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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, 2023

Date of reporting period: January 31, 2023

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

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.43%
Communication Services - 4.10%
Entertainment - 0.97%
Electronic Arts, Inc.		6,447	$	829,600
Warner Bros Discovery, Inc.^A		42,299		626,871

				1,456,471

Interactive Media & Services - 0.68%
Alphabet, Inc., Class A^A		10,300		1,018,052

Media - 1.77%
Comcast Corp., Class A		40,279		1,584,979
News Corp., Class A		23,900		484,214
Omnicom Group, Inc.		2,586		222,370
Paramount Global, Class B		16,500		382,140

				2,673,703

Wireless Telecommunication Services - 0.68%
T-Mobile U.S., Inc.^A		4,200		627,102
Vodafone Group PLC, ADR		34,732		402,196

				1,029,298

Total Communication Services				6,177,524

Consumer Discretionary - 5.97%
Auto Components - 1.61%
Adient PLC^A		4,532		204,030
Aptiv PLC^A		11,143		1,260,162
Goodyear Tire & Rubber Co.^A		10,359		116,539
Magna International, Inc.^B		13,104		850,974

				2,431,705

Automobiles - 0.79%
General Motors Co.		30,342		1,193,047

Hotels, Restaurants & Leisure - 2.07%
Aramark		22,378		996,493
Booking Holdings, Inc.^A		162		394,324
Las Vegas Sands Corp.^A		29,231		1,724,629

				3,115,446

Multiline Retail - 0.74%
Dollar General Corp.		4,750		1,109,600

Specialty Retail - 0.76%
Advance Auto Parts, Inc.		4,115		626,632
Lithia Motors, Inc.		1,944		511,661

				1,138,293

Total Consumer Discretionary				8,988,091

Consumer Staples - 1.30%
Personal Products - 0.49%
Unilever PLC, ADR^B		14,600		746,060

Tobacco - 0.81%
Philip Morris International, Inc.		11,645		1,213,875

Total Consumer Staples				1,959,935

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.43% (continued)
Energy - 7.21%
Energy Equipment & Services - 1.66%
Baker Hughes Co.		6,900	$	219,006
Halliburton Co.		33,498		1,380,788
NOV, Inc.		27,800		679,432
Schlumberger Ltd.		3,800		216,524

				2,495,750

Oil, Gas & Consumable Fuels - 5.55%
APA Corp.		24,514		1,086,706
Cenovus Energy, Inc.^B		12,500		249,750
Hess Corp.		12,252		1,839,760
Marathon Oil Corp.		22,531		618,926
Murphy Oil Corp.		9,400		409,934
Ovintiv, Inc.		11,100		546,453
Phillips 66		16,377		1,642,122
Pioneer Natural Resources Co.		5,305		1,222,007
Shell PLC, ADR		12,535		737,183

				8,352,841

Total Energy				10,848,591

Financials - 11.71%
Banks - 5.58%
Citigroup, Inc.		40,857		2,133,552
Citizens Financial Group, Inc.		15,468		670,074
First Citizens BancShares, Inc., Class A		365		283,853
M&T Bank Corp.		6,268		977,808
U.S. Bancorp		25,876		1,288,625
Wells Fargo & Co.		64,949		3,044,160

				8,398,072

Capital Markets - 2.41%
Bank of New York Mellon Corp.		18,315		926,189
Goldman Sachs Group, Inc.		2,817		1,030,487
Northern Trust Corp.		8,166		791,857
State Street Corp.		9,606		877,316

				3,625,849

Consumer Finance - 0.61%
American Express Co.		3,923		686,251
Capital One Financial Corp.		1,900		226,100

				912,351

Diversified Financial Services - 0.27%
Corebridge Financial, Inc.		9,100		198,016
Equitable Holdings, Inc.		6,700		214,869

				412,885

Insurance - 2.84%
Allstate Corp.		4,730		607,663
American International Group, Inc.		34,725		2,195,315
Hartford Financial Services Group, Inc.		8,500		659,685
Willis Towers Watson PLC		3,234		822,050

				4,284,713

Total Financials				17,633,870

Health Care - 7.39%
Health Care Equipment & Supplies - 1.36%
GE HealthCare Technologies, Inc.^A		9,387		652,584
Medtronic PLC		13,543		1,133,414

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.43% (continued)
Health Care - 7.39% (continued)
Health Care Equipment & Supplies - 1.36% (continued)
Zimmer Biomet Holdings, Inc.		2,132	$	271,489

				2,057,487

Health Care Providers & Services - 4.27%
Centene Corp.^A		7,000		533,680
Cigna Corp.		1,040		329,337
CVS Health Corp.		15,412		1,359,647
Elevance Health, Inc.		4,272		2,135,957
HCA Healthcare, Inc.		2,000		510,140
Humana, Inc.		560		286,552
UnitedHealth Group, Inc.		2,555		1,275,430

				6,430,743

Pharmaceuticals - 1.76%
GSK PLC, ADR		5,854		206,412
Merck & Co., Inc.		10,714		1,150,791
Perrigo Co. PLC		28,130		1,052,625
Sanofi, ADR		4,803		236,019

				2,645,847

Total Health Care				11,134,077

Industrials - 6.60%
Aerospace & Defense - 0.65%
Boeing Co.^A		2,600		553,800
Raytheon Technologies Corp.		4,300		429,355

				983,155

Air Freight & Logistics - 0.73%
FedEx Corp.		5,700		1,105,002

Construction & Engineering - 0.94%
AECOM		14,392		1,255,990
Fluor Corp.^A		4,100		150,675

				1,406,665

Electrical Equipment - 0.70%
Vertiv Holdings Co.		74,334		1,057,029

Industrial Conglomerates - 1.01%
General Electric Co.		18,962		1,526,062

Machinery - 2.03%
CNH Industrial NV		25,580		453,278
Cummins, Inc.		2,332		581,927
Deere & Co.		2,348		992,828
PACCAR, Inc.		4,039		441,503
Stanley Black & Decker, Inc.		6,500		580,515

				3,050,051

Road & Rail - 0.54%
JB Hunt Transport Services, Inc.		4,291		811,214

Total Industrials				9,939,178

Information Technology - 7.76%
Communications Equipment - 1.02%
F5, Inc.^A		7,400		1,092,684

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 57.43% (continued)
Information Technology - 7.76% (continued)
Communications Equipment - 1.02% (continued)
Telefonaktiebolaget LM Ericsson, ADR		77,220	$	445,559

				1,538,243

Electronic Equipment, Instruments & Components - 0.57%
Corning, Inc.		12,295		425,530
TE Connectivity Ltd.		3,358		426,970

				852,500

IT Services - 1.63%
Cognizant Technology Solutions Corp., Class A		10,220		682,185
Fidelity National Information Services, Inc.		20,547		1,541,847
Fiserv, Inc.^A		2,100		224,028

				2,448,060

Semiconductors & Semiconductor Equipment - 1.43%
Broadcom, Inc.		1,841		1,077,003
Micron Technology, Inc.		7,000		422,100
QUALCOMM, Inc.		4,958		660,455

				2,159,558

Software - 3.11%
Microsoft Corp.		6,540		1,620,677
Oracle Corp.		19,527		1,727,359
Workday, Inc., Class A^A		7,330		1,329,882

				4,677,918

Total Information Technology				11,676,279

Materials - 3.13%
Chemicals - 3.02%
Air Products & Chemicals, Inc.		5,060		1,621,781
Axalta Coating Systems Ltd.^A		34,423		1,036,132
DuPont de Nemours, Inc.		11,167		825,800
International Flavors & Fragrances, Inc.		4,103		461,423
Olin Corp.		9,400		607,146

				4,552,282

Containers & Packaging - 0.11%
International Paper Co.		3,825		159,961

Total Materials				4,712,243

Real Estate - 1.02%
Equity Real Estate Investment Trusts (REITs) - 1.02%
VICI Properties, Inc.		44,806		1,531,469

Utilities - 1.24%
Electric Utilities - 1.24%
Pinnacle West Capital Corp.		12,838		957,073
PPL Corp.		30,647		907,151

				1,864,224

Total Utilities				1,864,224

Total Common Stocks (Cost $67,230,557)				86,465,481

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19%
Basic Materials - 0.06%
Chemicals - 0.03%
EI du Pont de Nemours & Co., 1.700%, Due 7/15/2025	$	55,000	$	51,301

Forest Products & Paper - 0.03%
International Paper Co., 6.000%, Due 11/15/2041		40,000		42,710

Total Basic Materials				94,011

Communications - 1.10%
Internet - 0.38%
Amazon.com, Inc.,
1.200%, Due 6/3/2027		250,000		220,134
4.650%, Due 12/1/2029		250,000		253,840
3.875%, Due 8/22/2037		105,000		97,234

				571,208

Media - 0.35%
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.800%, Due 4/1/2031		50,000		40,848
3.500%, Due 3/1/2042		50,000		34,506
3.700%, Due 4/1/2051		60,000		39,619
Comcast Corp.,
3.400%, Due 4/1/2030		70,000		65,539
1.950%, Due 1/15/2031		60,000		50,120
6.550%, Due 7/1/2039		217,000		250,183
2.887%, Due 11/1/2051		64,000		44,357

				525,172

Telecommunications - 0.37%
AT&T, Inc., 2.250%, Due 2/1/2032		50,000		40,725
T-Mobile USA, Inc., 3.875%, Due 4/15/2030		230,000		214,806
Verizon Communications, Inc.,
4.329%, Due 9/21/2028		180,000		177,196
4.500%, Due 8/10/2033		50,000		48,726
3.400%, Due 3/22/2041		105,000		84,128

				565,581

Total Communications				1,661,961

Consumer, Cyclical - 1.11%
Airlines - 0.04%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019 1 Series AA		73,476		63,798

Auto Manufacturers - 0.42%
American Honda Finance Corp., 2.000%, Due 3/24/2028		55,000		48,867
Toyota Motor Credit Corp.,
2.500%, Due 3/22/2024		115,000		112,229
1.800%, Due 2/13/2025		500,000		472,525

				633,621

Home Furnishings - 0.02%
Whirlpool Corp., 4.600%, Due 5/15/2050		35,000		30,082

Lodging - 0.04%
Marriott International, Inc., 5.000%, Due 10/15/2027		60,000		60,455

Retail - 0.59%
AutoNation, Inc., 3.850%, Due 3/1/2032		40,000		33,867

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19% (continued)
Consumer, Cyclical - 1.11% (continued)
Retail - 0.59% (continued)
Home Depot, Inc., 2.950%, Due 6/15/2029	$	500,000	$	462,546
Tractor Supply Co., 1.750%, Due 11/1/2030		60,000		47,670
Walmart, Inc.,
2.375%, Due 9/24/2029		150,000		134,282
7.550%, Due 2/15/2030		169,000		202,459

				880,824

Total Consumer, Cyclical				1,668,780

Consumer, Non-Cyclical - 1.10%
Agriculture - 0.03%
Cargill, Inc., 1.375%, Due 7/23/2023^C		50,000		49,174

Biotechnology - 0.03%
Amgen, Inc., 4.400%, Due 5/1/2045		55,000		48,886

Commercial Services - 0.10%
Moody’s Corp., 2.550%, Due 8/18/2060		50,000		29,426
Quanta Services, Inc.,
2.900%, Due 10/1/2030		85,000		72,816
3.050%, Due 10/1/2041		70,000		49,675

				151,917

Food - 0.03%
Mondelez International, Inc., 1.500%, Due 2/4/2031		50,000		39,920

Health Care - Services - 0.43%
Community Health Network, Inc., 3.099%, Due 5/1/2050, Series 20 A		65,000		44,265
Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, Due 6/1/2050^C		40,000		29,832
Kaiser Foundation Hospitals, 3.002%, Due 6/1/2051, Series 2021		50,000		36,670
UnitedHealth Group, Inc.,
0.550%, Due 5/15/2024		350,000		332,156
3.875%, Due 12/15/2028		140,000		136,122
5.875%, Due 2/15/2053		60,000		68,271

				647,316

Pharmaceuticals - 0.48%
AbbVie, Inc.,
4.450%, Due 5/14/2046		45,000		41,201
4.875%, Due 11/14/2048		60,000		58,437
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		588,000		559,136
CVS Health Corp., 4.300%, Due 3/25/2028		39,000		38,239
Viatris, Inc., 3.850%, Due 6/22/2040		35,000		25,462

				722,475

Total Consumer, Non-Cyclical				1,659,688

Energy - 0.58%
Oil & Gas - 0.27%
Chevron USA, Inc., 2.343%, Due 8/12/2050		50,000		33,574
ConocoPhillips Co., 2.125%, Due 3/8/2024		135,000		131,184
Diamondback Energy, Inc.,
3.125%, Due 3/24/2031		120,000		104,506
4.250%, Due 3/15/2052		65,000		51,907
Phillips 66 Co., 3.750%, Due 3/1/2028^C		65,000		61,423

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19% (continued)
Energy - 0.58% (continued)
Oil & Gas - 0.27% (continued)
Pioneer Natural Resources Co., 2.150%, Due 1/15/2031	$	25,000	$	20,636

				403,230

Pipelines - 0.31%
Cheniere Corpus Christi Holdings LLC, 2.742%, Due 12/31/2039		53,000		43,303
Energy Transfer LP, 7.500%, Due 7/1/2038		45,000		51,012
ONEOK, Inc., 4.550%, Due 7/15/2028		50,000		48,692
Sabine Pass Liquefaction LLC,
4.200%, Due 3/15/2028		155,000		149,506
4.500%, Due 5/15/2030		50,000		48,422
Williams Cos., Inc.,
2.600%, Due 3/15/2031		100,000		84,428
5.400%, Due 3/4/2044		45,000		43,793

				469,156

Total Energy				872,386

Financial - 4.68%
Banks - 3.20%
Bank of America Corp.,
4.125%, Due 1/22/2024		193,000		191,682
1.734%, Due 7/22/2027, (Secured Overnight Financing Rate + 0.960%)^D		350,000		313,196
2.592%, Due 4/29/2031, (Secured Overnight Financing Rate + 2.150%)^D		50,000		42,693
2.299%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.220%)^D		150,000		121,715
2.572%, Due 10/20/2032, (Secured Overnight Financing Rate + 1.210%)^D		75,000		61,933
2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)^D		60,000		46,617
6.110%, Due 1/29/2037		176,000		189,376
2.676%, Due 6/19/2041, (Secured Overnight Financing Rate + 1.930%)^D		80,000		58,769
Citigroup, Inc.,
1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)^D		40,000		37,286
3.400%, Due 5/1/2026		350,000		336,689
4.412%, Due 3/31/2031, (Secured Overnight Financing Rate + 3.914%)^D		225,000		215,349
5.875%, Due 1/30/2042		145,000		157,564
Fifth Third Bank NA, 2.250%, Due 2/1/2027		500,000		458,057
Goldman Sachs Group, Inc.,
1.431%, Due 3/9/2027, (Secured Overnight Financing Rate + 0.798%)^D		110,000		98,391
1.542%, Due 9/10/2027, (Secured Overnight Financing Rate + 0.818%)^D		85,000		74,996
2.615%, Due 4/22/2032, (Secured Overnight Financing Rate + 1.281%)^D		55,000		45,883
JPMorgan Chase & Co.,
3.625%, Due 5/13/2024		434,000		429,613
2.301%, Due 10/15/2025, (Secured Overnight Financing Rate + 1.160%)^D		160,000		152,246
3.782%, Due 2/1/2028, (3 mo. USD LIBOR + 1.337%)^D		85,000		81,584
2.963%, Due 1/25/2033, (Secured Overnight Financing Rate + 1.260%)^D		80,000		68,315
3.882%, Due 7/24/2038, (3 mo. USD LIBOR + 1.360%)^D		90,000		79,019
5.500%, Due 10/15/2040		313,000		331,338
Morgan Stanley,
3.591%, Due 7/22/2028, (3 mo. USD LIBOR + 1.340%)^D		100,000		94,445
1.794%, Due 2/13/2032, (Secured Overnight Financing Rate + 1.034%)^D		115,000		90,749
2.239%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.178%)^D		65,000		52,492
0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)^D		90,000		83,382
Northern Trust Corp., 6.125%, Due 11/2/2032		60,000		65,814
PNC Financial Services Group, Inc.,
2.550%, Due 1/22/2030		500,000		438,166
3.400%, Due 9/15/2026, Series T, (5 yr. CMT + 2.595%)^{D E}		80,000		68,200
State Street Corp.,
2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)^D		65,000		62,394
2.200%, Due 3/3/2031		55,000		45,672

