# EDGAR Filing Document

**Accession Number:** 0001700933
**File Stem:** 0001193125-26-005790
**Filing Date:** 2026-1
**Character Count:** 250455
**Document Hash:** 2e4ff392d80cf000c06b11f37c5bc59e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005790.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005790

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Beacon Institutional Funds Trust
- **CENTRAL INDEX KEY:** 0001700933

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23239
- **FILM NUMBER:** 26514644

**BUSINESS ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 817-391-6100

**MAIL ADDRESS:**
- **STREET 1:** 220 EAST LAS COLINAS BOULEVARD
- **STREET 2:** SUITE 1200
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

## Series and Classes Contracts Data

### American Beacon Diversified Fund (Series ID: S000057856)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000186839 | AAL Class    | ZABDFX          |

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23239

## AMERICAN BEACON INSTITUTIONAL FUNDS TRUST

#### (Exact name of registrant as specified in charter)

#### 220 East Las Colinas Boulevard, Suite 1200

#### Irving, Texas 75039

#### (Address of principal executive offices)-(Zip code)

#### GREGORY J. STUMM, PRINCIPAL EXECUTIVE OFFICER

#### 220 East Las Colinas Boulevard, 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, 2025

#### Date of reporting period: October 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Reports to Shareholders

# American Beacon
![Image](g43382iccf2ff5bce2b371d50d2.jpg)

# Diversified Fund
Annual Shareholder Report - October 31, 2025 \| Class AAL: ZABDFX

This annual shareholder report contains important information about American Beacon Diversified Fund for the period of November 1, 2024 to October 31, 2025. You can request this information by contacting us at 800-658-5811.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AAL | $44 | 0.42% |

---

## How did the Fund perform and what affected its performance?
The AAL Class of the Fund returned 10.72% for the twelve months ended October 31, 2025, compared to the S&P 500 Index return of 21.45%.

• Broad market performance rallied during the twelve-month period as an easing of monetary policy began and risk-on sentiment drove performance within the AI theme domestically. Additionally, the international equity markets rallied as valuations rose.

• The Fund's equity holdings in the Industrials, Information Technology, and Financials sectors contributed to the Fund's performance, while security selection in the Health Care sector detracted from performance.

## **Cumulative Performance from March 24, 2017 through October 31, 2025** 
The initial investment, based on a $100,000 investment, is adjusted to reflect the maximum applicable sales charge, if any.

![Growth of 10K Chart](g43382ia02c08873a2a718a2bf9.jpg)

---

| | | |
|:---|:---|:---|
| **#ERROR:A result could not be returned because the conditional could not be evaluated to a True/False value (#ERROR:Invalid Formula (#!=""), 'Multiple values from an iterator cannot be used in a formula unless they are aggregrated.')** | **AAL** | **S&P 500<sup>®</sup> Index TR** |
| **03/2017** | $100000 | $100000 |
| **03/2017** | $101300 | $100739 |
| **04/2017** | $101800 | $101774 |
| **05/2017** | $103000 | $103206 |
| **06/2017** | $104000 | $103850 |
| **07/2017** | $105800 | $105985 |
| **08/2017** | $105100 | $106310 |
| **09/2017** | $107800 | $108503 |
| **10/2017** | $109000 | $111035 |
| **11/2017** | $110500 | $114440 |
| **12/2017** | $112213 | $115713 |
| **01/2018** | $116713 | $122338 |
| **02/2018** | $111906 | $117829 |
| **03/2018** | $110678 | $114834 |
| **04/2018** | $111394 | $115275 |
| **05/2018** | $111292 | $118051 |
| **06/2018** | $111087 | $118778 |
| **07/2018** | $113849 | $123198 |
| **08/2018** | $113542 | $127212 |
| **09/2018** | $113849 | $127936 |
| **10/2018** | $107303 | $119192 |
| **11/2018** | $108223 | $121621 |
| **12/2018** | $101924 | $109694 |
| **01/2019** | $109025 | $119506 |
| **02/2019** | $110991 | $123343 |
| **03/2019** | $111537 | $125739 |
| **04/2019** | $115033 | $130831 |
| **05/2019** | $109571 | $122517 |
| **06/2019** | $115689 | $131151 |
| **07/2019** | $115470 | $133036 |
| **08/2019** | $114487 | $130929 |
| **09/2019** | $116781 | $133378 |
| **10/2019** | $118857 | $136267 |
| **11/2019** | $120932 | $141214 |
| **12/2019** | $123733 | $145476 |
| **01/2020** | $121344 | $145419 |
| **02/2020** | $114407 | $133448 |
| **03/2020** | $100533 | $116965 |
| **04/2020** | $108493 | $131960 |
| **05/2020** | $112815 | $138245 |
| **06/2020** | $115431 | $140994 |
| **07/2020** | $119752 | $148944 |
| **08/2020** | $122709 | $159650 |
| **09/2020** | $120548 | $153584 |
| **10/2020** | $120093 | $149500 |
| **11/2020** | $132603 | $165864 |
| **12/2020** | $137661 | $172242 |
| **01/2021** | $136718 | $170503 |
| **02/2021** | $141786 | $175204 |
| **03/2021** | $145558 | $182877 |
| **04/2021** | $149919 | $192637 |
| **05/2021** | $152630 | $193983 |
| **06/2021** | $152512 | $198511 |
| **07/2021** | $153219 | $203227 |
| **08/2021** | $155340 | $209406 |
| **09/2021** | $151215 | $199667 |
| **10/2021** | $156165 | $213656 |
| **11/2021** | $152276 | $212175 |
| **12/2021** | $157113 | $221684 |
| **01/2022** | $152738 | $210213 |
| **02/2022** | $149521 | $203919 |
| **03/2022** | $149521 | $211490 |
| **04/2022** | $141543 | $193048 |
| **05/2022** | $144116 | $193402 |
| **06/2022** | $134337 | $177438 |
| **07/2022** | $141929 | $193798 |
| **08/2022** | $136911 | $185895 |
| **09/2022** | $125587 | $168774 |
| **10/2022** | $132664 | $182438 |
| **11/2022** | $141800 | $192634 |
| **12/2022** | $137763 | $181535 |
| **01/2023** | $146651 | $192942 |
| **02/2023** | $142207 | $188234 |
| **03/2023** | $143958 | $195145 |
| **04/2023** | $145035 | $198191 |
| **05/2023** | $141938 | $199053 |
| **06/2023** | $147729 | $212205 |
| **07/2023** | $151230 | $219022 |
| **08/2023** | $147325 | $215535 |
| **09/2023** | $141669 | $205259 |
| **10/2023** | $137763 | $200943 |
| **11/2023** | $148402 | $219294 |
| **12/2023** | $156146 | $229257 |
| **01/2024** | $156697 | $233109 |
| **02/2024** | $160008 | $245556 |
| **03/2024** | $165250 | $253457 |
| **04/2024** | $158629 | $243104 |
| **05/2024** | $163594 | $255159 |
| **06/2024** | $163594 | $264314 |
| **07/2024** | $168698 | $267532 |
| **08/2024** | $172836 | $274021 |
| **09/2024** | $174767 | $279873 |
| **10/2024** | $171043 | $277335 |
| **11/2024** | $175733 | $293615 |
| **12/2024** | $168347 | $286616 |
| **01/2025** | $173529 | $294598 |
| **02/2025** | $175306 | $290754 |
| **03/2025** | $171900 | $274371 |
| **04/2025** | $170864 | $272511 |
| **05/2025** | $176342 | $289664 |
| **06/2025** | $181969 | $304394 |
| **07/2025** | $181228 | $311226 |
| **08/2025** | $186262 | $317535 |
| **09/2025** | $189372 | $329125 |
| **10/2025** | $189372 | $336831 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **1 Year** | **5 Years** | **Since Inception (3/24/17)** |
| AAL Class<sup>Footnote Reference1</sup> | 10.72% | 9.54% | 7.70% |
| S&P 500<sup>®</sup> Index TR | 21.45% | 17.64% | 15.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;*Footnote<sup>1</sup>*  | &nbsp;&nbsp;*Return may differ from actual shareholder return due to accounting adjustments for financial reporting purposes.* |

---

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, please visit americanbeaconfunds.com or call 800-967-9009. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

## What did the Fund invest in?

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $580482746 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 84% |
| Total Management Fees Paid | $1854811 |

---

### Top Ten Holdings - % Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.250%, Due 8/15/2035 | 4.8 |
| U.S. Treasury Notes, 3.625%, Due 10/31/2030 | 3.8 |
| U.S. Treasury Bonds, 4.750%, Due 8/15/2055 | 2 |
| U.S. Treasury Notes, 4.875%, Due 4/30/2026 | 1.2 |
| U.S. Treasury Notes, 3.625%, Due 8/31/2030 | 1 |
| U.S. Treasury Floating Rate Notes, 3.925%, Due 7/31/2027 | 1 |
| U.S. Treasury Floating Rate Notes, 3.926%, Due 4/30/2027 | 1 |
| American International Group, Inc. | 1 |
| U.S. Treasury Notes, 2.250%, Due 11/15/2025 | 1 |
| Medtronic PLC | 0.9 |

---

Excludes cash equivalents.

### Top Ten Country Exposure - % Investments
![Group By Country Chart](g43382ie0e545913cadb0a258fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 0.9 |
| Taiwan | 1.1 |
| Netherlands | 1.1 |
| China | 1.3 |
| Canada | 1.9 |
| France | 1.9 |
| Germany | 2.2 |
| Japan | 2.5 |
| United Kingdom | 3.5 |
| United States | 78.2 |

---

Excludes cash equivalents.

### Sector Allocation - % Equities
![Group By Industry Chart](g43382i4bce7d0900c2b794a25a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4 |
| Consumer Staples | 4.9 |
| Utilities | 4.9 |
| Materials | 5.6 |
| Energy | 6.0 |
| Communication Services | 6.4 |
| Consumer Discretionary | 9.9 |
| Health Care | 10.0 |
| Industrials | 15.0 |
| Information Technology | 15.6 |
| Financials | 20.3 |

---

### Top Ten Industry Allocations - % Fixed Income
![Group By Sector Chart](g43382ibc6c2a3c4355f0c6db6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investment Companies | 0.7 |
| Agriculture | 0.7 |
| Insurance | 0.7 |
| Pharmaceuticals | 0.9 |
| Media | 1.6 |
| Banks | 2.2 |
| Asset-Backed Obligations | 2.7 |
| Electric | 5.1 |
| U.S. Agency Mortgage-Backed Obligations | 31.5 |
| U.S. Treasury Obligations | 51.1 |

---

### Asset Allocation - % Investments
![Group By Asset Type Chart](g43382i09780366576e54445182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 43.0 |
| Foreign Common Stocks | 19.4 |
| U.S. Treasury Obligations | 17.2 |
| U.S. Agency Mortgage-Backed Obligations | 10.6 |
| Corporate Obligations | 3.4 |
| Investment Companies | 2.9 |
| Foreign Corporate Obligations | 1.3 |
| Securities Lending Collateral | 0.9 |
| Asset-Backed Obligations | 0.9 |
| Foreign Sovereign Obligations | 0.2 |
| Foreign Preferred Stocks | 0.1 |
| Commercial Mortgage-Backed Obligations | 0.1 |

---

The Fund may purchase and sell futures contracts to gain market exposure on cash balances.

## Additional Information
For additional information about the Fund, including its prospectus, financial statements, holdings, and proxy voting information, please call 1-800-658-5811.

#### Householding
If your financial institution mailed only one copy of this Report to an address shared by more than one account, you can request an individual copy by contacting your financial institution.

# Diversified Fund
![Image](g43382iccf2ff5bce2b371d50d2.jpg)

Annual Shareholder Report - October 31, 2025

# Class AAL: ZABDFX

#### Distributed by:
Resolute Investment Distributors, Inc.

DIV_AAL 1025

------

Item 2. Code of Ethics

The registrant adopted a code of ethics (the "Code") that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant amended the Code on June 14, 2024 to update the name of the Principal Executive Officer. The registrant has not granted any waivers from the provisions of the Code during the period covered by the shareholder reports presented in Item 1. The Code is filed herewith as Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees of the Trust has determined that Claudia Holz, a member of the Trust's Audit and Compliance Committee, is the "audit committee financial expert" as defined in Form N-CSR. Ms. Holz is considered "independent" as defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to all other fees category would consist of service related to internal control reviews, strategy, and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees, and all other fees by the principal accountant.

---

| | |
|:---|:---|
| (a) |  |
| Audit Fees | Fiscal Year<br>Ended |
| $49169 | 10/31/24 |
| $51442 | 10/31/25 |
| (b) |  |
| Audit Related Fees | Fiscal Year<br>Ended |
| $0 | 10/31/24 |
| $0 | 10/31/25 |
| (c) |  |
| Tax Fees<sup>(1)</sup> | Fiscal Year<br>Ended |
| $11375 | 10/31/24 |
| $8875 | 10/31/25 |
| (d) |  |
| All Other Fees | Fiscal Year<br>Ended |
| $0 | 10/31/24 |
| $0 | 10/31/25 |

---

<sup>(1)</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, tax planning, filing assistance for EU reclaims and PFIC tax services. These fees include international, federal, state, and excise tax reviews.

------

(e)(1) Pursuant to its charter, the Trust's Audit and Compliance Committee shall have the following duties and powers pertaining to pre-approval of audit and non-audit services provided by the registrant's principal accountant:

• to approve, prior to appointment, the engagement of auditors to annually audit and provide their opinion on the Trusts' financial statements, and, in connection therewith, reviewing and evaluating matters potentially affecting the independence and capabilities of the auditors;

• to approve, prior to appointment, the engagement of the auditors to provide non-audit services to the Trusts, an investment adviser to any series of the Trusts or any entity controlling, controlled by, or under common control with an investment adviser ("adviser affiliate") that provides ongoing services to the Trusts, if the engagement relates directly to the operations and financial reporting of the Trusts;

• to consider whether the non-audit services provided by a Trust's auditor to an investment adviser or any adviser affiliate that provides ongoing services to a series of the Trusts, which services were not pre-approved by the Committee, are compatible with maintaining the auditor's independence;

• to review the arrangements for and scope of the annual audit and any special audits; and

• to review and approving the fees proposed to be charged to the Trusts by the auditors for each audit and non-audit service.

The Audit and Compliance Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to a subcommittee of one or more members. Any decisions of the subcommittee to grant pre-approvals shall be presented to the full audit committee at its next regularly scheduled meeting.

(e)(2) None of the fees disclosed in paragraphs (b) through (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees for Services Rendered to the:

---

| | | | |
|:---|:---|:---|:---|
| Registrant | Adviser | Adviser's Affiliates Providing<br>Ongoing Services to Registrant | Fiscal Year<br>Ended |
| $11375 | $31575 | N/A | 10/31/24 |
| $8875 | $196894 | N/A | 10/31/25 |

---

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedules of investments for each series of the Trust are included in the shareholder reports presented in Item 7.

(b) Not applicable.

------

Financial Statements and Other Information

Name of registrant: American Beacon Institutional Funds Trust

Date of fiscal year end: October 31, 2025

Date of reporting period: October 31, 2025

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![LOGO](g91539g02a01.jpg)

------

American Beacon Diversified Fund<sup>SM</sup>

**Table of Contents**

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#toc91539_1) | 1 |
|  [Schedule of Investments:](#toc91539_2) |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Diversified Fund](#toc91539_3) | 2 |
|  [Financial Statements](#toc91539_4) | 20 |
|  [Notes to Financial Statements](#toc91539_5) | 23 |
|  [Financial Highlights:](#toc91539_6) |  |
| &nbsp;&nbsp;&nbsp; [American Beacon Diversified Fund](#toc91539_7) | 49 |
|  [Federal Tax Information](#toc91539_8) | 50 |
|  [Results of Shareholder Meeting](#toc91539_8a) | 51 |

---

---

| | |
|:---|:---|
|  <br> [Additional Fund Information](#toc91539_9) | Back Cover |

---

American Beacon Institutional Funds Trust October 31, 2025

------

American Beacon Diversified Fund<sup>SM</sup>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Beacon Institutional Funds Trust and Shareholders of American Beacon Diversified Fund.

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of American Beacon Diversified Fund (the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the four years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended October 31, 2021 and the financial highlights for each of the periods ended on or prior to October 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 30, 2025

We have served as the auditor of one or more investment companies in the American Beacon family of funds since 2016.

