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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)

Jeffrey K. Ringdahl, PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2022

Date of reporting period: July 31, 2022

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.37%
Communication Services - 4.36%
Entertainment - 1.14%
Electronic Arts, Inc.		6,815	$	894,332
Warner Bros Discovery, Inc.^A		49,199		737,985

				1,632,317

Interactive Media & Services - 0.75%
Alphabet, Inc., Class A^A		9,200		1,070,144

Media - 1.65%
Altice USA, Inc., Class A^A		29,792		313,114
Comcast Corp., Class A		32,415		1,216,211
News Corp., Class A		24,500		419,930
Omnicom Group, Inc.		2,786		194,574
Paramount Global, Class B		8,700		205,755

				2,349,584

Wireless Telecommunication Services - 0.82%
T-Mobile U.S., Inc.^A		4,441		635,330
Vodafone Group PLC, ADR		36,032		531,832

				1,167,162

Total Communication Services				6,219,207

Consumer Discretionary - 4.76%
Auto Components - 0.98%
Adient PLC^A		4,532		153,091
Aptiv PLC^A		3,000		314,670
Goodyear Tire & Rubber Co.^A		9,459		116,157
Magna International, Inc.		12,804		817,663

				1,401,581

Automobiles - 0.80%
General Motors Co.^A		31,542		1,143,713

Hotels, Restaurants & Leisure - 1.48%
Aramark		23,656		790,110
Booking Holdings, Inc.^A		150		290,354
Las Vegas Sands Corp.^A		27,331		1,030,105

				2,110,569

Multiline Retail - 0.91%
Dollar General Corp.		5,192		1,289,848

Specialty Retail - 0.59%
Advance Auto Parts, Inc.		4,351		842,441

Total Consumer Discretionary				6,788,152

Consumer Staples - 1.71%
Beverages - 0.74%
Coca-Cola Europacific Partners PLC		19,510		1,055,881

Personal Products - 0.56%
Haleon PLC, ADR		6,943		48,809
Unilever PLC, ADR^B		15,400		749,364

				798,173

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.37% (continued)
Consumer Staples - 1.71% (continued)
Tobacco - 0.41%
Philip Morris International, Inc.		5,974	$	580,374

Total Consumer Staples				2,434,428

Energy - 6.54%
Energy Equipment & Services - 1.23%
Baker Hughes Co.		5,900		151,571
Halliburton Co.		26,441		774,721
NOV, Inc.		35,000		651,350
Schlumberger NV		4,700		174,041

				1,751,683

Oil, Gas & Consumable Fuels - 5.31%
APA Corp.		21,114		784,807
Cenovus Energy, Inc.		12,500		238,500
Hess Corp.		17,902		2,013,438
Marathon Oil Corp.		35,231		873,729
Murphy Oil Corp.		8,000		281,120
Phillips 66		18,403		1,637,867
Pioneer Natural Resources Co.		4,385		1,039,026
Shell PLC, ADR		13,235		706,484

				7,574,971

Total Energy				9,326,654

Financials - 11.80%
Banks - 5.33%
Citigroup, Inc.		39,557		2,053,008
Citizens Financial Group, Inc.		10,668		405,064
First Citizens BancShares, Inc., Class A		660		499,409
M&T Bank Corp.		6,625		1,175,606
U.S. Bancorp		15,368		725,370
Wells Fargo & Co.		62,662		2,748,982

				7,607,439

Capital Markets - 2.76%
Bank of New York Mellon Corp.		18,815		817,700
Credit Suisse Group AG, ADR^B		53,000		307,400
Goldman Sachs Group, Inc.		3,417		1,139,194
Northern Trust Corp.		9,070		905,004
State Street Corp.		10,806		767,658

				3,936,956

Consumer Finance - 0.45%
American Express Co.		4,148		638,875

Diversified Financial Services - 0.15%
Equitable Holdings, Inc.		7,300		207,539

Insurance - 3.11%
Allstate Corp.		6,245		730,478
American International Group, Inc.		42,309		2,190,337
Hartford Financial Services Group, Inc.		9,700		625,359
Travelers Cos., Inc.		1,157		183,616
Willis Towers Watson PLC		3,417		707,114

				4,436,904

Total Financials				16,827,713

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.37% (continued)
Health Care - 7.67%
Health Care Equipment & Supplies - 0.91%
Medtronic PLC		11,333	$	1,048,529
Zimmer Biomet Holdings, Inc.		2,332		257,430

				1,305,959

Health Care Providers & Services - 4.65%
Centene Corp.^A		6,700		622,899
CVS Health Corp.		12,885		1,232,837
Elevance Health, Inc.		5,239		2,499,527
HCA Healthcare, Inc.		2,000		424,840
Humana, Inc.		800		385,600
UnitedHealth Group, Inc.		2,699		1,463,775

				6,629,478

Pharmaceuticals - 2.11%
GSK PLC, ADR		5,554		234,229
Merck & Co., Inc.		13,306		1,188,758
Perrigo Co. PLC		29,735		1,245,005
Sanofi, ADR		6,903		343,079

				3,011,071

Total Health Care				10,946,508

Industrials - 7.38%
Aerospace & Defense - 0.65%
Boeing Co.^A		3,200		509,792
Raytheon Technologies Corp.		4,500		419,445

				929,237

Air Freight & Logistics - 0.70%
FedEx Corp.		4,300		1,002,287

Construction & Engineering - 0.85%
AECOM		15,213		1,095,336
Fluor Corp.^A		4,600		116,886

				1,212,222

Electrical Equipment - 0.63%
Vertiv Holdings Co.		78,574		897,315

Industrial Conglomerates - 1.56%
General Electric Co.		30,062		2,221,882

Machinery - 2.41%
CNH Industrial NV		41,580		537,214
Cummins, Inc.		2,472		547,078
Deere & Co.		3,242		1,112,589
Iveco Group NV^{A C}		11,255		69,181
PACCAR, Inc.		4,639		424,561
Stanley Black & Decker, Inc.		7,569		736,691

				3,427,314

Road & Rail - 0.58%
JB Hunt Transport Services, Inc.		4,536		831,313

Total Industrials				10,521,570

Information Technology - 7.49%
Communications Equipment - 1.01%
F5, Inc.^A		5,900		987,424

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.37% (continued)
Information Technology - 7.49% (continued)
Communications Equipment - 1.01% (continued)
Telefonaktiebolaget LM Ericsson, ADR^B		60,420	$	455,567

				1,442,991

Electronic Equipment, Instruments & Components - 0.71%
Corning, Inc.		15,095		554,892
TE Connectivity Ltd.		3,358		449,065

				1,003,957

IT Services - 1.65%
Cognizant Technology Solutions Corp., Class A		14,604		992,488
Fidelity National Information Services, Inc.		11,095		1,133,465
Fiserv, Inc.^A		2,200		232,496

				2,358,449

Semiconductors & Semiconductor Equipment - 1.37%
Broadcom, Inc.		1,946		1,042,044
Micron Technology, Inc.		6,700		414,462
QUALCOMM, Inc.		3,427		497,121

				1,953,627

Software - 2.75%
Microsoft Corp.		4,595		1,290,000
Oracle Corp.		21,604		1,681,656
Workday, Inc., Class A^A		6,100		946,110

				3,917,766

Total Information Technology				10,676,790

Materials - 3.06%
Chemicals - 2.96%
Air Products & Chemicals, Inc.		5,347		1,327,286
Axalta Coating Systems Ltd.^A		23,181		584,625
DuPont de Nemours, Inc.		10,211		625,219
International Flavors & Fragrances, Inc.		9,253		1,147,835
Olin Corp.		10,200		533,154

				4,218,119

Containers & Packaging - 0.10%
International Paper Co.		3,525		150,764

Total Materials				4,368,883

Real Estate - 1.14%
Equity Real Estate Investment Trusts (REITs) - 1.14%
VICI Properties, Inc.		47,362		1,619,307

Utilities - 1.46%
Electric Utilities - 1.46%
Pinnacle West Capital Corp.		13,572		997,135
PPL Corp.		37,547		1,091,867

				2,089,002

Total Utilities				2,089,002

Total Common Stocks (Cost $67,887,034)				81,818,214

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42%
Basic Materials - 0.07%
Chemicals - 0.04%
EI du Pont de Nemours & Co., 1.700%, Due 7/15/2025	$	55,000	$	52,532

Forest Products & Paper - 0.03%
International Paper Co., 6.000%, Due 11/15/2041		40,000		43,477

Total Basic Materials				96,009

Communications - 1.31%
Internet - 0.46%
Amazon.com, Inc.,
0.800%, Due 6/3/2025		350,000		329,082
1.200%, Due 6/3/2027		250,000		228,126
3.875%, Due 8/22/2037		105,000		105,977

				663,185

Media - 0.41%
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.800%, Due 4/1/2031		50,000		42,232
3.500%, Due 3/1/2042		70,000		51,181
3.700%, Due 4/1/2051		60,000		42,574
Comcast Corp.,
3.400%, Due 4/1/2030		70,000		68,239
1.950%, Due 1/15/2031		75,000		65,097
6.550%, Due 7/1/2039		217,000		268,162
2.887%, Due 11/1/2051		64,000		48,580

				586,065

Telecommunications - 0.44%
AT&T, Inc., 2.250%, Due 2/1/2032		50,000		42,601
T-Mobile USA, Inc., 3.875%, Due 4/15/2030		265,000		255,084
Verizon Communications, Inc.,
4.329%, Due 9/21/2028		180,000		184,546
4.500%, Due 8/10/2033		50,000		50,969
3.400%, Due 3/22/2041		105,000		90,147

				623,347

Total Communications				1,872,597

Consumer, Cyclical - 1.43%
Airlines - 0.05%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, Series AA		75,784		66,923

Auto Manufacturers - 0.45%
American Honda Finance Corp., 2.000%, Due 3/24/2028		55,000		50,140
Toyota Motor Credit Corp.,
2.500%, Due 3/22/2024		115,000		113,796
1.800%, Due 2/13/2025		500,000		481,260

				645,196

Home Furnishings - 0.03%
Whirlpool Corp., 4.600%, Due 5/15/2050		50,000		45,054

Retail - 0.90%
AutoNation, Inc., 3.850%, Due 3/1/2032		110,000		98,191
Home Depot, Inc.,
2.950%, Due 6/15/2029		500,000		482,325
1.375%, Due 3/15/2031		350,000		294,861

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42% (continued)
Consumer, Cyclical - 1.43% (continued)
Retail - 0.90% (continued)
Tractor Supply Co., 1.750%, Due 11/1/2030	$	60,000	$	49,021
Walmart, Inc.,
2.375%, Due 9/24/2029		150,000		140,991
7.550%, Due 2/15/2030		169,000		213,577

				1,278,966

Total Consumer, Cyclical				2,036,139

Consumer, Non-Cyclical - 1.61%
Agriculture - 0.03%
Cargill, Inc., 1.375%, Due 7/23/2023^D		50,000		49,111

Biotechnology - 0.04%
Amgen, Inc., 4.400%, Due 5/1/2045		55,000		53,683

Commercial Services - 0.12%
Moody’s Corp., 2.550%, Due 8/18/2060		50,000		33,290
Quanta Services, Inc.,
2.900%, Due 10/1/2030		100,000		86,412
3.050%, Due 10/1/2041		70,000		50,671

				170,373

Food - 0.35%
Mondelez International, Inc., 1.500%, Due 2/4/2031		50,000		40,960
Nestle Holdings, Inc., 1.150%, Due 1/14/2027^D		500,000		457,308

				498,268

Health Care - Services - 0.46%
Children’s Health System of Texas, 2.511%, Due 8/15/2050		65,000		45,892
Community Health Network, Inc., 3.099%, Due 5/1/2050, Series 20 A		80,000		59,079
Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, Due 6/1/2050^D		40,000		31,533
Kaiser Foundation Hospitals, 3.002%, Due 6/1/2051, Series 2021		50,000		38,778
UnitedHealth Group, Inc.,
0.550%, Due 5/15/2024		350,000		334,400
3.875%, Due 12/15/2028		140,000		143,512

				653,194

Pharmaceuticals - 0.61%
AbbVie, Inc.,
4.450%, Due 5/14/2046		45,000		43,370
4.875%, Due 11/14/2048		85,000		87,068
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		588,000		585,005
CVS Health Corp.,
4.300%, Due 3/25/2028		39,000		39,643
5.050%, Due 3/25/2048		30,000		30,532
Viatris, Inc., 3.850%, Due 6/22/2040		35,000		25,721
Zoetis, Inc., 3.000%, Due 9/12/2027		60,000		57,845

				869,184

Total Consumer, Non-Cyclical				2,293,813

Energy - 0.80%
Oil & Gas - 0.37%
Chevron USA, Inc., 2.343%, Due 8/12/2050		50,000		36,918
ConocoPhillips Co., 2.125%, Due 3/8/2024		135,000		132,698

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42% (continued)
Energy - 0.80% (continued)
Oil & Gas - 0.37% (continued)
Diamondback Energy, Inc.,
3.125%, Due 3/24/2031	$	140,000	$	126,863
4.250%, Due 3/15/2052		80,000		69,309
Marathon Petroleum Corp., 5.125%, Due 12/15/2026		35,000		36,251
Phillips 66 Co., 3.750%, Due 3/1/2028^D		65,000		62,771
Pioneer Natural Resources Co.,
1.900%, Due 8/15/2030		45,000		38,074
2.150%, Due 1/15/2031		25,000		21,433

				524,317

Pipelines - 0.43%
Cheniere Corpus Christi Holdings LLC, 2.742%, Due 12/31/2039		53,000		42,792
MPLX LP,
1.750%, Due 3/1/2026		75,000		68,958
4.125%, Due 3/1/2027		65,000		64,301
ONEOK, Inc., 4.550%, Due 7/15/2028		65,000		64,201
Sabine Pass Liquefaction LLC,
4.200%, Due 3/15/2028		180,000		175,847
4.500%, Due 5/15/2030		50,000		49,524
Williams Cos., Inc.,
2.600%, Due 3/15/2031		100,000		86,995
5.400%, Due 3/4/2044		60,000		59,703

				612,321

Total Energy				1,136,638

Financial - 5.33%
Banks - 3.61%
Bank of America Corp.,
4.125%, Due 1/22/2024		193,000		195,759
1.734%, Due 7/22/2027, (Secured Overnight Financing Rate + 0.960%)^E		350,000		317,551
2.592%, Due 4/29/2031, (Secured Overnight Financing Rate + 2.150%)^E		70,000		61,377
2.299%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.220%)^E		205,000		172,420
6.110%, Due 1/29/2037		176,000		198,360
3.846%, Due 3/8/2037, (5 yr. CMT + 2.000%)^E		75,000		67,920
2.676%, Due 6/19/2041, (Secured Overnight Financing Rate + 1.930%)^E		80,000		60,963
5.000%, Due 1/21/2044		65,000		66,702
Citigroup, Inc.,
1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)^E		40,000		37,399
3.400%, Due 5/1/2026		350,000		344,377
4.412%, Due 3/31/2031, (Secured Overnight Financing Rate + 3.914%)^E		260,000		257,382
5.875%, Due 1/30/2042		145,000		162,587
Fifth Third Bank NA, 2.250%, Due 2/1/2027		500,000		469,345
Goldman Sachs Group, Inc.,
1.431%, Due 3/9/2027, (Secured Overnight Financing Rate + 0.798%)^E		110,000		99,382
1.542%, Due 9/10/2027, (Secured Overnight Financing Rate + 0.818%)^E		100,000		89,484
2.615%, Due 4/22/2032, (Secured Overnight Financing Rate + 1.281%)^E		55,000		47,532
JPMorgan Chase & Co.,
3.625%, Due 5/13/2024		434,000		437,774
2.301%, Due 10/15/2025, (Secured Overnight Financing Rate + 1.160%)^E		160,000		153,496
3.782%, Due 2/1/2028, (3 mo. USD LIBOR + 1.337%)^E		85,000		83,501
2.963%, Due 1/25/2033, (Secured Overnight Financing Rate + 1.260%)^E		100,000		89,112
3.882%, Due 7/24/2038, (3 mo. USD LIBOR + 1.360%)^E		90,000		83,491
5.500%, Due 10/15/2040		313,000		338,886
Morgan Stanley,
0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)^E		90,000		83,576
3.591%, Due 7/22/2028, (3 mo. USD LIBOR + 1.340%)^E		145,000		140,307

