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United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of Registrant as specified in charter)

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Address of principal executive offices) (Zip code)

Jeffrey K. Ringdahl, PRESIDENT

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2022

Date of reporting period: July 31, 2022

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

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

ITEM 1.

SCHEDULE OF INVESTMENTS.

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13%
Communication Services - 2.82%
Diversified Telecommunication Services - 0.16%
Telkom Indonesia Persero Tbk PT, ADR^A		28,927	$	824,420

Entertainment - 0.54%
Electronic Arts, Inc.		11,539		1,514,263
Warner Bros Discovery, Inc.^B		85,700		1,285,500

				2,799,763

Interactive Media & Services - 0.64%
Alphabet, Inc., Class A^B		16,000		1,861,120
Autohome, Inc., ADR		17,213		614,332
Tencent Holdings Ltd.^C		20,400		802,491

				3,277,943

Media - 1.09%
Altice USA, Inc., Class A^B		52,739		554,287
Cogeco Communications, Inc.		18,141		1,174,267
Comcast Corp., Class A		65,647		2,463,075
News Corp., Class A		45,200		774,728
Omnicom Group, Inc.		4,600		321,264
Paramount Global, Class B		14,200		335,830

				5,623,451

Wireless Telecommunication Services - 0.39%
T-Mobile U.S., Inc.^B		7,675		1,097,985
Vodafone Group PLC, ADR		61,000		900,360

				1,998,345

Total Communication Services				14,523,922

Consumer Discretionary - 6.60%
Auto Components - 0.94%
Adient PLC^B		6,800		229,704
Aptiv PLC^B		5,300		555,917
Cie Generale des Etablissements Michelin SCA, ADR		94,080		1,310,534
Continental AG^C		15,146		1,071,273
Goodyear Tire & Rubber Co.^B		16,200		198,936
Magna International, Inc.		22,900		1,462,394

				4,828,758

Automobiles - 0.81%
Ferrari NV^C		10,314		2,187,033
General Motors Co.^B		54,700		1,983,422

				4,170,455

Hotels, Restaurants & Leisure - 1.15%
Aramark		33,292		1,111,953
Booking Holdings, Inc.^B		260		503,279
Compass Group PLC^C		33,218		779,657
Evolution AB^{C D}		18,059		1,757,919
Las Vegas Sands Corp.^B		47,191		1,778,629

				5,931,437

Household Durables - 0.73%
Lennar Corp., Class A		22,500		1,912,500
Lennar Corp., Class B		666		45,208

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Consumer Discretionary - 6.60% (continued)
Household Durables - 0.73% (continued)
Sony Group Corp., ADR		21,100	$	1,801,729

				3,759,437

Internet & Direct Marketing Retail - 0.25%
Alibaba Group Holding Ltd.^{B C}		112,000		1,265,389

Leisure Products - 0.45%
Bandai Namco Holdings, Inc.^C		15,100		1,179,964
BRP, Inc.		6,682		508,240
Yamaha Corp.^C		14,500		618,590

				2,306,794

Multiline Retail - 0.47%
Dollar General Corp.		9,699		2,409,523

Specialty Retail - 0.30%
Advance Auto Parts, Inc.		7,953		1,539,860

Textiles, Apparel & Luxury Goods - 1.50%
Asics Corp.^C		46,000		873,565
Gildan Activewear, Inc.		16,122		472,499
Li Ning Co. Ltd.^C		147,000		1,200,319
Lululemon Athletica, Inc.^B		6,205		1,926,715
LVMH Moet Hennessy Louis Vuitton SE^C		3,477		2,418,625
Shenzhou International Group Holdings Ltd.^C		75,500		798,512

				7,690,235

Total Consumer Discretionary				33,901,888

Consumer Staples - 3.82%
Beverages - 2.01%
Arca Continental SAB de CV		152,900		1,057,035
Carlsberg AS, Class B^C		7,994		1,035,270
Coca-Cola Co.		30,000		1,925,100
Coca-Cola Europacific Partners PLC		60,705		3,285,355
Constellation Brands, Inc., Class A		6,200		1,527,122
Pernod Ricard SA^C		7,472		1,470,567

				10,300,449

Food & Staples Retailing - 0.18%
Kobe Bussan Co. Ltd.^{A C}		33,200		947,336

Food Products - 0.63%
Nestle SA^C		15,389		1,890,096
Tyson Foods, Inc., Class A		15,500		1,364,155

				3,254,251

Household Products - 0.32%
Procter & Gamble Co.		11,700		1,625,247

Personal Products - 0.49%
Haleon PLC, ADR		12,000		84,360
Unilever PLC^C		23,154		1,127,814
Unilever PLC, ADR		26,800		1,304,088

				2,516,262

Tobacco - 0.19%
Philip Morris International, Inc.		10,233		994,136

Total Consumer Staples				19,637,681

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Energy - 4.74%
Energy Equipment & Services - 0.59%
Baker Hughes Co.		10,800	$	277,452
Halliburton Co.		47,960		1,405,228
NOV, Inc.		58,100		1,081,241
Schlumberger NV		8,000		296,240

				3,060,161

Oil, Gas & Consumable Fuels - 4.15%
APA Corp.		36,700		1,364,139
BP PLC^C		296,641		1,453,010
Cenovus Energy, Inc.		22,700		433,116
Coterra Energy, Inc.		68,500		2,095,415
Equinor ASA^C		17,523		673,932
Galp Energia SGPS SA^C		92,224		974,217
Hess Corp.		30,664		3,448,780
Marathon Oil Corp.		61,100		1,515,280
Murphy Oil Corp.		15,400		541,156
Phillips 66		40,080		3,567,120
Pioneer Natural Resources Co.		7,530		1,784,234
Reliance Industries Ltd., GDR^{C D}		17,164		1,086,843
Shell PLC, ADR		22,400		1,195,712
Suncor Energy, Inc.		34,504		1,171,016