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% |  |  |
| Communication Services - 2.8% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Verizon Communications, Inc. | 41600 | $1653184 |
| Entertainment - 0.6% |  |  |
| Electronic Arts, Inc. | 4944 | 989097 |
| Spotify Technology SA<sup>A</sup> | 2480 | 1625193 |
| Warner Bros Discovery, Inc.<sup>A</sup> | 48600 | 1091070 |
|  |  | 3705360 |
| Interactive Media & Services - 1.3% |  |  |
| Alphabet, Inc., Class A | 15255 | 4289554 |
| Alphabet, Inc., Class C | 11000 | 3100020 |
|  |  | 7389574 |
| Media - 0.6% |  |  |
| Comcast Corp., Class A | 74200 | 2065357 |
| Omnicom Group, Inc. | 17200 | 1290344 |
|  |  | 3355701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 16103819 |
| Consumer Discretionary - 3.2% |  |  |
| Automobile Components - 0.6% |  |  |
| Aptiv PLC<sup>A</sup> | 39361 | 3192177 |
| BorgWarner, Inc. | 10100 | 433896 |
|  |  | 3626073 |
| Automobiles - 0.4% |  |  |
| General Motors Co. | 33500 | 2314515 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Carnival Corp.<sup>A</sup> | 140746 | 4057707 |
| Wynn Resorts Ltd. | 18824 | 2239868 |
|  |  | 6297575 |
| Household Durables - 0.7% |  |  |
| Lennar Corp., Class A | 32918 | 4074261 |
| Lennar Corp., Class B<sup>B</sup> | 666 | 78621 |
|  |  | 4152882 |
| Specialty Retail - 0.4% |  |  |
| Lithia Motors, Inc. | 1400 | 439712 |
| Lowe's Cos., Inc. | 6800 | 1619284 |
|  |  | 2058996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 18450041 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co. | 26500 | 1825850 |
| Constellation Brands, Inc., Class A | 11600 | 1524008 |
| Keurig Dr. Pepper, Inc. | 86519 | 2349856 |
|  |  | 5699714 |
| Food Products - 0.4% |  |  |
| Conagra Brands, Inc. | 18500 | 318015 |
| J.M. Smucker Co. | 4100 | 424555 |
| Kraft Heinz Co. | 51400 | 1271122 |
| Mondelez International, Inc., Class A | 7600 | 436696 |
|  |  | 2450388 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% (continued) |  |  |
| Consumer Staples - 2.0% (continued) |  |  |
| Household Products - 0.3% |  |  |
| Procter & Gamble Co. | 9900 | $1488663 |
| Tobacco - 0.3% |  |  |
| Philip Morris International, Inc. | 12180 | 1757939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 11396704 |
| Energy - 3.3% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Baker Hughes Co. | 16300 | 789083 |
| Halliburton Co. | 38642 | 1037151 |
| NOV, Inc. | 99500 | 1452700 |
| SLB Ltd. | 35600 | 1283736 |
|  |  | 4562670 |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| APA Corp. | 109800 | 2486970 |
| Chevron Corp. | 6938 | 1094261 |
| ConocoPhillips | 6653 | 591186 |
| Coterra Energy, Inc. | 61000 | 1443260 |
| Exxon Mobil Corp. | 22923 | 2621474 |
| Murphy Oil Corp. | 8600 | 243380 |
| Ovintiv, Inc. | 26700 | 1001517 |
| Permian Resources Corp. | 71719 | 900791 |
| Phillips 66 | 14562 | 1982471 |
| Shell PLC, ADR | 20500 | 1535860 |
| Shell PLC | 20721 | 775123 |
|  |  | 14676293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 19238963 |
| Financials - 9.1% |  |  |
| Banks - 3.9% |  |  |
| Bank of America Corp. | 75816 | 4052365 |
| Citigroup, Inc. | 26500 | 2682595 |
| Citizens Financial Group, Inc. | 25100 | 1276837 |
| Commerce Bancshares, Inc. | 3350 | 176310 |
| Cullen/Frost Bankers, Inc. | 10200 | 1256028 |
| First Citizens BancShares, Inc., Class A | 447 | 815695 |
| PNC Financial Services Group, Inc. | 8600 | 1569930 |
| Truist Financial Corp. | 20240 | 903311 |
| U.S. Bancorp | 77350 | 3610698 |
| Wells Fargo & Co. | 57179 | 4972858 |
| Western Alliance Bancorp | 18812 | 1455108 |
|  |  | 22771735 |
| Capital Markets - 1.2% |  |  |
| Ameriprise Financial, Inc. | 4700 | 2128019 |
| Blackstone, Inc. | 11200 | 1642368 |
| LPL Financial Holdings, Inc. | 3933 | 1483960 |
| State Street Corp. | 14800 | 1711768 |
|  |  | 6966115 |
| Consumer Finance - 1.1% |  |  |
| American Express Co. | 5308 | 1914755 |
| Capital One Financial Corp. | 18113 | 3984679 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% (continued) |  |  |
| Financials - 9.1% (continued) |  |  |
| Consumer Finance - 1.1% (continued) |  |  |
| SLM Corp. | 26589 | $713915 |
|  |  | 6613349 |
| Financial Services - 1.1% |  |  |
| Berkshire Hathaway, Inc., Class B<sup>A</sup> | 5305 | 2533350 |
| Corebridge Financial, Inc. | 24200 | 787952 |
| Fidelity National Information Services, Inc. | 42049 | 2628903 |
| Fiserv, Inc.<sup>A</sup> | 6700 | 446823 |
|  |  | 6397028 |
| Insurance - 1.8% |  |  |
| American International Group, Inc. | 71814 | 5670434 |
| Aon PLC, Class A | 4147 | 1412800 |
| Arch Capital Group Ltd. | 13460 | 1161733 |
| Everest Group Ltd. | 2254 | 708928 |
| Hartford Insurance Group, Inc. | 4800 | 596064 |
| Willis Towers Watson PLC | 2584 | 809050 |
|  |  | 10359009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 53107236 |
| Health Care - 5.2% |  |  |
| Biotechnology - 0.3% |  |  |
| Amgen, Inc. | 6500 | 1939795 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Alcon AG | 18700 | 1381743 |
| GE HealthCare Technologies, Inc. | 24683 | 1849991 |
| Medtronic PLC | 58659 | 5320371 |
| Solventum Corp.<sup>A</sup> | 5300 | 365912 |
| Zimmer Biomet Holdings, Inc. | 5150 | 517884 |
|  |  | 9435901 |
| Health Care Providers & Services - 1.7% |  |  |
| Centene Corp.<sup>A</sup> | 11700 | 413829 |
| Cigna Group | 1440 | 351950 |
| CVS Health Corp. | 9300 | 726795 |
| Elevance Health, Inc. | 9351 | 2966137 |
| HCA Healthcare, Inc. | 2010 | 923957 |
| Humana, Inc. | 4300 | 1196217 |
| Labcorp Holdings, Inc. | 1800 | 457128 |
| UnitedHealth Group, Inc. | 8712 | 2975671 |
|  |  | 10011684 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Avantor, Inc.<sup>A</sup> | 89350 | 1056117 |
| Danaher Corp. | 7600 | 1636888 |
| ICON PLC<sup>A</sup> | 2705 | 464773 |
|  |  | 3157778 |
| Pharmaceuticals - 1.0% |  |  |
| GSK PLC, ADR<sup>B</sup> | 10500 | 492030 |
| Merck & Co., Inc. | 40125 | 3449948 |
| Sanofi SA, ADR | 37085 | 1875759 |
|  |  | 5817737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 30362895 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% (continued) |  |  |
| Industrials - 5.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Boeing Co.<sup>A</sup> | 4040 | $812121 |
| General Dynamics Corp. | 8000 | 2759200 |
| RTX Corp. | 2800 | 499800 |
|  |  | 4071121 |
| Air Freight & Logistics - 0.3% |  |  |
| FedEx Corp. | 7610 | 1931570 |
| Building Products - 0.5% |  |  |
| Johnson Controls International PLC | 22077 | 2525388 |
| Commercial Services & Supplies - 0.1% |  |  |
| Waste Connections, Inc. | 4220 | 707610 |
| Construction & Engineering - 0.2% |  |  |
| AECOM | 6847 | 919894 |
| Fluor Corp.<sup>A</sup> | 8800 | 429176 |
|  |  | 1349070 |
| Electrical Equipment - 0.2% |  |  |
| Vertiv Holdings Co., Class A | 7054 | 1360434 |
| Ground Transportation - 0.7% |  |  |
| JB Hunt Transport Services, Inc. | 6694 | 1130349 |
| Norfolk Southern Corp. | 2800 | 793464 |
| Uber Technologies, Inc.<sup>A</sup> | 21500 | 2074750 |
|  |  | 3998563 |
| Machinery - 2.2% |  |  |
| CNH Industrial NV | 80700 | 846543 |
| Cummins, Inc. | 3400 | 1488112 |
| Deere & Co. | 1400 | 646282 |
| Fortive Corp. | 41775 | 2102954 |
| Oshkosh Corp. | 10600 | 1306874 |
| PACCAR, Inc. | 13450 | 1323480 |
| Parker-Hannifin Corp. | 5500 | 4250565 |
| Stanley Black & Decker, Inc. | 6700 | 453724 |
| Timken Co. | 5400 | 423954 |
|  |  | 12842488 |
| Professional Services - 0.2% |  |  |
| Experian PLC | 17210 | 801933 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ferguson Enterprises, Inc. | 1836 | 456246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 30044423 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 0.6% |  |  |
| F5, Inc.<sup>A</sup> | 13300 | 3365565 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Teledyne Technologies, Inc.<sup>A</sup> | 3400 | 1791188 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% (continued) |  |  |
| Information Technology - 6.0% (continued) |  |  |
| IT Services - 0.3% |  |  |
| Cognizant Technology Solutions Corp., Class A | 22814 | $1662684 |
| Globant SA<sup>A</sup> | 5013 | 308701 |
|  |  | 1971385 |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Entegris, Inc. | 23540 | 2155558 |
| Microchip Technology, Inc. | 60678 | 3787521 |
| QUALCOMM, Inc. | 26113 | 4723841 |
|  |  | 10666920 |
| Software - 2.7% |  |  |
| Adobe, Inc.<sup>A</sup> | 4700 | 1599457 |
| Microsoft Corp. | 7000 | 3624670 |
| Monday.com Ltd.<sup>A</sup> | 3880 | 796331 |
| Oracle Corp. | 7134 | 1873460 |
| Salesforce, Inc. | 6200 | 1614542 |
| Synopsys, Inc.<sup>A</sup> | 4000 | 1815280 |
| Workday, Inc., Class A<sup>A</sup> | 18800 | 4510496 |
|  |  | 15834236 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Technology Holdings PLC | 5445 | 1393267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 35022561 |
| Materials - 3.1% |  |  |
| Chemicals - 2.3% |  |  |
| Air Products & Chemicals, Inc. | 13541 | 3284911 |
| Axalta Coating Systems Ltd.<sup>A</sup> | 51525 | 1466917 |
| Corteva, Inc. | 41200 | 2531328 |
| Ecolab, Inc. | 8100 | 2076840 |
| Linde PLC | 2060 | 861698 |
| Olin Corp. | 26000 | 538200 |
| PPG Industries, Inc. | 12600 | 1231650 |
| RPM International, Inc. | 15500 | 1693840 |
|  |  | 13685384 |
| Construction Materials - 0.7% |  |  |
| CRH PLC | 14059 | 1674427 |
| Martin Marietta Materials, Inc. | 4000 | 2452400 |
|  |  | 4126827 |
| Containers & Packaging - 0.1% |  |  |
| Amcor PLC | 51886 | 410443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 18222654 |
| Real Estate - 0.9% |  |  |
| Industrial REITs - 0.2% |  |  |
| Prologis, Inc. | 7452 | 924718 |
| Residential REITs - 0.2% |  |  |
| Equity LifeStyle Properties, Inc. | 18400 | 1123320 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| COMMON STOCKS - 43.6% (continued) |  |  |
| Real Estate - 0.9% (continued) |  |  |
| Specialized REITs - 0.5% |  |  |
| Public Storage | 4495 | $1252127 |
| VICI Properties, Inc. | 55651 | 1668974 |
|  |  | 2921101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 4969139 |
| Utilities - 2.8% |  |  |
| Electric Utilities - 1.8% |  |  |
| Entergy Corp. | 23932 | 2299626 |
| PG&E Corp. | 85449 | 1363766 |
| Pinnacle West Capital Corp. | 19788 | 1751634 |
| PPL Corp. | 26100 | 953172 |
| Xcel Energy, Inc. | 52510 | 4262236 |
|  |  | 10630434 |
| Gas Utilities - 0.4% |  |  |
| Atmos Energy Corp. | 14200 | 2438424 |
| Multi-Utilities - 0.3% |  |  |
| Dominion Energy, Inc. | 30400 | 1784176 |
| Water Utilities - 0.3% |  |  |
| American Water Works Co., Inc. | 12600 | 1618218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 16471252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks (Cost $190,405,757) |  | 253389687 |
|  | Principal Amount |  |
| CORPORATE OBLIGATIONS - 3.5% |  |  |
| Communications - 0.6% |  |  |
| Media - 0.6% |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 3/15/2028 | $130000 | 129269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, Due 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | 344971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, Due 10/23/2045 | 140000 | 135247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, Due 4/1/2048 | 465000 | 412424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, Due 4/1/2061 | 395000 | 243130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, Due 6/30/2062 | 395000 | 244589 |
| Cox Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, Due 12/15/2053<sup>C</sup>  | 510000 | 452372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, Due 9/1/2054<sup>C</sup>  | 1420000 | 1293917 |
|  |  | 3255919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 3255919 |
| Consumer Discretionary - 0.0% |  |  |
| Auto Manufacturers - 0.0% |  |  |
| Ford Motor Credit Co. LLC, 5.303%, Due 9/6/2029 | 200000 | 200466 |
| Consumer, Non-Cyclical - 0.0% |  |  |
| Commercial Services - 0.0% |  |  |
| Moody's Corp., 2.550%, Due 8/18/2060 | 180000 | 97350 |
| Energy - 0.2% |  |  |
| Oil & Gas - 0.1% |  |  |
| BP Capital Markets PLC, 6.450%, Due 12/1/2033, (5 yr. CMT + 2.153%)<sup>D E</sup> | 575000 | 614185 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup> 