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42% (continued)
Financial - 5.33% (continued)
Banks - 3.61% (continued)
Morgan Stanley (continued)
1.794%, Due 2/13/2032, (Secured Overnight Financing Rate + 1.034%)^E	$	115,000	$	94,132
2.239%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.178%)^E		65,000		54,966
PNC Financial Services Group, Inc.,
3.400%, Due 9/15/2026, Series T, (5 yr. CMT + 2.595%)^{E F}		80,000		65,600
2.550%, Due 1/22/2030		500,000		447,928
State Street Corp.,
2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)^E		65,000		63,275
2.200%, Due 3/3/2031		55,000		46,823
Truist Financial Corp., 1.267%, Due 3/2/2027, (Secured Overnight Financing Rate + 0.609%)^E		55,000		50,118
U.S. Bancorp, 4.967%, Due 7/22/2033, (Secured Overnight Financing Rate + 2.110%)^E		60,000		62,371
Wells Fargo & Co.,
2.572%, Due 2/11/2031, (Secured Overnight Financing Rate + 1.262%)^E		160,000		141,129
5.375%, Due 11/2/2043		65,000		67,044

				5,152,069

Diversified Financial Services - 0.31%
American Express Co., 4.200%, Due 11/6/2025		60,000		61,234
Charles Schwab Corp.,
0.750%, Due 3/18/2024		45,000		43,330
3.250%, Due 5/22/2029		65,000		62,608
CME Group, Inc., 2.650%, Due 3/15/2032		120,000		110,881
Intercontinental Exchange, Inc., 4.950%, Due 6/15/2052		60,000		62,365
Visa, Inc., 3.150%, Due 12/14/2025		95,000		94,950

				435,368

Insurance - 0.87%
Berkshire Hathaway Finance Corp.,
2.300%, Due 3/15/2027		300,000		291,186
3.850%, Due 3/15/2052		65,000		59,587
CNA Financial Corp., 4.500%, Due 3/1/2026		80,000		81,180
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		65,000		42,614
MetLife, Inc.,
6.375%, Due 6/15/2034		169,000		200,913
4.721%, Due 12/15/2044		193,000		191,992
Progressive Corp., 2.500%, Due 3/15/2027		70,000		67,335
Prudential Financial, Inc., 4.600%, Due 5/15/2044		313,000		308,169

				1,242,976

REITS - 0.54%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033		65,000		51,019
American Tower Corp., 2.300%, Due 9/15/2031		80,000		66,500
Camden Property Trust, 3.150%, Due 7/1/2029		70,000		66,026
Crown Castle International Corp.,
3.800%, Due 2/15/2028		50,000		48,641
2.900%, Due 4/1/2041		55,000		41,983
Digital Realty Trust LP, 3.700%, Due 8/15/2027		55,000		53,715
Prologis LP, 1.250%, Due 10/15/2030		50,000		41,223
Public Storage, 2.250%, Due 11/9/2031		100,000		87,054
Simon Property Group LP, 3.375%, Due 10/1/2024		313,000		311,079

				767,240

Total Financial				7,597,653

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42% (continued)
Industrial - 1.24%
Aerospace/Defense - 0.27%
Boeing Co., 2.750%, Due 2/1/2026	$	90,000	$	85,927
Northrop Grumman Corp., 3.850%, Due 4/15/2045		55,000		49,445
Raytheon Technologies Corp., 6.125%, Due 7/15/2038		217,000		252,860

				388,232

Building Materials - 0.09%
Martin Marietta Materials, Inc., 0.650%, Due 7/15/2023		40,000		38,875
Vulcan Materials Co., 3.500%, Due 6/1/2030		95,000		88,177

				127,052

Environmental Control - 0.04%
Waste Connections, Inc., 2.200%, Due 1/15/2032		65,000		55,736

Machinery - Diversified - 0.32%
John Deere Capital Corp., 2.450%, Due 1/9/2030		500,000		464,135

Miscellaneous Manufacturing - 0.04%
Carlisle Cos., Inc., 2.200%, Due 3/1/2032		65,000		52,531

Packaging & Containers - 0.08%
Amcor Flexibles North America, Inc., 2.690%, Due 5/25/2031		50,000		42,601
Berry Global, Inc., 1.650%, Due 1/15/2027		80,000		70,920

				113,521

Transportation - 0.40%
Burlington Northern Santa Fe LLC,
5.750%, Due 5/1/2040		202,000		233,915
4.450%, Due 1/15/2053		60,000		61,890
CSX Corp., 5.500%, Due 4/15/2041		157,000		173,734
FedEx Corp., 3.250%, Due 5/15/2041		55,000		45,266
Union Pacific Corp., 4.100%, Due 9/15/2067		55,000		50,800

				565,605

Total Industrial				1,766,812

Technology - 2.13%
Computers - 1.26%
Apple, Inc.,
1.400%, Due 8/5/2028		200,000		180,519
2.200%, Due 9/11/2029		300,000		279,819
Dell International LLC/EMC Corp.,
5.300%, Due 10/1/2029		140,000		142,162
3.450%, Due 12/15/2051^D		70,000		49,474
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045		500,000		530,404
HP, Inc., 4.050%, Due 9/15/2022		145,000		145,211
International Business Machines Corp., 4.250%, Due 5/15/2049		500,000		466,047

				1,793,636

Semiconductors - 0.77%
Entegris Escrow Corp., 4.750%, Due 4/15/2029^D		70,000		67,397
Intel Corp., 1.600%, Due 8/12/2028		500,000		454,246
Lam Research Corp.,
3.750%, Due 3/15/2026		35,000		35,549
1.900%, Due 6/15/2030		105,000		91,969

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.42% (continued)
Technology - 2.13% (continued)
Semiconductors - 0.77% (continued)
NVIDIA Corp., 1.550%, Due 6/15/2028	$	500,000	$	454,562

				1,103,723

Software - 0.10%
Oracle Corp., 4.300%, Due 7/8/2034		82,000		75,144
VMware, Inc., 2.200%, Due 8/15/2031		80,000		65,088

				140,232

Total Technology				3,037,591

Utilities - 1.50%
Electric - 1.37%
American Electric Power Co., Inc., 2.031%, Due 3/15/2024		120,000		116,745
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		25,000		23,200
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036		235,000		271,088
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, Series 09 C		169,000		180,542
Consumers Energy Co., 2.500%, Due 5/1/2060		55,000		37,904
Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C		55,000		52,344
DTE Energy Co., 1.050%, Due 6/1/2025, Series F		90,000		83,474
Duke Energy Corp., 2.650%, Due 9/1/2026		75,000		71,806
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		75,000		71,088
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2		265,000		245,852
Entergy Arkansas LLC, 3.350%, Due 6/15/2052		55,000		45,591
Entergy Corp., 2.800%, Due 6/15/2030		45,000		39,819
Entergy Louisiana LLC, 4.000%, Due 3/15/2033		47,000		46,820
Exelon Corp., 4.050%, Due 4/15/2030		60,000		59,717
Florida Power & Light Co., 3.950%, Due 3/1/2048		50,000		47,995
Kentucky Utilities Co., 3.300%, Due 6/1/2050		85,000		69,997
National Rural Utilities Cooperative Finance Corp., 1.000%, Due 10/18/2024, Series D		65,000		61,607
Northern States Power Co., 2.600%, Due 6/1/2051		70,000		54,165
Ohio Power Co., 2.600%, Due 4/1/2030, Series P		60,000		54,668
Oklahoma Gas & Electric Co., 0.553%, Due 5/26/2023		70,000		68,411
Sempra Energy, 3.300%, Due 4/1/2025		110,000		108,771
Vistra Operations Co. LLC, 5.125%, Due 5/13/2025^D		150,000		149,948

				1,961,552

Gas - 0.13%
National Fuel Gas Co., 3.950%, Due 9/15/2027		80,000		75,209
Sempra Global, 3.250%, Due 1/15/2032^D		75,000		65,626
Southern California Gas Co., 2.550%, Due 2/1/2030, Series XX		50,000		46,261

				187,096

Total Utilities				2,148,648

Total Corporate Obligations (Cost $23,321,678)				21,985,900

FOREIGN CORPORATE OBLIGATIONS - 2.95%
Basic Materials - 0.09%
Mining - 0.09%
Glencore Funding LLC, 2.625%, Due 9/23/2031^D		45,000		37,003

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.95% (continued)
Basic Materials - 0.09% (continued)
Mining - 0.09% (continued)
Teck Resources Ltd., 6.000%, Due 8/15/2040	$	90,000	$	89,903

				126,906

Total Basic Materials				126,906

Communications - 0.76%
Internet - 0.22%
Alibaba Group Holding Ltd., 3.600%, Due 11/28/2024		313,000		310,573

Media - 0.24%
Thomson Reuters Corp.,
4.300%, Due 11/23/2023		145,000		146,325
3.850%, Due 9/29/2024		193,000		191,728

				338,053

Telecommunications - 0.30%
America Movil SAB de CV, 6.375%, Due 3/1/2035		169,000		198,570
Bell Canada, Inc., 4.464%, Due 4/1/2048		25,000		23,948
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042^D		150,000		150,030
TELUS Corp., 3.400%, Due 5/13/2032		60,000		55,619

				428,167

Total Communications				1,076,793

Consumer, Non-Cyclical - 0.56%
Agriculture - 0.09%
BAT Capital Corp., 2.259%, Due 3/25/2028		80,000		68,547
Reynolds American, Inc., 5.700%, Due 8/15/2035		60,000		57,636

				126,183

Beverages - 0.47%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, Due 2/1/2046		35,000		35,622
Anheuser-Busch InBev Worldwide, Inc.,
5.450%, Due 1/23/2039		500,000		539,507
5.550%, Due 1/23/2049		35,000		38,799
Coca-Cola Femsa SAB de CV, 2.750%, Due 1/22/2030		70,000		64,211

				678,139

Total Consumer, Non-Cyclical				804,322

Energy - 0.62%
Oil & Gas - 0.37%
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049^D		500,000		470,141
TotalEnergies Capital International SA, 3.127%, Due 5/29/2050		70,000		57,247

				527,388

Pipelines - 0.25%
Enbridge, Inc., 2.500%, Due 2/14/2025		70,000		67,700
TransCanada PipeLines Ltd.,
3.750%, Due 10/16/2023		145,000		145,133
1.000%, Due 10/12/2024		60,000		56,345

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.95% (continued)
Energy - 0.62% (continued)
Pipelines - 0.25% (continued)
TransCanada PipeLines Ltd., (continued)
6.100%, Due 6/1/2040	$	82,000	$	91,242

				360,420

Total Energy				887,808

Financial - 0.65%
Banks - 0.56%
Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025		75,000		71,665
Royal Bank of Canada,
2.250%, Due 11/1/2024		115,000		112,112
1.200%, Due 4/27/2026		500,000		455,821
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		160,000		159,494

				799,092

Financial Services - 0.09%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, Due 10/29/2028		150,000		131,390

Total Financial				930,482

Industrial - 0.27%
Aerospace/Defense - 0.22%
BAE Systems Holdings, Inc., 3.800%, Due 10/7/2024^D		313,000		310,358

Transportation - 0.05%
Canadian Pacific Railway Co., 3.100%, Due 12/2/2051		95,000		75,953

Total Industrial				386,311

Total Foreign Corporate Obligations (Cost $4,336,385)				4,212,622

FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (Cost $69,969)
Mexico Government International Bonds, 4.600%, Due 1/23/2046		65,000		54,665

ASSET-BACKED OBLIGATIONS - 1.78%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022 1 A3		110,000		109,310
AmeriCredit Automobile Receivables Trust,
0.370%, Due 8/18/2025, 2021 1 A3		82,857		81,614
0.340%, Due 12/18/2026, 2021 2 A3		70,000		68,024
4.380%, Due 4/18/2028, 2021 2 A3		90,000		90,873
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022 A A3		55,000		54,854
Capital One Multi-Asset Execution Trust, 0.550%, Due 7/15/2026, 2021 A1 A1		115,000		109,122
CNH Equipment Trust,
1.160%, Due 6/16/2025, 2020 A A3		54,356		53,626
0.400%, Due 12/15/2025, 2021 A A3		95,000		91,711
Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 2 A3		150,000		149,248
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 A^D		110,000		100,490
GM Financial Automobile Leasing Trust, 1.900%, Due 3/20/2025, 2022 1 A3		105,000		102,619
GM Financial Consumer Automobile Receivables Trust,
1.840%, Due 9/16/2024, 2020 1 A3		42,063		41,892
1.490%, Due 12/16/2024, 2020 2 A3		21,803		21,614
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 A^D		90,000		81,889
Honda Auto Receivables Owner Trust, 1.880%, Due 5/15/2026, 2022 1 A3		120,000		116,370
John Deere Owner Trust,
2.320%, Due 9/16/2026, 2022 A A3		95,000		92,718
3.740%, Due 2/16/2027, 2022 B A3		100,000		100,410
Mercedes-Benz Auto Lease Trust, 0.400%, Due 11/15/2024, 2021 B A3		150,000		145,511
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1^D		125,000		110,302

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 1.78% (continued)
PSNH Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1	$	41,631	$	41,457
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2II^D		99,500		84,813
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A A^D		135,000		127,069
Toyota Auto Receivables Owner Trust,
1.360%, Due 8/15/2024, 2020 B A3		75,849		75,161
1.230%, Due 6/15/2026, 2022 A A3		95,000		91,311
Verizon Master Trust, 0.500%, Due 5/20/2027, 2021 1 A		200,000		189,690
Verizon Owner Trust, 1.850%, Due 7/22/2024, 2020 A A1A		99,298		98,820
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3		110,000		105,852

Total Asset-Backed Obligations (Cost $2,635,053)				2,536,370

COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.17%
BX Commercial Mortgage Trust, 2.699%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD LIBOR + 0.700%)^{D E}		140,000		134,637
Cold Storage Trust, 2.899%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD LIBOR + 0.900%)^{D E}		113,044		110,518

Total Commercial Mortgage-Backed Obligations (Cost $253,044)				245,155

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.50%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028		16,617		16,860
3.000%, Due 11/1/2032		56,696		56,894
5.000%, Due 8/1/2033		19,680		20,701
5.500%, Due 2/1/2034		19,414		20,809
2.500%, Due 6/1/2035		78,765		76,856
2.000%, Due 3/1/2036		220,566		210,180
2.000%, Due 10/1/2040		84,927		78,778
2.000%, Due 1/1/2041		196,492		182,266
4.000%, Due 1/1/2041		52,637		54,284
4.500%, Due 2/1/2041		37,602		39,127
2.500%, Due 9/1/2041		309,598		295,257
2.500%, Due 11/1/2041		322,443		307,506
3.500%, Due 5/1/2042		156,197		156,424
3.500%, Due 6/1/2042		165,787		167,805
3.000%, Due 4/1/2047		179,919		176,257
3.500%, Due 1/1/2048		168,733		169,850
4.000%, Due 4/1/2048		78,177		79,801
3.000%, Due 8/1/2048		125,829		123,158
3.000%, Due 11/1/2049		250,624		243,239
2.500%, Due 11/1/2051		154,125		144,657
2.500%, Due 5/1/2052		124,762		116,779

				2,737,488

Federal National Mortgage Association,
3.500%, Due 1/1/2028^G		13,535		13,728
5.000%, Due 3/1/2034^G		21,435		22,260
4.500%, Due 4/1/2034		33,050		34,020
3.000%, Due 10/1/2034		5,232		5,247
2.000%, Due 11/1/2035^G		164,381		156,948
2.000%, Due 12/1/2035^G		71,682		68,350
2.000%, Due 1/1/2036^G		128,473		122,422
2.000%, Due 5/1/2036		62,228		59,297
2.000%, Due 6/1/2036		92,955		88,576
3.500%, Due 6/1/2037		97,077		99,369
5.500%, Due 6/1/2038		4,544		4,864
4.500%, Due 1/1/2040		38,822		40,445
5.000%, Due 5/1/2040		64,757		68,773
5.000%, Due 6/1/2040		48,452		51,470
4.000%, Due 9/1/2040		34,344		35,388

