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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: 811-23239

AMERICAN BEACON INSTITUTIONAL 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)

Gene L. Needles, Jr., 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, 2019

Date of reporting period: July 31, 2019

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, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56%
Communication Services—5.23%
Diversified Telecommunication Services—1.28%
AT&T, Inc.		65,500	$	2,230,275
China Telecom Corp. Ltd., Class H^A		2,268,000		1,016,558
Deutsche Telekom AG^A		90,829		1,493,833
Singapore Telecommunications Ltd.^A		393,500		950,250
Telekomunikasi Indonesia Persero Tbk PT, Sponsored ADR		21,300		641,769
Telenor ASA^A		29,475		597,385

				6,930,070

Entertainment—0.34%
Nexon Co., Ltd.^{A B}		57,500		912,347
Vivendi S.A.^A		33,180		922,209

				1,834,556

Interactive Media & Services—1.18%
58.com, Inc., ADR^B		9,400		529,972
Alphabet, Inc., Class A^B		530		645,646
Baidu, Inc., Sponsored ADR^B		4,880		545,096
Facebook, Inc., Class A^B		7,400		1,437,302
Tencent Holdings Ltd.^A		24,400		1,141,197
Twitter, Inc.^B		33,200		1,404,692
Yandex N.V., Class A^B		17,600		690,272

				6,394,177

Media—1.60%
CBS Corp., Class B, NVDR		12,900		664,479
Comcast Corp., Class A		79,383		3,426,964
Discovery, Inc., Class C^B		55,800		1,575,792
Informa PLC^A		72,884		769,551
Interpublic Group of Cos., Inc.		13,500		309,420
News Corp., Class A		55,400		729,064
Omnicom Group, Inc.		3,800		304,836
SES S.A.^A		52,406		871,103

				8,651,209

Wireless Telecommunication Services—0.83%
China Mobile Ltd.^A		124,500		1,059,764
Rogers Communications, Inc., Class B		11,400		591,767
Vodafone Group PLC^A		981,612		1,787,800
Vodafone Group PLC, Sponsored ADR		60,100		1,089,012

				4,528,343

Total Communication Services				28,338,355

Consumer Discretionary—5.25%
Auto Components—0.73%
Adient PLC		14,200		337,250
Cie Generale des Etablissements Michelin SCA^A		11,784		1,303,502
Goodyear Tire & Rubber Co.		34,000		466,820
Magna International, Inc.		36,700		1,850,414
Sumitomo Rubber Industries Ltd.^A		1,200		13,105

				3,971,091

Automobiles—1.04%
General Motors Co.		116,600		4,703,644
Harley-Davidson, Inc.		12,600		450,828
Suzuki Motor Corp.^A		12,500		488,104

				5,642,576

Hotels, Restaurants & Leisure—0.46%
Aramark		31,858		1,152,941
Compass Group PLC^A		32,420		817,202

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Consumer Discretionary—5.25% (continued)
Hotels, Restaurants & Leisure—0.46% (continued)
Norwegian Cruise Line Holdings Ltd.^B		10,600	$	524,064

				2,494,207

Household Durables—1.10%
DR Horton, Inc.		20,400		936,972
Lennar Corp., Class A		24,300		1,155,951
Lennar Corp., Class B		666		25,308
Mohawk Industries, Inc.^B		8,200		1,022,458
Panasonic Corp.^A		55,400		468,130
PulteGroup, Inc.		30,000		945,300
Sony Corp., Sponsored ADR		25,000		1,421,500

				5,975,619

Internet & Direct Marketing Retail—0.12%
eBay, Inc.		15,600		642,564

Leisure Products—0.14%
Yamaha Corp.^A		15,800		745,291

Multiline Retail—0.57%
Dollar General Corp.		21,173		2,837,606
Ryohin Keikaku Co., Ltd.^A		1,400		248,977

				3,086,583

Specialty Retail—1.09%
Advance Auto Parts, Inc.		5,576		839,969
Home Depot, Inc.		7,200		1,538,568
Kingfisher PLC^A		270,196		726,923
Lowe’s Cos, Inc.		23,885		2,421,939
Mr Price Group Ltd.^A		30,821		379,155

				5,906,554

Total Consumer Discretionary				28,464,485

Consumer Staples—4.24%
Beverages—1.68%
Anheuser-Busch InBev S.A.^A		16,617		1,680,690
Arca Continental S.A.B. de C.V.		88,800		471,855
Asahi Group Holdings Ltd.^A		11,700		504,625
Carlsberg A/S, Class B^A		6,880		938,304
Coca-Cola Co.		31,400		1,652,582
Kirin Holdings Co., Ltd.^A		61,100		1,327,707
Molson Coors Brewing Co., Class B		25,500		1,376,745
PepsiCo, Inc.		4,600		587,926
Suntory Beverage & Food Ltd.^A		14,200		560,749

				9,101,183

Food & Staples Retailing—0.37%
Matsumotokiyoshi Holdings Co., Ltd.^A		6,400		213,151
Seven & i Holdings Co., Ltd.^A		27,400		931,726
Walgreens Boots Alliance, Inc.		15,700		855,493

				2,000,370

Food Products—0.84%
Ezaki Glico Co., Ltd.^A		9,000		389,703
Ingredion, Inc.		11,300		873,377
Kellogg Co.		4,300		250,346
Mondelez International, Inc., Class A		8,300		443,967

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Consumer Staples—4.24% (continued)
Food Products—0.84% (continued)
Tyson Foods, Inc., Class A		32,800	$	2,607,600

				4,564,993

Personal Products—0.83%
Kao Corp.^A		13,220		966,739
Unilever N.V.		22,900		1,322,246
Unilever PLC^A		21,989		1,324,362
Unilever PLC, Sponsored ADR		14,200		853,704

				4,467,051

Tobacco—0.52%
Altria Group, Inc.		21,085		992,471
Imperial Brands PLC, Sponsored ADR		25,415		647,574
Philip Morris International, Inc.		14,174		1,185,088

				2,825,133

Total Consumer Staples				22,958,730

Energy—7.21%
Energy Equipment & Services—0.97%
Drilling Co.^{A B}		504		33,904
Halliburton Co.		93,400		2,148,200
National Oilwell Varco, Inc.		41,000		976,620
Schlumberger Ltd.		45,200		1,806,644
Tenaris S.A.^A		25,454		318,816

