THIRD AMENDMENT TO AMERICAN BEACON FUNDS INVESTMENT ADVISORY AGREEMENT

Exhibit 99.(d)(2)(L)(iv)

THIRD AMENDMENT TO

AMERICAN BEACON FUNDS

INVESTMENT ADVISORY AGREEMENT

This Third Amendment to the American Beacon Funds Investment Advisory Agreement (“Third Amendment”) is effective as of August 7, 2023, by and among American Beacon Funds, a Massachusetts business trust (the “Trust”), American Beacon Advisors, Inc., a Delaware corporation (the “Manager”), and AHL Partners LLP, an England and Wales limited liability partnership (the “Adviser”);

WHEREAS, the Trust, the Manager and the Adviser entered into an Investment Advisory Agreement dated as of April 30, 2015, as amended on November 7, 2018 and November 3, 2020 (the “Agreement”); and

WHEREAS, the parties desire to amend Schedule A of the Agreement, as more particularly set forth below.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:

1.        Amendment to Agreement.

Schedule A to the Agreement shall be replaced in its entirety with the attached Schedule A to remove the fee schedule for the American Beacon AHL TargetRisk Core Fund and add the fee schedule for the American Beacon AHL Multi-Alternatives Fund.

2.       Miscellaneous.

(a)       Except as expressly amended by this Third Amendment, all provisions of the Agreement shall remain in full force and effect. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement.

(b)       This Third Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Man Investments Limited, as managing member of AHL Partners LLP:

By:	/s/ Xxxxxx Xxxxxxx
	Name: Xxxxxx Xxxxxxx
	Title: Authorized Signatory
By:	/s/ Xxxxxxx Xxxxxxxx
	Name: Xxxxxxx Xxxxxxxx
	Title: Authorized Signatory

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American Beacon Advisors, Inc.
By:	/s/ Xxxxxxx X. Xxxxxxxx
	Xxxxxxx X. Xxxxxxxx
	President and Chief Executive Officer
American Beacon Funds
By:	/s/ Xxxxxxx X. Xxxxxxxx
	Xxxxxxx X. Xxxxxxxx
	President

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Schedule A

To the

Investment Advisory Agreement

Between

American Beacon Funds

American Beacon Advisors, Inc.

and

AHL Partners LLP

The American Beacon AHL Managed Futures Strategy Fund, the American Beacon AHL TargetRisk Fund, and the American Beacon AHL Multi-Alternatives Fund (collectively, the “Funds”), each a series of the American Beacon Funds (the “Trust”) shall pay compensation to AHL Partners LLP (“Adviser”) pursuant to Section 4 of the Investment Advisory Agreement among the Trust, American Beacon Advisors, Inc., and the Adviser for rendering investment management services with respect to the Funds for the following fees for assets under Adviser’s management.

American Beacon AHL Managed Futures Strategy Fund:

1.00% per annum

American Beacon AHL TargetRisk Fund:

0.55% per annum on the first $500 million

0.50% per annum on the next $500 million

0.45% per annum on the next $500 million

0.40% per annum thereafter

American Beacon AHL Multi-Alternatives Fund:

0.775% of average daily net assets on the first $500 million

0.750% of average daily net asset on the next $500 million

0.725% of average daily net asset on the next $500 million

0.700% of average daily net assets over $1.5 billion

The fees payable hereunder shall be computed based on the average daily net assets of each Fund, including those assets invested by the American Beacon AHL Managed Futures Strategy Fund, the American Beacon AHL TargetRisk Fund and the American Beacon AHL Multi-Alternatives Fund in their respective wholly-owned subsidiaries, the American Beacon Cayman Managed Futures Strategy Fund, Ltd., American Beacon Cayman TargetRisk Company, Ltd. and American Beacon Cayman Multi-Alternatives Company, Ltd.

If the management of the accounts commences or terminates at any time other than the beginning or end of a calendar month, the fee shall be prorated based on the portion of such calendar month during which the Agreement was in force.

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Dated: as of August 7, 2023

Man Investments Limited, as managing member of AHL Partners LLP:

By:	/s/ Xxxxxx Xxxxxxx
	Name: Xxxxxx Xxxxxxx
	Title: Authorized Signatory
By:	/s/ Xxxxxxx Xxxxxxxx
	Name: Xxxxxxx Xxxxxxxx
	Title: Authorized Signatory
American Beacon Advisors, Inc.
By:	/s/ Xxxxxxx X. Xxxxxxxx
	Xxxxxxx X. Xxxxxxxx
	President and Chief Executive Officer
American Beacon Funds
By:	/s/ Xxxxxxx X. Xxxxxxxx
	Xxxxxxx X. Xxxxxxxx
	President

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