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 3.5% (continued) |  |  |
| Energy - 0.2% (continued) |  |  |
| Oil & Gas - 0.1% (continued) |  |  |
| Occidental Petroleum Corp., 5.200%, Due 8/1/2029 | $180000 | $183766 |
|  |  | 797951 |
| Pipelines - 0.1% |  |  |
| Kinder Morgan Energy Partners LP, 5.400%, Due 9/1/2044 | 85000 | 81268 |
| ONEOK Partners LP, 6.850%, Due 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | 137775 |
| Sempra Infrastructure Partners LP, 3.250%, Due 1/15/2032<sup>C</sup> | 205000 | 182029 |
|  |  | 401072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1199023 |
| Financial - 0.8% |  |  |
| Banks - 0.3% |  |  |
| Truist Financial Corp., 4.950%, Due 11/13/2025, P, (5 yr. CMT + 4.605%)<sup>D E</sup> | 795000 | 794190 |
| U.S. Bancorp, 5.300%, Due 4/15/2027, J, (3 mo. USD Term SOFR + 3.176%)<sup>D E</sup> | 380000 | 380037 |
| Wells Fargo & Co., 3.900%, Due 3/15/2026, BB, (5 yr. CMT + 3.453%)<sup>D E</sup> | 450000 | 446658 |
|  |  | 1620885 |
| Diversified Financial Services - 0.2% |  |  |
| American Express Co., 3.550%, Due 9/15/2026, D, (5 yr. CMT + 2.854%)<sup>D E</sup> | 140000 | 137387 |
| Charles Schwab Corp., 4.000%, Due 6/1/2026, I, (5 yr. CMT + 3.168%)<sup>D E</sup> | 1010000 | 1000800 |
|  |  | 1138187 |
| Insurance - 0.1% |  |  |
| Fidelity National Financial, Inc., 3.200%, Due 9/17/2051 | 145000 | 93382 |
| Markel Group, Inc., 5.000%, Due 5/20/2049 | 380000 | 342524 |
|  |  | 435906 |
| Investment Companies - 0.2% |  |  |
| ARES Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, Due 1/15/2027 | 100000 | 102705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, Due 6/15/2028 | 270000 | 257083 |
| Blue Owl Capital Corp., 2.875%, Due 6/11/2028 | 310000 | 292733 |
| Golub Capital BDC, Inc., 2.500%, Due 8/24/2026 | 745000 | 731848 |
|  |  | 1384369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 4579347 |
| Industrial - 0.1% |  |  |
| Aerospace/Defense - 0.1% |  |  |
| Boeing Co., 3.200%, Due 3/1/2029 | 285000 | 275199 |
| Technology - 0.2% |  |  |
| Computers - 0.0% |  |  |
| Dell International LLC/EMC Corp., 3.450%, Due 12/15/2051 | 71000 | 49745 |
| Semiconductors - 0.2% |  |  |
| Foundry JV Holdco LLC, 6.300%, Due 1/25/2039<sup>C</sup> | 1155000 | 1228461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 1278206 |
| Utilities - 1.6% |  |  |
| Electric - 1.6% |  |  |
| Appalachian Power Co., 4.500%, Due 3/1/2049,Y | 795000 | 667086 |
| Arizona Public Service Co., 2.650%, Due 9/15/2050 | 105000 | 64819 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 2/1/2055, A, (5 yr. CMT + 2.386%)<sup>D</sup>  | 235000 | 247009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 5/15/2055, (5 yr. CMT + 2.207%)<sup>D</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | 771519 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| CORPORATE OBLIGATIONS - 3.5% (continued) |  |  |
| Utilities - 1.6% (continued) |  |  |
| Electric - 1.6% (continued) |  |  |
| Duke Energy Carolinas LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, Due 3/15/2035 | $235000 | $243535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | 157440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, Due 4/15/2038 | 405000 | 440474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, Due 8/15/2049 | 175000 | 122278 |
| Duke Energy Corp., 5.800%, Due 6/15/2054 | 400000 | 404029 |
| Duke Energy Progress LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 12/1/2044 | 255000 | 217210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, Due 8/15/2045 | 125000 | 106388 |
| Duke Energy Progress NC Storm Funding LLC, 2.387%, Due 7/1/2037, A-2 | 715000 | 614914 |
| Entergy Arkansas LLC, 3.350%, Due 6/15/2052 | 115000 | 80081 |
| Entergy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, Due 6/15/2030 | 115000 | 107413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, Due 12/1/2054, (5 yr. CMT + 2.670%)<sup>D</sup>  | 200000 | 210123 |
| Entergy Louisiana LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/15/2033 | 137000 | 132043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 3/15/2034 | 440000 | 456654 |
| Entergy Mississippi LLC, 5.800%, Due 4/15/2055 | 145000 | 148805 |
| Florida Power & Light Co., 3.950%, Due 3/1/2048 | 120000 | 97766 |
| Kentucky Utilities Co., 3.300%, Due 6/1/2050 | 185000 | 130872 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, Due 2/15/2050 | 485000 | 378485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, Due 12/1/2053 | 585000 | 539122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/15/2054 | 595000 | 561689 |
| Public Service Enterprise Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, Due 4/1/2034 | 515000 | 534838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, Due 3/15/2035 | 5000 | 5156 |
| Sempra, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, Due 10/1/2054, (5 yr. CMT + 2.632%)<sup>D</sup>  | 565000 | 580212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 10/1/2054, (5 yr. CMT + 2.789%)<sup>D</sup>  | 425000 | 439778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550%, Due 4/1/2055, (5 yr. CMT + 2.138%)<sup>D</sup>  | 195000 | 199706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, Due 4/1/2055, (5 yr. CMT + 2.354%)<sup>D</sup>  | 345000 | 350544 |
| System Energy Resources, Inc., 5.300%, Due 12/15/2034 | 545000 | 550019 |
|  |  | 9560007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9560007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Obligations (Cost $20,726,814) |  | 20445517 |
| FOREIGN CORPORATE OBLIGATIONS - 1.3% |  |  |
| Consumer, Non-Cyclical - 0.5% |  |  |
| Agriculture - 0.2% |  |  |
| BAT Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 2/20/2034 | 130000 | 138764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, Due 8/15/2047 | 960000 | 804722 |
| Reynolds American, Inc., 5.700%, Due 8/15/2035 | 455000 | 473808 |
|  |  | 1417294 |
| Pharmaceuticals - 0.3% |  |  |
| Bayer U.S. Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 12/15/2025<sup>C</sup>  | 290000 | 289862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, Due 7/15/2064<sup>C</sup>  | 205000 | 156619 |
| Bayer U.S. Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, Due 11/21/2026<sup>C</sup>  | 400000 | 406764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, Due 11/21/2053<sup>C</sup>  | 790000 | 856383 |
|  |  | 1709628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-Cyclical |  | 3126922 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| FOREIGN CORPORATE OBLIGATIONS - 1.3% (continued) |  |  |
| Financial - 0.7% |  |  |
| Banks - 0.5% |  |  |
| Barclays PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%, Due 3/12/2028, (1 day USD SOFR + 1.490%)<sup>D</sup>  | $320000 | $325882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%, Due 3/12/2030, (1 day USD SOFR + 1.740%)<sup>D</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 207633 |
| HBOS PLC, 6.000%, Due 11/1/2033<sup>C</sup> | 365000 | 383760 |
| Toronto-Dominion Bank, 4.568%, Due 12/17/2026 | 1870000 | 1880256 |
|  |  | 2797531 |
| Insurance - 0.2% |  |  |
| Fairfax Financial Holdings Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, Due 3/22/2054 | 830000 | 878122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, Due 3/15/2055 | 165000 | 170139 |
|  |  | 1048261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 3845792 |
| Utilities - 0.1% |  |  |
| Electric - 0.1% |  |  |
| Electricite de France SA, 6.000%, Due 4/22/2064<sup>C</sup> | 570000 | 561031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Corporate Obligations (Cost $7,318,203) |  | 7533745 |
| FOREIGN SOVEREIGN OBLIGATIONS - 0.2% (Cost $908,530) |  |  |
| Mexico Government International Bonds, 3.771%, Due 5/24/2061 | 1440000 | 927288 |
| ASSET-BACKED OBLIGATIONS - 0.9% |  |  |
| CarMax Auto Owner Trust, 5.500%, Due 1/16/2029, 2024-2 A3 | 395000 | 400340 |
| CNH Equipment Trust, 5.420%, Due 10/15/2027, 2024-B A2A | 43529 | 43618 |
| Compass Datacenters Issuer III LLC, 5.656%, Due 2/25/2050, 2025-1A A2<sup>C</sup> | 325000 | 331044 |
| Ford Credit Auto Owner Trust, 1.530%, Due 5/15/2034, 2021-2 A<sup>C</sup> | 300000 | 292059 |
| GM Financial Automobile Leasing Trust, 4.660%, Due 2/21/2028, 2025-1 A3 | 130000 | 130951 |
| GM Financial Consumer Automobile Receivables Trust, 4.620%, Due 12/17/2029, 2025-1 A3 | 380000 | 383839 |
| GM Financial Revolving Receivables Trust, 1.170%, Due 6/12/2034, 2021-1 A<sup>C</sup> | 245000 | 238823 |
| Honda Auto Receivables Owner Trust, 4.570%, Due 9/21/2029, 2025-1 A3 | 390000 | 393828 |
| John Deere Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.740%, Due 2/16/2027, 2022-B A3 | 52076 | 52019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%, Due 5/17/2027, 2024-B A2A | 246387 | 246992 |
| Mercedes-Benz Auto Lease Trust, 5.440%, Due 2/16/2027, 2024-A A2A | 81295 | 81452 |
| New Economy Assets - Phase 1 Sponsor LLC, 1.910%, Due 10/20/2061, 2021-1 A1<sup>C</sup> | 345000 | 291096 |
| Porsche Financial Auto Securitization Trust, 4.440%, Due 1/22/2030, 2024-1A A3<sup>C</sup> | 700000 | 702542 |
| Porsche Innovative Lease Owner Trust, 4.670%, Due 11/22/2027, 2024-1A A3<sup>C</sup> | 280000 | 281094 |
| Stellantis Financial Underwritten Enhanced Lease Trust, 4.630%, Due 7/20/2027, 2025-AA A2<sup>C</sup> | 237750 | 238369 |
| Taco Bell Funding LLC, 2.294%, Due 8/25/2051, 2021-1A A2II<sup>C</sup> | 275100 | 255089 |
| Toyota Auto Loan Extended Note Trust, 4.930%, Due 6/25/2036, 2023-1A A<sup>C</sup> | 100000 | 102173 |
| Volkswagen Auto Lease Trust, 4.010%, Due 1/22/2029, 2025-B A3 | 510000 | 510439 |
| World Omni Automobile Lease Securitization Trust, 4.420%, Due 4/17/2028, 2025-A A3 | 280000 | 281465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Obligations (Cost $5,310,071) |  | 5257232 |
| COMMERCIAL MORTGAGE-BACKED OBLIGATIONS - 0.1% (Cost $372,999) |  |  |
| BX Commercial Mortgage Trust, 4.847%, Due 9/15/2036, 2021-VOLT A, (1 mo. USD Term SOFR + 0.814%)<sup>C D</sup> | 372999 | 372769 |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.8% |  |  |
| Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2028 | 18052 | 17876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2032 | 49572 | 48340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2035 | 119375 | 112725 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.8% (continued) |  |  |
| Federal Home Loan Mortgage Corp., (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2036 | $397354 | $366664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394425 | 353952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 215874 | 194651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2042 | 329968 | 316135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2042 | 608182 | 598291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 4/1/2047 | 269541 | 242405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2048 | 141409 | 132857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 4/1/2048 | 113230 | 108618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2048 | 193554 | 176381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/1/2050 | 250660 | 214609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 358291 | 310049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 2/1/2052 | 653355 | 535158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2052 | 786769 | 641233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 5/1/2052 | 511703 | 441307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 120182 | 120160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 3/1/2053 | 626239 | 652425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 5/1/2053 | 685830 | 671356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 8/1/2053 | 748790 | 747414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2053 | 684127 | 701284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 9/1/2053 | 767953 | 787338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/1/2053 | 185813 | 192391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 1101402 | 1121041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 4/1/2054 | 1095881 | 1110753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/1/2054 | 434584 | 450887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 8/1/2054 | 812258 | 838910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 9/1/2054 | 765981 | 767968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2054 | 847014 | 862043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/1/2055 | 1264597 | 1295245 |
|  |  | 15130466 |
| Federal National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/1/2028 | 7672 | 7613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 4/1/2034 | 44924 | 45163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2034 | 98283 | 95138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 11/1/2035 | 263715 | 244470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 12/1/2035 | 128556 | 119030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2036 | 207509 | 192126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/1/2036 | 220503 | 207400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2037 | 70922 | 68757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2038 | 8455 | 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 5/1/2040 | 49422 | 50767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2040 | 28539 | 29315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2041 | 252503 | 227837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 3/1/2042 | 22166 | 22769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2043 | 48850 | 46428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2045 | 90205 | 87409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/1/2045 | 24885 | 23569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2046 | 62312 | 58759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2046 | 174289 | 159057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 7/1/2046 | 76098 | 73795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2046 | 140527 | 127960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2046 | 187751 | 172097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 11/1/2046 | 249915 | 236827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2046 | 119294 | 108756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 3/1/2047 | 28920 | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2047 | 12595 | 12493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 8/1/2047 | 50430 | 50038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/1/2047 | 71069 | 66913 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.8% (continued) |  |  |
| Federal National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 7/1/2048 | $85769 | $85223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 3/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109016 | 107990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2049 | 86799 | 85739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 11/1/2049 | 215786 | 208005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/1/2050 | 226669 | 194562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2050 | 599837 | 513242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/1/2050 | 205776 | 184216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 9/1/2050 | 221473 | 190540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2050 | 92157 | 78811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 10/1/2050 | 370588 | 333826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2050 | 603526 | 538235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2051 | 703911 | 603600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 3/1/2051 | 654216 | 539384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 4/1/2051 | 829342 | 680418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/1/2051 | 296447 | 267334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/1/2051 | 117123 | 104682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 6/1/2051 | 342238 | 317073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 7/1/2051 | 1166965 | 955465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 7/1/2051 | 592433 | 551987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 8/1/2051 | 485987 | 418530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 10/1/2051 | 312994 | 269485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/1/2051 | 347461 | 296015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 11/1/2051 | 414758 | 368532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/1/2051 | 575161 | 511822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, Due 1/1/2052 | 1199787 | 985339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 2/1/2052 | 1278432 | 1100714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 5/1/2052 | 354598 | 328000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 5/1/2052 | 323450 | 310030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 6/1/2052 | 642973 | 615755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2052 | 703598 | 712043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 10/1/2052 | 457749 | 450464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/1/2052 | 321154 | 321044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/1/2053 | 256313 | 257645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 6/1/2053 | 664349 | 657016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 6/1/2053 | 300426 | 303152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 6/1/2053 | 705240 | 714935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/1/2053 | 660185 | 675359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 10/1/2053 | 700034 | 709518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/1/2054 | 769652 | 798742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 2/1/2054 | 756305 | 771872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, Due 6/1/2054 | 86102 | 90647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 11/1/2054 | 874722 | 886503 |
|  |  | 21664008 |
| Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 10/15/2039 | 35246 | 36223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 9/15/2041 | 78679 | 73931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 8/20/2047 | 28127 | 26314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 10/20/2047 | 32959 | 30712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 12/20/2047 | 62594 | 60226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 1/20/2048 | 57866 | 55585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 1/20/2050 | 85309 | 86647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, Due 2/20/2050 | 58994 | 58540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 2/20/2050 | 30123 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 4/20/2050 | 416784 | 361570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 6/20/2051 | 413627 | 358236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2051 | 591375 | 532043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 7/20/2051 | 530895 | 459725 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal Amount | Fair Value |
| U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 10.8% (continued) |  |  |
| Government National Mortgage Association, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 8/20/2051 | $329913 | $300232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, Due 11/20/2051 | 248568 | 215320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643081 | 578221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, Due 1/20/2052 | 246517 | 227635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, Due 3/20/2052 | 468243 | 446682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 4/20/2053 | 656957 | 657819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 5/20/2053 | 221312 | 201442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, Due 6/20/2053 | 596732 | 537130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 7/20/2053 | 629404 | 638180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 10/20/2053 | 1217589 | 1245673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/20/2053 | 1934377 | 1978452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 4/20/2054 | 1352558 | 1381481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 5/20/2054 | 2575270 | 2628895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 6/20/2054 | 1389142 | 1417679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 7/20/2054 | 2678682 | 2732959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 9/20/2054 | 2866676 | 2922940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, Due 12/20/2054 | 754620 | 752979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 12/20/2054 | 1818175 | 1852419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, Due 1/20/2055 | 2510344 | 2556028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, Due 5/20/2055 | 187345 | 189011 |
|  |  | 25631586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Agency Mortgage-Backed Obligations (Cost $64,027,993) |  | 62426060 |
| U.S. TREASURY OBLIGATIONS - 17.4% |  |  |
| U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 5/15/2054 | 2440000 | 2419984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 5/15/2055 | 4730000 | 4792081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, Due 8/15/2055 | 11195000 | 11347182 |
|  |  | 18559247 |
| U.S. Treasury Floating Rate Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.926%, Due 4/30/2027, (3 mo. Treasury money market yield + 0.160%)<sup>D</sup>  | 5850000 | 5848324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.925%, Due 7/31/2027, (3 mo. Treasury money market yield + 0.159%)<sup>D</sup>  | 5850000 | 5848816 |
|  |  | 11697140 |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, Due 11/15/2025 | 5525000 | 5521796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, Due 4/30/2026 | 7150000 | 7185415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 8/31/2030 | 5870000 | 5849363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, Due 10/31/2030 | 22290000 | 22208154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, Due 4/30/2031 | 2205000 | 2299057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, Due 8/15/2035 | 27570000 | 27914625 |
|  |  | 70978410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations (Cost $100,401,681) |  | 101234797 |
|  | Shares |  |
| FOREIGN COMMON STOCKS - 19.7% |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA | 62529 | 997145 |
| Entertainment - 0.4% |  |  |
| Nintendo Co. Ltd. | 17300 | 1464399 |
| Universal Music Group NV | 21750 | 583382 |
|  |  | 2047781 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 19.7% (continued) |  |  |
| Communication Services - 1.3% (continued) |  |  |
| Interactive Media & Services - 0.5% |  |  |
| Tencent Holdings Ltd. | 38400 | $3108351 |
| Media - 0.1% |  |  |
| WPP PLC, ADR<sup>B</sup> | 33500 | 635495 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd. | 24860 | 577258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 7366030 |
| Consumer Discretionary - 3.1% |  |  |
| Automobile Components - 0.3% |  |  |
| Magna International, Inc. | 34400 | 1624024 |
| Automobiles - 0.2% |  |  |
| Ferrari NV | 2130 | 850708 |
| Suzuki Motor Corp. | 35300 | 528664 |
|  |  | 1379372 |
| Broadline Retail - 1.0% |  |  |
| Alibaba Group Holding Ltd. | 30600 | 650155 |
| Coupang, Inc.<sup>A</sup> | 48930 | 1564292 |
| MercadoLibre, Inc.<sup>A</sup> | 520 | 1210175 |
| Sea Ltd., ADR<sup>A</sup> | 16670 | 2604687 |
|  |  | 6029309 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Amadeus IT Group SA | 6611 | 505370 |
| Compass Group PLC | 28220 | 934600 |
| Galaxy Entertainment Group Ltd. | 121000 | 602933 |
| Lottomatica Group SpA | 21490 | 529592 |
| Trip.com Group Ltd. | 6300 | 440645 |
|  |  | 3013140 |
| Household Durables - 0.5% |  |  |
| Sony Group Corp., ADR<sup>B</sup> | 92300 | 2574247 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings, Inc. | 11400 | 355219 |
| Specialty Retail - 0.2% |  |  |
| JD Sports Fashion PLC | 206644 | 252954 |
| Nitori Holdings Co. Ltd.<sup>B</sup> | 19600 | 317955 |
| Zalando SE<sup>A</sup> <sup>C</sup> | 20310 | 567934 |
|  |  | 1138843 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Cie Financiere Richemont SA, Class A | 2271 | 447851 |
| Gildan Activewear, Inc. | 13157 | 767253 |
| Li Ning Co. Ltd. | 325500 | 707085 |
|  |  | 1922189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 18036343 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA, ADR<sup>B</sup> | 7200 | 438480 |
| Arca Continental SAB de CV | 44800 | 433520 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 19.7% (continued) |  |  |
| Consumer Staples - 1.1% (continued) |  |  |
| Beverages - 0.3% (continued) |  |  |
| Fomento Economico Mexicano SAB de CV<sup>F</sup> | 60700 | $571861 |
| Pernod Ricard SA<sup>B</sup> | 4601 | 450572 |
|  |  | 1894433 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| MatsukiyoCocokara & Co. | 19000 | 344283 |
| Food Products - 0.1% |  |  |
| Toyo Suisan Kaisha Ltd. | 10100 | 733693 |
| Personal Products - 0.6% |  |  |
| Beiersdorf AG | 5619 | 594047 |
| Unilever PLC, ADR<sup>B</sup> | 31840 | 1916450 |
| Unilever PLC | 19678 | 1186301 |
|  |  | 3696798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 6669207 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Canadian Natural Resources Ltd. | 23730 | 759164 |
| Suncor Energy, Inc. | 12335 | 491184 |
| TotalEnergies SE, ADR | 26000 | 1618240 |
|  |  | 2868588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 2868588 |
| Financials - 3.6% |  |  |
| Banks - 2.4% |  |  |
| Banco Santander SA | 78759 | 801238 |
| Bank Hapoalim BM | 35595 | 724255 |
| Bank Mandiri Persero Tbk. PT | 1347600 | 382482 |
| Bank of Nova Scotia<sup>B</sup> | 23480 | 1540288 |
| Bankinter SA | 40989 | 617505 |
| Grupo Financiero Banorte SAB de CV, Class O | 70200 | 659019 |
| ICICI Bank Ltd., ADR | 52621 | 1594416 |
| KB Financial Group, Inc. | 5903 | 483095 |
| KBC Group NV | 5895 | 708365 |
| Mitsubishi UFJ Financial Group, Inc., ADR<sup>B</sup> | 120650 | 1825435 |
| Mizuho Financial Group, Inc. | 19500 | 651518 |
| NU Holdings Ltd., Class A<sup>A</sup> | 72490 | 1167814 |
| Piraeus Financial Holdings SA | 130641 | 1019750 |
| Resona Holdings, Inc. | 62900 | 609572 |
| Saudi National Bank | 73797 | 784744 |
| Societe Generale SA | 8055 | 509353 |
|  |  | 14078849 |
| Capital Markets - 0.7% |  |  |
| 3i Group PLC | 41431 | 2394827 |
| Deutsche Boerse AG | 3100 | 784321 |
| UBS Group AG | 29150 | 1113115 |
|  |  | 4292263 |
| Financial Services - 0.3% |  |  |
| Adyen NV<sup>A C</sup> | 770 | 1321193 |
| Sony Financial Group, Inc.<sup>A</sup> <sup>B</sup> | 18460 | 91746 |
|  |  | 1412939 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 19.7% (continued) |  |  |
| Financials - 3.6% (continued) |  |  |
| Insurance - 0.2% |  |  |
| AIA Group Ltd. | 119400 | $1159343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 20943394 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 9100 | 275096 |
| Siemens Healthineers AG<sup>C</sup> | 14437 | 808244 |
|  |  | 1083340 |
| Health Care Providers & Services - 0.1% |  |  |
| Rede D'Or Sao Luiz SA<sup>C</sup> | 100300 | 808000 |
| Pharmaceuticals - 0.8% |  |  |
| AstraZeneca PLC | 6980 | 1143452 |
| Merck KGaA | 8402 | 1098714 |
| Novo Nordisk AS, Class B | 30889 | 1506321 |
| Otsuka Holdings Co. Ltd. | 12800 | 695524 |
|  |  | 4444011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 6335351 |
| Industrials - 4.4% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| BAE Systems PLC | 96600 | 2374362 |
| Rheinmetall AG | 440 | 862943 |
| Rolls-Royce Holdings PLC | 194820 | 2986761 |
| Safran SA | 5580 | 1980347 |
| Thales SA | 2896 | 824171 |
|  |  | 9028584 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA | 3725 | 360922 |
| Electrical Equipment - 1.0% |  |  |
| ABB Ltd. | 7349 | 544817 |
| Contemporary Amperex Technology Co. Ltd., Class A | 11995 | 655565 |
| Legrand SA | 5843 | 1006873 |
| Siemens Energy AG<sup>A</sup> | 28600 | 3537229 |
|  |  | 5744484 |
| Ground Transportation - 0.2% |  |  |
| Canadian Pacific Kansas City Ltd. | 17150 | 1233943 |
| Industrial Conglomerates - 0.1% |  |  |
| Siemens AG | 1518 | 429645 |
| Machinery - 0.9% |  |  |
| Ebara Corp.<sup>B</sup> | 18900 | 506624 |
| IMI PLC | 25389 | 796482 |
| Mitsubishi Heavy Industries Ltd. | 71600 | 2161799 |
| Sandvik AB | 32371 | 983030 |
| Techtronic Industries Co. Ltd. | 48500 | 566730 |
|  |  | 5014665 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 19.7% (continued) |  |  |
| Industrials - 4.4% (continued) |  |  |
| Professional Services - 0.3% |  |  |
| Bureau Veritas SA | 29948 | $983117 |
| RELX PLC | 23034 | 1015820 |
|  |  | 1998937 |
| Trading Companies & Distributors - 0.3% |  |  |
| Howden Joinery Group PLC | 50130 | 568664 |
| IMCD NV | 6127 | 635465 |
| RS Group PLC | 54001 | 394787 |
|  |  | 1598916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 25410096 |
| Information Technology - 3.9% |  |  |
| Communications Equipment - 0.5% |  |  |
| Telefonaktiebolaget LM Ericsson, ADR | 286240 | 2888162 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Hexagon AB, Class B | 97835 | 1200249 |
| Shimadzu Corp.<sup>B</sup> | 34300 | 923659 |
| TE Connectivity PLC | 3400 | 839834 |
|  |  | 2963742 |
| IT Services - 0.3% |  |  |
| Capgemini SE | 2839 | 436862 |
| Shopify, Inc., Class A<sup>A</sup> | 6970 | 1211804 |
|  |  | 1648666 |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| ASM International NV | 1550 | 1004074 |
| ASML Holding NV | 2787 | 2951242 |
| SK Hynix, Inc. | 2089 | 819618 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 11810 | 3548078 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 54000 | 2634918 |
|  |  | 10957930 |
| Software - 0.4% |  |  |
| SAP SE | 7020 | 1816160 |
| TOTVS SA | 61600 | 508033 |
|  |  | 2324193 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Samsung Electronics Co. Ltd. | 24136 | 1821105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 22603798 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Croda International PLC | 16976 | 643840 |
| Nippon Sanso Holdings Corp.<sup>B</sup> | 10500 | 349387 |
| Symrise AG | 4583 | 379185 |
|  |  | 1372412 |
| Metals & Mining - 0.2% |  |  |
| Anglo American PLC | 15488 | 584964 |
| Rio Tinto PLC | 6946 | 500595 |
|  |  | 1085559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 2457971 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Fair Value |
| FOREIGN COMMON STOCKS - 19.7% (continued) |  |  |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| Fortum OYJ | 30313 | $675745 |
| Multi-Utilities - 0.2% |  |  |
| Engie SA | 46337 | 1084230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1759975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Common Stocks (Cost $78,629,381) |  | 114450753 |
| FOREIGN PREFERRED STOCKS - 0.1% (Cost $406,557) |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Itau Unibanco Holding SA, 6.653%<sup>G H</sup> | 92070 | 674958 |
| SHORT-TERM INVESTMENTS - 3.0% (Cost $17,163,873) |  |  |
| Investment Companies - 3.0% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>I</sup> <sup>J</sup> | 17163873 | 17163873 |
| SECURITIES LENDING COLLATERAL - 0.9% (Cost $5,437,100) |  |  |
| Investment Companies - 0.9% |  |  |
| American Beacon U.S. Government Money Market Select Fund, 4.02%<sup>I</sup> <sup>J</sup> | 5437100 | 5437100 |
|  TOTAL INVESTMENTS - 101.5% (Cost $491,108,959) |  | 589313779 |
|  LIABILITIES, NET OF OTHER ASSETS - (1.5%) |  | (8831033) |
|  TOTAL NET ASSETS - 100.0% |  | $580482746 |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>A</sup> Non-income producing security.