				5,284,184

Oil, Gas & Consumable Fuels—6.24%
Apache Corp.		43,000		1,050,060
BP PLC^A		209,973		1,384,734
BP PLC, Sponsored ADR		107,648		4,277,931
Canadian Natural Resources Ltd.		76,900		1,944,032
Chevron Corp.		25,001		3,077,873
ConocoPhillips		58,423		3,451,631
Eni SpA^A		102,103		1,598,416
Equinor ASA^A		34,261		611,657
Hess Corp.		19,000		1,231,960
Husky Energy, Inc.		62,300		483,370
Kosmos Energy Ltd.		31,700		190,517
Marathon Oil Corp.		80,600		1,134,042
Marathon Petroleum Corp.		4,405		248,398
Murphy Oil Corp.		33,300		800,532
Phillips 66		36,936		3,788,156
Pioneer Natural Resources Co.		6,400		883,456
Royal Dutch Shell PLC, Class A^A		53,498		1,680,153
Royal Dutch Shell PLC, Class A, Sponsored ADR		13,700		861,593
Royal Dutch Shell PLC, Class B^A		49,252		1,554,494
Royal Dutch Shell PLC, Class B, ADR		13,100		831,457
Suncor Energy, Inc.		42,400		1,216,615
Total S.A.^A		29,114		1,508,596

				33,809,673

Total Energy				39,093,857

Financials—14.69%
Banks—8.66%
ABN AMRO Bank N.V.^{A C}		36,269		718,587
Banco Bilbao Vizcaya Argentaria S.A., Sponsored ADR		175,000		894,250
Banco Santander S.A., ADR^D		186,300		789,912

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Financials—14.69% (continued)
Banks—8.66% (continued)
Bangkok Bank PCL^A		1,600	$	9,398
Bank Leumi Le-Israel BM^A		91,844		669,861
Bank of America Corp.		211,450		6,487,286
Bank of Ireland Group PLC^A		160,142		704,905
BNP Paribas S.A.^A		43,395		2,016,446
BOK Financial Corp.		10,500		878,640
CIT Group, Inc.		5,800		293,190
Citigroup, Inc.		69,500		4,945,620
Citizens Financial Group, Inc.		25,600		953,856
Commerce Bancshares, Inc.		14,700		894,201
Credit Agricole S.A.^A		45,430		539,219
Cullen/Frost Bankers, Inc.		9,100		863,954
DBS Group Holdings Ltd.^A		55,540		1,061,462
East West Bancorp, Inc.		20,600		989,006
Fifth Third Bancorp		10,800		320,652
Grupo Financiero Banorte S.A.B. de C.V.		107,600		538,288
Hana Financial Group, Inc.^A		23,668		694,238
HSBC Holdings PLC^A		134,000		1,081,514
ICICI Bank Ltd., Sponsored ADR		124,450		1,519,534
ING Groep N.V.^A		160,776		1,784,435
JPMorgan Chase & Co.		44,953		5,214,548
Kasikornbank PCL^A		78,200		439,117
KB Financial Group, Inc., ADR		25,520		923,058
Mitsubishi UFJ Financial Group, Inc., Sponsored ADR		157,000		780,290
National Bank of Canada		24,667		1,193,914
Nordea Bank Abp^A		82,422		527,214
Standard Chartered PLC^A		230,017		1,886,530
Sumitomo Mitsui Financial Group, Inc.^A		58,400		2,044,914
Wells Fargo & Co.		88,897		4,303,504

				46,961,543

Capital Markets—1.30%
Ameriprise Financial, Inc.		10,300		1,498,753
Bank of New York Mellon Corp.		5,600		262,752
Blackstone Group, Inc., Class A		13,700		657,326
E*TRADE Financial Corp.		16,100		785,519
Goldman Sachs Group, Inc.		8,000		1,761,040
KKR & Co., Inc., Class A		24,600		658,050
Morgan Stanley		13,600		606,016
State Street Corp.		13,900		807,451

				7,036,907

Consumer Finance—0.98%
Ally Financial, Inc.		9,100		299,481
Capital One Financial Corp.		27,000		2,495,340
Discover Financial Services		7,700		690,998
Navient Corp.		37,011		523,706
SLM Corp.		110,673		1,008,231
Synchrony Financial		8,300		297,804

				5,315,560

Diversified Financial Services—0.68%
AXA Equitable Holdings, Inc.		42,100		946,408
Berkshire Hathaway, Inc., Class B^B		13,319		2,736,122

				3,682,530

Insurance—2.80%
American International Group, Inc.		86,933		4,867,379
Aon PLC		9,300		1,760,025

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Financials—14.69% (continued)
Insurance—2.80% (continued)
BB Seguridade Participacoes S.A., Sponsored ADR		83,700	$	706,428
Chubb Ltd.		8,300		1,268,572
IRB Brasil Resseguros S/A		19,800		492,879
Ping An Insurance Group Co. of China Ltd., Class H^A		137,500		1,630,858
Prudential PLC^A		66,102		1,363,280
RSA Insurance Group PLC^A		77,900		531,837
Sampo OYJ, Class A^A		17,042		709,244
Sanlam Ltd.^A		162,670		840,276
Travelers Cos., Inc.		6,900		1,011,678

				15,182,456

Mortgage Real Estate Investment Trusts (REITs)—0.27%
Annaly Capital Management, Inc.		111,900		1,068,645
Two Harbors Investment Corp.		28,100		378,226

				1,446,871

Total Financials				79,625,867

Health Care—7.62%
Biotechnology—0.58%
AbbVie, Inc.		8,700		579,594
Amgen, Inc.		8,800		1,641,904
Biogen, Inc.^B		1,400		332,948
Gilead Sciences, Inc.		8,900		583,128

				3,137,574

Health Care Equipment & Supplies—1.91%
Alcon, Inc.^B		20,000		1,175,000
Danaher Corp.		15,600		2,191,800
Medtronic PLC		57,823		5,894,477
Zimmer Biomet Holdings, Inc.		8,000		1,081,040

				10,342,317

Health Care Providers & Services—1.20%
Acadia Healthcare Co., Inc.^B		23,300		744,202
Anthem, Inc.		8,605		2,535,119
CVS Health Corp.		35,176		1,965,283
Fresenius Medical Care AG & Co. KGaA^A		12,037		838,446
Sinopharm Group Co., Ltd., Class H^A		119,600		441,391

