American Beacon Institutional Funds Trust NPORTP Monthly portfolio investment report

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 Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93%
Communication Services - 2.61%
Diversified Telecommunication Services - 0.14%
Telkom Indonesia Persero Tbk PT, ADR^A		28,448	$	740,217

Entertainment - 0.46%
Electronic Arts, Inc.		10,209		1,313,694
Warner Bros Discovery, Inc.^B		70,500		1,044,810

				2,358,504

Interactive Media & Services - 0.65%
Alphabet, Inc., Class A^B		16,900		1,670,396
Autohome, Inc., ADR		21,075		734,675
Tencent Holdings Ltd.^C		20,100		979,683

				3,384,754

Media - 1.03%
Cogeco Communications, Inc.		11,065		571,733
Comcast Corp., Class A		73,627		2,897,222
News Corp., Class A		40,600		822,556
Omnicom Group, Inc.		4,600		395,554
Paramount Global, Class B		27,500		636,900

				5,323,965

Wireless Telecommunication Services - 0.33%
T-Mobile U.S., Inc.^B		6,789		1,013,665
Vodafone Group PLC, ADR		58,800		680,904

				1,694,569

Total Communication Services				13,502,009

Consumer Discretionary - 7.16%
Auto Components - 1.22%
Adient PLC^B		6,800		306,136
Aptiv PLC^B		19,325		2,185,464
Cie Generale des Etablissements Michelin SCA, ADR		94,080		1,484,583
Continental AG^C		10,231		716,730
Goodyear Tire & Rubber Co.^B		16,200		182,250
Magna International, Inc.^A		21,800		1,415,692

				6,290,855

Automobiles - 0.88%
Ferrari NV^C		10,314		2,571,967
General Motors Co.		50,400		1,981,728

				4,553,695

Hotels, Restaurants & Leisure - 1.48%
Aramark		29,454		1,311,587
Booking Holdings, Inc.^B		260		632,866
Compass Group PLC^C		32,667		778,843
Evolution AB^{C D}		18,059		2,029,462
Las Vegas Sands Corp.^B		49,016		2,891,944

				7,644,702

Household Durables - 0.80%
Lennar Corp., Class A		21,800		2,232,320
Lennar Corp., Class B		666		57,516
Sony Group Corp., ADR		20,700		1,851,822

				4,141,658

Internet & Direct Marketing Retail - 0.30%
Alibaba Group Holding Ltd.^{B C}		110,100		1,521,392

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Consumer Discretionary - 7.16% (continued)
Internet & Direct Marketing Retail - 0.30% (continued)
Meituan, Class B^{B C D}		2,010	$	44,780

				1,566,172

Leisure Products - 0.39%
Bandai Namco Holdings, Inc.^{A C}		11,000		735,416
BRP, Inc.		6,572		548,412
Yamaha Corp.^{A C}		18,600		723,533

				2,007,361

Multiline Retail - 0.36%
Dollar General Corp.		7,872		1,838,899

Specialty Retail - 0.38%
Advance Auto Parts, Inc.		7,035		1,071,290
Lithia Motors, Inc.		3,302		869,086

				1,940,376

Textiles, Apparel & Luxury Goods - 1.35%
Asics Corp.^C		37,400		891,577
Gildan Activewear, Inc.		15,855		497,141
Li Ning Co. Ltd.^C		242,500		2,392,508
Lululemon Athletica, Inc.^B		3,745		1,149,265
LVMH Moet Hennessy Louis Vuitton SE^C		2,347		2,050,303

				6,980,794

Total Consumer Discretionary				36,964,512

Consumer Staples - 3.60%
Beverages - 1.66%
Arca Continental SAB de CV		150,400		1,326,648
Carlsberg AS, Class B^C		7,862		1,112,346
Coca-Cola Co.		28,400		1,741,488
Coca-Cola Europacific Partners PLC		26,190		1,472,402
Constellation Brands, Inc., Class A		6,000		1,389,120
Pernod Ricard SA^C		7,472		1,546,005

				8,588,009

Food & Staples Retailing - 0.39%
MatsukiyoCocokara & Co.^C		12,500		623,201
Sysco Corp.		18,200		1,409,772

				2,032,973

Food Products - 0.36%
Nestle SA^C		15,389		1,877,942

Household Products - 0.32%
Procter & Gamble Co.		11,400		1,623,132

Personal Products - 0.47%
Unilever PLC^C		22,771		1,163,344
Unilever PLC, ADR^A		24,300		1,241,730

				2,405,074

Tobacco - 0.40%
Philip Morris International, Inc.		19,536		2,036,433

Total Consumer Staples				18,563,563

Energy - 4.85%
Energy Equipment & Services - 0.81%
Baker Hughes Co.		10,800		342,792

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Energy - 4.85% (continued)
Energy Equipment & Services - 0.81% (continued)
Halliburton Co.		56,424	$	2,325,798
NOV, Inc.		46,300		1,131,572
Schlumberger Ltd.		6,700		381,766

				4,181,928

Oil, Gas & Consumable Fuels - 4.04%
APA Corp.		40,800		1,808,664
BP PLC^C		291,716		1,764,954
Cenovus Energy, Inc.^A		22,100		441,558
Coterra Energy, Inc.		67,100		1,679,513
Equinor ASA^C		17,233		523,522
Galp Energia SGPS SA^C		44,176		604,319
Hess Corp.		19,454		2,921,213
Marathon Oil Corp.		37,300		1,024,631
Murphy Oil Corp.		15,000		654,150
Ovintiv, Inc.		18,400		905,832
Phillips 66		34,661		3,475,458
Pioneer Natural Resources Co.		8,805		2,028,232
Reliance Industries Ltd., GDR^{C D}		11,223		643,746
Shell PLC, ADR		20,800		1,223,248
Suncor Energy, Inc.		33,932		1,177,693

				20,876,733

Total Energy				25,058,661

Financials - 11.30%
Banks - 5.57%
Bank Mandiri Persero Tbk PT^C		1,451,000		965,011
Barclays PLC^C		248,931		570,890
Citigroup, Inc.		68,100		3,556,182
Citizens Financial Group, Inc.		26,300		1,139,316
Commerce Bancshares, Inc.		15,697		1,044,792
Cullen/Frost Bankers, Inc.		11,000		1,433,080
DBS Group Holdings Ltd.^C		40,740		1,115,271
First Citizens BancShares, Inc., Class A		612		475,940
Grupo Financiero Banorte SAB de CV, Class O		115,200		954,367
ICICI Bank Ltd., ADR		121,216		2,524,929
KB Financial Group, Inc.^C		10,607		483,293
M&T Bank Corp.		10,533		1,643,148
Mitsubishi UFJ Financial Group, Inc., ADR		150,600		1,109,922
Nordea Bank Abp^C		76,744		894,962
PNC Financial Services Group, Inc.		9,400		1,555,042
Sumitomo Mitsui Financial Group, Inc.^C		29,800		1,296,725
U.S. Bancorp		41,914		2,087,317
UniCredit SpA^C		40,555		790,332
Wells Fargo & Co.		109,317		5,123,688