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.50% (continued)
Federal National Mortgage Association, (continued)
4.000%, Due 1/1/2041	$	71,094	$	73,083
2.500%, Due 11/1/2041		131,240		125,161
3.000%, Due 6/1/2043		318,465		314,085
3.500%, Due 7/1/2043		62,758		63,339
3.000%, Due 8/1/2043		291,584		287,368
4.000%, Due 11/1/2044^G		46,229		47,489
4.000%, Due 7/1/2045		183,006		187,751
3.500%, Due 8/1/2045		34,064		34,255
3.500%, Due 11/1/2045		307,423		309,377
3.500%, Due 1/1/2046		124,651		125,525
3.500%, Due 5/1/2046		31,664		31,828
4.000%, Due 7/1/2046		65,990		67,791
3.000%, Due 10/1/2046		25,095		24,570
3.000%, Due 11/1/2046		153,122		149,898
3.000%, Due 12/1/2046^G		89,535		87,662
3.500%, Due 3/1/2047		34,499		34,719
4.500%, Due 7/1/2047		20,795		21,434
4.500%, Due 8/1/2047		30,285		31,263
3.500%, Due 9/1/2047		43,536		43,777
4.000%, Due 3/1/2048		50,931		51,871
4.500%, Due 4/1/2048		14,760		15,090
4.500%, Due 7/1/2048		48,013		49,351
4.500%, Due 7/1/2048^G		36,686		37,788
4.500%, Due 10/1/2049		110,861		113,643
4.000%, Due 11/1/2049		194,142		197,278
2.500%, Due 8/1/2050^G		186,650		175,151
2.500%, Due 8/1/2050		194,502		182,096
3.000%, Due 8/1/2050		105,809		102,568
2.500%, Due 9/1/2050		128,919		120,798
2.500%, Due 10/1/2050^G		59,088		55,330
3.000%, Due 10/1/2050^G		249,960		243,077
3.000%, Due 11/1/2050^G		66,578		64,518
2.000%, Due 3/1/2051^G		477,867		431,971
2.000%, Due 4/1/2051^G		270,253		245,272
3.000%, Due 5/1/2051^G		131,651		128,688
3.000%, Due 6/1/2051		140,610		135,962
3.500%, Due 6/1/2051^G		157,682		156,703
3.500%, Due 7/1/2051^G		144,749		144,661
3.000%, Due 11/1/2051^G		192,514		186,009

				5,769,357

Government National Mortgage Association,
6.500%, Due 8/15/2027		12,696		13,390
6.500%, Due 11/15/2027		14,746		15,552
7.500%, Due 12/15/2028		14,447		15,412
5.500%, Due 7/15/2033		20,350		22,187
6.000%, Due 12/15/2033		28,372		31,349
5.500%, Due 2/20/2034		28,706		30,315
5.000%, Due 10/15/2039		48,128		50,871
3.500%, Due 9/15/2041		96,993		98,910
3.500%, Due 8/20/2047		18,200		18,355
3.500%, Due 10/20/2047		16,832		16,966
4.000%, Due 1/20/2048		84,204		85,945
5.000%, Due 1/20/2050		42,905		44,386
4.500%, Due 2/20/2050		37,075		38,323
5.000%, Due 2/20/2050		22,210		23,014
2.500%, Due 4/20/2050		173,210		165,591
2.500%, Due 6/20/2051		168,433		160,459
3.000%, Due 6/20/2051		74,341		72,684

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.50% (continued)
Government National Mortgage Association, (continued)
2.500%, Due 7/20/2051	$	263,631	$	251,088
3.000%, Due 8/20/2051		163,942		161,829
2.500%, Due 11/20/2051		133,066		126,675
3.000%, Due 12/20/2051		324,453		316,681
3.500%, Due 1/20/2052		116,677		116,402
4.000%, Due 3/20/2052		241,261		244,358
2.500%, Due 4/20/2052		74,008		70,300

				2,191,042

Total U.S. Agency Mortgage-Backed Obligations (Cost $11,209,342)				10,697,887

U.S. TREASURY OBLIGATIONS - 11.63%
U.S. Treasury Bonds,
6.875%, Due 8/15/2025		279,000		311,303
5.250%, Due 11/15/2028		217,000		248,440
4.750%, Due 2/15/2037		304,000		380,617
4.500%, Due 8/15/2039		241,000		294,274
2.250%, Due 5/15/2041		365,000		315,098
1.750%, Due 8/15/2041		495,000		390,219
2.750%, Due 8/15/2042		250,000		232,051
2.875%, Due 5/15/2049		500,000		482,637
1.375%, Due 8/15/2050		1,050,000		718,307

				3,372,946

U.S. Treasury Notes,
1.750%, Due 9/30/2022		250,000		249,804
2.000%, Due 2/15/2023		200,000		199,047
1.250%, Due 7/31/2023		345,000		339,232
2.750%, Due 7/31/2023		500,000		498,867
2.500%, Due 8/15/2023		964,000		959,368
2.125%, Due 11/30/2023		250,000		247,334
2.375%, Due 2/29/2024		200,000		198,219
0.250%, Due 3/15/2024		150,000		143,607
1.250%, Due 8/31/2024		725,000		700,843
1.750%, Due 12/31/2024		700,000		681,789
1.125%, Due 1/15/2025		250,000		239,688
1.125%, Due 2/28/2025		1,415,000		1,354,365
2.875%, Due 7/31/2025		500,000		500,527
0.625%, Due 7/31/2026		500,000		459,727
1.625%, Due 10/31/2026		500,000		477,676
2.000%, Due 11/15/2026		500,000		484,687
1.750%, Due 12/31/2026		650,000		623,898
1.500%, Due 1/31/2027		930,000		881,974
2.875%, Due 5/15/2028		200,000		201,531
2.875%, Due 8/15/2028		100,000		100,785
2.625%, Due 2/15/2029		450,000		447,908
2.375%, Due 5/15/2029		450,000		441,105
1.625%, Due 8/15/2029		350,000		327,100
1.750%, Due 11/15/2029		1,700,000		1,601,984
1.500%, Due 2/15/2030		925,000		853,421

				13,214,486

Total U.S. Treasury Obligations (Cost $17,198,096)				16,587,432

	Shares

SHORT-TERM INVESTMENTS - 2.92% (Cost $4,163,225)
Investment Companies - 2.92%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{H I}		4,163,225		4,163,225

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
SECURITIES LENDING COLLATERAL - 0.41% (Cost $591,723)
Investment Companies - 0.41%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{H I}		591,723	$	591,723

TOTAL INVESTMENTS - 100.19% (Cost $131,665,549)				142,893,193
LIABILITIES, NET OF OTHER ASSETS - (0.19%)				(266,267	)

TOTAL NET ASSETS - 100.00%			$	142,626,926

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

^C	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $69,181 or 0.05% of net assets.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,650,418 or 1.86% of net assets. The Fund has no right to demand registration of these securities.

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, SOFR, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on July 31, 2022.

^F	Perpetual maturity. The date shown, if any, is the next call date.

^G	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.

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

^I	7-day yield.

ADR - American Depositary Receipt.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

SOFR - Secured Overnight Financing Rate.

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-Mini Standard & Poor’s 500 Index Futures	19	September 2022	$	3,647,907	$	3,926,825	$	278,918

			$	3,647,907	$	3,926,825	$	278,918

Index Abbreviations:


CME		Chicago Mercantile Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


Balanced Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	81,749,033	$	69,181	$	—	$	81,818,214
Corporate Obligations		—		21,985,900		—		21,985,900
Foreign Corporate Obligations		—		4,212,622		—		4,212,622
Foreign Sovereign Obligations		—		54,665		—		54,665
Asset-Backed Obligations		—		2,536,370		—		2,536,370
Commercial Mortgage-Backed Obligations		—		245,155		—		245,155
U.S. Agency Mortgage-Backed Obligations		—		10,697,887		—		10,697,887
U.S. Treasury Obligations		—		16,587,432		—		16,587,432
Short-Term Investments		4,163,225		—		—		4,163,225
Securities Lending Collateral		591,723		—		—		591,723

Total Investments in Securities - Assets	$	86,503,981	$	56,389,212	$	—	$	142,893,193

*Financial Derivative Instruments - Assets*
Futures Contracts	$	278,918	$	—	$	—	$	278,918

Total Financial Derivative Instruments - Assets	$	278,918	$	—	$	—	$	278,918

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 23.59%
Communications - 2.55%
Media - 2.55%
Walt Disney Co., 3.800%, Due 3/22/2030	$	10,230,000	$	10,283,928

Financial - 18.39%
Banks - 18.39%
Bank of America Corp., 3.974%, Due 2/7/2030, (3 mo. USD LIBOR + 1.210%)^A		12,336,000		11,972,586
Citigroup, Inc., 3.980%, Due 3/20/2030, (3 mo. USD LIBOR + 1.338%)^A		16,865,000		16,349,078
Goldman Sachs Group, Inc., 4.223%, Due 5/1/2029, (3 mo. USD LIBOR + 1.301%)^A		16,150,000		15,970,554
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (Secured Overnight Financing Rate + 1.510%)^A		8,750,000		7,857,016
Morgan Stanley, 3.622%, Due 4/1/2031, (Secured Overnight Financing Rate + 3.120%)^A		7,265,000		6,902,554
Wells Fargo & Co., 4.478%, Due 4/4/2031, (Secured Overnight Financing Rate + 4.032%)^A		15,130,000		15,227,568

				74,279,356

Total Financial				74,279,356

Technology - 2.65%
Computers - 2.65%
International Business Machines Corp., 3.500%, Due 5/15/2029		10,964,000		10,693,242

Total Corporate Obligations (Cost $101,985,973)				95,256,526

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 15.88%
Federal Home Loan Mortgage Corp.,
4.000%, Due 2/1/2039		4,887,489		4,987,439
3.500%, Due 10/1/2039		4,133,300		4,159,732
3.000%, Due 1/1/2040		4,318,083		4,252,933
Federal National Mortgage Association,
4.000%, Due 5/1/2039		7,977,006		8,144,751
4.000%, Due 9/1/2039		6,158,969		6,288,599
3.500%, Due 10/1/2039		5,929,464		5,951,286
3.500%, Due 11/1/2039^B		4,654,015		4,669,173
3.000%, Due 7/1/2040^B		7,802,969		7,673,845
3.000%, Due 8/1/2040^B		5,063,424		4,987,638
4.000%, Due 8/1/2040^B		4,738,373		4,837,554
4.000%, Due 6/1/2049^B		8,038,055		8,189,318

Total U.S. Agency Mortgage-Backed Obligations (Cost $67,485,436)				64,142,268

U.S. TREASURY OBLIGATIONS - 59.43%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041		37,890,000		41,304,540
2.500%, Due 5/15/2046		29,805,000		26,110,810
U.S. Treasury Notes,
2.500%, Due 2/28/2026		14,155,000		14,015,109
1.875%, Due 7/31/2026		3,975,000		3,842,862
2.375%, Due 5/15/2027		9,375,000		9,222,656
2.250%, Due 11/15/2027		16,525,000		16,129,304
2.375%, Due 5/15/2029		20,090,000		19,692,909
1.500%, Due 2/15/2030		74,740,000		68,956,409
1.125%, Due 2/15/2031		45,890,000		40,702,279

Total U.S. Treasury Obligations (Cost $236,029,081)				239,976,878

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Fair Value
TOTAL INVESTMENTS - 98.90% (Cost $405,500,490)	$	399,375,672
OTHER ASSETS, NET OF LIABILITIES - 1.10%		4,461,133

TOTAL NET ASSETS - 100.00%	$	403,836,805

Percentages are stated as a percent of net assets.

^B	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.

LIBOR - London Interbank Offered Rate.

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

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
*Assets*
Corporate Obligations	$	—	$	95,256,526	$	—	$	95,256,526
U.S. Agency Mortgage-Backed Obligations		—		64,142,268		—		64,142,268
U.S. Treasury Obligations		—		239,976,878		—		239,976,878

Total Investments in Securities - Assets	$	—	$	399,375,672	$	—	$	399,375,672

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
Brazil - 0.56% (Cost $11,598,850)
Common Stocks - 0.56%
ERO Copper Corp.^{A B}		897,463	$	8,879,666

Canada - 3.67%
Common Stocks - 3.67%
Alimentation Couche-Tard, Inc.		116,245		5,193,375
CAE, Inc.^B		220,477		5,833,244
Canadian National Railway Co.		89,569		11,347,295
Cogeco Communications, Inc.^A		80,703		5,223,905
Gildan Activewear, Inc.		144,070		4,222,363
Linamar Corp.^A		305,298		13,918,471
Suncor Energy, Inc.		367,016		12,455,988

Total Common Stocks				58,194,641

Total Canada (Cost $57,520,855)				58,194,641

China/Hong Kong - 4.81%
Common Stocks - 4.81%
Alibaba Group Holding Ltd.^{B C}		672,300		7,595,726
Baidu, Inc., Class A^{B C}		824,800		14,124,094
ESR Group Ltd.^{B C D}		3,325,000		8,638,012
Prudential PLC^C		1,841,644		22,705,034
Sands China Ltd.^{B C}		4,064,800		9,590,193
Tencent Holdings Ltd.^C		347,300		13,662,008

Total Common Stocks				76,315,067

Total China/Hong Kong (Cost $110,058,750)				76,315,067

Denmark - 0.98%
Common Stocks - 0.98%
Carlsberg AS, Class B^C		89,430		11,581,715
Vestas Wind Systems AS^C		151,447		3,962,210

Total Common Stocks				15,543,925

Total Denmark (Cost $14,792,174)				15,543,925

Finland - 0.82%
Common Stocks - 0.82%
Nordea Bank Abp^C		894,374		8,814,083
Sampo OYJ, Class A^C		97,385		4,203,028

Total Common Stocks				13,017,111

Total Finland (Cost $12,911,544)				13,017,111

France - 13.45%
Common Stocks - 13.45%
Air Liquide SA^C		169,971		23,425,635
Alstom SA^{A C}		460,793		10,979,236
Amundi SA^{C D}		2,624		142,264
AXA SA^C		468,490		10,815,340
BNP Paribas SA^C		437,980		20,760,351
Capgemini SE^C		52,333		9,986,758
Carrefour SA^C		243,544		4,154,099
Danone SA^C		207,920		11,464,110
Engie SA^C		1,114,574		13,803,900
Pernod Ricard SA^C		29,842		5,873,214
Publicis Groupe SA^C		314,118		16,786,411
Sanofi^C		608,693		60,566,645
Thales SA^C		58,651		7,291,691

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
France - 13.45% (continued)
Common Stocks - 13.45% (continued)
TotalEnergies SE^C		129,961	$	6,629,386
Valeo SA^C		122,567		2,630,031
Vinci SA^C		82,145		7,883,426

Total Common Stocks				213,192,497

Total France (Cost $213,258,757)				213,192,497

Germany - 9.69%
Common Stocks - 9.69%
Bayer AG^C		119,856		6,984,826
Bayerische Motoren Werke AG^C		334,592		27,203,476
Continental AG^C		395,232		27,954,651
Deutsche Telekom AG^C		270,155		5,110,594
Infineon Technologies AG^C		263,081		7,145,217
Mercedes-Benz Group AG^C		405,367		23,717,070
Merck KGaA^C		70,820		13,451,135
MTU Aero Engines AG^C		52,395		10,079,468
Rheinmetall AG^C		27,616		5,055,676
RWE AG^C		245,484		10,123,517
SAP SE^C		155,004		14,366,923
Siemens AG^C		21,617		2,400,162

Total Common Stocks				153,592,715

Total Germany (Cost $159,256,967)				153,592,715

Ireland - 1.98%
Common Stocks - 1.98%
ICON PLC^B		58,452		14,101,545
Ryanair Holdings PLC, ADR^B		235,570		17,196,610

Total Common Stocks				31,298,155

Total Ireland (Cost $32,126,722)				31,298,155

Israel - 0.68% (Cost $7,614,061)
Common Stocks - 0.68%
Bank Leumi Le-Israel BM^C		1,099,547		10,749,498

Italy - 3.34%
Common Stocks - 3.34%
Enel SpA^C		4,471,427		22,593,940
UniCredit SpA^C		3,061,441		30,314,701

Total Common Stocks				52,908,641

Total Italy (Cost $69,007,911)				52,908,641

Japan - 13.71%
Common Stocks - 13.71%
Alfresa Holdings Corp.^C		71,316		950,552
Asics Corp.^C		402,500		7,643,692
Bandai Namco Holdings, Inc.^C		107,300		8,384,776
Digital Garage, Inc.^C		129,300		3,757,743
Disco Corp.^C		31,800		7,730,771
FANUC Corp.^C		71,400		12,335,944
Haseko Corp.^C		280,000		3,410,427
Hazama Ando Corp.^C		501,200		3,374,350
Hitachi Ltd.^C		110,300		5,597,038
MatsukiyoCocokara & Co.^C		265,800		10,040,660
Mitsubishi UFJ Financial Group, Inc.^C		2,408,900		13,578,057

