		12,845,409
LHC Group, Inc.A		107,134		20,902,915
Magellan Health, Inc.A		13,134		974,149
MEDNAX, Inc.A		285,429		5,702,871
R1 RCM, Inc.A		793,522		10,847,446
Select Medical Holdings Corp.A		984,320		18,741,453
Tenet Healthcare Corp.A		36,563		966,726

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Health Care - 4.99% (continued)
Health Care Providers & Services - 2.95% (continued)
Triple-S Management Corp., Class BA		487,700	$	9,490,642
				136,661,604
Health Care Technology - 0.45%
Allscripts Healthcare Solutions, Inc.A		83,454		751,086
Evolent Health, Inc., Class AA		567,298		6,609,022
NextGen Healthcare, Inc.A		299,049		4,372,096
Omnicell, Inc.A		130,036		9,140,230
				20,872,434
Pharmaceuticals - 0.18%
Amneal Pharmaceuticals, Inc.A B		60,052		260,025
Innoviva, Inc.A		293,968		3,981,797
Pacira BioSciences, Inc.A		61,287		3,224,309
Taro Pharmaceutical Industries Ltd.A		13,198		858,002
				8,324,133
Total Health Care				231,429,834
Industrials - 17.97%
Aerospace & Defense - 0.82%
AAR Corp.		327,500		5,639,550
Aerojet Rocketdyne Holdings, Inc.A		305,852		12,616,395
AeroVironment, Inc.A		115,714		8,857,907
Curtiss-Wright Corp.		56,663		5,049,807
Kaman Corp.		75,727		2,990,459
Moog, Inc., Class A		20,670		1,110,393
National Presto Industries, Inc.		8,288		707,712
Vectrus, Inc.A		21,563		948,556
				37,920,779
Air Freight & Logistics - 0.76%
Air Transport Services Group, Inc.A		1,037,616		25,286,702
Atlas Air Worldwide Holdings, Inc.A		43,484		2,264,647
Echo Global Logistics, Inc.A		150,629		3,775,516
Hub Group, Inc., Class AA		69,635		3,683,691
Radiant Logistics, Inc.A		32,088		136,374
				35,146,930
Airlines - 0.27%
Allegiant Travel Co.		2,807		314,468
JetBlue Airways Corp.A		372,349		3,850,089
SkyWest, Inc.		194,630		5,120,715
Spirit Airlines, Inc.A		195,019		3,083,251
				12,368,523
Building Products - 2.48%
Advanced Drainage Systems, Inc.		50,876		2,492,924
Apogee Enterprises, Inc.		1,026,742		22,167,360
Armstrong Flooring, Inc.A		576,070		1,710,928
Builders FirstSource, Inc.A		788,150		18,671,273
Caesarstone Ltd.		136,250		1,562,788
Gibraltar Industries, Inc.A		410,853		21,249,317
Insteel Industries, Inc.		52,609		980,632
Masonite International Corp.A		11,112		937,297
Owens Corning		68,573		4,146,609
Resideo Technologies, Inc.A		912,364		12,116,194