				28,764,207

Capital Markets - 2.09%
3i Group PLC^C		50,881		992,172
Ameriprise Financial, Inc.		6,500		2,275,780
Bank of New York Mellon Corp.		30,600		1,547,442
Blackstone, Inc.		15,800		1,516,168
Goldman Sachs Group, Inc.		4,660		1,704,675
Northern Trust Corp.		13,281		1,287,858

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Financials - 11.30% (continued)
Capital Markets - 2.09% (continued)
State Street Corp.		16,000	$	1,461,280

				10,785,375

Consumer Finance - 0.67%
American Express Co.		6,498		1,136,695
Capital One Financial Corp.		19,700		2,344,300

				3,480,995

Diversified Financial Services - 0.14%
Corebridge Financial, Inc.		16,500		359,040
Equitable Holdings, Inc.		11,500		368,805

				727,845

Insurance - 2.83%
AIA Group Ltd.^C		133,205		1,504,219
Allstate Corp.		7,852		1,008,746
American International Group, Inc.		58,373		3,690,341
Aon PLC, Class A		10,367		3,303,756
Cincinnati Financial Corp.		14,300		1,618,045
Hartford Financial Services Group, Inc.		14,100		1,094,301
Prudential PLC^C		61,264		1,015,221
Willis Towers Watson PLC		5,403		1,373,389

				14,608,018

Total Financials				58,366,440

Health Care - 9.72%
Biotechnology - 0.74%
Amgen, Inc.		7,300		1,842,520
CSL Ltd.^{A C}		9,381		1,980,105

				3,822,625

Health Care Equipment & Supplies - 2.73%
Alcon, Inc.^C		26,643		2,008,946
Alcon, Inc.		21,100		1,586,931
GE HealthCare Technologies, Inc.^B		16,383		1,138,946
Hoya Corp.^C		6,900		759,800
Medtronic PLC		37,259		3,118,206
Olympus Corp.^C		56,800		1,067,112
Osstem Implant Co. Ltd.^{B C}		9,211		1,404,099
ResMed, Inc.		5,195		1,186,382
STERIS PLC		6,322		1,305,556
Zimmer Biomet Holdings, Inc.		3,800		483,892

				14,059,870

Health Care Providers & Services - 2.07%
Centene Corp.^B		11,600		884,384
Cigna Corp.		1,800		570,006
CVS Health Corp.		25,769		2,273,341
Elevance Health, Inc.		7,052		3,525,929
HCA Healthcare, Inc.		3,300		841,731
Humana, Inc.		900		460,530
UnitedHealth Group, Inc.		4,277		2,135,036

				10,690,957

Life Sciences Tools & Services - 1.41%
Danaher Corp.		8,156		2,156,283
ICON PLC^B		11,538		2,661,932
Lonza Group AG^C		1,755		1,001,886

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Health Care - 9.72% (continued)
Life Sciences Tools & Services - 1.41% (continued)
Mettler-Toledo International, Inc.^B		961	$	1,473,136

				7,293,237

Pharmaceuticals - 2.77%
AstraZeneca PLC^C		14,210		1,859,212
Bayer AG^C		12,942		802,756
GSK PLC, ADR		9,600		338,496
Merck & Co., Inc.		36,066		3,873,849
Merck KGaA^C		7,892		1,640,870
Novo Nordisk AS, Class B^C		21,309		2,950,948
Perrigo Co. PLC		41,105		1,538,149
Sanofi^C		9,632		946,505
Sanofi, ADR		7,400		363,636

				14,314,421

Total Health Care				50,181,110

Industrials - 9.14%
Aerospace & Defense - 0.94%
Boeing Co.^B		4,300		915,900
General Dynamics Corp.		6,200		1,444,972
MTU Aero Engines AG^C		2,929		729,344
Raytheon Technologies Corp.		7,600		758,860
Thales SA^C		7,606		1,004,898

				4,853,974

Air Freight & Logistics - 0.54%
DSV AS^C		5,803		958,313
FedEx Corp.		9,490		1,839,731

				2,798,044

Airlines - 0.13%
Ryanair Holdings PLC, ADR^B		7,460		675,354

Commercial Services & Supplies - 0.22%
Waste Connections, Inc.		8,360		1,111,044

Construction & Engineering - 0.45%
AECOM		22,870		1,995,865
Fluor Corp.^B		8,100		297,675

				2,293,540

Electrical Equipment - 0.96%
ABB Ltd.^C		34,336		1,195,647
Schneider Electric SE^C		13,060		2,117,775
Vertiv Holdings Co.		116,559		1,657,469

				4,970,891

Industrial Conglomerates - 1.00%
General Electric Co.		31,550		2,539,144
Hitachi Ltd.^C		15,300		803,381
Honeywell International, Inc.		8,700		1,813,776

				5,156,301

Machinery - 2.43%
Atlas Copco AB, Class A^C		84,802		1,002,991
CNH Industrial NV		42,100		746,012
Cummins, Inc.		3,900		973,206
Deere & Co.		4,074		1,722,651
Oshkosh Corp.		11,700		1,179,126
PACCAR, Inc.		6,500		710,515

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Industrials - 9.14% (continued)
Machinery - 2.43% (continued)
Parker-Hannifin Corp.		6,600	$	2,151,600
Sandvik AB^C		36,920		763,665
Stanley Black & Decker, Inc.		10,465		934,629
Wuxi Lead Intelligent Equipment Co. Ltd., Class A^C		97,599		670,070
Xylem, Inc.		16,300		1,695,363

				12,549,828

Professional Services - 1.11%
Experian PLC^C		62,933		2,300,859
RELX PLC^C		55,599		1,652,488
Teleperformance^C		1,889		525,471
Thomson Reuters Corp.		10,680		1,270,475

				5,749,293

Road & Rail - 0.93%
Canadian Pacific Railway Ltd.		41,428		3,268,669
JB Hunt Transport Services, Inc.		8,084		1,528,280