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
Japan - 13.71% (continued)
Common Stocks - 13.71% (continued)
Mizuho Financial Group, Inc.^C		988,680	$	11,762,169
Murata Manufacturing Co. Ltd.^C		131,000		7,667,509
Nexon Co. Ltd.^C		264,059		6,001,190
Olympus Corp.^C		478,200		10,134,527
SUMCO Corp.^C		794,000		11,103,728
Sumitomo Mitsui Financial Group, Inc.^C		560,200		17,556,753
Sumitomo Rubber Industries Ltd.^C		1,126,700		10,157,281
Suzuken Co. Ltd.^C		185,100		5,087,328
Suzuki Motor Corp.^C		210,100		6,866,048
Taisei Corp.^C		300,700		9,593,639
Takeda Pharmaceutical Co. Ltd.^C		1,044,600		30,736,361
Toho Holdings Co. Ltd.^{A C}		233,500		3,575,491
Yamaha Corp.^C		240,500		10,260,069

Total Common Stocks				217,306,103

Total Japan (Cost $240,130,848)				217,306,103

Netherlands - 4.77%
Common Stocks - 4.77%
Aegon NV^C		3,674,124		16,141,236
Akzo Nobel NV^C		273,321		18,433,205
ING Groep NV^C		903,203		8,777,700
Koninklijke Philips NV^C		327,373		6,791,389
Shell PLC^C		110,161		2,937,752
Universal Music Group NV^C		392,790		8,922,007
Wolters Kluwer NV^C		124,839		13,564,574

Total Common Stocks				75,567,863

Total Netherlands (Cost $75,672,156)				75,567,863

Norway - 0.91%
Common Stocks - 0.91%
Equinor ASA^C		189,816		7,300,297
Telenor ASA^C		582,667		7,056,061

Total Common Stocks				14,356,358

Total Norway (Cost $12,569,441)				14,356,358

Portugal - 0.43% (Cost $6,997,148)
Common Stocks - 0.43%
Galp Energia SGPS SA^C		641,761		6,779,304

Republic of Korea - 1.96%
Common Stocks - 1.96%
Hana Financial Group, Inc.^C		85,396		2,440,997
Osstem Implant Co. Ltd.^C		42,390		3,626,126
Samsung Electronics Co. Ltd.^C		317,051		15,035,826
SK Hynix, Inc.^C		132,506		10,007,103

Total Common Stocks				31,110,052

Total Republic of Korea (Cost $32,145,106)				31,110,052

Singapore - 0.66% (Cost $6,328,706)
Common Stocks - 0.66%
DBS Group Holdings Ltd.^C		458,810		10,479,529

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
South Africa - 0.61% (Cost $11,220,503)
Common Stocks - 0.61%
Anglo American PLC^C		267,666	$	9,668,314

Spain - 4.35%
Common Stocks - 4.35%
Aena SME SA^{B C D}		62,316		7,880,511
Amadeus IT Group SA^{B C}		246,445		14,379,909
Banco Bilbao Vizcaya Argentaria SA^C		2,964,333		13,489,772
CaixaBank SA^C		1,003,841		3,016,308
Iberdrola SA^C		479,919		5,113,097
Indra Sistemas SA^C		455,059		4,162,751
Industria de Diseno Textil SA^C		626,906		15,227,247
Telefonica SA^C		1,260,507		5,628,652

Total Common Stocks				68,898,247

Total Spain (Cost $73,106,830)				68,898,247

Sweden - 1.81%
Common Stocks - 1.81%
Electrolux AB, Class B^{A C}		793,655		11,498,532
Sandvik AB^C		493,727		9,090,791
Swedbank AB, Class A^C		583,836		8,094,016

Total Common Stocks				28,683,339

Total Sweden (Cost $33,377,313)				28,683,339

Switzerland - 3.12%
Common Stocks - 3.12%
ABB Ltd.^C		382,837		11,648,899
Cie Financiere Richemont SA, Class A^C		8,792		1,063,720
Credit Suisse Group AG^{B C}		413,000		2,410,489
Novartis AG^C		310,537		26,689,261
Zurich Insurance Group AG^C		17,671		7,713,600

Total Common Stocks				49,525,969

Total Switzerland (Cost $44,247,002)				49,525,969

United Kingdom - 19.15%
Common Stocks - 19.15%
3i Group PLC^C		457,771		7,098,300
ASOS PLC^{B C}		633,662		8,079,954
AstraZeneca PLC^C		86,614		11,385,406
AstraZeneca PLC, ADR		407,061		26,959,650
Balfour Beatty PLC^C		462,304		1,582,733
Barclays PLC^C		18,786,084		36,137,508
BP PLC^C		2,427,541		11,890,606
British American Tobacco PLC^C		174,628		6,863,284
Capita PLC^{B C}		3,019,838		1,061,869
Coca-Cola Europacific Partners PLC^C		178,569		9,711,201
Compass Group PLC^C		842,511		19,774,506
Haleon PLC^B		877,971		3,119,905
Imperial Brands PLC^C		209,164		4,600,658
Kingfisher PLC^C		2,122,176		6,724,476
Reckitt Benckiser Group PLC^C		187,388		15,212,273
RELX PLC^C		224,093		6,659,818
RELX PLC^C		784,732		23,221,426
Rolls-Royce Holdings PLC^{B C}		18,631,663		20,355,622
Smith & Nephew PLC^C		509,475		6,523,153
Standard Chartered PLC^C		1,297,899		8,955,654

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
United Kingdom - 19.15% (continued)
Common Stocks - 19.15% (continued)
Taylor Wimpey PLC^C		10,834,100	$	16,818,924
Unilever PLC^C		540,393		26,322,125
WH Smith PLC^{B C}		348,786		6,161,098
WPP PLC^C		1,705,925		18,404,606

Total Common Stocks				303,624,755

Total United Kingdom (Cost $319,675,918)				303,624,755

United States - 4.74%
Common Stocks - 4.74%
Aon PLC, Class A		57,045		16,602,377
BRP, Inc.^A		59,258		4,507,227
Ferguson PLC^C		56,715		7,141,979
GSK PLC^C		1,141,856		24,055,584
Roche Holding AG^C		68,880		22,873,720

Total Common Stocks				75,180,887

Total United States (Cost $66,093,975)				75,180,887

SHORT-TERM INVESTMENTS - 3.62% (Cost $57,310,631)
Investment Companies - 3.62%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{E F}		57,310,631		57,310,631

SECURITIES LENDING COLLATERAL - 0.03% (Cost $535,588)
Investment Companies - 0.03%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{E F}		535,588		535,588

TOTAL INVESTMENTS - 99.85% (Cost $1,667,557,756)				1,582,718,855
OTHER ASSETS, NET OF LIABILITIES - 0.15%				2,443,395

TOTAL NET ASSETS - 100.00%			$	1,585,162,250

Percentages are stated as a percent of net assets.

^A	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

^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 $1,375,311,015 or 86.76% of net assets.

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 $16,660,787 or 1.05% of net assets. The Fund has no right to demand registration of these securities.

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

^F	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
ICE U.S. mini MSCI EAFE Index Futures		591	September 2022	$	54,692,119	$	57,684,555	$	2,992,436

				$	54,692,119	$	57,684,555	$	2,992,436

Index Abbreviations:


ICE		Intercontinental Exchange.
MSCI EAFE		Morgan Stanley Capital International - Europe, Australasia, and Far East.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


International Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Brazil	$	8,879,666	$	—	$	—	$	8,879,666
Canada		58,194,641		—		—		58,194,641
China/Hong Kong		—		76,315,067		—		76,315,067
Denmark		—		15,543,925		—		15,543,925
Finland		—		13,017,111		—		13,017,111
France		—		213,192,497		—		213,192,497
Germany		—		153,592,715		—		153,592,715
Ireland		31,298,155		—		—		31,298,155
Israel		—		10,749,498		—		10,749,498
Italy		—		52,908,641		—		52,908,641
Japan		—		217,306,103		—		217,306,103
Netherlands		—		75,567,863		—		75,567,863
Norway		—		14,356,358		—		14,356,358
Portugal		—		6,779,304		—		6,779,304
Republic of Korea		—		31,110,052		—		31,110,052
Singapore		—		10,479,529		—		10,479,529
South Africa		—		9,668,314		—		9,668,314
Spain		—		68,898,247		—		68,898,247
Sweden		—		28,683,339		—		28,683,339
Switzerland		—		49,525,969		—		49,525,969
United Kingdom		30,079,555		273,545,200		—		303,624,755
Common Stocks
United States		21,109,604		54,071,283		—		75,180,887
Short-Term Investments		57,310,631		—		—		57,310,631
Securities Lending Collateral		535,588		—		—		535,588

Total Investments in Securities - Assets	$	207,407,840	$	1,375,311,015	$	—	$	1,582,718,855

*Financial Derivative Instruments - Assets*
Futures Contracts	$	2,992,436	$	—	$	—	$	2,992,436

Total Financial Derivative Instruments - Assets	$	2,992,436	$	—	$	—	$	2,992,436

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82%
Communication Services - 5.98%
Entertainment - 1.27%
Electronic Arts, Inc.		178,224	$	23,388,336
Warner Bros Discovery, Inc.^A		1,354,900		20,323,500

				43,711,836

Interactive Media & Services - 0.85%
Alphabet, Inc., Class A^A		252,000		29,312,640

Media - 2.98%
Altice USA, Inc., Class A^A		677,054		7,115,838
Charter Communications, Inc., Class A^A		27,993		12,095,775
Comcast Corp., Class A		1,615,919		60,629,281
News Corp., Class A		708,900		12,150,546
Omnicom Group, Inc.		78,078		5,452,967
Paramount Global, Class B		228,000		5,392,200

				102,836,607

Wireless Telecommunication Services - 0.88%
T-Mobile U.S., Inc.^A		114,767		16,418,567
Vodafone Group PLC, ADR		956,350		14,115,726

				30,534,293

Total Communication Services				206,395,376

Consumer Discretionary - 6.63%
Auto Components - 1.10%
Adient PLC^A		114,098		3,854,230
Aptiv PLC^A		84,900		8,905,161
Goodyear Tire & Rubber Co.^A		249,500		3,063,860
Magna International, Inc.		348,100		22,229,666

				38,052,917

Automobiles - 0.91%
General Motors Co.^A		864,532		31,347,930

Hotels, Restaurants & Leisure - 1.98%
Aramark		579,437		19,353,196
Booking Holdings, Inc.^A		4,200		8,129,898
Las Vegas Sands Corp.^A		750,436		28,283,933
Marriott International, Inc., Class A^A		79,519		12,629,207

				68,396,234

Multiline Retail - 1.44%
Dollar General Corp.		149,388		37,112,461
Target Corp.		76,489		12,496,773

				49,609,234

Specialty Retail - 1.20%
Advance Auto Parts, Inc.		121,389		23,503,338
Lowe’s Cos., Inc.		93,695		17,945,404

				41,448,742

Total Consumer Discretionary				228,855,057

Consumer Staples - 4.05%
Beverages - 1.75%
Coca-Cola Europacific Partners PLC		544,950		29,492,694
Diageo PLC, ADR		93,197		17,837,906

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82% (continued)
Consumer Staples - 4.05 % (continued)
Beverages - 1.75% (continued)
PepsiCo, Inc.		75,508	$	13,210,879

				60,541,479

Food Products - 0.61%
Archer-Daniels-Midland Co.		46,458		3,845,329
Nestle SA, ADR		139,707		17,164,402

				21,009,731

Household Products - 0.62%
Colgate-Palmolive Co.		66,929		5,269,990
Kimberly-Clark Corp.		73,190		9,645,710
Reckitt Benckiser Group PLC, ADR		401,308		6,581,451

				21,497,151

Personal Products - 0.63%
Haleon PLC, ADR		190,034		1,335,939
Unilever PLC, ADR^B		417,500		20,315,550

				21,651,489

Tobacco - 0.44%
Philip Morris International, Inc.		154,640		15,023,276

Total Consumer Staples				139,723,126

Energy - 8.55%
Energy Equipment & Services - 1.45%
Baker Hughes Co.		175,100		4,498,319
Halliburton Co.		782,608		22,930,415
NOV, Inc.		959,200		17,850,712
Schlumberger NV		126,800		4,695,404

				49,974,850

Oil, Gas & Consumable Fuels - 7.10%
APA Corp.		580,600		21,580,902
Cenovus Energy, Inc.		358,400		6,838,272
ConocoPhillips		193,626		18,864,981
EOG Resources, Inc.		81,463		9,060,315
Hess Corp.		476,243		53,563,050
Marathon Oil Corp.		965,986		23,956,453
Murphy Oil Corp.		268,470		9,434,036
Phillips 66		418,236		37,223,004
Pioneer Natural Resources Co.		192,162		45,532,786
Shell PLC, ADR		354,122		18,903,032

				244,956,831

Total Energy				294,931,681

Financials - 22.15%
Banks - 8.31%
Citigroup, Inc.		1,357,200		70,438,680
Citizens Financial Group, Inc.		300,553		11,411,997
First Citizens BancShares, Inc., Class A		19,606		14,835,468
JPMorgan Chase & Co.		328,212		37,862,536
M&T Bank Corp.		185,419		32,902,602
PNC Financial Services Group, Inc.		78,290		12,991,443
Truist Financial Corp.		142,540		7,193,994
U.S. Bancorp		487,760		23,022,272

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82% (continued)
Financials - 22.15% (continued)
Banks - 8.31% (continued)
Wells Fargo & Co.		1,729,461	$	75,871,454

				286,530,446

Capital Markets - 5.70%
Bank of New York Mellon Corp.		534,500		23,229,370
BlackRock, Inc.		25,025		16,746,229
Credit Suisse Group AG, ADR^B		1,348,600		7,821,880
Goldman Sachs Group, Inc.		132,942		44,321,533
KKR & Co., Inc.		127,920		7,094,443
Moody’s Corp.		27,476		8,524,429
Morgan Stanley		245,562		20,700,877
Nasdaq, Inc.		113,028		20,446,765
Northern Trust Corp.		265,002		26,441,900
State Street Corp.		298,180		21,182,707

				196,510,133

Consumer Finance - 1.05%
American Express Co.		234,839		36,169,903

Diversified Financial Services - 0.15%
Equitable Holdings, Inc.		187,200		5,322,096

Insurance - 6.94%
Allstate Corp.		173,271		20,267,509
American International Group, Inc.		1,154,264		59,756,247
Aon PLC, Class A		97,684		28,429,951
Chubb Ltd.		124,222		23,433,238
Hartford Financial Services Group, Inc.		265,900		17,142,573
Marsh & McLennan Cos., Inc.		162,760		26,686,130
Progressive Corp.		209,471		24,101,733
Travelers Cos., Inc.		126,074		20,007,944
Willis Towers Watson PLC		95,617		19,786,982

				239,612,307

Total Financials				764,144,885

Health Care - 15.15%
Health Care Equipment & Supplies - 2.29%
Abbott Laboratories		147,505		16,054,444
Boston Scientific Corp.^A		263,645		10,822,627
Medtronic PLC		482,028		44,597,231
Zimmer Biomet Holdings, Inc.		66,967		7,392,487

				78,866,789

Health Care Providers & Services - 6.73%
Centene Corp.^A		206,100		19,161,117
Cigna Corp.		111,052		30,579,279
CVS Health Corp.		353,285		33,802,309
Elevance Health, Inc.		141,075		67,306,882
HCA Healthcare, Inc.		55,600		11,810,552
Humana, Inc.		22,700		10,941,400
McKesson Corp.		48,815		16,674,228
UnitedHealth Group, Inc.		76,949		41,732,521

				232,008,288

Life Sciences Tools & Services - 1.19%
Danaher Corp.		55,706		16,236,628

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82% (continued)
Health Care - 15.15% (continued)
Life Sciences Tools & Services - 1.19% (continued)
Thermo Fisher Scientific, Inc.		41,667	$	24,933,949

				41,170,577

Pharmaceuticals - 4.94%
GSK PLC, ADR		152,027		6,410,987
Johnson & Johnson		221,425		38,643,091
Merck & Co., Inc.		599,224		53,534,672
Perrigo Co. PLC		704,856		29,512,321
Pfizer, Inc.		560,981		28,335,150
Roche Holding AG, ADR		106,566		4,419,292
Sanofi, ADR		191,564		9,520,731

