Quarterly Top 10 Holdings

American Beacon Quarterly Top 10s

Information as of 12/31/2011

HISTORICAL TOP TENS

Acadian Emerging Markets Managed Volatility Fund

Balanced Fund
Holding NamePercentage
JPMorgan Chase & Co.2.3%
Wells Fargo & Co.2.0%
ConocoPhillips1.9%
Microsoft Corp.1.6%
Pfizer, Inc.1.6%
Vodafone Group plc1.6%
Hewlett-Packard Co.1.4%
Johnson & Johnson1.2%
Bank of America Corp.1.1%
Royal Dutch Shell plc1.1%

Bridgeway Large Cap Value Fund
Holding NamePercentage
Cheveron Corp.2.9%
Pfizer, Inc.2.3%
Union Pacific Corp.2.1%
AT&T, Inc.2.0%
Chubb Corp.2.0%
Avalonbay Communities Inc.1.9%
Berkshire Hathaway Inc - Class B1.9%
ConoccoPhillips1.8%
Lockheed Martin Corp.1.7%
Ventas Inc.1.6%

Earnest Partners Emerging Markets Equity Fund

Emerging Markets Fund
Holding NamePercentage
Petroleo Brasileiro S.A.3.2%
Lukoil OAO2.2%
Samsung Electronics Co. Ltd.2.0%
Gazprom OAO1.9%
China Resources Power Holdings Co Ltd.1.7%
Itau Unibanco Banco Holding S.A.1.6%
KB Financial Group, Inc.1.6%
POSCO1.6%
China Mobile Ltd.1.5%
Hyundai Motor Co.1.5%

Flexible Bond Fund
Holding NamePercentage
U.S. Treasury Bill, 0.065%, Due 4/19/20128.9%
U.S. Treasury Bill, 0.04%, Due 1/12/20127.8%
U.S. Treasury Bill, 0.06%, Due 4/26/20123.5%
Australia Government Bond, 5.50%, Due 4/21/20232.5%
U.S. Treasury Bill, 0.05%, Due 6/14/20122.4%
U.S. Treasury Bond, 2.00%, Due 11/15/20212.2%
U.S. Treasury  Bill, 0.05%, Due 3/15/20122.1%
Mexican Bonos, 8.50%, Due 5/31/20292.0%
Poland Government Bond, 5.25%, Due 10/25/20201.5%
United Kingdom Gilt, 4.50%, Due 3/7/20131.5%

Global Evolution Frontier Markets Income Fund

High Yield Bond Fund
Holding NamePercentage
CEDC Finance Corp International, Inc., 9.125%, Due 12/1/20161.3%
Cricket Communications, Inc., 7.75%, Due 10/15/20201.1%
CIT Group, Inc., 7.00%, Due 5/2/20170.9%
E*Trade Financial Corp., 12.50%, Due 11/30/20170.9%
HUB International Holdings, Inc., 10.25%, Due 6/15/20150.9%
Nuveen Investments, Inc., 10.50%, Due 11/15/20150.9%
Synovus Financial Corp., 5.125%, Due 6/15/20170.9%
International Lease Finance Corp., 5.65%, Due 6/1/20140.8%
Energy XXI Gulf Coast, Inc., 9.25%, Due 12/15/20170.7%
Reynolds Group Issuer Inc., 9.25%, Due 5/15/20180.7%

Holland Large Cap Growth Fund

Intermediate Bond Fund
Holding NamePercentage
Fannie Mae Pool, 4.00%, Due 9/1/20413.8%
Freddie Mac Gold Pool, 5.00%, Due 1/1/20392.8%
Fannie Mae Pool, 4.50%, Due 4/1/20411.4%
Fannie Mae Pool, 5.00%, Due 5/1/20351.3%
Fannie Mae Pool, 4.50%, Due 6/1/20391.1%
Fannie Mae Pool, 4.50%, Due 12/1/20991.0%
Freddie Mac Gold Pool, 4.00%, Due 10/1/20391.0%
Federal Home Loan Mortgage Corp., 0.625%, Due 12/29/20140.9%
Freddie Mac Gold Pool, 5.00%, Due 4/1/20400.8%

International Equity Fund
Holding NamePercentage
Sanofi2.8%
Novartis AG2.7%
Royal Dutch Shell plc1.9%
Vodafone Group plc1.8%
Siemens AG1.7%
Total S.A.1.7%
GlaxoSmithKline plc1.6%
HSBC Holdings plc1.6%
Roche Holding Ltd.1.6%
Unilever plc1.6%

International Equity Index Fund

Large Cap Value Fund
Holding NamePercentage
JPMorgan Chase & Co.3.6%
Wells Fargo & Co.3.1%
ConocoPhillips2.8%
Pfizer, Inc.2.7%
Microsoft Corp.2.5%
Vodafone Group plc2.4%
Johnson & Johnson2.1%
Hewlett-Packard Co.2.0%
Philip Morris International, Inc.1.8%
AT&T, Inc.1.7%

Mid-Cap Value Fund
Holding NamePercentage
Fifth Third Bancorp2.1%
L-3 Communications Holdings, Inc.1.8%
Molson Coors Brewing Co., Class B1.6%
Avnet, Inc.1.5%
Molex, Inc.1.5%
Stanley Black & Decker, Inc.1.5%
The Allstate Corp.1.5%
Masco Corp.1.4%
Staples, Inc.1.4%
Willis Group Holdings plc1.4%

