HTML

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: 811-23239

AMERICAN BEACON INSTITUTIONAL FUNDS TRUST

(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)

Gregory J. Stumm, 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, 2026

Date of reporting period: January 31, 2026

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, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0%
Communication Services - 2.5%
Diversified Telecommunication Services - 0.7%
Comcast Corp., Class A		83,100	$	2,472,225
Verizon Communications, Inc.		41,600		1,852,032

				4,324,257

Entertainment - 0.2%
Spotify Technology SA^A		2,529		1,265,385

Interactive Media & Services - 1.3%
Alphabet, Inc., Class A		11,954		4,040,452
Alphabet, Inc., Class C		11,000		3,723,830

				7,764,282

Media - 0.3%
Omnicom Group, Inc.		16,800		1,294,272
Versant Media Group, Inc.^A		2,776		90,442

				1,384,714

Total Communication Services				14,738,638

Consumer Discretionary - 2.9%
Automobile Components - 0.6%
Aptiv PLC^A		37,946		2,874,409
BorgWarner, Inc.		9,400		445,654

				3,320,063

Automobiles - 0.4%
General Motors Co.		26,600		2,234,400

Distributors - 0.1%
Genuine Parts Co.		4,800		667,152

Hotels, Restaurants & Leisure - 1.0%
Carnival Corp.^A		139,105		4,175,932
Wynn Resorts Ltd.		18,604		1,999,000

				6,174,932

Household Durables - 0.4%
Lennar Corp., Class A		23,711		2,592,798
Lennar Corp., Class B		666		67,439

				2,660,237

Specialty Retail - 0.4%
Lithia Motors, Inc.		1,400		452,816
Lowe’s Cos., Inc.		6,800		1,816,008

				2,268,824

Total Consumer Discretionary				17,325,608

Consumer Staples - 2.3%
Beverages - 0.9%
Coca-Cola Co.		26,500		1,982,465
Constellation Brands, Inc., Class A		5,700		893,190
Keurig Dr. Pepper, Inc.		85,510		2,346,394

				5,222,049

Food Products - 0.8%
Conagra Brands, Inc.		18,500		342,435
J.M. Smucker Co.		6,600		692,076
Kraft Heinz Co.		50,100		1,189,374
McCormick & Co., Inc.		26,633		1,646,718

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0% (continued)
Consumer Staples - 2.3% (continued)
Food Products - 0.8% (continued)
Mondelez International, Inc., Class A		15,800	$	923,826

				4,794,429

Household Products - 0.2%
Procter & Gamble Co.		9,900		1,502,523

Tobacco - 0.4%
Philip Morris International, Inc.		12,356		2,217,161

Total Consumer Staples				13,736,162

Energy - 3.1%
Energy Equipment & Services - 0.6%
Halliburton Co.		38,191		1,280,162
NOV, Inc.		57,600		1,056,960
SLB Ltd.		29,780		1,440,756

				3,777,878

Oil, Gas & Consumable Fuels - 2.5%
APA Corp.		99,200		2,619,872
Chevron Corp.		11,699		2,069,553
ConocoPhillips		6,653		693,442
Coterra Energy, Inc.		61,000		1,759,850
Exxon Mobil Corp.		18,835		2,663,269
Murphy Oil Corp.		5,800		174,522
Ovintiv, Inc.		24,400		1,060,668
Permian Resources Corp.		70,882		1,143,327
Shell PLC, ADR		19,400		1,494,382
Shell PLC^B		30,990		1,187,809

				14,866,694

Total Energy				18,644,572

Financials - 9.3%
Banks - 4.1%
Bank of America Corp.		75,131		3,996,969
Citigroup, Inc.		23,100		2,672,901
Citizens Financial Group, Inc.		15,200		957,296
Cullen/Frost Bankers, Inc.		10,200		1,405,764
First Citizens BancShares, Inc., Class A		477		987,185
PNC Financial Services Group, Inc.		8,600		1,920,380
Truist Financial Corp.		20,040		1,030,457
U.S. Bancorp		75,650		4,244,721
Wells Fargo & Co.		57,018		5,159,559
Western Alliance Bancorp		18,592		1,657,477

				24,032,709

Capital Markets - 1.2%
Ameriprise Financial, Inc.		4,700		2,477,793
Blackstone, Inc.		11,200		1,595,104
LPL Financial Holdings, Inc.		3,888		1,417,176
State Street Corp.		13,300		1,740,438

				7,230,511

Consumer Finance - 1.1%
American Express Co.		5,247		1,847,836
Capital One Financial Corp.		18,065		3,954,970
SLM Corp.		32,885		892,828

				6,695,634

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0% (continued)
Financials - 9.3% (continued)
Financial Services - 1.1%
Berkshire Hathaway, Inc., Class B^A		5,244	$	2,519,899
Corebridge Financial, Inc.		29,600		912,568
Fidelity National Information Services, Inc.		41,683		2,302,986
Fiserv, Inc.^A		10,000		637,300

				6,372,753

Insurance - 1.8%
American International Group, Inc.		71,120		5,325,466
Aon PLC, Class A		5,059		1,768,829
Arch Capital Group Ltd.^A		13,746		1,320,166
Everest Group Ltd.		2,228		738,092
Hartford Insurance Group, Inc.		4,800		648,288
Willis Towers Watson PLC		2,554		810,818

				10,611,659

Total Financials				54,943,266

Health Care - 5.6%
Biotechnology - 0.4%
Amgen, Inc.		6,500		2,222,220

Health Care Equipment & Supplies - 2.1%
Alcon AG^C		18,700		1,514,326
GE HealthCare Technologies, Inc.		41,512		3,278,203
Medtronic PLC		62,796		6,465,476
Solventum Corp.^A		700		53,879
Zimmer Biomet Holdings, Inc.		10,350		901,174