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19% (continued)
Financial - 4.68% (continued)
Banks - 3.20% (continued)
Truist Financial Corp., 1.267%, Due 3/2/2027, (Secured Overnight Financing Rate + 0.609%)^D	$	55,000	$	49,683
Wells Fargo & Co.,
2.572%, Due 2/11/2031, (Secured Overnight Financing Rate + 1.262%)^D		140,000		120,687
5.375%, Due 11/2/2043		50,000		50,381

				4,814,376

Diversified Financial Services - 0.22%
American Express Co., 2.250%, Due 3/4/2025		80,000		76,090
Charles Schwab Corp.,
0.750%, Due 3/18/2024		45,000		43,005
3.250%, Due 5/22/2029		50,000		46,435
CME Group, Inc., 2.650%, Due 3/15/2032		120,000		104,879
Intercontinental Exchange, Inc., 4.950%, Due 6/15/2052		60,000		58,846

				329,255

Insurance - 0.77%
Berkshire Hathaway Finance Corp.,
2.300%, Due 3/15/2027		300,000		282,000
3.850%, Due 3/15/2052		50,000		42,823
CNA Financial Corp., 4.500%, Due 3/1/2026		65,000		64,705
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		55,000		34,374
MetLife, Inc.,
6.375%, Due 6/15/2034		169,000		196,072
4.721%, Due 12/15/2044		193,000		185,363
Progressive Corp., 2.500%, Due 3/15/2027		55,000		51,199
Prudential Financial, Inc., 4.600%, Due 5/15/2044		313,000		302,495

				1,159,031

REITS - 0.49%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033		50,000		38,532
American Tower Corp., 2.300%, Due 9/15/2031		80,000		64,637
Camden Property Trust, 3.150%, Due 7/1/2029		70,000		64,465
Crown Castle, Inc.,
3.800%, Due 2/15/2028		50,000		47,607
2.900%, Due 4/1/2041		55,000		40,177
Digital Realty Trust LP, 3.700%, Due 8/15/2027		55,000		52,234
Prologis LP, 1.250%, Due 10/15/2030		50,000		39,392
Public Storage, 2.250%, Due 11/9/2031		100,000		83,738
Simon Property Group LP, 3.375%, Due 10/1/2024		313,000		305,929

				736,711

Total Financial				7,039,373

Industrial - 1.36%
Aerospace/Defense - 0.29%
Boeing Co.,
2.750%, Due 2/1/2026		60,000		56,506
5.805%, Due 5/1/2050		90,000		91,186
Northrop Grumman Corp., 3.850%, Due 4/15/2045		55,000		46,800
Raytheon Technologies Corp., 6.125%, Due 7/15/2038		217,000		242,577

				437,069

Building Materials - 0.03%
Martin Marietta Materials, Inc., 0.650%, Due 7/15/2023		40,000		39,187

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19% (continued)
Industrial - 1.36% (continued)
Environmental Control - 0.07%
Waste Connections, Inc.,
2.200%, Due 1/15/2032	$	50,000	$	41,314
4.200%, Due 1/15/2033		60,000		58,128

				99,442

Machinery - Construction & Mining - 0.23%
Caterpillar Financial Services Corp., 4.900%, Due 1/17/2025		350,000		353,449

Machinery - Diversified - 0.29%
John Deere Capital Corp., 2.450%, Due 1/9/2030		500,000		443,746

Miscellaneous Manufacturing - 0.03%
Carlisle Cos., Inc., 2.200%, Due 3/1/2032		65,000		51,745

Packaging & Containers - 0.07%
Amcor Flexibles North America, Inc., 2.690%, Due 5/25/2031		35,000		29,534
Berry Global, Inc., 1.650%, Due 1/15/2027		80,000		69,881

				99,415

Transportation - 0.35%
Burlington Northern Santa Fe LLC,
5.750%, Due 5/1/2040		202,000		221,590
4.450%, Due 1/15/2053		60,000		56,822
CSX Corp., 5.500%, Due 4/15/2041		157,000		164,506
FedEx Corp., 3.250%, Due 5/15/2041		55,000		41,932
Union Pacific Corp., 4.100%, Due 9/15/2067		55,000		46,219

				531,069

Total Industrial				2,055,122

Technology - 1.86%
Computers - 1.10%
Apple, Inc.,
1.400%, Due 8/5/2028		200,000		173,073
2.200%, Due 9/11/2029		300,000		265,600
3.950%, Due 8/8/2052		60,000		53,506
Dell International LLC/EMC Corp.,
5.300%, Due 10/1/2029		140,000		141,028
3.450%, Due 12/15/2051^C		70,000		46,190
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045		500,000		525,262
International Business Machines Corp., 4.250%, Due 5/15/2049		500,000		440,328

				1,644,987

Semiconductors - 0.68%
Entegris Escrow Corp., 4.750%, Due 4/15/2029^C		70,000		65,527
Intel Corp., 1.600%, Due 8/12/2028		500,000		434,465
Lam Research Corp.,
3.750%, Due 3/15/2026		35,000		34,236
1.900%, Due 6/15/2030		65,000		54,526
NVIDIA Corp., 1.550%, Due 6/15/2028		500,000		438,445

				1,027,199

Software - 0.08%
Oracle Corp., 4.300%, Due 7/8/2034		82,000		75,587

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 13.19% (continued)
Technology - 1.86% (continued)
Software - 0.08% (continued)
VMware, Inc., 2.200%, Due 8/15/2031	$	60,000	$	47,458

				123,045

Total Technology				2,795,231

Utilities - 1.34%
Electric - 1.22%
American Electric Power Co., Inc., 2.031%, Due 3/15/2024		100,000		96,607
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		25,000		22,009
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036		235,000		259,906
Consolidated Edison Co. of New York, Inc., 5.500%, Due 12/1/2039, Series 09 C		169,000		173,704
Consumers Energy Co., 2.500%, Due 5/1/2060		55,000		33,108
Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C		45,000		40,920
DTE Energy Co., 1.050%, Due 6/1/2025, Series F		90,000		82,376
Duke Energy Corp., 2.650%, Due 9/1/2026		75,000		70,030
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		75,000		66,401
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2		265,000		218,018
Entergy Arkansas LLC, 3.350%, Due 6/15/2052		55,000		41,375
Entergy Corp., 2.800%, Due 6/15/2030		30,000		26,055
Entergy Louisiana LLC, 4.000%, Due 3/15/2033		47,000		44,256
Exelon Corp., 4.050%, Due 4/15/2030		60,000		57,643
Florida Power & Light Co., 3.950%, Due 3/1/2048		50,000		43,799
Kentucky Utilities Co., 3.300%, Due 6/1/2050		55,000		41,043
National Rural Utilities Cooperative Finance Corp.,
1.000%, Due 10/18/2024, Series D		65,000		60,871
5.450%, Due 10/30/2025		70,000		71,341
Northern States Power Co., 2.600%, Due 6/1/2051		50,000		33,972
Ohio Power Co., 2.600%, Due 4/1/2030, Series P		60,000		52,250
Oklahoma Gas & Electric Co., 0.553%, Due 5/26/2023		70,000		69,028
Sempra Energy, 3.300%, Due 4/1/2025		110,000		106,442
Vistra Operations Co. LLC, 5.125%, Due 5/13/2025^C		130,000		127,500

				1,838,654

Gas - 0.12%
National Fuel Gas Co., 3.950%, Due 9/15/2027		80,000		75,276
Sempra Global, 3.250%, Due 1/15/2032^C		65,000		53,988
Southern California Gas Co., 2.550%, Due 2/1/2030, Series XX		50,000		43,711

				172,975

Total Utilities				2,011,629

Total Corporate Obligations (Cost $21,552,824)				19,858,181

FOREIGN CORPORATE OBLIGATIONS - 2.90%
Basic Materials - 0.07%
Mining - 0.07%
Glencore Funding LLC, 2.625%, Due 9/23/2031^C		45,000		37,456
Teck Resources Ltd., 6.000%, Due 8/15/2040		75,000		76,038

				113,494

Total Basic Materials				113,494

Communications - 0.68%
Internet - 0.20%
Alibaba Group Holding Ltd., 3.600%, Due 11/28/2024		313,000		305,244

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.90% (continued)
Communications - 0.68% (continued)
Media - 0.22%
Thomson Reuters Corp.,
4.300%, Due 11/23/2023	$	145,000	$	144,102
3.850%, Due 9/29/2024		193,000		188,502

				332,604

Telecommunications - 0.26%
America Movil SAB de CV, 6.375%, Due 3/1/2035		169,000		187,645
Deutsche Telekom International Finance BV, 4.875%, Due 3/6/2042^C		150,000		140,841
TELUS Corp., 3.400%, Due 5/13/2032		60,000		53,060

				381,546

Total Communications				1,019,394

Consumer, Cyclical - 0.24%
Auto Manufacturers - 0.24%
Mercedes-Benz Finance North America LLC, 5.250%, Due 11/29/2027^C		350,000		359,634

Consumer, Non-Cyclical - 0.54%
Agriculture - 0.08%
BAT Capital Corp., 2.259%, Due 3/25/2028		80,000		68,661
Reynolds American, Inc., 5.700%, Due 8/15/2035		60,000		57,227

				125,888

Beverages - 0.46%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, Due 2/1/2046		35,000		34,031
Anheuser-Busch InBev Worldwide, Inc.,
4.375%, Due 4/15/2038		35,000		33,071
5.450%, Due 1/23/2039		500,000		522,045
5.550%, Due 1/23/2049		35,000		37,343
Coca-Cola Femsa SAB de CV, 2.750%, Due 1/22/2030		70,000		62,842

				689,332

Total Consumer, Non-Cyclical				815,220

Energy - 0.52%
Oil & Gas - 0.32%
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049^C		500,000		442,714
TotalEnergies Capital International SA, 3.127%, Due 5/29/2050		50,000		37,917

				480,631

Pipelines - 0.20%
Enbridge, Inc., 2.500%, Due 2/14/2025		70,000		66,577
TransCanada PipeLines Ltd.,
3.750%, Due 10/16/2023		145,000		143,704
6.100%, Due 6/1/2040		82,000		87,670

				297,951

Total Energy				778,582

Financial - 0.61%
Banks - 0.52%
Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025		75,000		70,909
Royal Bank of Canada,
2.250%, Due 11/1/2024		115,000		110,328
1.200%, Due 4/27/2026		500,000		449,736
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		160,000		157,207

				788,180

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 2.90% (continued)
Financial - 0.61% (continued)
Financial Services - 0.09%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, Due 10/29/2028	$	150,000	$	132,017

Total Financial				920,197

Industrial - 0.24%
Aerospace/Defense - 0.20%
BAE Systems Holdings, Inc., 3.800%, Due 10/7/2024^C		313,000		306,813

Transportation - 0.04%
Canadian Pacific Railway Co., 3.100%, Due 12/2/2051		75,000		54,924

Total Industrial				361,737

Total Foreign Corporate Obligations (Cost $4,572,634)				4,368,258

FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (Cost $69,904)
Mexico Government International Bonds, 4.600%, Due 1/23/2046		65,000		53,613

ASSET-BACKED OBLIGATIONS - 1.60%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022 1 A3		110,000		107,771
AmeriCredit Automobile Receivables Trust,
0.370%, Due 8/18/2025, 2021 1 A3		44,918		44,123
0.340%, Due 12/18/2026, 2021 2 A3		66,609		64,827
4.380%, Due 4/18/2028, 2022 2 A3		90,000		88,990
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022 A A3		55,000		53,684
Capital One Multi-Asset Execution Trust, 0.550%, Due 7/15/2026, 2021 A1 A1		115,000		108,173
CarMax Auto Owner Trust, 4.750%, Due 10/15/2027, 2023 1 A3		85,000		84,975
CNH Equipment Trust,
1.160%, Due 6/16/2025, 2020 A A3		30,293		29,902
0.400%, Due 12/15/2025, 2021 A A3		84,779		81,510
Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 A A3		150,000		147,375
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 A^C		110,000		98,059
GM Financial Automobile Leasing Trust,
1.900%, Due 3/20/2025, 2022 1 A3		105,000		101,842
4.010%, Due 9/22/2025, 2022 3 A3		90,000		88,999
GM Financial Consumer Automobile Receivables Trust, 1.490%, Due 12/16/2024, 2020 2 A3		11,290		11,165
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 A^C		90,000		79,841
Honda Auto Receivables Owner Trust, 1.880%, Due 5/15/2026, 2022 1 A3		120,000		114,353
John Deere Owner Trust,
2.320%, Due 9/16/2026, 2022 A A3		95,000		91,029
3.740%, Due 2/16/2027, 2022 B A3		100,000		97,761
Mercedes-Benz Auto Lease Trust, 0.400%, Due 11/15/2024, 2021 B A3		150,000		146,234
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1^C		125,000		108,708
Public Service New Hampshire Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1		29,725		29,492
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2II^C		99,000		83,324
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A A^C		135,000		125,276
Toyota Auto Receivables Owner Trust,
1.360%, Due 8/15/2024, 2020 B A3		36,773		36,421
1.230%, Due 6/15/2026, 2022 A A3		95,000		90,171
Verizon Master Trust, 0.500%, Due 5/20/2027, 2021 1 A		200,000		188,831
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3		110,000		104,622

Total Asset-Backed Obligations (Cost $2,530,957)				2,407,458

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.17%
BX Commercial Mortgage Trust, 5.159%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD LIBOR + 0.700%)^{C D}	$	140,000	$	136,452
Cold Storage Trust, 5.359%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD LIBOR + 0.900%)^C D		113,044		111,344

Total Commercial Mortgage-Backed Obligations (Cost $253,044)				247,796

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.26%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028		14,490		14,132
3.000%, Due 11/1/2032		50,577		49,006
5.000%, Due 8/1/2033		18,031		18,527
5.500%, Due 2/1/2034		17,798		18,595
2.500%, Due 6/1/2035		72,906		68,187
2.000%, Due 3/1/2036		207,982		189,426
2.000%, Due 10/1/2040		81,154		71,310
2.000%, Due 1/1/2041		188,202		164,906
4.000%, Due 1/1/2041		49,072		48,474
4.500%, Due 2/1/2041		35,362		35,943
2.500%, Due 9/1/2041		295,419		267,088
2.500%, Due 11/1/2041		304,833		275,597
3.500%, Due 5/1/2042		150,144		142,179
3.500%, Due 6/1/2042		157,183		151,776
3.000%, Due 4/1/2047		317,357		293,978
3.500%, Due 1/1/2048		158,846		151,885
4.000%, Due 4/1/2048		74,333		72,905
3.000%, Due 8/1/2048		120,620		111,325
3.000%, Due 11/1/2049		116,256		106,854
2.500%, Due 7/1/2050		84,304		74,564
2.500%, Due 12/1/2050		75,653		66,623
2.500%, Due 11/1/2051		149,874		133,042
2.000%, Due 2/1/2052		279,165		235,850
2.500%, Due 5/1/2052		121,834		107,325