				4,796,949

Trading Companies & Distributors - 0.43%
Ferguson PLC^C		15,873		2,233,358

Total Industrials				47,188,576

Information Technology - 10.24%
Communications Equipment - 0.50%
F5, Inc.^B		12,300		1,816,218
Telefonaktiebolaget LM Ericsson, ADR		128,800		743,176

				2,559,394

Electronic Equipment, Instruments & Components - 0.66%
Corning, Inc.		20,800		719,888
Keyence Corp.^C		4,300		1,986,285
TE Connectivity Ltd.		5,500		699,325

				3,405,498

IT Services - 1.96%
Accenture PLC, Class A		5,604		1,563,796
Adyen NV^{B C D}		1,122		1,696,183
Capgemini SE^C		2,851		540,659
Cognizant Technology Solutions Corp., Class A		17,382		1,160,248
EPAM Systems, Inc.^B		4,940		1,643,291
Fidelity National Information Services, Inc.		33,991		2,550,685
Fiserv, Inc.^B		3,700		394,716
PayPal Holdings, Inc.^B		7,000		570,430

				10,120,008

Semiconductors & Semiconductor Equipment - 3.65%
ASM International NV^C		4,641		1,573,102
ASML Holding NV		2,742		1,812,023
ASML Holding NV^C		1,627		1,077,503
Broadcom, Inc.		2,946		1,723,439
Disco Corp.^C		4,400		1,321,172
Infineon Technologies AG^C		32,737		1,171,005
Lasertec Corp.^{A C}		8,100		1,609,479
Microchip Technology, Inc.		27,100		2,103,502
Micron Technology, Inc.		11,700		705,510
QUALCOMM, Inc.		22,292		2,969,517
SK Hynix, Inc.^C		10,906		793,746

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Information Technology - 10.24% (continued)
Semiconductors & Semiconductor Equipment - 3.65% (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.^C		114,000	$	2,011,210

				18,871,208

Software - 3.47%
Adobe, Inc.^B		5,300		1,962,802
ANSYS, Inc.^B		6,800		1,811,248
Atlassian Corp., Class A^B		11,273		1,821,942
Autodesk, Inc.^B		8,000		1,721,280
Microsoft Corp.		22,200		5,501,382
Oracle Corp.		32,464		2,871,766
Workday, Inc., Class A^B		12,200		2,213,446

				17,903,866

Total Information Technology				52,859,974

Materials - 4.43%
Chemicals - 3.84%
Air Liquide SA^C		12,388		1,974,199
Air Products & Chemicals, Inc.		7,933		2,542,606
Akzo Nobel NV^C		12,665		942,036
Axalta Coating Systems Ltd.^B		63,087		1,898,919
Corteva, Inc.		43,300		2,790,685
DuPont de Nemours, Inc.		20,044		1,482,254
Ecolab, Inc.		8,600		1,331,538
International Flavors & Fragrances, Inc.		9,050		1,017,763
Linde PLC^{B C}		3,680		1,209,820
Olin Corp.		16,600		1,072,194
RPM International, Inc.		16,800		1,510,488
Sika AG^C		7,168		2,040,740

				19,813,242

Construction Materials - 0.35%
Martin Marietta Materials, Inc.		5,100		1,834,164

Containers & Packaging - 0.05%
International Paper Co.		6,100		255,102

Metals & Mining - 0.19%
Anglo American PLC^C		22,966		989,939

Total Materials				22,892,447

Real Estate - 1.19%
Equity Real Estate Investment Trusts (REITs) - 1.01%
Crown Castle, Inc.		10,600		1,569,966
Equity LifeStyle Properties, Inc.		14,700		1,055,166
VICI Properties, Inc.		75,266		2,572,592

				5,197,724

Real Estate Management & Development - 0.18%
ESR Group Ltd.^{C D}		459,400		924,106

Total Real Estate				6,121,830

Utilities - 1.69%
Electric Utilities - 0.92%
Pinnacle West Capital Corp.		19,928		1,485,632
PPL Corp.		51,300		1,518,480

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.93% (continued)
Utilities - 1.69% (continued)
Electric Utilities - 0.92% (continued)
Xcel Energy, Inc.		25,700	$	1,767,389

				4,771,501

Gas Utilities - 0.47%
Atmos Energy Corp.		15,850		1,863,009
ENN Energy Holdings Ltd.^C		38,600		580,866

				2,443,875

Independent Power & Renewable Electricity Producers - 0.13%
China Longyuan Power Group Corp. Ltd., Class H^C		476,000		654,388

Multi-Utilities - 0.17%
Engie SA^C		60,754		864,296

Total Utilities				8,734,060

Total Common Stocks (Cost $274,713,968)				340,433,182


	Principal Amount
CORPORATE OBLIGATIONS - 7.37%
Basic Materials - 0.05%
Chemicals - 0.03%
EI du Pont de Nemours & Co., 1.700%, Due 7/15/2025	$	180,000		167,896

Forest Products & Paper - 0.02%
International Paper Co., 6.000%, Due 11/15/2041		100,000		106,775

Total Basic Materials				274,671

Communications - 0.82%
Internet - 0.32%
Amazon.com, Inc., 3.875%, Due 8/22/2037		335,000		310,222
Meta Platforms, Inc., 4.450%, Due 8/15/2052		1,524,000		1,323,431

				1,633,653

Media - 0.15%
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.800%, Due 4/1/2031		160,000		130,715
3.500%, Due 3/1/2042		125,000		86,264
3.700%, Due 4/1/2051		180,000		118,858
Comcast Corp.,
3.400%, Due 4/1/2030		195,000		182,572
1.950%, Due 1/15/2031		185,000		154,536
2.887%, Due 11/1/2051		166,000		115,052

				787,997

Telecommunications - 0.35%
AT&T, Inc., 2.250%, Due 2/1/2032		180,000		146,610
T-Mobile USA, Inc.,
3.875%, Due 4/15/2030		745,000		695,783
5.650%, Due 1/15/2053		584,000		605,484
Verizon Communications, Inc.,
4.500%, Due 8/10/2033		85,000		82,833

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 7.37% (continued)
Communications - 0.82% (continued)
Telecommunications - 0.35% (continued)
Verizon Communications, Inc. (continued)
3.400%, Due 3/22/2041	$	345,000	$	276,422

				1,807,132

Total Communications				4,228,782

Consumer, Cyclical - 0.69%
Airlines - 0.02%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, 2019 1 AA		108,054		93,821