				170,376,244

Total Health Care				522,421,898

Industrials - 14.28%
Aerospace & Defense - 2.21%
Boeing Co.^A		86,800		13,828,108
General Dynamics Corp.		56,366		12,776,481
Northrop Grumman Corp.		64,061		30,678,813
Raytheon Technologies Corp.		204,465		19,058,183

				76,341,585

Air Freight & Logistics - 0.79%
FedEx Corp.		116,500		27,154,985

Building Products - 0.95%
Johnson Controls International PLC		270,189		14,565,889
Masco Corp.		138,190		7,652,962
Trane Technologies PLC		72,355		10,635,461

				32,854,312

Construction & Engineering - 0.90%
AECOM		381,058		27,436,176
Fluor Corp.^A		146,200		3,714,942

				31,151,118

Electrical Equipment - 1.16%
Eaton Corp. PLC		120,655		17,903,996
Vertiv Holdings Co.		1,922,070		21,950,039

				39,854,035

Industrial Conglomerates - 2.51%
General Electric Co.		824,262		60,921,204
Honeywell International, Inc.		133,271		25,649,337

				86,570,541

Machinery - 3.75%
CNH Industrial NV		1,109,739		14,337,828
Cummins, Inc.		73,297		16,221,359
Deere & Co.		86,548		29,701,543
Illinois Tool Works, Inc.		86,134		17,895,200
Iveco Group NV^{A C}		266,626		1,638,861
Otis Worldwide Corp.		47,060		3,678,680
PACCAR, Inc.		204,462		18,712,362
Stanley Black & Decker, Inc.		277,541		27,013,066

				129,198,899

Professional Services - 0.43%
Equifax, Inc.		70,900		14,811,719

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82% (continued)
Industrials - 14.28% (continued)
Road & Rail - 1.58%
Canadian National Railway Co.		57,810	$	7,323,371
JB Hunt Transport Services, Inc.		137,371		25,175,983
Union Pacific Corp.		97,358		22,129,473

				54,628,827

Total Industrials				492,566,021

Information Technology - 10.95%
Communications Equipment - 1.14%
F5, Inc.^A		163,200		27,313,152
Telefonaktiebolaget LM Ericsson, ADR^B		1,586,120		11,959,345

				39,272,497

Electronic Equipment, Instruments & Components - 0.82%
Corning, Inc.		441,140		16,216,306
TE Connectivity Ltd.		90,800		12,142,684

				28,358,990

IT Services - 2.57%
Accenture PLC, Class A		86,115		26,373,580
Cognizant Technology Solutions Corp., Class A		377,519		25,656,191
Fidelity National Information Services, Inc.		297,614		30,404,246
Fiserv, Inc.^A		60,600		6,404,208

				88,838,225

Semiconductors & Semiconductor Equipment - 3.34%
Analog Devices, Inc.		51,460		8,849,062
Broadcom, Inc.		51,699		27,683,780
KLA Corp.		31,126		11,938,066
Micron Technology, Inc.		184,400		11,406,984
NXP Semiconductors NV		66,037		12,142,884
QUALCOMM, Inc.		94,963		13,775,333
Texas Instruments, Inc.		163,781		29,298,783

				115,094,892

Software - 3.08%
Microsoft Corp.		121,508		34,112,156
Oracle Corp.		595,593		46,360,959
Workday, Inc., Class A^A		165,300		25,638,030

				106,111,145

Total Information Technology				377,675,749

Materials - 4.70%
Chemicals - 4.56%
Air Products & Chemicals, Inc.		130,610		32,421,320
Axalta Coating Systems Ltd.^A		623,922		15,735,313
DuPont de Nemours, Inc.		516,346		31,615,866
International Flavors & Fragrances, Inc.		270,282		33,528,482
Olin Corp.		278,200		14,541,514
PPG Industries, Inc.		127,291		16,457,453
Sherwin-Williams Co.		53,400		12,919,596

				157,219,544

Containers & Packaging - 0.14%
International Paper Co.		111,586		4,772,533

Total Materials				161,992,077

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.82% (continued)
Real Estate - 1.45%
Equity Real Estate Investment Trusts (REITs) - 1.45%
Public Storage		14,776	$	4,823,034
VICI Properties, Inc.		1,323,462		45,249,166

				50,072,200

Total Real Estate				50,072,200

Utilities - 3.93%
Electric Utilities - 3.35%
American Electric Power Co., Inc.		72,812		7,176,351
Duke Energy Corp.		234,297		25,756,269
Pinnacle West Capital Corp.		330,208		24,260,382
PPL Corp.		1,033,854		30,064,474
Southern Co.		292,775		22,511,470
Xcel Energy, Inc.		81,584		5,970,317

				115,739,263

Multi-Utilities - 0.58%
Dominion Energy, Inc.		242,249		19,859,573

Total Utilities				135,598,836

Total Common Stocks (Cost $2,487,195,889)				3,374,376,906

SHORT-TERM INVESTMENTS - 1.99% (Cost $68,571,172)
Investment Companies - 1.99%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{D E}		68,571,172		68,571,172

SECURITIES LENDING COLLATERAL - 0.20% (Cost $6,839,724)
Investment Companies - 0.20%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{D E}		6,839,724		6,839,724

TOTAL INVESTMENTS - 100.01% (Cost $2,562,606,785)				3,449,787,802
LIABILITIES, NET OF OTHER ASSETS - (0.01%)				(370,767	)

TOTAL NET ASSETS - 100.00%			$	3,449,417,035

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

^C	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $1,638,861 or 0.05% of net assets.

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

^E	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-Mini Standard & Poor’s 500 Index Futures	336	September 2022	$	64,417,763	$	69,442,800	$	5,025,037

			$	64,417,763	$	69,442,800	$	5,025,037

Index Abbreviations:


CME		Chicago Mercantile Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


Large Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	3,372,738,045	$	1,638,861	$	—	$	3,374,376,906
Short-Term Investments		68,571,172		—		—		68,571,172
Securities Lending Collateral		6,839,724		—		—		6,839,724

Total Investments in Securities - Assets	$	3,448,148,941	$	1,638,861	$	—	$	3,449,787,802

*Financial Derivative Instruments - Assets*
Futures Contracts	$	5,025,037	$	—	$	—	$	5,025,037

Total Financial Derivative Instruments - Assets	$	5,025,037	$	—	$	—	$	5,025,037

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 94.95%
Communication Services - 1.12%
Entertainment - 0.59%
Cinemark Holdings, Inc.^A		40,449	$	741,430

Media - 0.53%
Liberty Broadband Corp., Class C^A		6,128		667,523

Total Communication Services				1,408,953

Consumer Discretionary - 13.75%
Auto Components - 2.07%
Dana, Inc.		33,765		565,902
Lear Corp.		13,524		2,044,017

				2,609,919

Diversified Consumer Services - 0.65%
Adtalem Global Education, Inc.^A		20,300		814,030

Hotels, Restaurants & Leisure - 4.07%
Aramark		28,835		963,089
Marriott Vacations Worldwide Corp.		9,439		1,292,388
MGM Resorts International		13,444		440,022
SeaWorld Entertainment, Inc.^A		17,583		839,237
Travel & Leisure Co.		25,312		1,091,200
Wyndham Hotels & Resorts, Inc.		7,244		502,806

				5,128,742

Household Durables - 1.84%
Mohawk Industries, Inc.^A		6,168		792,465
Newell Brands, Inc.		75,658		1,529,048

				2,321,513

Specialty Retail - 2.77%
Advance Auto Parts, Inc.		4,931		954,740
CarMax, Inc.^A		12,129		1,207,321
Gap, Inc.		72,160		694,179
Lithia Motors, Inc.		2,394		635,080

				3,491,320

Textiles, Apparel & Luxury Goods - 2.35%
Gildan Activewear, Inc.		43,843		1,285,477
PVH Corp.		10,780		667,498
Skechers USA, Inc., Class A^A		26,743		1,015,164

				2,968,139

Total Consumer Discretionary				17,333,663

Consumer Staples - 1.79%
Beverages - 0.85%
Coca-Cola Europacific Partners PLC		19,801		1,071,630

Food & Staples Retailing - 0.94%
U.S. Foods Holding Corp.^A		37,574		1,183,581

Total Consumer Staples				2,255,211

Energy - 5.67%
Energy Equipment & Services - 1.71%
Baker Hughes Co.		6,728		172,842
Halliburton Co.		27,697		811,522
NOV, Inc.		40,485		753,426

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 94.95% (continued)
Energy - 5.67% (continued)
Energy Equipment & Services - 1.71% (continued)
TechnipFMC PLC^A		51,601	$	417,452

				2,155,242

Oil, Gas & Consumable Fuels - 3.96%
APA Corp.		29,316		1,089,676
Cheniere Energy, Inc.		3,533		528,466
EQT Corp.		11,079		487,809
Hess Corp.		13,640		1,534,091
Pioneer Natural Resources Co.		5,733		1,358,434

				4,998,476

Total Energy				7,153,718

Financials - 22.31%
Banks - 6.43%
Fifth Third Bancorp		33,025		1,126,813
KeyCorp		66,825		1,222,897
M&T Bank Corp.		9,515		1,688,437
Pinnacle Financial Partners, Inc.		5,408		427,773
Regions Financial Corp.		59,223		1,254,343
Signature Bank		6,063		1,125,111
Texas Capital Bancshares, Inc.^A		21,636		1,268,302

				8,113,676

Capital Markets - 2.64%
Evercore, Inc., Class A		4,009		400,780
Invesco Ltd.		43,006		762,926
Jefferies Financial Group, Inc.		32,209		1,049,047
Northern Trust Corp.		11,161		1,113,645

				3,326,398

Consumer Finance - 2.45%
Ally Financial, Inc.		42,757		1,413,974
OneMain Holdings, Inc.		23,131		860,473
PROG Holdings, Inc.^A		17,592		324,045
SLM Corp.		31,714		494,738

				3,093,230

Diversified Financial Services - 2.12%
Equitable Holdings, Inc.		51,267		1,457,521
Voya Financial, Inc.		20,112		1,209,938

				2,667,459

Insurance - 8.67%
American International Group, Inc.		22,360		1,157,577
Arch Capital Group Ltd.^A		25,572		1,135,397
Assurant, Inc.		4,495		790,131
Axis Capital Holdings Ltd.		65,595		3,311,892
CNO Financial Group, Inc.		58,644		1,099,575
Fidelity National Financial, Inc.		18,250		729,270
Markel Corp.^A		482		625,221
Reinsurance Group of America, Inc.		8,586		994,087
Willis Towers Watson PLC		5,250		1,086,435

				10,929,585

Total Financials				28,130,348

Health Care - 8.60%
Health Care Equipment & Supplies - 2.58%
Envista Holdings Corp.^A		17,712		719,993

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 94.95% (continued)
Health Care - 8.60% (continued)
Health Care Equipment & Supplies - 2.58% (continued)
Hologic, Inc.^A		10,728	$	765,764
LivaNova PLC^A		10,822		689,037
Zimmer Biomet Holdings, Inc.		9,759		1,077,296

				3,252,090

Health Care Providers & Services - 4.44%
Cardinal Health, Inc.		11,694		696,495
Encompass Health Corp.		16,704		845,557
Enhabit, Inc.		8,352		146,244
Fresenius Medical Care AG & Co. KGaA, ADR		43,297		801,860
Henry Schein, Inc.^A		10,309		812,658
McKesson Corp.		3,143		1,073,586
Universal Health Services, Inc., Class B		10,834		1,218,500

				5,594,900

Life Sciences Tools & Services - 0.65%
Avantor, Inc.^A		28,262		820,163

Pharmaceuticals - 0.93%
Perrigo Co. PLC		28,071		1,175,333

Total Health Care				10,842,486

Industrials - 16.33%
Aerospace & Defense - 2.01%
BWX Technologies, Inc.		17,166		972,969
L3Harris Technologies, Inc.		4,070		976,678
TransDigm Group, Inc.^A		936		582,510

				2,532,157

Airlines - 0.33%
Alaska Air Group, Inc.^A		9,320		413,156

Building Products - 2.04%
Carlisle Cos., Inc.		4,135		1,224,374
JELD-WEN Holding, Inc.^A		75,544		1,343,172

				2,567,546

Commercial Services & Supplies - 0.80%
Republic Services, Inc.		7,331		1,016,517

Construction & Engineering - 2.41%
AECOM		16,997		1,223,784
MasTec, Inc.^A		10,014		790,405
MDU Resources Group, Inc.		35,723		1,020,606

				3,034,795

Electrical Equipment - 0.81%
Vertiv Holdings Co.		90,046		1,028,325

Machinery - 4.25%
Dover Corp.		8,213		1,097,914
Fortive Corp.		17,656		1,137,929
Stanley Black & Decker, Inc.		7,650		744,575
Terex Corp.		39,587		1,326,560
Westinghouse Air Brake Technologies Corp.		11,203		1,047,144

				5,354,122

Professional Services - 1.26%
Alight, Inc., Class A^A		99,139		747,508

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 94.95% (continued)
Industrials - 16.33% (continued)
Professional Services - 1.26% (continued)
CACI International, Inc., Class A^A		2,784	$	841,575

				1,589,083

Road & Rail - 1.21%
JB Hunt Transport Services, Inc.		6,784		1,243,304
Ryder System, Inc.		3,551		278,114

				1,521,418

Trading Companies & Distributors - 1.21%
AerCap Holdings NV^A		34,025		1,526,362

Total Industrials				20,583,481

Information Technology - 6.45%
Electronic Equipment, Instruments & Components - 2.20%
Avnet, Inc.		26,675		1,276,932
Mirion Technologies, Inc.^{A B}		105,973		720,616
Zebra Technologies Corp., Class A^A		2,172		776,903

				2,774,451

IT Services - 2.99%
Cognizant Technology Solutions Corp., Class A		16,772		1,139,825
Global Payments, Inc.		8,728		1,067,609
GoDaddy, Inc., Class A^A		7,173		532,093
SS&C Technologies Holdings, Inc.		17,397		1,029,381

				3,768,908

Semiconductors & Semiconductor Equipment - 0.92%
Microchip Technology, Inc.		16,933		1,166,006

Technology Hardware, Storage & Peripherals - 0.34%
Hewlett Packard Enterprise Co.		30,115		428,838

Total Information Technology				8,138,203

Materials - 7.72%
Chemicals - 6.92%
Axalta Coating Systems Ltd.^A		90,318		2,277,820
Corteva, Inc.		9,065		521,691
Dow, Inc.		21,141		1,124,913
Eastman Chemical Co.		6,750		647,527
Element Solutions, Inc.		94,915		1,875,520
International Flavors & Fragrances, Inc.		10,003		1,240,872
Olin Corp.		19,896		1,039,964

				8,728,307

Containers & Packaging - 0.80%
Sealed Air Corp.		16,525		1,010,008

Total Materials				9,738,315

Real Estate - 5.23%
Equity Real Estate Investment Trusts (REITs) - 4.85%
American Campus Communities, Inc.		12,635		825,318
AvalonBay Communities, Inc.		2,954		631,979
Lamar Advertising Co., Class A		7,290		736,727
Medical Properties Trust, Inc.		27,377		471,980
STAG Industrial, Inc.		25,677		841,692

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 94.95% (continued)
Real Estate - 5.23% (continued)
Equity Real Estate Investment Trusts (REITs) - 4.85% (continued)
VICI Properties, Inc.		76,187	$	2,604,834

				6,112,530

Real Estate Management & Development - 0.38%
Howard Hughes Corp.^A		6,743		478,011

Total Real Estate				6,590,541

Utilities - 5.98%
Electric Utilities - 4.20%
Edison International		21,788		1,476,573
Entergy Corp.		12,701		1,462,266
NRG Energy, Inc.		28,794		1,086,973
Pinnacle West Capital Corp.		17,363		1,275,660

				5,301,472

Gas Utilities - 0.69%
UGI Corp.		20,123		868,508

Multi-Utilities - 1.09%
CenterPoint Energy, Inc.		43,191		1,368,723

Total Utilities				7,538,703

Total Common Stocks (Cost $98,685,246)				119,713,622

SHORT-TERM INVESTMENTS - 5.00% (Cost $6,304,490)
Investment Companies - 5.00%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{C D}		6,304,490		6,304,490

SECURITIES LENDING COLLATERAL - 0.54% (Cost $679,549)
Investment Companies - 0.54%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{C D}		679,549		679,549