				12,213,058

Health Care Providers & Services - 1.6%
Centene Corp.^A		9,800		424,536
Cigna Group		1,440		394,718
CVS Health Corp.		9,100		678,132
Elevance Health, Inc.		9,514		3,289,370
HCA Healthcare, Inc.		1,410		688,461
Humana, Inc.		3,900		761,280
Labcorp Holdings, Inc.		3,400		923,168
UnitedHealth Group, Inc.		8,661		2,485,101

				9,644,766

Life Sciences Tools & Services - 0.5%
Avantor, Inc.^A		88,308		964,324
Danaher Corp.		7,600		1,663,564
ICON PLC^A		2,597		468,109

				3,095,997

Pharmaceuticals - 1.0%
GSK PLC, ADR^C		9,000		464,400
Merck & Co., Inc.		39,835		4,392,605
Sanofi SA, ADR		29,338		1,380,060

				6,237,065

Total Health Care				33,413,106

Industrials - 5.1%
Aerospace & Defense - 0.6%
Boeing Co.^A		3,740		874,113
General Dynamics Corp.		7,700		2,703,393

				3,577,506

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0% (continued)
Industrials - 5.1% (continued)
Air Freight & Logistics - 0.4%
FedEx Corp.		7,110	$	2,291,197

Building Products - 0.4%
Johnson Controls International PLC		21,819		2,602,134

Commercial Services & Supplies - 0.1%
Waste Connections, Inc.		3,608		604,701

Construction & Engineering - 0.2%
AECOM		6,767		652,542
Fluor Corp.^A		8,100		374,139

				1,026,681

Electrical Equipment - 0.2%
Vertiv Holdings Co., Class A		6,971		1,297,861

Ground Transportation - 0.6%
JB Hunt Transport Services, Inc.		6,615		1,340,993
Norfolk Southern Corp.		2,400		698,976
Uber Technologies, Inc.^A		21,500		1,721,075

				3,761,044

Machinery - 2.3%
CNH Industrial NV		124,500		1,339,620
Cummins, Inc.		1,910		1,105,546
Deere & Co.		1,340		707,520
Fortive Corp.		40,094		2,117,364
Oshkosh Corp.		10,600		1,524,492
PACCAR, Inc.		12,450		1,530,229
Parker-Hannifin Corp.		4,527		4,236,548
Stanley Black & Decker, Inc.		5,900		464,094
Timken Co.		5,000		465,950

				13,491,363

Professional Services - 0.1%
Experian PLC^B		17,894		672,888

Trading Companies & Distributors - 0.2%
Ferguson Enterprises, Inc.		4,222		1,065,886

Total Industrials				30,391,261

Information Technology - 6.3%
Communications Equipment - 0.8%
F5, Inc.^A		14,600		4,023,906
Motorola Solutions, Inc.		1,936		779,318

				4,803,224

Electronic Equipment, Instruments & Components - 0.3%
CDW Corp.		900		113,751
Teledyne Technologies, Inc.^A		3,400		2,109,020

				2,222,771

IT Services - 0.4%
Cognizant Technology Solutions Corp., Class A		22,187		1,820,665
Globant SA^A		6,090		407,299

				2,227,964

Semiconductors & Semiconductor Equipment - 1.9%
Entegris, Inc.		23,265		2,746,898
Microchip Technology, Inc.		60,263		4,575,167

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0% (continued)
Information Technology - 6.3% (continued)
Semiconductors & Semiconductor Equipment - 1.9% (continued)
QUALCOMM, Inc.		25,957	$	3,934,822

				11,256,887

Software - 2.4%
Adobe, Inc.^A		4,700		1,378,275
Microsoft Corp.		7,000		3,012,030
Monday.com Ltd.^A		3,122		358,249
Oracle Corp.		8,115		1,335,567
Salesforce, Inc.		10,000		2,122,900
Synopsys, Inc.^A		4,000		1,860,460
Workday, Inc., Class A^A		23,300		4,092,179

				14,159,660

Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co.		53,950		1,161,004
Seagate Technology Holdings PLC		4,539		1,850,505

				3,011,509

Total Information Technology				37,682,015

Materials - 3.5%
Chemicals - 2.7%
Air Products & Chemicals, Inc.		13,451		3,665,398
Axalta Coating Systems Ltd.^A		50,924		1,710,028
Corteva, Inc.		41,200		2,999,360
Ecolab, Inc.		8,100		2,284,119
Linde PLC		2,130		973,346
Olin Corp.		26,000		541,060
PPG Industries, Inc.		16,600		1,919,458
RPM International, Inc.		15,500		1,657,880

				15,750,649

Construction Materials - 0.4%
Martin Marietta Materials, Inc.		4,000		2,607,800

Containers & Packaging - 0.1%
Amcor PLC, CDI^B		10,377		449,224

Metals & Mining - 0.3%
Freeport-McMoRan, Inc.		27,816		1,675,358

Total Materials				20,483,031

Real Estate - 0.8%
Industrial REITs - 0.1%
Prologis, Inc.		7,365		961,575

Residential REITs - 0.2%
Equity LifeStyle Properties, Inc.		18,400		1,162,328

Specialized REITs - 0.5%
Public Storage		4,442		1,226,836
VICI Properties, Inc.		55,002		1,544,456

				2,771,292

Total Real Estate				4,895,195

Utilities - 2.6%
Electric Utilities - 1.7%
Entergy Corp.		23,653		2,268,086
PG&E Corp.		84,452		1,302,250

