United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: January 31, 2019

Date of reporting period: April 30, 2018

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

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

ITEM 1. SCHEDULE OF INVESTMENTS.

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Bermuda - 0.04% (Cost $14,157)
Common Stocks - 0.04%
Central European Media Enterprises Ltd., Class AA		3,312	$	14,076
Brazil - 4.03%
Common Stocks - 3.50%
Ambev S.A.		33,800		225,095
Atacadao Distribuicao Comercio e Industria LtdaA		1,600		6,897
Construtora Tenda S.A.A		4,900		35,681
CPFL Energia S.A.		20,300		140,174
Engie Brasil Energia S.A.		1,600		16,894
Grendene S.A.		9,400		73,334
Hypera S.A.		45,700		410,924
IRB Brasil Resseguros S/A		22,400		302,444
SLC Agricola S.A.		1,100		14,042
Total Common Stocks				1,225,485
Preferred Stocks - 0.53%
Centrais Eletricas Santa CatarinaA B		900		7,679
Telefonica Brasil S.A.B		12,800		179,548
Total Preferred Stocks				187,227
Total Brazil (Cost $1,235,171)				1,412,712
Chile - 2.88%
Common Stocks - 2.88%
AntarChile S.A.		2,356		42,714
Banco de Chile		4,633		765
Blumar S.A.		29,423		9,114
Cia Cervecerias Unidas S.A., Sponsored ADR		5,217		144,094
Embotelladora Andina S.A., Class B, ADR		3,952		119,074
Enel Chile S.A., ADR		3,961		24,637
Enel Chile S.A.		2,043,335		253,218
Inversiones Aguas Metropolitanas S.A.		6,607		12,452
Sigdo Koppers S.A.		24,802		47,311
SMU S.A.A		281,595		89,066
Sociedad Punta del Cobre S.A., Class A		1,894		11,992
Vina Concha y Toro S.A.		111,423		254,324
Total Common Stocks				1,008,761
Total Chile (Cost $757,300)				1,008,761
China - 24.14%
Common Stocks - 24.14%
Agricultural Bank of China Ltd., Class HC		860,000		483,078
Bank of China Ltd., Class HC		919,000		498,178
Bank of Communications Co., Ltd., Class HC		613,000		501,172
Beijing Chunlizhengda Medical Instruments Co., Ltd., Class HC		31,000		60,261
Beijing Jingkelong Co., Ltd., Class HC		69,000		17,203
Changshouhua Food Co., Ltd.C		19,000		9,049
China Construction Bank Corp., Class HC		467,000		489,708
China Greenfresh Group Co., Ltd.C		339,000		50,925
China Lilang Ltd.C		9,000		11,274
China Merchants Bank Co., Ltd., Class HC		78,000		340,221
China Mobile Ltd.C		42,500		404,172
China Petroleum & Chemical Corp., Class HC		482,000		469,438
China Railway Group Ltd., Class HC		41,000		32,834
China Shenhua Energy Co., Ltd., Class HC		97,000		238,354
China Shineway Pharmaceutical Group Ltd.A C		73,000		150,014
China Telecom Corp. Ltd., Class HC		970,000		469,638

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
China - 24.14% (continued)
Common Stocks - 24.14% (continued)
China Unicom Hong Kong Ltd.A C		250,000	$	350,811
CITIC Ltd.C		330,000		502,872
CNOOC Ltd.C		235,000		396,495
COSCO SHIPPING International Hong Kong Co., Ltd.C		240,000		95,384
Dongyue Group Ltd.C		67,000		55,685
Fuguiniao Co., Ltd., Class HA C		28,000		357
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class HC		36,000		138,110
Hengan International Group Co., Ltd.C		20,500		181,911
Huishang Bank Corp. Ltd., Class HC		361,000		174,028
Industrial & Commercial Bank of China Ltd., Class HC		579,000		509,276
Jiangsu Expressway Co., Ltd., Class HC		4,000		5,475
NVC Lighting Holding Ltd.C		1,961,000		198,288
PetroChina Co., Ltd., Class HC		650,000		476,915
Ping An Insurance Group Co. of China Ltd., Class HC		40,000		390,653
Shanghai Pharmaceuticals Holding Co., Ltd., Class HC		29,200		79,658
Sinopharm Group Co., Ltd., Class HC		22,000		92,698
Tencent Holdings Ltd.C		8,700		427,139
Tsingtao Brewery Co., Ltd., Class HC		16,000		82,999
Yuexiu Transport Infrastructure Ltd.C		104,000		78,480
Total Common Stocks				8,462,753
Total China (Cost $6,963,741)				8,462,753
Czech Republic - 2.21%
Common Stocks - 2.21%
CEZ A/SC		19,898		507,719
Komercni banka A/SC		3,272		141,090
Philip Morris CR A/SC		163		124,861
Total Common Stocks				773,670
Total Czech Republic (Cost $553,226)				773,670
Egypt - 2.85%
Common Stocks - 2.85%
Commercial International Bank Egypt SAEC		38,247		204,124
Credit Agricole Egypt SAEC		8,236		21,226
Eastern TobaccoC		43,194		504,171
ElSewedy Electric Co.C		3,695		52,285
Faisal Islamic Bank of EgyptC		40,070		42,692
Global Telecom Holding SAEA C		19,187		5,496
MM Group for Industry & International Trade SAEA C		57		56
Telecom Egypt Co.C		184,372		168,766
Total Common Stocks				998,816
Total Egypt (Cost $515,591)				998,816
Greece - 2.37%
Common Stocks - 2.37%
Aegean Airlines S.A.C		14,980		168,852
Hellenic Telecommunications Organization S.A.C		31,183		452,725
Holding Co. ADMIE IPTO S.A.A C		36,607		81,566
Sarantis S.A.C		6,826		117,241
Thessaloniki Water Supply & Sewage Co. S.A.C		1,610		9,481
Total Common Stocks				829,865
Total Greece (Cost $610,482)				829,865

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Hong Kong - 0.30%
Common Stocks - 0.30%
Goldlion Holdings Ltd.C		46,000	$	19,039
Organic Tea Cosmetics Holdings Co., Ltd.C		29,118		87,282
Total Common Stocks				106,321
Total Hong Kong (Cost $109,352)				106,321
Hungary - 2.20%
Common Stocks - 2.20%
Magyar Telekom Telecommunications PLCC		276,642		479,500
MOL Hungarian Oil & Gas PLCC		2,320		26,799
OTP Bank NyrtC		282		12,350
Richter Gedeon NyrtC		12,160		245,896
Waberer’s International NyrtA C		290		4,677
Zwack Unicum RtC		7		466
Total Common Stocks				769,688
Total Hungary (Cost $663,656)				769,688
India - 11.69%
Common Stocks - 11.69%
Abbott India Ltd.C		440		40,946
Colgate-Palmolive India Ltd.C		1,861		31,206
Gillette India Ltd.C		1,887		184,973
GlaxoSmithKline Consumer Healthcare Ltd.C		2,006		183,967
Hawkins Cookers Ltd.C		381		17,338
HCL Technologies Ltd.C		25,858		406,765
Hinduja Global Solutions Ltd.C		4,072		57,643
Hindustan Unilever Ltd.C		22,905		513,591
Infosys Ltd.C		9,703		173,745
Infosys Ltd., Sponsored ADR		13,317		235,311
Maruti Suzuki India Ltd.C		900		118,189
Nestle India Ltd.C		2,968		417,009
Oracle Financial Services Software Ltd.A C		5,183		331,662
Pfizer Ltd.C		7,381		251,497
Procter & Gamble Hygiene & Health Care Ltd.C		1,222		174,136
Tata Consultancy Services Ltd.C		9,661		509,179
Wipro Ltd.C		87,362		364,414
Wipro Ltd., ADRD		17,962		85,858
Total Common Stocks				4,097,429
Total India (Cost $3,380,572)				4,097,429
Indonesia - 4.01%
Common Stocks - 4.01%
Adira Dinamika Multi FinanceC		14,900		9,170
Astra Graphia Tbk PTC		167,100		17,400
Bank Central Asia Tbk PTC		216,600		342,498
Bank Rakyat Indonesia Persero Tbk PTC		48,000		11,064
Gudang Garam Tbk PTC		3,300		16,391
Hanjaya Mandala Sampoerna Tbk PTC		646,900		163,887
Indofood CBP Sukses Makmur Tbk PTC		224,900		139,926
Indofood Sukses Makmur Tbk PTC		577,400		288,775
Multi Bintang Indonesia Tbk PTC		8,600		10,187
Multipolar Technology Tbk PTC		558,900		29,201
Telekomunikasi Indonesia Persero Tbk PTC		75,300		20,576

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Indonesia - 4.01% (continued)
Common Stocks - 4.01% (continued)
Unilever Indonesia Tbk PTC		107,000	$	355,690
Total Common Stocks				1,404,765
Total Indonesia (Cost $1,509,191)				1,404,765
Malaysia - 5.06%
Common Stocks - 5.06%
Batu Kawan BhdC		2,800		13,061
Fraser & Neave Holdings BhdC		34,900		315,807
Kim Loong Resources BhdC		26,100		8,631
Kuala Lumpur Kepong BhdC		43,800		283,574
Nestle Malaysia BhdC		4,200		147,555
Public Bank BhdC		83,500		502,102
Sime Darby Plantation BhdC		54,100		76,698
Tenaga Nasional BhdC		106,700		427,760
Total Common Stocks				1,775,188
Total Malaysia (Cost $1,368,004)				1,775,188
Mexico - 0.84%
Common Stocks - 0.84%
Industrias Bachoco S.A.B. de C.V., Series B		17,308		88,789
Megacable Holdings S.A.B. de C.V.E		44,670		205,244
Total Common Stocks				294,033
Total Mexico (Cost $233,886)				294,033
Peru - 2.00%
Common Stocks - 2.00%
Alicorp S.A.A.		133,443		490,207
Southern Copper Corp.D		3,566		188,321
Union de Cervecerias Peruanas Backus y Johnston S.A.A., Class I		3,546		22,019
Total Common Stocks				700,547
Total Peru (Cost $545,443)				700,547
Philippines - 3.28%
Common Stocks - 3.28%
Aboitiz Power Corp.C		228,600		167,657
Asia United Bank Corp.C		19,880		22,666
Bank of the Philippine IslandsC		6,810		13,810
Cebu Air, Inc.C		48,130		82,281
China Banking Corp.C		51,412		34,516
Cosco Capital, Inc.C		261,300		33,838
East West Banking Corp.C		28,600		9,599
Manila Electric Co.C		81,090		504,194
Pepsi-Cola Products Philippines, Inc.C		40,900		2,066
Philippine National BankA C		12,920		13,081
Pilipinas Shell Petroleum Corp.C		5,480		5,539
RFM Corp.C		132,000		12,356
San Miguel Corp.C		50,960		137,676
San Miguel Food and Beverage, Inc.C		45,900		57,334
Top Frontier Investment Holdings, Inc.A C		1,480		7,561

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Philippines - 3.28% (continued)
Common Stocks - 3.28% (continued)
Union Bank of the PhilippinesC		25,780	$	45,423
Total Common Stocks				1,149,597
Total Philippines (Cost $1,135,698)				1,149,597
Poland - 0.32%
Common Stocks - 0.32%
Boryszew S.A.A C		2,086		5,247
Dom Development S.A.C		1,421		36,235
Netia S.A.C		10,180		15,002
Neuca S.A.C		175		15,298
Stalexport Autostrady S.A.C		29,864		33,278
Zespol Elektrocieplowni Wroclawskich Kogeneracja S.A.C		433		8,937
Total Common Stocks				113,997
Total Poland (Cost $106,749)				113,997
Republic of Korea - 10.83%
Common Stocks - 10.83%
Aju Capital Co., Ltd.C		1,109		8,062
Binggrae Co., Ltd.C		1,466		91,011
Busan City Gas Co., Ltd.C		333		11,240
Daeduck Electronics Co.C		101		786
Daehan Synthetic Fiber Co., Ltd.C		89		10,141
Daekyo Co., Ltd.C		11,206		82,252
Daesung Energy Co., Ltd.C		8,294		46,074
Dong-Il Corp.C		3,523		172,067
E-MART, Inc.C		45		11,331
ESTec Corp.C		5,543		55,767
Fursys, Inc.C		239		6,895
Incheon City Gas Co., Ltd.C		1,136		31,885
Industrial Bank of KoreaC		3,180		49,903
Jinro Distillers Co., Ltd.C		1,536		45,210
JLS Co., Ltd.C		7,716		53,429
Kia Motors Corp.C		11,831		365,952
KT Corp.C		16,598		422,726
LF Corp.C		13,905		365,926
LG Electronics, Inc.C		4,893		463,717
LG Uplus Corp.C		19,119		219,018
Namyang Dairy Products Co., Ltd.C		191		121,097
RedcapTour Co., Ltd.C		842		13,142
Saeron Automotive Corp.C		2,901		17,317
Samsung Electronics Co., Ltd.C		160		392,511
Samwonsteel Co., Ltd.C		5,383		16,544
Samyang Tongsang Co., Ltd.C		868		35,684
SAVEZONE I&C Corp.C		6,608		27,347
SK Hynix, Inc.C		927		72,584
SK Telecom Co., Ltd.C		1,981		423,448
TS Corp.C		1,139		26,614
YESCO Co., Ltd.C		2,705		103,757
Youngone Holdings Co., Ltd.C		671		33,466
Total Common Stocks				3,796,903
Total Republic of Korea (Cost $3,213,880)				3,796,903
Russia - 1.06%
Common Stocks - 1.06%
Gazprom Neft PJSC, Sponsored ADRC		8,178		199,756

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Russia - 1.06% (continued)
Common Stocks - 1.06% (continued)
Rostelecom PJSC, Sponsored ADRC		28,013	$	171,997
Total Common Stocks				371,753
Total Russia (Cost $350,829)				371,753
South Africa - 3.99%
Common Stocks - 3.83%
Aspen Pharmacare Holdings Ltd.C		1,686		36,312
Bid Corp. Ltd.C		9,144		208,920
Clover Industries Ltd.C		54,461		83,841
Combined Motor Holdings Ltd.C		3,475		8,856
Mondi Ltd.C		13,511		393,469
Tongaat Hulett Ltd.C		30,497		219,361
Vodacom Group Ltd.C		31,503		392,961
Total Common Stocks				1,343,720
Preferred Stocks - 0.16%
Absa Bank Ltd.B C		1,084		57,868
Total South Africa (Cost $1,354,697)				1,401,588
Taiwan - 8.57%
Common Stocks - 8.57%
104 Corp.C		4,000		23,799
Aurora Corp.C		7,000		20,861
Chang Hwa Commercial Bank Ltd.C		83,000		47,777
Chunghwa Telecom Co., Ltd.C		132,000		502,546
E-LIFE MALL Corp.C		12,000		26,296
ECOVE Environment Corp.C		4,000		23,492
Far Eastern International BankC		1,082,204		363,158
First Financial Holding Co., Ltd.C		52,000		35,745
Great Taipei Gas Co., Ltd.C		74,000		69,680
Lian HWA Food Corp.C		3,080		3,625
Shanghai Commercial & Savings Bank Ltd.C		426,890		529,714
Sysage Technology Co., Ltd.C		19,000		21,702
Taichung Commercial Bank Co., Ltd.C		1,192,309		412,224
Tainan Enterprises Co., Ltd.C		15,000		11,651
Taiwan Business BankC		364,759		112,111
Taiwan Cooperative Financial Holding Co., Ltd.C		99,842		57,991
Taiwan Secom Co., Ltd.C		71,105		213,835
Taiwan Semiconductor Manufacturing Co., Ltd.C		1,000		7,580
Taiwan Shin Kong Security Co., Ltd.C		179,170		234,129
Ttet Union Corp.C		17,000		53,931
Uni-President Enterprises Corp.C		39,000		94,158
Union Bank Of TaiwanC		308,000		100,712
Ve Wong Corp.C		44,000		38,167
Total Common Stocks				3,004,884
Total Taiwan (Cost $2,566,855)				3,004,884
Thailand - 4.70%
Common Stocks - 4.70%
Advanced Information Technology PCL		60,500		52,717
Amata B.Grimm Power Plant Infrasture FundC E		48,400		13,117
Bangkok Bank PCL, NVDRC		21,200		129,177
Bangkok Bank PCLC		15,400		93,836
Bangkok Insurance PCL, NVDRC		1,900		21,664
Digital Telecommunications Infrasturcture FundC E		112,100		50,427

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Thailand - 4.70% (continued)
Common Stocks - 4.70% (continued)
Glow Energy PCL, NVDRC		25,600	$	69,801
Kang Yong Electric PCL, NVDRC		100		1,457
Kang Yong Electric PCL		2,100		30,608
Krung Thai Bank PCL, NVDRC		571,200		328,871
PTT PCL, NVDRC		7,000		12,455
Ratchaburi Electricity Generating Holding PCL		103,400		171,187
Ratchaburi Electricity Generating Holding PCL, NVDRC		103,000		170,351
Siam Cement PCL, NVDRC		32,000		472,664
Siam Makro PCL, NVDRC		11,000		16,697
Thai Stanley Electric PCL, NVDRC		1,800		12,996
Thai Vegetable Oil PCL, NVDRC		1,000		1,115
Total Common Stocks				1,649,140
Total Thailand (Cost $1,534,499)				1,649,140
SHORT-TERM INVESTMENTS - 2.48% (Cost $870,636)
Investment Companies - 2.48%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%F G		870,636		870,636
SECURITIES LENDING COLLATERAL - 0.77% (Cost $269,906)
Investment Companies - 0.77%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%F G		269,906		269,906
TOTAL INVESTMENTS - 100.62% (Cost $29,863,521)				35,277,028
LIABILITIES, NET OF OTHER ASSETS - (0.62%)				(216,193	)
TOTAL NET ASSETS - 100.00%			$	35,060,835

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

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

^C  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $30,130,676 or 85.94% of net assets. Value was determined using significant unobservable inputs.

^D  All or a portion of this security is on loan at April 30, 2018.

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

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

^G  7-day yield.

ADR - American Depositary Receipt.

NVDR - Non Voting Depositary Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Private Joint Stock Company.

PLC - Public Limited Company.

Futures Contracts Open on April 30, 2018:

Long Futures

Equity Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		15		June 2018	$	881,362	$	864,150	$	(17,212	)
					$	881,362	$	864,150	$	(17,212	)

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Index Abbreviations:

MSCI Morgan Stanley Capital International

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

Acadian Emerging Markets Managed Volatility Fund	Level 1			Level 2		Level 3		Total
Assets
Foreign Common Stocks
Bermuda	$	14,076		$	—	$	—	$	14,076
Brazil		1,225,485			—		—		1,225,485
Chile		1,008,761			—		—		1,008,761
China		—			8,462,396		357		8,462,753
Czech Republic		—			773,670		—		773,670
Egypt		—			998,816		—		998,816
Greece		—			829,865		—		829,865
Hong Kong		—			106,321		—		106,321
Hungary		—			769,688		—		769,688
India		321,169			3,776,260		—		4,097,429
Indonesia		—			1,404,765		—		1,404,765
Malaysia		—			1,775,188		—		1,775,188
Mexico		294,033			—		—		294,033
Peru		700,547			—		—		700,547
Philippines		—			1,149,597		—		1,149,597
Poland		—			113,997		—		113,997
Republic of Korea		—			3,796,903		—		3,796,903
Russia		—			371,753		—		371,753
South Africa		—			1,343,720		—		1,343,720
Taiwan		—			3,004,884		—		3,004,884
Thailand		—			1,649,140		—		1,649,140
Foreign Preferred Stocks
Brazil		187,227			—		—		187,227
South Africa		—			57,868		—		57,868
Short-Term Investments		870,636			—		—		870,636
Securities Lending Collateral		269,906			—		—		269,906
Total Investments in Securities - Assets	$	4,891,840		$	30,384,831	$	357	$	35,277,028
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(17,212	)	$	—	$	—	$	(17,212	)
Total Financial Derivative Instruments - Liabilities	$	(17,212	)	$	—	$	—	$	(17,212	)

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were transfers from Level 1 to Level 2, with a fair value of $28,589,206 as a result of a determination made by the Valuation Committee that adjustments should be applied to certain international securities due to significant movement in the market.

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (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 1/31/2018		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 4/30/2018		Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Common Stock	$	358	$	—	$	—	$	—	$	—	$	(1	)	$	—	$	—	$	357	$	(1	)

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

The foreign common stock classified as Level 3 was fair valued at a nominal value of 0.10 Hong Kong Dollar due to lack of observable inputs.

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Holdings (% Net Assets)
Shanghai Commercial & Savings Bank Ltd.		1.5
Hindustan Unilever Ltd.		1.5
Industrial & Commercial Bank of China Ltd.		1.5
Tata Consultancy Services Ltd.		1.5
CEZ A/S		1.4
Manila Electric Co.		1.4
Eastern Tobacco		1.4
CITIC Ltd.		1.4
Chunghwa Telecom Co., Ltd.		1.4
Public Bank Bhd		1.4
Total Fund Holdings	230
Sector Allocation (% Equities)
Financials		21.9
Consumer Staples		21.3
Telecommunication Services		13.9
Information Technology		9.3
Utilities		8.3
Consumer Discretionary		6.7
Energy		5.4
Industrials		5.3
Health Care		4.5
Materials		3.4
Country Allocation (% Equities)
China		24.8
India		12.0
Republic of Korea		11.1
Taiwan		8.8
Malaysia		5.2
Thailand		4.8
Brazil		4.1
Indonesia		4.1
South Africa		4.1
Philippines		3.4
Chile		3.0
Egypt		2.9
Greece		2.4
Czech Republic		2.3
Hungary		2.3
Peru		2.1
Russia		1.1
Mexico		0.9
Poland		0.3
Hong Kong		0.3

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 0.00%
Energy - 0.00%
Oil, Gas & Consumable Fuels - 0.00%
Energy Exploration AssetA B		3	$	—
Health Care - 0.00%
Pharmaceuticals - 0.00%
Millennium Health LLCA B		4,651		98
Total Common Stocks (Cost $26,255)				98
	Principal Amount
BANK LOAN OBLIGATIONSC - 20.53%
Basic Materials - 0.59%
Golden Nugget, Inc., 4.649%, Due 10/4/2023, 2017 Incremental Term Loan, (1-mo. LIBOR + 2.750%)	$	48,247		48,635
GrafTech Finance, Inc., 5.395%, Due 2/12/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		125,000		125,469
H.B. Fuller Co., Due 10/20/2024, 2017 Term Loan BD		47,401		47,528
Loparex Holding B.V., Due 3/27/2025, 2018 Term LoanD		52,000		52,260
PQ Corp., 4.401%, Due 2/8/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.500%)		124,019		124,617
Prince Minerals, Inc., 5.802%, Due 3/20/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		125,000		126,172
Univar, Inc., 4.401%, Due 7/1/2024, 2017 USD Term Loan B, (1-mo. LIBOR + 2.500%)		8,293		8,362
				533,043
Consumer - 3.74%
Albertsons LLC, 4.651%, Due 8/25/2021, USD 2017 Term Loan B4, (1-mo. LIBOR + 2.750%)		39,000		38,610
Alphabet Holding Co., Inc., 5.401%, Due 9/26/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		124,375		107,273
Casablanca US Holdings, Inc., 6.651%, Due 3/15/2024, 1st Lien Term Loan, (3-mo. LIBOR + 4.750%)		29,700		29,886
CHG PPC Parent LLC, 4.651%, Due 3/31/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.750%)		125,000		125,625
Community Health Systems, Inc., 5.234%, Due 1/27/2021, Term Loan H, (3-mo. LIBOR + 3.250%)		24,000		23,260
Container Store, Inc. (The), 9.302%, Due 8/15/2021, 2017 Term Loan B, (3-mo. LIBOR + 7.000%)		22,854		22,912
Crown Finance US, Inc., 4.401%, Due 2/28/2025, 2018 USD Term Loan, (1-mo. LIBOR + 2.500%)		125,000		124,805
CSC Holdings LLC, 4.397%, Due 1/25/2026, 2018 Term Loan B, (1-mo. LIBOR + 2.500%)		125,000		125,000
CVS Holdings I, LP, 4.790%, Due 2/6/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.000%)		125,000		123,985
Endo Luxembourg Finance Co. I S.a r.l., 6.188%, Due 4/29/2024, 2017 Term Loan B, (1-mo. LIBOR + 4.250%)		124,063		123,287
Global Appliance, Inc., 5.910%, Due 9/29/2024, Term Loan B, (1-mo. LIBOR + 4.000%)		124,375		126,085
HCA, Inc., 3.901%, Due 3/13/2025, 2018 Term Loan B10, (1-mo. LIBOR + 2.000%)		125,000		126,267
IRB Holding Corp., 5.194%, Due 2/5/2025, 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		125,000		126,329
Las Vegas Sands LLC, 3.651%, Due 3/27/2025, 2018 Term Loan B, (1-mo. LIBOR + 1.750%)		8,095		8,137
P.F. Chang’s China Bistro, Inc., 7.669%, Due 8/18/2022, 2017 Term Loan B, (6-mo. LIBOR + 5.000%)		124,375		122,354
Packers Holdings LLC, 5.128%, Due 12/4/2024, 2017 Term Loan B, (1-mo. LIBOR + 3.250%)		124,688		124,999
Paradigm Acquisition Corp., 6.703%, Due 10/11/2024, 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		186,533		187,583
Parexel International Corp., Due 9/27/2024, Term Loan BD		76,000		76,238
RSC Acquisition, Inc., 6.552%, Due 11/30/2022, 2018 1st Lien Term Loan, (PRIME + 3.250%)		283,158		282,450
Scientific Games International, Inc., 4.727%, Due 8/14/2024, 2018 Term Loan B5, (2-mo. LIBOR + 2.750%)		124,688		125,408
Shutterfly, Inc., 4.660%, Due 8/17/2024, Term Loan B2, (1-mo. LIBOR + 2.750%)		125,000		126,094

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 20.53% (continued)
Consumer - 3.74% (continued)
SMG Holdings, Inc., 5.151%, Due 1/23/2025, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)	$	125,000	$	126,041
Staples, Inc., 5.787%, Due 9/12/2024, 2017 Term Loan B, (3-mo. LIBOR + 4.000%)		63,341		62,617
Strategic Partners, Inc., 5.651%, Due 6/30/2023, 2016 Term Loan, (3-mo. LIBOR + 3.750%)		118,802		119,693
Team Health Holdings, Inc., 4.651%, Due 2/6/2024, 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		21,945		21,231
TGP Holdings III LLC,
Due 9/25/2024, 2018 Delayed Draw Term LoanD E		29,369		29,516
6.151%, Due 9/25/2024, 2018 1st Lien Term Loan, (1-mo. LIBOR + 4.250%)D		165,314		166,140
10.802%, Due 9/25/2025, 2nd Lien Term Loan, (3-mo. LIBOR + 8.500%)		50,000		50,500
TMK Hawk Parent Corp., 5.401%, Due 8/28/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		124,388		125,104
Varsity Brands, Inc., 5.401%, Due 12/15/2024, 2017 Term Loan B, (1-mo. LIBOR + 3.500%)		124,688		125,591
Wheel Pros LLC, 6.633%, Due 3/16/2025, 1st Lien Term Loan, (1 Week LIBOR + 4.750%)		125,000		123,750
Wyndham Hotels & Resorts, Inc., Due 3/28/2025, Term Loan BD		125,000		125,923
				3,352,693
Defense - 0.16%
TransDigm, Inc., Due 6/9/2023, 2017 Extended Term Loan FD		145,000		145,577
Energy - 1.04%
California Resources Corp.,
12.273%, Due 12/31/2021, Second Out Term Loan, (1-mo. LIBOR + 10.375%)		12,000		13,470
6.647%, Due 12/31/2022, 2017 1st Lien Term Loan, (1-mo. LIBOR + 4.750%)		13,000		13,264
Chief Exploration & Development LLC, 8.416%, Due 5/16/2021, 2nd Lien Term Loan, (2-mo. LIBOR + 6.500%)		250,000		247,032
Cortes NP Acquisition Corp., 5.887%, Due 11/30/2023, 2017 Term Loan B, (1-mo. LIBOR + 4.000%)		31,518		31,465
Delek US Holdings, Inc., Due 3/13/2025, 2018 1st Lien Term LoanD		125,000		125,860
Energy & Exploration Partners, Inc., 5.000%, Due 5/13/2022, 2016 2nd Lien PIK Term Loan, (3-mo. LIBOR + 5.000%)		6,506		65
Lucid Energy Group II LLC, 4.897%, Due 2/17/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		125,000		124,844
McDermott Technology Americas, Inc., Due 4/4/2025, 2018 1st Lien Term LoanD		125,000		124,024
Medallion Midland Acquisition LLC, 5.151%, Due 10/30/2024, 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		124,688		124,843
PowerTeam Services LLC, 5.552%, Due 2/27/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		125,000		124,923
				929,790
Financial - 2.28%
1011778 B.C. Unlimited Liability Co., 4.151%, Due 2/16/2024, Term Loan B3, (1-mo. LIBOR + 2.250%)		150,000		150,375
Acrisure LLC, 6.609%, Due 11/22/2023, 2017 Term Loan B, (3-mo. LIBOR + 4.250%)		127,169		128,812
AssuredPartners, Inc., 5.151%, Due 10/22/2024, 2017 1st Lien Add-On Term Loan, (1-mo. LIBOR + 3.250%)		133,996		134,520
Asurion LLC, 7.901%, Due 8/4/2025, 2017 2nd Lien Term Loan, (1-mo. LIBOR + 6.000%)		125,000		128,375
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l., Due 4/3/2022, Term Loan B2D		146,000		146,223
Capital Automotive L.P., 7.910%, Due 3/24/2025, 2017 2nd Lien Term Loan, (1-mo. LIBOR + 6.000%)		123,031		124,262
EIG Management Co. LLC, 5.654%, Due 1/31/2025, 2018 Term Loan B, (3-mo. LIBOR + 3.750%)		104,000		104,606
First Data Corporation, Due 7/8/2022, 2022 USD Term LoanD		154,000		154,539
Focus Financial Partners LLC, 5.052%, Due 7/3/2024, 2018 1st Lien Term Loan, (3-mo. LIBOR + 2.750%)		124,375		124,997
Genworth Financial, Inc., 6.395%, Due 2/22/2023, Term Loan, (1-mo. LIBOR + 4.500%)		125,000		127,031

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 20.53% (continued)
Financial - 2.28% (continued)
Hub International Ltd., Due 4/25/2025, 2018 Term Loan BD	$	100,000	$	100,583
Iron Mountain, Inc., 3.648%, Due 1/2/2026, 2018 Term Loan B, (3-mo. LIBOR + 1.750%)		81,000		80,646
Jane Street Group LLC, 5.651%, Due 8/25/2022, 2018 Term Loan B, (1-mo. LIBOR + 3.750%)		83,219		84,155
Prime Security Services Borrower LLC, Due 5/2/2022, 2016 1st Lien Term LoanD		73,000		73,431
SBA Senior Finance II LLC, Due 4/11/2025, 2018 Term Loan BD		89,000		89,210
StepStone Group LP, 5.900%, Due 3/14/2025, Term Loan B, (1-mo. LIBOR + 4.000%)		97,000		97,243
Travelport Finance (Luxembourg) S.a.r.l., 4.401%, Due 3/17/2025, 2018 Term Loan B, (3-mo. LIBOR + 2.500%)		53,000		53,177
VFH Parent LLC, 5.558%, Due 12/30/2021, 2017 Refinanced Term Loan B, (3-mo. LIBOR + 3.250%)		59,918		60,667
WEX, Inc., 4.151%, Due 6/30/2023, 2017 Term Loan B2, (1-mo. LIBOR + 2.250%)		76,266		76,721
				2,039,573
Health Care - 1.33%
Affordable Care Holding Corp., 6.744%, Due 10/22/2022, 2015 1st Lien Term Loan, (2-mo. LIBOR + 4.750%)		48,875		48,997
Amneal Pharmaceuticals LLC, Due 5/4/2025, 2018 Term Loan BD		125,000		125,469
Avantor, Inc., 5.901%, Due 11/21/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 4.000%)		124,688		126,002
Beaver-Visitec International, Inc., 7.302%, Due 8/21/2023, 1st Lien Term Loan, (3-mo. LIBOR + 5.000%)		74,433		74,433
Curo Health Services Holdings, Inc., 5.811%, Due 2/7/2022, 2015 1st Lien Term Loan, (3-mo. LIBOR + 4.000%)		72,450		72,631
ExamWorks Group, Inc., 5.151%, Due 7/27/2023, 2017 Term Loan, (1-mo. LIBOR + 3.250%)		5,016		5,054
INC Research LLC, Due 8/1/2024, 1st Lien Term Loan BD		38,856		38,980
Ivory Merger Sub, Inc., 5.610%, Due 3/7/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		102,000		101,873
Mallinckrodt International Finance S.A., 4.820%, Due 2/24/2025, 2018 Term Loan B, (3-mo. LIBOR + 3.000%)		125,000		124,750
NVA Holdings, Inc., 5.052%, Due 2/2/2025, Term Loan B3, (3-mo. LIBOR + 2.750%)		125,000		125,469
Onex Carestream Finance LP, 5.901%, Due 6/7/2019, 1st Lien Term Loan, (1-mo. LIBOR + 4.000%)		61,938		62,159
Press Ganey Holdings, Inc., Due 10/21/2023, 2018 1st Lien Term LoanD		97,690		98,300
Prospect Medical Holdings, Inc., 7.438%, Due 2/22/2024, 2018 Term Loan B, (1-mo. LIBOR + 5.500%)		125,000		125,625
Valeant Pharmaceuticals International, Inc., 5.400%, Due 4/1/2022, Term Loan B Series F4, (1-mo. LIBOR + 3.500%)		57,461		58,072
				1,187,814
Manufacturing - 2.57%
AECOM, 3.651%, Due 2/22/2025, Term Loan B, (1-mo. LIBOR + 1.750%)		125,000		125,312
American Bath Group LLC, 7.552%, Due 9/30/2023, 2017 Term Loan B, (3-mo. LIBOR + 5.250%)		246,867		249,232
ASP Chromaflo Dutch B.V., 5.401%, Due 11/18/2023, Term Loan B2, (1-mo. LIBOR + 3.500%)		39,448		39,695
ASP Chromaflo Intermediate Holdings, Inc., 5.401%, Due 11/18/2023, Term Loan B1, (1-mo. LIBOR + 3.500%)		30,337		30,527
Berlin Packaging LLC, 5.067%, Due 10/1/2021, 2017 Term Loan B, (1-mo. LIBOR + 3.250%)		123,726		123,829
BWAY Holding Co., 5.587%, Due 4/3/2024, 2017 Term Loan B, (3-mo. LIBOR + 3.250%)		48,633		48,884
Consolidated Container Co. LLC, 4.901%, Due 5/22/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		124,376		125,153
Coty Inc., 4.128%, Due 4/7/2025, 2018 USD Term Loan B, (1-mo. LIBOR + 2.250%)		125,000		124,844
CPG International, Inc., 5.593%, Due 5/3/2024, 2017 Term Loan, (6-mo. LIBOR + 3.750%)		122,222		123,023
DG Investment Intermediate Holdings 2, Inc., Due 2/3/2025, 2018 Delayed Draw Term LoanD E		12,097		12,082