				21,303,970

Total Energy				24,364,131

Financials - 10.53%
Banks - 4.76%
Banco Bradesco SA, ADR		120,399		399,725
Bank Mandiri Persero Tbk PT^C		1,982,300		1,110,458
Barclays PLC^C		375,741		722,787
Citigroup, Inc.		68,900		3,575,910
Citizens Financial Group, Inc.		18,300		694,851
Commerce Bancshares, Inc.		15,750		1,094,468
Cullen/Frost Bankers, Inc.		11,200		1,460,480
DBS Group Holdings Ltd.^C		32,440		740,951
First Citizens BancShares, Inc., Class A		1,182		894,396
Grupo Financiero Banorte SAB de CV, Class O		88,000		501,525
ICICI Bank Ltd., ADR		51,990		1,080,352
KB Financial Group, Inc.^C		13,507		502,966
M&T Bank Corp.		11,907		2,112,897
Mitsubishi UFJ Financial Group, Inc., ADR^A		150,600		853,902
Nordea Bank Abp^C		78,039		769,077
PNC Financial Services Group, Inc.		10,300		1,709,182
U.S. Bancorp		26,999		1,274,353
Wells Fargo & Co.		112,543		4,937,261

				24,435,541

Capital Markets - 2.20%
3i Group PLC^C		51,739		802,277
Ameriprise Financial, Inc.		6,900		1,862,448
Bank of New York Mellon Corp.		34,200		1,486,332
Blackstone, Inc.		16,650		1,699,465
Credit Suisse Group AG, ADR^{A B}		83,900		486,620
Goldman Sachs Group, Inc.		6,060		2,020,343
Northern Trust Corp.		16,138		1,610,250

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Financials - 10.53% (continued)
Capital Markets - 2.20% (continued)
State Street Corp.		18,900	$	1,342,656

				11,310,391

Consumer Finance - 0.58%
American Express Co.		7,346		1,131,431
Capital One Financial Corp.		16,800		1,845,144

				2,976,575

Diversified Financial Services - 0.06%
Equitable Holdings, Inc.		11,700		332,631

Insurance - 2.93%
AIA Group Ltd.^C		223,805		2,258,820
Allstate Corp.		11,146		1,303,747
American International Group, Inc.		73,705		3,815,708
Aon PLC, Class A		10,474		3,048,353
Cincinnati Financial Corp.		14,600		1,421,164
Hartford Financial Services Group, Inc.		15,400		992,838
Prudential PLC^C		50,125		617,975
Travelers Cos., Inc.		2,000		317,400
Willis Towers Watson PLC		6,106		1,263,576

				15,039,581

Total Financials				54,094,719

Health Care - 9.93%
Biotechnology - 0.73%
Amgen, Inc.		7,500		1,856,025
CSL Ltd.^C		9,381		1,905,148

				3,761,173

Health Care Equipment & Supplies - 2.59%
Alcon, Inc.		21,100		1,647,699
Alcon, Inc.^C		26,643		2,095,085
Hoya Corp.^C		5,200		522,320
Medtronic PLC		34,341		3,177,229
Olympus Corp.^C		57,800		1,224,960
Osstem Implant Co. Ltd.^C		9,366		801,187
ResMed, Inc.		8,275		1,990,303
STERIS PLC		6,322		1,426,559
Zimmer Biomet Holdings, Inc.		3,800		419,482

				13,304,824

Health Care Providers & Services - 2.32%
Centene Corp.^B		12,200		1,134,234
CVS Health Corp.		22,499		2,152,704
Elevance Health, Inc.		9,399		4,484,263
HCA Healthcare, Inc.		3,500		743,470
Humana, Inc.		1,600		771,200
UnitedHealth Group, Inc.		4,832		2,620,587

				11,906,458

Life Sciences Tools & Services - 1.44%
Danaher Corp.		8,456		2,464,670
ICON PLC^B		10,542		2,543,257
Lonza Group AG^C		1,755		1,069,570
Mettler-Toledo International, Inc.^B		961		1,297,091

				7,374,588

Pharmaceuticals - 2.85%
AstraZeneca PLC^C		14,210		1,867,904

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Health Care - 9.93% (continued)
Pharmaceuticals - 2.85% (continued)
Bayer AG^C		13,160	$	766,923
Elanco Animal Health, Inc.^B		37,935		768,563
GSK PLC, ADR		9,600		404,832
Merck & Co., Inc.		27,273		2,436,570
Merck KGaA^C		8,024		1,524,031
Novo Nordisk AS, Class B^C		21,309		2,506,107
Perrigo Co. PLC		46,460		1,945,280
Sanofi^C		18,941		1,884,682
Sanofi, ADR		11,400		566,580

				14,671,472

Total Health Care				51,018,515

Industrials - 8.97%
Aerospace & Defense - 1.07%
Boeing Co.^B		5,500		876,205
CAE, Inc.^B		30,751		813,591
General Dynamics Corp.		6,900		1,564,023
MTU Aero Engines AG^C		2,977		572,699
Raytheon Technologies Corp.		7,900		736,359
Thales SA^C		7,733		961,393

				5,524,270

Air Freight & Logistics - 0.53%
DSV AS^C		5,803		975,399
FedEx Corp.		7,400		1,724,866

				2,700,265

Airlines - 0.11%
Ryanair Holdings PLC, ADR^B		7,585		553,705

Construction & Engineering - 0.40%
AECOM		25,851		1,861,272
Fluor Corp.^B		8,100		205,821

				2,067,093

Electrical Equipment - 0.79%
ABB Ltd.^C		40,404		1,229,406
Schneider Electric SE^C		9,430		1,307,972
Vertiv Holdings Co.		131,741		1,504,482

				4,041,860

Industrial Conglomerates - 1.25%
General Electric Co.		52,350		3,869,188
Hitachi Ltd.^C		15,600		791,603
Honeywell International, Inc.		9,200		1,770,632

				6,431,423

Machinery - 2.50%
Atlas Copco AB, Class A^C		84,802		991,350
CNH Industrial NV		71,900		928,948
Cummins, Inc.		4,500		995,895
Deere & Co.		5,581		1,915,288
Iveco Group NV^{B C}		16,560		101,789
Makita Corp.^{A C}		20,300		495,443
Oshkosh Corp.		11,700		1,007,370
PACCAR, Inc.		8,200		750,464
Parker-Hannifin Corp.		7,100		2,052,539
Sandvik AB^C		37,542		691,245
Stanley Black & Decker, Inc.		13,598		1,323,493

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Industrials - 8.97% (continued)
Machinery - 2.50% (continued)
Xylem, Inc.		17,100	$	1,573,713

				12,827,537

Professional Services - 0.85%
Experian PLC^C		62,933		2,205,026
RELX PLC^C		56,537		1,673,017
Teleperformance^C		1,457		487,658

				4,365,701

Road & Rail - 0.96%
Canadian Pacific Railway Ltd.		41,428		3,267,427
JB Hunt Transport Services, Inc.		9,138		1,674,721

				4,942,148

Trading Companies & Distributors - 0.51%
Ferguson PLC^C		20,943		2,637,300

Total Industrials				46,091,302

Information Technology - 10.41%
Communications Equipment - 0.49%
F5, Inc.^B		10,400		1,740,544
Telefonaktiebolaget LM Ericsson, ADR^A		101,900		768,326

				2,508,870

Electronic Equipment, Instruments & Components - 0.67%
Corning, Inc.		26,000		955,760
Keyence Corp.^C		4,300		1,706,435
TE Connectivity Ltd.		5,900		789,007

				3,451,202

IT Services - 2.33%
Accenture PLC, Class A		5,604		1,716,281
Adyen NV^{B C D}		1,122		2,023,881
Amadeus IT Group SA^{B C}		26,003		1,517,259
Capgemini SE^C		2,898		553,028
Cognizant Technology Solutions Corp., Class A		22,251		1,512,178
EPAM Systems, Inc.^B		2,916		1,018,413
Fidelity National Information Services, Inc.		18,780		1,918,565
Fiserv, Inc.^B		3,800		401,584
PayPal Holdings, Inc.^B		7,000		605,710
Shopify, Inc., Class A^B		19,780		688,937

				11,955,836

Semiconductors & Semiconductor Equipment - 3.60%
ASM International NV^C		4,641		1,429,395
ASML Holding NV		4,252		2,442,519
Broadcom, Inc.		3,329		1,782,613
Disco Corp.^C		4,500		1,093,977
Infineon Technologies AG^C		27,272		740,701
Lasertec Corp.^{A C}		10,800		1,578,287
Microchip Technology, Inc.		27,500		1,893,650
Micron Technology, Inc.		11,700		723,762
QUALCOMM, Inc.		20,396		2,958,644
SK Hynix, Inc.^C		12,752		963,055
Taiwan Semiconductor Manufacturing Co. Ltd.^C		103,000		1,763,924
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		12,746		1,127,766

				18,498,293

Software - 3.32%
Adobe, Inc.^B		5,500		2,255,660

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Information Technology - 10.41% (continued)
Software - 3.32% (continued)
ANSYS, Inc.^B		7,000	$	1,952,930
Atlassian Corp. PLC, Class A^B		4,862		1,017,714
Autodesk, Inc.^B		8,424		1,822,280
Microsoft Corp.		19,100		5,362,134
Oracle Corp.		39,168		3,048,837
Workday, Inc., Class A^B		10,500		1,628,550

				17,088,105

Total Information Technology				53,502,306

Materials - 3.94%
Chemicals - 3.37%
Air Liquide SA^C		12,596		1,735,998
Air Products & Chemicals, Inc.		8,964		2,225,134
Akzo Nobel NV^C		12,878		868,513
Axalta Coating Systems Ltd.^B		40,084		1,010,918
Corteva, Inc.		45,700		2,630,035
DuPont de Nemours, Inc.		19,187		1,174,820
Ecolab, Inc.		8,600		1,420,462
International Flavors & Fragrances, Inc.		15,696		1,947,089
Olin Corp.		17,700		925,179
RPM International, Inc.		17,700		1,600,080
Sika AG^C		7,168		1,773,953

				17,312,181

Construction Materials - 0.37%
Martin Marietta Materials, Inc.		5,400		1,901,232

Containers & Packaging - 0.05%
International Paper Co.		6,100		260,897

Metals & Mining - 0.15%
Anglo American PLC^C		21,860		789,601

Total Materials				20,263,911

Real Estate - 1.50%
Equity Real Estate Investment Trusts (REITs) - 1.24%
Crown Castle International Corp.		10,800		1,951,128
Equity LifeStyle Properties, Inc.		11,819		868,933
Sun Communities, Inc.		4,023		659,611
VICI Properties, Inc.		85,071		2,908,577

				6,388,249

Real Estate Management & Development - 0.26%
ESR Group Ltd.^{B C D}		502,000		1,304,145

Total Real Estate				7,692,394

Utilities - 1.87%
Electric Utilities - 1.06%
Pinnacle West Capital Corp.		22,526		1,654,985
PPL Corp.		63,400		1,843,672
Xcel Energy, Inc.		26,750		1,957,565

				5,456,222

Gas Utilities - 0.51%
Atmos Energy Corp.		16,150		1,960,449

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 65.13% (continued)
Utilities - 1.87% (continued)
Gas Utilities - 0.51% (continued)
ENN Energy Holdings Ltd.^C		39,200	$	641,676

				2,602,125

Independent Power & Renewable Electricity Producers - 0.15%
China Longyuan Power Group Corp. Ltd., Class H^C		484,000		777,750

Multi-Utilities - 0.15%
Engie SA^C		61,779		765,127

Total Utilities				9,601,224

Total Common Stocks (Cost $287,743,948)				334,691,993


	Principal Amount
CORPORATE OBLIGATIONS - 5.68%
Basic Materials - 0.05%
Chemicals - 0.03%
EI du Pont de Nemours & Co., 1.700%, Due 7/15/2025	$	180,000		171,925

Forest Products & Paper - 0.02%
International Paper Co., 6.000%, Due 11/15/2041		100,000		108,691

Total Basic Materials				280,616

Communications - 0.52%
Internet - 0.07%
Amazon.com, Inc., 3.875%, Due 8/22/2037		335,000		338,116

Media - 0.18%
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.800%, Due 4/1/2031		160,000		135,143
3.500%, Due 3/1/2042		190,000		138,921
3.700%, Due 4/1/2051		180,000		127,723
Comcast Corp.,
3.400%, Due 4/1/2030		195,000		190,094
1.950%, Due 1/15/2031		185,000		160,572
2.887%, Due 11/1/2051		231,000		175,344

				927,797

Telecommunications - 0.27%
AT&T, Inc., 2.250%, Due 2/1/2032		180,000		153,363
T-Mobile USA, Inc., 3.875%, Due 4/15/2030		890,000		856,699
Verizon Communications, Inc.,
4.500%, Due 8/10/2033		105,000		107,034
3.400%, Due 3/22/2041		345,000		296,199

				1,413,295

Total Communications				2,679,208

Consumer, Cyclical - 0.23%
Airlines - 0.02%
American Airlines Pass-Through Trust, 3.150%, Due 8/15/2033, Series AA		111,447		98,416

Auto Manufacturers - 0.10%
American Honda Finance Corp., 2.000%, Due 3/24/2028		190,000		173,213

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.68% (continued)
Consumer, Cyclical - 0.23% (continued)
Auto Manufacturers - 0.10% (continued)
Toyota Motor Credit Corp., 2.500%, Due 3/22/2024	$	355,000	$	351,282

				524,495

Home Furnishings - 0.03%
Whirlpool Corp., 4.600%, Due 5/15/2050		145,000		130,657

Retail - 0.08%
AutoNation, Inc., 3.850%, Due 3/1/2032		280,000		249,940
Tractor Supply Co., 1.750%, Due 11/1/2030		185,000		151,147

				401,087

Total Consumer, Cyclical				1,154,655

Consumer, Non-Cyclical - 0.53%
Agriculture - 0.02%
Cargill, Inc., 1.375%, Due 7/23/2023^D		120,000		117,867

Biotechnology - 0.04%
Amgen, Inc., 4.400%, Due 5/1/2045		185,000		180,571

Commercial Services - 0.10%
Moody’s Corp., 2.550%, Due 8/18/2060		180,000		119,846
Quanta Services, Inc.,		275,000		237,631
2.900%, Due 10/1/2030
3.050%, Due 10/1/2041		190,000		137,535

				495,012

Food - 0.02%
Mondelez International, Inc., 1.500%, Due 2/4/2031		145,000		118,784

Health Care - Services - 0.17%
Children’s Health System of Texas, 2.511%, Due 8/15/2050		150,000		105,903
Community Health Network, Inc., 3.099%, Due 5/1/2050, Series 20-A		240,000		177,238
Health Care Service Corp. A Mutual Legal Reserve Co., 3.200%, Due 6/1/2050^D		105,000		82,775
Kaiser Foundation Hospitals, 3.002%, Due 6/1/2051, Series 2021		130,000		100,822
UnitedHealth Group, Inc., 3.875%, Due 12/15/2028		400,000		410,036

				876,774

Pharmaceuticals - 0.18%
AbbVie, Inc.,		130,000		125,290
4.450%, Due 5/14/2046
4.875%, Due 11/14/2048		255,000		261,204
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029		76,000		75,613
CVS Health Corp.,		107,000		108,765
4.300%, Due 3/25/2028
5.050%, Due 3/25/2048		115,000		117,038
Viatris, Inc., 3.850%, Due 6/22/2040		120,000		88,188
Zoetis, Inc., 3.000%, Due 9/12/2027		150,000		144,612

				920,710

Total Consumer, Non-Cyclical				2,709,718

Energy - 0.67%
Oil & Gas - 0.29%
Chevron USA, Inc., 2.343%, Due 8/12/2050		180,000		132,906
ConocoPhillips Co., 2.125%, Due 3/8/2024		360,000		353,862

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.68% (continued)
Energy - 0.67% (continued)
Oil & Gas - 0.29% (continued)
Diamondback Energy, Inc.,
3.125%, Due 3/24/2031	$	385,000	$	348,874
4.250%, Due 3/15/2052		220,000		190,600
Marathon Petroleum Corp., 5.125%, Due 12/15/2026		105,000		108,753
Phillips 66 Co., 3.750%, Due 3/1/2028^D		190,000		183,483
Pioneer Natural Resources Co.,
1.900%, Due 8/15/2030		125,000		105,760
2.150%, Due 1/15/2031		90,000		77,158

				1,501,396

Pipelines - 0.38%
Cheniere Corpus Christi Holdings LLC, 2.742%, Due 12/31/2039		158,000		127,569
Gray Oak Pipeline LLC, 2.000%, Due 9/15/2023^D		190,000		185,574
MPLX LP,
1.750%, Due 3/1/2026		230,000		211,470
4.125%, Due 3/1/2027		145,000		143,441
ONEOK, Inc., 4.550%, Due 7/15/2028		175,000		172,848
Sabine Pass Liquefaction LLC,
4.200%, Due 3/15/2028		540,000		527,543
4.500%, Due 5/15/2030		130,000		128,762
Williams Cos., Inc.,
2.600%, Due 3/15/2031		325,000		282,732
5.400%, Due 3/4/2044		170,000		169,159

				1,949,098

Total Energy				3,450,494

Financial - 2.09%
Banks - 1.22%
Bank of America Corp.,
2.592%, Due 4/29/2031, (Secured Overnight Financing Rate + 2.150%)^E		180,000		157,827
2.299%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.220%)^E		465,000		391,100
3.846%, Due 3/8/2037, (5 yr. CMT + 2.000%)^E		195,000		176,592
2.676%, Due 6/19/2041, (Secured Overnight Financing Rate + 1.930%)^E		205,000		156,218
5.000%, Due 1/21/2044		185,000		189,843
Citigroup, Inc.,
1.281%, Due 11/3/2025, (Secured Overnight Financing Rate + 0.528%)^E		105,000		98,172
4.412%, Due 3/31/2031, (Secured Overnight Financing Rate + 3.914%)^E		695,000		688,001
Goldman Sachs Group, Inc.,
1.431%, Due 3/9/2027, (Secured Overnight Financing Rate + 0.798%)^E		430,000		388,495
1.542%, Due 9/10/2027, (Secured Overnight Financing Rate + 0.818%)^E		290,000		259,504
2.615%, Due 4/22/2032, (Secured Overnight Financing Rate + 1.281%)^E		180,000		155,560
JPMorgan Chase & Co.,
2.301%, Due 10/15/2025, (Secured Overnight Financing Rate + 1.160%)^E		485,000		465,286
3.782%, Due 2/1/2028, (3 mo. USD LIBOR + 1.337%)^E		265,000		260,326
2.963%, Due 1/25/2033, (Secured Overnight Financing Rate + 1.260%)^E		270,000		240,602
3.882%, Due 7/24/2038, (3 mo. USD LIBOR + 1.360%)^E		230,000		213,365
Morgan Stanley,
3.591%, Due 7/22/2028, (3 mo. USD LIBOR + 1.340%)^E		295,000		285,452
1.794%, Due 2/13/2032, (Secured Overnight Financing Rate + 1.034%)^E		340,000		278,303
2.239%, Due 7/21/2032, (Secured Overnight Financing Rate + 1.178%)^E		180,000		152,212
0.864%, Due 10/21/2025, Series I, (Secured Overnight Financing Rate + 0.745%)^E		295,000		273,945
PNC Financial Services Group, Inc., 3.400%, Due 9/15/2026, Series T, (5 yr. CMT + 2.595%)^{E F}		215,000		176,300
State Street Corp.,
2.354%, Due 11/1/2025, (Secured Overnight Financing Rate + 0.940%)^E		260,000		253,099
2.200%, Due 3/3/2031		165,000		140,469

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.68% (continued)
Financial - 2.09% (continued)
Banks - 1.22% (continued)
Truist Financial Corp., 1.267%, Due 3/2/2027, (Secured Overnight Financing Rate + 0.609%)^E	$	160,000	$	145,798
U.S. Bancorp, 4.967%, Due 7/22/2033, (Secured Overnight Financing Rate + 2.110%)^E		180,000		187,112
Wells Fargo & Co.,
2.572%, Due 2/11/2031, (Secured Overnight Financing Rate + 1.262%)^E		420,000		370,464
5.375%, Due 11/2/2043		180,000		185,660

				6,289,705

Diversified Financial Services - 0.35%
American Express Co., 4.200%, Due 11/6/2025		275,000		280,657
Blue Owl Finance LLC, 3.125%, Due 6/10/2031^D		630,000		496,266
Charles Schwab Corp.,
0.750%, Due 3/18/2024		150,000		144,434
3.250%, Due 5/22/2029		180,000		173,375
CME Group, Inc., 2.650%, Due 3/15/2032		365,000		337,265
Intercontinental Exchange, Inc., 4.950%, Due 6/15/2052		175,000		181,897
Visa, Inc., 3.150%, Due 12/14/2025		160,000		159,916

				1,773,810

Insurance - 0.13%
Berkshire Hathaway Finance Corp., 3.850%, Due 3/15/2052		165,000		151,260
CNA Financial Corp., 4.500%, Due 3/1/2026		225,000		228,319
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		180,000		118,007
Progressive Corp., 2.500%, Due 3/15/2027		180,000		173,148

				670,734

Investment Companies - 0.13%
Golub Capital BDC, Inc., 2.500%, Due 8/24/2026		745,000		647,493

REITS - 0.26%
Alexandria Real Estate Equities, Inc., 1.875%, Due 2/1/2033		180,000		141,283
American Tower Corp., 2.300%, Due 9/15/2031		250,000		207,814
Camden Property Trust, 3.150%, Due 7/1/2029		140,000		132,052
Crown Castle International Corp.,
3.800%, Due 2/15/2028		155,000		150,787
2.900%, Due 4/1/2041		160,000		122,132
Digital Realty Trust LP, 3.700%, Due 8/15/2027		190,000		185,560
Prologis LP, 1.250%, Due 10/15/2030		135,000		111,301
Public Storage, 2.250%, Due 11/9/2031		335,000		291,631

				1,342,560

Total Financial				10,724,302

Industrial - 0.37%
Aerospace/Defense - 0.08%
Boeing Co., 2.750%, Due 2/1/2026		210,000		200,496
Northrop Grumman Corp., 3.850%, Due 4/15/2045		250,000		224,749

				425,245

Building Materials - 0.07%
Martin Marietta Materials, Inc., 0.650%, Due 7/15/2023		120,000		116,626
Vulcan Materials Co., 3.500%, Due 6/1/2030		230,000		213,481

				330,107

Environmental Control - 0.03%
Waste Connections, Inc., 2.200%, Due 1/15/2032		180,000		154,345

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.68% (continued)
Industrial - 0.37% (continued)
Miscellaneous Manufacturing - 0.03%
Carlisle Cos., Inc., 2.200%, Due 3/1/2032	$	180,000	$	145,471

Packaging & Containers - 0.06%
Amcor Flexibles North America, Inc., 2.690%, Due 5/25/2031		150,000		127,803
Berry Global, Inc., 1.650%, Due 1/15/2027		210,000		186,165

				313,968

Transportation - 0.10%
Burlington Northern Santa Fe LLC, 4.450%, Due 1/15/2053		185,000		190,825
FedEx Corp., 3.250%, Due 5/15/2041		185,000		152,259
Union Pacific Corp., 4.100%, Due 9/15/2067		200,000		184,728

				527,812

Total Industrial				1,896,948

Technology - 0.28%
Computers - 0.11%
Dell International LLC/EMC Corp.,
5.300%, Due 10/1/2029		445,000		451,874
3.450%, Due 12/15/2051^D		195,000		137,820

				589,694

Semiconductors - 0.09%
Entegris Escrow Corp., 4.750%, Due 4/15/2029^D		190,000		182,936
Lam Research Corp.,
3.750%, Due 3/15/2026		95,000		96,490
1.900%, Due 6/15/2030		180,000		157,660

				437,086

Software - 0.08%
Oracle Corp., 4.300%, Due 7/8/2034		243,000		222,681
VMware, Inc., 2.200%, Due 8/15/2031		235,000		191,197

				413,878

Total Technology				1,440,658

Utilities - 0.94%
Electric - 0.84%
American Electric Power Co., Inc., 2.031%, Due 3/15/2024		320,000		311,320
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		70,000		64,959
Consumers Energy Co., 2.500%, Due 5/1/2060		155,000		106,820
Dominion Energy, Inc., 3.375%, Due 4/1/2030, Series C		180,000		171,307
DTE Energy Co., 1.050%, Due 6/1/2025, Series F		275,000		255,058
Duke Energy Corp., 2.650%, Due 9/1/2026		220,000		210,632
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		255,000		241,699
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, Series A 2		715,000		663,337
Entergy Arkansas LLC, 3.350%, Due 6/15/2052		185,000		153,351
Entergy Corp., 2.800%, Due 6/15/2030		115,000		101,760
Entergy Louisiana LLC, 4.000%, Due 3/15/2033		137,000		136,476
Exelon Corp., 4.050%, Due 4/15/2030		180,000		179,152
Florida Power & Light Co., 3.950%, Due 3/1/2048		120,000		115,189
Kentucky Utilities Co., 3.300%, Due 6/1/2050		185,000		152,346
National Rural Utilities Cooperative Finance Corp., 1.000%, Due 10/18/2024, Series D		180,000		170,605
Northern States Power Co., 2.600%, Due 6/1/2051		185,000		143,151
Ohio Power Co., 2.600%, Due 4/1/2030, Series P		190,000		173,115

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 5.68% (continued)
Utilities - 0.94% (continued)
Electric - 0.84% (continued)
Oklahoma Gas & Electric Co., 0.553%, Due 5/26/2023	$	215,000	$	210,121
Sempra Energy, 3.300%, Due 4/1/2025		335,000		331,258
Vistra Operations Co. LLC, 5.125%, Due 5/13/2025^D		440,000		439,846

				4,331,502

Gas - 0.10%
National Fuel Gas Co., 3.950%, Due 9/15/2027		225,000		211,525
Sempra Global, 3.250%, Due 1/15/2032^D		205,000		179,377
Southern California Gas Co., 2.550%, Due 2/1/2030, Series XX		135,000		124,904

				515,806

Total Utilities				4,847,308

Total Corporate Obligations (Cost $32,621,728)				29,183,907

FOREIGN CORPORATE OBLIGATIONS - 1.27%
Basic Materials - 0.08%
Mining - 0.08%
Glencore Funding LLC, 2.625%, Due 9/23/2031^D		160,000		131,566
Teck Resources Ltd., 6.000%, Due 8/15/2040		255,000		254,727

				386,293

Total Basic Materials				386,293

Communications - 0.04%
Telecommunications - 0.04%
Bell Canada, Inc., 4.464%, Due 4/1/2048		85,000		81,423
TELUS Corp., 3.400%, Due 5/13/2032		160,000		148,317

				229,740

Total Communications				229,740

Consumer, Non-Cyclical - 0.19%
Agriculture - 0.08%
BAT Capital Corp., 2.259%, Due 3/25/2028		290,000		248,485
Reynolds American, Inc., 5.700%, Due 8/15/2035		175,000		168,105

				416,590

Beverages - 0.11%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.900%, Due 2/1/2046		100,000		101,776
Anheuser-Busch InBev Worldwide, Inc., 5.550%, Due 1/23/2049		125,000		138,566
Coca-Cola Femsa SAB de CV,
2.750%, Due 1/22/2030		200,000		183,460
1.850%, Due 9/1/2032		150,000		123,354

				547,156

Total Consumer, Non-Cyclical				963,746

Energy - 0.10%
Oil & Gas - 0.03%
TotalEnergies Capital International SA, 3.127%, Due 5/29/2050		185,000		151,297

Pipelines - 0.07%
Enbridge, Inc., 2.500%, Due 2/14/2025		190,000		183,756

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 1.27% (continued)
Energy - 0.10% (continued)
Pipelines - 0.07% (continued)
TransCanada PipeLines Ltd., 1.000%, Due 10/12/2024	$	180,000	$	169,036

				352,792

Total Energy				504,089

Financial - 0.82%
Banks - 0.75%
Bank of Nova Scotia, 2.431%, Due 9/15/2023, (Secured Overnight Financing Rate + 0.550)^E		1,395,000		1,388,129
Barclays PLC, 2.894%, Due 11/24/2032, (1 yr. CMT + 1.300%)^E		295,000		241,832
Commonwealth Bank of Australia, 2.499%, Due 7/7/2025, (Secured Overnight Financing Rate + 0.400%)^{D E}		705,000		692,113
Deutsche Bank AG,
1.686%, Due 3/19/2026		150,000		136,881
2.311%, Due 11/16/2027, (Secured Overnight Financing Rate + 1.219%)^E		200,000		173,646
2.552%, Due 1/7/2028, (Secured Overnight Financing Rate + 1.318%)^E		210,000		184,398
Mitsubishi UFJ Financial Group, Inc., 2.193%, Due 2/25/2025		180,000		171,997
Royal Bank of Canada, 2.250%, Due 11/1/2024		350,000		341,211
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		525,000		523,339

				3,853,546

Financial Services - 0.07%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.000%, Due 10/29/2028		425,000		372,271

Total Financial				4,225,817

Industrial - 0.04%
Transportation - 0.04%
Canadian Pacific Railway Co., 3.100%, Due 12/2/2051		255,000		203,873

Total Foreign Corporate Obligations (Cost $7,060,984)				6,513,558

FOREIGN SOVEREIGN OBLIGATIONS - 0.04%
Mexico Government International Bonds, 4.600%, Due 1/23/2046		160,000		134,560
Panama Government International Bonds, 3.160%, Due 1/23/2030		95,000		85,766

Total Foreign Sovereign Obligations (Cost $267,217)				220,326

ASSET-BACKED OBLIGATIONS - 1.37%
Ally Auto Receivables Trust, 3.310%, Due 11/15/2026, 2022-1 A3		320,000		317,994
AmeriCredit Automobile Receivables Trust,
0.370%, Due 8/18/2025, 2021 1 A3		209,579		206,436
0.340%, Due 12/18/2026, 2021 2 A3		200,000		194,354
4.380%, Due 4/18/2028, 2021 2 A3		265,000		267,571
BMW Vehicle Owner Trust, 3.210%, Due 8/25/2026, 2022-A A3		170,000		169,548
Capital One Multi-Asset Execution Trust, 0.550%, Due 7/15/2026, 2021 A1 A1		325,000		308,388
CNH Equipment Trust,
1.160%, Due 6/16/2025, 2020 A A3		113,889		112,359
0.400%, Due 12/15/2025, 2021 A A3		240,000		231,690
Ford Credit Auto Lease Trust, 3.230%, Due 5/15/2025, 2022 2 A3		420,000		417,895
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021 2 A^D		300,000		274,062
GM Financial Automobile Leasing Trust, 1.900%, Due 3/20/2025, 2022 1 A3		290,000		283,423
GM Financial Consumer Automobile Receivables Trust,
1.840%, Due 9/16/2024, 2020 1 A3		79,273		78,949
1.490%, Due 12/16/2024, 2020 2 A3		43,605		43,228
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021 1 A^D		245,000		222,919
Honda Auto Receivables Owner Trust, 1.880%, Due 5/15/2026, 2022 1 A3		325,000		315,168
John Deere Owner Trust, 2.320%, Due 9/16/2026, 2022 A A3		250,000		243,994

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS - 1.37% (continued)
John Deere Owner Trust, (continued)
3.740%, Due 2/16/2027, 2022 B A3	$	300,000	$	301,229
Mercedes-Benz Auto Lease Trust, 0.400%, Due 11/15/2024, 2021 B A3		435,000		421,983
New Economy Assets Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021 1 A1^D		345,000		304,433
PSNH Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1		75,256		74,942
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021 1A A2II^D		278,600		237,478
Toyota Auto Loan Extended Note Trust, 1.350%, Due 5/25/2033, 2020 1A A^D		285,000		268,258
Toyota Auto Receivables Owner Trust,
1.360%, Due 8/15/2024, 2020 B A3		143,852		142,547
1.230%, Due 6/15/2026, 2022 A A3		260,000		249,903
Verizon Master Trust, 0.500%, Due 5/20/2027, 2021 1 A		580,000		550,102
Verizon Owner Trust, 1.850%, Due 7/22/2024, 2020 A A1A		271,887		270,579
Volkswagen Auto Loan Enhanced Trust, 1.020%, Due 6/22/2026, 2021 1 A3		295,000		283,877
Wendy’s Funding LLC, 2.370%, Due 6/15/2051, 2021 1A A2I^D		277,200		237,921

Total Asset-Backed Obligations (Cost $7,336,657)				7,031,230

COLLATERALIZED MORTGAGE OBLIGATIONS - 0.11%
Angel Oak Mortgage Trust, 2.620%, Due 11/25/2059, 2019 6 A1^{D G}		135,773		132,994
Angel Oak Mortgage Trust I LLC, 3.628%, Due 3/25/2049, 2019 2 A1^{D G}		14,102		14,040
Residential Mortgage Loan Trust, 2.633%, Due 9/25/2059, 2019 3 A1^{D G}		165,134		161,526
Towd Point Mortgage Trust, 3.875%, Due 5/25/2058, 2018 3 A2^{D G}		275,000		264,229

Total Collateralized Mortgage Obligations (Cost $576,542)				572,789

COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.12%
BX Commercial Mortgage Trust, 2.699%, Due 9/15/2036, 2021 VOLT A, (1 mo. USD LIBOR + 0.700%)^{D E}		385,000		370,252
Cold Storage Trust, 2.899%, Due 11/15/2037, 2020 ICE5 A, (1 mo. USD LIBOR + 0.900%)^{D E}		265,407		259,476

Total Commercial Mortgage-Backed Obligations (Cost $650,408)				629,728

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.92%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028		76,060		77,174
3.000%, Due 11/1/2032		98,760		99,106
2.500%, Due 6/1/2035		191,989		187,338
2.000%, Due 3/1/2036		616,836		587,792
2.000%, Due 10/1/2040		295,397		274,011
2.000%, Due 1/1/2041		537,346		498,441
2.500%, Due 9/1/2041		533,944		509,211
2.500%, Due 11/1/2041		308,423		294,136
3.500%, Due 5/1/2042		434,424		435,054
4.000%, Due 6/1/2042		853,342		872,988
3.000%, Due 4/1/2047		345,998		338,955
3.500%, Due 1/1/2048		194,692		195,981
4.000%, Due 4/1/2048		153,658		156,851
3.000%, Due 8/1/2048		243,406		238,240
3.000%, Due 11/1/2049		396,441		384,760
2.500%, Due 7/1/2050		319,904		299,491
2.500%, Due 11/1/2051		467,190		438,492
2.500%, Due 5/1/2052		658,742		616,594
4.000%, Due 6/1/2052		4,074,426		4,100,303
5.000%, Due 6/1/2052		162,117		167,435
Federal National Mortgage Association,
3.500%, Due 1/1/2028^G		27,872		28,270
4.500%, Due 4/1/2034		68,233		70,235
3.000%, Due 10/1/2034		183,132		183,628
2.000%, Due 11/1/2035^G		455,471		434,878
2.000%, Due 12/1/2035^G		203,099		193,659

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.92% (continued)
Federal National Mortgage Association, (continued)
2.000%, Due 1/1/2036^G	$	317,167	$	302,228
2.500%, Due 4/1/2036		351,949		343,986
2.000%, Due 5/1/2036		107,862		102,782
2.000%, Due 6/1/2036		243,452		231,986
3.500%, Due 6/1/2037		104,011		106,467
5.500%, Due 6/1/2038		13,483		14,435
5.000%, Due 5/1/2040		69,593		73,909
5.000%, Due 6/1/2040		52,103		55,349
2.000%, Due 5/1/2041		587,415		544,201
2.500%, Due 11/1/2041		351,536		335,252
5.000%, Due 3/1/2042^G		32,503		34,306
3.500%, Due 7/1/2043		67,585		68,212
4.000%, Due 11/1/2044^G		49,531		50,881
4.000%, Due 7/1/2045		340,326		349,142
3.500%, Due 8/1/2045		36,498		36,702
3.500%, Due 5/1/2046		84,194		84,705
3.000%, Due 6/1/2046		244,383		239,625
4.000%, Due 7/1/2046		100,172		102,906
3.000%, Due 10/1/2046		187,476		183,548
3.000%, Due 11/1/2046		264,656		259,084
3.500%, Due 11/1/2046		341,390		343,849
3.000%, Due 12/1/2046^G		165,734		162,269
3.500%, Due 3/1/2047		37,259		37,496
4.500%, Due 7/1/2047		22,744		23,444
4.500%, Due 8/1/2047		72,684		75,032
3.500%, Due 9/1/2047		90,074		90,573
4.000%, Due 3/1/2048		135,496		137,997
4.500%, Due 7/1/2048^G		79,290		81,670
4.500%, Due 7/1/2048		51,659		53,099
4.500%, Due 3/1/2049		147,428		151,504
4.500%, Due 10/1/2049		147,814		151,523
4.000%, Due 11/1/2049		308,343		313,324
2.500%, Due 6/1/2050		287,593		269,014
2.500%, Due 8/1/2050		445,111		416,720
2.500%, Due 8/1/2050^G		322,749		302,864
3.000%, Due 8/1/2050		259,713		251,758
2.500%, Due 9/1/2050		295,756		277,124
2.500%, Due 10/1/2050^G		121,459		113,733
3.000%, Due 10/1/2050^G		503,085		489,231
3.000%, Due 11/1/2050^G		772,304		748,408
2.500%, Due 2/1/2051^G		921,716		862,933
2.000%, Due 3/1/2051^G		1,512,904		1,368,330
2.000%, Due 4/1/2051^G		617,078		560,037
3.000%, Due 5/1/2051^G		382,213		373,611
3.000%, Due 6/1/2051		160,697		155,385
3.500%, Due 6/1/2051^G		456,270		453,440
3.500%, Due 7/1/2051^G		854,018		853,502
3.000%, Due 11/1/2051^G		518,308		500,792
4.000%, Due 5/1/2052^G		416,625		422,928
4.000%, Due 6/1/2052		4,078,717		4,104,621
Government National Mortgage Association,
5.000%, Due 10/15/2039		51,861		54,817
3.500%, Due 9/15/2041		118,262		120,599
3.500%, Due 8/20/2047		40,232		40,575
3.500%, Due 10/20/2047		47,691		48,071
4.000%, Due 12/20/2047		90,159		92,254
4.000%, Due 1/20/2048		84,204		85,945
5.000%, Due 1/20/2050		140,312		145,156