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Industrials - 17.97% (continued)
Building Products - 2.48% (continued)
UFP Industries, Inc.		500,473	$	29,137,538
				115,172,860
Commercial Services & Supplies - 0.58%
ACCO Brands Corp.		438,382		2,858,251
Deluxe Corp.		50,997		1,439,645
Ennis, Inc.		52,595		909,894
Harsco Corp.A		24,743		394,898
Herman Miller, Inc.		237,847		5,572,755
HNI Corp.		15,567		462,340
Interface, Inc.		115,680		923,126
Knoll, Inc.		280,397		3,283,449
Matthews International Corp., Class A		25,131		542,830
McGrath RentCorp		130,300		7,560,006
Quad/Graphics, Inc.		514,469		1,599,999
Steelcase, Inc., Class A		142,739		1,531,589
				27,078,782
Construction & Engineering - 2.91%
Aegion Corp.A		238,864		3,683,283
Arcosa, Inc.		9,200		388,424
Comfort Systems USA, Inc.		15,200		755,592
Construction Partners, Inc., Class AA B		353,687		5,853,520
Dycom Industries, Inc.A B		137,481		5,888,311
EMCOR Group, Inc.		453,899		31,092,081
Fluor Corp.		1,139,700		11,613,543
Granite Construction, Inc.B		298,866		5,068,767
MYR Group, Inc.A		21,050		771,903
Primoris Services Corp.		1,492,589		23,926,202
Quanta Services, Inc.		204,116		8,158,517
Sterling Construction Co., Inc.A		45,900		472,770
Tutor Perini Corp.A		84,531		994,930
Valmont Industries, Inc.		44,012		5,334,254
WillScot Mobile Mini Holdings Corp.A		2,063,494		31,076,220
				135,078,317
Electrical Equipment - 1.14%
Acuity Brands, Inc.		4,800		475,680
Atkore International Group, Inc.A		142,465		3,799,542
AZZ, Inc.		43,145		1,362,519
Encore Wire Corp.		398,369		19,994,140
EnerSys		215,831		14,516,793
GrafTech International Ltd.B		132,400		803,668
Preformed Line Products Co.		10,997		541,712
Regal Beloit Corp.		117,472		10,803,900
Thermon Group Holdings, Inc.A		47,997		650,359
				52,948,313
Machinery - 6.64%
Albany International Corp., Class A		27,788		1,336,047
Allison Transmission Holdings, Inc.		341,553		12,760,420
Altra Industrial Motion Corp.		19,014		650,849
Astec Industries, Inc.		165,608		7,367,900
Barnes Group, Inc.		3,785		139,553
Blue Bird Corp.A		54,317		680,592
Chart Industries, Inc.A		11,306		774,800
Colfax Corp.A		1,046,536		30,433,267
Crane Co.		62,973		3,562,383
Energy Recovery, Inc.A B		351,513		2,667,984

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Industrials - 17.97% (continued)
Machinery - 6.64% (continued)
Enerpac Tool Group Corp.		1,195,432	$	22,593,665
EnPro Industries, Inc.		257,012		12,267,183
Federal Signal Corp.		1,163,311		35,957,943
Flowserve Corp.		23,100		643,797
Gorman-Rupp Co.		48,636		1,471,725
Graham Corp.		18,792		247,303
Greenbrier Cos., Inc.		1,504,244		38,704,198
Hillenbrand, Inc.		248,690		7,269,209
Hyster-Yale Materials Handling, Inc.		41,707		1,556,088
Kennametal, Inc.		1,233,889		33,265,647
Lindsay Corp.		60,324		5,849,618
Manitowoc Co., Inc.A		12,572		134,018
Meritor, Inc.A		291,630		6,634,583
Miller Industries, Inc.		239,383		6,786,508
Mueller Industries, Inc.		4,926		137,731
Mueller Water Products, Inc., Class A		46,920		474,830
Navistar International Corp.A		141,066		4,518,344
Oshkosh Corp.		250,302		19,703,773
REV Group, Inc.		51,892		337,298
Rexnord Corp.		253,484		7,343,431
Shyft Group, Inc.		301,600		5,694,208
Standex International Corp.		8,410		450,356
Terex Corp.		29,318		552,644
Timken Co.		413,263		18,869,589
TriMas Corp.A		196,385		4,595,409
Trinity Industries, Inc.B		272,379		5,319,562
Wabash National Corp.		543,198		6,187,025
				307,939,480
Marine - 0.15%
Costamare, Inc.		54,324		247,174
Matson, Inc.		182,043		6,630,006
				6,877,180
Professional Services - 0.71%
Barrett Business Services, Inc.		6,919		364,493
BG Staffing, Inc.		22,100		200,668
GP Strategies Corp.A		50,499		375,208
Heidrick & Struggles International, Inc.		59,082		1,195,229
Hudson Global, Inc.A		61,058		568,450
Huron Consulting Group, Inc.A		74,841		3,571,412
Kelly Services, Inc., Class A		83,501		1,236,650
Kforce, Inc.		16,600		478,744
Korn Ferry		635,288		17,851,593
ManpowerGroup, Inc.		74,769		5,143,359
Resources Connection, Inc.		62,487		706,103
TrueBlue, Inc.A		65,900		1,016,837
				32,708,746
Road & Rail - 0.38%
AMERCO		23,400		7,434,882
ArcBest Corp.		208,983		6,350,993
Covenant Logistics Group, Inc.A		930		15,671
Marten Transport Ltd.		98,505		2,622,203
Universal Logistics Holdings, Inc.		71,039		1,304,986
				17,728,735
Trading Companies & Distributors - 1.13%
Air Lease Corp.		306,890		8,046,656