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 20.53% (continued)
Manufacturing - 2.57% (continued)
Emerald Performance Materials LLC, 5.401%, Due 8/1/2021, New 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)	$	124,760	$	125,800
Flex Acquisition Co., Inc., 5.308%, Due 12/29/2023, 1st Lien Term Loan, (3-mo. LIBOR + 3.000%)		123,750		124,349
Netsmart Technologies, Inc., 6.401%, Due 4/19/2023, 2016 Term Loan C1, (1-mo. LIBOR + 4.500%)		39,399		39,694
Pisces Midco, Inc., 6.089%, Due 4/12/2025, 2018 Term Loan, (3-mo. LIBOR + 3.750%)		125,000		126,094
Pro Mach Group, Inc., 5.035%, Due 3/7/2025, 2018 Term Loan B, (3-mo. LIBOR + 3.000%)		125,000		125,156
Road Infrastructure Investment LLC, 5.401%, Due 6/13/2023, 2016 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		76,835		77,027
SHO Holding Corp., 7.359%, Due 10/27/2022, Term Loan, (3-mo. LIBOR + 5.000%)		244,375		200,388
Tank Holding Corp., 5.726%, Due 3/17/2022, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		83,043		83,631
Titan Acquisition Ltd., 5.056%, Due 3/28/2025, 2018 Term Loan B, (2-mo. LIBOR + 3.000%)		125,000		125,085
U.S. Silica Company, Due 3/4/2025, 2018 Term Loan BD		150,000		151,312
Vencore, Inc., 6.651%, Due 11/23/2019, 1st Lien Term Loan, (1-mo. LIBOR + 4.750%)		121,677		121,677
				2,302,794
Media - 0.48%
ION Media Networks, Inc., 4.660%, Due 12/18/2020, 2017 Term Loan B3, (1-mo. LIBOR + 2.750%)		75,000		75,156
Meredith Corp., 4.901%, Due 1/31/2025, Term Loan B, (1-mo. LIBOR + 3.000%)		125,000		125,766
Radiate Holdco LLC, 4.901%, Due 2/1/2024, 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		138,277		136,744
Univision Communications, Inc., Due 3/15/2024, Term Loan C5D		17,595		17,341
UPC Financing Partnership, Due 1/15/2026, USD Term Loan ARD		75,000		75,156
				430,163
Service - 4.48%
ADMI Corp., Due 4/4/2025, 2018 Term Loan BD		140,000		140,409
Albany Molecular Research, Inc., 5.151%, Due 8/30/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		124,375		125,231
Allied Universal Holdco LLC, 6.052%, Due 7/28/2022, 2015 Term Loan, (3-mo. LIBOR + 3.750%)		61,091		59,857
ATI Holdings Acquisition, Inc., 5.395%, Due 5/10/2023, 2016 Term Loan, (3-mo. LIBOR + 3.500%)		99,133		99,257
BioClinica, Inc., 6.625%, Due 10/20/2023, 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		85,595		83,455
BJ’s Wholesale Club, Inc., Due 2/3/2024, 2017 1st Lien Term LoanD		35,397		35,534
Boing US Holdco, Inc., 5.037%, Due 10/3/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		124,688		125,103
Brand Energy & Infrastructure Services, Inc., 6.611%, Due 6/21/2024, 2017 Term Loan, (3-mo. LIBOR + 4.250%)		124,063		125,195
Brickman Group Ltd. LLC, 8.394%, Due 12/17/2021, Initial Term Loan (Second Lien), (1-mo. LIBOR + 6.500%)		58,511		58,803
California Pizza Kitchen, Inc., 7.910%, Due 8/23/2022, 2016 Term Loan, (1-mo. LIBOR + 6.000%)		246,250		241,817
Camelot UK Holdco Ltd., 5.151%, Due 10/3/2023, 2017 Repriced Term Loan, (1-mo. LIBOR + 3.250%)		69,650		70,098
CareerBuilder LLC, 9.052%, Due 7/26/2023, Term Loan, (3-mo. LIBOR + 6.750%)		35,100		35,129
EAB Global, Inc., 6.252%, Due 11/15/2024, 1st Lien Term Loan, (3-mo. LIBOR + 3.750%)		125,000		125,312
Fort Dearborn Co., 6.309%, Due 10/19/2023, 2016 1st Lien Term Loan, (2-mo. LIBOR + 4.000%)		15,867		15,629
Heartland Dental LLC,
Due 4/17/2025, 2018 Delayed Draw Term LoanD		13,174		13,218
Due 4/30/2025, 2018 1st Lien Term LoanD		87,826		88,119
IG Investment Holdings LLC, 5.802%, Due 10/29/2021, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		106,358		107,289

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 20.53% (continued)
Service - 4.48% (continued)
Institutional Shareholder Services, Inc.,
5.797%, Due 10/16/2024, 2017 Delayed Draw Term Loan, (3-mo. LIBOR + 3.750%)	$	8,333	$	8,354
6.058%, Due 10/16/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.750%)		91,437		91,666
10.058%, Due 10/16/2025, 2017 2nd Lien Term Loan, (3-mo. LIBOR + 7.750%)		25,000		25,125
Kingpin Intermediate Holdings LLC, 6.150%, Due 6/28/2024, 2017 1st Lien Term Loan B, (1-mo. LIBOR + 4.250%)		124,063		125,923
Lakeland Tours LLC,
6.125%, Due 12/15/2024, 2017 1st Lien Term Loan B, (3-mo. LIBOR + 4.000%)		115,489		116,644
Due 12/15/2024, 2017 Delayed Draw Term LoanD E		9,511		9,606
Learning Care Group, Inc., 5.424%, Due 3/13/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		125,000		125,625
Mister Car Wash Holdings, Inc., 5.703%, Due 8/20/2021, Term Loan B, (6-mo. LIBOR + 3.250%)		123,272		123,734
NMSC Holdings, Inc., 7.453%, Due 4/19/2023, 1st Lien Term Loan, (6-mo. LIBOR + 5.000%)		250,000		244,375
Playpower, Inc., 7.052%, Due 6/23/2021, 2015 1st Lien Term Loan, (3-mo. LIBOR + 4.750%)		244,347		246,179
Pre-Paid Legal Services, Inc., Due 5/1/2025, 2018 1st Lien Term LoanD		95,000		95,713
PSAV Holdings LLC, 5.202%, Due 3/1/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		132,000		132,124
Quidditch Acquisition, Inc., 8.897%, Due 3/14/2025, 2018 Term Loan B, (1-mo. LIBOR + 7.000%)		110,000		110,550
Realogy Corp., 4.145%, Due 2/8/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.250%)		74,275		74,658
Red Ventures LLC, 5.901%, Due 11/8/2024, 1st Lien Term Loan, (1-mo. LIBOR + 4.000%)		124,375		125,805
Rentpath, Inc., 6.660%, Due 12/17/2021, 2017 Term Loan, (1-mo. LIBOR + 4.750%)		119,096		107,633
Spin Holdco Inc., Due 11/14/2022, 2017 Term Loan BD		73,000		73,487
Tribune Media Co., 4.901%, Due 12/27/2020, Term Loan, (1-mo. LIBOR + 3.000%)		4,219		4,219
TruGreen Limited Partnership, 5.897%, Due 4/13/2023, 2017 Term Loan, (1-mo. LIBOR + 4.000%)		47,317		47,701
Vestcom Parent Holdings, Inc., 5.901%, Due 12/19/2023, 2016 1st Lien Term Loan, (PRIME + 3.000%)		123,747		124,366
Vivid Seats Ltd., 5.401%, Due 6/30/2024, 2017 1st Lien Term Loan, (1 Week LIBOR + 3.500%)		124,063		124,115
William Morris Endeavor Entertainment LLC, 9.151%, Due 5/6/2022, 2nd Lien Term Loan, (1-mo. LIBOR + 7.250%)		84,000		84,630
World Triathlon Corp., 6.552%, Due 6/26/2021, Term Loan, (3-mo. LIBOR + 4.250%)		247,429		248,048
				4,019,735
Technology - 2.02%
Almonde, Inc.,
5.484%, Due 6/13/2024, USD 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		56,874		56,816
9.234%, Due 6/13/2025, USD 2nd Lien Term Loan, (3-mo. LIBOR + 7.250%)		124,825		123,296
Applied Systems, Inc., 5.552%, Due 9/19/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		124,375		125,425
Capri Finance LLC, 5.609%, Due 11/1/2024, USD 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		124,688		124,635
Compuware Corp., 5.400%, Due 12/15/2021, Term Loan B3, (1-mo. LIBOR + 3.500%)		106,507		107,759
Dell, Inc., Due 9/7/2023, 2017 1st Lien Term LoanD		156,000		156,438
DG Investment Intermediate Holdings, Inc., 5.302%, Due 2/3/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.000%)		112,903		112,762
Epicor Software Corp., 5.160%, Due 6/1/2022, 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		124,361		124,963
MA FinanceCo. LLC, Due 6/21/2024, USD Term Loan B3D		9,673		9,639
Marketo, Inc., 5.044%, Due 2/7/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		125,000		124,570
MH Sub I LLC, 5.647%, Due 9/13/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		124,375		124,323
Navicure, Inc., 5.651%, Due 11/1/2024, 1st Lien Term Loan B, (1-mo. LIBOR + 3.750%)		124,688		124,999
Omnitracs, Inc., 5.021%, Due 3/16/2025, 2018 Term Loan B, (3-mo. LIBOR + 2.750%)		125,000		125,235

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 20.53% (continued)
Technology - 2.02% (continued)
Riverbed Technology, Inc., 5.160%, Due 4/24/2022, 2016 Term Loan, (1-mo. LIBOR + 3.250%)	$	108,000	$	107,505
Seattle Spinco, Inc., USD Term Loan B3, Due 6/21/2024D		65,327		65,098
SS&C Technologies Holdings Europe S.a.r.l., Due 4/16/2025, 2018 Term Loan B4D		32,867		33,072
SS&C Technologies, Inc., Due 4/16/2025, 2018 Term Loan B3D		92,133		92,709
Triple Point Technology, Inc., 6.552%, Due 7/10/2020, 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		83,567		75,211
				1,814,455
Telecommunications - 1.06%
Altice Financing SA, 5.098%, Due 1/31/2026, USD 2017 1st Lien Term Loan, (3-mo. LIBOR + 2.750%)		74,812		73,752
Avaya, Inc., 6.647%, Due 12/15/2024, Exit Term Loan B, (1-mo. LIBOR + 4.750%)		124,688		125,957
Charter Communications Operating LLC, Due 4/30/2025, 2017 Term Loan BD		124,688		125,178
Flexential Intermediate Corp., 5.802%, Due 8/1/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		124,375		124,157
GTT Communications, Inc., Due 4/28/2025, 2018 USD Term Loan BD		97,000		96,151
Intelsat Jackson Holdings S.A., Due 11/27/2023, 2017 Term Loan B3D		42,000		42,249
Merrill Communications LLC, 7.609%, Due 6/1/2022, 2015 Term Loan, (3-mo. LIBOR + 5.250%)		79,727		80,225
NeuStar, Inc., 5.401%, Due 8/8/2024, 2018 Term Loan B4, (1-mo. LIBOR + 3.500%)		124,375		124,598
Sprint Communications, Inc., 4.438%, Due 2/2/2024, 1st Lien Term Loan B, (1-mo. LIBOR + 2.500%)		31,919		31,999
Syniverse Holdings, Inc., 6.895%, Due 3/9/2023, 2018 1st Lien Term Loan, (1-mo. LIBOR + 5.000%)		125,000		126,285
				950,551
Transportation - 0.26%
American Tire Distributors Holdings, Inc., 6.244%, Due 9/1/2021, 2015 Term Loan, (2-mo. LIBOR + 4.250%)		123,724		107,781
XPO Logistics, Inc., 3.920%, Due 2/24/2025, 2018 Term Loan B, (3-mo. LIBOR + 2.000%)		125,000		125,625
				233,406
Utilities - 0.52%
Calpine Corp., Due 1/15/2024, Term Loan B5D		112,000		112,455
Compass Power Generation LLC, 6.052%, Due 12/20/2024, 2017 Term Loan B, (3-mo. LIBOR + 3.750%)		124,688		125,896
Helix Gen Funding LLC, 5.651%, Due 6/2/2024, Term Loan B, (1-mo. LIBOR + 3.750%)		104,460		105,279
TPF II Power LLC, 5.651%, Due 10/2/2023, Term Loan B, (1-mo. LIBOR + 3.750%)		121,191		121,191
				464,821
Total Bank Loan Obligations (Cost $18,405,268)				18,404,415
CORPORATE OBLIGATIONS - 58.50%
Basic Materials - 3.74%
AK Steel Corp.,
7.625%, Due 10/1/2021		300,000		306,000
6.375%, Due 10/15/2025		150,000		140,534
Aleris International, Inc., 9.500%, Due 4/1/2021F		150,000		156,375
CF Industries, Inc.,
3.450%, Due 6/1/2023		200,000		190,000
5.150%, Due 3/15/2034		250,000		228,438
Chemours Co.,
6.625%, Due 5/15/2023		200,000		210,250
7.000%, Due 5/15/2025		400,000		430,500

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 58.50% (continued)
Basic Materials - 3.74% (continued)
Freeport-McMoRan, Inc., 3.550%, Due 3/1/2022	$	600,000	$	579,000
Hexion, Inc., 6.625%, Due 4/15/2020		250,000		234,687
Huntsman International LLC, 5.125%, Due 11/15/2022		250,000		259,325
PQ Corp., 6.750%, Due 11/15/2022F		350,000		370,125
Venator Finance Sarl / Venator Materials LLC, 5.750%, Due 7/15/2025F		250,000		248,750
				3,353,984
Communications - 11.08%
Block Communications, Inc., 6.875%, Due 2/15/2025F		300,000		301,500
Cablevision Systems Corp., 5.875%, Due 9/15/2022		700,000		689,500
CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, Due 9/30/2022		500,000		507,812
CenturyLink, Inc.,
5.800%, Due 3/15/2022, Series T		200,000		199,000
7.500%, Due 4/1/2024, Series Y		325,000		331,500
Cequel Communications Holdings I LLC / Cequel Capital Corp., 5.125%, Due 12/15/2021F		250,000		247,500
DISH DBS Corp.,
6.750%, Due 6/1/2021		750,000		746,250
5.000%, Due 3/15/2023		250,000		216,562
5.875%, Due 11/15/2024		200,000		170,250
EIG Investors Corp., 10.875%, Due 2/1/2024		250,000		271,250
Frontier Communications Corp.,
7.125%, Due 3/15/2019		250,000		248,750
10.500%, Due 9/15/2022		250,000		219,925
8.500%, Due 4/1/2026F		225,000		218,812
9.000%, Due 8/15/2031		65,000		39,813
Gogo Intermediate Holdings, LLC / Gogo Finance Co., Inc., 12.500%, Due 7/1/2022F		175,000		194,469
Level 3 Financing, Inc., 5.375%, Due 1/15/2024		400,000		396,000
Nielsen Finance LLC / Nielsen Finance Co., 5.000%, Due 4/15/2022F		250,000		251,900
Plantronics, Inc., 5.500%, Due 5/31/2023F		500,000		500,000
Qwest Corp., 6.750%, Due 12/1/2021		25,000		26,885
Salem Media Group, Inc., 6.750%, Due 6/1/2024F		175,000		165,812
Sinclair Television Group, Inc.,
5.375%, Due 4/1/2021		250,000		252,500
6.125%, Due 10/1/2022		150,000		154,313
Sirius XM Radio, Inc., 3.875%, Due 8/1/2022F		650,000		630,500
Sprint Communications, Inc., 6.000%, Due 11/15/2022		675,000		689,344
Sprint Corp., 7.250%, Due 9/15/2021		1,000,000		1,061,250
T-Mobile USA, Inc., 6.500%, Due 1/15/2024		175,000		183,312
Townsquare Media, Inc., 6.500%, Due 4/1/2023F		175,000		163,660
Univision Communications, Inc., 5.125%, Due 5/15/2023F		900,000		855,000
				9,933,369
Consumer, Cyclical - 5.15%
AV Homes, Inc., 6.625%, Due 5/15/2022		300,000		307,125
CEC Entertainment, Inc., 8.000%, Due 2/15/2022		250,000		195,000
EMI Music Publishing Group North America Holdings, Inc., 7.625%, Due 6/15/2024F		225,000		243,563
Golden Nugget, Inc., 6.750%, Due 10/15/2024F		350,000		355,250
Intrepid Aviation Group Holdings LLC / Intrepid Finance Co., 6.875%, Due 2/15/2019F		250,000		246,250
MDC Holdings, Inc., 5.500%, Due 1/15/2024		500,000		509,375
Navistar International Corp., 6.625%, Due 11/1/2025F		375,000		389,062
Neiman Marcus Group Ltd. LLC, 8.000%, Due 10/15/2021F		300,000		202,500
PF Chang’s China Bistro, Inc., 10.250%, Due 6/30/2020F		350,000		288,750
Scientific Games International, Inc., 10.000%, Due 12/1/2022		500,000		538,900
Springs Industries, Inc., 6.250%, Due 6/1/2021		375,000		380,156
Tempur Sealy International, Inc., 5.625%, Due 10/15/2023		475,000		477,375
United Continental Holdings, Inc., 4.250%, Due 10/1/2022		500,000		487,000
				4,620,306

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 58.50% (continued)
Consumer, Cyclical - 5.15% (continued)
Consumer, Non-Cyclical - 12.14%
APX Group, Inc., 7.875%, Due 12/1/2022	$	175,000	$	176,313
Cardtronics, Inc., 5.125%, Due 8/1/2022		750,000		727,500
CHS/Community Health Systems, Inc.,
8.000%, Due 11/15/2019		350,000		318,500
6.250%, Due 3/31/2023		100,000		91,250
Cott Holdings, Inc., 5.500%, Due 4/1/2025F		175,000		173,688
DaVita, Inc.,
5.750%, Due 8/15/2022		100,000		102,438
5.125%, Due 7/15/2024		500,000		484,375
Dean Foods Co., 6.500%, Due 3/15/2023F		600,000		575,250
Encompass Health Corp., 5.750%, Due 11/1/2024		300,000		305,250
Endo Finance LLC / Endo Finco, Inc., 5.375%, Due 1/15/2023F		250,000		180,937
First Quality Finance Co., Inc.,
4.625%, Due 5/15/2021F		350,000		346,500
5.000%, Due 7/1/2025F		250,000		239,375
HCA, Inc.,
6.500%, Due 2/15/2020		675,000		705,375
5.875%, Due 5/1/2023		500,000		521,250
5.375%, Due 2/1/2025		100,000		99,500
Herc Rentals, Inc., 7.500%, Due 6/1/2022F		418,000		443,080
Hertz Corp., 5.875%, Due 10/15/2020		750,000		740,625
Horizon Pharma, Inc., 6.625%, Due 5/1/2023		90,000		90,000
Horizon Pharma, Inc. / Horizon Pharma USA, Inc., 8.750%, Due 11/1/2024F		75,000		79,875
Kronos Acquisition Holdings, Inc., 9.000%, Due 8/15/2023F		175,000		167,125
LifePoint Health, Inc.,
5.875%, Due 12/1/2023		525,000		518,437
5.375%, Due 5/1/2024		150,000		142,875
MEDNAX, Inc., 5.250%, Due 12/1/2023F		225,000		223,312
Monitronics International, Inc., 9.125%, Due 4/1/2020		250,000		177,250
NVA Holdings, Inc., 6.875%, Due 4/1/2026F		250,000		251,875
Prime Security Services Borrower, LLC / Prime Finance, Inc., 9.250%, Due 5/15/2023F		350,000		375,375
Rent-A-Center, Inc., 4.750%, Due 5/1/2021		125,000		116,875
Tenet Healthcare Corp.,
4.750%, Due 6/1/2020		200,000		201,000
4.375%, Due 10/1/2021		200,000		197,000
6.750%, Due 6/15/2023		200,000		196,625
United Rentals North America, Inc.,
5.750%, Due 11/15/2024		150,000		154,875
5.500%, Due 7/15/2025		250,000		256,250
5.500%, Due 5/15/2027		200,000		199,000
Universal Health Services, Inc., 4.750%, Due 8/1/2022F		350,000		353,500
Universal Hospital Services, Inc., 7.625%, Due 8/15/2020		450,000		453,375
Vector Group Ltd., 6.125%, Due 2/1/2025F		500,000		496,060
				10,881,890
Energy - 7.31%
Antero Resources Corp., 5.125%, Due 12/1/2022		300,000		301,500
Archrock Partners LP / Archrock Partners Finance Corp., 6.000%, Due 4/1/2021		250,000		249,375
Berry Petroleum Co. LLC, 7.000%, Due 2/15/2026F		200,000		205,000
Calfrac Holdings LP, 7.500%, Due 12/1/2020F		350,000		346,500
California Resources Corp., 8.000%, Due 12/15/2022F		175,000		150,500
Carrizo Oil & Gas, Inc., 7.500%, Due 9/15/2020		54,000		54,540
Cheniere Energy Partners LP, 5.250%, Due 10/1/2025F		200,000		195,500

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 58.50% (continued)
Energy - 7.31% (continued)
Chesapeake Energy Corp.,
8.000%, Due 12/15/2022F	$	24,000	$	25,440
8.000%, Due 1/15/2025F		100,000		96,950
8.000%, Due 6/15/2027F		275,000		264,688
Continental Resources, Inc., 5.000%, Due 9/15/2022		100,000		101,625
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.250%, Due 4/1/2023		200,000		203,000
Denbury Resources, Inc., 9.000%, Due 5/15/2021F		250,000		261,250
Diamond Offshore Drilling, Inc., 4.875%, Due 11/1/2043		200,000		144,000
EP Energy LLC / Everest Acquisition Finance, Inc., 8.000%, Due 11/29/2024F		175,000		181,125
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, Due 2/15/2026F		625,000		631,250
Hilcorp Energy I LP / Hilcorp Finance Co., 5.000%, Due 12/1/2024F		300,000		291,750
Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.750%, Due 4/1/2022		350,000		216,125
Nabors Industries, Inc., 5.500%, Due 1/15/2023		425,000		416,275
Oceaneering International, Inc., 4.650%, Due 11/15/2024		500,000		479,297
Parker Drilling Co., 6.750%, Due 7/15/2022		250,000		188,750
Peabody Energy Corp., 6.000%, Due 3/31/2022F		75,000		77,040
SESI LLC, 7.125%, Due 12/15/2021		500,000		508,750
SM Energy Co., 5.625%, Due 6/1/2025		175,000		168,875
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, Due 8/15/2022		125,000		121,250
Sunoco LP / Sunoco Finance Corp., 4.875%, Due 1/15/2023F		500,000		492,235
WPX Energy, Inc., 7.500%, Due 8/1/2020		168,000		182,280
				6,554,870
Financial - 6.65%
Acrisure LLC / Acrisure Finance, Inc., 7.000%, Due 11/15/2025F		225,000		212,670
Ally Financial, Inc., 5.125%, Due 9/30/2024		300,000		306,750
CBL & Associates LP, 5.250%, Due 12/1/2023		75,000		62,735
Cornerstone Chemical Co., 6.750%, Due 8/15/2024F		250,000		247,500
Credit Acceptance Corp.,
6.125%, Due 2/15/2021		575,000		577,875
7.375%, Due 3/15/2023		100,000		104,500
Equinix, Inc.,
5.375%, Due 1/1/2022, REIT		250,000		257,812
5.875%, Due 1/15/2026, REIT		250,000		258,750
Greystar Real Estate Partners LLC, 5.750%, Due 12/1/2025F		50,000		49,500
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
6.000%, Due 8/1/2020		300,000		306,375
6.250%, Due 2/1/2022		400,000		408,000
iStar, Inc., 4.625%, Due 9/15/2020, REIT		300,000		298,875
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, Due 8/1/2021F		90,000		91,575
LPL Holdings, Inc., 5.750%, Due 9/15/2025F		425,000		412,250
Navient Corp., 5.875%, Due 3/25/2021		1,000,000		1,023,750
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, Due 12/15/2022F		175,000		178,500
SBA Communications Corp., 4.875%, Due 7/15/2022, REIT		400,000		401,000
Springleaf Finance Corp.,
5.250%, Due 12/15/2019		500,000		506,240
6.125%, Due 5/15/2022		150,000		153,563
5.625%, Due 3/15/2023		100,000		99,000
				5,957,220
Industrial - 4.63%
BBA US Holdings, Inc., 5.375%, Due 5/1/2026F		50,000		50,279
CEMEX Finance, LLC, 6.000%, Due 4/1/2024F		250,000		257,000
Energizer Holdings, Inc., 5.500%, Due 6/15/2025F		350,000		347,375
Gibraltar Industries, Inc., 6.250%, Due 2/1/2021		250,000		253,975

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 58.50% (continued)
Industrial - 4.63% (continued)
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd., 7.375%, Due 12/15/2023F	$	575,000	$	607,344
Ingram Micro, Inc.,
5.000%, Due 8/10/2022		100,000		97,267
5.450%, Due 12/15/2024		350,000		340,078
New Enterprise Stone & Lime Co., Inc., 6.250%, Due 3/15/2026F		200,000		202,500
Novelis Corp., 5.875%, Due 9/30/2026F		250,000		248,125
Plastipak Holdings, Inc., 6.250%, Due 10/15/2025F		175,000		169,750
Standard Industries, Inc., 5.375%, Due 11/15/2024F		750,000		759,844
TransDigm, Inc., 6.000%, Due 7/15/2022		550,000		556,875
Tutor Perini Corp., 6.875%, Due 5/1/2025F		250,000		256,175
				4,146,587
Technology - 5.39%
Advanced Micro Devices, Inc., 7.000%, Due 7/1/2024		500,000		527,510
BMC Software Finance, Inc., 8.125%, Due 7/15/2021F		500,000		498,750
EMC Corp., 2.650%, Due 6/1/2020		750,000		728,325
First Data Corp.,
7.000%, Due 12/1/2023F		425,000		444,712
5.750%, Due 1/15/2024F		300,000		303,750
Harland Clarke Holdings Corp., 8.375%, Due 8/15/2022F		150,000		153,375
Infor Software Parent LLC / Infor Software Parent, Inc., 7.125%, Due 5/1/2021, PIK (7.875%)F		650,000		654,875
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.000%, Due 7/15/2025F		400,000		412,500
Micron Technology, Inc., 5.500%, Due 2/1/2025		33,000		34,320
NCR Corp., 5.000%, Due 7/15/2022		500,000		496,250
Rackspace Hosting, Inc., 8.625%, Due 11/15/2024F		100,000		101,375
Solera LLC / Solera Finance, Inc., 10.500%, Due 3/1/2024F		425,000		472,812
				4,828,554
Utilities - 2.41%
Calpine Corp., 5.875%, Due 1/15/2024F		750,000		754,219
NRG Energy, Inc., 6.250%, Due 7/15/2022		100,000		102,500
Talen Energy Supply LLC, 9.500%, Due 7/15/2022F		650,000		619,125
Vistra Energy Corp., 7.375%, Due 11/1/2022		650,000		684,937
				2,160,781
Total Corporate Obligations (Cost $53,235,918)				52,437,561
FOREIGN CORPORATE OBLIGATIONS - 17.57%
Basic Materials - 2.23%
Alcoa Nederland Holding B.V., 6.750%, Due 9/30/2024F		650,000		697,131
INEOS Group Holdings S.A., 5.625%, Due 8/1/2024F		250,000		252,500
New Gold, Inc., 6.250%, Due 11/15/2022F		700,000		714,000
NOVA Chemicals Corp., 4.875%, Due 6/1/2024F		125,000		120,938
Perstorp Holding AB, 8.500%, Due 6/30/2021F		204,000		213,690
				1,998,259
Communications - 3.19%
Altice Luxembourg S.A., 7.750%, Due 5/15/2022F		100,000		95,500
Nokia OYJ, 5.375%, Due 5/15/2019		375,000		382,519
SFR Group S.A., 6.000%, Due 5/15/2022F		500,000		492,810
Telecom Italia SpA, 5.303%, Due 5/30/2024F		400,000		407,400
Virgin Media Finance PLC, 6.375%, Due 4/15/2023F		500,000		503,750
Virgin Media Secured Finance PLC, 5.250%, Due 1/15/2021		250,000		255,625
VTR Finance B.V., 6.875%, Due 1/15/2024F		290,000		299,863
Wind Tre SpA, 5.000%, Due 1/20/2026F		500,000		419,700
				2,857,167

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 17.57% (continued)
Consumer, Cyclical - 2.19%
Aston Martin Capital Holdings Ltd., 6.500%, Due 4/15/2022F	$	400,000	$	415,880
International Game Technology PLC, 6.500%, Due 2/15/2025F		375,000		399,844
Mclaren Finance PLC, 5.750%, Due 8/1/2022F		375,000		375,037
Melco Resorts Finance Ltd., 4.875%, Due 6/6/2025F		225,000		210,324
Silversea Cruise Finance Ltd., 7.250%, Due 2/1/2025F		250,000		264,450
Viking Cruises Ltd., 6.250%, Due 5/15/2025F		300,000		301,500
				1,967,035
Consumer, Non-Cyclical - 1.69%
Clearwater Seafoods, Inc., 6.875%, Due 5/1/2025F		100,000		95,500
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC, 5.625%, Due 10/15/2023F		350,000		273,875
Valeant Pharmaceuticals International, Inc.,
5.500%, Due 3/1/2023F		450,000		406,125
7.000%, Due 3/15/2024F		700,000		738,500
				1,514,000
Energy - 2.30%
Ensco PLC, 5.750%, Due 10/1/2044		225,000		156,375
MEG Energy Corp., 6.375%, Due 1/30/2023F		300,000		270,750
Noble Holding International Ltd., 7.750%, Due 1/15/2024		183,000		171,563
Transocean, Inc., 8.375%, Due 12/15/2021		250,000		268,125
Weatherford International Ltd.,
5.125%, Due 9/15/2020		500,000		490,000
4.500%, Due 4/15/2022		250,000		221,250
Welltec A/S, 9.500%, Due 12/1/2022F		475,000		480,937
				2,059,000
Financial - 1.81%
goeasy Ltd., 7.875%, Due 11/1/2022F		500,000		530,000
Intesa Sanpaolo SpA, 5.017%, Due 6/26/2024F		600,000		587,295
Royal Bank of Scotland Group PLC, 4.700%, Due 7/3/2018		250,000		250,497
Travelport Corporate Finance PLC, 6.000%, Due 3/15/2026F		250,000		255,625
				1,623,417
Industrial - 2.96%
Ardagh Packaging Finance PLC , 7.250%, Due 5/15/2024F		550,000		580,250
Bombardier, Inc., 6.000%, Due 10/15/2022F		550,000		547,250
Cemex S.A.B. de C.V., 7.750%, Due 4/16/2026F		500,000		548,250
Park Aerospace Holdings Ltd.,
5.250%, Due 8/15/2022F		500,000		496,875
5.500%, Due 2/15/2024F		500,000		485,625
				2,658,250
Technology - 1.20%
Open Text Corp., 5.875%, Due 6/1/2026F		550,000		571,835
Seagate HDD Cayman, 4.750%, Due 6/1/2023		500,000		501,739
				1,073,574
Total Foreign Corporate Obligations (Cost $15,975,321)				15,750,702
	Shares
SHORT-TERM INVESTMENTS - 5.12% (Cost $4,583,296)
Investment Companies - 5.12%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%G H		4,583,296		4,583,296

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Fair Value
TOTAL INVESTMENTS - 101.72% (Cost $92,226,058)	$	91,176,072
LIABILITIES, NET OF OTHER ASSETS - (1.72%)		(1,542,033	)
TOTAL NET ASSETS - 100.00%	$	89,634,039

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 $98 or 0.00% of net assets. Value was determined using significant unobservable inputs.

^B  Non-income producing security.

^C  Bank loan obligations, unless otherwise stated, carry a floating rate of interest. The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

^D  Coupon rates may not be available for bank loans that are unsettled and/or unfunded as of April 30, 2018.

^E  Unfunded Loan Commitment. At period end, the amount of unfunded loan commitments was $43,710 or 0.05% of net assets. Of this amount, $12,097 relates to DG Investment Intermediate Holdings 2, Inc., $9,511 relates to Lakeland Tours LLC, and $22,102 relates to TGP Holdings III LLC.

^F  Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $34,713,847 or 38.73% of net assets. The Fund has no right to demand registration of these securities.

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

^H  7-day yield.

DIP - Debtor in Possession

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company.

LLLP - Limited Liability Limited Partnership.

LP - Limited Partnership.

PIK - Payment in Kind.

PLC - Public Limited Company.

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

UNFND - Unfunded.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

Crescent Short Duration High Income Fund	Level 1		Level 2		Level 3		Total
Assets
Common Stocks	$	—	$	—	$	98	$	98
Bank Loan Obligations(1)		—		18,404,415		—		18,404,415
Corporate Obligations		—		52,437,561		—		52,437,561
Foreign Corporate Obligations		—		15,750,702		—		15,750,702
Short-Term Investments		4,583,296		—		—		4,583,296
Total Investments in Securities - Assets	$	4,583,296	$	86,592,678	$	98	$	91,176,072

⁽¹⁾  Unfunded loan commitments represent $43,710 at period end.

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were no transfers between levels.

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 1/31/2018		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 4/30/2018		Change in Unrealized Appreciation (Depreciation) at Period end**
Common Stock	$	507	$	—	$	—	$	—	$	—	$	(409	)	$	—	$	—	$	98	$	(409	)

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

The common stocks classified as Level 3 were fair valued using private valuation reports provided to the Fund’s Sub-Advisor from a pricing vendor.