<sup>B</sup> All or a portion of this security is on loan, collateralized by either cash and/or U.S. Treasuries at October 31, 2025 (Note 9).

<sup>C</sup> 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 $12,421,627 or 2.1% of net assets. The Fund has no right to demand registration of these securities.

<sup>D</sup> 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 October 31, 2025.

<sup>E</sup> Perpetual maturity. The date shown, if any, is the next call date.

<sup>F</sup> Unit - Usually consists of one common stock and/or rights and warrants.

<sup>G</sup> 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.

<sup>H</sup> A type of Preferred Stock that has no maturity date.

<sup>I</sup> The Fund is affiliated by having the same investment advisor.

<sup>J</sup> 7-day yield.

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Schedule of Investments

October 31, 2025

ADR - American Depositary Receipt.

BDC - Business Development Company.

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 October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: | Long Futures Contracts Open on October 31, 2025: |
| Equity Futures Contracts |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration Date | Notional Amount | Contract Value | Unrealized<br>Appreciation<br>(Depreciation) |
| CME E-Mini S&P 500 Index Futures | 15 | December 2025 | $5027236 | $5155500 | $128264 |
| ICE U.S. Mini MSCI EAFE Index Futures | 14 | December 2025 | 1965814 | 1964970 | (844) |
| ICE U.S. MSCI Emerging Markets Index Futures | 12 | December 2025 | 820276 | 844560 | 24284 |
|  |  |  | $7813326 | $7965030 | $151704 |

---

---

| | |
|:---|:---|
| Glossary: | Glossary: |
| Index Abbreviations: | |
| MSCI EAFE | Morgan Stanley Capital International - Europe, Australasia, and Far East Index. |
| S&P 500 | Standard & Poor's 500 Index - U.S. Equity Large-Cap Index. |
| Exchange Abbreviations: | Exchange Abbreviations: |
| CME | Chicago Mercantile Exchange. |
| ICE | Intercontinental Exchange. |

---

The Fund's investments are summarized by level based on the inputs used to determine their values. As of October 31, 2025, the investments were classified as described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Diversified Fund | Level 1 | Level 2 | Level 3 | Total |
|  ***Assets*** |  |  |  |  |
|  Common Stocks | $253389687 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $253389687 |
|  Corporate Obligations |  | 20445517 |  | 20445517 |
|  Foreign Corporate Obligations |  | 7533745 |  | 7533745 |
|  Foreign Sovereign Obligations |  | 927288 |  | 927288 |
|  Asset-Backed Obligations |  | 5257232 |  | 5257232 |
|  Commercial Mortgage-Backed Obligations |  | 372769 |  | 372769 |
|  U.S. Agency Mortgage-Backed Obligations |  | 62426060 |  | 62426060 |
|  U.S. Treasury Obligations |  | 101234797 |  | 101234797 |
|  Foreign Common Stocks | 114450753 |  |  | 114450753 |
|  Foreign Preferred Stocks | 674958 |  |  | 674958 |
|  Short-Term Investments | 17163873 |  |  | 17163873 |
|  Securities Lending Collateral | 5437100 |  |  | 5437100 |
|  Total Investments in Securities - Assets | $391116371 | $198197408 | $- | $589313779 |
|  ***Financial Derivative Instruments - Assets*** |  |  |  |  |
|  Futures Contracts | $152548 | $- | $- | $152548 |
|  Total Financial Derivative Instruments - Assets | $152548 | $- | $- | $152548 |
|  ***Financial Derivative Instruments - Liabilities*** |  |  |  |  |
|  Futures Contracts | $(844) | $- | $- | $(844) |
|  Total Financial Derivative Instruments - Liabilities | $(844) | $- | $- | $(844) |

---

U.S. GAAP requires transfers between all levels to/from level 3 be disclosed. During the year ended October 31, 2025, there were no transfers into or out of Level 3.

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Statement of Assets and Liabilities

October 31, 2025

---

| | |
|:---|:---|
|  Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at fair value<sup>†</sup>  | $566712806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at fair value<sup>‡ §</sup> | 22600973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at fair value (Note 1)<sup>^</sup>  | 11613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 142266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker for futures contracts | 480000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1638743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 774662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for tax reclaims | 238781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts (Note 5) | 151769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 592751613 |
|  Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 6030468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash due to broker for futures contracts | 144352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees payable (Note 2) | 458692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable (Note 2) | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned (Note 9)<sup>§</sup>  | 5437100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees payable | 91332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 72960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees payable (Note 2) | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for prospectus and shareholder reports | 12002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 15103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12268867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingent liabilities (Note 1 and Note 2) |  |
|  Net assets | $580482746 |
|  Analysis of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | $441641284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (deficits)<sup>A</sup> | 138841462 |
|  Net assets | $580482746 |
|  Shares outstanding at no par value (unlimited shares authorized) | 45398080 |
|  Net assets | $580482746 |
|  Net asset value, offering and redemption price per share | $12.79 |
|  <sup>†</sup> Cost of investments in unaffiliated securities | $468507986 |
|  <sup>‡</sup> Cost of investments in affiliated securities | $22600973 |
|  <sup>§</sup> Fair value of securities on loan | $8403429 |
|  <sup>^</sup> Cost of foreign currency | $11616 |
|  <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. | <sup>A</sup> The Fund's investments in affiliated securities did not have unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Statement of Operations

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  Investment income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities (net of foreign taxes)<sup>†</sup>  | $7518797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities (Note 2) | 536290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 9225176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income derived from securities lending (Note 9) | 42644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17322914 |
|  Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management and sub-advisory fees (Note 2) | 1854811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 22075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and fund accounting fees | 224744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 120582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospectus and shareholder report expenses | 25245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees (Note 2) | 34194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest expense (Note 10) | 5831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 76817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2364299 |
|  Net investment income | 14958615 |
|  Realized and unrealized gain (loss) from investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>‡ A</sup> | 29880329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (32131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1315029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities<sup>B</sup> | 10821870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 15162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 248463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain from investments | 42248722 |
|  Net increase in net assets resulting from operations. | $57207337 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Foreign taxes | $301156 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>‡</sup> Foreign capital gains tax | $987 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>A</sup> The Fund did not recognize net realized gains (losses) from the sale of investments in affiliated securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>B</sup> The Fund's investments in affiliated securities did not have a change in unrealized appreciation (depreciation) at year end. |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Increase in net assets: |  |  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $14958615 | $13405849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments in unaffiliated securities, foreign currency transactions, and futures contracts | 31163227 | 27894824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation of investments in unaffiliated securities, foreign currency transactions, and futures contracts | 11085495 | 70143046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 57207337 | 111443719 |
|  Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total retained earnings | (37138620) | (12388282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (37138620) | (12388282) |
|  Capital share transactions (Note 11): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 12460907 | 3079924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends and distributions | 37138619 | 12388280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (43355698) | (28944278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | 6243828 | (13476074) |
|  Net increase in net assets | 26312545 | 85579363 |
|  Net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 554170201 | 468590838 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $580482746 | $554170201 |

---

See accompanying notes

------

American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

1. Organization and Significant Accounting Policies

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 October 31, 2025, the Trust consists of one active series presented in this filing: American Beacon Diversified Fund (the "Fund"). The Fund is not registered under the Securities Act of 1933 and is not available for sale to the public.