				6,524,441

Pharmaceuticals—3.93%
Astellas Pharma, Inc.^A		71,200		1,011,946
AstraZeneca PLC, ADR		14,600		633,786
Bayer AG^A		14,766		959,070
Bristol-Myers Squibb Co.		30,283		1,344,868
GlaxoSmithKline PLC, Sponsored ADR		21,900		904,032
Horizon Therapeutics PLC^B		15,900		395,751
Jazz Pharmaceuticals PLC^B		4,600		641,148
Johnson & Johnson		6,800		885,496
Merck & Co., Inc.		15,273		1,267,506
Merck KGaA^A		10,479		1,073,711
Mylan N.V.^B		20,800		434,720
Novartis AG^A		28,546		2,617,642
Novartis AG, Sponsored ADR		14,800		1,355,384
Pfizer, Inc.		28,900		1,122,476
Roche Holding AG^A		3,761		1,007,025
Sanofi^A		33,905		2,828,989
Sanofi, ADR		29,798		1,242,577
Takeda Pharmaceutical Co., Ltd.^A		31,096		1,075,893

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Health Care—7.62% (continued)
Pharmaceuticals—3.93% (continued)
Teva Pharmaceutical Industries Ltd., Sponsored ADR^B		61,792	$	490,011

				21,292,031

Total Health Care				41,296,363

Industrials—7.01%
Aerospace & Defense—1.29%
BAE Systems PLC^A		230,042		1,529,368
Embraer S.A., Sponsored ADR		10,800		218,160
General Dynamics Corp.		10,876		2,022,283
Raytheon Co.		6,019		1,097,204
Safran S.A.^A		10,124		1,450,773
United Technologies Corp.		5,075		678,020

				6,995,808

Airlines—0.39%
American Airlines Group, Inc.		50,040		1,526,720
Ryanair Holdings PLC, Sponsored ADR^B		9,462		587,874

				2,114,594

Building Products—1.33%
Allegion PLC		14,000		1,449,560
Assa Abloy AB, Class B^A		60,508		1,385,894
Cie de Saint-Gobain^A		21,153		809,984
Johnson Controls International PLC		84,523		3,587,156

				7,232,594

Construction & Engineering—0.17%
Fluor Corp.		9,200		299,092
Vinci S.A.^A		6,317		647,410

				946,502

Electrical Equipment—0.36%
ABB Ltd.^A		32,425		609,458
Eaton Corp. PLC		5,500		452,045
Vestas Wind Systems A/S^A		10,830		887,553

				1,949,056

Industrial Conglomerates—1.20%
CK Hutchison Holdings Ltd.^A		104,500		977,657
General Electric Co.		305,349		3,190,897
Honeywell International, Inc.		8,227		1,418,829
Siemens AG^A		8,118		891,142

				6,478,525

Machinery—1.27%
CNH Industrial N.V.		116,400		1,176,804
Cummins, Inc.		7,100		1,164,400
Epiroc AB, Class A^A		73,396		803,740
Oshkosh Corp.		18,800		1,571,116
PACCAR, Inc.		4,200		294,588
Parker-Hannifin Corp.		8,500		1,488,180
Weir Group PLC^A		22,243		402,814

				6,901,642

Marine—0.12%
AP Moller—Maersk A/S, Class B^A		569		637,276
Professional Services—0.44%
RELX PLC^A		55,732		1,321,890

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Industrials—7.01% (continued)
Professional Services—0.44% (continued)
Wolters Kluwer N.V.^A		14,655	$	1,061,812

				2,383,702

Road & Rail—0.13%
Canadian National Railway Co.		7,200		681,485

Trading Companies & Distributors—0.31%
AerCap Holdings N.V.^B		18,000		981,540
Ferguson PLC^{A B}		9,390		699,344

				1,680,884

Total Industrials				38,002,068

Information Technology—7.17%
Communications Equipment—0.12%
Telefonaktiebolaget LM Ericsson, Sponsored ADR^D		74,600		649,766

Electronic Equipment, Instruments & Components—0.48%
Corning, Inc.		45,600		1,402,200
IPG Photonics Corp.^B		5,900		772,959
TE Connectivity Ltd.		4,600		425,040

				2,600,199

IT Services—0.46%
Atos SE^A		7,384		594,828
PayPal Holdings, Inc.^B		17,000		1,876,800

				2,471,628

Semiconductors & Semiconductor Equipment—2.00%
Marvell Technology Group Ltd.		51,900		1,362,894
Microchip Technology, Inc.		18,100		1,709,002
Micron Technology, Inc.^B		12,800		574,592
NVIDIA Corp.		8,500		1,434,120
NXP Semiconductors N.V.		11,200		1,157,968
QUALCOMM, Inc.		30,017		2,196,044
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		46,510		1,982,721
Texas Instruments, Inc.		3,500		437,535

				10,854,876

Software—3.24%
Adobe, Inc.^B		9,600		2,869,056
ANSYS, Inc.^B		8,500		1,726,520
Microsoft Corp.		53,132		7,240,298
Oracle Corp.		67,847		3,819,786
SAP SE^A		13,656		1,693,997
Teradata Corp.^B		5,700		208,734

				17,558,391

Technology Hardware, Storage & Peripherals—0.87%
Hewlett Packard Enterprise Co.		113,200		1,626,684
Samsung Electronics Co., Ltd., GDR^A		1,311		1,262,323
Samsung Electronics Co., Ltd., GDR		1,896		1,831,536

				4,720,543

Total Information Technology				38,855,403

Materials—4.18%
Chemicals—2.24%
Air Liquide S.A.^A		6,082		839,385
Air Products & Chemicals, Inc.		12,251		2,796,536
Corteva, Inc.^B		33,752		995,684

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Materials—4.18% (continued)
Chemicals—2.24% (continued)
Dow, Inc.^B		14,080	$	682,035
DuPont de Nemours, Inc.		20,752		1,497,464
Eastman Chemical Co.		11,400		858,990
Huntsman Corp.		23,700		487,035
Johnson Matthey PLC^A		12,164		474,111
PPG Industries, Inc.		12,800		1,502,592
Shin-Etsu Chemical Co., Ltd.^A		10,200		1,038,963
Yara International ASA^A		20,897		980,728

				12,153,523

Construction Materials—0.55%
CRH PLC^A		42,144		1,389,852
Martin Marietta Materials, Inc.		6,400		1,585,600

				2,975,452

Containers & Packaging—0.54%
Amcor PLC		58,625		622,609
Crown Holdings, Inc.^B		22,300		1,427,423
International Paper Co.		19,600		860,636

				2,910,668

Metals & Mining—0.85%
BHP Group PLC^A		31,545		753,248
Freeport-McMoRan, Inc.		16,400		181,384
Newmont Goldcorp Corp.		35,900		1,311,068
Sumitomo Metal Mining Co., Ltd.^A		34,800		989,602
Wheaton Precious Metals Corp.		52,600		1,374,981