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.92% (continued)
Government National Mortgage Association, (continued)
4.500%, Due 2/20/2050	$	87,809	$	90,765
5.000%, Due 2/20/2050		47,927		49,663
2.500%, Due 4/20/2050		580,649		555,107
2.500%, Due 6/20/2051		561,443		534,862
3.000%, Due 6/20/2051		825,580		807,176
2.500%, Due 7/20/2051		719,399		685,171
3.000%, Due 8/20/2051		448,430		442,648
2.500%, Due 11/20/2051		332,666		316,687
3.000%, Due 12/20/2051		887,475		866,214
3.500%, Due 1/20/2052		335,445		334,656
4.000%, Due 3/20/2052		649,928		658,269
3.000%, Due 6/20/2052		303,887		296,568

Total U.S. Agency Mortgage-Backed Obligations (Cost $37,091,433)				35,574,143

U.S. TREASURY OBLIGATIONS 3.20%
U.S. Treasury Bonds,
2.250%, Due 5/15/2041		1,605,000		1,385,566
1.750%, Due 8/15/2041		560,000		441,459
1.375%, Due 8/15/2050		3,640,000		2,490,130
U.S. Treasury Notes,
1.250%, Due 7/31/2023		2,030,000		1,996,061
1.250%, Due 8/31/2024		3,155,000		3,049,875
1.125%, Due 2/28/2025		3,140,000		3,005,446
1.500%, Due 1/31/2027		2,790,000		2,645,923
1.500%, Due 2/15/2030		1,565,000		1,443,896

Total U.S. Treasury Obligations (Cost $17,884,355)				16,458,356


	Shares
SHORT-TERM INVESTMENTS 15.87%
Investment Companies - 2.15%
American Beacon U.S. Government Money Market Select Fund, 1.680%^{H I}		11,039,429		11,039,429


	Principal Amount
U.S. Treasury Obligations - 13.72%
U.S. Treasury Bonds,
2.000%, Due 8/15/2051	$	5,620,000		4,510,270
1.875%, Due 11/15/2051		12,840,000		10,011,187
2.250%, Due 2/15/2052		13,375,000		11,423,086
2.875%, Due 5/15/2052		11,650,000		11,415,180
U.S. Treasury Floating Rate Notes,
2.565%, Due 7/31/2023, (3 mo. Treasury money market yield + 0.029%)^E		4,175,000		4,189,075
2.571%, Due 10/31/2023, (3 mo. Treasury money market yield + 0.035%)^E		5,950,000		5,970,081
2.461%, Due 4/30/2024, (3 mo. Treasury money market yield - 0.075%)^E		22,930,000		22,954,249

Total U.S. Treasury Obligations				70,473,128

Total Short-Term Investments (Cost $83,322,105)				81,512,557


	Shares
SECURITIES LENDING COLLATERAL - 0.41% (Cost $2,077,446)
Investment Companies - 0.41%
American Beacon U.S. Government Money Market Select Fund, 1.68%^{H I}		2,077,446		2,077,446

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)


	Fair Value
TOTAL INVESTMENTS - 100.12% (Cost $476,632,823)	$	514,466,033
LIABILITIES, NET OF OTHER ASSETS - (0.12%)		(596,667	)

TOTAL NET ASSETS - 100.00%	$	513,869,366

Percentages are stated as a percent of net assets.

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

^B	Non-income producing security.

^C	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $86,453,655 or 16.82% 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 $11,749,999 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 July 31, 2022.

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

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

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

^I	7-day yield.

ADR - American Depositary Receipt.

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.

REIT - Real Estate Investment Trust.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

Long Futures Contracts Open on July 31, 2022:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME e-Mini Standard & Poor’s 500 Index Futures	19	September 2022	$	3,643,254	$	3,926,825	$	283,571
ICE U.S. mini MSCI EAFE Index Futures	18	September 2022		1,668,027		1,756,890		88,863
ICE U.S. MSCI Emerging Markets EM Index Futures	16	September 2022		794,000		798,800		4,800

			$	6,105,281	$	6,482,515	$	377,234

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2022 (Unaudited)

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 July 31, 2022, the investments were classified as described below:


Diversified Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	248,238,338	$	86,453,655	$	—	$	334,691,993
Corporate Obligations		—		29,183,907		—		29,183,907
Foreign Corporate Obligations		—		6,513,558		—		6,513,558
Foreign Sovereign Obligations		—		220,326		—		220,326
Asset-Backed Obligations		—		7,031,230		—		7,031,230
Collateralized Mortgage Obligations		—		572,789		—		572,789
Commercial Mortgage-Backed Obligations		—		629,728		—		629,728
U.S. Agency Mortgage-Backed Obligations		—		35,574,143		—		35,574,143
U.S. Treasury Obligations		—		16,458,356		—		16,458,356
Short-Term Investments		11,039,429		70,473,128		—		81,512,557
Securities Lending Collateral		2,077,446		—		—		2,077,446

Total Investments in Securities - Assets	$	261,355,213	$	253,110,820	$	—	$	514,466,033

*Financial Derivative Instruments - Assets*
Futures Contracts	$	377,234	$	—	$	—	$	377,234

Total Financial Derivative Instruments - Assets	$	377,234	$	—	$	—	$	377,234

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

See accompanying notes

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

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

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

On December 3, 2020, the SEC adopted new rule 2a-5 (Valuation Rule) under the Investment Company Act of 1940, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to 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 is currently evaluating the Valuation Rule and its effect on the Fund.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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.

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

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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

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 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. 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. 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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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.

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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)

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.

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


Fund	Fair Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Diversified	$	4,729,573	$	2,077,446	$	2,813,640	$	4,891,086

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, 2021 remain subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedules of Investments

July 31, 2022 (Unaudited)


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Diversified	$	476,632,823	$	66,944,740	$	(29,111,530	)	$	37,833,210

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, 2021, the Fund did not have any capital loss carryforwards.