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
COMMON STOCKS - 44.0% (continued)
Utilities - 2.6% (continued)
Electric Utilities - 1.7% (continued)
Pinnacle West Capital Corp.		19,557	$	1,829,753
PPL Corp.		19,600		710,500
Xcel Energy, Inc.		52,176		3,968,507

				10,079,096

Gas Utilities - 0.3%
Atmos Energy Corp.		10,280		1,709,975

Multi-Utilities - 0.3%
Dominion Energy, Inc.		33,800		2,033,746

Water Utilities - 0.3%
American Water Works Co., Inc.		12,600		1,627,038

Total Utilities				15,449,855

Total Common Stocks (Cost $191,659,046)				261,702,709

	Principal Amount
CORPORATE OBLIGATIONS - 3.6%
Communications - 0.8%
Media - 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital,
4.200%, Due 3/15/2028	$	130,000		129,538
6.100%, Due 6/1/2029		330,000		344,777
6.484%, Due 10/23/2045		140,000		131,765
5.750%, Due 4/1/2048		465,000		400,054
3.850%, Due 4/1/2061		395,000		237,720
3.950%, Due 6/30/2062		395,000		241,106
Cox Communications, Inc.,
5.800%, Due 12/15/2053^D		510,000		436,535
5.950%, Due 9/1/2054^D		1,420,000		1,246,867

				3,168,362

Telecommunications - 0.3%
AT&T, Inc.,
5.700%, Due 11/1/2054		390,000		372,387
3.650%, Due 9/15/2059		390,000		257,338
T-Mobile USA, Inc., 5.850%, Due 2/15/2056		890,000		877,644

				1,507,369

Total Communications				4,675,731

Consumer, Cyclical - 0.0%
Auto Manufacturers - 0.0%
Ford Motor Credit Co. LLC, 5.303%, Due 9/6/2029		200,000		202,636

Consumer, Non-Cyclical - 0.0%
Commercial Services - 0.0%
Moody’s Corp., 2.550%, Due 8/18/2060		180,000		93,054

Energy - 0.2%
Oil & Gas - 0.1%
BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)^E ^F		575,000		610,296

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 3.6% (continued)
Energy - 0.2% (continued)
Pipelines - 0.1%
Kinder Morgan Energy Partners LP, 5.400%, Due 9/1/2044	$	85,000	$	81,248
ONEOK Partners LP, 6.850%, Due 10/15/2037		125,000		138,523
ONEOK, Inc., 5.700%, Due 11/1/2054		390,000		364,412
Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032^D		205,000		181,360

				765,543

Total Energy				1,375,839

Financial - 0.7%
Banks - 0.2%
U.S. Bancorp, 5.300%, Due 4/15/2027, J, (3 mo. USD Term SOFR + 3.176%)^E ^F		380,000		380,365
Wells Fargo & Co., 3.900%, Due 3/15/2026, BB, (5 yr. CMT + 3.453%)^E ^F		450,000		449,502

				829,867

Diversified Financial Services - 0.2%
American Express Co., 3.550%, Due 9/15/2026, D, (5 yr. CMT + 2.854%)^E ^F		140,000		138,537
Charles Schwab Corp., 4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)^E ^F		1,010,000		1,005,975

				1,144,512

Insurance - 0.1%
Fidelity National Financial, Inc., 3.200%, Due 9/17/2051		145,000		92,488
Markel Group, Inc., 5.000%, Due 5/20/2049		380,000		337,431

				429,919

Investment Companies - 0.2%
ARES Capital Corp.,
7.000%, Due 1/15/2027		100,000		102,679
2.875%, Due 6/15/2028		270,000		259,122
Blue Owl Capital Corp., 2.875%, Due 6/11/2028		310,000		293,798
Golub Capital BDC, Inc., 2.500%, Due 8/24/2026		745,000		736,479

				1,392,078

REITS - 0.0%
Public Storage Operating Co., 2.250%, Due 11/9/2031		210,000		187,883

Total Financial				3,984,259

Industrial - 0.1%
Aerospace/Defense - 0.1%
Boeing Co., 3.200%, Due 3/1/2029		285,000		276,970

Technology - 0.2%
Computers - 0.0%
Dell International LLC/EMC Corp., 3.375%, Due 12/15/2041		85,000		64,248

Semiconductors - 0.2%
Foundry JV Holdco LLC, 6.300%, Due 1/25/2039^D		1,155,000		1,229,356

Total Technology				1,293,604

Utilities - 1.6%
Electric - 1.6%
Appalachian Power Co., 4.500%, Due 3/1/2049, Y		795,000		655,119
Arizona Public Service Co., 2.650%, Due 9/15/2050		105,000		62,786
Dominion Energy, Inc.,
6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)^E		235,000		244,739
6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)^E		740,000		760,820

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS - 3.6% (continued)
Utilities - 1.6% (continued)
Electric - 1.6% (continued)
Duke Energy Carolinas LLC,
5.250%, Due 3/15/2035	$	235,000	$	242,098
6.000%, Due 1/15/2038		145,000		156,100
6.050%, Due 4/15/2038		405,000		439,438
3.200%, Due 8/15/2049		175,000		120,140
Duke Energy Corp., 5.800%, Due 6/15/2054		400,000		395,246
Duke Energy Progress LLC,
4.150%, Due 12/1/2044		255,000		212,575
4.200%, Due 8/15/2045		125,000		104,045
Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2039, A-2		715,000		613,568
Entergy Arkansas LLC,
3.350%, Due 6/15/2052		115,000		78,394
5.750%, Due 1/15/2056		385,000		385,449
Entergy Corp.,
2.800%, Due 6/15/2030		115,000		107,841
7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)^E		200,000		209,386
Entergy Louisiana LLC,
4.000%, Due 3/15/2033		137,000		131,843
5.350%, Due 3/15/2034		440,000		457,009
Entergy Mississippi LLC, 5.800%, Due 4/15/2055		145,000		145,772
Florida Power & Light Co., 3.950%, Due 3/1/2048		120,000		95,569
Kentucky Utilities Co., 3.300%, Due 6/1/2050		185,000		128,109
PacifiCorp,
4.150%, Due 2/15/2050		485,000		363,398
5.350%, Due 12/1/2053		585,000		515,849
Public Service Enterprise Group, Inc.,
5.450%, Due 4/1/2034		515,000		530,997
5.400%, Due 3/15/2035		5,000		5,139
Sempra,
6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)^E		565,000		571,563
6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)^E		425,000		435,646
6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)^E		195,000		198,489
6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)^E		345,000		349,963
System Energy Resources, Inc., 5.300%, Due 12/15/2034		545,000		550,433