				4,610,283

Total Materials				22,649,926

Real Estate—0.99%
Equity Real Estate Investment Trusts (REITs)—0.34%
Equity LifeStyle Properties, Inc.		7,300		907,025
Sun Communities, Inc.		7,000		929,670

				1,836,695

Real Estate Management & Development—0.65%
CK Asset Holdings Ltd.^A		162,500		1,222,391
Daiwa House Industry Co., Ltd.^A		43,936		1,244,525
Mitsui Fudosan Co., Ltd.^A		45,700		1,034,164

				3,501,080

Total Real Estate				5,337,775

Utilities—1.97%
Electric Utilities—0.72%
Entergy Corp.		15,724		1,660,769
PPL Corp.		39,900		1,182,237
Red Electrica Corp. S.A.^A		24,283		459,033
Southern Co.		10,800		606,960

				3,908,999

Gas Utilities—0.05%
ENN Energy Holdings Ltd.^A		9,500		98,201
National Fuel Gas Co.		3,900		186,186

				284,387

Multi-Utilities—1.09%
Dominion Energy, Inc.		24,876		1,848,038
E.ON SE^A		161,309		1,614,222

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Shares		Fair Value
COMMON STOCKS—65.56% (continued)
Utilities—1.97% (continued)
Multi-Utilities—1.09% (continued)
Engie S.A.^A		60,350	$	924,151
Veolia Environnement S.A.^A		59,228		1,489,468

				5,875,879

Water Utilities—0.11%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		41,600		578,656

Total Utilities				10,647,921

Total Common Stocks (Cost $336,087,335)				355,270,750

PREFERRED STOCKS—0.21% (Cost $1,233,991)
Consumer Discretionary—0.21%
Automobiles—0.21%
Volkswagen AG^{A E}		6,906		1,156,295

	Principal Amount
CORPORATE OBLIGATIONS—9.81%
Basic Materials—0.06%
Dow Chemical Co., 3.500%, Due 10/1/2024	$	146,000		151,329
Nucor Corp.,
4.125%, Due 9/15/2022		93,000		97,660
4.000%, Due 8/1/2023		95,000		100,089

				349,078

Communications—0.63%
Amazon.com, Inc., 3.875%, Due 8/22/2037		130,000		143,963
AT&T, Inc.,
3.600%, Due 7/15/2025		140,000		145,622
4.500%, Due 5/15/2035		159,000		169,361
6.350%, Due 3/15/2040		105,000		132,226
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.750%, Due 2/15/2028		190,000		191,160
Comcast Corp.,
3.150%, Due 3/1/2026		171,000		177,198
4.600%, Due 10/15/2038		155,000		179,599
Fox Corp., 5.476%, Due 1/25/2039^C		120,000		142,187
NBCUniversal Enterprise, Inc., 2.719%, Due 4/1/2021, (3-mo. USD LIBOR + 0.400%)^C F		1,725,000		1,730,710
Verizon Communications, Inc., 2.625%, Due 8/15/2026		265,000		264,746
Walt Disney Co., 6.400%, Due 12/15/2035^C		100,000		139,197

				3,415,969

Consumer, Cyclical—0.56%
American Honda Finance Corp., 3.375%, Due 12/10/2021		275,000		281,697
Aptiv Corp., 4.150%, Due 3/15/2024		160,000		167,970
Costco Wholesale Corp., 2.150%, Due 5/18/2021		430,000		430,276
Dollar General Corp., 4.125%, Due 5/1/2028		100,000		107,294
Dollar Tree, Inc., 3.700%, Due 5/15/2023		155,000		159,825
Ford Motor Credit Co. LLC, 3.810%, Due 1/9/2024		140,000		140,056
General Motors Financial Co., Inc., 3.150%, Due 6/30/2022		145,000		146,104
Home Depot, Inc., 2.700%, Due 4/1/2023		128,000		130,478
Lowe’s Cos., Inc., 2.500%, Due 4/15/2026		245,000		241,730
McDonald’s Corp., 3.700%, Due 1/30/2026		212,000		226,141
O’Reilly Automotive, Inc., 4.350%, Due 6/1/2028		245,000		267,756
Southwest Airlines Co., 2.650%, Due 11/5/2020		135,000		135,505
Starbucks Corp., 4.000%, Due 11/15/2028		170,000		185,972
Toyota Motor Credit Corp., 3.450%, Due 9/20/2023		225,000		235,460

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS—9.81% (continued)
Consumer, Cyclical—0.56% (continued)
Walmart, Inc., 3.400%, Due 6/26/2023	$	170,000	$	177,727

				3,033,991

Consumer, Non-Cyclical—1.54%
AbbVie, Inc.,
3.200%, Due 5/14/2026		155,000		155,996
4.450%, Due 5/14/2046		115,000		114,004
Amgen, Inc., 4.400%, Due 5/1/2045		160,000		170,983
Anheuser-Busch InBev Worldwide, Inc.,
4.375%, Due 4/15/2038		70,000		75,594
5.450%, Due 1/23/2039		3,305,000		4,000,322
5.550%, Due 1/23/2049		110,000		136,554
Anthem, Inc., 2.500%, Due 11/21/2020		165,000		165,228
Bayer US Finance LLC, 3.875%, Due 12/15/2023^C		225,000		232,004
Bristol-Myers Squibb Co., 3.400%, Due 7/26/2029^C		1,390,000		1,452,847
Cigna Corp., 4.125%, Due 11/15/2025^C		160,000		169,911
CVS Health Corp.,
2.125%, Due 6/1/2021		175,000		173,831
5.050%, Due 3/25/2048		100,000		108,387
Genzyme Corp., 5.000%, Due 6/15/2020		41,000		41,919
HCA, Inc., 4.125%, Due 6/15/2029		135,000		138,290
Humana, Inc., 3.150%, Due 12/1/2022		155,000		157,650
Kaiser Foundation Hospitals, 4.150%, Due 5/1/2047		70,000		79,323
Molson Coors Brewing Co., 3.000%, Due 7/15/2026		225,000		224,477
Moody’s Corp., 4.875%, Due 12/17/2048		100,000		116,371
RELX Capital, Inc., 3.500%, Due 3/16/2023		95,000		98,062
S&P Global, Inc., 4.400%, Due 2/15/2026		130,000		143,778
Zimmer Biomet Holdings, Inc., 3.550%, Due 4/1/2025		235,000		242,820
Zoetis, Inc., 3.000%, Due 9/12/2027		155,000		157,246