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Industrials - 17.97% (continued)
Trading Companies & Distributors - 1.13% (continued)
Beacon Roofing Supply, Inc.A		12,559	$	391,338
CAI International, Inc.A		16,182		278,492
DXP Enterprises, Inc.A		47,500		801,800
GATX Corp.B		35,515		2,166,060
GMS, Inc.A		148,105		3,470,100
MSC Industrial Direct Co., Inc., Class A		86,692		5,722,539
Rush Enterprises, Inc., Class A		467,655		22,251,025
Textainer Group Holdings Ltd.A		50,338		424,853
Titan Machinery, Inc.A		30,860		335,294
Triton International Ltd.		224,395		7,061,711
WESCO International, Inc.A		33,889		1,317,265
				52,267,133
Total Industrials				833,235,778
Information Technology - 14.38%
Communications Equipment - 1.24%
Calix, Inc.A		359,518		7,373,714
Casa Systems, Inc.A		260,887		1,463,576
Ciena Corp.A		541,720		32,237,757
CommScope Holding Co., Inc.A		337,869		3,135,424
Comtech Telecommunications Corp.		57,800		949,076
Digi International, Inc.A		24,279		294,262
EchoStar Corp., Class AA		145,336		3,967,673
NETGEAR, Inc.A		261,487		8,040,725
				57,462,207
Electronic Equipment, Instruments & Components - 5.83%
Arrow Electronics, Inc.A		672,220		48,144,396
Avnet, Inc.		466,472		12,464,132
Belden, Inc.		205,820		6,503,912
Benchmark Electronics, Inc.		106,629		2,170,967
Coherent, Inc.A		89,457		12,419,315
ePlus, Inc.A		6,100		454,694
FabrinetA		282,727		20,534,462
FARO Technologies, Inc.A		451,419		27,008,399
FLIR Systems, Inc.		226,004		9,415,327
II-VI, Inc.A B		889,969		45,139,228
Insight Enterprises, Inc.A		130,866		6,522,362
Itron, Inc.A		159,615		11,102,819
Jabil, Inc.		181,850		6,339,291
Kimball Electronics, Inc.A		68,576		910,689
Methode Electronics, Inc.		132,182		3,727,532
PC Connection, Inc.		22,210		970,577
Rogers Corp.A		204,976		24,431,090
Sanmina Corp.A		494,075		14,664,146
ScanSource, Inc.A		253,260		5,812,317
TTM Technologies, Inc.A		37,891		466,438
Vishay Intertechnology, Inc.		706,999		11,092,814
				270,294,907
IT Services - 2.37%
Cardtronics PLC, Class AA		14,765		329,703
Cass Information Systems, Inc.		23,600		845,588
CSG Systems International, Inc.		333,710		14,059,202
Euronet Worldwide, Inc.A		252,000		24,227,280
ExlService Holdings, Inc.A		148,600		9,519,316
KBR, Inc.		1,442,022		32,070,569