				9,267,523

Total Utilities				9,267,523

Total Corporate Obligations (Cost $21,650,140)				21,169,616

FOREIGN CORPORATE OBLIGATIONS - 1.2%
Consumer, Non-Cyclical - 0.5%
Agriculture - 0.2%
BAT Capital Corp.,
6.000%, Due 2/20/2034		130,000		138,944
4.540%, Due 8/15/2047		960,000		797,297
Reynolds American, Inc., 5.700%, Due 8/15/2035		455,000		473,355

				1,409,596

Pharmaceuticals - 0.3%
Bayer U.S. Finance II LLC, 4.700%, Due 7/15/2064^D		205,000		157,853
Bayer U.S. Finance LLC,
6.125%, Due 11/21/2026^D		400,000		405,671
6.875%, Due 11/21/2053^D		790,000		862,569

				1,426,093

Total Consumer, Non-Cyclical				2,835,689

Financial - 0.6%
Banks - 0.4%
Barclays PLC,
5.674%, Due 3/12/2028, (1 day USD SOFR + 1.490%)^E		320,000		325,471

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
FOREIGN CORPORATE OBLIGATIONS - 1.2% (continued)
Financial - 0.6% (continued)
Banks - 0.4% (continued)
Barclays PLC, (continued)
5.690%, Due 3/12/2030, (1 day USD SOFR + 1.740%)^E	$	200,000	$	208,264
HBOS PLC, 6.000%, Due 11/1/2033^D		365,000		383,461
Toronto-Dominion Bank, 4.568%, Due 12/17/2026		1,870,000		1,882,767

				2,799,963

Insurance - 0.2%
Fairfax Financial Holdings Ltd.,
6.350%, Due 3/22/2054		830,000		868,676
6.100%, Due 3/15/2055		165,000		166,292

				1,034,968

Total Financial				3,834,931

Utilities - 0.1%
Electric - 0.1%
Electricite de France SA, 6.000%, Due 4/22/2064^D		570,000		559,038

Total Foreign Corporate Obligations (Cost $7,027,747)				7,229,658

FOREIGN SOVEREIGN OBLIGATIONS - 0.2%
Mexico Government International Bonds,
6.125%, Due 2/9/2038		285,000		283,860
3.771%, Due 5/24/2061		1,440,000		877,032

Total Foreign Sovereign Obligations (Cost $1,193,409)				1,160,892

ASSET-BACKED OBLIGATIONS - 0.9%
AmeriCredit Automobile Receivables Trust, 4.120%, Due 5/20/2030, 2025-1 A3^D		360,000		361,451
CarMax Auto Owner Trust, 5.500%, Due 1/16/2029, 2024-2 A3		376,765		381,632
CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A		10,825		10,832
Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2^D		325,000		328,330
Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A^D		300,000		294,569
GM Financial Automobile Leasing Trust, 4.660%, Due 2/21/2028, 2025-1 A3		130,000		131,004
GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3		380,000		383,947
GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A^D		245,000		240,964
Honda Auto Receivables Owner Trust, 4.570%, Due 9/21/2029, 2025-1 A3		390,000		394,226
John Deere Owner Trust,
3.740%, Due 2/16/2027, 2022-B A3		23,578		23,574
5.420%, Due 5/17/2027, 2024-B A2A		106,903		107,025
Mercedes-Benz Auto Lease Trust, 5.440%, Due 2/16/2027, 2024-A A2A		23,915		23,935
New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1^D		345,000		289,754
Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3^D		700,000		703,430
Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3^D		280,000		280,852
Stellantis Financial Underwritten Enhanced Lease Trust, 4.630%, Due 7/20/2027, 2025-AA A2^D		207,958		208,781
Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II^D		275,100		255,637
Toyota Auto Loan Extended Note Trust, 4.930%, Due 6/25/2036, 2023-1A A^D		100,000		102,222
Volkswagen Auto Lease Trust, 4.010%, Due 1/22/2029, 2025-B A3		510,000		511,361
World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3		280,000		282,076

Total Asset-Backed Obligations (Cost $5,364,039)				5,315,602

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.5%
Federal Home Loan Mortgage Corp.,
3.500%, Due 9/1/2028		16,197		16,082
3.000%, Due 11/1/2032		45,988		44,926
2.500%, Due 6/1/2035		115,565		109,564
2.000%, Due 3/1/2036		380,591		351,820
2.500%, Due 9/1/2041		383,846		345,444
2.500%, Due 11/1/2041		209,955		189,721
3.500%, Due 5/1/2042		321,117		308,785
4.000%, Due 6/1/2042		568,931		562,400
3.000%, Due 4/1/2047		258,280		231,568