				8,355,597

Energy—0.34%
BP Capital Markets America, Inc., 3.796%, Due 9/21/2025		105,000		111,852
Columbia Pipeline Group, Inc., 4.500%, Due 6/1/2025		124,000		133,114
Concho Resources, Inc., 4.300%, Due 8/15/2028		180,000		192,684
Enterprise Products Operating LLC, 6.125%, Due 10/15/2039		105,000		133,173
EOG Resources, Inc., 4.150%, Due 1/15/2026		120,000		131,361
Marathon Petroleum Corp., 3.625%, Due 9/15/2024		95,000		98,700
MPLX LP,
4.125%, Due 3/1/2027		125,000		130,211
5.200%, Due 3/1/2047		54,000		57,892
ONEOK, Inc., 4.550%, Due 7/15/2028		185,000		199,457
Phillips 66, 4.300%, Due 4/1/2022		183,000		192,409
Phillips 66 Partners LP,
3.550%, Due 10/1/2026		57,000		58,149
3.750%, Due 3/1/2028		130,000		133,430
Spectra Energy Partners LP, 3.375%, Due 10/15/2026		67,000		68,725
Sunoco Logistics Partners Operations LP, 4.250%, Due 4/1/2024		57,000		59,832
Valero Energy Corp., 4.350%, Due 6/1/2028		125,000		133,814

				1,834,803

Financial—2.94%
American Campus Communities Operating Partnership LP, 3.625%, Due 11/15/2027		140,000		143,411
American Express Co.,
3.165%, Due 11/5/2021, (3-mo. USD LIBOR + 0.600%)^F		865,000		869,089
3.400%, Due 2/27/2023		270,000		278,800

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS—9.81% (continued)
Financial—2.94% (continued)
American Express Co. (continued)
4.200%, Due 11/6/2025	$	240,000	$	261,000
4.050%, Due 12/3/2042		95,000		105,390
Bank of America Corp.,
3.124%, Due 1/20/2023, (3-mo. USD LIBOR + 1.160%)^F		345,000		350,062
5.000%, Due 1/21/2044		445,000		547,879
Bank of New York Mellon Corp., 3.250%, Due 5/16/2027		310,000		322,634
BB&T Corp., 2.750%, Due 4/1/2022		360,000		363,328
Boston Properties LP, 3.200%, Due 1/15/2025		275,000		281,876
Camden Property Trust, 3.150%, Due 7/1/2029		145,000		148,546
Capital One Financial Corp., 2.500%, Due 5/12/2020		215,000		214,936
CBOE Global Markets, Inc., 3.650%, Due 1/12/2027		175,000		185,277
Chubb INA Holdings, Inc., 3.350%, Due 5/3/2026		140,000		147,202
Citibank NA, 2.885%, Due 2/12/2021, (3-mo. USD LIBOR + 0.350%)^F		1,560,000		1,561,397
Citigroup, Inc., 3.887%, Due 1/10/2028, (3-mo. USD LIBOR + 1.563%)^F		600,000		634,220
CNA Financial Corp., 3.900%, Due 5/1/2029		120,000		126,028
Crown Castle International Corp., 3.400%, Due 2/15/2021		171,000		173,003
Digital Realty Trust LP, 3.700%, Due 8/15/2027		165,000		170,945
ERP Operating LP, 3.000%, Due 4/15/2023		93,000		95,090
Goldman Sachs Group, Inc.,
2.908%, Due 6/5/2023, (3-mo. USD LIBOR + 1.053%)^F		395,000		398,223
3.500%, Due 1/23/2025		145,000		149,866
3.272%, Due 9/29/2025, (3-mo. USD LIBOR + 1.201%)^F		160,000		163,327
HCP, Inc., 3.250%, Due 7/15/2026		160,000		161,876
Intercontinental Exchange, Inc., 2.750%, Due 12/1/2020		113,000		113,518
JPMorgan Chase & Co.,
3.797%, Due 7/23/2024, (3-mo. USD LIBOR + 0.890%)^F		315,000		329,747
3.782%, Due 2/1/2028, (3-mo. USD LIBOR + 1.337%)^F		235,000		249,740
3.882%, Due 7/24/2038, (3-mo. USD LIBOR + 1.360%)^F		205,000		218,457
KeyCorp, 5.100%, Due 3/24/2021		140,000		146,004
Liberty Mutual Group, Inc.,
4.250%, Due 6/15/2023^C		27,000		28,474
4.569%, Due 2/1/2029^C		95,000		104,793
Metropolitan Life Global Funding, 2.533%, Due 1/8/2021, (3-mo. USD LIBOR + 0.230%)^{C F}		1,390,000		1,390,466
Morgan Stanley,
3.700%, Due 10/23/2024		330,000		346,041
3.591%, Due 7/22/2028, (3-mo. USD LIBOR + 1.340%)^F		260,000		270,048
PNC Financial Services Group, Inc., 3.500%, Due 1/23/2024		235,000		245,923
Prudential Financial, Inc., 4.350%, Due 2/25/2050		150,000		170,694
Public Storage, 2.370%, Due 9/15/2022		225,000		225,816
Raymond James Financial, Inc., 3.625%, Due 9/15/2026		235,000		244,041
State Street Corp., 3.300%, Due 12/16/2024		255,000		265,035
SunTrust Bank, 2.450%, Due 8/1/2022		195,000		195,137
US Bancorp,
3.375%, Due 2/5/2024		135,000		140,746
2.400%, Due 7/30/2024		315,000		314,469
Ventas Realty LP, 5.700%, Due 9/30/2043		70,000		86,269
Visa, Inc., 3.150%, Due 12/14/2025		165,000		172,189
Wells Fargo & Co.,
3.292%, Due 7/26/2021, (3-mo. USD LIBOR + 1.025%)^F		2,238,000		2,264,156
3.584%, Due 5/22/2028, (3-mo. USD LIBOR + 1.310%)^F		395,000		412,780
4.750%, Due 12/7/2046		150,000		172,468

				15,960,416

Industrial—0.49%
Burlington Northern Santa Fe LLC, 3.650%, Due 9/1/2025		140,000		148,326
Caterpillar Financial Services Corp., 2.650%, Due 5/17/2021, Series I		285,000		287,272
Eaton Corp., 2.750%, Due 11/2/2022		160,000		161,334

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS—9.81% (continued)
Industrial—0.49% (continued)
General Electric Co., 3.450%, Due 5/15/2024	$	160,000	$	164,274
John Deere Capital Corp.,
1.950%, Due 6/22/2020		265,000		264,087
2.150%, Due 9/8/2022		175,000		174,107
Lockheed Martin Corp., 3.550%, Due 1/15/2026		190,000		202,594
Martin Marietta Materials, Inc., 4.250%, Due 12/15/2047		175,000		165,079
Northrop Grumman Corp., 3.850%, Due 4/15/2045		270,000		280,606
Republic Services, Inc., 2.500%, Due 8/15/2024		160,000		159,745
Union Pacific Corp., 4.100%, Due 9/15/2067		170,000		168,646
United Technologies Corp.,
1.900%, Due 5/4/2020		235,000		233,982
4.125%, Due 11/16/2028		200,000		221,018

