AMERICAN BEACON FUNDS AMERICAN BEACON SELECT FUNDS TWENTY-FIRST AMENDMENT TO Management Agreement
Exhibit 99.(d)(5)
AMERICAN BEACON FUNDS
TWENTY-FIRST AMENDMENT TO Management Agreement
The attached amended and restated Schedule B to remove American Beacon Mid-Cap Value Fund and to change the names of American Beacon Frontier Markets Income Fund to American Beacon Developing World Income Fund, American Beacon Sound Point Floating Rate Income Fund to American Beacon FEAC Floating Rate Income Fund and American Beacon Tocqueville International Value Fund to the American Beacon EAM International Small Cap Fund is hereby incorporated into the Management Agreement dated April 4, 2016, as amended, by and between the American Beacon Funds and the American Beacon Select Funds, each a Massachusetts business trust (each, a “Trust”), on behalf of each Fund of a Trust listed on Schedule B hereto, as may be amended from time to time (each, a “Fund”), and American Beacon Advisors, Inc., a Delaware corporation, and supersedes any prior Schedule B to the Agreement.
Dated: January 31, 2023
| AMERICAN BEACON FUNDS | AMERICAN BEACON ADVISORS, INC. | |||
| AMERICAN BEACON SELECT FUNDS | ||||
| By: | /s/ Xxxxxxx X. Xxxxxxxx | By: | /s/ Xxxxxxx X. Xxxxxxxx | |
| Xxxxxxx X. Xxxxxxxx | Xxxxxxx X. Xxxxxxxx | |||
| President | President and Chief Executive Officer | |||
AMERICAN BEACON FUNDS
SCHEDULE B
| Fund | Effective Date | Fee Schedule | Grandfathered Fund |
| American Beacon AHL Managed Futures Strategy Fund | 5/29/2016 | Alternative Investments | Yes |
| American Beacon AHL TargetRisk Fund | 12/31/2018 | Traditional – Single Manager | n/a |
| American Beacon AHL TargetRisk Core Fund | 12/1/2020 | Traditional – Single Manager | n/a |
| American Beacon ARK Transformational Innovation Fund | 1/27/2017 | Traditional - Single Manager | n/a |
| American Beacon Balanced Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon Bridgeway Large Cap Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Bridgeway Large Cap Value Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Developing World Income Fund | 6/19/2018 | Traditional - Single Manager | n/a |
| American Beacon Xxxxxx Xxxxxxxx Quality Bond Fund | 4/4/2016 | Traditional - Single Manager | n/a |
| American Beacon International Equity Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon Large Cap Value Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon NIS Core Plus Bond Fund | 9/10/2020 | Traditional – Single Manager | n/a |
| American Beacon Xxxxxxx Equity Opportunities Fund | 9/12/2017 | Traditional - Single Manager | n/a |
| American Beacon Xxxxxxx XXXX Cap Equity Fund | 9/12/2017 | Traditional - Single Manager | n/a |
| American Beacon SiM High Yield Opportunities Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Small Cap Value Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon FEAC Floating Rate Income Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon SSI Alternative Income Fund | 5/17/2019 | Traditional – Single Manager | n/a |
| American Beacon Xxxxxxxx Mid-Cap Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Xxxxxxxx Small Cap Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon The London Company Income Equity Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon EAM International Small Cap Fund | 1/16/2019 | Traditional - Single Manager | n/a |
| American Beacon TwentyFour Sustainable Short Term Bond Fund | 2/05/2020 | Traditional – Single Manager | n/a |
| American Beacon TwentyFour Strategic Income Fund | 4/3/2017 | Traditional - Single Manager | n/a |
| American Beacon Zebra Small Cap Equity Fund | 5/29/2016 | Traditional - Single Manager | n/a |
Dated: January 31, 2023
| B-1 |