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Information Technology - 14.38% (continued)
IT Services - 2.37% (continued)
MAXIMUS, Inc.		37,787	$	2,804,173
NIC, Inc.		249,013		5,458,365
Science Applications International Corp.		69,586		5,565,488
Sykes Enterprises, Inc.A		144,093		3,956,794
Virtusa Corp.A		267,476		10,859,526
				109,696,004
Semiconductors & Semiconductor Equipment - 4.13%
Advanced Energy Industries, Inc.A		80,426		5,916,941
Amkor Technology, Inc.A		36,939		502,186
Brooks Automation, Inc.		737,891		40,178,165
ChipMOS Technologies, Inc., ADRB		135,881		2,960,847
Cohu, Inc.		1,301,360		24,504,609
Diodes, Inc.A		1,411,345		72,613,700
First Solar, Inc.A		159,546		9,500,964
MKS Instruments, Inc.		34,615		4,411,336
NVE Corp.		4,700		254,928
Photronics, Inc.A		1,909,518		22,685,074
Semtech Corp.A		140,561		7,833,464
				191,362,214
Software - 0.79%
Cloudera, Inc.A B		1,018,046		11,473,379
Ebix, Inc.B		40,546		894,242
J2 Global, Inc.A		46,970		2,664,138
Mimecast Ltd.A		183,984		8,634,369
Progress Software Corp.		178,555		6,224,427
Verint Systems, Inc.A		149,268		6,700,641
Xperi Holding Corp.		16,200		298,728
				36,889,924
Technology Hardware, Storage & Peripherals - 0.02%
Super Micro Computer, Inc.A		33,100		1,003,095
Total Information Technology				666,708,351
Materials - 5.43%
Chemicals - 1.62%
AdvanSix, Inc.A		47,819		595,347
American Vanguard Corp.		50,996		686,406
Avient Corp.		6,969		166,559
Cabot Corp.		557,025		20,320,272
Chase Corp.		27,643		2,779,780
Chemours Co.		435,153		8,063,385
Ferro Corp.A		29,531		345,217
FutureFuel Corp.		36,100		475,798
HB Fuller Co.		11,230		509,168
Huntsman Corp.		630,463		11,663,566
Ingevity Corp.A		9,626		562,929
Kraton Corp.A		128,396		1,688,407
Kronos Worldwide, Inc.		47,781		537,058
Livent Corp.A		1,057,149		6,628,324
Minerals Technologies, Inc.		209,479		9,820,376
Stepan Co.		47,021		5,134,693
Tredegar Corp.		25,800		409,704
Trinseo S.A.		38,700		839,790
Tronox Holdings PLC, Class AA		454,488		3,463,199