				2,631,070

Technology—2.63%
Analog Devices, Inc., 3.900%, Due 12/15/2025		160,000		169,449
Apple, Inc., 2.850%, Due 5/11/2024		460,000		472,046
Autodesk, Inc., 3.500%, Due 6/15/2027		125,000		126,948
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.125%, Due 1/15/2025		145,000		140,695
Broadridge Financial Solutions, Inc., 3.400%, Due 6/27/2026		150,000		156,016
Dell International LLC / EMC Corp.,
4.420%, Due 6/15/2021^C		365,000		375,297
5.300%, Due 10/1/2029^C		2,440,000		2,595,154
Fiserv, Inc., 3.200%, Due 7/1/2026		165,000		168,365
Hewlett Packard Enterprise Co., 6.350%, Due 10/15/2045		3,540,000		4,001,372
Intel Corp., 3.300%, Due 10/1/2021		174,000		178,162
International Business Machines Corp., 4.250%, Due 5/15/2049		2,000,000		2,167,361
Micron Technology, Inc., 5.327%, Due 2/6/2029		2,495,000		2,653,605
Microsoft Corp., 4.450%, Due 11/3/2045		240,000		290,011
Oracle Corp.,
2.500%, Due 5/15/2022		285,000		286,707
4.300%, Due 7/8/2034		283,000		321,639
QUALCOMM, Inc., 2.900%, Due 5/20/2024		125,000		126,949

				14,229,776

Utilities—0.62%
American Electric Power Co., Inc., 3.650%, Due 12/1/2021, Series I		170,000		174,861
Appalachian Power Co., 4.500%, Due 3/1/2049, Series Y		60,000		69,343
Berkshire Hathaway Energy Co., 6.125%, Due 4/1/2036		78,000		105,882
Consolidated Edison Co. of New York, Inc., 4.625%, Due 12/1/2054		65,000		75,157
Delmarva Power & Light Co., 3.500%, Due 11/15/2023		114,000		119,031
Dominion Energy, Inc., 2.579%, Due 7/1/2020		175,000		175,017
DPL, Inc., 7.250%, Due 10/15/2021		339,000		363,154
Duke Energy Corp.,
3.550%, Due 9/15/2021		245,000		250,485
3.750%, Due 4/15/2024		160,000		168,096
Duke Energy Progress LLC, 4.150%, Due 12/1/2044		215,000		237,093
Entergy Louisiana, LLC, 4.000%, Due 3/15/2033		122,000		135,465
Florida Power & Light Co., 3.950%, Due 3/1/2048		105,000		116,013
MidAmerican Energy Co., 3.100%, Due 5/1/2027		185,000		191,355
National Fuel Gas Co., 3.950%, Due 9/15/2027		235,000		236,014
National Rural Utilities Cooperative Finance Corp.,
2.950%, Due 2/7/2024		140,000		143,148
4.300%, Due 3/15/2049		105,000		120,511
Nevada Power Co., 2.750%, Due 4/15/2020, Series BB		100,000		100,274
NiSource, Inc.,
3.490%, Due 5/15/2027		105,000		108,851
3.950%, Due 3/30/2048		175,000		178,843

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
CORPORATE OBLIGATIONS—9.81% (continued)
Utilities—0.62% (continued)
Southern Power Co., 4.150%, Due 12/1/2025	$	101,000	$	107,584
WEC Energy Group, Inc., 3.550%, Due 6/15/2025		171,000		179,565

				3,355,742

Total Corporate Obligations (Cost $50,493,696)				53,166,442

FOREIGN CORPORATE OBLIGATIONS—1.05%
Basic Materials—0.07%
ArcelorMittal, 3.600%, Due 7/16/2024		165,000		166,258
Nutrien Ltd., 4.000%, Due 12/15/2026		151,000		160,033
Teck Resources Ltd., 6.000%, Due 8/15/2040		65,000		71,008

				397,299

Communications—0.07%
Bell Canada, Inc., 4.464%, Due 4/1/2048		90,000		99,405
Rogers Communications, Inc., 3.625%, Due 12/15/2025		160,000		169,105
TELUS Corp., 2.800%, Due 2/16/2027		106,000		104,873

				373,383

Consumer, Non-Cyclical—0.09%
Coca-Cola Femsa S.A.B. de C.V., 3.875%, Due 11/26/2023		120,000		126,138
Sanofi, 4.000%, Due 3/29/2021		170,000		174,496
Shire Acquisitions Investments Ireland DAC, 2.875%, Due 9/23/2023		165,000		166,730

				467,364

Energy—0.44%
Canadian Natural Resources Ltd., 3.900%, Due 2/1/2025		145,000		151,814
Saudi Arabian Oil Co., 4.375%, Due 4/16/2049^C		2,160,000		2,244,782

				2,396,596

Financial—0.36%
Bank of Montreal, 3.300%, Due 2/5/2024		310,000		320,112
HSBC Holdings PLC, 3.262%, Due 3/13/2023, (3-mo. USD LIBOR + 1.055%)^F		302,000		306,124
Mitsubishi UFJ Financial Group, Inc., 2.623%, Due 7/18/2022		190,000		190,150
Royal Bank of Canada, 3.200%, Due 4/30/2021		275,000		279,514
Toronto-Dominion Bank, 3.250%, Due 3/11/2024		510,000		527,472
Trinity Acquisition PLC, 4.400%, Due 3/15/2026		143,000		153,631
Westpac Banking Corp., 2.650%, Due 1/25/2021		175,000		175,967

				1,952,970

Industrial—0.02%
CNH Industrial N.V., 3.850%, Due 11/15/2027		85,000		86,335

Total Foreign Corporate Obligations (Cost $5,452,729)				5,673,947

FOREIGN SOVEREIGN OBLIGATIONS—0.21%
European Investment Bank, 2.375%, Due 6/15/2022		270,000		273,641
Kreditanstalt fuer Wiederaufbau, 2.125%, Due 6/15/2022		245,000		246,491
Panama Government International Bond, 3.160%, Due 1/23/2030		95,000		95,855
Province of Ontario Canada, 2.500%, Due 4/27/2026		265,000		269,413
Province of Quebec Canada, 2.375%, Due 1/31/2022		260,000		262,226

