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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 811-03738
AIG Retirement Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
Evelyn M. Curran
Senior Vice President
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 831-6425
Date of fiscal year end: May 31
Date of reporting period: November 30, 2008
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
AIG Retirement Company I
Semi-Annual Report, November 30, 2008
SAVING :INVESTING :PLANNING
Table of Contents
AIG Retirement Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2008 (Unaudited)
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Table of Contents
PRESIDENT’S LETTER (Unaudited)
Dear Valued Investor:
We are pleased to provide you with the Semi-Annual Report for AIG Retirement Company I. The report contains the investment portfolio information and the financial statements of AIG Retirement Company I for the six-month period ending November 30, 2008.
We end the six-month period with the economy contracting rapidly, consumer confidence eroding, increasing joblessness, a threat of deflation, house prices collapsing and many major financial institutions being supported by government intervention. Moreover, this economic picture is not restricted to US shores as developed economies in Europe and Asia and emerging economies such as Brazil and China also are experiencing a serious contraction in economic growth.
The total return for the S&P 500® Index for the six-month period was negative 35.20%. In contrast to past equity declines, the markets were indiscriminate in delivering pain. Large cap and small cap; value and growth; domestic and international the pain was deep and widespread. In short, if you were invested in the equity markets, there was no place to hide.
The fixed income markets offered little relief. The fixed income markets froze and credit spreads widened significantly in both investment grade and below investment grade credits. Even money market funds, long a bastion of stability, were challenged, as a US money fund broke its $1.00 net asset value and the US Treasury stepped in to provide an insurance program to restore trust.
We enter 2009 with these economic challenges continuing to face us. Policymakers, both in the US and around the world, are considering additional policies with the objective of lessening the pain and facilitating an economic recovery. The decisions made, particularly in the first 100 days of the new Administration, have the potential to greatly impact both the current and future economic landscape.
The unprecedented confluence of these recent events has left investors understandably unsettled. A common mistake is to let emotions drive investment decisions — sell low when fear sets in or buy high when enthusiasm is soaring. We encourage you to meet with your financial advisor and review your portfolio and investment strategy. Think about your long-term investment goals and time horizon - how much money you will need to live in retirement and how soon you will need to access those funds. Think about how much money you are currently saving. Don’t let these difficult times keep you from taking control of your retirement savings and investing strategy.
Thank you for your continued confidence in our ability to help you meet your investment goals.
Sincerely,
Evelyn M. Curran, President
AIG Retirement Company I
1
Table of Contents
EXPENSE EXAMPLE — November 30, 2008 (Unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in AIG Retirement Company I (“ARC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2008 and held until November 30, 2008. Shares of ARC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) and qualified retirement plans (the “Plans”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to ARC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts and Plans are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your Variable Contract prospectus or plan document for more details on the fees associated with the Variable Contract or Plans.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended November 30, 2008” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2008” column and the “Expense Ratio as of November 30, 2008” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2008” column would have been higher and the “Ending Account Value” column would have been lower.
Hypothetical Example for Comparison Purposes
The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended November 30, 2008” column and the “Expense Ratio as of November 30, 2008” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2008” column would have been higher and the “Ending Account Value” column would have been lower.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts or Plans. Please refer to your Variable Contract prospectus or Plan document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.
2
Table of Contents
AIG Retirement Company I
EXPENSE EXAMPLE — November 30, 2008 (Unaudited) — (continued)
Actual | Hypothetical | ||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2008 | Ending Account Value Using Actual Return at November 30, 2008 | Expenses Paid During the Six Months Ended November 30, 2008* | Beginning Account Value at June 1, 2008 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2008 | Expenses Paid During the Six Months Ended November 30, 2008* | Expense Ratio as of November 30, 2008* | ||||||||||||||
Asset Allocation@ | $ | 1,000.00 | $ | 783.71 | $ | 3.09 | $ | 1,000.00 | $ | 1,021.61 | $ | 3.50 | 0.69 | % | |||||||
Blue Chip Growth#@ | $ | 1,000.00 | $ | 584.44 | $ | 3.38 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Broad Cap Value Income#@ | $ | 1,000.00 | $ | 662.24 | $ | 3.54 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Capital Conservation | $ | 1,000.00 | $ | 942.35 | $ | 3.26 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | |||||||
Core Equity#@ | $ | 1,000.00 | $ | 632.49 | $ | 3.44 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | |||||||
Core Value# | $ | 1,000.00 | $ | 665.10 | $ | 3.46 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | |||||||
Foreign Value | $ | 1,000.00 | $ | 555.20 | $ | 3.70 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | |||||||
Global Equity@ | $ | 1,000.00 | $ | 543.27 | $ | 3.75 | $ | 1,000.00 | $ | 1,020.21 | $ | 4.91 | 0.97 | % | |||||||
Global Real Estate# | $ | 1,000.00 | $ | 531.67 | $ | 3.65 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | |||||||
Global Social Awareness@ | $ | 1,000.00 | $ | 584.86 | $ | 2.78 | $ | 1,000.00 | $ | 1,021.56 | $ | 3.55 | 0.70 | % | |||||||
Global Strategy | $ | 1,000.00 | $ | 758.81 | $ | 3.04 | $ | 1,000.00 | $ | 1,021.61 | $ | 3.50 | 0.69 | % | |||||||
Government Securities | $ | 1,000.00 | $ | 1,056.62 | $ | 3.25 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | |||||||
Growth | $ | 1,000.00 | $ | 610.56 | $ | 3.67 | $ | 1,000.00 | $ | 1,020.51 | $ | 4.61 | 0.91 | % | |||||||
Growth & Income#@ | $ | 1,000.00 | $ | 628.25 | $ | 3.47 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Health Sciences@ | $ | 1,000.00 | $ | 683.71 | $ | 4.90 | $ | 1,000.00 | $ | 1,019.25 | $ | 5.87 | 1.16 | % | |||||||
Inflation Protected# | $ | 1,000.00 | $ | 880.12 | $ | 3.06 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | |||||||
International Equities | $ | 1,000.00 | $ | 551.59 | $ | 1.98 | $ | 1,000.00 | $ | 1,022.51 | $ | 2.59 | 0.51 | % | |||||||
International Government Bond | $ | 1,000.00 | $ | 887.01 | $ | 3.41 | $ | 1,000.00 | $ | 1,021.46 | $ | 3.65 | 0.72 | % | |||||||
International Growth I#@ | $ | 1,000.00 | $ | 554.37 | $ | 3.94 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | |||||||
Large Cap Core#@ | $ | 1,000.00 | $ | 692.02 | $ | 3.61 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Large Capital Growth@ | $ | 1,000.00 | $ | 627.31 | $ | 3.10 | $ | 1,000.00 | $ | 1,021.26 | $ | 3.85 | 0.76 | % | |||||||
Mid Cap Index | $ | 1,000.00 | $ | 582.91 | $ | 1.55 | $ | 1,000.00 | $ | 1,023.11 | $ | 1.98 | 0.39 | % | |||||||
Mid Cap Strategic Growth@ | $ | 1,000.00 | $ | 530.27 | $ | 3.18 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | |||||||
Money Market I# | $ | 1,000.00 | $ | 1,009.28 | $ | 2.67 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | |||||||
NASDAQ-100® Index# | $ | 1,000.00 | $ | 578.29 | $ | 2.18 | $ | 1,000.00 | $ | 1,022.31 | $ | 2.79 | 0.55 | % | |||||||
Science & Technology@ | $ | 1,000.00 | $ | 533.66 | $ | 3.92 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.16 | 1.02 | % | |||||||
Small Cap Aggressive Growth#@ | $ | 1,000.00 | $ | 581.92 | $ | 3.97 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | |||||||
Small Cap#@ | $ | 1,000.00 | $ | 645.62 | $ | 3.92 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | |||||||
Small Cap Index | $ | 1,000.00 | $ | 631.01 | $ | 1.80 | $ | 1,000.00 | $ | 1,022.86 | $ | 2.23 | 0.44 | % | |||||||
Small Cap Special Values#@ | $ | 1,000.00 | $ | 614.59 | $ | 3.64 | $ | 1,000.00 | $ | 1,020.56 | $ | 4.56 | 0.90 | % | |||||||
Small-Mid Growth#@ | $ | 1,000.00 | $ | 599.00 | $ | 4.01 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | |||||||
Stock Index | $ | 1,000.00 | $ | 644.80 | $ | 1.53 | $ | 1,000.00 | $ | 1,023.21 | $ | 1.88 | 0.37 | % | |||||||
Value# | $ | 1,000.00 | $ | 597.64 | $ | 3.40 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % |
* | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days. These ratios do not reflect fees and expenses associated with the Variable Contracts or Plans. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details that apply to the Variable Contracts or your Plan document for details on the administrative fees charged by your Plan sponsor. |
# | During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period November 30, 2008” and the “Expense Ratios” would have been higher. |
@ | Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. Had the expense reductions been taken into account, the Expense Example would have been as follows: |
Actual | Hypothetical | ||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2008 | Ending Account Value Using Actual Return at November 30, 2008 | Expenses Paid During the Six Months Ended November 30, 2008* | Beginning Account Value at June 1, 2008 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2008 | Expenses Paid During the Six Months Ended November 30, 2008* | Expense Ratio as of November 30, 2008* | ||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 783.71 | $ | 3.04 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | |||||||
Blue Chip Growth# | $ | 1,000.00 | $ | 584.44 | $ | 3.38 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 662.24 | $ | 3.54 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | |||||||
Core Equity# | $ | 1,000.00 | $ | 632.49 | $ | 3.44 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | |||||||
Global Equity# | $ | 1,000.00 | $ | 543.27 | $ | 3.68 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | |||||||
Global Social Awareness | $ | 1,000.00 | $ | 584.86 | $ | 2.70 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | |||||||
Growth & Income# | $ | 1,000.00 | $ | 628.25 | $ | 3.39 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | |||||||
Health Sciences | $ | 1,000.00 | $ | 683.71 | $ | 4.85 | $ | 1,000.00 | $ | 1,019.30 | $ | 5.82 | 1.15 | % | |||||||
International Growth I# | $ | 1,000.00 | $ | 554.37 | $ | 3.94 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | |||||||
Large Cap Core Fund# | $ | 1,000.00 | $ | 692.02 | $ | 3.48 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | |||||||
Large Capital Growth | $ | 1,000.00 | $ | 627.31 | $ | 3.10 | $ | 1,000.00 | $ | 1,021.26 | $ | 3.85 | 0.76 | % | |||||||
Mid Cap Strategic Growth# | $ | 1,000.00 | $ | 530.27 | $ | 3.11 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | |||||||
Science & Technology | $ | 1,000.00 | $ | 533.66 | $ | 3.88 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | |||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 581.92 | $ | 3.93 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | |||||||
Small Cap# | $ | 1,000.00 | $ | 645.62 | $ | 3.92 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | |||||||
Small Cap Special Values# | $ | 1,000.00 | $ | 614.59 | $ | 3.52 | $ | 1,000.00 | $ | 1,020.71 | $ | 4.41 | 0.87 | % | |||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 599.00 | $ | 3.77 | $ | 1,000.00 | $ | 1,020.36 | $ | 4.76 | 0.94 | % |
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Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Commercial Paper | 9.0 | % | |
U.S. Government Agencies | 8.5 | ||
Repurchase Agreements | 7.6 | ||
Oil Companies — Integrated | 4.2 | ||
Index Fund | 3.8 | ||
Electric — Integrated | 3.6 | ||
Diversified Banking Institutions | 2.8 | ||
Diversified Financial Services | 2.8 | ||
Telephone — Integrated | 2.5 | ||
Medical — Drugs | 2.1 | ||
Diversified Manufacturing Operations | 2.0 | ||
Computers | 2.0 | ||
Retail — Discount | 2.0 | ||
Medical — Biomedical/Gene | 1.9 | ||
Finance — Investment Banker/Broker | 1.7 | ||
Cosmetics & Toiletries | 1.6 | ||
Retail — Restaurants | 1.5 | ||
Banks — Super Regional | 1.5 | ||
Banks — Fiduciary | 1.5 | ||
Oil Companies — Exploration & Production | 1.3 | ||
Beverages — Non-alcoholic | 1.2 | ||
Medical Products | 1.2 | ||
Food — Misc. | 1.1 | ||
Retail — Drug Store | 1.1 | ||
Tobacco | 1.0 | ||
Electronic Components — Semiconductors | 1.0 | ||
Banks — Commercial | 1.0 | ||
Applications Software | 1.0 | ||
Insurance — Life/Health | 1.0 | ||
U.S. Government Treasuries | 0.9 | ||
Multimedia | 0.9 | ||
Instruments — Scientific | 0.9 | ||
Index Fund — Large Cap | 0.8 | ||
Agricultural Chemicals | 0.8 | ||
Insurance — Multi-line | 0.7 | ||
Enterprise Software/Service | 0.7 | ||
Transport — Rail | 0.7 | ||
Pipelines | 0.7 | ||
Chemicals — Specialty | 0.7 | ||
Insurance — Property/Casualty | 0.6 | ||
Special Purpose Entities | 0.6 | ||
Aerospace/Defense | 0.6 | ||
Electric Products — Misc. | 0.5 | ||
Diversified Operations | 0.5 | ||
Networking Products | 0.5 | ||
Oil — Field Services | 0.5 | ||
Cable TV | 0.4 | ||
Time Deposits | 0.4 | ||
Medical — HMO | 0.4 | ||
Wireless Equipment | 0.4 | ||
Commercial Services | 0.4 | ||
Chemicals — Diversified | 0.4 | ||
Real Estate Investment Trusts | 0.4 | ||
Food — Retail | 0.4 | ||
Telecom Services | 0.4 | ||
Commercial Services — Finance | 0.3 | ||
Aerospace/Defense — Equipment | 0.3 | ||
Web Portals/ISP | 0.3 | ||
Medical Instruments | 0.3 | ||
Medical — Hospitals | 0.3 | ||
Transport — Services | 0.3 | ||
Retail — Building Products | 0.3 | ||
Computer Services | 0.2 | ||
Investment Management/Advisor Services | 0.2 | ||
Electric — Generation | 0.2 | ||
Finance — Commercial | 0.2 | ||
Industrial Gases | 0.2 |
Steel — Producers | 0.2 | ||
Beverages — Wine/Spirits | 0.2 | ||
Apparel Manufacturers | 0.2 | ||
Savings & Loans/Thrifts | 0.2 | ||
Oil Refining & Marketing | 0.2 | ||
Pharmacy Services | 0.2 | ||
Transport — Air Freight | 0.2 | ||
Insurance Brokers | 0.2 | ||
Cellular Telecom | 0.2 | ||
Airlines | 0.2 | ||
Computers — Memory Devices | 0.2 | ||
Oil & Gas Drilling | 0.2 | ||
Banks — Money Center | 0.2 | ||
Agricultural Operations | 0.2 | ||
Retail — Apparel/Shoe | 0.2 | ||
Brewery | 0.2 | ||
Finance — Credit Card | 0.2 | ||
Oil Field Machinery & Equipment | 0.2 | ||
Television | 0.2 | ||
Consumer Products — Misc. | 0.1 | ||
Building — Residential/Commercial | 0.1 | ||
Office Automation & Equipment | 0.1 | ||
Non-Hazardous Waste Disposal | 0.1 | ||
Retail — Major Department Stores | 0.1 | ||
Gas — Distribution | 0.1 | ||
Containers — Metal/Glass | 0.1 | ||
Metal Processors & Fabrication | 0.1 | ||
E-Commerce/Services | 0.1 | ||
Retail — Auto Parts | 0.1 | ||
Independent Power Producers | 0.1 | ||
Finance — Mortgage Loan/Banker | 0.1 | ||
Internet Security | 0.1 | ||
Tools — Hand Held | 0.1 | ||
Insurance — Reinsurance | 0.1 | ||
Electronic Forms | 0.1 | ||
Electronics — Military | 0.1 | ||
Metal — Aluminum | 0.1 | ||
Disposable Medical Products | 0.1 | ||
Casino Hotels | 0.1 | ||
Medical — Wholesale Drug Distribution | 0.1 | ||
Satellite Telecom | 0.1 | ||
Electronic Measurement Instruments | 0.1 | ||
Water | 0.1 | ||
Auto/Truck Parts & Equipment — Original | 0.1 | ||
Computers — Periphery Equipment | 0.1 | ||
Transport — Marine | 0.1 | ||
Food — Wholesale/Distribution | 0.1 | ||
Engineering/R&D Services | 0.1 | ||
Metal — Diversified | 0.1 | ||
Coal | 0.1 | ||
Medical — Generic Drugs | 0.1 | ||
Medical Information Systems | 0.1 | ||
Containers — Paper/Plastic | 0.1 | ||
Property Trust | 0.1 | ||
Data Processing/Management | 0.1 | ||
Semiconductor Components — Integrated Circuits | 0.1 | ||
99.3 | % | ||
* | Calculated as a percentage of net assets |
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Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 49.2% | |||||
Advertising Agencies — 0.0% | |||||
Interpublic Group of Cos., Inc.† | 7,509 | $ | 30,712 | ||
Omnicom Group, Inc. | 743 | 21,019 | |||
51,731 | |||||
Aerospace/Defense — 0.6% | |||||
General Dynamics Corp. | 3,668 | 189,526 | |||
Lockheed Martin Corp. | 2,141 | 165,092 | |||
Northrop Grumman Corp. | 3,320 | 135,954 | |||
Raytheon Co. | 3,332 | 162,602 | |||
653,174 | |||||
Aerospace/Defense - Equipment — 0.3% | |||||
United Technologies Corp. | 7,878 | 382,319 | |||
Agricultural Chemicals — 0.7% | |||||
CF Industries Holdings, Inc. | 662 | 34,841 | |||
Monsanto Co. | 9,286 | 735,451 | |||
770,292 | |||||
Agricultural Operations — 0.2% | |||||
Archer - Daniels - Midland Co. | 6,299 | 172,467 | |||
Airlines — 0.1% | |||||
Southwest Airlines Co. | 13,014 | 112,571 | |||
Apparel Manufacturers — 0.2% | |||||
Coach, Inc.† | 2,372 | 42,459 | |||
Jones Apparel Group, Inc. | 2,988 | 15,328 | |||
Polo Ralph Lauren Corp. | 1,176 | 50,803 | |||
VF Corp. | 1,803 | 94,279 | |||
202,869 | |||||
Applications Software — 1.0% | |||||
Compuware Corp.† | 4,138 | 26,276 | |||
Microsoft Corp. | 50,893 | 1,029,056 | |||
Salesforce.com, Inc.† | 1,030 | 29,479 | |||
1,084,811 | |||||
Athletic Footwear — 0.0% | |||||
NIKE, Inc., Class B | 841 | 44,783 | |||
Audio/Video Products — 0.0% | |||||
Harman International Industries, Inc. | 1,111 | 16,721 | |||
Auto - Cars/Light Trucks — 0.0% | |||||
Ford Motor Co.† | 16,301 | 43,850 | |||
Auto/Truck Parts & Equipment - Original — 0.1% | |||||
Johnson Controls, Inc. | 4,213 | 74,402 | |||
Banks - Commercial — 0.2% | |||||
BB&T Corp. | 5,520 | 165,435 | |||
Regions Financial Corp. | 1,812 | 18,464 | |||
183,899 | |||||
Banks - Fiduciary — 1.4% | |||||
Northern Trust Corp. | 5,388 | 247,255 | |||
State Street Corp. | 4,619 | 194,506 | |||
The Bank of New York Mellon Corp. | 37,712 | 1,139,280 | |||
1,581,041 | |||||
Banks - Super Regional — 1.0% | |||||
Capital One Financial Corp. | 2,865 | 98,585 | |||
National City Corp. | 13,426 | 26,986 | |||
PNC Financial Services Group, Inc. | 879 | 46,385 | |||
SunTrust Banks, Inc. | 4,292 | 136,185 | |||
US Bancorp | 1,911 | 51,559 | |||
Wells Fargo & Co. | 26,278 | 759,171 | |||
1,118,871 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Beverages - Non - alcoholic — 1.2% | |||||
Pepsi Bottling Group, Inc. | 6,740 | $ | 121,927 | ||
PepsiCo, Inc. | 13,898 | 788,016 | |||
The Coca - Cola Co. | 8,917 | 417,940 | |||
1,327,883 | |||||
Beverages - Wine/Spirits — 0.1% | |||||
Brown - Forman Corp., Class B | 701 | 30,767 | |||
Constellation Brands, Inc., Class A† | 2,529 | 32,270 | |||
63,037 | |||||
Brewery — 0.1% | |||||
Molson Coors Brewing Co., Class B | 1,302 | 57,900 | |||
Building Products - Wood — 0.0% | |||||
Masco Corp. | 2,462 | 23,586 | |||
Building - Residential/Commercial — 0.1% | |||||
Centex Corp. | 3,863 | 35,385 | |||
D.R. Horton, Inc. | 7,234 | 49,697 | |||
KB Home | 869 | 10,106 | |||
Pulte Homes, Inc. | 1,497 | 15,943 | |||
111,131 | |||||
Cable TV — 0.2% | |||||
Comcast Corp., Class A | 13,128 | 227,639 | |||
Scripps Networks Interactive, Inc., Class A | 742 | 20,620 | |||
The DIRECTV Group, Inc.† | 1,171 | 25,774 | |||
274,033 | |||||
Chemicals - Diversified — 0.3% | |||||
E.I. du Pont de Nemours & Co. | 8,650 | 216,769 | |||
The Dow Chemical Co. | 3,766 | 69,859 | |||
286,628 | |||||
Chemicals - Specialty — 0.6% | |||||
Ashland, Inc. | 1,350 | 12,893 | |||
Eastman Chemical Co. | 1,968 | 64,747 | |||
Ecolab, Inc. | 14,462 | 555,196 | |||
632,836 | |||||
Coal — 0.1% | |||||
Massey Energy Co. | 925 | 14,448 | |||
Peabody Energy Corp. | 1,986 | 46,532 | |||
60,980 | |||||
Commercial Services — 0.4% | |||||
Convergys Corp.† | 2,977 | 18,726 | |||
Quanta Services, Inc.† | 24,447 | 397,508 | |||
416,234 | |||||
Commercial Services - Finance — 0.2% | |||||
Automatic Data Processing, Inc. | 1,002 | 41,142 | |||
H&R Block, Inc. | 5,862 | 112,140 | |||
Mastercard, Inc., Class A | 341 | 49,548 | |||
The Western Union Co. | 5,200 | 69,004 | |||
271,834 | |||||
Computer Aided Design — 0.0% | |||||
Autodesk, Inc.† | 3,030 | 50,268 | |||
Computer Services — 0.1% | |||||
Affiliated Computer Services, Inc., Class A† | 3,159 | 127,782 | |||
Computer Sciences Corp.† | 849 | 23,653 | |||
151,435 | |||||
Computers — 2.0% | |||||
Apple, Inc.† | 6,974 | 646,281 | |||
Dell, Inc.† | 6,823 | 76,213 |
5
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Computers (continued) | |||||
Hewlett - Packard Co. | 24,433 | $ | 861,996 | ||
International Business Machines Corp. | 7,520 | 613,632 | |||
Sun Microsystems, Inc.† | 3,206 | 10,163 | |||
2,208,285 | |||||
Computers - Memory Devices — 0.2% | |||||
EMC Corp.† | 15,912 | 168,190 | |||
NetApp, Inc.† | 1,556 | 21,006 | |||
189,196 | |||||
Computers - Periphery Equipment — 0.1% | |||||
Lexmark International, Inc., Class A† | 2,772 | 72,571 | |||
Consumer Products - Misc. — 0.1% | |||||
Fortune Brands, Inc. | 1,453 | 54,923 | |||
Kimberly - Clark Corp. | 1,245 | 71,949 | |||
126,872 | |||||
Containers - Metal/Glass — 0.0% | |||||
Ball Corp. | 1,276 | 46,510 | |||
Cosmetics & Toiletries — 1.6% | |||||
Avon Products, Inc. | 4,049 | 85,434 | |||
Colgate - Palmolive Co. | 11,076 | 720,715 | |||
Procter & Gamble Co. | 14,217 | 914,864 | |||
The Estee Lauder Cos., Inc., Class A | 406 | 11,328 | |||
1,732,341 | |||||
Data Processing/Management — 0.1% | |||||
Fidelity National Information Services, Inc. | 1,191 | 20,461 | |||
Fiserv, Inc.† | 1,029 | 35,130 | |||
55,591 | |||||
Disposable Medical Products — 0.1% | |||||
C.R. Bard, Inc. | 1,080 | 88,592 | |||
Diversified Banking Institutions — 2.3% | |||||
Bank of America Corp. | 41,866 | 680,322 | |||
Citigroup, Inc. | 16,168 | 134,033 | |||
JPMorgan Chase & Co. | 27,265 | 863,210 | |||
Morgan Stanley | 55,891 | 824,392 | |||
The Goldman Sachs Group, Inc. | 1,230 | 97,158 | |||
2,599,115 | |||||
Diversified Manufacturing Operations — 1.8% | |||||
3M Co. | 4,551 | 304,598 | |||
Cooper Industries, Ltd., Class A | 1,667 | 40,241 | |||
General Electric Co. | 43,085 | 739,769 | |||
Honeywell International, Inc. | 21,223 | 591,273 | |||
Ingersoll - Rand Co., Ltd., Class A | 2,717 | 42,603 | |||
Leggett & Platt, Inc. | 3,498 | 51,071 | |||
Parker Hannifin Corp. | 1,677 | 68,891 | |||
Tyco International, Ltd. | 8,135 | 170,022 | |||
2,008,468 | |||||
E - Commerce/Services — 0.1% | |||||
eBay, Inc.† | 7,107 | 93,315 | |||
IAC/InterActive Corp.† | 1,669 | 24,684 | |||
117,999 | |||||
Electric Products - Misc. — 0.5% | |||||
Emerson Electric Co. | 16,972 | 609,125 | |||
Electric - Generation — 0.0% | |||||
The AES Corp.† | 4,949 | 38,058 | |||
Electric - Integrated — 1.5% | |||||
American Electric Power Co., Inc. | 4,532 | 141,806 | |||
CMS Energy Corp. | 1,535 | 15,596 |
Security Description | Shares | Market Value (Note 2) | |||
Electric - Integrated (continued) | |||||
Constellation Energy Group, Inc. | 1,159 | $ | 28,361 | ||
Dominion Resources, Inc. | 2,131 | 78,463 | |||
Duke Energy Corp. | 10,157 | 158,043 | |||
Edison International | 5,145 | 171,843 | |||
Entergy Corp. | 1,305 | 111,055 | |||
Exelon Corp. | 10,209 | 573,848 | |||
FirstEnergy Corp. | 1,267 | 74,221 | |||
Pepco Holdings, Inc. | 4,342 | 78,113 | |||
PG&E Corp. | 2,201 | 83,726 | |||
Public Service Enterprise Group, Inc. | 3,310 | 102,279 | |||
1,617,354 | |||||
Electronic Components - Misc. — 0.0% | |||||
Tyco Electronics, Ltd. | 860 | 14,173 | |||
Electronic Components - Semiconductors — 0.9% | |||||
Advanced Micro Devices, Inc.† | 11,617 | 27,416 | |||
Altera Corp. | 2,713 | 39,908 | |||
Intel Corp. | 51,820 | 715,116 | |||
LSI Corp.† | 18,094 | 48,492 | |||
Micron Technology, Inc.† | 5,054 | 13,848 | |||
National Semiconductor Corp. | 2,269 | 24,959 | |||
NVIDIA Corp.† | 2,571 | 19,206 | |||
QLogic Corp.† | 4,892 | 51,953 | |||
Xilinx, Inc. | 5,228 | 85,530 | |||
1,026,428 | |||||
Electronic Connectors — 0.0% | |||||
Amphenol Corp., Class A | 1,405 | 32,624 | |||
Electronic Forms — 0.1% | |||||
Adobe Systems, Inc.† | 4,106 | 95,095 | |||
Electronic Measurement Instruments — 0.0% | |||||
Agilent Technologies, Inc.† | 505 | 9,509 | |||
Electronics - Military — 0.1% | |||||
L - 3 Communications Holdings, Inc. | 961 | 64,550 | |||
Engineering/R&D Services — 0.1% | |||||
Fluor Corp. | 1,517 | 69,084 | |||
Engines - Internal Combustion — 0.0% | |||||
Cummins, Inc. | 853 | 21,820 | |||
Enterprise Software/Service — 0.7% | |||||
CA, Inc. | 2,988 | 50,318 | |||
Oracle Corp.† | 47,593 | 765,771 | |||
816,089 | |||||
Finance - Credit Card — 0.1% | |||||
American Express Co. | 2,646 | 61,678 | |||
Finance - Investment Banker/Broker — 0.2% | |||||
Merrill Lynch & Co., Inc. | 2,107 | 27,855 | |||
The Charles Schwab Corp. | 8,055 | 147,648 | |||
175,503 | |||||
Finance - Other Services — 0.0% | |||||
CME Group, Inc. | 231 | 48,960 | |||
Food - Confectionery — 0.0% | |||||
The Hershey Co. | 1,018 | 36,648 | |||
Food - Dairy Products — 0.0% | |||||
Dean Foods Co.† | 2,487 | 36,211 | |||
Food - Misc. — 0.9% | |||||
ConAgra Foods, Inc. | 4,784 | 70,564 | |||
General Mills, Inc. | 11,238 | 709,904 | |||
H.J. Heinz Co. | 901 | 34,995 |
6
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Food - Misc. (continued) | |||||
Kraft Foods, Inc., Class A | 2,562 | $ | 69,712 | ||
Sara Lee Corp. | 11,692 | 107,333 | |||
992,508 | |||||
Food - Retail — 0.2% | |||||
Safeway, Inc. | 2,636 | 57,465 | |||
SUPERVALU, Inc. | 3,956 | 47,116 | |||
The Kroger Co. | 3,479 | 96,229 | |||
200,810 | |||||
Food - Wholesale/Distribution — 0.1% | |||||
Sysco Corp. | 2,991 | 70,139 | |||
Gas - Distribution — 0.1% | |||||
NiSource, Inc. | 4,431 | 53,394 | |||
Sempra Energy | 1,711 | 79,852 | |||
133,246 | |||||
Gold Mining — 0.0% | |||||
Newmont Mining Corp. | 882 | 29,679 | |||
Independent Power Producers — 0.0% | |||||
Dynegy, Inc., Class A† | 7,856 | 17,519 | |||
Mirant Corp.† | 155 | 2,669 | |||
20,188 | |||||
Industrial Automated/Robotic — 0.0% | |||||
Rockwell Automation, Inc. | 906 | 28,222 | |||
Industrial Gases — 0.2% | |||||
Air Products & Chemicals, Inc. | 4,267 | 203,792 | |||
Praxair, Inc. | 1,015 | 59,936 | |||
263,728 | |||||
Instruments - Scientific — 0.9% | |||||
PerkinElmer, Inc. | 2,135 | 38,558 | |||
Thermo Fisher Scientific, Inc.† | 24,210 | 863,813 | |||
Waters Corp.† | 1,413 | 58,258 | |||
960,629 | |||||
Insurance Brokers — 0.1% | |||||
AON Corp. | 2,353 | 106,591 | |||
Insurance - Life/Health — 0.7% | |||||
AFLAC, Inc. | 9,971 | 461,657 | |||
Lincoln National Corp. | 1,829 | 25,112 | |||
Principal Financial Group, Inc. | 3,688 | 50,931 | |||
Prudential Financial, Inc. | 2,876 | 62,409 | |||
Torchmark Corp. | 2,747 | 99,304 | |||
Unum Group | 2,006 | 29,890 | |||
729,303 | |||||
Insurance - Multi - line — 0.6% | |||||
ACE, Ltd. | 1,247 | 65,156 | |||
Allstate Corp. | 6,507 | 165,538 | |||
Assurant, Inc. | 1,822 | 39,665 | |||
Hartford Financial Services Group, Inc. | 34,453 | 291,128 | |||
Loews Corp. | 1,711 | 46,864 | |||
MetLife, Inc. | 3,364 | 96,749 | |||
705,100 | |||||
Insurance - Property/Casualty — 0.4% | |||||
The Travelers Cos., Inc. | 10,713 | 467,622 | |||
Internet Security — 0.1% | |||||
Symantec Corp.† | 4,932 | 59,332 | |||
VeriSign, Inc.† | 1,835 | 39,618 | |||
98,950 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Investment Companies — 0.0% | |||||
American Capital, Ltd. | 2,404 | $ | 10,193 | ||
Investment Management/Advisor Services — 0.1% | |||||
Franklin Resources, Inc. | 212 | 12,879 | |||
Invesco, Ltd. | 5,509 | 69,138 | |||
Janus Capital Group, Inc. | 3,216 | 26,210 | |||
T. Rowe Price Group, Inc. | 1,243 | 42,523 | |||
150,750 | |||||
Machinery - Construction & Mining — 0.0% | |||||
Caterpillar, Inc. | 863 | 35,374 | |||
Machinery - Farming — 0.0% | |||||
Deere & Co. | 998 | 34,740 | |||
Machinery - Pumps — 0.0% | |||||
Flowserve Corp. | 537 | 27,027 | |||
Medical Information Systems — 0.1% | |||||
IMS Health, Inc. | 4,424 | 58,176 | |||
Medical Instruments — 0.3% | |||||
Intuitive Surgical, Inc.† | 193 | 25,578 | |||
Medtronic, Inc. | 6,771 | 206,651 | |||
St. Jude Medical, Inc.† | 3,732 | 104,608 | |||
336,837 | |||||
Medical Products — 1.1% | |||||
Baxter International, Inc. | 2,129 | 112,624 | |||
Becton Dickinson & Co. | 2,610 | 165,813 | |||
Covidien, Ltd. | 829 | 30,549 | |||
Johnson & Johnson | 12,949 | 758,552 | |||
Varian Medical Systems, Inc.† | 1,296 | 52,307 | |||
Zimmer Holdings, Inc.† | 2,435 | 90,874 | |||
1,210,719 | |||||
Medical - Biomedical/Gene — 1.9% | |||||
Amgen, Inc.† | 6,496 | 360,788 | |||
Biogen Idec, Inc.† | 801 | 33,890 | |||
Celgene Corp.† | 2,889 | 150,517 | |||
Genentech, Inc.† | 7,858 | 601,923 | |||
Gilead Sciences, Inc.† | 20,095 | 900,055 | |||
Life Technologies Corp.† | 2,076 | 54,190 | |||
2,101,363 | |||||
Medical - Drugs — 1.8% | |||||
Abbott Laboratories | 3,796 | 198,872 | |||
Bristol - Myers Squibb Co. | 12,201 | 252,561 | |||
Cephalon, Inc.† | 539 | 39,606 | |||
Eli Lilly & Co. | 9,353 | 319,405 | |||
Forest Laboratories, Inc.† | 4,844 | 117,128 | |||
King Pharmaceuticals, Inc.† | 2,835 | 27,244 | |||
Merck & Co., Inc. | 12,450 | 332,664 | |||
Pfizer, Inc. | 28,287 | 464,755 | |||
Schering - Plough Corp. | 3,766 | 63,307 | |||
Wyeth | 5,729 | 206,301 | |||
2,021,843 | |||||
Medical - Generic Drugs — 0.1% | |||||
Barr Pharmaceuticals, Inc.† | 340 | 22,233 | |||
Watson Pharmaceuticals, Inc.† | 1,558 | 37,002 | |||
59,235 | |||||
Medical - HMO — 0.2% | |||||
CIGNA Corp. | 3,328 | 40,302 | |||
UnitedHealth Group, Inc. | 1,723 | 36,200 | |||
WellPoint, Inc.† | 2,683 | 95,515 | |||
172,017 | |||||
7
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical - Hospitals — 0.0% | |||||
Tenet Healthcare Corp.† | 16,321 | $ | 19,748 | ||
Metal Processors & Fabrication — 0.0% | |||||
Precision Castparts Corp. | 538 | 33,733 | |||
Metal - Diversified — 0.1% | |||||
Freeport - McMoRan Copper & Gold, Inc. | 2,692 | 64,581 | |||
Multimedia — 0.5% | |||||
Meredith Corp. | 1,904 | 30,730 | |||
News Corp., Class A | 23,483 | 185,516 | |||
The Walt Disney Co.† | 8,117 | 182,795 | |||
Time Warner, Inc. | 17,879 | 161,805 | |||
560,846 | |||||
Networking Products — 0.5% | |||||
Cisco Systems, Inc.† | 28,680 | 474,367 | |||
Juniper Networks, Inc.† | 4,057 | 70,511 | |||
544,878 | |||||
Office Automation & Equipment — 0.1% | |||||
Pitney Bowes, Inc. | 4,855 | 119,967 | |||
Oil & Gas Drilling — 0.2% | |||||
ENSCO International, Inc. | 2,253 | 73,020 | |||
Noble Corp. | 1,501 | 40,212 | |||
Rowan Cos., Inc. | 1,698 | 29,460 | |||
Transocean, Inc.† | 623 | 41,666 | |||
184,358 | |||||
Oil Companies - Exploration & Production — 0.9% | |||||
Anadarko Petroleum Corp. | 4,206 | 172,656 | |||
Apache Corp. | 2,651 | 204,923 | |||
Devon Energy Corp. | 2,831 | 204,795 | |||
EOG Resources, Inc. | 514 | 43,700 | |||
Noble Energy, Inc. | 389 | 20,337 | |||
Occidental Petroleum Corp. | 4,223 | 228,633 | |||
Questar Corp. | 2,109 | 67,889 | |||
Southwestern Energy Co.† | 906 | 31,139 | |||
974,072 | |||||
Oil Companies - Integrated — 4.1% | |||||
Chevron Corp. | 15,893 | 1,255,706 | |||
ConocoPhillips | 6,797 | 356,978 | |||
Exxon Mobil Corp. | 34,295 | 2,748,744 | |||
Hess Corp. | 1,819 | 98,299 | |||
Murphy Oil Corp. | 1,893 | 83,387 | |||
4,543,114 | |||||
Oil Field Machinery & Equipment — 0.1% | |||||
Cameron International Corp.† | 465 | 9,811 | |||
National - Oilwell Varco, Inc.† | 2,419 | 68,434 | |||
78,245 | |||||
Oil Refining & Marketing — 0.1% | |||||
Sunoco, Inc. | 1,087 | 43,198 | |||
Valero Energy Corp. | 1,309 | 24,020 | |||
67,218 | |||||
Oil - Field Services — 0.4% | |||||
BJ Services Co. | 4,933 | 59,147 | |||
Halliburton Co. | 11,235 | 197,736 | |||
Schlumberger, Ltd. | 4,149 | 210,520 | |||
Smith International, Inc. | 387 | 11,316 | |||
478,719 | |||||
Pharmacy Services — 0.2% | |||||
Express Scripts, Inc.† | 3,460 | 198,985 | |||
Security Description | Shares | Market Value (Note 2) | |||
Pipelines — 0.1% | |||||
El Paso Corp. | 2,658 | $ | 19,642 | ||
Williams Cos., Inc. | 3,213 | 52,115 | |||
71,757 | |||||
Printing - Commercial — 0.0% | |||||
R.R. Donnelley & Sons Co. | 3,053 | 38,956 | |||
Publishing - Newspapers — 0.0% | |||||
Gannett Co., Inc. | 6,024 | 52,469 | |||
Real Estate Investment Trusts — 0.3% | |||||
Apartment Investment & Management Co., Class A | 5,999 | 68,809 | |||
AvalonBay Communities, Inc. | 1,569 | 95,191 | |||
Boston Properties, Inc. | 187 | 9,986 | |||
Developers Diversified Realty Corp. | 3,850 | 18,480 | |||
Equity Residential | 2,179 | 66,307 | |||
Host Hotels & Resorts, Inc. | 2,343 | 17,619 | |||
276,392 | |||||
Retail - Apparel/Shoe — 0.2% | |||||
Limited Brands, Inc. | 6,038 | 56,214 | |||
Liz Claiborne, Inc. | 4,136 | 11,788 | |||
The Gap, Inc. | 7,612 | 99,108 | |||
167,110 | |||||
Retail - Auto Parts — 0.1% | |||||
AutoZone, Inc.† | 996 | 108,783 | |||
Retail - Building Products — 0.3% | |||||
Home Depot, Inc. | 11,912 | 275,286 | |||
Lowe’s Cos., Inc. | 535 | 11,053 | |||
286,339 | |||||
Retail - Computer Equipment — 0.0% | |||||
GameStop Corp., Class A† | 1,634 | 35,703 | |||
Retail - Discount — 2.0% | |||||
Big Lots, Inc.† | 1,450 | 25,404 | |||
Wal - Mart Stores, Inc. | 38,599 | 2,156,912 | |||
2,182,316 | |||||
Retail - Drug Store — 1.0% | |||||
CVS Caremark Corp. | 38,449 | 1,112,330 | |||
Walgreen Co. | 511 | 12,642 | |||
1,124,972 | |||||
Retail - Major Department Stores — 0.1% | |||||
TJX Cos., Inc. | 6,510 | 148,558 | |||
Retail - Office Supplies — 0.0% | |||||
OfficeMax, Inc. | 2,779 | 15,146 | |||
Retail - Regional Department Stores — 0.0% | |||||
Macy’s, Inc. | 2,451 | 18,186 | |||
Retail - Restaurants — 1.5% | |||||
McDonald’s Corp. | 26,165 | 1,537,194 | |||
Yum! Brands, Inc. | 4,235 | 114,091 | |||
1,651,285 | |||||
Semiconductor Components - Integrated Circuits — 0.1% | |||||
Linear Technology Corp. | 2,716 | 54,184 | |||
Semiconductor Equipment — 0.0% | |||||
Novellus Systems, Inc.† | 883 | 10,940 | |||
Steel - Producers — 0.0% | |||||
Nucor Corp. | 786 | 28,044 | |||
United States Steel Corp. | 852 | 25,901 | |||
53,945 | |||||
8
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Steel - Specialty — 0.0% | |||||
Allegheny Technologies, Inc. | 589 | $ | 13,518 | ||
Telecom Equipment - Fiber Optics — 0.0% | |||||
Corning, Inc. | 2,819 | 25,399 | |||
Telecom Services — 0.1% | |||||
Embarq Corp. | 2,037 | 66,488 | |||
Telecommunication Equipment — 0.0% | |||||
Nortel Networks Corp.† | 62 | 35 | |||
Telephone - Integrated — 1.9% | |||||
AT&T, Inc. | 39,405 | 1,125,407 | |||
CenturyTel, Inc. | 3,627 | 96,333 | |||
Verizon Communications, Inc. | 25,631 | 836,852 | |||
Windstream Corp. | 3,163 | 28,024 | |||
2,086,616 | |||||
Television — 0.1% | |||||
CBS Corp., Class B | 8,668 | 57,729 | |||
Tobacco — 1.0% | |||||
Altria Group, Inc. | 15,332 | 246,538 | |||
Lorillard, Inc. | 486 | 29,369 | |||
Philip Morris International, Inc. | 18,435 | 777,220 | |||
Reynolds American, Inc. | 2,621 | 107,671 | |||
1,160,798 | |||||
Tools - Hand Held — 0.1% | |||||
Snap - on, Inc. | 417 | 15,033 | |||
The Stanley Works | 2,567 | 81,605 | |||
96,638 | |||||
Toys — 0.0% | |||||
Hasbro, Inc. | 1,284 | 34,411 | |||
Mattel, Inc. | 886 | 12,112 | |||
46,523 | |||||
Transport - Rail — 0.5% | |||||
Burlington Northern Santa Fe Corp. | 1,856 | 142,188 | |||
CSX Corp. | 4,464 | 166,239 | |||
Norfolk Southern Corp. | 1,152 | 56,990 | |||
Union Pacific Corp. | 3,979 | 199,109 | |||
564,526 | |||||
Transport - Services — 0.2% | |||||
Ryder System, Inc. | 1,274 | 45,750 | |||
United Parcel Service, Inc., Class B | 3,837 | 221,011 | |||
266,761 | |||||
Web Portals/ISP — 0.3% | |||||
Google, Inc., Class A† | 1,071 | 313,760 | |||
Yahoo!, Inc.† | 5,891 | 67,806 | |||
381,566 | |||||
Wireless Equipment — 0.4% | |||||
American Tower Corp., Class A† | 3,212 | 87,495 | |||
Motorola, Inc. | 15,638 | 67,400 | |||
QUALCOMM, Inc. | 8,460 | 284,002 | |||
438,897 | |||||
Total Common Stock | |||||
(cost $71,446,215) | 54,636,023 | ||||
EXCHANGE TRADED FUNDS — 4.6% | |||||
Index Fund — 3.8% | |||||
iShares MSCI EAFE Index Fund | 100,400 | 4,183,668 | |||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||
Index Fund - Large Cap — 0.8% | ||||||