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Materials - 5.43% (continued)
Chemicals - 1.62% (continued)
Westlake Chemical Partners LP		12,200	$	233,264
				74,923,242
Construction Materials - 0.14%
Eagle Materials, Inc.		72,961		5,853,661
Summit Materials, Inc., Class AA		28,666		421,964
				6,275,625
Containers & Packaging - 0.29%
Graphic Packaging Holding Co.		746,500		10,406,210
Greif, Inc., Class A		90,029		3,132,109
				13,538,319
Metals & Mining - 3.04%
Alamos Gold, Inc., Class A		1,427,553		15,132,062
Allegheny Technologies, Inc.A		2,386,342		20,737,312
Carpenter Technology Corp.		473,431		10,585,917
Cleveland-Cliffs, Inc.B		120,444		623,900
Coeur Mining, Inc.A		1,455,938		11,545,588
Commercial Metals Co.		640,856		13,252,902
Compass Minerals International, Inc.		13,424		683,818
Elah Holdings, Inc.A		3,535		160,666
Ferroglobe PLCA		2,803,168		1,359,536
Ferroglobe Representation & Warranty InsuranceA C D		2,123,070		—
Hecla Mining Co.		1,255,254		6,929,002
Kaiser Aluminum Corp.		9,947		616,217
Materion Corp.		354,511		20,356,022
Pan American Silver Corp.		259,850		9,707,996
Schnitzer Steel Industries, Inc., Class A		563,124		10,361,482
Steel Dynamics, Inc.		567,193		15,546,760
Warrior Met Coal, Inc.		177,188		2,820,833
Worthington Industries, Inc.		18,446		690,249
				141,110,262
Paper & Forest Products - 0.34%
Boise Cascade Co.		159,099		7,412,423
Domtar Corp.		227,876		4,783,117
Mercer International, Inc.		59,038		439,833
PH Glatfelter Co.		27,701		441,277
Schweitzer-Mauduit International, Inc.		83,649		2,721,102
				15,797,752
Total Materials				251,645,200
Real Estate - 4.56%
Equity Real Estate Investment Trusts (REITs) - 4.26%
Agree Realty Corp.		132,678		8,885,446
Alexander’s, Inc.		2,700		679,833
Apple Hospitality REIT, Inc.		249,669		2,202,081
Brandywine Realty Trust		1,471,267		15,933,822
CareTrust REIT, Inc.		303,028		5,460,565
Colony Capital, Inc.B		1,487,584		2,856,161
CoreCivic, Inc.		322,235		2,871,114
DiamondRock Hospitality Co.		801,239		3,701,724
Equity Commonwealth		240,027		7,577,652
GEO Group, Inc.		11,143		118,450
Industrial Logistics Properties Trust		175,649		3,707,950
Kite Realty Group Trust		292,819		2,890,124
Lexington Realty Trust		2,381,592		27,626,467
Outfront Media, Inc.		449,853		6,482,382

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 95.94% (continued)
Real Estate - 4.56% (continued)
Equity Real Estate Investment Trusts (REITs) - 4.26% (continued)
Pebblebrook Hotel Trust		65,500	$	694,300
Physicians Realty Trust		641,121		11,565,823
Piedmont Office Realty Trust, Inc., Class A		789,404		12,796,239
PotlatchDeltic Corp.		421,690		18,052,549
Rayonier, Inc.		264,045		7,335,170
Retail Opportunity Investments Corp.		331,015		3,598,133
RLJ Lodging Trust		15,116		121,079
Ryman Hospitality Properties, Inc.		314,607		10,073,716
Seritage Growth Properties, Class AA B		1,162,645		10,824,225
STAG Industrial, Inc.		160,139		5,220,531
Sunstone Hotel Investors, Inc.		806,307		6,031,176
Terreno Realty Corp.		137,828		8,374,429
Urban Edge Properties		600,816		6,296,552
Weingarten Realty Investors		315,490		5,382,259
				197,359,952
Real Estate Management & Development - 0.30%
Cushman & Wakefield PLCA B		10,992		117,615
Newmark Group, Inc., Class A		750,232		3,053,444
Realogy Holdings Corp.B		305,688		2,769,533
RMR Group, Inc., Class A		278,400		8,006,784
				13,947,376
Total Real Estate				211,307,328
Utilities - 2.43%
Electric Utilities - 0.95%
ALLETE, Inc.		179,019		10,615,827
Otter Tail Corp.		52,567		2,010,688
PNM Resources, Inc.		167,705		7,082,182
Portland General Electric Co.		553,942		24,445,460
				44,154,157
Gas Utilities - 0.53%
Chesapeake Utilities Corp.		71,322		6,025,996
South Jersey Industries, Inc.		39,694		926,061
Southwest Gas Holdings, Inc.		224,422		15,628,748
Spire, Inc.		14,499		894,008
Star Group LP		50,519		475,889
Suburban Propane Partners LP, MLP		65,071		862,841
				24,813,543
Independent Power & Renewable Electricity Producers - 0.24%
Clearway Energy, Inc., Class C		444,292		10,902,926
Multi-Utilities - 0.71%
Avista Corp.		477,332		17,723,337
NorthWestern Corp.		266,202		14,976,525
				32,699,862
Total Utilities				112,570,488
Total Common Stocks (Cost $4,464,164,760)				4,447,895,900
SHORT-TERM INVESTMENTS - 4.24%
Investment Companies - 4.05%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%E F		187,743,177		187,743,177