American Beacon Advisors, Inc. (the "Manager") is a Delaware corporation and a wholly-owned subsidiary of Resolute Investment Managers, Inc. ("RIM") organized in 1986 to provide business management, advisory, administrative, and asset management consulting services to the Trust and other investors. The Manager is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manager is an indirect wholly-owned subsidiary of Resolute Topco, Inc. ("Topco"), which is owned primarily by various institutional investment funds that are managed by financial institutions and other investment advisory firms. No owner of Topco owns 25% or more of the outstanding equity or voting interests of Topco.

Recently Adopted Accounting Pronouncements

In this reporting period, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the American Beacon Institutional Funds Trust acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its Private Placement Memorandum, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

Significant Accounting Policies

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the FASB Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*, a part of Generally Accepted Accounting Principles ("U.S. GAAP").

Security Transactions and Investment Income

Security transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date.

Dividend income, net of foreign taxes, is recorded on the ex-dividend date, except certain dividends from foreign securities which are recorded as soon as the information is available to the Fund. Tax reclaim accruals are automatically generated on accounting and custody systems at the time of the income event based on the tax

------

American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

databases maintained by the Fund's custodian. Interest income, net of foreign taxes, is earned from settlement date, recorded on the accrual basis, and adjusted, if necessary, for accretion of discounts and amortization of premiums. Realized gains (losses) from securities sold are determined on the basis of specific lot identification. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed for non-accrual when the issuer resumes interest payments or when collectability of interest is probable. Realized gains (losses) from securities sold are determined on the basis of specific lot identification.

Currency Translation

All assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the mean of the bid and ask prices of such currencies against U.S. dollars as last quoted by a recognized dealer. Income, expenses, and purchases and sales of investments are translated into U.S. dollars at the rate of the exchange prevailing on the respective dates of such transactions. The effect of changes in foreign currency exchange rates on investments is separately identified from the fluctuations arising from changes in market values of securities held and is reported with all other foreign currency gains and losses on the Fund's Statement of Operations.

Distributions to Shareholders

The Fund distributes most or all of its net earnings and realized gains, if any, each taxable year in the form of dividends from net investment income and distributions of realized net capital gains and net gains from foreign currency transactions on an annual basis. The Fund does not have a fixed dividend rate and does not guarantee that it will pay any distributions in any particular period. Dividends to shareholders are determined in accordance with federal income tax regulations, which may differ in amount and character from net investment income and realized gains recognized for purposes of U.S. GAAP. To the extent necessary to fully distribute capital gains, the Fund may designate earnings and profits distributed to shareholders on the redemption of shares.

Commission Recapture

The Fund has established brokerage commission recapture arrangements with certain brokers or dealers. If the Fund's investment advisor chooses to execute a transaction through a participating broker, the broker rebates a portion of the commission back to the Fund. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Fund. This amount is reported with the net realized gain (loss) in the Fund's Statement of Operations, if applicable.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimated.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Other

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In the normal course of business, the Trust enters into contracts that provide indemnification to the other party or parties against potential costs or liabilities. The Trust's maximum exposure under these arrangements is dependent on claims that may be made in the future and, therefore, cannot be estimated. The Trust has had no prior claims or losses pursuant to any such agreement.

2. Transactions with Affiliates

Management and Investment Sub-Advisory Agreements

The Fund and the Manager are parties to a Management Agreement that obligates the Manager to provide the Fund with investment advisory and administrative services. As compensation for performing the duties under the Management Agreement, the Manager will receive an annualized fee of 0.10% based on a percentage of the Fund's average daily net assets that is calculated and accrued daily.

The Trust, on behalf of the Fund, and the Manager have entered into Investment Advisory Agreements with Aristotle Capital Management LLC; Barrow, Hanley, Mewhinney & Strauss, LLC; Brandywine Global Investment Management, LLC; Hotchkis and Wiley Capital Management, LLC; Lazard Asset Management, LLC; and WCM Investment Management, LLC ("Sub-Advisors") pursuant to which the Fund has agreed to pay annualized sub-advisory fees that are calculated and accrued daily based on the Fund's average daily net assets.

The Management and Sub-Advisory Fees paid by the Fund for the year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | Effective Fee Rate | Amount of Fees Paid |
|  Management Fees | 0.10% | $567891 |
|  Sub-Advisory Fees | 0.23% | 1286920 |
|  Total | 0.33% | $1854811 |

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As compensation for services provided by the Manager in connection with securities lending activities conducted by a Fund, the lending Fund pays to the Manager, with respect to cash collateral posted by borrowers, a fee of 10% of the net monthly investment income (the income earned in the form of interest, dividends and realized capital gains from the investment of cash collateral, plus any negative rebate fees paid by borrowers, less the rebate amount paid to borrowers as well as related expenses) and, with respect to collateral other than cash, a fee up to 10% of loan fees and demand premiums paid by borrowers. These fees are included in "Income derived from securities lending" and "Management and sub-advisory fees" on the Statement of Operations. During the year ended October 31, 2025, the Manager received securities lending fees of $4,724 for the securities lending activities of the Fund.

Investments in Affiliated Funds

The Fund may invest in the American Beacon U.S. Government Money Market Select Fund (the "USG Select Fund"). Cash collateral received by the Fund in connection with securities lending may also be invested in the USG Select Fund. The Fund listed below held the following shares with an October 31, 2025 fair value and dividend income earned from the investment in the USG Select Fund.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Security | Type of<br>Transaction | Fund | October 31,<br>2025<br>Shares/Principal | Change in<br>Unrealized<br>Gain (Loss) | Realized<br>Gain<br>(Loss) | Dividend<br>Income | October 31,<br>2025<br>Fair Value |
| U.S. Government Money Market Select | Direct | Diversified | $17163873 | $– $|  | $536290 | $17163873 |
| U.S. Government Money Market Select | Securities Lending | Diversified | 5437100 | – |  | N/A | 5437100 |

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

The Fund and the USG Select Fund have the same investment advisor and therefore, are considered to be affiliated. The Manager serves as investment advisor to the USG Select Fund and receives management fees and administrative fees totaling 0.10% of the average daily net assets of the USG Select Fund. During the year ended October 31, 2025, the Manager earned fees on the Fund's direct investments and securities lending collateral investments in the USG Select Fund as shown below:

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| | | | |
|:---|:---|:---|:---|
| Fund | Direct Investments in<br>USG Select Fund | Securities Lending<br>Collateral<br>Investments in USG<br>Select Funds | Total |
|  Diversified | $12584 | 2713 | $15297 |

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Interfund Credit Facility

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC"), the Fund, along with other registered investment companies having management contracts with the Manager, may participate in a credit facility whereby each fund, under certain conditions, is permitted to lend money directly to and borrow directly from other participating funds for temporary purposes. The interfund credit facility is advantageous to the funds because it provides added liquidity and eliminates the need to maintain higher cash balances to meet redemptions. This situation could arise when shareholder redemptions exceed anticipated volumes and certain funds have insufficient cash on hand to satisfy such redemptions or when sales of securities do not settle as expected, resulting in a cash shortfall for the fund. The credit facility provides a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities. The credit facility is administered by a credit facility team consisting of professionals from the Manager's asset management, compliance, and accounting areas who report the activities of the credit facility to the Board. During the year ended October 31, 2025, the Fund did not utilize the credit facility.

Concentration of Ownership

From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of accounts that represent a significant ownership of more than 5% of the Fund's outstanding shares could have a material impact on the Fund. As of October 31, 2025, based on management's evaluation of the shareholder account base, 3 accounts have been identified as representing an unaffiliated significant ownership of approximately 89% of the Fund's outstanding shares.

Trustee Fees and Expenses

As compensation for their service to the American Beacon Funds Complex, including the Trust (collectively, the "Trusts"), each Trustee is compensated from the Trusts as follows: (1) an annual retainer of $150,000; (2) meeting attendance fee (for attendance in-person or via teleconference) of (a) $12,000 for in-person attendance, or $5,000 for telephonic attendance, by Board members for each regularly scheduled or special Board meeting, (b) $2,500 for attendance by Committee members at meetings of the Audit and Compliance Committee and the Investment Committee, (c) $1,000 for attendance by Committee members at meetings of the Nominating and Governance Committee; and (d) $2,500 for attendance by Board members for each special telephonic Board meeting; and (3) reimbursement of reasonable expenses incurred in attending Board meetings, Committee meetings, and relevant educational seminars. For this purpose, the Board considers attendance at regular meetings held by video conference to constitute in-person attendance at a Board meeting. The Trustees also may be compensated for attendance at special Board and/or Committee meetings from time to time. For his service as Board Chair, Mr. Doug Lingren receives an additional annual retainer of $50,000. Although he attends several committee meetings at each quarterly Board meeting, he receives a single $2,500 fee each quarter for his attendance at the Audit and Compliance Committee and Investment Committee meetings. The chairpersons of the Audit and Compliance Committee and the Investment Committee each receive an additional annual retainer of $25,000 and the Chair of the Nominating and Governance Committee receives an additional annual retainer of $10,000.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

3. 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 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 approved by the Board, under certain limited circumstances. For example, fair value pricing will be used for fixed-income securities and when market quotations are not readily available or reliable, as determined by the Manager, such as when (i) trading for a security is restricted or stopped; (ii) a security's trading market is closed (other than customary closings); or (iii) a security has been de-listed from a national exchange. A security with limited market liquidity may require fair value pricing if the Manager determines that the available price does not reflect the security's true market value. In addition, if a significant event that the Manager determines to affect the value of one or more securities held by 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.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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

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

Valuation Inputs

Various inputs may be used to determine the fair value of the Fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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| |
|:---|
| 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. |

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

Common stocks, ETF's, 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.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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.

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 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.

4. Securities and Other Investments

Agency Mortgage-Backed Securities

Certain mortgage-backed securities ("MBS") may be issued or guaranteed by the U.S. government or a government sponsored entity, such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Although these instruments may be guaranteed by the U.S. government or a government sponsored entity, many such MBS are not backed by the full faith and credit of the United States and are still exposed to the risk of non-payment.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

American Depositary Receipts, Global Depositary Receipts, and Non-Voting Depositary Receipts

ADRs are depositary receipts for foreign issuers in registered form traded in U.S. securities markets. Global Depositary Receipts ("GDRs") are in bearer form and traded in both the U.S. and European securities markets. Non-Voting Depositary Receipts ("NVDRs") represent financial interests in an issuer but the holder is not entitled to any voting rights. Depositary receipts may not be denominated in the same currency as the securities into which they may be converted. Investing in depositary receipts entails substantially the same risks as direct investment in foreign securities. There is generally less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers and listed companies. In addition, such companies may use different accounting and financial standards (and certain currencies may become unavailable for transfer from a foreign currency), resulting in the Fund's possible inability to convert immediately into U.S. currency proceeds realized upon the sale of portfolio securities of the affected foreign companies. In addition, the Fund may invest in unsponsored depositary receipts, the issuers of which are not obligated to disclose material information about the underlying securities to investors in the United States. Ownership of unsponsored depositary receipts may not entitle the Fund to the same benefits and rights as ownership of a sponsored depositary receipt or the underlying security.

Asset-Backed Securities ("ABS")

ABS are securities issued by trusts and special purpose entities that are backed by pools of assets, such as automobile and credit-card receivables, and home equity loans, which pass through the payments on the underlying obligations to the security holders (less servicing fees paid to the originator or fees for any credit enhancement). Typically, loans or accounts receivable paper are transferred from the originator to a specially created trust, which repackages the trust's interests as securities with a minimum denomination and a specific term. The securities are then privately placed or publicly offered. Examples include certificates for automobile receivables and so-called plastic bonds, backed by credit card receivables. The Funds permitted to invest in ABS, subject to the Fund rating and quality requirements.

The value of an ABS is affected by, among other things, changes in the market's perception of the asset backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans and the financial institution providing any credit enhancement. Payments of principal and interest passed through to holders of ABS are frequently supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity or by having a priority to certain of the borrower's other assets. The degree of credit enhancement varies, and generally applies to only a portion of the ABS's par value. Value is also affected if any credit enhancement has been exhausted.

Common Stock

Common stock generally takes the form of shares in a corporation which represent an ownership interest. It ranks below preferred stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a company's common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company's products or services. A stock's value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company, such as changes in interest rates, currency exchange rates or industry regulation. Companies that elect to pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company's common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock may be exchange-traded or OTC. OTC stock may be less liquid than exchange-traded stock.

Fixed-Income Investments

The Fund may hold debt, including government and corporate debt, and other fixed-income securities. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are, therefore, more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain fixed-income securities with higher interest rates, such as MBS and ABS, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in the Fund having to reinvest its proceeds in lower yielding securities. Securities underlying MBS and ABS, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk.

Foreign Debt Securities

The Fund may invest in foreign fixed and floating rate income securities (including emerging market securities) all or a portion of which may be non-U.S. dollar denominated and which include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations of the U.S. Government issued in non-dollar securities; (d) debt obligations and other fixed-income securities of foreign corporate issuers (both dollar and non-dollar denominated); and (e) U.S. corporate issuers (both Eurodollar and non-dollar denominated). There is no minimum rating criteria for the Fund's investments in such securities. Investing in the securities of foreign issuers involves special considerations that are not typically associated with investing in the securities of U.S. issuers. In addition, emerging markets are markets that have risks that are different and higher than those in more developed markets.

Foreign Securities

The Fund may invest in U.S. dollar-denominated and non-U.S. dollar denominated equity and debt securities of foreign issuers and foreign branches of U.S. banks, including negotiable certificates of deposit ("CDs"), bankers' acceptances, and commercial paper. Foreign issuers are issuers organized and doing business principally outside the United States and include corporations, banks, non-U.S. governments, and quasi-governmental organizations. While investments in foreign securities may be intended to reduce risk by providing further diversification, such investments involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political or social instability, nationalization, expropriation, or confiscatory taxation); the potentially adverse effects of unavailability of public information regarding issuers, different governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States; different laws and customs governing securities tracking; and possibly limited access to the courts to enforce the Fund's rights as an investor.

Illiquid and Restricted Securities

Generally, an illiquid asset is an asset that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, as determined pursuant to Rule 22e- 4 under the Act or as otherwise permitted or required by SEC rules and interpretations. Historically, illiquid securities have included securities that have not been registered under the Securities Act, securities that are otherwise not readily marketable, and repurchase agreements having a remaining maturity of longer than seven calendar days. Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. These securities may be sold only in a privately negotiated

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

transaction or pursuant to an exemption from registration. A large institutional market exists for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. However, the fact that there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be indicative of their liquidity.

Limitations on resale may have an adverse effect on the marketability of portfolio securities, and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven calendar days. In addition, the Fund may get only limited information about an issuer, so it may be less able to predict a loss. The Fund also might have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recognition of the increased size and liquidity of the institutional market for unregistered securities and the importance of institutional investors in the formation of capital, the SEC adopted Rule 144A under the Securities Act. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of the Fund's illiquidity. The Manager or the Sub-Advisor, as applicable, may determine that certain securities qualified for trading under Rule 144A are liquid. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States and includes a provision for U.S. investors, such as the Fund, to purchase such unregistered securities if certain conditions are met.

Securities sold in private placement offerings made in reliance on the "private placement" exemption from registration afforded by Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A under the Securities Act ("Section 4(a)(2) securities") are restricted as to disposition under the federal securities laws, and generally are sold to institutional investors, such as the Fund, that agree they are purchasing the securities for investment and not with an intention to distribute to the public. Any resale by the purchaser must be pursuant to an exempt transaction and may be accomplished in accordance with Rule 144A. Section 4(a)(2) securities normally are resold to other institutional investors through or with the assistance of the issuer or dealers that make a market in the Section 4(a)(2) securities, thus providing liquidity.

Restricted securities outstanding during the year ended October 31, 2025 are disclosed in the Notes to the Schedule of Investments.