Auto Manufacturers - 0.31%
American Honda Finance Corp., 2.000%, Due 3/24/2028		145,000		128,830
General Motors Co.,
5.600%, Due 10/15/2032		761,000		749,989
5.200%, Due 4/1/2045		460,000		400,377
Toyota Motor Credit Corp., 2.500%, Due 3/22/2024		335,000		326,930

				1,606,126

Home Furnishings - 0.02%
Whirlpool Corp., 4.600%, Due 5/15/2050		145,000		124,626

Lodging - 0.04%
Marriott International, Inc., 5.000%, Due 10/15/2027		185,000		186,402

Retail - 0.30%
AutoNation, Inc., 3.850%, Due 3/1/2032		105,000		88,900
Lowe’s Cos., Inc., 5.625%, Due 4/15/2053		1,109,000		1,137,893
Starbucks Corp., 2.550%, Due 11/15/2030		188,000		163,843
Tractor Supply Co., 1.750%, Due 11/1/2030		185,000		146,981

				1,537,617

Total Consumer, Cyclical				3,548,592

Consumer, Non-Cyclical - 0.51%
Agriculture - 0.02%
Cargill, Inc., 1.375%, Due 7/23/2023^D		120,000		118,017

Biotechnology - 0.03%
Amgen, Inc., 4.400%, Due 5/1/2045		140,000		124,437

Commercial Services - 0.09%
Moody’s Corp., 2.550%, Due 8/18/2060		180,000		105,933
Quanta Services, Inc.,
2.900%, Due 10/1/2030		275,000		235,580
3.050%, Due 10/1/2041		190,000		134,833

				476,346

Food - 0.02%
Mondelez International, Inc., 1.500%, Due 2/4/2031		145,000		115,768

Health Care - Products - 0.05%
GE HealthCare Technologies, Inc., 5.857%, Due 3/15/2030^D		230,000		243,597

Health Care - Services - 0.18%
Community Health Network, Inc., 3.099%, Due 5/1/2050, Series 20 A		185,000		125,985
Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, Due 6/1/2050^D		105,000		78,308
Kaiser Foundation Hospitals, 3.002%, Due 6/1/2051, Series 2021		130,000		95,341

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 7.37% (continued)
Consumer, Non-Cyclical - 0.51% (continued)
Health Care - Services - 0.18% (continued)
UnitedHealth Group, Inc.,
3.875%, Due 12/15/2028	$	400,000	$	388,920
5.875%, Due 2/15/2053		190,000		216,191

				904,745

Pharmaceuticals - 0.12%
AbbVie, Inc.,
4.450%, Due 5/14/2046		130,000		119,027
4.875%, Due 11/14/2048		255,000		248,356
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		76,000		72,269
CVS Health Corp., 4.300%, Due 3/25/2028		107,000		104,911
Viatris, Inc., 3.850%, Due 6/22/2040		120,000		87,299

				631,862

Total Consumer, Non-Cyclical				2,614,772

Energy - 0.77%
Oil & Gas - 0.45%
Chevron USA, Inc., 2.343%, Due 8/12/2050		130,000		87,292
ConocoPhillips Co., 2.125%, Due 3/8/2024		360,000		349,824
Devon Energy Corp., 7.875%, Due 9/30/2031		160,000		187,076
Diamondback Energy, Inc.,
3.125%, Due 3/24/2031		330,000		287,392
6.250%, Due 3/15/2033		780,000		828,207
4.250%, Due 3/15/2052		220,000		175,684
Hess Corp.,
7.875%, Due 10/1/2029		60,000		68,071
7.300%, Due 8/15/2031		100,000		111,736
Phillips 66 Co., 3.750%, Due 3/1/2028^D		155,000		146,471
Pioneer Natural Resources Co., 2.150%, Due 1/15/2031		90,000		74,291

				2,316,044

Pipelines - 0.32%
Cheniere Corpus Christi Holdings LLC, 2.742%, Due 12/31/2039		158,000		129,093
Energy Transfer LP, 7.500%, Due 7/1/2038		145,000		164,371
Gray Oak Pipeline LLC, 2.000%, Due 9/15/2023^D		190,000		185,641
ONEOK, Inc., 4.550%, Due 7/15/2028		175,000		170,420
Sabine Pass Liquefaction LLC,
4.200%, Due 3/15/2028		455,000		438,873
4.500%, Due 5/15/2030		130,000		125,897
Williams Cos., Inc.,
2.600%, Due 3/15/2031		325,000		274,392
5.400%, Due 3/4/2044		170,000		165,440

				1,654,127

Total Energy				3,970,171

Financial - 2.90%
Banks - 1.69%
Bank of America Corp.,
2.592%, Due 4/29/2031, (Secured Overnight Financing Rate + 2.150%)^E		180,000		153,696
2.299%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.220%)^E		465,000		377,315
2.572%, Due 10/20/2032, (Secured Overnight Financing Rate + 1.210%)^E		220,000		181,669
2.482%, Due 9/21/2036, (5 yr. CMT + 1.200%)^E		145,000		112,659
2.676%, Due 6/19/2041, (Secured Overnight Financing Rate + 1.930%)^E		205,000		150,595
Citigroup, Inc.,

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 7.37% (continued)
Financial - 2.90% (continued)
Banks - 1.69% (continued)
Citigroup, Inc. (continued)
1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)^E	$	105,000	$	97,875
4.412%, Due 3/31/2031, (Secured Overnight Financing Rate + 3.914%)^E		695,000		665,190
3.785%, Due 3/17/2033, (Secured Overnight Financing Rate + 1.939%)^E		660,000		595,507
Goldman Sachs Group, Inc.,
5.700%, Due 11/1/2024		1,330,000		1,348,790
1.431%, Due 3/9/2027, (Secured Overnight Financing Rate + 0.798%)^E		430,000		384,618
1.542%, Due 9/10/2027, (Secured Overnight Financing Rate + 0.818%)^E		290,000		255,869
2.615%, Due 4/22/2032, (Secured Overnight Financing Rate + 1.281%)^E		180,000		150,164
JPMorgan Chase & Co.,
2.301%, Due 10/15/2025, (Secured Overnight Financing Rate + 1.160%)^E		485,000		461,496
3.782%, Due 2/1/2028, (3 mo. USD LIBOR + 1.337%)^E		265,000		254,350
2.963%, Due 1/25/2033, (Secured Overnight Financing Rate + 1.260%)^E		270,000		230,564
4.912%, Due 7/25/2033, (Secured Overnight Financing Rate + 2.080%)^E		840,000		834,007
3.882%, Due 7/24/2038, (3 mo. USD LIBOR + 1.360%)^E		230,000		201,937
Morgan Stanley,
3.591%, Due 7/22/2028, (3 mo. USD LIBOR + 1.340%)^E		295,000		278,614
1.794%, Due 2/13/2032, (Secured Overnight Financing Rate + 1.034%)^E		265,000		209,116
2.239%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.178%)^E		180,000		145,364
0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)^E		295,000		273,308
Northern Trust Corp., 6.125%, Due 11/2/2032		180,000		197,442
PNC Financial Services Group, Inc., 3.400%, Due 9/15/2026, Series T, (5 yr. CMT + 2.595%)^{E F}		215,000		183,287
State Street Corp.,
2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)^E		260,000		249,576
2.200%, Due 3/3/2031		130,000		107,953
Truist Financial Corp., 1.267%, Due 3/2/2027, (Secured Overnight Financing Rate + 0.609%)^E		160,000		144,531
Wells Fargo & Co.,
2.572%, Due 2/11/2031, (Secured Overnight Financing Rate + 1.262%)^E		420,000		362,061
5.375%, Due 11/2/2043		150,000		151,142