				2,869,497

Federal National Mortgage Association,
3.500%, Due 1/1/2028^F		11,864		11,736
5.000%, Due 3/1/2034^F		19,735		20,255
4.500%, Due 4/1/2034		31,297		31,420
3.000%, Due 10/1/2034		4,801		4,608
2.000%, Due 11/1/2035^F		148,062		134,875
2.000%, Due 12/1/2035^F		66,823		60,864
2.000%, Due 1/1/2036^F		119,352		108,709
3.500%, Due 6/1/2037		93,981		92,054
5.500%, Due 6/1/2038		4,300		4,497
4.500%, Due 1/1/2040		34,854		35,390
5.000%, Due 5/1/2040		60,613		62,218
5.000%, Due 6/1/2040		45,659		46,870
4.000%, Due 9/1/2040		32,427		31,999
4.000%, Due 1/1/2041		67,195		66,308
2.500%, Due 11/1/2041		124,069		112,170
3.000%, Due 6/1/2043		303,946		285,708
3.500%, Due 7/1/2043		59,429		57,226
3.000%, Due 8/1/2043		274,422		257,763
4.000%, Due 11/1/2044^F		42,432		41,998
4.000%, Due 7/1/2045		172,826		170,114
3.500%, Due 8/1/2045		31,765		30,428
3.500%, Due 11/1/2045		288,103		275,755
3.500%, Due 1/1/2046		118,507		113,489
3.500%, Due 5/1/2046		30,287		28,939
4.000%, Due 7/1/2046		62,795		61,810

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.26% (continued)
Federal National Mortgage Association, (continued)
3.000%, Due 10/1/2046	$	23,742	$	21,989
3.000%, Due 11/1/2046		143,443		132,800
3.000%, Due 12/1/2046^F		83,751		77,660
3.500%, Due 3/1/2047		32,880		31,425
4.500%, Due 7/1/2047		18,047		18,145
4.500%, Due 8/1/2047		28,152		28,334
3.500%, Due 9/1/2047		41,057		39,268
4.000%, Due 3/1/2048		48,681		47,676
4.500%, Due 4/1/2048		13,195		13,215
4.500%, Due 7/1/2048		44,537		44,809
4.500%, Due 7/1/2048^F		34,379		34,601
4.500%, Due 10/1/2049		100,829		100,853
4.000%, Due 11/1/2049		179,360		175,011
2.500%, Due 8/1/2050^F		178,666		157,978
2.500%, Due 8/1/2050		186,786		164,723
3.000%, Due 8/1/2050		101,942		93,368
2.500%, Due 9/1/2050		122,192		107,780
2.500%, Due 10/1/2050^F		55,544		48,957
3.000%, Due 10/1/2050^F		116,597		106,957
3.000%, Due 11/1/2050^F		62,880		57,533
2.000%, Due 3/1/2051^F		463,206		392,244
2.000%, Due 4/1/2051^F		259,852		222,318
3.000%, Due 5/1/2051^F		124,652		114,696
3.000%, Due 6/1/2051		133,730		121,789
3.500%, Due 6/1/2051^F		152,964		143,392
3.500%, Due 7/1/2051^F		136,510		129,482
3.000%, Due 11/1/2051^F		92,898		84,384
2.500%, Due 2/1/2052		377,774		332,539
3.000%, Due 7/1/2052		319,177		293,130
4.000%, Due 9/1/2052		302,998		292,434
5.000%, Due 12/1/2052		143,498		143,859

				5,920,552

Government National Mortgage Association,
6.500%, Due 8/15/2027		10,235		10,614
6.500%, Due 11/15/2027		11,212		11,626
7.500%, Due 12/15/2028		12,243		12,667
5.500%, Due 7/15/2033		18,551		19,619
6.000%, Due 12/15/2033		25,575		27,116
5.500%, Due 2/20/2034		26,120		27,032
5.000%, Due 10/15/2039		45,693		47,156
3.500%, Due 9/15/2041		90,479		87,651
3.500%, Due 8/20/2047		16,775		16,072
3.500%, Due 10/20/2047		15,485		14,835
4.000%, Due 1/20/2048		77,806		76,538
5.000%, Due 1/20/2050		38,109		38,856
4.500%, Due 2/20/2050		33,802		33,857
5.000%, Due 2/20/2050		19,620		20,039
2.500%, Due 4/20/2050		161,849		145,236
2.500%, Due 6/20/2051		159,913		142,853
3.000%, Due 6/20/2051		69,870		64,131
2.500%, Due 7/20/2051		250,775		223,901
3.000%, Due 8/20/2051		157,718		146,531
2.500%, Due 11/20/2051		126,778		113,073
3.000%, Due 12/20/2051		309,402		284,935
3.500%, Due 1/20/2052		112,371		106,194

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 7.26% (continued)
Government National Mortgage Association, (continued)
4.000%, Due 3/20/2052	$	119,228	$	115,711
2.500%, Due 4/20/2052		71,586		63,780
4.500%, Due 9/20/2052		297,255		294,948

				2,144,971

Total U.S. Agency Mortgage-Backed Obligations (Cost $11,837,134)				10,935,020

U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.41%
Federal Farm Credit Banks Funding Corp., 4.375%, Due 10/24/2029		250,000		257,228
Federal Home Loan Banks, 4.500%, Due 12/14/2029		350,000		366,262

Total U.S. Government Agency Obligations (Cost $611,544)				623,490

U.S. TREASURY OBLIGATIONS - 11.76%
U.S. Treasury Bonds,
6.875%, Due 8/15/2025		279,000		297,713
5.250%, Due 11/15/2028		217,000		234,953
4.750%, Due 2/15/2037		304,000		345,574
4.500%, Due 8/15/2039		241,000		267,642
2.250%, Due 5/15/2041		735,000		583,837
1.750%, Due 8/15/2041		655,000		475,233
2.750%, Due 8/15/2042		250,000		213,291
2.875%, Due 5/15/2049		500,000		428,203
1.375%, Due 8/15/2050		1,445,000		868,298
2.875%, Due 5/15/2052		255,000		218,025

				3,932,769

U.S. Treasury Notes,
2.000%, Due 2/15/2023		100,000		99,901
1.250%, Due 7/31/2023		830,000		815,605
2.750%, Due 7/31/2023		500,000		495,059
2.125%, Due 11/30/2023		250,000		244,619
2.375%, Due 2/29/2024		200,000		195,047
0.250%, Due 3/15/2024		150,000		142,770
1.250%, Due 8/31/2024		1,460,000		1,388,768
4.250%, Due 9/30/2024		250,000		249,326
1.750%, Due 12/31/2024		400,000		381,797
1.125%, Due 1/15/2025		250,000		235,469
1.125%, Due 2/28/2025		1,775,000		1,668,084
2.875%, Due 7/31/2025		500,000		486,406
4.250%, Due 10/15/2025		250,000		251,641
0.625%, Due 7/31/2026		500,000		448,145
1.625%, Due 10/31/2026		500,000		462,578
2.000%, Due 11/15/2026		500,000		468,574
1.750%, Due 12/31/2026		650,000		603,484
1.500%, Due 1/31/2027		435,000		398,909
2.500%, Due 3/31/2027		250,000		238,154
4.125%, Due 10/31/2027		250,000		254,766
2.875%, Due 5/15/2028		200,000		192,445
2.875%, Due 8/15/2028		300,000		288,258
2.625%, Due 2/15/2029		450,000		425,355
2.875%, Due 4/30/2029		300,000		287,414
2.375%, Due 5/15/2029		450,000		418,623
1.625%, Due 8/15/2029		350,000		311,076
1.750%, Due 11/15/2029		1,700,000		1,520,703

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS - 11.76% (continued)
U.S. Treasury Notes, (continued)
1.500%, Due 2/15/2030	$	825,000	$	722,552
4.125%, Due 11/15/2032		65,000		68,189

				13,763,717

Total U.S. Treasury Obligations (Cost $18,478,446)				17,696,486


	Shares
SHORT-TERM INVESTMENTS - 4.70%
Investment Companies - 4.54%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{G H}		6,840,515		6,840,515


	Principal Amount
U.S. Treasury Obligations - 0.16%
U.S. Treasury Bills, 4.611%, Due 5/11/2023		250,000		246,867

Total Short-Term Investments (Cost $7,087,457)				7,087,382


	Shares
SECURITIES LENDING COLLATERAL - 0.16% (Cost $240,469)
Investment Companies - 0.16%
American Beacon U.S. Government Money Market Select Fund, 4.19^{G H}		240,469		240,469

TOTAL INVESTMENTS - 99.62% (Cost $134,464,970)				149,983,634
OTHER ASSETS, NET OF LIABILITIES - 0.38%				571,700

TOTAL NET ASSETS - 100.00%			$	150,555,334

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 January 31, 2023.

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 $2,464,096 or 1.64% 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 January 31, 2023.

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

^F	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.

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

^H	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.

See accompanying notes

American Beacon Balanced Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)

Long Futures Contracts Open on January 31, 2023:

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	32	March 2023	$	6,256,243	$	6,544,000	$	287,757

			$	6,256,243	$	6,544,000	$	287,757

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 January 31, 2023, the investments were classified as described below:


Balanced Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	86,465,481	$	—	$	—	$	86,465,481
Corporate Obligations		—		19,858,181		—		19,858,181
Foreign Corporate Obligations		—		4,368,258		—		4,368,258
Foreign Sovereign Obligations		—		53,613		—		53,613
Asset-Backed Obligations		—		2,407,458		—		2,407,458
Commercial Mortgage-Backed Obligations		—		247,796		—		247,796
U.S. Agency Mortgage-Backed Obligations		—		10,935,020		—		10,935,020
U.S. Government Agency Obligations		—		623,490		—		623,490
U.S. Treasury Obligations		—		17,696,486		—		17,696,486
Short-Term Investments		6,840,515		246,867		—		7,087,382
Securities Lending Collateral		240,469		—		—		240,469

Total Investments in Securities - Assets	$	93,546,465	$	56,437,169	$	—	$	149,983,634

*Financial Derivative Instruments - Assets*
Long Futures Contracts	$	287,757	$	—	$	—	$	287,757

Total Financial Derivative Instruments - Assets	$	287,757	$	—	$	—	$	287,757

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares/Par Amount		Fair Value
Australia - 6.11%
Common Stocks - 6.11%
Champion Iron Ltd.^A		238,279	$	1,221,595
IGO Ltd.^A		104,822		1,095,428
Mineral Resources Ltd.^A		21,126		1,339,672
New Hope Corp. Ltd.^A		267,684		1,108,790
Perseus Mining Ltd.^A		921,551		1,402,581
Stanmore Resources Ltd.^{A B}		572,458		1,388,698
Steadfast Group Ltd.^A		335,379		1,247,423
Technology One Ltd.^A		147,187		1,521,053
Whitehaven Coal Ltd.^A		161,160		962,899

Total Common Stocks				11,288,139

Total Australia (Cost $11,980,714)				11,288,139

Austria - 0.87% (Cost $1,612,563)
Common Stocks - 0.87%
ANDRITZ AG^A		26,946		1,610,045

Belgium - 0.69% (Cost $1,254,817)
Common Stocks - 0.69%
Lotus Bakeries NV^A		195		1,266,243

Bermuda - 0.71% (Cost $1,350,748)
Common Stocks - 0.71%
Seadrill Ltd.^{A B}		32,203		1,319,661

Canada - 7.72%
Common Stocks - 7.72%
Bombardier, Inc., Class B^B		31,688		1,530,636
Celestica, Inc.^B		106,705		1,421,076
Element Fleet Management Corp.		108,952		1,539,437
Enerplus Corp.		74,150		1,315,758
Exchange Income Corp.		32,577		1,357,385
International Petroleum Corp.^{A B}		112,631		1,213,009
Lundin Gold, Inc.		135,767		1,571,389
Pet Valu Holdings Ltd.		45,085		1,348,264
Uni-Select, Inc.^B		52,360		1,561,493
Xenon Pharmaceuticals, Inc.^B		35,941		1,404,934

Total Common Stocks				14,263,381

Total Canada (Cost $14,199,824)				14,263,381

China/Hong Kong - 9.89%
Common Stocks - 9.89%
Akeso, Inc., Class B^{A B C}		264,095		1,607,470
COSCO SHIPPING Energy Transportation Co. Ltd., Class H^{A B}		1,301,556		1,233,733
Gushengtang Holdings Ltd.^{A B}		231,960		1,579,103
Hua Hong Semiconductor Ltd.^{A B C}		316,556		1,229,930
Hygeia Healthcare Holdings Co. Ltd.^{A B C}		154,089		1,226,390
Luk Fook Holdings International Ltd.^A		388,055		1,347,148
Man Wah Holdings Ltd.^A		1,262,105		1,463,138
New Oriental Education & Technology Group, Inc.^{A B}		350,415		1,519,429
Tongcheng Travel Holdings Ltd.^{A B}		577,783		1,313,654
Vinda International Holdings Ltd.^A		411,147		1,135,189
Vipshop Holdings Ltd., ADR^B		109,901		1,700,168
Vitasoy International Holdings Ltd.^A		659,812		1,401,901

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
China/Hong Kong - 9.89% (continued)
Common Stocks - 9.89% (continued)
Yangzijiang Shipbuilding Holdings Ltd.^A		1,516,810	$	1,497,026

Total Common Stocks				18,254,279

Total China/Hong Kong (Cost $19,139,042)				18,254,279

Denmark - 3.85%
Common Stocks - 3.85%
D/S Norden A/S^A		23,565		1,268,056
FLSmidth & Co. A/S^A		31,308		1,340,852
NKT AS^{A B}		29,054		1,809,161
Ringkjoebing Landbobank AS^A		9,134		1,328,930
Sydbank AS^A		30,125		1,371,139

Total Common Stocks				7,118,138

Total Denmark (Cost $7,018,726)				7,118,138

Finland - 0.73% (Cost $1,342,224)
Common Stocks - 0.73%
Orion Oyj, Class B^A		25,140		1,346,283

France - 4.89%
Common Stocks - 4.89%
Bollore SE^A		256,406		1,432,779
Interparfums SA^A		20,899		1,368,702
IPSOS^A		29,078		1,883,664
SES-imagotag SA^{A B}		11,516		1,442,789
Technip Energies NV^A		74,649		1,449,668
Trigano SA^A		10,420		1,451,961

Total Common Stocks				9,029,563

Total France (Cost $8,416,387)				9,029,563

Germany - 3.96%
Common Stocks - 3.18%
AIXTRON SE^A		37,627		1,115,113
HUGO BOSS AG^A		20,316		1,373,738
Krones AG^A		13,828		1,610,831
SMA Solar Technology AG^{A B}		20,921		1,765,169

Total Common Stocks				5,864,851

Preferred Stocks - 0.78%
Jungheinrich AG^{A D}		36,413		1,440,725

Total Germany (Cost $7,301,071)				7,305,576

Indonesia - 1.61%
Common Stocks - 1.61%
Kalbe Farma Tbk PT^A		10,740,790		1,477,874
Sumber Alfaria Trijaya Tbk PT^A		7,897,348		1,493,048

Total Common Stocks				2,970,922

Total Indonesia (Cost $2,949,410)				2,970,922

Ireland - 2.17%
Common Stocks - 2.17%
AIB Group PLC^A		487,428		2,039,843

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
Ireland - 2.17% (continued)
Common Stocks - 2.17% (continued)
Bank of Ireland Group PLC^A		183,942	$	1,962,045

Total Common Stocks				4,001,888

Total Ireland (Cost $4,075,588)				4,001,888

Israel - 0.67% (Cost $1,239,164)
Common Stocks - 0.67%
Plus500 Ltd.^A		53,943		1,236,315

Italy - 2.45%
Common Stocks - 2.45%
Banco BPM SpA^A		337,366		1,515,920
Brunello Cucinelli SpA^A		20,658		1,716,712
Technogym SpA^{A C}		146,031		1,294,568