Total Foreign Sovereign Obligations (Cost $1,133,355)				1,147,626

ASSET-BACKED OBLIGATIONS—0.54%
Ally Auto Receivables Trust, 1.750%, Due 12/15/2021, 2017 4 A3		346,415		345,565
Americredit Automobile Receivables Trust, 1.530%, Due 7/8/2021, 2016 4 A3		32,734		32,711

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
ASSET-BACKED OBLIGATIONS—0.54% (continued)
AmeriCredit Automobile Receivables Trust, 1.900%, Due 3/18/2022, 2017 3 A3	$	249,723	$	249,161
BMW Vehicle Lease Trust, 2.840%, Due 11/22/2021, 2019 1 A3		210,000		211,607
Ford Credit Auto Lease Trust,
2.030%, Due 12/15/2020, 2017 B A3		229,653		229,499
2.220%, Due 10/15/2022, 2019 B A3		400,000		399,560
GM Financial Automobile Leasing Trust, 2.980%, Due 12/20/2021, 2019 1 A3		150,000		151,443
GM Financial Consumer Automobile Receivables Trust, 2.320%, Due 7/18/2022, 2018 1 A3		165,000		165,031
John Deere Owner Trust, 3.080%, Due 11/15/2022, 2018 B A3		350,000		353,589
Mercedes-Benz Auto Lease Trust, 3.100%, Due 11/15/2021, 2019 A A3		210,000		211,873
Nissan Auto Receivables Owner Trust, 2.120%, Due 4/18/2022, 2017 C A3		165,000		164,795
PSNH Funding LLC, 3.094%, Due 2/1/2026, 2018 1 A1		204,390		208,158
World Omni Auto Receivables Trust, 1.950%, Due 2/15/2023, 2017 B A3		210,000		209,276

Total Asset-Backed Obligations (Cost $2,922,586)				2,932,268

COLLATERALIZED MORTGAGE OBLIGATIONS—0.06% (Cost $336,727)
Freddie Mac REMIC Trust, 3.000%, Due 1/15/2047		336,636		340,991

COMMERCIAL MORTGAGE-BACKED OBLIGATIONS—0.18%
Bank, 3.183%, Due 8/15/2061, 2019-BN19 A3		450,000		465,678
JPMBB Commercial Mortgage Securities Trust, 3.157%, Due 7/15/2045, 2013-C12 ASB		248,444		250,729
WFRBS Commercial Mortgage Trust, 3.660%, Due 3/15/2047, 2014-C19 A3		230,580		233,777

Total Commercial Mortgage-Backed Obligations (Cost $957,616)				950,184

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS—4.64%
3.500%, Due 9/1/2028		202,619		210,843
3.000%, Due 11/1/2032		218,397		223,129
3.000%, Due 8/1/2034		420,000		428,401
3.500%, Due 7/1/2042		214,146		223,290
3.500%, Due 5/1/2046		665,064		692,065
3.000%, Due 11/1/2046		551,237		559,708
3.000%, Due 4/1/2047		557,482		565,992
3.500%, Due 1/1/2048		659,888		681,924
4.000%, Due 4/1/2048		520,526		541,990
3.000%, Due 8/1/2048		560,538		568,417
Federal National Mortgage Association,
3.500%, Due 1/1/2028		93,153		96,365
4.000%, Due 10/1/2033		421,394		440,306
4.500%, Due 4/1/2034		160,875		171,783
3.500%, Due 6/1/2037		301,724		313,021
5.500%, Due 6/1/2038		25,020		27,967
5.000%, Due 5/1/2040		187,120		203,949
5.000%, Due 6/1/2040		150,231		163,861
5.000%, Due 3/1/2042		86,947		94,854
3.500%, Due 7/1/2043		150,027		157,066
4.000%, Due 11/1/2044		121,220		129,334
4.000%, Due 7/1/2045		867,773		912,781
3.500%, Due 8/1/2045		132,478		136,916
3.000%, Due 4/1/2046		209,118		212,748
3.500%, Due 5/1/2046		504,997		523,681
3.000%, Due 6/1/2046		574,634		583,202
4.000%, Due 7/1/2046		301,501		317,694
3.000%, Due 10/1/2046		1,256,128		1,274,568
3.000%, Due 11/1/2046		552,846		561,004
3.500%, Due 11/1/2046		834,806		864,481
3.000%, Due 12/1/2046		357,411		362,695
3.000%, Due 2/1/2047		545,722		555,028
3.500%, Due 3/1/2047		109,487		113,209
4.500%, Due 7/1/2047		132,726		140,365

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


	Principal Amount		Fair Value
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS—4.64% (continued)
Federal National Mortgage Association (continued)
4.500%, Due 8/1/2047	$	299,313	$	316,303
3.500%, Due 9/1/2047		249,039		258,437
4.000%, Due 9/1/2047		502,418		525,537
4.000%, Due 11/1/2047		522,789		546,711
3.500%, Due 2/1/2048		502,524		517,232
4.000%, Due 3/1/2048		623,655		648,969
4.000%, Due 4/1/2048		972,452		1,013,983
4.500%, Due 7/1/2048		372,500		392,111
3.000%, Due 10/1/2048		339,138		342,667
3.500%, Due 12/1/2048		1,232,230		1,270,880
4.500%, Due 3/1/2049		1,209,310		1,271,143
Government National Mortgage Association,
5.000%, Due 10/15/2039		99,401		109,993
3.500%, Due 9/15/2041		299,516		311,625
3.000%, Due 1/20/2046		525,091		539,867
3.000%, Due 4/20/2046		342,857		352,060
3.000%, Due 6/20/2046		262,319		269,283
3.000%, Due 12/20/2046		325,637		334,366
3.500%, Due 8/20/2047		174,864		181,031
3.500%, Due 10/20/2047		217,728		225,263
4.000%, Due 12/20/2047		442,930		462,486
4.000%, Due 1/20/2048		440,547		459,635
4.500%, Due 12/20/2048		244,225		254,551
5.000%, Due 1/20/2049		237,958		249,449
5.000%, Due 6/20/2049		658,548		695,461
4.500%, Due 7/20/2049		490,000		514,235