SPDR Trust, Series 1 | 10,005 | $ | 899,950 | |||
Total Exchange Traded Funds | ||||||
(cost $8,517,041) | 5,083,618 | |||||
PREFERRED STOCK — 0.4% | ||||||
Banks - Money Center — 0.1% | ||||||
Santander Finance Preferred SA | 7,600 | 64,600 | ||||
Banks - Super Regional — 0.0% | ||||||
Wachovia Capital Trust IX | 3,100 | 50,220 | ||||
Diversified Financial Services — 0.2% | ||||||
General Electric Capital Corp. | 11,000 | 207,790 | ||||
Finance - Mortgage Loan/Banker — 0.0% | ||||||
Freddie Mac | 2,200 | 1,650 | ||||
Special Purpose Entity — 0.1% | ||||||
Structured Repackaged Asset - Backed Trust Securities | 7,600 | 80,712 | ||||
Total Preferred Stock | ||||||
(cost $755,312) | 404,972 | |||||
ASSET BACKED SECURITIES — 2.4% | ||||||
Diversified Financial Services — 2.4% | ||||||
Banc of America Commercial Mtg., Inc. | $ | 110,000 | 50,281 | |||
Banc of America Funding Corp. | 302,573 | 215,810 | ||||
Banc of America Funding Corp. | 302,696 | 160,379 | ||||
Chase Funding Mtg. Loan Asset-Backed Certs. | 88,279 | 82,564 | ||||
Chase Mtg. Finance Corp. | 276,254 | 257,301 | ||||
Citigroup Commercial Mtg. Trust | 230,000 | 103,576 | ||||
Commercial Mtg. Asset Trust | 275,000 | 243,118 | ||||
JP Morgan Chase Commercial Mtg. Securities Corp. | 315,000 | 141,775 | ||||
JP Morgan Chase Commercial Mtg. Securities Corp. | 539,000 | 240,173 | ||||
LB Commercial Conduit Mtg. Trust | 155,000 | 138,972 | ||||
Ocwen Advance Receivables Backed Notes | 300,000 | 225,000 | ||||
Swift Master Auto Receivables Trust | 525,217 | 454,799 | ||||
Wells Fargo Mtg. Backed Securities Trust | 416,528 | 254,574 | ||||
Wells Fargo Mtg. Backed Securities Trust | 160,131 | 101,381 | ||||
Total Asset Backed Securities | ||||||
(cost $3,964,741) | 2,669,703 | |||||
9
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CONVERTIBLE BONDS & NOTES — 0.0% | ||||||
Telecom Services — 0.0% | ||||||
ICO North America, Inc. | $ | 20,000 | $ | 9,000 | ||
CORPORATE BONDS & NOTES — 13.6% | ||||||
Agricultural Chemicals — 0.1% | ||||||
Terra Capital, Inc. | 35,000 | 25,287 | ||||
The Mosaic Co. | 65,000 | 55,250 | ||||
80,537 | ||||||
Airlines — 0.1% | ||||||
American Airlines, Inc. | 55,000 | 39,325 | ||||
American Airlines, Inc. | 6,000 | 4,890 | ||||
Northwest Airlines, Inc. | 44,709 | 35,879 | ||||
80,094 | ||||||
Auto - Cars/Light Trucks — 0.0% | ||||||
Ford Motor Co. | 55,000 | 10,450 | ||||
General Motors Corp. | 26,000 | 6,370 | ||||
16,820 | ||||||
Banks - Commercial — 0.5% | ||||||
CoBank ACB | 57,000 | 54,648 | ||||
First Maryland Capital II | 124,000 | 76,660 | ||||
KeyBank NA | 66,000 | 53,537 | ||||
KeyBank NA | 26,000 | 21,530 | ||||
SouthTrust Bank | 91,000 | 83,732 | ||||
SouthTrust Corp. | 100,000 | 85,619 | ||||
Sovereign Bank | 78,000 | 73,680 | ||||
Union Bank of California NA | 110,000 | 83,319 | ||||
Wachovia Bank NA | 40,000 | 34,303 | ||||
567,028 | ||||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Banks - Fiduciary — 0.1% | ||||||
State Street Capital Trust IV | $ | 100,000 | $ | 56,160 | ||
Banks - Super Regional — 0.5% | ||||||
Bank of America Corp. | 135,000 | 109,590 | ||||
Capital One Financial Corp. | 60,000 | 39,884 | ||||
Nationsbank Capital Trust III | 93,000 | 43,577 | ||||
PNC Preferred Funding Trust I | 70,000 | 28,043 | ||||
Wachovia Corp. | 162,000 | 160,843 | ||||
Wachovia Corp. | 18,000 | 14,860 | ||||
Wachovia Corp. | 38,000 | 36,011 | ||||
Wells Fargo & Co. | 70,000 | 69,012 | ||||
501,820 | ||||||
Beverages - Non - alcoholic — 0.0% | ||||||
Coca - Cola Enterprises, Inc. | 35,000 | 36,404 | ||||
Broadcast Services/Program — 0.0% | ||||||
Nexstar Broadcasting, Inc. | 40,000 | 19,600 | ||||
Building - Residential/Commercial — 0.0% | ||||||
D.R. Horton, Inc. | 49,000 | 47,836 | ||||
Cable TV — 0.2% | ||||||
CCH I Holdings LLC/CCH I Holdings Capital Corp. | 54,000 | 11,475 | ||||
CCH II LLC/CCH II Capital Corp. | 78,000 | 39,585 | ||||
CCH II LLC/CCH II Capital Corp. | 12,000 | 5,700 | ||||
Comcast Corp. | 58,000 | 48,635 | ||||
COX Communications, Inc. | 40,000 | 32,011 | ||||
Time Warner Cable, Inc. | 58,000 | 57,265 | ||||
194,671 | ||||||
10
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Casino Hotels — 0.1% | ||||||
MGM Mirage, Inc. | $ | 125,000 | $ | 63,750 | ||
Turning Stone Resort Casino Enterprise | 30,000 | 22,800 | ||||
86,550 | ||||||
Casino Services — 0.0% | ||||||
Indianapolis Downs LLC & Capital Corp. | 35,000 | 16,625 | ||||
Cellular Telecom — 0.1% | ||||||
Centennial Communications Corp. | 35,000 | 32,725 | ||||
Nextel Communications, Inc. | 50,000 | 20,000 | ||||
Verizon Wireless | 42,000 | 41,610 | ||||
Verizon Wireless | 40,000 | 40,360 | ||||
134,695 | ||||||
Chemicals - Diversified — 0.1% | ||||||
ICI Wilmington, Inc. | 112,000 | 106,321 | ||||
Chemicals - Specialty — 0.1% | ||||||
Huntsman International LLC | 65,000 | 42,900 | ||||
Momentive Performance Materials, Inc. | 110,000 | 29,150 | ||||
72,050 | ||||||
Commercial Services - Finance — 0.1% | ||||||
The Western Union Co. | 147,000 | 139,984 | ||||
Computer Services — 0.1% | ||||||
Compucom Systems, Inc. | 35,000 | 25,287 | ||||
Electronic Data Systems Corp. | 130,000 | 129,727 | ||||
155,014 | ||||||
Consumer Products - Misc. — 0.0% | ||||||
American Achievement Corp. | 15,000 | 14,700 | ||||
Kimberly - Clark Corp. | 29,000 | 31,557 | ||||
46,257 | ||||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Containers - Paper/Plastic — 0.1% | ||||||
Jefferson Smurfit Corp. | $ | 20,000 | $ | 5,600 | ||
Smurfit - Stone Container Enterprises, Inc. | 195,000 | 51,675 | ||||
57,275 | ||||||
Cosmetics & Toiletries — 0.0% | ||||||
Avon Products, Inc. | 25,000 | 22,565 | ||||
Direct Marketing — 0.0% | ||||||
Affinity Group, Inc. | 40,000 | 25,200 | ||||
Diversified Banking Institutions — 0.5% | ||||||
Bank of America Corp. | 123,000 | 109,035 | ||||
Citigroup, Inc. | 219,000 | 179,552 | ||||
Citigroup, Inc. | 78,000 | 71,194 | ||||
Citigroup, Inc. | 35,000 | 31,853 | ||||
Citigroup, Inc. | 100,000 | 91,388 | ||||
The Goldman Sachs Group, Inc. | 31,000 | 31,044 | ||||
The Goldman Sachs Group, Inc. | 35,000 | 31,442 | ||||
545,508 | ||||||
Diversified Financial Services — 0.2% | ||||||
American Express Travel Related Services Co., Inc. | 136,000 | 123,812 | ||||
Citigroup Capital XXI | 42,000 | 25,335 | ||||
General Electric Capital Corp. | 100,000 | 96,164 | ||||
245,311 | ||||||
Diversified Manufacturing Operations — 0.1% | ||||||
General Electric Co. | 97,000 | 88,886 | ||||
Diversified Operations — 0.0% | ||||||
Capmark Financial Group, Inc. | 35,000 | 10,331 | ||||
Electric - Distribution — 0.0% | ||||||
Old Dominion Electric Cooperative | 43,750 | 38,502 | ||||
11
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Electric - Generation — 0.2% | ||||||
Bruce Mansfield Unit | $ | 121,000 | $ | 94,807 | ||
The AES Corp. | 70,000 | 48,300 | ||||
The AES Corp. | 110,000 | 95,150 | ||||
238,257 | ||||||
Electric - Integrated — 2.0% | ||||||
Baltimore Gas & Electric Co. | 100,000 | 93,276 | ||||
Centerpoint Energy, Inc. | 30,000 | 24,057 | ||||
Commonwealth Edison Co. | 60,000 | 44,513 | ||||
Consumers Energy Co. | 110,000 | 100,275 | ||||
Delmarva Power & Light Co. | 70,000 | 69,994 | ||||
Dominion Resources, Inc. | 95,000 | 46,550 | ||||
Dominion Resources, Inc. | 30,000 | 30,576 | ||||
DTE Energy Co. | 72,000 | 52,067 | ||||
DTE Energy Co. | 33,000 | 32,703 | ||||
Entergy Arkansas, Inc. | 87,000 | 80,717 | ||||
Entergy Gulf States Louisiana LLC | 120,000 | 98,633 | ||||
Entergy Louisiana LLC | 165,000 | 163,258 | ||||
Exelon Corp. | 88,000 | 84,417 | ||||
Mackinaw Power LLC | 100,639 | 83,882 | ||||
Mirant Americas Generation LLC | 35,000 | 32,375 | ||||
Mirant Mid - Atlantic LLC | 44,726 | 42,490 | ||||
Nisource Finance Corp. | 100,000 | 68,284 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Electric - Integrated (continued) | ||||||
Oncor Electric Delivery Co. | $ | 44,000 | $ | 38,234 | ||
Pepco Holdings, Inc. | 140,000 | 116,711 | ||||
Pepco Holdings, Inc. | 100,000 | 94,641 | ||||
PSEG Power LLC | 82,000 | 69,851 | ||||
PSEG Power LLC | 100,000 | 101,484 | ||||
Puget Sound Energy, Inc. | 183,000 | 161,996 | ||||
Sierra Pacific Power Co. | 90,000 | 83,576 | ||||
Sierra Pacific Power Co. | 108,000 | 89,264 | ||||
Southern Energy, Inc. | 125,000 | 0 | ||||
Southern Power Co. | 58,000 | 49,586 | ||||
Texas Competitive Electric Holdings Co. LLC | 80,000 | 51,200 | ||||
Texas Competitive Electric Holdings Co. LLC | 35,000 | 22,400 | ||||
Union Electric Co. | 100,000 | 89,371 | ||||
Virginia Electric & Power Co. | 144,000 | 143,910 | ||||
2,260,291 | ||||||
Electronic Components - Semiconductors — 0.1% | ||||||
Amkor Technology, Inc. | 30,000 | 18,000 | ||||
National Semiconductor Corp. | 100,000 | 79,997 | ||||
Spansion LLC | 55,000 | 11,550 | ||||
109,547 | ||||||
Electronic Measurement Instruments — 0.1% | ||||||
Agilent Technologies, Inc. | 91,000 | 70,425 | ||||
Electronics - Military — 0.0% | ||||||
L - 3 Communications Corp. | 35,000 | 29,050 | ||||
12
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Finance - Auto Loans — 0.0% | ||||||
Ford Motor Credit Co. LLC | $ | 1,000 | $ | 510 | ||
GMAC LLC | 10,000 | 3,842 | ||||
GMAC LLC | 114,000 | 39,908 | ||||
44,260 | ||||||
Finance - Commercial — 0.2% | ||||||
Caterpillar Financial Services Corp. | 45,000 | 42,041 | ||||
Caterpillar Financial Services Corp. | 130,000 | 122,444 | ||||
Textron Financial Corp. | 130,000 | 106,121 | ||||
270,606 | ||||||
Finance - Credit Card — 0.1% | ||||||
MBNA America Bank NA | 79,000 | 80,302 | ||||
Finance - Investment Banker/Broker — 1.5% | ||||||
Credit Suisse USA, Inc. | 42,000 | 40,621 | ||||
JP Morgan Chase & Co. | 578,000 | 577,508 | ||||
JP Morgan Chase & Co. | 110,000 | 106,519 | ||||
JP Morgan Chase & Co. | 85,000 | 82,040 | ||||
JP Morgan Chase & Co. | 62,000 | 62,346 | ||||
Lehman Brothers Holdings Capital | 45,000 | 4 | ||||
Lehman Brothers Holdings, Inc. | 44,000 | 4,400 | ||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||
Lehman Brothers Holdings, Inc. | 82,000 | 8,200 | ||||
Merrill Lynch & Co., Inc. | 50,000 | 47,082 | ||||
Morgan Stanley | 60,000 | 47,372 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Finance - Investment Banker/Broker (continued) | ||||||
Morgan Stanley | $ | 160,000 | $ | 131,997 | ||
Schwab Capital Trust I | 23,000 | 10,649 | ||||
The Bear Stearns Cos., Inc. | 74,000 | 72,806 | ||||
The Bear Stearns Cos., Inc. | 106,000 | 97,260 | ||||
The Bear Stearns Cos., Inc. | 129,000 | 129,877 | ||||
The Goldman Sachs Group, Inc. | 60,000 | 49,052 | ||||
The Goldman Sachs Group, Inc. | 42,000 | 31,396 | ||||
The Goldman Sachs Group, Inc. | 51,000 | 37,339 | ||||
The Goldman Sachs Group, Inc. | 129,000 | 82,699 | ||||
1,619,181 | ||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||
Countrywide Financial Corp. | 107,000 | 101,573 | ||||
Finance - Other Services — 0.0% | ||||||
National Rural Utilities Cooperative Finance Corp. | 50,000 | 40,579 | ||||
Food - Misc. — 0.2% | ||||||
Kraft Foods, Inc. | 110,000 | 96,513 | ||||
McCormick & Co., Inc. | 120,000 | 122,188 | ||||
218,701 | ||||||
Food - Retail — 0.1% | ||||||
Kroger Co. | 70,000 | 71,022 | ||||
Funeral Services & Related Items — 0.0% | ||||||
Service Corp. International | 50,000 | 37,750 | ||||
Gambling (Non - Hotel) — 0.0% | ||||||
Downstream Development Authority | 25,000 | 14,562 | ||||
Home Furnishings — 0.0% | ||||||
Simmons Co. | 25,000 | 10,375 |
13
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Home Furnishings (continued) | ||||||
Simmons Co. | $ | 16,000 | $ | 3,200 | ||
13,575 | ||||||
Hotel/Motels — 0.0% | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 50,000 | 35,252 | ||||
Independent Power Producers — 0.1% | ||||||
NRG Energy, Inc. | 105,000 | 85,312 | ||||
Insurance Brokers — 0.1% | ||||||
Marsh & McLennan Cos., Inc. | 55,000 | 53,242 | ||||
Marsh & McLennan Cos., Inc. | 25,000 | 24,807 | ||||
USI Holdings Corp. | 25,000 | 10,031 | ||||
88,080 | ||||||
Insurance - Life/Health — 0.3% | ||||||
Americo Life, Inc. | 102,000 | 100,513 | ||||
Lincoln National Corp. | 71,000 | 62,088 | ||||
Monumental Global Funding II | 54,000 | 54,566 | ||||
Pricoa Global Funding I | 90,000 | 77,840 | ||||
295,007 | ||||||
Insurance - Mutual — 0.0% | ||||||
Liberty Mutual Group, Inc. | 70,000 | 36,981 | ||||
Insurance - Property/Casualty — 0.2% | ||||||
ACE INA Holdings, Inc. | 104,000 | 89,280 | ||||
Chubb Corp. | 66,000 | 62,128 | ||||
Chubb Corp. | 56,000 | 47,197 | ||||
198,605 | ||||||
Insurance - Reinsurance — 0.1% | ||||||
PartnerRe Finance A LLC | 120,000 | 95,695 | ||||
Investment Management/Advisor Services — 0.1% | ||||||
Ameriprise Financial, Inc. | 178,000 | 152,031 | ||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Medical Products — 0.1% | ||||||
LVB Acquisition Holding LLC | $ | 60,000 | $ | 44,400 | ||
Universal Hospital Services, Inc. | 40,000 | 30,400 | ||||
74,800 | ||||||
Medical - Drugs — 0.3% | ||||||
GlaxoSmithKline Capital, Inc. | 70,000 | 66,232 | ||||
Schering - Plough Corp. | 101,000 | 89,160 | ||||
Wyeth | 112,000 | 107,718 | ||||
Wyeth | 103,000 | 106,534 | ||||
369,644 | ||||||
Medical - HMO — 0.2% | ||||||
Aetna, Inc. | 44,000 | 33,847 | ||||
Humana, Inc. | 60,000 | 47,133 | ||||
UnitedHealth Group, Inc. | 60,000 | 55,290 | ||||
UnitedHealth Group, Inc. | 76,000 | 58,786 | ||||
WellPoint, Inc. | 36,000 | 33,293 | ||||
WellPoint, Inc. | 60,000 | 42,538 | ||||
270,887 | ||||||
Medical - Hospitals — 0.3% | ||||||
Community Health Systems, Inc. | 70,000 | 56,175 | ||||
HCA, Inc. | 120,000 | 76,800 | ||||
HCA, Inc. | 170,000 | 138,125 | ||||
IASIS Healthcare LLC/IASIS Capital Corp. | 55,000 | 41,800 | ||||
312,900 | ||||||
Medical - Wholesale Drug Distribution — 0.1% | ||||||
Cardinal Health, Inc. | 91,000 | 84,275 | ||||
14
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Metal Processors & Fabrication — 0.1% | ||||||
Timken Co. | $ | 88,000 | $ | 86,659 | ||
Metal - Aluminum — 0.1% | ||||||
Alcoa, Inc. | 45,000 | 41,918 | ||||
Alcoa, Inc. | 65,000 | 49,376 | ||||
91,294 | ||||||
Mining — 0.0% | ||||||
Noranda Aluminum Acquisition Corp. | 50,000 | 16,250 | ||||
Multimedia — 0.3% | ||||||
COX Enterprises, Inc. | 143,000 | 136,266 | ||||
News America, Inc. | 65,000 | 54,426 | ||||
Time Warner Cos., Inc. | 86,000 | 74,497 | ||||
Time Warner Entertainment Co. LP | 102,000 | 87,701 | ||||
352,890 | ||||||
Non - Hazardous Waste Disposal — 0.1% | ||||||
Republic Services, Inc. | 95,000 | 62,207 | ||||
Waste Management, Inc. | 96,000 | 90,319 | ||||
152,526 | ||||||
Office Automation & Equipment — 0.0% | ||||||
Xerox Corp. | 50,000 | 35,858 | ||||
Oil Companies - Exploration & Production — 0.3% | ||||||
Chesapeake Energy Corp. | 100,000 | 70,000 | ||||
Chesapeake Energy Corp. | 145,000 | 115,275 | ||||
Hilcorp Energy I LP | 30,000 | 21,450 | ||||
Sabine Pass LNG LP | 165,000 | 113,850 | ||||
XTO Energy, Inc. | 50,000 | 41,100 | ||||
361,675 | ||||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Oil Companies - Integrated — 0.1% | ||||||
Hess Corp. | $ | 60,000 | $ | 49,620 | ||
Hess Corp. | 70,000 | 62,515 | ||||
112,135 | ||||||
Oil Field Machinery & Equipment — 0.1% | ||||||
Cameron International Corp. | 61,000 | 48,693 | ||||
Oil Refining & Marketing — 0.1% | ||||||
The Premcor Refining Group, Inc. | 144,000 | 133,696 | ||||
Oil - Field Services — 0.1% | ||||||
Allis - Chalmers Energy, Inc. | 20,000 | 11,700 | ||||
Baker Hughes, Inc. | 50,000 | 51,971 | ||||
63,671 | ||||||
Paper & Related Products — 0.0% | ||||||
Bowater, Inc. | 60,000 | 11,550 | ||||
Georgia - Pacific LLC | 30,000 | 22,800 | ||||
Georgia - Pacific LLC | 10,000 | 7,350 | ||||
41,700 | ||||||
Physicians Practice Management — 0.0% | ||||||
US Oncology, Inc. | 60,000 | 45,000 | ||||
Pipelines — 0.6% | ||||||
CenterPoint Energy Resources Corp. | 110,000 | 101,491 | ||||
Copano Energy LLC | 75,000 | 49,125 | ||||
Copano Energy LLC | 110,000 | 78,100 | ||||
DCP Midstream LLC | 36,000 | 36,179 | ||||
Duke Energy Field Services LLC | 100,000 | 97,789 | ||||
Dynegy - Roseton Danskammer | 75,000 | 53,497 | ||||
ONEOK, Inc. | 94,000 | 63,278 |
15
-
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Pipelines (continued) | ||||||
Panhandle Eastern Pipeline Co. | $ | 98,000 | $ | 75,807 | ||
Williams Cos., Inc. | 75,000 | 57,000 | ||||
612,266 | ||||||
Publishing - Periodicals — 0.0% | ||||||
Dex Media West LLC/Dex Media Finance Co. | 3,000 | 1,860 | ||||
R.H. Donnelley, Inc. | 3,000 | 795 | ||||
The Reader’s Digest Association, Inc. | 45,000 | 11,137 | ||||
13,792 | ||||||
Real Estate Investment Trusts — 0.1% | ||||||
Health Care Property Investors, Inc. | 80,000 | 47,796 | ||||
PPF Funding, Inc. | 55,000 | 46,626 | ||||
94,422 | ||||||
Recycling — 0.0% | ||||||
Aleris International, Inc. | 60,000 | 3,600 | ||||
Rental Auto/Equipment — 0.0% | ||||||
United Rentals North America, Inc. | 35,000 | 21,000 | ||||
Research & Development — 0.0% | ||||||
Alion Science and Technology Corp. | 65,000 | 35,750 | ||||
Retail - Drug Store — 0.1% | ||||||
CVS Caremark Corp. | 59,000 | 53,142 | ||||
Retail - Restaurants — 0.0% | ||||||
NPC International, Inc. | 40,000 | 27,200 | ||||
Savings & Loans/Thrifts — 0.2% | ||||||
Independence Community Bank Corp. | 59,000 | 47,442 | ||||
Western Financial Bank | 159,000 | 155,033 | ||||
202,475 | ||||||
Special Purpose Entities — 0.4% | ||||||
BAE Systems Holdings, Inc. | 85,000 | 76,341 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Special Purpose Entities (continued) | ||||||
Chukchansi Economic Development Authority | $ | 55,000 | $ | 25,300 | ||
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft | 5,000 | 2,050 | ||||
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft | 20,000 | 6,500 | ||||
Hexion US Finance Corp. | 15,000 | 7,800 | ||||
KAR Holdings, Inc. | 60,000 | 25,200 | ||||
Norbord Delaware GP I | 45,000 | 25,650 | ||||
Principal Life Global Funding I | 177,000 | 166,123 | ||||
Snoqualmie Entertainment Authority | 55,000 | 31,900 | ||||
The Goldman Sachs Capital III | 162,000 | 55,721 | ||||
422,585 | ||||||
Steel - Producers — 0.2% | ||||||
ArcelorMittal USA | 110,000 | 89,699 | ||||
Reliance Steel & Aluminum Co. | 55,000 | 57,903 | ||||
Ryerson, Inc. | 50,000 | 33,000 | ||||
180,602 | ||||||
Telecom Services — 0.2% | ||||||
Bellsouth Telecommunications, Inc. | 180,000 | 122,065 | ||||
Fairpoint Communications, Inc. | 20,000 | 10,200 | ||||
Qwest Corp. | 55,000 | 42,350 | ||||
174,615 | ||||||
Telephone - Integrated — 0.5% | ||||||
AT&T Corp. | 101,000 | 102,587 | ||||
BellSouth Corp. | 150,000 | 147,090 | ||||
Cincinnati Bell, Inc. | 14,000 | 9,975 |
16
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Telephone - Integrated (continued) | ||||||
Pacific Bell Telephone Co. | $ | 100,000 | $ | 90,116 | ||
Verizon Communications, Inc. | 64,000 | 53,445 | ||||
Verizon Communications, Inc. | 40,000 | 40,010 | ||||
Verizon New York, Inc. | 114,000 | 109,494 | ||||
552,717 | ||||||
Television — 0.1% | ||||||
Belo Corp. | 55,000 | 34,303 | ||||
Paxson Communications Corp. | 30,000 | 13,125 | ||||
Paxson Communications Corp. | 73,603 | 13,801 | ||||
Young Broadcasting, Inc. | 30,000 | 450 | ||||
61,679 | ||||||
Transactional Software — 0.0% | ||||||
Open Solutions, Inc. | 25,000 | 7,625 | ||||
Transport - Air Freight — 0.2% | ||||||
Atlas Air, Inc. | 244,900 | 195,920 | ||||
Transport - Equipment & Leasing — 0.0% | ||||||
GATX Corp. | 16,000 | 16,653 | ||||
Transport - Rail — 0.1% | ||||||
CSX Corp. | 100,000 | 93,265 | ||||
CSX Corp. | 48,000 | 42,104 | ||||
135,369 | ||||||
Transport - Services — 0.1% | ||||||
PHI, Inc. | 105,000 | 64,050 | ||||
Travel Services — 0.0% | ||||||
Travelport LLC | 33,000 | 7,920 | ||||
Total Corporate Bonds & Notes | ||||||
(cost $18,639,041) | 15,136,623 | |||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
FOREIGN CORPORATE BONDS & NOTES — 2.7% | ||||||
Banks - Commercial — 0.3% | ||||||
Barclays Bank PLC | $ | 130,000 | $ | 74,077 | ||
Barclays Bank PLC | 108,000 | 92,124 | ||||
Barclays Bank PLC | 15,000 | 10,062 | ||||
Caisse Nationale des Caisses | 102,000 | 62,220 | ||||
Credit Agricole SA | 87,000 | 44,139 | ||||
HBOS PLC | 65,000 | 32,713 | ||||
NIB Capital Bank | 110,000 | 19,012 | ||||
334,347 | ||||||
Banks - Money Center — 0.1% | ||||||
Mizuho Financial Group Cayman, Ltd. | 120,000 | 108,161 | ||||
Beverages - Wine/Spirits — 0.1% | ||||||
Diageo Finance BV | 156,000 | 149,360 | ||||
Brewery — 0.1% | ||||||
FBG Finance, Ltd. | 52,000 | 41,188 | ||||
SABMiller PLC | 68,000 | 60,362 | ||||
101,550 | ||||||
Cellular Telecom — 0.1% | ||||||
Vodafone Group PLC | 60,000 | 59,846 | ||||
Containers - Metal/Glass — 0.1% | ||||||
Rexam PLC | 81,000 | 77,287 | ||||
Cruise Lines — 0.0% | ||||||
Royal Caribbean Cruises, Ltd. | 65,000 | 39,000 | ||||
Diversified Manufacturing Operations — 0.1% | ||||||
Bombardier, Inc. | 55,000 | 46,200 | ||||
Tyco International Group SA | 110,000 | 95,253 | ||||
141,453 | ||||||
17
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||
Diversified Operations — 0.5% | ||||||
Hutchison Whampoa Finance, Ltd. | $ | 700,000 | $ | 585,304 | ||
Electric - Generation — 0.0% | ||||||
Abu Dhabi National Energy Co. | 18,000 | 14,352 | ||||
Electric - Integrated — 0.1% | ||||||
Empresa Nacional de Electricidad SA | 72,000 | 71,329 | ||||
Finance - Other Services — 0.0% | ||||||
BP Capital Markets PLC | 40,000 | 40,126 | ||||
Food - Retail — 0.1% | ||||||
Delhaize Group SA | 98,000 | 87,857 | ||||
Insurance - Multi - line — 0.1% | ||||||
Aegon NV | 145,000 | 39,222 | ||||
XL Capital Finance (Europe) PLC | 53,000 | 37,522 | ||||
XL Capital, Ltd. | 92,000 | 57,965 | ||||
134,709 | ||||||
Investment Companies — 0.0% | ||||||
Xstrata Finance Canada, Ltd. | 49,000 | 32,497 | ||||
Medical Products — 0.0% | ||||||
Angiotech Pharmaceuticals, Inc. | 40,000 | 22,800 | ||||
Angiotech Pharmaceuticals, Inc. | 40,000 | 13,200 | ||||
36,000 | ||||||
Medical - Drugs — 0.0% | ||||||
Elan Finance PLC | 70,000 | 42,000 | ||||
Multimedia — 0.1% | ||||||
Thomson Reuters Corp. | 68,000 | 64,572 | ||||
Oil Companies - Exploration & Production — 0.1% | ||||||
Canadian Natural Resources, Ltd. | 42,000 | 31,063 | ||||
EnCana Corp. | 25,000 | 19,273 | ||||
Nexen, Inc. | 81,000 | 55,929 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Oil Companies - Exploration & Production (continued) | ||||||
OPTI Canada, Inc. | $ | 55,000 | $ | 20,900 | ||
127,165 | ||||||
Pipelines — 0.0% | ||||||
Enbridge, Inc. | 41,000 | 34,206 | ||||
Property Trust — 0.1% | ||||||
Westfield Capital Corp., Ltd./ WT | 70,000 | 56,204 | ||||
Satellite Telecom — 0.1% | ||||||
Intelsat Subsidiary Holding Co., Ltd. | 90,000 | 76,950 | ||||
Intelsat Subsidiary Holding Co., Ltd. | 5,000 | 4,175 | ||||
81,125 | ||||||
Special Purpose Entities — 0.1% | ||||||
Hybrid Capital Funding I LP | 208,000 | 88,232 | ||||
SMFG Preferred Capital, Ltd. | 101,000 | 69,941 | ||||
158,173 | ||||||
Telecom Services — 0.1% | ||||||
TELUS Corp. | 50,000 | 50,545 | ||||
Telecommunication Equipment — 0.0% | ||||||
Nortel Networks, Ltd. | 65,000 | 18,850 | ||||
Telephone - Integrated — 0.1% | ||||||
Telecom Italia Capital SA | 90,000 | 65,700 | ||||
Telecom Italia Capital SA | 80,000 | 70,400 | ||||
136,100 | ||||||
Transport - Marine — 0.1% | ||||||
DP World, Ltd. | 132,000 | 70,551 | ||||
Transport - Rail — 0.1% | ||||||
Canadian National Railway Co. | 110,000 | 110,539 | ||||
Water — 0.1% | ||||||
Veolia Environnement | 100,000 | 78,970 | ||||
Total Foreign Corporate Bonds & Notes | ||||||
(cost $4,146,258) | 3,042,178 | |||||
18
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
U.S. GOVERNMENT AGENCIES — 8.5% | ||||||
Federal Home Loan Mtg. Corp. — 5.1% | ||||||
5.00% due 11/15/28 | $ | 247,000 | $ | 250,514 | ||
5.00% due 09/15/31 | 315,000 | 318,314 | ||||
5.00% due 10/01/33 | 25,419 | 25,614 | ||||
5.00% due 10/15/34 | 505,000 | 496,335 | ||||
5.00% due 07/01/35 | 131,774 | 132,621 | ||||
5.00% due 01/01/37 | 255,671 | 257,235 | ||||
5.50% due 06/15/31 | 282,000 | 288,180 | ||||
5.50% due 10/01/33 | 11,985 | 12,187 | ||||
5.50% due 01/01/35 | 434,299 | 441,080 | ||||
5.50% due 08/01/37 | 37,694 | 38,271 | ||||
5.50% due 09/01/37 | 470,022 | 477,214 | ||||
5.50% due 10/01/37 | 664,675 | 674,846 | ||||
5.50% due 01/01/38 | 176,520 | 179,249 | ||||
5.50% due 07/01/38 | 203,417 | 206,530 | ||||
5.80% due 01/01/37(1) | 398,873 | 399,461 | ||||
5.95% due 10/01/36(1) | 547,586 | 554,665 | ||||
6.00% due 08/01/36 | 469,327 | 479,735 | ||||
6.50% due 12/01/28 | 168,870 | 175,726 | ||||
6.50% due 11/01/33 | 10,009 | 10,346 | ||||
6.50% due 05/01/36 | 6,531 | 6,728 | ||||
7.00% due 06/01/32 | 65,696 | 68,400 | ||||
7.50% due 04/01/31 | 113,649 | 120,358 | ||||
8.00% due 04/01/30 | 13,007 | 13,770 | ||||
8.00% due 07/01/30 | 164 | 173 | ||||
8.00% due 12/01/30 | 33,970 | 35,966 | ||||
5,663,518 | ||||||
Federal National Mtg. Assoc. — 2.8% | ||||||
5.00% due 11/25/30 | 295,000 | 293,077 | ||||
5.00% due 11/01/33 | 24,373 | 24,591 | ||||
5.00% due 03/01/34 | 465,138 | 469,001 | ||||
5.00% due 10/01/35 | 214,079 | 215,723 | ||||
5.50% due 03/01/18 | 27,587 | 28,259 | ||||
5.50% due 11/01/22 | 221,365 | 225,390 | ||||
5.50% due 05/01/34 | 460,883 | 469,519 | ||||
5.50% due 02/01/36(1) | 244,635 | 248,498 | ||||
6.00% due 05/01/17 | 84,468 | 86,580 | ||||
6.00% due 12/01/33 | 231,172 | 236,876 | ||||
6.00% due 10/01/36 | 244,172 | 249,778 | ||||
6.50% due 02/01/17 | 69,230 | 71,319 | ||||
6.50% due 08/01/31 | 87,410 | 90,593 | ||||
6.50% due 07/01/32 | 129,414 | 133,884 | ||||
6.50% due 07/01/36 | 194,286 | 199,964 | ||||
7.00% due 09/01/31 | 65,766 | 68,916 | ||||
7.50% due 06/01/15 | 23,841 | 24,933 | ||||
3,136,901 | ||||||
Government National Mtg. Assoc. — 0.6% | ||||||
6.00% due 02/15/29 | 7,649 | 7,851 | ||||
6.00% due 04/15/29 | 23,791 | 24,418 | ||||
6.00% due 06/15/29 | 35,000 | 36,007 | ||||
6.00% due 09/15/38 | 474,070 | 484,787 | ||||
6.50% due 02/15/29 | 93,695 | 96,662 | ||||
6.50% due 04/15/31 | 12,179 | 12,565 | ||||
662,290 | ||||||
Total U.S. Government Agencies | ||||||
(cost $9,395,141) | 9,462,709 | |||||
U.S. GOVERNMENT TREASURIES — 0.1% | ||||||
United States Treasury Bonds — 0.1% | ||||||
4.50% due 05/15/38 | 100,000 | 118,305 | ||||
Total Long - Term Investment Securities | ||||||
(cost $116,992,928) | 90,563,131 | |||||
Security Description | Principal Amount | Market Value (Note 2) | |||||
SHORT - TERM INVESTMENT SECURITIES — 10.2% | |||||||
Commercial Paper — 9.0% | |||||||
Erste Finance LLC | $ | 5,000,000 | $ | 5,000,000 | |||
UBS Finance Delaware LLC | 5,000,000 | 5,000,000 | |||||
10,000,000 | |||||||
Time Deposit — 0.4% | |||||||
Euro Time Deposit with State Street Bank & Trust Co. | 445,000 | 445,000 | |||||
U.S. Government Treasuries — 0.8% | |||||||
United States Treasury Bills | 70,000 | 69,994 | |||||
0.17% due 12/04/08(13) | 50,000 | 49,999 | |||||
0.20% due 12/18/08(13) | 750,000 | 749,993 | |||||
869,986 | |||||||
Total Short - Term Investment Securities |
| ||||||
(cost $11,314,986) | 11,314,986 | ||||||
REPURCHASE AGREEMENTS — 7.6% |
| ||||||
Agreement with State Street Bank & Trust Co., | 200,000 | 200,000 | |||||
Agreement with State Street Bank & Trust Co., | 155,000 | 155,000 | |||||
Agreement with State Street Bank & Trust Co., | 8,133,000 | 8,133,000 | |||||
Total Repurchase Agreements | |||||||
(cost $ 8,488,000) | 8,488,000 | ||||||
TOTAL INVESTMENTS | |||||||
(cost $136,795,914)(14) | 99.3 | % | 110,366,117 | ||||
Other assets less liabilities | 0.7 | 818,781 | |||||
NET ASSETS — | 100.0 | % | $ | 111,184,898 | |||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $3,510,484 representing 3.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(3) | Commercial Mortgaged Backed Security |
(4) | Collateralized Mortgage Obligation |
(5) | Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date. |
(6) | Fair valued security; see Note 2 |
(7) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $9,000, representing 0.0% of net assets. |
19
Table of Contents
AIG Retirement Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
(8) | To the extent permitted by the Statement of Additional Information, the Asset Allocation Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Asset Allocation Fund held the following restricted securities: |
Name | Acquisition Date | Principal Amount | Acquisition Cost | Market Value | Market Value Per Share | Value as a % of Net Assets | |||||||||||
ICO North America, Inc. | 08/11/05 | $ | 20,000 | $ | 20,000 | $ | 9,000 | $ | 45.00 | 0.00 | % | ||||||
Southern Energy, Inc. | 01/10/06 | 125,000 | 0 | 0 | 0.00 | 0.00 | |||||||||||
$ | 9,000 | 0.00 | % | ||||||||||||||
(9) | Perpetual maturity — maturity date reflects the next call date. |
(10) | Company has filed Chapter 11 bankruptcy protection. |
(11) | Bond in default |
(12) | PIK (“Payment-in-Kind”) security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks. |
(13) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(14) | See Note 5 for cost of investments on a tax basis. |
(15) | Subsequent to November 30, 2008, the company has filed for Chapter 11 bankruptcy protection and is in default of interest. |
(16) | Income may be received in cash or additional shares at the discretion of the issuer. |
Open Futures Contracts | |||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | ||||||||
39 Long | S&P 500 Index | December 2008 | $ | 8,524,514 | $ | 8,729,175 | $ | 204,661 | |||||
86 Long | U.S. Treasury 10 YR Note | March 2009 | 10,095,993 | 10,403,313 | 307,320 | ||||||||
$ | 511,981 | ||||||||||||
See Notes to Financial Statements
20
Table of Contents
AIG Retirement Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.0 | % | |
Medical — Biomedical/Gene | 8.8 | ||
Computers | 4.9 | ||
Oil — Field Services | 4.2 | ||
Banks — Fiduciary | 3.4 | ||
Diversified Manufacturing Operations | 3.4 | ||
Web Portals/ISP | 3.3 | ||
Wireless Equipment | 3.3 | ||
Medical Products | 3.2 | ||
Applications Software | 3.0 | ||
Medical — Drugs | 2.9 | ||
Oil Companies — Integrated | 2.9 | ||
Pharmacy Services | 2.9 | ||
Agricultural Chemicals | 2.7 | ||
Retail — Discount | 2.6 | ||
Medical Instruments | 2.6 | ||
Commercial Services — Finance | 2.5 | ||
E-Commerce/Products | 2.5 | ||
Networking Products | 2.5 | ||
Diversified Banking Institutions | 2.1 | ||
Retail — Restaurants | 2.0 | ||
Investment Management/Advisor Services | 1.9 | ||
Oil Companies — Exploration & Production | 1.6 | ||
Electronic Components — Semiconductors | 1.6 | ||
Internet Security | 1.5 | ||
Cellular Telecom | 1.4 | ||
Industrial Gases | 1.3 | ||
Multimedia | 1.3 | ||
Computer Services | 1.3 | ||
Registered Investment Companies | 1.2 | ||
Beverages — Non-alcoholic | 1.2 | ||
Toys | 1.1 | ||
Retail — Drug Store | 1.1 | ||
Retail — Regional Department Stores | 1.0 | ||
Banks — Super Regional | 0.9 | ||
Data Processing/Management | 0.8 | ||
Diversified Financial Services | 0.8 | ||
Finance — Investment Banker/Broker | 0.8 | ||
Health Care Cost Containment | 0.7 | ||
Medical — HMO | 0.7 | ||
Broadcast Services/Program | 0.7 | ||
Entertainment Software | 0.7 | ||
Semiconductor Components-Integrated Circuits | 0.6 | ||
Medical — Generic Drugs | 0.6 | ||
Transport — Rail | 0.5 | ||
Athletic Footwear | 0.5 | ||
Optical Supplies | 0.5 | ||
Retail — Bedding | 0.5 | ||
Aerospace/Defense | 0.5 | ||
Casino Hotels | 0.5 | ||
Computer Aided Design | 0.5 | ||
Schools | 0.4 | ||
Finance — Other Services | 0.4 | ||
Steel — Producers | 0.4 | ||
Advertising Agencies | 0.4 | ||
Enterprise Software/Service | 0.4 | ||
Insurance Brokers | 0.4 | ||
Distribution/Wholesale | 0.4 | ||
Electronic Forms | 0.3 | ||
Computers — Memory Devices | 0.3 | ||
Transport — Services | 0.3 | ||
Hotels/Motels | 0.3 | ||
Independent Power Producers | 0.3 | ||
Energy — Alternate Sources | 0.3 | ||
Internet Application Software | 0.3 | ||
Apparel Manufacturers | 0.3 | ||
E-Commerce/Services | 0.2 | ||
Electric — Integrated | 0.2 | ||
Finance — Credit Card | 0.2 |
Power Converter/Supply Equipment | 0.2 | ||
Cosmetics & Toiletries | 0.2 | ||
Oil Field Machinery & Equipment | 0.1 | ||
Machinery — Farming | 0.1 | ||
Instruments — Scientific | 0.1 | ||
Telephone — Integrated | 0.1 | ||
117.6 | % | ||
* | Calculated as a percentage of net assets |
21
Table of Contents
AIG Retirement Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 99.4% | |||||
Advertising Agencies — 0.4% | |||||
Omnicom Group, Inc. | 37,000 | $ | 1,046,730 | ||
Aerospace/Defense — 0.5% | |||||
General Dynamics Corp. | 14,300 | 738,881 | |||
Lockheed Martin Corp. | 5,700 | 439,527 | |||
Rockwell Collins, Inc.# | 2,500 | 85,200 | |||
1,263,608 | |||||
Agricultural Chemicals — 2.7% | |||||
Monsanto Co. | 68,900 | 5,456,880 | |||
Potash Corp. of Saskatchewan, Inc. | 28,500 | 1,756,740 | |||
7,213,620 | |||||
Apparel Manufacturers — 0.3% | |||||
Coach, Inc.#† | 38,800 | 694,520 | |||
Applications Software — 3.0% | |||||
Intuit, Inc.† | 37,300 | 826,568 | |||
Microsoft Corp. | 358,030 | 7,239,367 | |||
8,065,935 | |||||
Athletic Footwear — 0.5% | |||||
NIKE, Inc., Class B# | 26,600 | 1,416,450 | |||
Banks - Fiduciary — 3.4% | |||||
Northern Trust Corp. | 58,100 | 2,666,209 | |||
State Street Corp. | 113,100 | 4,762,641 | |||
The Bank of New York Mellon Corp. | 57,500 | 1,737,075 | |||
9,165,925 | |||||
Banks - Super Regional — 0.9% | |||||
PNC Financial Services Group, Inc.# | 12,400 | 654,348 | |||
Wells Fargo & Co. | 62,500 | 1,805,625 | |||
2,459,973 | |||||
Beverages - Non-alcoholic — 1.2% | |||||
PepsiCo, Inc. | 35,640 | 2,020,788 | |||
The Coca-Cola Co. | 27,400 | 1,284,238 | |||
3,305,026 | |||||
Broadcast Services/Program — 0.7% | |||||
Discovery Communications, Inc., Class A#† | 70,850 | 1,062,750 | |||
Discovery Communications, Inc., Class C† | 50,450 | 763,308 | |||
1,826,058 | |||||
Casino Hotels — 0.5% | |||||
MGM Mirage#† | 30,641 | 367,079 | |||
Wynn Resorts, Ltd.#† | 22,400 | 891,968 | |||
1,259,047 | |||||
Casino Services — 0.0% | |||||
International Game Technology | 400 | 4,284 | |||
Cellular Telecom — 1.4% | |||||
America Movil SAB de CV, Series L ADR | 112,000 | 3,360,000 | |||
MetroPCS Communications, Inc.#† | 38,100 | 557,784 | |||
3,917,784 | |||||
Commercial Services - Finance — 2.5% | |||||
Automatic Data Processing, Inc. | 59,500 | 2,443,070 | |||
Mastercard, Inc., Class A# | 10,300 | 1,496,590 | |||
The Western Union Co. | 99,700 | 1,323,019 | |||
Visa, Inc., Class A# | 31,000 | 1,629,360 | |||
6,892,039 | |||||
Computer Aided Design — 0.5% | |||||
Autodesk, Inc.#† | 73,700 | 1,222,683 | |||
Security Description | Shares | Market Value (Note 2) | |||
Computer Services — 1.3% | |||||
Accenture, Ltd., Class A | 110,200 | $ | 3,413,996 | ||
Computers — 4.9% | |||||
Apple, Inc.† | 94,100 | 8,720,247 | |||
Dell, Inc.† | 7,190 | 80,312 | |||
Hewlett-Packard Co. | 98,000 | 3,457,440 | |||
Research In Motion, Ltd.† | 25,000 | 1,061,750 | |||
13,319,749 | |||||
Computers - Memory Devices — 0.3% | |||||
EMC Corp.† | 81,600 | 862,512 | |||
Cosmetics & Toiletries — 0.2% | |||||
Procter & Gamble Co. | 6,576 | 423,166 | |||
Data Processing/Management — 0.8% | |||||
Fiserv, Inc.† | 65,300 | 2,229,342 | |||
Distribution/Wholesale — 0.4% | |||||
Fastenal Co.# | 24,600 | 947,346 | |||
Diversified Banking Institutions — 2.1% | |||||
Credit Suisse Group AG | 3,900 | 114,490 | |||
JPMorgan Chase & Co. | 47,800 | 1,513,348 | |||
Morgan Stanley | 97,100 | 1,432,225 | |||
The Goldman Sachs Group, Inc. | 34,900 | 2,756,751 | |||
5,816,814 | |||||
Diversified Financial Services — 0.8% | |||||
IntercontinentalExchange, Inc.† | 28,200 | 2,075,520 | |||
Diversified Manufacturing Operations — 3.4% | |||||
Danaher Corp.# | 150,740 | 8,387,174 | |||
General Electric Co. | 350 | 6,009 | |||
Illinois Tool Works, Inc.# | 21,000 | 716,520 | |||
9,109,703 | |||||
Diversified Minerals — 0.0% | |||||
BHP Billiton, Ltd. | 3,400 | 68,246 | |||
E-Commerce/Products — 2.5% | |||||
Amazon.com, Inc.#† | 160,700 | 6,861,890 | |||
E-Commerce/Services — 0.2% | |||||
eBay, Inc.† | 340 | 4,464 | |||
Expedia, Inc.† | 70,800 | 594,720 | |||
599,184 | |||||
Electric - Integrated — 0.2% | |||||
Entergy Corp. | 6,000 | 510,600 | |||
Electronic Components - Semiconductors — 1.6% | |||||
Altera Corp.# | 46,900 | 689,899 | |||
Broadcom Corp., Class A† | 40,500 | 620,055 | |||
Intel Corp. | 53,470 | 737,886 | |||
Xilinx, Inc.# | 143,830 | 2,353,059 | |||
4,400,899 | |||||
Electronic Forms — 0.3% | |||||
Adobe Systems, Inc.† | 39,720 | 919,915 | |||
Energy - Alternate Sources — 0.3% | |||||
First Solar, Inc.#† | 5,900 | 736,556 | |||
Enterprise Software/Service — 0.4% | |||||
Oracle Corp.† | 61,250 | 985,512 | |||
Entertainment Software — 0.7% | |||||
Electronic Arts, Inc.† | 94,100 | 1,793,546 | |||
Finance - Credit Card — 0.2% | |||||
American Express Co. | 20,200 | 470,862 | |||
22
Table of Contents
AIG Retirement Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Finance - Investment Banker/Broker — 0.8% | |||||
Merrill Lynch & Co., Inc. | 8,100 | $ | 107,082 | ||