Retirement Income and Appreciation Fund
Holding NamePercentage
Government National Mortgage Association, 2.70%, Due 4/16/20432.3%
Fannie Mae Pool, 5.00%, Due 1/1/20412.2%
Government National Mortgage Association, 3.20%, Due 11/16/20442.2%
Government National Mortgage Association, 2.543%, Due 9/16/20442.0%
National Credit Union Administration, 0.674%, Due 10/7/20201.8%
National Credit Union Administration, 0.625%, Due 3/11/20201.7%
Freddie Mac Gold Pool, 4.50%, Due 2/1/20411.4%
Freddie Mac Gold Pool, 4.00%, Due 1/1/20411.3%
Freddie Mac Gold Pool, 0.629%, Due 12/15/20401.2%
Citigroup, Inc., 8.50%, Due 5/22/20191.1%

S&P 500 Index Fund

Short-Term Bond Fund
Holding NamePercentage
National Credit Union Administration, 0.625%, Due 3/11/20203.9%
National Credit Union Administration, 0.674%, Due 1/8/20203.6%
Government National Mortgage Association, 2.45%, Due 7/16/20322.3%
Ally Master Owner Trust, 1.031%, Due 9/15/20162.2%
Government National Mortgage Association, 2.25%, Due 5/16/20332.2%
Government National Mortgage Association, 1.864%, Due 8/16/20312.0%
Ford Credit Floorplan Master Owner Trust, 1.769%, Due 9/15/20141.8%
Government National Mortgage Association, 2.161%, Due 11/16/20361.7%
Government National Mortgage Association, 2.45%, Due 7/16/20381.7%
Nissan Master Owner Trust Receivables, 1.428%, Due 1/15/2015, 144A1.7%

SGA Global Growth Fund

SiM High Yield Opportunities Fund
Holding NamePercentage
Continental Airlines Finance Trust II3.0%
NRG Energy, Inc., 8.25%, Due 9/1/20203.0%
IMS Health, Inc., 12.50%, Due 3/1/2018,2.9%
ARAMARK Holdings Corp., 8.625%, Due 5/1/2016,2.8%
Asbury Automotive Group, Inc., 7.625%, Due 3/15/20172.8%
Tenet Healthcare Corp., 8.00%, Due 8/1/20202.8%
Live Nation Entertainment, Inc., 2.875%, Due 7/15/20272.7%
Nuveen Investments, Inc., 10.50%, Due 11/15/20152.7%
Quality Distribution LLC/QD Capital Corp., 9.875%, Due 11/1/20182.7%
Satmex Escrow SA de CV, 9.50%, Due 5/15/20172.7%

Small Cap Index Fund

Small Cap Value Fund
Holding NamePercentage
RSC Holdings, Inc.1.1%
LifePoint Hospitals, Inc.0.9%
Portland General Electric Co.0.8%
Rent-A-Center, Inc.0.8%
Bank of the Ozarks, Inc.0.7%
Great Plains Energy, Inc.0.7%
Cloud Peak Energy, Inc.0.6%
Endurance Specialty Holdings Ltd.0.6%
ProAssurance Corp.0.6%
Webster Financial Corp.0.6%

Small Cap Value II Fund

Stephens Mid-Cap Growth Fund
Holding NamePercentage
Core Laboratories NV1.9%
Cerner Corp.1.7%
Stericycle, Inc.1.6%
Ross Stores, Inc.1.5%
VeriSign, Inc.1.5%
Airgas, Inc.1.4%
Whole Foods Market, Inc.1.4%
Red Hat, Inc.1.4%
ASML Holding NV1.4%
Iron Mountain, Inc.1.4%

Stephens Small Cap Growth Fund
Holding NamePercentage
Advisory Board Co.1.8%
HMS Holdings Corp.1.6%
Portfolio Recovery Associates, Inc.1.6%
Core Laboratories NV1.5%
Lions Gate Entertainment Corp.1.5%
Buffalo Wild Wings, Inc.1.5%
United Natural Foods, Inc.1.5%
CoStar Group, Inc.1.4%
National CineMedia, Inc.1.4%
OSI Systems, Inc.1.3%

The London Company Income Equity Fund

Treasury Inflation Protected Securities Fund
Holding NamePercentage
U.S. Treasury Note, 2.00%, Due 1/15/201411.6%
U.S. Treasury Note, 1.125%, Due 1/15/202111.1%
U.S. Treasury Note, 1.375%, Due 1/15/202010.1%
U.S. Treasury Note, 0.50%, Due 4/15/20159.5%
U.S. Treasury Note, 0.125%, Due 4/15/20167.8%
U.S. Treasury Note, 1.25%, Due 7/15/20207.1%
U.S. Treasury Note, 2.00%, Due 7/15/20147.0%
U.S. Treasury Note, 2.00%, Due 1/15/20166.6%
U.S. Treasury Note, 0.625%, Due 7/15/20215.3%
U.S. Treasury Note, 1.375%, Due 7/15/20184.2%

Zebra Global Equity Fund

Zebra Small Cap Equity Fund
Holding NamePercentage
Loral Space & Communications, Inc.1.8%
Delphi Financial Group, Inc.1.2%
CNO Financial Group, Inc.1.0%
Amerco, Inc.0.9%
Universal American Corp.0.9%
KKR Financial Holdings LLC0.8%
Amkor Technology, Inc.0.7%
Kemper Corp.0.7%
Nelnet, Inc.0.7%
Textainer Group Holdings Ltd.0.7%

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