Total Common Stocks				4,527,200

Total Italy (Cost $4,509,979)				4,527,200

Japan - 12.08%
Common Stocks - 12.08%
Abalance Corp.^A		70,853		1,482,387
Amano Corp.^A		43,300		791,515
Amvis Holdings, Inc.^A		53,743		1,440,670
Appier Group, Inc.^{A B}		118,804		1,518,666
Capcom Co. Ltd.^A		40,100		1,296,405
Chiba Bank Ltd.^A		192,689		1,456,235
Fukuoka Financial Group, Inc.^A		57,437		1,323,261
Insource Co. Ltd.^A		101,325		1,141,113
Isetan Mitsukoshi Holdings Ltd.^A		120,408		1,309,851
Japan Material Co. Ltd.^A		75,978		1,424,534
Kawasaki Heavy Industries Ltd.^A		57,131		1,304,444
MatsukiyoCocokara & Co.^A		29,106		1,451,112
Osaka Soda Co. Ltd.^A		38,677		1,263,277
Sanrio Co. Ltd.^A		40,808		1,555,266
Takashimaya Co. Ltd.^A		88,212		1,231,944
TBS Holdings, Inc.^A		71,600		835,677
TechnoPro Holdings, Inc.^A		47,452		1,475,750

Total Common Stocks				22,302,107

Total Japan (Cost $22,344,138)				22,302,107

Mexico - 4.09%
Common Stocks - 4.09%
Banco del Bajio SA^C		474,970		1,907,901
Gentera SAB de CV		1,187,712		1,449,437
Grupo Aeroportuario del Centro Norte SAB de CV		156,729		1,431,914
Grupo Aeroportuario del Pacifico SAB de CV, Class B		82,791		1,425,964
Grupo Aeroportuario del Sureste SAB de CV, Class B		49,348		1,337,130

Total Common Stocks				7,552,346

Total Mexico (Cost $7,818,026)				7,552,346

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
New Zealand - 0.75% (Cost $1,389,321)
Common Stocks - 0.75%
a2 Milk Co. Ltd.^{A B}		287,831	$	1,388,652

Norway - 1.99%
Common Stocks - 1.99%
FLEX LNG Ltd.^B		35,296		1,097,705
Kongsberg Gruppen ASA^A		34,520		1,372,102
Wallenius Wilhelmsen ASA^A		127,353		1,209,067

Total Common Stocks				3,678,874

Total Norway (Cost $3,652,472)				3,678,874

Republic of Korea - 2.44%
Common Stocks - 2.44%
Dentium Co. Ltd.^A		15,447		1,486,444
Hyundai Electric & Energy System Co. Ltd.^A B		45,632		1,494,590
JYP Entertainment Corp.^A		25,829		1,533,164

Total Common Stocks				4,514,198

Total Republic of Korea (Cost $4,278,968)				4,514,198

Singapore - 3.22%
Common Stocks - 3.22%
Genting Singapore Ltd.^A		1,767,014		1,338,561
Hafnia Ltd.^A		252,078		1,321,715
Keppel Corp. Ltd.^A		261,788		1,511,229
Sembcorp Industries Ltd.^A		642,054		1,771,805

Total Common Stocks				5,943,310

Total Singapore (Cost $5,878,844)				5,943,310

South Africa - 1.42%
Common Stocks - 1.42%
Investec Ltd.^A		214,514		1,359,618
Shoprite Holdings Ltd.^A		91,309		1,263,986

Total Common Stocks				2,623,604

Total South Africa (Cost $2,661,434)				2,623,604

Sweden - 2.79%
Common Stocks - 2.79%
BioArctic AB^{A B C}		51,226		1,533,564
Camurus AB^{A B}		31,514		752,655
Hexatronic Group AB^A		114,883		1,411,997
Munters Group AB^{A C}		151,657		1,456,044

Total Common Stocks				5,154,260

Total Sweden (Cost $5,293,913)				5,154,260

Switzerland - 1.75%
Common Stocks - 1.75%
Burckhardt Compression Holding AG^A		2,417		1,496,147
Meyer Burger Technology AG^{A B}		2,446,828		1,741,398

Total Common Stocks				3,237,545

Total Switzerland (Cost $3,100,943)				3,237,545

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
Thailand - 1.62%
Common Stocks - 1.62%
Bumrungrad Hospital PCL^A		194,916	$	1,283,441
Central Plaza Hotel PCL^{A B}		1,076,750		1,700,001

Total Common Stocks				2,983,442

Total Thailand (Cost $2,974,054)				2,983,442

United Kingdom - 4.30%
Common Stocks - 4.30%
Balfour Beatty PLC^A		362,580		1,640,477
Beazley PLC^A		171,243		1,407,612
Games Workshop Group PLC^A		12,990		1,507,614
Indivior PLC^{A B}		89,173		2,141,970
Telecom Plus PLC^A		50,285		1,239,412

Total Common Stocks				7,937,085

Total United Kingdom (Cost $8,042,387)				7,937,085

SHORT-TERM INVESTMENTS - 19.79% (Cost $36,537,283)
Investment Companies - 19.79%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{E F}		36,537,283		36,537,283

TOTAL INVESTMENTS - 102.56% (Cost $190,362,040)				189,390,339
LIABILITIES, NET OF OTHER ASSETS - (2.56%)				(4,729,885	)

TOTAL NET ASSETS - 100.00%			$	184,660,454

Percentages are stated as a percent of net assets.

^A	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $129,452,465 or 70.10% of net assets.

^B	Non-income producing security.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $10,255,867 or 5.55% of net assets. The Fund has no right to demand registration of these securities.

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

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

^F	7-day yield.

ADR - American Depositary Receipt.

PCL - Public Company Limited.

PLC - Public Limited Company.

See accompanying notes

American Beacon EAM International Small Cap Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2023, the investments were classified as described below:


EAM International Small Cap Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Australia	$	—	$	11,288,139	$	—	$	11,288,139
Austria		—		1,610,045		—		1,610,045
Belgium		—		1,266,243		—		1,266,243
Bermuda		—		1,319,661		—		1,319,661
Canada		13,050,372		1,213,009		—		14,263,381
China/Hong Kong		1,700,168		16,554,111		—		18,254,279
Denmark		—		7,118,138		—		7,118,138
Finland		—		1,346,283		—		1,346,283
France		—		9,029,563		—		9,029,563
Germany		—		5,864,851		—		5,864,851
Indonesia		—		2,970,922		—		2,970,922
Ireland		—		4,001,888		—		4,001,888
Israel		—		1,236,315		—		1,236,315
Italy		—		4,527,200		—		4,527,200
Japan		—		22,302,107		—		22,302,107
Mexico		7,552,346		—		—		7,552,346
New Zealand		—		1,388,652		—		1,388,652
Norway		1,097,705		2,581,169		—		3,678,874
Republic of Korea		—		4,514,198		—		4,514,198
Singapore		—		5,943,310		—		5,943,310
South Africa		—		2,623,604		—		2,623,604
Sweden		—		5,154,260		—		5,154,260
Switzerland		—		3,237,545		—		3,237,545
Thailand		—		2,983,442		—		2,983,442
United Kingdom		—		7,937,085		—		7,937,085
Foreign Preferred Stocks
Germany		—		1,440,725		—		1,440,725
Short-Term Investments		36,537,283		—		—		36,537,283

Total Investments in Securities - Assets	$	59,937,874	$	129,452,465	$	—	$	189,390,339

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 15.12%
Communications - 3.27%
Media - 3.27%
Walt Disney Co., 3.800%, Due 3/22/2030	$	10,230,000	$	9,810,624

Financial - 10.45%
Banks - 10.45%
Bank of America Corp., 3.974%, Due 2/7/2030, (3 mo. USD LIBOR + 1.210%)^A		7,381,000		6,960,839
Citigroup, Inc., 3.980%, Due 3/20/2030, (3 mo. USD LIBOR + 1.338%)^A		8,240,000		7,734,933
JPMorgan Chase & Co., 2.739%, Due 10/15/2030, (Secured Overnight Financing Rate + 1.510%)^A		8,750,000		7,629,470
Morgan Stanley, 3.622%, Due 4/1/2031, (Secured Overnight Financing Rate + 3.120%)^A		2,265,000		2,078,882
Wells Fargo & Co., 4.478%, Due 4/4/2031, (Secured Overnight Financing Rate + 4.032%)^A		7,130,000		6,926,755

				31,330,879

Total Financial				31,330,879

Technology - 1.40%
Computers - 1.40%
International Business Machines Corp., 3.500%, Due 5/15/2029		4,464,000		4,185,997

Total Corporate Obligations (Cost $49,427,945)				45,327,500

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 56.52%
Federal Home Loan Mortgage Corp.,
4.000%, Due 2/1/2039		4,521,395		4,448,825
3.000%, Due 1/1/2040		4,061,275		3,826,286
2.000%, Due 8/1/2042		12,533,668		10,904,332
2.500%, Due 9/1/2042		12,632,091		11,343,064
2.500%, Due 3/1/2052		13,180,956		11,531,807
2.500%, Due 4/1/2052		13,904,492		12,162,663
3.000%, Due 5/1/2052		12,675,298		11,508,092
4.000%, Due 10/1/2052		11,535,932		11,126,590
4.000%, Due 11/1/2052		11,597,330		11,185,813
Federal National Mortgage Association,
4.000%, Due 5/1/2039		7,448,658		7,295,186
4.000%, Due 9/1/2039		3,763,633		3,686,085
3.500%, Due 10/1/2039		5,662,475		5,461,076
3.000%, Due 7/1/2040^B		7,317,891		6,883,133
3.000%, Due 8/1/2040^B		4,764,036		4,488,633
4.000%, Due 8/1/2040^B		4,334,441		4,245,167
4.000%, Due 6/1/2049^B		7,510,433		7,349,570
2.500%, Due 11/1/2050		6,954,312		6,108,558
2.500%, Due 5/1/2051		8,662,699		7,603,564
3.000%, Due 5/1/2052		21,400,146		19,426,065
3.500%, Due 10/1/2052		9,406,241		8,817,075

Total U.S. Agency Mortgage-Backed Obligations (Cost $168,791,841)				169,401,584

U.S. TREASURY OBLIGATIONS - 27.27%
U.S. Treasury Bonds,
3.750%, Due 8/15/2041		45,260,000		45,362,542
2.500%, Due 5/15/2046		27,875,000		22,232,490
U.S. Treasury Notes,
2.250%, Due 11/15/2027		2,030,000		1,904,235
1.875%, Due 2/15/2032		14,000,000		12,251,094

Total U.S. Treasury Obligations (Cost $82,046,826)				81,750,361

See accompanying notes

American Beacon Garcia Hamilton Quality Bond Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Fair Value
TOTAL INVESTMENTS - 98.91% (Cost $300,266,612)	$	296,479,445
OTHER ASSETS, NET OF LIABILITIES - 1.09%		3,276,512

TOTAL NET ASSETS - 100.00%	$	299,755,957

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.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2023, the investments were classified as described below:


Garcia Hamilton Quality Bond Fund	Level 1		Level 2		Level 3		Total
*Assets*
Corporate Obligations	$	—	$	45,327,500	$	—	$	45,327,500
U.S. Agency Mortgage-Backed Obligations		—		169,401,584		—		169,401,584
U.S. Treasury Obligations		—		81,750,361		—		81,750,361

Total Investments in Securities - Assets	$	—	$	296,479,445	$	—	$	296,479,445

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
Australia - 0.37% (Cost $3,024,163)
Common Stocks - 0.37%
Rio Tinto PLC^A		52,356	$	4,093,001

Belgium - 0.35% (Cost $3,114,842)
Common Stocks - 0.35%
Anheuser-Busch InBev SA^A		66,000		3,972,941

Brazil - 1.10% (Cost $9,864,891)
Common Stocks - 1.10%
ERO Copper Corp.^{B C}		750,804		12,329,539

Canada - 3.26%
Common Stocks - 3.26%
Alimentation Couche-Tard, Inc.		86,056		3,929,775
Canadian National Railway Co.		48,790		5,807,644
Cogeco Communications, Inc.		51,114		2,641,079
Gildan Activewear, Inc.		123,455		3,870,988
Linamar Corp.^B		237,450		12,126,359
Suncor Energy, Inc.		232,649		8,074,654

Total Common Stocks				36,450,499

Total Canada (Cost $33,198,473)				36,450,499

China/Hong Kong - 5.24%
Common Stocks - 5.24%
Alibaba Group Holding Ltd.^{A C}		491,300		6,788,918
ArcelorMittal SA^A		38,495		1,190,250
Baidu, Inc., Class A^{A C}		600,900		10,134,442
ESR Group Ltd.^{A D}		2,023,400		4,070,172
Meituan, Class B^{A C D}		30,620		682,174
Prudential PLC^A		1,217,661		20,178,173
Sands China Ltd.^{A C}		839,200		3,142,035
Tencent Holdings Ltd.^A		253,700		12,365,455

Total Common Stocks				58,551,619

Total China/Hong Kong (Cost $68,629,472)				58,551,619

Denmark - 1.22%
Common Stocks - 1.22%
AP Moller - Maersk AS, Class B^A		1,302		2,831,711
Carlsberg AS, Class B^A		56,689		8,020,575
Vestas Wind Systems AS^A		96,142		2,808,772

Total Common Stocks				13,661,058

Total Denmark (Cost $12,102,175)				13,661,058

Finland - 0.59% (Cost $5,284,714)
Common Stocks - 0.59%
Nordea Bank Abp^A		566,611		6,607,622

France - 12.75%
Common Stocks - 12.75%
Air Liquide SA^A		103,731		16,530,970
Alstom SA^A		305,369		9,080,568
AXA SA^A		235,922		7,354,502
BNP Paribas SA^A		125,326		8,590,485
Capgemini SE^A		19,233		3,647,313
Carrefour SA^A		207,401		3,941,009
Cie de Saint-Gobain^A		72,222		4,135,915

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
France - 12.75% (continued)
Common Stocks - 12.75% (continued)
Danone SA^A		162,711	$	8,904,421
Engie SA^A		707,542		10,065,608
Kering SA^A		1,014		633,036
Pernod Ricard SA^A		19,384		4,010,676
Publicis Groupe SA^{A C}		93,348		6,585,285
Rexel SA^A		556,264		12,275,682
Sanofi^A		260,143		25,563,393
Teleperformance^A		21,058		5,857,792
Thales SA^A		37,235		4,919,457
TotalEnergies SE^A		47,681		2,962,293
Valeo SA^A		100,650		2,195,297
Vinci SA^A		47,555		5,364,913

Total Common Stocks				142,618,615

Total France (Cost $123,042,484)				142,618,615

Germany - 10.96%
Common Stocks - 10.96%
Bayer AG^A		91,947		5,703,213
Bayerische Motoren Werke AG^A		190,377		19,285,168
Continental AG^A		260,964		18,281,763
Covestro AG^{A D}		59,390		2,723,302
Deutsche Telekom AG^A		344,232		7,658,408
Infineon Technologies AG^A		208,028		7,441,175
Mercedes-Benz Group AG^A		248,036		18,389,676
Merck KGaA^A		44,959		9,347,680
MTU Aero Engines AG^A		33,264		8,282,998
Rheinmetall AG^A		23,347		5,437,816
RWE AG^A		118,503		5,259,599
SAP SE^A		94,973		11,178,052
Siemens Healthineers AG^{A D}		66,013		3,525,930

Total Common Stocks				122,514,780

Total Germany (Cost $110,338,835)				122,514,780

Ireland - 2.49%
Common Stocks - 2.49%
Ryanair Holdings PLC, ADR^C		155,907		14,114,261
Smurfit Kappa Group PLC^A		328,397		13,790,489

Total Common Stocks				27,904,750

Total Ireland (Cost $23,512,586)				27,904,750

Israel - 0.66% (Cost $6,473,198)
Common Stocks - 0.66%
Bank Leumi Le-Israel BM^A		836,816		7,390,475

Italy - 3.77%
Common Stocks - 3.77%
Enel SpA^A		2,767,236		16,287,997
UniCredit SpA^A		1,327,598		25,872,093