The Charles Schwab Corp. | 105,200 | 1,928,316 | |||
2,035,398 | |||||
Finance - Other Services — 0.4% | |||||
CME Group, Inc. | 5,300 | 1,123,335 | |||
Health Care Cost Containment — 0.7% | |||||
McKesson Corp. | 57,100 | 1,995,074 | |||
Hotel/Motels — 0.3% | |||||
Marriott International, Inc., Class A# | 50,800 | 852,932 | |||
Independent Power Producers — 0.3% | |||||
NRG Energy, Inc.#† | 36,000 | 852,840 | |||
Industrial Gases — 1.3% | |||||
Praxair, Inc. | 61,200 | 3,613,860 | |||
Instruments - Scientific — 0.1% | |||||
Thermo Fisher Scientific, Inc.† | 7,400 | 264,032 | |||
Insurance Brokers — 0.4% | |||||
AON Corp. | 21,400 | 969,420 | |||
Insurance - Life/Health — 0.0% | |||||
Prudential Financial, Inc. | 400 | 8,680 | |||
Internet Application Software — 0.3% | |||||
Tencent Holdings, Ltd. | 129,200 | 711,322 | |||
Internet Security — 1.5% | |||||
McAfee, Inc.† | 75,400 | 2,286,882 | |||
VeriSign, Inc.#† | 86,900 | 1,876,171 | |||
4,163,053 | |||||
Investment Management/Advisor Services — 1.9% | |||||
Ameriprise Financial, Inc. | 17,840 | 329,326 | |||
BlackRock, Inc.# | 7,400 | 930,254 | |||
Franklin Resources, Inc. | 64,500 | 3,918,375 | |||
5,177,955 | |||||
Machinery - Farming — 0.1% | |||||
Deere & Co. | 10,600 | 368,986 | |||
Medical Instruments — 2.6% | |||||
Intuitive Surgical, Inc.#† | 4,900 | 649,397 | |||
Medtronic, Inc. | 116,000 | 3,540,320 | |||
St. Jude Medical, Inc.† | 101,220 | 2,837,197 | |||
7,026,914 | |||||
Medical Products — 3.2% | |||||
Baxter International, Inc. | 61,600 | 3,258,640 | |||
Becton Dickinson & Co. | 25,300 | 1,607,309 | |||
Covidien, Ltd. | 44,400 | 1,636,140 | |||
Stryker Corp. | 55,100 | 2,144,492 | |||
8,646,581 | |||||
Medical - Biomedical/Gene — 8.8% | |||||
Amgen, Inc.† | 57,800 | 3,210,212 | |||
Celgene Corp.† | 96,600 | 5,032,860 | |||
Genentech, Inc.† | 97,890 | 7,498,374 | |||
Gilead Sciences, Inc.#† | 183,340 | 8,211,799 | |||
23,953,245 | |||||
Medical - Drugs — 2.9% | |||||
Allergan, Inc. | 67,600 | 2,547,168 | |||
Novartis AG | 12,316 | 575,786 | |||
Roche Holding AG | 14,839 | 2,086,635 | |||
Schering - Plough Corp. | 14,600 | 245,426 | |||
Wyeth | 70,520 | 2,539,425 | |||
7,994,440 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Medical - Generic Drugs — 0.6% | |||||
Teva Pharmaceutical Industries, Ltd. ADR# | 34,800 | $ | 1,501,620 | ||
Medical - HMO — 0.7% | |||||
Aetna, Inc. | 7,400 | 161,468 | |||
Humana, Inc.† | 24,900 | 752,727 | |||
WellPoint, Inc.† | 29,560 | 1,052,336 | |||
1,966,531 | |||||
Multimedia — 1.3% | |||||
The McGraw - Hill Cos., Inc. | 131,300 | 3,282,500 | |||
Time Warner, Inc. | 25,700 | 232,585 | |||
3,515,085 | |||||
Networking Products — 2.5% | |||||
Cisco Systems, Inc.† | 157,040 | 2,597,442 | |||
Juniper Networks, Inc.† | 234,670 | 4,078,564 | |||
6,676,006 | |||||
Oil Companies - Exploration & Production — 1.6% | |||||
EOG Resources, Inc. | 52,600 | 4,472,052 | |||
Oil Companies - Integrated — 2.9% | |||||
Chevron Corp. | 25,600 | 2,022,656 | |||
Exxon Mobil Corp. | 73,800 | 5,915,070 | |||
7,937,726 | |||||
Oil Field Machinery & Equipment — 0.1% | |||||
FMC Technologies, Inc.#† | 14,100 | 387,327 | |||
Oil - Field Services — 4.2% | |||||
Baker Hughes, Inc. | 1,400 | 48,762 | |||
Schlumberger, Ltd. | 143,200 | 7,265,968 | |||
Smith International, Inc. | 137,900 | 4,032,196 | |||
11,346,926 | |||||
Optical Supplies — 0.5% | |||||
Alcon, Inc. | 17,600 | 1,404,304 | |||
Pharmacy Services — 2.9% | |||||
Express Scripts, Inc.† | 52,700 | 3,030,777 | |||
Medco Health Solutions, Inc.† | 115,900 | 4,867,800 | |||
7,898,577 | |||||
Power Converter/Supply Equipment — 0.2% | |||||
SunPower Corp., Class B#† | 17,700 | 460,554 | |||
Retail - Bedding — 0.5% | |||||
Bed Bath & Beyond, Inc.#† | 62,800 | 1,274,212 | |||
Retail - Discount — 2.6% | |||||
Costco Wholesale Corp.# | 30,000 | 1,544,100 | |||
Wal - Mart Stores, Inc. | 100,460 | 5,613,705 | |||
7,157,805 | |||||
Retail - Drug Store — 1.1% | |||||
CVS Caremark Corp. | 105,849 | 3,062,212 | |||
Retail - Regional Department Stores — 1.0% | |||||
Kohl’s Corp.† | 81,200 | 2,651,992 | |||
Retail - Restaurants — 2.0% | |||||
McDonald’s Corp. | 58,800 | 3,454,500 | |||
Yum! Brands, Inc. | 76,600 | 2,063,604 | |||
5,518,104 | |||||
Schools — 0.4% | |||||
Apollo Group, Inc., Class A#† | 15,700 | 1,206,388 | |||
Semiconductor Components - Integrated Circuits — 0.6% | |||||
Marvell Technology Group, Ltd.† | 287,400 | 1,666,920 | |||
Steel - Producers — 0.4% | |||||
Nucor Corp. | 29,700 | 1,059,696 | |||
23
Table of Contents
AIG Retirement Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||||
COMMON STOCK (continued) | |||||||
Telephone - Integrated — 0.1% |
| ||||||
AT&T, Inc. | 5,200 | $ | 148,512 | ||||
Toys — 1.1% | |||||||
Nintendo Co., Ltd.(3) | 10,000 | 3,096,054 | |||||
Transport - Rail — 0.5% | |||||||
Union Pacific Corp. | 29,500 | 1,476,180 | |||||
Transport - Services — 0.3% | |||||||
Expeditors International of Washington, Inc. | 25,700 | 859,151 | |||||
Web Portals/ISP — 3.3% | |||||||
Google, Inc., Class A† | 30,800 | 9,023,168 | |||||
Wireless Equipment — 3.3% | |||||||
American Tower Corp., Class A† | 150,300 | 4,094,172 | |||||
QUALCOMM, Inc. | 140,820 | 4,727,327 | |||||
8,821,499 | |||||||
Total Long-Term Investment Securities | |||||||
(cost $373,341,964) | 269,645,708 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 18.2% |
| ||||||
Collective Investment Pool — 17.0% | |||||||
Securities Lending Quality Trust(1) | 47,989,824 | 45,974,251 | |||||
Registered Investment Companies — 1.2% |
| ||||||
T. Rowe Price Reserve Investment Fund | 3,356,473 | 3,356,473 | |||||
Total Short-Term Investment Securities | |||||||
(cost $51,346,297) | 49,330,724 | ||||||
TOTAL INVESTMENTS | |||||||
(cost $424,688,261)(2) | 117.6 | % | 318,976,432 | ||||
Liabilities in excess of other assets | (17.6 | ) | (47,761,530 | ) | |||
NET ASSETS — | 100.0 | % | $ | 271,214,902 | |||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
ADR—American | Depository Receipt |
See Notes to Financial Statements
24
Table of Contents
AIG Retirement Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Electric — Integrated | 8.3 | % | |
Tobacco | 8.3 | ||
Medical — Drugs | 6.0 | ||
Diversified Manufacturing Operations | 5.4 | ||
Telephone — Integrated | 4.9 | ||
Oil Companies — Integrated | 4.7 | ||
Medical — HMO | 3.7 | ||
Diversified Banking Institutions | 2.9 | ||
Computers | 2.8 | ||
Oil Companies — Exploration & Production | 2.6 | ||
Banks — Super Regional | 2.6 | ||
Pipelines | 2.4 | ||
Tools — Hand Held | 2.4 | ||
Savings & Loans/Thrifts | 2.3 | ||
Medical Products | 2.2 | ||
Electronics — Military | 2.1 | ||
Cruise Lines | 2.0 | ||
Finance — Consumer Loans | 1.9 | ||
Real Estate Investment Trusts | 1.6 | ||
Pharmacy Services | 1.6 | ||
Transport — Rail | 1.5 | ||
Retail — Discount | 1.5 | ||
Finance — Credit Card | 1.3 | ||
Electric Products — Misc. | 1.3 | ||
Office Supplies & Forms | 1.3 | ||
Time Deposits | 1.2 | ||
Insurance Brokers | 1.1 | ||
Medical Labs & Testing Services | 1.1 | ||
Gas — Distribution | 1.1 | ||
Food — Misc. | 1.1 | ||
Computer Services | 1.1 | ||
Chemicals — Diversified | 1.1 | ||
Casino Services | 1.0 | ||
Insurance — Reinsurance | 1.0 | ||
Retail — Auto Parts | 1.0 | ||
Retail — Computer Equipment | 1.0 | ||
Transport — Services | 0.9 | ||
Aerospace/Defense — Equipment | 0.9 | ||
Retail — Building Products | 0.8 | ||
Beverages — Wine/Spirits | 0.8 | ||
Insurance — Multi-line | 0.8 | ||
Coatings/Paint | 0.8 | ||
Wireless Equipment | 0.8 | ||
Hospital Beds/Equipment | 0.8 | ||
Electronic Components — Semiconductors | 0.7 | ||
Insurance — Property/Casualty | 0.7 | ||
Retail — Apparel/Shoe | 0.7 | ||
Semiconductor Equipment | 0.6 | ||
Medical — Wholesale Drug Distribution | 0.5 | ||
Office Automation & Equipment | 0.4 | ||
Finance — Commercial | 0.3 | ||
99.9 | % | ||
* | Calculated as a percentage of net assets |
25
Table of Contents
AIG Retirement Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 98.7% | |||||
Aerospace/Defense-Equipment — 0.9% | |||||
Goodrich Corp. | 4,300 | $ | 144,695 | ||
Banks-Super Regional — 2.6% | |||||
Capital One Financial Corp. | 5,200 | 178,932 | |||
Wells Fargo & Co. | 8,700 | 251,343 | |||
430,275 | |||||
Beverages-Wine/Spirits — 0.8% | |||||
Diageo PLC ADR | 2,400 | 135,288 | |||
Casino Services — 1.0% | |||||
International Game Technology | 16,100 | 172,431 | |||
Chemicals-Diversified — 1.1% | |||||
E.I. du Pont de Nemours & Co. | 7,000 | 175,420 | |||
Coatings/Paint — 0.8% | |||||
The Sherwin-Williams Co. | 2,200 | 129,646 | |||
Computer Services — 1.1% | |||||
Computer Sciences Corp.† | 6,300 | 175,518 | |||
Computers — 2.8% | |||||
Hewlett-Packard Co. | 6,100 | 215,208 | |||
International Business Machines Corp. | 3,000 | 244,800 | |||
460,008 | |||||
Cruise Lines — 2.0% | |||||
Carnival Corp. | 10,600 | 222,600 | |||
Royal Caribbean Cruises, Ltd. | 11,900 | 112,098 | |||
334,698 | |||||
Diversified Banking Institutions — 2.9% | |||||
Bank of America Corp. | 10,451 | 169,829 | |||
Citigroup, Inc. | 12,000 | 99,480 | |||
JPMorgan Chase & Co. | 6,700 | 212,122 | |||
481,431 | |||||
Diversified Manufacturing Operations — 5.4% | |||||
Eaton Corp. | 3,800 | 176,092 | |||
Honeywell International, Inc. | 8,400 | 234,024 | |||
Illinois Tool Works, Inc. | 9,500 | 324,140 | |||
ITT Corp. | 3,700 | 154,882 | |||
889,138 | |||||
Electric Products-Misc. — 1.3% | |||||
Emerson Electric Co. | 6,100 | 218,929 | |||
Electric-Integrated — 8.3% | |||||
Dominion Resources, Inc. | 6,400 | 235,648 | |||
Duke Energy Corp. | 10,400 | 161,824 | |||
Entergy Corp. | 3,700 | 314,870 | |||
MDU Resources Group, Inc. | 8,050 | 163,656 | |||
Pinnacle West Capital Corp. | 7,800 | 237,120 | |||
Xcel Energy, Inc. | 14,000 | 263,340 | |||
1,376,458 | |||||
Electronic Components-Semiconductors — 0.7% | |||||
Intel Corp. | 9,000 | 124,200 | |||
Electronics-Military — 2.1% | |||||
L-3 Communications Holdings, Inc. | 5,100 | 342,567 | |||
Finance-Commercial — 0.3% | |||||
CIT Group, Inc. | 16,700 | 55,778 | |||
Finance-Consumer Loans — 1.9% | |||||
SLM Corp.† | 33,600 | 309,456 | |||
Security Description | Shares | Market Value (Note 2) | |||
Finance-Credit Card — 1.3% | |||||
American Express Co. | 9,600 | $ | 223,776 | ||
Food-Misc. — 1.1% | |||||
Kraft Foods, Inc., Class A | 6,697 | 182,225 | |||
Gas-Distribution — 1.1% | |||||
CenterPoint Energy, Inc. | 14,400 | 186,192 | |||
Hospital Beds/Equipment — 0.8% | |||||
Hill-Rom Holdings, Inc. | 6,100 | 125,294 | |||
Insurance Brokers — 1.1% | |||||
Willis Group Holdings, Ltd. | 8,100 | 186,867 | |||
Insurance-Multi-line — 0.8% | |||||
Allstate Corp. | 5,000 | 127,200 | |||
XL Capital, Ltd., Class A | 920 | 4,628 | |||
131,828 | |||||
Insurance-Property/Casualty — 0.7% | |||||
The Travelers Cos., Inc. | 2,600 | 113,490 | |||
Insurance-Reinsurance — 1.0% | |||||
Axis Capital Holdings, Ltd. | 6,800 | 172,108 | |||
Medical Labs & Testing Services — 1.1% | |||||
Quest Diagnostics, Inc. | 4,000 | 186,280 | |||
Medical Products — 2.2% | |||||
Baxter International, Inc. | 5,000 | 264,500 | |||
Johnson & Johnson | 1,600 | 93,728 | |||
358,228 | |||||
Medical-Drugs — 6.0% | |||||
Bristol-Myers Squibb Co. | 17,700 | 366,390 | |||
Pfizer, Inc. | 20,300 | 333,529 | |||
Wyeth | 8,000 | 288,080 | |||
987,999 | |||||
Medical-HMO — 3.7% | |||||
CIGNA Corp. | 5,300 | 64,183 | |||
Coventry Health Care, Inc.† | 7,200 | 89,784 | |||
UnitedHealth Group, Inc. | 8,900 | 186,989 | |||
WellPoint, Inc.† | 7,600 | 270,560 | |||
611,516 | |||||
Medical-Wholesale Drug Distribution — 0.5% | |||||
Cardinal Health, Inc. | 2,600 | 84,552 | |||
Office Automation & Equipment — 0.4% | |||||
Pitney Bowes, Inc. | 2,800 | 69,188 | |||
Office Supplies & Forms — 1.3% | |||||
Avery Dennison Corp. | 6,700 | 208,370 | |||
Oil Companies-Exploration & Production — 2.6% | |||||
Occidental Petroleum Corp. | 8,000 | 433,120 | |||
Oil Companies-Integrated — 4.7% | |||||
Chevron Corp. | 2,100 | 165,921 | |||
ConocoPhillips | 6,500 | 341,380 | |||
Marathon Oil Corp. | 4,300 | 112,574 | |||
Murphy Oil Corp. | 3,400 | 149,770 | |||
769,645 | |||||
Pharmacy Services — 1.6% | |||||
Omnicare, Inc. | 10,800 | 260,388 | |||
Pipelines — 2.4% | |||||
El Paso Corp. | 18,600 | 137,454 | |||
Spectra Energy Corp. | 15,850 | 257,721 | |||
395,175 | |||||
26
Table of Contents
AIG Retirement Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | |||||
COMMON STOCK (continued) | |||||||
Real Estate Investment Trusts — 1.6% | |||||||
Annaly Capital Management, Inc. | 18,300 | $ | 262,971 | ||||
Retail-Apparel/Shoe — 0.7% | |||||||
Hanesbrands, Inc.† | 8,400 | 108,528 | |||||
Retail-Auto Parts — 1.0% | |||||||
Advance Auto Parts, Inc. | 5,600 | 170,016 | |||||
Retail-Building Products — 0.8% | |||||||
Home Depot, Inc. | 5,900 | 136,349 | |||||
Retail-Computer Equipment — 1.0% | |||||||
GameStop Corp., Class A† | 7,400 | 161,690 | |||||
Retail-Discount — 1.5% | |||||||
Family Dollar Stores, Inc. | 8,800 | 244,464 | |||||
Savings & Loans/Thrifts — 2.3% | |||||||
New York Community Bancorp, Inc. | 7,000 | 91,350 | |||||
People’s United Financial, Inc. | 15,010 | 286,241 | |||||
377,591 | |||||||
Semiconductor Equipment — 0.6% | |||||||
Applied Materials, Inc. | 10,600 | 101,548 | |||||
Telephone-Integrated — 4.9% | |||||||
AT&T, Inc. | 13,750 | 392,700 | |||||
Verizon Communications, Inc. | 12,800 | 417,920 | |||||
810,620 | |||||||
Tobacco — 8.3% | |||||||
Altria Group, Inc. | 10,100 | 162,408 | |||||
Imperial Tobacco Group PLC ADR | 7,000 | 346,150 | |||||
Lorillard, Inc. | 4,800 | 290,064 | |||||
Philip Morris International, Inc. | 7,700 | 324,632 | |||||
Reynolds American, Inc. | 6,000 | 246,480 | |||||
1,369,734 | |||||||
Tools-Hand Held — 2.4% | |||||||
The Stanley Works | 12,300 | 391,017 | |||||
Transport-Rail — 1.5% | |||||||
Burlington Northern Santa Fe Corp. | 3,200 | 245,152 | |||||
Transport-Services — 0.9% | |||||||
Ryder System, Inc. | 4,100 | 147,231 | |||||
Wireless Equipment — 0.8% | |||||||
Nokia Oyj ADR | 8,900 | 126,113 | |||||
Total Long-Term Investment Securities | 16,295,201 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% | |||||||
Time Deposits — 1.2% | |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 192,000 | 192,000 | ||||
TOTAL INVESTMENTS | 99.9 | % | 16,487,201 | ||||
Other assets less liabilities | 0.1 | 12,982 | |||||
NET ASSETS | 100.0 | % | $ | 16,500,183 | |||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR | — American Depository Receipt |
See Notes to Financial Statements
27
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Federal Home Loan Mtg. Corp. | 22.6 | % | |
United States Treasury Notes | 16.3 | ||
Federal National Mtg. Assoc. | 13.4 | ||
Diversified Financial Services | 8.8 | ||
Collective Investment Pool | 8.0 | ||
Electric — Integrated | 4.6 | ||
Repurchase Agreement | 3.2 | ||
Government National Mtg. Assoc. | 2.8 | ||
Finance — Investment Banker/Broker | 2.1 | ||
Telephone — Integrated | 1.9 | ||
Banks — Commercial | 1.8 | ||
Special Purpose Entities | 1.3 | ||
United States Treasury Bonds | 1.3 | ||
Multimedia | 1.2 | ||
Federal Home Loan Bank | 1.0 | ||
Diversified Banking Institutions | 1.0 | ||
Banks — Super Regional | 0.9 | ||
Insurance — Life/Health | 0.8 | ||
Cellular Telecom | 0.7 | ||
Pipelines | 0.7 | ||
Telecom Services | 0.7 | ||
Medical — Drugs | 0.6 | ||
Steel — Producers | 0.6 | ||
Oil Refining & Marketing | 0.6 | ||
Diversified Manufacturing Operations | 0.5 | ||
Transport — Rail | 0.5 | ||
Medical — HMO | 0.4 | ||
Insurance — Property/Casualty | 0.4 | ||
Food — Retail | 0.4 | ||
Electric — Generation | 0.4 | ||
Food — Misc. | 0.3 | ||
Diversified Operations | 0.3 | ||
Finance — Commercial | 0.3 | ||
Savings & Loans/Thrifts | 0.3 | ||
Insurance Brokers | 0.3 | ||
Commercial Services — Finance | 0.3 | ||
Cable TV | 0.3 | ||
Oil Companies — Exploration & Production | 0.3 | ||
Oil Companies — Integrated | 0.2 | ||
Beverages — Wine/Spirits | 0.2 | ||
Insurance — Multi — line | 0.2 | ||
Real Estate Investment Trusts | 0.2 | ||
Banks — Money Center | 0.2 | ||
Computer Services | 0.2 | ||
Metal — Aluminum | 0.2 | ||
Electronic Measurement Instruments | 0.2 | ||
Transport — Marine | 0.2 | ||
Finance — Other Services | 0.2 | ||
Metal Processors & Fabrication | 0.2 | ||
Finance — Mortgage Loan/Banker | 0.2 | ||
Chemicals — Diversified | 0.2 | ||
Brewery | 0.2 | ||
Electronic Components — Semiconductors | 0.2 | ||
Insurance — Reinsurance | 0.2 | ||
Retail — Drug Store | 0.2 | ||
Non — Hazardous Waste Disposal | 0.1 | ||
Water | 0.1 | ||
Cruise Lines | 0.1 | ||
Banks — Fiduciary | 0.1 | ||
Finance — Credit Card | 0.1 | ||
Medical — Wholesale Drug Distribution | 0.1 | ||
Building — Residential/Commercial | 0.1 | ||
Containers — Metal/Glass | 0.1 | ||
Investment Management/Advisor Services | 0.1 | ||
Oil — Field Services | 0.1 | ||
Airlines | 0.1 | ||
Direct Marketing | 0.1 | ||
Investment Companies | 0.1 | ||
Beverages — Non-alcoholic | 0.1 |
Property Trust | 0.1 | ||
Oil Field Machinery & Equipment | 0.1 | ||
Consumer Products — Misc. | 0.1 | ||
Television | 0.1 | ||
Office Automation & Equipment | 0.1 | ||
Hotels/Motels | 0.1 | ||
Insurance — Mutual | 0.1 | ||
Cosmetics & Toiletries | 0.1 | ||
Electric — Distribution | 0.1 | ||
107.6 | % | ||
Credit Quality+#
Government — Agency | 41.1 | % | |
Government — Treasury | 18.3 | ||
AAA | 7.4 | ||
AA | 3.9 | ||
A | 13.7 | ||
BBB | 13.3 | ||
BB | 0.6 | ||
CCC | 0.1 | ||
Not Rated@ | 1.6 | ||
100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the source. |
+ | Source: Standard and Poors. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
28
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Principal Amount | Market Value (Note 2) | ||||
ASSET BACKED SECURITIES — 8.3% | ||||||
Diversified Financial Services — 8.3% | ||||||
Banc of America Commercial Mtg., Inc. | $ | 315,000 | $ | 143,988 | ||
Banc of America Funding Corp. | 1,161,134 | 828,177 | ||||
Banc of America Funding Corp. | 1,108,759 | 587,462 | ||||
Chase Funding Mtg. Loan Asset - Backed Certs. | 238,354 | 222,923 | ||||
Chase Mtg. Finance Corp. | 867,525 | 808,006 | ||||
Citigroup Commercial Mtg. Trust | 555,000 | 249,933 | ||||
Commercial Mtg. Asset Trust | 788,000 | 696,643 | ||||
Commercial Mtg. Pass Through Certs., | 635,000 | 581,728 | ||||
JP Morgan Chase Commercial Mtg. Securities Corp. | 1,000,000 | 450,080 | ||||
JP Morgan Chase Commercial Mtg. Securities Corp. | 345,000 | 311,531 | ||||
JP Morgan Chase Commercial Mtg. Securities Corp. | 1,106,000 | 492,823 | ||||
LB Commercial Conduit Mtg. Trust | 450,000 | 403,467 | ||||
Ocwen Advance Receivables Backed Notes | 1,000,000 | 750,000 | ||||
Swift Master Auto Receivables Trust | 1,583,426 | 1,371,129 | ||||
Wells Fargo Mtg. Backed Securities Trust | 1,303,091 | 796,424 | ||||
Wells Fargo Mtg. Backed Securities Trust | 707,947 | 448,212 | ||||
Total Asset Backed Securities | ||||||
(cost $13,060,898) | 9,142,526 | |||||
CONVERTIBLE BONDS & NOTES — 0.0% | ||||||
Telecom Services — 0.0% | ||||||
ICO North America, Inc. | 32,000 | �� | 14,400 | |||
CORPORATE BONDS & NOTES — 25.6% | ||||||
Airlines — 0.1% | ||||||
Northwest Airlines, Inc. | 142,254 | 114,159 | ||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Banks - Commercial — 1.2% | ||||||
CoBank ACB | $ | 48,000 | $ | 46,019 | ||
First Maryland Capital II | 177,000 | 109,425 | ||||
KeyBank NA | 204,000 | 165,480 | ||||
KeyBank NA | 46,000 | 38,092 | ||||
SouthTrust Bank | 334,000 | 307,323 | ||||
SouthTrust Corp. | 290,000 | 248,295 | ||||
Sovereign Bank | 143,000 | 135,079 | ||||
Union Bank of California NA | 279,000 | 211,329 | ||||
Wachovia Bank NA | 110,000 | 94,333 | ||||
1,355,375 | ||||||
Banks - Fiduciary — 0.1% | ||||||
State Street Capital Trust IV | 260,000 | 146,016 | ||||
Banks - Super Regional — 0.9% | ||||||
Bank of America Corp. | 245,000 | 198,885 | ||||
Capital One Financial Corp. | 230,000 | 152,890 | ||||
Nationsbank Capital Trust III | 176,000 | 82,468 | ||||
PNC Preferred Funding Trust I | 130,000 | 52,079 | ||||
Wachovia Corp. | 208,000 | 206,514 | ||||
Wachovia Corp. | 33,000 | 27,243 | ||||
Wachovia Corp. | 119,000 | 112,773 | ||||
Wells Fargo & Co. | 216,000 | 212,951 | ||||
1,045,803 | ||||||
Beverages - Non - alcoholic — 0.1% | ||||||
Coca - Cola Enterprises, Inc. | 95,000 | 98,811 | ||||
29
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Building - Residential/Commercial — 0.1% | ||||||
D.R. Horton, Inc. | $ | 146,000 | $ | 142,533 | ||
Cable TV — 0.3% | ||||||
Comcast Corp. | 101,000 | 84,693 | ||||
COX Communications, Inc. | 69,000 | 55,218 | ||||
Time Warner Cable, Inc. | 175,000 | 172,783 | ||||
312,694 | ||||||
Cellular Telecom — 0.6% | ||||||
Cingular Wireless Services, Inc. | 340,000 | 344,256 | ||||
Nextel Communications, Inc. | 175,000 | 70,000 | ||||
Verizon Wireless | 200,000 | 198,144 | ||||
Verizon Wireless | 110,000 | 110,988 | ||||
723,388 | ||||||
Chemicals - Diversified — 0.2% | ||||||
ICI Wilmington, Inc. | 198,000 | 187,961 | ||||
Commercial Services - Finance — 0.3% | ||||||
The Western Union Co. | 373,000 | 355,197 | ||||
Computer Services — 0.2% | ||||||
Electronic Data Systems Corp. | 220,000 | 219,538 | ||||
Consumer Products - Misc. — 0.1% | ||||||
Kimberly - Clark Corp. | 78,000 | 84,878 | ||||
Cosmetics & Toiletries — 0.1% | ||||||
Avon Products, Inc. | 73,000 | 65,889 | ||||
Direct Marketing — 0.1% | ||||||
Affinity Group, Inc. | 170,000 | 107,100 | ||||
Diversified Banking Institutions — 1.0% | ||||||
Bank of America Corp. | 217,000 | 192,363 | ||||
Citigroup, Inc. | 369,000 | 302,533 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Diversified Banking Institutions (continued) | ||||||
Citigroup, Inc. | $ | 126,000 | $ | 115,006 | ||
Citigroup, Inc. | 105,000 | 95,558 | ||||
Citigroup, Inc. | 195,000 | 178,206 | ||||
The Goldman Sachs Group, Inc. | 95,000 | 95,136 | ||||
The Goldman Sachs Group, Inc. | 105,000 | 94,324 | ||||
1,073,126 | ||||||
Diversified Financial Services — 0.5% | ||||||
American Express Travel Related Services Co., Inc. | 289,000 | 263,101 | ||||
Citigroup Capital XXI | 126,000 | 76,006 | ||||
General Electric Capital Corp. | 250,000 | 240,409 | ||||
579,516 | ||||||
Diversified Manufacturing Operations — 0.2% | ||||||
General Electric Co. | 195,000 | 178,688 | ||||
Diversified Operations — 0.0% | ||||||
Capmark Financial Group, Inc. | 113,000 | 33,353 | ||||
Electric - Distribution — 0.1% | ||||||
Old Dominion Electric Cooperative | 66,500 | 58,522 | ||||
Electric - Generation — 0.3% | ||||||
Bruce Mansfield Unit | 374,000 | 293,039 | ||||
Electric - Integrated — 4.3% | ||||||
Baltimore Gas & Electric Co. | 174,000 | 162,300 | ||||
Centerpoint Energy, Inc. | 57,000 | 45,708 | ||||
Commonwealth Edison Co. | 101,000 | 74,930 | ||||
Consumers Energy Co. | 259,000 | 236,103 | ||||
Delmarva Power & Light Co. | 210,000 | 209,981 | ||||
Dominion Resources, Inc. | 420,000 | 205,800 |
30
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AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Electric - Integrated (continued) | ||||||
Dominion Resources, Inc. | $ | 90,000 | $ | 91,727 | ||
DTE Energy Co. | 130,000 | 94,009 | ||||
DTE Energy Co. | 60,000 | 59,460 | ||||
Entergy Arkansas, Inc. | 153,000 | 141,951 | ||||
Entergy Gulf States Louisiana LLC | 210,000 | 172,607 | ||||
Entergy Louisiana LLC | 485,000 | 479,879 | ||||
Exelon Corp. | 152,000 | 145,812 | ||||
Mackinaw Power LLC | 342,173 | 285,200 | ||||
Mirant Mid - Atlantic LLC | 4,473 | 4,249 | ||||
Nisource Finance Corp. | 155,000 | 105,841 | ||||
Oncor Electric Delivery Co. | 78,000 | 67,779 | ||||
Pepco Holdings, Inc. | 250,000 | 208,412 | ||||
Pepco Holdings, Inc. | 195,000 | 184,550 | ||||
PSEG Power LLC | 238,000 | 202,739 | ||||
PSEG Power LLC | 55,000 | 55,816 | ||||
Puget Sound Energy, Inc. | 514,000 | 455,006 | ||||
Sierra Pacific Power Co. | 165,000 | 153,222 | ||||
Sierra Pacific Power Co. | 333,000 | 275,229 | ||||
Southern California Edison Co. | 45,000 | 40,289 | ||||
Southern California Edison Co. | 75,000 | 69,245 | ||||
Southern Energy, Inc. | 175,000 | 0 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Electric - Integrated (continued) | ||||||
Southern Power Co. | $ | 173,000 | $ | 147,902 | ||
Union Electric Co. | 180,000 | 160,869 | ||||
Virginia Electric & Power Co. | 227,000 | 226,858 | ||||
4,763,473 | ||||||
Electronic Components — Semiconductors — 0.2% | ||||||
National Semiconductor Corp. | 230,000 | 183,992 | ||||
Electronic Measurement Instruments — 0.2% | ||||||
Agilent Technologies, Inc. | 266,000 | 205,859 | ||||
Finance - Commercial — 0.3% | ||||||
Caterpillar Financial Services Corp. | 210,000 | 197,795 | ||||
Textron Financial Corp. | 205,000 | 167,344 | ||||
365,139 | ||||||
Finance - Credit Card — 0.1% | ||||||
MBNA America Bank NA | 142,000 | 144,340 | ||||
Finance - Investment Banker/Broker — 2.1% | ||||||
Credit Suisse First Boston USA, Inc. | 166,000 | 146,136 | ||||
Credit Suisse USA, Inc. | 114,000 | 110,257 | ||||
JP Morgan Chase & Co. | 122,000 | 121,896 | ||||
JP Morgan Chase & Co. | 270,000 | 261,457 | ||||
JP Morgan Chase & Co. | 148,000 | 142,845 | ||||
JP Morgan Chase & Co. | 113,000 | 113,630 | ||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||
Lehman Brothers Holdings, Inc. | 89,000 | 8,900 | ||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 |
31
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AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Finance - Investment Banker/Broker (continued) | ||||||
Lehman Brothers Holdings, Inc. | $ | 103,000 | $ | 10,300 | ||
Merrill Lynch & Co., Inc. | 98,000 | 92,280 | ||||
Morgan Stanley | 112,000 | 91,772 | ||||
Morgan Stanley | 114,000 | 90,006 | ||||
Morgan Stanley | 235,000 | 193,871 | ||||
Schwab Capital Trust I | 67,000 | 31,022 | ||||
The Bear Stearns Cos., Inc. | 140,000 | 137,740 | ||||
The Bear Stearns Cos., Inc. | 232,000 | 212,871 | ||||
The Bear Stearns Cos., Inc. | 237,000 | 238,611 | ||||
The Goldman Sachs Group, Inc. | 110,000 | 89,929 | ||||
The Goldman Sachs Group, Inc. | 117,000 | 87,460 | ||||
The Goldman Sachs Group, Inc. | 25,000 | 18,303 | ||||
The Goldman Sachs Group, Inc. | 224,000 | 143,602 | ||||
2,342,916 | ||||||
Finance - Mortgage Loan/Banker — 0.2% | ||||||
Countrywide Financial Corp. | 199,000 | 188,907 | ||||
Finance - Other Services — 0.1% | ||||||
National Rural Utilities Cooperative Finance Corp. | 110,000 | 89,274 | ||||
Food - Misc. — 0.3% | ||||||
Kraft Foods, Inc. | 184,000 | 161,440 | ||||
McCormick & Co., Inc. | 220,000 | 224,012 | ||||
385,452 | ||||||
Food - Retail — 0.2% | ||||||
Kroger Co. Company Guar. Notes | 210,000 | 213,067 | ||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Hotel/Motels — 0.1% | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | $ | 95,000 | $ | 66,978 | ||
Insurance Brokers — 0.3% | ||||||
Marsh & McLennan Cos., Inc. | 230,000 | 222,646 | ||||
Marsh & McLennan Cos., Inc. | 140,000 | 138,920 | ||||
361,566 | ||||||
Insurance - Life/Health — 0.8% | ||||||
Americo Life, Inc. | 121,000 | 119,236 | ||||
Lincoln National Corp. | 199,000 | 174,022 | ||||
Monumental Global Funding II | 240,000 | 242,515 | ||||
Pricoa Global Funding I | 350,000 | 302,710 | ||||
838,483 | ||||||
Insurance - Mutual — 0.1% | ||||||
Liberty Mutual Group, Inc. | 125,000 | 66,037 | ||||
Insurance - Property/Casualty — 0.4% | ||||||
ACE INA Holdings, Inc. | 192,000 | 164,824 | ||||
Chubb Corp. | 132,000 | 124,257 | ||||
Chubb Corp. | 103,000 | 86,808 | ||||
W.R. Berkley Corp. | 65,000 | 48,607 | ||||
424,496 | ||||||
Insurance - Reinsurance — 0.2% | ||||||
PartnerRe Finance A LLC | 230,000 | 183,416 | ||||
Investment Management/Advisor Services — 0.1% | ||||||
Ameriprise Financial, Inc. | 153,000 | 130,678 | ||||
Medical - Drugs — 0.6% | ||||||
GlaxoSmithKline Capital, Inc. | 128,000 | 121,110 | ||||
Schering - Plough Corp. | 214,000 | 188,914 | ||||
Wyeth | 140,000 | 134,647 |
32
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Medical - Drugs (continued) | ||||||
Wyeth | $ | 179,000 | $ | 185,141 | ||
629,812 | ||||||
Medical - HMO — 0.4% | ||||||
Aetna, Inc. | 77,000 | 59,232 | ||||
Humana, Inc. | 105,000 | 82,483 | ||||
UnitedHealth Group, Inc. | 105,000 | 96,758 | ||||
UnitedHealth Group, Inc. | 141,000 | 109,063 | ||||
WellPoint, Inc. | 63,000 | 58,264 | ||||
WellPoint, Inc. | 105,000 | 74,441 | ||||
480,241 | ||||||
Medical - Wholesale Drug Distribution — 0.1% | ||||||
Cardinal Health, Inc. | 154,000 | 142,618 | ||||
Metal Processors & Fabrication — 0.2% | ||||||
Timken Co. | 199,000 | 195,969 | ||||
Metal - Aluminum — 0.2% | ||||||
Alcoa, Inc. | 95,000 | 88,494 | ||||
Alcoa, Inc. | 166,000 | 126,097 | ||||
214,591 | ||||||
Multimedia — 1.1% | ||||||
COX Enterprises, Inc. | 600,000 | 571,745 | ||||
News America, Inc. | 310,000 | 259,569 | ||||
Time Warner Cos., Inc. | 259,000 | 224,358 | ||||
Time Warner Entertainment Co. LP | 258,000 | 221,831 | ||||
1,277,503 | ||||||
Non - Hazardous Waste Disposal — 0.1% | ||||||
Waste Management, Inc. | 168,000 | 158,058 | ||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Office Automation & Equipment — 0.1% | ||||||
Xerox Corp. | $ | 95,000 | $ | 68,131 | ||
Oil Companies - Exploration & Production — 0.1% | ||||||
XTO Energy, Inc. | 90,000 | 73,980 | ||||
Oil Companies - Integrated — 0.2% | ||||||
Hess Corp. | 105,000 | 86,834 | ||||
Hess Corp. | 218,000 | 194,690 | ||||
281,524 | ||||||
Oil Field Machinery & Equipment — 0.1% | ||||||
Cameron International Corp. | 107,000 | 85,412 | ||||
Oil Refining & Marketing — 0.6% | ||||||
The Premcor Refining Group, Inc. | 666,000 | 618,346 | ||||
Oil - Field Services — 0.1% | ||||||
Baker Hughes, Inc. | 110,000 | 114,337 | ||||
Pipelines — 0.6% | ||||||
CenterPoint Energy Resources Corp. | 200,000 | 184,529 | ||||
DCP Midstream LLC | 108,000 | 108,537 | ||||
Duke Energy Field Services LLC | 44,000 | 43,027 | ||||
ONEOK, Inc. | 198,000 | 133,287 | ||||
Panhandle Eastern Pipeline Co. | 204,000 | 157,803 | ||||
627,183 | ||||||
Publishing - Newspapers — 0.0% | ||||||
Gannett Co, Inc. | 77,000 | 53,958 | ||||
Real Estate Investment Trusts — 0.2% | ||||||
Health Care Property Investors, Inc. | 70,000 | 41,821 | ||||
PPF Funding, Inc. | 215,000 | 182,268 | ||||
224,089 | ||||||
Retail - Drug Store — 0.2% | ||||||
CVS Caremark Corp. | 203,000 | 182,846 | ||||
33
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES (continued) | ||||||
Savings & Loans/Thrifts — 0.3% | ||||||
Independence Community Bank Corp. | $ | 113,000 | $ | 90,864 | ||
Western Financial Bank | 279,000 | 272,039 | ||||
362,903 | ||||||
Special Purpose Entities — 1.0% | ||||||
BAE Systems Holdings, Inc. | 198,000 | 177,829 | ||||
ING USA Global Funding Trust | 160,000 | 163,769 | ||||
John Hancock Global Funding II | 116,000 | 119,516 | ||||
Norbord Delaware GP I | 192,000 | 109,440 | ||||
Principal Life Global Funding I | 610,000 | 572,515 | ||||
The Goldman Sachs Capital III | 75,000 | 25,797 | ||||
1,168,866 | ||||||
Steel - Producers — 0.6% | ||||||
ArcelorMittal USA | 480,000 | 391,413 | ||||
Reliance Steel & Aluminum Co. | 220,000 | 231,613 | ||||
623,026 | ||||||
Telecom Services — 0.6% | ||||||
Bellsouth Telecommunications, Inc. | 660,000 | 447,571 | ||||
Qwest Corp. | 250,000 | 192,500 | ||||
640,071 | ||||||
Telephone - Integrated — 1.3% | ||||||
AT&T Corp. | 238,000 | 241,740 | ||||
AT&T Corp. | 100,000 | 92,133 | ||||
BellSouth Corp. | 400,000 | 392,239 | ||||
Pacific Bell Telephone Co. | 300,000 | 270,348 | ||||
Verizon Communications, Inc. | 149,000 | 124,427 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Telephone - Integrated (continued) | ||||||
Verizon Communications, Inc. | $ | 110,000 | $ | 110,028 | ||
Verizon New York, Inc. | 220,000 | 211,304 | ||||
1,442,219 | ||||||
Television — 0.1% | ||||||
Belo Corp. | 125,000 | 77,962 | ||||
Transport - Equipment & Leasing — 0.0% | ||||||
GATX Corp. | 44,000 | 45,797 | ||||
Transport - Rail — 0.3% | ||||||
CSX Corp. | 120,000 | 111,918 | ||||
CSX Corp. | 102,000 | 89,472 | ||||
Norfolk Southern Corp. | 108,000 | 88,662 | ||||
290,052 | ||||||
Travel Services — 0.0% | ||||||
Travelport LLC | 84,000 | 20,160 | ||||
Total Corporate Bonds & Notes | ||||||
(cost $32,480,636) | 28,229,313 | |||||
FOREIGN CORPORATE BONDS & NOTES — 5.1% | ||||||
Banks - Commercial — 0.6% | ||||||
Barclays Bank PLC | 230,000 | 131,058 | ||||
Barclays Bank PLC | 181,000 | 154,393 | ||||
Caisse Nationale des Caisses | 196,000 | 119,560 | ||||
Credit Agricole SA | 240,000 | 121,764 | ||||
HBOS PLC | 120,000 | 60,393 | ||||
NIB Capital Bank | 204,000 | 35,259 | ||||
622,427 | ||||||
Banks - Money Center — 0.2% | ||||||
Mizuho Financial Group Cayman, Ltd. | 245,000 | 220,828 | ||||
34
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||
Beverages - Wine/Spirits — 0.2% | ||||||
Diageo Finance BV | $ | 287,000 | $ | 274,784 | ||
Brewery — 0.2% | ||||||
FBG Finance, Ltd. | 94,000 | 74,454 | ||||
SABMiller PLC | 125,000 | 110,960 | ||||
185,414 | ||||||
Broadcast Services/Program — 0.0% | ||||||
Grupo Televisa SA | 40,000 | 31,179 | ||||
Cellular Telecom — 0.1% | ||||||
Vodafone Group PLC | 105,000 | 104,730 | ||||
Containers - Metal/Glass — 0.1% | ||||||
Rexam PLC | 142,000 | 135,490 | ||||
Cruise Lines — 0.1% | ||||||
Royal Caribbean Cruises, Ltd. | 245,000 | 147,000 | ||||
Diversified Manufacturing Operations — 0.3% | ||||||
Tyco International Group SA | 388,000 | 335,983 | ||||
Diversified Operations — 0.3% | ||||||
Hutchison Whampoa Finance, Ltd. | 400,000 | 334,459 | ||||
Electric - Generation — 0.1% | ||||||
Abu Dhabi National Energy Co. | 116,000 | 92,492 | ||||
Electric - Integrated — 0.3% | ||||||
Empresa Nacional de Electricidad SA | 324,000 | 320,980 | ||||
Finance - Other Services — 0.1% | ||||||
BP Capital Markets PLC | 110,000 | 110,345 | ||||
Food - Retail — 0.2% | ||||||
Delhaize Group SA | 212,000 | 190,059 | ||||
Insurance - Multi - line — 0.2% | ||||||
Aegon NV | 280,000 | 75,740 | ||||
XL Capital Finance (Europe) PLC | 89,000 | 63,008 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Insurance - Multi - line (continued) | ||||||
XL Capital, Ltd. | $ | 156,000 | $ | 98,289 | ||
237,037 | ||||||
Investment Companies — 0.1% | ||||||
Xstrata Finance Canada, Ltd. | 149,000 | 98,818 | ||||
Multimedia — 0.1% | ||||||
Thomson Reuters Corp. | 120,000 | 113,951 | ||||
Oil Companies - Exploration & Production — 0.2% | ||||||
Canadian Natural Resources, Ltd. | 50,000 | 36,980 | ||||
EnCana Corp. | 50,000 | 38,546 | ||||
Nexen, Inc. | 190,000 | 131,192 | ||||
206,718 | ||||||
Pipelines — 0.1% | ||||||
Enbridge, Inc. | 136,000 | 113,463 | ||||
Property Trust — 0.1% | ||||||
Westfield Capital Corp., Ltd./ WT | 110,000 | 88,321 | ||||
Special Purpose Entity — 0.3% | ||||||
SMFG Preferred Capital, Ltd. | 453,000 | 313,698 | ||||
Telecom Services — 0.1% | ||||||
TELUS Corp. | 65,000 | 65,709 | ||||
Telephone - Integrated — 0.6% | ||||||
Telecom Italia Capital SA | 165,000 | 120,450 | ||||
Telecom Italia Capital SA | 375,000 | 330,000 | ||||
Telefonica Emisones SAU | 270,000 | 243,150 | ||||
693,600 | ||||||
Transport - Marine — 0.2% | ||||||
DP World, Ltd. | 379,000 | 202,567 | ||||
Transport - Rail — 0.2% | ||||||
Canadian National Railway Co. | 210,000 | 211,030 | ||||
35
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||
Water — 0.1% | ||||||
Veolia Environnement | $ | 190,000 | $ | 150,044 | ||
Total Foreign Corporate Bonds & Notes | ||||||
(cost $7,204,494) | 5,601,126 | |||||
U.S. GOVERNMENT AGENCIES — 39.8% | ||||||
Federal Home Loan Bank — 1.0% | ||||||
3.63% due 08/15/11# | 750,000 | 769,866 | ||||
5.50% due 07/01/37 | 370,566 | 376,236 | ||||
1,146,102 | ||||||
Federal Home Loan Mtg. Corp. — 22.6% | ||||||
4.13% due 09/27/13# | 500,000 | 522,257 | ||||
5.00% due 11/15/28 | 1,145,000 | 1,161,289 | ||||
5.00% due 09/15/31 | 1,475,000 | 1,490,520 | ||||
5.00% due 10/01/33 | 22,643 | 22,816 | ||||
5.00% due 06/01/34 | 483,647 | 486,907 | ||||
5.00% due 10/15/34 | 2,025,000 | 1,990,252 | ||||
5.00% due 07/01/35 | 414,145 | 416,808 | ||||
5.00% due 10/01/35 | 2,108,115 | 2,121,668 | ||||
5.00% due 05/01/36 | 3,323,822 | 3,344,150 | ||||
5.00% due 11/01/36 | 201,820 | 203,055 | ||||
5.50% due 11/01/18 | 478,136 | 487,678 | ||||
5.50% due 06/15/31 | 887,000 | 906,438 | ||||
5.50% due 10/01/33 | 29,512 | 30,009 | ||||
5.50% due 02/01/35 | 919,498 | 933,855 | ||||
5.50% due 07/01/36 | 1,978,135 | 2,008,712 | ||||
5.50% due 09/01/37 | 100,931 | 102,476 | ||||
5.50% due 10/01/37 | 113,040 | 114,769 | ||||
5.50% due 01/01/38 | 1,323,901 | 1,344,365 | ||||
5.50% due 07/01/38 | 451,485 | 458,394 | ||||
5.81% due 01/01/37(5) | 1,118,091 | 1,119,740 | ||||
6.00% due 10/01/33 | 669,243 | 685,339 | ||||
6.00% due 07/01/36 | 1,504,658 | 1,538,026 | ||||
6.00% due 11/01/37 | 644,606 | 658,901 | ||||
6.03% due 10/01/36(5) | 1,730,752 | 1,753,128 | ||||
6.50% due 02/01/33 | 90,923 | 94,160 | ||||
6.50% due 02/01/35 | 51,474 | 53,146 | ||||
6.50% due 01/01/36 | 185,683 | 191,278 | ||||
6.50% due 03/01/36 | 341,114 | 351,393 | ||||
7.00% due 11/01/16 | 48,375 | 50,802 | ||||
7.00% due 07/01/32 | 25,040 | 26,071 | ||||
7.50% due 04/01/31 | 124,790 | 132,157 | ||||
8.00% due 01/01/29 | 12,118 | 12,837 | ||||
8.00% due 12/01/29 | 8,994 | 9,525 | ||||
8.00% due 12/01/30 | 34,275 | 36,289 | ||||
8.00% due 01/01/31 | 268 | 284 | ||||
24,859,494 | ||||||
Federal National Mtg. Assoc. — 13.4% | ||||||
4.50% due 11/01/22 | 2,287,290 | 2,292,497 | ||||
5.00% due 05/11/17# | 500,000 | 530,205 | ||||
5.00% due 11/25/30 | 1,437,000 | 1,427,632 | ||||
5.00% due 10/01/33 | 54,730 | 55,218 | ||||
5.00% due 03/01/34 | 604,693 | 609,715 | ||||
5.00% due 10/01/35 | 1,294,184 | 1,304,121 | ||||
5.00% due 01/01/37 | 448,312 | 451,519 | ||||
5.50% due 11/01/22 | 446,988 | 455,114 | ||||
5.50% due 04/01/33 | 937,965 | 956,421 | ||||
5.50% due 12/01/33 | 763,043 | 777,342 | ||||
5.50% due 05/01/34 | 425,136 | 433,102 | ||||
5.50% due 10/01/34 | 497,160 | 506,165 | ||||
5.50% due 12/01/35 | 877,335 | 892,952 | ||||
5.50% due 02/01/36(5) | 380,176 | 386,180 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Federal National Mtg. Assoc. (continued) | ||||||
6.00% due 03/01/16 | $ | 2,476 | $ | 2,539 | ||
6.00% due 12/01/16 | 57,482 | 58,956 | ||||
6.00% due 11/01/17 | 154,765 | 158,635 | ||||
6.00% due 12/01/20 | 451,101 | 462,660 | ||||
6.00% due 12/01/33 | 524,663 | 537,610 | ||||
6.00% due 10/01/36 | 244,800 | 250,420 | ||||
6.50% due 03/01/17 | 90,622 | 93,329 | ||||
6.50% due 08/01/31 | 50,807 | 52,657 | ||||
6.50% due 07/01/32 | 344,355 | 356,250 | ||||
6.50% due 07/01/36 | 314,289 | 323,476 | ||||
6.50% due 10/01/37 | 1,172,284 | 1,206,300 | ||||
7.00% due 09/01/31 | 209,637 | 219,679 | ||||
7.50% due 08/01/15 | 938 | 980 | ||||
14,801,674 | ||||||
Government National Mtg. Assoc. — 2.8% | ||||||
6.00% due 03/15/29 | 40,768 | 41,843 | ||||
6.00% due 04/15/29 | 16,305 | 16,734 | ||||
6.00% due 09/15/38 | 2,734,633 | 2,796,457 | ||||
6.50% due 07/15/32 | 87,120 | 89,798 | ||||
6.50% due 09/15/32 | 134,720 | 138,861 | ||||
3,083,693 | ||||||
Total U.S. Government Agencies | ||||||
(cost $43,204,763) | 43,890,963 | |||||
U.S. GOVERNMENT TREASURIES — 17.6% | ||||||
United States Treasury Bonds — 1.3% | ||||||
4.38% due 02/15/38# | 362,000 | 419,383 | ||||
4.50% due 05/15/38# | 98,000 | 115,938 | ||||
4.75% due 02/15/37# | 587,000 | 712,838 | ||||
5.00% due 05/15/37# | 159,000 | 200,365 | ||||
1,448,524 | ||||||
United States Treasury Notes — 16.3% | ||||||
1.50% due 10/31/10 | 2,000,000 | 2,020,312 | ||||
3.25% due 12/31/09# | 4,500,000 | 4,620,587 | ||||
3.38% due 07/31/13# | 1,393,000 | 1,493,339 | ||||
3.88% due 09/15/10 | 1,000,000 | 1,055,547 | ||||
3.88% due 05/15/18# | 1,459,000 | 1,574,922 | ||||
4.00% due 08/15/18# | 1,403,000 | 1,529,489 | ||||
4.25% due 08/15/15 | 63,000 | 70,668 | ||||
4.50% due 05/15/10# | 1,610,000 | 1,695,782 | ||||
4.50% due 02/28/11# | 2,500,000 | 2,695,508 | ||||
0.88% due 04/15/10TIPS#(13) | 740,304 | 688,309 | ||||
2.00% due 01/15/14TIPS#(13) | 549,427 | 494,699 | ||||
17,939,162 | ||||||
Total U.S. Government Treasuries | ||||||
(cost $18,834,471) | 19,387,686 | |||||
COMMON STOCK — 0.0% | ||||||
Independent Power Producers — 0.0% | ||||||
Mirant Corp.†# | 217 | 3,737 | ||||
Total Long - Term Investment Securities | ||||||
(cost $114,817,262) | 106,269,751 | |||||
SHORT - TERM INVESTMENT SECURITIES — 8.0% | ||||||
Collective Investment Pool — 8.0% | ||||||
Securities Lending Quality Trust(11) | 9,187,637 | 8,801,756 | ||||
36
Table of Contents
AIG Retirement Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 3.2% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,543,003 and collateralized by Freddie Mac, bearing interest at 5.00%, due 02/21/09 and having an approximate value of $3,651,150 | $ | 3,543,000 | $ | 3,543,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $127,547,899)(12) | 107.6 | % | 118,614,507 | |||||
Liabilities in excess of other assets | (7.6 | ) | (8,402,958 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 110,211,549 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $6,671,949 representing 6.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
(1) | Commercial Mortgaged Backed Security |
(2) | Collateralized Mortgage Obligation |
(3) | Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date. |
(4) | Fair valued security; see Note 2 |
(5) | Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008. |
(6) | To the extent permitted by the Statement of Additional Information, the Capital Conservation Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Capital Conservation Fund held the following restricted securities: |
Name | Acquisition Date | Principal Amount | Acquisition Cost | Market Value | Market Value Per Share | Value as a % of Net Assets | |||||||||||
ICO North America, Inc. 7.50% due 08/15/09 | 08/11/05 | $ | 32,000 | $ | 32,000 | $ | 14,400 | $ | 45.00 | 0.01 | % | ||||||
Southern Energy, Inc. 7.90% due 07/15/09 | 01/10/06 | 175,000 | 0 | 0 | 0.00 | 0.00 | % | ||||||||||
$ | 14,400 | 0.01 | % | ||||||||||||||
(7) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $14,400 representing 0.0% of net assets. |
(8) | Perpetual maturity — maturity date reflects the next call date. |
(9) | Company has filed Chapter 11 bankruptcy protection. |
(10) | Bond in default |
(11) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(12) | See Note 5 for cost of investments on a tax basis. |
(13) | Principal amount of security is adjusted for inflation. |
(14) | Income may be received in cash or additional shares at the discretion of the issuer. |
TIPS | Treasury Inflation Protected Securities |
See Notes to Financial Statements
37
Table of Contents
AIG Retirement Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 20.2 | % | |
Oil Companies — Integrated | 12.8 | ||
Medical — Drugs | 7.3 | ||
Aerospace/Defense | 4.4 | ||
Oil Companies — Exploration & Production | 4.3 | ||
Medical Products | 4.1 | ||
Electronic Components — Semiconductors | 3.8 | ||
Computers | 3.8 | ||
Telephone — Integrated | 2.9 | ||
Food — Misc. | 2.7 | ||
Enterprise Software/Service | 2.6 | ||
Insurance — Property/Casualty | 2.5 | ||
Diversified Banking Institutions | 2.0 | ||
Multimedia | 1.8 | ||
Retail — Discount | 1.8 | ||
Pharmacy Services | 1.7 | ||
Office Automation & Equipment | 1.6 | ||
Cosmetics & Toiletries | 1.6 | ||
Internet Security | 1.6 | ||
Transport — Rail | 1.6 | ||
Apparel Manufacturers | 1.5 | ||
Medical — HMO | 1.5 | ||
Retail — Apparel/Shoe | 1.4 | ||
Oil-Field Services | 1.4 | ||
Diversified Manufacturing Operations | 1.2 | ||
Retail — Restaurants | 1.2 | ||
Computers — Memory Devices | 1.2 | ||
Medical — Biomedical/Gene | 1.2 | ||
Insurance — Multi-line | 1.2 | ||
Consumer Products — Misc. | 1.1 | ||
Oil Refining & Marketing | 1.1 | ||
Semiconductor Equipment | 1.1 | ||
Semiconductor Components — Integrated Circuits | 1.0 | ||
Electric — Integrated | 1.0 | ||
Banks — Super Regional | 0.9 | ||
Applications Software | 0.9 | ||
Computer Services | 0.8 | ||
Engines — Internal Combustion | 0.8 | ||
Food — Retail | 0.8 | ||
Steel — Producers | 0.8 | ||
Retail — Auto Parts | 0.8 | ||
Electronic Forms | 0.8 | ||
Food — Wholesale/Distribution | 0.8 | ||
Advertising Agencies | 0.7 | ||
Toys | 0.7 | ||
Building — Residential/Commercial | 0.7 | ||
Machinery — Construction & Mining | 0.7 | ||
Health Care Cost Containment | 0.7 | ||
Electronic Design Automation | 0.7 | ||
Transport — Marine | 0.6 | ||
Medical Instruments | 0.6 | ||
Oil & Gas Drilling | 0.6 | ||
Retail — Major Department Stores | 0.6 | ||
Banks — Fiduciary | 0.6 | ||
Chemicals — Diversified | 0.5 | ||
Machinery — Farming | 0.5 | ||
Printing — Commercial | 0.4 | ||
Metal — Aluminum | 0.4 | ||
Coal | 0.4 | ||
Independent Power Producers | 0.3 | ||
Beverages — Non-alcoholic | 0.3 | ||
Electronic Parts Distribution | 0.3 | ||
Repurchase Agreements | 0.2 | ||
Insurance — Life/Health | 0.2 | ||
Engineering/R&D Services | 0.2 | ||
Office Furnishings — Original | 0.2 | ||
Networking Products | 0.1 | ||
Containers — Metal/Glass | 0.1 | ||
120.9 | % | ||
* | Calculated as a percentage of net assets |
38
Table of Contents
AIG Retirement Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 100.5% | |||||
Advertising Agencies — 0.7% | |||||
Omnicom Group, Inc.# | 53,000 | $ | 1,499,370 | ||
Aerospace/Defense — 4.4% | |||||
General Dynamics Corp. | 31,000 | 1,601,770 | |||
Lockheed Martin Corp. | 22,000 | 1,696,420 | |||
Northrop Grumman Corp. | 55,900 | 2,289,105 | |||
Raytheon Co. | 68,100 | 3,323,280 | |||
8,910,575 | |||||
Apparel Manufacturers — 1.5% | |||||
Coach, Inc.† | 92,000 | 1,646,800 | |||
Polo Ralph Lauren Corp.# | 34,000 | 1,468,800 | |||
3,115,600 | |||||
Applications Software — 0.9% | |||||
Microsoft Corp. | 92,500 | 1,870,350 | |||
Banks - Fiduciary — 0.6% | |||||
The Bank of New York Mellon Corp. | 38,851 | 1,173,689 | |||
Banks - Super Regional — 0.9% | |||||
Capital One Financial Corp.# | 55,000 | 1,892,550 | |||
Beverages - Non-alcoholic — 0.3% | |||||
PepsiCo, Inc. | 3,000 | 170,100 | |||
The Coca-Cola Co. | 9,000 | 421,830 | |||
591,930 | |||||
Building - Residential/Commercial — 0.7% | |||||
M.D.C Holdings, Inc.# | 47,000 | 1,457,000 | |||
Chemicals - Diversified — 0.5% | |||||
E.I. du Pont de Nemours & Co. | 43,600 | 1,092,616 | |||
Coal — 0.4% | |||||
Peabody Energy Corp. | 32,300 | 756,789 | |||
Computer Services — 0.8% | |||||
Accenture, Ltd., Class A | 55,000 | 1,703,900 | |||
Computers — 3.8% | |||||
Hewlett-Packard Co. | 116,500 | 4,110,120 | |||
International Business Machines Corp. | 44,100 | 3,598,560 | |||
7,708,680 | |||||
Computers - Memory Devices — 1.2% | |||||
NetApp, Inc.†# | 109,000 | 1,471,500 | |||
Western Digital Corp.† | 80,000 | 976,000 | |||
2,447,500 | |||||
Consumer Products - Misc. — 1.1% | |||||
Clorox Co.# | 8,100 | 479,196 | |||
Kimberly-Clark Corp. | 32,100 | 1,855,059 | |||
2,334,255 | |||||
Containers - Metal/Glass — 0.1% | |||||
Crown Holdings, Inc.† | 12,000 | 192,600 | |||
Cosmetics & Toiletries — 1.6% | |||||
Procter & Gamble Co. | 30,000 | 1,930,500 | |||
The Estee Lauder Cos., Inc., Class A# | 45,000 | 1,255,500 | |||
3,186,000 | |||||
Diversified Banking Institutions — 2.0% | |||||
Bank of America Corp.# | 76,600 | 1,244,750 | |||
Citigroup, Inc.# | 21,400 | 177,406 | |||
JPMorgan Chase & Co. | 83,500 | 2,643,610 | |||
4,065,766 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Diversified Manufacturing Operations — 1.2% | |||||
General Electric Co. | 86,400 | $ | 1,483,488 | ||
Honeywell International, Inc. | 17,600 | 490,336 | |||
Tyco International, Ltd. | 27,150 | 567,435 | |||
2,541,259 | |||||
Electric - Integrated — 1.0% | |||||
Dominion Resources, Inc.# | 26,500 | 975,730 | |||
Southern Co.# | 30,600 | 1,111,392 | |||
2,087,122 | |||||
Electronic Components - Semiconductors — 3.8% | |||||
Altera Corp.# | 101,000 | 1,485,710 | |||
Broadcom Corp., Class A†# | 99,000 | 1,515,690 | |||
Fairchild Semiconductor International, Inc.†# | 128,300 | 511,917 | |||
Intel Corp. | 63,100 | 870,780 | |||
LSI Corp.†# | 399,600 | 1,070,928 | |||
Micron Technology, Inc.†# | 312,500 | 856,250 | |||
Xilinx, Inc.# | 93,000 | 1,521,480 | |||
7,832,755 | |||||
Electronic Design Automation — 0.7% | |||||
Synopsys, Inc.† | 85,000 | 1,362,550 | |||
Electronic Forms — 0.8% | |||||
Adobe Systems, Inc.† | 69,000 | 1,598,040 | |||
Electronic Parts Distribution — 0.3% | |||||
Arrow Electronics, Inc.† | 37,000 | 510,600 | |||
Engineering/R&D Services — 0.2% | |||||
Fluor Corp. | 10,000 | 455,400 | |||
Engines - Internal Combustion — 0.8% | |||||
Cummins, Inc. | 66,000 | 1,688,280 | |||
Enterprise Software/Service — 2.6% | |||||
BMC Software, Inc.† | 58,000 | 1,447,680 | |||
CA, Inc. | 93,000 | 1,566,120 | |||
Oracle Corp.† | 143,700 | 2,312,133 | |||
5,325,933 | |||||
Food - Misc. — 2.7% | |||||
General Mills, Inc. | 29,600 | 1,869,832 | |||
Kraft Foods, Inc., Class A | 70,916 | 1,929,624 | |||
Unilever NV | 75,500 | 1,764,435 | |||
5,563,891 | |||||
Food - Retail — 0.8% | |||||
The Kroger Co. | 60,000 | 1,659,600 | |||
Food - Wholesale/Distribution — 0.8% | |||||
Sysco Corp. | 68,000 | 1,594,600 | |||
Health Care Cost Containment — 0.7% | |||||
McKesson Corp. | 41,000 | 1,432,540 | |||
Independent Power Producers — 0.3% | |||||
NRG Energy, Inc.†# | 28,000 | 663,320 | |||
Insurance - Life/Health — 0.2% | |||||
Prudential Financial, Inc. | 21,300 | 462,210 | |||
Insurance - Multi-line — 1.2% | |||||
Allstate Corp. | 61,000 | 1,551,840 | |||
Hartford Financial Services Group, Inc.# | 900 | 7,605 | |||
MetLife, Inc. | 29,600 | 851,296 | |||
2,410,741 | |||||
Insurance - Property/Casualty — 2.5% | |||||
Chubb Corp.# | 7,000 | 359,520 |
39
Table of Contents
AIG Retirement Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Insurance - Property/Casualty (continued) | |||||
The Travelers Cos., Inc. | 107,100 | $ | 4,674,915 | ||
5,034,435 | |||||
Internet Security — 1.6% | |||||
McAfee, Inc.† | 50,000 | 1,516,500 | |||
Symantec Corp.†# | 137,000 | 1,648,110 | |||
3,164,610 | |||||
Machinery - Construction & Mining — 0.7% | |||||
Caterpillar, Inc.# | 35,000 | 1,434,650 | |||
Machinery - Farming — 0.5% | |||||
Deere & Co. | 27,700 | 964,237 | |||
Medical Instruments — 0.6% | |||||
St. Jude Medical, Inc.† | 46,000 | 1,289,380 | |||
Medical Products — 4.1% | |||||
Baxter International, Inc. | 26,600 | 1,407,140 | |||
Cardinal Health, Inc.# | 23,000 | 747,960 | |||
Covidien, Ltd. | 16,450 | 606,182 | |||
Johnson & Johnson | 86,700 | 5,078,886 | |||
Varian Medical Systems, Inc.†# | 11,000 | 443,960 | |||
8,284,128 | |||||
Medical - Biomedical/Gene — 1.2% | |||||
Amgen, Inc.† | 44,000 | 2,443,760 | |||
Medical - Drugs — 7.3% | |||||
Bristol - Myers Squibb Co. | 155,300 | 3,214,710 | |||
Eli Lilly & Co. | 62,000 | 2,117,300 | |||
Merck & Co., Inc. | 85,000 | 2,271,200 | |||
Pfizer, Inc. | 251,800 | 4,137,074 | |||
Schering-Plough Corp. | 96,900 | 1,628,889 | |||
Wyeth | 40,600 | 1,462,006 | |||
14,831,179 | |||||
Medical - HMO — 1.5% | |||||
Aetna, Inc. | 56,000 | 1,221,920 | |||
WellPoint, Inc.† | 52,000 | 1,851,200 | |||
3,073,120 | |||||
Metal - Aluminum — 0.4% | |||||
Alcoa, Inc.# | 83,900 | 902,764 | |||
Multimedia — 1.8% | |||||
The Walt Disney Co.†# | 45,200 | 1,017,904 | |||
Time Warner, Inc.# | 242,700 | 2,196,435 | |||
Viacom, Inc., Class B† | 32,500 | 517,400 | |||
3,731,739 | |||||
Networking Products — 0.1% | |||||
Cisco Systems, Inc.† | 14,000 | 231,560 | |||
Office Automation & Equipment — 1.6% | |||||
Xerox Corp. | 463,700 | 3,241,263 | |||
Office Furnishings - Original — 0.2% | |||||
Steelcase, Inc., Class A# | 69,000 | 445,050 | |||
Oil & Gas Drilling — 0.6% | |||||
ENSCO International, Inc. | 38,000 | 1,231,580 | |||
Oil Companies - Exploration & Production — 4.3% | |||||
Anadarko Petroleum Corp.# | 65,200 | 2,676,460 | |||
Apache Corp. | 25,000 | 1,932,500 | |||
Devon Energy Corp. | 26,000 | 1,880,840 | |||
Occidental Petroleum Corp. | 42,000 | 2,273,880 | |||
8,763,680 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Oil Companies - Integrated — 12.8% | |||||
Chevron Corp. | 71,000 | $ | 5,609,710 | ||
ConocoPhillips | 55,000 | 2,888,600 | |||
Exxon Mobil Corp. | 153,700 | 12,319,055 | |||
Hess Corp. | 29,000 | 1,567,160 | |||
Marathon Oil Corp. | 84,000 | 2,199,120 | |||
Murphy Oil Corp.# | 34,000 | 1,497,700 | |||
26,081,345 | |||||
Oil Refining & Marketing — 1.1% | |||||
Sunoco, Inc.# | 33,000 | 1,311,420 | |||
Valero Energy Corp. | 50,000 | 917,500 | |||
2,228,920 | |||||
Oil-Field Services — 1.4% | |||||
BJ Services Co.# | 107,200 | 1,285,328 | |||
Halliburton Co. | 86,200 | 1,517,120 | |||
2,802,448 | |||||
Pharmacy Services — 1.7% | |||||
Express Scripts, Inc.† | 27,000 | 1,552,770 | |||
Medco Health Solutions, Inc.† | 43,000 | 1,806,000 | |||
3,358,770 | |||||
Printing - Commercial — 0.4% | |||||
R.R. Donnelley & Sons Co. | 71,000 | 905,960 | |||
Retail - Apparel/Shoe — 1.4% | |||||
Ross Stores, Inc.# | 51,000 | 1,351,500 | |||
The Gap, Inc. | 115,000 | 1,497,300 | |||
2,848,800 | |||||
Retail - Auto Parts — 0.8% | |||||
AutoZone, Inc.†# | 15,000 | 1,638,300 | |||
Retail - Discount — 1.8% | |||||
Big Lots, Inc.†# | 3,000 | 52,560 | |||
Wal-Mart Stores, Inc.# | 63,000 | 3,520,440 | |||
3,573,000 | |||||
Retail - Major Department Stores — 0.6% | |||||
TJX Cos., Inc. | 53,000 | 1,209,460 | |||
Retail - Restaurants — 1.2% | |||||
McDonald’s Corp. | 42,000 | 2,467,500 | |||
Semiconductor Components - Integrated Circuits — 1.0% | |||||
Analog Devices, Inc. | 67,700 | 1,157,670 | |||
Integrated Device Technology, Inc.† | 185,000 | 956,450 | |||
2,114,120 | |||||
Semiconductor Equipment — 1.1% | |||||
KLA-Tencor Corp.# | 55,000 | 1,034,550 | |||
Novellus Systems, Inc.†# | 96,000 | 1,189,440 | |||
2,223,990 | |||||
Steel - Producers — 0.8% | |||||
United States Steel Corp.# | 54,000 | 1,641,600 | |||
Telecom Services — 0.0% | |||||
Fairpoint Communications, Inc.# | 967 | 3,385 | |||
Telephone - Integrated — 2.9% | |||||
AT&T, Inc. | 106,000 | 3,027,360 | |||
Qwest Communications International, Inc.# | 437,100 | 1,398,720 | |||
Verizon Communications, Inc.# | 46,100 | 1,505,165 | |||
5,931,245 | |||||
Toys — 0.7% | |||||
Hasbro, Inc.# | 55,000 | 1,474,000 | |||
40
Table of Contents
AIG Retirement Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Transport - Marine — 0.6% | ||||||||
Tidewater, Inc.# | 33,000 | $ | 1,302,840 | |||||
Transport - Rail — 1.6% | ||||||||
CSX Corp. | 45,000 | 1,675,800 | ||||||
Norfolk Southern Corp. | 30,000 | 1,484,100 | ||||||
3,159,900 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $286,794,065) | 205,220,729 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 20.2% | ||||||||
Collective Investment Pool — 20.2% | ||||||||
Securities Lending Quality Trust(1) | 42,985,864 | 41,180,458 | ||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $368,000 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $383,986 | $ | 368,000 | 368,000 | |||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $114,000 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $119,347 | 114,000 | 114,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $482,000) | 482,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $330,261,929)(2) | 120.9 | % | 246,883,187 | |||||
Liabilities in excess of other assets | (20.9 | ) | (42,718,495 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 204,164,692 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
See Notes to Financial Statements
41
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 14.6 | % | |
Medical — Drugs | 6.7 | ||
Telephone — Integrated | 6.4 | ||
Diversified Banking Institutions | 6.0 | ||
Diversified Manufacturing Operations | 4.5 | ||
Medical Products | 3.7 | ||
Computers | 3.3 | ||
Banks — Super Regional | 3.0 | ||
Electric — Integrated | 2.8 | ||
Aerospace/Defense | 2.3 | ||
Oil Companies — Exploration & Production | 2.0 | ||
Tobacco | 2.0 | ||
Retail — Discount | 1.7 | ||
Medical — Biomedical/Gene | 1.6 | ||
Multimedia | 1.5 | ||
Beverages — Non-alcoholic | 1.5 | ||
Insurance — Multi-line | 1.4 | ||
Time Deposits | 1.4 | ||
Food — Misc. | 1.4 | ||
Retail-Restaurants | 1.3 | ||
Applications Software | 1.2 | ||
Chemicals — Diversified | 1.2 | ||
Electronic Components-Semiconductors | 1.2 | ||
Banks — Fiduciary | 1.2 | ||
Cosmetics & Toiletries | 1.1 | ||
Computer Services | 1.1 | ||
Finance — Investment Banker/Broker | 1.1 | ||
Consumer Products — Misc. | 1.0 | ||
Food — Retail | 0.9 | ||
Insurance — Property/Casualty | 0.9 | ||
Machinery — Construction & Mining | 0.7 | ||
Retail — Apparel/Shoe | 0.7 | ||
Networking Products | 0.6 | ||
Toys | 0.6 | ||
Steel — Producers | 0.5 | ||
Office Automation & Equipment | 0.5 | ||
Insurance — Reinsurance | 0.5 | ||
Commercial Services — Finance | 0.5 | ||
Retail — Consumer Electronics | 0.5 | ||
Retail — Building Products | 0.4 | ||
Transport — Rail | 0.4 | ||
Agricultural Operations | 0.4 | ||
Banks — Commercial | 0.4 | ||
Retail — Drug Store | 0.4 | ||
Retail — Regional Department Stores | 0.4 | ||
Printing — Commercial | 0.4 | ||
Real Estate Investment Trusts | 0.4 | ||
Television | 0.4 | ||
Enterprise Software/Service | 0.4 | ||
Medical — HMO | 0.4 | ||
Oil Refining & Marketing | 0.4 | ||
Non-Hazardous Waste Disposal | 0.4 | ||
Cable TV | 0.4 | ||
Home Decoration Products | 0.4 | ||
Apparel Manufacturers | 0.4 | ||
Retail — Office Supplies | 0.3 | ||
Forestry | 0.3 | ||
Independent Power Producers | 0.3 | ||
Engineering/R&D Services | 0.3 | ||
Insurance — Life/Health | 0.3 | ||
Medical Instruments | 0.3 | ||
Medical Labs & Testing Services | 0.3 | ||
Investment Management/Advisor Services | 0.3 | ||
Gas — Distribution | 0.3 | ||
Computers — Periphery Equipment | 0.3 | ||
Internet Security | 0.3 | ||
Brewery | 0.3 | ||
Oil Field Machinery & Equipment | 0.2 | ||
Finance — Credit Card | 0.2 |
Telecom Services | 0.2 | ||
Office Supplies & Forms | 0.2 | ||
Computers — Memory Devices | 0.2 | ||
Building — Residential/Commercial | 0.2 | ||
Wireless Equipment | 0.2 | ||
Beverages— Wine/Spirits | 0.2 | ||
Data Processing/Management | 0.2 | ||
Electric Products — Misc. | 0.2 | ||
Publishing — Newspapers | 0.2 | ||
Electronic Components — Misc. | 0.2 | ||
Metal — Diversified | 0.2 | ||
Semiconductor Equipment | 0.2 | ||
Metal — Copper | 0.1 | ||
Food — Confectionery | 0.1 | ||
Paper & Related Products | 0.1 | ||
Finance — Other Services | 0.1 | ||
Agricultural Chemicals | 0.1 | ||
E-Commerce/Services | 0.1 | ||
Sector Fund—Financial Services | 0.1 | ||
Transport — Marine | 0.1 | ||
Rental Auto/Equipment | 0.1 | ||
Oil & Gas Drilling | 0.1 | ||
Human Resources | 0.1 | ||
Pharmacy Services | 0.1 | ||
Steel Pipe & Tube | 0.1 | ||
Chemicals — Specialty | 0.1 | ||
Savings & Loans/Thrifts | 0.1 | ||
Leisure Products | 0.1 | ||
Transport — Truck | 0.1 | ||
99.6 | % | ||
* | Calculated as a percentage of net assets |
42
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 98.0% | |||||
Aerospace/Defense — 2.3% | |||||
Boeing Co. | 11,165 | $ | 475,964 | ||
General Dynamics Corp. | 2,033 | 105,045 | |||
Lockheed Martin Corp. | 8,073 | 622,509 | |||
Northrop Grumman Corp. | 28,220 | 1,155,609 | |||
Raytheon Co. | 1,359 | 66,319 | |||
2,425,446 | |||||
Agricultural Chemicals — 0.1% | |||||
CF Industries Holdings, Inc. | 1,174 | 61,787 | |||
Terra Industries, Inc. | 2,970 | 43,689 | |||
105,476 | |||||
Agricultural Operations — 0.4% | |||||
Archer - Daniels - Midland Co. | 3,913 | 107,138 | |||
Bunge, Ltd. | 8,292 | 352,078 | |||
459,216 | |||||
Airlines — 0.0% | |||||
Southwest Airlines Co. | 4,795 | 41,477 | |||
Apparel Manufacturers — 0.4% | |||||
VF Corp. | 7,105 | 371,520 | |||
Applications Software — 1.2% | |||||
Microsoft Corp.† | 65,433 | 1,323,055 | |||
Audio/Video Products — 0.0% | |||||
Harman International Industries, Inc. | 1,143 | 17,202 | |||
Banks - Commercial — 0.4% | |||||
BB&T Corp. | 1,646 | 49,331 | |||
Cullen/Frost Bankers, Inc. | 883 | 47,867 | |||
International Bancshares Corp. | 4,295 | 100,932 | |||
Regions Financial Corp. | 861 | 8,774 | |||
Royal Bank of Canada | 4,049 | 131,754 | |||
Zions Bancorp. | 3,583 | 114,262 | |||
452,920 | |||||
Banks - Fiduciary — 1.2% | |||||
Northern Trust Corp. | 2,976 | 136,569 | |||
State Street Corp. | 5,316 | 223,857 | |||
The Bank of New York Mellon Corp. | 29,797 | 900,167 | |||
1,260,593 | |||||
Banks - Super Regional — 3.0% | |||||
Capital One Financial Corp. | 5,763 | 198,305 | |||
Fifth Third Bancorp | 3,037 | 29,034 | |||
National City Corp. | 44,900 | 90,249 | |||
PNC Financial Services Group, Inc. | 1,238 | 65,329 | |||
SunTrust Banks, Inc. | 3,000 | 95,190 | |||
US Bancorp | 35,670 | 962,376 | |||
Wells Fargo & Co. | 60,629 | 1,751,572 | |||
3,192,055 | |||||
Beverages - Non-alcoholic — 1.5% | |||||
Coca-Cola Enterprises, Inc. | 13,986 | 128,391 | |||
Dr. Pepper Snapple Group, Inc.† | 2,450 | 39,543 | |||
Hansen Natural Corp.† | 1,428 | 42,483 | |||
Pepsi Bottling Group, Inc. | 22,484 | 406,736 | |||
PepsiCo, Inc. | 760 | 43,092 | |||
The Coca - Cola Co. | 19,757 | 926,011 | |||
1,586,256 | |||||
Beverages - Wine/Spirits — 0.2% | |||||
Constellation Brands, Inc., Class A† | 15,905 | 202,948 | |||
Brewery — 0.3% | |||||
Molson Coors Brewing Co., Class B | 6,069 | 269,888 | |||
Security Description | Shares | Market Value (Note 2) | |||
Building Products - Wood — 0.0% | |||||
Masco Corp. | 3,764 | $ | 36,059 | ||
Building - Heavy Construction — 0.0% | |||||
Perini Corp.† | 1,504 | 28,802 | |||
Building - Residential/Commercial — 0.2% | |||||
NVR, Inc.† | 552 | 239,706 | |||
Cable TV — 0.4% | |||||
Comcast Corp., Class A | 21,798 | 377,977 | |||
Chemicals - Diversified — 1.2% | |||||
E.I. du Pont de Nemours & Co. | 32,451 | 813,222 | |||
PPG Industries, Inc. Senior Notes | 10,600 | 465,552 | |||
The Dow Chemical Co. | 716 | 13,282 | |||
1,292,056 | |||||
Chemicals - Specialty — 0.1% | |||||
Ashland, Inc. | 2,966 | 28,325 | |||
Methanex Corp. | 3,107 | 33,028 | |||
61,353 | |||||
Coal — 0.0% | |||||
Walter Industries, Inc. | 27 | 493 | |||
Commercial Services - Finance — 0.5% | |||||
H&R Block, Inc. | 22,000 | 420,860 | |||
Mastercard, Inc., Class A | 543 | 78,898 | |||
499,758 | |||||
Computer Services — 1.1% | |||||
Accenture, Ltd., Class A | 21,237 | 657,922 | |||
Computer Sciences Corp.† | 19,458 | 542,100 | |||
1,200,022 | |||||
Computers — 3.3% | |||||
Apple, Inc.† | 575 | 53,285 | |||
Hewlett - Packard Co. | 46,476 | 1,639,673 | |||
International Business Machines Corp. | 22,569 | 1,841,631 | |||
3,534,589 | |||||
Computers - Memory Devices — 0.2% | |||||
EMC Corp.† | 6,930 | 73,250 | |||
Western Digital Corp.† | 14,598 | 178,096 | |||
251,346 | |||||
Computers - Periphery Equipment — 0.3% | |||||
Lexmark International, Inc., Class A† | 10,551 | 276,225 | |||
Consumer Products - Misc. — 1.0% | |||||
Clorox Co. | 2,646 | 156,538 | |||
Kimberly - Clark Corp. | 14,608 | 844,196 | |||
Tupperware Brands Corp. | 1,197 | 23,545 | |||
1,024,279 | |||||
Cosmetics & Toiletries — 1.1% | |||||
Colgate - Palmolive Co. | 691 | 44,964 | |||
Procter & Gamble Co. | 18,221 | 1,172,521 | |||
1,217,485 | |||||
Data Processing/Management — 0.2% | |||||
Fiserv, Inc.† | 5,900 | 201,426 | |||
Distribution/Wholesale — 0.0% | |||||
Fastenal Co. | 540 | 20,795 | |||
Diversified Banking Institutions — 6.0% | |||||
Bank of America Corp. | 91,062 | 1,479,757 | |||
Citigroup, Inc. | 138,787 | 1,150,544 | |||
JPMorgan Chase & Co. | 77,882 | 2,465,744 |
43
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Diversified Banking Institutions (continued) | |||||
Morgan Stanley | 33,797 | $ | 498,506 | ||
The Goldman Sachs Group, Inc. | 9,924 | 783,897 | |||
6,378,448 | |||||
Diversified Manufacturing Operations — 4.5% | |||||
3M Co. | 1,688 | 112,978 | |||
Dover Corp. | 12,346 | 368,281 | |||
General Electric Co. | 197,684 | 3,394,234 | |||
Honeywell International, Inc. | 1,362 | 37,945 | |||
Ingersoll - Rand Co., Ltd., Class A | 16,800 | 263,424 | |||
Parker Hannifin Corp. | 10,021 | 411,663 | |||
Tyco International, Ltd. | 8,700 | 181,830 | |||
4,770,355 | |||||
E - Commerce/Services — 0.1% | |||||
IAC/InterActive Corp.† | 7,039 | 104,107 | |||
Electric Products - Misc. — 0.2% | |||||
Emerson Electric Co. | 5,601 | 201,020 | |||
Electric - Integrated — 2.8% | |||||
Duke Energy Corp. | 1,183 | 18,407 | |||
Edison International | 17,459 | 583,131 | |||
Entergy Corp. | 843 | 71,739 | |||
Exelon Corp. | 15,500 | 871,255 | |||
FPL Group, Inc. | 10,931 | 532,996 | |||
PPL Corp. | 20,400 | 691,356 | |||
Progress Energy, Inc. | 2,684 | 106,528 | |||
Public Service Enterprise Group, Inc. | 3,416 | 105,554 | |||
2,980,966 | |||||
Electronic Components - Misc. — 0.2% | |||||
Celestica, Inc.† | 34,573 | 172,519 | |||
Electronic Components - Semiconductors — 1.2% | |||||
Amkor Technology, Inc.† | 47,476 | 104,447 | |||
Broadcom Corp., Class A† | 3,903 | 59,755 | |||
Intel Corp. | 54,502 | 752,128 | |||
LSI Corp.† | 53,795 | 144,171 | |||
Microchip Technology, Inc. | 1,609 | 29,766 | |||
QLogic Corp.† | 4,124 | 43,797 | |||
Texas Instruments, Inc. | 6,700 | 104,319 | |||
Xilinx, Inc. | 3,026 | 49,505 | |||
1,287,888 | |||||
Engineering/R&D Services — 0.3% | |||||
EMCOR Group, Inc.† | 16,596 | 261,719 | |||
Fluor Corp. | 1,248 | 56,834 | |||
Jacobs Engineering Group, Inc.† | 71 | 3,179 | |||
321,732 | |||||
Enterprise Software/Service — 0.4% | |||||
Oracle Corp.† | 17,600 | 283,184 | |||
Sybase, Inc.† | 4,602 | 113,393 | |||
396,577 | |||||
Finance - Credit Card — 0.2% | |||||
Discover Financial Services | 25,437 | 260,221 | |||
Finance - Investment Banker/Broker — 1.1% | |||||
Merrill Lynch & Co., Inc. | 44,078 | 582,711 | |||
Raymond James Financial, Inc. | 8,934 | 196,280 | |||
The Charles Schwab Corp. | 19,086 | 349,847 | |||
1,128,838 | |||||
Finance - Other Services — 0.1% | |||||
NYSE Euronext | 4,553 | 108,407 | |||
Security Description | Shares | Market Value (Note 2) | |||
Financial Guarantee Insurance — 0.0% | |||||
MGIC Investment Corp. | 15,600 | $ | 42,432 | ||
Food - Confectionery — 0.1% | |||||
The J.M. Smucker Co. | 3,214 | 145,819 | |||
Food - Meat Products — 0.0% | |||||
Tyson Foods, Inc., Class A | 5,286 | 35,469 | |||
Food - Misc. — 1.4% | |||||
Corn Products International, Inc. | 3,349 | 91,763 | |||
General Mills, Inc. | 12,534 | 791,773 | |||
H.J. Heinz Co. | 443 | 17,206 | |||
Kellogg Co. | 888 | 38,566 | |||
Kraft Foods, Inc., Class A | 5,401 | 146,961 | |||
Unilever NV | 17,900 | 418,323 | |||
1,504,592 | |||||
Food - Retail — 0.9% | |||||
Safeway, Inc. | 7,909 | 172,416 | |||
SUPERVALU, Inc. | 1,990 | 23,701 | |||
The Kroger Co. | 26,078 | 721,318 | |||
�� | |||||
917,435 | |||||
Forestry — 0.3% | |||||
Weyerhaeuser Co. | 9,500 | 357,390 | |||
Gas - Distribution — 0.3% | |||||
Nicor, Inc. | 6,822 | 278,201 | |||
Home Decoration Products — 0.4% | |||||
Newell Rubbermaid, Inc. | 28,100 | 375,416 | |||
Human Resources — 0.1% | |||||
Robert Half International, Inc. | 3,700 | 77,293 | |||
Independent Power Producers — 0.3% | |||||
NRG Energy, Inc.† | 7,200 | 170,568 | |||
Reliant Energy, Inc.† | 28,836 | 165,519 | |||
336,087 | |||||
Insurance - Life/Health — 0.3% | |||||
Lincoln National Corp. | 363 | 4,984 | |||
Principal Financial Group, Inc. | 1,405 | 19,403 | |||
Torchmark Corp. | 7,600 | 274,740 | |||
Unum Group | 1,282 | 19,102 | |||
318,229 | |||||
Insurance - Multi-line — 1.4% | |||||
ACE, Ltd. | 12,048 | 629,508 | |||
Allstate Corp. | 19,100 | 485,904 | |||
American Financial Group, Inc. | 5,760 | 118,022 | |||
Genworth Financial, Inc., Class A | 6,010 | 8,715 | |||
Hartford Financial Services Group, Inc. | 7,800 | 65,910 | |||
Loews Corp. | 8,120 | 222,407 | |||
1,530,466 | |||||
Insurance - Property/Casualty — 0.9% | |||||
Arch Capital Group, Ltd.† | 1,747 | 118,429 | |||
The Travelers Cos., Inc. | 18,125 | 791,156 | |||
909,585 | |||||
Insurance - Reinsurance — 0.5% | |||||
Aspen Insurance Holdings, Ltd. | 20,443 | 376,764 | |||
Axis Capital Holdings, Ltd. | 6,106 | 154,543 | |||
Endurance Specialty Holdings, Ltd. | 338 | 9,099 | |||
540,406 | |||||
Internet Security — 0.3% | |||||
Symantec Corp.† | 22,942 | 275,992 | |||
44
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Investment Companies — 0.0% | |||||
American Capital, Ltd. | 1,130 | $ | 4,791 | ||
Investment Management/Advisor Services — 0.2% | |||||
BlackRock, Inc. | 450 | 56,570 | |||
Federated Investors, Inc., Class B | 306 | 6,074 | |||
Janus Capital Group, Inc. | 5,611 | 45,730 | |||
Legg Mason, Inc. | 4,800 | 86,496 | |||
T. Rowe Price Group, Inc. | 1,507 | 51,554 | |||
246,424 | |||||
Leisure Products — 0.1% | |||||
WMS Industries, Inc.† | 2,216 | 54,624 | |||
Machinery - Construction & Mining — 0.7% | |||||
Caterpillar, Inc. | 18,806 | 770,858 | |||
Medical Instruments — 0.3% | |||||
Medtronic, Inc. | 10,300 | 314,356 | |||
Medical Labs & Testing Services — 0.3% | |||||
Quest Diagnostics, Inc. | 6,600 | 307,362 | |||
Medical Products — 3.7% | |||||
Baxter International, Inc. | 6,622 | 350,304 | |||
Becton Dickinson & Co. | 7,589 | 482,129 | |||
Johnson & Johnson | 53,005 | 3,105,033 | |||
3,937,466 | |||||
Medical - Biomedical/Gene — 1.6% | |||||
Amgen, Inc.† | 29,704 | 1,649,760 | |||
Life Technologies Corp.† | 3,924 | 102,417 | |||
1,752,177 | |||||
Medical - Drugs — 6.7% | |||||
Abbott Laboratories | 10,000 | 523,900 | |||
Bristol-Myers Squibb Co. | 26,130 | 540,891 | |||
Cephalon, Inc.† | 3,022 | 222,057 | |||
Eli Lilly & Co. | 36,872 | 1,259,179 | |||
King Pharmaceuticals, Inc.† | 1,677 | 16,116 | |||
Merck & Co., Inc. | �� | 26,800 | 716,096 | ||
Pfizer, Inc. | 189,954 | 3,120,944 | |||
Wyeth | 21,411 | 771,010 | |||
7,170,193 | |||||
Medical - HMO — 0.4% | |||||
AMERIGROUP Corp.† | 13,901 | 341,408 | |||
WellPoint, Inc.† | 1,331 | 47,384 | |||
388,792 | |||||
Metal - Copper — 0.1% | |||||
Southern Copper Corp. | 10,865 | 149,502 | |||
Metal - Diversified — 0.2% | |||||
Freeport - McMoRan Copper & Gold, Inc. | 7,123 | 170,881 | |||
Multimedia — 1.5% | |||||
The Walt Disney Co. | 28,765 | 647,788 | |||
Time Warner, Inc. | 72,800 | 658,840 | |||
Viacom, Inc., Class B† | 21,000 | 334,320 | |||
1,640,948 | |||||
Networking Products — 0.6% | |||||
Cisco Systems, Inc.† | 38,395 | 635,053 | |||
Non-Hazardous Waste Disposal — 0.4% | |||||
Allied Waste Industries, Inc.† | 1,054 | 11,320 | |||
Waste Management, Inc. | 12,600 | 367,920 | |||
379,240 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Office Automation & Equipment — 0.5% | |||||
Pitney Bowes, Inc. | 4,500 | $ | 111,195 | ||
Xerox Corp. | 62,470 | 436,665 | |||
547,860 | |||||
Office Supplies & Forms — 0.2% | |||||
Avery Dennison Corp. | 8,100 | 251,910 | |||
Oil & Gas Drilling — 0.1% | |||||
Patterson - UTI Energy, Inc. | 6,634 | 82,859 | |||
Oil Companies - Exploration & Production — 2.0% | |||||
Apache Corp. | 5,813 | 449,345 | |||
Devon Energy Corp. | 6,374 | 461,095 | |||
McMoRan Exploration Co.† | 6,788 | 76,365 | |||
Occidental Petroleum Corp. | 17,365 | 940,141 | |||
Stone Energy Corp.† | 4,029 | 66,962 | |||
W&T Offshore, Inc. | 12,495 | 174,930 | |||
2,168,838 | |||||
Oil Companies - Integrated — 14.6% | |||||
Chevron Corp. | 60,461 | 4,777,023 | |||
ConocoPhillips | 52,138 | 2,738,288 | |||
Exxon Mobil Corp. | 83,145 | 6,664,072 | |||
Hess Corp. | 1,997 | 107,918 | |||
Royal Dutch Shell PLC ADR | 24,200 | 1,293,490 | |||
15,580,791 | |||||
Oil Field Machinery & Equipment — 0.2% | |||||
National - Oilwell Varco, Inc.† | 9,300 | 263,097 | |||
Oil Refining & Marketing — 0.4% | |||||
Sunoco, Inc. | 1,701 | 67,598 | |||
Valero Energy Corp. | 17,120 | 314,152 | |||
381,750 | |||||
Oil - Field Services — 0.0% | |||||
Oil States International, Inc.† | 1,973 | 42,262 | |||
Paper & Related Products — 0.1% | |||||
International Paper Co. | 10,016 | 124,699 | |||
Pharmacy Services — 0.1% | |||||
Express Scripts, Inc.† | 1,251 | 71,945 | |||
Printing - Commercial — 0.4% | |||||
R.R. Donnelley & Sons Co. | 33,410 | 426,312 | |||
Publishing - Newspapers — 0.2% | |||||
Gannett Co., Inc. | 20,972 | 182,666 | |||
Real Estate Investment Trusts — 0.4% | |||||
Boston Properties, Inc. | 431 | 23,015 | |||
CBL & Associates Properties, Inc. | 1,680 | 6,838 | |||
Developers Diversified Realty Corp. | 7,200 | 34,560 | |||
Equity Residential | 711 | 21,636 | |||
Hospitality Properties Trust | 12,690 | 145,427 | |||
Host Hotels & Resorts, Inc. | 10,788 | 81,126 | |||
HRPT Properties Trust | 11,029 | 30,440 | |||
Public Storage | 386 | 26,978 | |||
Simon Property Group, Inc. | 465 | 22,087 | |||
Vornado Realty Trust | 434 | 23,197 | |||
415,304 | |||||
Rental Auto/Equipment — 0.1% | |||||
Rent - A - Center, Inc.† | 5,613 | 92,109 | |||
Retail - Apparel/Shoe — 0.7% | |||||
The Gap, Inc. | 58,930 | 767,269 | |||
Retail - Building Products — 0.4% | |||||
Home Depot, Inc. | 20,300 | 469,133 | |||
45
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Retail - Consumer Electronics — 0.5% | |||||
Best Buy Co., Inc. | 14,812 | $ | 306,756 | ||
RadioShack Corp. | 18,336 | 180,610 | |||
487,366 | |||||
Retail - Discount — 1.7% | |||||
BJ’s Wholesale Club, Inc.† | 1,601 | 57,284 | |||
Dollar Tree, Inc.† | 554 | 23,467 | |||
Family Dollar Stores, Inc. | 6,392 | 177,570 | |||
Wal - Mart Stores, Inc. | 27,776 | 1,552,123 | |||
1,810,444 | |||||
Retail - Drug Store — 0.4% | |||||
Walgreen Co. | 18,291 | 452,519 | |||
Retail - Office Supplies — 0.3% | |||||
Staples, Inc. | 21,100 | 366,296 | |||
Retail - Regional Department Stores — 0.4% | |||||
Kohl’s Corp.† | 10,300 | 336,398 | |||
Macy’s, Inc. | 14,103 | 104,644 | |||
441,042 | |||||
Retail - Restaurants — 1.3% | |||||
Darden Restaurants, Inc. | 6,600 | 120,714 | |||
McDonald’s Corp. | 19,666 | 1,155,378 | |||
Starbucks Corp.† | 12,400 | 110,732 | |||
1,386,824 | |||||
Savings & Loans/Thrifts — 0.1% | |||||
New York Community Bancorp, Inc. | 4,410 | 57,551 | |||
Semiconductor Equipment — 0.2% | |||||
Applied Materials, Inc. | 16,700 | 159,986 | |||
Soap & Cleaning Preparation — 0.0% | |||||
Church & Dwight Co., Inc. | 506 | 30,077 | |||
Steel Pipe & Tube — 0.1% | |||||
Mueller Water Products, Inc., Class A | 10,464 | 64,458 | |||
Steel - Producers — 0.5% | |||||
Nucor Corp. | 13,378 | 477,327 | |||
Reliance Steel & Aluminum Co. | 460 | 9,485 | |||
United States Steel Corp. | 3,105 | 94,392 | |||
581,204 | |||||
Telecom Services — 0.2% | |||||
Embarq Corp. | 7,931 | 258,868 | |||
Telephone - Integrated — 6.4% | |||||
AT&T, Inc.(1) | 129,132 | 3,688,010 | |||
CenturyTel, Inc. | 2,337 | 62,071 | |||
Qwest Communications International, Inc. | 46,207 | 147,862 | |||
Sprint Nextel Corp.† | 40,800 | 113,832 | |||
Verizon Communications, Inc. | 84,577 | 2,761,439 | |||
Windstream Corp. | 1,148 | 10,171 | |||
6,783,385 | |||||
Television — 0.4% | |||||
CBS Corp., Class B | 61,781 | 411,461 | |||
Tobacco — 2.0% | |||||
Altria Group, Inc. | 59,983 | 964,527 | |||
Lorillard, Inc. | 9,670 | 584,358 | |||
Philip Morris International, Inc. | 2,443 | 102,997 | |||
Reynolds American, Inc. | 8,691 | 357,026 | |||
Universal Corp. | 2,169 | 69,343 | |||
2,078,251 | |||||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | |||||
Tools - Hand Held — 0.0% | |||||||
Snap - On, Inc. | 962 | $ | 34,680 | ||||
Toys — 0.6% | |||||||
Hasbro, Inc. | 22,318 | 598,123 | |||||
Transport - Marine — 0.1% | |||||||
Frontline, Ltd. | 3,437 | 101,529 | |||||
Transport - Rail — 0.4% | |||||||
CSX Corp. | 4,426 | 164,824 | |||||
Norfolk Southern Corp. | 3,958 | 195,802 | |||||
Union Pacific Corp. | 2,082 | 104,184 | |||||
464,810 | |||||||
Transport - Truck — 0.1% | |||||||
Con - way, Inc. | 360 | 10,069 | |||||
YRC Worldwide, Inc.† | 10,900 | 43,382 | |||||
53,451 | |||||||
Wireless Equipment — 0.2% | |||||||
Motorola, Inc. | 51,175 | 220,564 | |||||
Total Common Stock | |||||||
(cost $146,223,944) | 104,360,673 | ||||||
PREFERRED STOCK — 0.1% | |||||||
Investment Management/Advisor Services — 0.1% | |||||||
Legg Mason, Inc. | |||||||
(cost $54,748) | 2,900 | 53,273 | |||||
EXCHANGE TRADED FUNDS — 0.1% | |||||||
Sector Fund - Financial Services — 0.1% | |||||||
Financial Select Sector SPDR Fund | |||||||
(cost $166,392) | 8,233 | 103,818 | |||||
Total Long-Term Investment Securities | |||||||
(cost $146,445,084) | 104,517,764 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.4% | |||||||
Time Deposits — 1.4% | |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08 | $ | 1,523,000 | 1,523,000 | ||||
TOTAL INVESTMENTS | |||||||
(cost $147,968,084)(2) | 99.6 | % | 106,040,764 | ||||
Other assets less liabilities | 0.4 | 436,170 | |||||
NET ASSETS — | 100.0 | % | $ | 106,476,934 | |||
† | Non-income producing security |
(1) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
See Notes to Financial Statements
46
Table of Contents
AIG Retirement Company I Core Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Open Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||
29 Long | E-mini S&P 500 Index | December 2008 | $ | 1,582,978 | $ | 1,298,185 | $ | (284,793 | ) | |||||
See Notes to Financial Statements
47
Table of Contents
AIG Retirement Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 14.7 | % | |
Medical — Drugs | 8.8 | ||
Oil Companies — Integrated | 8.6 | ||
Banks — Commercial | 6.8 | ||
Insurance — Multi-line | 4.9 | ||
Telecom Services | 4.8 | ||
Telephone — Integrated | 4.7 | ||
U.S. Government Agencies | 3.6 | ||
Cellular Telecom | 3.3 | ||
Multimedia | 2.9 | ||
Human Resources | 2.8 | ||
Electronic Components — Semiconductors | 2.7 | ||
Semiconductor Components — Integrated Circuits | 2.7 | ||
Diversified Financial Services | 2.1 | ||
Television | 1.8 | ||
Auto — Cars/Light Trucks | 1.8 | ||
Retail — Building Products | 1.8 | ||
Paper & Related Products | 1.7 | ||
Oil Companies — Exploration & Production | 1.7 | ||
Diversified Manufacturing Operations | 1.7 | ||
Athletic Footwear | 1.5 | ||
Retail — Automobile | 1.5 | ||
Computers — Periphery Equipment | 1.4 | ||
Applications Software | 1.4 | ||
Building — Heavy Construction | 1.3 | ||
Wireless Equipment | 1.3 | ||
Enterprise Software/Service | 1.2 | ||
Publishing — Books | 1.2 | ||
Transport — Services | 1.1 | ||
Real Estate Operations & Development | 1.1 | ||
Photo Equipment & Supplies | 1.0 | ||
Retail — Misc./Diversified | 0.9 | ||
Insurance — Life/Health | 0.9 | ||
Auto/Truck Parts & Equipment — Original | 0.9 | ||
Insurance — Reinsurance | 0.9 | ||
Building — Residential/Commercial | 0.9 | ||
Electronic Components — Misc. | 0.8 | ||
Computers | 0.8 | ||
Food — Misc. | 0.8 | ||
Investment Companies | 0.8 | ||
Oil Refining & Marketing | 0.8 | ||
Diversified Operations | 0.8 | ||
Diversified Minerals | 0.7 | ||
Retail — Major Department Stores | 0.7 | ||
Retail — Restaurants | 0.7 | ||
Security Services | 0.6 | ||
Coal | 0.5 | ||
Finance — Investment Banker/Broker | 0.5 | ||
Food — Wholesale/Distribution | 0.5 | ||
Finance — Consumer Loans | 0.5 | ||
Machinery — Pumps | 0.4 | ||
Medical — Wholesale Drug Distribution | 0.4 | ||
Apparel Manufacturers | 0.4 | ||
Aerospace/Defense | 0.4 | ||
Building Products — Air & Heating | 0.3 | ||
Power Converter/Supply Equipment | 0.2 | ||
Rubber — Tires | 0.2 | ||
Audio/Video Products | 0.2 | ||
Metal — Aluminum | 0.1 | ||
114.5 | % | ||
Country Allocation*
United Kingdom | 22.6 | % | |
United States | 18.3 | ||
France | 10.0 | ||
Japan | 8.3 | ||
Taiwan | 7.9 | ||
Germany | 5.6 | ||
Netherlands | 5.3 | ||
Switzerland | 4.4 | ||
Italy | 3.6 | ||
South Korea | 3.5 | ||
Hong Kong | 3.4 | ||
Singapore | 2.7 | ||
Spain | 2.1 | ||
Norway | 1.8 | ||
Finland | 1.7 | ||
India | 1.6 | ||
Sweden | 1.6 | ||
Israel | 1.4 | ||
South Africa | 1.4 | ||
China | 1.4 | ||
Russia | 1.4 | ||
Brazil | 1.1 | ||
Austria | 1.0 | ||
Australia | 0.9 | ||
Turkey | 0.7 | ||
Canada | 0.6 | ||
Thailand | 0.2 | ||
114.5 | % | ||
* | Calculated as a percentage of net assets |
48
Table of Contents
AIG Retirement Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2)(4) | |||
COMMON STOCK — 95.5% | |||||
Australia — 0.9% | |||||
Alumina, Ltd.# | 722,153 | $ | 605,428 | ||
Goodman Fielder, Ltd. | 5,034,421 | 4,454,152 | |||
5,059,580 | |||||
Austria — 1.0% | |||||
Telekom Austria AG | 395,340 | 5,293,303 | |||
Brazil — 0.4% | |||||
Empressa Brasileira de Aeronautica SA ADR# | 134,612 | 2,090,524 | |||
Canada — 0.6% | |||||
Biovail Corp. | 372,030 | 3,265,269 | |||
Cayman Islands — 0.0% | |||||
Focus Media Holding, Ltd. ADR†# | 900 | 6,723 | |||
China — 1.4% | |||||
China Shenhua Energy Co., Ltd. | 1,558,238 | 2,875,019 | |||
China Telecom Corp., Ltd. | 12,119,823 | 4,606,715 | |||
7,481,734 | |||||
Finland — 1.7% | |||||
UPM - Kymmene Oyj | 646,988 | 9,330,987 | |||
France — 10.0% | |||||
AXA SA | 390,240 | 7,469,352 | |||
France Telecom SA | 296,615 | 7,654,744 | |||
Sanofi - Aventis# | 329,630 | 18,284,391 | |||
Thomson†# | 885,290 | 944,304 | |||
Total SA | 162,850 | 8,543,852 | |||
Vinci SA | 55,454 | 2,242,267 | |||
Vivendi | 299,580 | 8,490,176 | |||
53,629,086 | |||||
Germany — 5.6% | |||||
Bayerische Motoren Werke AG# | 120,480 | 3,035,370 | |||
Celesio AG | 85,240 | 2,173,039 | |||
Deutsche Post AG | 418,310 | 6,028,863 | |||
Infineon Technologies AG†# | 1,473,030 | 3,498,162 | |||
SAP AG | 190,740 | 6,552,736 | |||
Siemens AG | 147,695 | 8,904,455 | |||
30,192,625 | |||||
Hong Kong — 3.4% | |||||
Cheung Kong Holdings, Ltd. | 564,488 | 5,273,290 | |||
Hang Lung Group, Ltd. | 143,573 | 470,243 | |||
Hutchison Whampoa, Ltd. | 802,341 | 3,999,773 | |||
Yue Yuen Industrial Holdings, Ltd. | 4,541,672 | 8,250,068 | |||
17,993,374 | |||||
India — 1.6% | |||||
Gail India, Ltd. GDR†* | 177,868 | 4,500,060 | |||
Reliance Industries, Ltd. GDR* | 89,790 | 4,124,335 | |||
8,624,395 | |||||
Israel — 1.4% | |||||
Check Point Software Technologies, Ltd.† | 370,390 | 7,633,738 | |||
Italy — 3.6% | |||||
Autogrill SpA# | 460,460 | 3,460,084 | |||
ENI SpA | 406,473 | 9,219,838 | |||
UniCredit SpA# | 2,939,132 | 6,755,351 | |||
19,435,273 | |||||
Japan — 8.3% | |||||
Ebara Corp.# | 1,221,000 | 2,314,903 | |||
Mitsubishi UFJ Financial Group, Inc.# | 998,300 | 5,458,696 | |||
NGK Spark Plug Co., Ltd.# | 443,000 | 3,714,594 | |||
NOK Corp.# | 134,200 | 1,012,403 |
Security Description | Shares | Market Value (Note 2)(4) | |||
Japan (continued) | |||||
Olympus Corp.# | 259,000 | $ | 5,374,899 | ||
Shinsei Bank, Ltd.# | 2,098,637 | 3,363,209 | |||
Sumitomo Mitsui Financial Group, Inc.# | 1,001 | 3,672,884 | |||
Sumitomo Rubber Industries, Inc.# | 118,500 | 1,081,855 | |||
Takeda Pharmaceutical Co., Ltd. | 109,254 | 5,279,827 | |||
Toyota Motor Corp. | 170,500 | 5,366,928 | |||
USS Co., Ltd. | 124,250 | 7,815,650 | |||
44,455,848 | |||||
Netherlands — 5.3% | |||||
ING Groep NV | 1,543,610 | 12,960,714 | |||
Koninklijke Philips Electronics NV | 111,750 | 1,822,659 | |||
Randstad Holding NV# | 250,990 | 4,702,320 | |||
Reed Elsevier NV | 459,160 | 5,395,616 | |||
USG People NV | 301,530 | 3,335,773 | |||
28,217,082 | |||||
Norway — 1.8% | |||||
Aker Solutions ASA | 855,650 | 4,941,912 | |||
Telenor ASA# | 837,918 | 4,539,727 | |||
9,481,639 | |||||
Russia — 1.4% | |||||
Mobile Telesystems OJSC ADR | 90,542 | 2,683,665 | |||
OAO Gazprom ADR (OTC US)# | 147,800 | 2,556,940 | |||
OAO Gazprom ADR (London) | 126,800 | 2,226,501 | |||
7,467,106 | |||||
Singapore — 2.7% | |||||
Flextronics International, Ltd.†# | 1,148,720 | 2,688,005 | |||
Singapore Telecommunications, Ltd. | 3,825,999 | 6,424,854 | |||
United Overseas Bank, Ltd. | 620,387 | 5,382,806 | |||
14,495,665 | |||||
South Africa — 1.4% | |||||
African Bank Investments, Ltd. | 957,920 | 2,589,711 | |||
Foschini, Ltd. | 474,115 | 2,008,941 | |||
Massmart Holdings, Ltd. | 365,443 | 2,889,328 | |||
7,487,980 | |||||
South Korea — 3.5% | |||||
Hana Financial Group, Inc. | 220,580 | 2,637,103 | |||
KB Financial Group, Inc.† | 146,837 | 3,018,705 | |||
KT Corp. ADR | 176,477 | 2,001,249 | |||
Samsung Electronics Co., Ltd. | 33,866 | 11,201,716 | |||
18,858,773 | |||||
Spain — 2.1% | |||||
Gamesa Corp. Tecnologica SA | 65,529 | 1,102,076 | |||
Telefonica SA | 495,904 | 10,067,372 | |||
Telefonica SA ADR | 279 | 17,030 | |||
11,186,478 | |||||
Sweden — 1.6% | |||||
Husqvarna AB, Class A | 29 | 159 | |||
Niscayah Group AB# | 1,261,925 | 1,256,169 | |||
Telefonaktiebolaget LM Ericsson, Class B# | 996,680 | 7,088,822 | |||
8,345,150 | |||||
Switzerland — 4.4% | |||||
Adecco SA | 233,970 | 6,941,936 | |||
Novartis AG | 193,840 | 9,062,225 | |||
Swiss Reinsurance# | 114,730 | 4,726,260 | |||
UBS AG† | 212,579 | 2,678,406 | |||
23,408,827 | |||||
49
Table of Contents
AIG Retirement Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2)(4) | ||||||
COMMON STOCK (continued) |
| |||||||
Taiwan — 7.9% |
| |||||||
Chunghwa Telecom Co., Ltd. ADR# | 636,466 | $ | 9,954,329 | |||||
Compal Electronics, Inc. | 8,621,895 | 4,485,080 | ||||||
Lite - On Technology Corp. | 10,902,015 | 7,731,559 | ||||||
Mega Financial Holding Co., Ltd. | 18,343,000 | 5,659,624 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 11,909,069 | 14,698,359 | ||||||
42,528,951 | ||||||||
Thailand — 0.2% |
| |||||||
Krung Thai Bank PCL(1) | 11,650,100 | 1,083,883 | ||||||
Turkey — 0.7% |
| |||||||
Turkcell Iletisim Hizmet AS ADR# | 274,500 | 3,782,610 | ||||||
United Kingdom — 22.6% |
| |||||||
Aviva PLC | 924,468 | 5,738,093 | ||||||
BP PLC | 1,790,792 | 14,525,957 | ||||||
BP PLC ADR | 180 | 8,764 | ||||||
British Sky Broadcasting Group PLC | 1,437,470 | 9,818,607 | ||||||
Burberry Group PLC | 657,675 | 2,097,807 | ||||||
G4S PLC | 938,920 | 2,950,971 | ||||||
GlaxoSmithKline PLC | 643,471 | 11,168,101 | ||||||
HSBC Holdings PLC | 810,775 | 8,712,999 | ||||||
Invesco, Ltd. | 329,744 | 4,138,287 | ||||||
Kingfisher PLC | 5,116,465 | 9,412,089 | ||||||
Marks & Spencer Group PLC | 1,051,690 | 3,680,773 | ||||||
Old Mutual PLC | 5,639,463 | 4,775,478 | ||||||
Pearson PLC | 762,307 | 7,322,502 | ||||||
Persimmon PLC# | 1,388,700 | 4,655,875 | ||||||
Premier Foods PLC# | 7,956,260 | 2,675,456 | ||||||
Royal Bank of Scotland Group PLC | 2,551,629 | 2,178,238 | ||||||
Royal Dutch Shell PLC, Class A | 167,235 | 4,508,882 | ||||||
Royal Dutch Shell PLC, Class B | 354,545 | 9,403,615 | ||||||
SIG PLC# | 585,890 | 1,569,698 | ||||||
Vodafone Group PLC | 5,624,627 | 11,009,072 | ||||||
Yell Group PLC# | 1,025,690 | 939,578 | ||||||
121,290,842 | ||||||||
Total Common Stock |
| |||||||
(cost $932,657,925) | 512,127,445 | |||||||
PREFERRED STOCK — 0.7% |
| |||||||
Brazil — 0.7% |
| |||||||
Cia Vale do Rio Doce ADR | 348,074 | 3,790,526 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $936,350,965) | 515,917,971 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 18.3% |
| |||||||
Collective Investment Pool — 14.7% |
| |||||||
Securities Lending Quality Trust(2) | 81,986,631 | 78,543,192 | ||||||
U.S. Government Agencies — 3.6% |
| |||||||
Federal Home Loan Bank | $ | 19,561,000 | 19,561,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $101,547,631) | 98,104,192 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $1,037,898,596)(3) | 114.5 | % | 614,022,163 | |||||
Liabilities in excess of other assets | (14.5 | ) | (78,100,477 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 535,921,686 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $8,624,395 representing 1.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Fair valued security; see Note 2 |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | A substantial number of the portfolio’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $462,697,665 representing 86.3% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
See Notes to Financial Statements
50
Table of Contents
AIG Retirement Company I Global Equity Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.6 | % | |
Medical — Drugs | 10.1 | ||
Oil Companies — Integrated | 7.4 | ||
Telephone — Integrated | 6.1 | ||
Tobacco | 5.6 | ||
Banks — Commercial | 5.1 | ||
Insurance — Multi-line | 4.7 | ||
Applications Software | 3.2 | ||
Repurchase Agreement | 3.1 | ||
Pharmacy Services | 3.0 | ||
Index Fund — Large Cap | 2.8 | ||
Index Fund | 2.5 | ||
Diversified Banking Institutions | 2.4 | ||
Aerospace/Defense | 2.4 | ||
Medical Products | 2.2 | ||
Office Automation & Equipment | 2.2 | ||
Electronic Forms | 2.2 | ||
Electronics — Military | 2.2 | ||
Oil Companies — Exploration & Production | 2.1 | ||
Auto — Cars/Light Trucks | 2.1 | ||
Oil & Gas Drilling | 2.1 | ||
Audio/Video Products | 1.9 | ||
Gas — Distribution | 1.7 | ||
Medical Labs & Testing Services | 1.6 | ||
Retail — Apparel/Shoe | 1.5 | ||
Electric — Integrated | 1.4 | ||
Soap & Cleaning Preparation | 1.4 | ||
Insurance — Reinsurance | 1.4 | ||
Retail — Consumer Electronics | 1.3 | ||
Metal — Diversified | 1.3 | ||
Insurance — Property/Casualty | 1.2 | ||
Medical — Wholesale Drug Distribution | 1.2 | ||
Telecom Services | 1.2 | ||
Cosmetics & Toiletries | 1.0 | ||
Medical — Biomedical/Gene | 1.0 | ||
Wireless Equipment | 0.9 | ||
Diversified Manufacturing Operations | 0.9 | ||
Computers — Integrated Systems | 0.9 | ||
Import/Export | 0.8 | ||
Transport — Marine | 0.7 | ||
Food — Misc. | 0.7 | ||
Venture Capital | 0.6 | ||
Steel — Producers | 0.6 | ||
Steel Pipe & Tube | 0.6 | ||
U.S. Government Treasuries | 0.5 | ||
Web Portals/ISP | 0.4 | ||
Oil Refining & Marketing | 0.4 | ||
Multimedia | 0.4 | ||
Finance — Other Services | 0.4 | ||
Mining | 0.4 | ||
Pipelines | 0.4 | ||
Enterprise Software/Service | 0.4 | ||
Insurance — Life/Health | 0.3 | ||
Beverages — Non-alcoholic | 0.3 | ||
Machinery — Farming | 0.3 | ||
Agricultural Chemicals | 0.3 | ||
Non-Ferrous Metals | 0.2 | ||
Agricultural Operations | 0.2 | ||
Auto/Truck Parts & Equipment — Original | 0.1 | ||
121.9 | % | ||
Country Allocation*
United States | 76.7 | % | |
Japan | 12.1 | ||
United Kingdom | 9.4 | ||
Switzerland | 7.3 | ||
Germany | 2.7 | ||
Canada | 2.1 | ||
France | 1.9 | ||
Sweden | 1.5 | ||
Singapore | 1.4 | ||
Bermuda | 1.4 | ||
Finland | 0.9 | ||
Spain | 0.9 | ||
China | 0.9 | ||
Taiwan | 0.9 | ||
Denmark | 0.6 | ||
Greece | 0.5 | ||
Russia | 0.3 | ||
Mexico | 0.2 | ||
Cayman Islands | 0.2 | ||
121.9 | % | ||
* | Calculated as a percentage of net assets |
51
Table of Contents
AIG Retirement Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 95.2% | |||||
Bermuda — 1.4% | |||||
Arch Capital Group, Ltd.† | 36,671 | $ | 2,485,927 | ||
Pacific Basin Shipping, Ltd.(3) | 800,000 | 336,344 | |||
2,822,271 | |||||
Canada — 2.1% | |||||
Addax Petroleum Corp. | 97,226 | 1,721,628 | |||
Biovail Corp. | 132,000 | 1,158,550 | |||
EnCana Corp. | 27,500 | 1,334,736 | |||
Potash Corp. of Saskatchewan | 1 | 40 | |||
4,214,954 | |||||
Cayman Islands — 0.2% | |||||
Chaoda Modern Agriculture, Ltd.(3) | 526,000 | 305,281 | |||
China — 0.9% | |||||
Bank of China, Ltd.(3) | 5,605,000 | 1,773,058 | |||
Denmark — 0.6% | |||||
D/S Norden(3) | 42,400 | 1,134,892 | |||
Finland — 0.9% | |||||
Nokia Oyj(3) | 134,000 | 1,895,285 | |||
France — 1.9% | |||||
AXA SA(3) | 103,000 | 1,971,462 | |||
Vallourec SA#(3) | 10,394 | 1,106,454 | |||
Vivendi SA(3) | 27,714 | 785,422 | |||
3,863,338 | |||||
Germany — 2.7% | |||||
Allianz SE(3) | 20,739 | 1,735,369 | |||
E.ON AG(3) | 75,178 | 2,650,097 | |||
Salzgitter AG(3) | 15,897 | 1,107,865 | |||
5,493,331 | |||||
Greece — 0.5% | |||||
Alpha Bank A.E.(3) | 91,400 | 934,287 | |||
Japan — 12.1% | |||||
Astellas Pharma, Inc.(3) | 21,400 | 873,011 | |||
Canon, Inc.(3) | 148,700 | 4,425,524 | |||
Inpex Holdings, Inc.(3) | 190 | 1,217,087 | |||
Matsushita Electric Industrial Co., Ltd.(3) | 315,000 | 3,781,325 | |||
MEDICEO Holdings Co., Ltd.#(3) | 107,100 | 1,163,624 | |||
Mitsubishi Corp.(3) | 134,200 | 1,669,494 | |||
Nippon Telegraph and Telephone Corp.(3) | 1,259 | 5,478,973 | |||
Suzuken Co., Ltd.#(3) | 57,400 | 1,281,369 | |||
Suzuki Motor Corp.#(3) | 310,100 | 4,187,153 | |||
Toyota Boshoku Corp.(3) | 12,700 | 102,099 | |||
24,179,659 | |||||
Mexico — 0.2% | |||||
Grupo Mexico SA de CV, Class B# | 802,080 | 501,860 | |||
Russia — 0.3% | |||||
Mining & Metallurgical Co. Norilsk Nickel ADR | 93,900 | 692,982 | |||
Singapore — 1.4% | |||||
DBS Group Holdings, Ltd.(3) | 459,000 | 2,838,974 | |||
Spain — 0.9% | |||||
Banco Santander SA(3) | 217,358 | 1,787,087 | |||
Sweden — 1.5% | |||||
Hennes & Mauritz AB, Class B#(3) | 79,700 | 2,946,859 | |||
Switzerland — 7.3% | |||||
Credit Suisse Group AG(3) | 67,473 | 1,980,766 | |||
Roche Holding AG(3) | 30,500 | 4,288,858 | |||
Swiss Re(3) | 66,169 | 2,725,808 | |||
Zurich Financial Services AG(3) | 28,774 | 5,637,403 | |||
14,632,835 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Taiwan — 0.9% | |||||
High Tech Computer Corp.(3) | 173,300 | $ | 1,725,994 | ||
United Kingdom — 9.4% | |||||
3i Group PLC(3) | 197,146 | 1,258,106 | |||
Antofagasta PLC(3) | 114,799 | 770,379 | |||
AstraZeneca PLC(3) | 50,365 | 1,906,694 | |||
Invensys PLC†#(3) | 676,958 | 1,728,094 | |||
Man Group PLC, Class B(3) | 199,679 | 779,078 | |||
Reckitt Benckiser Group PLC(3) | 65,800 | 2,797,737 | |||
Royal Bank of Scotland Group PLC(3) | 3,280,552 | 2,800,494 | |||
Royal Dutch Shell PLC, Class A | 254,370 | 6,750,390 | |||
18,790,972 | |||||
United States — 50.0% | |||||
Adobe Systems, Inc.† | 188,186 | 4,358,388 | |||
AGCO Corp.†# | 23,000 | 566,260 | |||
Altria Group, Inc. | 95,600 | 1,537,248 | |||
Amgen, Inc.† | 34,400 | 1,910,576 | |||
Bank of America Corp.# | 120,900 | 1,964,625 | |||
CenterPoint Energy, Inc. | 191,500 | 2,476,095 | |||
Colgate-Palmolive Co. | 30,500 | 1,984,635 | |||
Corn Products International, Inc.# | 51,000 | 1,397,400 | |||
Eli Lilly & Co. | 179,800 | 6,140,170 | |||
Embarq Corp.# | 72,754 | 2,374,690 | |||
Energen Corp.# | 31,700 | 976,360 | |||
ENSCO International, Inc.# | 97,900 | 3,172,939 | |||
Express Scripts, Inc.†# | 105,900 | 6,090,309 | |||
Exxon Mobil Corp. | 101,354 | 8,123,523 | |||
Freeport-McMoRan Copper & Gold, Inc.# | 76,000 | 1,823,240 | |||
Johnson & Johnson | 76,700 | 4,493,086 | |||
L-3 Communications Holdings, Inc. | 64,300 | 4,319,031 | |||
Lockheed Martin Corp. | 61,200 | 4,719,132 | |||
Lorillard, Inc.# | 80,900 | 4,888,787 | |||
Microsoft Corp.# | 315,560 | 6,380,623 | |||
ONEOK, Inc.# | 25,514 | 748,581 | |||
Oracle Corp.† | 44,900 | 722,441 | |||
Patterson-UTI Energy, Inc.# | 76,100 | 950,489 | |||
Pepco Holdings, Inc.# | 8,448 | 151,979 | |||
PepsiCo, Inc. | 10,321 | 585,201 | |||
Pfizer, Inc. | 360,955 | 5,930,491 | |||
Philip Morris International, Inc. | 116,100 | 4,894,776 | |||
Quest Diagnostics, Inc.# | 68,467 | 3,188,508 | |||
RadioShack Corp.# | 272,567 | 2,684,785 | |||
Sohu.com, Inc.†# | 18,492 | 897,602 | |||
Terra Industries, Inc.# | 35,417 | 520,984 | |||
The Goldman Sachs Group, Inc.# | 12,100 | 955,779 | |||
Unum Group | 42,300 | 630,270 | |||
Valero Energy Corp. | 47,400 | 869,790 | |||
Verizon Communications, Inc. | 207,000 | 6,758,550 | |||
100,187,343 | |||||
Total Common Stock | |||||
(cost $294,749,272) | 190,721,262 | ||||
EXCHANGE TRADED FUNDS — 5.4% | |||||
iShares MSCI EAFE Index Fund# | 121,827 | 5,076,531 | |||
SPDR Trust, Series 1# | 63,255 | 5,689,787 | |||
Total Exchange Traded Funds | |||||
(cost $11,183,634) | 10,766,318 | ||||
Total Long-Term Investment Securities | |||||
(cost $305,932,906) | 201,487,580 | ||||
52
Table of Contents
AIG Retirement Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 18.2% |
| |||||||
Collective Investment Pool — 17.6% |
| |||||||
Securities Lending Quality Trust(1) | 36,868,663 | $ | 35,320,179 | |||||
U.S. Government Treasuries — 0.6% |
| |||||||
United States Treasury Bill | $ | 1,079,000 | 1,074,651 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $37,943,314) | 36,394,830 | |||||||
REPURCHASE AGREEMENT — 3.1% |
| |||||||
Agreement with Bank of America Securities LLC, bearing interest at 0.28%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $6,189,144 and collateralized by Federal Home Loan Bank Notes, bearing interest at 1.90%, due 03/20/09 and having an approximate value of $6,327,476 (cost $6,189,000) | 6,189,000 | 6,189,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $350,065,220)(2) | 121.9 | % | 244,071,410 | |||||
Liabilities in excess of other assets | (21.9 | ) | (43,787,297 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 200,284,113 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
ADR—American Depository Receipt
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | ||||||
*AUD | 12,301,000 | USD | 8,894,135 | 1/21/2009 | $ | 858,698 | |||
*CAD | 11,487,100 | USD | 10,019,471 | 1/21/2009 | 723,012 | ||||
*CHF | 20,986,100 | USD | 18,491,048 | 12/17/2008 | 1,184,030 | ||||
*EUR | 34,920,100 | USD | 47,576,302 | 12/17/2008 | 3,234,334 | ||||
*GBP | 16,758,500 | USD | 29,396,251 | 12/17/2008 | 3,573,680 | ||||
*NOK | 64,672,700 | USD | 10,986,510 | 12/17/2008 | 1,783,708 | ||||
*SEK | 40,693,700 | USD | 5,760,479 | 12/17/2008 | 733,696 | ||||
*USD | 956,851 | AUD | 1,502,200 | 1/21/2009 | 24,438 | ||||
*USD | 2,238,723 | CAD | 2,821,400 | 1/21/2009 | 44,623 | ||||
*USD | 9,332,114 | EUR | 7,436,400 | 12/17/2008 | 110,717 | ||||
*USD | 9,425,560 | GBP | 6,225,200 | 12/17/2008 | 166,627 | ||||
*USD | 5,112,709 | JPY | 500,113,300 | 12/17/2008 | 125,594 | ||||
$ | 12,563,157 | ||||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Depreciation | |||||||
*AUD | 2,822,600 | USD | 1,765,204 | 1/21/2009 | $ | (78,615 | ) | |||
*CAD | 1,298,700 | USD | 1,043,120 | 1/21/2009 | (7,913 | ) | ||||
*CHF | 1,109,300 | USD | 909,641 | 12/17/2008 | (5,187 | ) | ||||
*EUR | 855,200 | USD | 1,083,679 | 12/17/2008 | (2,265 | ) | ||||
*GBP | 4,088,800 | USD | 6,095,304 | 12/17/2008 | (204,981 | ) | ||||
*JPY | 944,148,500 | USD | 9,596,340 | 12/17/2008 | (292,891 | ) | ||||
*SEK | 5,715,600 | USD | 694,799 | 12/17/2008 | (11,234 | ) | ||||
*USD | 14,999,781 | AUD | 19,718,000 | 1/21/2009 | (2,119,303 | ) | ||||
*USD | 11,308,074 | CAD | 12,482,800 | 1/21/2009 | (1,205,800 | ) | ||||
*USD | 17,130,167 | CHF | 19,459,300 | 12/17/2008 | (1,082,285 | ) | ||||
*USD | 51,645,187 | EUR | 36,987,300 | 12/17/2008 | (4,678,263 | ) | ||||
*USD | 25,534,243 | GBP | 14,643,900 | 12/17/2008 | (2,969,984 | ) | ||||
*USD | 498,101 | JPY | 47,494,900 | 12/17/2008 | (628 | ) | ||||
*USD | 12,557,380 | NOK | 71,463,500 | 12/17/2008 | (2,388,261 | ) | ||||
*USD | 5,592,871 | SEK | 40,425,100 | 12/17/2008 | (599,268 | ) | ||||
(15,646,878 | ) | |||||||||
Net Unrealized Appreciation (Depreciation) | $ | (3,083,721 | ) | |||||||
53
Table of Contents
AIG Retirement Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
* | Represents open forward foreign currency contracts and offsetting or partially offsetting open forward foreign currency contracts that do not have additional market risk but have continued counterparty settlement risk. |
AUD—Australian Dollar
CAD—Canada Dollar
CHF—Swiss Franc
EUR—Euro Dollar
GBP—Bristish Pound
JPY—Japanese Yen
NOK—Norwegian Krone
SEK—Swedish Krona
USD—United States Dollar
See Notes to Financial Statements
54
Table of Contents
AIG Retirement Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Real Estate Investment Trusts | 54.1 | % | |
Real Estate Operations & Development | 18.5 | ||
Real Estate Management/Services | 15.5 | ||
Time Deposits | 8.0 | ||
Property Trust | 2.1 | ||
Forestry | 1.6 | ||
Paper & Related Products | 1.6 | ||
Diversified Operations | 0.8 | ||
Building & Construction — Misc. | 0.5 | ||
Diversified Financial Services | 0.2 | ||
102.9 | % | ||
Country Allocation*
United States | 54.0 | % | |
Japan | 11.9 | ||
Australia | 7.5 | ||
Hong Kong | 7.2 | ||
United Kingdom | 5.6 | ||
France | 5.1 | ||
Sweden | 2.7 | ||
Singapore | 2.0 | ||
Canada | 1.9 | ||
Bermuda | 1.6 | ||
Finland | 1.4 | ||
Austria | 0.8 | ||
Brazil | 0.5 | ||
Mexico | 0.4 | ||
New Zealand | 0.3 | ||
102.9 | % | ||
* | Calculated as a percentage of net assets |
55
Table of Contents
AIG Retirement Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2)(1) | |||
COMMON STOCK — 94.2% | |||||
Australia — 7.5% | |||||
CFS Retail Property Trust | 1,818,633 | $ | 2,508,688 | ||
Dexus Property Group | 2,610,742 | 1,432,252 | |||
GPT Group | 277,325 | 172,091 | |||
ING Industrial Fund | 780,397 | 224,073 | |||
Tishman Speyer Office Fund | 595,178 | 90,024 | |||
Westfield Group | 808,906 | 7,989,961 | |||
12,417,089 | |||||
Austria — 0.8% | |||||
Conwert Immobilien Invest SE† | 265,196 | 1,371,923 | |||
Bermuda — 1.6% | |||||
Hongkong Land Holdings, Ltd. | 1,130,000 | 2,718,403 | |||
Brazil — 0.5% | |||||
Multiplan Empreendimentos Imobiliarios SA† | 149,327 | 875,172 | |||
Canada — 1.9% | |||||
Boardwalk Real Estate Investment Trust | 76,800 | 1,609,060 | |||
First Capital Realty, Inc. (OTC US) | 93,600 | 1,382,572 | |||
First Capital Realty, Inc. (Toronto) | 9,800 | 140,911 | |||
3,132,543 | |||||
Finland — 1.4% | |||||
Citycon Oyj | 1,166,490 | 2,251,189 | |||
France — 5.1% | |||||
Klepierre | 64,341 | 1,307,319 | |||
Unibail - Rodamco | 52,686 | 7,082,715 | |||
8,390,034 | |||||
Hong Kong — 7.2% | |||||
Hang Lung Properties, Ltd. | 824,000 | 1,783,184 | |||
Henderson Land Development Co., Ltd. | 163,000 | 555,319 | |||
Hysan Development Co., Ltd. | 1,390,953 | 2,177,339 | |||
Sun Hung Kai Properties, Ltd. | 780,000 | 6,121,685 | |||
Wharf Holdings, Ltd. | 535,000 | 1,260,555 | |||
11,898,082 | |||||
Japan — 11.9% | |||||
Japan Excellent, Inc. | 296 | 1,027,305 | |||
Kenedix Realty Investment Corp. | 132 | 251,378 | |||
Mitsubishi Estate Co., Ltd. | 509,000 | 7,616,785 | |||
Mitsui Fudosan Co., Ltd. | 513,000 | 7,997,033 | |||
Sumitomo Realty & Development Co., Ltd. | 82,000 | 1,210,705 | |||
Tokyu REIT, Inc | 291 | 1,613,728 | |||
19,716,934 | |||||
Mexico — 0.4% | |||||
Urbi, Desarrollos Urbanos, SA de CV† | 410,809 | 608,946 | |||
New Zealand — 0.3% | |||||
Kiwi Income Property Trust | 949,842 | 528,415 | |||
Singapore — 2.0% | |||||
Ascendas Real Estate Investment Trust | 1,518,000 | 1,490,898 | |||
CapitaMall Trust | 1,586,000 | 1,789,938 | |||
3,280,836 | |||||
Sweden — 2.7% | |||||
Castellum AB | 406,684 | 2,490,662 | |||
Hufvudstaden AB | 353,884 | 2,035,799 | |||
4,526,461 | |||||
United Kingdom — 5.6% | |||||
British Land Co. PLC | 404,513 | 3,280,525 | |||
Derwent London PLC | 178,955 | 1,921,384 | |||
Great Portland Estates PLC | 473,128 | 1,843,290 | |||
Hammerson PLC | 47,290 | 380,355 |
Security Description | Shares | Market Value (Note 2)(1) | |||
United Kingdom (continued) | |||||
Land Securities Group PLC | 100,584 | $ | 1,463,396 | ||
Sirius Real Estate, Ltd | 128,295 | 27,374 | |||
Unite Group PLC | 260,543 | 443,233 | |||
9,359,557 | |||||
United States — 45.3% | |||||
Acadia Realty Trust | 37,840 | 529,003 | |||
Alexandria Real Estate Equities, Inc. | 28,300 | 1,253,124 | |||
AMB Property Corp. | 6,700 | 115,374 | |||
AvalonBay Communities, Inc. | 37,200 | 2,256,924 | |||
Boston Properties, Inc. | 68,760 | 3,671,784 | |||
BRE Properties, Inc. | 61,899 | 1,817,355 | |||
Camden Property Trust | 95,300 | 2,522,591 | |||
DCT Industrial Trust, Inc. | 293,300 | 1,313,984 | |||
Digital Realty Trust, Inc. | 87,800 | 2,402,208 | |||
EastGroup Properties, Inc. | 13,000 | 418,990 | |||
Equity Residential | 150,446 | 4,578,072 | |||
Essex Property Trust, Inc. | 41,600 | 3,597,152 | |||
Federal Realty Investment Trust | 64,509 | 3,731,200 | |||
Health Care REIT, Inc. | 94,443 | 3,588,834 | |||
Home Properties, Inc. | 14,700 | 573,300 | |||
Host Hotels & Resorts, Inc. | 410,500 | 3,086,960 | |||
Kimco Realty Corp. | 137,010 | 1,938,691 | |||
LaSalle Hotel Properties | 10,900 | 96,138 | |||
Liberty Property Trust | 74,600 | 1,426,352 | |||
Mack - Cali Realty Corp. | 28,200 | 534,954 | |||
Mid - America Apartment Communities, Inc. | 52,000 | 1,925,560 | |||
Nationwide Health Properties, Inc. | 123,300 | 2,790,279 | |||
Omega Healthcare Investors, Inc. | 45,100 | 597,124 | |||
Plum Creek Timber Co., Inc. | 74,900 | 2,665,691 | |||
ProLogis | 66,579 | 254,998 | |||
PS Business Parks, Inc. | 7,200 | 343,152 | |||
Public Storage | 58,382 | 4,080,318 | |||
Rayonier, Inc. | 76,200 | 2,545,080 | |||
Realty Income Corp. | 9,500 | 191,805 | |||
Senior Housing Properties Trust | 195,500 | 2,723,315 | |||
Simon Property Group, Inc. | 115,445 | 5,483,637 | |||
SL Green Realty Corp. | 58,961 | 1,117,901 | |||
Sovran Self Storage, Inc. | 12,300 | 334,068 | |||
Tanger Factory Outlet Centers, Inc. | 17,000 | 622,880 | |||
The Macerich Co. | 32,410 | 436,239 | |||
Ventas, Inc. | 143,239 | 3,291,632 | |||
Vornado Realty Trust | 63,100 | 3,372,695 | |||
Washington Real Estate Investment Trust | 103,100 | 2,729,057 | |||
74,958,421 | |||||
Total Common Stock | |||||
(cost $194,980,027) | 156,034,005 | ||||
PREFERRED STOCK — 0.4% | |||||
United States — 0.4% | |||||
BioMed Realty Trust, Inc. | 2,083 | 20,872 | |||
BRE Properties, Inc. | 3,600 | 51,876 | |||
Equity Residential | 2,500 | 40,525 | |||
Kimco Realty Corp. | 6,900 | 104,880 | |||
PS Business Parks, Inc. | 10,300 | 141,728 | |||
Public Storage | 8,100 | 145,800 | |||
Public Storage | 6,600 | 113,850 |
56
Table of Contents
AIG Retirement Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2)(1) | ||||||
PREFERRED STOCK (continued) | ||||||||
United States (continued) | ||||||||
Realty Income Corp. | 1,300 | $ | 23,010 | |||||
Vornado Realty Trust | 900 | 13,482 | ||||||
Total Preferred Stock | ||||||||
(cost $798,935) | 656,023 | |||||||
ASSET BACKED SECURITIES — 0.2% |
| |||||||
United States — 0.2% | ||||||||
Credit Suisse First Boston Mortgage Securities Corp. | $ | 335,000 | 306,718 | |||||
JP Morgan Chase Commercial Mortgage Securities Corp. | 25,000 | 10,164 | ||||||
Morgan Stanley Capital I | 80,000 | 32,682 | ||||||
Total Asset Backed Securities | ||||||||
(cost $383,370) | 349,564 | |||||||
CORPORATE BONDS & NOTES — 0.1% |
| |||||||
United States — 0.1% | ||||||||
Nationwide Health Properties, Inc. | ||||||||
(cost $49,075) | 50,000 | 43,440 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $196,211,407) | 157,083,032 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 8.0% |
| |||||||
Time Deposits — 8.0% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | ||||||||
(cost $13,270,000) | 13,270,000 | 13,270,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $209,481,407)(4) | 102.9 | % | 170,353,032 | |||||
Liabilities in excess of other assets | (2.9 | ) | (4,755,914 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 165,597,118 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $306,718 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $76,458,923 representing 46.2% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | Commercial Mortgaged Backed Security |
(3) | Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date. |
(4) | See Note 5 for cost of investments on a tax basis. |
See Notes to Financial Statements
57
Table of Contents
AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 8.7 | % | |
Medical — Drugs | 8.1 | ||
Banks — Commercial | 7.1 | ||
Food — Misc. | 3.9 | ||
Oil Companies — Exploration & Production | 3.5 | ||
Oil Companies — Integrated | 3.1 | ||
Telephone — Integrated | 2.8 | ||
Diversified Banking Institutions | 2.6 | ||
Insurance — Multi-line | 2.3 | ||
Multimedia | 2.3 | ||
Computers | 2.1 | ||
Transport — Rail | 1.9 | ||
Commercial Paper | 1.7 | ||
Medical — Biomedical/Gene | 1.7 | ||
Applications Software | 1.7 | ||
Electric — Integrated | 1.7 | ||
Diversified Minerals | 1.6 | ||
Beverages — Non-alcoholic | 1.4 | ||
Insurance — Life/Health | 1.3 | ||
Cellular Telecom | 1.3 | ||
Cosmetics & Toiletries | 1.3 | ||
Banks — Super Regional | 1.2 | ||
Enterprise Software/Service | 1.2 | ||
Networking Products | 1.1 | ||
Insurance — Property/Casualty | 1.1 | ||
Industrial Gases | 1.1 | ||
Repurchase Agreements | 1.1 | ||
Oil — Field Services | 1.1 | ||
Chemicals — Diversified | 1.0 | ||
Retail — Restaurants | 1.0 | ||
Retail — Drug Store | 0.9 | ||
Wireless Equipment | 0.9 | ||
Pipelines | 0.9 | ||
Medical Instruments | 0.9 | ||
Consumer Products — Misc. | 0.8 | ||
Commercial Services — Finance | 0.8 | ||
Finance — Investment Banker/Broker | 0.8 | ||
Diversified Manufacturing Operations | 0.8 | ||
Food — Retail | 0.8 | ||
Medical Products | 0.7 | ||
Auto — Cars/Light Trucks | 0.7 | ||
Retail — Discount | 0.7 | ||
Gas — Distribution | 0.7 | ||
Soap & Cleaning Preparation | 0.7 | ||
Web Portals/ISP | 0.6 | ||
Machinery — Construction & Mining | 0.6 | ||
Banks — Fiduciary | 0.6 | ||
Water | 0.6 | ||
Medical — HMO | 0.5 | ||
Agricultural Chemicals | 0.5 | ||
Real Estate Operations & Development | 0.5 | ||
Oil Refining & Marketing | 0.5 | ||
Semiconductor Equipment | 0.5 | ||
U.S. Government Treasuries | 0.5 | ||
Cable TV | 0.5 | ||
Electric — Transmission | 0.5 | ||
Athletic Footwear | 0.5 | ||
Retail — Apparel/Shoe | 0.4 | ||
Mining | 0.4 | ||
Office Automation & Equipment | 0.4 | ||
Retail — Building Products | 0.4 | ||
Real Estate Investment Trusts | 0.4 | ||
Metal Processors & Fabrication | 0.4 | ||
Publishing — Books | 0.4 | ||
Steel — Producers | 0.4 | ||
Distribution/Wholesale | 0.4 | ||
Finance — Credit Card | 0.4 | ||
Oil & Gas Drilling | 0.4 | ||
Electronic Components — Misc. | 0.4 |
Finance — Other Services | 0.3 | |
Chemicals — Specialty | 0.3 | |
Machinery — Farming | 0.3 | |
Telecom Services | 0.3 | |
Pharmacy Services | 0.3 | |
Transport — Services | 0.3 | |
Auto/Truck Parts & Equipment — Original | 0.3 | |
Building — Heavy Construction | 0.3 | |
Diversified Financial Services | 0.3 | |
Photo Equipment & Supplies | 0.2 | |
Toys | 0.2 | |
Retail — Major Department Stores | 0.2 | |
Audio/Video Products | 0.2 | |
Non-Ferrous Metals | 0.2 | |
Computers — Memory Devices | 0.2 | |
Electric Products — Misc. | 0.2 | |
Airlines | 0.2 | |
Food — Wholesale/Distribution | 0.2 | |
Recreational Vehicles | 0.2 | |
Machine Tools & Related Products | 0.2 | |
Computer Services | 0.2 | |
Food — Catering | 0.2 | |
Auto — Heavy Duty Trucks | 0.2 | |
Independent Power Producers | 0.2 | |
Building — Residential/Commercial | 0.2 | |
Building & Construction Products — Misc. | 0.2 | |
Building Products — Cement | 0.2 | |
Real Estate Management/Services | 0.2 | |
Power Converter/Supply Equipment | 0.2 | |
Machinery — General Industrial | 0.2 | |
Printing — Commercial | 0.2 | |
Wire & Cable Products | 0.2 | |
Metal — Copper | 0.2 | |
Building & Construction — Misc. | 0.2 | |
Transport — Marine | 0.2 | |
Machinery — Electrical | 0.2 | |
Medical — Generic Drugs | 0.2 | |
Retail — Jewelry | 0.2 | |
Diversified Operations | 0.2 | |
Electronic Components — Semiconductors | 0.2 | |
Insurance Brokers | 0.2 | |
Retail — Misc./Diversified | 0.1 | |
Agricultural Operations | 0.1 | |
Retail — Automobile | 0.1 | |
Steel Pipe & Tube | 0.1 | |
Insurance — Reinsurance | 0.1 | |
Advertising Services | 0.1 | |
E-Commerce/Services | 0.1 | |
Apparel Manufacturers | 0.1 | |
Electronic Security Devices | 0.1 | |
Human Resources | 0.1 | |
Containers — Metal/Glass | 0.1 | |
Building Products — Doors & Windows | 0.1 | |
Gas — Transportation | 0.1 | |
Textile — Products | 0.1 | |
Engineering/R&D Services | 0.1 | |
Electric — Distribution | 0.1 | |
Public Thoroughfares | 0.1 | |
Electric — Generation | 0.1 | |
Filtration/Separation Products | 0.1 | |
Coatings/Paint | 0.1 | |
Investment Management/Advisor Services | 0.1 | |
Medical — Wholesale Drug Distribution | 0.1 | |
Satellite Telecom | 0.1 | |
Investment Companies | 0.1 | |
Advertising Agencies | 0.1 | |
Computers — Integrated Systems | 0.1 | |
Computers — Periphery Equipment | 0.1 | |
Transport — Truck | 0.1 |
58
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AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)
Industry Allocation* (continued)
Hazardous Waste Disposal | 0.1 | ||
Optical Supplies | 0.1 | ||
Food — Confectionery | 0.1 | ||
Electronic Measurement Instruments | 0.1 | ||
Miscellaneous Manufacturing | 0.1 | ||
Metal — Diversified | 0.1 | ||
Paper & Related Products | 0.1 | ||
Engines — Internal Combustion | 0.1 | ||
Energy — Alternate Sources | 0.1 | ||
Metal Products — Fasteners | 0.1 | ||
Resorts/Theme Parks | 0.1 | ||
Diversified Operations/Commercial Services | 0.1 | ||
Seismic Data Collection | 0.1 | ||
Retail — Regional Department Stores | 0.1 | ||
Oil Field Machinery & Equipment | 0.1 | ||
Retail — Office Supplies | 0.1 | ||
Rubber — Tires | 0.1 | ||
Airport Development/Maintenance | 0.1 | ||
Finance — Leasing Companies | 0.1 | ||
Retail Customer Electronics | 0.1 | ||
108.7 | % | ||
Country Allocation*
United States | 56.2 | % | |
Japan | 11.3 | ||
United Kingdom | 10.5 | ||
Canada | 4.2 | ||
Germany | 3.8 | ||
France | 3.7 | ||
Switzerland | 3.3 | ||
Australia | 2.7 | ||
Italy | 2.4 | ||
Spain | 1.8 | ||
Netherlands | 1.7 | ||
Sweden | 1.2 | ||
Bermuda | 0.7 | ||
Hong Kong | 0.7 | ||
Netherlands Antilles | 0.7 | ||
Norway | 0.5 | ||
Belgium | 0.5 | ||
Denmark | 0.5 | ||
Finland | 0.5 | ||
Austria | 0.4 | ||
Singapore | 0.4 | ||
Cayman Islands | 0.3 | ||
Greece | 0.3 | ||
Ireland | 0.1 | ||
Luxembourg | 0.1 | ||
New Zealand | 0.1 | ||
Portugal | 0.1 | ||
108.7 | % | ||
* | Calculated as a percentage of net assets |
59
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK — 96.3% | |||||
Australia — 2.7% | |||||
AGL Energy, Ltd. | 30,396 | $ | 305,372 | ||
Alumina, Ltd. | 33,891 | 28,413 | |||
Amcor, Ltd. | 24,691 | 96,300 | |||
AMP, Ltd. | 38,895 | 137,539 | |||
Australia and New Zealand Banking Group, Ltd. | 51,010 | 500,463 | |||
BHP Billiton, Ltd. | 80,666 | 1,619,145 | |||
BlueScope Steel, Ltd. | 26,728 | 70,375 | |||
Brambles, Ltd. | 36,753 | 175,163 | |||
Commonwealth Bank of Australia | 37,690 | 851,259 | |||
CSL, Ltd. | 12,827 | 294,963 | |||
Fortescue Metals Group, Ltd.† | 27,256 | 37,211 | |||
GPT Group | 60,919 | 37,803 | |||
Incitec Pivot, Ltd. | 26,840 | 47,102 | |||
Leighton Holdings, Ltd. | 3,312 | 53,175 | |||
Macquarie Goodman Group | 17,411 | 11,033 | |||
Macquarie Group, Ltd. | 5,363 | 105,376 | |||
Macquarie Infrastructure Group | 31,356 | 36,138 | |||
National Australia Bank, Ltd. | 46,707 | 619,889 | |||
Newcrest Mining, Ltd. | 9,699 | 156,128 | |||
Orica, Ltd. | 10,104 | 103,250 | |||
Origin Energy, Ltd. | 22,042 | 231,674 | |||
QBE Insurance Group, Ltd. | 20,337 | 319,204 | |||
Santos, Ltd. | 16,695 | 165,475 | |||
Sims Group, Ltd. | 4,655 | 42,692 | |||
Transurban Group | 22,307 | 73,418 | |||
Westfield Group | 54,087 | 534,244 | |||
Westpac Banking Corp. | 59,986 | 711,015 | |||
Westpac Banking Corp. (New)† | 14,626 | 170,045 | |||
Woodside Petroleum, Ltd. | 13,318 | 315,183 | |||
WorleyParsons, Ltd. | 5,543 | 49,159 | |||
7,898,206 | |||||
Austria — 0.4% | |||||
Oesterreichische Elektrizitaetswirtschafts AG | 11,676 | 517,261 | |||
OMV AG | 23,184 | 585,505 | |||
Voestalpine AG | 2,683 | 56,758 | |||
1,159,524 | |||||
Belgium — 0.5% | |||||
Belgacom SA | 11,806 | 430,243 | |||
Colruyt SA | 2,217 | 479,293 | |||
Dexia SA | 15,115 | 66,129 | |||
Fortis | 40,145 | 38,220 | |||
Group Bruxelles Lambert SA | 739 | 54,528 | |||
Solvay SA | 2,478 | 179,259 | |||
Umicore | 7,333 | 132,320 | |||
1,379,992 | |||||
Bermuda — 0.7% | |||||
Accenture, Ltd., Class A | 19,034 | 589,673 | |||
Brookfield Infrastructure Partners LP | 283 | 3,325 | |||
Cheung Kong Infrastructure Holdings, Ltd. | 106,000 | 410,785 | |||
Cooper Industries, Ltd., Class A | 15,841 | 382,402 | |||
Esprit Holdings, Ltd. | 19,000 | 88,903 | |||
Li & Fung, Ltd. | 98,000 | 178,370 | |||
Mongolia Energy Co., Ltd.† | 52,000 | 14,476 | |||
Noble Group, Ltd. | 382,000 | 252,709 | |||
NWS Holdings, Ltd. | 15,000 | 17,265 | |||
Tyco Electronics, Ltd. | 7,859 | 129,516 | |||
2,067,424 | |||||
Canada — 4.2% | |||||
Agnico - Eagle Mines, Ltd. | 2,200 | 86,473 | |||
Agrium, Inc. | 3,000 | 94,645 | |||
Alimentation Couche Tard, Inc. | 4,600 | 49,490 | |||
Bank of Montreal | 9,000 | 276,654 |
Security Description | Shares | Market Value (Note 2)(6) | |||
Canada (continued) | |||||
Bank of Nova Scotia | 23,500 | $ | 703,365 | ||
Barrick Gold Corp. | 18,400 | 561,437 | |||
Brookfield Asset Management, Inc. | 9,200 | 142,071 | |||
Canadian Imperial Bank of Commerce | 7,400 | 298,586 | |||
Canadian Natural Resources, Ltd. | 12,500 | 525,805 | |||
Canadian Oil Sands Trust | 7,800 | 162,474 | |||
Canadian Pacific Railway, Ltd. | 3,500 | 115,232 | |||
Canadian Tire Corp., Ltd., Class A | 500 | 18,201 | |||
Enbridge, Inc. | 8,100 | 249,644 | |||
Enerplus Resources Fund | 1,000 | 24,470 | |||
Ensign Energy Services, Inc. | 900 | 10,629 | |||
Fairfax Financial Holdings, Ltd. | 200 | 58,243 | |||
Finning International, Inc. | 33,900 | 356,221 | |||
First Quantum Minerals, Ltd. (Toronto) | 30 | 444 | |||
First Quantum Minerals, Ltd. (OTC US) | 1,670 | 24,299 | |||
Fortis, Inc. | 2,900 | 62,753 | |||
George Weston Ltd. | 2,100 | 93,686 | |||
Gildan Activewear, Inc.† | 600 | 10,193 | |||
Goldcorp, Inc. | 14,800 | 419,026 | |||
Harvest Energy Trust (Toronto shares) | 270 | 2,905 | |||
Husky Energy, Inc. (OTC US) | 6,180 | 151,459 | |||
Husky Energy, Inc. (Toronto) | 20 | 518 | |||
Imperial Oil, Ltd. | 8,200 | 293,520 | |||
Kinross Gold Corp. | 13,200 | 202,880 | |||
Loblaw Cos., Ltd. | 3,400 | 88,012 | |||
Magna International, Inc. | 2,600 | 75,190 | |||
Manulife Financial Corp. | 31,700 | 615,434 | |||
METRO, Inc. Class A | 2,300 | 64,189 | |||
Nexen, Inc. | 12,300 | 253,721 | |||
Penn West Energy Trust | 8,300 | 130,120 | |||
Petro - Canada | 13,100 | 357,437 | |||
Potash Corp. of Saskatchewan | 6,800 | 441,158 | |||
Power Corp. of Canada | 4,400 | 80,117 | |||
Research In Motion, Ltd.† | 9,800 | 432,050 | |||
Rogers Communications, Inc. Class B | 10,500 | 304,926 | |||
Royal Bank of Canada | 32,700 | 1,142,199 | |||
Shaw Communications, Inc., Class B | 6,200 | 110,338 | |||
Shoppers Drug Mart Corp. | 12,800 | 457,234 | |||
Sino - Forest Corp.† | 2,600 | 15,227 | |||
Sun Life Financial, Inc. | 12,600 | 281,823 | |||
Suncor Energy, Inc. | 26,000 | 601,521 | |||
Talisman Energy, Inc. | 27,700 | 278,076 | |||
Teck Cominco, Ltd. | 13,100 | 63,582 | |||
TELUS Corp. (non-voting) | 2,900 | 91,255 | |||
TELUS Corp. | 2,200 | 69,798 | |||
Thomson Corp. | 3,700 | 94,939 | |||
Toronto - Dominion Bank | 17,600 | 654,910 | |||
TransAlta Corp. | 17,500 | 324,179 | |||
Yamana Gold, Inc. | 10,700 | 64,744 | |||
12,087,502 | |||||
Cayman Islands — 0.3% | |||||
Kingboard Chemical Holdings, Ltd. | 3,000 | 4,445 | |||
Lee & Man Paper Manufactoring, Ltd. | 4,000 | 1,377 | |||
Noble Corp. | 6,415 | 171,858 | |||
Transocean, Inc.†# | 10,416 | 696,622 | |||
874,302 | |||||
Denmark — 0.5% | |||||
Danisco A/S | 7,850 | 360,178 | |||
Danske Bank A/S | 5,100 | 60,167 | |||
Novo - Nordisk A/S, Class B | 11,250 | 574,769 | |||
Novozymes A/S | 750 | 53,195 | |||
Vestas Wind Systems A/S† | 6,750 | 306,832 | |||
1,355,141 | |||||
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK (continued) | |||||
Finland — 0.5% | |||||
Kone Oyj, Class B | 5,072 | $ | 101,046 | ||
Neste Oil Oyj | 47,808 | 671,658 | |||
Outokumpu Oyj | 12,091 | 121,808 | |||
Rautaruukki Oyj | 12,567 | 192,101 | |||
Sampo Oyj, Class A | 17,721 | 331,033 | |||
1,417,646 | |||||
France — 3.7% | |||||
AXA SA | 56,309 | 1,077,777 | |||
BNP Paribas SA | 24,408 | 1,352,707 | |||
Cie Generale de Geophysique - Veritas† | 10,089 | 165,852 | |||
CNP Assurances | 3,517 | 226,562 | |||
Credit Agricole SA | 10,715 | 119,583 | |||
Essilor International SA | 4,905 | 196,243 | |||
France Telecom SA | 63,493 | 1,638,564 | |||
Groupe Danone | 14,524 | 836,967 | |||
Hermes International | 2,616 | 329,450 | |||
Lagardere SCA | 4,588 | 168,327 | |||
Legrand SA | 22,522 | 357,374 | |||
Natixis | 18,628 | 37,791 | |||
Neopost SA | 887 | 63,428 | |||
Peugeot SA | 7,625 | 138,296 | |||
PPR | 1,849 | 88,323 | |||
Publicis Groupe | 11,000 | 255,833 | |||
Sanofi - Aventis | 18,288 | 1,014,425 | |||
Societe BIC SA | 2,094 | 106,386 | |||
Societe Generale | 7,899 | 337,953 | |||
Technip SA | 2,377 | 72,343 | |||
Vallourec SA | 3,022 | 321,696 | |||
Veolia Environnement | 12,579 | 313,744 | |||
Vivendi SA | 53,236 | 1,508,722 | |||
10,728,346 | |||||
Germany — 3.4% | |||||
Allianz SE | 13,050 | 1,091,980 | |||
BASF AG | 46,054 | 1,480,746 | |||
Beiersdorf AG | 2,911 | 161,906 | |||
Bilfinger Berger AG | 2,460 | 101,056 | |||
Celesio AG | 2,542 | 64,804 | |||
Commerzbank AG | 18,176 | 167,601 | |||
Deutsche Bank AG | 13,528 | 485,794 | |||
Deutsche Boerse AG | 3,794 | 272,760 | |||
Deutsche Telekom AG | 117,196 | 1,630,889 | |||
Fraport AG | 4,291 | 148,785 | |||
Fresenius SE | 4,269 | 211,130 | |||
GEA Group AG | 14,972 | 232,189 | |||
Hamburger Hafen und Logistik AG | 4,957 | 147,278 | |||
HeidelbergCement AG | 9,446 | 449,896 | |||
Hochtief AG | 1,566 | 61,001 | |||
Infineon Technologies AG† | 17,029 | 40,441 | |||
K+S AG | 3,224 | 146,149 | |||
Linde AG | 11,007 | 807,715 | |||
Merck KGaA | 2,138 | 179,628 | |||
Muenchener Rueckversicherungs - Gesellschaft AG | 2,845 | 388,546 | |||
Puma AG Rudolf Dassler Sport | 1,445 | 247,592 | |||
Salzgitter AG | 1,149 | 80,074 | |||
SAP AG | 33,125 | 1,137,986 | |||
Solarworld AG | 2,690 | 48,393 | |||
Wacker Chemie AG | 1,952 | 198,360 | |||
9,982,699 | |||||
Greece — 0.3% | |||||
Alpha Bank A.E. | 8,304 | 84,883 | |||
Coca-Cola Hellenic Bottling Co. SA | 16,281 | 253,286 | |||
Hellenic Petroleum SA | 68,751 | 522,047 |
Security Description | Shares | Market Value (Note 2)(6) | |||
Greece (continued) | |||||
Public Power Corp. SA | 6,146 | $ | 90,135 | ||
950,351 | |||||
Hong Kong — 0.7% | |||||
BOC Hong Kong Holdings, Ltd. | 116,000 | 132,327 | |||
Hang Lung Properties, Ltd. | 56,000 | 121,187 | |||
Hang Seng Bank, Ltd. | 16,000 | 204,738 | |||
Henderson Land Development Co., Ltd. | 34,000 | 115,833 | |||
Hong Kong & China Gas Co., Ltd. | 108,000 | 191,393 | |||
Hong Kong Exchanges & Clearing, Ltd. | 21,800 | 172,455 | |||
HongKong Electric Holdings, Ltd. | 86,500 | 484,146 | |||
MTR Corp., Ltd. | 35,500 | 78,376 | |||
New World Development Co., Ltd. | 64,000 | 49,993 | |||
Sino Land Co., Ltd. | 42,000 | 31,027 | |||
Sun Hung Kai Properties, Ltd. | 54,000 | 423,809 | |||
Swire Pacific, Ltd., Class A | 11,500 | 77,386 | |||
Wharf Holdings, Ltd. | 20,000 | 47,124 | |||
2,129,794 | |||||
Ireland — 0.1% | |||||
CRH PLC | 4,474 | 96,765 | |||
Kerry Group PLC | 8,100 | 168,748 | |||
265,513 | |||||
Italy — 2.4% | |||||
A2A SpA | 228,908 | 401,291 | |||
Assicurazione Generali SpA | 24,336 | 588,981 | |||
Banca Intesa SpA | 320,662 | 690,954 | |||
Banco Popolare Scarl | 6,658 | 61,183 | |||
ENI SpA | 91,910 | 2,084,752 | |||
Luxottica Group SpA | 2,260 | 41,888 | |||
Pirelli & C. SpA | 362,993 | 125,262 | |||
Prysmian SpA | 9,683 | 108,124 | |||
Saipem SpA | 19,975 | 311,285 | |||
Snam Rete Gas SpA | 61,490 | 322,149 | |||
Telecom Italia SpA (Chi-X) | 763,097 | 1,042,774 | |||
Terna Rete Elettrica Nazionale SpA | 199,500 | 592,293 | |||
UniCredit Italiano SpA | 242,854 | 558,180 | |||
Unione di Banche Italiane Scpa | 7,114 | 102,876 | |||
7,031,992 | |||||
Japan — 11.3% | |||||
ACOM Co., Ltd. | 740 | 29,395 | |||
Aeon Co., Ltd. | 37,000 | 329,075 | |||
Aeon Mall Co., Ltd. | 1,000 | 21,146 | |||
Aisin Seiki Co., Ltd. | 10,600 | 139,890 | |||
Ajinomoto Co., Inc. | 31,000 | 328,225 | |||
Amada Co., Ltd. | 18,000 | 82,905 | |||
Asahi Glass Co., Ltd. | 53,000 | 298,051 | |||
Astellas Pharma, Inc. | 14,000 | 571,128 | |||
Canon Marketing Japan, Inc. | 5,600 | 84,409 | |||
Canon, Inc. | 30,000 | 892,843 | |||
Casio Computer Co., Ltd. | 2,300 | 13,051 | |||
Central Japan Railway Co. | 57 | 482,522 | |||
Chugai Pharmaceutical Co., Ltd. | 5,100 | 88,039 | |||
Chuo Mitsui Trust Holdings, Inc. | 17,000 | 63,744 | |||
Coca-Cola West Japan Co., Ltd. | 9,000 | 191,627 | |||
Cosmo Oil Co., Ltd. | 9,000 | 22,281 | |||
Dai Nippon Printing Co., Ltd. | 26,000 | 275,211 | |||
Daido Steel Co., Ltd. | 15,000 | 46,297 | |||
Daihatsu Motor Co., Ltd. | 46,000 | 332,269 | |||
Daiichi Sankyo Co., Ltd. | 19,000 | 391,449 | |||
Daito Trust Construction Co., Ltd. | 1,200 | 51,082 | |||
Daiwa House Industry Co., Ltd. | 15,000 | 125,725 | |||
Daiwa Securities Group, Inc. | 46,000 | 236,173 |
61
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK (continued) | |||||
Japan (continued) | |||||
Denso Corp. | 25,700 | $ | 425,720 | ||
Dentsu, Inc. | 73 | 129,830 | |||
East Japan Railway Co. | 113 | 870,436 | |||
Eisai Co., Ltd. | 6,800 | 230,272 | |||
Fast Retailing Co., Ltd. | 1,600 | 183,704 | |||
Fuji Television Network, Inc. | 12 | 16,730 | |||
FUJIFILM Holdings Corp. | 18,900 | 457,129 | |||
Fujitsu, Ltd. | 57,000 | 247,579 | |||
Furukawa Electric Co., Ltd. | 18,000 | 69,183 | |||
Hankyu Hanshin Holdings, Inc. | 42,000 | 209,031 | |||
Haseko Corp. | 10,500 | 8,892 | |||
Hino Motors, Ltd. | 13,000 | 27,103 | |||
Hitachi Construction Machinery Co., Ltd. | 6,400 | 71,862 | |||
Hitachi Metals, Ltd. | 15,000 | 89,038 | |||
Hoya Corp. | 14,400 | 207,322 | |||
Ibiden Co., Ltd. | 2,300 | 36,135 | |||
Idemitsu Kosan Co., Ltd. | 700 | 43,544 | |||
Isetan Mitsukoshi Holdings, Ltd.† | 9,300 | 68,510 | |||
Isuzu Motors, Ltd. | 251,000 | 311,109 | |||
Ito En, Ltd. | 5,000 | 80,216 | |||
J Front Retailing Co., Ltd. | 11,000 | 43,393 | |||
Japan Airlines Corp.† | 25,000 | 58,366 | |||
JGC Corp. | 6,000 | 69,339 | |||
JSR Corp. | 4,000 | 43,503 | |||
JTEKT Corp. | 11,500 | 86,116 | |||
Jupiter Telecommunications Co. | 164 | 126,471 | |||
Kao Corp. | 22,000 | 630,439 | |||
Kawasaki Kisen Kaisha, Ltd. | 19,000 | 76,820 | |||
KDDI Corp. | 83 | 539,696 | |||
Keihin Electric Express Railway Co., Ltd. | 4,000 | 33,795 | |||
Keyence Corp. | 1,400 | 232,970 | |||
Kikkoman Corp. | 3,000 | 33,824 | |||
Kintetsu Corp. | 41,000 | 163,775 | |||
Konica Minolta Holdings, Inc. | 9,500 | 70,053 | |||
Kubota Corp. | 44,000 | 256,438 | |||
Kuraray Co., Ltd. | 9,000 | 73,100 | |||
Kurita Water Industries, Ltd. | 3,000 | 71,024 | |||
Kyocera Corp. | 5,700 | 356,574 | |||
Makita Corp. | 2,300 | 44,686 | |||
Maruichi Steel Tube, Ltd. | 3,000 | 72,207 | |||
Matsushita Electric Industrial Co., Ltd. | 57,000 | 684,240 | |||
Matsushita Electric Works, Ltd. | 29,000 | 238,299 | |||
Mazda Motor Corp. | 200,000 | 344,484 | |||
Mitsubishi Chemical Holdings Corp. | 47,000 | 196,668 | |||
Mitsubishi Estate Co., Ltd. | 31,000 | 463,891 | |||
Mitsubishi Materials Corp. | 56,000 | 112,863 | |||
Mitsubishi Motors Corp.† | 308,000 | 430,909 | |||
Mitsubishi Tanabe Pharma Corp. | 3,000 | 37,339 | |||
Mitsui Chemicals, Inc. | 20,000 | 80,998 | |||
Mitsui Fudosan Co., Ltd. | 26,000 | 405,308 | |||
Mitsui O.S.K. Lines, Ltd. | 37,000 | 197,686 | |||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 10,300 | 244,341 | |||
Mizuho Financial Group, Inc. | 226 | 595,372 | |||
Murata Manufacturing Co., Ltd. | 6,100 | 209,884 | |||
NGK Insulators, Ltd. | 8,000 | 85,336 | |||
NGK Spark Plug Co., Ltd. | 4,000 | 33,540 | |||
Nidec Corp. | 2,800 | 140,467 | |||
Nikon Corp. | 9,000 | 102,023 | |||
Nintendo Co., Ltd. | 2,300 | 712,092 | |||
Nippon Building Fund, Inc. | 10 | 99,095 | |||
Nippon Electric Glass Co., Ltd. | 6,000 | 34,342 | |||
Nippon Express Co., Ltd. | 20,000 | 89,797 | |||
Nippon Meat Packers, Inc. | 4,000 | 50,166 | |||
Nippon Mining Holdings, Inc. | 27,000 | 79,691 | |||
Nippon Sheet Glass Co., Ltd. | 14,000 | 40,698 |
Security Description | Shares | Market Value (Note 2)(6) | |||
Japan (continued) | |||||
Nippon Telegraph and Telephone Corp. | 175 | $ | 761,573 | ||
Nippon Yusen Kabushiki Kaisha | 39,000 | 212,262 | |||
Nipponkoa Insurance Co., Ltd. | 6,000 | 38,438 | |||
Nisshin Seifun Group, Inc. | 4,500 | 50,477 | |||
Nisshin Steel Co., Ltd. | 51,000 | 74,407 | |||
Nissin Food Products Co., Ltd. | 2,400 | 85,336 | |||
Nitori Co., Ltd. | 150 | 10,686 | |||
Nitto Denko Corp. | 4,700 | 78,761 | |||
NOK Corp. | 1,400 | 10,562 | |||
Nomura Holdings, Inc. | 59,000 | 426,057 | |||
Nomura Real Estate Holdings, Inc. | 600 | 8,937 | |||
Nomura Research Institute, Ltd. | 2,700 | 50,983 | |||
NSK, Ltd. | 22,000 | 81,282 | |||
NTN Corp. | 12,000 | 36,390 | |||
NTT Data Corp. | 44 | 158,709 | |||
NTT DoCoMo, Inc. | 488 | 809,739 | |||
Obayashi Corp. | 9,000 | 51,506 | |||
Odakyu Electric Railway Co., Ltd. | 14,000 | 106,755 | |||
Olympus Corp. | 4,000 | 83,010 | |||
Ono Pharmaceutical Co., Ltd. | 700 | 30,880 | |||
ORACLE Corp. | 1,000 | 41,719 | |||
Oriental Land Co., Ltd. | 2,500 | 187,988 | |||
ORIX Corp. | 2,330 | 146,132 | |||
Osaka Gas Co., Ltd. | 108,000 | 410,902 | |||
Rakuten, Inc. | 165 | 90,286 | |||
Resona Holdings, Inc. | 129 | 180,970 | |||
Rohm Co., Ltd. | 3,500 | 166,994 | |||
Sanyo Electric Co., Ltd.† | 20,000 | 31,804 | |||
Secom Co., Ltd. | 7,700 | 358,482 | |||
Sekisui Chemical Co., Ltd. | 10,000 | 55,612 | |||
Sekisui House, Ltd. | 18,000 | 146,714 | |||
Sharp Corp. | 34,000 | 230,401 | |||
Shimamura Co., Ltd. | 300 | 22,977 | |||
Shimizu Corp. | 14,000 | 73,705 | |||
Shin-Etsu Chemical Co., Ltd. | 12,500 | 477,415 | |||
Shinsei Bank, Ltd. | 12,000 | 19,231 | |||
Shionogi & Co., Ltd. | 4,000 | 86,811 | |||
Shiseido Co., Ltd. | 15,000 | 279,040 | |||
Showa Shell Sekiyu K.K. | 6,200 | 51,395 | |||
SMC Corp. | 3,800 | 340,436 | |||
Softbank Corp. | 16,800 | 229,565 | |||
Sompo Japan Insurance, Inc. | 21,000 | 121,744 | |||
Sony Financial Holdings, Inc. | 14 | 41,418 | |||
Stanley Electric Co., Ltd. | 2,100 | 25,245 | |||
Sumco Corp. | 2,600 | 25,128 | |||
Sumitomo Chemical Co., Ltd. | 51,000 | 178,253 | |||
Sumitomo Electric Industries, Ltd. | 45,500 | 343,766 | |||
Sumitomo Metal Industries, Ltd. | 137,000 | 351,111 | |||
Sumitomo Mitsui Financial Group, Inc. | 166 | 609,090 | |||
Sumitomo Realty & Development Co., Ltd. | 10,000 | 147,647 | |||
Sumitomo Rubber Industries, Inc. | 3,800 | 34,692 | |||
T&D Holdings, Inc. | 5,550 | 208,048 | |||
Takashimaya Co., Ltd. | 6,000 | 43,169 | |||
Takeda Pharmaceutical Co., Ltd. | 22,800 | 1,101,837 | |||
TDK Corp. | 3,800 | 128,840 | |||
Teijin, Ltd. | 20,000 | 55,610 | |||
Terumo Corp. | 3,500 | 162,572 | |||
The Bank of Yokohama, Ltd. | 23,000 | 120,004 | |||
The Chiba Bank, Ltd. | 12,000 | 57,297 | |||
The Sumitomo Trust & Banking Co., Ltd. | 36,000 | 164,608 | |||
THK Co., Ltd. | 4,400 | 44,138 | |||
Tobu Railway Co., Ltd. | 11,000 | 59,580 | |||
Toho Co., Ltd. | 1,800 | 36,162 | |||
Toho Gas Co., Ltd. | 18,000 | 104,478 | |||
Tokio Marine Holdings, Inc. | 18,000 | 438,200 |
62
Table of Contents
AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK (continued) | |||||
Japan (continued) | |||||
Tokyo Broadcasting System, Inc. | 1,100 | $ | 14,543 | ||
Tokyo Electron, Ltd. | 4,100 | 112,094 | |||
Tokyo Gas Co., Ltd. | 95,000 | 428,060 | |||
Tokyo Steel Manufacturing Co., Ltd. | 3,500 | 32,664 | |||
Tokyu Corp. | 34,000 | 135,783 | |||
TonenGeneral Sekiyu K.K. | 15,000 | 144,520 | |||
Toppan Printing Co., Ltd. | 20,000 | 150,313 | |||
Toray Industries, Inc. | 39,000 | 189,528 | |||
Toyo Seikan Kaisha, Ltd. | 3,900 | 55,418 | |||
Toyo Suisan Kaisha, Ltd. | 2,000 | 46,734 | |||
Toyoda Gosei Co., Ltd. | 1,600 | 20,169 | |||
Toyota Boshoku Corp | 2,600 | 20,902 | |||
Toyota Industries Corp. | 17,800 | 348,617 | |||
Trend Micro, Inc. | 2,500 | 72,939 | |||
Uni-Charm Corp. | 2,000 | 138,115 | |||
UNY Co., Ltd. | 10,000 | 88,193 | |||
USS Co., Ltd. | 6,280 | 395,028 | |||
West Japan Railway Co. | 61 | 270,945 | |||
Yahoo! Japan Corp. | 482 | 156,684 | |||
Yakult Honsha Co., Ltd. | 3,100 | 56,814 | |||
Yamada Denki Co., Ltd. | 2,750 | 142,769 | |||
Yamaha Motor Co., Ltd. | 66,000 | 627,590 | |||
Yamato Kogyo Co., Ltd. | 2,600 | 58,153 | |||
Yamato Transport Co., Ltd. | 12,000 | 156,149 | |||
Yamazaki Baking Co., Ltd. | 3,000 | 39,869 | |||
32,972,559 | |||||
Luxembourg — 0.1% | |||||
Millicom International Cellular SA SDR | 1,200 | 44,506 | |||
SES ES FDR | 14,772 | 258,774 | |||
303,280 | |||||
Mauritius — 0.0% | |||||
Golden Agri-Resources Ltd. | 94,000 | 14,040 | |||
Netherlands — 1.7% | |||||
Aegon NV | 39,551 | 188,160 | |||
ASML Holding NV | 27,029 | 412,217 | |||
ING Groep NV CVA | 43,132 | 362,152 | |||
Koninklijke Ahold NV | 88,437 | 986,841 | |||
Koninklijke KPN NV | 40,917 | 565,689 | |||
Reed Elsevier NV | 50,491 | 593,323 | |||
STMicroelectronics NV | 21,864 | 143,962 | |||
TNT NV | 8,255 | 172,819 | |||
Unilever NV | 59,910 | 1,400,421 | |||
4,825,584 | |||||
Netherlands Antilles — 0.7% | |||||
Schlumberger, Ltd. | 42,618 | 2,162,437 | |||
New Zealand — 0.1% | |||||
Contact Energy, Ltd. | 66,942 | 249,969 | |||
Norway — 0.5% | |||||
Norsk Hydro ASA | 52,000 | 188,708 | |||
StatoilHydro ASA | 80,500 | 1,365,072 | |||
Yara International ASA | 3,080 | 51,298 | |||
1,605,078 | |||||
Portugal — 0.1% | |||||
Brisa-Auto Estradas de Portugal SA | 6,047 | 45,513 | |||
Portugal Telecom SGPS SA | 25,300 | 187,372 | |||
232,885 | |||||
Singapore — 0.4% | |||||
CapitaLand, Ltd. | 38,000 | 69,835 | |||
DBS Group Holdings, Ltd. | 50,000 | 309,256 |
Security Description | Shares | Market Value (Note 2)(6) | |||
Singapore (continued) | |||||
Jardine Cycle & Carriage, Ltd. | 6,000 | $ | 41,307 | ||
Oversea - Chinese Banking Corp. | 46,000 | 156,019 | |||
Singapore Airlines, Ltd. | 34,000 | 233,033 | |||
United Overseas Bank, Ltd. | 34,000 | 295,002 | |||
1,104,452 | |||||
Spain — 1.8% | |||||
Abertis Infraestructuras SA | 8,007 | 135,457 | |||
Acerinox SA | 10,924 | 147,489 | |||
Banco Bilbao Vizcaya Argentaria SA | 61,736 | 642,522 | |||
Banco Santander SA | 168,560 | 1,385,877 | |||
Cintra Concesiones de Infraestructuras de Transporte SA | 5,690 | 45,463 | |||
Criteria Caixacorp SA | 119,908 | 409,510 | |||
Enagas | 14,974 | 278,350 | |||
Gamesa Corp. Tecnologica SA | 13,441 | 226,053 | |||
Gas Natural SDG SA | 23,842 | 659,540 | |||
Grupo Ferrovial SA | 2,196 | 54,980 | |||
Iberdrola Renovables SA† | 42,223 | 142,072 | |||
Industria de Diseno Textil SA | 9,225 | 309,827 | |||
Red Electrica Corp. SA | 17,642 | 782,877 | |||
5,220,017 | |||||
Sweden — 1.2% | |||||
Alfa Laval AB | 36,000 | 283,179 | |||
Assa Abloy AB, Class B | 24,200 | 235,141 | |||
Atlas Copco AB, Class A | 81,400 | 577,758 | |||
Electrolux AB, Class B | 8,600 | 73,286 | |||
Hennes & Mauritz AB, Class B | 14,700 | 543,524 | |||
Husqvarna AB, Class B | 28,200 | 163,683 | |||
Nordea Bank AB | 19,000 | 137,190 | |||
Sandvik AB | 32,200 | 190,672 | |||
Securitas AB, Class B | 7,400 | 70,256 | |||
Skandinaviska Enskilda Banken AB, Class A | 22,800 | 193,512 | |||
Skanska AB, Class B | 46,000 | 341,649 | |||
Svenska Cellulosa AB, Class B | 10,200 | 82,638 | |||
Svenska Handelsbanken AB, Class A | 27,500 | 459,187 | |||
Swedbank AB, Class A | 6,900 | 49,712 | |||
3,401,387 | |||||
Switzerland — 3.3% | |||||
ACE, Ltd. | 7,097 | 370,818 | |||
Credit Suisse Group AG | 23,330 | 684,885 | |||
Geberit AG | 3,506 | 323,980 | |||
Julius Baer Holding AG | 3,366 | 111,214 | |||
Lindt + Spruengli AG | 76 | 148,404 | |||
Logitech International SA† | 18,808 | 246,169 | |||
Lonza Group AG | 3,661 | 302,887 | |||
Novartis AG | 60,307 | 2,819,416 | |||
Pargesa Holding SA | 2,849 | 220,249 | |||
Roche Holding AG | 16,201 | 2,278,157 | |||
Swatch Group AG, Class B | 3,857 | 457,713 | |||
Syngenta AG | 4,234 | 753,204 | |||
UBS AG† | 52,422 | 660,495 | |||
Zurich Financial Services AG | 1,578 | 309,162 | |||
9,686,753 | |||||
United Kingdom — 10.5% | |||||
Anglo American PLC | 52,094 | 1,241,188 | |||
Antofagasta PLC | 40,409 | 271,172 | |||
Associated British Foods PLC | 44,556 | 467,541 | |||
AstraZeneca PLC | 38,218 | 1,446,839 | |||
Aviva PLC | 215,117 | 1,335,213 | |||
Balfour Beatty PLC | 35,327 | 167,907 | |||
Barclays PLC | 216,744 | 570,405 | |||
Berkeley Group Holdings PLC† | 17,865 | 232,767 |
63
Table of Contents
AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK (continued) | |||||
United Kingdom (continued) | |||||
BG Group PLC | 132,873 | $ | 1,906,343 | ||
BHP Billiton PLC | 89,174 | 1,625,189 | |||
British Airways PLC | 36,385 | 87,653 | |||
Burberry Group PLC | 12,406 | 39,572 | |||
Cable & Wireless PLC | 29,536 | 68,086 | |||
Cadbury PLC | 106,367 | 903,298 | |||
Carnival PLC | 6,224 | 133,033 | |||
Compass Group PLC | 121,585 | 577,752 | |||
Eurasian Natural Resources Corp. | 19,129 | 83,426 | |||
Experian Group, Ltd. | 9,931 | 60,805 | |||
FirstGroup PLC | 9,749 | 70,934 | |||
GlaxoSmithKline PLC | 151,932 | 2,636,936 | |||
HBOS PLC | 87,798 | 124,693 | |||
Home Retail Group PLC | 27,865 | 87,832 | |||
HSBC Holdings PLC | 304,691 | 3,322,147 | |||
ICAP PLC | 35,030 | 159,552 | |||
International Power PLC | 77,378 | 308,619 | |||
Invensys PLC† | 84,414 | 215,486 | |||
Kazakhmys PLC | 22,741 | 91,866 | |||
Kingfisher PLC | 42,505 | 78,191 | |||
Legal & General Group PLC | 470,043 | 491,442 | |||
Lonmin PLC | 6,395 | 84,954 | |||
Man Group PLC, Class B | 82,484 | 321,824 | |||
Marks & Spencer Group PLC | 15,006 | 52,519 | |||
Mondi PLC | 56,364 | 144,912 | |||
Old Mutual PLC | 168,542 | 142,721 | |||
Pearson PLC | 30,461 | 292,600 | |||
Prudential PLC | 77,218 | 403,638 | |||
Reckitt Benckiser Group PLC | 33,108 | 1,407,712 | |||
Reed Elsevier PLC | 62,769 | 522,888 | |||
Royal & Sun Alliance Insurance Group PLC | 116,812 | 275,153 | |||
Royal Bank of Scotland Group PLC | 133,627 | 114,073 | |||
Sage Group PLC | 134,171 | 345,856 | |||
Severn Trent PLC | 22,854 | 401,916 | |||
Stagecoach Group PLC | 60,603 | 164,087 | |||
Standard Chartered PLC† | 6,696 | 87,699 | |||
Standard Life PLC | 35,234 | 143,967 | |||
Tate & Lyle PLC | 21,360 | 128,924 | |||
The Capita Group PLC | 33,350 | 358,260 | |||
Thomas Cook Group PLC | 20,458 | 51,625 | |||
Thomson Reuters PLC† | 4,572 | 91,670 | |||
Tullow Oil PLC | 138,517 | 1,128,848 | |||
Unilever PLC | 54,180 | 1,250,114 | |||
United Utilities Group PLC | 98,914 | 923,120 | |||
Vodafone Group PLC | 1,491,761 | 2,919,821 | |||
30,564,788 | |||||
United States — 44.2% | |||||
Aetna, Inc. | 9,106 | 198,693 | |||
AFLAC, Inc. | 23,037 | 1,066,613 | |||
Air Products & Chemicals, Inc. | 18,848 | 900,180 | |||
Allegheny Energy, Inc.†# | 11,952 | 421,308 | |||
Allergan, Inc. | 17,034 | 641,841 | |||
Allstate Corp. | 20,402 | 519,027 | |||
Amazon.com, Inc.†# | 2,517 | 107,476 | |||
American Express Co.# | 44,849 | 1,045,430 | |||
American Tower Corp., Class A† | 21,893 | 596,365 | |||
Amgen, Inc.† | 32,763 | 1,819,657 | |||
Apache Corp. | 22,147 | 1,711,963 | |||
Apple, Inc.† | 19,142 | 1,773,889 | |||
Applied Materials, Inc. | 99,758 | 955,682 | |||
Archer - Daniels - Midland Co.# | 14,689 | 402,185 | |||
Automatic Data Processing, Inc.# | 32,851 | 1,348,862 | |||
Ball Corp.†# | 6,194 | 225,771 | |||
Bank of America Corp. | 131,953 | 2,144,236 |
Security Description | Shares | Market Value (Note 2)(6) | |||
United States (continued) | |||||
Barr Pharmaceuticals, Inc.† | 5,333 | $ | 348,725 | ||
BB&T Corp.†# | 15,718 | 471,068 | |||
Biogen Idec, Inc. | 1,648 | 69,727 | |||
Boston Scientific Corp.† | 38,149 | 235,379 | |||
Bristol - Myers Squibb Co. | 127,799 | 2,645,439 | |||
Broadcom Corp., Class A†# | 4,450 | 68,130 | |||
C.H. Robinson Worldwide, Inc.# | 4,598 | 234,866 | |||
Calpine Corp.# | 32,417 | 290,456 | |||
Capital One Financial Corp.# | 11,525 | 396,575 | |||
Cardinal Health, Inc. | 6,110 | 198,697 | |||
Caterpillar, Inc.# | 27,385 | 1,122,511 | |||
Celgene Corp. | 8,339 | 434,462 | |||
CenturyTel, Inc.# | 13,974 | 371,149 | |||
Chesapeake Energy Corp.# | 17,262 | 296,561 | |||
Chubb Corp.# | 12,732 | 653,916 | |||
Cisco Systems, Inc.† | 175,461 | 2,902,125 | |||
Citigroup, Inc. | 156,728 | 1,299,275 | |||
Clorox Co.# | 3,176 | 187,892 | |||
CME Group, Inc. | 977 | 207,075 | |||
Colgate - Palmolive Co. | 38,176 | 2,484,112 | |||
ConAgra Foods, Inc. | 14,465 | 213,359 | |||
Costco Wholesale Corp. | 22,877 | 1,177,479 | |||
Crown Holdings, Inc. | 4,609 | 73,974 | |||
CSX Corp.# | 38,228 | 1,423,611 | |||
Cummins, Inc. | 8,113 | 207,531 | |||
CVS Caremark Corp.† | 47,394 | 1,371,108 | |||
Danaher Corp.# | 28,642 | 1,593,641 | |||
Deere & Co. | 18,044 | 628,112 | |||
Dell, Inc.†# | 35,805 | 399,942 | |||
Devon Energy Corp. | 30,881 | 2,233,932 | |||
Diamond Offshore Drilling, Inc.# | 2,208 | 162,950 | |||
DPL, Inc.†# | 18,277 | 380,527 | |||
eBay, Inc.† | 22,296 | 292,746 | |||
Ecolab, Inc. | 12,124 | 465,440 | |||
El Paso Corp.†# | 48,055 | 355,126 | |||
Eli Lilly & Co. | 74,186 | 2,533,452 | |||
Embarq Corp. | 19,490 | 636,154 | |||
EMC Corp.†# | 50,773 | 536,671 | |||
EOG Resources, Inc. | 15,580 | 1,324,612 | |||
Equity Residential | 2,279 | 69,350 | |||
Expeditors International of Washington, Inc. | 5,093 | 170,259 | |||
Express Scripts, Inc.† | 6,199 | 356,505 | |||
Fluor Corp. | 4,359 | 198,509 | |||
Forest Laboratories, Inc. | 21,169 | 511,866 | |||
Franklin Resources, Inc.# | 4,603 | 279,632 | |||
Frontier Communications Corp.# | 10,021 | 87,383 | |||
Genentech, Inc.† | 15,312 | 1,172,899 | |||
General Mills, Inc. | 18,245 | 1,152,537 | |||
Genuine Parts Co.# | 2,489 | 97,444 | |||
Gilead Sciences, Inc.# | 24,532 | 1,098,788 | |||
Google, Inc., Class A† | 5,094 | 1,492,338 | |||
H.J. Heinz Co. | 17,336 | 673,330 | |||
Halliburton Co. | 30,174 | 531,062 | |||
Hess Corp. | 15,096 | 815,788 | |||
Hewlett - Packard Co. | 95,566 | 3,371,569 | |||
JPMorgan Chase & Co. | 109,455 | 3,465,345 | |||
Kellogg Co. | 21,937 | 952,724 | |||
Kimberly - Clark Corp. | 36,203 | 2,092,171 | |||
Kohl’s Corp.†# | 5,027 | 164,182 | |||
Kraft Foods, Inc., Class A | 83,943 | 2,284,089 | |||
Lowe’s Cos., Inc. | 53,044 | 1,095,889 | |||
Marsh & McLennan Cos., Inc. | 17,322 | 441,711 | |||
Mastercard, Inc., Class A# | 1,501 | 218,095 | |||
McDonald’s Corp. | 49,600 | 2,914,000 | |||
Medco Health Solutions, Inc.# | 11,526 | 484,092 |
64
Table of Contents
AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(6) | |||
COMMON STOCK (continued) | |||||
United States (continued) | |||||
Medtronic, Inc. | 61,995 | $ | 1,892,087 | ||
Merck & Co., Inc. | 100,914 | 2,696,422 | |||
Merrill Lynch & Co., Inc. | 25,560 | 337,903 | |||
MetLife, Inc. | 23,760 | 683,338 | |||
Microsoft Corp.† | 226,050 | 4,570,731 | |||
Mirant Corp. | 6,491 | 111,775 | |||
Murphy Oil Corp. | 21,582 | 950,687 | |||
National - Oilwell Varco, Inc.† | 5,688 | 160,914 | |||
News Corp., Class A | 109,941 | 868,534 | |||
NIKE, Inc., Class B | 21,060 | 1,121,445 | |||
Noble Energy, Inc.† | 9,774 | 510,985 | |||
Norfolk Southern Corp. | 30,573 | 1,512,446 | |||
Northern Trust Corp. | 4,512 | 207,056 | |||
NRG Energy, Inc.†# | 7,164 | 169,715 | |||
OGE Energy Corp.# | 11,842 | 313,695 | |||
Omnicom Group, Inc.# | 8,903 | 251,866 | |||
Oracle Corp.† | 143,548 | 2,309,687 | |||
PACCAR, Inc.†# | 19,678 | 548,426 | |||
Paychex, Inc.# | 7,042 | 199,007 | |||
Pepco Holdings, Inc. | 54,526 | 980,923 | |||
Pitney Bowes, Inc. | 9,871 | 243,912 | |||
PNC Financial Services Group, Inc.# | 11,787 | 622,000 | |||
Praxair, Inc. | 24,267 | 1,432,966 | |||
Precision Castparts Corp. | 12,163 | 762,620 | |||
Prudential Financial, Inc. | 9,107 | 197,622 | |||
Public Storage | 2,721 | 190,171 | |||
Puget Energy, Inc. | 12,412 | 303,846 | |||
QUALCOMM, Inc. | 63,666 | 2,137,268 | |||
Quest Diagnostics, Inc. | 3,033 | 141,247 | |||
Questar Corp.# | 15,636 | 503,323 | |||
Qwest Communications International, Inc.# | 54,855 | 175,536 | |||
R.R. Donnelley & Sons Co. | 7,687 | 98,086 | |||
Republic Services, Inc.# | 4,083 | 97,992 | |||
Safeway, Inc. | 26,697 | 581,995 | |||
Sara Lee Corp. | 22,996 | 211,103 | |||
Schering - Plough Corp. | 65,819 | 1,106,417 | |||
Seagate Technology(1)(2)(3) | 22,401 | 0 | |||
Simon Property Group, Inc.# | 5,552 | 263,720 | |||
Southern Copper Corp.# | 30,555 | 420,437 | |||
Southwest Airlines Co. | 31,750 | 274,638 | |||
Southwestern Energy Co. | 10,654 | 366,178 | |||
Spectra Energy Corp. | 65,221 | 1,060,493 | |||
Sprint Nextel Corp.† | 83,800 | 233,802 | |||
St. Jude Medical, Inc. | 12,207 | 342,162 | |||
Staples, Inc.# | 9,228 | 160,198 | |||
State Street Corp. | 10,266 | 432,301 | |||
Stericycle, Inc.# | 4,291 | 245,874 | |||
Stryker Corp. | 21,475 | 835,807 | |||
SunTrust Banks, Inc.# | 6,256 | 198,503 | |||
Synthes, Inc. | 3,724 | 432,948 | |||
Sysco Corp. | 27,296 | 640,091 | |||
Target Corp.# | 26,313 | 888,327 | |||
The AES Corp.# | 38,577 | 296,657 | |||
The Bank of New York Mellon Corp. | 35,591 | 1,075,204 | |||
The Charles Schwab Corp. | 21,970 | 402,710 | |||
The Coca-Cola Co. | 74,354 | 3,484,972 | |||
The DIRECTV Group, Inc.†# | 25,661 | 564,799 | |||
The Estee Lauder Cos., Inc., Class A† | 2,507 | 69,945 | |||
The Gap, Inc. | 17,127 | 222,994 | |||
The Hershey Co.†# | 2,461 | 88,596 | |||
The Mosaic Co.† | 5,142 | 156,060 | |||
The Sherwin - Williams Co.# | 4,798 | 282,746 |
Security Description | Shares/ Principal Amount | Market Value (Note 2)(6) | ||||
United States (continued) | ||||||
The Travelers Cos., Inc. | 25,242 | $ | 1,101,813 | |||
The Walt Disney Co. | 98,288 | 2,213,446 | ||||
The Western Union Co.† | 11,165 | 148,160 | ||||
Time Warner Cable, Inc. Class A# | 14,760 | 299,628 | ||||
Time Warner, Inc.# | 121,594 | 1,100,426 | ||||
TJX Cos., Inc. | 13,946 | 318,248 | ||||
UnitedHealth Group, Inc.† | 34,067 | 715,748 | ||||
US Bancorp# | 79,613 | 2,147,959 | ||||
Viacom, Inc., Class B† | 19,641 | 312,685 | ||||
Visa, Inc., Class A# | 8,046 | 422,898 | ||||
Wachovia Corp. | 35,655 | 200,381 | ||||
Walgreen Co.# | 37,050 | 916,617 | ||||
Watson Pharmaceuticals, Inc.# | 4,758 | 113,003 | ||||
WellPoint, Inc.† | 18,854 | 671,202 | ||||
Williams Cos., Inc. | 52,362 | 849,312 | ||||
Windstream Corp.# | 35,689 | 316,205 | ||||
WW Grainger, Inc.# | 7,923 | 559,126 | ||||
Yahoo!, Inc.† | 17,000 | 195,670 | ||||
Zimmer Holdings, Inc. | 7,880 | 294,082 | ||||
128,539,759 | ||||||
Total Common Stock | ||||||
(cost $423,602,379) | 280,211,420 | |||||
PREFERRED STOCK — 0.4% | ||||||
Germany — 0.4% | ||||||
Bayerische Motoren Werke AG | 31,034 | 569,272 | ||||
Henkel AG & Co KGaA | 20,400 | 579,191 | ||||
Total Preferred Stock | ||||||
(cost $1,936,238) | 1,148,463 | |||||
RIGHTS — 0.0% | ||||||
Australia — 0.0% | ||||||
Incitec Pivot, Ltd. Expires 12/04/08 | 10,323 | 1,014 | ||||
Belgium — 0.0% | ||||||
Fortis, Inc. Expires 07/04/14† | 40,145 | 0 | ||||
Sweden — 0.0% | ||||||
Swedbank AB Expires 12/16/08† | 6,900 | 3,730 | ||||
United Kingdom — 0.0% | ||||||
Standard Chartered PLC 12/17/08† | 2,207 | 13,942 | ||||
Total Rights | ||||||
(cost $57,927) | 18,686 | |||||
Total Long-Term Investment Securities | ||||||
(cost $425,596,543) | 281,378,569 | |||||
SHORT-TERM INVESTMENT SECURITIES — 10.9% | ||||||
Collective Investment Pool — 8.7% | ||||||
Securities Lending Quality Trust(4) | 26,270,446 | 25,167,087 | ||||
Commercial Paper — 1.7% | ||||||
Erste Finance LLC | $ | 5,000,000 | 5,000,000 | |||
U.S. Government Treasuries — 0.5% | ||||||
United States Treasury Bills | 400,000 | 399,996 | ||||
0.02% due 01/22/09 @ | 530,000 | 529,985 | ||||
0.07% due 01/15/09 @ | 500,000 | 499,956 | ||||
1,429,937 | ||||||
Total Short-Term Investment Securities | ||||||
(cost $32,700,383) | 31,597,024 | |||||
65
Table of Contents
AIG Retirement Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2)(6) | ||||||
REPURCHASE AGREEMENT — 1.1% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $3,3134,003 and collateralized by Federal National Mtg. Assoc. Bonds, bearing interest at 4.75%, due 11/19/2012 and having an approximate value of $3,233,000 | $ | 3,134,000 | $ | 3,134,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $461,430,926)(5) | 108.7 | % | 316,109,593 | |||||
Liabilities in excess of other assets | (8.7 | ) | (25,263,837 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 290,845,756 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Fair valued security; see Note 2 |
(2) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $0.00, representing 0.0% of net assets. |
(3) | To the extent permitted by the Statement of Additional Information, the Global Social Awareness Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Global Social Awareness Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | ||||||||||
Seagate Technology | 11/22/2000 | 22,401 | $ | 0 | $ | 0 | $ | 0.00 | 0.00 | % | ||||||
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | A substantial number of the portfolio’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $136,488,874 representing 46.9% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
CVA—Certification Van Aan delen (Dutch Cert.)
SDR—Swedish Depository Receipt
FDR—Fiduciary Depository Receipts
Open Futures Contracts | |||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | ||||||||
49 Long | S & P 500 Index | December 2008 | $ | 10,754,407 | $ | 10,967,425 | $ | 213,018 | |||||
See Notes to financial Statements
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PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Sovereign | 31.3 | % | |
Collective Investment Pool | 7.3 | ||
Medical — Drugs | 6.2 | ||
Oil Companies — Integrated | 4.3 | ||
Foreign Government Treasuries | 2.6 | ||
Telephone — Integrated | 2.5 | ||
Multimedia | 2.4 | ||
Insurance — Multi-line | 2.2 | ||
Banks — Commercial | 1.6 | ||
Telecom Services | 1.6 | ||
Cable TV | 1.5 | ||
U.S. Government Agencies | 1.4 | ||
Applications Software | 1.4 | ||
Electric — Integrated | 1.3 | ||
Diversified Manufacturing Operations | 1.2 | ||
Medical — Biomedical/Gene | 1.2 | ||
Cellular Telecom | 1.2 | ||
Transport — Services | 1.2 | ||
Insurance Brokers | 1.0 | ||
Aerospace/Defense | 1.0 | ||
Photo Equipment & Supplies | 0.9 | ||
Enterprise Software/Service | 0.9 | ||
Medical Labs & Testing Services | 0.9 | ||
Electronic Components — Semiconductors | 0.8 | ||
Auto — Cars/Light Trucks | 0.8 | ||
Security Services | 0.8 | ||
Computer Services | 0.7 | ||
Electronic Components — Misc. | 0.7 | ||
Medical — Generic Drugs | 0.7 | ||
Paper & Related Products | 0.7 | ||
Food — Misc. | 0.7 | ||
Insurance — Property/Casualty | 0.6 | ||
Toys | 0.6 | ||
Beverages — Non-alcoholic | 0.6 | ||
Insurance — Reinsurance | 0.6 | ||
Retail — Discount | 0.6 | ||
Food — Catering | 0.6 | ||
Banks — Fiduciary | 0.5 | ||
Networking Products | 0.5 | ||
Publishing — Books | 0.5 | ||
Real Estate Operations & Development | 0.5 | ||
Insurance — Life/Health | 0.5 | ||
Television | 0.5 | ||
Retail — Apparel/Shoe | 0.4 | ||
Retail — Building Products | 0.4 | ||
Diversified Operations | 0.4 | ||
Diversified Minerals | 0.4 | ||
Power Converter/Supply Equipment | 0.3 | ||
Electric — Distribution | 0.3 | ||
Pipelines | 0.3 | ||
Medical Instruments | 0.3 | ||
Finance — Consumer Loans | 0.3 | ||
Computers — Periphery Equipment | 0.3 | ||
Medical Products | 0.3 | ||
Human Resources | 0.2 | ||
Investment Management/Advisor Services | 0.2 | ||
Distribution/Wholesale | 0.2 | ||
Computers — Memory Devices | 0.2 | ||
Building Products — Cement | 0.2 | ||
Semiconductor Components — Integrated Circuits | 0.1 | ||
Metal — Aluminum | 0.1 | ||
94.5 | % | ||
Country Allocation*
United States | 25.5 | % | |
United Kingdom | 9.4 | ||
France | 5.8 | ||
South Korea | 5.4 | ||
Sweden | 3.8 | ||
Germany | 3.8 | ||
Mexico | 3.5 | ||
Japan | 3.2 | ||
Poland | 2.8 | ||
Malaysia | 2.6 | ||
Egypt | 2.6 | ||
Switzerland | 2.5 | ||
Brazil | 2.4 | ||
Indonesia | 2.2 | ||
Australia | 2.0 | ||
Singapore | 1.7 | ||
Luxembourg | 1.6 | ||
Bermuda | 1.5 | ||
Netherlands | 1.4 | ||
Italy | 1.2 | ||
Norway | 1.2 | ||
Spain | 1.1 | ||
Hong Kong | 0.9 | ||
Russia | 0.9 | ||
Taiwan | 0.9 | ||
New Zealand | 0.7 | ||
South Africa | 0.7 | ||
Finland | 0.7 | ||
Israel | 0.6 | ||
Argentina | 0.6 | ||
Austria | 0.5 | ||
Denmark | 0.2 | ||
Hungary | 0.2 | ||
Cayman Islands | 0.2 | ||
Ireland | 0.1 | ||
Canada | 0.1 | ||
94.5 | % | ||
* | Calculated as a percentage of net assets |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 51.5% | |||||
Australia — 0.1% | |||||
Alumina, Ltd.#(1) | 323,481 | $ | 271,195 | ||
Austria — 0.5% | |||||
Telekom Austria AG(1) | 120,080 | 1,607,780 | |||
Bermuda — 1.5% | |||||
Accenture, Ltd., Class A | 84,340 | 2,612,853 | |||
Covidien, Ltd. | 25,291 | 931,973 | |||
Invesco, Ltd.# | 62,094 | 779,280 | |||
Tyco Electronics, Ltd. | 25,291 | 416,796 | |||
Tyco International, Ltd. | 25,291 | 528,582 | |||
5,269,484 | |||||
Cayman Islands — 0.2% | |||||
Seagate Technology | 161,636 | 680,488 | |||
Denmark — 0.2% | |||||
Vestas Wind Systems A/S†(1) | 16,068 | 730,397 | |||
Finland — 0.7% | |||||
UPM - Kymmene Oyj(1) | 168,687 | 2,432,837 | |||
France — 3.9% | |||||
AXA SA(1) | 119,489 | 2,287,068 | |||
France Telecom SA ADR | 153,242 | 3,942,917 | |||
Sanofi - Aventis#(1) | 47,002 | 2,607,174 | |||
Total SA(1) | 66,840 | 3,506,731 | |||
Vivendi(1) | 55,790 | 1,581,103 | |||
13,924,993 | |||||
Germany — 3.1% | |||||
Bayerische Motoren Werke AG#(1) | 55,255 | 1,392,093 | |||
Deutsche Post AG(1) | 144,737 | 2,086,012 | |||
E.ON AG(1) | 63,567 | 2,240,797 | |||
Infineon Technologies AG ADR† | 165,670 | 389,324 | |||
Merck KGaA(1) | 19,110 | 1,605,561 | |||
SAP AG ADR# | 29,010 | 990,401 | |||
Siemens AG ADR | 39,400 | 2,352,180 | |||
11,056,368 | |||||
Hong Kong — 0.9% | |||||
Cheung Kong Holdings, Ltd.(1) | 190,324 | 1,777,954 | |||
Swire Pacific, Ltd., Class A(1) | 220,766 | 1,485,578 | |||
3,263,532 | |||||
Ireland — 0.1% | |||||
CRH, PLC(1) | 24,010 | 527,412 | |||
Israel — 0.6% | |||||
Check Point Software Technologies, Ltd.† | 111,959 | 2,307,475 | |||
Italy — 1.2% | |||||
ENI SpA(1) | 127,040 | 2,881,589 | |||
Intesa Sanpaolo SpA(1) | 401,765 | 1,214,445 | |||
4,096,034 | |||||
Japan — 3.2% | |||||
AIFUL Corp.(1) | 49 | 126 | |||
FUJIFILM Holdings Corp.(1) | 80,707 | 1,952,036 | |||
Mitsubishi UFJ Financial Group, Inc.(1) | 116,000 | 634,287 | |||
Nintendo Co., Ltd.(1) | 7,124 | 2,205,629 | |||
Nomura Holdings, Inc.(1) | 6 | 43 | |||
Olympus Corp.# | 67,000 | 1,390,418 | |||
Promise Co., Ltd.#(1) | 53,600 | 1,102,006 | |||
Sumitomo Mitsui Financial Group, Inc.#(1) | 155 | 568,728 | |||
Takeda Pharmaceutical Co., Ltd.(1) | 47,679 | 2,304,143 | |||
Toyota Motor Co. ADR# | 21,910 | 1,382,521 | |||
11,539,937 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Netherlands — 1.2% | |||||
ING Groep NV CVA(1) | 119,487 | $ | 1,003,256 | ||
Koninklijke Philips Electronics NV(1) | 98,376 | 1,604,527 | |||
Reed Elsevier NV(1) | 155,953 | 1,832,613 | |||
4,440,396 | |||||
Norway — 0.4% | |||||
Telenor ASA#(1) | 241,162 | 1,306,583 | |||
Singapore — 1.3% | |||||
DBS Group Holdings, Ltd.(1) | 219,397 | 1,356,999 | |||
Singapore Telecommunications, Ltd.(1) | 1,667,000 | 2,799,329 | |||
Venture Corp., Ltd.#(1) | 193,962 | 529,910 | |||
4,686,238 | |||||
South Africa — 0.5% | |||||
Sasol, Ltd. ADR# | 63,630 | 1,817,273 | |||
South Korea — 1.2% | |||||
KB Financial Group, Inc. ADR†# | 33,378 | 680,577 | |||
Samsung Electronics Co., Ltd.(1) | 7,582 | 2,507,867 | |||
SK Telecom Co., Ltd. ADR | 58,720 | 951,851 | |||
4,140,295 | |||||
Spain — 1.1% | |||||
Gamesa Corp. Tecnologica SA(1) | 28,200 | 474,272 | |||
Telefonica SA ADR | 56,803 | 3,467,255 | |||
3,941,527 | |||||
Switzerland — 2.5% | |||||
ACE, Ltd. | 57,657 | 3,012,578 | |||
Adecco SA(1) | 26,910 | 798,425 | |||
Novartis AG(1) | 43,790 | 2,047,229 | |||
Roche Holding AG(1) | 6,360 | 894,332 | |||
Swiss Reinsurance(1) | 51,330 | 2,114,521 | |||
8,867,085 | |||||
Taiwan — 0.9% | |||||
Chunghwa Telecom Co., Ltd. ADR | 98,812 | 1,545,420 | |||
Lite - On Technology Corp.(1) | 1,517,262 | 1,076,021 | |||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 383,000 | 472,705 | |||
3,094,146 | |||||
United Kingdom — 9.4% | |||||
Aviva PLC(1) | 220,880 | 1,370,983 | |||
BAE Systems PLC(1) | 378,499 | 2,084,391 | |||
BP PLC(1) | 426,865 | 3,462,503 | |||
British Sky Broadcasting Group PLC(1) | 255,698 | 1,746,540 | |||
Compass Group PLC(1) | 429,640 | 2,041,579 | |||
G4S PLC(1) | 855,503 | 2,688,796 | |||
GlaxoSmithKline PLC(1) | 126,106 | 2,188,699 | |||
HSBC Holdings PLC(1) | 88,253 | 948,411 | |||
Kingfisher PLC(1) | 813,980 | 1,497,372 | |||
National Grid PLC(1) | 114,673 | 1,194,666 | |||
Old Mutual PLC(1) | 490,164 | 415,069 | |||
Pearson PLC(1) | 206,609 | 1,984,627 | |||
Rolls - Royce Group PLC†(1) | 268,827 | 1,301,647 | |||
Rolls - Royce Group PLC, Class C (Entitlement Shares)(7) | 15,376,904 | 23,693 | |||
Royal Bank of Scotland Group PLC(1) | 436,626 | 372,733 | |||
Royal Dutch Shell PLC, Class B(1) | 142,106 | 3,769,085 | |||
Unilever PLC(1) | 101,385 | 2,339,292 | |||
Vodafone Group PLC ADR | 163,547 | 3,202,250 | |||
Wolseley PLC(1) | 144,960 | 684,911 | |||
33,317,247 | |||||
United States — 16.8% | |||||
Abbott Laboratories | 39,799 | 2,085,070 | |||
Amgen, Inc.† | 78,240 | 4,345,450 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2) | ||||
COMMON STOCK (continued) | ||||||
United States (continued) | ||||||
AON Corp. | 78,710 | $ | 3,565,563 | |||
Boston Scientific Corp.† | 182,961 | 1,128,869 | ||||
Bristol - Myers Squibb Co. | 88,390 | 1,829,673 | ||||
Cisco Systems, Inc.† | 112,580 | 1,862,073 | ||||
Comcast Corp., Special Class A# | 171,115 | 2,869,598 | ||||
Dr. Pepper Snapple Group, Inc.† | 132,570 | 2,139,680 | ||||
El Paso Corp.†# | 156,326 | 1,155,249 | ||||
General Electric Co. | 87,630 | 1,504,607 | ||||
Merck & Co., Inc. | 100,530 | 2,686,162 | ||||
Microsoft Corp. | 126,124 | 2,550,227 | ||||
News Corp., Class A | 206,437 | 1,630,852 | ||||
Oracle Corp.† | 132,880 | 2,138,039 | ||||
Pfizer, Inc. | 223,479 | 3,671,760 | ||||
PG&E Corp.# | 64,820 | 2,465,753 | ||||
Quest Diagnostics, Inc. | 65,980 | 3,072,689 | ||||
Target Corp.# | 60,653 | 2,047,645 | ||||
The Bank of New York Mellon Corp. | 61,870 | 1,869,093 | ||||
The DIRECTV Group, Inc.†# | 102,896 | 2,264,741 | ||||
The Gap, Inc. | 116,950 | 1,522,689 | ||||
The Progressive Corp.# | 150,810 | 2,265,166 | ||||
Time Warner, Inc.# | 194,916 | 1,763,990 | ||||
Torchmark Corp.# | 37,420 | 1,352,733 | ||||
United Parcel Service, Inc., Class B# | 35,370 | 2,037,312 | ||||
Viacom, Inc., Class B† | 90,980 | 1,448,402 | ||||
Watson Pharmaceuticals, Inc.†# | 107,040 | 2,542,200 | ||||
59,815,285 | ||||||
Total Common Stock | ||||||
(cost $268,613,449) | 183,134,007 | |||||
PREFERRED STOCK — 0.4% | ||||||
Brazil — 0.4% | ||||||
Cia Vale do Rio Doce ADR | ||||||
(cost $1,284,880) | 125,110 | 1,362,448 | ||||
FOREIGN GOVERNMENT AGENCIES — 31.3% | ||||||
Argentina — 0.6% | ||||||
Republic of Argentina | 8,923,000 | 2,186,135 | ||||
Australia — 1.9% | ||||||
New South Wales Treasury Corp. | AUD | 2,575,000 | 1,727,429 | |||
New South Wales Treasury Corp. | AUD | 2,510,000 | 1,715,117 | |||
Queensland Treasury Corp. | AUD | 2,140,000 | 1,417,365 | |||
Queensland Treasury Corp. | AUD | 525,000 | 361,325 | |||
Queensland Treasury Corp. | AUD | 1,050,000 | 728,763 | |||
Queensland Treasury Corp. | NZD | 1,250,000 | 744,287 | |||
6,694,286 | ||||||
Brazil — 2.0% | ||||||
Brazil Nota do Tesouro Nacional | BRL | 1,700,000 | 1,099,795 |
Security Description | Principal Amount(6) | Market Value (Note 2) | ||||
Brazil (continued) | ||||||
Brazil Nota do Tesouro Nacional | BRL | 4,750,000 | $ | 2,814,490 | ||
Brazil Nota do Tesouro Nacional | BRL | 1,815,000 | 714,617 | |||
Brazil Nota do Tesouro Nacional | BRL | 2,950,000 | 1,028,356 | |||
Brazil Nota do Tesouro Nacional | BRL | 5,200,000 | 1,626,939 | |||
7,284,197 | ||||||
Canada — 0.1% | ||||||
Province of Ontario | NZD | 528,000 | 298,608 | |||
France — 1.9% | ||||||
Government of France | EUR | 5,200,000 | 6,931,801 | |||
Germany — 0.7% | ||||||
Kreditanstalt fuer Wiederaufbau | JPY | 122,000,000 | 1,276,869 | |||
Kreditanstalt fuer Wiederaufbau | NZD | 2,059,000 | 1,174,246 | |||
2,451,115 | ||||||
Hungary — 0.2% | ||||||
Republic of Hungary | EUR | 650,000 | 700,076 | |||
Indonesia — 2.2% | ||||||
Republic of Indonesia | 230,000 | 149,938 | ||||
Republic of Indonesia | 610,000 | 387,274 | ||||
Republic of Indonesia | 100,000 | 64,140 | ||||
Republic of Indonesia | IDR | 2,780,000,000 | 157,360 | |||
Republic of Indonesia | IDR | 7,720,000,000 | 421,016 | |||
Republic of Indonesia | IDR | 6,235,000,000 | 338,251 | |||
Republic of Indonesia | IDR | 1,280,000,000 | 75,251 | |||
Republic of Indonesia | IDR | 1,640,000,000 | 91,507 | |||
Republic of Indonesia | IDR | 39,900,000,000 | 2,630,158 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount(6) | Market Value (Note 2) | ||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||
Indonesia (continued) | ||||||
Republic of Indonesia | IDR | 21,782,000,000 | $ | 1,377,128 | ||
Republic of Indonesia | IDR | 15,947,000,000 | 1,133,262 | |||
Republic of Indonesia | IDR | 8,530,000,000 | 607,403 | |||
Republic of Indonesia | IDR | 4,200,000,000 | 336,410 | |||
7,769,098 | ||||||
Luxembourg — 1.6% | ||||||
European Investment Bank | JPY | 301,000,000 | 3,124,528 | |||
European Investment Bank | NOK | 8,500,000 | 1,230,864 | |||
European Investment Bank | NZD | 2,400,000 | 1,374,875 | |||
5,730,267 | ||||||
Malaysia — 2.6% | ||||||
Government of Malaysia | MYR | 6,960,000 | 1,922,683 | |||
Government of Malaysia | MYR | 900,000 | 250,894 | |||
Government of Malaysia | MYR | 5,615,000 | 1,554,499 | |||
Government of Malaysia | MYR | 13,060,000 | 3,752,168 | |||
Government of Malaysia | MYR | 5,375,000 | 1,487,131 | |||
Government of Malaysia | MYR | 970,000 | 270,561 | |||
9,237,936 | ||||||
Mexico — 3.5% | ||||||
United Mexican States | MXN | 19,000,000 | 1,298,086 | |||
United Mexican States | MXN | 32,400,000 | 2,306,494 | |||
United Mexican States | MXN$ | 53,000,000 | 3,724,804 | |||
United Mexican States | MXN | 4,600,000 | 343,775 | |||
United Mexican States | MXN | 58,700,000 | 4,652,363 | |||
12,325,522 | ||||||
Security Description | Principal Amount(6) | Market Value (Note 2) | ||||
Netherlands — 0.2% | ||||||
Government of the Netherlands | EUR | 430,000 | $ | 581,592 | ||
New Zealand — 0.7% | ||||||
Government of New Zealand | NZD | 4,490,000 | 2,499,765 | |||
Norway — 0.8% | ||||||
Kingdom of Norway | NOK | 16,000,000 | 2,416,445 | |||
Kingdom of Norway | NOK | 2,050,000 | 328,331 | |||
2,744,776 | ||||||
Poland — 2.8% | ||||||
Government of Poland | PLN | 1,590,000 | 526,325 | |||
Government of Poland | PLN | 23,500,000 | 7,873,856 | |||
Government of Poland | PLN | 4,150,000 | 1,409,836 | |||
9,810,017 | ||||||
Russia — 0.9% | ||||||
Russian Federation | 2,097,200 | 1,740,676 | ||||
Russian Federation | 1,838,480 | 1,516,746 | ||||
3,257,422 | ||||||
Singapore — 0.4% | ||||||
Government of Singapore | SGD | 1,315,000 | 880,769 | |||
Government of Singapore | SGD | 815,000 | 541,032 | |||
1,421,801 | ||||||
South Africa — 0.2% | ||||||
Republic of South Africa | EUR | 275,000 | 254,962 | |||
Republic of South Africa | EUR | 290,000 | 311,484 | |||
Republic of South Africa | 120,000 | 102,000 | ||||
668,446 | ||||||
South Korea — 4.2% | ||||||
KDICB Redemption Fund | KRW | 1,104,000,000 | 725,133 | |||
Republic of South Korea | KRW | 80,000,000 | 52,968 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2) | ||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||
South Korea (continued) | ||||||
Republic of South Korea | KRW | 6,755,000,000 | $ | 4,646,999 | ||
Republic of South Korea | KRW | 6,982,000,000 | 4,435,324 | |||
Republic of South Korea | KRW | 7,412,000,000 | 5,018,408 | |||
14,878,832 | ||||||
Sweden — 3.8% | ||||||
Kingdom of Sweden | SEK | 12,160,000 | 1,529,066 | |||
Kingdom of Sweden | SEK | 63,650,000 | 7,883,551 | |||
Kingdom of Sweden | SEK | 27,480,000 | 3,770,547 | |||
Svensk Exportkredit AB | NZD | 715,000 | 385,863 | |||
13,569,027 | ||||||
Total Foreign Government Agencies | ||||||
(cost $139,493,942) | 111,040,719 | |||||
OPTIONS - PURCHASED — 0.0% | ||||||
Brazilian Real Currency | 10 | 14,143 | ||||
Total Long-Term Investment Securities | ||||||
(cost $409,396,021) | 295,551,317 | |||||
SHORT-TERM INVESTMENT SECURITIES — 11.3% | ||||||
Collective Investment Pool — 7.3% | ||||||
United States — 7.3% | ||||||
Securities Lending Quality Trust(3) | 27,127,542 | 25,988,185 | ||||
FOREIGN GOVERNMENT TREASURIES — 2.6% | ||||||
Egypt — 2.6% | ||||||
Egypt Treasury Bills | EGP | 8,175,000 | 1,454,943 | |||
Egypt Treasury Bills | EGP | 8,175,000 | 1,454,943 | |||
Egypt Treasury Bills | EGP | 8,150,000 | 1,450,494 | |||
Egypt Treasury Bills | EGP | 25,000 | 4,313 | |||
Egypt Treasury Bills | EGP | 25,000 | 4,314 | |||
Egypt Treasury Bills | EGP | 1,850,000 | 311,021 | |||
Egypt Treasury Bills | EGP | 1,850,000 | 311,021 | |||
Egypt Treasury Bills | EGP | 1,850,000 | 311,021 | |||
Egypt Treasury Bills | EGP | 2,525,000 | 418,611 | |||
Egypt Treasury Bills | EGP | 5,475,000 | 905,602 | |||
Egypt Treasury Bills | EGP | 5,475,000 | 905,603 |
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2) | |||||
Egypt Treasury Bills | EGP | 6,225,000 | $ | 1,024,930 | |||
Egypt Treasury Bills | EGP | 3,900,000 | 637,752 | ||||
9,194,568 | |||||||
U.S. GOVERNMENT AGENCIES — 1.4% | |||||||
United States — 1.4% | |||||||
Federal Home Loan Bank Disc. Notes | $ | 1,280,000 | 1,280,000 | ||||
0.10% due 12/01/08 | 3,838,000 | 3,838,000 | |||||
5,118,000 | |||||||
Total Short-Term Investment Securities | |||||||
(cost $41,687,955) | 40,300,753 | ||||||
TOTAL INVESTMENTS | |||||||
(cost $451,083,976)(5) | 94.5 | % | 335,852,070 | ||||
Other assets less liabilities | 5.5 | 19,576,791 | |||||
NET ASSETS — | 100.0 | % | $ | 355,428,861 | |||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $2,261,033 representing 0.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | “Step up” security where the rate increases (“step-up”) at a predetermined rate. The rate reflected is as of November 30, 2008. |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Denominated in United States Dollars unless otherwise indicated. |
(7) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $23,693 representing 0.0% of net assets. |
ADR—American Depository Receipt
CVA—Certification Van Aandelen (Dutch Cert.)
71
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AIG Retirement Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | |||||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | ||||||
AUD | 347,748 | VND | 4,841,443,000 | 03/23/2009 | $ | 41,704 | |||
AUD | 95,263 | VND | 1,356,757,000 | 05/29/2009 | 11,003 | ||||
AUD | 82,923 | VND | 1,180,505,000 | 06/02/2009 | 9,446 | ||||
AUD | 350,727 | VND | 4,997,929,000 | 06/22/2009 | 38,974 | ||||
AUD | 255,992 | CNY | 1,184,807 | 10/13/2009 | 3,115 | ||||
AUD | 429,286 | CNY | 2,021,641 | 10/19/2009 | 10,153 | ||||
EUR | 287,500 | JPY | 45,119,675 | 12/08/2008 | 107,252 | ||||
EUR | 1,547,611 | USD | 2,256,339 | 01/28/2009 | 291,828 | ||||
EUR | 2,170,100 | USD | 3,162,435 | 01/29/2009 | 407,761 | ||||
EUR | 622,349 | USD | 912,737 | 02/04/2009 | 122,763 | ||||
EUR | 972,763 | USD | 1,405,205 | 02/19/2009 | 170,482 | ||||
EUR | 4,495,894 | USD | 6,534,958 | 02/23/2009 | 828,401 | ||||
EUR | 4,495,894 | JPY | 691,675,308 | 02/23/2009 | 1,561,006 | ||||
EUR | 1,498,631 | USD | 2,190,249 | 02/25/2009 | 288,074 | ||||
EUR | 2,997,263 | JPY | 461,568,011 | 02/25/2009 | 1,045,870 | ||||
EUR | 2,997,262 | USD | 4,382,057 | 02/26/2009 | 577,716 | ||||
EUR | 1,498,631 | JPY | 229,840,541 | 02/26/2009 | 513,137 | ||||
EUR | 6,743,842 | JPY | 1,048,579,012 | 02/27/2009 | 2,459,871 | ||||
EUR | 9,741,103 | USD | 14,368,578 | 02/27/2009 | 2,004,497 | ||||
EUR | 1,498,632 | USD | 2,246,390 | 03/03/2009 | 344,234 | ||||
EUR | 2,247,948 | USD | 3,362,765 | 03/04/2009 | 509,529 | ||||
EUR | 749,316 | JPY | 115,243,302 | 03/09/2009 | 260,564 | ||||
EUR | 749,316 | USD | 1,128,545 | 03/09/2009 | 177,459 | ||||
EUR | 561,987 | JPY | 86,149,797 | 03/10/2009 | 192,489 | ||||
EUR | 749,316 | USD | 1,132,179 | 03/10/2009 | 181,092 | ||||
EUR | 749,316 | USD | 1,145,041 | 03/17/2009 | 193,945 | ||||
EUR | 96,090 | RUB | 4,104,000 | 03/20/2009 | 8,410 | ||||
EUR | 3,184,592 | JPY | 493,162,546 | 04/06/2009 | 1,149,266 | ||||
EUR | 1,122,996 | JPY | 174,696,065 | 04/14/2009 | 414,232 | ||||
EUR | 3,368,987 | SGD | 7,102,779 | 04/14/2009 | 436,094 | ||||
EUR | 2,305,096 | USD | 3,566,206 | 04/14/2009 | 640,269 | ||||
EUR | 591,050 | SGD | 1,230,838 | 04/17/2009 | 66,477 | ||||
EUR | 1,773,150 | SGD | 3,711,912 | 04/20/2009 | 212,592 | ||||
EUR | 589,421 | MYR | 2,872,543 | 04/21/2009 | 46,603 | ||||
EUR | 294,711 | SGD | 617,243 | 04/24/2009 | 35,594 | ||||
EUR | 294,711 | SGD | 615,209 | 04/27/2009 | 34,292 | ||||
EUR | 191,562 | SGD | 391,380 | 05/06/2009 | 16,736 | ||||
EUR | 1,137,152 | USD | 1,752,948 | 06/10/2009 | 309,338 | ||||
EUR | 1,785,628 | SGD | 3,715,000 | 07/07/2009 | 205,168 | ||||
EUR | 1,113,200 | MYR | 5,625,000 | 07/07/2009 | 147,330 | ||||
EUR | 375,660 | SGD | 776,546 | 07/13/2009 | 39,905 | ||||
EUR | 751,320 | USD | 1,161,484 | 07/13/2009 | 207,446 | ||||
EUR | 288,969 | MYR | 1,439,355 | 07/14/2009 | 32,566 | ||||
EUR | 375,660 | SGD | 777,718 | 07/14/2009 | 40,698 | ||||
EUR | 433,454 | TWD | 19,864,541 | 07/14/2009 | 49,868 | ||||
EUR | 751,319 | USD | 1,162,776 | 07/14/2009 | 208,732 | ||||
EUR | 710,863 | MYR | 3,556,405 | 07/15/2009 | 84,473 | ||||
EUR | 375,660 | SGD | 784,234 | 07/15/2009 | 45,049 | ||||
EUR | 595,276 | TWD | 27,468,183 | 07/15/2009 | 74,176 | ||||
EUR | 751,319 | USD | 1,174,763 | 07/15/2009 | 220,711 | ||||
EUR | 184,940 | MYR | 924,885 | 07/16/2009 | 21,886 | ||||
EUR | 80,911 | TWD | 3,746,179 | 07/16/2009 | 10,467 | ||||
EUR | 187,830 | MYR | 939,751 | 07/17/2009 | 22,352 | ||||
EUR | 187,830 | SGD | 390,273 | 07/17/2009 | 21,310 | ||||
EUR | 187,830 | TWD | 8,709,395 | 07/17/2009 | 24,695 | ||||
EUR | 375,660 | USD | 589,711 | 07/17/2009 | 112,678 | ||||
EUR | 14,484 | JPY | 2,350,000 | 07/22/2009 | 6,461 | ||||
EUR | 288,969 | USD | 449,997 | 07/22/2009 | 83,034 | ||||
EUR | 130,036 | MYR | 654,224 | 07/24/2009 | 16,524 | ||||
EUR | 187,830 | SGD | 390,716 | 07/24/2009 | 21,652 | ||||
EUR | 205,168 | TWD | 9,462,040 | 07/24/2009 | 25,478 | ||||
EUR | 664,629 | USD | 1,039,678 | 07/24/2009 | 195,652 | ||||
EUR | 176,033 | MYR | 883,157 | 07/31/2009 | 21,738 | ||||
EUR | 357,451 | MYR | 1,771,456 | 08/05/2009 | 38,148 | ||||
EUR | 572,991 | JPY | 89,281,600 | 08/21/2009 | 217,662 |
72
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AIG Retirement Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | ||||||
EUR | 283,914 | JPY | 44,279,200 | 08/26/2009 | $ | 108,367 | |||
EUR | 213,333 | CNY | 2,048,000 | 09/18/2009 | 20,876 | ||||
EUR | 1,333,312 | CNY | 8,406,359 | 09/23/2009 | 124,268 | ||||
EUR | 586,635 | CNY | 5,693,000 | 09/24/2009 | 65,844 | ||||
EUR | 2,998,568 | JPY | 448,000,000 | 09/28/2009 | 940,820 | ||||
EUR | 40,887 | MYR | 200,000 | 09/30/2009 | 3,719 | ||||
EUR | 532,033 | CNY | 5,013,880 | 10/15/2009 | 37,526 | ||||
EUR | 714,178 | JPY | 95,000,000 | 10/15/2009 | 100,425 | ||||
EUR | 538,839 | CNY | 5,038,333 | 10/16/2009 | 32,313 | ||||
EUR | 725,187 | CNY | 6,753,219 | 10/19/2009 | 39,391 | ||||
EUR | 1,323,688 | JPY | 175,339,678 | 10/21/2009 | 178,596 | ||||
EUR | 915,000 | JPY | 110,756,175 | 11/18/2009 | 13,389 | ||||
EUR | 248,909 | USD | 190,735 | 11/30/2009 | 6,393 | ||||
GBP | 890,000 | USD | 1,729,466 | 04/07/2009 | 357,155 | ||||
GBP | 590,308 | SGD | 1,544,092 | 04/14/2009 | 114,211 | ||||
GBP | 441,513 | MYR | 2,653,069 | 04/27/2009 | 53,358 | ||||
GBP | 147,171 | MYR | 889,678 | 04/30/2009 | 19,281 | ||||
GBP | 147,171 | MYR | 886,955 | 05/07/2009 | 18,578 | ||||
KRW | 974,497,000 | CHF | 1,177,896 | 12/09/2008 | 306,152 | ||||
KRW | 686,977,200 | SGD | 1,059,414 | 12/10/2008 | 231,450 | ||||
KRW | 10,363,400,000 | CHF | 11,940,346 | 01/20/2009 | 2,728,077 | ||||
*KRW | 1,675,424,100 | USD | 1,758,422 | 01/23/2009 | 603,689 | ||||
KRW | 587,937,813 | CHF | 669,351 | 01/30/2009 | 147,723 | ||||
KRW | 3,997,212,957 | USD | 4,199,944 | 01/30/2009 | 1,441,773 | ||||
*KRW | 625,224,600 | USD | 660,000 | 02/27/2009 | 227,831 | ||||
*KRW | 621,852,000 | USD | 660,000 | 03/04/2009 | 230,037 | ||||
KRW | 1,320,000,000 | CHF | 1,362,878 | 03/27/2009 | 216,166 | ||||
KRW | 516,499,500 | CHF | 534,254 | 04/01/2009 | 85,373 | ||||
KRW | 660,000,000 | CHF | 684,749 | 04/06/2009 | 110,777 | ||||
MXN | 76,402,995 | USD | 6,743,872 | 02/06/2009 | 1,164,117 | ||||
MXN | 1,354,762 | TWD | 3,781,953 | 07/24/2009 | 19,186 | ||||
MXN | 3,000,000 | USD | 281,162 | 07/29/2009 | 70,682 | ||||
MXN | 12,717,976 | USD | 1,200,999 | 07/31/2009 | 309,033 | ||||
MXN | 7,450,890 | USD | 702,980 | 08/04/2009 | 180,803 | ||||
NZD | 110,442 | VND | 1,306,187,633 | 02/12/2009 | 13,356 | ||||
NZD | 147,399 | VND | 1,745,548,404 | 02/20/2009 | 17,672 | ||||
NZD | 4,057,505 | INR | 125,200,000 | 02/27/2009 | 262,114 | ||||
NZD | 316,160 | VND | 3,831,383,506 | 08/14/2009 | 31,139 | ||||
RON | 3,785,274 | CZK | 24,930,739 | 02/12/2009 | 10,083 | ||||
RON | 1,383,707 | CZK | 9,157,511 | 02/17/2009 | 6,583 | ||||
USD | 260,000 | KZT | 33,774,000 | 12/22/2008 | 18,007 | ||||
USD | 948,928 | KZT | 121,700,000 | 01/16/2009 | 42,539 | ||||
USD | 1,900,391 | KZT | 243,250,000 | 01/20/2009 | 78,201 | ||||
USD | 1,096,079 | KRW | 1,252,680,000 | 02/25/2009 | 223,921 | ||||
USD | 360,000 | KZT | 46,512,000 | 02/26/2009 | 12,207 | ||||
USD | 2,073,501 | KZT | 267,156,208 | 02/27/2009 | 63,391 | ||||
USD | 307,687 | IDR | 4,243,000,000 | 05/18/2009 | 19,917 | ||||
USD | 4,199,034 | JPY | 400,000,000 | 05/21/2009 | 20,284 | ||||
USD | 76,891 | IDR | 1,113,000,000 | 05/22/2009 | 8,914 | ||||
USD | 76,912 | IDR | 1,086,000,000 | 11/17/2009 | 1,889 | ||||
USD | 1,037,000 | JPY | 98,618,700 | 11/18/2009 | 10,705 | ||||
USD | 384,375 | IDR | 5,894,000,000 | 11/23/2009 | 42,141 | ||||
$ | 29,108,569 | ||||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Depreciation | ||||||
AUD | 1,779,340 | RUB | 37,400,978 | 09/24/2009 | $ (74,341 | ) | |||
AUD | 989,397 | RUB | 20,583,874 | 09/28/2009 | (48,248 | ) | |||
AUD | 291,417 | VND | 3,588,678,191 | 10/07/2009 | (2,189 | ) | |||
EUR | 2,470,600 | SEK | 23,782,000 | 09/22/2009 | (198,829 | ) | |||
EUR | 935,736 | SEK | 9,000,000 | 09/23/2009 | (76,227 | ) | |||
EUR | 344,304 | CHF | 510,000 | 10/27/2009 | (10,821 | ) | |||
EUR | 346,197 | CHF | 504,098 | 10/28/2009 | (18,156 | ) | |||
EUR | 37,905 | USD | 47,981 | 11/19/2009 | (210 | ) |
73
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AIG Retirement Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Depreciation | |||||||
EUR | 96,096 | RUB | 4,295,000 | 11/20/2009 | $ | (1,045 | ) | |||
EUR | 422,060 | USD | 531,331 | 11/20/2009 | (5,255 | ) | ||||
EUR | 279,029 | USD | 347,685 | 11/24/2009 | (7,074 | ) | ||||
EUR | 99,849 | USD | 124,962 | 11/25/2009 | (1,989 | ) | ||||
MXN | 16,171,585 | INR | 56,133,188 | 01/27/2009 | (72,123 | ) | ||||
MXN | 6,426,756 | CLP | 280,527,914 | 05/15/2009 | (43,119 | ) | ||||
MXN | 4,398,010 | CLP | 191,410,201 | 05/20/2009 | (30,104 | ) | ||||
MXN | 9,362,023 | RUB | 20,792,116 | 06/10/2009 | (32,168 | ) | ||||
MXN | 3,676,778 | CLP | 166,315,374 | 06/12/2009 | (15,089 | ) | ||||
MXN | 28,981,900 | RUB | 64,357,736 | 06/16/2009 | (103,722 | ) | ||||
MXN | 5,689,801 | RUB | 12,546,687 | 07/10/2009 | (25,986 | ) | ||||
MXN | 2,941,721 | RUB | 6,476,984 | 07/13/2009 | (13,917 | ) | ||||
MXN | 1,354,762 | RUB | 3,040,086 | 07/24/2009 | (5,026 | ) | ||||
MXN | 1,322,091 | RUB | 3,161,383 | 09/17/2009 | (671 | ) | ||||
NZD | 5,822,756 | IDR | 39,218,010,507 | 08/04/2009 | (176,205 | ) | ||||
NZD | 685,574 | RUB | 11,503,937 | 08/12/2009 | (32,209 | ) | ||||
NZD | 334,645 | RUB | 5,600,619 | 08/14/2009 | (16,301 | ) | ||||
RON | 3,167,955 | SEK | 8,177,189 | 12/15/2008 | (43,690 | ) | ||||
RON | 988,721 | CZK | 6,405,923 | 02/27/2009 | (1,192 | ) | ||||
SGD | 2,982,557 | EUR | 1,530,144 | 04/14/2009 | (36,566 | ) | ||||
*USD | 208,914 | KRW | 300,000,000 | 01/23/2009 | (2,148 | ) | ||||
*USD | 435,454 | KRW | 625,224,600 | 02/27/2009 | (3,285 | ) | ||||
*USD | 433,407 | KRW | 621,852,000 | 03/04/2009 | (3,444 | ) | ||||
USD | 113,183 | JPY | 10,703,750 | 05/18/2009 | (292 | ) | ||||
USD | 602,817 | CNY | 4,173,000 | 10/21/2009 | (9,017 | ) | ||||
USD | 639,758 | CNY | 4,425,205 | 10/23/2009 | (10,136 | ) | ||||
USD | 1,079,660 | CNY | 7,508,097 | 10/26/2009 | (11,567 | ) | ||||
USD | 383,468 | RUB | 12,827,000 | 10/27/2009 | (18,523 | ) | ||||
USD | 640,479 | CNY | 4,486,553 | 10/27/2009 | (2,260 | ) | ||||
USD | 40,000 | IDR | 504,000,000 | 11/09/2009 | (3,297 | ) | ||||
USD | 191,000 | VND | 3,673,885,000 | 11/09/2009 | (1,857 | ) | ||||
USD | 398,330 | IDR | 5,009,000,000 | 11/10/2009 | (33,721 | ) | ||||
USD | 418,123 | RUB | 13,400,000 | 11/10/2009 | (38,834 | ) | ||||
USD | 79,936 | IDR | 1,000,000,000 | 11/12/2009 | (7,211 | ) | ||||
USD | 398,040 | IDR | 5,280,000,000 | 11/16/2009 | (14,747 | ) | ||||
USD | 384,392 | IDR | 5,295,000,000 | 11/18/2009 | (357 | ) | ||||
(1,253,168 | ) | |||||||||
Net Unrealized Appreciation (Depreciation) | $ | 27,855,401 | ||||||||
* | Represents offsetting or partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk. |
Currency Legend
AUD—Australian Dollar
BRL—Brazilian Real
CHF—Swiss Franc
CLP—Chilean Peso
CNY—Yuan Renminbi Koruna
CZK—Czech
EGP—Egyptian Pound
EUR—Euro Dollar
GBP—British Pound
IDR—Indonesian Rupiah
JPY—Japanese Yen
KRW—South Korean Won
KZT—Kazakhstan Tenge
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PLN—Polixh Zloty
RON—New Romanian Leu
RUB—New Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
TWD—New Taiwan Dollar
USD—United States Dollar
VND—Viet Nam Dong
See Notes to Financial Statements
74
Table of Contents
AIG Retirement Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Repurchase Agreements | 37.0 | % | |
Collective Investment Pool | 16.9 | ||
United States Treasury Bonds | 16.7 | ||
United States Treasury Notes | 15.1 | ||
Federal National Mtg. Assoc. | 13.6 | ||
Federal Home Loan Mtg. Corp. | 5.5 | ||
Federal Home Loan Bank | 3.5 | ||
Federal Farm Credit Bank | 2.0 | ||
Tennessee Valley Authority | 1.8 | ||
Banks — Special Purpose | 1.0 | ||
Oil Companies — Integrated | 1.0 | ||
Government National Mtg. Assoc. | 0.6 | ||
Sovereign | 0.5 | ||
Finance — Commercial | 0.5 | ||
Finance — Investment Banker/Broker | 0.4 | ||
Banks — Commercial | 0.4 | ||
Regional Authority | 0.4 | ||
Diversified Financial Services | 0.2 | ||
117.1 | % | ||
Credit Quality@#
Government — Treasury | 50.4 | % | |
Government — Agency | 41.1 | ||
AAA | 1.2 | ||
AA | 5.0 | ||
A | 2.3 | ||
100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
75
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AIG Retirement Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES — 1.0% | ||||||
Banks - Commercial — 0.4% | ||||||
HSBC Bank USA | $ | 1,000,000 | $ | 794,758 | ||
Diversified Financial Services — 0.2% | ||||||
General Electric Capital Corp., Series A | 500,000 | 497,223 | ||||
Finance - Investment Banker/Broker — 0.4% | ||||||
Goldman Sachs Group, Inc. | 1,000,000 | 820,936 | ||||
Total Corporate Bonds & Notes | ||||||
(cost $2,509,191) | 2,112,917 | |||||
FOREIGN CORPORATE BONDS & NOTES — 2.5% | ||||||
Banks - Special Purpose — 1.0% | ||||||
Landwirtschaftliche Rentenbank | 1,000,000 | 1,111,897 | ||||
Swedish Export Credit, Series D | 1,000,000 | 1,043,062 | ||||
2,154,959 | ||||||
Finance - Commercial — 0.5% | ||||||
Eksportfinans A/S | 1,000,000 | 1,036,610 | ||||
Oil Companies - Integrated — 1.0% | ||||||
Shell International Finance BV | 2,000,000 | 2,115,358 | ||||
Total Foreign Corporate Bonds & Notes | ||||||
(cost $4,994,502) | 5,306,927 | |||||
FOREIGN GOVERNMENT AGENCIES — 0.9% | ||||||
Regional Authority — 0.4% | ||||||
Province of New Brunswick Canada | 658,000 | 713,079 | ||||
Sovereign — 0.5% | ||||||
Republic of Italy | 1,000,000 | 1,085,473 | ||||
Total Foreign Government Agencies | ||||||
(cost $1,655,912) | 1,798,552 | |||||
U.S. GOVERNMENT AGENCIES — 27.0% | ||||||
Federal Farm Credit Bank — 2.0% | ||||||
4.88% due 12/16/15 | 2,000,000 | 2,115,682 | ||||
4.88% due 01/17/17# | 1,000,000 | 1,046,343 | ||||
5.00% due 10/23/09 | 1,000,000 | 1,027,767 | ||||
4,189,792 | ||||||
Federal Home Loan Bank — 3.5% | ||||||
4.75% due 09/11/15 | 1,000,000 | 1,053,652 | ||||
4.88% due 11/27/13# | 2,000,000 | 2,150,438 | ||||
5.00% due 02/20/09 | 940,000 | 948,457 | ||||
5.38% due 08/19/11# | 2,000,000 | 2,133,396 | ||||
5.38% due 06/14/13# | 1,000,000 | 1,092,415 | ||||
7,378,358 | ||||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Federal Home Loan Mtg. Corp. — 5.5% | ||||||
4.50% due 09/01/19 | $ | 737,827 | $ | 739,507 | ||
4.75% due 11/17/15# | 3,000,000 | 3,175,083 | ||||
5.00% due 01/16/09# | 1,000,000 | 1,005,124 | ||||
5.00% due 12/14/18# | 1,000,000 | 983,499 | ||||
5.00% due 10/01/34 | 546,254 | 549,937 | ||||
5.33% due 12/01/35(1) | 181,469 | 183,814 | ||||
5.50% due 12/01/36 | 542,200 | 550,581 | ||||
5.75% due 01/15/12 | 2,000,000 | 2,155,484 | ||||
6.00% due 05/12/16 | 1,000,000 | 1,014,774 | ||||
6.00% due 11/01/33 | 789,466 | 808,454 | ||||
6.50% due 02/01/32 | 295,650 | 306,546 | ||||
7.50% due 09/01/16 | 92,386 | 97,023 | ||||
8.00% due 02/01/30 | 4,687 | 4,962 | ||||
8.00% due 08/01/30 | 1,497 | 1,585 | ||||
8.00% due 06/01/31 | 5,766 | 6,105 | ||||
11,582,478 | ||||||
Federal National Mtg. Assoc. — 13.6% | ||||||
2.88% due 10/12/10# | 20,000,000 | 20,191,980 | ||||
4.25% due 08/15/10 | 2,000,000 | 2,068,904 | ||||
4.76% due 02/01/35(1) | 33,823 | 33,873 | ||||
4.77% due 11/01/34(1) | 134,199 | 136,102 | ||||
5.00% due 02/16/12# | 752,000 | 798,400 | ||||
5.00% due 02/01/19 | 630,554 | 642,828 | ||||
5.00% due 12/01/36 | 832,018 | 838,147 | ||||
5.25% due 08/01/12# | 1,000,000 | 1,029,640 | ||||
5.33% due 01/01/36(1) | 61,967 | 62,896 | ||||
5.50% due 12/01/33 | 365,783 | 372,637 | ||||
5.50% due 10/01/34 | 646,307 | 658,015 | ||||
6.00% due 05/15/11# | 1,000,000 | 1,076,666 | ||||
6.00% due 06/01/35 | 312,413 | 319,634 | ||||
6.50% due 02/01/17 | 93,124 | 95,905 | ||||
6.50% due 07/01/32 | 62,965 | 65,140 | ||||
7.00% due 09/01/31 | 112,064 | 117,432 | ||||
7.50% due 03/01/32 | 103,061 | 108,526 | ||||
11.50% due 09/01/19 | 387 | 440 | ||||
12.00% due 01/15/16 | 138 | 161 | ||||
12.50% due 09/20/15 | 229 | 266 | ||||
13.00% due 11/01/15 | 589 | 667 | ||||
14.50% due 11/15/14 | 213 | 249 | ||||
28,618,508 | ||||||
Government National Mtg. Assoc. — 0.6% | ||||||
5.00% due 09/15/35 | 24,136 | 24,372 | ||||
5.00% due 02/15/36 | 724,507 | 730,925 | ||||
5.00% due 05/15/36 | 89,874 | 90,670 | ||||
6.00% due 01/15/32 | 162,973 | 167,065 | ||||
6.50% due 08/15/31 | 261,543 | 269,826 | ||||
7.50% due 02/15/29 | 8,446 | 8,939 | ||||
7.50% due 07/15/30 | 521 | 551 | ||||
7.50% due 01/15/31 | 10,001 | 10,609 | ||||
7.50% due 02/15/31 | 8,493 | 9,009 | ||||
1,311,966 | ||||||
Tennessee Valley Authority — 1.8% | ||||||
4.75% due 08/01/13 | 3,400,000 | 3,636,725 | ||||
Total U.S. Government Agencies | ||||||
(cost $54,869,275) | 56,717,827 | |||||
U.S. GOVERNMENT TREASURIES — 31.8% | ||||||
United States Treasury Bonds — 16.7% | ||||||
Zero Coupon due 08/15/24 STRIPS# | 2,040,000 | 1,120,615 | ||||
2.00% due 01/15/26 TIPS#(2) | 2,182,673 | 1,825,771 | ||||
4.50% due 05/15/38# | 9,000,000 | 10,647,423 | ||||
4.75% due 02/15/37# | 3,500,000 | 4,250,312 |
76
Table of Contents
AIG Retirement Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Bonds (continued) | ||||||||
5.00% due 05/15/37# | $ | 5,000,000 | $ | 6,300,780 | ||||
6.25% due 08/15/23# | 2,000,000 | 2,556,406 | ||||||
6.63% due 02/15/27# | 1,000,000 | 1,384,453 | ||||||
7.50% due 11/15/16# | 1,000,000 | 1,305,000 | ||||||
7.88% due 02/15/21# | 3,000,000 | 4,207,266 | ||||||
8.75% due 08/15/20# | 1,000,000 | 1,477,344 | ||||||
35,075,370 | ||||||||
United States Treasury Notes — 15.1% |
| |||||||
2.00% due 02/28/10# | 6,000,000 | 6,099,372 | ||||||
2.75% due 02/28/13# | 15,000,000 | 15,803,910 | ||||||
4.00% due 02/15/15# | 1,000,000 | 1,106,484 | ||||||
4.00% due 08/15/18# | 5,000,000 | 5,450,780 | ||||||
4.25% due 08/15/13# | 1,000,000 | 1,113,359 | ||||||
4.25% due 08/15/15# | 1,000,000 | 1,121,719 | ||||||
4.75% due 02/15/10# | 1,000,000 | 1,048,672 | ||||||
31,744,296 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $60,863,691) | 66,819,666 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $124,892,571) | 132,755,889 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 16.9% |
| |||||||
Collective Investment Pool — 16.9% |
| |||||||
Securities Lending Quality Trust(3) | 37,175,524 | 35,614,152 | ||||||
REPURCHASE AGREEMENTS — 37.0% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(4) | 47,826,000 | 47,826,000 | ||||||
UBS Warburg, LLC, Joint Repurchase Agreement(4) | 30,000,000 | 30,000,000 | ||||||
Total Repurchase Agreements | 77,826,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $239,894,095)(5) | 117.1 | % | 246,196,041 | |||||
Liabilities in excess of other assets | (17.1 | ) | (35,988,762 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 210,207,279 | ||||
# | The security or a portion thereof is out on loan. (See Note 2) | |
(1) | Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008. | |
(2) | Principal amount of security is adjusted for inflation. | |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). | |
(4) | See Note 2 for details of Joint Repurchase Agreements. | |
(5) | See Note 5 for cost of investments on a tax basis. | |
TIPS | Treasury Inflation Protected Securities | |
STRIPS | Separate Trading of Registered Interest and Principal of Securities |
See Notes to Financial Statements
77
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.5 | % | |
Computers | 6.7 | ||
Oil Companies — Exploration & Production | 4.6 | ||
Beverages — Non-alcoholic | 4.0 | ||
Retail — Discount | 4.0 | ||
Wireless Equipment | 3.8 | ||
Medical Products | 3.4 | ||
Cosmetics & Toiletries | 3.4 | ||
Medical — Biomedical/Gene | 3.2 | ||
Networking Products | 2.9 | ||
Medical — Drugs | 2.9 | ||
Electronic Components — Semiconductors | 2.6 | ||
Applications Software | 2.4 | ||
Cable TV | 2.3 | ||
Web Portals/ISP | 1.9 | ||
Transport — Rail | 1.9 | ||
Food — Misc. | 1.9 | ||
Agricultural Chemicals | 1.8 | ||
Enterprise Software/Service | 1.8 | ||
Aerospace/Defense | 1.7 | ||
Electric — Integrated | 1.6 | ||
Oil Companies — Integrated | 1.6 | ||
Medical Instruments | 1.6 | ||
Commercial Services — Finance | 1.5 | ||
Electric Products — Misc. | 1.4 | ||
Retail — Regional Department Stores | 1.3 | ||
Instruments — Scientific | 1.2 | ||
Diversified Manufacturing Operations | 1.2 | ||
Computers — Memory Devices | 1.1 | ||
Oil & Gas Drilling | 1.1 | ||
Transport — Services | 1.1 | ||
Pharmacy Services | 1.0 | ||
Retail — Building Products | 1.0 | ||
Banks — Fiduciary | 1.0 | ||
Retail — Auto Parts | 1.0 | ||
Insurance — Property/Casualty | 0.9 | ||
Oil — Field Services | 0.9 | ||
Time Deposits | 0.8 | ||
Semiconductor Components — Integrated Circuits | 0.8 | ||
Entertainment Software | 0.8 | ||
Diversified Financial Services | 0.7 | ||
Disposable Medical Products | 0.7 | ||
Real Estate Investment Trusts | 0.6 | ||
Retail — Restaurants | 0.6 | ||
Auto/Truck Parts & Equipment — Original | 0.6 | ||
Electronic Forms | 0.6 | ||
Optical Supplies | 0.6 | ||
Retail — Drug Store | 0.6 | ||
Soap & Cleaning Preparation | 0.6 | ||
Steel Pipe & Tube | 0.5 | ||
Oil Field Machinery & Equipment | 0.5 | ||
Dental Supplies & Equipment | 0.5 | ||
Instruments — Controls | 0.4 | ||
Food — Retail | 0.4 | ||
Computer Services | 0.4 | ||
Schools | 0.4 | ||
Building — Residential/Commercial | 0.4 | ||
Finance — Investment Banker/Broker | 0.4 | ||
Banks — Commercial | 0.4 | ||
Energy — Alternate Sources | 0.4 | ||
Insurance — Life/Health | 0.3 | ||
Telephone — Integrated | 0.3 | ||
Textile — Home Furnishings | 0.3 | ||
E-Commerce/Products | 0.3 | ||
Commercial Services | 0.3 | ||
Satellite Telecom | 0.3 | ||
Machinery — Farming | 0.3 | ||
Insurance — Reinsurance | 0.3 | ||
Diagnostic Equipment | 0.3 |
Finance — Other Services | 0.3 | % | |
Power Converter/Supply Equipment | 0.2 | ||
Aerospace/Defense — Equipment | 0.2 | ||
Food — Catering | 0.2 | ||
Gold Mining | 0.2 | ||
Veterinary Diagnostics | 0.2 | ||
Diversified Banking Institutions | 0.2 | ||
Diagnostic Kits | 0.2 | ||
Medical — HMO | 0.2 | ||
Toys | 0.2 | ||
Diversified Minerals | 0.2 | ||
Retail — Major Department Stores | 0.2 | ||
Dialysis Centers | 0.2 | ||
Consumer Products — Misc. | 0.2 | ||
Tobacco | 0.2 | ||
Finance — Credit Card | 0.2 | ||
Machinery — Construction & Mining | 0.2 | ||
Insurance — Multi-line | 0.2 | ||
Insurance Brokers | 0.2 | ||
Public Thoroughfares | 0.2 | ||
Leisure Products | 0.2 | ||
Telecom Services | 0.2 | ||
Human Resources | 0.2 | ||
E-Commerce/Services | 0.2 | ||
Industrial Gases | 0.2 | ||
Engineering/R&D Services | 0.2 | ||
Food — Confectionery | 0.2 | ||
Retail — Apparel/Shoe | 0.1 | ||
Oil Refining & Marketing | 0.1 | ||
Airlines | 0.1 | ||
Chemicals — Specialty | 0.1 | ||
Machinery — Pumps | 0.1 | ||
Machinery — General Industrial | 0.1 | ||
Computer Aided Design | 0.1 | ||
Savings & Loans/Thrifts | 0.1 | ||
Beverages — Wine/Spirits | 0.1 | ||
Consulting Services | 0.1 | ||
Coal | 0.1 | ||
Retail — Convenience Store | 0.1 | ||
Private Corrections | 0.1 | ||
Engines — Internal Combustion | 0.1 | ||
Pipelines | 0.1 | ||
Office Automation & Equipment | 0.1 | ||
Computers — Integrated Systems | 0.1 | ||
Transport — Marine | 0.1 | ||
Food — Wholesale/Distribution | 0.1 | ||
Industrial Audio & Video Products | 0.1 | ||
Investment Management/Advisor Services | 0.1 | ||
Apparel Manufacturers | 0.1 | ||
118.3 | % | ||
* | Calculated as a percentage of net assets |
78
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 100% | |||||
Aerospace/Defense — 1.7% | |||||
General Dynamics Corp. | 7,073 | $ | 365,462 | ||
Raytheon Co.# | 187,338 | 9,142,094 | |||
9,507,556 | |||||
Aerospace/Defense - Equipment — 0.2% | |||||
Goodrich Corp. | 20,631 | 694,233 | |||
United Technologies Corp. | 12,757 | 619,097 | |||
1,313,330 | |||||
Agricultural Chemicals — 1.8% | |||||
CF Industries Holdings, Inc.# | 7,302 | 384,304 | |||
Monsanto Co.# | 116,860 | 9,255,312 | |||
Potash Corp. of Saskatchewan, Inc. | 1,057 | 65,154 | |||
Terra Industries, Inc.# | 19,704 | 289,846 | |||
9,994,616 | |||||
Airlines — 0.1% | |||||
Ryanair Holdings PLC ADR†# | 16,360 | 429,614 | |||
Southwest Airlines Co. | 34,930 | 302,144 | |||
731,758 | |||||
Apparel Manufacturers — 0.1% | |||||
Gildan Activewear, Inc.†# | 8,828 | 150,429 | |||
Polo Ralph Lauren Corp.# | 2,720 | 117,504 | |||
267,933 | |||||
Applications Software — 2.4% | |||||
Microsoft Corp. | 583,481 | 11,797,986 | |||
Salesforce.com, Inc.† | 42,900 | 1,227,798 | |||
13,025,784 | |||||
Auto/Truck Parts & Equipment - Original — 0.6% | |||||
BorgWarner, Inc.# | 141,000 | 3,336,060 | |||
Banks - Commercial — 0.4% | |||||
EFG International AG#(1) | 27,254 | 435,434 | |||
Julius Baer Holding AG(1) | 19,524 | 645,079 | |||
KBC Groep NV(1) | 9,800 | 297,231 | |||
National Bank of Greece SA(1) | 30,175 | 576,295 | |||
1,954,039 | |||||
Banks - Fiduciary — 1.0% | |||||
Northern Trust Corp. | 84,600 | 3,882,294 | |||
State Street Corp. | 18,362 | 773,224 | |||
The Bank of New York Mellon Corp. | 21,717 | 656,070 | |||
5,311,588 | |||||
Banks - Super Regional — 0.0% | |||||
US Bancorp | 7,060 | 190,479 | |||
Beverages - Non-alcoholic — 4.0% | |||||
PepsiCo, Inc. | 127,842 | 7,248,641 | |||
The Coca-Cola Co. | 315,627 | 14,793,438 | |||
22,042,079 | |||||
Beverages - Wine/Spirits — 0.1% | |||||
Pernod Ricard SA#(1) | 9,800 | 578,702 | |||
Building - Residential/Commercial — 0.4% | |||||
KB Home# | 178,600 | 2,077,118 | |||
Cable TV — 2.3% | |||||
Comcast Corp., Class A | 1,638 | 28,403 | |||
DISH Network Corp., Class A† | 20,961 | 232,248 | |||
Scripps Networks Interactive, Inc., Class A# | 144,100 | 4,004,539 | |||
The DIRECTV Group, Inc.†# | 392,500 | 8,638,925 | |||
12,904,115 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Chemicals - Diversified — 0.0% | |||||
FMC Corp. | 4,726 | $ | 206,526 | ||
Chemicals - Specialty — 0.1% | |||||
Lonza Group AG#(1) | 8,200 | 678,413 | |||
Coal — 0.1% | |||||
Arch Coal, Inc. | 14,326 | 220,334 | |||
Massey Energy Co.# | 19,922 | 311,181 | |||
531,515 | |||||
Commercial Services — 0.3% | |||||
Alliance Data Systems Corp.†# | 23,555 | 1,020,167 | |||
SGS SA#(1) | 560 | 479,766 | |||
1,499,933 | |||||
Commercial Services - Finance — 1.5% | |||||
Global Payments, Inc. | 115,891 | 4,191,778 | |||
Mastercard, Inc., Class A# | 9,960 | 1,447,188 | |||
Moody’s Corp.# | 16,109 | 349,726 | |||
Paychex, Inc. | 6,995 | 197,679 | |||
The Western Union Co. | 144,198 | 1,913,507 | |||
8,099,878 | |||||
Computer Aided Design — 0.1% | |||||
Ansys, Inc.†# | 1,897 | 54,748 | |||
Autodesk, Inc.†# | 34,848 | 578,128 | |||
632,876 | |||||
Computer Services — 0.4% | |||||
Accenture, Ltd., Class A# | 60,250 | 1,866,545 | |||
IHS, Inc.†# | 10,485 | 380,501 | |||
2,247,046 | |||||
Computers — 6.7% | |||||
Apple, Inc.† | 170,524 | 15,802,459 | |||
Hewlett - Packard Co. | 374,820 | 13,223,650 | |||
International Business Machines Corp. | 91,725 | 7,484,760 | |||
Research In Motion, Ltd.† | 10,330 | 438,715 | |||
36,949,584 | |||||
Computers - Integrated Systems — 0.1% | |||||
Teradata Corp.† | 32,338 | 434,299 | |||
Computers - Memory Devices — 1.1% | |||||
EMC Corp.†# | 586,055 | 6,194,601 | |||
Consulting Services — 0.1% | |||||
SAIC, Inc.†# | 30,600 | 544,680 | |||
Consumer Products-Misc. — 0.2% | |||||
Clorox Co.# | 19,389 | 1,147,053 | |||
Cosmetics & Toiletries — 3.4% | |||||
Avon Products, Inc.# | 9,310 | 196,441 | |||
Colgate - Palmolive Co. | 37,483 | 2,439,019 | |||
Procter & Gamble Co. | 215,388 | 13,860,218 | |||
The Estee Lauder Cos., Inc., Class A | 73,900 | 2,061,810 | |||
18,557,488 | |||||
Dental Supplies & Equipment — 0.5% | |||||
Dentsply International, Inc.# | 97,800 | 2,550,624 | |||
Diagnostic Equipment — 0.3% | |||||
Gen - Probe, Inc.† | 39,170 | 1,443,414 | |||
Diagnostic Kits — 0.2% | |||||
Qiagen NV†# | 76,000 | 1,225,880 | |||
Dialysis Centers — 0.2% | |||||
Fresenius Medical Care AG(1) | 26,267 | 1,147,554 | |||
79
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Disposable Medical Products — 0.7% | |||||
C.R. Bard, Inc. | 48,564 | $ | 3,983,705 | ||
Distribution/Wholesale — 0.0% | |||||
Li & Fung, Ltd.(1) | 144,000 | 262,094 | |||
Diversified Banking Institutions — 0.2% | |||||
Bank of America Corp. | 76,300 | 1,239,875 | |||
Diversified Financial Services — 0.7% | |||||
IntercontinentalExchange, Inc.† | 54,506 | 4,011,642 | |||
Diversified Manufacturing Operations — 1.2% | |||||
Cooper Industries, Ltd., Class A# | 93,335 | 2,253,107 | |||
Dover Corp. | 3,796 | 113,235 | |||
Honeywell International, Inc. | 150,900 | 4,204,074 | |||
The Brink’s Co. | 826 | 17,982 | |||
6,588,398 | |||||
Diversified Minerals — 0.2% | |||||
BHP Billiton, Ltd.#(1) | 58,971 | 1,183,679 | |||
E-Commerce/Products — 0.3% | |||||
Amazon.com, Inc.†# | 36,352 | 1,552,230 | |||
E-Commerce/Services — 0.2% | |||||
NetFlix, Inc.†# | 13,508 | 310,414 | |||
Rakuten, Inc.#(1) | 1,196 | 654,436 | |||
964,850 | |||||
Electric Products - Misc. — 1.4% | |||||
Brinks Home Security Holdings, Inc.† | 826 | 16,520 | |||
Emerson Electric Co. | 209,613 | 7,523,011 | |||
7,539,531 | |||||
Electric - Integrated — 1.6% | |||||
FPL Group, Inc. | 89,400 | 4,359,144 | |||
International Power PLC(1) | 212,400 | 847,149 | |||
PG&E Corp. | 10,649 | 405,088 | |||
Public Service Enterprise Group, Inc. | 109,893 | 3,395,693 | |||
9,007,074 | |||||
Electronic Components - Misc. — 0.0% | |||||
Celestica, Inc.†# | 8,856 | 44,191 | |||
Electronic Components - Semiconductors — 2.6% | |||||
Altera Corp.# | 202,389 | 2,977,142 | |||
Amkor Technology, Inc.†# | 61,391 | 135,060 | |||
Broadcom Corp., Class A†# | 1,494 | 22,873 | |||
Intel Corp. | 335,222 | 4,626,064 | |||
LSI Corp.† | 187,240 | 501,803 | |||
National Semiconductor Corp.# | 59,988 | 659,868 | |||
QLogic Corp.†# | 49,028 | 520,677 | |||
Texas Instruments, Inc. | 176,534 | 2,748,635 | |||
Xilinx, Inc.# | 135,800 | 2,221,688 | |||
14,413,810 | |||||
Electronic Forms — 0.6% | |||||
Adobe Systems, Inc.† | 142,591 | 3,302,408 | |||
Electronic Measurement Instruments — 0.0% | |||||
Trimble Navigation, Ltd.†# | 4,219 | 85,899 | |||
Electronics - Military — 0.0% | |||||
L - 3 Communications Holdings, Inc. | 2,378 | 159,730 | |||
Energy - Alternate Sources — 0.4% | |||||
First Solar, Inc.†# | 15,505 | 1,935,644 | |||
Engineering/R&D Services — 0.2% | |||||
Fluor Corp. | 18,933 | 862,209 | |||
The Shaw Group, Inc.† | 2,338 | 43,019 | |||
905,228 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Engines - Internal Combustion — 0.1% | |||||
Cummins, Inc. | 18,102 | $ | 463,049 | ||
Enterprise Software/Service — 1.8% | |||||
Oracle Corp.†# | 588,060 | 9,461,885 | |||
SAP AG ADR | 9,700 | 331,158 | |||
9,793,043 | |||||
Entertainment Software — 0.8% | |||||
Activision Blizzard, Inc.†# | 364,864 | 4,268,909 | |||
Finance - Credit Card — 0.2% | |||||
American Express Co. | 20,770 | 484,149 | |||
Redecard SA | 55,300 | 637,638 | |||
1,121,787 | |||||
Finance - Investment Banker/Broker — 0.4% | |||||
Lazard, Ltd., Class A# | 14,432 | 451,144 | |||
The Charles Schwab Corp.# | 82,820 | 1,518,091 | |||
1,969,235 | |||||
Finance - Other Services — 0.3% | |||||
Deutsche Boerse AG(1) | 15,244 | 1,095,927 | |||
NYSE Euronext# | 11,755 | 279,886 | |||
1,375,813 | |||||
Food - Catering — 0.2% | |||||
Compass Group PLC(1) | 273,643 | 1,300,307 | |||
Food - Confectionery — 0.2% | |||||
The Hershey Co.# | 25,012 | 900,432 | |||
Food - Misc. — 1.9% | |||||
Kellogg Co. | 78,100 | 3,391,883 | |||
Nestle SA(1) | 174,520 | 6,313,618 | |||
Ralcorp Holdings, Inc.†# | 7,958 | 497,852 | |||
10,203,353 | |||||
Food - Retail — 0.4% | |||||
Koninklijke Ahold NV(1) | 36,230 | 404,279 | |||
Safeway, Inc. | 28,564 | 622,695 | |||
Tesco PLC(1) | 203,257 | 924,126 | |||
The Kroger Co. | 15,057 | 416,477 | |||
2,367,577 | |||||
Food - Wholesale/Distribution — 0.1% | |||||
Sysco Corp. | 14,428 | 338,337 | |||
Gas - Distribution — 0.0% | |||||
CenterPoint Energy, Inc. | 1,859 | 24,037 | |||
Gold Mining — 0.2% | |||||
Newmont Mining Corp. | 37,900 | 1,275,335 | |||
Human Resources — 0.2% | |||||
The Capita Group PLC(1) | 90,557 | 972,803 | |||
Industrial Audio & Video Products — 0.1% | |||||
Dolby Laboratories, Inc., Class A† | 10,754 | 320,684 | |||
Industrial Gases — 0.2% | |||||
Air Products & Chemicals, Inc. | 7,150 | 341,484 | |||
Linde AG(1) | 7,893 | 579,204 | |||
920,688 | |||||
Instruments - Controls — 0.4% | |||||
Mettler Toledo International, Inc.† | 29,400 | 2,418,150 | |||
Woodward Governor Co. | 2,155 | 45,772 | |||
2,463,922 | |||||
Instruments - Scientific — 1.2% | |||||
Thermo Fisher Scientific, Inc.†# | 185,210 | 6,608,293 | |||
80
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Insurance Brokers — 0.2% | |||||
AON Corp. | 23,250 | $ | 1,053,225 | ||
Insurance - Life/Health — 0.3% | |||||
AFLAC, Inc. | 27,122 | 1,255,748 | |||
Prudential Financial, Inc. | 971 | 21,071 | |||
Sony Financial Holdings, Inc.(1) | 134 | 396,430 | |||
Unum Group | 8,802 | 131,150 | |||
1,804,399 | |||||
Insurance - Multi-line — 0.2% | |||||
ACE, Ltd. | 14,970 | 782,182 | |||
American Financial Group, Inc. | 15,969 | 327,205 | |||
1,109,387 | |||||
Insurance - Property/Casualty — 0.9% | |||||
Admiral Group PLC(1) | 39,044 | 594,050 | |||
Chubb Corp. | 85,200 | 4,375,872 | |||
4,969,922 | |||||
Insurance - Reinsurance — 0.3% | |||||
Aspen Insurance Holdings, Ltd. | 12,073 | 222,505 | |||
Muenchener Rueckversicherungs - Gesellschaft AG(1) | 8,990 | 1,227,777 | |||
1,450,282 | |||||
Internet Infrastructure Software — 0.0% | |||||
F5 Networks, Inc.†# | 9,847 | 245,190 | |||
Investment Management/Advisor Services — 0.1% | |||||
Federated Investors, Inc., Class B# | 15,277 | 303,248 | |||
Leisure Products — 0.2% | |||||
WMS Industries, Inc.†# | 39,855 | 982,426 | |||
Machinery - Construction & Mining — 0.2% | |||||
Bucyrus International, Inc.# | 6,005 | 117,278 | |||
Caterpillar, Inc.# | 24,488 | 1,003,763 | |||
1,121,041 | |||||
Machinery - Farming — 0.3% | |||||
AGCO Corp.†# | 30,108 | 741,259 | |||
Deere & Co. | 20,686 | 720,080 | |||
1,461,339 | |||||
Machinery - General Industrial — 0.1% | |||||
Alstom(1) | 12,596 | 671,732 | |||
Machinery - Pumps — 0.1% | |||||
Flowserve Corp. | 13,427 | 675,781 | |||
Medical Instruments — 1.6% | |||||
Edwards Lifesciences Corp.†# | 9,290 | 462,363 | |||
Intuitive Surgical, Inc.†# | 17,100 | 2,266,263 | |||
Medtronic, Inc. | 143,243 | 4,371,777 | |||
St. Jude Medical, Inc.† | 43,835 | 1,228,695 | |||
Thoratec Corp.†# | 12,009 | 300,585 | |||
8,629,683 | |||||
Medical Products — 3.4% | |||||
Baxter International, Inc. | 96,633 | 5,111,886 | |||
Becton Dickinson & Co. | 119,600 | 7,598,188 | |||
Covidien, Ltd.# | 37,160 | 1,369,346 | |||
Johnson & Johnson | 60,634 | 3,551,940 | |||
Varian Medical Systems, Inc.†# | 27,107 | 1,094,038 | |||
18,725,398 | |||||
Medical - Biomedical/Gene — 3.2% | |||||
Alexion Pharmaceuticals, Inc.†# | 51,800 | 1,743,588 | |||
Amgen, Inc.† | 11,694 | 649,485 | |||
Celgene Corp.† | 35,840 | 1,867,264 |
Security Description | Shares | Market Value (Note 2) | |||
Medical - Biomedical/Gene (continued) | |||||
CSL, Ltd.(1) | 61,691 | $ | 1,418,613 | ||
Genentech, Inc.† | 55,694 | 4,266,160 | |||
Gilead Sciences, Inc.†# | 168,517 | 7,547,877 | |||
Life Technologies Corp.† | 5,317 | 138,774 | |||
Myriad Genetics, Inc.†# | 4,358 | 258,342 | |||
17,890,103 | |||||
Medical - Drugs — 2.9% | |||||
Abbott Laboratories | 40,449 | 2,119,123 | |||
Allergan, Inc.# | 66,268 | 2,496,978 | |||
Bristol - Myers Squibb Co. | 40,535 | 839,075 | |||
Eli Lilly & Co. | 25,762 | 879,772 | |||
Merck & Co., Inc. | 10,958 | 292,798 | |||
Novo - Nordisk A/S, Class B(1) | 108,680 | 5,552,520 | |||
Schering - Plough Corp. | 93,346 | 1,569,146 | |||
Wyeth | 59,000 | 2,124,590 | |||
15,874,002 | |||||
Medical - HMO — 0.2% | |||||
UnitedHealth Group, Inc. | 58,300 | 1,224,883 | |||
Metal - Diversified — 0.0% | |||||
Rio Tinto, Ltd.#(1) | 5,560 | 171,245 | |||
Networking Products — 2.9% | |||||
Cisco Systems, Inc.† | 924,970 | 15,299,004 | |||
Juniper Networks, Inc.†# | 37,745 | 656,008 | |||
15,955,012 | |||||
Office Automation & Equipment — 0.1% | |||||
Pitney Bowes, Inc. | 17,599 | 434,871 | |||
Oil & Gas Drilling — 1.1% | |||||
ENSCO International, Inc. | 3,200 | 103,712 | |||
Noble Corp. | 18,802 | 503,706 | |||
Transocean, Inc.†# | 81,304 | 5,437,611 | |||
6,045,029 | |||||
Oil Companies - Exploration & Production — 4.6% | |||||
Apache Corp. | 31,100 | 2,404,030 | |||
Devon Energy Corp. | 101,900 | 7,371,446 | |||
EOG Resources, Inc. | 72,400 | 6,155,448 | |||
Occidental Petroleum Corp. | 137,600 | 7,449,664 | |||
Southwestern Energy Co.† | 38,249 | 1,314,618 | |||
Stone Energy Corp.†# | 12,963 | 215,445 | |||
W&T Offshore, Inc.# | 21,333 | 298,662 | |||
25,209,313 | |||||
Oil Companies - Integrated — 1.6% | |||||
BG Group PLC(1) | 72,890 | 1,045,760 | |||
Chevron Corp. | 10,790 | 852,518 | |||
ConocoPhillips | 14,366 | 754,502 | |||
Exxon Mobil Corp. | 60,705 | 4,865,506 | |||
Hess Corp. | 9,329 | 504,139 | |||
Murphy Oil Corp.# | 16,075 | 708,104 | |||
8,730,529 | |||||
Oil Field Machinery & Equipment — 0.5% | |||||
FMC Technologies, Inc.†# | 23,262 | 639,007 | |||
National - Oilwell Varco, Inc.† | 71,203 | 2,014,333 | |||
2,653,340 | |||||
Oil Refining & Marketing — 0.1% | |||||
Valero Energy Corp. | 41,360 | 758,956 | |||
Oil - Field Services — 0.9% | |||||
Halliburton Co. | 3,884 | 68,358 | |||
Oil States International, Inc.†# | 20,737 | 444,187 |
81
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Oil - Field Services (continued) | |||||
Saipem SpA(1) | 31,186 | $ | 485,995 | ||
Schlumberger, Ltd. | 76,139 | 3,863,293 | |||
4,861,833 | |||||
Optical Supplies — 0.6% | |||||
Alcon, Inc. | 40,800 | 3,255,432 | |||
Pharmacy Services — 1.0% | |||||
Express Scripts, Inc.† | 99,991 | 5,750,482 | |||
Pipelines — 0.1% | |||||
Spectra Energy Corp. | 13,586 | 220,909 | |||
Williams Cos., Inc. | 13,683 | 221,938 | |||
442,847 | |||||
Power Converter/Supply Equipment — 0.2% | |||||
Energy Conversion Devices, Inc.†# | 48,500 | 1,357,030 | |||
Private Corrections — 0.1% | |||||
Corrections Corp. of America†# | 28,231 | 510,699 | |||
Public Thoroughfares — 0.2% | |||||
Cintra Concesiones de Infraestructuras de Transporte SA (Bonus Shares) | 6,251 | 49,619 | |||
Cintra Concesiones de Infraestructuras de Transporte SA#(1) | 119,833 | 957,469 | |||
1,007,088 | |||||
Real Estate Investment Trusts — 0.6% | |||||
Digital Realty Trust, Inc.# | 94,900 | 2,596,464 | |||
Simon Property Group, Inc.# | 6,107 | 290,082 | |||
The Link REIT(1) | 269,500 | 508,805 | |||
3,395,351 | |||||
Retail - Apparel/Shoe — 0.1% | |||||
Ross Stores, Inc.# | 6,207 | 164,486 | |||
The Gap, Inc. | 48,849 | 636,014 | |||
Urban Outfitters, Inc.†# | 513 | 9,321 | |||
809,821 | |||||
Retail - Auto Parts — 1.0% | |||||
Advance Auto Parts, Inc. | 69,649 | 2,114,544 | |||
O’Reilly Automotive, Inc.†# | 121,300 | 3,162,291 | |||
5,276,835 | |||||
Retail - Building Products — 1.0% | |||||
Lowe’s Cos., Inc. | 272,500 | 5,629,850 | |||
Retail - Computer Equipment — 0.0% | |||||
GameStop Corp., Class A† | 11,168 | 244,021 | |||
Retail - Convenience Store — 0.1% | |||||
FamilyMart Co., Ltd.(1) | 12,700 | 517,520 | |||
Retail - Discount — 4.0% | |||||
BJ’s Wholesale Club, Inc.†# | 16,768 | 599,959 | |||
Family Dollar Stores, Inc.# | 163,200 | 4,533,696 | |||
Wal-Mart Stores, Inc.# | 302,304 | 16,892,748 | |||
22,026,403 | |||||
Retail - Drug Store — 0.6% | |||||
CVS Caremark Corp.# | 78,932 | 2,283,503 | |||
Shoppers Drug Mart Corp. | 22,946 | 819,663 | |||
3,103,166 | |||||
Retail - Major Department Stores — 0.2% | |||||
TJX Cos., Inc. | 51,179 | 1,167,905 | |||
Retail - Regional Department Stores — 1.3% | |||||
Kohl’s Corp.† | 187,900 | 6,136,814 | |||
Macy’s, Inc. | 161,700 | 1,199,814 | |||
7,336,628 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Retail - Restaurants — 0.6% | |||||
McDonald’s Corp.# | 57,070 | $ | 3,352,862 | ||
Satellite Telecom — 0.3% | |||||
SES FDR(1) | 85,316 | 1,494,551 | |||
Savings & Loans/Thrifts — 0.1% | |||||
Hudson City Bancorp, Inc. | 37,249 | 622,431 | |||
Schools — 0.4% | |||||
Apollo Group, Inc., Class A†# | 20,754 | 1,594,737 | |||
ITT Educational Services, Inc.†# | 3,427 | 308,704 | |||
Strayer Education, Inc.# | 1,222 | 292,804 | |||
2,196,245 | |||||
Semiconductor Components - Integrated Circuits — 0.8% | |||||
Linear Technology Corp.# | 78,500 | 1,566,075 | |||
Marvell Technology Group, Ltd.† | 506,600 | 2,938,280 | |||
4,504,355 | |||||
Soap & Cleaning Preparation — 0.6% | |||||
Church & Dwight Co., Inc.# | 20,666 | 1,228,387 | |||
Reckitt Benckiser Group PLC(1) | 42,547 | 1,809,048 | |||
3,037,435 | |||||
Steel Pipe & Tube — 0.5% | |||||
Valmont Industries, Inc.# | 49,000 | 2,709,700 | |||
Steel - Producers — 0.0% | |||||
Reliance Steel & Aluminum Co. | 7,807 | 160,980 | |||
Telecom Services — 0.2% | |||||
Amdocs, Ltd.† | 26,340 | 494,929 | |||
NeuStar, Inc., Class A†# | 25,273 | 483,978 | |||
978,907 | |||||
Telephone - Integrated — 0.3% | |||||
Koninklijke KPN NV(1) | 103,990 | 1,437,692 | |||
Telstra Corp., Ltd.(1) | 110,000 | 293,292 | |||
1,730,984 | |||||
Television — 0.0% | |||||
British Sky Broadcasting Group PLC(1) | 30,970 | 211,540 | |||
Textile - Home Furnishings — 0.3% | |||||
Mohawk Industries, Inc.†# | 53,400 | 1,641,516 | |||
Tobacco — 0.2% | |||||
Philip Morris International, Inc. | 27,173 | 1,145,614 | |||
Toys — 0.2% | |||||
Nintendo Co., Ltd.(1) | 3,863 | 1,196,006 | |||
Transport - Marine — 0.1% | |||||
Frontline, Ltd.# | 5,892 | 174,050 | |||
Overseas Shipholding Group, Inc.# | 6,373 | 236,183 | |||
410,233 | |||||
Transport - Rail — 1.9% | |||||
Canadian National Railway Co. | 18,900 | 665,658 | |||
Central Japan Railway Co.(1) | 50 | 423,265 | |||
CSX Corp.# | 10,580 | 393,999 | |||
Union Pacific Corp.# | 176,221 | 8,818,099 | |||
10,301,021 | |||||
Transport - Services — 1.1% | |||||
Stagecoach Group PLC(1) | 154,860 | 419,295 | |||
United Parcel Service, Inc., Class B | 94,500 | 5,443,200 | |||
5,862,495 | |||||
Veterinary Diagnostics — 0.2% | |||||
VCA Antech, Inc.†# | 66,400 | 1,264,920 | |||
82
Table of Contents
AIG Retirement Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Kurita Water Industries, Ltd.#(1) | 9,400 | $ | 222,540 | |||||
Web Portals/ISP — 1.9% | ||||||||
Google, Inc., Class A† | 35,133 | 10,292,564 | ||||||
Sohu.com, Inc.†# | 5,598 | 271,727 | ||||||
10,564,291 | ||||||||
Wireless Equipment — 3.8% |
| |||||||
American Tower Corp., Class A† | 356,350 | 9,706,974 | ||||||
QUALCOMM, Inc. | 337,958 | 11,345,250 | ||||||
Rogers Communications, Inc., Class B | 1,670 | 45,224 | ||||||
21,097,448 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $741,137,932) | 550,743,434 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 18.3% |
| |||||||
Collective Investment Pool — 17.5% | ||||||||
Securites Lending Quality Trust(2) | 100,425,420 | 96,207,552 | ||||||
Time Deposits — 0.8% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 1,461,000 | 1,461,000 | |||||
Euro Time Deposit with State Street Bank & Trust Co. | 3,172,000 | 3,172,000 | ||||||
4,633,000 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $105,058,420) | 100,840,552 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $846,196,352)(3) | 118.3 | 651,583,986 | ||||||
Liabilities in excess of other assets | (18.3 | ) | (100,633,337 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 550,950,649 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipts
FDR—Fiduciary Depository Receipts
Open Forward Currency Contracts | ||||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | |||||
CHF 4,756,107 | USD | 4,016,813 | 01/30/2009 | $ | 84,504 | |||
DKK 22,552,960 | USD | 3,913,067 | 11/30/2009 | 76,658 | ||||
Net Unrealized Appreciation | $ | 161,162 | ||||||
Currency Legend
CHF—Swiss Franc
DKK—Danish Krone
USD—United State Dollar
See Notes to Financial Statements
83
Table of Contents
AIG Retirement Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.6 | % | |
Oil Companies — Integrated | 11.5 | ||
Medical — Drugs | 7.9 | ||
Diversified Banking Institutions | 6.0 | ||
Telephone — Integrated | 5.3 | ||
Electric — Integrated | 4.8 | ||
Diversified Manufacturing Operations | 4.2 | ||
Repurchase Agreements | 3.8 | ||
Aerospace/Defense — Equipment | 3.2 | ||
Food — Misc. | 3.1 | ||
Banks — Super Regional | 3.1 | ||
Beverages — Non-alcoholic | 3.0 | ||
Computers | 2.6 | ||
Multimedia | 2.6 | ||
Oil — Field Services | 2.5 | ||
Insurance — Multi-line | 2.3 | ||
Cosmetics & Toiletries | 2.2 | ||
Investment Management/Advisor Services | 2.1 | ||
Retail — Discount | 2.0 | ||
Medical Products | 1.9 | ||
Applications Software | 1.8 | ||
Networking Products | 1.8 | ||
Telecommunication Equipment | 1.6 | ||
Web Portals/ISP | 1.4 | ||
Electronic Components — Semiconductors | 1.4 | ||
Retail — Drug Store | 1.4 | ||
Banks — Fiduciary | 1.4 | ||
Aerospace/Defense | 1.3 | ||
Wireless Equipment | 1.3 | ||
Retail — Apparel/Shoe | 1.3 | ||
Enterprise Software/Service | 1.3 | ||
Tobacco | 1.2 | ||
Mining | 1.2 | ||
Apparel Manufacturers | 1.1 | ||
Medical — HMO | 1.1 | ||
Transport — Rail | 1.0 | ||
Finance — Credit Card | 0.9 | ||
Non-Hazardous Waste Disposal | 0.9 | ||
Metal — Diversified | 0.9 | ||
Chemicals — Diversified | 0.8 | ||
Vitamins & Nutrition Products | 0.8 | ||
117.6 | % | ||
* | Calculated as a percentage of net assets |
84
Table of Contents
AIG Retirement Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 96.2% | |||||
Aerospace/Defense — 1.3% | |||||
General Dynamics Corp. | 19,300 | $ | 997,231 | ||
Aerospace/Defense - Equipment — 3.2% | |||||
Goodrich Corp. | 40,000 | 1,346,000 | |||
United Technologies Corp. | 22,000 | 1,067,660 | |||
2,413,660 | |||||
Apparel Manufacturers — 1.1% | |||||
Coach, Inc.†# | 47,600 | 852,040 | |||
Applications Software — 1.8% | |||||
Microsoft Corp.# | 68,600 | 1,387,092 | |||
Banks - Fiduciary — 1.4% | |||||
State Street Corp. | 25,000 | 1,052,750 | |||
Banks - Super Regional — 3.1% | |||||
US Bancorp# | 46,100 | 1,243,778 | |||
Wells Fargo & Co. | 37,000 | 1,068,930 | |||
2,312,708 | |||||
Beverages - Non-alcoholic — 3.0% | |||||
PepsiCo, Inc. | 24,800 | 1,406,160 | |||
The Coca-Cola Co. | 18,700 | 876,469 | |||
2,282,629 | |||||
Chemicals - Diversified — 0.8% | |||||
E.I. du Pont de Nemours & Co. | 24,900 | 623,994 | |||
Computers — 2.6% | |||||
Hewlett-Packard Co. | 24,200 | 853,776 | |||
International Business Machines Corp. | 14,000 | 1,142,400 | |||
1,996,176 | |||||
Computers - Memory Devices — 0.0% | |||||
Seagate Technology(1)(2)(3) | 10,000 | 0 | |||
Cosmetics & Toiletries — 2.2% | |||||
Procter & Gamble Co. | 25,700 | 1,653,795 | |||
Diversified Banking Institutions — 6.0% | |||||
Bank of America Corp.# | 108,400 | 1,761,500 | |||
Citigroup, Inc. | 100,000 | 829,000 | |||
JPMorgan Chase & Co. | 61,300 | 1,940,758 | |||
4,531,258 | |||||
Diversified Manufacturing Operations — 4.2% | |||||
General Electric Co. | 117,100 | 2,010,607 | |||
Honeywell International, Inc. | 42,500 | 1,184,050 | |||
3,194,657 | |||||
Electric - Integrated — 4.8% | |||||
FPL Group, Inc.# | 29,000 | 1,414,040 | |||
PG&E Corp.# | 28,200 | 1,072,728 | |||
Xcel Energy, Inc.# | 61,200 | 1,151,172 | |||
3,637,940 | |||||
Electronic Components - Semiconductors — 1.4% | |||||
Intel Corp. | 77,200 | 1,065,360 | |||
Enterprise Software/Service — 1.3% | |||||
Oracle Corp.† | 58,500 | 941,265 | |||
Finance - Credit Card — 0.9% | |||||
American Express Co.# | 30,600 | 713,286 | |||
Food - Misc. — 3.1% | |||||
H.J. Heinz Co.# | 28,000 | 1,087,520 | |||
Kraft Foods, Inc., Class A | 45,600 | 1,240,776 | |||
2,328,296 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Insurance - Multi-line — 2.3% | |||||
MetLife, Inc. | 59,100 | $ | 1,699,716 | ||
Investment Management/Advisor Services — 2.1% | |||||
Invesco, Ltd.# | 125,200 | 1,571,260 | |||
Medical Products — 1.9% | |||||
Johnson & Johnson | 24,500 | 1,435,210 | |||
Medical - Drugs — 7.9% | |||||
Abbott Laboratories | 27,900 | 1,461,681 | |||
Eli Lilly & Co. | 21,800 | 744,470 | |||
Merck & Co., Inc. | 47,600 | 1,271,872 | |||
Pfizer, Inc. | 86,500 | 1,421,195 | |||
Wyeth | 29,200 | 1,051,492 | |||
5,950,710 | |||||
Medical - HMO — 1.1% | |||||
UnitedHealth Group, Inc. | 40,000 | 840,400 | |||
Metal - Diversified — 0.9% | |||||
Freeport-McMoRan Copper & Gold, Inc. | 28,800 | 690,912 | |||
Mining — 1.2% | |||||
Barrick Gold Corp.# | 30,000 | 883,800 | |||
Multimedia — 2.6% | |||||
The Walt Disney Co.†# | 33,300 | 749,916 | |||
Time Warner, Inc.# | 129,800 | 1,174,690 | |||
1,924,606 | |||||
Networking Products — 1.8% | |||||
Cisco Systems, Inc.† | 80,100 | 1,324,854 | |||
Non-Hazardous Waste Disposal — 0.9% | |||||
Waste Management, Inc.# | 24,000 | 700,800 | |||
Oil Companies - Integrated — 11.5% | |||||
Chevron Corp. | 30,400 | 2,401,904 | |||
ConocoPhillips | 44,800 | 2,352,896 | |||
Exxon Mobil Corp. | 27,900 | 2,236,185 | |||
Marathon Oil Corp. | 65,000 | 1,701,700 | |||
8,692,685 | |||||
Oil-Field Services — 2.5% | |||||
Schlumberger, Ltd. | 36,500 | 1,852,010 | |||
Retail - Apparel/Shoe — 1.3% | |||||
American Eagle Outfitters, Inc. | 100,400 | 963,840 | |||
Retail - Discount — 2.0% | |||||
Target Corp.# | 45,400 | 1,532,704 | |||
Retail - Drug Store — 1.4% | |||||
CVS Caremark Corp. | 36,500 | 1,055,945 | |||
Telecommunication Equipment — 1.6% | |||||
Harris Corp. | 34,200 | 1,192,896 | |||
Telephone - Integrated — 5.3% | |||||
AT&T, Inc. | 84,200 | 2,404,752 | |||
Verizon Communications, Inc.# | 49,800 | 1,625,970 | |||
4,030,722 | |||||
Tobacco — 1.2% | |||||
Altria Group, Inc. | 58,200 | 935,856 | |||
Transport - Rail — 1.0% | |||||
Union Pacific Corp. | 15,000 | 750,600 | |||
Vitamins & Nutrition Products — 0.8% | |||||
NBTY, Inc.† | 42,800 | 623,596 | |||
Web Portals/ISP — 1.4% | |||||
Google, Inc., Class A† | 3,700 | 1,083,952 | |||
85
Table of Contents
AIG Retirement Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Wireless Equipment — 1.3% |
| |||||||
QUALCOMM, Inc. | 28,900 | $ | 970,173 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $95,537,528) | 72,691,384 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 17.6% |
| |||||||
Collective Investment Pool — 17.6% |
| |||||||
Securities Lending Quality Trust | 13,879,357 | 13,296,424 | ||||||
REPURCHASE AGREEMENT — 3.8% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement | $ | 2,881,000 | 2,881,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $112,297,885)(5) | 117.6 | % | 88,868,808 | |||||
Liabilities in excess of other assets | (17.6 | ) | (13,291,674 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 75,577,134 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | Fair valued security; see Note 2 |
(2) | Illiquid security. At November 30, 2008, the aggregate values of these securities was $0, representing 0.0% of net assets. |
(3) | To the extent permitted by the Statement of Additional Information, the Growth & Income Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Growth & Income Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | |||||||||
Seagate Technology | 10/14/04 | 10,000 | $ | 0 | $ | 0 | $ | 0.00 | 0.00% | ||||||
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
See Notes to Financial Statements
86
Table of Contents
AIG Retirement Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 31.7 | % | |
Medical — Drugs | 23.5 | ||
Medical Products | 8.8 | ||
Medical — HMO | 6.7 | ||
Medical Instruments | 6.1 | ||
Medical—Generic Drugs | 5.4 | ||
Pharmacy Services | 4.1 | ||
Therapeutics | 3.3 | ||
Agricultural Chemicals | 1.7 | ||
Medical Labs & Testing Services | 1.6 | ||
Health Care Cost Containment | 1.2 | ||
Registered Investment Companies | 1.2 | ||
Instruments — Scientific | 0.9 | ||
Optical Supplies | 0.9 | ||
Dental Supplies & Equipment | 0.8 | ||
Diagnostic Equipment | 0.7 | ||
Retail — Drug Store | 0.7 | ||
Medical — Hospitals | 0.7 | ||
Drug Delivery Systems | 0.7 | ||
Hazardous Waste Disposal | 0.7 | ||
Dialysis Centers | 0.7 | ||
Medical — Wholesale Drug Distribution | 0.6 | ||
Insurance Brokers | 0.4 | ||
Medical — Outpatient/Home Medical | 0.3 | ||
Diagnostic Kits | 0.2 | ||
Insurance — Multi-line | 0.2 | ||
Chemicals — Specialty | 0.1 | ||
Patient Monitoring Equipment | 0.1 | ||
104.0 | % | ||
* | Calculated as a percentage of net assets |
87
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 102.7% | |||||
Agricultural Chemicals — 1.7% | |||||
Monsanto Co. | 27,500 | $ | 2,178,000 | ||
Chemicals - Specialty — 0.1% | |||||
Symyx Technologies, Inc.† | 36,400 | 146,328 | |||
Dental Supplies & Equipment — 0.8% | |||||
Dentsply International, Inc. | 39,300 | 1,024,944 | |||
Diagnostic Equipment — 0.7% | |||||
Gen-Probe, Inc.† | 13,200 | 486,420 | |||
Immucor, Inc.† | 19,433 | 471,639 | |||
958,059 | |||||
Diagnostic Kits — 0.2% | |||||
Idexx Laboratories, Inc.† | 5,600 | 173,096 | |||
Qiagen NV† | 6,800 | 109,684 | |||
282,780 | |||||
Dialysis Centers — 0.7% | |||||
DaVita, Inc.† | 17,000 | 854,250 | |||
Drug Delivery Systems — 0.7% | |||||
Alkermes, Inc.† | 119,800 | 884,124 | |||
Hazardous Waste Disposal — 0.7% | |||||
Stericycle, Inc.† | 15,400 | 882,420 | |||
Health Care Cost Containment — 1.2% | |||||
McKesson Corp. | 45,700 | 1,596,758 | |||
Instruments - Scientific — 0.9% | |||||
Thermo Fisher Scientific, Inc.† | 9,000 | 321,120 | |||
Waters Corp.† | 22,100 | 911,183 | |||
1,232,303 | |||||
Insurance Brokers — 0.4% | |||||
eHealth, Inc.† | 32,600 | 357,622 | |||
Tempo Participacoes SA† | 123,400 | 134,465 | |||
492,087 | |||||
Insurance - Multi-line — 0.2% | |||||
Assurant, Inc. | 9,750 | 212,257 | |||
Medical Instruments — 6.1% | |||||
ArthroCare Corp.† | 15,400 | 201,432 | |||
Boston Scientific Corp.† | 24,900 | 153,633 | |||
Conceptus, Inc.† | 92,600 | 1,361,220 | |||
Edwards Lifesciences Corp.† | 19,200 | 955,584 | |||
Intuitive Surgical, Inc.† | 8,100 | 1,073,493 | |||
Medtronic, Inc. | 59,200 | 1,806,784 | |||
Micrus Endovascular Corp.† | 22,100 | 234,260 | |||
NuVasive, Inc.† | 12,050 | 415,122 | |||
St. Jude Medical, Inc.† | 46,400 | 1,300,592 | |||
Stereotaxis, Inc.† | 107,300 | 516,113 | |||
8,018,233 | |||||
Medical Labs & Testing Services — 1.6% | |||||
Covance, Inc.† | 34,600 | 1,352,168 | |||
Diagnosticos da America SA | 9,000 | 95,726 | |||
Laboratory Corp. of America Holdings† | 11,000 | 696,960 | |||
2,144,854 | |||||
Medical Products — 8.8% | |||||
Baxter International, Inc. | 84,900 | 4,491,210 | |||
Cardinal Health, Inc. | 5,400 | 175,608 | |||
Covidien, Ltd. | 42,300 | 1,558,755 | |||
Fresenius SE(1) | 12,620 | 624,141 | |||
Henry Schein, Inc.† | 65,800 | 2,351,034 | |||
Nobel Biocare Holding AG(1) | 17,985 | 274,729 | |||
Sonova Holding AG(1) | 866 | 47,037 |
Security Description | Shares | Market Value (Note 2) | |||
Medical Products (continued) | |||||
Stryker Corp. | 27,900 | $ | 1,085,868 | ||
Wright Medical Group, Inc.† | 25,700 | 435,872 | |||
Zimmer Holdings, Inc.† | 15,000 | 559,800 | |||
11,604,054 | |||||
Medical - Biomedical/Gene — 31.6% | |||||
Acorda Therapeutics, Inc.† | 51,400 | 931,368 | |||
Alexion Pharmaceuticals, Inc.† | 149,900 | 5,045,634 | |||
AMAG Pharmaceuticals, Inc.† | 4,100 | 138,088 | |||
Amgen, Inc.† | 53,400 | 2,965,836 | |||
Amylin Pharmaceuticals, Inc.† | 91,900 | 680,979 | |||
BioCryst Pharmaceuticals, Inc.† | 56,700 | 81,081 | |||
Biogen Idec, Inc.† | 13,200 | 558,492 | |||
Celgene Corp.† | 47,240 | 2,461,204 | |||
Cell Genesys, Inc.† | 35,300 | 8,472 | |||
Charles River Laboratories International, Inc.† | 23,300 | 531,240 | |||
Cougar Biotechnology, Inc.† | 47,900 | 1,159,180 | |||
Cubist Pharmaceuticals, Inc.† | 64,200 | 1,576,752 | |||
deCODE genetics, Inc.† | 80,700 | 19,368 | |||
Dyadic International, Inc.† | 35,800 | 4,654 | |||
Exelixis, Inc.† | 97,300 | 300,657 | |||
Genentech, Inc.† | 55,800 | 4,274,280 | |||
Gilead Sciences, Inc.† | 218,900 | 9,804,531 | |||
Human Genome Sciences, Inc.† | 32,700 | 56,571 | |||
Illumina, Inc.† | 74,300 | 1,635,343 | |||
Incyte Corp.† | 208,400 | 696,056 | |||
Intercell AG†(1) | 6,300 | 166,634 | |||
InterMune, Inc.† | 4,400 | 50,644 | |||
Life Technologies Corp.† | 15,309 | 399,559 | |||
Maxygen, Inc.† | 22,900 | 112,210 | |||
Millipore Corp.† | 12,700 | 643,382 | |||
Myriad Genetics, Inc.† | 8,800 | 521,664 | |||
Nanosphere, Inc.† | 2,300 | 11,500 | |||
OSI Pharmaceuticals, Inc.† | 19,596 | 728,971 | |||
Regeneron Pharmaceuticals, Inc.† | 30,200 | 466,892 | |||
Seattle Genetics, Inc.† | 76,000 | 658,160 | |||
The Medicines Co.† | 148,200 | 1,910,298 | |||
United Therapeutics Corp.† | 8,200 | 449,606 | |||
Vertex Pharmaceuticals, Inc.† | 102,694 | 2,525,246 | |||
41,574,552 | |||||
Medical - Drugs — 23.5% | |||||
Abbott Laboratories | 16,500 | 864,435 | |||
Acadia Pharmaceuticals, Inc.† | 64,700 | 82,816 | |||
Allergan, Inc. | 40,400 | 1,522,272 | |||
Array Biopharma, Inc.† | 14,900 | 56,322 | |||
Biodel, Inc.† | 40,100 | 110,275 | |||
Bristol - Myers Squibb Co. | 29,500 | 610,650 | |||
Cadence Pharmaceuticals, Inc. | 39,800 | 265,068 | |||
Cardiome Pharma Corp. | 18,200 | 77,168 | |||
Cephalon, Inc.† | 47,700 | 3,504,996 | |||
Chugai Pharmaceutical Co., Ltd.(1) | 75,300 | 1,299,869 | |||
Daiichi Sankyo Co., Ltd.(1) | 14,400 | 296,677 | |||
Elan Corp. PLC ADR† | 160,300 | 1,005,081 | |||
GlaxoSmithKline Pharmaceuticals, Ltd.(1) | 17,267 | 405,397 | |||
Hikma Pharmaceuticals PLC(1) | 45,800 | 196,640 | |||
Infinity Pharmaceuticals, Inc.† | 35,950 | 234,754 | |||
Ipsen SA(1) | 23,731 | 789,745 | |||
Merck & Co., Inc. | 88,200 | 2,356,704 | |||
Merck KGaA(1) | 25,836 | 2,170,657 | |||
Novartis AG(1) | 12,329 | 576,394 | |||
Novo - Nordisk A/S, Class B(1) | 11,200 | 572,214 | |||
Optimer Pharmaceuticals, Inc.† | 13,600 | 108,120 | |||
Orexigen Therapeutics, Inc. | 20,100 | 140,499 | |||
Pfizer, Inc. | 1,300 | 21,359 |
88
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical - Drugs (continued) | |||||
Pharmasset, Inc.† | 50,900 | $ | 838,323 | ||
PharMerica Corp.† | 57,900 | 962,298 | |||
Poniard Pharmaceuticals, Inc.† | 68,500 | 203,445 | |||
Rigel Pharmaceuticals, Inc.† | 18,400 | 136,528 | |||
Roche Holding AG(1) | 16,438 | 2,311,484 | |||
Schering - Plough Corp. | 100,600 | 1,691,086 | |||
Sepracor, Inc.† | 28,200 | 331,632 | |||
Shire PLC(1) | 32,600 | 451,819 | |||
Shire PLC ADR | 30,500 | 1,250,500 | |||
Takeda Pharmaceutical Co., Ltd.(1) | 2,500 | 120,815 | |||
UCB SA(1) | 16,999 | 514,205 | |||
Valeant Pharmaceuticals International† | 6,000 | 116,880 | |||
Wyeth | 95,697 | 3,446,049 | |||
XenoPort, Inc.† | 36,900 | 1,160,136 | |||
30,803,312 | |||||
Medical - Generic Drugs — 5.4% | |||||
Barr Pharmaceuticals, Inc.† | 34,900 | 2,282,111 | |||
Mylan, Inc.† | 33,200 | 312,412 | |||
Sawai Pharmaceutical Co., Ltd.(1) | 12,500 | 527,596 | |||
Simcere Pharmaceutical Group ADR† | 21,400 | 152,154 | |||
Teva Pharmaceutical Industries, Ltd. ADR | 74,782 | 3,226,843 | |||
Towa Pharmaceutical Co., Ltd.(1) | 16,800 | 646,668 | |||
7,147,784 | |||||
Medical - HMO — 6.7% | |||||
Aetna, Inc. | 38,400 | 837,888 | |||
AMERIGROUP Corp.† | 56,800 | 1,395,008 | |||
Centene Corp.† | 30,700 | 567,950 | |||
CIGNA Corp. | 37,100 | 449,281 | |||
Health Net, Inc.† | 62,200 | 560,422 | |||
Humana, Inc.† | 58,200 | 1,759,386 | |||
Medial Saude SA | 62,100 | 152,321 | |||
Triple - S Management Corp., Class B | 34,200 | 372,780 | |||
UnitedHealth Group, Inc. | 39,800 | 836,198 | |||
WellCare Health Plans, Inc.† | 1,100 | 9,856 | |||
WellPoint, Inc.† | 52,900 | 1,883,240 | |||
8,824,330 | |||||
Medical - Hospitals — 0.7% | |||||
Bangkok Dusit Medical Service PCL(4) | 620,000 | 274,429 | |||
Community Health Systems, Inc.† | 49,500 | 646,470 | |||
920,899 | |||||
Medical - Outpatient/Home Medical — 0.3% | |||||
Amedisys, Inc.† | 9,500 | 369,455 | |||
Medical - Wholesale Drug Distribution — 0.6% | |||||
A&D Pharma Holding NV GDR† | 56,700 | 194,432 | |||
AmerisourceBergen Corp. | 11,600 | 363,660 | |||
Profarma Distribuidora de Productos Farmaceuticos SA | 83,200 | 243,808 | |||
801,900 | |||||
Optical Supplies — 0.9% | |||||
Alcon, Inc. | 15,100 | 1,204,829 | |||
Patient Monitoring Equipment — 0.1% | |||||
Mindray Medical International, Ltd., Class A ADR | 4,100 | 74,128 | |||
Pharmacy Services — 4.1% | |||||
Catalyst Health Solutions, Inc.† | 43,200 | 972,000 | |||
Express Scripts, Inc.† | 21,300 | 1,224,963 | |||
Medco Health Solutions, