Form N-Q AMERICAN BEACON FUNDS For: Apr 30

Form N-Q AMERICAN BEACON FUNDS For: Apr 30

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June 27, 2019 8:03 AM EDT

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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, 2020

Date of reporting period: April 30, 2019

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, 2019 (Unaudited)


	Shares		Fair Value
Brazil - 4.46%
Common Stocks - 3.99%
Alupar Investimento S.A.^A		3,700	$	22,043
Atacadao SA^B		40,500		218,969
BrasilAgro - Co. Brasileira de Propriedades Agricolas		1,274		5,036
Camil Alimentos S.A.^B		45,500		80,067
Construtora Tenda S.A.		9,800		44,912
CPFL Energia S.A.		20,300		154,382
IRB Brasil Resseguros S/A^B		21,400		512,474
LOG Commercial Properties e Participacoes S.A.^B		25,200		112,725
Telefonica Brasil S.A., ADR		17,728		210,963
Transmissora Alianca de Energia Eletrica S.A.^A		2,400		16,067

Total Common Stocks				1,377,638

Preferred Stocks - 0.47%
Centrais Eletricas Santa Catarina^D		900		10,788
Telefonica Brasil S.A.^D		12,800		152,022

Total Preferred Stocks				162,810

Total Brazil (Cost $1,197,131)				1,540,448

Chile - 3.24%
Common Stocks - 3.24%
Aguas Andinas SA, Class A		130,636		75,220
AntarChile S.A.		2,356		32,750
Banco de Chile		4,737		695
Blumar S.A.		68,358		33,205
Cia Cervecerias Unidas S.A.		2,222		30,707
Cia Cervecerias Unidas S.A., Sponsored ADR		10,140		279,256
Embotelladora Andina S.A., Class B, ADR		3,952		83,783
Empresas COPEC S.A.		442		5,547
Enel Chile S.A.		2,043,335		205,902
Enel Chile S.A., ADR		3,961		19,924
Inversiones Aguas Metropolitanas S.A.		6,607		10,193
Minera Valparaiso S.A.		54		1,300
Sigdo Koppers S.A.		16,183		30,655
SMU S.A.^B		281,595		74,421
Vina Concha y Toro S.A.		111,423		234,592

Total Common Stocks				1,118,150

Total Chile (Cost $992,219)				1,118,150

China - 27.79%
Common Stocks - 27.79%
Agricultural Bank of China Ltd., Class H		860,000		396,849
Bank of China Ltd., Class H		919,000		438,132
Bank of Communications Co., Ltd., Class H		613,000		516,512
Bank of Gansu Co., Ltd., Class H^B		51,000		14,237
Beijing Chunlizhengda Medical Instruments Co., Ltd., Class H		73,200		162,920
Beijing Jingkelong Co., Ltd., Class H		69,000		14,073
Changshouhua Food Co., Ltd.		19,000		8,041
China CITIC Bank Corp. Ltd., Class H		109,000		69,890
China Construction Bank Corp., Class H		495,000		437,277
China Everbright Bank Co., Ltd., Class H		410,000		202,261
China Greenfresh Group Co., Ltd.^B		339,000		37,164
China Merchants Bank Co., Ltd., Class H		78,000		386,281
China Minsheng Banking Corp. Ltd., Class H		453,500		340,495
China Mobile Ltd.		42,500		404,966
China Petroleum & Chemical Corp., Class H		482,000		370,495
China Railway Group Ltd., Class H		431,000		339,535

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
China - 27.79% (continued)
Common Stocks - 27.79% (continued)
China Resources Power Holdings Co., Ltd.		32,000	$	44,789
China Shenhua Energy Co., Ltd., Class H		108,000		238,721
China Telecom Corp. Ltd., Class H		920,000		476,137
China Unicom Hong Kong Ltd.		310,000		367,900
China Yangtze Power Co., Ltd., Class A		158,800		397,660
CITIC Ltd.		300,000		436,722
CNOOC Ltd.		235,000		424,778
COSCO SHIPPING International Hong Kong Co., Ltd.		240,000		83,520
CRRC Corp. Ltd., Class H		94,000		82,080
Daqin Railway Co., Ltd., Class A		109,894		138,982
Fuguiniao Co., Ltd., Class H^{B C E}		28,000		—
Guangdong Investment Ltd.		48,000		89,945
Huadian Power International Corp. Ltd., Class H		424,000		181,063
Huishang Bank Corp. Ltd., Class H		397,100		170,082
Industrial & Commercial Bank of China Ltd., Class H		579,000		434,722
Jiangsu Expressway Co., Ltd., Class H		232,000		330,043
NVC Lighting Holding Ltd.		1,481,000		132,151
PetroChina Co., Ltd., Class H		614,000		389,777
Ping An Insurance Group Co. of China Ltd., Class H		40,000		481,593
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		3,200		6,698
Shenergy Co., Ltd., Class A		127,700		106,151
Sinopec Shanghai Petrochemical Co., Ltd., Class H		48,000		21,721
Sinopharm Group Co., Ltd., Class H		22,000		86,376
Yuexiu Transport Infrastructure Ltd.		214,000		174,314
Yum China Holdings, Inc.		485		23,057
Zhejiang Zheneng Electric Power Co., Ltd., Class A		197,700		139,101

Total Common Stocks				9,597,211

Total China (Cost $8,816,247)				9,597,211

Czech Republic - 2.11%
Common Stocks - 2.11%
CEZ A/S		19,149		445,319
Komercni banka A/S		3,272		123,980
O2 Czech Republic A/S^B		2,513		27,324
Philip Morris CR A/S		219		131,468

Total Common Stocks				728,091

Total Czech Republic (Cost $602,072)				728,091

Egypt - 2.42%
Common Stocks - 2.42%
Commercial International Bank Egypt SAE		60,626		271,351
Credit Agricole Egypt SAE		13,945		34,274
Eastern Co. SAE		323,955		343,200
Faisal Islamic Bank of Egypt		40,070		36,173
MM Group for Industry & International Trade SAE^B		72		50
Telecom Egypt Co.		184,372		151,406

Total Common Stocks				836,454

Total Egypt (Cost $545,328)				836,454

Greece - 2.52%
Common Stocks - 2.52%
Aegean Airlines S.A.		14,980		141,637
Hellenic Telecommunications Organization S.A.		29,732		412,841
Terna Energy S.A.^B		39,595		308,204

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Greece - 2.52% (continued)
Common Stocks - 2.52% (continued)
Thessaloniki Water Supply & Sewage Co. S.A.		1,610	$	8,000

Total Common Stocks				870,682

Total Greece (Cost $680,184)				870,682

Hong Kong - 0.13%
Common Stocks - 0.13%
Citychamp Watch & Jewellery Group Ltd.		122,000		27,060
Goldlion Holdings Ltd.		46,000		18,764

Total Common Stocks				45,824

Total Hong Kong (Cost $45,835)				45,824

Hungary - 1.72%
Common Stocks - 1.72%
Magyar Telekom Telecommunications PLC		198,581		312,845
MOL Hungarian Oil & Gas PLC		2,320		26,637
OTP Bank Nyrt		282		12,498
Richter Gedeon Nyrt		12,160		240,619
Zwack Unicum Rt		7		423

Total Common Stocks				593,022

Total Hungary (Cost $533,425)				593,022

India - 11.95%
Common Stocks - 11.95%
Colgate-Palmolive India Ltd.		1,861		32,348
GAIL India Ltd.		20,458		104,387
Gillette India Ltd.		577		63,131
GlaxoSmithKline Consumer Healthcare Ltd.		2,410		252,591
Hawkins Cookers Ltd.		313		13,244
HCL Technologies Ltd.		25,858		438,689
Hinduja Global Solutions Ltd.		805		7,153
Hindustan Unilever Ltd.		19,515		491,875
Infosys Ltd.		19,406		208,934
Infosys Ltd., Sponsored ADR		19,416		208,916
Mahanagar Gas Ltd.		2,048		28,413
Nestle India Ltd.		1,281		200,339
Oil & Natural Gas Corp. Ltd.		112,497		273,828
Oracle Financial Services Software Ltd.		5,183		262,296
Power Grid Corp. of India Ltd.		78,116		209,402
Procter & Gamble Hygiene & Health Care Ltd.		1,109		162,634
Sanofi India Ltd.		217		17,487
Tata Consultancy Services Ltd.		17,092		554,446
Vardhman Textiles Ltd.		2,833		45,792
Wipro Ltd., ADR		14,782		67,554
Wipro Ltd.		112,708		483,784

Total Common Stocks				4,127,243

Total India (Cost $3,156,313)				4,127,243

Indonesia - 2.57%
Common Stocks - 2.57%
Astra Graphia Tbk PT		167,100		14,892
Bank Central Asia Tbk PT		200,300		404,114
Gudang Garam Tbk PT		3,300		19,563
Indofood CBP Sukses Makmur Tbk PT		11,200		7,644
Indofood Sukses Makmur Tbk PT		359,100		175,140

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Indonesia - 2.57% (continued)
Common Stocks - 2.57% (continued)
Multipolar Technology Tbk PT		558,900	$	35,299
Telekomunikasi Indonesia Persero Tbk PT		75,300		20,027
Unilever Indonesia Tbk PT		65,800		210,098

Total Common Stocks				886,777

Total Indonesia (Cost $824,673)				886,777

Malaysia - 4.41%
Common Stocks - 4.41%
Batu Kawan Bhd		2,800		11,377
Fraser & Neave Holdings Bhd		34,900		294,597
Kim Loong Resources Bhd		7,698		2,253
Kuala Lumpur Kepong Bhd		43,800		262,090
Malayan Banking Bhd		44,900		100,453
Nestle Malaysia Bhd		4,200		148,415
Petronas Chemicals Group Bhd		41,700		90,773
Public Bank Bhd		67,800		368,968
Tenaga Nasional Bhd		82,528		245,119

Total Common Stocks				1,524,045

Total Malaysia (Cost $1,336,787)				1,524,045

Mexico - 1.51%
Common Stocks - 1.51%
Fomento Economico Mexicano S.A.B. de C.V., Series B, Sponsored ADR		3,311		323,121
Industrias Bachoco S.A.B. de C.V., Series B		17,308		70,801
Megacable Holdings S.A.B. de C.V.^A		29,282		128,665

Total Common Stocks				522,587

Total Mexico (Cost $498,842)				522,587

Peru - 1.29%
Common Stocks - 1.29%
Alicorp S.A.A.		133,443		431,828
Corp. Aceros Arequipa S.A.		53,769		12,359

Total Common Stocks				444,187

Total Peru (Cost $345,841)				444,187

Philippines - 3.55%
Common Stocks - 3.55%
Aboitiz Power Corp.		228,600		165,377
Asia United Bank Corp.		19,880		22,374
Cebu Air, Inc.		44,203		69,554
China Banking Corp.		51,412		26,193
Cosco Capital, Inc.		261,300		37,456
Globe Telecom, Inc.		345		11,784
Manila Electric Co.		67,910		501,710
Philippine National Bank^B		46,920		47,269
Pilipinas Shell Petroleum Corp.		5,480		4,753
Puregold Price Club, Inc.		121,800		97,931
RFM Corp.		132,000		12,285
San Miguel Corp.		50,960		176,508
San Miguel Food and Beverage, Inc.		4,200		9,349
Top Frontier Investment Holdings, Inc.^B		3,950		20,162

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Philippines - 3.55% (continued)
Common Stocks - 3.55% (continued)
Union Bank of the Philippines		20,490	$	23,965

Total Common Stocks				1,226,670

Total Philippines (Cost $1,128,638)				1,226,670

Poland - 0.21%
Common Stocks - 0.21%
Boryszew S.A.^B		2,086		2,465
Dom Development S.A.		1,123		23,803
Netia S.A.^B		10,180		13,266
Stalexport Autostrady S.A.		32,382		29,531
Zespol Elektrocieplowni Wroclawskich Kogeneracja S.A.		433		4,215

Total Common Stocks				73,280

Total Poland (Cost $83,530)				73,280

Republic of Korea - 9.74%
Common Stocks - 9.74%
Busan City Gas Co., Ltd.		989		32,850
BYC Co., Ltd.		58		12,810
Daeduck Electronics Co.		101		916
Daekyo Co., Ltd.		11,206		59,188
Daesung Energy Co., Ltd.		8,294		39,832
Dong-Il Corp.		3,365		287,774
ESTec Corp.		5,543		58,365
Fursys, Inc.		1,128		35,439
Incheon City Gas Co., Ltd.		1,386		34,942
Industrial Bank of Korea		3,180		38,520
Jinro Distillers Co., Ltd.		1,536		39,316
JLS Co., Ltd.		17,215		107,285
KEC Holdings Co., Ltd.		10,238		7,195
Kia Motors Corp.		11,831		458,291
KT Corp.		16,598		388,610
KT&G Corp.		2,201		192,186
LF Corp.		4,821		102,763
LG Uplus Corp.		9,168		112,231
Macquarie Korea Infrastructure Fund		24,111		232,204
Namyang Dairy Products Co., Ltd.		191		100,393
Pureun Mutual Savings Bank		510		3,545
RedcapTour Co., Ltd.		1,544		23,263
S-1 Corp.		78		6,544
Saeron Automotive Corp.		2,901		14,180
Samsung C&T Corp.		58		5,089
Samsung Electronics Co., Ltd.		8,000		314,001
Samwonsteel Co., Ltd.		5,383		13,778
Samyang Tongsang Co., Ltd.		868		44,732
SAVEZONE I&C Corp.		6,608		21,779
SK Telecom Co., Ltd.		1,981		419,721
TS Corp.		1,139		20,135
Yesco Holdings Co., Ltd.		2,705		96,562
Youngone Holdings Co., Ltd.		671		37,337

Total Common Stocks				3,361,776

Total Republic of Korea (Cost $3,113,282)				3,361,776

Russia - 1.53%
Common Stocks - 1.53%
Gazprom Neft PJSC, Sponsored ADR		8,178		231,438

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Russia - 1.53% (continued)
Common Stocks - 1.53% (continued)
MMC Norilsk Nickel PJSC, ADR		3,784	$	84,005
Rostelecom PJSC, Sponsored ADR		30,391		208,786
Severstal PJSC, GDR		244		3,950

Total Common Stocks				528,179

Total Russia (Cost $435,408)				528,179

South Africa - 2.54%
Common Stocks - 2.38%
AECI Ltd.		11,530		77,240
Clover Industries Ltd.		54,461		87,183
Combined Motor Holdings Ltd.		9,782		15,317
Distell Group Holdings Ltd.		39,921		383,722
Motus Holdings Ltd.		39,459		244,809
Pick n Pay Stores Ltd.		1,735		8,414
Redefine Properties Ltd.		9,112		6,274

Total Common Stocks				822,959

Preferred Stocks - 0.16%
Absa Bank Ltd.^D		1,084		55,166

Total South Africa (Cost $868,766)				878,125

Taiwan - 8.30%
Common Stocks - 8.30%
104 Corp.		4,000		22,071
Chang Hwa Commercial Bank Ltd.		86,320		51,679
Chunghwa Telecom Co., Ltd.		132,000		474,159
E-LIFE MALL Corp.		12,000		25,397
ECOVE Environment Corp.		4,000		24,206
Far Eastern International Bank		82,057		30,538
Far EasTone Telecommunications Co., Ltd.		51,000		125,103
First Financial Holding Co., Ltd.		52,520		37,477
Great Taipei Gas Co., Ltd.		91,000		85,991
Hey Song Corp.		23,000		23,632
Lian HWA Food Corp.		3,203		4,747
Shanghai Commercial & Savings Bank Ltd.		323,809		521,850
Taichung Commercial Bank Co., Ltd.		1,262,847		490,410
Taiwan Business Bank		379,349		156,522
Taiwan Mobile Co., Ltd.		6,000		21,941
Taiwan Secom Co., Ltd.		71,105		198,811
Taiwan Shin Kong Security Co., Ltd.		242,170		299,764
Ttet Union Corp.		34,000		116,631
Uni-President Enterprises Corp.		3,000		7,126
Union Bank Of Taiwan		317,240		112,416
Ve Wong Corp.		44,000		36,737

Total Common Stocks				2,867,208

Total Taiwan (Cost $2,312,610)				2,867,208

Thailand - 4.86%
Common Stocks - 4.86%
Advanced Information Technology PCL, Class F		60,500		39,986
Amata B.Grimm Power Plant Infrasture Fund^A		135,700		25,078
Bangkok Bank PCL, NVDR		21,200		134,803
Bangkok Bank PCL		15,400		97,923
Bangkok Insurance PCL, NVDR		1,900		19,283
Electricity Generating PCL, NVDR		8,000		74,174

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Thailand - 4.86% (continued)
Common Stocks - 4.86% (continued)
Jasmine Broadband Internet Infrastructure Fund^A		159,600	$	50,992
Kang Yong Electric PCL, NVDR		100		1,278
Krung Thai Bank PCL, NVDR		571,200		338,158
PTT PCL, NVDR		7,000		10,689
Ratch Group PCL		103,400		201,618
Ratch Group PCL, NVDR		103,000		200,838
Siam Cement PCL, NVDR		32,000		463,085
Thai Stanley Electric PCL, NVDR		1,800		13,250
Thai Vegetable Oil PCL, NVDR		1,000		846
TTW PCL, NVDR		17,500		6,797

Total Common Stocks				1,678,798

Total Thailand (Cost $1,520,455)				1,678,798

Turkey - 0.67%
Common Stocks - 0.67%
Anadolu Anonim Turk Sigorta Sirketi		18,386		12,757
BIM Birlesik Magazalar A/S		15,761		219,368

Total Common Stocks				232,125

Total Turkey (Cost $246,100)				232,125

United Kingdom - 0.89% (Cost $333,493)
Common Stocks - 0.89%
Mondi Ltd.		13,963		307,752

SHORT-TERM INVESTMENTS - 0.99% (Cost $342,334)
Investment Companies - 0.99%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{F G}		342,334		342,334

TOTAL INVESTMENTS - 99.40% (Cost $29,959,513)				34,330,968
OTHER ASSETS, NET OF LIABILITIES - 0.60%				208,148

TOTAL NET ASSETS - 100.00%			$	34,539,116

Percentages are stated as a percent of net assets.

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

^B	Non-income producing security.

^C	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.

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

^E	Value was determined using significant unobservable inputs.

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

^G	7-day yield.

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

NVDR - Non-Voting Depository Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Private Joint Stock Company.

PLC - Public Limited Company.

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Long Futures Contracts Open on April 30, 2019:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI Emerging Markets Index Futures		10		June 2019	$	545,471	$	540,100	$	(5,371	)

					$	545,471	$	540,100	$	(5,371	)


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, 2019, the investments were classified as described below:


Acadian Emerging Markets Managed Volatility Fund	Level 1			Level 2		Level 3			Total
*Assets*
Foreign Common Stocks
Brazil	$	1,377,638		$	—	$	—		$	1,377,638
Chile		1,118,150			—		—			1,118,150
China		9,597,211			—		0	⁽¹⁾		9,597,211
Czech Republic		728,091			—		—			728,091
Egypt		836,454			—		—			836,454
Greece		870,682			—		—			870,682
Hong Kong		45,824			—		—			45,824
Hungary		593,022			—		—			593,022
India		4,127,243			—		—			4,127,243
Indonesia		886,777			—		—			886,777
Malaysia		1,524,045			—		—			1,524,045
Mexico		522,587			—		—			522,587
Peru		444,187			—		—			444,187
Philippines		1,226,670			—		—			1,226,670
Poland		73,280			—		—			73,280
Republic of Korea		3,361,776			—		—			3,361,776
Russia		528,179			—		—			528,179
South Africa		822,959			—		—			822,959
Taiwan		2,867,208			—		—			2,867,208
Thailand		1,540,889			137,909		—			1,678,798
Turkey		232,125			—		—			232,125
United Kingdom		307,752			—		—			307,752
Foreign Preferred Stocks
Brazil		162,810			—		—			162,810
South Africa		55,166			—		—			55,166
Short-Term Investments		342,334			—		—			342,334

Total Investments in Securities - Assets	$	34,193,059		$	137,909	$	—		$	34,330,968

*Financial Derivative Instruments - Liabilities*
Futures Contracts	$	(5,371	)	$	—	$	—		$	(5,371	)

Total Financial Derivative Instruments - Liabilities	$	(5,371	)	$	—	$	—		$	(5,371	)

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

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Acadian Emerging Markets Managed Volatility Fund^SM

Schedule of Investments

April 30, 2019 (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 1/31/2019			Purchases		Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2019			Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Common Stocks	$	0	⁽¹⁾	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	⁽¹⁾	$	(13,361	)

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

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

The foreign common stock, classified as Level 3, was valued using single broker quotes. The principal amount of this security, valued at $0, has been deemed level 3 due to limited market transparency and/or lack of corroboration to support the quoted prices.

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Brazil - 6.82%
Common Stocks - 6.82%
Alupar Investimento S.A.		5,800	$	34,553
B3 S.A. - Brasil Bolsa Balcao^A		4,106		36,075
Banco do Brasil S.A.^A		2,796		35,425
Banco do Estado do Rio Grande do Sul S.A., Class B		5,470		34,066
Cia de Locacao das Americas^A		3,435		35,917
IRB Brasil Resseguros S/A		1,430		34,245
Petrobras Distribuidora S.A.		5,537		33,467
Qualicorp Consultoria e Corretora de Seguros S.A.		8,600		37,724
Sul America S.A.		4,608		36,666
Vale S.A., Sponsored ADR		2,678		34,225

Total Common Stocks				352,363

Total Brazil (Cost $334,499)				352,363

Cayman Islands - 0.62% (Cost $26,573)
Common Stocks - 0.62%
iDreamSky Techology Holdings Ltd.^{A B}		35,200		32,262

Chile - 0.66% (Cost $35,382)
Common Stocks - 0.66%
Enel Chile S.A.		337,559		34,015

China - 24.13%
Common Stocks - 24.13%
Alibaba Group Holding Ltd., Sponsored ADR^A		195		36,186
ANTA Sports Products Ltd.		5,205		36,691
Ausnutria Dairy Corp. Ltd.^A		25,000		40,345
Baidu, Inc., Sponsored ADR^A		202		33,578
Bank of China Ltd., Class H		73,598		35,088
Bank of Communications Co., Ltd., Class H		41,125		34,652
Beijing Enterprises Holdings Ltd.		6,040		32,145
Bestsun Energy Co., Ltd., Class A		23,800		30,736
China Construction Bank Corp., Class H		38,814		34,288
China Isotope & Radiation Corp.		12,400		32,957
China Lesso Group Holdings Ltd.		56,000		39,619
China Lilang Ltd.		29,963		31,243
China Merchants Bank Co., Ltd., Class H		7,280		36,053
China Mobile Ltd.		3,289		31,340
China Telecom Corp. Ltd., Class H		66,000		34,158
China Traditional Chinese Medicine Holdings Co., Ltd.		58,453		33,158
CITIC Telecom International Holdings Ltd.		82,883		34,337
Consun Pharmaceutical Group Ltd.		51,967		36,434
ENN Energy Holdings Ltd.		3,494		33,003
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,500		28,876
Guangdong Provincial Expressway Development Co., Ltd., Class A		26,100		33,977
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A		6,100		32,688
Industrial & Commercial Bank of China Ltd., Class H		45,196		33,934
Jiangsu Expressway Co., Ltd., Class H		23,754		33,792
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		1,863		32,538
Joyoung Co., Ltd., Class A		9,340		30,307
LexinFintech Holdings Ltd., ADR^A		2,535		32,701
Longfor Group Holdings Ltd.		10,424		38,402
Qingdao Port International Co., Ltd., Class H^A B		46,629		32,394
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		14,148		29,613
Sinopharm Group Co., Ltd., Class H		8,089		31,759
Sinosoft Technology Group Ltd.		96,548		34,460
SITC International Holdings Co., Ltd.		32,000		33,979
Tencent Holdings Ltd.		737		36,452

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
China - 24.13% (continued)
Common Stocks - 24.13% (continued)
Tencent Holdings Ltd., ADR		736	$	36,241
Xtep International Holdings Ltd.		46,813		26,674
Zhejiang Expressway Co., Ltd., Class H		30,785		33,003

Total Common Stocks				1,247,801

Total China (Cost $1,165,279)				1,247,801

Hong Kong - 2.07%
Common Stocks - 2.07%
AIA Group Ltd., Sponsored ADR		886		36,370
Pacific Textiles Holdings Ltd.		38,100		32,249
Techtronic Industries Co., Ltd.		5,313		38,401

Total Common Stocks				107,020

Total Hong Kong (Cost $93,551)				107,020

India - 9.39%
Common Stocks - 9.39%
Aurobindo Pharma Ltd.		2,855		34,385
Castrol India Ltd.		15,497		34,972
HCL Technologies Ltd.		2,176		36,916
Larsen & Toubro Infotech Ltd.^B		1,437		35,331
Larsen & Toubro Ltd., GDR		1,708		32,862
Mahanagar Gas Ltd.		2,484		34,462
Manappuram Finance Ltd.		20,190		34,137
Mphasis Ltd.		2,437		33,780
Oracle Financial Services Software Ltd.		681		34,463
Petronet LNG Ltd.		10,159		35,054
Reliance Industries Ltd., GDR^B		869		34,803
Sonata Software Ltd.		7,239		34,294
Tata Consultancy Services Ltd.		1,060		34,254
Tech Mahindra Ltd.		2,969		35,682

Total Common Stocks				485,395

Total India (Cost $477,897)				485,395

Indonesia - 4.82%
Common Stocks - 4.82%
Bank Negara Indonesia Persero Tbk PT		50,652		34,123
Bank Rakyat Indonesia Persero Tbk PT		119,769		36,729
Bank Tabungan Pensiunan Nasional Syariah Tbk PT^A		218,600		37,891
Erajaya Swasembada Tbk PT		304,872		31,022
Sarana Menara Nusantara Tbk PT		611,652		33,265
Waskita Beton Precast Tbk PT		1,227,938		37,915
Wijaya Karya Persero Tbk PT		224,800		38,177

Total Common Stocks				249,122

Total Indonesia (Cost $244,328)				249,122

Malaysia - 2.00%
Common Stocks - 2.00%
AEON Credit Service M Bhd		8,150		32,131
RHB Bank Bhd		24,479		35,287

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Malaysia - 2.00% (continued)
Common Stocks - 2.00% (continued)
Serba Dinamik Holdings Bhd		35,841	$	36,235

Total Common Stocks				103,653

Total Malaysia (Cost $98,613)				103,653

Mexico - 2.70%
Common Stocks - 2.70%
Bolsa Mexicana de Valores S.A.B. de C.V.		11,053		22,750
Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR		796		39,147
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		3,912		39,641
Grupo Financiero Banorte S.A.B. de C.V.		6,033		38,226

Total Common Stocks				139,764

Total Mexico (Cost $114,734)				139,764

Philippines - 2.05%
Common Stocks - 2.05%
Ayala Corp.		1,911		33,150
Ayala Land, Inc.		39,697		37,288
San Miguel Corp.		10,332		35,787

Total Common Stocks				106,225

Total Philippines (Cost $96,654)				106,225

Republic of Korea - 10.84%
Common Stocks - 10.84%
AfreecaTV Co., Ltd.		676		36,979
Hana Financial Group, Inc.		1,012		31,881
Hansol Chemical Co., Ltd.		453		33,156
Industrial Bank of Korea		2,615		31,676
Innocean Worldwide, Inc.		549		33,509
KT&G Corp.		354		30,910
LF Corp.		1,521		32,421
Macquarie Korea Infrastructure Fund		3,619		34,853
Samjin Pharmaceutical Co., Ltd.		996		33,295
Samsung Electronics Co., Ltd.		1,763		62,001
Samsung Fire & Marine Insurance Co., Ltd.		125		32,530
SFA Engineering Corp.		963		34,583
Shinhan Financial Group Co., Ltd.		868		32,769
Silicon Works Co., Ltd.		914		38,183
SK Holdings Co., Ltd.		139		30,521
Soulbrain Co., Ltd.		720		31,003

Total Common Stocks				560,270

Total Republic of Korea (Cost $552,103)				560,270

Russia - 4.89%
Common Stocks - 4.89%
Gazprom Neft PJSC, ADR		1,371		38,141
LUKOIL PJSC, ADR^C		385		32,918
Novatek PJSC, GDR		192		36,998
Sberbank of Russia PJSC, ADR		2,651		37,896
Tatneft PJSC, ADR		490		34,427
TCS Group Holding PLC, GDR		1,814		36,099

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Russia - 4.89% (continued)
Common Stocks - 4.89% (continued)
Yandex N.V., Class A^A		972	$	36,382

Total Common Stocks				252,861

Total Russia (Cost $229,386)				252,861

Singapore - 2.59%
Common Stocks - 2.59%
CapitaLand Ltd.		12,800		33,221
IGG, Inc.		24,079		30,571
Keppel DC REIT		31,600		35,083
SATS Ltd.		9,118		35,062

Total Common Stocks				133,937

Total Singapore (Cost $134,658)				133,937

South Africa - 6.10%
Common Stocks - 6.10%
Distell Group Holdings Ltd.		3,703		35,593
JSE Ltd.		2,102		20,380
MultiChoice Group Ltd.^A		4,082		36,654
Naspers Ltd., Class N		145		37,049
Naspers Ltd., Class N, Sponsored ADR^C		734		37,764
Santam Ltd.		1,616		37,921
Sappi Ltd.		7,433		35,427
Standard Bank Group Ltd., ADR		2,717		38,065
Tsogo Sun Holdings Ltd.		24,109		36,269

Total Common Stocks				315,122

Total South Africa (Cost $291,338)				315,122

Taiwan - 12.48%
Common Stocks - 12.48%
Advantech Co., Ltd.		4,340		35,112
Chailease Holding Co., Ltd.		8,595		36,576
Chipbond Technology Corp.		14,623		33,125
Coretronic Corp.^A		22,566		34,980
E.Sun Financial Holding Co., Ltd.		44,797		36,750
Getac Technology Corp.		22,528		33,864
Lotes Co., Ltd.		4,791		33,955
Novatek Microelectronics Corp.		5,535		36,093
Parade Technologies Ltd.		1,987		33,630
Realtek Semiconductor Corp.		5,873		39,722
Simplo Technology Co., Ltd.		4,470		37,900
Sinbon Electronics Co., Ltd.		10,690		37,708
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		822		36,020
TCI Co., Ltd.		2,623		39,131
Topco Scientific Co., Ltd.		13,215		37,890
Tripod Technology Corp.		10,625		34,006
Uni-President Enterprises Corp.		14,306		33,981
Yuanta Financial Holding Co., Ltd.		60,240		34,895

Total Common Stocks				645,338

Total Taiwan (Cost $567,971)				645,338

Thailand - 2.79%
Common Stocks - 2.79%
AEON Thana Sinsap Thailand PCL, NVDR		5,959		34,438
Com7 PCL, NVDR		61,092		37,698

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Thailand - 2.79% (continued)
Common Stocks - 2.79% (continued)
Krungthai Card PCL, NVDR		31,750	$	40,278
Tisco Financial Group PCL, NVDR		12,116		31,784

Total Common Stocks				144,198

Total Thailand (Cost $124,808)				144,198

Turkey - 0.70% (Cost $37,666)
Common Stocks - 0.70%
Soda Sanayii A/S		27,636		35,941

United Arab Emirates - 0.72% (Cost $37,711)
Common Stocks - 0.72%
Aramex PJSC		28,775		37,211

Total Common Stocks				37,211

United Kingdom - 0.65% (Cost $33,105)
Common Stocks - 0.65%
Mondi Ltd.		1,514		33,369

United States - 1.39% (Cost $66,223)
Exchange-Traded Instruments - 1.39%
iShares MSCI India ETF		2,030		72,085

SHORT-TERM INVESTMENTS - 3.66% (Cost $189,144)
Investment Companies - 3.66%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{D E}		189,144		189,144

SECURITIES LENDING COLLATERAL - 1.33% (Cost $68,978)
Investment Companies - 1.33%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{D E}		68,978		68,978

TOTAL INVESTMENTS - 103.40% (Cost $5,020,601)				5,346,074
LIABILITIES, NET OF OTHER ASSETS - (3.40%)				(175,620	)

TOTAL NET ASSETS - 100.00%			$	5,170,454

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $134,790 or 2.61% of net assets. The Fund has no right to demand registration of these securities.

^C	All or a portion of this security is on loan at April 30, 2019.

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

^E	7-day yield.

ADR - American Depositary Receipt.

ETF - Exchange-Traded Fund.

GDR - Global Depositary Receipt.

MSCI - Morgan Stanley Capital International.

NVDR - Non-Voting Depository Receipt.

PCL - Public Company Limited (Thailand).

PJSC - Private Joint Stock Company.

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

See accompanying notes

American Beacon Continuous Capital Emerging Markets Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2019, the investments were classified as described below:


Continuous Capital Emerging Markets Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Brazil	$	352,363	$	—	$	—	$	352,363
Cayman Islands		32,262		—		—		32,262
Chile		34,015		—		—		34,015
China		1,247,801		—		—		1,247,801
Hong Kong		107,020		—		—		107,020
India		485,395		—		—		485,395
Indonesia		249,122		—		—		249,122
Malaysia		103,653		—		—		103,653
Mexico		139,764		—		—		139,764
Philippines		106,225		—		—		106,225
Republic of Korea		560,270		—		—		560,270
Russia		252,861		—		—		252,861
Singapore		133,937		—		—		133,937
South Africa		315,122		—		—		315,122
Taiwan		645,338		—		—		645,338
Thailand		144,198		—		—		144,198
Turkey		35,941		—		—		35,941
United Arab Emirates		37,211		—		—		37,211
United Kingdom		33,369		—		—		33,369
Exchange-Traded Instruments
United States		72,085		—		—		72,085
Short-Term Investments		189,144		—		—		189,144
Securities Lending Collateral		68,978		—		—		68,978

Total Investments in Securities - Assets	$	5,346,074	$	—	$	—	$	5,346,074

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS^A - 23.45%
Basic Materials - 0.89%
Golden Nugget, Inc., 5.233%, Due 10/4/2023, 2017 Incremental Term Loan B, (PRIME + 2.750%)	$	39,718	$	39,736
H.B. Fuller Co., 4.487%, Due 10/20/2024, 2017 Term Loan B, (1-mo. LIBOR + 2.000%)		103,064		102,597
Las Vegas Sands LLC, 4.233%, Due 3/27/2025, 2018 Term Loan B, (1-mo. LIBOR + 1.750%)		55,249		55,166
Loparex Holding B.V., 6.733%, Due 4/11/2025, 2018 Term Loan, (1-mo. LIBOR + 4.250%)		90,189		90,415
Messer Industries LLC, 5.101%, Due 3/1/2026, 2018 USD Term Loan, (3-mo. LIBOR + 2.500%)		128,000		127,601
PQ Corp., 5.083%, Due 2/8/2025, 2018 Term Loan B, (3-mo. LIBOR + 2.500%)		95,540		95,450
Solenis International LP,
6.629%, Due 6/26/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.000%)		99,250		99,473
Starfruit Finco B.V., 5.729%, Due 10/1/2025, 2018 USD Term Loan B, (1-mo. LIBOR + 3.250%)		123,358		122,819
Univar, Inc., 4.733%, Due 7/1/2024, 2017 USD Term Loan B, (1-mo. LIBOR + 2.250%)		72,920		72,951

				806,208

Consumer - 4.60%
8th Avenue Food & Provisions, Inc., 6.229%, Due 10/1/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		99,750		100,049
Albertsons LLC, 5.483%, Due 11/17/2025, Term Loan B7, (1-mo. LIBOR + 3.000%)		20,939		20,952
Alphabet Holding Co., Inc., 5.983%, Due 9/26/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		61,420		57,428
AMCP Clean Acquisition Co. LLC,
6.851%, Due 6/16/2025, 2018 Term Loan, (3-mo. LIBOR + 4.250%)		21,611		21,395
6.854%, Due 6/16/2025, 2018 Delayed Draw Term Loan, (3-mo. LIBOR + 4.250%)^B		5,221		5,168
APX Group, Inc., 7.483%, Due 4/1/2024, 2018 Term Loan B, (1-mo. LIBOR + 5.000%)		82,445		80,864
Bass Pro Group LLC, 7.483%, Due 9/25/2024, Term Loan B, (1-mo. LIBOR + 5.000%)		57,547		57,403
Belfor Holdings, Inc., 6.583%, Due 4/6/2026, Term Loan B, (1-mo. LIBOR + 4.000%)		100,000		100,438
Builders FirstSource, Inc., 5.601%, Due 2/29/2024, 2017 Term Loan B, (3-mo. LIBOR + 3.000%)		36,680		36,124
Comet Acquisition, Inc., 5.983%, Due 10/24/2025, Term Loan, (1-mo. LIBOR + 3.500%)		46,883		46,619
CRCI Longhorn Holdings, Inc., 5.982%, Due 8/8/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		99,500		98,754
Crown Finance US, Inc., 4.733%, Due 2/28/2025, 2018 USD Term Loan, (1-mo. LIBOR + 2.250%)		118,111		117,508
CSC Holdings LLC, 4.973%, Due 1/25/2026, 2018 Term Loan B, (1-mo. LIBOR + 2.500%)		123,750		123,493
CVS Holdings LP, 5.240%, Due 2/6/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		41,750		41,072
Dhanani Group, Inc., 6.233%, Due 7/20/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.750%)		45,084		44,576
Endo Luxembourg Finance Co. S.a.r.l., 6.750%, Due 4/29/2024, 2017 Term Loan B, (1-mo. LIBOR + 4.250%)		122,813		121,277
Financial & Risk US Holdings, Inc., 6.233%, Due 10/1/2025, 2018 USD Term Loan, (1-mo. LIBOR + 3.750%)		99,750		98,628
Gray Television, Inc., 4.977%, Due 1/2/2026, 2018 Term Loan C, (1-mo. LIBOR + 2.500%)		99,750		99,900
GYP Holdings III Corp., 5.233%, Due 6/1/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.750%)		35,077		34,814
Hilton Worldwide Finance LLC, 4.227%, Due 10/25/2023, Term Loan B2, (1-mo. LIBOR + 1.750%)		30,097		30,179
HLF Financing S.a r.l., 5.733%, Due 8/18/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.250%)		104,475		104,997
IRB Holding Corp., 5.723%, Due 2/5/2025, 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		123,750		123,396
Kettle Cuisine LLC, 6.240%, Due 8/22/2025, 2018 Term Loan, (1-mo. LIBOR + 3.750%)		168,268		167,216
Mohegan Tribal Gaming Authority, 6.483%, Due 10/13/2023, 2016 Term Loan B, (1-mo. LIBOR + 4.000%)		114,112		109,078
Next Level Apparel, Inc., 8.416%, Due 7/17/2024, 2018 Term Loan, (1 Week LIBOR + 6.000%)		123,438		121,277
Panther BF Aggregator 2 L P, Due 4/30/2026, Term Loan B^C		100,000		100,313
Parexel International Corp., 5.233%, Due 9/27/2024, Term Loan B, (1-mo. LIBOR + 2.750%)		75,236		73,685
Pure Fishing, Inc., 7.058%, Due 11/30/2025, Term Loan, (2-mo. LIBOR + 4.500%)		100,000		100,250

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Consumer - 4.60% (continued)
R.R. Donnelley & Sons Co., 7.483%, Due 1/15/2024, 2018 Term Loan B, (1-mo. LIBOR + 5.000%)	$	49,750	$	49,791
Rodan & Fields LLC, 6.473%, Due 6/6/2025, 2018 Term Loan B, (1-mo. LIBOR + 4.000%)		48,378		42,573
RSC Acquisition, Inc., 6.851%, Due 11/30/2022, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		280,241		278,840
Scientific Games International, Inc., 5.233%, Due 8/14/2024, 2018 Term Loan B5, (1-mo. LIBOR + 2.750%)		82,749		82,496
Shutterfly, Inc., 5.250%, Due 8/17/2024, Term Loan B2, (1-mo. LIBOR + 2.750%)		93,838		93,515
SMG Holdings, Inc., 5.483%, Due 1/23/2025, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		123,750		122,925
SRS Distribution, Inc., 5.733%, Due 5/23/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		87,150		84,736
Staples, Inc., 7.601%, Due 4/9/2026, 7 Year Term Loan, (3-mo. LIBOR + 5.000%)		78,648		77,626
Strategic Partners Acquisition Corp., 6.233%, Due 6/30/2023, 2016 Term Loan, (1-mo. LIBOR + 3.750%)		117,614		117,320
TGP Holdings III LLC,
6.851%, Due 9/25/2024, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		192,736		177,799
11.101%, Due 9/25/2025, 2nd Lien Term Loan, (3-mo. LIBOR + 8.500%)		50,000		47,500
TMK Hawk Parent Corp., 5.990%, Due 8/28/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		95,138		84,594
United Natural Foods, Inc., 6.733%, Due 10/22/2025, Term Loan B, (1-mo. LIBOR + 4.250%)		99,694		86,776
United Rentals, Inc., 4.233%, Due 10/31/2025, Term Loan B, (1-mo. LIBOR + 1.750%)		99,500		99,536
Varsity Brands, Inc., 5.983%, Due 12/15/2024, 2017 Term Loan B, (1-mo. LIBOR + 3.500%)		61,595		61,221
VT Topco, Inc.,
6.351%, Due 8/1/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.750%)		34,924		34,924
6.351%, Due 8/1/2025, 2018 Delayed Draw Term Loan, (3-mo. LIBOR + 3.750%)^B		8,751		8,751
Wand NewCo 3, Inc., 5.977%, Due 2/5/2026, 2019 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		100,000		100,625
Wheel Pros LLC, 7.233%, Due 4/4/2025, 1st Lien Term Loan, (1-mo. LIBOR + 4.750%)		166,740		165,698
Wynn Resorts Ltd., 4.760%, Due 10/30/2024, Term Loan B, (1-mo. LIBOR + 2.250%)		99,750		98,859

				4,152,958

Defense - 0.33%
Keyw Corp. (The), 6.981%, Due 5/2/2024, 1st Lien Term Loan, (1-mo. LIBOR + 4.500%)		115,961		116,396
Nordam Group, Inc., Due 4/3/2026, Term Loan B^C		100,000		100,000
TransDigm, Inc., 4.983%, Due 6/9/2023, 2018 Term Loan F, (1-mo. LIBOR + 2.500%)		82,016		81,704

				298,100

Energy - 0.71%
California Resources Corp.,
12.854%, Due 12/31/2021, Second Out Term Loan, (1-mo. LIBOR + 10.375%)		12,000		12,323
Energy & Exploration Partners, Inc., 5.000%, Due 5/13/2022, 2016 2nd Lien PIK Term Loan, (in-kind rate 5.000%)		6,830		—
Grizzly Acquisitions, Inc., 5.850%, Due 10/1/2025, 2018 Term Loan B, (3-mo. LIBOR + 3.250%)		99,500		99,817
Lucid Energy Group II LLC, 5.477%, Due 2/17/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		123,750		121,004
McDermott Technology Americas, Inc., 7.483%, Due 5/10/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 5.000%)		123,750		122,422
Medallion Midland Acquisition LLC, 5.733%, Due 10/30/2024, 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		123,438		122,744
PowerTeam Services LLC, 5.851%, Due 3/6/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		57,987		56,393
Prairie ECI Acquiror LP, 7.366%, Due 3/11/2026, Term Loan B, (3-mo. LIBOR + 4.750%)		104,815		105,819

				640,522

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Financial - 3.49%
B.C. Unlimited Liability Co.,
4.733%, Due 2/16/2024, Term Loan B3, (1-mo. LIBOR + 2.250%)	$	112,433	$	112,059
6.602%, Due 4/6/2026, 2019 Term Loan B2, (3-mo. LIBOR + 4.000%)		34,965		35,111
Achilles Acquisition LLC, 6.500%, Due 10/3/2025, 2018 Term Loan, (1-mo. LIBOR + 4.000%)		100,000		99,750
Acrisure LLC, 6.879%, Due 11/22/2023, 2017 Term Loan B, (3-mo. LIBOR + 4.250%)		124,207		123,844
Alera Group Holdings, Inc., 6.983%, Due 7/25/2025, 2018 Term Loan B, (1-mo. LIBOR + 4.500%)		111,905		112,465
AssuredPartners, Inc., 5.733%, Due 10/22/2024, 2017 1st Lien Add-On Term Loan, (1-mo. LIBOR + 3.250%)		113,618		112,979
Asurion LLC,
Due 11/3/2023, 2018 Term Loan B6^C		8,000		8,021
5.483%, Due 11/3/2024, 2018 Term Loan B7, (1-mo. LIBOR + 3.000%)		99,521		99,756
8.983%, Due 8/4/2025, 2017 2nd Lien Term Loan, (1-mo. LIBOR + 6.500%)		101,436		103,338
Avolon TLB Borrower (US) LLC, 4.487%, Due 1/15/2025, Term Loan B3, (1-mo. LIBOR + 2.000%)		103,975		103,913
Capital Automotive LP, 8.483%, Due 3/24/2025, 2017 2nd Lien Term Loan, (1-mo. LIBOR + 6.000%)		116,900		117,163
Citadel Securities LP, 5.979%, Due 2/22/2026, Term Loan B, (1-mo. LIBOR + 3.500%)		111,696		112,255
DTZ U.S. Borrower LLC, 5.733%, Due 8/21/2025, 2018 Add On Term Loan B, (1-mo. LIBOR + 3.250%)		124,375		124,375
Edelman Financial Center LLC, 5.723%, Due 7/21/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		69,825		69,927
EIG Management Co. LLC, 6.227%, Due 2/22/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.750%)		102,960		102,703
First Data Corp.,
4.481%, Due 7/8/2022, 2017 USD Term Loan, (1-mo. LIBOR + 2.000%)		56,204		56,201
4.481%, Due 4/26/2024, 2024 USD Term Loan, (1-mo. LIBOR + 2.000%)		36,235		36,224
Forest City Enterprises LP, 6.483%, Due 12/7/2025, Term Loan B, (1-mo. LIBOR + 4.000%)		99,750		100,332
Franklin Square Holdings LP, 5.000%, Due 8/1/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.500%)		99,500		99,438
Genworth Holdings, Inc., 6.987%, Due 3/7/2023, Term Loan, (1-mo. LIBOR + 4.500%)		123,750		124,678
Iron Mountain, Inc., 4.233%, Due 1/2/2026, 2018 Term Loan B, (1-mo. LIBOR + 1.750%)		15,200		14,884
iStar, Inc., 5.229%, Due 6/28/2023, 2016 Term Loan B, (1-mo. LIBOR + 2.750%)		82,273		82,170
Jane Street Group LLC, 5.483%, Due 8/25/2022, 2018 Term Loan B, (1-mo. LIBOR + 3.000%)		125,436		124,888
Kestra Financial, Inc., Due 4/29/2026, 2019 Term Loan^C		116,268		115,686
LPL Holdings, Inc., 4.737%, Due 9/23/2024, 2017 1st Lien Term Loan B, (1-mo. LIBOR + 2.250%)		81,792		81,895
Prime Security Services Borrower LLC, 5.233%, Due 5/2/2022, 2016 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		63,034		63,077
SBA Senior Finance II LLC, 4.490%, Due 4/11/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.000%)		111,160		110,419
Sedgwick Claims Management Services, Inc., 5.733%, Due 12/31/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.250%)		35,910		35,793
StepStone Group LP, 6.483%, Due 3/14/2025, Term Loan B, (1-mo. LIBOR + 4.000%)		167,890		167,890
UFC Holdings LLC, Due 4/29/2026, 2019 Term Loan^C		81,741		81,945
Valet Waste Holdings, Inc., 6.483%, Due 9/28/2025, 2018 1st Lien Term Loan, (PRIME + 4.000%)		126,365		125,891
VFH Parent LLC, 6.126%, Due 3/1/2026, 2019 Term Loan B, (1-mo. LIBOR + 3.500%)		100,000		100,475
VICI Properties LLC, 4.487%, Due 12/20/2024, Replacement Term Loan B, (1-mo. LIBOR + 2.000%)		115,000		114,761
WEX, Inc., 4.733%, Due 6/30/2023, 2017 Term Loan B2, (1-mo. LIBOR + 2.250%)		75,489		75,560

				3,149,866

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Health Care - 2.21%
Affordable Care Holding Corp., 7.309%, Due 10/22/2022, 2015 1st Lien Term Loan, (2-mo. LIBOR + 4.750%)	$	43,094	$	41,370
Agiliti Health, Inc., 5.563%, Due 1/4/2026, Term Loan, (1-mo. LIBOR + 3.000%)		90,000		89,775
Amneal Pharmaceuticals LLC, 6.000%, Due 5/4/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		124,034		124,220
Avalign Technologies, Inc., 6.983%, Due 12/22/2025, 2018 Term Loan B, (1-mo. LIBOR + 4.500%)^C		183,490		180,942
Avalign Technologies, Inc., Due 12/22/2025, 2018 Term Loan B^C		8,799		8,799
Avantor, Inc., 6.233%, Due 11/21/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		73,829		74,145
Carestream Health, Inc., 8.233%, Due 2/28/2021, 1st Lien Term Loan, (1-mo. LIBOR + 5.750%)		48,599		47,465
CHG Healthcare Services, Inc., Due 6/7/2023, 2017 1st Lien Term Loan B^C		113,000		112,930
DentalCorp Perfect Smile ULC,
6.233%, Due 6/6/2025, 1st Lien Delayed Draw Term Loan, (1-mo. LIBOR + 3.750%)^B		22,114		21,837
6.233%, Due 6/6/2025, 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		88,134		87,032
Envision Healthcare Corp., 6.233%, Due 10/10/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		71,155		68,689
Gentiva Health Services, Inc., 6.250%, Due 7/2/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		97,249		97,432
Grifols Worldwide Operations USA, Inc., 4.674%, Due 1/31/2025, 2017 Acquisition Term Loan, (1 Week LIBOR + 2.250%)		11,126		11,137
Ivory Merger Sub, Inc., 5.980%, Due 3/7/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		150,854		141,049
Mallinckrodt International Finance S.A.,
Due 9/24/2024, USD Term Loan B^C		34,646		31,015
5.693%, Due 2/24/2025, 2018 Term Loan B, (3-mo. LIBOR + 3.000%)		49,413		44,740
MedPlast Holdings, Inc., 6.351%, Due 7/2/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.750%)		57,768		57,864
National Mentor Holdings, Inc.,
6.740%, Due 3/9/2026, 2019 Term Loan B, (1-mo. LIBOR + 4.250%)		94,152		94,717
6.740%, Due 3/9/2026, 2019 Term Loan C, (1-mo. LIBOR + 4.250%)		5,848		5,883
NVA Holdings, Inc.,
Due 2/2/2025, Incremental Term Loan^C		6,080		6,080
5.233%, Due 2/2/2025, Term Loan B3, (1-mo. LIBOR + 2.750%)		77,868		76,441
Orchid Orthopedic Solutions LLC, 7.099%, Due 2/26/2026, 1st Lien Term Loan, (1-mo. LIBOR + 4.500%)		100,000		100,625
Pearl Intermediate Parent LLC,
5.227%, Due 2/14/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		61,200		58,956
5.227%, Due 2/14/2025, 2018 Delayed Draw Term Loan, (1-mo. LIBOR + 2.750%)^B		18,100		17,436
Prospect Medical Holdings, Inc., 8.000%, Due 2/22/2024, 2018 Term Loan B, (1-mo. LIBOR + 5.500%)		123,750		116,480
RegionalCare Hospital Partners Holdings, Inc., 6.987%, Due 11/16/2025, 2018 Term Loan B, (1-mo. LIBOR + 4.500%)		124,688		125,200
Universal Health Services, Inc., 4.233%, Due 10/31/2025, Term Loan B, (1-mo. LIBOR + 1.750%)		49,750		49,750
VVC Holding Corp., 7.197%, Due 2/11/2026, 2019 Term Loan B, (3-mo. LIBOR + 4.500%)		100,000		100,458

				1,992,467

Manufacturing - 1.99%
American Bath Group LLC, 6.851%, Due 9/30/2023, 2018 Term Loan B, (3-mo. LIBOR + 4.250%)		294,398		294,031
Berlin Packaging LLC, 5.510%, Due 11/7/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 3.000%)		91,160		89,926
Brookfield WEC Holdings, Inc., 5.983%, Due 8/1/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		99,750		100,296
BWAY Holding Co., 5.854%, Due 4/3/2024, 2017 Term Loan B, (3-mo. LIBOR + 3.250%)		48,143		47,503
Consolidated Container Co. LLC, 5.233%, Due 5/22/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		113,229		112,460

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Manufacturing - 1.99% (continued)
DG Investment Intermediate Holdings, Inc., 5.483%, Due 2/3/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)	$	85,897	$	85,038
Edward Don & Co. LLC, 6.733%, Due 7/2/2025, 2018 Term Loan, (1-mo. LIBOR + 4.250%)		98,008		97,885
Emerald Performance Materials LLC, 5.983%, Due 8/1/2021, New 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		65,306		65,224
Flex Acquisition Co., Inc., 5.626%, Due 12/29/2023, 1st Lien Term Loan, (3-mo. LIBOR + 3.000%)		122,500		120,509
Forming Machining Industries Holdings LLC, 6.947%, Due 10/3/2025, Term Loan, (3-mo. LIBOR + 4.250%)		126,703		117,833
Netsmart Technologies, Inc., 6.233%, Due 4/19/2023, Term Loan D1, (1-mo. LIBOR + 3.750%)		42,319		41,825
Pisces Midco, Inc., 6.354%, Due 4/12/2025, 2018 Term Loan, (3-mo. LIBOR + 3.750%)		124,063		122,149
Polar US Borrower LLC, 7.348%, Due 10/15/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.750%)		36,907		37,046
Sabre Industries, Inc., 6.973%, Due 4/2/2026, 2019 Term Loan B, (1-mo. LIBOR + 4.500%)		100,000		100,875
SHO Holding I Corp., 7.583%, Due 10/27/2022, Term Loan, (3-mo. LIBOR + 5.000%)		192,132		182,526
Titan Acquisition Ltd., 5.483%, Due 3/28/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.000%)		88,750		85,137
Wrench Group LLC,
Due 4/12/2026, 2019 Delayed Draw Term Loan^C		25,000		25,063
Due 4/12/2026, 2019 Term Loan B^C		75,000		75,188

				1,800,514

Media - 0.84%
CSC Holdings LLC, 5.473%, Due 4/15/2027, 2019 Term Loan B, (1-mo. LIBOR + 3.000%)		1,251		1,254
E.W. Scripps Co., Due 4/4/2026, Incremental Term Loan B^C		100,000		100,250
Information Resources, Inc., 7.129%, Due 12/1/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.500%)		99,750		99,044
Meredith Corp., 5.233%, Due 1/31/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.750%)		85,243		85,487
Six Flags Theme Parks, Inc., Due 4/9/2026, 2019 Term Loan B^C		100,000		100,155
Trade Me Group Ltd., Due 5/1/2026, Term Loan^C		113,194		113,477
Univision Communications, Inc., 5.233%, Due 3/15/2024, Term Loan C5, (1-mo. LIBOR + 2.750%)		16,973		16,315
UPC Financing Partnership, 4.973%, Due 1/15/2026, USD Term Loan AR, (1-mo. LIBOR + 2.500%)		62,468		62,465
Virgin Media Bristol LLC, 4.973%, Due 1/15/2026, USD Term Loan K, (1-mo. LIBOR + 2.500%)		81,000		81,193
WeddingWire, Inc., 6.983%, Due 12/19/2025, 1st Lien Term Loan, (1-mo. LIBOR + 4.500%)		99,750		100,249

				759,889

Service - 3.91%
Academy, Ltd., 6.502%, Due 7/1/2022, 2015 Term Loan B, (1-mo. LIBOR + 4.000%)		26,697		19,781
ADMI Corp., 5.233%, Due 4/30/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.750%)		128,123		127,056
Albany Molecular Research, Inc., 5.733%, Due 8/30/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		123,125		122,663
6.733%, Due 7/28/2022, Incremental Term Loan, (1-mo. LIBOR + 4.250%)		65,835		64,963
American Airlines, Inc.,
Due 12/14/2023, 2017 Incremental Term Loan^C		27,000		26,809
4.229%, Due 6/27/2025, 2018 Term Loan B, (1-mo. LIBOR + 1.750%)		55,525		54,716
ATI Holdings Acquisition, Inc., 5.987%, Due 5/10/2023, 2016 Term Loan, (1-mo. LIBOR + 3.500%)		98,124		96,203
BioClinica, Inc., 6.813%, Due 10/20/2023, 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		49,817		45,489
BJ’s Wholesale Club, Inc., 5.473%, Due 2/3/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		78,831		79,157
Blackhawk Network Holdings, Inc., 5.483%, Due 6/15/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		97,490		97,409
Boing US Holdco, Inc., 5.989%, Due 10/3/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		123,441		123,348

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Service - 3.91% (continued)
Brand Energy & Infrastructure Services, Inc., 6.842%, Due 6/21/2024, 2017 Term Loan, (3-mo. LIBOR + 4.250%)	$	68,950	$	67,570
California Pizza Kitchen, Inc.,
8.490%, Due 8/23/2022, 2016 Term Loan, (1-mo. LIBOR + 6.000%)		243,750		235,097
Due 8/23/2023, 2016 2nd Lien Term Loan^C		42,000		37,380
Camelot UK Holdco Ltd., 5.733%, Due 10/3/2023, 2017 Repriced Term Loan, (1-mo. LIBOR + 3.250%)		67,519		67,379
CareerBuilder LLC, 9.351%, Due 7/31/2023, Term Loan, (3-mo. LIBOR + 6.750%)		137,753		138,097
EAB Global, Inc., 6.381%, Due 11/15/2024, 1st Lien Term Loan, (3-mo. LIBOR + 3.750%)		44,949		44,443
Heartland Dental LLC, 6.233%, Due 4/30/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)^B		4,095		4,030
Hoya Midco LLC, 5.983%, Due 6/30/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		80,749		80,093
IG Investment Holdings LLC, 6.101%, Due 5/23/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.500%)		80,703		80,669
Kingpin Intermediate Holdings LLC, 5.980%, Due 7/3/2024, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		124,126		124,204
Lakeland Tours LLC, 6.615%, Due 12/15/2024, 2017 1st Lien Term Loan B, (3-mo. LIBOR + 4.000%)		123,750		123,286
Marriott Ownership Resorts, Inc., 4.733%, Due 8/29/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.250%)		13,428		13,440
Midas Intermediate Holdco II LLC, 5.351%, Due 8/18/2021, Incremental Term Loan B, (3-mo. LIBOR + 2.750%)		48,785		47,687
NMSC Holdings, Inc., 7.582%, Due 4/19/2023, 1st Lien Term Loan, (3-mo. LIBOR + 5.000%)		250,000		250,625
Playpower, Inc., 7.249%, Due 6/23/2021, 2015 1st Lien Term Loan, (3-mo. LIBOR + 4.750%)		241,834		241,229
Pre-Paid Legal Services, Inc., 5.733%, Due 5/1/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		67,280		66,831
Quidditch Acquisition, Inc., 9.487%, Due 3/14/2025, 2018 Term Loan B, (1-mo. LIBOR + 7.000%)		108,900		110,806
Realogy Group LLC, 4.730%, Due 2/8/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.250%)		73,530		71,715
Red Ventures LLC, 5.483%, Due 11/8/2024, 2018 Term Loan B, (1-mo. LIBOR + 3.000%)		122,222		122,550
Rentpath, Inc., 7.240%, Due 12/17/2021, 2017 Term Loan, (1-mo. LIBOR + 4.750%)		81,959		51,087
Sabre GLBL, Inc., 4.483%, Due 2/22/2024, 2018 Term Loan B, (1-mo. LIBOR + 2.000%)		108,897		108,645
Spin Holdco, Inc., 5.851%, Due 11/14/2022, 2017 Term Loan B, (3-mo. LIBOR + 3.250%)		86,788		85,649
Syneos Health, Inc., 4.483%, Due 8/1/2024, 2018 Term Loan B, (1-mo. LIBOR + 2.000%)		25,922		25,835
Tribune Media Co., 5.483%, Due 12/27/2020, Term Loan, (1-mo. LIBOR + 3.000%)		4,219		4,219
TruGreen Limited Partnership, 6.223%, Due 3/19/2026, 2019 Term Loan, (1-mo. LIBOR + 3.750%)		54,820		55,026
USIC Holdings, Inc., 5.733%, Due 12/8/2023, 2017 Term Loan B, (1-mo. LIBOR + 3.250%)		10,615		10,588
Vestcom Parent Holdings, Inc., 6.483%, Due 12/19/2023, 2016 1st Lien Term Loan, (PRIME + 4.000%)		85,601		81,749
William Morris Endeavor Entertainment LLC, 5.360%, Due 5/18/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 2.750%)		84,037		81,768
World Triathlon Corp., 6.601%, Due 6/26/2021, Term Loan, (3-mo. LIBOR + 4.000%)		244,859		244,859

				3,534,150

Technology - 2.35%
Almonde, Inc.,
6.101%, Due 6/13/2024, USD 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		42,534		42,143
9.851%, Due 6/13/2025, USD 2nd Lien Term Loan, (3-mo. LIBOR + 7.250%)		42,825		42,629
AqGen Ascensus, Inc., 6.601%, Due 12/3/2022, 2017 Repriced Term Loan, (3-mo. LIBOR + 4.000%)		64,657		64,899
Capri Finance LLC, 5.833%, Due 11/1/2024, USD 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.250%)		85,755		84,897
Compuware Corp., 5.983%, Due 8/22/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		99,750		100,166
Dell International LLC, 4.490%, Due 9/7/2023, 2017 Term Loan B, (1-mo. LIBOR + 2.000%)		154,045		154,045

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Technology - 2.35% (continued)
DiscoverOrg LLC, 7.236%, Due 2/2/2026, 2019 1st Lien Term Loan, (3-mo. LIBOR + 4.500%)	$	100,000	$	99,417
Dynatrace LLC, 5.733%, Due 8/22/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 3.250%)		52,591		52,722
GGC Aperio Holdings LP, 7.601%, Due 10/28/2024, Term Loan, (3-mo. LIBOR + 5.000%)^D		172,618		171,531
GrafTech Finance, Inc., 5.983%, Due 2/12/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.500%)		113,828		113,686
MA FinanceCo. LLC, 4.983%, Due 6/21/2024, USD Term Loan B3, (1-mo. LIBOR + 2.500%)		10,464		10,424
MH Sub I LLC, 6.227%, Due 9/13/2024, 2017 1st Lien Term Loan, (1-mo. LIBOR + 3.750%)		123,125		123,058
Microchip Technology, Inc., 4.490%, Due 5/29/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.000%)		71,742		71,585
Omnitracs, Inc., 5.357%, Due 3/21/2025, 2018 Term Loan B, (3-mo. LIBOR + 2.750%)		108,495		107,377
Plantronics, Inc., 4.983%, Due 7/2/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.500%)		76,824		76,472
Riverbed Technology, Inc., 5.740%, Due 4/24/2022, 2016 Term Loan, (1-mo. LIBOR + 3.250%)		54,000		47,579
Seattle Spinco, Inc., 4.983%, Due 6/21/2024, USD Term Loan B3, (1-mo. LIBOR + 2.500%)		70,663		70,398
Sound Inpatient Physicians, 5.233%, Due 6/27/2025, 2018 1st Lien Term Loan, (1-mo. LIBOR + 2.750%)		39,250		39,201
SS&C Technologies Holdings Europe S.a.r.l., 4.733%, Due 4/16/2025, 2018 Term Loan B4, (1-mo. LIBOR + 2.250%)		28,962		28,966
SS&C Technologies, Inc.,
4.733%, Due 4/16/2025, 2018 Term Loan B3, (1-mo. LIBOR + 2.250%)		40,516		40,522
4.733%, Due 4/16/2025, 2018 Term Loan B5, (1-mo. LIBOR + 2.250%)		20,064		20,062
Triple Point Technology, Inc., 6.901%, Due 7/10/2020, 1st Lien Term Loan, (3-mo. LIBOR + 4.250%)		52,461		51,411
Ultimate Software Group, Inc., Due 5/4/2026, Term Loan B^C		100,000		100,650
Verifone Systems, Inc., 6.683%, Due 8/20/2025, 2018 1st Lien Term Loan, (3-mo. LIBOR + 4.000%)		99,500		99,196
Verscend Holding Corp., 6.983%, Due 8/27/2025, 2018 Term Loan B, (1-mo. LIBOR + 4.500%)		121,390		121,997
Weld North Education LLC, 6.851%, Due 2/7/2025, Term Loan B, (3-mo. LIBOR + 4.250%)		99,748		99,499
Western Digital Corp., 4.233%, Due 4/29/2023, 2018 Term Loan B4, (1-mo. LIBOR + 1.750%)		87,558		86,660

				2,121,192

Telecommunications - 1.52%
Altice France S.A., 6.473%, Due 8/14/2026, 2018 Term Loan B13, (1-mo. LIBOR + 4.000%)		99,500		97,225
Anastasia Parent LLC, 6.233%, Due 8/11/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.750%)		55,720		50,984
Avaya, Inc., 6.723%, Due 12/15/2024, 2018 Term Loan B, (1-mo. LIBOR + 4.250%)		57,438		57,545
Charter Communications Operating LLC, 4.490%, Due 4/30/2025, 2017 Term Loan B, (1-mo. LIBOR + 2.000%)		123,438		123,656
CommScope, Inc., 5.733%, Due 4/6/2026, 2019 Term Loan B, (1-mo. LIBOR + 3.250%)		100,000		100,781
Coral-US Co-Borrower LLC, 5.733%, Due 1/30/2026, Term Loan B4, (1-mo. LIBOR + 3.250%)		41,109		41,258
Flexential Intermediate Corp., 6.101%, Due 8/1/2024, 2017 1st Lien Term Loan, (3-mo. LIBOR + 3.500%)		87,216		80,195
GoodRx, Inc., 5.473%, Due 10/10/2025, 1st Lien Term Loan, (1-mo. LIBOR + 3.000%)		98,649		98,649
GTT Communications, Inc., 5.230%, Due 5/31/2025, 2018 USD Term Loan B, (1-mo. LIBOR + 2.750%)		30,768		29,754
Intelsat Jackson Holdings S.A., 6.229%, Due 11/27/2023, 2017 Term Loan B3, (1-mo. LIBOR + 3.750%)		82,000		81,856
Merrill Communications LLC, 7.833%, Due 6/1/2022, 2015 Term Loan, (3-mo. LIBOR + 5.250%)		35,726		35,815
Mission Broadcasting, Inc., 4.752%, Due 1/17/2024, 2018 Term Loan B3, (1-mo. LIBOR + 2.250%)		13,722		13,642
NeuStar, Inc., 5.983%, Due 8/8/2024, 2018 Term Loan B4, (1-mo. LIBOR + 3.500%)		84,224		82,329
Nexstar Broadcasting, Inc., 4.729%, Due 1/17/2024, 2018 Term Loan B3, (1-mo. LIBOR + 2.250%)		72,933		72,508

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
BANK LOAN OBLIGATIONS - 23.45% (continued)
Telecommunications - 1.52% (continued)
Speedcast International Ltd., 5.351%, Due 5/15/2025, Term Loan B, (3-mo. LIBOR + 2.750%)	$	125,055	$	123,492
Sprint Communications, Inc.,
5.000%, Due 2/2/2024, 1st Lien Term Loan B, (1-mo. LIBOR + 2.500%)		31,597		30,657
5.500%, Due 2/2/2024, 2018 Term Loan B, (1-mo. LIBOR + 3.000%)		91,770		90,279
Syniverse Holdings, Inc., 7.473%, Due 3/9/2023, 2018 1st Lien Term Loan, (1-mo. LIBOR + 5.000%)		78,826		74,924
Web.com Group, Inc., 6.234%, Due 10/10/2025, 2018 Term Loan B, (1-mo. LIBOR + 3.750%)		90,868		90,339

				1,375,888

Transportation - 0.30%
American Tire Distributors Holdings, Inc., 10.129%, Due 9/2/2024, 2015 Term Loan, (3-mo. LIBOR + 7.500%)		63,501		59,373
Dynasty Acquisition Co., Inc., 6.602%, Due 4/6/2026, 2019 Term Loan B1, (3-mo. LIBOR + 4.000%)		65,035		65,307
XPO Logistics, Inc., 4.483%, Due 2/24/2025, 2018 Term Loan B, (1-mo. LIBOR + 2.000%)		152,000		151,109

				275,789

Utilities - 0.31%
Calpine Corp.,
5.110%, Due 1/15/2024, Term Loan B5, (3-mo. LIBOR + 2.500%)		110,848		110,938
5.340%, Due 4/5/2026, Term Loan B9, (3-mo. LIBOR + 2.750%)		15,000		15,038
Eastern Power LLC, 6.233%, Due 10/2/2023, Term Loan B, (1-mo. LIBOR + 3.750%)		80,042		80,033
Vistra Energy Corp., 4.483%, Due 12/31/2025, 1st Lien Term Loan B3, (1-mo. LIBOR + 2.000%)		56,026		56,001
Vistra Operations Co. LLC, 4.733%, Due 12/14/2023, 2016 Term Loan B2, (1-mo. LIBOR + 2.250%)		14,541		14,566

				276,576

Total Bank Loan Obligations (Cost $21,301,433)				21,184,119

CORPORATE OBLIGATIONS - 61.13%
Basic Materials - 2.41%
Ashland LLC, 4.750%, Due 8/15/2022		175,000		178,719
CF Industries, Inc., 3.450%, Due 6/1/2023		200,000		195,750
Freeport-McMoRan, Inc.,
3.550%, Due 3/1/2022		850,000		842,562
4.550%, Due 11/14/2024		75,000		74,531
Huntsman International LLC, 5.125%, Due 11/15/2022		500,000		526,085
PQ Corp., 6.750%, Due 11/15/2022^E		350,000		362,250

				2,179,897

Communications - 13.51%
Block Communications, Inc., 6.875%, Due 2/15/2025^E		300,000		311,250
Cablevision Systems Corp., 5.875%, Due 9/15/2022		950,000		988,000
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, Due 5/1/2025^E		900,000		931,500
CenturyLink, Inc.,
6.450%, Due 6/15/2021, Series S		250,000		260,625
5.800%, Due 3/15/2022, Series T		200,000		205,517
7.500%, Due 4/1/2024, Series Y		325,000		348,969
Clear Channel Worldwide Holdings, Inc., 6.500%, Due 11/15/2022, Series B		350,000		357,437
CommScope Finance LLC, 6.000%, Due 3/1/2026^E		225,000		238,219
CommScope Technologies LLC, 6.000%, Due 6/15/2025^E		100,000		101,565
CSC Holdings LLC, 5.125%, Due 12/15/2021, Series 144^E		250,000		250,625
DISH DBS Corp.,
6.750%, Due 6/1/2021		300,000		309,356

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 61.13% (continued)
Communications - 13.51% (continued)
DISH DBS Corp. (continued)
5.875%, Due 7/15/2022	$	300,000	$	292,710
5.000%, Due 3/15/2023		400,000		366,500
EIG Investors Corp., 10.875%, Due 2/1/2024		275,000		293,219
Frontier Communications Corp., 8.500%, Due 4/1/2026^E		425,000		400,562
Lamar Media Corp., 5.000%, Due 5/1/2023		250,000		253,125
Level 3 Financing, Inc., 5.375%, Due 1/15/2024		650,000		658,125
Netflix, Inc., 5.750%, Due 3/1/2024		250,000		268,605
Nexstar Broadcasting, Inc., 5.625%, Due 8/1/2024^E		300,000		304,560
Plantronics, Inc., 5.500%, Due 5/31/2023^E		500,000		504,375
Qwest Corp., 6.750%, Due 12/1/2021		25,000		26,695
Salem Media Group, Inc., 6.750%, Due 6/1/2024^E		175,000		157,500
Sinclair Television Group, Inc., 6.125%, Due 10/1/2022		400,000		407,500
Sirius XM Radio, Inc., 5.375%, Due 4/15/2025^E		900,000		922,500
Sprint Communications, Inc., 6.000%, Due 11/15/2022		575,000		578,594
Sprint Corp., 7.250%, Due 9/15/2021		1,100,000		1,152,250
T-Mobile USA, Inc.,
6.500%, Due 1/15/2024		175,000		181,125
6.000%, Due 4/15/2024		200,000		208,250
TEGNA, Inc., 5.500%, Due 9/15/2024^E		300,000		307,875
Townsquare Media, Inc., 6.500%, Due 4/1/2023^E		225,000		219,656
Univision Communications, Inc., 5.125%, Due 5/15/2023^E		200,000		193,000
Zayo Group LLC / Zayo Capital, Inc., 6.000%, Due 4/1/2023		200,000		203,250

				12,203,039

Consumer, Cyclical - 5.54%
Churchill Downs, Inc., 5.500%, Due 4/1/2027^E		225,000		230,906
Cinemark USA, Inc., 4.875%, Due 6/1/2023		200,000		202,068
Hanesbrands, Inc., 4.625%, Due 5/15/2024^E		250,000		252,500
Jack Ohio Finance LLC / Jack Ohio Finance Corp., 10.250%, Due 11/15/2022^E		200,000		216,250
KGA Escrow LLC, 7.500%, Due 8/15/2023^E		300,000		309,750
Lennar Corp., 4.750%, Due 5/30/2025		325,000		332,313
MGM Resorts International, 5.750%, Due 6/15/2025		950,000		1,004,625
Scientific Games International, Inc., 10.000%, Due 12/1/2022		118,000		124,195
Taylor Morrison Communities, Inc., 6.625%, Due 5/15/2022		300,000		309,750
Tempur Sealy International, Inc., 5.625%, Due 10/15/2023		400,000		405,000
United Continental Holdings, Inc., 4.250%, Due 10/1/2022		500,000		504,375
Williams Scotsman International, Inc., 7.875%, Due 12/15/2022^E		400,000		419,000
Wyndham Destinations, Inc., 5.625%, Due 3/1/2021		450,000		466,875
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.250%, Due 5/30/2023^E		225,000		223,481

				5,001,088

Consumer, Non-Cyclical - 10.54%
Acadia Healthcare Co., Inc., 6.500%, Due 3/1/2024		225,000		232,875
Albertsons Companies LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC, 6.625%, Due 6/15/2024		150,000		154,688
Avantor, Inc., 9.000%, Due 10/1/2025^E		100,000		108,750
Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, Due 5/1/2025^E		300,000		295,500
Centene Corp.,
5.625%, Due 2/15/2021		300,000		304,875
4.750%, Due 1/15/2025		100,000		101,450
CHS/Community Health Systems, Inc.,
8.000%, Due 11/15/2019		200,000		198,000
5.125%, Due 8/1/2021		100,000		98,500
6.250%, Due 3/31/2023		250,000		243,438
8.625%, Due 1/15/2024^E		250,000		253,750
DaVita, Inc.,
5.750%, Due 8/15/2022		100,000		101,625

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 61.13% (continued)
Consumer, Non-Cyclical - 10.54% (continued)
DaVita, Inc. (continued)
5.125%, Due 7/15/2024	$	500,000	$	500,000
Elanco Animal Health, Inc., 4.272%, Due 8/28/2023^E		225,000		233,772
HCA, Inc., 5.875%, Due 5/1/2023		1,225,000		1,313,935
Herc Rentals, Inc., 7.500%, Due 6/1/2022^E		366,000		380,640
Hertz Corp., 5.875%, Due 10/15/2020		850,000		850,000
Horizon Pharma USA, Inc.,
6.625%, Due 5/1/2023		43,000		44,290
8.750%, Due 11/1/2024^E		75,000		81,000
Kronos Acquisition Holdings, Inc., 9.000%, Due 8/15/2023^E		200,000		178,500
MEDNAX, Inc., 5.250%, Due 12/1/2023^E		225,000		228,938
Monitronics International, Inc., 9.125%, Due 4/1/2020		250,000		10,000
Nielsen Finance LLC / Nielsen Finance Co., 5.000%, Due 4/15/2022^E		500,000		496,690
Prestige Brands, Inc., 5.375%, Due 12/15/2021^E		350,000		352,187
Prime Security Services Borrower LLC / Prime Finance, Inc.,
9.250%, Due 5/15/2023^E		142,000		149,661
5.250%, Due 4/15/2024^E		150,000		150,375
RegionalCare Hospital Partners Holdings, Inc., 8.250%, Due 5/1/2023^E		225,000		239,273
Select Medical Corp., 6.375%, Due 6/1/2021		250,000		250,312
Tenet Healthcare Corp.,
8.125%, Due 4/1/2022		100,000		106,696
6.750%, Due 6/15/2023		350,000		357,000
4.625%, Due 7/15/2024		950,000		952,677
7.000%, Due 8/1/2025		200,000		202,500
Universal Health Services, Inc., 4.750%, Due 8/1/2022^E		350,000		353,108

				9,525,005

Energy - 7.95%
Antero Resources Corp., 5.125%, Due 12/1/2022		300,000		301,125
Archrock Partners LP / Archrock Partners Finance Corp., 6.000%, Due 10/1/2022		250,000		251,875
Cheniere Energy Partners LP, 5.625%, Due 10/1/2026^E		250,000		258,240
Chesapeake Energy Corp.,
8.000%, Due 1/15/2025		100,000		101,250
8.000%, Due 6/15/2027		175,000		171,111
Continental Resources, Inc., 5.000%, Due 9/15/2022		300,000		302,451
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.250%, Due 4/1/2023		200,000		205,000
DCP Midstream Operating LP,
4.950%, Due 4/1/2022		200,000		205,000
3.875%, Due 3/15/2023		200,000		200,000
Denbury Resources, Inc., 9.000%, Due 5/15/2021^E		125,000		126,875
Energy Transfer Operating LP, 5.875%, Due 1/15/2024		300,000		327,471
EP Energy LLC / Everest Acquisition Finance, Inc., 7.750%, Due 5/15/2026^E		75,000		66,750
Genesis Energy LP / Genesis Energy Finance Corp., 5.625%, Due 6/15/2024		175,000		173,797
Gulfport Energy Corp., 6.625%, Due 5/1/2023		250,000		240,625
Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp., 5.625%, Due 2/15/2026^E		500,000		511,250
Hilcorp Energy I LP / Hilcorp Finance Co., 5.000%, Due 12/1/2024^E		225,000		223,312
Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.750%, Due 4/1/2022		350,000		4,638
Nabors Industries, Inc., 5.500%, Due 1/15/2023		325,000		309,562
Newfield Exploration Co., 5.750%, Due 1/30/2022		300,000		319,638
Oasis Petroleum, Inc., 6.875%, Due 1/15/2023		250,000		250,000
Oceaneering International, Inc., 4.650%, Due 11/15/2024		150,000		142,455
QEP Resources, Inc., 5.375%, Due 10/1/2022		150,000		147,563
Range Resources Corp., 5.875%, Due 7/1/2022		400,000		404,500
SemGroup Corp. / Rose Rock Finance Corp.,
5.625%, Due 7/15/2022		125,000		123,906
5.625%, Due 11/15/2023		125,000		118,750

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 61.13% (continued)
Energy - 7.95% (continued)
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.500%, Due 8/15/2022	$	500,000	$	493,750
Sunoco LP / Sunoco Finance Corp.,
4.875%, Due 1/15/2023, Series WI		250,000		254,062
5.500%, Due 2/15/2026		250,000		254,375
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
5.250%, Due 5/1/2023		150,000		151,875
5.125%, Due 2/1/2025		100,000		102,250
Whiting Petroleum Corp., 6.250%, Due 4/1/2023		250,000		255,625
WPX Energy, Inc., 5.250%, Due 9/15/2024		175,000		180,688

				7,179,769

Financial - 8.46%
Acrisure LLC / Acrisure Finance, Inc., 8.125%, Due 2/15/2024^E		300,000		313,687
Ally Financial, Inc.,
4.125%, Due 2/13/2022		50,000		50,563
5.750%, Due 11/20/2025		300,000		325,125
Blackstone CQP Holdco LP, 6.500%, Due 3/20/2021^E		300,000		301,125
CIT Group, Inc.,
5.000%, Due 8/15/2022		300,000		312,000
4.750%, Due 2/16/2024		150,000		154,688
Credit Acceptance Corp.,
6.125%, Due 2/15/2021		200,000		200,250
7.375%, Due 3/15/2023		350,000		362,687
Equinix, Inc., 5.375%, Due 1/1/2022, REIT		150,000		153,750
Genworth Holdings, Inc., 4.900%, Due 8/15/2023, Series .		100,000		84,500
Greystar Real Estate Partners LLC, 5.750%, Due 12/1/2025^E		50,000		50,250
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
6.250%, Due 2/1/2022		400,000		412,112
6.375%, Due 12/15/2025		550,000		573,375
iStar, Inc., 4.625%, Due 9/15/2020		550,000		555,500
Jefferies Finance LLC / JFIN Co-Issuer Corp., 6.875%, Due 4/15/2022^E		150,000		152,250
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.875%, Due 8/1/2021^E		90,000		91,688
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.625%, Due 5/1/2024		250,000		262,187
Nationstar Mortgage Holdings, Inc., 8.125%, Due 7/15/2023^E		250,000		251,875
Navient Corp., 5.875%, Due 3/25/2021		1,000,000		1,033,750
Newmark Group, Inc., 6.125%, Due 11/15/2023		225,000		236,137
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.375%, Due 12/15/2022^E		175,000		180,688
Realogy Group LLC / Realogy Co-Issuer Corp., 9.375%, Due 4/1/2027^E		125,000		129,838
SBA Communications Corp., 4.875%, Due 9/1/2024		400,000		406,255
Springleaf Finance Corp.,
5.625%, Due 3/15/2023		100,000		103,875
7.125%, Due 3/15/2026		550,000		590,562
Starwood Property Trust, Inc., 5.000%, Due 12/15/2021		350,000		357,437

				7,646,154

Industrial - 6.41%
ADT Security Corp., 4.125%, Due 6/15/2023		525,000		513,513
Arconic, Inc., 5.125%, Due 10/1/2024		400,000		412,480
Ball Corp.,
5.000%, Due 3/15/2022		300,000		312,000
5.250%, Due 7/1/2025		150,000		158,813
BBA US Holdings, Inc., 5.375%, Due 5/1/2026^E		150,000		153,750
Berry Global, Inc., 5.500%, Due 5/15/2022		200,000		202,750
BWAY Holding Co., 5.500%, Due 4/15/2024^E		250,000		248,288
CEMEX Finance LLC, 6.000%, Due 4/1/2024^E		250,000		257,600

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 61.13% (continued)
Industrial - 6.41% (continued)
Energizer Holdings, Inc.,
5.500%, Due 6/15/2025^E	$	150,000	$	151,594
6.375%, Due 7/15/2026^E		150,000		154,828
Fortress Transportation & Infrastructure Investors LLC,
6.750%, Due 3/15/2022^E		250,000		256,875
6.500%, Due 10/1/2025^E		100,000		102,500
Ingram Micro, Inc.,
5.000%, Due 8/10/2022		275,000		274,769
5.450%, Due 12/15/2024		175,000		174,248
Owens-Brockway Glass Container, Inc., 5.000%, Due 1/15/2022^E		200,000		204,750
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, Due 7/15/2023^E		850,000		862,333
Sealed Air Corp.,
5.125%, Due 12/1/2024^E		100,000		103,750
5.500%, Due 9/15/2025^E		150,000		157,500
Standard Industries, Inc., 5.375%, Due 11/15/2024^E		250,000		254,687
TransDigm, Inc., 6.000%, Due 7/15/2022		550,000		557,562
XPO Logistics, Inc., 6.125%, Due 9/1/2023^E		275,000		280,844

				5,795,434

Technology - 4.63%
Advanced Micro Devices, Inc., 7.000%, Due 7/1/2024		500,000		519,375
Dell International LLC / EMC Corp., 7.125%, Due 6/15/2024^E		800,000		846,349
First Data Corp.,
5.000%, Due 1/15/2024^E		450,000		461,299
5.750%, Due 1/15/2024^E		300,000		309,187
Harland Clarke Holdings Corp., 8.375%, Due 8/15/2022^E		100,000		88,750
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc., 6.000%, Due 7/15/2025^E		300,000		312,750
NCR Corp., 5.000%, Due 7/15/2022		300,000		300,375
Rackspace Hosting, Inc., 8.625%, Due 11/15/2024^E		100,000		93,250
Solera LLC / Solera Finance, Inc., 10.500%, Due 3/1/2024^E		500,000		542,500
SS&C Technologies, Inc., 5.500%, Due 9/30/2027^E		150,000		153,844
Xerox Corp.,
4.500%, Due 5/15/2021		300,000		303,300
4.125%, Due 3/15/2023		250,000		247,575

				4,178,554

Utilities - 1.68%
AES Corp., 4.500%, Due 3/15/2023		150,000		152,423
Calpine Corp., 5.875%, Due 1/15/2024^E		550,000		561,000
Clearway Energy Operating LLC, 5.375%, Due 8/15/2024		150,000		152,455
Talen Energy Supply LLC, 9.500%, Due 7/15/2022^E		600,000		654,000

				1,519,878

Total Corporate Obligations (Cost $55,235,070)				55,228,818

FOREIGN CORPORATE OBLIGATIONS - 12.03%
Basic Materials - 0.93%
Alcoa Nederland Holding B.V., 6.750%, Due 9/30/2024^E		250,000		264,375
Cascades, Inc., 5.750%, Due 7/15/2023^E		450,000		455,625
NOVA Chemicals Corp., 4.875%, Due 6/1/2024^E		125,000		122,188

				842,188

Communications - 2.61%
Altice Financing S.A., 6.625%, Due 2/15/2023^E		300,000		307,500
Altice Luxembourg S.A., 7.750%, Due 5/15/2022^E		250,000		254,687
Sable International Finance Ltd., 6.875%, Due 8/1/2022^E		200,000		209,000

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 12.03% (continued)
Communications - 2.61% (continued)
Videotron Ltd., 5.000%, Due 7/15/2022	$	600,000	$	624,469
Virgin Media Secured Finance PLC, 5.250%, Due 1/15/2021		500,000		515,000
VTR Finance B.V., 6.875%, Due 1/15/2024^E		435,000		450,225

				2,360,881

Consumer, Cyclical - 1.92%
BC ULC / New Red Finance, Inc., 5.000%, Due 10/15/2025^E		250,000		248,125
Fiat Chrysler Automobiles N.V., 5.250%, Due 4/15/2023		300,000		312,750
International Game Technology PLC, 6.500%, Due 2/15/2025^E		300,000		319,494
Mclaren Finance PLC, 5.750%, Due 8/1/2022^E		250,000		246,120
Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 6.250%, Due 5/15/2026^E		125,000		130,156
Silversea Cruise Finance Ltd., 7.250%, Due 2/1/2025^E		250,000		269,063
Viking Cruises Ltd., 6.250%, Due 5/15/2025^E		200,000		207,000

				1,732,708

Consumer, Non-Cyclical - 2.31%
Bausch Health Cos, Inc., 7.000%, Due 3/15/2024^E		700,000		737,625
Clearwater Seafoods, Inc., 6.875%, Due 5/1/2025^E		100,000		99,000
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 5.875%, Due 10/15/2024^E		250,000		248,125
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC,
4.875%, Due 4/15/2020^E		100,000		99,500
5.625%, Due 10/15/2023^E		350,000		273,000
Valeant Pharmaceuticals International, Inc., 6.125%, Due 4/15/2025^E		625,000		632,031

				2,089,281

Energy - 0.31%
Transocean Pontus Ltd., 6.125%, Due 8/1/2025^E		118,125		121,078
Transocean, Inc., 9.000%, Due 7/15/2023^E		150,000		160,500

				281,578

Financial - 1.18%
goeasy Ltd., 7.875%, Due 11/1/2022^E		500,000		526,250
Intesa Sanpaolo SpA, 3.125%, Due 7/14/2022^E		300,000		293,873
Travelport Corporate Finance PLC, 6.000%, Due 3/15/2026^E		225,000		241,875

				1,061,998

Industrial - 1.75%
Ardagh Packaging Finance PLC,
4.625%, Due 5/15/2023^E		450,000		454,248
7.250%, Due 5/15/2024^E		350,000		368,743
Bombardier, Inc.,
6.000%, Due 10/15/2022^E		500,000		500,312
7.500%, Due 12/1/2024^E		250,000		254,175

				1,577,478

Technology - 1.02%
Open Text Corp.,
5.625%, Due 1/15/2023^E		250,000		256,250
5.875%, Due 6/1/2026^E		200,000		209,500
Seagate HDD Cayman,
4.750%, Due 6/1/2023		325,000		328,286
4.750%, Due 1/1/2025		125,000		122,207

				916,243

Total Foreign Corporate Obligations (Cost $10,771,664)				10,862,355

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 2.46% (Cost $2,222,536)
Investment Companies - 2.46%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{F G}		2,222,536	$	2,222,536

TOTAL INVESTMENTS - 99.07% (Cost $89,562,466)				89,497,828
OTHER ASSETS, NET OF LIABILITIES - 0.93%				847,489

TOTAL NET ASSETS - 100.00%			$	90,345,317

Percentages are stated as a percent of net assets.

^A	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.

Unfunded Loan Commitment. At period end, the amount of unfunded loan commitments was $18,083 or 0.02% of net assets. Of this amount, $3,180 relates to AMCP Clean Acquisition Company, LLC, $5,879 relates to DentalCorp Perfect Smile ULC, $984 related to Heartland Dental, LLC, $4,313 relates Pearl Intermediate Parent LLC, $3,727 relates to VT Topco, Inc.

^C	Coupon rates may not be available for bank loans that are unsettled and/or unfunded as of April 30, 2019.

^D	Value was determined using significant unobservable inputs.

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 $29,189,167 or 32.31% 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.

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.

REIT - Real Estate Investment Trust.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2019, the investments were classified as described below:


Crescent Short Duration High Income Fund	Level 1		Level 2		Level 3		Total
*Assets*
Bank Loan Obligations⁽¹⁾	$	—	$	21,012,588	$	171,531	$	21,184,119
Corporate Obligations		—		55,228,818		—		55,228,818
Foreign Corporate Obligations		—		10,862,355		—		10,862,355
Short-Term Investments		2,222,536		—		—		2,222,536

Total Investments in Securities - Assets	$	2,222,536	$	87,103,761	$	171,531	$	89,497,828

⁽¹⁾	Unfunded loan commitments represent $18,083 at period end.

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Crescent Short Duration High Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


Security Type	Balance as of 1/31/2019		Purchases		Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2019		Change in Unrealized Appreciation (Depreciation) at Period end**
Bank Loan Obligations	$	170,888	$	—	$	2,382	$	—	$	12	$	3,013	$	—	$	—	$	171,531	$	(224	)

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

The Bank Loan Obligations, classified as Level 3, were valued using single broker quotes. The principal amount of these securities, valued at $171,531, 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 Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Albania - 0.20%

Foreign Sovereign Obligations - 0.20%

Republic of Albania,

3.500%, Due 10/9/2025^A

EUR

512,000

608,926

3.500%, Due 10/9/2025^B

EUR

100,000

118,931

Total Foreign Sovereign Obligations

727,857

Total Albania (Cost $715,991)

727,857

Angola - 4.16%

Credit-Linked Notes - 0.27%

Republic of Angola (Issuer Aurora Australis B.V.), 9.151%, Due 12/19/2023, (6-mo. USD LIBOR + 6.250%)^{B C}

937,500

975,938

Foreign Sovereign Obligations - 3.89%

Angolan Government International Bond,

9.500%, Due 11/12/2025^B

4,950,000

5,548,901

8.250%, Due 5/9/2028^B

5,060,000

5,290,402

8.250%, Due 5/9/2028^B

1,860,000

1,944,693

9.375%, Due 5/8/2048^B

985,000

1,056,972

Total Foreign Sovereign Obligations

13,840,968

Total Angola (Cost $14,128,925)

14,816,906

Argentina - 3.02%

Foreign Sovereign Obligations - 3.02%

Argentina Bonar Bonds,

48.175%, Due 3/1/2020, (BADLARP Index + 3.250%)^C

ARS

4,500,000

101,478

50.249%, Due 4/3/2022, (BADLARP Index + 2.000%)^C

ARS

42,100,000

844,949

Argentina POM Politica Monetaria, 70.354%, Due 6/21/2020, Series POM^D

ARS

30,000,000

730,640

Argentina Treasury Bills,

38.294%, Due 6/28/2019, Series 0000^E

ARS

150,000,000

3,836,197

43.637%, Due 7/31/2020^E

ARS

61,897,641

1,214,372

Argentine Bonos del Tesoro,

18.200%, Due 10/3/2021

ARS

3,200,000

53,941

16.000%, Due 10/17/2023

ARS

16,250,000

282,164

Argentine Republic Government International Bond,

5.625%, Due 1/26/2022

210,000

163,487

5.000%, Due 1/15/2027^B

EUR

3,070,000

2,307,020

Provincia de Buenos Aires,

48.500%, Due 5/31/2022, (BADLARP Index + 3.830%)^C

ARS

35,000,000

674,827

37.378%, Due 4/12/2025, (BADLARP Index + 3.750%)^{A B
D}

ARS

33,000,000

563,709

Total Foreign Sovereign Obligations

10,772,784

Total Argentina (Cost $15,201,837)

10,772,784

Armenia - 0.48% (Cost $1,695,821)

Foreign Sovereign Obligations - 0.48%

Republic of Armenia International Bond, 7.150%, Due 3/26/2025^B

1,540,000

1,710,903

Azerbaijan - 0.57% (Cost $2,000,000)

Credit-Linked Notes - 0.57%

Republic of Azerbaijan (Issuer Frontera Capital B.V.), 14.000%, Due 3/30/2020, Series B^{A D}

2,000,000

2,036,000

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Bahrain - 0.20% (Cost $688,636)

Foreign Corporate Obligations - 0.20%

Oil and Gas Holding Co. BSCC, 7.625%, Due 11/7/2024^A

650,000

706,875

Bangladesh - 0.07% (Cost $250,105)

Foreign Corporate Obligations - 0.07%

Banglalink Digital Communications Ltd., 8.625%, Due 5/6/2019^B

250,000

249,825

Total Foreign Corporate Obligations (Cost $250,105)

249,825

Barbados - 0.08% (Cost $294,668)

Foreign Corporate Obligations - 0.08%

Sagicor Finance Ltd.^B

279,000

293,996

Belarus - 1.05%

Foreign Sovereign Obligations - 1.05%

Development Bank of the Republic of Belarus JSC, 6.750%, Due 5/2/2024, Series 144A^A

1,200,000

1,206,096

Republic of Belarus International Bond,

6.875%, Due 2/28/2023^B

1,710,000

1,786,950

7.625%, Due 6/29/2027^B

685,000

737,348

Total Foreign Sovereign Obligations

3,730,394

Total Belarus (Cost $3,659,466)

3,730,394

Belize - 0.50% (Cost $1,793,849)

Foreign Sovereign Obligations - 0.50%

Belize Government International Bond, 4.938%, Due 2/20/2034^{B F}

2,940,000

1,764,000

Bosnia & Herzegovina - 0.04% (Cost $161,716)

Foreign Sovereign Obligations - 0.04%

Bosnia & Herzegovina Government International Bond, 0.500%, Due 12/20/2021, Series B, (6-mo. EUR LIBOR + 0.813%)^{B C G}

EUR

250,000

127,000

Cameroon, United Republic Of - 1.43% (Cost $5,063,492)

Foreign Sovereign Obligations - 1.43%

Republic of Cameroon International Bond, 9.500%, Due 11/19/2025^B

4,740,000

5,081,545

Canada - 0.21%

Foreign Corporate Obligations - 0.21%

First Quantum Minerals Ltd.,

7.250%, Due 5/15/2022^B

200,000

202,250

6.875%, Due 3/1/2026^B

600,000

561,750

Total Foreign Corporate Obligations

764,000

Total Canada (Cost $755,495)

764,000

Costa Rica - 2.94%

Foreign Corporate Obligations - 0.13%

Autopistas del Sol S.A., 7.375%, Due 12/30/2030^B

465,280

463,772

Foreign Sovereign Obligations - 2.81%

Costa Rica Government International Bond,

8.050%, Due 9/18/2024^B

CRC

950,000,000

1,433,207

9.660%, Due 9/30/2026^B

CRC

2,250,000,000

3,442,530

9.200%, Due 2/21/2029^B

CRC

2,500,000

2,655,443

10.580%, Due 9/26/2029^B

CRC

800,000,000

1,256,431

10.350%, Due 6/19/2030^B

CRC

249,000,000

375,668

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


		Principal Amount		Fair Value
Costa Rica - 2.94% (continued)
Foreign Sovereign Obligations - 2.81% (continued)
Costa Rica Government International Bond (continued)
10.350%, Due 6/19/2030, Series 144A^A	CRC		559,500,000	$	844,107

Total Foreign Sovereign Obligations					10,007,386

Total Costa Rica (Cost $11,038,410)					10,471,158

Dominican Republic - 3.12%
Foreign Sovereign Obligations - 3.12%
Dominican Republic Bond, 10.500%, Due 4/7/2023^B	DOP		57,000,000		1,175,110
Dominican Republic International Bond,
8.900%, Due 2/15/2023^B	DOP		287,500,000		5,651,312
11.500%, Due 5/10/2024^B	DOP		200,000,000		4,295,345

Total Foreign Sovereign Obligations					11,121,767

Total Dominican Republic (Cost $11,633,339)					11,121,767

Ecuador - 2.97%
Foreign Sovereign Obligations - 2.97%
Ecuador Government International Bond,
10.500%, Due 3/24/2020^B		$	700,000		730,807
10.500%, Due 3/24/2020^B			3,550,000		3,706,235
10.750%, Due 3/28/2022^B			470,000		525,813
8.750%, Due 6/2/2023^B			660,000		699,600
7.950%, Due 6/20/2024^B			1,000,000		1,013,750
9.650%, Due 12/13/2026^B			1,550,000		1,650,750
9.625%, Due 6/2/2027^B			500,000		530,000
8.875%, Due 10/23/2027^B			1,200,000		1,221,000
10.750%, Due 1/31/2029, Series 144A^A			400,000		446,000
EP PetroEcuador via Noble Sovereign Funding I Ltd., 8.240%, Due 9/24/2019, (3-mo. USD LIBOR + 5.630%)^{B C}			52,632		52,632

Total Foreign Sovereign Obligations					10,576,587

Total Ecuador (Cost $10,373,945)					10,576,587

Egypt - 4.34%
Foreign Sovereign Obligations - 4.34%
Egypt Government Bond,
16.300%, Due 1/1/2023, Series 10YR	EGP		12,400,000		722,783
16.300%, Due 4/9/2024, Series 5YR	EGP		6,200,000		364,063
17.180%, Due 5/9/2027, Series 10YR	EGP		14,500,000		886,400
15.700%, Due 11/7/2027, Series 10YR	EGP		10,000,000		574,118
Egypt Government International Bond,
6.200%, Due 3/1/2024, Series 144A^A			524,000		527,406
7.600%, Due 3/1/2029, Series 144A^A			1,077,000		1,085,293
Egypt Treasury Bills,
17.300%, Due 6/4/2019, Series 273D^E	EGP		11,850,000		680,356
17.806%, Due 8/20/2019, Series 364D^E	EGP		10,850,000		600,803
19.400%, Due 12/10/2019, Series 364D^E	EGP		58,000,000		3,059,157
17.847%, Due 1/21/2020, Series 364D^E	EGP		104,000,000		5,389,241
17.238%, Due 4/14/2020, Series 364D^E	EGP		31,600,000		1,585,599

Total Foreign Sovereign Obligations					15,475,219

Total Egypt (Cost $14,932,254)					15,475,219

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

El Salvador - 0.98%

Foreign Sovereign Obligations -0.98%

El Salvador Government International Bond,

5.875%, Due 1/30/2025^B

2,404,000

2,340,895

6.375%, Due 1/18/2027^B

1,160,000

1,135,350

Total Foreign Sovereign Obligations

3,476,245

Total El Salvador (Cost $3,440,073)

3,476,245

Ethiopia - 0.72% (Cost $2,481,397)

Foreign Sovereign Obligations - 0.72%

Ethiopia International Bond, 6.625%, Due 12/11/2024^B

2,500,000

2,565,400

Gabon - 1.53%

Foreign Sovereign Obligations - 1.53%

Gabon Government International Bond,

6.375%, Due 12/12/2024^B

4,750,000

4,572,255

6.950%, Due 6/16/2025^B

900,000

876,420

Total Foreign Sovereign Obligations

5,448,675

Total Gabon (Cost $5,454,350)

5,448,675

Gambia - 0.19% (Cost $686,635)

Credit-Linked Notes - 0.19%

Republic of Gambia (Issuer Zambezi B.V.), 1.000%, Due 9/11/2020^{A D}

686,701

689,517

Georgia - 1.12%

Credit-Linked Notes - 0.68%

Georgia Government (Issuer Frontera Capital B.V.), 10.000%, Due 8/4/2021^{B D}

513,100

544,348

Georgia Government (Issuer Zambezi B.V.), 9.500%, Due 8/9/2022^A

2,000,000

1,887,400

Total Credit-Linked Notes

2,431,748

Foreign Corporate Obligations - 0.44%

Bank of Georgia JSC, 11.000%, Due 6/1/2020^B

GEL

4,220,000

1,560,074

Total Georgia (Cost $4,089,650)

3,991,822

Ghana - 4.17%

Credit-Linked Notes - 0.07%

Ghana Promissory Notes (Issuer Saderea DAC), 12.500%, Due 11/30/2026^B

234,045

253,709

Foreign Sovereign Obligations - 4.10%

Ghana Government Bond,

16.500%, Due 3/22/2021, Series 3Y

GHS

22,800,000

4,265,883

24.750%, Due 7/19/2021, Series 5YR

GHS

6,280,000

1,329,235

18.750%, Due 1/24/2022, Series 5YR

GHS

2,000,000

386,803

18.250%, Due 7/25/2022, Series 5Y

GHS

12,102,000

2,306,547

16.500%, Due 2/6/2023, Series 5Y

GHS

8,200,000

1,464,489

21.000%, Due 1/27/2025

GHS

680,000

136,218

19.000%, Due 11/2/2026, Series 10Y

GHS

15,875,000

2,940,611

Ghana Government International Bond,

7.875%, Due 3/26/2027, Series 144A^A

1,032,000

1,047,480

10.750%, Due 10/14/2030^B

200,000

246,176

8.950%, Due 3/26/2051, Series 144A^A

470,000

464,830

Total Foreign Sovereign Obligations

14,588,272

Total Ghana (Cost $16,894,852)

14,841,981

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Honduras - 0.13% (Cost $450,863)

Foreign Corporate Obligations - 0.13%

Inversiones Atlantida S.A., 8.250%, Due 7/28/2022^B

440,000

447,814

Iraq - 2.33%

Foreign Sovereign Obligations - 2.33%

Iraq International Bond,

6.752%, Due 3/9/2023^B

3,080,000

3,127,001

5.800%, Due 1/15/2028^B

3,600,000

3,488,652

5.800%, Due 1/15/2028^B

1,750,000

1,695,872

Total Foreign Sovereign Obligations

8,311,525

Total Iraq (Cost $7,797,231)

8,311,525

Ivory Coast - 3.73%

Foreign Sovereign Obligations - 3.73%

Ivory Coast Government International Bond,

6.375%, Due 3/3/2028^B

775,000

752,827

5.250%, Due 3/22/2030^B

EUR

3,070,000

3,272,360

5.750%, Due 12/31/2032^{B F}

6,087,030

5,733,982

5.750%, Due 12/31/2032^{B F}

3,755,750

3,537,917

Total Foreign Sovereign Obligations

13,297,086

Total Ivory Coast (Cost $13,812,678)

13,297,086

Jamaica - 0.11%

Foreign Corporate Obligations - 0.05%

Digicel Group One Ltd., 8.250%, Due 12/30/2022^A

124,800

82,181

Digicel Group Two Ltd., 8.250%, Due 9/30/2022^A

222,000

86,580

Total Foreign Corporate Obligations

168,761

Foreign Sovereign Obligations - 0.06%

Jamaica Government International Bond, 6.750%, Due 4/28/2028

200,000

224,000

Total Foreign Sovereign Obligations

224,000

Total Jamaica (Cost $424,795)

392,761

Kazakhstan - 0.15% (Cost $625,768)

Credit-Linked Notes - 0.15%

Development Bank of Kazakhstan JSC, 8.950%, Due 5/4/2023^B

KZT

206,250,000

528,527

Kenya - 4.10%

Foreign Sovereign Obligations - 4.10%

Kenya Government International Bond, 6.875%, Due 6/24/2024^B

1,676,000

1,709,520

Kenya Infrastructure Bond,

12.000%, Due 9/18/2023, Series 12YR

KES

57,400,000

575,550

11.000%, Due 12/2/2024, Series 9YR

KES

75,000,000

754,039

12.500%, Due 5/12/2025, Series 9YR

KES

36,000,000

366,850

11.000%, Due 10/12/2026, Series 12YR

KES

179,650,000

1,709,996

12.000%, Due 10/6/2031, Series 15YR

KES

288,000,000

2,925,656

12.500%, Due 1/10/2033, Series 15YR

KES

635,350,000

6,550,154

Total Foreign Sovereign Obligations

14,591,765

Total Kenya (Cost $14,253,558)

14,591,765

Kyrgyzstan - 1.17%

Credit-Linked Notes - 1.17%

Kyrgyz Republic (Issuer Frontera Capital B.V.), 8.000%, Due 1/31/2020^A

KGS

132,958,171

1,954,685

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Kyrgyzstan - 1.17% (continued)

Credit-Linked Notes - 1.17% (continued)

Kyrgyz Republic (Issuer Zambezi B.V.), 10.000%, Due 4/13/2028^A

KGS

180,000,000

2,211,539

Total Credit-Linked Notes

4,166,224

Total Kyrgyzstan (Cost $4,336,444)

4,166,224

Lebanon - 0.50% (Cost $1,775,688)

Foreign Sovereign Obligations - 0.50%

Lebanon Government International Bond, 8.250%, Due 4/12/2021^B

1,830,000

1,774,954

Malawi - 0.31% (Cost $1,098,389)

Credit-Linked Notes - 0.31%

Republic of Malawi (Issuer Zambezi B.V.), 12.000%, Due 10/8/2020^A

1,100,000

1,121,450

Mauritius - 0.64%

Foreign Corporate Obligations - 0.64%

HTA Group Ltd., 9.125%, Due 3/8/2022^B

1,595,000

1,663,617

Liquid Telecommunications Financing PLC, 8.500%, Due 7/13/2022^B

600,000

605,343

Total Foreign Corporate Obligations

2,268,960

Total Mauritius (Cost $2,276,314)

2,268,960

Mongolia - 1.84%

Foreign Sovereign Obligations - 1.84%

Development Bank of Mongolia LLC,

7.250%, Due 10/23/2023^A

400,000

407,302

7.250%, Due 10/23/2023

725,000

738,235

Mongolia Government International Bond,

8.750%, Due 3/9/2024^B

600,000

662,529

8.750%, Due 3/9/2024^B

3,900,000

4,306,438

Trade & Development Bank of Mongolia LLC, 9.375%, Due 5/19/2020^B

440,000

456,320

Total Foreign Sovereign Obligations

6,570,824

Total Mongolia (Cost $6,521,417)

6,570,824

Mozambique - 1.67%

Credit-Linked Notes - 1.20%

Mozambique Government Bonds (Issuer ICBC Standard Bank PLC), 27.000%, Due 2/26/2020

MZN

180,000,000

2,860,369

Republic of Mozambique (Issuer ICBC Standard Bank PLC), 19.000%,
Due 3/28/2021^{A B D}

MZN

90,500,000

1,414,812

Total Credit-Linked Notes

4,275,181

Foreign Sovereign Obligations - 0.47%

Mozambique International Bond, 10.500%, Due 1/18/2023^B

1,900,000

1,662,880

Total Mozambique (Cost $5,952,662)

5,938,061

Netherlands - 1.63%

Foreign Corporate Obligations - 0.24%

Frontera Capital B.V., 8.000%, Due 5/26/2025

KGS

70,000,000

867,559

Foreign Sovereign Obligations - 1.39%

Nederlandse Financierings Maatschappij voor Ontwikkelingslanden N.V.,

7.350%, Due 9/11/2020, Series EMTN^B

650,000

607,969

6.390%, Due 4/6/2021, Series EMTN^D

3,500,000

3,150,458

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Netherlands - 1.63% (continued)

Foreign Sovereign Obligations - 1.39% (continued)

Republic of Angola Via Avenir II B.V.^B^D

1,250,000

1,186,563

Total Foreign Sovereign Obligations

4,944,990

Total Netherlands (Cost $6,232,809)

5,812,549

Nicaragua - 1.00%

Credit-Linked Notes - 1.00%

Empresa Administadora de Aeropuertos Internacionales (Issuer Zambezi B.V.), 7.000%, Due 4/8/2024^A^D

1,159,400

1,128,096

Republic of Nicaragua (Issuer Zambezi B.V.), 6.750%, Due 8/5/2022^A

2,400,000

2,438,880

Total Credit-Linked Notes

3,566,976

Total Nicaragua (Cost $3,559,223)

3,566,976

Nigeria - 5.09%

Foreign Corporate Obligations - 0.66%

Access Bank PLC, 10.500%, Due 10/19/2021^B

390,000

424,343

IHS Netherlands Holdco B.V., 9.500%, Due 10/27/2021^B

450,000

465,823

SEPLAT Petroleum Development Co. PLC, 9.250%, Due 4/1/2023^B

865,000

899,600

United Bank for Africa PLC, 7.750%, Due 6/8/2022^B

540,000

559,505

Total Foreign Corporate Obligations

2,349,271

Foreign Sovereign Obligations - 4.43%

Nigeria Government Bond,

15.540%, Due 2/13/2020, Series 5YR

NGN

310,000,000

869,461

14.500%, Due 7/15/2021, Series 5YR

NGN

839,000,000

2,313,384

12.500%, Due 1/22/2026, Series 10YR

NGN

323,100,000

815,385

16.288%, Due 3/17/2027, Series 10YR

NGN

1,750,300,000

5,249,687

13.980%, Due 2/23/2028, Series 10YR

NGN

560,000,000

1,508,391

16.250%, Due 4/18/2037, Series 20YR

NGN

888,958,000

2,737,720

Nigeria OMO Bill, 0.000%, Due 2/6/2020^E

NGN

215,000,000

537,372

Nigeria Treasury Bills,

20.311%, Due 10/17/2019

NGN

70,000,000

182,764

14.317%, Due 2/27/2020, Series 364D^E

NGN

636,200,000

1,555,530

Total Foreign Sovereign Obligations

15,769,694

Total Nigeria (Cost $18,282,431)

18,118,965

Pakistan - 0.48% (Cost $1,671,490)

Foreign Sovereign Obligations - 0.48%

Pakistan Government International Bond, 6.875%, Due 12/5/2027^B

1,743,000

1,726,916

Papua New Guinea - 0.92%

Foreign Sovereign Obligations - 0.92%

Papua New Guinea Government International Bond,

8.375%, Due 10/4/2028^B

2,066,000

2,215,785

8.375%, Due 10/4/2028^A

980,000

1,051,050

Total Foreign Sovereign Obligations

3,266,835

Total Papua New Guinea (Cost $3,102,744)

3,266,835

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Paraguay - 0.50% (Cost $2,000,434)

Credit-Linked Notes - 0.50%

Municipalidad De Asuncion (Issuer Zambezi B.V.), 11.000%, Due 3/23/2027^A

2,000,000

1,792,400

Republic of Mauritius - 0.06% (Cost $199,874)

Foreign Corporate Obligations - 0.06%

Liquid Telecommunications Financing PLC, 8.500%, Due 7/13/2022^B

196,000

197,745

Rwanda - 0.63% (Cost $2,215,713)

Foreign Sovereign Obligations - 0.63%

Rwanda International Government Bond, 6.625%, Due 5/2/2023^B

2,155,000

2,233,227

Senegal - 2.49%

Foreign Sovereign Obligations - 2.49%

Senegal Government International Bond,

6.250%, Due 7/30/2024^B

1,350,000

1,409,130

4.750%, Due 3/13/2028^B

EUR

3,235,000

3,583,662

6.250%, Due 5/23/2033^B

1,300,000

1,251,515

6.750%, Due 3/13/2048^B

2,860,000

2,631,200

Total Foreign Sovereign Obligations

8,875,507

Total Senegal (Cost $9,248,035)

8,875,507

Spain - 0.26% (Cost $928,752)

Foreign Corporate Obligations - 0.26%

International Airport Finance S.A. 12.000%, Due 3/15/2033^A

869,000

932,872

Sri Lanka - 3.05%

Foreign Sovereign Obligations - 3.05%

Sri Lanka Government Bonds,

9.250%, Due 5/1/2020

LKR

30,000,000

168,912

10.750%, Due 3/1/2021, Series A

LKR

26,000,000

148,527

9.000%, Due 5/1/2021, Series A

LKR

465,000,000

2,573,967

11.000%, Due 8/1/2021, Series A

LKR

470,000,000

2,697,655

11.500%, Due 5/15/2023, Series A

LKR

180,000,000

1,044,152

10.200%, Due 7/15/2023, Series A

LKR

60,000,000

336,280

11.400%, Due 1/1/2024, Series A

LKR

200,000,000

1,153,243

11.000%, Due 8/1/2024, Series A

LKR

315,000,000

1,788,098

11.500%, Due 9/1/2028

LKR

168,000,000

968,351

Total Foreign Sovereign Obligations

10,879,185

Total Sri Lanka (Cost $12,514,528)

10,879,185

Supranational - 2.28%

Foreign Sovereign Obligations - 2.28%

European Bank for Reconstruction & Development,

13.750%, Due 10/9/2019^B

69,007

51,923

8.000%, Due 2/27/2020^B

1,200,000

1,205,880

9.800%, Due 3/19/2020^B

700,000

654,442

9.500%, Due 6/21/2021^B

500,000

474,610

International Bank for Reconstruction & Development, 9.500%, Due 10/19/2020

KZT

750,000,000

1,971,957

International Finance Corp., 9.500%, Due 5/31/2020

UZS

32,000,000,000

3,760,322

Total Foreign Sovereign Obligations

8,119,134

Total Supranational (Cost $8,475,553)

8,119,134

Suriname - 0.44% (Cost $1,615,653)

Foreign Sovereign Obligations - 0.44%

Republic of Suriname, 9.250%, Due 10/26/2026^B

1,600,000

1,557,920

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Tajikistan - 1.12%

Credit-Linked Notes - 0.28%

Republic of Tajikistan (Issuer Frontera Capital BV), 10.780%, Due 2/15/2023^A

1,000,000

1,012,400

Foreign Sovereign Obligations - 0.84%

Republic of Tajikistan International Bond, 7.125%, Due 9/14/2027^B

3,230,000

3,002,220

Total Tajikistan (Cost $4,202,032)

4,014,620

Togo - 0.24% (Cost $836,862)

Foreign Corporate Obligations - 0.24%

Ecobank Transnational, Inc., 9.500%, Due 4/18/2024^A

834,000

854,733

Tunisia - 0.87%

Foreign Sovereign Obligations - 0.87%

Banque Centrale de Tunisie International Bond,

6.750%, Due 10/31/2023, Series 144A^A

EUR

806,000

906,722

5.750%, Due 1/30/2025^B

2,390,000

2,180,684

Total Foreign Sovereign Obligations

3,087,406

Total Tunisia (Cost $3,179,811)

3,087,406

Uganda - 2.55%

Foreign Sovereign Obligations - 2.55%

Republic of Uganda Government Bonds, 13.625%, Due 9/24/2019

UGX

723,000,000

191,665

Republic of Uganda Government Bonds,

11.000%, Due 1/21/2021, Series 10YR

UGX

2,800,000,000

726,269

18.375%, Due 2/18/2021, Series 5YR

UGX

1,000,000,000

289,284

16.500%, Due 5/13/2021, Series 5YR

UGX

4,355,000,000

1,229,978

16.750%, Due 10/28/2021

UGX

6,940,000,000

1,978,014

11.000%, Due 6/9/2022, Series 10YR

UGX

1,950,000,000

482,389

14.125%, Due 7/7/2022

UGX

8,300,000,000

2,211,507

19.500%, Due 12/18/2025, Series 10YR

UGX

4,000,000,000

1,264,859

16.000%, Due 5/6/2027

UGX

2,500,000,000

693,229

Total Foreign Sovereign Obligations

9,067,194

Total Uganda (Cost $9,449,794)

9,067,194

Ukraine - 3.55%

Credit-Linked Notes - 3.09%

Ukraine Government Bonds (Issuer Citigroup Global Markets Holdings, Inc.),

13.300%, Due 8/2/2019^B

UAH

15,150,000

587,729

13.460%, Due 6/12/2020^B

UAH

14,840,000

574,320

13.500%, Due 8/21/2020^B

UAH

37,000,000

1,382,375

14.160%, Due 10/14/2022^B

UAH

52,000,000

1,876,815

14.160%, Due 10/17/2022^B

UAH

45,000,000

1,624,167

15.220%, Due 4/26/2023^B

UAH

27,500,000

1,035,161

Ukraine Government Bonds (Issuer ICBC Standard Bank PLC),

15.740%, Due 1/17/2020^B

UAH

32,000,000

1,241,942

14.910%, Due 10/14/2022

UAH

74,000,000

2,675,731

Total Credit-Linked Notes

10,998,240

Foreign Corporate Obligations - 0.46%

Kernel Holding S.A., 8.750%, Due 1/31/2022^B

865,000

884,636

Metinvest B.V., 8.500%, Due 4/23/2026^B

480,000

471,360

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Ukraine - 3.55% (continued)

Foreign Corporate Obligations - 0.46% (continued)

MHP Lux S.A., 6.950%, Due 4/3/2026^B

310,000

295,601

Total Foreign Corporate Obligations

1,651,597

Total Ukraine (Cost $12,996,082)

12,649,837

United Republic of Tanzania - 0.21% (Cost $764,045)

Credit-Linked Notes - 0.21%

United Republic of Tanzania (Issuer Zambezi B.V.), 8.650%, Due 4/23/2021^A

TZS

1,700,000,000

743,054

United States - 0.89%

Corporate Obligations - 0.89%

Citigroup Global Markets Holdings, Inc.,

0.000%, Due 2/10/2020^B^E

KZT

140,000,000

343,085

0.000%, Due 2/11/2020^A^E

NGN

184,912,323

462,483

0.000%, Due 3/17/2020^B^E

KZT

565,000,000

1,373,227

15.300%, Due 1/25/2021^B

UAH

26,000,000

997,621

Total Corporate Obligations

3,176,416

Total United States (Cost $3,160,994)

3,176,416

Uruguay - 1.76%

Foreign Sovereign Obligations - 1.76%

Uruguay Government International Bond,

9.875%, Due 6/20/2022^B

UYU

48,203,000

1,377,312

8.500%, Due 3/15/2028^B

UYU

65,802,000

1,615,870

Uruguay Monetary Regulation Bill,

9.460%, Due 7/5/2019, Series 0001^E

UYU

36,000,000

1,021,915

9.983%, Due 1/3/2020, Series 0001^E

UYU

38,000,000

1,028,080

Uruguay Notas del Tesoro, 13.900%, Due 7/29/2020, Series 8

UYU

40,750,000

1,228,502

Total Foreign Sovereign Obligations

6,271,679

Total Uruguay (Cost $7,618,132)

6,271,679

Uzbekistan - 0.93%

Foreign Sovereign Obligations - 0.93%

Republic of Uzbekistan Bond,

4.750%, Due 2/20/2024^B

1,500,000

1,520,940

5.375%, Due 2/20/2029^B

1,773,000

1,794,599

Total Foreign Sovereign Obligations

3,315,539

Total Uzbekistan (Cost $3,274,913)

3,315,539

Venezuela - 0.08% (Cost $269,875)

Foreign Corporate Obligations - 0.08%

Petroleos de Venezuela S.A., 6.000%, Due 5/16/2024^B

1,250,000

268,750

Zambia - 2.81%

Foreign Sovereign Obligations - 2.81%

Zambia Government Bond

11.000%, Due 8/31/2019, Series 5YR

ZMW

4,800,000

356,420

11.000%, Due 2/16/2020, Series 5YR

ZMW

500,000

34,751

11.000%, Due 5/26/2020, Series 5YR

ZMW

23,100,000

1,542,390

11.000%, Due 8/29/2021, Series 5YR

ZMW

21,000,000

1,198,916

12.000%, Due 5/23/2023, Series 7YR

ZMW

6,100,000

302,433

12.000%, Due 11/21/2023, Series 7YR

ZMW

14,900,000

710,199

12.000%, Due 4/23/2025, Series 7YR

ZMW

16,500,000

716,537

13.000%, Due 8/29/2026, Series 10YR

ZMW

42,500,000

1,828,131

13.000%, Due 12/18/2027, Series 10YR

ZMW

7,000,000

288,524

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Principal Amount

Fair Value

Zambia - 2.81% (continued)

Foreign Sovereign Obligations - 2.81% (continued)

Zambia Government International Bond, 8.970%, Due 7/30/2027^B

4,350,000

3,013,245

Total Foreign Sovereign Obligations

9,991,546

Total Zambia (Cost $15,300,256)

9,991,546

Shares

SHORT-TERM INVESTMENTS - 12.91%

Investment Companies - 12.91%

American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{H I}

45,990,612

45,990,612

Total Short-Term Investments (Cost $45,990,612)

45,990,612

TOTAL INVESTMENTS - 97.52% (Cost $363,851,360)

347,362,024

OTHER ASSETS, NET OF LIABILITIES - 2.48%

8,840,377

TOTAL NET ASSETS - 100.00%

356,202,401

Percentages are stated as a percent of net assets.

*In U.S. Dollars unless otherwise noted.

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 $30,714,878 or 8.62% of net assets. The Fund has no right to demand registration of these securities.

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.

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, 2019.

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

^E	Zero coupon bond.

^F	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, 2019. The maturity date disclosed represents the final maturity date.

^G	Value was determined using significant unobservable inputs.

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

^I	7-day yield.

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

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

PLC - Public Limited Company.

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

Forward Foreign Currency Contracts Open on April 30, 2019:


Currency Purchased*		Currency Sold*			Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	1,437,800		EUR	1,443,364	7/11/2019	BRC	$	—	$	(5,564	)	$	(5,564	)
USD	513,426		EUR	510,417	7/11/2019	BRC		3,009		—			3,009
USD	256,068		EUR	253,518	7/11/2019	BRC		2,550		—			2,550
KZT	149,619		USD	150,160	5/23/2019	CBK		—		(541	)		(541	)
KZT	186,031		USD	185,825	5/23/2019	CBK		206		—			206
UAH	188,102		USD	179,262	5/23/2019	CBK		8,840		—			8,840
UAH	230,112		USD	229,849	5/23/2019	CBK		263		—			263
UAH	243,864		USD	239,963	5/23/2019	CBK		3,901		—			3,901
UAH	299,016		USD	298,674	5/23/2019	CBK		342		—			342
KZT	332,617		USD	333,146	5/23/2019	CBK		—		(529	)		(529	)
KZT	397,560		USD	397,952	5/23/2019	CBK		—		(392	)		(392	)
KZT	478,585		USD	482,658	5/23/2019	CBK		—		(4,073	)		(4,073	)
ARS	72,917		USD	73,300	7/26/2019	CBK		—		(383	)		(383	)

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


Currency Purchased*		Currency Sold*			Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
UAH	1,695,032		USD	1,533,914	11/21/2019	CBK	$	161,118	$	—		$	161,118
KZT	228,845		USD	227,434	5/23/2019	GST		1,411		—			1,411
USD	133,254		EUR	134,083	7/11/2019	GST		—		(829	)		(829	)
USD	441,990		EUR	441,685	7/11/2019	HUS		305		—			305
USD	223,538		EUR	224,223	7/11/2019	HUS		—		(685	)		(685	)
GEL	497,689		USD	500,000	5/20/2019	ICBC		—		(2,311	)		(2,311	)
GEL	300,887		USD	300,000	6/10/2019	ICBC		887		—			887
USD	2,000,000		KZT	2,006,165	6/14/2019	ICBC		—		(6,165	)		(6,165	)
GEL	502,311		USD	500,000	8/20/2019	ICBC		2,311		—			2,311
KZT	1,981,520		USD	2,000,000	9/4/2019	ICBC		—		(18,480	)		(18,480	)
KZT	1,219,384		USD	1,200,000	10/28/2019	ICBC		19,384		—			19,384
KZT	318,605		USD	317,460	11/7/2019	ICBC		1,145		—			1,145
KZT	313,413		USD	311,527	2/7/2020	ICBC		1,886		—			1,886
KZT	494,602		USD	500,000	4/13/2020	ICBC		—		(5,398	)		(5,398	)
USD	4,543,640		EUR	4,494,571	5/24/2019	SSB		49,069		—			49,069
USD	2,236,178		EUR	2,247,285	5/24/2019	SSB		—		(11,107	)		(11,107	)
USD	1,225,057		EUR	1,220,268	7/11/2019	UAG		4,789		—			4,789

							$	261,416	$	(56,457	)	$	204,959

Glossary:


Counterparty Abbreviations:

BRC		Barclays Bank PLC
CBK		Citibank, N.A.
GST		Goldman Sachs International
HUS		HSBC Bank (USA)
ICBC		ICBC Standard Bank PLC
SSB		State Street Bank & Trust Co.
UAG		UBS AG

Currency Abbreviations:

ARS		Argentine Peso
CRC		Costa Rican Colon
DOP		Dominican Peso
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
UZS		Uzbekistani Som
ZMW		Zambian Kwacha

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2019, the investments were classified as described below:


Frontier Markets Income Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Sovereign Obligations
Albania	$	—	$	727,857	$	—	$	727,857
Angola		—		13,840,968		—		13,840,968
Argentina		—		10,772,784		—		10,772,784
Armenia		—		1,710,903		—		1,710,903
Belarus		—		3,730,394		—		3,730,394
Belize		—		1,764,000		—		1,764,000

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


Frontier Markets Income Fund	Level 1		Level 2		Level 3		Total
Bosnia & Herzegovina	$	—	$	—	$	127,000	$	127,000
Cameroon		—		5,081,545		—		5,081,545
Costa Rica		—		10,007,386		—		10,007,386
Dominican Republic		—		11,121,767		—		11,121,767
Ecuador		—		10,576,587		—		10,576,587
Egypt		—		15,475,219		—		15,475,219
El Salvador		—		3,476,245		—		3,476,245
Ethiopia		—		2,565,400		—		2,565,400
Gabon		—		5,448,675		—		5,448,675
Ghana		—		14,588,272		—		14,588,272
Iraq		—		8,311,525		—		8,311,525
Ivory Coast		—		13,297,086		—		13,297,086
Jamaica		—		224,000		—		224,000
Kenya		—		14,591,765		—		14,591,765
Lebanon		—		1,774,954		—		1,774,954
Mongolia		—		6,570,824		—		6,570,824
Mozambique		—		1,662,880		—		1,662,880
Netherlands		—		4,944,990		—		4,944,990
Nigeria		—		15,769,694		—		15,769,694
Pakistan		—		1,726,916		—		1,726,916
Papua New Guinea		—		3,266,835		—		3,266,835
Rwanda		—		2,233,227		—		2,233,227
Senegal		—		8,875,507		—		8,875,507
Sri Lanka		—		10,879,185		—		10,879,185
Supranational		—		8,119,134		—		8,119,134
Suriname		—		1,557,920		—		1,557,920
Tajikistan		—		3,002,220		—		3,002,220
Tunisia		—		3,087,406		—		3,087,406
Uganda		—		9,067,194		—		9,067,194
Uruguay		—		6,271,679		—		6,271,679
Uzbekistan		—		3,315,539		—		3,315,539
Zambia		—		9,991,546		—		9,991,546
Credit-Linked Notes
Angola		—		975,938		—		975,938
Azerbaijan		—		2,036,000		—		2,036,000
Gambia		—		689,517		—		689,517
Georgia		—		2,431,748		—		2,431,748
Ghana		—		253,709		—		253,709
Kazakhstan		—		528,527		—		528,527
Kyrgyzstan		—		4,166,224		—		4,166,224
Malawi		—		1,121,450		—		1,121,450
Mozambique		—		4,275,181		—		4,275,181
Nicaragua		—		3,566,976		—		3,566,976
Paraguay		—		1,792,400		—		1,792,400
Tajikistan		—		1,012,400		—		1,012,400
Ukraine		—		10,998,240		—		10,998,240
United Republic of Tanzania		—		743,054		—		743,054
Foreign Corporate Obligations
Bahrain		—		706,875		—		706,875
Bangladesh		—		249,825		—		249,825
Barbados		—		293,996		—		293,996
Canada		—		764,000		—		764,000
Costa Rica		—		463,772		—		463,772
Georgia		—		1,560,074		—		1,560,074
Honduras		—		447,814		—		447,814
Jamaica		—		168,761		—		168,761
Mauritius		—		2,268,960		—		2,268,960
Netherlands		—		867,559		—		867,559
Nigeria		—		2,349,271		—		2,349,271
Republic of Mauritius		—		197,745		—		197,745
Spain		—		932,872		—		932,872

See accompanying notes

American Beacon Frontier Markets Income Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


Frontier Markets Income Fund	Level 1		Level 2			Level 3		Total
Togo	$	—	$	854,733		$	—	$	854,733
Ukraine		—		1,651,597			—		1,651,597
Venezuela		—		268,750			—		268,750
Corporate Obligations
United States		—		3,176,416			—		3,176,416
Short-Term Investments		45,990,612		—			—		45,990,612

Total Investments in Securities - Assets	$	45,990,612	$	301,244,412		$	127,000	$	347,362,024

*Financial Derivative Instruments - Assets*
Forward Foreign Currency Contracts	$	—	$	261,416		$	—	$	261,416

Total Financial Derivative Instruments - Assets	$	—	$	261,416		$	—	$	261,416

*Financial Derivative Instruments - Liabilities*
Forward Foreign Currency Contracts	$	—	$	(56,457	)	$	—	$	(56,457	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(56,457	)	$	—	$	(56,457	)

U.S. GAAP requires transfers between all levels to/from level 3 to be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.


Security Type	Balance as of 1/31/2019		Purchases		Sales		Accrued Discounts (Premiums)		Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3		Balance as of 4/30/2019		Change in Unrealized Appreciation (Depreciation) at Period end**
Foreign Sovereign Obligations	$	129,605	$	—	$	—	$	795	$	$	(3,400	)	$	—	$	—	$	127,000	$	(34,716	)

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

The foreign sovereign obligations, classified as Level 3, were valued using single broker quotes. The principal amount of these securities, valued at $127,000, 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 GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Principal Amount		Fair Value
Argentina - 2.26% (Cost $9,645,596)
Foreign Sovereign Obligations - 2.26%
Argentine Republic Government International Bond, 6.875%, Due 4/22/2021	$	10,700,000	$	8,977,407

British Virgin Islands - 0.06% (Cost $249,997)
Foreign Corporate Obligations - 0.06%
Sinopec Group Overseas Development Ltd., 2.125%, Due 5/3/2019^A		250,000		249,984

China - 1.22% (Cost $4,850,848)
Foreign Corporate Obligations - 1.22%
CNPC General Capital Ltd., 2.750%, Due 5/14/2019^A		4,850,000		4,849,717

India - 1.09% (Cost $4,344,685)
Foreign Corporate Obligations - 1.09%
ICICI Bank Ltd., 4.800%, Due 5/22/2019^A		4,339,000		4,343,035

Mexico - 1.50% (Cost $5,974,840)
Foreign Corporate Obligations - 1.50%
Petroleos Mexicanos, 6.000%, Due 3/5/2020		5,853,000		5,971,114

South Africa - 4.83%
Foreign Sovereign Obligations - 4.83%
Republic of South Africa Government International Bond,
6.875%, Due 5/27/2019		10,750,000		10,775,370
5.500%, Due 3/9/2020		8,300,000		8,423,836

Total Foreign Sovereign Obligations				19,199,206

Total South Africa (Cost $19,264,663)				19,199,206


	Shares		Fair Value
SHORT-TERM INVESTMENTS - 85.27%
Investment Companies - 4.71%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{B C}		18,738,248		18,738,248


	Par Amount
U.S. Treasury Obligations - 80.56%
U.S. Treasury Bills,
2.446%, Due 5/16/2019	$	6,000,000		5,994,010
2.375%, Due 5/30/2019		2,795,000		2,789,609
0.961%, Due 6/27/2019		70,605,000		70,339,495
2.468%, Due 7/18/2019		161,255,000		160,425,645
1.421%, Due 7/25/2019		81,120,000		80,667,152

Total U.S. Treasury Obligations				320,215,911

Total Short-Term Investments (Cost $338,934,874)				338,954,159

TOTAL INVESTMENTS - 96.23% (Cost $383,265,503)				382,544,622
OTHER ASSETS, NET OF LIABILITIES - 3.77%				14,970,993

TOTAL NET ASSETS - 100.00%			$	397,515,615

Percentages are stated as a percent of net assets.

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

^C	7-day yield.

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Centrally Cleared Swap Agreements Outstanding on April 30, 2019:

Interest Rate Swaps


Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate (%)		Expiration Date		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)		Fair Value			Unrealized Appreciation (Depreciation)
Pay		1-Day BRL-CDI		8.75		1/4/2021		BRL		24,500	$	—	$	(312,057	)	$	(312,057	)
Pay		1-Day BRL-CDI		9.10		1/4/2021		BRL		70,000		—		(1,040,074	)		(1,040,074	)
Pay		1-Day BRL-CDI		9.17		1/4/2021		BRL		191,800		—		(2,994,812	)		(2,994,812	)
Pay		1-Day BRL-CDI		9.30		1/4/2021		BRL		24,800		—		(408,641	)		(408,641	)
Pay		1-Day BRL-CDI		10.36		1/4/2021		BRL		76,400		—		(1,795,373	)		(1,795,373	)
Pay		1-Day BRL-CDI		10.26		1/4/2021		BRL		80,900		—		(1,849,934	)		(1,849,934	)
Pay		1-Day BRL-CDI		9.84		1/4/2021		BRL		41,000		—		(822,842	)		(822,842	)
Pay		1-Day BRL-CDI		9.53		1/4/2021		BRL		187,700		—		(3,379,669	)		(3,379,669	)
Receive		1-Day BRL-CDI		9.53		1/4/2021		BRL		140,000		1,442,967		2,520,797			1,077,830
Receive		1-Day BRL-CDI		9.10		1/4/2021		BRL		70,000		970,253		1,040,074			69,821

											$	2,413,220	$	(9,042,531	)	$	(11,455,751	)

OTC Swap Agreements Outstanding on April 30, 2019:

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


Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2019⁽³⁾ (%)		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value⁽⁵⁾			Unrealized Appreciation (Depreciation)
Lebanese Republic		BRC		1.00		12/20/2019		7.3481		USD		150	$	2,924		$	5,602		$	2,678
Lebanese Republic		BCC		1.00		12/20/2021		8.6749		USD		14,275		1,129,929			2,310,805			1,180,876
Republic of Kazakhstan		BRC		1.00		12/20/2021		0.3702		USD		250		6,251			(4,379	)		(10,630	)
Republic of Kazakhstan		BRC		1.00		12/20/2021		0.3702		USD		3,000		72,902			(52,553	)		(125,455	)
Republic of Kazakhstan		BRC		1.00		12/20/2021		0.3702		USD		800		12,667			(14,014	)		(26,681	)
Republic of Kazakhstan		BRC		1.00		12/20/2021		0.3702		USD		15,000		245,129			(262,766	)		(507,895	)
Republic of Kazakhstan		CBK		1.00		12/20/2021		0.3702		USD		300		6,927			(5,255	)		(12,182	)
Lebanese Republic		BRC		1.00		6/20/2022		8.6500		USD		12,500		1,249,136			2,327,330			1,078,194
Lebanese Republic		BOA		1.00		12/20/2022		8.5999		USD		3,000		337,493			623,044			285,551
Lebanese Republic		BOA		1.00		12/20/2022		8.5999		USD		5,000		569,553			1,038,407			468,854
Lebanese Republic		DUB		1.00		12/20/2022		8.5999		USD		1,100		142,320			228,449			86,129
Lebanese Republic		DUB		1.00		12/20/2022		8.5999		USD		700		90,661			145,377			54,716
Lebanese Republic		DUB		1.00		12/20/2022		8.5999		USD		1,600		203,319			332,290			128,971
Kingdom of Saudi Arabia		GST		1.00		6/20/2024		0.7800		USD		11,000		(52,070	)		(120,035	)		(67,965	)
Russian Federation		GST		1.00		6/20/2024		1.2700		USD		17,900		343,835			209,384			(134,451	)

													$	4,360,976		$	6,761,686		$	2,400,710


Credit Default Swaps on Corporate and Sovereign Securities - Sell Protection⁽²⁾

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2019⁽³⁾ (%)		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value⁽⁵⁾			Unrealized Appreciation (Depreciation)
Republic of Philippines		BCC		1.00		12/20/2019		0.0980		USD		3,000	$	6,965		$	17,404		$	10,439
Republic of Philippines		BRC		1.00		12/20/2019		0.0980		USD		500		876			2,901			2,025

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2019⁽³⁾ (%)		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value⁽⁵⁾			Unrealized Appreciation (Depreciation)
Republic of Colombia		HUS		1.00		12/20/2019		0.2571		USD		7,000	$	20,200		$	35,337		$	15,137

													$	28,041		$	55,642		$	27,601


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

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2019⁽³⁾ (%)		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Federal Republic of Brazil		FBF		1.00		6/20/2024		1.7450		USD		48,400	$	1,615,808		$	1,636,810		$	21,002
Federation of Malaysia		FBF		1.00		6/20/2024		0.5600		USD		21,500		(297,189	)		(470,029	)		(172,840	)
Republic of Colombia		FBF		1.00		6/20/2024		0.9950		USD		61,250		762,729			(67,666	)		(830,395	)
Republic of Indonesia		FBF		1.00		6/20/2024		0.9700		USD		45,800		80,500			(112,366	)		(192,866	)
Republic of Korea		FBF		1.00		6/20/2024		0.3250		USD		5,400		(173,116	)		(178,085	)		(4,969	)
Republic of South Africa		FBF		1.00		6/20/2024		1.8900		USD		51,600		2,429,799			2,086,411			(343,388	)
Republic of Turkey		FBF		1.00		6/20/2024		4.5400		USD		11,000		1,546,727			1,635,602			88,875

													$	5,965,258		$	4,530,677		$	(1,434,581	)


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

Reference Entity	Counter- Party		Fixed Rate (%)		Expiration Date		Implied Credit Spread at 4/30/2019⁽³⁾ (%)		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
Kingdom of Saudi Arabia		FBF		1.00		6/20/2024		0.7800		USD		3,000	$	34,425		$	32,737		$	(1,688	)
Republic of Indonesia		FBF		1.00		6/20/2024		0.9700		USD		3,000		7,778			7,360			(418	)
Russian Federation		FBF		1.00		6/20/2024		1.2700		USD		4,500		(69,549	)		(52,638	)		16,911

													$	(27,346	)	$	(12,541	)	$	14,805


Interest Rate Swaps
Reference Entity			Counter- Party		Fixed Rate (%)		Expiration Date		Curr		Notional Amount⁽⁴⁾ (000s)		Premiums Paid (Received)			Fair Value			Unrealized Appreciation (Depreciation)
1-Day BRL-CDI				HUS		9.12		1/4/2021		BRL		30,100	$	—		$	(443,084	)	$	(443,084	)
1-Day BRL-CDI				UAG		8.65		1/4/2021		BRL		32,500		—			(359,772	)		(359,772	)

													$	—		$	(802,856	)	$	(802,856	)

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

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

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

⁽⁵⁾

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

Forward Foreign Currency Contracts Open on April 30, 2019:


Currency Purchased*		Currency Sold*			Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
ARS	6,162,039		USD	6,095,507	6/3/2019	HUB	$	66,532	$	—		$	66,532
ARS	4,224,360		USD	4,400,000	6/19/2019	HUB		—		(175,640	)		(175,640	)
ARS	5,938,100		USD	6,372,037	6/19/2019	HUB		—		(433,937	)		(433,937	)
BRL	394,663		USD	400,000	7/2/2019	HUB		—		(5,337	)		(5,337	)
BRL	800,900		USD	800,000	7/2/2019	HUB		900		—			900
USD	10,670,000		BRL	10,488,920	7/2/2019	HUB		181,080		—			181,080
USD	10,670,000		BRL	10,478,359	7/2/2019	HUB		191,641		—			191,641
USD	9,200,000		BRL	9,084,146	7/2/2019	HUB		115,854		—			115,854
USD	5,329,999		BRL	5,233,254	7/2/2019	HUB		96,745		—			96,745
USD	5,330,000		BRL	5,230,414	7/2/2019	HUB		99,586		—			99,586
USD	224,000		BRL	221,239	7/2/2019	HUB		2,761		—			2,761
USD	88,670		BRL	87,566	7/2/2019	HUB		1,104		—			1,104
ZAR	395,088		USD	400,000	8/8/2019	HUB		—		(4,912	)		(4,912	)
USD	9,570,000		ZAR	9,479,630	8/8/2019	HUB		90,370		—			90,370
USD	2,207,000		ZAR	2,185,702	8/8/2019	HUB		21,298		—			21,298
USD	880,550		ZAR	868,724	8/8/2019	HUB		11,826		—			11,826
ARS	8,146,818		USD	9,124,977	9/19/2019	HUB		—		(978,159	)		(978,159	)
USD	4,126,459		COP	4,024,407	9/24/2019	HUB		102,052		—			102,052
USD	4,133,660		COP	4,024,384	9/24/2019	HUB		109,276		—			109,276
USD	4,125,461		COP	4,024,384	9/24/2019	HUB		101,077		—			101,077
BRL	87,990		USD	89,094	5/3/2019	HUS		—		(1,104	)		(1,104	)
BRL	221,252		USD	224,000	5/3/2019	HUS		—		(2,748	)		(2,748	)
BRL	1,704,471		USD	1,800,000	5/3/2019	HUS		—		(95,529	)		(95,529	)
BRL	2,291,418		USD	2,400,000	5/3/2019	HUS		—		(108,582	)		(108,582	)
BRL	2,488,460		USD	2,500,000	5/3/2019	HUS		—		(11,540	)		(11,540	)
BRL	5,230,634		USD	5,330,000	5/3/2019	HUS		—		(99,366	)		(99,366	)
BRL	5,233,353		USD	5,330,000	5/3/2019	HUS		—		(96,647	)		(96,647	)
BRL	9,084,798		USD	9,200,000	5/3/2019	HUS		—		(115,202	)		(115,202	)
BRL	10,479,246		USD	10,670,000	5/3/2019	HUS		—		(190,754	)		(190,754	)
BRL	10,490,130		USD	10,670,000	5/3/2019	HUS		—		(179,870	)		(179,870	)
USD	10,110,000		BRL	9,811,168	5/3/2019	HUS		298,832		—			298,832
USD	10,110,000		BRL	9,798,277	5/3/2019	HUS		311,723		—			311,723
USD	10,110,000		BRL	9,792,604	5/3/2019	HUS		317,396		—			317,396
USD	10,110,000		BRL	9,790,541	5/3/2019	HUS		319,459		—			319,459
USD	8,398,903		BRL	8,119,161	5/3/2019	HUS		279,742		—			279,742
COP	387,117		USD	400,000	5/8/2019	HUS		—		(12,883	)		(12,883	)
COP	583,737		USD	605,000	5/8/2019	HUS		—		(21,263	)		(21,263	)
COP	677,238		USD	700,000	5/8/2019	HUS		—		(22,762	)		(22,762	)
COP	775,717		USD	800,000	5/8/2019	HUS		—		(24,283	)		(24,283	)
COP	1,409,184		USD	1,463,000	5/8/2019	HUS		—		(53,816	)		(53,816	)
COP	1,409,546		USD	1,463,000	5/8/2019	HUS		—		(53,454	)		(53,454	)
COP	1,585,860		USD	1,646,000	5/8/2019	HUS		—		(60,140	)		(60,140	)
COP	3,829,154		USD	3,968,000	5/8/2019	HUS		—		(138,846	)		(138,846	)
COP	4,051,645		USD	4,162,548	5/8/2019	HUS		—		(110,903	)		(110,903	)
COP	4,051,645		USD	4,154,629	5/8/2019	HUS		—		(102,984	)		(102,984	)
COP	4,051,669		USD	4,154,654	5/8/2019	HUS		—		(102,985	)		(102,985	)
USD	8,395,255		COP	8,342,903	5/8/2019	HUS		52,352		—			52,352
USD	7,201,000		COP	7,239,368	5/8/2019	HUS		—		(38,368	)		(38,368	)
USD	7,201,000		COP	7,230,239	5/8/2019	HUS		—		(29,239	)		(29,239	)
ARS	1,956,040		USD	1,976,619	5/15/2019	HUS		—		(20,579	)		(20,579	)
ARS	3,595,427		USD	3,630,000	5/15/2019	HUS		—		(34,573	)		(34,573	)
IDR	399,066		USD	400,000	5/29/2019	HUS		—		(934	)		(934	)
IDR	399,122		USD	400,000	5/29/2019	HUS		—		(878	)		(878	)
IDR	791,136		USD	800,000	5/29/2019	HUS		—		(8,864	)		(8,864	)
IDR	847,777		USD	850,000	5/29/2019	HUS		—		(2,223	)		(2,223	)
IDR	913,640		USD	900,000	5/29/2019	HUS		13,640		—			13,640
IDR	1,502,584		USD	1,500,000	5/29/2019	HUS		2,584		—			2,584
ARS	6,775,026		USD	6,493,995	5/29/2019	HUS		281,031		—			281,031
USD	5,265,000		IDR	5,402,626	5/29/2019	HUS		—		(137,626	)		(137,626	)
USD	5,265,000		IDR	5,401,152	5/29/2019	HUS		—		(136,152	)		(136,152	)
USD	5,265,000		IDR	5,398,942	5/29/2019	HUS		—		(133,942	)		(133,942	)

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)

Forward Foreign Currency Contracts Open on April 30, 2019 (continued):


Currency Purchased*		Currency Sold*			Settlement Date	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
USD	5,267,000		IDR	5,345,351	5/29/2019	HUS	$	—	$	(78,351	)	$	(78,351	)
USD	4,284,474		IDR	4,342,214	5/29/2019	HUS		—		(57,740	)		(57,740	)

							$	3,068,861	$	(3,883,115	)	$	(814,254	)


*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 Securities USA LLC
GST		Goldman Sachs International
HUB		HSBC Bank PLC
HUS		HSBC Bank (USA)
UAG		UBS AG

Currency Abbreviations:

ARS		Argentine Peso
BRL		Brazilian Real
COP		Colombian Peso
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, 2019, the investments were classified as described below:


GLG Total Return Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Sovereign Obligations
Argentina	$	—	$	8,977,407	$	—	$	8,977,407
South Africa		—		19,199,206		—		19,199,206
Foreign Corporate Obligations
British Virgin Islands		—		249,984		—		249,984
China		—		4,849,717		—		4,849,717

See accompanying notes

American Beacon GLG Total Return Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


GLG Total Return Fund	Level 1		Level 2			Level 3		Total
India	$	—	$	4,343,035		$	—	$	4,343,035
Mexico		—		5,971,114			—		5,971,114
Short-Term Investments
Investment Companies		18,738,248		—			—		18,738,248
U.S. Treasury Obligations		—		320,215,911			—		320,215,911

Total Investments in Securities - Assets	$	18,738,248	$	363,806,374		$	—	$	382,544,622

*Financial Derivative Instruments - Assets*
Swap Contract Agreements	$	—	$	4,588,009		$	—	$	4,588,009
Forward Foreign Currency Contracts		—		3,068,861			—		3,068,861

Total Financial Derivative Instruments - Assets	$	—	$	7,656,870		$	—	$	7,656,870

*Financial Derivative Instruments - Liabilities*
Swap Contract Agreements	$	—	$	(15,838,081	)	$	—	$	(15,838,081	)
Forward Foreign Currency Contracts		—		(3,883,115	)		—		(3,883,115	)

Total Financial Derivative Instruments - Liabilities	$	—	$	(19,721,196	)	$	—	$	(19,721,196	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
Argentina - 1.68% (Cost $618,878)
Common Stocks - 1.68%
MercadoLibre, Inc.^A		2,024	$	979,899

China - 9.72%
Common Stocks - 9.72%
Alibaba Group Holding Ltd., Sponsored ADR^A		9,094		1,687,574
Ctrip.com International Ltd., ADR^A		14,483		637,976
New Oriental Education & Technology Group, Inc., Sponsored ADR^A		18,666		1,781,856
Tencent Holdings Ltd.		31,695		1,567,619

Total Common Stocks				5,675,025

Total China (Cost $4,531,466)				5,675,025

Denmark - 2.79% (Cost $1,381,925)
Common Stocks - 2.79%
Novo Nordisk A/S, Class B		33,239		1,625,422

France - 2.79% (Cost $1,464,476)
Common Stocks - 2.79%
Danone S.A.		20,149		1,628,945

Germany - 3.08% (Cost $1,225,211)
Common Stocks - 3.08%
SAP SE, Sponsored ADR		13,967		1,799,788

Hong Kong - 3.74% (Cost $1,479,068)
Common Stocks - 3.74%
AIA Group Ltd.		214,098		2,181,972

India - 5.36%
Common Stocks - 5.36%
HDFC Bank Ltd., ADR		18,240		2,091,216
Infosys Ltd., Sponsored ADR		96,439		1,037,684

Total Common Stocks				3,128,900

Total India (Cost $2,399,546)				3,128,900

Japan - 1.90% (Cost $748,315)
Common Stocks - 1.90%
Fast Retailing Co., Ltd.^B		1,915		1,109,041

Mexico - 1.89% (Cost $978,090)
Common Stocks - 1.89%
Fomento Economico Mexicano S.A.B. de C.V., Series B, Sponsored ADR		11,297		1,102,474

South Africa - 3.38%
Common Stocks - 3.38%
Sanlam Ltd.		157,499		842,270
Shoprite Holdings Ltd.		93,645		1,128,192

Total Common Stocks				1,970,462

Total South Africa (Cost $2,148,228)				1,970,462

Switzerland - 3.56% (Cost $1,741,477)
Common Stocks - 3.56%
Nestle S.A.		21,615		2,079,936

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


	Shares		Fair Value
United Kingdom - 2.83% (Cost $1,451,028)
Common Stocks - 2.83%
Linde PLC		9,160	$	1,651,182

United States - 48.26%
Common Stocks - 48.26%
Abbott Laboratories		26,417		2,101,736
Alphabet, Inc., Class C^A		1,554		1,846,898
Amazon.com, Inc.^A		1,032		1,988,169
Autodesk, Inc.^A		11,906		2,121,768
Booking Holdings, Inc.^A		603		1,118,559
Equinix, Inc.		4,517		2,053,880
FleetCor Technologies, Inc.^A		6,405		1,671,385
IHS Markit Ltd.^A		29,415		1,684,303
Microsoft Corp.		9,193		1,200,606
Mondelez International, Inc., Class A		33,323		1,694,474
NIKE, Inc., Class B		18,813		1,652,346
Regeneron Pharmaceuticals, Inc.^A		3,873		1,328,981
salesforce.com, Inc.^A		10,088		1,668,051
TJX Cos, Inc.		29,292		1,607,545
Visa, Inc., Class A		13,700		2,252,691
Yum! Brands, Inc.		20,858		2,177,367

Total Common Stocks				28,168,759

Total United States (Cost $19,958,566)				28,168,759

SHORT-TERM INVESTMENTS - 8.14% (Cost $4,749,969)
Investment Companies - 8.14%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.37%^{C D}		4,749,969		4,749,969

TOTAL INVESTMENTS - 99.12% (Cost $44,876,243)				57,851,774
OTHER ASSETS, NET OF LIABILITIES - 0.88%				512,547

TOTAL NET ASSETS - 100.00%			$	58,364,321

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $1,109,041 or 1.90% of net assets.

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

^D	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of April 30, 2019, the investments were classified as described below:


SGA Global Growth Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Argentina	$	979,899	$	—	$	—	$	979,899
China		5,675,025		—		—		5,675,025
Denmark		1,625,422		—		—		1,625,422
France		1,628,945		—		—		1,628,945
Germany		1,799,788		—		—		1,799,788

See accompanying notes

American Beacon SGA Global Growth Fund^SM

Schedule of Investments

April 30, 2019 (Unaudited)


SGA Global Growth Fund	Level 1		Level 2		Level 3		Total
Hong Kong	$	2,181,972	$	—	$	—	$	2,181,972
India		3,128,900		—		—		3,128,900
Japan		—		1,109,041		—		1,109,041
Mexico		1,102,474		—		—		1,102,474
South Africa		1,970,462		—		—		1,970,462
Switzerland		2,079,936		—		—		2,079,936
United Kingdom		1,651,182		—		—		1,651,182
Common Stocks
United States		28,168,759		—		—		28,168,759
Short-Term Investments		4,749,969		—		—		4,749,969

Total Investments in Securities - Assets	$	56,742,733	$	1,109,041	$	—	$	57,851,774

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended April 30, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2019 (Unaudited)

Organization

American Beacon Funds (the “Trust”), is organized as a Massachusetts business trust. As of April 30, 2019, the Trust consists of thirty-three active series, six of which are presented in this filing: American Beacon Acadian Emerging Markets Managed Volatility Fund, American Beacon Continuous Capital Emerging Markets Value, American Beacon Crescent Short Duration High Income Fund, American Beacon Frontier Markets Income Fund, American Beacon GLG Total Return 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, as amended (the “Act”), as non-diversified, open-end management investment companies except for the American Beacon Acadian Emerging Markets Managed Volatility Fund and the American Beacon Crescent Short Duration High Income Fund, that are registered as diversified, open-end management investment companies. The remaining twenty-seven active series are reported in separate filings.

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

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 FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, a part of Generally Accepted Accounting Principles (“U.S. GAAP”).

Security Valuation and Fair Value Measurements

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

The NAV of each class of the Fund’s shares is determined based on a pro rata allocation of the Fund’s investment income, expenses and total capital gains and losses. The Fund’s NAV per share is determined each business day as of the regular close of trading on the New York Stock Exchange (“NYSE” or “Exchange”), which is typically 4:00 p.m. Eastern Time (“ET”). However, if trading on the NYSE closes at a time other than 4:00 p.m. ET, the Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Fund does not price its shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when the Fund is not open for business, which may result in the value of the Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

Equity securities, including shares of closed-end funds and exchange-traded funds (“ETFs”), are valued at the last sale price or official closing price taken from the primary exchange in which each security trades. Investments in other mutual funds are valued at the closing NAV per share on the day of valuation. Debt securities are valued at bid quotes from broker/dealers or evaluated bid prices from pricing services, who may consider a number of inputs and

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2019 (Unaudited)

factors, such as prices of comparable securities, yield curves, spreads, credit ratings, coupon rates, maturity, default rates, and underlying collateral. Futures are valued based on their daily settlement prices. Exchange-traded and over-the-counter (“OTC”) options are valued at the last sale price. Options with no last sale for the day are priced at mid quote. Swaps are valued at evaluated mid prices from pricing services.

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

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2019 (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.

OTC financial derivative instruments, such as forward foreign currency contracts and structured notes, 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, 2019 (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 Lending

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

To the extent that a loan is collateralized by cash, such cash collateral shall be invested by the securities lending agent (the “Agent”) in money market mutual funds and other short-term investments provided the investments meet certain quality and diversification requirements. Securities purchased with cash collateral proceeds are listed in

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2019 (Unaudited)

the Funds’ Schedules of Investments.

Securities lending income is generated from the demand premium (if any) paid by the borrower to borrow a specific security and from the return on investment of cash collateral, reduced by negotiated rebate fees paid to the borrower and transaction costs. To the extent that a loan is secured by non-cash collateral, securities lending income is generated as a demand premium reduced by transaction costs. The Funds, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

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

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

As of April 30, 2019, the value of outstanding securities on loan and the value of collateral were as follows:


Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Continuous Capital Emerging Markets Value	$	67,068	$	68,978	$	—	$	68,978

Cash collateral is listed on the Fund’s Schedule of Investments.

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

Federal Income and Excise Taxes

It is the policy of each Fund to qualify as a regulated investment company (“RIC”), by complying with all applicable provisions of Subchapter M of the Internal Revenue Code, as amended, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each Fund is treated as a single entity for the purpose of determining such qualification.

The Funds do not have any unrecorded tax liabilities. Each tax period remains open for four years and is subject to examination by the Internal Revenue Service other than American Beacon Continuous Capital Emerging Markets Fund which was open for the period ended January 31, 2019 subject to examination by the Internal Revenue Service.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

April 30, 2019 (Unaudited)

Cost of Investments for Federal Income Tax Purposes

As of April 30, 2019, the Funds’ cost of investments for federal income tax purposes were as follows:


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Acadian Emerging Markets Managed Volatility	$	29,959,513	$	5,485,384	$	(1,113,929	)	$	4,371,455
Continuous Capital Emerging Markets		5,020,601		405,353		(79,880	)		325,473
Crescent Short Duration High Income		89,530,703		1,026,011		(1,090,649	)		(64,638	)
Frontier Markets Income		363,851,360		4,075,114		(20,564,450	)		(16,489,336	)
GLG Total Return		383,265,503		20,192		(741,073	)		(720,881	)
SGA Global Growth		44,876,243		13,205,745		(230,214	)		12,975,531

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, 2019, 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	$	2,052,155	$	2,210,056
Frontier Markets Income		4,529,552		11,401,146

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 27, 2019

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 27, 2019

By:

/s/ Melinda G. Heika

Melinda G. Heika

Treasurer

Date: June 27, 2019

Certifications

I, Gene L. Needles, Jr., certify that:

1.	I have reviewed this report on Form N-Q of American Beacon Funds.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c.) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.	The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

I, Melinda G. Heika, certify that:

1.	I have reviewed this report on Form N-Q of American Beacon Funds.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

5.	The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

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Date: June 27, 2019

/s/ Gene L. Needles, Jr.

Gene L. Needles, Jr., President