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Holdings (% Net Assets)
Sprint Corp., 7.250%, Due 9/15/2021		1.2
Navient Corp., 5.875%, Due 3/25/2021		1.1
Univision Communications, Inc., 5.125%, Due 5/15/2023		1.0
Standard Industries, Inc., 5.375%, Due 11/15/2024		0.8
Calpine Corp., 5.875%, Due 1/15/2024		0.8
DISH DBS Corp., 6.750%, Due 6/1/2021		0.8
Hertz Corp., 5.875%, Due 10/15/2020		0.8
Valeant Pharmaceuticals International, Inc., 7.000%, Due 3/15/2024		0.8
EMC Corp., 2.650%, Due 6/1/2020		0.8
Cardtronics, Inc., 5.125%, Due 8/1/2022		0.8
Total Fund Holdings	421
Sector Allocation (% Investments)
Communications		14.8
Consumer, Non-Cyclical		14.3
Financial		11.1
Energy		11.0
Technology		8.7
Industrial		7.9
Consumer, Cyclical		7.6
Basic Materials		6.8
Consumer		4.2
Service		4.2
Utilities		3.0
Manufacturing		2.7
Health Care		1.5
Telecommunications		1.1
Media		0.5
Transportation		0.4
Defense		0.2

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
Brazil - 2.11%
Foreign Corporate Obligations - 0.22%
Itau Unibanco Holding S.A., 2.850%, Due 5/26/2018A	$	1,600,000	$	1,598,560
Foreign Sovereign Obligations - 1.89%
Banco Nacional de Desenvolvimento Economico e Social,		12,495,000		12,530,486
6.369%, Due 6/16/2018A
4.000%, Due 4/14/2019A		1,000,000		1,005,360
Total Foreign Sovereign Obligations				13,535,846
Total Brazil (Cost $15,164,884)				15,134,406
British Virgin Islands - 1.45%
Foreign Corporate Obligations - 1.45%
CNOOC Finance 2013 Ltd., 1.750%, Due 5/9/2018		3,534,000		3,533,159
CNPC General Capital Ltd., 2.750%, Due 5/14/2019A		4,850,000		4,826,629
Sinopec Group Overseas Development 2013 Ltd., 2.500%, Due 10/17/2018A		1,500,000		1,496,037
Sinopec Group Overseas Development 2014 Ltd., 2.750%, Due 4/10/2019A		250,000		249,097
Sinopec Group Overseas Development 2016 Ltd., 2.125%, Due 5/3/2019A		250,000		247,334
Total Foreign Corporate Obligations				10,352,256
Total British Virgin Islands (Cost $10,411,725)				10,352,256
Colombia - 0.58% (Cost $4,182,787)
Foreign Sovereign Obligations - 0.58%
Colombia Government International Bond, 7.375%, Due 3/18/2019		4,000,000		4,148,000
India - 0.68%
Foreign Corporate Obligations - 0.68%
ICICI Bank Ltd., 4.800%, Due 5/22/2019A		4,339,000		4,393,867
State Bank of India, 3.622%, Due 4/17/2019A		500,000		500,602
Total Foreign Corporate Obligations				4,894,469
Total India (Cost $4,947,659)				4,894,469
Indonesia - 0.90%
Foreign Corporate Obligations - 0.10%
Majapahit Holding B.V., 8.000%, Due 8/7/2019A		650,000		690,625
Foreign Sovereign Obligations - 0.80%
Indonesia Government International Bond, 11.625%, Due 3/4/2019A		5,300,000		5,693,228
Total Indonesia (Cost $6,415,344)				6,383,853
Israel - 0.60% (Cost $4,320,156)
Foreign Corporate Obligations - 0.60%
Israel Electric Corp. Ltd., 5.625%, Due 6/21/2018A		4,300,000		4,309,675
Malaysia - 0.40% (Cost $2,921,816)
Foreign Corporate Obligations - 0.40%
Petronas Capital Ltd., 5.250%, Due 8/12/2019A		2,810,000		2,883,928

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Principal Amount		Fair Value
Mexico - 0.85% (Cost $6,114,655)
Foreign Corporate Obligations - 0.85%
Petroleos Mexicanos, 6.000%, Due 3/5/2020	$	5,853,000	$	6,072,488
South Africa - 2.76%
Foreign Sovereign Obligations - 2.76%
Republic of South Africa Government International Bond,
6.875%, Due 5/27/2019		10,750,000		11,142,611
5.500%, Due 3/9/2020		8,300,000		8,589,139
Total Foreign Sovereign Obligations				19,731,750
Total South Africa (Cost $19,924,027)				19,731,750
	Shares
SHORT-TERM INVESTMENTS - 88.09%
Investment Companies - 1.68%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%B C		11,979,300		11,979,300
	Par Amount
U.S. Treasury Obligations - 86.41%
U.S. Treasury Bills,
1.267%, Due 5/3/2018	$	59,500,000		59,494,839
1.473%, Due 5/31/2018		50,000,000		49,930,937
1.487%, Due 6/14/2018		91,800,000		91,615,151
1.735%, Due 7/12/2018		233,500,000		232,688,004
1.788%, Due 8/2/2018		101,300,000		100,821,711
1.859%, Due 8/30/2018		83,600,000		83,075,983
Total U.S. Treasury Obligations				617,626,625
Total Short-Term Investments (Cost $629,685,898)				629,605,925
TOTAL INVESTMENTS - 98.42% (Cost $704,088,951)				703,516,750
OTHER ASSETS, NET OF LIABILITIES - 1.58%				11,269,066
TOTAL NET ASSETS - 100.00%			$	714,785,816

Percentages are stated as a percent of net assets.

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

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

^C  7-day yield.

OTC Swap Agreements Outstanding on April 30, 2018:

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

Reference Entity	Counter- Party	Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2018(3) (%)		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)		Fair Value			Unrealized Appreciation (Depreciation)
Lebanese Republic	BRC		1.00		12/20/2019		5.0000		USD		150	$	7,505	$	8,125		$	620
Lebanese Republic	BRC		1.00		6/20/2021		5.3500		USD		275		30,129		29,456			(673	)
Russian Federation	BRC		1.00		6/20/2021		0.9844		USD		500		19,565		(845	)		(20,410	)
Lebanese Republic	BRC		1.00		6/20/2021		5.3500		USD		200		20,507		21,423			916
Lebanese Republic	BCC		1.00		12/20/2021		5.3500		USD		15,000		1,636,871		1,861,341			224,470

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2018 (3) (%)		Curr		Notional Amount (4) (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Lebanese Republic		BRC		1.00		12/20/2021		5.3500		USD		3,000	$	396,489		$	372,268		$	(24,221	)
Lebanese Republic		BRC		1.00		12/20/2021		5.3500		USD		800		89,192			99,272			10,080
Republic Of Indonesia		BRC		1.00		12/20/2021		0.7553		USD		800		14,091			(7,294	)		(21,385	)
Republic Of Indonesia		BRC		1.00		12/20/2021		0.7553		USD		1,000		18,588			(9,117	)		(27,705	)
Republic Of Kazakhstan		BRC		1.00		12/20/2021		0.6403		USD		250		8,617			(3,531	)		(12,148	)
Republic Of Kazakhstan		BRC		1.00		12/20/2021		0.6403		USD		3,000		100,505			(42,377	)		(142,882	)
Republic Of Kazakhstan		BRC		1.00		12/20/2021		0.6403		USD		800		17,462			(11,301	)		(28,763	)
Republic Of Kazakhstan		BRC		1.00		12/20/2021		0.6403		USD		15,000		337,944			(211,886	)		(549,830	)
Republic Of South Africa		BRC		1.00		12/20/2021		1.1684		USD		2,000		72,776			10,605			(62,171	)
Republic Of South Africa		BRC		1.00		12/20/2021		1.1684		USD		1,500		52,203			7,954			(44,249	)
Republic Of South Africa		BRC		1.00		12/20/2021		1.1684		USD		6,000		211,243			31,816			(179,427	)
Republic Of Kazakhstan		CBK		1.00		12/20/2021		0.6403		USD		300		9,548			(4,238	)		(13,786	)
Russian Federation		CBK		1.00		12/20/2021		1.0546		USD		3,000		123,633			3,644			(119,989	)
Russian Federation		CBK		1.00		12/20/2021		1.0546		USD		13,000		335,535			15,793			(319,742	)
Republic Of Colombia		FBF		1.00		12/20/2021		0.7403		USD		4,000		48,712			(38,341	)		(87,053	)
Republic Of Indonesia		HUS		1.00		12/20/2021		0.7553		USD		1,800		31,176			(16,411	)		(47,587	)
Republic Of Indonesia		UAG		1.00		12/20/2021		0.7553		USD		3,000		41,239			(27,351	)		(68,590	)
Republic Of Turkey		BCC		1.00		6/20/2022		1.6620		USD		5,000		261,352			121,672			(139,680	)
Republic Of Turkey		BCC		1.00		6/20/2022		1.6620		USD		9,375		485,549			228,136			(257,413	)
Russian Federation		BCC		1.00		6/20/2022		1.1244		USD		4,500		119,899			18,130			(101,769	)
Lebanese Republic		BRC		1.00		6/20/2022		5.3500		USD		12,500		1,646,985			1,751,394			104,409
Republic Of Indonesia		BRC		1.00		6/20/2022		0.8600		USD		5,000		32,627			(33,976	)		(66,603	)
Russian Federation		BRC		1.00		6/20/2022		1.1244		USD		4,300		115,772			17,324			(98,448	)
Russian Federation		BRC		1.00		6/20/2022		1.1244		USD		2,600		42,710			10,475			(32,235	)
Republic Of South Africa		CBK		1.00		6/20/2022		1.3175		USD		5,500		202,548			61,230			(141,318	)
Republic Of South Africa		CBK		1.00		6/20/2022		1.3175		USD		4,000		151,951			44,531			(107,420	)
Republic Of South Africa		CBK		1.00		6/20/2022		1.3175		USD		2,500		105,846			27,832			(78,014	)
Republic Of Turkey		CBK		1.00		6/20/2022		1.6620		USD		4,000		143,577			97,338			(46,239	)
Republic Of Indonesia		HUS		1.00		6/20/2022		0.8600		USD		3,000		34,031			(20,385	)		(54,416	)
Lebanese Republic		BOA		1.00		12/20/2022		5.2999		USD		3,000		430,183			468,402			38,219
Lebanese Republic		BOA		1.00		12/20/2022		5.2999		USD		5,000		725,976			780,669			54,693
Republic Of South Africa		BOA		1.00		12/20/2022		1.4738		USD		4,300		173,024			85,446			(87,578	)
Argentine Republic		BRC		5.00		12/20/2022		2.7207		USD		17,000		(1,719,046	)		(1,623,276	)		95,770
Argentine Republic		BRC		5.00		12/20/2022		2.7207		USD		3,000		(323,343	)		(286,460	)		36,883
Argentine Republic		BRC		5.00		12/20/2022		2.7207		USD		11,000		(1,164,371	)		(1,050,355	)		114,016
Argentine Republic		BRC		5.00		12/20/2022		2.7207		USD		13,000		(1,381,891	)		(1,241,329	)		140,562
Argentine Republic		BRC		5.00		12/20/2022		2.7207		USD		2,500		(271,575	)		(238,717	)		32,858
Federal Republic of Brazil		BRC		1.00		12/20/2022		1.6080		USD		9,000		191,858			218,561			26,703
Kingdom Of Saudi Arabia		BRC		1.00		12/20/2022		0.7953		USD		11,000		(24,008	)		(99,508	)		(75,500	)
Republic Of Indonesia		BRC		1.00		12/20/2022		0.9628		USD		4,500		(31,818	)		(10,640	)		21,178
Republic Of Indonesia		BRC		1.00		12/20/2022		0.9628		USD		2,000		(5,161	)		(4,729	)		432
Republic Of Indonesia		BRC		1.00		12/20/2022		0.9628		USD		4,900		(2,103	)		(11,586	)		(9,483	)
Republic Of South Africa		BRC		1.00		12/20/2022		1.4738		USD		3,000		107,206			59,614			(47,592	)
Republic Of South Africa		BRC		1.00		12/20/2022		1.4738		USD		8,600		340,810			170,892			(169,918	)
Republic Of Turkey		BRC		1.00		12/20/2022		1.8223		USD		1,500		52,037			51,550			(487	)
Republic Of Turkey		BRC		1.00		12/20/2022		1.8223		USD		3,000		107,820			103,100			(4,720	)
Republic Of Turkey		BRC		1.00		12/20/2022		1.8223		USD		8,600		425,733			295,552			(130,181	)
Argentine Republic		CBK		5.00		12/20/2022		2.7207		USD		8,000		(854,002	)		(763,894	)		90,108
Argentine Republic		CBK		5.00		12/20/2022		2.7207		USD		7,000		(730,018	)		(668,408	)		61,610
Federal Republic of Brazil		CBK		1.00		12/20/2022		1.6080		USD		13,400		282,872			325,413			42,541
Kingdom Of Saudi Arabia		CBK		1.00		12/20/2022		0.7953		USD		2,000		(14,790	)		(18,092	)		(3,302	)
Republic Of Indonesia		CBK		1.00		12/20/2022		0.9628		USD		4,500		—			(10,640	)		(10,640	)
Republic Of Indonesia		CBK		1.00		12/20/2022		0.9628		USD		3,500		(10,524	)		(8,275	)		2,249
Republic Of South Africa		CBK		1.00		12/20/2022		1.4738		USD		8,600		346,049			170,892			(175,157	)
Republic Of South Africa		CBK		1.00		12/20/2022		1.4738		USD		8,600		344,303			170,892			(173,411	)
Republic Of South Africa		CBK		1.00		12/20/2022		1.4738		USD		13,000		499,119			258,325			(240,794	)

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2018 (3) (%)		Curr		Notional Amount (4) (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Republic Of Turkey		CBK		1.00		12/20/2022		1.8223		USD		8,600	$	436,037		$	295,552		$	(140,485	)
Russian Federation		CBK		1.00		12/20/2022		1.2335		USD		3,000		37,903			28,665			(9,238	)
Lebanese Republic		DUB		1.00		12/20/2022		5.2999		USD		1,100		181,407			171,747			(9,660	)
Lebanese Republic		DUB		1.00		12/20/2022		5.2999		USD		700		115,561			109,294			(6,267	)
Lebanese Republic		DUB		1.00		12/20/2022		5.2999		USD		1,600		259,160			249,814			(9,346	)
Argentine Republic		HUS		5.00		12/20/2022		2.7207		USD		3,500		(368,150	)		(334,204	)		33,946
Argentine Republic		HUS		5.00		12/20/2022		2.7207		USD		8,200		(862,162	)		(782,992	)		79,170
Republic Of Indonesia		HUS		1.00		12/20/2022		0.9628		USD		4,000		(859	)		(9,458	)		(8,599	)
Republic Of Indonesia		HUS		1.00		12/20/2022		0.9628		USD		4,500		—			(10,640	)		(10,640	)
Republic Of Indonesia		HUS		1.00		12/20/2022		0.9628		USD		8,500		—			(20,098	)		(20,098	)
Republic Of Indonesia		HUS		1.00		12/20/2022		0.9628		USD		6,100		(2,618	)		(14,423	)		(11,805	)
Republic Of Indonesia		UAG		1.00		12/20/2022		0.9628		USD		5,500		(2,360	)		(13,004	)		(10,644	)
Republic Of Indonesia		UAG		1.00		12/20/2022		0.9628		USD		5,500		(2,950	)		(13,004	)		(10,054	)
Aregentine Republic		BRC		5.00		6/20/2023		2.9600		USD		4,000		(382,493	)		(374,098	)		8,395
Republic of Korea		BRC		1.00		6/20/2023		0.4546		USD		10,900		(265,947	)		(291,739	)		(25,792	)
													$	3,603,246		$	527,517		$	(3,075,729	)
Credit Default Swaps on Corporate and Sovereign Securities - Sell Protection(2)
Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2018(3) (%)		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Republic Of Philippines		BCC		1.00		12/20/2019		0.1925		USD		3,000	$	17,878		$	37,118		$	19,240
Republic Of Philippines		BRC		1.00		12/20/2019		0.1925		USD		500		2,248			6,187			3,939
Republic Of Colombia		HUS		1.00		12/20/2021		0.3300		USD		7,000		27,848			69,244			41,396
													$	47,974		$	112,549		$	64,575
Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index		Counter- Party		Fixed Rate (%)		Expiration Date		Curr		Notional Amount(4) (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Pay		1-Day BRL-CDI		BOA		9.10		1/4/2021		BRL		70,000	$	—		$	(640,057	)	$	(640,057	)
Pay		1-Day BRL-CDI		HUS		9.12		1/4/2021		BRL		30,100		—			(280,365	)		(280,365	)
Pay		1-Day BRL-CDI		HUS		9.30		1/4/2021		BRL		24,800		—			(374,185	)		(374,185	)
Pay		1-Day BRL-CDI		HUS		8.75		1/4/2021		BRL		24,500		—			(170,480	)		(170,480	)
Pay		1-Day BRL-CDI		UAG		8.65		1/4/2021		BRL		32,500		—			(176,166	)		(176,166	)
Pay		1-Day BRL-CDI		UAG		9.17		1/4/2021		BRL		191,800		—			(1,903,151	)		(1,903,151	)
Receive		1-Day BRL-CDI		UAG		10.36		1/4/2021		BRL		76,400		—			(1,378,753	)		(1,378,753	)
Receive		1-Day BRL-CDI		UAG		10.26		1/4/2021		BRL		80,900		—			(1,407,226	)		(1,407,226	)
Receive		1-Day BRL-CDI		UAG		9.84		1/4/2021		BRL		41,000		—			(1,068,938	)		(1,068,938	)
Receive		1-Day BRL-CDI		UAG		9.53		1/4/2021		BRL		187,700		—			(2,324,921	)		(2,324,921	)
													$	—		$	(9,724,242	)	$	(9,724,242	)

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

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

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

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

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

Forward Foreign Currency Contracts Open on April 30, 2018:

Currency Purchased*		Currency Sold*			Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
BRL	5,014,198		USD	5,151,243		5/3/2018		HUS	$	—	$	(137,045	)	$	(137,045	)
BRL	14,386,264		USD	14,704,000		5/3/2018		HUS		—		(317,736	)		(317,736	)
BRL	15,801,585		USD	16,286,000		5/3/2018		HUS		—		(484,415	)		(484,415	)
BRL	33,660,455		USD	34,722,999		5/3/2018		HUS		—		(1,062,544	)		(1,062,544	)
USD	14,336,453		BRL	13,369,012		5/3/2018		HUS		967,441		—			967,441
USD	14,326,804		BRL	13,369,012		5/3/2018		HUS		957,792		—			957,792
USD	14,328,557		BRL	13,369,012		5/3/2018		HUS		959,545		—			959,545
USD	14,330,311		BRL	13,369,012		5/3/2018		HUS		961,299		—			961,299
USD	14,330,750		BRL	13,369,012		5/3/2018		HUS		961,738		—			961,738
USD	2,200,000		BRL	2,017,441		5/3/2018		HUS		182,559		—			182,559
BRL	5,998,127		USD	6,000,000		7/3/2018		HUS		—		(1,873	)		(1,873	)
USD	34,723,000		BRL	33,643,849		7/3/2018		HUS		1,079,151		—			1,079,151
USD	16,286,000		BRL	15,793,829		7/3/2018		HUS		492,171		—			492,171
USD	14,704,000		BRL	14,380,429		7/3/2018		HUS		323,571		—			323,571
USD	5,122,999		BRL	4,984,461		7/3/2018		HUS		138,538		—			138,538
EUR	2,692,619		USD	2,700,000		7/19/2018		HUS		—		(7,381	)		(7,381	)
USD	38,956,625		EUR	38,043,457		7/19/2018		HUS		913,168		—			913,168
ZAR	1,396,331		USD	1,400,000		7/31/2018		HUS		—		(3,669	)		(3,669	)
USD	8,333,076		ZAR	7,812,748		7/31/2018		HUS		520,328		—			520,328
USD	8,331,737		ZAR	7,812,748		7/31/2018		HUS		518,989		—			518,989
IDR	1,900,161		USD	1,900,000		8/27/2018		HUS		161		—			161
USD	9,164,924		IDR	9,036,925		8/27/2018		HUS		127,999		—			127,999
USD	4,397,000		IDR	4,338,711		8/27/2018		HUS		58,289		—			58,289
USD	4,116,000		IDR	4,080,422		8/27/2018		HUS		35,578		—			35,578
USD	4,114,000		IDR	4,079,899		8/27/2018		HUS		34,101		—			34,101
USD	4,117,000		IDR	4,079,660		8/27/2018		HUS		37,340		—			37,340
USD	4,117,000		IDR	4,061,254		8/27/2018		HUS		55,746		—			55,746
USD	4,114,000		IDR	4,058,295		8/27/2018		HUS		55,705		—			55,705
USD	3,899,000		IDR	3,864,191		8/27/2018		HUS		34,809		—			34,809
									$	9,416,018	$	(2,014,663	)	$	7,401,355

* All values denominated in USD.

Glossary:

Counterparty Abbreviations:
BCC	Barclays Capital, Inc.
BOA	Bank of America, N.A.
BRC	Barclays Bank PLC
CBK	Citibank, N.A.
DUB	Deutsche Bank AG
FBF	Credit Suisse International
HUS	HSBC Bank (USA)
UAG	UBS AG

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Currency Abbreviations:
BRL	Brazilian Real
EUR	Euro
IDR	Indonesian Rupiah
USD	United States Dollar
ZAR	South African Rand
Exchange Abbreviations:
OTC	Over-the-Counter
Other Abbreviations:
CDI	Chess Depository Interest

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

GLG Total Return Fund	Level 1		Level 2			Level 3		Total
Assets
Foreign Corporate Obligations
Brazil	$	—	$	1,598,560		$	—	$	1,598,560
British Virgin Islands		—		10,352,256			—		10,352,256
India		—		4,894,469			—		4,894,469
Indonesia		—		690,625			—		690,625
Israel		—		4,309,675			—		4,309,675
Malaysia		—		2,883,928			—		2,883,928
Mexico		—		6,072,488			—		6,072,488
Foreign Sovereign Obligations
Brazil		—		13,535,846			—		13,535,846
Colombia		—		4,148,000			—		4,148,000
Indonesia		—		5,693,228			—		5,693,228
South Africa		—		19,731,750			—		19,731,750
Short-Term Investments
Investment Companies		11,979,300		—			—		11,979,300
U.S. Treasury Obligations		—		617,626,625			—		617,626,625
Total Investments in Securities - Assets	$	11,979,300	$	691,537,450		$	—	$	703,516,750
Financial Derivative Instruments - Assets
Swap Contract Agreements	$	—	$	1,284,403		$	—	$	1,284,403
Forward Foreign Currency Contracts		—		9,416,018			—		9,416,018
Total Financial Derivative Instruments - Assets	$	—	$	10,700,421		$	—	$	10,700,421
Financial Derivative Instruments - Liabilities
Swap Contract Agreements	$	—	$	(14,019,799	)	$	—	$	(14,019,799	)
Forward Foreign Currency Contracts		—		(2,014,663	)		—		(2,014,663	)
Total Financial Derivative Instruments - Liabilities	$	—	$	(16,034,462	)	$	—	$	(16,034,462	)

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were no transfers between levels.

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Holdings (% Net Assets)
U.S. Treasury Bills, 1.735%, Due 7/12/2018				32.6
U.S. Treasury Bills, 1.788%, Due 8/2/2018				14.1
U.S. Treasury Bills, 1.487%, Due 6/14/2018				12.8
U.S. Treasury Bills. 1.859%, Due 8/30/2018				11.6
U.S. Treasury Bills, 1.267%, Due 5/3/2018				8.3
U.S. Treasury Bills, 1.473%, Due 5/31/2018				7.0
Banco Nacional de Desenvolvimento Economico e Social, 6.369%, Due 6/16/2018				1.8
Republic of South Africa Government International Bond, 6.875%, Due 5/27/2019				1.6
Republic of South Africa Government International Bond, 5.500%, Due 3/9/2020				1.2
Petroleos Mexicanos, 6.000%, Due 3/5/2020				0.8
Total Fund Holdings	24
Sector Exposures (%)		Fund1 Long/(Short)
Foreign Sovereign				6.0
South Africa			2.8
Brazil			1.9
Indonesia			0.8
Colombia			0.5
Foreign Corporate Obligations				4.3
Energy			2.7
Financial			0.9
Utilities			0.7
Cash & Cash Equivalent				86.4
Country Allocation (% Investments)
United States				89.4
South Africa				2.8
Brazil				2.2
British Virgin Islands				1.5
Indonesia				0.9
Mexico				0.9
India				0.7
Israel				0.6
Colombia				0.6
Malaysia				0.4

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Angola - 2.75%
Credit-Linked Notes - 0.69%
Republic of Angola (Issuer Aurora Australis B.V.), 8.032%, Due 12/19/2023, (6-mo. USD LIBOR + 6.250%)A B		$	1,125,000	$	1,141,650
USD - AOA Non-Deliverable Forward Foreign Currency Contract (Issuer Standard Chartered Bank),
26.250%, Due 6/7/2018J			375,000		366,300
25.580% Due 9/7/2018J			375,000		370,988
Total Credit-Linked Notes					1,878,938
Foreign Sovereign Obligations - 2.06%
Angolan Government International Bond, 9.500%, Due 11/12/2025B			4,950,000		5,557,365
Total Angola (Cost $7,115,615)					7,436,303
Argentina - 4.49%
Foreign Sovereign Obligations - 4.49%
Argentina Bonar Bonds,
25.331%, Due 3/11/2019, (BADLARP Index + 2.500%)A	ARS		50,441,687		2,532,534
26.088%, Due 3/1/2020, (BADLARP Index + 3.250%)A	ARS		4,500,000		235,803
24.839%, Due 4/3/2022, (BADLARP Index + 2.000%)A	ARS		42,100,000		2,082,939
Argentine Bonos del Tesoro,
21.200%, Due 9/19/2018	ARS		15,850,000		768,743
18.200%, Due 10/3/2021	ARS		11,600,000		548,477
16.000%, Due 10/17/2023	ARS		16,250,000		736,656
Bonos de la Nacion Argentina con Ajuste por CER, 3.7500%, Due 2/8/2019D			102,000,000		5,225,542
Total Foreign Sovereign Obligations					12,130,694
Total Argentina (Cost $13,222,100)					12,130,694
Armenia - 0.58% (Cost $1,500,000)
Credit-Linked Notes - 0.58%
Republic of Armenia Treasury Bonds (Issuer Frontera Capital B.V.), 1.000%, Due 5/7/2021C E			1,500,000		1,581,600
Azerbaijan - 0.76% (Cost $2,000,000)
Credit-Linked Notes - 0.76%
Republic of Azerbaijan (Issuer Frontera Capital B.V.), 14.000%, Due 3/30/2020, Series BC E			2,000,000		2,047,200
Belarus - 0.93%
Foreign Sovereign Obligations - 0.93%
Republic of Belarus International Bond,
6.875%, Due 2/28/2023B			1,710,000		1,789,549
7.625%, Due 6/29/2027B			685,000		736,649
Total Foreign Sovereign Obligations					2,526,198
Total Belarus (Cost $2,471,771)					2,526,198
Bosnia & Herzegovina - 0.06% (Cost $211,197)
Foreign Sovereign Obligations - 0.06%
Bosnia & Herzegovina Government International Bond, 0.500%, Due 12/20/2021, Series B, (6-mo. EUR LIBOR + 0.813%)A B F	EUR		333,333		172,882
Cameroon, United Republic Of - 1.36% (Cost $3,459,669)
Foreign Sovereign Obligations - 1.36%
Republic of Cameroon International Bond, 9.500%, Due 11/19/2025B			3,200,000		3,672,512

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Costa Rica - 2.57%
Foreign Sovereign Obligations - 2.57%
Costa Rica Titulos de Propiedad,
8.050%, Due 9/18/2024B	CRC		950,000,000	$	1,558,407
9.660%, Due 9/30/2026B	CRC		2,250,000,000		3,930,910
10.580%, Due 9/26/2029B	CRC		800,000,000		1,450,953
Total Foreign Sovereign Obligations					6,940,270
Total Costa Rica (Cost $7,006,693)					6,940,270
Dominican Republic - 3.05%
Foreign Sovereign Obligations - 3.05%
Dominican Republic Bond, 10.500%, Due 4/7/2023B	DOP		57,000,000		1,236,504
Dominican Republic International Bond,
8.900%, Due 2/15/2023B	DOP		122,000,000		2,546,974
11.500%, Due 5/10/2024B	DOP		200,000,000		4,472,119
Total Foreign Sovereign Obligations					8,255,597
Total Dominican Republic (Cost $8,427,474)					8,255,597
Ecuador - 2.29%
Foreign Sovereign Obligations - 2.29%
Ecuador Government International Bond,
10.500%, Due 3/24/2020B		$	1,400,000		1,442,000
8.750%, Due 6/2/2023B			660,000		646,800
7.950%, Due 6/20/2024B			1,000,000		940,000
9.650%, Due 12/13/2026B			1,550,000		1,526,750
9.625%, Due 6/2/2027B			500,000		490,000
8.875%, Due 10/23/2027B			1,200,000		1,131,000
Total Foreign Sovereign Obligations					6,176,550
Total Ecuador (Cost $6,455,368)					6,176,550
Egypt - 4.61%
Foreign Sovereign Obligations - 4.61%
Egypt Government Bond, Series 10YR			14,500,000		911,457
Egypt Treasury Bills,
18.700%, Due 6/5/2018, Series 273D	EGP		19,000,000		1,060,292
21.200%, Due 7/24/2018, Series 364D	EGP		10,000,000		545,347
17.500%, Due 10/16/2018, Series 364D	EGP		10,000,000		525,095
17.700%, Due 11/13/2018, Series 364D	EGP		33,000,000		1,711,650
18.400%, Due 11/27/2018	EGP		10,000,000		515,517
17.901%, Due 12/11/2018, Series 364D	EGP		12,000,000		614,868
17.343%, Due 1/8/2019, Series 364D	EGP		41,000,000		2,075,587
16.666%, Due 1/22/2019, Series 364D	EGP		70,000,000		3,522,532
16.480%, Due 3/5/2019, Series 364D	EGP		20,000,000		990,207
Total Foreign Sovereign Obligations					12,472,552
Total Egypt (Cost $12,358,523)					12,472,552
Ethiopia - 0.93%
Foreign Sovereign Obligations - 0.93%
Ethiopia International Bond,
6.625%, Due 12/11/2024B			1,600,000		1,616,992
6.625%, Due 12/11/2024B			900,000		909,558
Total Foreign Sovereign Obligations					2,526,550
Total Ethiopia (Cost $2,479,443)					2,526,550

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Gabon - 0.75%
Foreign Sovereign Obligations - 0.75%
Gabon Government International Bond,
6.375%, Due 12/12/2024B		$	1,150,000	$	1,120,781
6.950%, Due 6/16/2025B			900,000		896,954
Total Foreign Sovereign Obligations					2,017,735
Total Gabon (Cost $2,013,038)					2,017,735
Gambia - 0.37% (Cost $976,831)
Credit-Linked Notes - 0.37%
Republic of Gambia (Zambezi B.V.), 1.000%, Due 9/11/2020C E			976,984		989,196
Georgia - 1.20%
Credit-Linked Notes - 1.20%
Georgia Government (Issuer Frontera Capital B.V.), 10.000%, Due 8/4/2021B C			1,250,000		1,267,000
Georgia Government (Issuer Zambezi B.V.), 9.500%, Due 8/9/2022E			2,000,000		1,974,200
Total Credit-Linked Notes					3,241,200
Total Georgia (Cost $3,250,000)					3,241,200
Ghana - 4.19%
Credit-Linked Notes - 0.11%
Ghana Promissory Notes (Issued Saderea DAC), 12.500%, Due 11/30/2026B			252,874		285,747
Foreign Sovereign Obligations - 4.08%
Ghana Government Bond,
21.000%, Due 3/23/2020, Series 5YR	GHS		1,000,000		237,961
24.750%, Due 3/1/2021	GHS		3,900,000		1,025,262
16.500%, Due 3/22/2021, Series 3Y	GHS		3,900,000		865,900
24.750%, Due 7/19/2021	GHS		5,300,000		1,422,676
18.750%, Due 1/24/2022, Series 5YR	GHS		2,000,000		479,752
18.250%, Due 7/25/2022	GHS		11,225,000		2,671,293
16.500%, Due 2/6/2023, Series 5Y	GHS		8,200,000		1,840,701
19.000%, Due 11/2/2026, Series 10Y	GHS		9,775,000		2,472,380
Total Foreign Sovereign Obligations					11,015,925
Total Ghana (Cost $11,030,837)					11,301,672
Iraq - 3.01%
Foreign Sovereign Obligations - 3.01%
Iraq International Bond,
6.752%, Due 3/9/2023B			3,080,000		3,077,745
5.800%, Due 1/15/2028B			3,600,000		3,395,592
5.800%, Due 1/15/2028B			1,750,000		1,650,635
Total Foreign Sovereign Obligations					8,123,972
Total Iraq (Cost $7,754,825)					8,123,972
Ivory Coast - 3.93%
Foreign Sovereign Obligations - 3.93%
Ivory Coast Government International Bond,
6.375%, Due 3/3/2028B			500,000		503,225
5.250%, Due 3/22/2030B	EUR		1,910,000		2,335,947
5.750%, Due 12/31/2032B C G			3,921,750		3,751,546
5.750%, Due 12/31/2032B C G			4,205,250		4,022,742
Total Foreign Sovereign Obligations					10,613,460
Total Ivory Coast (Cost $10,734,773)					10,613,460

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Kazakhstan - 1.99%
Credit-Linked Notes - 1.99%
National Bank of Kazakhstan (Issuer Citigroup Global Markets Holdings, Inc.),
7.750%, Due 9/11/2018B	KZT		128,806,961	$	382,089
7.900%, Due 10/15/2018	KZT		618,439,888		1,834,520
0.000% Due 2/8/2019B K	KZT		124,000,000		355,451
0.000% Due 3/15/2019B K	KZT		520,000,000		1,480,483
National Bank of Kazakhstan (Issuer ICBC Standard Bank PLC), Due 2/8/2019B	KZT		250,000,000		709,940
Development Bank of Kazakhstan JSC, 8.950%, Due 5/4/2023B	KZT		206,250,000		622,615
Total Credit-Linked Notes					5,385,098
Total Kazakhstan (Cost $5,333,308)					5,385,098
Kenya - 4.65%
Foreign Sovereign Obligations - 4.65%
Kenya Infrastructure Bond,
12.000%, Due 9/18/2023, Series 12YR	KES		57,400,000		575,761
12.500%, Due 11/18/2024	KES		100,000,000		1,029,053
11.000%, Due 12/2/2024, Series 9YR	KES		75,000,000		723,227
12.500%, Due 5/12/2025, Series 9YR	KES		36,000,000		368,697
11.000%, Due 10/12/2026, Series 12YR	KES		100,000,000		973,654
12.000%, Due 10/6/2031, Series 15YR	KES		288,000,000		2,894,862
12.500%, Due 1/10/2033, Series 15YR	KES		571,000,000		5,999,371
Total Foreign Sovereign Obligations					12,564,625
Total Kenya (Cost $12,039,313)					12,564,625
Kyrgyzstan - 1.57%
Credit-Linked Notes - 1.57%
Kyrgyz Republic (Issuer Frontera Capital B.V.), 8.000%, Due 1/31/2020E	KGS		132,958,171		1,967,679
Kyrgyz Republic (Issuer Zambezi B.V.), 10.000%, Due 4/13/2028E	KGS		180,000,000		2,271,726
Total Credit-Linked Notes					4,239,405
Total Kyrgyzstan (Cost $4,334,838)					4,239,405
Malawi - 0.59%
Credit-Linked Notes - 0.59%
Republic of Malawi (Issuer Zambezi B.V.),
15.100%, Due 10/19/2018E		$	450,000		480,330
12.000%, Due 10/8/2020E			1,100,000		1,108,910
Total Credit-Linked Notes					1,589,240
Total Malawi (Cost $1,546,871)					1,589,240
Mongolia - 1.84%
Foreign Sovereign Obligations - 1.84%
Mongolia Government International Bond,
8.750%, Due 3/9/2024B			600,000		664,495
8.750%, Due 3/9/2024B			3,900,000		4,319,219
Total Foreign Sovereign Obligations					4,983,714
Total Mongolia (Cost $5,018,487)					4,983,714

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Mozambique - 2.40%
Credit-Linked Notes - 1.81%
Mozambique Government Bonds (Issuer ICBC Standard Bank PLC),
1.000%, Due 4/23/2019C	MZN		30,000,000	$	248,573
27.000%, Due 2/26/2020	MZN		180,000,000		3,119,485
Republic of Mozambique (Issuer ICBC Standard Bank PLC), 19.000%, Due 3/28/2021B C E	MZN		90,500,000		1,527,745
Total Credit-Linked Notes					4,895,803
Foreign Sovereign Obligations - 0.59%
Mozambique International Bond, 10.500%, Due 1/18/2023B		$	1,900,000		1,584,087
Total Mozambique (Cost $6,353,682)					6,479,890
Netherlands - 1.53%
Foreign Corporate Obligations - 0.25%
Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V., 7.350%, Due 9/11/2020B			650,000		669,913
Foreign Sovereign Obligations - 1.28%
Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V., 7.060%, Due 4/6/2021, Series EMTNC			3,500,000		3,462,641
Total Netherlands (Cost $4,150,000)					4,132,554
Nicaragua - 1.66%
Credit-Linked Notes - 1.61%
Empresa Administadora de Aeropuertos Internacionales (Issuer Zambezi B.V.), 7.000%, Due 4/8/2024C E			2,000,000		1,919,600
Republic of Nicaragua (Issuer Zambezi B.V.), 6.750%, Due 8/5/2022E			2,400,000		2,440,560
Total Credit-Linked Notes					4,360,160
Foreign Sovereign Obligations - 0.05%
Nicaragua Government International Bond, 5.000%, Due 2/1/2019C F G			138,770		134,607
Total Nicaragua (Cost $4,537,366)					4,494,767
Nigeria - 4.51%
Foreign Sovereign Obligations - 4.51%
Nigeria Government Bond,
15.540%, Due 2/13/2020, Series 5YR	NGN		310,000,000		899,258
16.288%, Due 3/17/2027, Series 10YR	NGN		1,438,000,000		4,678,294
16.250%, Due 4/18/2037	NGN		888,958,000		3,045,422
Nigeria Treasury Bills,
1.000%, Due 7/5/2018	NGN		320,000,000		873,102
20.359%, Due 8/2/2018	NGN		1,000,000,000		2,704,361
Total Foreign Sovereign Obligations					12,200,437
Total Nigeria (Cost $11,514,697)					12,200,437
Paraguay - 0.75% (Cost $2,000,468)
Credit-Linked Notes - 0.75%
Municipalidad De Asuncion (Issuer Zambezi B.V.), 11.000%, Due 3/23/2027E			2,000,000		2,020,800
Rwanda - 0.57% (Cost $1,494,557)
Foreign Sovereign Obligations - 0.57%
Rwanda International Government Bond, 6.625%, Due 5/2/2023B	NGN		1,500,000		1,534,425

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Senegal - 2.40%
Foreign Sovereign Obligations - 2.40%
Senegal Government International Bond,
6.250%, Due 7/30/2024B		$	1,350,000	$	1,383,836
4.750%, Due 3/13/2028B	EUR		2,000,000		2,394,139
6.750%, Due 3/13/2048B			2,860,000		2,695,550
Total Foreign Sovereign Obligations					6,473,525
Total Senegal (Cost $6,674,099)					6,473,525
Sri Lanka - 4.33%
Foreign Sovereign Obligations - 4.33%
Sri Lanka Government Bonds,
9.250%, Due 5/1/2020	LKR		30,000,000		188,504
10.750%, Due 3/1/2021, Series A	LKR		26,000,000		168,025
9.000%, Due 5/1/2021, Series A	LKR		465,000,000		2,879,043
11.000%, Due 8/1/2021, Series A	LKR		420,000,000		2,747,120
11.500%, Due 5/15/2023, Series A	LKR		180,000,000		1,199,377
11.400%, Due 1/1/2024, Series A	LKR		200,000,000		1,331,112
11.000%, Due 8/1/2024, Series A	LKR		315,000,000		2,059,335
11.500%, Due 9/1/2028	LKR		168,000,000		1,134,642
Total Foreign Sovereign Obligations					11,707,158
Total Sri Lanka (Cost $11,885,080)					11,707,158
Supranational - 1.30%
Foreign Sovereign Obligations - 1.30%
European Bank for Reconstruction & Development,
6.920%, Due 12/6/2018C	GEL		2,200,000		895,687
7.120%, Due 12/20/2018C	GEL		2,900,000		1,177,518
13.750%, Due 10/9/2019B			904,359		747,082
9.800%, Due 3/16/2020B			700,000		691,293
Total Foreign Sovereign Obligations					3,511,580
Total Supranational (Cost $3,430,633)					3,511,580
Suriname - 0.61% (Cost $1,617,105)
Foreign Sovereign Obligations - 0.61%
Republic of Suriname, 9.250%, Due 10/26/2026B			1,600,000		1,648,000
Tajikistan - 1.11% (Cost $3,199,693)
Foreign Sovereign Obligations - 1.11%
Republic of Tajikistan International Bond, 7.125%, Due 9/14/2027B			3,230,000		2,991,464
United Republic of Tanzania - 0.28% (Cost $764,045)
Credit-Linked Notes - 0.28%
United Republic of Tanzania (Issuer Zambezi B.V.), 8.650%, Due 4/23/2021E	TZS		1,700,000,000		746,645
Tunisia - 0.68% (Cost $1,916,725)
Foreign Sovereign Obligations - 0.68%
Banque Centrale de Tunisie International Bond, 5.750%, Due 1/30/2025B			2,000,000		1,852,008

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Uganda - 3.22%
Foreign Sovereign Obligations - 3.22%
Republic of Uganda Government Bonds,
10.750%, Due 9/6/2018	UGX		1,925,000,000	$	521,802
18.375%, Due 2/18/2021, Series 5YR	UGX		1,000,000,000		309,701
16.500%, Due 5/13/2021	UGX		4,355,000,000		1,303,335
16.750%, Due 10/28/2021	UGX		6,940,000,000		2,105,164
14.125%, Due 7/7/2022	UGX		8,300,000,000		2,342,991
19.500%, Due 12/18/2025, Series 10YR	UGX		4,000,000,000		1,369,454
16.000%, Due 5/6/2027	UGX		2,500,000,000		740,188
Total Foreign Sovereign Obligations					8,692,635
Total Uganda (Cost $8,688,699)					8,692,635
Ukraine - 4.82%
Credit-Linked Notes - 4.53%
Ukraine Government Bonds (Issuer Citigroup Global Markets Holdings, Inc.),
15.090%, Due 3/6/2019	UAH		27,000,000		1,040,972
13.300%, Due 8/2/2019B	UAH		15,150,000		586,511
13.460%, Due 6/12/2020B	UAH		14,840,000		585,433
13.500%, Due 8/21/2020B	UAH		37,000,000		1,413,437
14.160%, Due 10/14/2022B	UAH		52,000,000		1,936,038
14.160%, Due 10/17/2022B	UAH		45,000,000		1,675,418
15.970%, Due 4/19/2023B	UAH		27,500,000		1,054,481
Ukraine Government Bonds (Issuer ICBC Standard Bank PLC),
15.740%, Due 1/15/2020B	UAH		32,000,000		1,252,650
14.910%, Due 10/14/2022	UAH		74,000,000		2,690,670
Total Credit-Linked Notes					12,235,610
Foreign Sovereign Obligations - 0.29%
Ukraine Government International Bond, 7.750%, Due 9/1/2025B		$	800,000		794,000
Total Foreign Sovereign Obligations					794,000
Total Ukraine (Cost $13,318,235)					13,029,610
Uruguay - 3.39%
Foreign Sovereign Obligations - 3.39%
Uruguay Government International Bond,
9.875%, Due 6/20/2022B	UYU		48,203,000		1,763,264
8.500%, Due 3/15/2028B	UYU		65,802,000		2,209,201
Uruguay Monetary Regulation Bill,
0.000% Due 1/11/2019, Series 0001K	UYU		70,500,000		2,324,889
0.000% Due 4/5/2019, Series 0001K	UYU		40,000,000		1,291,529
Uruguay Notas del Tesoro, 13.900%, Due 7/29/2020, Series 8	UYU		40,750,000		1,565,726
Total Foreign Sovereign Obligations					9,154,609
Total Uruguay (Cost $9,098,696)					9,154,609

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

		Principal Amount*		Fair Value
Zambia - 4.41%
Foreign Sovereign Obligations - 4.41%
Zambia Government Bond,
11.000%, Due 8/31/2019, Series 5YR	ZMW		4,800,000	$	441,725
11.000%, Due 2/16/2020, Series 5YR	ZMW		500,000		44,847
11.000%, Due 5/26/2020, Series 5YR	ZMW		23,100,000		2,043,632
11.000%, Due 8/29/2021, Series 5YR	ZMW		21,000,000		1,745,095
12.000%, Due 5/23/2023, Series 7YR	ZMW		6,100,000		492,448
12.000%, Due 11/21/2023, Series 7YR	ZMW		14,900,000		1,185,612
12.000%, Due 4/23/2025, Series 7YR	ZMW		16,500,000		1,222,274
13.000%, Due 8/29/2026	ZMW		42,500,000		3,257,787
13.000%, Due 12/18/2027, Series 10YR	ZMW		7,000,000		521,075
Zambia Government International Bond, 8.970%, Due 7/30/2027B		$	950,000		954,750
Total Foreign Sovereign Obligations					11,909,245
Total Zambia (Cost $12,250,235)					11,909,245
		Shares
SHORT-TERM INVESTMENTS - 12.01% (Cost $32,461,300)
Investment Companies - 12.01%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%H I			32,461,300		32,461,300
TOTAL INVESTMENTS - 98.45% (Cost $266,096,289)					266,028,877
OTHER ASSETS, NET OF LIABILITIES - 1.55%					4,202,005
TOTAL NET ASSETS - 100.00%				$	270,230,882

Percentages are stated as a percent of net assets.

* In U.S. Dollars unless otherwise noted.

^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 April 30, 2018.

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

^C  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.

^D  Inflation-Indexed Note.

^E  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 $21,076,191 or 7.80% of net assets. The Fund has no right to demand registration of these securities.

^F  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $307,489 or 0.11% of net assets. Value was determined using significant unobservable inputs.

^G  Step Up/Down - A zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. The rate disclosed represents the coupon rate at April 30, 2018. The maturity date disclosed represents the final maturity date.

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

^I  7-day yield.

^J  The rate represents the implied yield as determined from the foreign currency exchange rates structured into the reference entity. The actual yield will depend on movements in the foreign currency exchange rates in the future.

^K  Zero coupon bond.

BADLARP - Benchmark rate provided by the Banco Central de la Republica Argentina.

LIBOR - London Interbank Offered Rate.

PLC - Public Limited Company.

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Forward Foreign Currency Contracts Open on April 30, 2018:

Currency Purchased*		Currency Sold*			Settlement Date		Counterparty		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	4,952,340		EUR	4,835,533		5/18/2018		SSB	$	116,807	$	—		$	116,807
KZT	516,333		USD	500,000		5/29/2018		ICBC		16,333		—			16,333
DZD	158,313		USD	150,000		8/28/2018		MSC		8,313		—			8,313
AZN	1,023,582		USD	1,000,000		9/17/2018		ICBC		23,582		—			23,582
KZT	1,259,920		USD	1,200,000		10/26/2018		ICBC		59,920		—			59,920
KZT	1,973,443		USD	2,000,000		12/14/2018		ICBC		—		(26,557	)		(26,557	)
AZN	1,037,083		USD	1,000,000		12/17/2018		ICBC		37,083		—			37,083
KZT	1,975,473		USD	2,000,000		3/4/2019		ICBC		—		(24,527	)		(24,527	)
									$	262,038	$	(51,084	)	$	210,954

* All values denominated in USD.

Glossary:

Counterparty Abbreviations:

ICBC	ICBC Standard Bank PLC
MSC	Morgan Stanley & Co. Inc.
SSB	State Street Bank & Trust Co.

Currency Abbreviations:

ARS	Argentine Peso
AZN	Azerbaijani Manat
CRC	Costa Rican Colon
DOP	Dominican Peso
DZD	Algerian Dinars
EGP	Egyptian Pound
EUR	Euro
GEL	Georgian Lari
GHS	Ghanaian Cedi
KES	Kenyan Shilling
KGS	Kyrgyzstani Som
KZT	Kazakhstani Tenge
LKR	Sri Lankan Rupee
MZN	Mozambique Metical
NGN	Nigerian Naira
TZS	Tanzanian Shilling
UAH	Ukrainian Hryvnia
UGX	Ugandan Shilling
USD	United States Dollar
UYU	Uruguayan Peso
ZMW	Zambian Kwacha

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

Global Evolution Frontier Markets Income Fund	Level 1		Level 2		Level 3		Total
Assets
Credit-Linked Notes
Angola	$	—	$	1,878,938	$	—	$	1,878,938
Armenia		—		1,581,600		—		1,581,600
Azerbaijan		—		2,047,200		—		2,047,200
Gambia		—		989,196		—		989,196
Georgia		—		3,241,200		—		3,241,200
Ghana		—		285,747		—		285,747
Kazakhstan		—		5,385,098		—		5,385,098
Kyrgyzstan		—		4,239,405		—		4,239,405

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Global Evolution Frontier Markets Income Fund	Level 1		Level 2			Level 3		Total
Assets (continued)
Malawi	$	—	$	1,589,240		$	—	$	1,589,240
Mozambique		—		4,895,803			—		4,895,803
Nicaragua		—		4,360,160			—		4,360,160
Paraguay		—		2,020,800			—		2,020,800
Tanzania, United Republic Of		—		746,645			—		746,645
Ukraine		—		12,235,610			—		12,235,610
Foreign Sovereign Obligations
Angola		—		5,557,365			—		5,557,365
Argentina		—		12,130,694			—		12,130,694
Belarus		—		2,526,198			—		2,526,198
Bosnia & Herzegovina		—		—			172,882		172,882
Cameroon		—		3,672,512			—		3,672,512
Costa Rica		—		6,940,270			—		6,940,270
Dominican Republic		—		8,255,597			—		8,255,597
Ecuador		—		6,176,550			—		6,176,550
Egypt		—		12,472,552			—		12,472,552
Ethiopia		—		2,526,550			—		2,526,550
Gabon		—		2,017,735			—		2,017,735
Ghana		—		11,015,925			—		11,015,925
Iraq		—		8,123,972			—		8,123,972
Ivory Coast		—		10,613,460			—		10,613,460
Kenya		—		12,564,625			—		12,564,625
Mongolia		—		4,983,714			—		4,983,714
Mozambique		—		1,584,087			—		1,584,087
Netherlands		—		3,462,641			—		3,462,641
Nicaragua		—		—			134,607		134,607
Nigeria		—		12,200,437			—		12,200,437
Rwanda		—		1,534,425			—		1,534,425
Senegal		—		6,473,525			—		6,473,525
Sri Lanka		—		11,707,158			—		11,707,158
Supranational		—		3,511,580			—		3,511,580
Suriname		—		1,648,000			—		1,648,000
Tajikistan		—		2,991,464			—		2,991,464
Tunisia		—		1,852,008			—		1,852,008
Uganda		—		8,692,635			—		8,692,635
Ukraine		—		794,000			—		794,000
Uruguay		—		9,154,609			—		9,154,609
Zambia		—		11,909,245			—		11,909,245
Foreign Corporate Obligations
Netherlands		—		669,913			—		669,913
Short-Term Investments		32,461,300		—			—		32,461,300
Total Investments in Securities - Assets	$	32,461,300	$	233,260,088		$	307,489	$	266,028,877
Financial Derivative Instruments - Assets
Forward Foreign Currency Contracts	$	—	$	262,038		$	—	$	262,038
Total Financial Derivative Instruments - Assets	$	—	$	262,038		$	—	$	262,038
Financial Derivative Instruments - Liabilities
Forward Foreign Currency Contracts	$	—	$	(51,084	)	$	—	$	(51,084	)
Total Financial Derivative Instruments - Liabilities	$	—	$	(51,084	)	$	—	$	(51,084	)

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were transfers from Level 2 to Level 3, with a fair value of $134,607.

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (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 1/31/2018		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 4/30/2018		Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Sovereign Obligations	$	176,155	$	—	$	—	$	1,116	$	—	$	(4,389	)	$	134,607	$	—	$	307,489	$	(4,389	)

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

The foreign government obligations, classified as Level 3, were valued using single broker quotes. The principal amount of these securities, valued at $307,489, have been deemed level 3 due to limited market transparency and/or lack of corroboration to support the quoted prices.

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Holdings (% Net Assets)
Kenya Infrastructure Bond, 12.500%, Due 1/10/2033, Series 15YR		2.2
Angolan Government International Bond, 9.500%, Due 11/12/2025		2.1
Bonos de la Nacion Argentina con Ajuste por CER, 3.750%, Due 2/8/2019		1.9
Nigeria Government Bond, 16.288%, Due 3/17/2027, Series 10YR		1.7
Dominican Republic International Bond, 11.500%, Due 5/10/2024		1.7
Mongolia Government International Bond, 8.750%, Due 3/9/2024		1.6
Ivory Coast Government International Bond, 5.750%, Due 12/31/2032		1.5
Costa Rica Titulos de Propiedad, 9.660%, Due 9/30/2026		1.5
Ivory Coast Government International Bond, 5.750%, Due 12/31/2032		1.4
Republic of Cameroon International Bond, 9.500%, Due 11/19/2025		1.4
Total Fund Holdings	148
Top Ten Country Weightings (% Investments)
Ukraine		5.5
Kenya		5.4
Egypt		5.3
Nigeria		5.2
Argentina		5.2
Zambia		5.1
Sri Lanka		5.0
Ghana		4.8
Ivory Coast		4.5
Uruguay		3.9
Sector Allocation (% Investments)
Foreign Sovereign Obligations		80.2
Credit-Linked Notes		19.5
Financial		0.3
Country Allocation (% Investments)
Ukraine		5.5
Kenya		5.4
Egypt		5.3
Nigeria		5.2
Argentina		5.2
Zambia		5.1
Sri Lanka		5.0
Ghana		4.8
Ivory Coast		4.5
Uruguay		3.9
Uganda		3.7
Dominican Republic		3.5
Iraq		3.5
Angola		3.2
Costa Rica		3.0
Mozambique		2.8
Senegal		2.8
Ecuador		2.6
Kazakhstan		2.3
Mongolia		2.1
Nicaragua		1.9
Kyrgyzstan		1.8
Netherlands		1.8
Cameroon		1.6
Supranational		1.5
Georgia		1.4
Tajikistan		1.3
Ethiopia		1.1
Belarus		1.1
Azerbaijan		0.9

See accompanying notes

American Beacon Global Evolution Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Paraguay	0.9
Gabon	0.9
Tunisia	0.8
Suriname	0.7
Malawi	0.7
Armenia	0.7
Rwanda	0.7
Gambia	0.4
Tanzania, United Republic Of	0.3
Bosnia & Herzegovina	0.1

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
SECURITIES HELD LONG
COMMON STOCKS - 75.43%
Consumer Discretionary - 16.17%
Auto Components - 0.07%
Cia Energetica de Minas Gerais, Sponsored ADR		4,705	$	11,245
Mountain Commerce Bancorp, Inc.A		146		2,840
				14,085
Distributors - 1.13%
LKQ Corp.A B		7,143		221,576
Hotels, Restaurants & Leisure - 5.73%
Caesars Entertainment Corp.A B		19,067		216,410
Carnival Corp.		2,419		152,542
Marriott International, Inc., Class A		623		85,152
Melco Resorts & Entertainment Ltd., ADR		4,403		137,418
Norwegian Cruise Line Holdings Ltd.A		2,760		147,577
Restaurant Brands International, Inc.		3,734		203,204
SeaWorld Entertainment, Inc.A		4,075		61,492
Wyndham Worldwide Corp.		1,064		121,519
				1,125,314
Household Durables - 1.97%
AV Homes, Inc.A		1,274		21,212
Century Communities, Inc.A		930		28,598
DR Horton, Inc.		1,148		50,673
Lennar Corp., Class A		458		24,224
M/I Homes, Inc.A		828		25,237
Mohawk Industries, Inc.A B		1,007		211,349
Taylor Morrison Home Corp., Class AA		1,098		26,088
				387,381
Internet & Direct Marketing Retail - 0.86%
Amazon.com, Inc.A		61		95,534
Booking Holdings, Inc.A		14		30,492
Ctrip.com International Ltd., ADRA		298		12,188
JD.com, Inc., ADRA		822		30,011
				168,225
Leisure Products - 0.78%
Brunswick Corp.		2,553		152,874
Media - 2.24%
CBS Corp., Class B, NVDR		3,566		175,447
Liberty Media Corp-Liberty SiriusXM, Tracking Stock, Class AA B C		3,899		162,861
Liberty Media Corp-Liberty SiriusXM, Tracking Stock, Class CA B C		908		37,828
Viacom, Inc.		2,137		64,452
				440,588
Multiline Retail - 0.77%
B&M European Value Retail S.A.D		21,348		118,599
Macy’s, Inc.		200		6,214
Target Corp.		380		27,588
				152,401
Specialty Retail - 1.90%
At Home Group, Inc.A		401		14,111
Hudson Ltd., Class AA		1,915		28,399
MarineMax, Inc.A		3,262		70,459
O’Reilly Automotive, Inc.A		823		210,746

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 75.43% (continued)
Consumer Discretionary - 16.17% (continued)
Specialty Retail - 1.90% (continued)
Ulta Salon Cosmetics & Fragrance, Inc.A		200	$	50,182
				373,897
Textiles, Apparel & Luxury Goods - 0.72%
Deckers Outdoor Corp.A		201		18,745
Hanesbrands, Inc.		770		14,222
Moncler SpAD		556		25,082
Puma SED		122		59,467
Swatch Group AGD		49		23,587
				141,103
Total Consumer Discretionary				3,177,444
Consumer Staples - 1.59%
Beverages - 0.57%
Anheuser-Busch InBev S.A., Sponsored ADR		456		45,636
Constellation Brands, Inc., Class A		285		66,442
				112,078
Food & Staples Retailing - 0.10%
Koninklijke Ahold Delhaize N.V.D		800		19,286
Food Products - 0.41%
Mondelez International, Inc., Class A		2,038		80,501
Household Products - 0.51%
Procter & Gamble Co.		1,379		99,757
Total Consumer Staples				311,622
Energy - 2.15%
Energy Equipment & Services - 0.10%
RPC, Inc.		1,129		20,333
Oil, Gas & Consumable Fuels - 2.05%
China Petroleum & Chemical Corp., Class HD		59,167		57,625
Golar LNG Ltd.		862		27,713
Hess Corp.		2,533		144,356
Kinder Morgan, Inc.		2,162		34,203
Laredo Petroleum, Inc.A		1,507		16,577
Newfield Exploration Co.A		1,581		47,114
PetroChina Co., Ltd., Class HD		40,950		30,046
YPF S.A., Sponsored ADR		2,078		45,487
				403,121
Total Energy				423,454
Financials - 18.53%
Banks - 9.95%
1st Capital BankA		2,265		36,240
American Business BankA		2,775		110,442
American River Bankshares		2,042		31,671
American Riviera BankA		2,244		43,534
Bank Leumi Le-Israel BMD		2,607		15,367
Bank of Ireland Group PLCD		3,530		31,496
Bank of the James Financial Group, Inc.		3,536		53,535
Baycom Corp.A		2,038		44,836
Bridge Bancorp, Inc.		3,696		121,598
Cambridge Bancorp		531		47,259

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 75.43% (continued)
Financials - 18.53% (continued)
Banks - 9.95% (continued)
Chemung Financial Corp.		541	$	25,535
Citigroup, Inc.		584		39,870
Codorus Valley Bancorp, Inc.		707		20,651
Commerce West Bank		1,605		40,125
Community Financial Corp.		1,568		56,511
CYBG PLCD		7,895		32,728
Delmarva Bancshares, Inc.A		1,704		13,393
DNB Financial Corp.		887		30,912
Eagle Financial Services, Inc.		100		3,280
Embassy Bancorp, Inc.		316		5,198
ENB Financial Corp.		24		822
Esquire Financial Holdings, Inc.A		810		19,513
Exchange Bank		145		25,563
Farmers & Merchants Bank of Long Beach		7		55,440
First Foundation, Inc.A		5,146		92,062
First Northern Community BancorpA		2,518		33,590
First of Long Island Corp.		2,452		64,978
First United Corp.		642		12,423
FNB Corp.		2,505		32,565
Highlands Bankshares, Inc.A		449		3,345
Hilltop Holdings, Inc.		1,638		36,724
Israel Discount Bank Ltd., Class AA D		6,137		16,986
Meridian BankA		2,438		42,007
Metro Bank PLCA D		2,543		115,443
Metropolitan Bank Holding Corp.A		1,330		62,949
MidSouth Bancorp, Inc.		3,901		54,419
MidWestOne Financial Group, Inc.		275		8,874
Old Point Financial Corp.		188		4,944
Pacific City Financial Corp.		2,148		33,724
Parke Bancorp, Inc.		86		2,017
Peapack Gladstone Financial Corp.		2,143		70,805
Premier Financial Bancorp, Inc.		737		14,504
Private Bancorp of America, Inc.A		417		10,738
Seacoast Banking Corp. of FloridaA		2,087		57,664
Seacoast Commerce Banc Holdings		1,185		23,818
Signature BankA		256		32,550
SouthCrest Financial Group, Inc.		541		5,951
Stewardship Financial Corp.		2,013		24,156
Tri City Bankshares Corp.		1,082		22,614
UniCredit SpAD		4,531		98,043
Virginia National Bankshares Corp.		3		132
WTB Financial Corp., Class B		206		72,203
				1,955,747
Capital Markets - 2.51%
Amundi S.A.D E		1,045		88,606
CBOE Global Markets, Inc.		1,764		188,360
S&P Global, Inc.B		1,144		215,758
				492,724
Consumer Finance - 2.65%
Ally Financial, Inc.		6,158		160,724
Capital One Financial Corp.		353		31,989
OneMain Holdings, Inc.A		6,606		203,795

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 75.43% (continued)
Financials - 18.53% (continued)
Consumer Finance - 2.65% (continued)
Regional Management Corp.A		3,762	$	123,657
				520,165
Diversified Financial Services - 0.08%
Marlin Business Services Corp.		617		16,906
Insurance - 0.54%
Progressive Corp.		1,758		105,990
Thrifts & Mortgage Finance - 2.80%
Charter Court Financial Services Group PLCA D E		7,784		33,688
Dime Community Bancshares, Inc.		2,654		52,416
Equitable Group, Inc.		784		35,367
Flagstar Bancorp, Inc.A		990		34,205
Home Capital Group, Inc.A		3,304		37,030
Luther Burbank Corp.		2,804		34,938
Merchants Bancorp		3,644		77,909
OneSavings Bank PLCD		5,943		32,428
OP BancorpA		1,121		14,125
PennyMac Financial Services, Inc., Class AA		4,129		85,057
Provident Bancorp, Inc.A		1,230		28,905
Sterling Bancorp, Inc.		6,583		83,867
				549,935
Total Financials				3,641,467
Health Care - 0.87%
Biotechnology - 0.25%
Puma Biotechnology, Inc.A		752		47,940
Health Care Providers & Services - 0.62%
Cigna Corp.		368		63,230
Express Scripts Holding Co.A		37		2,801
Universal Health Services, Inc., Class B		491		56,072
				122,103
Total Health Care				170,043
Industrials - 10.00%
Aerospace & Defense - 0.97%
Boeing Co.		66		22,015
Meggitt PLC D		7,080		45,964
TransDigm Group, Inc.		383		122,779
				190,758
Airlines - 0.86%
American Airlines Group, Inc.		783		33,614
Copa Holdings S.A., Class A		124		14,529
Southwest Airlines Co.		2,283		120,611
				168,754
Building Products - 2.46%
AO Smith Corp.		323		19,816
Builders FirstSource, Inc.A		866		15,787
Fortune Brands Home & Security, Inc.		4,688		256,387
Masco Corp.		5,057		191,508
				483,498
Commercial Services & Supplies - 0.56%
Advanced Disposal Services, Inc.A		3,159		69,624

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 75.43% (continued)
Industrials - 10.00% (continued)
Commercial Services & Supplies - 0.56% (continued)
China Everbright International Ltd.D		10,330	$	14,477
Waste Connections, Inc.		351		25,377
				109,478
Construction & Engineering - 0.13%
Beijing Urban Construction Design & Development Group Co., Ltd., Class HD E		51,610		25,409
Electrical Equipment - 1.02%
Enphase Energy, Inc.A		12,961		53,788
Melrose Industries PLCD		37,313		116,885
Philips Lighting N.V.D E		205		6,230
Zhuzhou CRRC Times Electric Co., Ltd., Class HD		4,539		24,067
				200,970
Machinery - 1.84%
China Conch Venture Holdings Ltd.D		17,915		55,612
Gates Industrial Corp. PLCA		685		10,727
Middleby Corp.A B		1,601		201,470
Navistar International Corp.A		2,717		94,579
				362,388
Road & Rail - 0.70%
Kansas City Southern		809		86,264
Union Pacific Corp.		380		50,779
				137,043
Trading Companies & Distributors - 1.00%
AerCap Holdings N.V.A		1,686		87,891
Air Lease Corp.		1,870		77,961
BOC Aviation Ltd.D E		5,147		30,064
				195,916
Transportation Infrastructure - 0.46%
Macquarie Infrastructure Corp.		2,414		91,491
Total Industrials				1,965,705
Information Technology - 10.53%
Communications Equipment - 0.75%
Cisco Systems, Inc.		337		14,926
Palo Alto Networks, Inc.A		695		133,794
				148,720
Electronic Equipment, Instruments & Components - 0.46%
Itron, Inc.A		549		35,904
Landis+Gyr Group AGA D		736		55,358
				91,262
Internet Software & Services - 2.27%
Alibaba Group Holding Ltd., Sponsored ADRA		267		47,670
Alphabet, Inc.A B		193		196,586
Five9, Inc.A		2,267		66,582
Hortonworks, Inc.A		3,184		53,905
Spotify Technology S.A.A		502		81,158
				445,901
IT Services - 2.67%
Fidelity National Information Services, Inc.B		1,612		153,092
PayPal Holdings, Inc.A		757		56,480
Visa, Inc., Class A		818		103,788

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 75.43% (continued)
Information Technology - 10.53% (continued)
IT Services - 2.67% (continued)
Worldpay, Inc., Class AA		2,597	$	210,928
				524,288
Software - 4.17%
CDK Global, Inc.		3,167		206,615
LINE Corp., Sponsored ADRA		2,946		106,292
Microsoft Corp.		847		79,211
Nintendo Co., Ltd.D		99		41,756
Proofpoint, Inc.A		138		16,276
Red Hat, Inc.A		439		71,583
ServiceNow, Inc.A		456		75,760
SS&C Technologies Holdings, Inc.B		4,461		221,489
				818,982
Technology Hardware, Storage & Peripherals - 0.21%
Apple, Inc.		248		40,985
Total Information Technology				2,070,138
Materials - 5.57%
Chemicals - 1.02%
Mosaic Co.		1,147		30,912
Sherwin-Williams Co.B		462		169,859
				200,771
Construction Materials - 0.93%
Buzzi Unicem SpAD		1,175		29,655
China National Building Material Co., Ltd., Class HD		24,721		28,816
Forterra, Inc.A		2,548		18,702
Loma Negra Cia Industrial Argentina S.A., Sponsored ADRA		2,733		56,682
Summit Materials, Inc., Class AA		1,747		49,161
				183,016
Metals & Mining - 2.66%
China Molybdenum Co., Ltd., Class HD		65,716		49,332
First Quantum Minerals Ltd.		9,251		133,294
Teck Resources Ltd., Class B		10,935		274,797
Warrior Met Coal, Inc.		2,802		65,146
				522,569
Paper & Forest Products - 0.96%
Canfor Corp.A		5,215		119,779
West Fraser Timber Co., Ltd.		1,025		69,430
				189,209
Total Materials				1,095,565
Real Estate - 0.95%
Real Estate Management & Development - 0.95%
Realogy Holdings Corp.		7,511		186,348
Telecommunication Services - 0.62%
Wireless Telecommunication Services - 0.62%
TIM Participacoes S.A., ADR		3,949		89,840
XL Axiata Tbk PTA D		214,405		32,554
				122,394
Total Telecommunication Services				122,394

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - 75.43% (continued)
Utilities - 8.45%
Electric Utilities - 5.30%
Avangrid, Inc.		3,116		$	164,244
Edison International		1,586			103,915
Exelon Corp.		4,167			165,346
FirstEnergy Corp.		7,630			262,472
PG&E Corp.		3,222			148,534
Enel SpAD		18,701			118,451
Fortum OYJD		3,451			79,464
					1,042,426
Gas Utilities - 0.36%
ENN Energy Holdings Ltd.D		7,427			69,692
Independent Power & Renewable Electricity Producers - 1.47%
AES Corp.		11,629			142,339
8Point3 Energy Partners LP		1,683			20,364
NRG Energy, Inc.		2,243			69,533
Vistra Energy Corp.A		2,510			57,354
					289,590
Multi-Utilities - 0.58%
RWE AGD		4,727			113,325
Water Utilities - 0.74%
Guangdong Investment Ltd.D		42,900			66,289
Beijing Enterprises Water Group Ltd.D		136,718			79,414
					145,703
Total Utilities					1,660,736
Total Common Stocks (Cost $13,982,518)					14,824,916
INVESTMENT COMPANIES - 0.87% (Cost $149,273)
Closed-End Funds - 0.87%
Altaba, Inc.A		2,435			170,645
EXCHANGE-TRADED INSTRUMENTS - 0.19% (Cost $36,354)
Exchange-Traded Funds - 0.19%
Nikkei 225 Bull 2x ETFA D		198			38,431
SHORT-TERM INVESTMENTS - 13.88% (Cost $2,727,383)
Investment Companies - 13.88%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%F G		2,727,383			2,727,383
TOTAL SECURITIES HELD LONG (Cost $16,895,528)					17,761,375
SECURITIES HELD SHORT
COMMON STOCKS - (15.16%)
Consumer Discretionary - (2.34%)
Automobiles - (0.49%)
Bayerische Motoren Werke AG D		(104	)		(11,607	)
Ferrari N.V.		(186	)		(22,819	)
Ford Motor Co.		(1,451	)		(16,309	)
Tesla, Inc.A		(151	)		(44,422	)
					(95,157	)
Hotels, Restaurants & Leisure - (0.34%)
Cheesecake Factory, Inc.		(48	)		(2,493	)
Red Robin Gourmet Burgers, Inc.A		(56	)		(3,492	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (15.16%) (continued)
Consumer Discretionary - (2.34%) (continued)
Hotels, Restaurants & Leisure - (0.34%) (continued)
Vail Resorts, Inc.		(256	)	$	(58,703	)
Wynn Macau Ltd. D		(794	)		(2,934	)
					(67,622	)
Household Durables - (0.54%)
DR Horton, Inc.		(313	)		(13,816	)
Installed Building Products, Inc.A		(48	)		(2,770	)
Leggett & Platt, Inc.		(14	)		(568	)
LGI Homes, Inc.A		(281	)		(19,445	)
Meritage Homes Corp.A		(583	)		(25,943	)
NVR, Inc.A		(2	)		(6,200	)
PulteGroup, Inc.		(481	)		(14,603	)
Toll Brothers, Inc.		(119	)		(5,017	)
TopBuild Corp.A		(175	)		(13,947	)
TRI Pointe Group, Inc.A		(208	)		(3,555	)
					(105,864	)
Leisure Products - (0.02%)
Polaris Industries, Inc.		(28	)		(2,935	)
Media - (0.30%)
Altice USA, Inc., Class AA		(860	)		(15,394	)
AMC Networks, Inc., Class AA		(309	)		(16,068	)
Live Nation Entertainment, Inc.A		(114	)		(4,500	)
ProSiebenSat.1 Media SE D		(639	)		(23,213	)
					(59,175	)
Multiline Retail - (0.07%)
Dollarama, Inc.		(43	)		(4,950	)
Next PLCD		(106	)		(7,637	)
Nordstrom, Inc.		(29	)		(1,466	)
					(14,053	)
Specialty Retail - (0.42%)
Best Buy Co., Inc.		(28	)		(2,143	)
CarMax, Inc.A		(221	)		(13,813	)
Floor & Decor Holdings, Inc., Class AA		(100	)		(5,559	)
Hennes & Mauritz AB, Class BD		(1,142	)		(19,528	)
Home Depot, Inc.		(33	)		(6,098	)
Monro, Inc.		(200	)		(11,190	)
Penske Automotive Group, Inc.		(551	)		(24,850	)
					(83,181	)
Textiles, Apparel & Luxury Goods - (0.16%)
Gildan Activewear, Inc.		(174	)		(5,068	)
HUGO BOSS AGD		(41	)		(3,845	)
Pandora A/SD		(209	)		(23,225	)
					(32,138	)
Total Consumer Discretionary					(460,125	)
Consumer Staples - (0.30%)
Beverages - (0.07%)
Boston Beer Co., Inc., Class AA		(25	)		(5,604	)
Davide Campari-Milano SpAD		(981	)		(7,355	)
					(12,959	)
Food & Staples Retailing - (0.12%)
ICA Gruppen ABD		(179	)		(5,565	)
Loblaw Companies Ltd.		(108	)		(5,493	)
Metro, Inc.		(104	)		(3,300	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (15.16%) (continued)
Consumer Staples - (0.30%) (continued)
Food & Staples Retailing - (0.12%) (continued)
Wm Morrison Supermarkets PLCD		(2,643	)	$	(8,831	)
					(23,189	)
Food Products - (0.02%)
Danone S.A. D		(50	)		(4,031	)
Household Products - (0.09%)
Colgate-Palmolive Co.		(62	)		(4,044	)
Kimberly-Clark Corp.		(138	)		(14,268	)
					(18,312	)
Total Consumer Staples					(58,491	)
Energy - (0.09%)
Oil, Gas & Consumable Fuels - (0.09%)
Snam SpAD		(3,857	)		(18,495	)
Financials - (5.88%)
Banks - (4.39%)
1st Source Corp.		(960	)		(49,920	)
AIB Group PLCD		(4,893	)		(29,082	)
Canadian Imperial Bank of Commerce		(187	)		(16,287	)
Canadian Western Bank		(1,090	)		(28,923	)
City Holding Co.		(427	)		(30,565	)
Commerce Bancshares, Inc.		(1,044	)		(66,315	)
Cullen/Frost Bankers, Inc.		(333	)		(38,112	)
CVB Financial Corp.		(2,130	)		(47,180	)
FCB Financial Holdings, Inc., Class AA		(442	)		(25,548	)
First Financial Bankshares, Inc.		(1,031	)		(51,086	)
German American Bancorp, Inc.		(842	)		(28,417	)
Glacier Bancorp, Inc.		(1,486	)		(55,027	)
Heritage Financial Corp.		(1,165	)		(34,600	)
Independent Bank Corp.		(455	)		(32,896	)
JPMorgan Chase & Co.		(106	)		(11,531	)
Lakeland Financial Corp.		(924	)		(43,908	)
Laurentian Bank of Canada		(888	)		(34,104	)
Lloyds Banking Group PLCD		(51,971	)		(46,191	)
Royal Bank of Canada		(211	)		(16,046	)
S&T Bancorp, Inc.		(410	)		(17,499	)
South State Corp.		(564	)		(48,814	)
Webster Financial Corp.		(895	)		(53,870	)
WesBanco, Inc.		(392	)		(17,170	)
Westamerica Bancorp		(711	)		(39,681	)
					(862,772	)
Capital Markets - (0.26%)
Close Brothers Group PLC D		(2,391	)		(50,424	)
Consumer Finance - (0.23%)
Discover Financial Services		(424	)		(30,210	)
World Acceptance Corp.A		(151	)		(15,477	)
					(45,687	)
Insurance - (0.11%)
First American Financial Corp.		(406	)		(20,751	)
Thrifts & Mortgage Finance - (0.89%)
Beneficial Bancorp, Inc.		(1,893	)		(30,004	)
Kearny Financial Corp.		(4,785	)		(67,229	)
PCSB Financial Corp.A		(1,519	)		(30,790	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (15.16%) (continued)
Financials - (5.88%) (continued)
Thrifts & Mortgage Finance - (0.89%) (continued)
WSFS Financial Corp.		(937	)	$	(46,944	)
					(174,967	)
Total Financials					(1,154,601	)
Health Care - (0.05%)
Biotechnology - (0.03%)
AbbVie, Inc.		(26	)		(2,510	)
Celgene Corp.A		(26	)		(2,265	)
					(4,775	)
Health Care Providers & Services - (0.01%)
HCA Healthcare, Inc.		(29	)		(2,777	)
Pharmaceuticals - (0.01%)
Teva Pharmaceutical Industries Ltd., Sponsored ADR		(138	)		(2,481	)
Total Health Care					(10,033	)
Industrials - (2.34%)
Aerospace & Defense - (0.08%)
Huntington Ingalls Industries, Inc.		(68	)		(16,538	)
Air Freight & Logistics - (0.04%)
United Parcel Service, Inc., Class B		(71	)		(8,058	)
Airlines - (0.22%)
ANA Holdings, Inc. D		(732	)		(29,014	)
SAS ABA D		(5,597	)		(13,929	)
					(42,943	)
Building Products - (0.04%)
Simpson Manufacturing Co., Inc.		(125	)		(6,835	)
Commercial Services & Supplies - (0.16%)
Cintas Corp.		(29	)		(4,939	)
Republic Services, Inc.		(423	)		(27,359	)
					(32,298	)
Construction & Engineering - (0.18%)
Valmont Industries, Inc.		(248	)		(35,241	)
Electrical Equipment - (0.65%)
Eaton Corp. PLC		(273	)		(20,483	)
Generac Holdings, Inc.A		(1,298	)		(58,423	)
Regal Beloit Corp.		(687	)		(48,915	)
					(127,821	)
Machinery - (0.69%)
Kone OYJ, Class B D		(189	)		(9,385	)
SKF AB, Class B D		(1,067	)		(21,653	)
Terex Corp.		(740	)		(27,025	)
Timken Co.		(444	)		(18,981	)
Volvo AB, Class B D		(449	)		(7,584	)
Xylem, Inc.		(695	)		(50,666	)
					(135,294	)
Marine - (0.13%)
Kirby Corp.A		(295	)		(25,164	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (15.16%) (continued)
Industrials - (2.34%) (continued)
Road & Rail - (0.09%)
Canadian National Railway Co.		(112	)	$	(8,655	)
Schneider National, Inc., Class B		(308	)		(8,218	)
					(16,873	)
Trading Companies & Distributors - (0.04%)
WW Grainger, Inc.		(27	)		(7,596	)
Transportation Infrastructure - (0.02%)
Fraport AG Frankfurt Airport Services Worldwide D		(47	)		(4,551	)
Total Industrials					(459,212	)
Information Technology - (0.25%)
Communications Equipment - (0.02%)
Cisco Systems, Inc.		(78	)		(3,455	)
Internet Software & Services - (0.01%)
Dropbox, Inc., Class AA		(32	)		(963	)
Okta, Inc.A		(49	)		(2,098	)
					(3,061	)
IT Services - (0.04%)
Accenture PLC, Class A		(51	)		(7,711	)
Software - (0.15%)
Adobe Systems, Inc.A		(21	)		(4,653	)
Atlassian Corp. PLC, Class AA		(50	)		(2,799	)
Check Point Software Technologies Ltd.A		(88	)		(8,493	)
Fortinet, Inc.A		(49	)		(2,713	)
Ultimate Software Group, Inc.A		(34	)		(8,157	)
Zendesk, Inc.A		(53	)		(2,584	)
					(29,399	)
Technology Hardware, Storage & Peripherals - (0.03%)
Logitech International S.A. D		(156	)		(5,763	)
Total Information Technology					(49,389	)
Materials - (0.63%)
Chemicals - (0.28%)
Eastman Chemical Co.		(170	)		(17,354	)
LyondellBasell Industries N.V., Class A		(135	)		(14,273	)
RPM International, Inc.		(294	)		(14,227	)
Wacker Chemie AG D		(51	)		(9,186	)
					(55,040	)
Metals & Mining - (0.12%)
Kaiser Aluminum Corp.		(240	)		(23,650	)
Paper & Forest Products - (0.23%)
Domtar Corp.		(438	)		(19,228	)
Louisiana-Pacific Corp.		(882	)		(24,987	)
					(44,215	)
Total Materials					(122,905	)
Real Estate - (0.24%)
Equity Real Estate Investment Trusts (REITs) - (0.24%)
Camden Property Trust.		(73	)		(6,234	)
Empire State Realty Trust, Inc., Class A.		(210	)		(3,658	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (15.16%) (continued)
Real Estate - (0.24%) (continued)
Equity Real Estate Investment Trusts (REITs) - (0.24%) (continued)
Federal Realty Investment Trust.		(22	)	$	(2,549	)
Realty Income Corp.		(49	)		(2,475	)
Regency Centers Corp.		(72	)		(4,237	)
Ryman Hospitality Properties, Inc.		(298	)		(23,357	)
UDR, Inc.		(117	)		(4,230	)
					(46,740	)
Total Real Estate					(46,740	)
Utilities - (3.04%)
Electric Utilities - (1.53%)
Southern Co.		(947	)		(43,676	)
American Electric Power Co., Inc.		(771	)		(53,955	)
Duke Energy Corp.		(641	)		(51,382	)
Xcel Energy, Inc.		(1,702	)		(79,722	)
Terna Rete Elettrica Nazionale SpA D		(7,661	)		(45,907	)
Hawaiian Electric Industries, Inc.		(760	)		(26,364	)
					(301,006	)
Multi-Utilities - (1.15%)
Avista Corp.		(1,493	)		(77,427	)
Consolidated Edison, Inc.		(829	)		(66,428	)
DTE Energy Co.		(503	)		(53,016	)
WEC Energy Group, Inc.		(445	)		(28,604	)
					(225,475	)
Water Utilities - (0.36%)
American Water Works Co., Inc.		(542	)		(46,926	)
AquaVenture Holdings Ltd.A		(1,696	)		(24,864	)
					(71,790	)
Total Utilities					(598,271	)
TOTAL COMMON STOCKS (Proceeds $(2,873,117))					(2,978,262	)
EXCHANGE-TRADED INSTRUMENTS - (9.35%)
Exchange-Traded Funds - (9.35%)
Alerian MLP ETF		(5,491	)		(55,459	)
Consumer Discretionary Select Sector SPDR Fund		(1,797	)		(186,349	)
Consumer Staples Select Sector SPDR Fund		(1,882	)		(94,947	)
Energy Select Sector SPDR Fund		(120	)		(8,857	)
Health Care Select Sector SPDR Fund		(1,525	)		(125,446	)
Industrial Select Sector SPDR Fund		(681	)		(49,182	)
iShares 20+ Year Treasury Bond ETF		(1,376	)		(163,882	)
iShares 7-10 Year Treasury Bond ETF, Class B		(825	)		(83,902	)
iShares MSCI Brazil ETF		(597	)		(25,253	)
iShares MSCI Emerging Markets ETF		(939	)		(44,058	)
iShares Nasdaq Biotechnology ETF		(94	)		(9,743	)
iShares Russell 2000 ETF		(97	)		(14,872	)
iShares STOXX Europe 600 UCITS ETF D		(1,036	)		(47,796	)
Materials Select Sector SPDR Fund		(260	)		(14,823	)
PowerShares QQQ Trust Series 1		(191	)		(30,740	)
Real Estate Select Sector SPDR Fund		(753	)		(23,260	)
SPDR S&P 500 ETF Trust		(498	)		(131,726	)
SPDR S&P Biotech ETF		(112	)		(9,742	)
SPDR S&P Homebuilders ETF		(297	)		(11,571	)
SPDR S&P MidCap 400 ETF Trust		(19	)		(6,470	)
SPDR S&P Pharmaceuticals ETF		(1,207	)		(48,606	)

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
EXCHANGE-TRADED INSTRUMENTS - (9.35%) (continued)
Exchange-Traded Funds - (9.35%) (continued)
SPDR S&P Regional Banking ETF		(251	)	$	(15,472	)
SPDR S&P Retail ETF		(2,158	)		(97,498	)
SPDR S&P Telecom ETF		(471	)		(32,923	)
Technology Select Sector SPDR Fund		(1,678	)		(109,842	)
Utilities Select Sector SPDR Fund		(3,056	)		(157,567	)
VanEck Vectors Pharmaceutical ETF		(890	)		(50,427	)
Vanguard Total International Bond ETF		(3,442	)		(187,933	)
Total Exchange-Traded Funds					(1,838,346	)
TOTAL EXCHANGE-TRADED INSTRUMENTS (Proceeds $(1,721,377))					(1,838,346	)
TOTAL SECURITITES SOLD SHORT (Proceeds $(4,594,494))					(4,816,608	)
TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITIES SOLD SHORT) - 90.37% (Cost $16,895,528)					17,761,375
PURCHASED OPTIONS AND SWAPTIONS CONTRACTS - 0.06% (Premiums Paid $18,085)					11,124
WRITTEN OPTIONS AND SWAPTIONS CONTRACTS - 0.00% (Premiums Received $(672))					(540	)
TOTAL SECURITIES SOLD SHORT - (24.51%) (Proceeds $(4,594,494))					(4,816,608	)
OTHER ASSETS, NET OF LIABILITIES - 34.08%					6,697,790
NET ASSETS - 100.00%				$	19,653,141

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

^B  This security or a piece thereof is held as segregated collateral at period end but may not be inclusive of post-settlement trade activity.

^C  Tracking Stock - A form of common stock that is issued by a parent company and tracks the performance of a specific division of that parent company. It allows investors the chance to invest in an individual sector of a company while the parent company maintains overall control.

^D  Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $1,462,989 or 7.44% of net assets. Value was determined using significant unobservable inputs.

^E  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 $183,997 or 0.94% of net assets. The Fund has no right to demand registration of these securities.

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

^G  7-day yield.

ADR - American Depositary Receipt.

ETF - Exchange-Traded Fund.

LP - Limited Partnership.

MLP - Master Limited Partnership.

MSCI - Morgan Stanley Capital International.

NASDAQ - National Association of Securities Dealers Automated Quotations.

NVDR - Non Voting Depositary Receipt.

PLC - Public Limited Company.

S&P - Standard & Poor’s.

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

SPDR - Standard & Poor’s Depositary Receipt.

UCITS - Undertaking for Collective Investments in Transferable Securities.

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Purchased Futures Contracts Open on April 30, 2018:

Equity Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Nikkei 225 E-Mini Index Futures		5		June 2018	$	97,043	$	102,955	$	5,912
					$	97,043	$	102,955	$	5,912

OTC Swap Agreements Outstanding on April 30, 2018:

OTC Swap Agreement Contracts for Difference - Equity

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Aena SME S.A.		MSC		Long		EUR		0.145	%		1/15/2020		240		$	50,860	$	(235	)
Cellnex Telecom S.A.		MSC		Long		EUR		0.145	%		1/15/2020		3,783			99,650		2,752
EDP - Energias de Portugal S.A.		MSC		Long		EUR		0.145	%		1/15/2020		32,937			126,488		(1,670	)
Electricite de France S.A.		MSC		Long		EUR		0.145	%		1/15/2020		7,709			105,568		5,814
Gas Natural SDG S.A.		MSC		Long		EUR		0.145	%		1/15/2020		7,280			168,744		18,184
RWE AG		MSC		Long		EUR		0.145	%		1/15/2020		2,889			63,072		7,546
Suez		MSC		Long		EUR		0.145	%		1/15/2020		8,458			121,483		3,365
Veolia Environnement S.A.		MSC		Long		EUR		0.140	%		1/15/2020		1,781			44,486		(1,204	)
Beijing Oriental Yuhong Waterproof Technology Co Ltd.		MSC		Long		USD		4.265	%		2/13/2020		6,000			34,419		(480	)
Cia Energetica de Minas Gerais		MSC		Long		USD		2.548	%		2/13/2020		9,179			20,784		1,481
EDP - Energias do Brasil S.A.		MSC		Long		USD		2.700	%		2/13/2020		6,250			25,167		(276	)
Federal Grid Co Unified Energy System PJSC		MSC		Long		USD		3.200	%		2/12/2020		8,060,000			23,374		(854	)
Inter RAO UES PJSC		MSC		Long		USD		3.200	%		2/12/2020		344,000			22,424		(356	)
Korea Electric Power Corp.		MSC		Long		USD		3.995	%		2/20/2020		774			24,269		2,871
Power Grid Corp of India Ltd.		MSC		Long		USD		5.700	%		3/31/2020		23,400			70,511		2,347
ROSSETI PJSC		MSC		Long		USD		3.200	%		2/12/2020		2,000,000			30,786		(4,332	)
RusHydro PJSC		MSC		Long		USD		3.200	%		2/12/2020		1,517,000			19,402		(1,395	)
Enagas S.A.		MSC		Short		EUR		(0.855	%)		1/15/2020		(1,155	)		31,116		(3,396	)
Endesa S.A.		MSC		Short		EUR		(0.855	%)		1/15/2020		(2,417	)		51,457		(5,991	)
Engie S.A.		MSC		Short		EUR		(0.755	%)		1/15/2020		(4,962	)		86,709		(1,493	)
Red Electrica Corp S.A.		MSC		Short		EUR		(0.855	%)		1/15/2020		(2,104	)		44,471		(637	)
Stoxx Europe 600 Utilities		MSC		Short		EUR		(0.805	%)		2/03/2020		(472	)		167,733		(6,027	)
Vinci S.A.		MSC		Short		EUR		(0.755	%)		1/15/2020		(661	)		68,565		429
CGN Power Co Ltd.		MSC		Short		HKD		0.076	%		2/04/2020		(59,000	)		16,802		578
CLP Holdings Ltd.		MSC		Short		HKD		0.076	%		2/04/2020		(4,050	)		40,449		(1,732	)
HK Electric Investments & HK Electric Investments Ltd.		MSC		Short		HKD		(0.549	%)		2/04/2020		(48,000	)		44,319		(489	)
Hong Kong & China Gas Co Ltd.		MSC		Short		HKD		0.076	%		2/04/2020		(16,750	)		34,499		(587	)
Power Assets Holdings Ltd.		MSC		Short		HKD		0.076	%		2/04/2020		(3,973	)		35,338		5,728
Shanghai Electric Group Co Ltd.		MSC		Short		HKD		(0.418	%)		2/04/2020		(47,580	)		17,638		245
OCI Co Ltd.		MSC		Short		USD		(0.425	%)		2/20/2020		(116	)		16,596		(347	)
															$	1,707,179	$	19,839

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Total Return Swap Agreements

Pay/Receive Floating Rate	Description		Reference Entity		Counter- party		Floating Rate			Expiration Date		Reference Quantity		Notional Amount*		Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Pay		1-Month EUR-EURIBOR		Accor S.A.		MSC		0.130	%		8/24/2018		1,091		41,318	$	(122	)	$	11,978
Pay		1-Month USD-FEDEF		Alphabet, Inc.		MSC		2.200	%		10/2/2018		84		68,344		—			17,216
Pay		1-Month USD-FEDEF		Caterpillar, Inc.		MSC		2.200	%		10/2/2018		689		77,280		—			22,184
Pay		1-Month USD-FEDEF		Delta Air Lines, Inc.		MSC		2.200	%		10/2/2018		2,752		145,661		—			(1,951	)
Pay		1-Day USD-FEDEF		Knight-Swift Transportation Holdings, Inc.		MSC		2.200	%		10/2/2018		2,033		62,348		(1	)		16,959
Pay		1-Month USD-FEDEF		Las Vegas Sands Corp.		MSC		2.200	%		10/2/2018		791		48,676		—			9,328
Pay		1-Month USD-FEDEF		Monster Beverage Corp.		MSC		2.200	%		10/2/2018		1,107		53,115		—			7,770
Pay		1-Day USD-FEDEF		NVR, Inc.		MSC		2.200	%		10/2/2018		79		135,902		(1	)		108,999
Pay		1-Day USD-FEDEF		Rio Tinto PLC		MSC		2.200	%		10/2/2018		2,825		117,739		—			37,495
Pay		1-Day USD-FEDEF		Take-Two Interactive Software, Inc.		MSC		2.200	%		10/2/2018		648		37,772		—			26,841
Pay		1-Month GBP-LIBOR		Anglo American PLC		MSC		1.010	%		10/5/2018		719		12,212		—			109
Pay		1-Month GBP-LIBOR		Antofagasta PLC		MSC		1.010	%		10/5/2018		2,811		22,071		—			7,246
Pay		1-Month EUR-EURIBOR		Cie Plastic Omnium S.A.		MSC		0.130	%		10/5/2018		1,130		33,710		—			13,657
Pay		1-Month EUR-EURIBOR		Kering		MSC		0.130	%		10/5/2018		40		9,546		—			11,638
Pay		1-Month EUR-EURIBOR		Michelin Class B		MSC		0.130	%		10/5/2018		147		18,308		—			(1,419	)
Pay		1-Month GBP-LIBOR		Rio Tinto PLC		MSC		2.200	%		10/5/2018		1,041		35,575		—			7,576
Receive		1-Day USD-FEDEF		Utilities Select Sector Index		MSC		1.550	%		11/12/2018		43		97,163		—			4,645
Receive		1-Month IDR-SOR		Telekomunikasi Indonesia Persero Tbk PT		MSC		2.300	%		12/5/2018		18,011		71,993,078		—			216
Receive		1-Day USD-FEDEF		Consumer Discretionary Select Sector Index		MSC		1.700	%		12/14/2018		35		97,453		—			(12,822	)
Receive		6-Month AUD-BBR-BBSW		Woolworths Group Ltd		MSC		1.000	%		4/5/2019		341		9,125		—			(282	)
Pay		1-Month HKD-HONIA		Tencent Holdings Ltd.		MSC		1.530	%		7/10/2019		975		387,293		(22	)		(751	)
Receive		1-Day USD-FEDEF		Consumer Staples Select Sector Index		MSC		1.550	%		11/12/2019		44		97,013		—			2,784
Receive		1-Day USD-FEDEF		S&P 500 Total Return Index		MSC		1.900	%		11/12/2019		19		95,686		—			(2,982	)
Pay		1-Month EUR-EURIBOR		Accor S.A.		MSC		0.550	%		1/17/2020		2,354		88,859		(6	)		25,937
Pay		1-Day EUR-EONIA		FinecoBank Banca Fineco SpA		MSC		0.550	%		1/17/2020		5,712		37,734		(7	)		22,755
Receive		1-Day EUR-EONIA		Casino Guichard Perrachon S.A.		MSC		0.400	%		1/17/2020		98		3,894		—			(381	)
Receive		1-Day EUR-EONIA		Eutelsat Communications S.A.		MSC		0.400	%		1/17/2020		975		18,454		—			1,162
Receive		1-Month EUR-EURIBOR		Jeronimo Martins SGPS SA		MSC		0.500	%		1/17/2020		162		2,370		—			—
Receive		1-Day GBP-SONIA		Ted Baker PLC		MSC		0.350	%		1/17/2020		46		1,361		—			187
Receive		1-Day TWD-FEDEF		China Steel Corp.		MSC		1.200	%		1/21/2020		4,020		81,547		—			(437	)
Receive		1-Day BRL-FEDEF		Raia Drogasil S.A.		MSC		0.330	%		1/21/2020		41		2,826		—			2
Receive		1-Day BRL-FEDEF		Telefonica Brasil S.A.		MSC		0.700	%		1/21/2020		825		37,375		—			(904	)
																$	(159	)	$	334,755

* Notional amounts are denominated in local currency.

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Purchased Options Contracts Open on April 30, 2018:

Equity Options

Description	Counter- party	Exercise Price		Expiration Date		Currency	Number of Contracts		Notional Amount		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Call - Realogy Holdings Corp.	CCP		30.00		5/18/2018	USD		11		1,100	$	469	$	55	$	(414	)
Call - Progressive Corp.	CCP		65.00		5/18/2018	USD		4		400		364		48		(316	)
Call - Bed Bath & Beyond, Inc.	CCP		20.00		5/18/2018	USD		13		1,300		402		91		(311	)
Call - TransDigm Group, Inc.	CCP		330.00		5/18/2018	USD		1		100		718		718		—
Call - Melco Resorts & Entertainment Ltd.	CCP		32.00		5/18/2018	USD		6		600		385		392		7
Call - Starbucks Corp.	CCP		59.50		5/18/2018	USD		8		800		627		144		(483	)
Put - Puma Biotechnology, Inc.	CCP		50.00		5/18/2018	USD		5		500		900		650		(250	)
Put - Electronic Arts, Inc.	CCP		105.00		5/18/2018	USD		4		400		364		304		(60	)
Put - Universal Health Services, Inc.	CCP		115.00		5/18/2018	USD		6		600		1,518		1,500		(18	)
Call - Palo Alto Networks, Inc.	CCP		200.00		6/15/2018	USD		1		100		668		762		94
Call - CBS Corp.	CCP		60.00		6/15/2018	USD		20		2,000		541		140		(401	)
Call - CBS Corp.	CCP		57.50		6/15/2018	USD		10		1,000		430		120		(310	)
Call - Viacom, Inc.	CCP		37.50		6/15/2018	USD		17		1,700		635		170		(465	)
Call - JD.com, Inc.	CCP		38.00		6/15/2018	USD		3		300		393		339		(54	)
Put - Costco Wholesale Corp.	CCP		165.00		7/20/2018	USD		3		300		613		216		(397	)
Put - Costco Wholesale Corp.	CCP		150.00		7/20/2018	USD		4		400		1,134		138		(996	)
Call - Koninklijke Ahold N.V.	MSC		22.03		12/21/2018	EUR		6		600		1,130		217		(913	)
											$	11,291	$	6,004	$	(5,287	)

Exchange-Traded Fund Options

Description	Counter- party	Exercise Price		Expiration Date		Currency	Number of Contracts		Notional Amount		Premiums Paid		Fair Value		Unrealized Appreciation (Depreciation)
Put - iShares Core S&P Small-Cap ETF	CCP		58.00		5/18/2018	USD		20		2,000	$	1,195	$	150	$	(1,045	)
Put - Financial Select Sector SPDR Fund	CCP		26.00		6/15/2018	USD		74		7,400		2,326		1,702		(624	)
Put - Financial Select Sector SPDR Fund	CCP		27.00		6/15/2018	USD		52		5,200		2,305		2,392		87
Put - Consumer Discretionary Select Sector SPDR Fund	CCP		93.00		6/15/2018	USD		5		500		236		188		(48	)
Put - SPDR S&P 500 ETF Trust	CCP		245.00		6/29/2018	USD		4		400		732		688		(44	)
											$	6,794	$	5,120	$	(1,674	)

Written Options Contracts Open on April 30, 2018:

Equity Options

Description	Counter- party	Exercise Price		Expiration Date		Currency	Number of Contracts		Notional Amount		Premiums Received			Fair Value			Unrealized Appreciation (Depreciation)
Put - Universal Health Services, Inc.	CCP		110.00		5/18/2018	USD		6		600	$	(672	)	$	(540	)	$	132
											$	(672	)	$	(540	)	$	132

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Forward Foreign Currency Contracts Open on April 30, 2018:

Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
BRL	8,156	USD	8,696	5/9/2018	MSC	$	—	$	(540	)	$	(540	)
BRL	25,065	USD	24,997	5/9/2018	MSC		68		—			68
USD	42,898	BRL	40,096	5/9/2018	MSC		2,802		—			2,802
USD	19,530	BRL	18,529	5/9/2018	MSC		1,001		—			1,001
USD	3,847	BRL	3,755	5/9/2018	MSC		92		—			92
KRW	13,179	USD	13,058	5/14/2018	MSC		121		—			121
KRW	25,204	USD	25,345	5/14/2018	MSC		—		(141	)		(141	)
USD	24,825	KRW	25,187	5/14/2018	MSC		—		(362	)		(362	)
USD	22,001	KRW	21,710	5/14/2018	MSC		291		—			291
CAD	576	USD	576	6/1/2018	MSC		—		—			—
CAD	2,972	USD	3,034	6/1/2018	MSC		—		(62	)		(62	)
CAD	3,909	USD	3,948	6/1/2018	MSC		—		(39	)		(39	)
CAD	11,995	USD	11,967	6/1/2018	MSC		28		—			28
CAD	12,529	USD	12,344	6/1/2018	MSC		185		—			185
USD	7,757	CAD	7,785	6/1/2018	MSC		—		(28	)		(28	)
ILS	450	USD	462	6/4/2018	MSC		—		(12	)		(12	)
EUR	675	USD	688	6/4/2018	MSC		—		(13	)		(13	)
EUR	776	USD	785	6/4/2018	MSC		—		(9	)		(9	)
EUR	1,857	USD	1,895	6/4/2018	MSC		—		(38	)		(38	)
ILS	2,081	USD	2,143	6/4/2018	MSC		—		(62	)		(62	)
EUR	9,394	USD	9,707	6/4/2018	MSC		—		(313	)		(313	)
EUR	12,588	USD	12,871	6/4/2018	MSC		—		(283	)		(283	)
ILS	20,875	USD	21,892	6/4/2018	MSC		—		(1,017	)		(1,017	)
GBP	32,066	USD	32,732	6/4/2018	MSC		—		(666	)		(666	)
GBP	57,882	USD	56,956	6/4/2018	MSC		926		—			926
USD	75,557	GBP	77,068	6/4/2018	MSC		—		(1,511	)		(1,511	)
USD	57,352	ILS	55,131	6/4/2018	MSC		2,221		—			2,221
USD	30,589	GBP	31,131	6/4/2018	MSC		—		(542	)		(542	)
USD	22,927	GBP	22,652	6/4/2018	MSC		275		—			275
USD	18,425	GBP	18,255	6/4/2018	MSC		170		—			170
USD	17,231	GBP	16,711	6/4/2018	MSC		520		—			520
USD	15,205	GBP	15,180	6/4/2018	MSC		25		—			25
USD	14,626	EUR	14,720	6/4/2018	MSC		—		(94	)		(94	)
USD	9,829	GBP	9,681	6/4/2018	MSC		148		—			148
USD	9,469	GBP	9,163	6/4/2018	MSC		306		—			306
USD	6,462	GBP	6,374	6/4/2018	MSC		88		—			88
USD	5,728	GBP	5,657	6/4/2018	MSC		71		—			71
USD	4,110	EUR	4,038	6/4/2018	MSC		72		—			72
USD	3,173	EUR	3,172	6/4/2018	MSC		1		—			1
USD	2,321	EUR	2,266	6/4/2018	MSC		55		—			55
USD	2,187	EUR	2,220	6/4/2018	MSC		—		(33	)		(33	)
USD	1,543	ILS	1,523	6/4/2018	MSC		20		—			20
USD	79	EUR	77	6/4/2018	MSC		2		—			2
USD	54,684	INR	53,355	6/8/2018	MSC		1,329		—			1,329
CAD	2,695	USD	2,715	6/29/2018	MSC		—		(20	)		(20	)
CAD	2,723	USD	2,724	6/29/2018	MSC		—		(1	)		(1	)
SEK	6,965	USD	7,235	6/29/2018	MSC		—		(270	)		(270	)
CAD	7,381	USD	7,382	6/29/2018	MSC		—		(1	)		(1	)
KRW	14,327	USD	14,417	6/29/2018	MSC		—		(90	)		(90	)
SEK	18,833	USD	19,689	6/29/2018	MSC		—		(856	)		(856	)
USD	340,173	CAD	334,067	6/29/2018	MSC		6,106		—			6,106
USD	26,402	EUR	25,778	6/29/2018	MSC		624		—			624
USD	23,007	CHF	22,537	6/29/2018	MSC		470		—			470
USD	16,992	GBP	16,468	6/29/2018	MSC		524		—			524
USD	13,202	JPY	12,980	6/29/2018	MSC		222		—			222
USD	7,632	KRW	7,612	6/29/2018	MSC		20		—			20

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Currency Purchased*		Currency Sold*		Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	6,681	KRW	6,715	6/29/2018	MSC	$	—	$	(34	)	$	(34	)
USD	4,242	EUR	4,233	6/29/2018	MSC		9		—			9
DKK	23,449	USD	24,078	7/19/2018	MSC		—		(629	)		(629	)
SEK	23,942	USD	24,937	7/19/2018	MSC		—		(995	)		(995	)
USD	277,122	EUR	270,183	7/19/2018	MSC		6,939		—			6,939
USD	134,883	GBP	129,647	7/19/2018	MSC		5,236		—			5,236
USD	103,845	JPY	101,700	7/19/2018	MSC		2,145		—			2,145
USD	24,224	GBP	23,949	7/19/2018	MSC		275		—			275
USD	4,697	JPY	4,699	7/19/2018	MSC		—		(2	)		(2	)
						$	33,387	$	(8,663	)	$	24,724

* All values denominated in USD.

Glossary:

Counterparty Abbreviations:
MSC	Morgan Stanley & Co. Inc.
Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
ILS	Israeli New Sheqel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
SEK	Swedish Krona
TWD	Taiwan Dollar
USD	United States Dollar
Other Abbreviations:
CCP	Central Counterparty Clearing House
EONIA	Euro Overnight Index Average
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FEDEF	Effective Federal Funds Rate
HONIA	Hong Kong Dollar Overnight Index Average
LIBOR	London Interbank Offered Rate
NASDAQ	National Association of Securities Dealers Automated Quotations
PLC	Public Limited Company
S&P 500	Standard & Poor’s U.S. Equity Large-cap Index
SONIA	Sterling Overnight Index Average
SOR	Swap Offer Rate
SPDR	Standard & Poor’s Depositary Receipt

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

Grosvenor Long/Short Fund	Level 1			Level 2			Level 3		Total
Assets
Common Stocks	$	12,943,625		$	1,881,291		$	—	$	14,824,916
Investment Companies		170,645			—			—		170,645
Exchange-Traded Instruments		—			38,431			—		38,431
Short-Term Investments		2,727,383			—			—		2,727,383
Total Investments in Securities - Assets	$	15,841,653		$	1,919,722		$	—	$	17,761,375
Liabilities
Common Stocks (Sold Short)	$	(2,569,327	)	$	(408,935	)	$	—	$	(2,978,262	)
Exchange-Traded Instruments (Sold Short)		(1,790,550	)		(47,796	)		—		(1,838,346	)
Total Investments in Securities - Liabilities	$	(4,359,877	)	$	(456,731	)	$	—	$	(4,816,608	)
Total Investments in Securities	$	11,481,776		$	1,462,991		$	—	$	12,944,767
Financial Derivative Instruments - Assets
Futures Contracts	$	5,912		$	—		$	—	$	5,912
OTC Swap Agreement Contracts for Difference - Equity		—			51,340			—		51,340
Swap Contract Agreements		—			356,684			—		356,684
Purchased Options		11,124			—			—		11,124
Forward Foreign Currency Contracts		—			33,387			—		33,387
Total Financial Derivative Instruments - Assets	$	17,036		$	441,411		$	—	$	458,447
Financial Derivative Instruments - Liabilities
OTC Swap Agreement Contracts for Difference - Equity	$	—		$	(31,501	)	$	—	$	(31,501	)
Swap Contract Agreements		—			(21,929	)		—		(21,929	)
Written Options		(540	)		—			—		(540	)
Forward Foreign Currency Contracts		—			(8,663	)		—		(8,663	)
Total Financial Derivative Instruments - Liabilities	$	(540	)	$	(62,093	)	$	—	$	(62,093	)

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were transfers from Level 1 to Level 2, with a fair value of $1,074,950 as a result of a determination made by the Valuation Committee that adjustments should be applied to certain international securities due to significant movement in the market.

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 1/31/2018			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 4/30/2018		Change in 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 rights classified as Level 3 were fair valued using private valuation reports provided to the Fund’s Sub-Advisor from a pricing vendor.

See accompanying notes

American Beacon Grosvenor Long/Short Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top 10 Long Exposures (% Net Assets)
Teck Resources Ltd.	1.4
FirstEnergy Corp.	1.3
Fortune Brands Home & Security, Inc.	1.3
LKQ Corp.	1.1
SS&C Technologies Holdings, Inc.	1.1
Caesars Entertainment Corp.	1.1
S&P Global, Inc.	1.1
Mohawk Industries, Inc.	1.1
Worldpay, Inc.	1.1
O’Reilly Automotive, Inc.	1.1
Top 10 Short Exposures (% Net Assets)
Vanguard Total International Bond ETF	(1.0	)
Consumer Discretionary Select Sector SPDR Fund	(0.9	)
iShares 20+ Year Treasury Bond ETF	(0.8	)
Utilities Select Sector SPDR Fund	(0.8	)
SPDR S&P 500 ETF Trust	(0.7	)
Health Care Select Sector SPDR Fund	(0.6	)
Technology Select Sector SPDR Fund	(0.6	)
SPDR S&P Retail ETF	(0.5	)
Consumer Staples Select Sector SPDR Fund	(0.5	)
iShares 7-10 Year Treasury Bond ETF	(0.4	)
Net Sector Exposures (% Investments)
Consumer Discretionary	26.5
Financials	24.3
Information Technology	19.8
Industrials	14.7
Utilities	10.4
Materials	9.5
Energy	4.0
Consumer Staples	2.5
Investment Companies	1.7
Health Care	1.6
Real Estate	1.4
Telecommunication Services	1.2
Exchange-Traded Instruments	(17.6	)
Fund Level Exposure (% Net Assets)	Fund
Net Exposure	52.0
Gross Exposure	101.0
Long Exposure	76.5
Short Exposure	24.5

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
SECURITIES HELD LONG
COMMON STOCKS - 54.61%
Consumer Discretionary - 9.74%
Diversified Consumer Services - 0.10%
K12, Inc.A		12,000	$	183,600
Hotels, Restaurants & Leisure - 2.20%
BBX Capital Corp.		53,950		538,421
Carrols Restaurant Group, Inc.A		104,700		1,078,410
Chipotle Mexican Grill, Inc.A		270		114,299
Darden Restaurants, Inc.		1,600		148,576
Del Frisco’s Restaurant Group, Inc.A		5,700		90,630
Del Taco Restaurants, Inc.A		45,900		512,244
Hilton Grand Vacations, Inc.A		22,600		971,800
McDonald’s Corp.		900		150,696
Texas Roadhouse, Inc.		6,400		410,112
				4,015,188
Internet & Direct Marketing Retail - 0.28%
Expedia Group, Inc.		2,900		333,906
Nutrisystem, Inc.		2,500		72,500
Shutterfly, Inc.A		1,300		105,196
				511,602
Leisure Products - 0.04%
Vista Outdoor, Inc.A		4,900		82,075
Media - 0.09%
Time Warner, Inc.		1,700		161,160
Multiline Retail - 0.27%
Dollar General Corp.		1,400		135,142
JC Penney Co., Inc.A		121,200		352,692
				487,834
Specialty Retail - 5.56%
Advance Auto Parts, Inc.		900		103,005
American Eagle Outfitters, Inc.		33,100		684,508
Best Buy Co., Inc.		3,400		260,202
Camping World Holdings, Inc., Class A		22,200		635,586
Citi Trends, Inc.		2,400		73,512
Dick’s Sporting Goods, Inc.		9,500		314,355
DSW, Inc., Class A		3,100		69,130
Floor & Decor Holdings, Inc., Class AA		21,700		1,206,303
GameStop Corp., Class A		166,900		2,278,185
GNC Holdings, Inc., Class AA		136,200		483,510
Hibbett Sports, Inc.A		19,200		522,240
Ross Stores, Inc.		900		72,765
TJX Co., Inc.		2,000		169,700
Ulta Salon Cosmetics & Fragrance, Inc.A		9,900		2,484,009
Williams-Sonoma, Inc.		2,400		114,720
Zumiez, Inc.A		27,700		648,180
				10,119,910
Textiles, Apparel & Luxury Goods - 1.20%
Carter’s, Inc.		1,400		140,448
Deckers Outdoor Corp.A		9,900		923,274
Lakeland Industries, Inc.A		20,455		264,892
Lululemon Athletica, Inc.A		8,500		848,300
				2,176,914
Total Consumer Discretionary				17,738,283

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Consumer Staples - 3.19%
Beverages - 0.18%
Coca-Cola Bottling Co. Consolidated		500	$	84,195
Coca-Cola Co.		3,100		133,951
PepsiCo, Inc.		1,100		111,034
				329,180
Food & Staples Retailing - 1.62%
Costco Wholesale Corp.		800		157,728
Performance Food Group Co.A		9,300		301,785
Sysco Corp.		2,100		131,334
US Foods Holding Corp.A		64,600		2,208,028
Walmart, Inc.		1,600		141,536
				2,940,411
Food Products - 0.66%
Dean Foods Co.		18,900		162,729
Hershey Co.		700		64,358
JM Smucker Co.		700		79,856
Lamb Weston Holdings, Inc.		2,700		176,364
McCormick & Co., Inc.		700		73,787
Sanderson Farms, Inc.		2,500		277,900
TreeHouse Foods, Inc.A		6,400		246,400
Tyson Foods, Inc., Class A		1,800		126,180
				1,207,574
Household Products - 0.06%
Procter & Gamble Co.		1,600		115,744
Personal Products - 0.21%
Natural Health Trends Corp.		6,600		122,496
USANA Health Sciences, Inc.A		2,500		263,875
				386,371
Tobacco - 0.46%
Altria Group, Inc.		1,600		89,776
Philip Morris International, Inc.		7,200		590,400
Universal Corp.		3,100		145,855
				826,031
Total Consumer Staples				5,805,311
Energy - 4.73%
Energy Equipment & Services - 3.86%
Archrock, Inc.		201,400		2,175,120
Exterran Corp.A		18,200		533,078
Rowan Cos PLC, Class AA		111,100		1,604,284
SEACOR Holdings, Inc.A		9,100		499,044
Transocean Ltd.A		178,700		2,210,519
				7,022,045
Oil, Gas & Consumable Fuels - 0.87%
Arch Coal, Inc., Class A		2,600		210,158
Chevron Corp.		1,300		162,643
EOG Resources, Inc.		1,300		153,621
EQT Corp.		1,100		55,209
Exxon Mobil Corp.		1,900		147,725
Halcon Resources Corp.A		90,900		488,133
Oasis Petroleum, Inc.A		14,200		156,626
Occidental Petroleum Corp.		1,800		139,068
SilverBow Resources, Inc.A		1,300		39,845

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Energy - 4.73% (continued)
Oil, Gas & Consumable Fuels - 0.87% (continued)
World Fuel Services Corp.		1,900	$	40,793
				1,593,821
Total Energy				8,615,866
Financials - 3.44%
Banks - 0.54%
BB&T Corp.		3,200		168,960
Cullen/Frost Bankers, Inc.		1,600		183,120
Independent Bank Corp.		900		21,510
M&T Bank Corp.		900		164,043
People’s United Financial, Inc.		7,700		140,833
PNC Financial Services Group, Inc.		1,100		160,171
US Bancorp		2,800		141,260
				979,897
Capital Markets - 0.40%
Ameriprise Financial, Inc.		1,200		168,252
CME Group, Inc.		1,100		173,448
Intercontinental Exchange, Inc.		2,300		166,658
Oppenheimer Holdings, Inc., Class A		8,500		228,225
				736,583
Consumer Finance - 0.19%
Navient Corp.		25,700		340,782
Diversified Financial Services - 0.08%
Berkshire Hathaway, Inc., Class BA		800		154,984
Insurance - 2.11%
Allstate Corp.		1,600		156,512
Assured Guaranty Ltd.		61,500		2,231,835
Axis Capital Holdings Ltd.		2,200		129,140
Everest Re Group Ltd.		600		139,602
RenaissanceRe Holdings Ltd.		1,000		136,040
Third Point Reinsurance Ltd.A		78,917		1,049,596
				3,842,725
Mortgage Real Estate Investment Trusts (REITs) - 0.08%
AGNC Investment Corp.		7,500		141,900
Thrifts & Mortgage Finance - 0.04%
Essent Group Ltd.A		2,000		65,920
Total Financials				6,262,791
Health Care - 4.47%
Biotechnology - 1.50%
Amgen, Inc.		600		104,688
Applied Genetic Technologies Corp.A		49,900		228,293
Celgene Corp.A		1,600		139,360
CytomX Therapeutics, Inc.A		23,000		604,900
Emergent BioSolutions, Inc.A		29,000		1,503,940
Gilead Sciences, Inc.		2,000		144,460
				2,725,641
Health Care Equipment & Supplies - 1.55%
Analogic Corp.		5,700		473,670
Boston Scientific Corp.A		19,200		551,424
FONAR Corp.A		3,296		93,771

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Health Care - 4.47% (continued)
Health Care Equipment & Supplies - 1.55% (continued)
Hologic, Inc.A		5,200	$	201,708
Intuitive Surgical, Inc.A		240		105,787
LivaNova PLCA		2,000		177,560
Masimo Corp.A		2,800		251,244
NuVasive, Inc.A		5,800		308,618
Varex Imaging Corp.A		4,600		165,554
Varian Medical Systems, Inc.A		900		104,031
Zimmer Biomet Holdings, Inc.		3,400		391,578
				2,824,945
Health Care Providers & Services - 0.91%
Aetna, Inc.		700		125,335
Anthem, Inc.		500		117,995
Cigna Corp.		400		68,728
DaVita, Inc.A		4,100		257,439
Express Scripts Holding Co.A		900		68,130
HCA Healthcare, Inc.		1,300		124,462
Humana, Inc.		470		138,265
Owens & Minor, Inc.		16,300		264,875
Patterson Cos., Inc.		12,900		300,312
Premier, Inc., Class AA		2,200		72,578
Universal Health Services, Inc., Class B		1,100		125,620
				1,663,739
Life Sciences Tools & Services - 0.04%
Charles River Laboratories International, Inc.A		700		72,933
Pharmaceuticals - 0.47%
Bristol-Myers Squibb Co.		8,500		443,105
Eli Lilly & Co.		1,900		154,033
Merck & Co., Inc.		1,800		105,966
Pfizer, Inc.		4,400		161,084
				864,188
Total Health Care				8,151,446
Industrials - 5.10%
Aerospace & Defense - 0.26%
Vectrus, Inc.A		13,200		475,200
Air Freight & Logistics - 0.05%
CH Robinson Worldwide, Inc.		1,000		92,030
Building Products - 0.17%
Masco Corp.		3,200		120,857
Owens Corning		2,900		189,921
				310,778
Commercial Services & Supplies - 0.13%
Pitney Bowes, Inc.		7,300		74,606
Waste Connections, Inc.		2,300		166,290
				240,896
Construction & Engineering - 0.08%
Argan, Inc.		1,900		76,000
Comfort Systems USA, Inc.		1,500		63,300
				139,300
Electrical Equipment - 1.16%
Atkore International Group, Inc.A		111,400		1,979,578

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Industrials - 5.10% (continued)
Electrical Equipment - 1.16% (continued)
Encore Wire Corp.		2,400	$	126,360
				2,105,938
Machinery - 0.46%
Crane Co.		3,300		276,012
Deere & Co.		400		54,132
Hurco Cos, Inc.		6,400		282,880
Nordson Corp.		800		102,880
Woodward, Inc.		1,600		115,104
				831,008
Professional Services - 1.67%
Barrett Business Services, Inc.		12,700		1,111,504
CRA International, Inc.		4,400		248,468
Heidrick & Struggles International, Inc.		15,500		583,575
ICF International, Inc.		900		60,390
ManpowerGroup, Inc.		1,800		172,296
RPX Corp.		80,400		870,732
				3,046,965
Road & Rail - 0.70%
ArcBest Corp.		33,000		1,059,300
Landstar System, Inc.		1,100		111,815
Ryder System, Inc.		1,500		101,145
				1,272,260
Trading Companies & Distributors - 0.42%
GMS, Inc.A		10,395		323,908
MSC Industrial Direct Co., Inc., Class A		3,100		267,964
United Rentals, Inc.A		600		90,000
WW Grainger, Inc.		330		92,846
				774,718
Total Industrials				9,289,093
Information Technology - 5.76%
Aerospace & Defense - 0.10%
Harris Corp.		1,200		187,704
Communications Equipment - 0.62%
Cisco Systems, Inc.		4,200		186,018
CommScope Holding Co., Inc.A		4,900		187,278
F5 Networks, Inc.A		1,200		195,708
InterDigital, Inc.		1,500		111,675
Juniper Networks, Inc.		10,400		255,736
Motorola Solutions, Inc.		1,700		186,711
				1,123,126
Electronic Equipment, Instruments & Components - 0.44%
Amphenol Corp., Class A		1,800		150,678
PCM, Inc.A		8,028		103,963
SYNNEX Corp.		4,000		400,680
TE Connectivity Ltd.		700		64,225
Tech Data Corp.A		1,000		76,250
				795,796
Internet Software & Services - 0.50%
Blucora, Inc.A		4,049		105,274
Care.com, Inc.A		3,900		60,840
eBay, Inc.A		4,300		162,884
LogMeIn, Inc.		2,800		308,560

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Information Technology - 5.76% (continued)
Internet Software & Services - 0.50% (continued)
SPS Commerce, Inc.A		1,500	$	102,855
Web.com Group, Inc.A		9,600		178,560
				918,973
IT Services - 0.42%
Amdocs Ltd.		2,400		161,400
Cardtronics PLC, Class AA		4,100		107,625
Genpact Ltd.		5,100		162,639
Hackett Group, Inc.		3,000		48,630
Science Applications International Corp.		2,400		205,896
Worldpay, Inc., Class AA		900		73,098
				759,288
Semiconductors & Semiconductor Equipment - 0.50%
Kulicke & Soffa Industries, Inc.A		27,700		634,053
Maxim Integrated Products, Inc.		1,000		54,500
Micron Technology, Inc.A		2,100		96,558
QUALCOMM, Inc.		800		40,808
Xilinx, Inc.		1,400		89,936
				915,855
Software - 3.15%
Atlassian Corp. PLC, Class AA		1,200		67,176
Avaya Holdings Corp.A		96,400		2,206,596
CA, Inc.		6,100		212,280
Cadence Design Systems, Inc.A		17,700		709,062
Check Point Software Technologies Ltd.A		1,600		154,416
Citrix Systems, Inc.A		3,800		391,058
CommVault Systems, Inc.A		1,200		83,940
MicroStrategy, Inc., Class AA		2,900		369,634
Progress Software Corp.		40,100		1,480,893
Verint Systems, Inc.A		1,600		67,360
				5,742,415
Technology Hardware, Storage & Peripherals - 0.03%
Xerox Corp.		1,800		56,610
Total Information Technology				10,499,767
Materials - 1.73%
Chemicals - 0.53%
Axalta Coating Systems Ltd.A		5,400		166,860
Ecolab, Inc.		1,000		144,770
Monsanto Co.		1,400		175,518
Praxair, Inc.		1,100		167,772
Sherwin-Williams Co.		410		150,741
Venator Materials PLCA		8,500		153,085
				958,746
Containers & Packaging - 0.04%
Greif, Inc., Class A		1,400		81,928
Metals & Mining - 0.09%
Newmont Mining Corp.		4,100		161,089
Paper & Forest Products - 1.07%
Louisiana-Pacific Corp.		9,200		260,636

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
COMMON STOCKS - 54.61% (continued)
Materials - 1.73% (continued)
Paper & Forest Products - 1.07% (continued)
Verso Corp., Class AA		93,300	$	1,684,998
				1,945,634
Total Materials				3,147,397
Real Estate - 13.83%
Equity Real Estate Investment Trusts (REITs) - 13.83%
American Assets Trust, Inc.		16,100		540,477
American Homes 4 Rent, Class A		64,500		1,302,900
Brixmor Property Group, Inc.		40,600		604,534
CareTrust REIT, Inc.		54,405		718,690
CBL & Associates Properties, Inc.		87,300		364,914
Cedar Realty Trust, Inc.		13,900		54,071
CoreSite Realty Corp.		20,200		2,102,820
CyrusOne, Inc.		45,300		2,427,627
Digital Realty Trust, Inc.		500		52,845
Equinix, Inc.		5,620		2,364,840
Equity LifeStyle Properties, Inc.		11,000		980,760
Forest City Realty Trust, Inc., Class A		109,500		2,196,570
Global Net Lease, Inc.		121,900		2,268,559
Healthcare Trust of America, Inc., Class A		42,000		1,049,580
Host Hotels & Resorts, Inc.		49,800		974,088
Innovative Industrial Properties, Inc.		22,626		772,451
Kite Realty Group Trust		27,800		409,216
PS Business Parks, Inc.		7,800		899,184
QTS Realty Trust, Inc., Class A		65,300		2,310,967
Senior Housing Properties Trust		61,400		955,998
Simon Property Group, Inc.		8,700		1,360,158
Tanger Factory Outlet Centers, Inc.		10,500		230,475
Taubman Centers, Inc.		4,300		240,714
				25,182,438
Total Real Estate				25,182,438
Telecommunication Services - 1.24%
Diversified Telecommunication Services - 0.23%
AT&T, Inc.		4,300		140,610
Cogent Communications Holdings, Inc.		1,700		80,155
Verizon Communications, Inc.		1,900		93,765
Zayo Group Holdings, Inc.A		3,000		108,900
				423,430
Wireless Telecommunication Services - 1.01%
Telephone & Data Systems, Inc.		67,000		1,831,110
Total Telecommunication Services				2,254,540
Utilities - 1.38%
Electric Utilities - 0.16%
American Electric Power Co., Inc.		2,200		153,956
NextEra Energy, Inc.		900		147,519
				301,475
Independent Power & Renewable Electricity Producers - 1.07%
Atlantica Yield PLC		93,900		1,886,451

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - 54.61% (continued)
Utilities - 1.38% (continued)
Independent Power & Renewable Electricity Producers - 1.07% (continued)
NRG Energy, Inc.		1,900		$	58,900
					1,945,351
Multi-Utilities - 0.15%
Consolidated Edison, Inc.		2,000			160,260
Sempra Energy		1,000			111,800
					272,060
Total Utilities					2,518,886
Total Common Stocks (Cost $102,380,646)					99,465,818
EXCHANGE-TRADED INSTRUMENTS - 7.76%
Exchange-Traded Funds - 7.76%
Energy Select Sector SPDR FundB		18,300			1,350,723
Financial Select Sector SPDR FundB		38,100			1,045,845
Health Care Select Sector SPDR FundB		15,300			1,258,578
iShares MSCI Brazil ETFB		12,800			541,440
iShares MSCI Hong Kong ETFB		67,300			1,730,283
iShares MSCI Turkey ETFB		40,400			1,522,272
Technology Select Sector SPDR FundB		56,100			3,672,306
VanEck Vectors Russia ETFB		79,800			1,677,396
VanEck Vectors Vietnam ETFB		74,200			1,326,696
Total Exchange-Traded Funds					14,125,539
Total Exchange-Traded Instruments (Cost $14,533,718)					14,125,539
SHORT-TERM INVESTMENTS - 9.50% (Cost $17,311,924)
Investment Companies - 9.50%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%C D		17,311,924			17,311,924
TOTAL SECURITIES HELD LONG (Cost $134,226,288)					130,903,281
SECURITIES HELD SHORT
COMMON STOCKS - (48.77%)
Consumer Discretionary - (12.91%)
Auto Components - (0.36%)
Adient PLC		(10,600	)		(649,674	)
Automobiles - (1.36%)
Tesla, Inc.A		(8,460	)		(2,486,394	)
Hotels, Restaurants & Leisure - (0.33%)
Fiesta Restaurant Group, Inc.A		(4,300	)		(90,300	)
MGM Resorts International		(4,200	)		(131,964	)
Norwegian Cruise Line Holdings Ltd.A		(2,100	)		(112,287	)
Papa John’s International, Inc.		(2,100	)		(130,200	)
SeaWorld Entertainment, Inc.A		(3,900	)		(58,851	)
Wynn Resorts Ltd.		(400	)		(74,476	)
					(598,078	)
Household Durables - (1.46%)
Newell Brands, Inc.		(94,800	)		(2,619,324	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (48.77%) (continued)
Consumer Discretionary - (12.91%) (continued)
Household Durables - (1.46%) (continued)
Roku, Inc.A		(1,300	)	$	(42,302	)
					(2,661,626	)
Internet & Direct Marketing Retail - (0.79%)
Amazon.com, Inc.A		(82	)		(128,422	)
Booking Holdings, Inc.A		(83	)		(180,774	)
Netflix, Inc.A		(650	)		(203,099	)
Overstock.com, Inc.A		(20,787	)		(791,985	)
TripAdvisor, Inc.A		(2,400	)		(89,808	)
Wayfair, Inc., Class AA		(700	)		(43,610	)
					(1,437,698	)
Leisure Products - (1.31%)
Mattel, Inc.		(161,500	)		(2,390,200	)
Media - (0.46%)
Charter Communications, Inc., Class AA		(210	)		(56,971	)
DISH Network Corp., Class AA		(1,500	)		(50,325	)
Liberty Media Corp-Liberty Formula One, Tracking Stock, Class AA E		(22,400	)		(629,664	)
Viacom, Inc., Class B		(3,600	)		(108,576	)
					(845,536	)
Multiline Retail - (0.01%)
Ollie’s Bargain Outlet Holdings, Inc.A		(200	)		(12,440	)
Specialty Retail - (4.47%)
CarMax, Inc.A		(35,300	)		(2,206,250	)
Carvana Co.A		(33,200	)		(870,172	)
Chico’s FAS, Inc.		(25,300	)		(251,229	)
Conn’s, Inc.A		(59,900	)		(1,527,450	)
Guess?, Inc.		(28,100	)		(654,449	)
Lowe’s Co., Inc.		(8,400	)		(692,412	)
Murphy USA, Inc.A		(29,500	)		(1,845,815	)
Sleep Number Corp.A		(3,200	)		(90,688	)
					(8,138,465	)
Textiles, Apparel & Luxury Goods - (2.36%)
Michael Kors Holdings Ltd.A		(34,900	)		(2,387,858	)
Tapestry, Inc.		(12,500	)		(672,125	)
Under Armour, Inc., Class AA		(44,000	)		(781,440	)
Under Armour, Inc., Class CA		(30,200	)		(463,570	)
					(4,304,993	)
Total Consumer Discretionary					(23,525,104	)
Consumer Staples - (1.32%)
Food Products - (1.23%)
B&G Foods, Inc.		(2,600	)		(59,150	)
Kraft Heinz Co.		(38,600	)		(2,176,268	)
					(2,235,418	)
Personal Products - (0.09%)
Herbalife Nutrition Ltd.A		(1,600	)		(169,168	)
Total Consumer Staples					(2,404,586	)
Energy - (4.65%)
Energy Equipment & Services - (0.55%)
Baker Hughes a GE Co.		(25,900	)		(935,249	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (48.77%) (continued)
Energy - (4.65%) (continued)
Energy Equipment & Services - (0.55%) (continued)
Weatherford International PLCA		(19,400	)	$	(57,230	)
					(992,479	)
Oil, Gas & Consumable Fuels - (4.10%)
Cheniere Energy, Inc.A		(11,500	)		(668,840	)
Golar LNG Ltd.		(62,200	)		(1,999,730	)
Hess Corp.		(1,300	)		(74,087	)
Marathon Petroleum Corp.		(900	)		(67,419	)
ONEOK, Inc.		(9,100	)		(548,002	)
SemGroup Corp., Class A		(78,500	)		(1,974,275	)
Targa Resources Corp.		(29,000	)		(1,362,130	)
Whiting Petroleum Corp.A		(2,000	)		(81,640	)
Williams Co., Inc.		(27,100	)		(697,283	)
					(7,473,406	)
Total Energy					(8,465,885	)
Financials - (3.09%)
Banks - (0.03%)
Glacier Bancorp, Inc.		(1,500	)		(55,545	)
Capital Markets - (0.80%)
Affiliated Managers Group, Inc.		(300	)		(49,458	)
BlackRock, Inc.		(300	)		(156,450	)
Cboe Global Markets, Inc.		(7,700	)		(822,206	)
Franklin Resources, Inc.		(1,600	)		(53,824	)
Moody’s Corp.		(1,100	)		(178,420	)
S&P Global, Inc.		(600	)		(113,160	)
WisdomTree Investments, Inc.		(7,500	)		(79,275	)
					(1,452,793	)
Consumer Finance - (0.03%)
Capital One Financial Corp.		(600	)		(54,372	)
Insurance - (1.63%)
Marsh & McLennan Co., Inc.		(13,800	)		(1,124,700	)
Trupanion, Inc.A		(25,700	)		(675,396	)
Willis Towers Watson PLC		(7,900	)		(1,173,229	)
					(2,973,325	)
Thrifts & Mortgage Finance - (0.60%)
Ditech Holding Corp.A		(22,719	)		(129,499	)
LendingTree, Inc.A		(4,050	)		(965,520	)
					(1,095,019	)
Total Financials					(5,631,054	)
Health Care - (1.71%)
Biotechnology - (0.23%)
Immunomedics, Inc.A		(3,600	)		(65,556	)
Spark Therapeutics, Inc.A		(4,700	)		(358,704	)
					(424,260	)
Health Care Equipment & Supplies - (0.26%)
ABIOMED, Inc.A		(350	)		(105,332	)
Align Technology, Inc.A		(540	)		(134,919	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (48.77%) (continued)
Health Care - (1.71%) (continued)
Health Care Equipment & Supplies - (0.26%) (continued)
Nevro Corp.A		(2,600	)	$	(232,336	)
					(472,587	)
Health Care Technology - (0.22%)
Teladoc, Inc.A		(9,353	)		(402,179	)
Life Sciences Tools & Services - (0.04%)
Illumina, Inc.A		(300	)		(72,279	)
Pharmaceuticals - (0.96%)
Allergan PLC		(900	)		(138,285	)
Mylan N.V.A		(2,000	)		(77,520	)
Teva Pharmaceutical Industries Ltd., Sponsored ADR		(84,775	)		(1,524,255	)
					(1,740,060	)
Total Health Care					(3,111,365	)
Industrials - (3.81%)
Aerospace & Defense - (0.08%)
Arconic, Inc.		(5,100	)		(90,831	)
Boeing Co.		(170	)		(56,705	)
					(147,536	)
Air Freight & Logistics - (0.12%)
FedEx Corp.		(300	)		(74,160	)
United Parcel Service, Inc., Class B		(800	)		(90,800	)
XPO Logistics, Inc.A		(600	)		(58,296	)
					(223,256	)
Airlines - (0.09%)
American Airlines Group, Inc.		(1,300	)		(55,809	)
United Continental Holdings, Inc.A		(1,700	)		(114,818	)
					(170,627	)
Building Products - (0.52%)
Johnson Controls International PLC		(28,000	)		(948,360	)
Commercial Services & Supplies - (0.16%)
Multi-Color Corp.		(4,500	)		(292,275	)
Construction & Engineering - (0.85%)
Chicago Bridge & Iron Co. N.V.		(102,100	)		(1,541,710	)
Electrical Equipment - (0.27%)
Babcock & Wilcox Enterprises, Inc.A		(214,352	)		(488,723	)
Industrial Conglomerates - (0.08%)
General Electric Co.		(10,100	)		(142,107	)
Machinery - (1.34%)
Caterpillar, Inc.		(600	)		(86,616	)
Wabtec Corp.		(26,600	)		(2,362,346	)
					(2,448,962	)
Road & Rail - (0.21%)
Avis Budget Group, Inc.A		(1,600	)		(79,056	)
Hertz Global Holdings, Inc.A		(14,200	)		(310,980	)
					(390,036	)
Trading Companies & Distributors - (0.09%)
AerCap Holdings N.V.A		(1,100	)		(57,343	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (48.77%) (continued)
Industrials - (3.81%) (continued)
Trading Companies & Distributors - (0.09%) (continued)
HD Supply Holdings, Inc.A		(2,500	)	$	(96,775	)
					(154,118	)
Total Industrials					(6,947,710	)
Information Technology - (2.63%)
Electronic Equipment, Instruments & Components - (0.05%)
II-VI, Inc.A		(2,100	)		(80,010	)
Internet Software & Services - (0.29%)
Alphabet, Inc., Class AA		(60	)		(61,115	)
Benefitfocus, Inc.A		(12,600	)		(380,520	)
Twitter, Inc.A		(3,000	)		(90,930	)
					(532,565	)
IT Services - (0.12%)
First Data Corp., Class AA		(4,200	)		(76,020	)
PayPal Holdings, Inc.A		(1,900	)		(141,759	)
					(217,779	)
Semiconductors & Semiconductor Equipment - (1.03%)
Advanced Micro Devices, Inc.A		(4,900	)		(53,312	)
Impinj, Inc.A		(57,400	)		(705,446	)
MACOM Technology Solutions Holdings, Inc.A		(10,900	)		(181,158	)
NVIDIA Corp.		(700	)		(157,430	)
PDF Solutions, Inc.A		(28,600	)		(318,890	)
Universal Display Corp.		(900	)		(79,245	)
Veeco Instruments, Inc.A		(25,000	)		(386,250	)
					(1,881,731	)
Software - (1.14%)
Activision Blizzard, Inc.		(2,200	)		(145,970	)
Autodesk, Inc.A		(1,300	)		(163,670	)
Snap, Inc., Class AA		(96,400	)		(1,381,412	)
Splunk, Inc.A		(1,900	)		(195,035	)
Workday, Inc., Class AA		(1,500	)		(187,260	)
					(2,073,347	)
Total Information Technology					(4,785,432	)
Materials - (0.94%)
Chemicals - (0.61%)
Albemarle Corp.		(11,000	)		(1,066,560	)
CF Industries Holdings, Inc.		(1,300	)		(50,440	)
					(1,117,000	)
Construction Materials - (0.27%)
Forterra, Inc.A		(66,500	)		(488,110	)
Metals & Mining - (0.06%)
Freeport-McMoRan, Inc.		(4,000	)		(60,840	)
United States Steel Corp.		(1,700	)		(57,511	)
					(118,351	)
Total Materials					(1,723,461	)
Real Estate - (14.61%)
Equity Real Estate Investment Trusts (REITs) - (14.55%)
American Campus Communities, Inc.		(1,900	)		(74,309	)
Chesapeake Lodging Trust		(31,200	)		(921,648	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
COMMON STOCKS - (48.77%) (continued)
Real Estate - (14.61%) (continued)
Equity Real Estate Investment Trusts (REITs) - (14.55%) (continued)
Colony NorthStar, Inc., Class A		(130,800	)	$	(799,188	)
Community Healthcare Trust, Inc.		(33,181	)		(846,116	)
DDR Corp.		(159,100	)		(1,153,475	)
Duke Realty Corp.		(85,300	)		(2,311,630	)
Easterly Government Properties, Inc.		(34,400	)		(708,984	)
Farmland Partners, Inc.		(58,200	)		(443,484	)
Government Properties Income Trust		(4,600	)		(57,454	)
Hersha Hospitality Trust		(123,200	)		(2,313,696	)
Iron Mountain, Inc.		(65,500	)		(2,223,070	)
Kilroy Realty Corp.		(22,600	)		(1,619,742	)
LaSalle Hotel Properties		(16,500	)		(487,905	)
Life Storage, Inc.		(26,100	)		(2,308,284	)
Macerich Co.		(32,600	)		(1,878,412	)
Medical Properties Trust, Inc.		(108,400	)		(1,385,352	)
Omega Healthcare Investors, Inc.		(83,400	)		(2,166,732	)
Prologis, Inc.		(1,300	)		(84,383	)
Realty Income Corp.		(7,100	)		(358,621	)
RLJ Lodging Trust		(5,700	)		(118,389	)
SBA Communications Corp.A		(900	)		(144,207	)
Seritage Growth Properties		(62,800	)		(2,233,796	)
Sun Communities, Inc.		(1,100	)		(103,235	)
Weyerhaeuser Co.		(3,900	)		(143,442	)
WP Carey, Inc.		(25,300	)		(1,615,405	)
					(26,500,959	)
Real Estate Management & Development - (0.06%)
Redfin Corp.A		(5,100	)		(109,140	)
Total Real Estate					(26,610,099	)
Telecommunication Services - (1.54%)
Diversified Telecommunication Services - (1.54%)
CenturyLink, Inc.		(108,800	)		(2,021,504	)
Consolidated Communications Holdings, Inc.		(69,000	)		(779,700	)
					(2,801,204	)
Total Telecommunication Services					(2,801,204	)
Utilities - (1.56%)
Electric Utilities - (1.40%)
Southern Co.		(45,900	)		(2,116,908	)
Duke Energy Corp.		(5,400	)		(432,864	)
					(2,549,772	)
Multi-Utilities - (0.16%)
Dominion Energy, Inc.		(4,300	)		(286,208	)
Total Utilities					(2,835,980	)
TOTAL COMMON STOCKS (Proceeds $(89,967,763))					(88,841,880	)
EXCHANGE-TRADED INSTRUMENTS - (7.98%)
Exchange-Traded Funds - (7.98%)
Consumer Discretionary Select Sector SPDR Fund		(19,000	)		(1,970,300	)
Global X MSCI Argentina ETF		(19,488	)		(681,495	)
Global X MSCI Greece ETF		(18,000	)		(192,060	)
Industrial Select Sector SPDR Fund		(22,500	)		(1,624,950	)

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares			Fair Value
EXCHANGE-TRADED INSTRUMENTS - (7.98%) (continued)
Exchange-Traded Funds - (7.98%) (continued)
iShares MSCI Germany ETF		(36,300	)	$	(1,178,298	)
iShares MSCI Mexico ETF		(35,200	)		(1,816,320	)
iShares MSCI Netherlands ETF		(23,100	)		(742,203	)
iShares MSCI South Africa ETF		(27,100	)		(1,784,264	)
iShares MSCI Spain ETF		(3,000	)		(99,780	)
iShares MSCI Switzerland Capped ETF		(21,800	)		(742,072	)
Utilities Select Sector SPDR Fund		(71,700	)		(3,696,852	)
Total Exchange-Traded Funds					(14,528,594	)
TOTAL EXCHANGE-TRADED INSTRUMENTS (Proceeds $(14,442,356))					(14,528,594	)
WARRANTS - 0.00%
Financials - 0.00%
Thrifts & Mortgage Finance - 0.00%
Ditech Holding Corp., 1/31/2018A F		(1,653	)		—
Ditech Holding Corp., 1/31/2018A F		(2,084	)		—
Total Thrifts & Mortgage Finance					—
TOTAL FINANCIALS (Proceeds $—)					—
TOTAL WARRANTS (Proceeds $—)					—
TOTAL SECURITITES SOLD SHORT (Proceeds $(104,410,119))					(103,370,474	)
TOTAL INVESTMENTS IN SECURITIES (EXCLUDES SECURITIES SOLD SHORT) - 71.87% (Cost $134,226,288)					130,903,281
TOTAL SECURITIES SOLD SHORT - (56.75%) (Proceeds $(104,410,119))					(103,370,474	)
OTHER ASSETS, NET OF LIABILITIES - 84.88%					154,612,633
NET ASSETS - 100.00%				$	182,145,440

Percentages are stated as a percent of net assets.