TOTAL INVESTMENTS - 100.49% (Cost $105,669,285)				126,697,661
LIABILITIES, NET OF OTHER ASSETS - (0.49%)				(614,798	)

TOTAL NET ASSETS - 100.00%			$	126,082,863

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

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

^D	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

See accompanying notes

American Beacon Mid-Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-Mini Standard & Poor’s MidCap 400 Index Futures	25	September 2022	$	5,684,895	$	6,286,000	$	601,105

			$	5,684,895	$	6,286,000	$	601,105

Index Abbreviations:


CME		Chicago Mercantile Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


Mid-Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	119,713,622	$	—	$	—	$	119,713,622
Short-Term Investments		6,304,490		—		—		6,304,490
Securities Lending Collateral		679,549		—		—		679,549

Total Investments in Securities - Assets	$	126,697,661	$	—	$	—	$	126,697,661

*Financial Derivative Instruments - Assets*
Futures Contracts	$	601,105	$	—	$	—	$	601,105

Total Financial Derivative Instruments - Assets	$	601,105	$	—	$	—	$	601,105

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08%
Communication Services - 2.22%
Diversified Telecommunication Services - 0.06%
ATN International, Inc.		29,551	$	1,360,528
EchoStar Corp., Class A^A		71,121		1,405,351

				2,765,879

Entertainment - 0.37%
IMAX Corp.^A		478,476		8,043,181
Lions Gate Entertainment Corp., Class A^A		471,342		4,128,956
Lions Gate Entertainment Corp., Class B^A		567,289		4,714,172
Sciplay Corp., Class A^A		46,426		633,251

				17,519,560

Interactive Media & Services - 0.11%
Ziff Davis, Inc.^A		60,502		4,954,509

Media - 1.61%
AMC Networks, Inc., Class A^A		19,418		592,637
John Wiley & Sons, Inc., Class A		91,201		4,762,516
Magnite, Inc.^A		507,636		3,878,339
Scholastic Corp.		310,813		14,629,968
Stagwell, Inc.^A		5,850,087		38,669,075
TEGNA, Inc.		597,025		12,501,704
Thryv Holdings, Inc.^A		21,200		516,008

				75,550,247

Wireless Telecommunication Services - 0.07%
Telephone & Data Systems, Inc.		202,444		3,200,639

Total Communication Services				103,990,834

Consumer Discretionary - 12.79%
Auto Components - 3.89%
Adient PLC^A		1,774,539		59,943,927
American Axle & Manufacturing Holdings, Inc.^A		3,171,472		28,257,816
Dana, Inc.		1,269,974		21,284,764
Gentherm, Inc.^A		515,965		33,310,700
Goodyear Tire & Rubber Co.^A		633,514		7,779,552
LCI Industries		17,091		2,308,823
Lear Corp.		161,777		24,450,976
Patrick Industries, Inc.		44,076		2,676,295
Standard Motor Products, Inc.		41,466		1,896,655

				181,909,508

Automobiles - 0.45%
Harley-Davidson, Inc.		62,318		2,356,244
Thor Industries, Inc.^B		178,538		15,056,109
Winnebago Industries, Inc.		61,955		3,740,223

				21,152,576

Distributors - 0.22%
Funko, Inc., Class A^A		395,867		10,375,674

Diversified Consumer Services - 0.84%
ADT, Inc.		1,600,076		11,680,555
Adtalem Global Education, Inc.^A		403,600		16,184,360
Graham Holdings Co., Class B		10,831		6,438,921
Perdoceo Education Corp.^A		129,703		1,776,931

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Consumer Discretionary - 12.79% (continued)
Diversified Consumer Services - 0.84% (continued)
Strategic Education, Inc.		47,255	$	3,394,327

				39,475,094

Hotels, Restaurants & Leisure - 0.80%
Bloomin’ Brands, Inc.		169,076		3,447,460
Bluegreen Vacations Holding Corp.		10,248		269,318
Cracker Barrel Old Country Store, Inc.^B		137,060		13,030,294
Genius Sports Ltd.^{A B}		170,844		442,486
International Game Technology PLC^B		979,674		18,564,822
Red Rock Resorts, Inc., Class A		41,225		1,621,379

				37,375,759

Household Durables - 2.27%
Cavco Industries, Inc.^A		29,390		7,576,448
Century Communities, Inc.		87,963		4,501,067
Dream Finders Homes, Inc., Class A^A B		20,000		260,000
Ethan Allen Interiors, Inc.		47,611		1,094,577
GoPro, Inc., Class A^A		777,312		4,943,704
Green Brick Partners, Inc.^A		124,014		3,323,575
Helen of Troy Ltd.^A		21,559		2,884,379
KB Home		236,304		7,712,963
La-Z-Boy, Inc.		81,627		2,274,944
LGI Homes, Inc.^A		67,610		7,626,408
M/I Homes, Inc.^A		88,236		4,059,738
MDC Holdings, Inc.		190,291		6,898,049
Meritage Homes Corp.^A		202,764		17,904,061
Sonos, Inc.^{A B}		118,214		2,613,712
Taylor Morrison Home Corp.^A		227,112		6,518,114
Tri Pointe Homes, Inc.^A		402,607		7,456,282
Whirlpool Corp.		106,685		18,442,636

				106,090,657

Leisure Products - 0.54%
Brunswick Corp.		205,372		16,454,405
Malibu Boats, Inc., Class A^A		22,533		1,407,186
Smith & Wesson Brands, Inc.		23,297		338,971
Sturm Ruger & Co., Inc.^B		33,251		2,198,888
Vista Outdoor, Inc.^A		158,538		4,771,994

				25,171,444

Multiline Retail - 0.30%
Dillard’s, Inc., Class A^B		8,400		1,909,740
Ollie’s Bargain Outlet Holdings, Inc.^A		208,808		12,309,232

				14,218,972

Specialty Retail - 2.62%
Aaron’s Co., Inc.		20,658		268,967
Academy Sports & Outdoors, Inc.		164,298		7,069,743
America’s Car-Mart, Inc.^A		3,944		408,480
Asbury Automotive Group, Inc.^A		52,228		8,964,414
Bed Bath & Beyond, Inc.^{A B}		61,516		309,425
Buckle, Inc.		94,519		2,854,474
Caleres, Inc.		71,034		1,763,064
Camping World Holdings, Inc., Class A^B		124,115		3,356,070
Chico’s FAS, Inc.^A		77,383		388,463
Designer Brands, Inc., Class A		425,203		6,135,679
Foot Locker, Inc.		103,960		2,949,345
Genesco, Inc.^A		25,721		1,441,662
Group 1 Automotive, Inc.		49,159		8,697,210
Guess?, Inc.		112,714		2,131,422

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Consumer Discretionary - 12.79% (continued)
Specialty Retail - 2.62% (continued)
Hibbett, Inc.		24,972	$	1,171,686
MarineMax, Inc.^A		41,288		1,686,202
Monro, Inc.		422,802		21,203,520
National Vision Holdings, Inc.^A		140,776		4,102,213
ODP Corp.^A		424,892		15,423,580
OneWater Marine, Inc., Class A^A		9,540		345,730
Sally Beauty Holdings, Inc.^A		184,228		2,354,434
Shoe Carnival, Inc.		53,224		1,160,815
Signet Jewelers Ltd.		94,086		5,735,483
Sonic Automotive, Inc., Class A		417,690		17,480,326
TravelCenters of America, Inc.^A		28,075		1,171,289
Urban Outfitters, Inc.^A		86,352		1,768,489
Warby Parker, Inc., Class A^A		105,744		1,310,168
Zumiez, Inc.^A		37,619		978,094

				122,630,447

Textiles, Apparel & Luxury Goods - 0.86%
Allbirds, Inc., Class A^A		249,789		1,283,915
Capri Holdings Ltd.^A		237,303		11,551,910
G-III Apparel Group Ltd.^A		130,938		2,892,420
Hanesbrands, Inc.		657,682		7,352,885
Kontoor Brands, Inc.		28,785		1,050,653
Levi Strauss & Co., Class A^B		755,235		14,289,046
Movado Group, Inc.		10,894		370,178
Oxford Industries, Inc.		5,278		503,521
Skechers USA, Inc., Class A^A		24,455		928,312

				40,222,840

Total Consumer Discretionary				598,622,971

Consumer Staples - 3.50%
Beverages - 0.15%
Boston Beer Co., Inc., Class A^A		18,911		7,194,312

Food & Staples Retailing - 0.44%
Andersons, Inc.		101,790		3,681,744
Chefs’ Warehouse, Inc.^A		145,929		5,050,603
Ingles Markets, Inc., Class A		43,777		4,178,952
SpartanNash Co.		17,350		560,232
United Natural Foods, Inc.^A		169,520		7,206,295

				20,677,826

Food Products - 2.21%
Darling Ingredients, Inc.^A		523,729		36,283,945
Fresh Del Monte Produce, Inc.		299,742		8,905,335
Ingredion, Inc.		163,101		14,838,929
J&J Snack Foods Corp.		196,745		26,660,915
SunOpta, Inc.^A		1,905,522		16,806,704

				103,495,828

Personal Products - 0.55%
Edgewell Personal Care Co.		500,168		19,896,683
Herbalife Nutrition Ltd.^A		235,100		5,738,791

				25,635,474

Tobacco - 0.15%
Universal Corp.		66,462		3,715,890

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Consumer Staples - 3.50% (continued)
Tobacco - 0.15% (continued)
Vector Group Ltd.		290,357	$	3,234,577

				6,950,467

Total Consumer Staples				163,953,907

Energy - 6.49%
Energy Equipment & Services - 2.30%
Bristow Group, Inc.^A		53,379		1,377,178
Cactus, Inc., Class A		152,669		6,349,504
ChampionX Corp.		1,312,347		27,414,929
Dril-Quip, Inc.^A		23,195		594,952
Expro Group Holdings NV^A		1,410,540		17,180,377
Helix Energy Solutions Group, Inc.^A		1,617,462		6,534,546
Liberty Energy, Inc., Class A^A		415,634		5,902,003
NOV, Inc.		1,141,123		21,236,299
ProPetro Holding Corp.^A		64,400		677,488
Select Energy Services, Inc., Class A^A		60,618		452,816
TechnipFMC PLC^A		1,799,000		14,553,910
Transocean Ltd.^A		1,511,933		5,110,334

				107,384,336

Oil, Gas & Consumable Fuels - 4.19%
Berry Corp.		1,637,343		13,982,909
Callon Petroleum Co.^A		115,926		5,337,233
Centennial Resource Development, Inc., Class A^A		307,094		2,045,246
Chesapeake Energy Corp.^B		110,047		10,363,126
CNX Resources Corp.^A		1,049,069		18,117,422
Comstock Resources, Inc.^A		313,164		4,988,702
Equitrans Midstream Corp.		2,001,962		15,715,402
Kinetik Holdings, Inc.^B		60,244		2,450,726
Kosmos Energy Ltd.^A		5,608,735		35,559,380
Murphy Oil Corp.		668,640		23,496,010
PBF Energy, Inc., Class A^A		200,953		6,701,782
Peabody Energy Corp.^{A B}		88,852		1,865,003
Range Resources Corp.^A		1,207,896		39,945,121
Ranger Oil Corp., Class A		128,304		4,883,250
SilverBow Resources, Inc.^{A B}		31,683		1,431,755
Viper Energy Partners LP		301,365		9,263,960

				196,147,027

Total Energy				303,531,363

Financials - 22.67%
Banks - 14.31%
Amalgamated Financial Corp.		20,753		478,979
Amerant Bancorp, Inc.		8,228		224,789
Ameris Bancorp		69,821		3,301,835
Associated Banc-Corp.		492,486		9,898,969
Atlantic Union Bankshares Corp.		78,023		2,698,816
Banc of California, Inc.		41,636		729,046
Bank of NT Butterfield & Son Ltd.		906,687		30,727,622
Bank OZK		196,689		7,887,229
BankUnited, Inc.		92,887		3,608,660
Banner Corp.		151,857		9,413,615
Berkshire Hills Bancorp, Inc.		47,835		1,347,512
Brookline Bancorp, Inc.		69,720		964,228
Byline Bancorp, Inc.		25,346		620,723
Cadence Bank		917,343		23,942,652

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Financials - 22.67% (continued)
Banks - 14.31% (continued)
Capstar Financial Holdings, Inc.		55,667	$	1,169,564
Cathay General Bancorp		103,880		4,331,796
Central Pacific Financial Corp.		308,843		7,313,402
Columbia Banking System, Inc.		973,691		29,376,257
ConnectOne Bancorp, Inc.		26,519		701,162
CrossFirst Bankshares, Inc.^A		33,298		456,849
Customers Bancorp, Inc.^A		22,155		846,099
CVB Financial Corp.		304,384		8,117,921
Dime Community Bancshares, Inc.		26,388		899,303
Eastern Bankshares, Inc.		122,610		2,501,244
Enterprise Financial Services Corp.		38,619		1,816,252
Equity Bancshares, Inc., Class A		6,261		200,039
Farmers National Banc Corp.		20,658		293,344
FB Financial Corp.		47,350		2,028,947
First BanCorp		306,425		8,682,260
First Bancshares, Inc.		13,724		397,996
First Busey Corp.		48,401		1,193,085
First Commonwealth Financial Corp.		85,789		1,271,393
First Financial Bancorp		95,829		2,140,820
First Financial Corp.		8,358		390,486
First Foundation, Inc.		37,861		788,266
First Hawaiian, Inc.		1,274,711		32,492,383
First Interstate BancSystem, Inc., Class A		457,255		18,646,859
First Merchants Corp.		517,706		21,500,330
Flushing Financial Corp.		20,408		440,609
FNB Corp.		319,827		3,825,131
Fulton Financial Corp.		163,211		2,723,992
Glacier Bancorp, Inc.		201,911		10,113,722
Great Southern Bancorp, Inc.		8,346		516,951
Hancock Whitney Corp.		325,895		15,906,935
Hanmi Financial Corp.		20,503		518,111
HarborOne Bancorp, Inc.		393,480		5,705,460
Heartland Financial USA, Inc.		42,301		1,899,315
Heritage Commerce Corp.		548,653		6,463,132
Heritage Financial Corp.		214,081		5,570,388
Hilltop Holdings, Inc.		168,712		4,867,341
Home BancShares, Inc.		308,839		7,288,600
HomeStreet, Inc.		12,940		482,533
Hope Bancorp, Inc.		123,023		1,850,266
Horizon Bancorp, Inc.		29,316		559,056
Independent Bank Group, Inc.		80,502		5,693,101
International Bancshares Corp.		96,746		4,243,279
Lakeland Bancorp, Inc.		43,474		692,106
Mercantile Bank Corp.		6,855		242,941
Midland States Bancorp, Inc.		14,769		386,948
National Bank Holdings Corp., Class A		163,798		6,817,273
NBT Bancorp, Inc.		43,451		1,761,503
Northwest Bancshares, Inc.		233,290		3,354,710
OceanFirst Financial Corp.		52,658		1,082,648
OFG Bancorp		1,302,216		35,771,873
Old National Bancorp		3,351,300		58,346,133
Origin Bancorp, Inc.		15,986		688,517
Pacific Premier Bancorp, Inc.		94,925		3,193,277
PacWest Bancorp		117,453		3,292,208
Peapack-Gladstone Financial Corp.		12,245		399,922
Peoples Bancorp, Inc.		19,053		589,119
Popular, Inc.		437,877		34,009,907

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Financials - 22.67% (continued)
Banks - 14.31% (continued)
Premier Financial Corp.		23,855	$	679,390
QCR Holdings, Inc.		11,849		702,527
Renasant Corp.		72,317		2,415,388
S&T Bancorp, Inc.		35,218		1,089,645
Sandy Spring Bancorp, Inc.		47,319		1,954,275
Seacoast Banking Corp. of Florida		288,628		10,327,110
Silvergate Capital Corp., Class A^A		6,523		608,531
Simmons First National Corp., Class A		120,737		2,867,504
Southside Bancshares, Inc.		29,088		1,161,775
SouthState Corp.		83,813		7,104,828
Texas Capital Bancshares, Inc.^A		751,377		44,045,720
TriCo Bancshares		26,605		1,271,719
Trustmark Corp.		99,170		3,220,050
UMB Financial Corp.		162,736		14,727,608
Umpqua Holdings Corp.		1,474,200		25,960,662
United Bankshares, Inc.		129,490		5,016,443
United Community Banks, Inc.		758,529		25,812,742
Univest Financial Corp.		19,917		496,730
Valley National Bancorp		1,147,590		13,415,327
Veritex Holdings, Inc.		49,631		1,535,583
Washington Federal, Inc.		109,376		3,733,003
Webster Financial Corp.		143,860		6,682,297
WesBanco, Inc.		65,518		2,235,474
Westamerica Bancorp		253,894		15,236,179
Wintrust Financial Corp.		57,220		4,923,209