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Principal Amount		Fair Value
U.S. Treasury Obligations - 0.19%
U.S. Treasury Bill, 1.548%, Due 8/6/2020G	$	8,800,000	$	8,799,934
Total Short-Term Investments (Cost $196,541,325)				196,543,111
	Shares
SECURITIES LENDING COLLATERAL - 0.56% (Cost $25,995,447)
Investment Companies - 0.56%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%E F		25,995,447		25,995,447
TOTAL INVESTMENTS - 100.74% (Cost $4,686,701,532)				4,670,434,458
LIABILITIES, NET OF OTHER ASSETS - (0.74%)				(34,184,571	)
TOTAL NET ASSETS - 100.00%			$	4,636,249,887

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, collateralized by either cash and/or U.S.Treasuries, at July 31, 2020.

^C  Value was determined using significant unobservable inputs.

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

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

^F  7-day yield.

^G  This security or a piece thereof is held as segregated collateral.

ADR - American Depositary Receipt.

LP - Limited Partnership.

MLP - Master Limited Partnership.

PLC - Public Limited Company.

Long Futures Contracts Open on July 31, 2020:

Equity Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Russell 2000 E-Mini Index Futures	2,490	September 2020	$	180,070,486	$	183,986,100	$	3,915,614
			$	180,070,486	$	183,986,100	$	3,915,614

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2020, the investments were classified as described below:

Small Cap Value Fund	Level 1		Level 2		Level 3			Total
Assets
Common Stocks	$	4,447,895,900	$	—	$	0	(1)	$	4,447,895,900
Short-Term Investments		187,743,177		8,799,934		—			196,543,111
Securities Lending Collateral		25,995,447		—		—			25,995,447
Total Investments in Securities - Assets	$	4,661,634,524	$	8,799,934	$	—		$	4,670,434,458
Financial Derivative Instruments - Assets
Futures Contracts	$	3,915,614	$	—	$	—		$	3,915,614

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

Total Financial Derivative Instruments – Assets $         3,915,614 $           —   $ —   $         3,915,614

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

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

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

Security Type	Balance as of 10/31/2019			Purchases		Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 7/31/2020			Unrealized Appreciation (Depreciation) at Period end**
Common Stocks	$	0	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	(1)	$	—

** Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end.

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

The table represents two common stocks classified as Level 3. One common stock is beneficial interest units in a representation and warranty insurance trust. The second common stock is a placeholder for potential payments from completion of litigation settlement process. Both securities have been fair valued at $0 due to limited market transparency.

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Australia - 1.79% (Cost $5,229,283)
Common Stocks - 1.79%
BHP Group Ltd., Sponsored ADRA		127,200	$	6,721,248
Belgium - 2.58% (Cost $9,608,213)
Common Stocks - 2.58%
Groupe Bruxelles Lambert S.A.B		111,712		9,683,521
Canada - 1.83% (Cost $8,793,216)
Common Stocks - 1.83%
Nutrien Ltd.		210,800		6,869,972
China - 5.00%
Common Stocks - 5.00%
Alibaba Group Holding Ltd., Sponsored ADRC		37,365		9,379,362
Tencent Holdings Ltd., ADR		137,700		9,431,073
Total Common Stocks				18,810,435
Total China (Cost $12,825,660)				18,810,435
Finland - 1.92% (Cost $7,662,756)
Common Stocks - 1.92%
Nokia OYJ, Sponsored ADRA		1,513,600		7,235,008
France - 15.41%
Common Stocks - 15.41%
Bollore S.A.B		2,584,104		8,656,906
Bureau Veritas S.A.B C		451,598		9,901,134
Danone S.A.B		131,800		8,805,399
EssilorLuxottica S.A.B C		41,500		5,513,682
Lagardere SCAA B C		279,000		4,240,090
SanofiB		108,081		11,298,983
Vivendi S.A.B		359,300		9,519,972
Total Common Stocks				57,936,166
Total France (Cost $56,794,463)				57,936,166
Germany - 22.92%
Common Stocks - 20.22%
adidas AGB C		28,000		7,745,809
Brenntag AGB		72,200		4,446,587
Continental AGB		43,000		4,199,111
Duerr AGB		232,782		6,372,036
GEA Group AGB		163,464		5,886,654
Infineon Technologies AGB		416,900		10,419,869
KION Group AGB		95,000		7,314,212
MTU Aero Engines AGB C		25,300		4,400,319
Siemens AG, Sponsored ADR		187,200		11,904,048
Software AGB		178,500		8,327,853
Wacker Neuson SEB C		284,000		5,018,956
Total Common Stocks				76,035,454
Preferred Stocks - 2.70%
Henkel AG & Co. KGaAB D		103,200		10,167,496
Total Germany (Cost $75,455,303)				86,202,950
Ireland - 2.96% (Cost $10,410,315)
Common Stocks - 2.96%
CRH PLCB		310,375		11,130,804