Mortgage-Backed Securities

MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities' effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of the Fund's portfolio at the time resulting in reinvestment risk.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS, making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed-income securities due to the likelihood of increased prepayments of mortgages resulting from foreclosures or declining interest rates. These

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

foreclosed or refinanced mortgages are paid off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Mortgage-Related and Other Asset-Backed Securities

The Fund may invest in mortgage or other ABS. These securities may include mortgage instruments issued by U.S. government agencies ("agency mortgages") or those issued by private entities ("non-agency mortgages"). Specific types of instruments may include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real property. The value of the Fund's MBS may be affected by, among other things, changes or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the quality of the underlying assets. The mortgages underlying the securities may default or decline in quality or value. Through its investments in MBS, the Fund has exposure to subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage and credit markets generally. Underlying collateral related to subprime, Alt-A and non-conforming mortgage loans has become increasingly susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

Other Investment Company Securities and Other Exchange-Traded Products

The Fund may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies ("BDCs"), ETFs, unit investment trusts, and other investment companies of the Trust. The Fund may invest in securities of an investment company advised by the Manager or the Sub-Advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund shareholders indirectly will bear the Fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund shareholders directly bear in connection with the Fund's own operations. These other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer's portfolio securities.

Privately Issued Mortgage-Backed Securities

Publicly Traded Partnerships/Master Limited Partnerships ("MLPs")

The Fund may invest in publicly traded partnerships such as MLPs. MLPs issue units that are registered with the SEC and are freely tradable on a securities exchange or in the OTC market. An MLP may have one or more general partners, who conduct the business, and one or more limited partners, who contribute capital. The general partner or partners are jointly and severally responsible for the liabilities of the MLP. (An MLP also may be an entity similar to a limited partnership, such as an LLC, which has one or more managers or managing members and non-managing members (who are like limited partners)). The Fund invests in an MLP as a limited partner and normally would not be liable for the debts of an MLP beyond the amount the Fund has invested therein, but it

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

would not be shielded to the same extent that a shareholder of a corporation would be. In certain instances, creditors of an MLP would have the right to seek a return of capital that had been distributed to a limited partner. The right of an MLP's creditors would continue even after the Fund had sold its investment in the partnership. MLPs typically invest in real estate and oil and gas equipment leasing assets, but they also finance entertainment, research and development, and other projects.

Real Estate Investment Trusts ("REITs")

REITs are pooled investment vehicles that own, and often operate, income producing real estate (known as "equity REITs") or invest in mortgages secured by loans on such real estate (known as "mortgage REITs") or both (known as "hybrid REITs"). REITs are susceptible to the risks associated with direct ownership of real estate, such as declines in property values, increase in property taxes, operating expenses, rising interest rates or overbuilding, zoning changes, and losses from casualty or condemnation. REITs typically are subject to management fees and other expenses that are separate from those of the Fund.

U.S. Government Agency Securities

U.S. Government agency securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Some obligations issued by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury; others by the right of the issuer to borrow from the U.S. Treasury; others by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality. U.S. Government securities bear fixed, floating or variable rates of interest. While the U.S. Government currently provides financial support to certain U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law. U.S. Government securities include U.S. Treasury bills, notes and bonds, Federal Home Loan Bank ("FHLB") obligations, Federal Farm Credit Bank ("FFCB") obligations, U.S. Government agency obligations and repurchase agreements secured thereby. U.S. Government agency securities are subject to credit risk and interest rate risk.

U.S. Treasury Obligations

U.S. Treasury obligations include bills (initial maturities of one year or less), notes (initial maturities between two and ten years), and bonds (initial maturities over ten years) issued by the U.S. Treasury, Separately Traded Registered Interest and Principal component parts of such obligations (known as "STRIPS") and inflation-indexed securities. The prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. U.S. Treasury obligations are subject to credit risk and interest rate risk.

Variable or Floating Rate Obligations

The coupon on certain fixed-income securities in which the Fund may invest is not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money market index, LIBOR or a Treasury bill rate. A variable rate obligation has an interest rate which is adjusted at predesignated periods in response to changes in the market rate of interest on which the interest rate is based. Variable and floating rate obligations are less effective than fixed rate obligations at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons.

As short-term interest rates decline, the coupons on floating rate securities typically decrease. Alternatively, during periods of increasing interest rates, changes in the coupons of floating rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of floating rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general.

Floating rate securities will not generally increase in value if interest rates decline.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

5. Financial Derivative Instruments

The Fund may utilize derivative instruments to enhance return, hedge risk, gain efficient exposure to an asset class or to manage liquidity. When considering the Funds' use of derivatives, it is important to note that the Funds do not use derivatives for the purpose of creating financial leverage.

Forward Foreign Currency Contracts

The Fund may have exposure to foreign currencies for investment or hedging purposes by purchasing or selling forward currency exchange contracts in non-U.S. currencies and by purchasing securities denominated in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar and affect the Fund's investments in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

During the year ended October 31, 2025, the Fund did not have any outstanding forward foreign currency contracts.

Futures Contracts

A futures contract is a contract to purchase or sell a particular security, or the cash value of an asset, such as securities, indices, or currencies, at a specified future date at a price agreed upon when the contract is made. Under many such contracts, no delivery of the actual underlying asset is required. Rather, upon the expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the asset (e.g., a security or an index) at expiration, net of the initial and variation margin that was previously paid. A Treasury futures contract is a contract for the future delivery of a U.S. Treasury security. An equity index futures contract is based on the value of an underlying index. The Fund may, from time to time, use futures positions to equitize cash and expose its portfolio to changes in securities prices or index prices. This can magnify gains and losses in the Fund. The Fund also may have to sell assets at inopportune times to satisfy its settlement or collateral obligations. The risks associated with the use of futures contracts also include that there may be an imperfect correlation between the changes in market value of the prices of futures contracts and the assets underlying such contracts and that there may not be a liquid secondary market for a futures contract.

During the year ended October 31, 2025, the Fund entered into futures contracts primarily for exposing cash to markets.

The Fund's average futures contracts outstanding fluctuate throughout the operating year as required to meet strategic requirements. The following table illustrates the average monthly volume of futures contracts. For the purpose of this disclosure, volume is measured by contracts outstanding at each month end.

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| | |
|:---|:---|
| Average Futures Contracts Outstanding | Average Futures Contracts Outstanding |
| Fund | Year Ended October 31, 2025 |
|  Diversified | $46 |

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

The following is a summary of the fair valuations of the Fund derivative instruments categorized by risk exposure<sup>(1)</sup>:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** | **Fair values of financial instruments on the Statement of Assets and Liabilities as of October 31, 2025:** |
| Assets: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Receivable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $152548 | $152548 |
| Liabilities: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Payable for variation margin from open futures contracts<sup>(2)</sup> | $- | $- | $- | $- | $(844) | $(844) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** | **The effect of financial derivative instruments on the Statement of Operations as of October 31, 2025:** |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
| Realized gain (loss) from derivatives<br> recognized as a result of operations | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $1315029 |  |
| Net change in unrealized appreciation<br> (depreciation) of derivatives recognized<br> as a result from operations: | Credit contracts | Foreign exchange<br>contracts | Commodity<br>contracts | Interest rate<br>contracts | Equity contracts | Total |
| Futures contracts | $- | $- | $- | $- | $248463 | $248463 |

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<sup>(1)</sup> See Note 3 in the Notes to Financial Statements for additional information.

<sup>(2)</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund's Schedule of Investments footnotes. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Master Agreements

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as delayed delivery or sale-buyback financing transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Offsetting Assets and Liabilities

The Fund is a party to enforceable master netting agreements between brokers and counterparties which provide for the right to offset under certain circumstances. The Fund employs multiple money managers and counterparties and has elected not to offset qualifying financial and derivative instruments on the Statement of Assets and Liabilities, as such all financial and derivative instruments are presented on a gross basis. The impacts of netting arrangements that provide the right to offset are detailed below, if applicable. The net amount represents the net receivable or payable that would be due from or to the counterparty in the event of default.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Exposure from borrowings and other financing agreements such as repurchase agreements can only be netted across transactions governed by the same Master Agreement with the same legal entity. All amounts reported below represent the balance as of the report date, October 31, 2025.

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| | | |
|:---|:---|:---|
| **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** | **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** | **Offsetting of Financial and Derivatives Assets as of October 31, 2025:** |
|  | Assets | Liabilities |
| Futures Contracts | $152548 | $844 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | 152548 | 844 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | $(152548) | $(844) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 | Remaining Contractual Maturity of the Agreements<br>As of October 31, 2025 |
|  | Overnight and<br>Continuous | <30 days | Between<br>30 & 90 days | >90 days | Total |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $5437100 |  |  |  | $5437100 |
|  Total Borrowings | $5437100 |  |  |  | $5437100 |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $5437100 |

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6. Principal Risks

Investing in the Fund may involve certain risks including, but not limited to, those described below.

Asset-Backed and Mortgage Related Securities Risk

Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security's value.

Counterparty Risk

The Fund is subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund. As a result, the Fund may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Credit Risk

The Fund is subject to the risk that the issuer or guarantor of an obligation, or the counterparty to a transaction, including a derivatives contract or a loan, will fail to make timely payment of interest or principal or otherwise honor its obligations or default completely. The strategies utilized by the sub-advisors require accurate and detailed credit analysis of issuers and there can be no assurance that its analysis will be accurate or complete. The Fund may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers in its portfolio.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument and debt obligations which are rated by rating agencies may be subject to downgrade. The credit ratings of debt instruments and investments represent the rating agencies' opinions regarding their credit quality and are not a guarantee of future credit performance of such securities. Rating agencies attempt to evaluate the safety of the timely payment of principal and interest (or dividends) and do not evaluate the risks of fluctuations in market value. The ratings assigned to securities by rating agencies do not purport to fully reflect the true risks of an investment. Further, in recent years many highly-rated structured securities have been subject to substantial losses as the economic assumptions on which their ratings were based proved to be materially inaccurate. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price and may make it difficult for the Fund to sell it. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations. Credit risk is typically greater for securities with ratings that are below investment grade (commonly referred to as "junk bonds"). Since the Fund can invest significantly in high yield investments that are considered speculative in nature, this risk may be substantial. Changes in the actual or perceived creditworthiness of an issuer, or a downgrade or default affecting any of the Fund's securities, could affect the Fund's performance.

Currency Risk

The Fund may have exposure to foreign currencies by making direct investments in non-U.S. currencies or in securities denominated in non-U.S. currencies, or by purchasing or selling foreign currency futures contracts and forward currency exchange contracts in non-U.S. currencies. Foreign currencies may decline in value relative to the U.S. dollar, or, in the case of hedging positions, the U.S. dollar may decline in value relative to the currency being hedged, and thereby affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund's investments in foreign currency denominated securities may reduce the returns of the Fund. Currency futures, forwards, options or swaps may not always work as intended, and in specific cases, the Fund may be worse off than if it had not used such instrument(s). There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, the Fund may choose to not hedge its currency risks.

Cybersecurity and Operational Risk

Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund's shares, and result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the Fund invests. The issuers of the Fund's investments are likely to be dependent on computers for their operations and require ready access to their data and the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund's investments, leading to significant loss of value.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Derivatives Risk

Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and potential material and prolonged deviations between the theoretical value and realizable value of a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. Derivatives may be illiquid and may be more volatile than other types of investments. The Fund may buy or sell derivatives not traded on an exchange and which may be subject to heightened liquidity and valuation risk. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk and credit risk. As a result, the Fund may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Equity Investments Risk

Equity securities are subject to market risk. The Fund's investments in equity securities may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, REITs, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. Such investments may expose the Fund to additional risk. The value of a company's common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Preferred stocks and convertible securities are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities' investment value. Investments in REITs are subject to the risks associated with investing in the real estate industry such as adverse developments affecting the real estate industry and real property values. Depositary receipts and U.S. dollar-denominated foreign stocks traded on U.S. exchanges are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity and more volatility, less government regulation and supervision and delays in transaction settlement.

Foreign Exposure Risk

The Fund's exposure to a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated with that country. Global economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

Forward Foreign Currency Contracts Risk

Forward foreign currency contracts, including non-deliverable forwards, are derivative instruments pursuant to a contract with a counterparty to pay a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. The use of forward foreign currency contracts may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities or currencies underlying the forward foreign currency contract.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Futures Contracts Risk

Futures contracts are derivative instruments where one party pays a fixed price for an agreed amount of securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There can be no assurance that any strategy used will succeed. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). Futures contracts on indices expose the Fund to volatility in an underlying index. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways.

Illiquid and Restricted Securities Risk

Securities not registered in the U.S. under the Securities Act, including Rule 144A securities, are restricted as to their resale. Such securities may not be listed on an exchange and may have no active trading market. They may be more difficult to purchase or sell at an advantageous time or price because such securities may not be readily marketable in broad public markets. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.

Interest Rate Risk

Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction to movements in interest rates. The prices of fixed-income securities or derivatives are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. An increase in interest rates can impact markets broadly as well. Interest rates are currently at or near historic lows, and some investments may have negative interest rates.To the extent the Fund holds an investment with a negative interest rate to maturity, the Fund may generate a negative return on that investment. Conversely, in the future, interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the Fund.

Liquidity Risk

When there is little or no active trading market for a specific type of security it can become more difficult to purchase or sell the securities at or near their perceived value. During such periods, certain investments held by the Fund may be difficult to sell or other investments may be difficult to purchase at favorable times or prices. As a result, the Fund may have to lower the price on certain securities that it is trying to sell, sell other securities instead or forgo an investment opportunity, any of which could have a negative effect on Fund management or performance. Redemptions by a few large investors in the Fund at such times may have a significant adverse effect on the Fund's NAV per share and remaining Fund shareholders. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased regulatory capital requirements for broker-dealers. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

the Fund's ability to buy or sell debt securities and increase the related volatility and trading costs. The Fund may lose money if it is forced to sell certain investments at unfavorable prices to meet redemption requests or other cash needs.

Market Risk

The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund performance. Equity securities generally have greater price volatility than fixed-income securities, although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities markets, multiple assets may decline in value simultaneously. In some cases, traditional market participants have been less willing to make a market in some types of debt instruments, which has affected the liquidity of those instruments. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed-income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. The value of a security may decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, or factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a whole.

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. Changes in value may be temporary or may last for extended periods.

Policy changes by the U.S. government and/or Federal Reserve and political events within the U.S. and abroad, including the U.S. presidential election, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government's debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Mortgage-Backed and Mortgage Related Securities Risk

Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the housing market. Investments in mortgage-backed and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, prepayment risk, extension risk, callable securities risk, and valuation risk. A decline in the credit quality of the issuers of mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security's value.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Multiple Sub-Advisor Risk

The Manager may allocate the Fund's assets among multiple sub-advisors, each of which is responsible for investing its allocated portion of the Fund's assets. To a significant extent, the Fund's performance will depend on the success of the Manager in selecting and overseeing the sub-advisors and allocating the Fund's assets to sub-advisors. The sub-advisors' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each sub-advisor makes its trading decisions independently, the subadvisors may purchase or sell the same security at the same time without aggregating their transactions. This may cause unnecessary brokerage and other expenses.

Other Investment Companies Risk

The Fund may invest in shares of other registered investment companies, including money market funds that are advised by the Manager. To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses, including for example advisory and administrative fees, charged by those investment companies in addition to the Fund's direct fees and expenses and will be subject to the risks associated with investments in those companies. To the extent the Fund invests in other investment companies that invest in equity securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments held by the investment company or the index fluctuations to which the investment company is subject.

Prepayment and Extension Risk

Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security's effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an investment's price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the Fund's performance.

Recent Market Events Risk

Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in the Fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, the timing, frequency or magnitude of any such increases, or when such increases might stop. Additionally, various economic and political factors could cause the Federal Reserve or another foreign central bank to change their approach in the future and such actions may result in an economic slowdown in the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating

------

American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various markets or decrease confidence in the markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In March 2023, the shutdown of certain financial institutions in the U.S. and questions regarding the viability of other financial institutions raised economic concerns over disruption in the U.S. and global banking systems. There can be no certainty that the actions taken by the U.S. or foreign governments will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. and global banking systems. Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; imposition of tariffs and resulting impacts on global prices and supply chains; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could have adverse effects that cannot be foreseen at the present time.

Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Regulators in the U.S. have proposed and recently adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect of various newly-adopted regulations is not currently known. Additionally, it is not clear whether the proposed regulations will be adopted. However, due to the broad scope of the new and proposed regulations, certain changes could limit the Fund's ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may impact performance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change.

Redemption Risk

The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. The sale of assets to meet redemption requests may create net capital gains, which could cause the Fund to have to distribute substantial capital gains. Redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs. A rise in interest rates or other market developments may cause investors to move out of fixed-income securities on a large scale. Heavy redemptions could hurt the Fund's performance.

Securities Lending Risk

To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which Fund reinvests cash collateral may decrease in value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund's payment to the borrower of a pre-negotiated fee or "rebate" for the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

becoming under-secured; (iii) delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability to enforce its rights in its collateral.

