AMERICAN BEACON FUNDS AMERICAN BEACON SELECT FUNDS FOURTH AMENDMENT TO Management Agreement
Exhibit 99.(d)(5)
AMERICAN BEACON FUNDS
FOURTH AMENDMENT TO Management Agreement
The attached amended and restated Schedule B to add the American Beacon Alpha Quant Core Fund, Alpha Quant Dividend Fund, Alpha Quant Quality Fund, Alpha Quant Value Fund and TwentyFour Strategic Income 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: March 31, 2017
| AMERICAN BEACON FUNDS | AMERICAN BEACON ADVISORS, INC. |
| AMERICAN BEACON SELECT FUNDS | |
| By:_/s/Xxxx X. Needles, Jr.____________ | By: _/s/Xxxxxxx X. Ringdahl_____________ |
| Xxxx X. Needles, Jr. | Xxxxxxx X. Xxxxxxxx |
| President | Chief Operating Officer |
AMERICAN BEACON FUNDS
SCHEDULE B
| Fund | Effective Date | Fee Schedule | Grandfathered Fund |
| American Beacon Balanced Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon Flexible Bond Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| 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 Mid-Cap Value Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon Small Cap Value Fund | 5/29/2016 | Traditional - Multiple Manager | Yes |
| American Beacon Alpha Quant Core Fund | 3/22/2017 | Traditional – Single Manager | n/a |
| American Beacon Alpha Quant Dividend Fund | 3/22/2017 | Traditional – Single Manager | n/a |
| American Beacon Alpha Quant Quality Fund | 3/22/2017 | Traditional –Single Manager | n/a |
| American Beacon Alpha Quant Value Fund | 3/22/2017 | Traditional – Single Manager | n/a |
| American Beacon Acadian Emerging Markets Managed Volatility Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon ARK Disruptive Innovation Fund | 1/27/2017 | Traditional - Single Manager | n/a |
| American Beacon Xxxx & Xxxxxx Small Cap Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| 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 Crescent Short Duration High Income Fund | 5/29/2016 | Traditional - Single Manager | n/a |
American Beacon Xxxxxx Xxxxxxxx Quality Bond Fund American Beacon GLG Total Return Fund |
4/4/2016 5/20/2016 |
Traditional - Single Manager Traditional - Single Manager |
n/a n/a |
| American Beacon Global Evolution Frontier Markets Income Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Holland Large Cap Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Numeric Integrated Alpha Fund | 11/01/2016 | Alternative Investments | n/a |
| American Beacon SGA Global Growth Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon SiM High Yield Opportunities Fund | 5/29/2016 | Traditional - Single Manager | n/a |
| American Beacon Sound Point Floating Rate Income Fund | 5/29/2016 | 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 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 |
| American Beacon AHL Managed Futures Strategy Fund | 5/29/2016 | Alternative Investments | Yes |
| American Beacon Ionic Strategic Arbitrage Fund | 5/29/2016 | Alternative Investments | Yes |
| American Beacon Grosvenor Long/Short Fund | 5/29/2016 | Grosvenor Fund | n/a |
Dated: March 31, 2017
| B-1 |