Total Common Stocks				42,160,090

Total Italy (Cost $34,561,351)				42,160,090

Japan - 11.00%
Common Stocks - 11.00%
Asics Corp.^A		228,400		5,444,821

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
Japan - 11.00% (continued)
Common Stocks - 11.00% (continued)
Bandai Namco Holdings, Inc.^A		68,400	$	4,572,950
Digital Garage, Inc.^A		82,100		2,922,103
Disco Corp.^A		20,100		6,035,354
FANUC Corp.^A		66,400		11,752,716
Hitachi Ltd.^A		69,700		3,659,847
Hoya Corp.^A		45,900		5,054,321
MatsukiyoCocokara & Co.^A		164,100		8,181,387
Mizuho Financial Group, Inc.^A		74,380		1,160,324
Murata Manufacturing Co. Ltd.^A		124,700		7,164,520
Olympus Corp.^A		303,600		5,703,789
SUMCO Corp.^A		614,600		9,063,295
Sumitomo Mitsui Financial Group, Inc.^A		248,700		10,821,995
Sumitomo Rubber Industries Ltd.^{A B}		273,500		2,427,239
Suzuken Co. Ltd.^A		64,600		1,703,744
Suzuki Motor Corp.^A		133,300		5,019,904
Takeda Pharmaceutical Co. Ltd.^A		632,900		19,931,432
Toho Holdings Co. Ltd.^A		119,400		1,951,234
Tokyo Electron Ltd.^A		9,900		3,474,114
Yamaha Corp.^A		178,800		6,955,257

Total Common Stocks				123,000,346

Total Japan (Cost $115,949,604)				123,000,346

Jordan - 0.47% (Cost $4,515,927)
Common Stocks - 0.47%
Hikma Pharmaceuticals PLC^A		248,852		5,257,620

Netherlands - 4.45%
Common Stocks - 4.45%
Aegon NV^A		1,475,874		8,110,377
Akzo Nobel NV^A		195,630		14,551,161
ING Groep NV^{A C}		417,233		6,022,089
Koninklijke Philips NV^A		349,704		6,058,422
Universal Music Group NV^A		249,350		6,379,091
Wolters Kluwer NV^A		79,252		8,637,419

Total Common Stocks				49,758,559

Total Netherlands (Cost $43,725,431)				49,758,559

Portugal - 0.50% (Cost $4,283,233)
Common Stocks - 0.50%
Galp Energia SGPS SA^A		407,397		5,573,115

Republic of Korea - 3.09%
Common Stocks - 3.09%
Hana Financial Group, Inc.^A		60,915		2,425,325
Osstem Implant Co. Ltd.^{A C}		27,095		4,130,285
Samsung Electronics Co. Ltd.^A		380,147		19,001,229
SK Hynix, Inc.^A		123,536		8,991,031

Total Common Stocks				34,547,870

Total Republic of Korea (Cost $27,885,664)				34,547,870

Singapore - 0.74% (Cost $4,206,139)
Common Stocks - 0.74%
DBS Group Holdings Ltd.^A		303,210		8,300,470

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
South Africa - 0.68% (Cost $7,404,864)
Common Stocks - 0.68%
Anglo American PLC^A		176,798	$	7,620,801

Spain - 3.94%
Common Stocks - 3.94%
Aena SME SA^{A C D}		42,699		6,404,624
Amadeus IT Group SA^{A C}		135,651		8,533,394
Banco Bilbao Vizcaya Argentaria SA^A		1,241,699		8,739,260
CaixaBank SA^A		166,769		738,608
Iberdrola SA^A		305,526		3,572,799
Indra Sistemas SA^A		111,361		1,359,986
Industria de Diseno Textil SA^A		370,125		11,558,250
Telefonica SA^A		844,864		3,212,173

Total Common Stocks				44,119,094

Total Spain (Cost $39,071,978)				44,119,094

Sweden - 1.24%
Common Stocks - 1.24%
Electrolux AB, Class B^{A B}		256,236		3,633,948
Sandvik AB^A		313,424		6,482,962
Swedbank AB, Class A^A		193,521		3,711,399

Total Common Stocks				13,828,309

Total Sweden (Cost $13,292,808)				13,828,309

Switzerland - 3.54%
Common Stocks - 3.54%
ABB Ltd.^A		205,605		7,159,570
Adecco Group AG^{A C}		310,715		11,522,843
Cie Financiere Richemont SA, Class A^A		15,721		2,423,954
Novartis AG^A		163,427		14,780,444
Zurich Insurance Group AG^A		7,399		3,659,360

Total Common Stocks				39,546,171

Total Switzerland (Cost $31,960,063)				39,546,171

United Kingdom - 18.78%
Common Stocks - 18.78%
3i Group PLC^A		290,598		5,666,616
ASOS PLC^{A B C}		551,421		5,970,545
AstraZeneca PLC^A		57,786		7,560,621
AstraZeneca PLC, ADR		166,250		10,867,762
Barclays PLC^A		11,548,387		26,484,697
Barratt Developments PLC^A		1,259,460		7,171,413
Berkeley Group Holdings PLC^A		36,032		1,849,047
BP PLC^A		1,724,851		10,435,773
British American Tobacco PLC^A		74,089		2,833,473
Coca-Cola Europacific Partners PLC^A		113,098		6,315,435
Compass Group PLC^A		521,660		12,437,361
Kingfisher PLC^A		3,178,939		10,958,129
Reckitt Benckiser Group PLC^A		149,475		10,644,376
RELX PLC^A		482,362		14,336,545
RELX PLC^A		144,276		4,287,802
Rolls-Royce Holdings PLC^{A C}		11,362,344		14,884,937
Standard Chartered PLC^A		964,176		8,075,245
Taylor Wimpey PLC^A		9,309,725		13,493,500
Unilever PLC^A		322,393		16,470,686
WH Smith PLC^A		219,348		4,325,283

See accompanying notes

American Beacon International Equity Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
United Kingdom - 18.78% (continued)
Common Stocks - 18.78% (continued)
WPP PLC^A		1,277,549	$	14,902,923

Total Common Stocks				209,972,169

Total United Kingdom (Cost $199,886,369)				209,972,169

United States - 5.90%
Common Stocks - 5.90%
Aon PLC, Class A		36,216		11,541,315
BRP, Inc.^B		37,620		3,139,265
Ferguson PLC^A		36,007		5,066,246
GSK PLC^A		1,165,432		20,351,947
ICON PLC^C		37,023		8,541,576
Roche Holding AG^A		55,547		17,360,290

Total Common Stocks				66,000,639

Total United States (Cost $60,729,859)				66,000,639

SHORT-TERM INVESTMENTS - 7.27% (Cost $81,299,665)
Investment Companies - 7.27%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{E F}		81,299,665		81,299,665

SECURITIES LENDING COLLATERAL - 0.58% (Cost $6,443,550)
Investment Companies - 0.58%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{E F}		6,443,550		6,443,550

TOTAL INVESTMENTS - 104.94% (Cost $1,073,802,338)				1,173,523,367
LIABILITIES, NET OF OTHER ASSETS - (4.94%)				(55,260,381	)

TOTAL NET ASSETS - 100.00%			$	1,118,262,986

Percentages are stated as a percent of net assets.

^A	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $988,795,935 or 88.42% of net assets.

^B	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries, at January 31, 2023.

^C	Non-income producing security.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $17,406,202 or 1.56% 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

January 31, 2023 (Unaudited)

Long Futures Contracts Open on January 31, 2023:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
ICE U.S. mini MSCI EAFE Index Futures		720	March 2023	$	76,034,986	$	76,284,000	$	249,014

				$	76,034,986	$	76,284,000	$	249,014

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 January 31, 2023, the investments were classified as described below:


International Equity Fund	Level 1		Level 2		Level 3		Total
*Assets*
Foreign Common Stocks
Australia	$	—	$	4,093,001	$	—	$	4,093,001
Belgium		—		3,972,941		—		3,972,941
Brazil		12,329,539		—		—		12,329,539
Canada		36,450,499		—		—		36,450,499
China/Hong Kong		—		58,551,619		—		58,551,619
Denmark		—		13,661,058		—		13,661,058
Finland		—		6,607,622		—		6,607,622
France		—		142,618,615		—		142,618,615
Germany		—		122,514,780		—		122,514,780
Ireland		14,114,261		13,790,489		—		27,904,750
Israel		—		7,390,475		—		7,390,475
Italy		—		42,160,090		—		42,160,090
Japan		—		123,000,346		—		123,000,346
Jordan		—		5,257,620		—		5,257,620
Netherlands		—		49,758,559		—		49,758,559
Portugal		—		5,573,115		—		5,573,115
Republic of Korea		—		34,547,870		—		34,547,870
Singapore		—		8,300,470		—		8,300,470
South Africa		—		7,620,801		—		7,620,801
Spain		—		44,119,094		—		44,119,094
Sweden		—		13,828,309		—		13,828,309
Switzerland		—		39,546,171		—		39,546,171
United Kingdom		10,867,762		199,104,407		—		209,972,169
Common Stocks
United States		23,222,156		42,778,483		—		66,000,639
Short-Term Investments		81,299,665		—		—		81,299,665
Securities Lending Collateral		6,443,550		—		—		6,443,550

Total Investments in Securities - Assets	$	184,727,431	$	988,795,935	$	—	$	1,173,523,367

*Financial Derivative Instruments - Assets*
Futures Contracts	$	249,014	$	—	$	—	$	249,014

Total Financial Derivative Instruments - Assets	$	249,014	$	—	$	—	$	249,014

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13%
Communication Services - 5.84%
Entertainment - 1.09%
Electronic Arts, Inc.		160,199	$	20,614,408
Warner Bros Discovery, Inc.^A		1,078,200		15,978,924

				36,593,332

Interactive Media & Services - 0.76%
Alphabet, Inc., Class A^A		257,400		25,441,416

Media - 3.21%
Charter Communications, Inc., Class A^A		29,496		11,335,608
Comcast Corp., Class A		1,749,243		68,832,712
News Corp., Class A		611,400		12,386,964
Omnicom Group, Inc.		66,378		5,707,844
Paramount Global, Class B		420,100		9,729,516

				107,992,644

Wireless Telecommunication Services - 0.78%
T-Mobile U.S., Inc.^A		103,159		15,402,670
Vodafone Group PLC, ADR		940,050		10,885,779

				26,288,449

Total Communication Services				196,315,841

Consumer Discretionary - 8.19%
Auto Components - 1.88%
Adient PLC^A		114,098		5,136,692
Aptiv PLC^A		296,944		33,581,397
Goodyear Tire & Rubber Co.^A		249,500		2,806,875
Magna International, Inc.^B		335,900		21,813,346

				63,338,310

Automobiles - 0.89%
General Motors Co.		761,632		29,947,370

Hotels, Restaurants & Leisure - 2.64%
Aramark		520,833		23,192,693
Booking Holdings, Inc.^A		4,200		10,223,220
Las Vegas Sands Corp.^A		728,472		42,979,848
Marriott International, Inc., Class A^A		70,553		12,288,922

				88,684,683

Multiline Retail - 1.28%
Dollar General Corp.		120,421		28,130,346
Target Corp.		86,979		14,972,565

				43,102,911

Specialty Retail - 1.50%
Advance Auto Parts, Inc.		109,111		16,615,423
Lithia Motors, Inc.		49,050		12,909,960
Lowe’s Cos., Inc.		100,311		20,889,766

				50,415,149

Total Consumer Discretionary				275,488,423

Consumer Staples - 3.25%
Beverages - 0.76%
Diageo PLC, ADR		90,883		16,072,658

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13% (continued)
Consumer Staples - 3.25% (continued)
Beverages - 0.76% (continued)
PepsiCo, Inc.		54,978	$	9,402,338

				25,474,996

Food Products - 0.59%
Archer-Daniels-Midland Co.		41,220		3,415,077
Nestle SA, ADR		134,814		16,476,293

				19,891,370

Household Products - 0.40%
Kimberly-Clark Corp.		64,938		8,442,589
Reckitt Benckiser Group PLC, ADR^B		356,057		5,141,463

				13,584,052

Personal Products - 0.56%
Unilever PLC, ADR^B		366,800		18,743,480

Tobacco - 0.94%
Philip Morris International, Inc.		302,829		31,566,895

Total Consumer Staples				109,260,793

Energy - 9.41%
Energy Equipment & Services - 1.89%
Baker Hughes Co.		175,100		5,557,674
Halliburton Co.		847,941		34,952,128
NOV, Inc.		707,500		17,291,300
Schlumberger Ltd.		104,200		5,937,316

				63,738,418

Oil, Gas & Consumable Fuels - 7.52%
APA Corp.		623,900		27,657,487
Cenovus Energy, Inc.^B		358,400		7,160,832
ConocoPhillips		189,486		23,092,659
EOG Resources, Inc.		72,277		9,558,633
Hess Corp.		292,593		43,935,765
Marathon Oil Corp.		590,586		16,223,397
Murphy Oil Corp.		194,370		8,476,476
Ovintiv, Inc.		281,600		13,863,168
Phillips 66		360,166		36,113,845
Pioneer Natural Resources Co.		209,692		48,302,552
Shell PLC, ADR		314,522		18,497,039

				252,881,853

Total Energy				316,620,271

Financials - 21.93%
Banks - 8.57%
Citigroup, Inc.		1,301,505		67,964,591
Citizens Financial Group, Inc.		402,453		17,434,264
First Citizens BancShares, Inc., Class A		9,606		7,470,394
JPMorgan Chase & Co.		291,203		40,756,772
M&T Bank Corp.		166,665		25,999,740
PNC Financial Services Group, Inc.		69,461		11,490,933
Truist Financial Corp.		126,467		6,246,205
U.S. Bancorp		661,664		32,950,867
Wells Fargo & Co.		1,658,365		77,727,568

				288,041,334

Capital Markets - 4.94%
Bank of New York Mellon Corp.		467,400		23,636,418

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13% (continued)
Financials - 21.93% (continued)
Capital Markets - 4.94% (continued)
BlackRock, Inc.		17,535	$	13,312,747
Goldman Sachs Group, Inc.		87,473		31,998,498
KKR & Co., Inc.		118,499		6,613,429
Moody’s Corp.		22,391		7,226,695
Morgan Stanley		217,871		21,205,385
Nasdaq, Inc.		294,146		17,704,648
Northern Trust Corp.		227,783		22,088,118
State Street Corp.		244,180		22,300,959

				166,086,897

Consumer Finance - 1.28%
American Express Co.		209,679		36,679,148
Capital One Financial Corp.		52,800		6,283,200

				42,962,348

Diversified Financial Services - 0.33%
Corebridge Financial, Inc.		249,400		5,426,944
Equitable Holdings, Inc.		180,100		5,775,807

				11,202,751

Insurance - 6.81%
Allstate Corp.		120,755		15,513,395
American International Group, Inc.		895,960		56,642,591
Aon PLC, Class A		83,048		26,465,737
Chubb Ltd.		104,042		23,668,515
Hartford Financial Services Group, Inc.		216,600		16,810,326
Marsh & McLennan Cos., Inc.		144,407		25,258,228
Progressive Corp.		185,851		25,340,784
Travelers Cos., Inc.		92,186		17,618,588
Willis Towers Watson PLC		85,949		21,847,376

				229,165,540

Total Financials				737,458,870

Health Care - 14.25%
Health Care Equipment & Supplies - 2.78%
Abbott Laboratories		143,070		15,816,388
Boston Scientific Corp.^A		265,563		12,282,289
GE HealthCare Technologies, Inc.^A		248,520		17,277,110
Medtronic PLC		485,101		40,598,103
Zimmer Biomet Holdings, Inc.		59,667		7,597,996

				93,571,886

Health Care Providers & Services - 6.35%
Centene Corp.^A		177,700		13,547,848
Cigna Corp.		125,630		39,783,252
CVS Health Corp.		396,700		34,996,874
Elevance Health, Inc.		107,996		53,996,920
HCA Healthcare, Inc.		51,400		13,110,598
Humana, Inc.		14,100		7,214,970
McKesson Corp.		43,311		16,401,010
UnitedHealth Group, Inc.		69,167		34,527,475

				213,578,947

Life Sciences Tools & Services - 0.88%
Danaher Corp.		32,310		8,542,118
Thermo Fisher Scientific, Inc.		36,968		21,083,959