U.S. Government Securities and Government-Sponsored Enterprises Risk

A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of stated interest rate and face value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (''Fannie Mae''), Federal Home Loan Mortgage Corporation (''Freddie Mac''), Federal Home Loan Bank ("FHLB"), and the Federal Farm Credit Bank ("FFCB"), are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored entities are also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored enterprises will not have the funds to meet their payment obligations in the future.

Valuation Risk

This is the risk that the Fund has valued a security at a price different from the price at which it can be sold. This risk may be especially pronounced for investments, such as derivatives, which may be illiquid or which may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market conditions make it difficult to value certain investments, the Fund may value these investments using more subjective methods, such as fair-value methodologies. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Fund had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before the Fund determines its NAV. The Fund's ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third-party service providers, such as pricing services or accounting agents.

Variable and Floating Rate Securities Risk

The coupons on certain fixed-income securities in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate security is generally based on an interest rate such as a money-market index, Secured Overnight Financing Rate ("SOFR") LIBOR or a Treasury bill rate. Such securities are subject to interest rate risk and may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. As short-term interest rates decline, the coupons on variable and floating rate securities typically decrease. Alternatively, during periods of rising interest rates, changes in the coupons of variable and floating rate securities may lag behind changes in market rates or may have limits on the maximum increases in the coupon rates. The value of variable and floating rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Variable and floating rate securities are less effective at locking in a particular yield and are subject to credit risk. Certain types of floating rate instruments may also be subject to greater liquidity risk than other debt securities.

------

American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

7. 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 in the accompanying financial statements. Each of the tax years in the four year period ended October 31, 2025 remain subject to examination by the Internal Revenue Service. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in "Other expenses" on the Statement of Operations.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on returns of income earned or gains realized or repatriated. Taxes are accrued and applied to net investment income, net realized capital gains and net unrealized appreciation (depreciation), as applicable, as the income is earned or capital gains are recorded.

Dividends are categorized in accordance with income tax regulations which may treat certain transactions differently than U.S. GAAP. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.

The tax character of distributions paid were as follows:

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| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | Year Ended<br>October 31, 2024 |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income<sup>\*</sup>  | $14460073 | $12388282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 22678547 |  |
|  Total distributions paid | $37138620 | $12388282 |

---

\* For tax purposes, short-term capital gains are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (deficits) on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Diversified Fund | $494555167 | $108130723 | $(13372182) | $94758541 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Net Unrealized<br>Appreciation<br>(Depreciation) | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Accumulated<br>Capital and<br>Other (Losses) | Other Temporary<br>Differences | Distributable<br>Earnings |
|  Diversified | $94758541 | $18540010 | $25542912 | $– $| (1) | $138841462 |

---

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences. The temporary differences between financial reporting and tax-basis reporting of unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses from wash sales, book amortization of premiums, the realization for tax purposes of unrealized gains from passive foreign investment securities, reclassifications of income from investments in real estate securities and other securities, and the realization for tax purposes of unrealized gains (losses) on certain derivative instruments.

Due to inherent differences in the recognition of income, expenses, and realized gains (losses) under U.S. GAAP and federal income tax regulations, permanent differences between book and tax reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Accordingly, the following amounts represent current year permanent differences as of October 31, 2025:

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| | | |
|:---|:---|:---|
| Fund | Paid-in-Capital | Distributable<br>Earnings/(Deficits) |
| Diversified | $2 | $(2) |

---

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards retain their character as short-term and/or long-term and may be carried forward and applied against future realized capital gains with no expiration date.

As of October 31, 2025, the fund did not have any capital loss carryforwards.

8. Investment Transactions

The aggregate cost of purchases and proceeds from sales and maturities of investments, other than short-term obligations, for the year ended October 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Purchases<br>(non-U.S.<br>Government<br>Securities) | Purchases of<br>U.S. Government<br>Securities | Sales<br>(non-U.S.<br>Government<br>Securities) | Sales of<br>U.S. Government<br>Securities |
|  Diversified | $155387820 | $297426243 | $183336563 | $277354206 |

---

A summary of the Fund's transactions in the USG Select Fund for the year ended October 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Type of<br>Transaction | October 31,<br>2024<br>Shares/Fair<br>Value | Purchases | Sales | October 31,<br>2025<br>Shares/Fair<br>Value |
|  Diversified | Direct | $10688461 | $239153317 | $232677905 | $17163873 |
|  Diversified | Securities Lending | 2261740 | 58204285 | 55028925 | 5437100 |

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9. 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 and the collateral is shown on the Statement of Assets and Liabilities as a payable.

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

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

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 October 31, 2025, the value of outstanding securities on loan and the value of collateral were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Fair Value of<br>Securities on<br>Loan | Cash<br>Collateral<br>Received | Non-Cash<br>Collateral<br>Received | Total<br>Collateral<br>Received |
|  Diversified | $8403429 | $5437100 | $3165957 | $8603057 |

---

Cash collateral is listed on the Fund's Schedule of Investments and is shown on the Statement of Assets and Liabilities. Income earned on these investments is included in "Income derived from securities lending" on the Statement of Operations.

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 or Statement of Assets and Liabilities.

10. Borrowing Arrangements

Effective November 6, 2025 (the "Effective Date"), the Fund, along with certain other funds managed by the Manager ("Participating Funds"), renewed a committed revolving line of credit (the "Committed Line") agreement with State Street Bank and Trust Company (the "Bank") to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Committed Line is $100 million with interest at a daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day. Each of the Participating Funds paid a proportional amount of a quarterly commitment fee at a rate of 0.25% per annum on the unused portion of the Committed Line amount. The Committed Line expires November 5, 2026, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Committed Line was $100 million with an expiration date November 7, 2025.

On the Effective Date, the Fund, along with certain other Participating Funds managed by the Manager, also renewed an uncommitted discretionary demand revolving line of credit (the "Uncommitted Line") agreement with the Bank to be used to facilitate portfolio liquidity. The maximum borrowing amount under the Uncommitted Line is $100 million with interest at a daily fluctuating rate per annum equal to 1.25% plus the sum of 0.10%, plus the higher of the Federal Fund Effective Rate for the prior day and the Overnight Bank Funding Rate for the prior day.

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American Beacon Diversified Fund<sup>SM</sup>

Notes to Financial Statements

October 31, 2025

Each of the Participating Funds paid a proportional amount of a closing fee of $35,000 on the Effective Date. The Uncommitted Line expires November 5, 2026, unless extended by the Bank or terminated by the Participating Funds in accordance with the agreement. Prior to the Effective Date, the maximum borrowing amount under the Uncommitted Line was $100 million with an expiration date November 7, 2025.

The Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Line of credit interest expense" on the Statement of Operations, along with commitment fees, that have been allocated among the Participating Funds based on average daily net assets.

During the year ended October 31, 2025, the Fund did not utilize these facilities.

11. Capital Share Transactions

The table below summarizes the activity in capital shares for the Fund Shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2025 | 2024 | 2024 |
| Diversified Fund | Shares | Amount | Shares | Amount |
| Shares sold | 1021594 | $12460907 | 264240 | $3079924 |
| Reinvestment of dividends | 3260634 | 37138619 | 1102160 | 12388280 |
| Shares redeemed | (3569232) | (43355698) | (2468051) | (28944278) |
| Net increase (decrease) in shares outstanding | 712996 | $6243828 | (1101651) | $(13476074) |

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12. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

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**American Beacon Diversified Fund**<sup>SM</sup>

Financial Highlights

October 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net asset value, beginning of period | $12.40 | $10.23 | $10.31 | $13.25 | $10.56 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.32 <sup>A</sup> | 0.30 | 0.25 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments (both realized and unrealized) | 0.90 | 2.14 | 0.15 | (2.01) | 2.95 |
|  Total income (loss) from investment operations | 1.22 | 2.44 | 0.40 | (1.83) | 3.11 |
|  Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.27) | (0.19) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.51) |  | (0.29) | (0.94) | (0.23) |
|  Total distributions | (0.83) | (0.27) | (0.48) | (1.11) | (0.42) |
|  Net asset value, end of period | $12.79 | $12.40 | $10.23 | $10.31 | $13.25 |
|  Total return<sup>B</sup>  | 10.72% | 24.16% | 3.84% | (15.05)% | 30.04% |
|  Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: | Ratios and supplemental data: |
|  Net assets, end of period | $580482746 | $554170201 | $468590838 | $475454727 | $589868075 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before reimbursements and/or recoupments | 0.42% | 0.42% | 0.41% | 0.41% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of reimbursements and/or recoupments | 0.42% | 0.42% | 0.41% | 0.41% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, before expense reimbursements and/or recoupments | 2.65% | 2.50% | 2.33% | 1.50% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income, net of reimbursements and/or recoupments | 2.65% | 2.50% | 2.33% | 1.50% | 1.23% |
|  Portfolio turnover rate | 84% | 59% | 59% | 47% | 41% |

---

*<sup>A</sup>* *Per share amounts have been calculated using the average shares method.* 

*<sup>B</sup>* *Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. May include adjustments in accordance with U.S. GAAP and as such, the net asset value for reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.* 

See accompanying notes

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American Beacon Diversified Fund<sup>SM</sup>

Federal Tax Information

October 31, 2025 (Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended October 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025.

The Fund designated the following items with regard to distributions paid during the fiscal year ended October 31, 2025. All designations are based on financial information available as of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations there under.

#### Corporate Dividends-Received Deduction:

---

| | | |
|:---|:---|:---|
|  Diversified Fund | 24.26 | % |

---

#### Qualified Dividend Income:

---

| | | |
|:---|:---|:---|
|  Diversified Fund | 41.85 | % |

---

#### Long-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Diversified Fund | $22678547.0 |

---

#### Short-Term Capital Gain Distributions:

---

| | |
|:---|:---|
|  Diversified Fund | $106618.0 |

---

Shareholders will receive notification in January 2026 of the applicable tax information necessary to prepare their 2025 income tax returns.

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American Beacon Diversified Fund<sup>SM</sup>

Results of Shareholder Meeting (Unaudited)

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

Trustee For Against Abstain Non-Voting

---

| | | | |
|:---|:---|:---|:---|
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 |

---

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![LOGO](g91539g07a07.jpg)

## Delivery of Documents

#### To obtain more information about the Fund:

---

| | |
|:---|:---|
| <br> ![LOGO](g91539g09k01.jpg)  |  |
| By E-mail: |  |
| american_beacon.funds@ambeacon.com |  |
| ![LOGO](g91539g09k02.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g91539g09k03.jpg) <br> **By Mail:**<br> American Beacon Institutional Funds Trust or American Beacon Diversified Fund<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g91539g09k02.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g91539g09k03.jpg) <br> **By Mail:**<br> American Beacon Institutional Funds Trust or American Beacon Diversified Fund<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g91539g09k02.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g91539g09k03.jpg) <br> **By Mail:**<br> American Beacon Institutional Funds Trust or American Beacon Diversified Fund<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |
| ![LOGO](g91539g09k02.jpg) <br> **By Telephone:**<br> Call (800) 658-5811 | ![LOGO](g91539g09k03.jpg) <br> **By Mail:**<br> American Beacon Institutional Funds Trust or American Beacon Diversified Fund<br> P.O. Box 219643<br> Kansas City, MO 64121-9643 |

---

#### Fund Service Providers:
CUSTODIAN State Street Bank and Trust Company Boston, Massachusetts TRANSFER AGENT SS&C GIDS, Inc. Quincy, Massachusetts INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Boston, Massachusetts

*This report is prepared for shareholders of the American Beacon Diversified Fund and may be distributed to others only if preceded or accompanied by a current Private Placement Memorandum.* 

American Beacon Institutional Funds Trust and American Beacon Diversified Fund are service marks of American Beacon Advisors, Inc.

AR 10/25

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the meeting and whether it was an annual or special meeting.

A special meeting of shareholders of each of the portfolios of the American Beacon Funds (the "Trust") was held on August 14, 2025. The shareholders of the Trust, which includes shareholders of the American Beacon Balanced Fund, American Beacon Garcia Hamilton Quality Bond Fund, American Beacon IMC International Small Cap Fund formerly known as EAM International Small Cap Fund, American Beacon International Equity Fund, American Beacon Large Cap Value Fund, American Beacon Small Cap Value Fund, and American Beacon Diversified Institutional Fund, approved the election of eight (8) trustees to the Board of Trustees of the Trust. Approval of this proposal required a majority of the outstanding voting securities of the Trust.

The following are the results of the shareholder votes for this proposal:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | For | Against | Abstain | Non-Voting |
|  Gilbert G. Alvarado | 9799442444.739 | 366321955.820 | 0.000 | 0.000 |
|  Gerard J. Arpey | 9786037980.551 | 379724448.710 | 0.000 | 0.000 |
|  Eugene J. Duffy | 9825775502.289 | 339986926.972 | 0.000 | 0.000 |
|  Claudia A. Holz | 10035282825.238 | 130479604.023 | 0.000 | 0.000 |
|  Douglas A. Lindgren | 10068190001.570 | 97572427.691 | 0.000 | 0.000 |
|  Barbara J. McKenna | 9822345807.154 | 343416622.084 | 0.000 | 0.000 |
|  Janet C. Smith | 10059444546.803 | 106317882.436 | 0.000 | 0.000 |
|  Paul Zemsky | 10034064866.274 | 131697562.874 | 0.000 | 0.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the meeting involved the election of directors, the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after the meeting. Refer to Item 9(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A brief description of each matter voted upon at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to each such matter, including a separate tabulation with respect to each matter or nominee for office. Refer to Item 9(1).

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

Renewal and Approval of Management Agreement and Investment Advisory Agreements

At meetings held on May 20, 2025 and June 4, 2025 (collectively, the "Meetings"), the Board of Trustees ("Board" or "Trustees") of the American Beacon Institutional Funds Trust (the "Trust") considered and then, at its June 4, 2025 meeting, approved the renewal of: (1) the Management Agreement between American Beacon Advisors, Inc. ("Manager") and the Trust on behalf of the American Beacon Diversified Fund ("Fund"); and (2) the Investment Advisory Agreements among the Manager, the Trust on behalf of the Fund, and each of (a) Aristotle Capital Management, LLC ("Aristotle"), (b) Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow"), (c) Brandywine Global Investment Management, LLC ("Brandywine"), (d) Hotchkis and Wiley Capital Management, LLC ("Hotchkis"), (e) Lazard Asset Management LLC ("Lazard") and (f) WCM Asset Management ("WCM") (each, a "sub-advisor" and collectively, the "sub-advisors") (the "Investment Advisory Agreements"). The Management Agreement and the Investment Advisory Agreements are referred to herein individually as an "Agreement" and collectively as the "Agreements."

In preparation for its consideration of the renewal of the Agreements, the Board undertook steps to gather and consider information furnished by the Manager, the sub-advisors, Broadridge, Inc. ("Broadridge"). The Board, with the assistance of independent legal counsel, requested and received certain relevant information from the Manager and each sub-advisor.

In advance of the Meetings, the Board's Investment Committee and/or the Manager coordinated the production of information from Broadridge regarding the performance, fees and expenses of the Fund as well as information from the Manager and the sub-advisors. At the Meetings, the Board considered the information provided in connection with the renewal process, as well as information furnished to the Board throughout the year at regular meetings of the Board and its committees. In connection with the Board's consideration of the Agreements, the Trustees received and evaluated such information as they deemed necessary. This information is described below in the section summarizing the factors the Board considered in connection with its renewal of the Agreements, as well as the section describing additional Board considerations with respect to the Fund.

The Board considered that the Manager provides management and administrative services to the Fund pursuant to the Management Agreement. The Board considered that many funds have separate contracts governing each type of service and observed that, with respect to such funds, the actual management fee rates provided by Broadridge for peer group funds reflect the combined advisory and administrative fees, reduced by any fee waivers and/or reimbursements.

The Manager or a sub-advisor may not have been able to, or opted not to, provide information in response to certain requests, in which case the Board conducted its evaluation of the firm based on information that was provided. In such cases, the Board determined that the omission of any such information was not material to its considerations.

Provided below is an overview of certain factors the Board considered in connection with its decision to approve the renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration of whether to approve the renewal of each Agreement, and each Trustee may have afforded different weight to the various factors. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the renewal of investment advisory contracts, such as the Agreements, and related regulatory guidelines. Based on its evaluation, the Board unanimously concluded that the terms of each Agreement were reasonable and fair and that the renewal of each Agreement was in the best interests of the Fund and its shareholders.