^A  Non-income producing security.

^B  This security or a piece thereof is held as segregated collateral at period end but may not be inclusive of post-settlement trade activity.

^C  7-day yield.

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

^E  Tracking Stock - A form of common stock that is issued by a parent company and tracks the performance of a specific division of that parent company. It allows investors the chance to invest in an individual sector of a company while the parent company maintains overall control.

^F  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. Value was determined using significant unobservable inputs.

ADR - American Depositary Receipt.

ETF - Exchange-Traded Fund.

MSCI - Morgan Stanley Capital International.

PLC - Public Limited Company.

SPDR - Standard & Poor’s Depositary Receipt.

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Purchased Futures Contracts Open on April 30, 2018:

Equity Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	80	June 2018	$	8,079,710		$	8,106,000		$	26,290
Mini MSCI Emerging Markets Index Futures	36	June 2018		2,090,513			2,073,960			(16,553	)
			$	10,170,223		$	10,179,960		$	9,737
Interest Rate Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 10-Year Note Futures	31	June 2018	$	3,736,266		$	3,708,375		$	(27,891	)
			$	3,736,266		$	3,708,375		$	(27,891	)
Sold Futures Contracts Open on April 30, 2018:
Equity Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount			Contract Value			Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index Futures	80	June 2018	$	(10,752,878	)	$	(10,588,000	)	$	164,878
S&P/TSX 60 Index Futures	1	June 2018		(141,839	)		(143,292	)		(1,453	)
			$	(10,894,717	)	$	(10,731,292	)	$	163,425

OTC Swap Agreements Outstanding on April 30, 2018:

OTC Swap Agreement Contracts for Difference - Equity:

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Bobst Group S.A., Reg Shares		MSC		Long		CHF		(0.486	%)		10/24/2018		935	$	102,860	$	(2,456	)
Geberit AG		MSC		Long		CHF		(0.486	%)		10/24/2018		332		144,082		(1,677	)
Kuehne + Nagel International AG		MSC		Long		CHF		(0.486	%)		10/24/2018		505		78,559		515
Nestle S.A.		MSC		Long		CHF		(0.486	%)		10/24/2018		1,870		142,059		3,363
Partners Group Holding AG		MSC		Long		CHF		(0.486	%)		10/24/2018		227		164,420		2,178
Roche Holding AG		MSC		Long		CHF		(0.486	%)		10/24/2018		247		53,809		1,298
Siegfried Holding AG		MSC		Long		CHF		(0.486	%)		10/24/2018		6,261		2,163,109		22,137
Sika AG		MSC		Long		CHF		(0.486	%)		10/24/2018		20		148,298		(2,222	)
Sonova Holding AG		MSC		Long		CHF		(0.486	%)		10/24/2018		916		148,472		3,470
Swiss Prime Site AG		MSC		Long		CHF		(0.486	%)		10/24/2018		570		53,090		489
Swiss Re AG		MSC		Long		CHF		(0.486	%)		10/24/2018		710		69,974		(2,080	)
Swisscom AG		MSC		Long		CHF		(0.486	%)		10/24/2018		313		146,366		4,458
Coloplast A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		1,170		98,849		569
Danske Bank A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		3,180		115,409		(4,332	)
GN Store Nord A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		10,870		372,950		10,263
H Lundbeck A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		1,220		67,958		3,066
Orsted A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		2,080		130,467		6,847
Royal Unibrew A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		29,587		1,947,949		19,192
William Demant Holding A/S		MSC		Long		DKK		(0.060	%)		10/24/2018		5,430		207,632		4,755

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
A2A SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		64,100	$	126,043	$	3,098
Aalberts Industries NV		MSC		Long		EUR		(0.072	%)		10/24/2018		16,186		797,099		1,564
Amadeus IT Group S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		2,230		165,591		(2,048	)
Arkema S.A.		MSC		Long		EUR		(0.095	%)		10/24/2018		2,544		341,945		(8,453	)
ASTM SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		14,910		384,604		27,021
AURELIUS Equity Opportunities SE & Co. KGaA		MSC		Long		EUR		(0.122	%)		10/24/2018		24,906		1,914,617		(23,371	)
Bauer AG		MSC		Long		EUR		(0.122	%)		10/24/2018		11,220		371,434		(20,334	)
BE Semiconductor Industries N.V.		MSC		Long		EUR		(0.072	%)		10/24/2018		2,770		202,570		(10,636	)
Beneteau S.A.		MSC		Long		EUR		(0.122	%)		3/22/2019		61,845		1,421,002		(19,235	)
Cewe Stiftung & Co. KGAA		MSC		Long		EUR		(0.122	%)		10/24/2018		570		57,557		912
Cie de Saint-Gobain		MSC		Long		EUR		(0.122	%)		10/24/2018		1,730		91,915		(1,003	)
Covestro AG		MSC		Long		EUR		(0.122	%)		10/24/2018		25,167		2,452,758		(155,223	)
Derichebourg S.A.		MSC		Long		EUR		(0.107	%)		10/24/2018		38,493		337,177		3,953
Deutsche Beteiligungs AG		MSC		Long		EUR		(0.095	%)		10/24/2018		7,260		320,599		3,070
Deutsche Lufthansa AG		MSC		Long		EUR		(0.122	%)		10/24/2018		12,464		376,632		(12,656	)
Deutz AG		MSC		Long		EUR		(0.122	%)		10/24/2018		218,675		2,229,873		(105,681	)
Dialog Semiconductor PLC		MSC		Long		EUR		(0.122	%)		10/24/2018		22,550		512,289		(29,101	)
Draegerwerk AG & Co. KGaA		MSC		Long		EUR		(0.095	%)		10/24/2018		476		31,803		(2,473	)
Eiffage S.A.		MSC		Long		EUR		(0.122	%)		10/24/2018		2,900		344,829		993
Elisa OYJ		MSC		Long		EUR		(0.072	%)		10/24/2018		1,180		50,640		1,711
Ence Energia y Celulosa S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		134,237		1,037,984		3,244
ERG SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		5,720		134,210		3,317
Falck Renewables SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		70,230		175,643		(4,667	)
Faurecia		MSC		Long		EUR		(0.107	%)		10/24/2018		7,260		602,604		(7,894	)
Fiat Chrysler Automobiles N.V.		MSC		Long		EUR		(0.072	%)		10/24/2018		42,560		994,040		(39,153	)
ForFarmers N.V.		MSC		Long		EUR		(0.072	%)		10/24/2018		13,600		194,220		(2,958	)
Galp Energia SGPS S.A.		MSC		Long		EUR		(0.072	%)		3/22/2019		4,200		80,937		(178	)
Groupe Bruxelles Lambert S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		750		86,048		—
Iberdrola S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		14,700		111,465		2,486
Iliad S.A.		MSC		Long		EUR		(0.122	%)		3/22/2019		528		111,351		(5,486	)
International Consolidated Airlines Group S.A.		MSC		Long		EUR		(0.056	%)		10/24/2018		139,700		1,179,810		30,719
Jacquet Metal Service		MSC		Long		EUR		(0.122	%)		10/24/2018		14,941		583,973		(5,416	)
Kaufman & Broad S.A.		MSC		Long		EUR		0.250	%		10/24/2018		1,070		58,097		(1,655	)
KBC Ancora		MSC		Long		EUR		(0.072	%)		10/24/2018		4,690		286,723		(1,983	)
KBC Group N.V.		MSC		Long		EUR		(0.072	%)		10/24/2018		1,650		145,448		(1,116	)
Kerry Group PLC		MSC		Long		EUR		(0.072	%)		3/22/2019		1,080		114,240		(3,980	)
Kesko OYJ		MSC		Long		EUR		(0.072	%)		10/24/2018		1,120		59,021		6,879
Kingspan Group PLC		MSC		Long		EUR		0.300	%		3/22/2019		1,690		75,263		1,307
Kloeckner & Co. SE		MSC		Long		EUR		(0.122	%)		10/24/2018		13,860		173,425		(4,294	)
Maire Tecnimont SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		23,000		120,213		(2,890	)
MAN SE		MSC		Long		EUR		(0.122	%)		10/24/2018		1,510		175,870		(1,642	)
Mediaset Espana Comunicacion S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		216,796		2,193,949		(110,536	)
Mersen S.A.		MSC		Long		EUR		(0.122	%)		10/24/2018		5,172		244,953		(1,250	)
Neste OYJ		MSC		Long		EUR		(0.072	%)		10/24/2018		1,987		131,318		36,491
NH Hotel Group S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		15,800		121,505		668
OMV AG		MSC		Long		EUR		(0.072	%)		3/22/2019		2,540		156,387		1,657
Peugeot S.A.		MSC		Long		EUR		(0.122	%)		10/24/2018		90,321		2,267,634		(39,285	)
Proximus SADP		MSC		Long		EUR		(0.072	%)		10/24/2018		2,530		78,711		(978	)
Royal Dutch Shell PLC		MSC		Long		EUR		(0.072	%)		10/24/2018		3,350		116,425		992
Sanoma OYJ		MSC		Long		EUR		(0.072	%)		10/24/2018		27,180		315,910		(12,479	)
SBM Offshore N.V.		MSC		Long		EUR		(0.072	%)		10/24/2018		20,200		337,774		2,197
Siltronic AG		MSC		Long		EUR		(0.122	%)		10/24/2018		5,488		928,284		(41,773	)
Snam SpA		MSC		Long		EUR		(0.072	%)		10/24/2018		11,900		55,411		1,883
STMicroelectronics N.V.		MSC		Long		EUR		(0.095	%)		3/22/2019		30,750		654,573		18,623
Thales S.A.		MSC		Long		EUR		(0.122	%)		3/22/2019		600		74,957		1,160

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Trigano S.A.		MSC		Long		EUR		(0.122	%)		3/22/2019		311	$	56,917	$	1,851
UCB S.A.		MSC		Long		EUR		(0.072	%)		10/24/2018		8,670		662,468		(5,051	)
Valmet OYJ		MSC		Long		EUR		(0.056	%)		10/24/2018		18,329		375,802		(26,796	)
Wacker Neuson SE		MSC		Long		EUR		(0.122	%)		10/24/2018		17,806		605,998		(31,165	)
3i Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		180,790		2,285,424		59,265
Abcam PLC		MSC		Long		GBP		0.782	%		10/24/2018		67,761		1,197,432		(57,865	)
Admiral Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		3,690		101,496		(203	)
Ashtead Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		25,570		725,436		(9,437	)
Auto Trader Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		30,300		143,147		4,173
BAE Systems PLC		MSC		Long		GBP		0.782	%		10/24/2018		9,400		77,812		1,295
Bellway PLC		MSC		Long		GBP		0.782	%		10/24/2018		7,020		317,455		3,169
BGEO Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		13,680		678,501		(22,794	)
Bovis Homes Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		4,360		74,465		(270	)
Carnival PLC		MSC		Long		GBP		0.782	%		10/24/2018		14,330		922,330		10,263
Centamin PLC		MSC		Long		GBP		0.782	%		10/24/2018		202,736		426,794		10,912
Central Asia Metals PLC		MSC		Long		GBP		0.782	%		10/24/2018		188,487		816,481		(66,201	)
Clinigen Healthcare Ltd.		MSC		Long		GBP		0.782	%		10/24/2018		12,516		156,874		(5,603	)
Conviviality PLC		MSC		Long		GBP		0.782	%		10/24/2018		105,604		1,455		145,745
Direct Line Insurance Group PLC		MSC		Long		GBP		0.684	%		10/24/2018		91,849		471,496		2,024
Drax Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		54,104		224,902		10,582
Evraz PLC		MSC		Long		GBP		0.782	%		10/24/2018		302,801		1,698,697		212,285
Gulf Keystone Petroleum Ltd.		MSC		Long		GBP		0.782	%		10/24/2018		189,316		417,728		54,237
Indivior PLC		MSC		Long		GBP		0.782	%		10/24/2018		150,369		903,831		34,587
Jackpotjoy PLC		MSC		Long		GBP		0.782	%		10/24/2018		57,725		679,789		(26,237	)
JD Sports Fashion PLC		MSC		Long		GBP		0.782	%		10/24/2018		37,710		203,345		(260	)
Just Eat PLC		MSC		Long		GBP		0.782	%		10/24/2018		8,100		82,737		3,592
Kingfisher PLC		MSC		Long		GBP		0.782	%		10/24/2018		34,600		147,258		(2,478	)
Marks & Spencer Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		20,300		78,456		1,985
Next PLC		MSC		Long		GBP		0.782	%		10/24/2018		1,040		74,774		516
Numis Corp. PLC		MSC		Long		GBP		0.782	%		10/24/2018		20,520		112,488		1,131
Persimmon PLC		MSC		Long		GBP		0.782	%		10/24/2018		6,510		243,116		326
Plus500 Ltd.		MSC		Long		GBP		0.782	%		10/24/2018		122,101		2,206,466		163,131
Polymetal International PLC		MSC		Long		GBP		0.782	%		10/24/2018		10,600		102,754		3,738
Randgold Resources Ltd.		MSC		Long		GBP		0.782	%		10/24/2018		1,600		126,540		2,777
Royal Dutch Shell PLC		MSC		Long		GBP		0.782	%		10/24/2018		1,430		50,186		1,054
Royal Mail PLC		MSC		Long		GBP		0.782	%		10/24/2018		119,300		920,763		34,252
Sage Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		8,400		72,982		509
Smith & Nephew PLC		MSC		Long		GBP		0.782	%		10/24/2018		17,300		322,157		10,484
SSE PLC		MSC		Long		GBP		0.782	%		10/24/2018		3,670		67,103		2,704
SSP Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		66,000		588,701		4,182
Stock Spirits Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		34,650		124,085		(5,011	)
Tate & Lyle PLC		MSC		Long		GBP		0.782	%		10/24/2018		8,000		61,595		1,719
Taylor Wimpey PLC		MSC		Long		GBP		0.782	%		10/24/2018		185,200		494,865		(5,739	)
Thomas Cook Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		1,082,240		1,828,994		13,416
Vedanta Resources PLC		MSC		Long		GBP		0.782	%		10/24/2018		59,480		607,882		(11,306	)
Vodafone Group PLC		MSC		Long		GBP		0.782	%		10/24/2018		38,500		111,359		848
William Hill PLC		MSC		Long		GBP		0.782	%		10/24/2018		20,900		96,464		(12,177	)
Wizz Air Holdings PLC		MSC		Long		GBP		0.782	%		10/24/2018		9,151		410,895		(8,319	)
Wm Morrison Supermarkets PLC		MSC		Long		GBP		0.782	%		10/24/2018		23,400		75,515		2,836
Azrieli Group Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		1,520		71,904		(2,155	)
Bank Hapoalim BM		MSC		Long		ILS		1.180	%		3/01/2019		22,900		155,938		1,018
Bank Leumi Le-Israel BM		MSC		Long		ILS		1.180	%		3/01/2019		27,700		165,912		(1,925	)
Bezeq The Israeli Telecommunication Corp. Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		93,700		113,730		4,558
Frutarom Industries Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		1,400		143,973		(9,533	)
Israel Chemicals Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		16,400		71,746		2,006

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Israel Discount Bank Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		28,700		$	82,002	$	(2,313	)
Mizrahi Tefahot Bank Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		4,440			82,731		(1,394	)
Nice Ltd.		MSC		Long		ILS		1.180	%		3/01/2019		900			83,749		1,651
Austevoll Seafood ASA		MSC		Long		NOK		1.230	%		10/24/2018		35,310			410,825		15,834
Bakkafrost P/F		MSC		Long		NOK		1.230	%		10/24/2018		1,510			82,900		3,993
BW Offshore Ltd.		MSC		Long		NOK		1.230	%		10/24/2018		43,800			256,968		(16,949	)
DNB ASA		MSC		Long		NOK		1.230	%		10/24/2018		3,560			66,346		555
DNO ASA		MSC		Long		NOK		0.957	%		10/24/2018		157,935			305,477		(10,547	)
Leroy Seafood Group ASA		MSC		Long		NOK		1.230	%		10/24/2018		3,047			22,249		184
Marine Harvest ASA		MSC		Long		NOK		1.230	%		10/24/2018		4,520			95,719		2,821
SpareBank 1 Nord Norge		MSC		Long		NOK		1.076	%		10/24/2018		82,903			633,329		(19,662	)
SpareBank 1 SMN		MSC		Long		NOK		1.230	%		10/24/2018		10,500			104,330		1,311
SpareBank 1 SR-Bank ASA		MSC		Long		NOK		1.230	%		10/24/2018		21,800			217,426		(1,088	)
Spectrum ASA		MSC		Long		NOK		1.230	%		10/24/2018		9,700			59,790		266
Telenor ASA		MSC		Long		NOK		1.076	%		10/24/2018		45,270			988,627		16,105
TGS NOPEC Geophysical Co. ASA		MSC		Long		NOK		1.230	%		10/24/2018		3,990			120,331		6,276
Yara International ASA		MSC		Long		NOK		1.230	%		10/24/2018		2,780			113,718		3,921
BioGaia AB		MSC		Long		SEK		(0.171	%)		10/24/2018		3,111			160,793		(10,990	)
Concentric AB		MSC		Long		SEK		(0.171	%)		10/24/2018		2,199			38,432		(2,364	)
Dustin Group AB		MSC		Long		SEK		(0.133	%)		10/24/2018		1,580			13,626		(343	)
Hemfosa Fastigheter AB		MSC		Long		SEK		(0.171	%)		10/24/2018		23,417			287,580		3,827
Nobina AB		MSC		Long		SEK		(0.171	%)		10/24/2018		124,564			819,219		2,849
Oriflame Holding AG		MSC		Long		SEK		(0.171	%)		10/24/2018		25,685			1,188,038		36,428
SAS AB		MSC		Long		SEK		(0.171	%)		10/24/2018		415,734			1,017,581		25,677
SSAB AB		MSC		Long		SEK		(0.171	%)		10/24/2018		289,625			1,292,381		27,048
SSAB AB		MSC		Long		SEK		(0.171	%)		10/24/2018		15,300			83,603		3,458
Swedish Orphan Biovitrum AB		MSC		Long		SEK		(0.133	%)		10/24/2018		18,334			357,422		38,595
COSMO Pharmaceuticals N.V.		MSC		Short		CHF		(1.661	%)		10/24/2018		(7,681	)		1,027,341		(98,544	)
Givaudan SA		MSC		Short		CHF		(1.086	%)		10/24/2018		(353	)		783,232		(8,067	)
LafargeHolcim Ltd.		MSC		Short		CHF		(1.086	%)		10/24/2018		(42,430	)		2,372,034		(857	)
Vifor Pharma AG		MSC		Short		CHF		(0.845	%)		10/24/2018		(10,525	)		1,567,214		(104,729	)
ALK-Abello A/S		MSC		Short		DKK		(0.660	%)		10/24/2018		(8,403	)		1,066,957		(1,363	)
Ambu A/S		MSC		Short		DKK		(0.660	%)		10/24/2018		(5,130	)		120,708		1,248
Chr Hansen Holding A/S		MSC		Short		DKK		(0.578	%)		10/24/2018		(5,540	)		508,663		4,492
Novozymes A/S-B Shares		MSC		Short		DKK		(0.660	%)		10/24/2018		(13,740	)		688,042		38,546
Acciona S.A.		MSC		Short		EUR		(1.196	%)		10/24/2018		(19,140	)		1,554,921		(50,412	)
Aegon N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(14,200	)		102,939		(1,578	)
Airbus SE		MSC		Short		EUR		(0.622	%)		10/24/2018		(1,340	)		152,460		(5,229	)
Akzo Nobel N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(7,590	)		696,991		10,140
ALD S.A.		MSC		Short		EUR		(0.992	%)		3/22/2019		(82,024	)		1,387,419		(1,982	)
Allianz SE		MSC		Short		EUR		(0.622	%)		10/24/2018		(360	)		84,181		(1,270	)
Amundi S.A.		MSC		Short		EUR		(0.622	%)		3/22/2019		(920	)		74,495		(3,846	)
AXA S.A.		MSC		Short		EUR		(0.622	%)		3/22/2019		(5,160	)		145,976		(1,901	)
Banco Santander S.A.		MSC		Short		EUR		(0.672	%)		10/24/2018		(13,500	)		89,839		2,202
Biocartis N.V.		MSC		Short		EUR		(5.831	%)		10/24/2018		(35,666	)		548,987		(2,586	)
Bollore S.A.		MSC		Short		EUR		(0.484	%)		10/24/2018		(198,177	)		1,056,876		70,873
Cairn Homes PLC		MSC		Short		EUR		(0.622	%)		10/24/2018		(11,546	)		25,500		446
Colruyt S.A.		MSC		Short		EUR		(0.672	%)		10/24/2018		(2,030	)		112,110		(2,379	)
Daimler AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(720	)		56,648		(331	)
De’ Longhi SpA		MSC		Short		EUR		(0.672	%)		10/24/2018		(1,830	)		55,540		708
Deutsche Bank AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(106,780	)		1,493,179		26,834
Deutsche Telekom AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(3,270	)		56,319		(948	)
E.ON SE		MSC		Short		EUR		(0.622	%)		10/24/2018		(9,300	)		100,430		(1,506	)
Electricite de France S.A.		MSC		Short		EUR		(0.622	%)		10/24/2018		(11,870	)		164,423		(2,653	)
Fresenius SE & Co. KGaA		MSC		Short		EUR		(0.622	%)		10/24/2018		(840	)		66,678		2,395

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
GEA Group AG		MSC		Short		EUR		(1.326	%)		10/24/2018		(13,690	)	$	558,701	$	22,631
Genfit		MSC		Short		EUR		(7.596	%)		3/22/2019		(20,805	)		622,382		31,672
GRENKE AG		MSC		Short		EUR		(1.391	%)		10/24/2018		(3,168	)		370,798		(3,731	)
Huhtamaki OYJ		MSC		Short		EUR		(0.523	%)		10/24/2018		(30,030	)		1,299,992		72,202
Industria de Diseno Textil S.A.		MSC		Short		EUR		(0.672	%)		10/24/2018		(24,240	)		717,233		(37,780	)
ING Groep N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(7,420	)		127,803		2,510
Ingenico Group S.A.		MSC		Short		EUR		(0.622	%)		10/24/2018		(12,450	)		1,064,310		(24,737	)
Ion Beam Applications		MSC		Short		EUR		(8.622	%)		10/24/2018		(11,530	)		230,968		(5,712	)
K+S AG		MSC		Short		EUR		(10.247	%)		10/24/2018		(9,930	)		280,980		(11,877	)
Koninklijke Philips N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(3,880	)		154,370		(10,688	)
Leonardo SpA		MSC		Short		EUR		(0.672	%)		10/24/2018		(8,000	)		95,941		3,054
MorphoSys AG		MSC		Short		EUR		(2.122	%)		10/24/2018		(640	)		65,881		(619	)
Neinor Homes S.A.		MSC		Short		EUR		(0.672	%)		10/24/2018		(112,832	)		2,137,553		(51,803	)
Obrascon Huarte Lain S.A.		MSC		Short		EUR		(0.877	%)		10/24/2018		(29,400	)		142,653		4,582
OCI N.V.		MSC		Short		EUR		(1.359	%)		10/24/2018		(23,230	)		541,683		(11,507	)
Parmalat SpA		MSC		Short		EUR		(0.672	%)		10/24/2018		(20,590	)		73,884		(1,244	)
Rallye S.A.		MSC		Short		EUR		(1.747	%)		3/22/2019		(3,930	)		60,065		(1,377	)
Randstad Holding N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(2,430	)		162,944		6,224
Renault S.A.		MSC		Short		EUR		(0.622	%)		3/22/2019		(710	)		80,738		3,671
Rocket Internet SE		MSC		Short		EUR		(1.332	%)		10/24/2018		(36,250	)		1,063,576		180
RWE AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(5,890	)		152,004		10,568
SES S.A.		MSC		Short		EUR		(0.872	%)		3/22/2019		(129,880	)		2,118,433		109,845
Siemens AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(514	)		67,256		1,652
Siemens Gamesa Renewable Energy S.A.		MSC		Short		EUR		(2.122	%)		10/24/2018		(116,140	)		1,912,565		(89,103	)
Societe Generale S.A.		MSC		Short		EUR		(0.622	%)		10/24/2018		(1,320	)		72,716		223
SRP Groupe S.A.		MSC		Short		EUR		(10.497	%)		10/24/2018		(31,353	)		285,620		(1,136	)
Stora Enso OYJ		MSC		Short		EUR		(0.672	%)		10/24/2018		(5,290	)		106,864		1,822
Tenaris S.A.		MSC		Short		EUR		(0.672	%)		10/24/2018		(86,770	)		1,602,440		(29,848	)
Tikkurila OYJ		MSC		Short		EUR		(0.750	%)		10/24/2018		(7,089	)		143,548		15,246
Tod’s SpA		MSC		Short		EUR		(4.762	%)		10/24/2018		(970	)		71,255		(3,750	)
Tubacex S.A.		MSC		Short		EUR		(2.122	%)		10/24/2018		(14,849	)		64,317		897
UniCredit SpA		MSC		Short		EUR		(0.672	%)		10/24/2018		(3,810	)		82,766		28
Unilever N.V.		MSC		Short		EUR		(0.672	%)		10/24/2018		(2,620	)		143,254		(6,948	)
Vallourec S.A.		MSC		Short		EUR		(7.372	%)		10/24/2018		(13,500	)		80,668		(885	)
Volkswagen AG		MSC		Short		EUR		(0.622	%)		10/24/2018		(822	)		169,926		(735	)
AA PLC		MSC		Short		GBP		0.282	%		10/24/2018		(98,375	)		198,638		14,295
Allied Minds PLC		MSC		Short		GBP		(11.093	%)		10/24/2018		(60,504	)		97,336		(2,000	)
Barclays PLC		MSC		Short		GBP		0.282	%		10/24/2018		(117,100	)		347,575		13,306
British American Tobacco PLC		MSC		Short		GBP		0.282	%		10/24/2018		(40,270	)		2,053,855		(164,225	)
Fresnillo PLC		MSC		Short		GBP		0.282	%		10/24/2018		(47,450	)		848,311		15,032
HSBC Holdings PLC		MSC		Short		GBP		0.282	%		10/24/2018		(221,500	)		2,139,242		(73,830	)
John Wood Group PLC		MSC		Short		GBP		0.282	%		10/24/2018		(158,600	)		1,204,520		(37,573	)
Lancashire Holdings Ltd.		MSC		Short		GBP		0.282	%		10/24/2018		(7,300	)		57,915		(2,011	)
Melrose Industries PLC		MSC		Short		GBP		0.282	%		10/24/2018		(511,600	)		1,580,230		(26,377	)
Merlin Entertainments PLC		MSC		Short		GBP		0.282	%		10/24/2018		(334,100	)		1,593,117		(99,397	)
Metro Bank PLC		MSC		Short		GBP		(0.705	%)		10/24/2018		(2,660	)		123,993		3,016
Old Mutual PLC		MSC		Short		GBP		0.282	%		10/24/2018		(51,200	)		171,082		(6,347	)
Provident Financial PLC		MSC		Short		GBP		(2.718	%)		10/24/2018		(230,711	)		2,193,882		80,714
Prudential PLC		MSC		Short		GBP		0.282	%		10/24/2018		(6,130	)		158,309		42
Purplebricks Group PLC		MSC		Short		GBP		(17.665	%)		10/24/2018		(189,168	)		833,762		(67,743	)
Reckitt Benckiser Group PLC		MSC		Short		GBP		0.282	%		10/24/2018		(4,600	)		356,389		(4,879	)
Royal Bank of Scotland Group PLC		MSC		Short		GBP		0.282	%		10/24/2018		(113,000	)		427,047		6,506
Sanne Group PLC		MSC		Short		GBP		0.282	%		10/24/2018		(18,846	)		159,898		(1,298	)
Sirius Minerals PLC		MSC		Short		GBP		(8.968	%)		10/24/2018		(2,448,954	)		987,634		(58,017	)
Smart Metering Systems PLC		MSC		Short		GBP		0.282	%		10/24/2018		(55,886	)		616,566		4,618

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Reference Entity	Counter- party		Long/Short		Currency		Financing Rate			Expiration Date		Notional Amount			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Standard Life Aberdeen PLC		MSC		Short		GBP		0.282	%		10/24/2018		(72,200	)	$	365,061	$	1,790
Stobart Group Ltd.		MSC		Short		GBP		0.282	%		10/24/2018		(23,100	)		74,451		(3,182	)
Travis Perkins PLC		MSC		Short		GBP		0.282	%		10/24/2018		(89,750	)		1,625,565		56,864
Asetek A/S		MSC		Short		NOK		(3.945	%)		10/24/2018		(7,584	)		78,575		21,774
Borr Drilling Ltd.		MSC		Short		NOK		(2.320	%)		10/24/2018		(60,530	)		267,474		(12,089	)
Atlas Copco AB		MSC		Short		SEK		(0.771	%)		10/24/2018		(1,620	)		67,020		3,261
Eltel AB		MSC		Short		SEK		(3.596	%)		10/24/2018		(40,151	)		108,012		(8,266	)
Hennes & Mauritz AB		MSC		Short		SEK		(0.935	%)		10/24/2018		(143,020	)		2,166,811		(283,979	)
Ratos AB-B Shares		MSC		Short		SEK		(0.771	%)		10/24/2018		(43,000	)		166,629		(4,426	)
RaySearch Laboratories AB		MSC		Short		SEK		(2.471	%)		10/24/2018		(10,347	)		150,891		(4,024	)
Svenska Handelsbanken AB		MSC		Short		SEK		(0.771	%)		10/24/2018		(51,790	)		591,175		10,662
Telefonaktiebolaget LM Ericsson		MSC		Short		SEK		(0.600	%)		10/24/2018		(223,000	)		1,664,718		(49,293	)
															$	122,570,142	$	(650,101	)

Glossary:

Counterparty Abbreviations:

MSC Morgan Stanley & Co., Inc.

Currency Abbreviations:

CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
ILS	Israeli New Sheqel
NOK	Norwegian Krone
SEK	Swedish Krona

Index Abbreviations:

MSCI	Morgan Stanley Capital International
MSCI EAFE	Morgan Stanley Capital International - Europe, Australasia, and Far East
S&P 500	Standard & Poor’s U.S. Equity Large-Cap Index

Exchange Abbreviations:

OTC Over-the-Counter

Other Abbreviations:

PLC	Public Limited Company
PRIME	A rate, charged by banks, based on the U.S. Federal Funds rate

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

Numeric Integrated Alpha Fund	Level 1			Level 2		Level 3			Total
Assets
Common Stocks	$	99,465,818		$	—	$	—		$	99,465,818
Exchange-Traded Instruments		14,125,539			—		—			14,125,539
Short-Term Investments		17,311,924			—		—			17,311,924
Total Investments in Securities - Assets	$	130,903,281		$	—	$	—		$	130,903,281
Liabilities
Common Stocks (Sold Short)	$	(88,841,880	)	$	—	$	—		$	(88,841,880	)
Exchange-Traded Instruments (Sold Short)		(14,528,594	)		—		—			(14,528,594	)
Warrants (Sold Short)		—			—		0	(1)		—
Total Investments in Securities - Liabilities	$	(103,370,474	)	$	—	$	—		$	(103,370,474	)
Total Investments in Securities	$	27,532,807		$	—	$	—		$	27,532,807

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Financial Derivative Instruments - Assets
Futures Contracts	$	191,171		$	—		$	—	$	191,171
OTC Swap Agreement Contracts for Difference - Equity		—			1,911,285			—		1,911,285
Total Financial Derivative Instruments - Assets	$	191,171		$	1,911,285		$	—	$	2,102,456
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(45,898	)	$	—		$	—	$	(45,898	)
OTC Swap Agreement Contracts for Difference - Equity		—			(2,561,386	)		—		(2,561,386	)
Total Financial Derivative Instruments - Liabilities	$	(45,898	)	$	(2,561,386	)	$	—	$	(2,607,284	)

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

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were no transfers between levels.

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 1/31/2018		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 4/30/2018			Change in Unrealized Appreciation (Depreciation) at Period end**
Warrants	$	—	$	0	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	0	(1)	$	—

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

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

The warrants classified as Level 3 were fair valued at zero due to insufficient information available for valuation.

See accompanying notes

American Beacon Numeric Integrated Alpha Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Long Exposures (% Net Assets)
Technology Select Sector SPDR Fund		2.0
Ulta Salon Cosmetics & Fragrance, Inc.		1.4
CyrusOne, Inc.		1.3
Equinix, Inc.		1.3
QTS Realty Trust, Inc.		1.3
GameStop Corp.		1.3
Global Net Lease, Inc.		1.3
Assured Guaranty Ltd.		1.2
Transocean Ltd.		1.2
US Foods Holding Corp.		1.2
Total Fund Holdings	249
Top Ten Short Exposures(% Net Assets)
Utilities Select Sector SPDR Fund		(2.0	)
Newell Brands, Inc.		(1.4	)
Tesla, Inc.		(1.4	)
Mattel, Inc.		(1.3	)
Michael Kors Holdings Ltd.		(1.3	)
Wabtec Corp.		(1.3	)
Hersha Hospitality Trust		(1.3	)
Duke Realty Corp.		(1.3	)
Life Storage, Inc.		(1.3	)
Seritage Growth Properties		(1.2	)
Total Fund Holdings	157
Sector Exposure (% Equities)	Portfolio Long	Portfolio Short
Real Estate	13.8	(14.6	)
Consumer Discretionary	9.7	(12.9	)
Exchange-Traded Instruments	7.8	(8.0	)
Information Technology	5.8	(2.6	)
Industrials	5.1	(3.8	)
Energy	4.7	(4.7	)
Health Care	4.5	(1.7	)
Financials	3.4	(3.1	)
Consumer Staples	3.2	(1.3	)
Materials	1.7	(1.0	)
Utilities	1.4	(1.6	)
Telecommunication Services	1.2	(1.5	)

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
Argentina - 1.82% (Cost $655,242)
Common Stocks - 1.82%
MercadoLibre, Inc.		2,550	$	866,005
Australia - 1.71% (Cost $913,872)
Common Stocks - 1.71%
MYOB Group Ltd.A		332,670		812,720
China - 7.26%
Common Stocks - 7.26%
Ctrip.com International Ltd., ADRB		19,627		802,745
New Oriental Education & Technology Group, Inc., Sponsored ADR		15,518		1,394,137
Tencent Holdings Ltd.A		25,439		1,248,965
Total Common Stocks				3,445,847
Total China (Cost $2,895,847)				3,445,847
Denmark - 3.14% (Cost $1,334,585)
Common Stocks - 3.14%
Novo Nordisk A/S, Class BA		31,773		1,491,768
France - 2.71% (Cost $1,149,704)
Common Stocks - 2.71%
Danone S.A.A		15,950		1,285,878
Germany - 3.96% (Cost $1,521,716)
Common Stocks - 3.96%
SAP SE, Sponsored ADR		16,941		1,877,571
Hong Kong - 4.29% (Cost $1,450,119)
Common Stocks - 4.29%
AIA Group Ltd.A		227,977		2,035,418
India - 5.73%
Common Stocks - 5.73%
HDFC Bank Ltd., ADR		14,521		1,391,257
Infosys Ltd., Sponsored ADR		75,221		1,329,155
Total Common Stocks				2,720,412
Total India (Cost $2,327,244)				2,720,412
Japan - 3.12% (Cost $1,160,698)
Common Stocks - 3.12%
Fast Retailing Co., Ltd.A		3,367		1,482,650
Mexico - 2.08% (Cost $898,476)
Common Stocks - 2.08%
Fomento Economico Mexicano S.A.B. de C.V., Series B, Sponsored ADR		10,210		986,899
Republic of Korea - 2.26% (Cost $932,056)
Common Stocks - 2.26%
Amorepacific Corp.A		3,298		1,071,765
South Africa - 3.58%
Common Stocks - 3.58%
Sanlam Ltd.A		109,524		691,096
Shoprite Holdings Ltd.A		50,665		1,007,524
Total Common Stocks				1,698,620
Total South Africa (Cost $1,258,527)				1,698,620

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

	Shares		Fair Value
United States - 54.28%
Common Stocks - 54.28%
Alphabet, Inc., Class CB		1,244	$	1,265,559
Amazon.com, Inc.B		1,118		1,750,933
Autodesk, Inc.B		12,231		1,539,883
Booking Holdings, Inc.B		470		1,023,660
Core Laboratories N.V.C		7,554		924,987
Equinix, Inc., REIT		3,460		1,455,933
FleetCor Technologies, Inc.B		6,865		1,422,977
IHS Markit Ltd.B		28,560		1,403,153
Mondelez International, Inc., Class A		32,225		1,272,888
NIKE, Inc., Class B		21,560		1,474,488
Praxair, Inc.		5,689		867,686
Red Hat, Inc.B		9,208		1,501,456
Regeneron Pharmaceuticals, Inc.B		4,040		1,226,867
salesforce.com, Inc.B		11,651		1,409,655
Schlumberger Ltd.		21,269		1,458,203
TJX Co., Inc.		16,873		1,431,674
Ulta Salon Cosmetics & Fragrance, Inc.B		4,607		1,155,942
Visa, Inc., Class A		15,483		1,964,483
Yum! Brands, Inc.		13,946		1,214,697
Total Common Stocks				25,765,124
Total United States (Cost $20,893,154)				25,765,124
SHORT-TERM INVESTMENTS - 3.56% (Cost $1,687,928)
Investment Companies - 3.56%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%D E		1,687,928		1,687,928
SECURITIES LENDING COLLATERAL - 1.93% (Cost $914,268)
Investment Companies - 1.93%
American Beacon U.S. Government Money Market Select Fund, Select Class, 1.61%D E		914,268		914,268
TOTAL INVESTMENTS - 101.43% (Cost $39,993,436)				48,142,873
LIABILITIES, NET OF OTHER ASSETS - (1.43%)				(677,030	)
TOTAL NET ASSETS - 100.00%			$	47,465,843

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 $11,127,784 or 23.44% of net assets. Value was determine using significant unobservable inputs.