				669,921,458

Capital Markets - 2.70%
Artisan Partners Asset Management, Inc., Class A		41,681		1,657,237
B Riley Financial, Inc.^B		42,637		2,197,511
Cohen & Steers, Inc.		60,095		4,428,400
Cowen, Inc., Class A		17,122		600,468
Donnelley Financial Solutions, Inc.^A		30,609		1,040,400
Evercore, Inc., Class A		454,351		45,421,469
Federated Hermes, Inc.		391,834		13,365,458
Lazard Ltd., Class A		207,188		7,804,772
LPL Financial Holdings, Inc.		68,905		14,464,538
Moelis & Co., Class A		58,978		2,747,195
Perella Weinberg Partners^B		1,090,000		7,684,500
Piper Sandler Cos.,		27,178		3,429,864
Stifel Financial Corp.		227,737		13,620,950
Victory Capital Holdings, Inc., Class A		64,961		1,797,471
Virtu Financial, Inc., Class A		70,807		1,651,927
Virtus Investment Partners, Inc.		14,408		2,972,659
WisdomTree Investments, Inc.^B		243,522		1,266,314

				126,151,133

Consumer Finance - 1.16%
Atlanticus Holdings Corp.^A		13,987		540,458
Bread Financial Holdings, Inc.		78,413		3,105,939
Encore Capital Group, Inc.^A		30,299		2,194,556
Enova International, Inc.^A		54,628		1,885,212
Navient Corp.		331,593		5,461,337
Nelnet, Inc., Class A		43,144		4,102,563
PRA Group, Inc.^A		45,881		1,827,899
PROG Holdings, Inc.^A		121,404		2,236,262

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Financials - 22.67% (continued)
Consumer Finance - 1.16% (continued)
SLM Corp.		2,126,818	$	33,178,361

				54,532,587

Diversified Financial Services - 0.01%
A-Mark Precious Metals, Inc.		15,401		466,650

Insurance - 3.02%
Ambac Financial Group, Inc.^A		27,800		327,206
American Equity Investment Life Holding Co.		144,414		5,424,190
Argo Group International Holdings Ltd.		63,625		2,086,264
Assured Guaranty Ltd.		140,232		8,188,147
Axis Capital Holdings Ltd.		158,698		8,012,662
Brighthouse Financial, Inc.^A		160,398		6,964,481
CNO Financial Group, Inc.		412,830		7,740,563
Employers Holdings, Inc.		26,092		1,036,113
Enstar Group Ltd.^A		137,320		27,178,374
Genworth Financial, Inc., Class A^A		481,065		2,044,526
Global Indemnity Group LLC, Class A		340,659		9,095,595
Horace Mann Educators Corp.		655,708		22,457,999
Kemper Corp.		39,396		1,843,733
Mercury General Corp.		101,684		4,263,610
National Western Life Group, Inc., Class A		5,194		1,049,188
ProAssurance Corp.		99,447		2,200,762
Reinsurance Group of America, Inc.		137,576		15,928,549
Safety Insurance Group, Inc.		6,386		552,708
Selective Insurance Group, Inc.		84,289		6,562,742
Stewart Information Services Corp.		49,159		2,686,539
White Mountains Insurance Group Ltd.		4,632		5,741,040

				141,384,991

Mortgage Real Estate Investment Trusts (REITs) - 0.22%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^B		280,539		10,124,653

Thrifts & Mortgage Finance - 1.25%
Axos Financial, Inc.^A		40,004		1,670,567
Capitol Federal Financial, Inc.		130,897		1,255,302
Essent Group Ltd.		363,436		15,177,087
Kearny Financial Corp.		68,542		802,627
Luther Burbank Corp.		235,041		3,100,191
Merchants Bancorp		40,864		1,081,261
MGIC Investment Corp.		622,521		8,802,447
Mr Cooper Group, Inc.^A		164,233		7,398,697
NMI Holdings, Inc., Class A^A		81,219		1,538,288
PennyMac Financial Services, Inc.		52,321		2,866,668
Provident Financial Services, Inc.		142,941		3,482,043
Radian Group, Inc.		351,469		7,862,362
TrustCo Bank Corp. NY		12,865		431,749
WSFS Financial Corp.		62,377		2,976,630

				58,445,919

Total Financials				1,061,027,391

Health Care - 3.78%
Biotechnology - 0.26%
Alkermes PLC^A		352,414		9,021,798
Ironwood Pharmaceuticals, Inc.^A		163,059		1,867,026

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Health Care - 3.78% (continued)
Biotechnology - 0.26% (continued)
Vanda Pharmaceuticals, Inc.^A		107,524	$	1,159,109

				12,047,933

Health Care Equipment & Supplies - 0.59%
Embecta Corp.^A		221,050		6,505,501
Enovis Corp.^A		87,550		5,228,486
Merit Medical Systems, Inc.^A		55,447		3,187,094
NuVasive, Inc.^A		133,198		6,995,559
Omnicell, Inc.^A		52,393		5,769,517

				27,686,157

Health Care Providers & Services - 1.55%
Acadia Healthcare Co., Inc.^A		146,731		12,165,467
Amedisys, Inc.^A		52,252		6,262,402
Cross Country Healthcare, Inc.^A		71,698		1,889,959
Encompass Health Corp.		539,314		27,300,075
Enhabit, Inc.		244,439		4,280,127
ModivCare, Inc.^A		52,234		5,212,953
National HealthCare Corp.		29,217		2,075,284
R1 RCM, Inc.^A		542,062		13,551,550

				72,737,817

Health Care Technology - 0.36%
Evolent Health, Inc., Class A^A		492,269		16,732,223

Life Sciences Tools & Services - 0.47%
Azenta, Inc.		300,659		20,522,984
Medpace Holdings, Inc.^A		8,310		1,408,794

				21,931,778

Pharmaceuticals - 0.55%
Amneal Pharmaceuticals, Inc.^A		149,367		528,759
Innoviva, Inc.^A		131,188		1,881,236
Perrigo Co. PLC		558,664		23,391,262

				25,801,257

Total Health Care				176,937,165

Industrials - 23.12%
Aerospace & Defense - 1.27%
AAR Corp.^A		95,624		4,258,137
Aerojet Rocketdyne Holdings, Inc.^A		207,286		9,056,325
AeroVironment, Inc.^A		85,510		7,408,586
BWX Technologies, Inc.		181,204		10,270,643
Kaman Corp.		346,200		10,656,036
Mercury Systems, Inc.^A		156,285		9,222,378
Spirit AeroSystems Holdings, Inc., Class A		261,502		8,582,496

				59,454,601

Air Freight & Logistics - 0.94%
Air Transport Services Group, Inc.^A		1,212,336		37,994,610
Atlas Air Worldwide Holdings, Inc.^A		78,376		5,933,847

				43,928,457

Airlines - 0.22%
JetBlue Airways Corp.^A		496,246		4,178,391
SkyWest, Inc.^A		80,486		1,943,737

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Industrials - 23.12% (continued)
Airlines - 0.22% (continued)
Spirit Airlines, Inc.^A		170,008	$	4,211,098

				10,333,226

Building Products - 1.80%
Apogee Enterprises, Inc.		630,414		26,231,527
Armstrong World Industries, Inc.		71,146		6,356,895
AZEK Co., Inc.^A		189,018		3,908,892
Gibraltar Industries, Inc.^A		725,622		33,951,853
Insteel Industries, Inc.		36,592		1,145,330
Masonite International Corp.^A		17,880		1,627,616
UFP Industries, Inc.		117,145		10,801,941

				84,024,054

Commercial Services & Supplies - 2.70%
ACCO Brands Corp.		182,526		1,308,712
Brink’s Co.		452,407		25,760,055
Deluxe Corp.		818,151		20,568,316
Harsco Corp.^A		2,696,237		12,968,900
Healthcare Services Group, Inc.		937,392		13,442,201
Interface, Inc.		1,619,681		23,469,178
MillerKnoll, Inc.		907,494		27,324,644
Quad/Graphics, Inc.^A		488,590		1,553,716

				126,395,722

Construction & Engineering - 2.86%
Arcosa, Inc.		29,901		1,541,696
Dycom Industries, Inc.^A		114,051		11,765,501
EMCOR Group, Inc.		79,914		9,299,592
Fluor Corp.^A		1,791,216		45,514,799
Granite Construction, Inc.		205,429		6,142,327
Matrix Service Co.^A		75,026		415,644
MDU Resources Group, Inc.		923,567		26,386,309
Primoris Services Corp.		149,123		3,483,513
WillScot Mobile Mini Holdings Corp.^A		756,497		29,208,349

				133,757,730

Electrical Equipment - 1.50%
Atkore, Inc.^A		84,612		8,399,433
Encore Wire Corp.		211,733		29,318,668
EnerSys		362,614		23,899,889
GrafTech International Ltd.		1,136,740		8,752,898

				70,370,888

Machinery - 7.12%
Allison Transmission Holdings, Inc.		611,499		25,603,463
Astec Industries, Inc.		92,740		4,556,316
Barnes Group, Inc.		278,833		9,430,132
Crane Holdings Co.		104,941		10,381,813
Donaldson Co., Inc.		254,992		13,874,115
Energy Recovery, Inc.^A		234,405		5,210,823
Enerpac Tool Group Corp.		1,791,090		36,359,127
EnPro Industries, Inc.		41,677		3,895,966
Flowserve Corp.		1,547,854		52,379,379
Greenbrier Cos., Inc.		1,451,767		46,195,226
Hillenbrand, Inc.		384,326		17,755,861
Hyster-Yale Materials Handling, Inc.		14,253		493,011
ITT, Inc.		254,387		19,086,657
Kennametal, Inc.		1,302,629		34,975,589
Lindsay Corp.		37,109		5,713,302
Meritor, Inc.^A		80,274		2,923,579

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Industrials - 23.12% (continued)
Machinery - 7.12% (continued)
Miller Industries, Inc.		210,722	$	5,063,650
Mueller Industries, Inc.		108,076		7,276,757
Standex International Corp.		145,480		14,123,198
Tennant Co.		184,459		12,364,287
Wabash National Corp.		301,684		5,448,413

				333,110,664

Marine - 0.97%
Eagle Bulk Shipping, Inc.		13,909		736,203
Genco Shipping & Trading Ltd.		79,117		1,525,376
Kirby Corp.^A		511,191		32,429,957
Matson, Inc.		117,636		10,783,692

				45,475,228

Professional Services - 2.11%
Heidrick & Struggles International, Inc.		13,241		412,325
Hudson Global, Inc.^A		57,987		1,634,654
Huron Consulting Group, Inc.^A		78,959		5,298,149
KBR, Inc.		541,752		28,837,459
Kelly Services, Inc., Class A		67,897		1,472,007
Korn Ferry		486,610		31,877,821
ManpowerGroup, Inc.		179,400		14,066,754
Resources Connection, Inc.		22,162		475,596
TrueBlue, Inc.^A		674,267		14,591,138

				98,665,903

Road & Rail - 0.25%
ArcBest Corp.		46,320		4,103,952
Ryder System, Inc.		96,443		7,553,416

				11,657,368

Trading Companies & Distributors - 1.38%
Air Lease Corp.		225,380		8,363,852
BlueLinx Holdings, Inc.^A		5,822		465,760
Boise Cascade Co.		106,348		7,519,867
GMS, Inc.^A		81,158		4,307,055
MSC Industrial Direct Co., Inc., Class A		90,943		7,517,348
NOW, Inc.^A		1,396,612		15,446,529
Rush Enterprises, Inc., Class A		57,129		2,753,046
Titan Machinery, Inc.^A		32,662		918,782
Triton International Ltd.		209,082		13,397,975
Univar Solutions, Inc.^A		104,600		2,828,384
Veritiv Corp.^A		9,100		1,128,582

				64,647,180

Total Industrials				1,081,821,021

Information Technology - 10.43%
Communications Equipment - 2.18%
ADTRAN Holdings, Inc.		512,312		12,341,596
Ciena Corp.^A		349,152		18,016,243
CommScope Holding Co., Inc.^A		320,873		2,897,483
Extreme Networks, Inc.^A		939,192		12,284,632
F5, Inc.^A		165,300		27,664,608
Infinera Corp.^A		2,851,415		18,676,768
Lumentum Holdings, Inc.^A		68,680		6,212,793

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Information Technology - 10.43% (continued)
Communications Equipment - 2.18% (continued)
Viasat, Inc.^A		113,741	$	3,745,491

				101,839,614

Electronic Equipment, Instruments & Components - 3.22%
Arrow Electronics, Inc.^A		43,876		5,623,587
Avnet, Inc.		513,287		24,571,049
Belden, Inc.		224,090		14,503,105
Benchmark Electronics, Inc.		66,425		1,699,152
FARO Technologies, Inc.^A		290,961		9,462,052
II-VI, Inc.^{A B}		339,454		17,868,859
Itron, Inc.^A		325,800		19,026,720
Kimball Electronics, Inc.^A		15,025		330,550
Methode Electronics, Inc.		258,934		10,678,438
nLight, Inc.^A		302,975		3,714,473
Plexus Corp.^A		165,600		15,558,120
Sanmina Corp.^A		176,229		8,115,345
ScanSource, Inc.^A		48,313		1,543,600
TTM Technologies, Inc.^A		191,796		2,595,000
Vishay Intertechnology, Inc.		250,579		5,176,962
Vishay Precision Group, Inc.^A		252,166		7,862,536
Vontier Corp.		99,500		2,567,100

				150,896,648

IT Services - 0.53%
Edgio, Inc.^A		762,139		1,928,212
Euronet Worldwide, Inc.^A		233,991		22,994,295

				24,922,507

Semiconductors & Semiconductor Equipment - 2.60%
Alpha & Omega Semiconductor Ltd.^A		16,700		701,567
Amkor Technology, Inc.		24,550		495,174
Cohu, Inc.^A		746,799		21,343,515
Diodes, Inc.^A		458,927		37,342,890
Kulicke & Soffa Industries, Inc.^B		657,558		31,641,691
MaxLinear, Inc.^A		22,845		923,166
Photronics, Inc.^A		1,193,058		28,406,711
SMART Global Holdings, Inc.^A		30,900		606,258

				121,460,972

Software - 0.93%
A10 Networks, Inc.		496,255		7,399,162
Cognyte Software Ltd.^A		130,480		588,465
Progress Software Corp.		239,707		11,256,641
Telos Corp.^A		1,106,977		8,789,397
Verint Systems, Inc.^A		151,832		6,934,168
WM Technology, Inc.^{A B}		627,950		2,135,030
Xperi Holding Corp.		104,986		1,759,565
Zuora, Inc., Class A^A		559,417		4,760,639

				43,623,067

Technology Hardware, Storage & Peripherals - 0.97%
Corsair Gaming, Inc.^A		81,925		1,155,142
Super Micro Computer, Inc.^A		649,812		35,096,346
Xerox Holdings Corp.		519,436		8,897,939

				45,149,427

Total Information Technology				487,892,235

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Materials - 6.36%
Chemicals - 1.78%
AdvanSix, Inc.		18,932	$	743,838
Cabot Corp.		417,042		30,969,539
Ecovyst, Inc.		1,306,506		13,365,556
Element Solutions, Inc.		1,138,648		22,499,685
Intrepid Potash, Inc.^A		8,400		383,040
Koppers Holdings, Inc.		14,180		333,797
Livent Corp.^A		188,959		4,703,190
Mativ, Inc.		96,915		2,117,593
Minerals Technologies, Inc.		57,541		3,844,314
Tronox Holdings PLC, Class A		294,443		4,596,255

				83,556,807

Containers & Packaging - 0.73%
Greif, Inc., Class A		50,143		3,541,099
O-I Glass, Inc.^A		386,808		5,689,946
Silgan Holdings, Inc.		190,192		8,463,544
Sonoco Products Co.		259,846		16,497,622