#### Considerations With Respect to the Renewal of the Management Agreement and the Investment Advisory Agreements
In determining whether to approve the renewal of the Agreements, the Board considered the Fund's investment management and sub-advisory relationships separately. In each instance, the Board considered, among other things, the following factors: (1) the nature, extent and quality of the services provided; (2) the investment

------

Renewal and Approval of Management Agreement and Investment Advisory Agreements

performance of the Fund and each sub-advisor for the Fund; (3) the profits, if any, earned by the Manager in rendering services to the Fund; (4) comparisons of services and fee rates with contracts entered into by the Manager or a sub-advisor or their affiliates with other clients (such as pension funds and other institutional clients); (5) the extent to which economies of scale, if any, have been taken into account in setting each fee rate schedule; (6) whether fee rate levels reflect economies of scale, if any, for the benefit of Fund investors; and (7) any other benefits derived or anticipated to be derived by the Manager or a sub-advisor from their relationships with the Fund.

<u>Nature, Extent and Quality of Services</u>*.* With respect to the renewal of the Management Agreement, the Board considered, among other factors: the Fund's investment performance; the length of service of key investment personnel at the Manager; the cost structure of the Fund; the financial capital structure of the Manager and its parent company; the Manager's culture of compliance and support that reduce risks to the Fund; its quality of services; its active role in monitoring and, as appropriate, recommending additional or replacement sub-advisors; and its representations regarding its efforts to retain key employees and maintain staffing levels. The Board also considered the Manager's representation that the advisory, administrative and related services provided to the Fund are consistent with the services provided to the series of the American Beacon Funds ("American Beacon Funds"), except that, because the Fund has only one share class and the Fund's shares are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"), and Regulation D thereunder, the Manager does not provide to the Fund certain services that it provides to the American Beacon Funds.

With respect to the renewal of each Investment Advisory Agreement, the Board considered, among other factors: the Fund's investment performance; the representations made by each sub-advisor regarding its level of staffing; its financial stability ; and its compliance program. Based on the foregoing information, the Board concluded that the nature, extent and quality of the management and advisory services provided by the Manager and each sub-advisor were appropriate for the Fund.

<u>Investment Performance</u>*.* The Board evaluated the comparative information provided by Broadridge and the Manager regarding the performance of the Fund, relative to its Broadridge Performance Universe, and/or benchmark index or indices, as applicable. The Board considered the information provided by Broadridge regarding its independent methodology for selecting the Fund's Broadridge Performance Universe. In addition, the Board considered the performance reports and discussions with management at meetings of the Board and its committees throughout the year. The Board also evaluated the comparative information provided by each sub-advisor regarding the performance of its portion or portions of the Fund, relative to the performance of comparable investment accounts and/or a composite of comparable investment accounts managed by the sub-advisor, an index or indices for the strategy and/or a broad based securities market index. In addition, the Board considered the Manager's recommendation to continue to retain each sub-advisor. A discussion regarding the Board's considerations with respect to the Fund's performance appears below under "Additional Considerations and Conclusions with Respect to the Fund."

<u>*Costs of the Services Provided to the Fund and the Profits Realized by the Manager from its Relationship with the Fund*</u>*.* In analyzing the costs of services and profitability of the Manager, the Board considered the revenues earned and the expenses incurred by the Manager. The profits or losses were noted at both an aggregate level for all funds within the group of funds sponsored by the Manager (the "Fund Complex") and at an individual Fund level, with the Manager earning a profit with respect to the Fund. The Board also considered comparative information provided by the Manager regarding the Manager's overall profitability with respect to the Fund Complex relative to the overall profitability of other firms in the fund industry, as disclosed in publicly available sources. Although the Board considered that, in certain cases, the fee rates paid by other clients of the Manager are lower than the fee rates paid by the Fund, the Manager represented that the difference is attributable to, among other factors, the fact that the Manager does not perform administrative services for non-investment company clients and reflects the greater level of responsibility and regulatory requirements associated with managing the Fund.

------

Renewal and Approval of Management Agreement and Investment Advisory Agreements

The Board further considered that, with respect to the Fund, the Management Agreement provides for the Manager to receive a management fee comprised of an annualized fee that is retained by the Manager. In addition, the Board considered that the Manager receives fees for administering and overseeing the securities lending program on behalf of the Fund.

In analyzing the fee rates charged by each sub-advisor in connection with its investment advisory services to the Fund, the Board considered representations made by the sub-advisors that the Fund's sub-advisory fee rate schedules generally were favorable compared to other comparable client accounts. The Board did not request profitability data from the sub-advisors because the Board did not view this data as imperative to its deliberations given the arm's-length nature of the relationship between the Manager and the sub-advisors with respect to the negotiation of sub-advisory fee rates. In addition, the Board considered that the sub-advisors may not account for their profits on an account-by-account basis and that different firms likely employ different methodologies in connection with these calculations.

Based on the foregoing information, the Board concluded that the profitability levels of the Manager were reasonable in light of the services performed by the Manager. A discussion regarding the Board's considerations with respect to the Fund's fee rates is set forth below under "Additional Considerations and Conclusions with Respect to the Fund."

<u>Economies of Scale</u>*.* In considering the reasonableness of the management and investment advisory fee rates, the Board considered whether economies of scale will be realized as the Fund grows and whether fee rate levels reflect these economies of scale for the benefit of Fund shareholders. In this regard, the Board considered that, with respect to each sub-advisor, the Manager has negotiated breakpoints for the sub-advisory fee rates.

Based on the foregoing and other information, the Board concluded that the Manager and sub-advisor fee rate schedules for the Fund provide for a reasonable sharing of benefits from any economies of scale with the Fund.

<u>*Benefits Derived from the Relationship with the Fund*</u>*.* The Board considered the Manager's and sub-advisors' responses to inquiries regarding "fall-out" or ancillary benefits that accrue to the Manager and/or the sub-advisors as a result of their advisory relationships with the Fund. For example, the Board considered that the Manager may invest the Fund's cash balances and cash collateral provided by the borrowers of the Fund's securities in the American Beacon U.S. Government Money Market Select Fund, which the Manager manages directly, and for which the Manager receives a fee. Similarly, the Board considered that a sub-advisor may benefit from soft dollar arrangements for proprietary and/or third-party research. Based on the foregoing information, the Board concluded that the potential benefits accruing to the Manager and the sub-advisors by virtue of their relationships with the Fund appear to be fair and reasonable.

#### Additional Considerations and Conclusions with Respect to the Fund
The performance comparisons below were made in comparison to the Fund's Broadridge Performance Universe. With respect to the Broadridge Performance Universe, the 1st Quintile represents the top 20 percent of the universe based on performance, and the 5th Quintile represents the bottom 20 percent of the universe based on performance. References to the Fund's Broadridge Performance Universe are to the respective universe of funds with comparable investment classifications and objectives as determined by Broadridge. The performance of individual firms was calculated by the Manager based on information provided by the Fund's custodian.

In reviewing the performance, the Board considered that the Manager views longer-term performance over a full market cycle, typically three to five years, as being the most important consideration because relative performance over shorter periods may be significantly impacted by market or economic events and not necessarily reflective of sub-advisor skill.

------

Renewal and Approval of Management Agreement and Investment Advisory Agreements

The expense comparisons below were made relative to the Fund's Broadridge Expense Universe and Broadridge Expense Group. The 1st Quintile represents the lowest 20 percent of the universe or group based on lowest total expense, and the 5th Quintile represents the highest 20 percent of the universe or group based on highest total expense. References to the Fund's Expense Group and Expense Universe are to the respective group or universe of comparable funds as determined by Broadridge. Broadridge Expense Groups consist of the Fund and a representative sample of funds with similar operating structures and asset sizes, as selected by Broadridge. A Broadridge Expense Universe includes all funds with comparable investment classifications/objectives and similar operating structures to that of the share class under review for the Fund, including funds in the Broadridge Expense Group. The Broadridge expense comparisons are based on the most recent audited financial information publicly available for the Fund as of December 31, 2024.

In considering the renewal of the Management Agreement for the Fund, the Board considered the following additional factors:

---

| | | |
|:---|:---|:---|
| Broadridge Total Expenses Excluding 12b-1 Fees Ranking | Broadridge Total Expenses Excluding 12b-1 Fees Ranking |  |
|  Compared to Broadridge Expense Group | 1 | <sup>st</sup> Quintile |
|  Compared to Broadridge Expense Universe | 1 | <sup>st</sup> Quintile |

---

<u> Broadridge Performance Analysis (five-year period ended December 31, 2024)</u> <br> Compared to Broadridge Performance Universe 2 <sup>nd</sup> Quintile

In considering the renewal of the Investment Advisory Agreements with each of Aristotle, Barrow, Brandywine, Hotchkis, Lazard and WCM, the Board considered that the diversification of investment strategies facilitated by the Fund's multi-manager structure permits the Fund to mitigate the risks associated with a single sub-advisor. The Board also considered the following additional factors:

---

| | |
|:---|:---|
| Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) | Sub-advisor Performance (compared to Broadridge Performance Universe for period indicated ended December 31, 2024) |
|  Aristotle – U.S. Equity\* | 5 Years 2<sup>nd</sup> Quintile |
|  Barrow – U.S. Equity\* | 5 Years 1<sup>st</sup> Quintile |
|  Hotchkis – U.S. Equity\* | 5 Years 1<sup>st</sup> Quintile |
|  Barrow – Fixed Income\*\* | 5 Years 1<sup>st</sup> Quintile |
|  Brandywine – Fixed Income\*\* | 5 Years 1<sup>st</sup> Quintile |
|  Lazard – Non-U.S. Equity\*\*\* | 5 Years 4<sup>th</sup> Quintile |
|  WCM – Non-U.S. Equity\*\*\* | 3 Years 5<sup>th</sup> Quintile |

---

\* Aristotle, Barrow, & Hotchkis each manage a U.S. equity sleeve of the Fund. Accordingly, the return of these portions of the Fund is compared to the Broadridge large cap value Performance Universe.

\*\* Barrow & Brandywine each manage a fixed income sleeve of the Fund. Accordingly, the return of these portions of the Fund is compared to the Broadridge core bond Performance Universe.

\*\*\* Lazard & WCM each manage a non-U.S. equity sleeve of the Fund. Accordingly, the return of these portions of the Fund is compared to the Broadridge international large-cap value Performance Universe.

The Board also considered: (1) that the Fund is a customized financial product that is offered to a single client; (2) that the Fund is not registered for public offering under the 1933 Act; (3) the Manager's explanation that Lazard underperformed the Broadridge Performance Universe because it pursues a high-quality, relative value strategy, and in 2020 and 2021, low-quality stocks with a high market price relative to their earnings outperformed the broader market; (4) the Manager's explanation that WCM underperformed due to stock selection in 2022 when its portfolio underperformed the market and was underweight to the Energy, Commodities, Materials, and Financials sectors; (5) the Manager's representation that the more recent relative performance of Lazard and WCM had improved; and (6) the Manager's recommendation to continue to retain each sub-advisor.

Based on these and other considerations, the Board: (1) concluded that the fees paid to the Manager and the sub-advisors under the Agreements are fair and reasonable; and (2) determined that the Fund and its shareholders would benefit from the Manager's and sub-advisors' continued management of the Fund.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

The registrant has made no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees.

Item 16. Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing of this report as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based upon their review, such officers have concluded that the registrant's disclosure controls and procedures are effective in ensuring that information required to be disclosed in the report is appropriately recorded, processed, summarized and reported and made know to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not Applicable.

Item 19. Exhibits

(a)(1) Filed herewith as [EX-99.CODE ETH.](d43382dex99codeeth.htm)

(a)(2) 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 of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](d43382dex99cert.htm).

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906CERT](d43382dex99906cert.htm).

------

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.

(Registrant): American Beacon Institutional Funds Trust

---

| | |
|:---|:---|
| By | /s/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Institutional Funds Trust | American Beacon Institutional Funds Trust |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

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/ Gregory J. Stumm |
| Gregory J. Stumm | Gregory J. Stumm |
| Principal Executive Officer | Principal Executive Officer |
| American Beacon Institutional Funds Trust | American Beacon Institutional Funds Trust |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Melinda G. Heika |
| Melinda G. Heika | Melinda G. Heika |
| Principal Financial Officer | Principal Financial Officer |
| American Beacon Institutional Funds Trust | American Beacon Institutional Funds Trust |
| Date: January 7, 2026 | Date: January 7, 2026 |

---

## Ex-99.Code

**AMERICAN BEACON FUNDS** 

**AMERICAN BEACON SELECT FUNDS** 

**AMERICAN BEACON INSTITUTIONAL FUNDS TRUST** 

(collectively, the "Trusts")

**Code of Ethics for Principal Executive and Financial Officers** 

**Dated: June 14, 2024** 

**Purpose** 

The Trusts have adopted this Code of Ethics for Principal Executive and Financial Officers (the "Code"), which applies to the Trusts' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" as set forth in Exhibit A), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a Trust files with, or
submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**Conflicts of Interest** 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's "personal interests" interfere with the interests of, or his/her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trusts.

Certain conflicts of interest arise out of the relationship between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts.

Conflicts also may arise from a Covered Officer's position or employment at American Beacon Advisors, Inc. ("AmBeacon"), the Trusts' manager, and his/her position with each Trust. The Covered Officers may also hold positions or be employed by AmBeacon's affiliated companies, some of which may be sub-advisors to the Trusts. This Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on AmBeacon, its affiliates and the

------

Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AmBeacon and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

Each Covered Officer should not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his/her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trusts to take action, or fail to take action, for the personal benefit of the Covered Officer rather
than the benefit of the Trusts.

At times, certain situations may arise that may, or may not, be considered conflicts of interest under this Code. Covered Officers are encouraged to discuss such situations with the Trusts' Chief Legal Officer ("CLO"). Examples of these types of situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts in excess of $100;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trusts have current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than AmBeacon or its affiliates, the distributor for the Trusts' shares, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself/herself with the disclosure requirements generally applicable to the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether
within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Trusts and AmBeacon with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the
Trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he/she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual thereafter affirm to the Board that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete at least annually the Officer Questionnaire by detailing any directorships with public or private
companies and/or material relationships or transactions with affiliated persons of any Trust or its series, except for directorships or other positions with AmBeacon and its affiliates, which are already known by the CLO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CLO promptly if he/she knows of any violations of this Code. Failure to do so is itself a violation of
this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the CLO is authorized and encouraged to consult with counsel to the Trusts and counsel to the Independent Trustees of the Trusts' Boards of Trustees. However, any approvals or waivers sought by the Covered Officers will be considered by the Independent Trustees.

The Trusts will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CLO will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CLO believes that no violation has occurred, the CLO is not required to take
any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CLO believes is a violation will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to
the applicable Trust's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AmBeacon or its
board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Independent Trustees will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

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**Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, AmBeacon, the distributor for the Trusts' shares, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' and AmBeacon' codes of ethics under Rule 17j-1 under the Investment Company Act and the more detailed policies and procedures set forth in the Trusts' Statement of Policy on Material Non-Public Information are separate requirements applying to the Covered Officers and others, and are not part of nor replaced by this Code.

**Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board of Trustees, its counsel and AmBeacon.

**Internal Use** 

This Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

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**EXHIBIT A** 

**Persons Covered by this Code of Ethics** 

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| | | |
|:---|:---|:---|
|  | Position with each<u> </u><br> Trust | Name |
| Principal Executive Officer | Principal Executive Officer | Gregory J. Stumm |
| Principal Financial Officer | Principal Financial Officer | Melinda G. Heika |

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## Ex-99.Cert

EXHIBIT 99.CERT

EXHIBIT (A)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Melinda G. Heika, certify that:

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

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 financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer 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 Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Melinda G. Heika |
|  | Melinda G. Heika |
|  | Principal Financial Officer |
|  | American Beacon Institutional Funds Trust |

---

------

I, Gregory J. Stumm, certify that:

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

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 financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer 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 Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report 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 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Gregory J. Stumm |
|  | Gregory J. Stumm |
|  | Principal Executive Officer |
|  | American Beacon Institutional Funds Trust |

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## Exhibit 99.906

EXHIBIT 99.906.CERT

CERTIFICATION PERSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Gregory J. Stumm and Melinda G. Heika, respectively, the Principal Executive Officer and Principal Financial Officer of the American Beacon Institutional Funds Trust (the "Registrant"), each certify to the best of his or her knowledge and belief that:

1. The Registrant's periodic report on Form N-CSR for the period covered by the Report (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 7, 2026

---

| |
|:---|
| /s/ Gregory J. Stumm |
| Gregory J. Stumm |
| Principal Executive Officer |
| American Beacon Institutional Funds Trust |
| /s/ Melinda G. Heika |
| Melinda G. Heika |
| Principal Financial Officer |
| American Beacon Institutional Funds Trust |

---

This certification is being furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to American Beacon Institutional Funds Trust and will be retained by American Beacon Institutional Funds Trust and furnished to the U.S. Securities and Exchange Commission or its staff upon request.