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Shares		Fair Value
Japan - 19.31%
Common Stocks - 19.31%
Amano Corp.B		424,903	$	8,019,273
FANUC Corp.B		64,800		10,888,896
Hitachi Ltd.B		299,968		8,904,431
Hoya Corp.B		71,100		7,015,740
Kao Corp.B		86,200		6,252,738
Makita Corp.B		289,100		11,125,251
Rohm Co., Ltd.A B		90,100		5,737,837
Sony Corp., Sponsored ADR		115,100		8,973,196
Tokyo Broadcasting System Holdings, Inc.B		374,300		5,668,955
Total Common Stocks				72,586,317
Total Japan (Cost $64,537,977)				72,586,317
Republic of Korea - 3.43% (Cost $9,540,375)
Preferred Stocks - 3.43%
Samsung Electronics Co., Ltd.B D		309,400		12,889,096
Spain - 1.60% (Cost $8,479,117)
Common Stocks - 1.60%
Applus Services S.A.B C		774,700		6,023,396
Switzerland - 7.11%
Common Stocks - 7.11%
Alcon, Inc.A C		99,700		5,980,006
Dufry AGB C		72,800		1,859,520
Novartis AG, Sponsored ADR		107,750		8,850,585
Roche Holding AGB		29,000		10,034,245
Total Common Stocks				26,724,356
Total Switzerland (Cost $22,794,467)				26,724,356
Taiwan - 0.55% (Cost $1,158,352)
Common Stocks - 0.55%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		26,100		2,059,029
United Kingdom - 8.76%
Common Stocks - 8.76%
Diageo PLC, Sponsored ADR		40,500		5,963,220
IMI PLCB		460,800		6,311,612
Smiths Group PLCB		587,445		10,486,354
Unilever N.V.		172,000		10,153,160
Total Common Stocks				32,914,346
Total United Kingdom (Cost $30,203,234)				32,914,346
United States - 1.07% (Cost $4,472,568)
Common Stocks - 1.07%
Bunge Ltd.		93,000		4,039,920
SHORT-TERM INVESTMENTS - 2.74% (Cost $10,298,562)
Investment Companies - 2.74%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%E F		10,298,562		10,298,562
SECURITIES LENDING COLLATERAL - 0.83% (Cost $3,128,246)
Investment Companies - 0.83%
American Beacon U.S. Government Money Market Select Fund, Select Class, 0.02%E F		3,128,246		3,128,246

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2020 (Unaudited)

	Fair Value
TOTAL INVESTMENTS - 99.81% (Cost $341,392,107)	$	375,253,372
OTHER ASSETS, NET OF LIABILITIES - 0.19%		710,513
TOTAL NET ASSETS - 100.00%	$	375,963,885

Percentages are stated as a percent of net assets.

^A  All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2020.

^B  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $264,266,737 or 70.29% of net assets.