				8,758,695

Diversified Financial Services - 0.29%
American Express Co., 2.250%, Due 3/4/2025		225,000		214,002
Blue Owl Finance LLC, 3.125%, Due 6/10/2031^D		630,000		489,059
Charles Schwab Corp.,
0.750%, Due 3/18/2024		150,000		143,350
3.250%, Due 5/22/2029		180,000		167,167
CME Group, Inc., 2.650%, Due 3/15/2032		365,000		319,007
Intercontinental Exchange, Inc., 4.950%, Due 6/15/2052		175,000		171,633

				1,504,218

Insurance - 0.42%
Berkshire Hathaway Finance Corp., 3.850%, Due 3/15/2052		135,000		115,623
CNA Financial Corp., 4.500%, Due 3/1/2026		225,000		223,979
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		145,000		90,621
Jackson National Life Global Funding, 5.462%, Due 6/28/2024, (Secured Overnight Financing Rate + 1.150%)^{D E}		1,560,000		1,566,786
Progressive Corp., 2.500%, Due 3/15/2027		180,000		167,561

				2,164,570

Investment Companies - 0.13%
Golub Capital BDC, Inc., 2.500%, Due 8/24/2026		745,000		652,503

REITS - 0.37%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033		145,000		111,743

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 7.37% (continued)
Financial - 2.90% (continued)
REITS - 0.37% (continued)
American Tower Corp., 2.300%, Due 9/15/2031	$	250,000	$	201,992
Camden Property Trust, 3.150%, Due 7/1/2029		140,000		128,930
Crown Castle, Inc.,
3.800%, Due 2/15/2028		155,000		147,581
2.900%, Due 4/1/2041		135,000		98,616
Digital Realty Trust LP, 3.700%, Due 8/15/2027		190,000		180,445
Equinix, Inc., 2.500%, Due 5/15/2031		781,000		651,037
Prologis LP, 1.250%, Due 10/15/2030		135,000		106,358
Public Storage, 2.250%, Due 11/9/2031		335,000		280,523

				1,907,225

Total Financial				14,987,211

Industrial - 0.35%
Aerospace/Defense - 0.12%
Boeing Co.,
2.750%, Due 2/1/2026		210,000		197,769
5.805%, Due 5/1/2050		260,000		263,427
Northrop Grumman Corp., 3.850%, Due 4/15/2045		190,000		161,673

				622,869

Building Materials - 0.02%
Martin Marietta Materials, Inc., 0.650%, Due 7/15/2023		120,000		117,559

Environmental Control - 0.06%
Waste Connections, Inc.,
2.200%, Due 1/15/2032		150,000		123,941
4.200%, Due 1/15/2033		185,000		179,229

				303,170

Miscellaneous Manufacturing - 0.02%
Carlisle Cos., Inc., 2.200%, Due 3/1/2032		145,000		115,432

Packaging & Containers - 0.05%
Amcor Flexibles North America, Inc., 2.690%, Due 5/25/2031		110,000		92,821
Berry Global, Inc., 1.650%, Due 1/15/2027		210,000		183,438

				276,259

Transportation - 0.08%
Burlington Northern Santa Fe LLC, 4.450%, Due 1/15/2053		185,000		175,202
FedEx Corp., 3.250%, Due 5/15/2041		125,000		95,300
Union Pacific Corp., 4.100%, Due 9/15/2067		135,000		113,447

				383,949

Total Industrial				1,819,238

Technology - 0.37%
Computers - 0.22%
Apple, Inc., 3.950%, Due 8/8/2052		175,000		156,059
Dell International LLC/EMC Corp.,
5.300%, Due 10/1/2029		410,000		413,009
3.375%, Due 12/15/2041^D		630,000		451,990
3.450%, Due 12/15/2051^D		195,000		128,673

				1,149,731

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 7.37% (continued)
Technology - 0.37% (continued)
Semiconductors - 0.08%
Entegris Escrow Corp., 4.750%, Due 4/15/2029^D	$	190,000	$	177,861
Lam Research Corp.,
3.750%, Due 3/15/2026		80,000		78,253
1.900%, Due 6/15/2030		180,000		150,995

				407,109

Software - 0.07%
Oracle Corp., 4.300%, Due 7/8/2034		243,000		223,995
VMware, Inc., 2.200%, Due 8/15/2031		180,000		142,374

				366,369

Total Technology				1,923,209

Utilities - 0.91%
Electric - 0.81%
American Electric Power Co., Inc., 2.031%, Due 3/15/2024		320,000		309,141
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		70,000		61,625
Consumers Energy Co., 2.500%, Due 5/1/2060		155,000		93,303
Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C		180,000		163,680
DTE Energy Co., 1.050%, Due 6/1/2025, Series F		275,000		251,703
Duke Energy Corp., 2.650%, Due 9/1/2026		220,000		205,423
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		255,000		225,765
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2		715,000		588,237
Entergy Arkansas LLC, 3.350%, Due 6/15/2052		115,000		86,512
Entergy Corp., 2.800%, Due 6/15/2030		115,000		99,880
Entergy Louisiana LLC, 4.000%, Due 3/15/2033		137,000		129,002
Exelon Corp., 4.050%, Due 4/15/2030		180,000		172,930
Florida Power & Light Co., 3.950%, Due 3/1/2048		120,000		105,118
Kentucky Utilities Co., 3.300%, Due 6/1/2050		185,000		138,053
National Rural Utilities Cooperative Finance Corp.,
1.000%, Due 10/18/2024, Series D		180,000		168,565
5.450%, Due 10/30/2025		220,000		224,213
Northern States Power Co., 2.600%, Due 6/1/2051		185,000		125,698
Ohio Power Co., 2.600%, Due 4/1/2030, Series P		160,000		139,333
Oklahoma Gas & Electric Co., 0.553%, Due 5/26/2023		215,000		212,014
Sempra Energy, 3.300%, Due 4/1/2025		335,000		324,165
Vistra Operations Co. LLC, 5.125%, Due 5/13/2025^D		385,000		377,595