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.5% (continued)
Federal Home Loan Mortgage Corp., (continued)
3.500%, Due 1/1/2048	$	137,290	$	129,130
4.000%, Due 4/1/2048		108,527		104,569
3.000%, Due 8/1/2048		187,715		171,234
2.500%, Due 7/1/2050		241,046		206,922
2.500%, Due 11/1/2051		355,230		308,130
2.000%, Due 2/1/2052		645,590		530,630
2.000%, Due 3/1/2052		773,985		629,894
2.500%, Due 5/1/2052		495,979		428,140
5.000%, Due 6/1/2052		116,583		117,057
6.000%, Due 3/1/2053		588,525		614,505
4.500%, Due 5/1/2053		661,825		650,826
5.000%, Due 8/1/2053		736,845		738,859
6.000%, Due 8/1/2053		649,830		668,671
5.500%, Due 9/1/2053		738,729		761,473
6.000%, Due 12/1/2053		176,845		183,833
5.500%, Due 2/1/2054		1,085,640		1,110,455
6.000%, Due 8/1/2054		751,576		778,752
5.000%, Due 9/1/2054		747,606		753,877
5.500%, Due 10/1/2054		815,615		833,814
5.500%, Due 5/1/2055		1,235,028		1,261,340

				13,142,421

Federal National Mortgage Association,
3.500%, Due 1/1/2028		6,530		6,494
4.500%, Due 4/1/2034		43,713		43,961
3.000%, Due 10/1/2034		94,898		91,964
2.000%, Due 11/1/2035		250,464		231,903
2.000%, Due 12/1/2035		121,865		112,885
2.000%, Due 1/1/2036		200,218		185,457
2.500%, Due 4/1/2036		212,629		200,873
3.500%, Due 6/1/2037		68,367		66,177
5.500%, Due 6/1/2038		8,059		8,388
5.000%, Due 5/1/2040		48,788		50,021
5.000%, Due 6/1/2040		27,695		28,395
2.500%, Due 11/1/2041		244,403		221,002
5.000%, Due 3/1/2042		20,943		21,473
3.500%, Due 7/1/2043		47,404		44,925
4.000%, Due 7/1/2045		86,845		84,592
3.500%, Due 8/1/2045		24,378		23,088
3.500%, Due 5/1/2046		61,531		58,044
3.000%, Due 6/1/2046		168,432		153,621
4.000%, Due 7/1/2046		74,032		72,135
3.000%, Due 10/1/2046		137,099		124,601
3.000%, Due 11/1/2046		183,018		167,828
3.500%, Due 11/1/2046		241,031		228,280
3.000%, Due 12/1/2046		117,192		106,885
3.500%, Due 3/1/2047		28,620		26,987
4.500%, Due 7/1/2047		12,234		12,189
4.500%, Due 8/1/2047		49,231		49,066
3.500%, Due 9/1/2047		69,027		65,050
4.500%, Due 7/1/2048		84,559		84,074
4.500%, Due 3/1/2049		108,188		107,672
4.500%, Due 10/1/2049		85,005		84,346
4.000%, Due 11/1/2049		196,847		190,922
2.500%, Due 6/1/2050		223,087		191,784
2.500%, Due 8/1/2050		583,927		500,437
3.000%, Due 8/1/2050		203,228		181,889
2.500%, Due 9/1/2050		214,882		185,379
2.500%, Due 10/1/2050		90,236		77,385
3.000%, Due 10/1/2050		362,607		326,893
3.000%, Due 11/1/2050		591,651		527,698
2.500%, Due 2/1/2051		698,501		601,834
2.000%, Due 3/1/2051		637,617		527,859

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.5% (continued)
Federal National Mortgage Association, (continued)
2.000%, Due 4/1/2051	$	810,440	$	665,992
3.000%, Due 5/1/2051		291,676		263,369
3.000%, Due 6/1/2051		111,845		99,824
3.500%, Due 6/1/2051		336,983		313,157
2.000%, Due 7/1/2051		1,143,733		937,127
3.500%, Due 7/1/2051		579,452		541,304
2.500%, Due 8/1/2051		477,515		412,338
2.500%, Due 10/1/2051		306,430		265,430
2.500%, Due 11/1/2051		339,798		290,383
3.000%, Due 11/1/2051		412,347		366,381
3.000%, Due 12/1/2051		564,052		502,033
2.000%, Due 1/1/2052		1,172,972		965,669
2.500%, Due 2/1/2052		1,246,364		1,077,493
3.500%, Due 5/1/2052		347,560		322,337
4.000%, Due 5/1/2052		317,032		305,873
4.000%, Due 6/1/2052		631,644		609,470
5.000%, Due 6/1/2052		678,506		690,731
4.500%, Due 8/1/2052		612,894		603,024
4.500%, Due 9/1/2052		922,483		907,437
4.500%, Due 10/1/2052		447,973		442,300
5.000%, Due 4/1/2053		241,446		243,939
4.500%, Due 6/1/2053		650,088		645,228
5.000%, Due 6/1/2053		287,829		291,849
5.500%, Due 7/1/2053		642,926		661,142
5.500%, Due 10/1/2053		673,700		685,083
6.000%, Due 1/1/2054		746,150		777,911
5.500%, Due 2/1/2054		737,394		756,264
6.500%, Due 6/1/2054		79,802		84,006