^C  Non-income producing security.

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

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

^F  7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2020, the investments were classified as described below:

Tocqueville International Value Fund	Level 1		Level 2		Level 3		Total
Assets
Foreign Common Stocks
Australia	$	6,721,248	$	—	$	—	$	6,721,248
Belgium		—		9,683,521		—		9,683,521
Canada		6,869,972		—		—		6,869,972
China		18,810,435		—		—		18,810,435
Finland		7,235,008		—		—		7,235,008
France		—		57,936,166		—		57,936,166
Germany		11,904,048		64,131,406		—		76,035,454
Ireland		—		11,130,804		—		11,130,804
Japan		8,973,196		63,613,121		—		72,586,317
Spain		—		6,023,396		—		6,023,396
Switzerland		14,830,591		11,893,765		—		26,724,356
Taiwan		2,059,029		—		—		2,059,029
United Kingdom		16,116,380		16,797,966		—		32,914,346
Foreign Preferred Stocks
Germany		—		10,167,496		—		10,167,496
Republic of Korea		—		12,889,096		—		12,889,096
Common Stocks
United States		4,039,920		—		—		4,039,920
Short-Term Investments		10,298,562		—		—		10,298,562
Securities Lending Collateral		3,128,246		—		—		3,128,246
Total Investments in Securities - Assets	$	110,986,635	$	264,266,737	$	—	$	375,253,372

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2020, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

Organization

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. As of July 31, 2020, the Trust consists of twenty-seven active series, seven of which are presented in this filing: American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Mid-Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Tocqueville International Value 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. The remaining twenty 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.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31,2022. At this time, management is evaluating the implications of these changes on the financial statements.

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 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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

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 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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

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 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. 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. 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.

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-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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

OTC financial derivative instruments, such as forward foreign currency contracts, options contracts, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers. Depending on the product and the terms of the transaction, the 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 (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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

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 July 31, 2020, 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
Balanced	$	2,469,482	$	1,215,168	$	1,363,890	$	2,579,058
International Equity		7,332,572		7,818,363		412,705		8,231,068
Large Cap Value		32,774,330		14,792,713		19,644,763		34,437,476
Mid-Cap Value		6,737,754		—		6,957,634		6,957,634
Small Cap Value		115,338,499		25,995,447		94,162,594		120,158,041
Tocqueville International Value		16,543,734		3,128,246		14,127,307		17,255,553

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

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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2020 (Unaudited)

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.

The Funds do not have any unrecorded tax liabilities. Each of the tax years in the four year period ended October 31, 2019 remains subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of July 31, 2020, the Funds’ cost of investments for federal income tax purposes were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	179,918,335	$	17,911,249	$	(15,342,870	)	$	2,568,379
Garcia Hamilton Quality Bond		360,213,862		7,342,707		(7,067	)		7,335,640
International Equity		2,476,716,917		215,562,803		(367,064,922	)		(151,502,119	)
Large Cap Value		3,887,228,963		611,349,380		(402,640,873	)		208,708,507
Mid-Cap Value		324,707,536		35,236,086		(54,297,750	)		(19,061,664	)
Small Cap Value		4,686,701,532		652,235,017		(668,502,091	)		(16,267,074	)
Tocqueville International Value		341,392,107		50,031,817		(16,170,552	)		33,861,265

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.

As of October 31, 2019, the Funds had the following capital loss carryforwards:

Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
Garcia Hamilton Quality Bond	$	1,724,644	$	1,129,443
International Equity		26,829,245		31,461,217
Mid-Cap Value		18,737,756		—
Tocqueville International Value		4,700,350		—

ITEM 2. CONTROLS AND PROCEDURES.

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

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

SIGNATURES

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

AMERICAN BEACON FUNDS
By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President
Date: September 28, 2020

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

By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President
Date: September 28, 2020
By:	/s/ Melinda G. Heika
	Melinda G. Heika
	Treasurer
Date: September 28, 2020