				4,201,955

Gas - 0.10%
National Fuel Gas Co., 3.950%, Due 9/15/2027		225,000		211,714
Sempra Global, 3.250%, Due 1/15/2032^D		205,000		170,270
Southern California Gas Co., 2.550%, Due 2/1/2030, Series XX		135,000		118,020

				500,004

Total Utilities				4,701,959

Total Corporate Obligations (Cost $41,426,766)				38,068,605

FOREIGN CORPORATE OBLIGATIONS - 0.70%
Basic Materials - 0.06%
Mining - 0.06%
Glencore Funding LLC, 2.625%, Due 9/23/2031^D		135,000		112,367

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 0.70% (continued)
Basic Materials - 0.06% (continued)
Mining - 0.06% (continued)
Teck Resources Ltd., 6.000%, Due 8/15/2040	$	210,000	$	212,906

				325,273

Total Basic Materials				325,273

Communications - 0.03%
Telecommunications - 0.03%
TELUS Corp., 3.400%, Due 5/13/2032		160,000		141,493

Consumer, Non-Cyclical - 0.15%
Agriculture - 0.07%
BAT Capital Corp., 2.259%, Due 3/25/2028		290,000		248,897
Reynolds American, Inc., 5.700%, Due 8/15/2035		135,000		128,761

				377,658

Beverages - 0.08%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, Due 2/1/2046		100,000		97,231
Anheuser-Busch InBev Worldwide, Inc.,
4.375%, Due 4/15/2038		110,000		103,937
5.550%, Due 1/23/2049		80,000		85,355
Coca-Cola Femsa SAB de CV, 1.850%, Due 9/1/2032		150,000		117,910

				404,433

Total Consumer, Non-Cyclical				782,091

Energy - 0.06%
Oil & Gas - 0.03%
TotalEnergies Capital International SA, 3.127%, Due 5/29/2050		185,000		140,291

Pipelines - 0.03%
Enbridge, Inc., 2.500%, Due 2/14/2025		190,000		180,709

Total Energy				321,000

Financial - 0.36%
Banks - 0.31%
Barclays PLC, 2.894%, Due 11/24/2032, (1 yr. CMT + 1.300%)^E		295,000		240,193
Deutsche Bank AG,
2.311%, Due 11/16/2027, (Secured Overnight Financing Rate + 1.219%)^E		200,000		176,517
2.552%, Due 1/7/2028, (Secured Overnight Financing Rate + 1.318%)^E		210,000		187,199
Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025		180,000		170,181
Royal Bank of Canada, 2.250%, Due 11/1/2024		350,000		335,782
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		525,000		515,835

				1,625,707

Financial Services - 0.05%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, Due 10/29/2028		275,000		242,031

Total Financial				1,867,738

Industrial - 0.04%
Transportation - 0.04%
Canadian Pacific Railway Co., 3.100%, Due 12/2/2051		255,000		186,744

Total Foreign Corporate Obligations (Cost $4,134,892)				3,624,339

FOREIGN SOVEREIGN OBLIGATIONS - 0.04%
Mexico Government International Bonds, 4.600%, Due 1/23/2046		160,000		131,969

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
FOREIGN SOVEREIGN OBLIGATIONS - 0.04% (continued)
Panama Government International Bonds, 3.160%, Due 1/23/2030	$	95,000	$	83,336

Total Foreign Sovereign Obligations (Cost $267,060)				215,305

ASSET-BACKED OBLIGATIONS - 1.33%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022 1 A3		320,000		313,516
AmeriCredit Automobile Receivables Trust,
0.370%, Due 8/18/2025, 2021 1 A3		113,616		111,606
0.340%, Due 12/18/2026, 2021 2 A3		190,310		185,221
4.380%, Due 4/18/2028, 2022 2 A3		265,000		262,027
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022 A A3		170,000		165,931
Capital One Multi-Asset Execution Trust, 0.550%, Due 7/15/2026, 2021 A1 A1		325,000		305,705
CarMax Auto Owner Trust, 4.750%, Due 10/15/2027, 2023 1 A3		255,000		254,924
CNH Equipment Trust,
1.160%, Due 6/16/2025, 2020 A A3		63,471		62,652
0.400%, Due 12/15/2025, 2021 A A3		214,178		205,920
Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 A A3		420,000		412,650
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 A^D		300,000		267,435
GM Financial Automobile Leasing Trust,
1.900%, Due 3/20/2025, 2022 1 A3		290,000		281,279
4.010%, Due 9/22/2025, 2022 3 A3		275,000		271,943
GM Financial Consumer Automobile Receivables Trust, 1.490%, Due 12/16/2024, 2020 2 A3		22,580		22,329
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 A^D		245,000		217,345
Honda Auto Receivables Owner Trust, 1.880%, Due 5/15/2026, 2022 1 A3		325,000		309,707
John Deere Owner Trust,
2.320%, Due 9/16/2026, 2022 A A3		250,000		239,549
3.740%, Due 2/16/2027, 2022 B A3		300,000		293,283
Mercedes-Benz Auto Lease Trust, 0.400%, Due 11/15/2024, 2021 B A3		435,000		424,078
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1^D		345,000		300,035
Public Service New Hampshire Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1		53,733		53,312
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2II^D		277,200		233,306
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A A^D		285,000		264,471
Toyota Auto Receivables Owner Trust,
1.360%, Due 8/15/2024, 2020 B A3		69,741		69,073
1.230%, Due 6/15/2026, 2022 A A3		260,000		246,784
Verizon Master Trust, 0.500%, Due 5/20/2027, 2021 1 A		580,000		547,611
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3		295,000		280,578
Wendy’s Funding LLC, 2.370%, Due 6/15/2051, 2021 1A A2I^D		275,800		233,425

Total Asset-Backed Obligations (Cost $7,213,962)				6,835,695

COLLATERALIZED MORTGAGE OBLIGATIONS - 0.02% (Cost $112,092)
Residential Mortgage Loan Trust, 2.633%, Due 9/25/2059, 2019 3 A1^{D G}		114,755		112,365

COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.12%
BX Commercial Mortgage Trust, 5.159%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD LIBOR + 0.700%)^{D E}		385,000		375,242
Cold Storage Trust, 5.359%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD LIBOR + 0.900%)^{D E}		265,407		261,417

Total Commercial Mortgage-Backed Obligations (Cost $650,407)				636,659

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15%
Federal Home Loan Mortgage Corp., 3.500%, Due 9/1/2028		66,323		64,687
3.000%, Due 11/1/2032		88,102		85,366
2.500%, Due 6/1/2035		177,708		166,206
2.000%, Due 3/1/2036		581,646		529,751
2.000%, Due 10/1/2040		282,275		248,035
2.000%, Due 1/1/2041		514,675		450,968

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued)
Federal Home Loan Mortgage Corp. (continued)
2.500%, Due 9/1/2041	$	509,491	$	460,630
2.500%, Due 11/1/2041		291,579		263,615
3.500%, Due 5/1/2042		417,587		395,437
4.000%, Due 6/1/2042		828,651		806,965
3.000%, Due 4/1/2047		325,161		301,206
3.500%, Due 1/1/2048		183,284		175,252
4.000%, Due 4/1/2048		146,103		143,295
3.000%, Due 8/1/2048		233,330		215,351
3.000%, Due 11/1/2049		367,791		338,048
2.500%, Due 7/1/2050		315,621		278,610
2.500%, Due 11/1/2051		454,304		403,284
2.000%, Due 2/1/2052		818,242		691,285
2.500%, Due 5/1/2052		643,284		566,677
4.000%, Due 6/1/2052		3,956,618		3,816,230
5.000%, Due 6/1/2052		156,067		156,524
Federal National Mortgage Association,
3.500%, Due 1/1/2028^G		24,431		24,167
4.500%, Due 4/1/2034		64,612		64,867
3.000%, Due 10/1/2034		168,043		161,295
2.000%, Due 11/1/2035^G		410,256		373,715
2.000%, Due 12/1/2035^G		189,333		172,448
2.000%, Due 1/1/2036^G		294,650		268,376
2.500%, Due 4/1/2036		328,150		308,220
3.500%, Due 6/1/2037		100,694		98,630
5.500%, Due 6/1/2038		12,761		13,346
5.000%, Due 5/1/2040		65,140		66,865
5.000%, Due 6/1/2040		49,100		50,402
2.000%, Due 5/1/2041		563,408		495,067
2.500%, Due 11/1/2041		332,327		300,454
5.000%, Due 3/1/2042^G		29,139		29,911
3.500%, Due 7/1/2043		64,000		61,628
4.000%, Due 11/1/2044^G		45,462		44,998
4.000%, Due 7/1/2045		321,560		316,516
3.500%, Due 8/1/2045		34,034		32,602
3.500%, Due 5/1/2046		80,072		76,508
3.000%, Due 6/1/2046		227,951		211,654
4.000%, Due 7/1/2046		95,322		93,826
3.000%, Due 10/1/2046		177,366		164,273
3.000%, Due 11/1/2046		247,926		229,530
3.500%, Due 11/1/2046		321,997		308,740
3.000%, Due 12/1/2046^G		155,029		143,753
3.500%, Due 3/1/2047		35,511		33,939
4.500%, Due 7/1/2047		19,739		19,846
4.500%, Due 8/1/2047		67,565		68,000
3.500%, Due 9/1/2047		84,945		81,244
4.000%, Due 3/1/2048		129,510		126,837
4.500%, Due 7/1/2048^G		74,304		74,782
4.500%, Due 7/1/2048		47,919		48,212
4.500%, Due 3/1/2049		145,917		146,677
4.500%, Due 10/1/2049		134,439		134,471
4.000%, Due 11/1/2049		284,866		277,959
2.500%, Due 6/1/2050		274,894		242,823
2.500%, Due 8/1/2050^G		308,944		273,169
2.500%, Due 8/1/2050		427,452		376,962
3.000%, Due 8/1/2050		250,220		229,175
2.500%, Due 9/1/2050		280,322		247,260
2.500%, Due 10/1/2050^G		114,174		100,634
3.000%, Due 10/1/2050^G		475,358		436,054

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.15% (continued)
Federal National Mortgage Association (continued)
3.000%, Due 11/1/2050^G	$	729,411	$	667,386
2.500%, Due 2/1/2051^G		894,099		788,331
2.000%, Due 3/1/2051^G		1,460,762		1,238,286
2.000%, Due 4/1/2051^G		593,328		507,626
3.000%, Due 5/1/2051^G		361,893		332,987
3.000%, Due 6/1/2051		152,834		139,188
3.500%, Due 6/1/2051^G		442,618		414,920
3.500%, Due 7/1/2051^G		805,408		763,943
3.000%, Due 11/1/2051^G		513,385		466,334
2.500%, Due 2/1/2052		1,562,478		1,373,250
4.000%, Due 5/1/2052^G		405,660		395,294
4.000%, Due 6/1/2052		4,638,269		4,475,127
4.000%, Due 9/1/2052^G		312,932		302,022
5.000%, Due 11/1/2052		4,289,766		4,300,572
5.000%, Due 12/1/2052		400,804		401,814
5.500%, Due 1/1/2053		3,725,202		3,782,260
Government National Mortgage Association,
5.000%, Due 10/15/2039		49,238		50,814
3.500%, Due 9/15/2041		110,319		106,871
3.500%, Due 8/20/2047		37,081		35,527
3.500%, Due 10/20/2047		43,873		42,031
4.000%, Due 12/20/2047		83,464		82,134
4.000%, Due 1/20/2048		77,806		76,538
5.000%, Due 1/20/2050		124,626		127,071
4.500%, Due 2/20/2050		80,058		80,188
5.000%, Due 2/20/2050		42,338		43,242
2.500%, Due 4/20/2050		542,563		486,869
2.500%, Due 6/20/2051		533,044		476,176
3.000%, Due 6/20/2051		775,928		712,197
2.500%, Due 7/20/2051		684,317		610,985
3.000%, Due 8/20/2051		431,405		400,807
2.500%, Due 11/20/2051		316,944		282,683
3.000%, Due 12/20/2051		846,306		779,381
3.500%, Due 1/20/2052		323,067		305,308
4.000%, Due 3/20/2052		629,526		610,956
3.000%, Due 6/20/2052		296,208		271,867
5.500%, Due 10/20/2052		3,636,100		3,694,580