				34,192,211

Metals & Mining - 3.84%
Alamos Gold, Inc., Class A		718,184		5,666,472
ATI, Inc.^A		1,493,598		37,175,654
Carpenter Technology Corp.		464,073		14,915,306
Commercial Metals Co.		362,996		14,381,901
Elah Holdings, Inc.^A		3,357		220,051
Ferroglobe PLC^A		1,764,171		10,849,652
Hecla Mining Co.		1,457,330		6,601,705
Kaiser Aluminum Corp.		507,315		38,439,258
Largo, Inc.^{A B}		78,175		594,130
Materion Corp.		285,234		23,372,074
MP Materials Corp.^{A B}		194,744		6,537,556
Royal Gold, Inc.		65,337		6,845,357
Ryerson Holding Corp.		25,942		710,811
Schnitzer Steel Industries, Inc., Class A		180,694		6,425,479
SunCoke Energy, Inc.		55,968		414,163
TimkenSteel Corp.^A		31,271		634,489
Warrior Met Coal, Inc.		31,900		1,018,567
Worthington Industries, Inc.		94,652		4,847,129

				179,649,754

Paper & Forest Products - 0.01%
Clearwater Paper Corp.^A		11,362		405,623

Total Materials				297,804,395

Real Estate - 3.72%
Equity Real Estate Investment Trusts (REITs) - 2.73%
Agree Realty Corp.		314,943		25,066,313
Apple Hospitality REIT, Inc.		831,341		13,866,768
Cousins Properties, Inc.		584,671		18,037,100
EPR Properties		124,430		6,695,578
Highwoods Properties, Inc.		66,292		2,358,007
Hudson Pacific Properties, Inc.		393,885		5,924,030
National Retail Properties, Inc.		193,963		9,234,579
Pebblebrook Hotel Trust		240,822		4,710,478
Physicians Realty Trust		278,435		4,947,790
PotlatchDeltic Corp.		163,997		8,040,773
Rayonier, Inc.		117,282		4,427,396
Ryman Hospitality Properties, Inc.^A		11,134		985,804

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.08% (continued)
Real Estate - 3.72% (continued)
Equity Real Estate Investment Trusts (REITs) - 2.73% (continued)
STAG Industrial, Inc.		94,079	$	3,083,910
Sunstone Hotel Investors, Inc.^A		690,580		7,824,271
Terreno Realty Corp.		74,566		4,671,560
Urban Edge Properties		473,812		7,784,731

				127,659,088

Real Estate Management & Development - 0.99%
Anywhere Real Estate, Inc.^A		314,950		3,127,454
Cushman & Wakefield PLC^A		139,440		2,342,592
Douglas Elliman, Inc.		480,853		2,885,118
Howard Hughes Corp.^A		86,328		6,119,792
Newmark Group, Inc., Class A		410,092		4,675,049
RE/MAX Holdings, Inc., Class A		11,938		302,509
RMR Group, Inc., Class A		482,133		13,938,465
Seritage Growth Properties, Class A^A		1,062,963		12,776,815

				46,167,794

Total Real Estate				173,826,882

Utilities - 2.00%
Electric Utilities - 0.89%
ALLETE, Inc.		373,890		23,207,352
PNM Resources, Inc.		186,222		8,988,936
Portland General Electric Co.		184,123		9,452,875

				41,649,163

Gas Utilities - 0.48%
Chesapeake Utilities Corp.		50,848		6,972,786
Southwest Gas Holdings, Inc.		73,888		6,425,301
Spire, Inc.		25,827		1,943,223
UGI Corp.		161,924		6,988,640

				22,329,950

Multi-Utilities - 0.63%
Avista Corp.		480,368		20,300,351
NorthWestern Corp.^B		169,035		9,372,991

				29,673,342

Total Utilities				93,652,455

Total Common Stocks (Cost $4,007,061,592)				4,543,060,619

SHORT-TERM INVESTMENTS - 2.65% (Cost $123,687,721)
Investment Companies - 2.65%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{C D}		123,687,721		123,687,721

SECURITIES LENDING COLLATERAL - 0.21% (Cost $9,921,632)
Investment Companies - 0.21%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{C D}		9,921,632		9,921,632

TOTAL INVESTMENTS - 99.94% (Cost $4,140,670,945)				4,676,669,972
OTHER ASSETS, NET OF LIABILITIES - 0.06%				2,961,776

TOTAL NET ASSETS - 100.00%			$	4,679,631,748

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)

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

^D	7-day yield.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-Mini Russell 2000 Index Futures	1,276	September 2022	$	114,359,411	$	120,282,140	$	5,922,729

			$	114,359,411	$	120,282,140	$	5,922,729

Index Abbreviations:


CME		Chicago Mercantile Exchange.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


Small Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	4,543,060,619	$	—	$	—	$	4,543,060,619
Short-Term Investments		123,687,721		—		—		123,687,721
Securities Lending Collateral		9,921,632		—		—		9,921,632

Total Investments in Securities - Assets	$	4,676,669,972	$	—	$	—	$	4,676,669,972

*Financial Derivative Instruments - Assets*
Futures Contracts	$	5,922,729	$	—	$	—	$	5,922,729

Total Financial Derivative Instruments - Assets	$	5,922,729	$	—	$	—	$	5,922,729

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
Australia - 2.29% (Cost $4,178,140)
Common Stocks - 2.29%
BHP Group Ltd., ADR^A		99,200	$	5,459,968

Belgium - 2.28% (Cost $5,114,978)
Common Stocks - 2.28%
Groupe Bruxelles Lambert SA^B		61,312		5,420,618

Canada - 1.46% (Cost $1,570,122)
Common Stocks - 1.46%
Nutrien Ltd.		40,550		3,473,513

China/Hong Kong - 1.47% (Cost $4,426,212)
Common Stocks - 1.47%
Swire Pacific Ltd., Class A^B		612,500		3,494,818

France - 15.67%
Common Stocks - 15.67%
Accor SA^{B C}		82,700		2,146,393
Bollore SE^B		1,186,240		5,981,655
Bureau Veritas SA^B		221,878		6,120,269
EssilorLuxottica SA^B		45,952		7,209,288
JCDecaux SA^{B C}		109,241		1,763,013
LVMH Moet Hennessy Louis Vuitton SE^B		2,000		1,391,214
Orpea SA^{A B C}		69,600		1,731,493
Sanofi^B		69,800		6,945,294
Vivendi SE^B		421,830		4,003,275

Total Common Stocks				37,291,894

Total France (Cost $41,607,585)				37,291,894

Germany - 15.73%
Common Stocks - 13.74%
adidas AG^B		18,200		3,123,465
Duerr AG^B		135,200		3,349,294
GEA Group AG^B		77,864		2,894,275
Infineon Technologies AG^B		221,500		6,015,887
KION Group AG^B		42,000		1,904,210
SAP SE^B		52,600		4,875,359
Siemens AG, ADR		79,300		4,420,182
Software AG^B		120,600		3,235,053
Stroeer SE & Co. KGaA^B		65,769		2,876,337

Total Common Stocks				32,694,062

Preferred Stocks - 1.99%
Henkel AG & Co. KGaA^{B D}		74,400		4,740,358

Total Germany (Cost $42,366,780)				37,434,420

Ireland - 2.32% (Cost $4,550,172)
Common Stocks - 2.32%
CRH PLC^B		144,100		5,520,603

Japan - 19.21%
Common Stocks - 19.21%
Amano Corp.^B		228,883		4,390,260
Asahi Group Holdings Ltd.^B		207,500		7,197,503
FANUC Corp.^B		37,300		6,444,408
Hitachi Ltd.^B		103,498		5,251,879
Hoya Corp.^B		24,300		2,440,840
Makita Corp.^B		83,900		2,047,669

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
Japan - 19.21% (continued)
Common Stocks - 19.21% (continued)
Rohm Co. Ltd.^B		41,720	$	3,097,104
Shimano, Inc.^B		6,800		1,148,994
Sony Group Corp., ADR		67,500		5,763,825
TBS Holdings, Inc.^B		303,620		3,888,560
Toyota Industries Corp.^B		66,800		4,048,265

Total Common Stocks				45,719,307

Total Japan (Cost $43,475,031)				45,719,307

Mexico - 2.93%
Common Stocks - 2.93%
Fomento Economico Mexicano SAB de CV, ADR		58,300		3,613,434
Grupo Televisa SAB, ADR		428,700		3,352,434

Total Common Stocks				6,965,868

Total Mexico (Cost $7,480,128)				6,965,868

Netherlands - 0.26% (Cost $582,941)
Common Stocks - 0.26%
JDE Peet’s NV^B		21,000		608,906

Republic of Korea - 3.00% (Cost $4,823,069)
Preferred Stocks - 3.00%
Samsung Electronics Co. Ltd.^{B D}		161,800		7,130,324

Spain - 4.47%
Common Stocks - 4.47%
Applus Services SA^B		467,600		3,401,642
Cellnex Telecom SA^{B E}		60,100		2,690,079
Industria de Diseno Textil SA^B		187,400		4,551,856

Total Common Stocks				10,643,577

Total Spain (Cost $13,095,228)				10,643,577

Switzerland - 7.64%
Common Stocks - 7.64%
Alcon, Inc.		69,900		5,458,491
Novartis AG, ADR		71,200		6,111,096
UBS Group AG^{A C}		406,390		6,599,774

Total Common Stocks				18,169,361

Total Switzerland (Cost $14,388,732)				18,169,361

Taiwan - 1.44% (Cost $2,654,039)
Common Stocks - 1.44%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		38,700		3,424,176

United Kingdom - 13.59%
Common Stocks - 13.59%
BP PLC, ADR		277,000		8,138,260
Diageo PLC, ADR		35,570		6,808,098
Experian PLC^B		71,300		2,498,186
IMI PLC^B		139,600		2,279,655
Johnson Matthey PLC^B		109,600		2,864,292
Smith & Nephew PLC^B		368,800		4,721,996

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
United Kingdom - 13.59% (continued)
Common Stocks - 13.59% (continued)
Smiths Group PLC^B		266,800	$	5,035,131

Total Common Stocks				32,345,618

Total United Kingdom (Cost $30,033,659)				32,345,618

United States - 1.84% (Cost $6,052,522)
Common Stocks - 1.84%
Clarivate PLC^C		301,500		4,368,735

SHORT-TERM INVESTMENTS - 3.72% (Cost $8,846,748)
Investment Companies - 3.72%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{F G}		8,846,748		8,846,748

SECURITIES LENDING COLLATERAL - 0.81% (Cost $1,919,219)
Investment Companies - 0.81%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{F G}		1,919,219		1,919,219

TOTAL INVESTMENTS - 100.13% (Cost $237,165,305)				238,237,673
LIABILITIES, NET OF OTHER ASSETS - (0.13%)				(297,573	)

TOTAL NET ASSETS - 100.00%			$	237,940,100

Percentages are stated as a percent of net assets.

^A	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at July 31, 2022.

^B	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $160,479,720 or 67.45% of net assets.

^C	Non-income producing security.

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

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $2,690,079 or 1.13% of net assets. The Fund has no right to demand registration of these securities.

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

^G	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2022, the investments were classified as described below:


Tocqueville International Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Australia	$	5,459,968	$	—	$	—	$	5,459,968
Belgium		—		5,420,618		—		5,420,618
Canada		3,473,513		—		—		3,473,513
China/Hong Kong		—		3,494,818		—		3,494,818
France		—		37,291,894		—		37,291,894
Germany		4,420,182		28,273,880		—		32,694,062
Ireland		—		5,520,603		—		5,520,603
Japan		5,763,825		39,955,482		—		45,719,307

See accompanying notes

American Beacon Tocqueville International Value Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


Mexico		6,965,868		—		—		6,965,868
Netherlands		—		608,906		—		608,906
Spain		—		10,643,577		—		10,643,577
Switzerland		18,169,361		—		—		18,169,361
Taiwan		3,424,176		—		—		3,424,176
United Kingdom		14,946,358		17,399,260		—		32,345,618
Foreign Preferred Stocks
Germany		—		4,740,358		—		4,740,358
Republic of Korea		—		7,130,324		—		7,130,324
Common Stocks
United States		4,368,735		—		—		4,368,735
Short-Term Investments		8,846,748		—		—		8,846,748
Securities Lending Collateral		1,919,219		—		—		1,919,219

Total Investments in Securities - Assets	$	77,757,953	$	160,479,720	$	—	$	238,237,673

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2022, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

Organization

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. As of July 31, 2022, the Trust consists of twenty-seven active series, seven of which are presented in this filing: American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Mid-Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Tocqueville International Value Fund (collectively the “Funds” and each individually a “Fund”). The Funds, each a series within the Trust, are registered under the Investment Company Act of 1940, as amended (the “Act”), diversified, open-end management investment companies. The remaining twenty active series are reported in separate filings.

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

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, which provides optional expedients and exceptions for contracts, hedging relationships and other transactions affected by the transitioning away from the London Interbank Offered Rate (“LIBOR”) and other reference rates that are expected to be discontinued. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. When fully implemented, the new rule may require changes in how a fund will use derivatives, may adversely affect a fund’s performance and may increase costs related to a fund’s use of derivatives.

On December 3, 2020, the SEC adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Valuation Rule and its effect on the Funds.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

Security Valuation and Fair Value Measurements

The price of each Fund’s shares is based on its net asset value (“NAV”) per share. Each 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 a Fund’s shares is determined based on a pro rata allocation of a Fund’s investment income, expenses and total capital gains and losses. A 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, a Fund’s NAV per share typically would still be determined as of the regular close of trading on the NYSE. The Funds do not price their shares on days that the NYSE is closed. Foreign exchanges may permit trading in foreign securities on days when a Fund is not open for business, which may result in the value of a Fund’s portfolio investments being affected at a time when you are unable to buy or sell shares.

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

The valuation of securities traded on foreign markets and certain fixed-income securities will generally be based on prices determined as of the earlier closing time of the markets on which they primarily trade unless a significant event has occurred. When a Fund holds securities or other assets that are denominated in a foreign currency, a 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 a Fund occurs after the close of a related exchange but before the determination of a 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 Funds may fair value securities as a result of significant events occurring after the close of the foreign markets in which a Fund invests as described below. In addition, the Funds may invest in illiquid securities requiring these procedures.

A Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before a 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 a Fund is open. A 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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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 a Fund’s fair valuation procedures. If any significant discrepancies are found, the Manager may adjust a Fund’s fair valuation procedures.

Valuation Inputs

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


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

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

Level 3 -		Prices determined using other significant unobservable inputs. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in pricing an investment.

Level 1 and Level 2 trading assets and trading liabilities, at fair value

Common stocks, ETFs, preferred securities, and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

Mortgage-related and asset-backed securities (“ABS”) are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads for each tranche, and incorporates deal collateral performance, as available. Mortgage-related and ABS that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

Securities Lending

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

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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

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

As of July 31, 2022, the value of outstanding securities on loan and the value of collateral were as follows:


Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Balanced	$	1,378,656	$	591,723	$	819,729	$	1,411,452
International Equity		14,724,183		535,588		14,440,343		14,975,931
Large Cap Value		28,437,834		6,839,724		22,221,158		29,060,882
Mid-Cap Value		684,583		679,549		—		679,549
Small Cap Value		76,777,142		9,921,632		68,392,892		78,314,524
Tocqueville International Value		12,587,459		1,919,219		10,748,147		12,667,366

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

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

Federal Income and Excise Taxes

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

The Funds do not have any unrecorded tax liabilities. Each of the tax years in the four year period ended October 31, 2021 remain subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of July 31, 2022, the Funds’ cost of investments for federal income tax purposes were as follows:

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	131,665,549	$	18,554,778	$	(7,327,134	)	$	11,227,644
Garcia Hamilton Quality Bond		405,500,490		3,957,527		(10,082,345	)		(6,124,818	)
International Equity		1,667,557,756		112,004,365		(196,843,266	)		(84,838,901	)
Large Cap Value		2,562,606,785		996,428,542		(109,247,525	)		887,181,017
Mid-Cap Value		105,669,285		27,093,937		(6,065,561	)		21,028,376
Small Cap Value		4,140,670,945		850,008,223		(314,009,196	)		535,999,027
Tocqueville International Value		237,165,305		33,231,606		(32,159,238	)		1,072,368

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the Funds in taxable years beginning after December 22, 2010 are carried forward indefinitely and retain their character as short-term and/or long-term losses.

As of October 31, 2021, the Funds had the following capital loss carryforwards:


Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
Garcia Hamilton Quality Bond	$	3,865,914	$	551,990
Tocqueville International Value		—		12,379,528