				29,626,077

Pharmaceuticals - 4.24%
GSK PLC, ADR		152,027		5,360,472

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13% (continued)
Health Care - 14.25% (continued)
Pharmaceuticals - 4.24% (continued)
Johnson & Johnson		183,866	$	30,047,382
Merck & Co., Inc.		469,881		50,469,918
Perrigo Co. PLC		633,568		23,708,115
Pfizer, Inc.		527,468		23,292,987
Roche Holding AG, ADR		94,550		3,701,632
Sanofi, ADR		120,364		5,914,687

				142,495,193

Total Health Care				479,272,103

Industrials - 12.97%
Aerospace & Defense - 2.23%
Boeing Co.^A		65,400		13,930,200
General Dynamics Corp.		81,907		19,089,246
Northrop Grumman Corp.		53,408		23,928,920
Raytheon Technologies Corp.		180,039		17,976,894

				74,925,260

Air Freight & Logistics - 0.84%
FedEx Corp.		145,190		28,146,533

Building Products - 0.93%
Johnson Controls International PLC		225,555		15,691,862
Masco Corp.		114,595		6,096,454
Trane Technologies PLC		53,194		9,528,109

				31,316,425

Construction & Engineering - 1.03%
AECOM		342,517		29,891,459
Fluor Corp.^A		126,300		4,641,525

				34,532,984

Electrical Equipment - 1.18%
Eaton Corp. PLC		93,015		15,087,963
Vertiv Holdings Co.		1,727,677		24,567,567

				39,655,530

Industrial Conglomerates - 1.86%
General Electric Co.		483,162		38,884,878
Honeywell International, Inc.		113,001		23,558,448

				62,443,326

Machinery - 3.09%
CNH Industrial NV		644,239		11,415,915
Cummins, Inc.		57,997		14,472,571
Deere & Co.		62,334		26,357,309
Illinois Tool Works, Inc.		73,812		17,422,585
Otis Worldwide Corp.		41,754		3,433,431
PACCAR, Inc.		149,929		16,388,739
Stanley Black & Decker, Inc.		164,109		14,656,575

				104,147,125

Professional Services - 0.41%
Equifax, Inc.		62,906		13,977,713

Road & Rail - 1.40%
Canadian National Railway Co.		51,291		6,108,245
JB Hunt Transport Services, Inc.		123,476		23,343,138

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13% (continued)
Industrials - 12.97% (continued)
Road & Rail - 1.40% (continued)
Union Pacific Corp.		86,381	$	17,638,136

				47,089,519

Total Industrials				436,234,415

Information Technology - 11.22%
Communications Equipment - 1.16%
F5, Inc.^A		188,400		27,819,144
Telefonaktiebolaget LM Ericsson, ADR		1,969,120		11,361,822

				39,180,966

Electronic Equipment, Instruments & Components - 0.66%
Corning, Inc.		319,640		11,062,740
TE Connectivity Ltd.		86,800		11,036,620

				22,099,360

IT Services - 2.45%
Accenture PLC, Class A		69,261		19,327,282
Cognizant Technology Solutions Corp., Class A		271,670		18,133,973
Fidelity National Information Services, Inc.		525,232		39,413,409
Fiserv, Inc.^A		52,400		5,590,032

				82,464,696

Semiconductors & Semiconductor Equipment - 3.41%
Analog Devices, Inc.		45,657		7,828,806
Broadcom, Inc.		46,472		27,186,585
KLA Corp.		33,307		13,072,331
Micron Technology, Inc.		184,400		11,119,320
NXP Semiconductors NV		64,736		11,931,492
QUALCOMM, Inc.		133,727		17,813,774
Texas Instruments, Inc.		145,313		25,750,917

				114,703,225

Software - 3.54%
Microsoft Corp.		166,208		41,188,004
Oracle Corp.		497,834		44,038,396
Workday, Inc., Class A^A		186,400		33,818,552

				119,044,952

Total Information Technology				377,493,199

Materials - 4.95%
Chemicals - 4.83%
Air Products & Chemicals, Inc.		117,402		37,628,515
Axalta Coating Systems Ltd.^A		885,630		26,657,463
DuPont de Nemours, Inc.		516,607		38,203,088
International Flavors & Fragrances, Inc.		177,998		20,017,655
Olin Corp.		249,000		16,082,910
PPG Industries, Inc.		98,165		12,794,826
Sherwin-Williams Co.		47,378		11,209,161

				162,593,618

Containers & Packaging - 0.12%
International Paper Co.		96,786		4,047,590

Total Materials				166,641,208

Real Estate - 1.69%
Equity Real Estate Investment Trusts (REITs) - 1.69%
Prologis, Inc.		94,700		12,242,816

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 97.13% (continued)
Real Estate - 1.69% (continued)
Equity Real Estate Investment Trusts (REITs) - 1.69% (continued)
Public Storage		13,110	$	3,989,897
VICI Properties, Inc.		1,189,610		40,660,870

				56,893,583

Total Real Estate				56,893,583

Utilities - 3.43%
Electric Utilities - 2.99%
American Electric Power Co., Inc.		64,602		6,070,004
Duke Energy Corp.		207,877		21,296,999
Exelon Corp.		89,253		3,765,584
Pinnacle West Capital Corp.		296,811		22,127,260
PPL Corp.		783,554		23,193,199
Southern Co.		259,762		17,580,692
Xcel Energy, Inc.		93,768		6,448,425

				100,482,163

Multi-Utilities - 0.44%
Dominion Energy, Inc.		234,296		14,910,597

Total Utilities				115,392,760

Total Common Stocks (Cost $2,275,320,579)				3,267,071,466

SHORT-TERM INVESTMENTS - 2.59% (Cost $86,969,843)
Investment Companies - 2.59%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{C D}		86,969,843		86,969,843

SECURITIES LENDING COLLATERAL - 0.10% (Cost $3,376,058)
Investment Companies - 0.10%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{C D}		3,376,058		3,376,058

TOTAL INVESTMENTS - 99.82% (Cost $2,365,666,480)				3,357,417,367
OTHER ASSETS, NET OF LIABILITIES - 0.18%				6,201,200

TOTAL NET ASSETS - 100.00%			$	3,363,618,567

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 January 31, 2023.

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

^D	7-day yield.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

Long Futures Contracts Open on January 31, 2023:

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		427	March 2023	$	83,907,471	$	87,321,500	$	3,414,029

				$	83,907,471	$	87,321,500	$	3,414,029

See accompanying notes

American Beacon Large Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)

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 January 31, 2023, the investments were classified as described below:


Large Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	3,267,071,466	$	—	$	—	$	3,267,071,466
Short-Term Investments		86,969,843		—		—		86,969,843
Securities Lending Collateral		3,376,058		—		—		3,376,058

Total Investments in Securities - Assets	$	3,357,417,367	$	—	$	—	$	3,357,417,367

*Financial Derivative Instruments - Assets*
Futures Contracts	$	3,414,029	$	—	$	—	$	3,414,029

Total Financial Derivative Instruments - Assets	$	3,414,029	$	—	$	—	$	3,414,029

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29%
Communication Services - 2.12%
Diversified Telecommunication Services - 0.06%
ATN International, Inc.		30,633	$	1,497,341
EchoStar Corp., Class A^A		68,890		1,288,932

				2,786,273

Entertainment - 0.34%
IMAX Corp.^A		390,653		6,641,101
Lions Gate Entertainment Corp., Class A^A		562,028		4,479,363
Lions Gate Entertainment Corp., Class B^A		610,974		4,655,622
Marcus Corp.		28,751		435,290

				16,211,376

Interactive Media & Services - 0.12%
Ziff Davis, Inc.^A		63,449		5,677,417

Media - 1.60%
John Wiley & Sons, Inc., Class A		87,297		3,998,203
Magnite, Inc.^A		664,151		8,022,944
Scholastic Corp.		296,568		13,120,168
Stagwell, Inc.^{A B}		5,613,349		39,405,710
TEGNA, Inc.		558,872		11,138,319
Thryv Holdings, Inc.^A		26,249		587,190

				76,272,534

Total Communication Services				100,947,600

Consumer Discretionary - 13.79%
Auto Components - 3.70%
Adient PLC^A		1,532,448		68,990,809
American Axle & Manufacturing Holdings, Inc.^A		2,881,307		25,557,193
Dana, Inc.		1,001,730		18,171,382
Gentex Corp.		87,736		2,589,089
Gentherm, Inc.^A		590,474		43,948,980
Goodyear Tire & Rubber Co.^A		283,953		3,194,471
LCI Industries		49,361		5,539,292
Lear Corp.		26,981		3,933,290
Patrick Industries, Inc.		41,263		2,928,435
Standard Motor Products, Inc.		38,848		1,571,790

				176,424,731

Automobiles - 0.42%
Thor Industries, Inc.^B		170,967		16,298,284
Winnebago Industries, Inc.		61,643		3,925,426

				20,223,710

Distributors - 0.10%
Funko, Inc., Class A^{A B}		378,922		4,584,956

Diversified Consumer Services - 0.62%
Adtalem Global Education, Inc.^A		433,137		16,537,170
Graham Holdings Co., Class B		10,135		6,621,297
Perdoceo Education Corp.^A		131,532		1,969,034
Strategic Education, Inc.		47,782		4,460,450

				29,587,951

Hotels, Restaurants & Leisure - 1.01%
Bloomin’ Brands, Inc.		173,403		4,205,023
Bluegreen Vacations Holding Corp.^B		12,974		420,877
Chuy’s Holdings, Inc.^A		30,863		1,056,440

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Consumer Discretionary - 13.79% (continued)
Hotels, Restaurants & Leisure - 1.01% (continued)
Cracker Barrel Old Country Store, Inc.		119,653	$	13,350,882
El Pollo Loco Holdings, Inc.		17,731		217,559
Genius Sports Ltd.^A		929,314		5,101,934
International Game Technology PLC		822,515		21,755,522
Red Rock Resorts, Inc., Class A		38,616		1,738,106

				47,846,343

Household Durables - 2.58%
Cavco Industries, Inc.^A		29,342		7,807,906
Century Communities, Inc.		82,342		5,039,331
Ethan Allen Interiors, Inc.		49,212		1,414,353
GoPro, Inc., Class A^A		744,036		4,575,821
Green Brick Partners, Inc.^A		116,075		3,621,540
KB Home		221,254		8,507,216
La-Z-Boy, Inc.		76,439		2,173,161
LGI Homes, Inc.^A		63,335		7,210,690
Lovesac Co.^A		106,910		2,751,863
M/I Homes, Inc.^A		82,606		4,939,839
MDC Holdings, Inc.		178,126		6,726,038
Meritage Homes Corp.^A		142,720		15,369,517
Newell Brands, Inc.		1,732,902		27,657,116
Sonos, Inc.^A		132,198		2,437,731
Taylor Morrison Home Corp.^A		220,602		7,897,552
Toll Brothers, Inc.		110,892		6,596,965
Tri Pointe Homes, Inc.^A		376,871		8,325,080

				123,051,719

Leisure Products - 0.59%
Brunswick Corp.		224,150		18,902,570
Malibu Boats, Inc., Class A^A		39,485		2,392,396
MasterCraft Boat Holdings, Inc.^A		18,483		531,571
Sturm Ruger & Co., Inc.^B		34,296		1,951,442
Vista Outdoor, Inc.^A		148,434		4,356,538

				28,134,517

Multiline Retail - 0.54%
Kohl’s Corp.		487,067		15,766,359
Ollie’s Bargain Outlet Holdings, Inc.^A		180,400		9,878,704

				25,645,063

Specialty Retail - 3.20%
Academy Sports & Outdoors, Inc.		154,772		9,041,780
America’s Car-Mart, Inc.^A		6,600		568,524
American Eagle Outfitters, Inc.		229,249		3,700,079
Asbury Automotive Group, Inc.^A		48,916		10,761,520
Buckle, Inc.		97,253		4,279,132
Caleres, Inc.		70,783		1,841,774
Camping World Holdings, Inc., Class A		116,173		2,951,956
Chico’s FAS, Inc.^A		242,796		1,279,535
Citi Trends, Inc.^A		17,161		540,228
Designer Brands, Inc., Class A		291,367		3,003,994
Foot Locker, Inc.		181,038		7,876,963
Genesco, Inc.^A		24,080		1,162,823
Group 1 Automotive, Inc.		46,059		9,849,717
Guess?, Inc.		105,686		2,448,745
Haverty Furniture Cos., Inc.		17,488		610,681
Hibbett, Inc.		24,840		1,648,382
Leslie’s, Inc.^A		195,720		3,031,703
MarineMax, Inc.^A		38,677		1,208,656

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Consumer Discretionary - 13.79% (continued)
Specialty Retail - 3.20% (continued)
Monro, Inc.		300,213	$	15,280,842
National Vision Holdings, Inc.^A		134,750		5,538,225
ODP Corp.^A		297,568		15,354,509
OneWater Marine, Inc., Class A^A		14,838		485,796
Rent-A-Center, Inc.		57,721		1,552,118
Sally Beauty Holdings, Inc.^A		207,756		3,236,839
Shoe Carnival, Inc.		49,875		1,362,086
Signet Jewelers Ltd.		88,042		6,762,506
Sonic Automotive, Inc., Class A		402,320		21,608,607
TravelCenters of America, Inc.^A		28,915		1,316,211
Urban Outfitters, Inc.^A		270,590		7,411,460
Victoria’s Secret & Co.^A		81,115		3,418,997
Warby Parker, Inc., Class A^A		191,380		3,090,787

				152,225,175

Textiles, Apparel & Luxury Goods - 1.03%
Allbirds, Inc., Class A^{A B}		360,177		990,487
Capri Holdings Ltd.^A		210,471		13,994,217
Carter’s, Inc.		67,861		5,606,247
Kontoor Brands, Inc.^B		107,552		5,136,684
Levi Strauss & Co., Class A^B		882,873		16,244,863
Movado Group, Inc.		30,812		1,089,512
Oxford Industries, Inc.		5,051		592,078
Skechers USA, Inc., Class A^A		112,801		5,431,368

				49,085,456

Total Consumer Discretionary				656,809,621

Consumer Staples - 2.96%
Beverages - 0.15%
Boston Beer Co., Inc., Class A^A		18,102		7,034,618

Food & Staples Retailing - 0.37%
Andersons, Inc.		95,265		3,503,847
Chefs’ Warehouse, Inc.^A		90,743		3,469,105
Ingles Markets, Inc., Class A		40,975		3,892,625
SpartanNash Co.		16,215		513,691
United Natural Foods, Inc.^A		158,714		6,605,677

				17,984,945

Food Products - 2.04%
Darling Ingredients, Inc.^A		475,812		31,541,578
Fresh Del Monte Produce, Inc.		293,825		8,403,395
Ingredion, Inc.		87,961		9,042,391
J&J Snack Foods Corp.		198,860		28,496,638
Seneca Foods Corp., Class A^A		12,054		753,375
Simply Good Foods Co.^A		110,948		4,027,412
SunOpta, Inc.^A		1,815,135		14,829,653

				97,094,442

Personal Products - 0.33%
Edgewell Personal Care Co.		271,309		11,628,304
Herbalife Nutrition Ltd.^A		227,655		3,999,898

				15,628,202

Tobacco - 0.07%
Universal Corp.		62,231		3,383,499

Total Consumer Staples				141,125,706

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Energy - 6.58%
Energy Equipment & Services - 2.61%
Bristow Group, Inc.^A		54,174	$	1,654,474
Cactus, Inc., Class A		135,465		7,330,011
ChampionX Corp.		921,899		30,441,105
Dril-Quip, Inc.^A		200,789		6,166,230
Expro Group Holdings NV^A		1,744,345		32,950,677
Helix Energy Solutions Group, Inc.^A		1,274,004		10,102,852
Liberty Energy, Inc.		436,529		6,910,254
NOV, Inc.		331,473		8,101,200
Oil States International, Inc.^A		66,300		567,528
Patterson-UTI Energy, Inc.		582,569		9,787,160
Select Energy Services, Inc., Class A		98,431		864,224
Transocean Ltd.^{A B}		1,415,392		9,539,742