				20,801,550

Government National Mortgage Association,
5.000%, Due 10/15/2039		33,633		34,643
3.500%, Due 9/15/2041		76,683		72,126
3.500%, Due 8/20/2047		27,452		25,844
3.500%, Due 10/20/2047		32,175		30,160
4.000%, Due 12/20/2047		60,852		58,646
4.000%, Due 1/20/2048		56,388		54,245
5.000%, Due 1/20/2050		84,404		85,987
4.500%, Due 2/20/2050		57,082		56,719
5.000%, Due 2/20/2050		28,776		29,374
2.500%, Due 4/20/2050		407,355		353,573
2.500%, Due 6/20/2051		404,713		350,767
3.000%, Due 6/20/2051		577,075		521,442
2.500%, Due 7/20/2051		519,414		450,205
3.000%, Due 8/20/2051		320,231		292,846
2.500%, Due 11/20/2051		243,077		210,674
3.000%, Due 12/20/2051		629,090		569,111
3.500%, Due 1/20/2052		240,480		223,039
4.000%, Due 3/20/2052		453,080		432,279
5.000%, Due 4/20/2053		634,511		636,800
3.000%, Due 5/20/2053		216,977		197,983
3.000%, Due 6/20/2053		581,084		525,455
5.500%, Due 7/20/2053		591,448		603,373
6.000%, Due 10/20/2053		1,089,712		1,116,880
6.000%, Due 12/20/2053		1,710,977		1,755,452
6.000%, Due 4/20/2054		1,133,722		1,162,707
6.000%, Due 5/20/2054		2,249,116		2,305,188
6.000%, Due 6/20/2054		1,174,735		1,204,022
6.000%, Due 7/20/2054		2,239,114		2,294,937
6.000%, Due 9/20/2054		2,299,129		2,356,449
5.000%, Due 12/20/2054		732,906		733,617
6.000%, Due 12/20/2054		1,442,635		1,478,601
6.000%, Due 1/20/2055		1,956,689		2,005,472

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 9.5% (continued)
Government National Mortgage Association, (continued)
5.500%, Due 5/20/2055	$	182,475	$	184,632

				22,413,248

Total U.S. Agency Mortgage-Backed Obligations (Cost $57,831,894)				56,357,219

U.S. TREASURY OBLIGATIONS - 18.1%
U.S. Treasury Bonds,
4.625%, Due 5/15/2054		345,000		330,445
4.750%, Due 5/15/2055		1,330,000		1,300,283
4.750%, Due 8/15/2055		11,895,000		11,632,938

				13,263,666

U.S. Treasury Floating Rate Notes,
3.773%, Due 4/30/2027, (3 mo. Treasury money market yield + 0.160%)^E		18,230,000		18,252,854
3.772%, Due 7/31/2027, (3 mo. Treasury money market yield + 0.159%)^E		18,230,000		18,251,681
3.803%, Due 10/31/2027, (3 mo. Treasury money market yield + 0.190%)^E		18,220,000		18,250,891

				54,755,426

U.S. Treasury Notes,
4.875%, Due 4/30/2026		15,320,000		15,361,651
3.625%, Due 8/31/2030		8,060,000		8,008,996
4.625%, Due 4/30/2031		1,245,000		1,291,201
4.250%, Due 8/15/2035		15,025,000		15,039,086

				39,700,934

Total U.S. Treasury Obligations (Cost $107,854,922)				107,720,026


	Shares
FOREIGN COMMON STOCKS - 19.8%
Communication Services - 1.1%
Diversified Telecommunication Services - 0.2%
Orange SA^B		60,254		1,123,363

Entertainment - 0.2%
Nintendo Co. Ltd.^B		17,700		1,105,100
Universal Music Group NV^B		20,958		513,733

				1,618,833

Interactive Media & Services - 0.5%
Tencent Holdings Ltd.^B		38,000		2,912,978

Media - 0.1%
WPP PLC, ADR^C		28,800		601,344

Wireless Telecommunication Services - 0.1%
Bharti Airtel Ltd.^B		23,955		512,822

Total Communication Services				6,769,340

Consumer Discretionary - 2.5%
Automobile Components - 0.2%
Magna International, Inc.		28,700		1,467,718

Automobiles - 0.3%
Ferrari NV^B		1,423		473,673
Kia Corp.^B		6,542		694,781
Suzuki Motor Corp.^B		34,000		466,383

				1,634,837

Broadline Retail - 0.7%
Alibaba Group Holding Ltd.^B		50,100		1,065,452
Coupang, Inc.^A		16,609		334,838
Sea Ltd., ADR^A		22,786		2,654,341

				4,054,631

Hotels, Restaurants & Leisure - 0.4%
Amadeus IT Group SA^B		6,371		427,309

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 19.8% (continued)
Consumer Discretionary - 2.5% (continued)
Hotels, Restaurants & Leisure - 0.4% (continued)
Compass Group PLC^B		27,011	$	809,051
Galaxy Entertainment Group Ltd.^B		116,000		590,052
Lottomatica Group SpA^B		20,707		508,595

				2,335,007

Household Durables - 0.3%
Sony Group Corp., ADR^C		92,300		2,039,830

Leisure Products - 0.1%
Bandai Namco Holdings, Inc.^B		11,000		285,343

Specialty Retail - 0.2%
JD Sports Fashion PLC^B		199,124		223,071
Nitori Holdings Co. Ltd.^B ^C		18,900		324,130
Zalando SE^A ^B ^D		19,570		565,888

				1,113,089

Textiles, Apparel & Luxury Goods - 0.3%
Cie Financiere Richemont SA, Class A^B		2,188		423,728
Gildan Activewear, Inc.		7,906		513,674
Li Ning Co. Ltd.^B		313,500		817,497

				1,754,899

Total Consumer Discretionary				14,685,354

Consumer Staples - 1.3%
Beverages - 0.3%
Anheuser-Busch InBev SA, ADR^C		6,800		487,424
Arca Continental SAB de CV		43,000		484,353
Fomento Economico Mexicano SAB de CV^G		58,200		607,343
Pernod Ricard SA^B		4,434		394,227