^B  Non-income producing security.

^C  All or a portion of this security is on loan at April 30, 2018.

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

^E  7-day yield.

ADR - American Depositary Receipt.

REIT - Real Estate Investment Trust.

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Futures Contracts Open on April 30, 2018:

Long Futures

Equity Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures		5	June 2018	$	500,084	$	506,625	$	6,541
Mini MSCI Emerging Markets Index Futures		4	June 2018		234,448		230,440		(4,008	)
S&P 500 E-Mini Index Futures		6	June 2018		792,629		794,100		1,471
				$	1,527,161	$	1,531,165	$	4,004

Index Abbreviations:
MSCI	Morgan Stanley Capital International
MSCI EAFE	Morgan Stanley Capital International - Europe, Australasia, and Far East
S&P 500	Standard & Poor’s U.S Equity Large-Cap Index

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2018, the investments were classified as described below:

SGA Global Growth Fund	Level 1			Level 2		Level 3		Total
Assets
Foreign Common Stocks
Argentina	$	866,005		$	—	$	—	$	866,005
Australia		—			812,720		—		812,720
China		2,196,882			1,248,965		—		3,445,847
Denmark		—			1,491,768		—		1,491,768
France		—			1,285,878		—		1,285,878
Germany		1,877,571			—		—		1,877,571
Hong Kong		—			2,035,418		—		2,035,418
India		2,720,412			—		—		2,720,412
Japan		—			1,482,650		—		1,482,650
Mexico		986,899			—		—		986,899
Republic of Korea		—			1,071,765		—		1,071,765
South Africa		—			1,698,620		—		1,698,620
Common Stocks
United States		25,765,124			—		—		25,765,124
Short-Term Investments		1,687,928			—		—		1,687,928
Securities Lending Collateral		914,268			—		—		914,268
Total Investments in Securities - Assets	$	37,015,089		$	11,127,784	$	—	$	48,142,873
Financial Derivative Instruments - Assets
Futures Contracts	$	8,012		$	—	$	—	$	8,012
Total Financial Derivative Instruments - Assets	$	8,012		$	—	$	—	$	8,012
Financial Derivative Instruments - Liabilities
Futures Contracts	$	(4,008	)	$	—	$	—	$	(4,008	)
Total Financial Derivative Instruments - Liabilities	$	(4,008	)	$	—	$	—	$	(4,008	)

U.S. GAAP requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of the Fund’s assets and liabilities. During the period ended April 30, 2018, there were transfers from Level 1 to Level 2, with a fair value of $11,127,784 as a result of a determination made by the Valuation Committee that adjustments should be applied to certain international securities due to significant movement in the market.

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2018 (Unaudited)

Top Ten Holdings (% Net Assets)
AIA Group Ltd.		4.3
Visa, Inc., Class A		4.1
SAP SE, Sponsored ADR		4.0
Amazon.com, Inc.		3.7
Autodesk, Inc.		3.2
Red Hat, Inc.		3.2
Novo Nordisk A/S, Class B		3.1
Fast Retailing Co., Ltd.		3.1
NIKE, Inc., Class B		3.1
Schlumberger Ltd.		3.1
Total Fund Holdings	35
Sector Allocation (% Equities)
Information Technology		33.5
Consumer Discretionary		25.8
Consumer Staples		12.3
Financials		9.0
Health Care		6.0
Energy		5.2
Real Estate		3.2
Industrials		3.1
Materials		1.9
Country Allocation (% Equities)
United States		56.6
China		7.6
India		6.0
Hong Kong		4.5
Germany		4.1
South Africa		3.7
Denmark		3.3
Japan		3.2
France		2.8
Republic of Korea		2.3
Mexico		2.2
Argentina		1.9
Australia		1.8

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Organization

American Beacon Funds (the “Trust”), is organized as a Massachusetts business trust. As of April 30, 2018, the Trust consists of thirty-three active series, seven of which are presented in this filing: American Beacon Acadian Emerging Markets Managed Volatility Fund, American Beacon Crescent Short Duration High Income Fund, American Beacon GLG Total Return Fund, American Beacon Global Evolution Frontier Markets Income Fund, American Beacon Grosvenor Long/Short Fund, American Beacon Numeric Integrated Alpha Fund, and American Beacon SGA Global Growth Fund (collectively the “Funds” and each individually a “Fund”). The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940 (the “Act”), as amended, as non-diversified, open-end management investment companies except for the American Beacon Acadian Emerging Markets Managed Volatility Fund, American Beacon Crescent Short Duration High Income Fund, American Beacon Global Evolution Frontier Markets Income Fund, and the American Beacon SGA Global Growth Fund, that are registered as diversified, open-end management investment companies. The remaining twenty-six 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. RIM is, in turn, a wholly-owned subsidiary of Resolute Acquisition, Inc., which is a wholly-owned 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 CapitalManagement, LLC (“Estancia”), which are private equity firms.

The Distributor

Effective March 1, 2018, Resolute Investment Distributors, Inc. (“RID” or “Distributor”) replaced Foreside Fund Services, LLC (“Foreside”) as the Fund(s)’ distributor and principal underwriter of the Funds’ shares.

RID is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Distributor is affiliated with the Manager through common ownership. Under a Distribution Agreement with the Trust, the Distributor acts as the distributor and principal underwriter of the Trust in connection with the continuous offering of shares of the Funds. The Distributor continually distributes shares of the Funds on a best efforts basis. The Distributor has no obligation to sell any specific quantity of the Funds’ shares. Pursuant to the Distribution Agreement, to the extent applicable, the Distributor receives, and may re-allow to broker-dealers, all or a portion of the sales charge paid by the purchasers of A Class and C Class shares. For A Class and C Class shares, the Distributor receives commission revenue consisting of the portion of A Class and C Class sales charge remaining after the allowances by the Distributor to the broker-dealers. The Distributor retains any portion of the commission fees that are not paid to the broker-dealers for use solely to pay distribution related expenses.

Prior to March 1, 2018, Foreside served as the distributor and principal underwriter of the Funds’ shares. Pursuant to a Sub-Administration Agreement between Foreside and the Manager in effect through February 28, 2018, Foreside received a fee from the Manager for providing administrative services in connection with the marketing and distribution of shares of the Trust, including the registration of Manager employees as registered representatives of Foreside to facilitate distribution of Fund shares. Foreside also received a fee from the Manager under a Marketing Agreement pursuant to which Foreside provided services in connection with the marketing of a Fund to institutional investors. Pursuant to the Distribution Agreement with the Trust in effect through February 28, 2018, Foreside received, and may have re-allowed to broker-dealers, all or a portion of the sales charge paid by the purchasers of A and C Class shares. For A and C Class shares, Foreside received commission revenues consisting of the portion of A and C Class sales charge remaining after the allowances by Foreside to the broker dealers. Foreside retained any portion of the commission fees that were not paid to the broker-dealers for use solely to pay distribution related expenses.

Significant Accounting Policies

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

Security Valuation and Fair Value Measurements

The price of the Fund’s shares is based on the Fund’s Net Asset Value (“NAV”). The NAV of the Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to the Fund or class, by the total number of shares outstanding of the Fund or class.

Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally at 4:00 p.m. Eastern Time, each day that the Exchange is open for business. Equity securities, including exchange-traded funds (“ETFs”) for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade.

Debt securities normally are valued on the basis of prices provided by an independent pricing service and may take into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Prices of debt securities may be determined using quotes obtained from brokers. Certain fixed-income securities purchased on a delayed-delivery basis are marked-to-market daily until settlement at the forward settlement date.

Investments in open-end mutual funds are valued at the closing NAV per share of the mutual fund on the day of valuation.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Securities for which the market prices are not readily available or are not reflective of the fair value of the security, as determined by the Manager will be priced at fair value following procedures approved by the Trust’s Board of Trustees (the “Board”).

For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted under the circumstances described below. If the Manager determines that developments between the close of a foreign market and the close of the Exchange will, in its judgment, materially affect the value of some or all of a Fund’s portfolio securities, the Manager will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the Exchange. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Manager reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund’s pricing time of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. These securities are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant American Depository Receipts (“ADR”) 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 a 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.

Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are required to deposit with their futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized, but not considered realized until the contracts expire or are closed.

Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 in the fair value hierarchy. Swap contracts are valued at prices furnished by independent swap dealers or by an independent pricing service and are generally categorized as a Level 2 in the fair value hierarchy. Forward foreign currency contracts and swap contracts involve, to varying degrees, risk of loss in excess of the unrealized appreciation (depreciation).

Exchange-traded options, except equity options and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources.

Other investments, including restricted securities and those financial instruments for which the above valuation procedures are inappropriate or are deemed not to reflect fair value, are stated at fair value, as determined in good faith by the Manager’s Valuation Committee, pursuant to procedures established by the Board.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (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 or options that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. 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.

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

Over-the-counter (“OTC”) financial derivative instruments, such as foreign currency contracts 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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

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 and Other Investments

American Depositary Receipts and Non-Voting Depositary Receipts

American Depositary Receipts are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. Non-Voting Depositary Receipts (“NVDRs”) represent financial interests in an issuer but the holder is not entitled to any voting rights. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund’s possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Funds may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Funds to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Bank Loans and Senior Loans

Loans are typically administered by a bank, insurance company, finance company or other financial institution (the “agent”) for a lending syndicate of financial institutions. In a typical loan, the agent administers the terms of the loan agreement and is responsible for the collection of principal and interest and fee payments from the borrower and the apportionment of these payments to all lenders that are parties to the loan agreement. In addition, an institution (which may be the agent) may hold collateral on behalf of the lenders. Typically, under loan agreements, the agent is given broad authority in monitoring the borrower’s performance and is obligated to use the same care it would use in the management of its own property. In asserting rights against a borrower, the Funds normally will be dependent on the willingness of the lead bank to assert these rights, or upon a vote of all the lenders to authorize the action. If an agent becomes insolvent, or has a receiver, conservator, or similar official appointed for it by the appropriate regulatory authority, or becomes a debtor in a bankruptcy proceeding, the agent’s appointment may be terminated and a successor agent would be appointed. If an appropriate regulator or court determines that assets held by the agent for the benefit of purchasers of loans are subject to the claims of the agent’s general or secured creditors, the Funds might incur certain costs and delays in realizing payment on a loan or suffer a loss of principal and/or interest. The Funds may be subject to similar risks when it buys a participation interest or an assignment from an intermediary.

Bank loans can be fixed and floating rate loans arranged through private negotiations between a company or a non-U.S. government and one or more financial institutions (lenders). The Funds may invest in senior loans, which are floating rate loans that hold a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities that, under normal circumstances, allow them to have priority of claim ahead of other obligations of a borrower in the event of liquidation. Bank loans and senior loans may be collateralized or uncollateralized. They pay interest at rates that float above, or are adjusted periodically based on, a benchmark that reflects current interest rates. The Funds may invest in such loans in the form of participations in loans and assignments of all or a portion of loans from third parties. In connection with purchasing participations in such instruments, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the participation. When the Funds purchase assignments from lenders, the Funds will acquire direct rights against the borrower on the loan.

Common Stock

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Corporate Debt and Other Fixed-Income Securities

Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause a Fund’s net asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on specific characteristics of each security. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default.

Credit-Linked Notes

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

The issuer or one of the affiliates of the issuer of the CLNs in which the Fund will invest, normally will purchase the reference asset underlying the CLN directly, but in some cases it may gain exposure to the reference asset through a credit default swap or other derivative. Under the terms of a CLN, the Fund will receive a fixed or variable rate of interest on the outstanding principal amount of the CLN, which in turn will be subject to reduction (potentially down to zero) if a “credit event” occurs with respect to the underlying reference asset or its issuer. Such credit events will include payment defaults on the reference asset, and normally will also include events that do not involve an actual default, such as actual or potential insolvencies, repudiations of indebtedness, moratoria on payments, reference asset restructurings, limits on the convertibility or repatriation of currencies, and the imposition of ownership restrictions. If a credit event occurs, payments on the CLN would terminate, and the Fund normally would receive delivery of the underlying reference asset (or, in some cases, a comparable “deliverable” asset) in lieu of the repayment of principal. In some cases, however, including but not limited to instances where there has been a market disruption or in which it is or has become illegal, impossible or impracticable for the Fund to purchase, hold or receive the reference assets, the Fund may receive a cash settlement based on the value of the reference asset or a comparable instrument, less fees charged and certain expenses incurred by the CLN issuer.

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Delayed Funding Loans and Revolving Credit Facilities

A Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specific term. A revolving credit facility differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that a Fund is committed to advance additional funds, it will at all times segregate or “earmark” assets, determined to be liquid in accordance with procedures established by the Trust’s Board, in an amount sufficient to meet such commitments.

A Fund may invest in delayed funding loans and revolving credit facilities with credit quality comparable to that of issuers of its securities investments. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, a Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value.

Fixed-Income Investments

The Funds may hold debt, including government and corporate debt, and other fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Funds’ net asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are, therefore, more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in a Fund having to reinvest its proceeds in lower yielding securities. Securities underlying mortgage- and asset-backed securities, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Floating Rate Loan Interest

The Funds may invest in floating rate loan interests. The floating rate loan interests held by the Funds are typically issued to companies (the “borrower”) by banks, other financial institutions, and privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

may be denominated in foreign currencies. The Funds considers these investments to be investments in debt securities for purposes of its investment policies.

When the Funds purchase a floating rate loan interest it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, the Funds may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by the Funds upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. The Funds may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. The Funds may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in the Funds having a contractual relationship only with the lender, not with the borrower. The Funds will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, the Funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower, and the Funds may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, the Funds will assume the credit risk of both the borrower and the lender that is selling the Participation. The Funds’ investment in Participations involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, the Funds may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in the Funds having a direct contractual relationship with the borrower, and the Funds may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the Funds earns a commitment fee, typically set as a percentage of the commitment amount.

Foreign Debt Securities

The Funds may invest in foreign fixed and floating rate income securities (including emerging market securities) all or a portion of which may be non-U.S. dollar denominated and which include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations of the U.S. Government issued in non-dollar securities; (d) debt obligations and other fixed income securities of foreign corporate issuers (both dollar and non-dollar denominated); and (e) U.S. corporate issuers (both Eurodollar and non-dollar denominated). There is no minimum rating criteria for the Funds’ investments in such securities. Investing in the securities of foreign issuers involves special considerations that are not typically associated with investing in the securities of U.S. issuers. In addition, emerging markets are markets that have risks that are different and higher than those in more developed markets.

Foreign Securities

The Funds may invest in U.S. dollar-denominated and non-U.S. dollar denominated equity and debt securities of foreign issuers and foreign branches of U.S. banks, including negotiable certificates of deposit (“CDs”), bankers’

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

acceptances, and commercial paper. Foreign issuers are issuers organized and doing business principally outside the United States and include corporations, banks, non-U.S. governments, and quasi-governmental organizations. While investments in foreign securities may be intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation, or confiscatory taxation); the potentially adverse effects of unavailability of public information regarding issuers, different governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States; different laws and customs governing securities tracking; and possibly limited access to the courts to enforce the Funds’ rights as an investor.

Frontier and Emerging Market Investments

The Funds may invest in the securities and derivatives with exposure to various countries with emerging capital markets. Investments in the securities and derivatives with exposure to countries with emerging capital markets involve significantly higher risks not involved in investments in securities in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities from more developed capital markets, (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments, (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other non-U.S. or U.S. governmental laws or restrictions applicable to such investments, (iv) national policies that may limit the Fund’s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests, (v) the lack or relatively early development of legal structures governing private and foreign investments and private property, and (vi) less diverse or immature economic structures. In addition to withholding taxes on investment income, some countries with emerging capital markets may impose differential capital gain taxes on foreign investors.

High-Yield Securities

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

Illiquid and Restricted Securities

The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933 (the “Securities Act”). Illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Disposal of both illiquid and restricted securities may involve time-consuming negotiations

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding during the period ended April 30, 2018 are disclosed in the Notes to the Schedules of Investments.

Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as the Funds, to purchase such unregistered securities if certain conditions are met.

Inflation-Indexed Bonds

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

Other Investment Company Securities and Other Exchange-Traded Products

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

Payment-In-Kind Securities

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

Preferred Stock

A preferred stock blends the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and its participation in the issuer’s growth may be limited. Preferred stock generally has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend is set at a fixed or variable rate, in some circumstances it can be changed or omitted by the issuer.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2018 (Unaudited)

Real Estate Investment Trusts

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

Short Sales

The Funds may enter into short sale transactions. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in the market price of the security. Securities sold in short sale transactions and the dividends and interest payable on such securities, if any, are reflected as a liability. A Fund is obligated to deliver the security at the market price at the time the short position is closed. The risk of loss on a short sale transaction is theoretically unlimited, because there is no limit to the cost of replacing the security sold short, whereas losses from purchase transactions cannot exceed the total amount invested. As of April 30, 2018, short positions were held by the Funds and are disclosed in the Schedules of Investments.

Sovereign and Quasi-Sovereign Government and Supranational Debt

The Funds can invest in debt securities issued or guaranteed by foreign governments and their political subdivisions or agencies which involve special risks. Sovereign debt differs from debt obligations issued by private entities in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; participations in loans between emerging market governments and financial institutions; and Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness.

Supranational entities may also issue debt securities. Supranational organizations are entities designated or supported by a government or governmental group to promote economic development. Included among these organizations are the Asian Development Bank, the European Investment Bank, the Inter-American Development Bank, the International Monetary Fund, the United Nations, the World Bank and the European Bank for Reconstruction and Development. Supranational organizations have no taxing authority and are dependent on their members for payments of interest and principal to the extent their assets are insufficient. Further, the lending activities of such entities are limited to a percentage of their total capital, reserves and net income.

Variable or Floating Rate Obligations

The interest rates payable on certain fixed-income securities in which the Funds may invest are not fixed and may fluctuate based upon changes in market rates. A variable rate obligation has an interest rate which is adjusted at predesignated periods in response to changes in the market rate of interest on which the interest rate is based. Variable and floating rate obligations are less effective than fixed rate instruments at locking in a particular yield.

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Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons.

Financial Derivative Instruments

The Funds may utilize derivative instruments to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs. When considering the Funds’ use of derivatives, it is important to note that the Funds do not use derivatives for the purpose of creating financial leverage.

Contracts for Difference

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

Forward Foreign Currency Contracts

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

During the period ended April 30, 2018, the Funds entered into forward foreign currency contracts primarily for hedging foreign currency fluctuations.

Futures Contracts

Futures contracts are contracts to buy or sell a standard quantity of securities at a specified price on a future date. The Funds may enter into financial futures contracts as a method for keeping assets readily convertible to cash if needed to meet shareholder redemptions or for other needs while maintaining exposure to the stock or bond market,

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

Upon entering into a futures contract, the Funds are required to set aside or deposit with a broker an amount, termed the initial margin, which typically represents a portion of the face value of the futures contract. The Funds usually reflects this amount on the Schedules of Investments as a U.S. Treasury Bill held as collateral for futures contracts or as cash deposited with broker. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement values are accounted for as unrealized appreciation (depreciation) until the contracts are terminated, at which time realized gains and losses are recognized. Futures contracts are valued at the most recent settlement price established each day by the exchange on which they are traded.

During the period ended April 30, 2018, the Funds entered into future contracts primarily for exposing cash to markets.

Options Contracts

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

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

During the period ended April 30, 2018, the Grosvenor Long/Short Fund purchased/sold options primarily for return enhancement and hedging.

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Swap Agreements

The Funds may invest in swap agreements. Swap agreements are negotiated between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are either privately negotiated in the over-the-counter market (“OTC Swaps”) or cleared in a central clearing house (“Centrally Cleared Swaps”). The Fund may enter into credit default, cross-currency, interest rate and other forms of swap agreements to manage its exposure to credit, currency, interest rate, and inflation risk. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

For OTC swaps payments received or made at the beginning of the measurement period are reflected as such and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Centrally cleared swaps provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments for OTC and centrally cleared swaps are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains or losses.

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

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

Credit Default Swap Agreements

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

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

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

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. The Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation that the Fund owns or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default that the Fund does not own.

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

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expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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

The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2018, for which the Fund is the seller of protection is disclosed in the Notes to the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

During the period ended April 30, 2018, the GLG Total Return Fund entered into credit default swaps primarily for return enhancement, hedging, and exposing cash to markets.

Interest Rate Swap Agreements

The GLG Total Return Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal.

During the period ended April 30, 2018, the GLG Total Return Fund entered into interest rate swaps primarily for return enhancement, hedging and exposing cash to markets.

Total Return Swap Agreements

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

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Master Agreements

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with counterparties govern transactions in over-the-counter (“OTC”) derivative and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. Since different types of forward and OTC financial derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as delayed delivery or sale-buyback financing transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Principal Risks

Investing in the Funds may involve certain risks including, but not limited to, those described below.

Counterparty Risk

The Funds are subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Funds.

Credit Risk

The Funds are subject to the risk that the issuer or guarantor of a debt security, or the counterparty to a derivatives contract or a loan, will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. Credit risk is typically greater for securities with ratings that are below investment grade (commonly referred to as “junk bonds”). Since the Funds can invest significantly in lower-quality debt securities considered speculative in nature, this risk will be substantial.

Currency Risk

The Funds may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, purchasing or selling forward foreign currency exchange contracts in non- U.S. currencies, non-U.S. currency futures contracts and swaps for cross-currency investments. Foreign currencies will fluctuate, and may decline, in value relative to the U.S. dollar and other currencies and thereby affect the Funds’ investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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Custody Risk

The Funds may invest in markets that are less developed than those in the U.S., which may expose the Funds to risks in the process of clearing and settling trades and the holding of securities by foreign banks, agents and depositories. Investments in frontier and emerging markets may be subject to greater custody risks than investments in more developed markets.

Derivatives Risk

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

Emerging and Frontier Markets Risk

When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. Frontier market countries generally have smaller economies and less developed capital markets or legal, regulatory and political systems than traditional emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

Equity Investment Risk

Equity securities are subject to market risk. The Funds’ investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Funds to additional risk. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing

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directly in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock.

Foreign Investing Risk

The Funds may invest in securities issued by foreign companies through ADRs and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. The Funds may also invest in local currency investments. ADRs are subject to many of the risks inherent in currency fluctuations and political and financial instability in the home country of a particular ADR or foreign stock. Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks include, but are not limited to: (1) currency exchange rate fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing and financial reporting standards, (5) increased price volatility, (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays in transaction settlement in some foreign markets.

Forward Foreign Currency Contracts Risk

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

Futures Contracts Risk

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

High Portfolio Turnover Risk

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

High-Yield Securities Risk

Investing in high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks of loss of your money than an investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is weak or expected to become weak. High-yield securities are considered to be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the timely payment of principal and interest. Below investment grade securities may experience greater price volatility and less liquidity than investment grade securities.

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Illiquid and Restricted Securities Risk

Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), including Rule 144A securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. They may be more difficult to purchase or sell at an advantageous time or price because such securities may not be readily marketable in broad public markets. The Funds may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell the security at a lower price than the Funds believe is its fair market value. In addition, transaction costs may be higher for restricted securities and the Funds may receive only limited information regarding the issuer of a restricted security. The Funds may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.

Interest Rate Risk

The Funds are subject to the risk that the market value of fixed-income securities or derivatives it holds, particularly mortgage backed and other asset backed securities, will decline due to rising interest rates. Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction to movements in interest rates. The Federal Reserve raised the federal funds rate several times since December 2015 and has signaled additional increases in the near future. Interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the Funds. The prices of fixed-income securities or derivatives are also affected by their duration. Fixed-income securities or derivatives with longer duration generally have greater sensitivity to changes in interest rates. An increase in interest rates can impact markets broadly as well.

Leverage Risk

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

Liquidity Risk

The Funds are susceptible to the risk that certain fixed-income investments, may have limited marketability or be subject to restrictions on sale, and may be difficult or impossible to purchase or sell at favorable times or prices. The Funds could lose money if they are unable to dispose of an investment at a time that is most beneficial to the Funds. The Funds may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Funds. For example, the Funds may be forced to sell certain investments at unfavorable prices to meet redemption requests or other cash needs. Judgment plays a greater role in pricing illiquid investments than in investments with more active markets.

Loan Interests Risk

Unlike publicly traded common stocks which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior loans, to trade. Loans trade in an over-the-counter market, and confirmation

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and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present risk to shareholders regarding a Fund’s ability to pay redemption proceeds within the allowable time periods stated in its prospectus. The secondary market for floating rate loans also may be subject to irregular trading activity and wide bid/ask spreads. The lack of an active trading market for certain loans may impair the ability of a Fund to sell its loan interests at a time when it may otherwise be desirable to do so or may require a Fund to sell them at prices that are less than what a Fund regards as their fair market value and may make it difficult to value such loans. Interest in loans made to finance highly leveraged companies or transactions, such as corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions. When a Fund’s loan interest is participation, the Fund is subject to the risk that the party selling the participation interest will not remit a Fund’s pro rata share of loan payments to the Fund, and the Fund may have less control over the exercise of remedies than the party selling the participation interest.

Market Direction Risk

Since the Funds will typically hold both long and short positions, an investment in the Funds will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Funds’ results could suffer both when there is a general market advance and the Funds hold significant “short” positions, and when there is a general market decline and the Funds hold significant “long” positions.

Market Risk

Since the financial crisis that started in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in fixed income instruments experiencing unusual liquidity issues, increased price volatility and, in some cases, credit downgrades and increased likelihood of default. These events have reduced the willingness and ability of some lenders to extend credit, and have made it more difficult for some borrowers to obtain financing on attractive terms, if at all. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations.

In addition, political events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Because the impact on the markets has been widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions. Interest rates have been unusually low in recent years in the U.S. and abroad. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate increase, whether brought about by U.S. policy makers or by dislocations in world markets. In addition, there is a risk that the prices of goods and services in the U.S. and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely.

Market Timing Risk

Frequent trading by Fund shareholders poses risks to other shareholders in that Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the portfolio manager’s ability to

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execute efficient investment strategies. Because of specific types of securities in which the Fund may invest, it could be subject to the risk of market timing activities by shareholders.

Multi-Manager Risk

The Grosvenor Long/Short Fund’s performance depends on, among other things, the Lead Sub-Advisor’s success in monitoring and allocating the Fund’s assets among the Sub-Advisors. The Sub-Advisors investment styles may not always be complementary. The Sub-Advisors make investment decisions independently of one another, and may make conflicting investment decisions. The Fund’s multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of securities, which could be beneficial or detrimental to the Fund’s performance depending on the performance of those securities and the overall market environment. The Sub-Advisors may underperform the market generally or underperform other investment managers that could have been selected for the Fund. The Lead Sub-Advisor and the Sub-Advisors also may use proprietary or licensed strategies that are based on considerations and factors that are not fully disclosed to the Board, the Manager or the Lead Sub-Advisor. The success of a particular Sub-Advisor in implementing its investment strategy is dependent on the expertise of its portfolio managers, and certain Sub-Advisors may have a limited number of investment management professionals. The loss of one or more of a Sub-Advisor’s key investment professionals could have a materially adverse effect on the performance of the Fund. A Sub-Advisor may have little or no experience managing the assets of a registered investment company which, unlike the other accounts a Sub-Advisor may manage, is subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

Non-Diversification Risk

The Funds are non-diversified, which means the Funds may focus their investments in the securities of a comparatively small number of issuers. Investments in securities of a limited number of issuers exposes the Funds to greater market risk and potential losses than if assets were diversified among the securities of a greater number of issuers.

Options Risk

In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit that might have been realized had it bought the underlying security at the time it purchased the call option. For a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs. By using put options in this manner, the Funds will reduce any profit it might otherwise have realized from appreciation of the underlying security by the premium paid for the put option and by transaction costs. If the Funds sell a put option, there is a risk that the Funds may be required to buy the underlying asset at a disadvantageous price. If the Funds sell a call option, there is a risk that the Funds may be required to sell the underlying asset at a disadvantageous price. If the Funds sell a call option on an underlying asset that the Funds own and the underlying asset has increased in value when the call option is exercised, the Funds will be required to sell the underlying asset at the call price and will not be able to realize any of the underlying asset’s value above the call price.

Other Investment Companies Risk

The Funds may invest in shares of other registered investment companies, including ETFs and money market funds. To the extent that the Funds invest in shares of other registered investment companies, the Funds will indirectly bear the fees and expenses charged by the underlying funds in addition to the Funds’ direct fees and expenses and will

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be subject to the risks associated with investments in those funds. For example, ETF shares may trade at a premium or discount to their net asset value. An ETF that tracks an index may not precisely replicate the returns of its benchmark index.

Prepayment and Extension Risk

Prepayment risk is the risk that the principal amount of a bond may be repaid prior to the bond’s maturity date. Due to a decline in interest rates or excess cash flow, a debt security may be called or otherwise prepaid before maturity. If this occurs, no additional interest will be paid on the investment and the Funds may have to invest at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security. Variable and floating rate securities may be less sensitive to prepayment risk. Extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, heighten interest rate risk and increase the potential for a decline in its price.

Securities Lending Risk

To the extent the Funds lends its securities, it may be subject to the following risks; i) borrowers of the Funds’ securities typically provide collateral in the form of cash that is reinvested in securities, ii) the securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers, iii) delays may occur in the recovery of securities from borrowers, which could interfere with the Funds’ ability to vote proxies or to settle transactions, and iv) there is the risk of possible loss of rights in the collateral should the borrower fail financially.

Short Position Risk

The Funds will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument. The Funds’ losses are potentially unlimited in a short position transaction.

Sovereign and Quasi Sovereign Debt Risk

The Funds normally will have significant investments in sovereign and quasi-sovereign debt securities. These investments are subject to risk of payment delays or defaults due to (1) country cash flow problems, (2) insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay debts. It may be particularly difficult to enforce the rights of debt holders in frontier and emerging markets. A governmental entity that defaults on an obligation may request additional time in which to pay or further loans or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign and quasi-sovereign debt risk is increased for emerging and frontier markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

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Unrated Securities Risk

Because the Funds may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means a Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and price volatility.

Valuation Risk

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

Variable and Floating Rate Securities Risk

The interest rates payable on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. The interest rate on a floating rate security is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. Variable and floating rate securities are subject to interest rate risk and credit risk.

As short-term interest rates decline, interest payable on floating-rate securities typically decreases. Alternatively, during periods of rising interest rates, interest payable on floating-rate securities typically increases. Changes in the interest rates of floating-rate securities may lag behind changes in market rates or may have limits on the maximum rate change for a given period of time. The value of floating-rate securities may decline if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline.

Securities Lending

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

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments as designated by the Manager, 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

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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 April 30, 2018, 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
Acadian Emerging Markets Managed Volatility	$	260,429	$	269,906	$	—	$	269,906
SGA Global Growth		892,048		914,268		—		914,268

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 for the four year period ended January 31, 2018 remains subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of April 30, 2018, the Funds’ cost of investments for federal income tax purposes were as follows:

Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Acadian Emerging Markets Managed Volatility	$	29,863,521	$	6,369,002	$	(955,495	)	$	5,413,507
Crescent Short Duration High Income		92,226,058		685,578		(1,735,564	)		(1,049,986	)
GLG Total Return		704,088,951		—		(572,201	)		(572,201	)
Global Evolution Frontier Markets Income		266,096,289		4,712,312		(4,779,724	)		(67,412	)
Grosvenor Long/Short		12,318,447		1,414,724		(777,820	)		636,904
Numeric Integrated Alpha		29,816,169		9,115,436		(11,398,798	)		(2,283,362	)
SGA Global Growth		39,993,436		8,898,444		(749,007	)		8,149,437

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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 January 31, 2018 the Funds had the following post RIC MOD capital loss carryforwards:

Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
Crescent Short Duration High Income	$	1,116,531	$	1,346,373
Global Evolution Frontier Markets Income		3,882,282		11,581,707

Borrowing Arrangements

Effective November 16, 2017, the Funds, along with certain other funds managed by the Manager (“Participating Funds”), entered into a committed revolving line of credit (the “Committed Line”) agreement with State Street Bank and Trust Company (the “Bank”) to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $50 million with interest at a rate equal to the higher of (a) one-month London Inter-Bank Offered Rate (“LIBOR”) plus 1.25% per annum or (b) the Federal Funds rate plus 1.25% per annum on amounts borrowed. Each of the Participating Funds will pay a commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 15, 2018, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement.

Effective November 16, 2017, the Funds, along with certain other Participating Funds managed by the Manager, entered into an uncommitted discretionary demand revolving line of credit (the “Uncommitted Line”) agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $50 million with interest at a rate equal to the higher of (a) one-month LIBOR plus 1.25% per annum or (b) the Federal Funds rate. The Uncommitted Line expires November 15, 2018 unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement.

During the period ended April 30, 2018, the Funds did not utilize this facility.

ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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

SIGNATURES

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

AMERICAN BEACON FUNDS
By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President

Date: June 29, 2018

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

By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President

Date: June 29, 2018

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

Date: June 29, 2018