Total U.S. Agency Mortgage-Backed Obligations (Cost $50,162,692)				47,212,822

U.S. TREASURY OBLIGATIONS - 12.37%
U.S. Treasury Bonds,
2.250%, Due 5/15/2041		1,605,000		1,274,909
1.750%, Due 8/15/2041		800,000		580,438
1.375%, Due 8/15/2050		4,210,000		2,529,783
2.000%, Due 8/15/2051		5,620,000		3,951,343
1.875%, Due 11/15/2051		4,870,000		3,314,073
2.250%, Due 2/15/2052		12,785,000		9,527,822
2.875%, Due 5/15/2052		12,205,000		10,435,275
3.000%, Due 8/15/2052		6,470,000		5,680,458
U.S. Treasury Floating Rate Notes,
4.574%, Due 4/30/2024, (3 mo. Treasury money market yield - 0.075%)^E		5,390,000		5,383,038
4.686%, Due 7/31/2024, (3 mo. Treasury money market yield + 0.037%)^E		3,360,000		3,358,823
U.S. Treasury Notes,
1.250%, Due 7/31/2023		2,030,000		1,994,792
1.250%, Due 8/31/2024		4,055,000		3,857,160
1.125%, Due 2/28/2025		2,315,000		2,175,557
1.500%, Due 1/31/2027		2,235,000		2,049,565

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS - 12.37% (continued)
U.S. Treasury Notes (continued)
1.500%, Due 2/15/2030	$	2,125,000	$	1,861,118
4.125%, Due 11/15/2032		5,610,000		5,885,241

Total U.S. Treasury Obligations (Cost $70,246,383)				63,859,395


	Shares
SHORT-TERM INVESTMENTS - 2.53% (Cost $13,081,182)
Investment Companies - 2.53%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{H I}		13,081,182		13,081,182

SECURITIES LENDING COLLATERAL - 0.11% (Cost $561,399)
Investment Companies - 0.11%
American Beacon U.S. Government Money Market Select Fund, 4.19%^{H I}		561,399		561,399

TOTAL INVESTMENTS - 99.67% (Cost $462,570,803)				514,640,948
OTHER ASSETS, NET OF LIABILITIES - 0.33%				1,705,402

TOTAL NET ASSETS - 100.00%			$	516,346,350

Percentages are stated as a percent of net assets.

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

^B	Non-income producing security.

^C	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $91,264,902 or 17.68% of net assets.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $11,849,953 or 2.29% 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.

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

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

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

^I	7-day yield.

ADR - American Depositary Receipt.

BDC - Business Development Company.

CMT - Constant Maturity Treasury.

DAC - Designated Activity Company.

GDR - Global Depositary Receipt.

LIBOR - London Interbank Offered Rate.

LLC - Limited Liability Company.

LP - Limited Partnership.

PLC - Public Limited Company.

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

SOFR - Secured Overnight Financing Rate.

Long Futures Contracts Open on 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	23	March 2023	$	4,515,950	$	4,703,500	$	187,550

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2023 (Unaudited)


ICE U.S. mini MSCI EAFE Index Futures	20	March 2023		2,025,772		2,119,000		93,228
ICE U.S. MSCI Emerging Markets EM Index Futures	17	March 2023		855,819		887,910		32,091

			$	7,397,541	$	7,710,410	$	312,869

Index Abbreviations:


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

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.
ICE		Intercontinental 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:


Diversified Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	249,168,280	$	91,264,902	$	—	$	340,433,182
Corporate Obligations		—		38,068,605		—		38,068,605
Foreign Corporate Obligations		—		3,624,339		—		3,624,339
Foreign Sovereign Obligations		—		215,305		—		215,305
Asset-Backed Obligations		—		6,835,695		—		6,835,695
Collateralized Mortgage Obligations		—		112,365		—		112,365
Commercial Mortgage-Backed Obligations		—		636,659		—		636,659
U.S. Agency Mortgage-Backed Obligations		—		47,212,822		—		47,212,822
U.S. Treasury Obligations		—		63,859,395		—		63,859,395
Short-Term Investments		13,081,182		—		—		13,081,182
Securities Lending Collateral		561,399		—		—		561,399

Total Investments in Securities - Assets	$	262,810,861	$	251,830,087	$	—	$	514,640,948

*Financial Derivative Instruments - Assets*
Futures Contracts	$	312,869	$	—	$	—	$	312,869

Total Financial Derivative Instruments - Assets	$	312,869	$	—	$	—	$	312,869

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 Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

Organization

American Beacon Institutional Funds Trust (the “Trust”) is organized as a Delaware statutory trust. The Fund, a series within the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. As of January 31, 2023, the Trust consists of one active series presented in this filing: American Beacon Diversified Fund (the “Fund”). The Fund is not registered under the Securities Act of 1933 and is not available for sale to the public.

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 Fund’s 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 the 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.

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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 Fund’s financial statements.

Security Valuation and Fair Value Measurements

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

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

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

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

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 the Fund must fair value a security.

The Valuation Rule permits the 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.

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,

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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

The Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund’s pricing time of 4:00 p.m. ET. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. If the Manager determines that the last quoted prices of non-U.S. securities will, in its judgment, materially affect the value of some or all the 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 the Fund is open. The Fund uses outside pricing services to provide closing prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the Valuation Committee routinely compares closing prices, the next day’s opening prices in the same markets and adjusted prices.

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

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)


		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 the 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 the 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 the Fund could obtain the fair value assigned to an investment if the Fund were to sell the investment at approximately the time at which the 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-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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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 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 Fund may lend its 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 Fund’s Schedule 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 Fund, the Agent, and the Manager retained 80%, 10%, and 10%, respectively, of the income generated from securities lending.

While securities are on loan, the Fund continues 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 Fund would be subject to on the dividend.

Securities lending transactions pose certain risks to the Fund, including that the borrower may not provide additional collateral when required or return the securities when due, that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower, that non-cash collateral may be subject to legal constraints in the event of a borrower bankruptcy, and that the cash collateral investments could become illiquid and unable to be used to return collateral to the borrower. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears 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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

January 31, 2023 (Unaudited)

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
Diversified	$	4,577,292	$	561,399	$	4,172,897	$	4,734,296

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

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

Federal Income and Excise Taxes

It is the policy of the 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, the Fund is treated as a single entity for the purpose of determining such qualification.

The Fund does 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)
Diversified	$	462,570,803	$	77,822,975	$	(25,752,830	)	$	52,070,145

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 Fund did not have any capital loss carryforwards.

American Beacon Institutional Funds Trust NPORT-PMonthly portfolio investment report