				1,973,347

Consumer Staples Distribution & Retail - 0.2%
Marks & Spencer Group PLC^B		126,605		636,122
MatsukiyoCocokara & Co.^B ^C		18,300		292,971

				929,093

Food Products - 0.1%
Magnum Ice Cream Co. NV^A		3,791		67,307
Toyo Suisan Kaisha Ltd.^B		9,700		690,809

				758,116

Personal Products - 0.6%
Beiersdorf AG^B		5,414		645,350
Unilever PLC^B		40,251		2,744,873

				3,390,223

Tobacco - 0.1%
British American Tobacco PLC^B		15,236		920,586

Total Consumer Staples				7,971,365

Energy - 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Canadian Natural Resources Ltd.		24,713		918,899
Suncor Energy, Inc.		11,838		625,698

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 19.8% (continued)
Energy - 0.6% (continued)
Oil, Gas & Consumable Fuels - 0.6% (continued)
TotalEnergies SE^C		26,000	$	1,882,400

				3,426,997

Total Energy				3,426,997

Financials - 4.1%
Banks - 2.7%
Banca Monte dei Paschi di Siena SpA^B		47,248		489,194
Banco Santander SA^B		75,894		976,529
Bank Hapoalim BM^B		34,299		850,322
Bank of Nova Scotia		23,206		1,733,952
Bankinter SA^B		29,096		498,074
Grupo Financiero Banorte SAB de CV, Class O		67,400		759,850
ICICI Bank Ltd., ADR		52,928		1,550,261
Japan Post Bank Co. Ltd.^B		34,400		609,970
KB Financial Group, Inc.^B		5,688		533,956
KBC Group NV^B		3,597		509,427
Lloyds Banking Group PLC^B		206,765		306,738
Mitsubishi UFJ Financial Group, Inc., ADR^C		120,650		2,177,732
NU Holdings Ltd., Class A^A		74,172		1,316,553
Piraeus Bank SA^B		125,887		1,271,355
Resona Holdings, Inc.^B		60,600		699,909
Saudi National Bank^B		71,112		850,829
Societe Generale SA^B		10,904		953,229

				16,087,880

Capital Markets - 0.8%
3i Group PLC^B		46,677		2,146,391
Deutsche Boerse AG^B		5,176		1,309,795
UBS Group AG^B		29,843		1,414,082

				4,870,268

Financial Services - 0.2%
Adyen NV^A ^B ^D		785		1,166,161

Insurance - 0.4%
AIA Group Ltd.^B		115,200		1,330,392
Allianz SE^B		1,497		660,508

				1,990,900

Total Financials				24,115,209

Health Care - 1.2%
Health Care Equipment & Supplies - 0.1%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A^B		8,800		239,950
Siemens Healthineers AG^B ^D		13,912		695,075

				935,025

Health Care Providers & Services - 0.1%
Rede D’Or Sao Luiz SA^D		68,800		554,165

Pharmaceuticals - 1.0%
AstraZeneca PLC^B		7,150		1,327,433
Merck KGaA^B		8,096		1,204,758
Novo Nordisk AS, Class B^B		24,092		1,428,163
Otsuka Holdings Co. Ltd.^B		12,300		735,779
Teva Pharmaceutical Industries Ltd., ADR^A		36,992		1,260,688

				5,956,821

Total Health Care				7,446,011

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 19.8% (continued)
Industrials - 4.3%
Aerospace & Defense - 1.5%
BAE Systems PLC^B		86,399	$	2,330,031
Rheinmetall AG^B		389		821,272
Rolls-Royce Holdings PLC^B		187,688		3,120,560
Safran SA^B		5,272		1,877,908
Thales SA^B		1,653		501,572

				8,651,343

Building Products - 0.1%
Cie de Saint-Gobain SA^B		3,589		355,221

Electrical Equipment - 1.1%
ABB Ltd.^B		7,082		611,958
Contemporary Amperex Technology Co. Ltd., Class A^B		11,595		586,233
Legrand SA^B		5,630		899,584
Siemens Energy AG^A ^B		27,743		4,753,154

				6,850,929

Ground Transportation - 0.2%
Canadian Pacific Kansas City Ltd.		15,645		1,163,049

Machinery - 0.8%
Alstom SA^A ^B		16,019		512,649
Ebara Corp.^B		18,200		549,640
IMI PLC^B		24,466		925,977
Mitsubishi Heavy Industries Ltd.^B		57,032		1,669,737
Sandvik AB^B		12,782		505,805
Techtronic Industries Co. Ltd.^B		47,000		644,268

				4,808,076

Professional Services - 0.3%
Bureau Veritas SA^B		28,859		928,260
RELX PLC^B		31,048		1,100,773

				2,029,033

Trading Companies & Distributors - 0.3%
Howden Joinery Group PLC^B		65,857		754,225
IMCD NV^B		5,904		551,043
RS Group PLC^B		52,035		477,448

				1,782,716

Total Industrials				25,640,367

Information Technology - 3.8%
Communications Equipment - 0.5%
Telefonaktiebolaget LM Ericsson, ADR^C		265,840		2,871,072

Electronic Equipment, Instruments & Components - 0.4%
Hexagon AB, Class B^B		53,008		601,468
Lotes Co. Ltd.^B		10,000		453,291
Shimadzu Corp.^B ^C		33,100		891,738
TE Connectivity PLC		2,600		579,228

				2,525,725

IT Services - 0.2%
Capgemini SE^B		3,438		534,732
Shopify, Inc., Class A^A		7,148		938,032

				1,472,764

Semiconductors & Semiconductor Equipment - 2.1%
ASM International NV^B		1,107		929,785
ASML Holding NV		1,736		2,470,328