Total U.S. Agency Mortgage-Backed Obligations (Cost $24,731,733)				25,115,915

U.S. TREASURY OBLIGATIONS—14.69%
U.S. Treasury Notes/Bonds,
2.126%, Due 10/31/2020, (3-mo. Treasury money market yeild + 0.045%)^F		1,170,000		1,168,291
2.196%, Due 1/31/2021, (3-mo. Treasury money market yeild + 0.115%)^F		4,450,000		4,446,004
2.220%, Due 4/30/2021, (3-mo. Treasury money market yeild + 0.139%)^F		22,320,000		22,313,470
2.000%, Due 2/15/2022		4,685,000		4,700,556
1.750%, Due 1/31/2023		475,000		473,312
2.375%, Due 8/15/2024		8,340,000		8,543,613
2.875%, Due 8/15/2028		18,790,000		20,135,393
2.625%, Due 2/15/2029		2,920,000		3,072,273
3.000%, Due 8/15/2048		8,215,000		9,004,410
3.000%, Due 2/15/2049		5,260,000		5,773,055

Total U.S. Treasury Obligations (Cost $77,735,590)				79,630,377


	Shares
SHORT-TERM INVESTMENTS—2.71% (Cost $14,698,306)
Investment Companies—2.71%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.28%^{G H}		14,698,306		14,698,306

SECURITIES LENDING COLLATERAL—0.25% (Cost $1,358,833)
Investment Companies—0.25%
American Beacon U.S. Government Money Market Select Fund, Select Class, 2.28%^{G H}		1,358,833		1,358,833

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)

TOTAL INVESTMENTS—99.91% (Cost $517,142,497)

541,441,934

OTHER ASSETS, NET OF LIABILITIES—0.09%

472,099

TOTAL NET ASSETS—100.00%

541,914,033

Percentages are stated as a percent of net assets.

^A	Fair valued pursuant to procedures approved by the Board of Trustees. At period end, the value of these securities amounted to $98,723,962 or 18.22% of net assets.

^B	Non-income producing security.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $11,324,409 or 2.09% of net assets. The Fund has no right to demand registration of these securities.

^D	All or a portion of this security is on loan at July 31, 2019.

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

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, LIBOR or PRIME plus a fixed spread. The interest rate disclosed reflects the rate in effect on July 31, 2019.

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

^H	7-day yield.

ADR—American Depositary Receipt.

GDR—Global Depositary Receipt.

LIBOR—London Interbank Offering Rate.

LLC—Limited Liability Company.

LP—Limited Partnership.

NVDR—Non Voting Depositary Receipt.

PCL—Public Company Limited (Thailand).

PLC—Public Limited Company.

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

Long Futures Contracts Open on July 31, 2019:

Equity Futures Contracts


Description	Number of Contracts	Expiration Date	Notional Amount		Contract Value		Unrealized Appreciation (Depreciation)
Mini MSCI EAFE Index Futures	35	September 2019	$	3,385,204	$	3,299,275	$	(85,929	)
Mini MSCI Emerging Markets Index Futures	26	September 2019		1,378,534		1,333,280		(45,254	)
S&P 500 E-Mini Index Futures	43	September 2019		6,453,621		6,411,945		(41,676	)

			$	11,217,359	$	11,044,500	$	(172,859	)

Index Abbreviations:


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

The Fund’s investments are summarized by level based on the inputs used to determine their values. As of July 31, 2019, the investments were classified as described below:


Diversified Fund	Level 1		Level 2		Level 3		Total
*Assets*
Common Stocks	$	257,703,083	$	97,567,667	$	—	$	355,270,750
Preferred Stocks		—		1,156,295		—		1,156,295
Corporate Obligations		—		53,166,442		—		53,166,442
Foreign Corporate Obligations		—		5,673,947		—		5,673,947
Foreign Sovereign Obligations		—		1,147,626		—		1,147,626
Asset-Backed Obligations		—		2,932,268		—		2,932,268
Collateralized Mortgage Obligations		—		340,991		—		340,991

See accompanying notes

American Beacon Diversified Fund^SM

Schedule of Investments

July 31, 2019 (Unaudited)


Diversified Fund	Level 1			Level 2		Level 3		Total
*Assets*
Commercial Mortgage-Backed Obligations		—			950,184		—		950,184
U.S. Agency Mortgage-Backed Obligations		—			25,115,915		—		25,115,915
U.S. Treasury Obligations		—			79,630,377		—		79,630,377
Short Term Investments		14,698,306			—		—		14,698,306
Securities Lending Collateral		1,358,833			—		—		1,358,833

Total Investments in Securities—Assets	$	273,760,222		$	267,681,712	$	—	$	541,441,934


*Financial Derivative Instruments—Liabilities*
Futures Contracts	$	(172,859	)	$	—	$	—	$	(172,859	)

Total Financial Derivative Instruments—Liabilities	$	(172,859	)	$	—	$	—	$	(172,859	)

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the period ended July 31, 2019, there were no transfers into or out of Level 3.

See accompanying notes

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

July 31, 2019 (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, 2019, the Trust consists of one active series presented in this filing: American Beacon Diversified Fund (a “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.

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

July 31, 2019 (Unaudited)

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.

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.

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

July 31, 2019 (Unaudited)


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.

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

July 31, 2019 (Unaudited)

exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Securities Lending

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

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

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

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

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

As of July 31, 2019, the value of outstanding securities on loan and the value of collateral were as follows:


Fund	Market Value of Securities on Loan		Cash Collateral Received		Non-Cash Collateral Received		Total Collateral Received
Diversified	$	1,279,984	$	1,358,833	$	—	$	1,358,833

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

American Beacon Diversified Fund^SM

Supplementary Notes to Schedule of Investments

July 31, 2019 (Unaudited)

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 two year period ended October 31, 2018 remains subject to examination by the Internal Revenue Service.

Cost of Investments for Federal Income Tax Purposes

As of July 31, 2019, the Fund’s cost of investments for federal income tax purposes were as follows:


Fund	Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Diversified	$	517,142,497	$	49,753,038	$	(25,453,601	)	$	24,299,437

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, 2018, the Fund did not have any capital loss carryforwards.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive office and principal financial officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Investment Company Act”) as of date within 90 days of the filing date of this report and have concluded based on such evaluation, that the Registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There was no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the Registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270:30a-2(a)) is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN BEACON INSTITUTIONAL FUNDS


By:		/s/Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: September 27, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By:		/s/Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: September 27, 2019


By:		/s/Melinda G. Heika
		Melinda G. Heika
		Treasurer

Date: September 27, 2019

Certifications

I, Gene L. Needles, Jr., certify that:

1.	I have reviewed this report on Form N-Q of American Beacon Institutional Funds.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c.) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.	The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: September 27, 2019						/s/Gene L. Needles, Jr.
						Gene L. Needles, Jr., President

I, Melinda G. Heika, certify that:

1.	I have reviewed this report on Form N-Q of American Beacon Institutional Funds.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

5.	The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: September 27, 2019						/s/Melinda G. Heika
						Melinda G. Heika, Treasurer