				124,415,457

Oil, Gas & Consumable Fuels - 3.97%
Arch Resources, Inc.		21,341		3,158,895
Berry Corp.		1,728,088		15,898,410
Callon Petroleum Co.^A		119,746		5,095,192
Chesapeake Energy Corp.		42,899		3,720,201
CNX Resources Corp.^A		906,377		15,163,687
Comstock Resources, Inc.		381,134		4,630,778
CONSOL Energy, Inc.		36,200		2,093,446
Delek US Holdings, Inc.		302,505		8,095,034
Equitrans Midstream Corp.		1,770,503		12,836,147
Frontline PLC		379,819		5,252,897
Kinetik Holdings, Inc.^B		58,387		1,826,929
Kosmos Energy Ltd.^A		5,159,675		40,813,029
Murphy Oil Corp.		631,806		27,553,060
Northern Oil & Gas, Inc.		80,651		2,703,422
PBF Energy, Inc., Class A		48,368		2,030,972
Peabody Energy Corp.^A		149,157		4,159,989
Permian Resources Corp.		287,454		3,124,625
Range Resources Corp.		477,606		11,949,702
Ranger Oil Corp., Class A		124,278		5,219,676
REX American Resources Corp.^A		34,284		1,121,772
Riley Exploration Permian, Inc.		20,854		692,144
SandRidge Energy, Inc.^A		38,227		604,369
SilverBow Resources, Inc.^A		43,258		1,136,388
Viper Energy Partners LP		288,463		9,158,700
W&T Offshore, Inc.^A		148,455		923,390

				188,962,854

Total Energy				313,378,311

Financials - 20.61%
Banks - 11.75%
Amalgamated Financial Corp.		19,394		445,092
Amerant Bancorp, Inc.		7,726		215,092
Ameris Bancorp		101,033		4,764,716
Associated Banc-Corp.		396,700		8,890,047
Atlantic Union Bankshares Corp.		108,733		4,206,880
Banc of California, Inc.		86,633		1,509,147
Bank of NT Butterfield & Son Ltd.		878,186		28,066,825
BankUnited, Inc.		113,465		4,270,823
Banner Corp.		144,353		9,358,405
Berkshire Hills Bancorp, Inc.		44,784		1,390,543
Brookline Bancorp, Inc.		111,704		1,461,088
Byline Bancorp, Inc.		54,544		1,352,691

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Financials - 20.61% (continued)
Banks - 11.75% (continued)
Cadence Bank		187,020	$	4,783,972
Capstar Financial Holdings, Inc.		99,054		1,724,530
Cathay General Bancorp		97,277		4,276,297
Central Pacific Financial Corp.		172,179		3,891,245
CNB Financial Corp.		30,727		741,135
Columbia Banking System, Inc.		828,371		25,604,948
ConnectOne Bancorp, Inc.		24,848		590,637
CrossFirst Bankshares, Inc.^A		70,996		958,446
CVB Financial Corp.		261,010		6,321,662
Dime Community Bancshares, Inc.		40,022		1,193,456
Eagle Bancorp, Inc.		33,100		1,571,919
Eastern Bankshares, Inc.		183,221		2,962,684
Enterprise Financial Services Corp.		36,107		1,925,225
Equity Bancshares, Inc., Class A		5,832		174,085
Farmers National Banc Corp.		49,634		713,737
FB Financial Corp.		44,317		1,664,547
First BanCorp		368,459		9,628,732
First Bancshares, Inc.		34,954		1,071,340
First Busey Corp.		80,403		1,919,220
First Commonwealth Financial Corp.		96,849		1,424,649
First Financial Bancorp		138,134		3,498,934
First Financial Corp.		12,452		559,344
First Hawaiian, Inc.		677,860		18,600,478
First Interstate BancSystem, Inc., Class A		366,850		13,162,578
First Merchants Corp.		269,534		11,492,930
Flushing Financial Corp.		43,663		837,893
FNB Corp.		299,421		4,272,738
Fulton Financial Corp.		173,637		2,904,947
Glacier Bancorp, Inc.		185,659		8,464,194
Great Southern Bancorp, Inc.		7,841		458,228
Hancock Whitney Corp.		229,120		11,795,098
Hanmi Financial Corp.		44,348		1,032,865
HarborOne Bancorp, Inc.		416,755		5,684,538
Heartland Financial USA, Inc.		44,054		2,179,351
Heritage Commerce Corp.		529,982		6,423,382
Heritage Financial Corp.		169,467		4,834,894
Hilltop Holdings, Inc.		157,937		5,164,540
Hope Bancorp, Inc.		173,907		2,241,661
Horizon Bancorp, Inc.		45,544		712,308
Independent Bank Corp.		21,843		484,259
Independent Bank Group, Inc.		75,355		4,619,262
International Bancshares Corp.		90,604		4,246,610
Lakeland Bancorp, Inc.		40,682		783,942
Live Oak Bancshares, Inc.		9,549		325,061
Mercantile Bank Corp.		16,404		563,149
Midland States Bancorp, Inc.		32,205		820,583
MidWestOne Financial Group, Inc.		18,377		572,444
National Bank Holdings Corp., Class A		140,919		5,951,009
Nicolet Bankshares, Inc.^A		17,290		1,260,268
Northwest Bancshares, Inc.		218,352		3,087,497
OceanFirst Financial Corp.		86,084		2,059,129
OFG Bancorp		1,201,993		34,028,422
Old National Bancorp		2,056,560		35,989,800
Origin Bancorp, Inc.		15,000		562,500
Pacific Premier Bancorp, Inc.		111,772		3,614,706
Peapack-Gladstone Financial Corp.		18,596		689,726
Peoples Bancorp, Inc.		41,172		1,221,573

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Financials - 20.61% (continued)
Banks - 11.75% (continued)
Popular, Inc.		583,947	$	40,082,122
Preferred Bank		15,500		1,102,515
Premier Financial Corp.		51,824		1,296,636
QCR Holdings, Inc.		24,552		1,290,453
Renasant Corp.		81,404		2,896,354
S&T Bancorp, Inc.		56,938		2,071,404
Sandy Spring Bancorp, Inc.		346,886		11,724,747
Seacoast Banking Corp. of Florida		210,629		6,763,297
Simmons First National Corp., Class A		190,279		4,245,125
SmartFinancial, Inc.		24,601		663,489
SouthState Corp.		33,175		2,640,730
Texas Capital Bancshares, Inc.^A		744,776		49,207,350
Trustmark Corp.		92,840		2,703,501
UMB Financial Corp.		147,476		13,300,860
Umpqua Holdings Corp.		1,339,324		24,375,697
United Community Banks, Inc.		445,444		14,494,748
Univest Financial Corp.		42,796		1,161,911
Valley National Bancorp		678,254		8,057,658
Veritex Holdings, Inc.		63,607		1,790,537
Washington Federal, Inc.		102,372		3,630,111
Webster Financial Corp.		137,701		7,249,958
WesBanco, Inc.		86,909		3,230,408
Westamerica Bancorp		203,897		11,328,517

				559,582,784

Capital Markets - 2.26%
Artisan Partners Asset Management, Inc., Class A		60,181		2,215,864
B Riley Financial, Inc.^B		39,877		1,703,944
Cohen & Steers, Inc.		240,925		17,700,760
Donnelley Financial Solutions, Inc.^A		28,688		1,308,460
Evercore, Inc., Class A		254,915		33,090,516
Federated Hermes, Inc.		358,123		14,074,234
Lazard Ltd., Class A		194,004		7,775,680
Oppenheimer Holdings, Inc., Class A		11,300		537,993
Perella Weinberg Partners		396,874		4,067,959
Piper Sandler Cos.,		25,483		3,621,134
Stifel Financial Corp.		220,597		14,870,444
Victory Capital Holdings, Inc., Class A		99,609		2,952,411
Virtus Investment Partners, Inc.		13,480		2,896,582
WisdomTree Investments, Inc.		160,375		923,760

				107,739,741

Consumer Finance - 1.35%
Bread Financial Holdings, Inc.		140,514		5,765,289
Encore Capital Group, Inc.^A		34,812		1,939,725
Enova International, Inc.^A		51,128		2,333,993
EZCORP, Inc., Class A^A		78,151		711,956
Navient Corp.		310,456		5,889,350
Nelnet, Inc., Class A		40,365		3,854,454
PRA Group, Inc.^A		43,001		1,730,360
PROG Holdings, Inc.^A		65,966		1,470,382
SLM Corp.		2,302,593		40,456,559

				64,152,068

Diversified Financial Services - 0.25%
A-Mark Precious Metals, Inc.		34,003		1,309,115
Cannae Holdings, Inc.^A		272,215		6,652,935

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Financials - 20.61% (continued)
Diversified Financial Services - 0.25% (continued)
Jackson Financial, Inc., Class A		86,088	$	3,791,316

				11,753,366

Insurance - 3.26%
Ambac Financial Group, Inc.^A		65,491		1,091,080
American Equity Investment Life Holding Co.		135,228		6,443,614
Assured Guaranty Ltd.		131,299		8,219,317
Axis Capital Holdings Ltd.		148,588		9,297,151
Brighthouse Financial, Inc.^A		150,127		8,447,646
CNO Financial Group, Inc.		392,805		10,118,657
Donegal Group, Inc., Class A		31,616		479,931
Employers Holdings, Inc.		28,237		1,238,757
Enstar Group Ltd.^A		131,626		31,892,980
First American Financial Corp.		253,856		15,706,071
Genworth Financial, Inc., Class A^A		733,323		4,047,943
Global Indemnity Group LLC, Class A		335,812		9,654,595
Horace Mann Educators Corp.		544,082		19,374,760
Kemper Corp.		92,971		5,460,187
Mercury General Corp.		95,162		3,400,138
National Western Life Group, Inc., Class A		5,020		1,389,536
ProAssurance Corp.		93,107		1,805,345
Safety Insurance Group, Inc.		5,953		502,374
Selective Insurance Group, Inc.		80,681		7,664,695
Stewart Information Services Corp.		46,059		2,200,238
White Mountains Insurance Group Ltd.		4,362		6,664,962

				155,099,977

Mortgage Real Estate Investment Trusts (REITs) - 0.38%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^B		495,671		18,295,217

Thrifts & Mortgage Finance - 1.36%
Axos Financial, Inc.^A		37,440		1,801,613
Capitol Federal Financial, Inc.		1,199,690		10,041,405
Essent Group Ltd.		418,858		18,442,318
Kearny Financial Corp.		99,208		930,571
Luther Burbank Corp.		227,597		2,671,989
Merchants Bancorp		62,768		1,805,835
MGIC Investment Corp.		582,736		8,228,232
NMI Holdings, Inc., Class A^A		123,273		2,863,632
PennyMac Financial Services, Inc.		58,985		3,976,769
Provident Financial Services, Inc.		133,809		3,139,159
Radian Group, Inc.		329,004		7,270,988
TrustCo Bank Corp. NY		27,827		999,268
WSFS Financial Corp.		58,393		2,820,966

				64,992,745

Total Financials				981,615,898

Health Care - 3.33%
Biotechnology - 0.36%
Alkermes PLC^A		414,354		11,867,099
Vanda Pharmaceuticals, Inc.^A		109,669		842,258
Vir Biotechnology, Inc.^A		156,599		4,627,500

				17,336,857

Health Care Equipment & Supplies - 0.56%
Embecta Corp.		211,587		5,583,781
Enovis Corp.^A		15,603		982,209
Merit Medical Systems, Inc.^A		87,940		6,274,519

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Health Care - 3.33% (continued)
Health Care Equipment & Supplies - 0.56% (continued)
NuVasive, Inc.^A		137,791	$	6,283,270
Omnicell, Inc.^A		136,041		7,546,194

				26,669,973

Health Care Providers & Services - 1.28%
Acadia Healthcare Co., Inc.^A		100,630		8,454,933
Amedisys, Inc.^A		78,562		7,593,803
Cross Country Healthcare, Inc.^A		67,074		1,861,303
Encompass Health Corp.		368,249		22,997,150
ModivCare, Inc.^A		49,998		5,362,785
National HealthCare Corp.		27,348		1,628,300
R1 RCM, Inc.^A		913,884		13,077,680

				60,975,954

Health Care Technology - 0.28%
Evolent Health, Inc., Class A^A		410,457		13,224,924

Life Sciences Tools & Services - 0.23%
Azenta, Inc.^A		197,171		11,021,859

Pharmaceuticals - 0.62%
Innoviva, Inc.^A		135,334		1,711,975
Perrigo Co. PLC		718,943		26,902,847
SIGA Technologies, Inc.		85,957		630,065

				29,244,887

Total Health Care				158,474,454

Industrials - 21.27%
Aerospace & Defense - 1.35%
AAR Corp.^A		89,524		4,605,115
AeroVironment, Inc.^A		81,851		7,282,283
BWX Technologies, Inc.		403,834		24,577,337
Kaman Corp.		420,081		10,594,443
Mercury Systems, Inc.^A		148,181		7,406,827
Spirit AeroSystems Holdings, Inc., Class A		273,151		9,874,409

				64,340,414

Air Freight & Logistics - 0.72%
Air Transport Services Group, Inc.^A		1,101,416		31,181,087
Hub Group, Inc., Class A^A		38,433		3,277,182

				34,458,269

Airlines - 0.18%
Alaska Air Group, Inc.^A		105,351		5,408,720
Spirit Airlines, Inc.		159,185		3,158,231

				8,566,951

Building Products - 1.91%
Apogee Enterprises, Inc.		572,736		26,826,954
Armstrong World Industries, Inc.		5,462		422,814
AZEK Co., Inc.^A		178,626		4,310,245
Gibraltar Industries, Inc.^A		639,660		34,266,586
Insteel Industries, Inc.		37,908		1,136,861
Masonite International Corp.^A		134,570		12,275,475
Quanex Building Products Corp.		64,276		1,664,106
UFP Industries, Inc.		109,658		10,258,506

				91,161,547

Commercial Services & Supplies - 2.51%
ACCO Brands Corp.		170,845		1,084,866

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Industrials - 21.27% (continued)
Commercial Services & Supplies - 2.51% (continued)
Aris Water Solution, Inc., Class A^B		508,575	$	7,877,827
Brink’s Co.		394,520		25,880,512
Deluxe Corp.		662,655		13,246,473
Harsco Corp.^A		2,449,551		19,449,435
Healthcare Services Group, Inc.		1,020,570		13,747,078
Interface, Inc.		1,471,493		16,745,590
MillerKnoll, Inc.		800,803		19,123,176
Quad/Graphics, Inc.^A		481,638		2,124,023

				119,278,980

Construction & Engineering - 2.69%
Arcosa, Inc.		28,006		1,659,916
Dycom Industries, Inc.^A		109,168		10,411,352
EMCOR Group, Inc.		76,493		11,340,087
Fluor Corp.^A		1,032,083		37,929,050
Granite Construction, Inc.		226,055		9,625,422
Matrix Service Co.^A		76,340		616,064
MDU Resources Group, Inc.		757,202		23,405,114
WillScot Mobile Mini Holdings Corp.^A		687,283		33,305,734

				128,292,739

Electrical Equipment - 1.12%
Atkore, Inc.^A		80,203		10,446,441
Encore Wire Corp.		37,070		5,984,210
EnerSys		430,237		35,718,276
GrafTech International Ltd.		144,949		947,966