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


	Shares		Fair Value
FOREIGN COMMON STOCKS - 19.8% (continued)
Information Technology - 3.8% (continued)
Semiconductors & Semiconductor Equipment - 2.1% (continued)
SK Hynix, Inc.^B		3,124	$	1,978,302
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,810		3,903,914
Taiwan Semiconductor Manufacturing Co. Ltd.^B		52,000		2,922,516

				12,204,845

Software - 0.2%
SAP SE^B		5,197		1,050,593

Technology Hardware, Storage & Peripherals - 0.4%
Samsung Electronics Co. Ltd.^B		20,290		2,266,638

Total Information Technology				22,391,637

Materials - 0.6%
Chemicals - 0.3%
Croda International PLC^B		16,358		611,235
Nippon Sanso Holdings Corp.^B ^C		10,100		306,282
Symrise AG^B		9,241		778,345

				1,695,862

Metals & Mining - 0.3%
Anglo American PLC^B		22,834		1,058,311
Rio Tinto PLC^B		6,693		608,996

				1,667,307

Total Materials				3,363,169

Utilities - 0.3%
Electric Utilities - 0.1%
SSE PLC^B		15,402		511,762

Multi-Utilities - 0.2%
Engie SA^B		44,650		1,330,887

Total Utilities				1,842,649

Total Foreign Common Stocks (Cost $79,877,632)				117,652,098

FOREIGN PREFERRED STOCKS - 0.1% (Cost $389,553)
Financials - 0.1%
Banks - 0.1%
Itau Unibanco Holding SA, 9.784%^H ^I		90,932		786,168

SHORT-TERM INVESTMENTS - 2.5% (Cost $14,932,757)
Investment Companies - 2.5%
American Beacon U.S. Government Money Market Select Fund, 3.58%^J ^K		14,932,757		14,932,757

SECURITIES LENDING COLLATERAL - 0.3% (Cost $1,690,899)
Investment Companies - 0.3%
American Beacon U.S. Government Money Market Select Fund, 3.58%^J ^K		1,690,899		1,690,899

TOTAL INVESTMENTS - 100.2% (Cost $489,472,038)				595,717,644
LIABILITIES, NET OF OTHER ASSETS - (0.2%)				(1,242,447	)

TOTAL NET ASSETS - 100.0%			$	594,475,197

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

Security has been fair valued pursuant to the Manager’s procedures related to pricing that is not available after the close of exchange or the available price does not reflect the security’s true market value. At period end, the value of these securities amounted to $84,078,819 or 14.1% of net assets.

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)

^C	All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at January 31, 2026.

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 $11,509,989 or 1.9% 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 or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on January 31, 2026.

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

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

^H	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.

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

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

^K	7-day yield.

ADR - American Depositary Receipt.

BDC - Business Development Company.

CDI - CHESS (Clearing House Electronic Subregister System) Depositary Interest.

CMT - Constant Maturity Treasury.

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.

REITs - Real Estate Investment Trusts.

SOFR - Secured Overnight Financing Rate.

USD - United States Dollar.

Long Futures Contracts Open on January 31, 2026:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 ESG Index Futures	22	March 2026	$	7,652,500	$	7,662,325	$	9,825
ICE U.S. Mini MSCI EAFE Index Futures	17	March 2026		2,547,525		2,581,280		33,755
ICE U.S. MSCI Emerging Markets Index Futures	16	March 2026		1,195,290		1,216,640		21,350

			$	11,395,315	$	11,460,245	$	64,930

Glossary:

Index Abbreviations:


MSCI EAFE		Morgan Stanley Capital International - Europe, Australasia, and Far East.
S&P 500		Standard & Poor’s 500 Index - U.S. Equity Large-Cap Index.

Exchange Abbreviations:


CME		Chicago Mercantile Exchange.
ICE		Intercontinental Exchange.

Other Abbreviations:


ESG		Environmental, Social, Governance.

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of January 31, 2026, the investments were classified as described below:


Diversified Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	259,392,788	$	2,309,921	$	—	$	261,702,709
Corporate Obligations		—		21,169,616		—		21,169,616
Foreign Corporate Obligations		—		7,229,658		—		7,229,658
Foreign Sovereign Obligations		—		1,160,892		—		1,160,892
Asset-Backed Obligations		—		5,315,602		—		5,315,602
U.S. Agency Mortgage-Backed Obligations		—		56,357,219		—		56,357,219
U.S. Treasury Obligations		—		107,720,026		—		107,720,026

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

January 31, 2026 (Unaudited)


Diversified Fund	Level 1		Level 2		Level 3		Total
*Assets (continued)*
Foreign Common Stocks	$	35,883,200	$	81,768,898	$	—	$	117,652,098
Foreign Preferred Stocks		786,168		—		—		786,168
Short-Term Investments		14,932,757		—		—		14,932,757
Securities Lending Collateral		1,690,899		—		—		1,690,899

Total Investments in Securities - Assets	$	312,685,812	$	283,031,832	$	—	$	595,717,644

*Financial Derivative Instruments - Assets*
Futures Contracts	$	64,930	$	—	$	—	$	64,930

Total Financial Derivative Instruments - Assets	$	64,930	$	—	$	—	$	64,930

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended January 31, 2026, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

January 31, 2026 (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.

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 Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits the Board to designate the Manager 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 Board receives the information it needs to oversee the Manager’s fair value determinations. Effective September 8, 2022, the Board has designated the Manager as valuation designee 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, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security’s trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security’s true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by 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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

January 31, 2026 (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 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 assumptions about the factors market participants would use in pricing an investment.

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

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

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

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.

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

January 31, 2026 (Unaudited)

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.

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.