				53,096,893

Machinery - 6.19%
Allison Transmission Holdings, Inc.		582,705		26,268,341
Astec Industries, Inc.		105,350		4,650,149
Barnes Group, Inc.		309,265		13,688,069
Crane Holdings Co.		39,948		4,630,373
Energy Recovery, Inc.^A		61,269		1,355,883
Enerpac Tool Group Corp.		1,277,643		33,908,645
EnPro Industries, Inc.		36,779		4,452,834
Flowserve Corp.		1,849,705		63,666,846
Greenbrier Cos., Inc.		1,201,304		37,144,320
Hillenbrand, Inc.		203,305		9,526,872
Hyster-Yale Materials Handling, Inc.		13,642		442,410
ITT, Inc.		101,010		9,251,506
Kennametal, Inc.		1,183,679		33,734,851
Lindsay Corp.		30,011		4,700,323
Miller Industries, Inc.		204,124		5,921,637
Mueller Industries, Inc.		110,013		7,211,352
Proto Labs, Inc.^A		31,485		963,441
Standex International Corp.		132,171		15,275,002
Tennant Co.		170,564		11,961,653
Terex Corp.		72,611		3,700,983
Titan International, Inc.^A		121,920		2,034,845
Wabash National Corp.		17,901		461,130

				294,951,465

Marine - 0.77%
Eagle Bulk Shipping, Inc.^B		26,536		1,519,982
Genco Shipping & Trading Ltd.		82,024		1,487,915
Kirby Corp.^A		466,989		33,053,482

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Industrials - 21.27% (continued)
Marine - 0.77% (continued)
Matson, Inc.		6,597	$	430,880

				36,492,259

Professional Services - 1.83%
Heidrick & Struggles International, Inc.		12,357		380,101
Hudson Global, Inc.^A		57,162		1,426,192
Huron Consulting Group, Inc.^A		30,881		2,101,143
KBR, Inc.		263,786		13,513,757
Kelly Services, Inc., Class A		67,070		1,213,967
Korn Ferry		549,385		29,661,296
ManpowerGroup, Inc.		291,566		25,412,893
Resources Connection, Inc.		34,900		602,723
TrueBlue, Inc.^A		653,073		12,819,823

				87,131,895

Road & Rail - 0.38%
ArcBest Corp.		47,574		3,970,051
Ryder System, Inc.		99,403		9,384,637
Schneider National, Inc., Class B		184,362		4,885,593

				18,240,281

Trading Companies & Distributors - 1.62%
Air Lease Corp.		215,180		9,676,645
Beacon Roofing Supply, Inc.^A		67,500		3,839,400
BlueLinx Holdings, Inc.^A		18,013		1,563,889
Boise Cascade Co.		99,556		7,463,713
GMS, Inc.^A		82,310		4,882,629
MSC Industrial Direct Co., Inc., Class A		87,065		7,200,276
NOW, Inc.^A		1,268,832		17,814,401
Rush Enterprises, Inc., Class A		105,136		5,657,368
Titan Machinery, Inc.^A		36,896		1,621,210
Triton International Ltd.		195,729		13,826,297
Veritiv Corp.		27,081		3,386,208

				76,932,036

Total Industrials				1,012,943,729

Information Technology - 10.84%
Communications Equipment - 2.24%
ADTRAN Holdings, Inc.		476,362		8,988,951
Ciena Corp.^A		317,207		16,501,108
CommScope Holding Co., Inc.^A		310,807		2,610,779
Extreme Networks, Inc.^A		364,672		6,575,036
F5, Inc.^A		311,724		46,029,166
Infinera Corp.^{A B}		2,590,533		18,962,702
Lumentum Holdings, Inc.^A		102,175		6,148,891
NETGEAR, Inc.^A		55,836		1,115,045

				106,931,678

Electronic Equipment, Instruments & Components - 3.64%
Arrow Electronics, Inc.^A		123,441		14,503,083
Avnet, Inc.		406,562		18,653,064
Belden, Inc.		217,002		17,596,692
Benchmark Electronics, Inc.		68,220		1,909,478
Coherent Corp.^A		695,820		30,198,588
FARO Technologies, Inc.^A		264,340		7,264,063
Itron, Inc.^A		386,870		22,233,419
Kimball Electronics, Inc.^A		29,117		743,066
Methode Electronics, Inc.		238,096		11,366,703
National Instruments Corp.		190,005		10,260,270

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Information Technology - 10.84% (continued)
Electronic Equipment, Instruments & Components - 3.64% (continued)
nLight, Inc.^A		374,548	$	4,644,395
Plexus Corp.^A		100,932		9,688,463
ScanSource, Inc.^A		48,899		1,610,244
TTM Technologies, Inc.^A		198,348		3,118,031
Vishay Intertechnology, Inc.		253,675		5,806,621
Vishay Precision Group, Inc.^A		229,094		9,892,279
Vontier Corp.		163,838		3,773,189

				173,261,648

IT Services - 0.80%
Euronet Worldwide, Inc.^A		266,322		30,009,163
WEX, Inc.^A		44,743		8,276,112

				38,285,275

Semiconductors & Semiconductor Equipment - 2.56%
Alpha & Omega Semiconductor Ltd.^A		20,847		687,117
Cohu, Inc.^A		678,472		24,479,270
Diodes, Inc.^A		426,268		38,018,843
Kulicke & Soffa Industries, Inc.		755,466		38,604,313
MaxLinear, Inc.^A		178,861		7,369,073
MKS Instruments, Inc.		57,521		5,885,549
Photronics, Inc.^A		119,710		2,169,145
Synaptics, Inc.^A		36,839		4,605,980

				121,819,290

Software - 0.59%
A10 Networks, Inc.		362,546		5,612,212
Adeia, Inc.		98,243		1,075,761
Progress Software Corp.		229,446		12,169,816
Verint Systems, Inc.^A		118,911		4,515,051
Zuora, Inc., Class A^A		571,871		4,529,218

				27,902,058

Technology Hardware, Storage & Peripherals - 1.01%
Corsair Gaming, Inc.^A		201,376		3,167,644
Super Micro Computer, Inc.^A		513,975		37,175,812
Xerox Holdings Corp.		486,323		7,965,971

				48,309,427

Total Information Technology				516,509,376

Materials - 7.52%
Chemicals - 2.43%
AdvanSix, Inc.		54,385		2,351,607
Avient Corp.		416,399		16,872,488
Cabot Corp.		378,887		28,541,558
Ecovyst, Inc.^A		1,824,016		19,133,928
Element Solutions, Inc.		1,047,007		21,442,703
Koppers Holdings, Inc.		40,530		1,402,743
Livent Corp.^A		219,867		5,698,953
Mativ Holdings, Inc.		90,766		2,501,511
Olin Corp.		162,175		10,474,883
Tronox Holdings PLC		413,453		7,090,719

				115,511,093

Containers & Packaging - 0.51%
Greif, Inc., Class A		49,774		3,555,357
O-I Glass, Inc.^A		362,149		6,971,368

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Materials - 7.52% (continued)
Containers & Packaging - 0.51% (continued)
Sonoco Products Co.		227,551	$	13,905,642

				24,432,367

Metals & Mining - 4.47%
Alamos Gold, Inc., Class A		719,844		7,947,078
Alpha Metallurgical Resources, Inc.		16,506		2,656,311
ATI, Inc.^A		1,233,586		44,890,195
Carpenter Technology Corp.		351,683		16,982,772
Elah Holdings, Inc.^A		3,209		209,066
Ferroglobe PLC^A		1,674,153		7,952,227
Hecla Mining Co.		1,394,947		8,606,823
Kaiser Aluminum Corp.		589,041		51,552,868
Largo, Inc.^{A B}		74,828		469,920
Materion Corp.		264,053		23,830,783
MP Materials Corp.^A		223,740		7,273,787
Royal Gold, Inc.		161,028		20,455,387
Ryerson Holding Corp.		71,883		2,743,774
Schnitzer Steel Industries, Inc., Class A		142,629		4,826,565
SunCoke Energy, Inc.		161,860		1,474,545
TimkenSteel Corp.^A		89,714		1,764,674
Warrior Met Coal, Inc.		100,235		3,796,902
Worthington Industries, Inc.		96,492		5,487,500

				212,921,177

Paper & Forest Products - 0.11%
Clearwater Paper Corp.^A		19,735		761,968
Louisiana-Pacific Corp.		65,910		4,487,812

				5,249,780

Total Materials				358,114,417

Real Estate - 4.12%
Equity Real Estate Investment Trusts (REITs) - 3.24%
Agree Realty Corp.		430,088		32,097,467
Americold Realty Trust, Inc.		29,630		930,678
Cousins Properties, Inc.		529,157		14,509,485
EPR Properties		96,671		4,106,584
Highwoods Properties, Inc.		15,602		473,833
NETSTREIT Corp.		623,204		12,545,097
Outfront Media, Inc.		863,634		17,186,317
Pebblebrook Hotel Trust		85,446		1,401,314
Physicians Realty Trust		490,985		7,787,022
PotlatchDeltic Corp.		176,721		8,650,493
Rayonier, Inc.		97,400		3,544,386
Ryman Hospitality Properties, Inc.		41,649		3,868,776
STAG Industrial, Inc.		860,211		30,623,512
Sunstone Hotel Investors, Inc.		661,018		7,264,588
Terreno Realty Corp.		71,373		4,598,562
Urban Edge Properties		305,290		4,808,317

				154,396,431

Real Estate Management & Development - 0.88%
Douglas Elliman, Inc.		487,672		2,272,552
Howard Hughes Corp.^A		80,769		6,904,942
Marcus & Millichap, Inc.		77,559		2,810,738
Newmark Group, Inc., Class A		89,520		767,186
RE/MAX Holdings, Inc., Class A		16,750		382,068
RMR Group, Inc., Class A		466,973		14,485,502
Seritage Growth Properties, Class A^A B		1,108,139		13,463,889

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 95.29% (continued)
Real Estate - 4.12% (continued)
Real Estate Management & Development - 0.88% (continued)
Tejon Ranch Co.^A		31,221	$	625,044

				41,711,921

Total Real Estate				196,108,352

Utilities - 2.15%
Electric Utilities - 0.96%
ALLETE, Inc.		466,334		28,847,421
Otter Tail Corp.		49,005		3,143,671
Portland General Electric Co.		283,963		13,510,959

				45,502,051

Gas Utilities - 0.54%
Chesapeake Utilities Corp.		59,162		7,459,145
Northwest Natural Holding Co.		166,972		8,371,976
Southwest Gas Holdings, Inc.		121,331		8,120,684
Spire, Inc.		24,182		1,746,424

				25,698,229

Multi-Utilities - 0.65%
Avista Corp.		535,978		21,385,522
NorthWestern Corp.		169,515		9,628,452

				31,013,974

Total Utilities				102,214,254

Total Common Stocks (Cost $3,782,062,145)				4,538,241,718

SHORT-TERM INVESTMENTS - 4.28% (Cost $203,919,707)
Investment Companies - 4.28%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{C D}		203,919,707		203,919,707

SECURITIES LENDING COLLATERAL - 0.13% (Cost $5,917,870)
Investment Companies - 0.13%
American Beacon U.S. Government Money Market Select Fund, 4.19^{C D}		5,917,870		5,917,870

TOTAL INVESTMENTS - 99.70% (Cost $3,991,899,722)				4,748,079,295
OTHER ASSETS, NET OF LIABILITIES - 0.30%				14,521,080

TOTAL NET ASSETS - 100.00%			$	4,762,600,375

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 January 31, 2023.

^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.

See accompanying notes

American Beacon Small Cap Value Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)

Long Futures Contracts Open on January 31, 2023:

Equity Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-mini Russell 2000 Index Futures		2,091	March 2023	$	188,663,011	$	202,764,270	$	14,101,259

				$	188,663,011	$	202,764,270	$	14,101,259

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 January 31, 2023, the investments were classified as described below:


Small Cap Value Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	4,538,241,718	$	—	$	—	$	4,538,241,718
Short-Term Investments		203,919,707		—		—		203,919,707
Securities Lending Collateral		5,917,870		—		—		5,917,870

Total Investments in Securities - Assets	$	4,748,079,295	$	—	$	—	$	4,748,079,295

*Financial Derivative Instruments - Assets*
Futures Contracts	$	14,101,259	$	—	$	—	$	14,101,259

Total Financial Derivative Instruments - Assets	$	14,101,259	$	—	$	—	$	14,101,259

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2023, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

Organization

American Beacon Funds (the “Trust”) is organized as a Massachusetts business trust. As of January 31, 2023, the Trust consists of twenty-five active series, six of which are presented in this filing: American Beacon Balanced Fund, American Beacon EAM International Small Cap Fund (formerly known as American Beacon Tocqueville International Value Fund), American Beacon Garcia Hamilton Quality Bond Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund and American Beacon Small Cap 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 nineteen 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”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Funds’ 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 imposes limits on the amount of derivatives a fund can enter into, eliminated the asset segregation framework used by funds to comply with Section 18 of the Act, and requires 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 were not required to fully comply with the new rule until August 19, 2022. Management has evaluated the implications of these changes, and has determined that there is no impact to the financial statements.

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 has evaluated the Valuation Rule, and has determined that there is no impact to the financial statements.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management expects the ASU will not have a material impact on the Funds’ financial statements.

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 Fund 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’s 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.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the Investment Company Act, the threshold for determining whether a Fund must fair value a security.

The Valuation Rule permits a Fund’s board to designate the Fund’s primary investment adviser as “valuation designee” to perform the Fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company’s board receives the information it needs to oversee the investment adviser’s fair value determinations. The Board has designated the Manager as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

Securities may be valued at fair value, as determined in good faith and pursuant to the Manager’s procedures approved by the Board, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and 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 the Fund invests as described below. In addition, the Fund 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 a Fund’s 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 Manager, 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 Manager’s Valuation Committee may also fair value securities in other situations, such as when a particular foreign market is closed but a Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

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

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund’s 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.

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)



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

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

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

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

With respect to the Fund’s investments that do not have readily available market quotations, the Board has designated the Adviser as its valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). If market prices are not readily available or are deemed unreliable, the Valuation Designee will use the fair value of the security or other instrument as determined in good faith under policies and procedures established by and under the supervision of the Board (“Valuation Procedures”). Market prices are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s portfolio holdings or assets. In addition, market prices are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities or other instruments trade do not open for trading for the entire day and no other market prices are available. Fair value pricing is subjective in nature and the use of fair value pricing by the Valuation Designee may cause the NAV of a Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio holding is primarily traded. There can be no assurance that a Fund could obtain the fair value assigned to an investment if a Fund were to sell the investment at approximately the time at which a Fund determines its NAV.

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

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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

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

OTC financial derivative instruments, such as forward foreign currency contracts, 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.

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

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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 January 31, 2023, 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	$	1,754,393	$	240,469	$	1,516,845	$	1,757,314
EAM International Small Cap		3,951,644		—		4,005,045		4,005,045
International Equity		21,214,773		6,443,550		15,474,581		21,918,131
Large Cap Value		41,834,812		3,376,058		38,520,624		41,896,682
Small Cap Value		67,789,157		5,917,870		61,511,442		67,429,312

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’ Schedule of Investments.

Federal Income and Excise Taxes

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

The Fund do not have any unrecorded tax liabilities. Each of the tax years in the four year period ended October 31, 2022 remain subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of January 31, 2023, the Fund’s cost of investments for federal income tax purposes were as follows:


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Balanced	$	134,464,970	$	21,833,588	$	(6,314,924	)	$	15,518,664
EAM International Small Cap		190,362,040		1,931,540		(2,903,241	)		(971,701	)
Garcia Hamilton Quality Bond		300,266,612		6,349,909		(10,137,076	)		(3,787,167	)
International Equity		1,073,802,338		165,871,218		(66,150,189	)		99,721,029
Large Cap Value		2,365,666,480		1,061,575,878		(69,824,991	)		991,750,887
Small Cap Value		3,991,899,722		965,979,776		(209,800,203	)		756,179,573

Under the Regulated Investment Company Modernization Act of 2010 (“RIC MOD”), net capital losses recognized by the Fund 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, 2022, the Funds had the following capital loss carryforwards:

American Beacon Funds^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)


Fund	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryforwards
EAM International Small Cap	$	8,396,837	$	5,035,968
Garcia Hamilton Quality Bond		22,254,280		9,635,698
International Equity		3,443,850		24,885,542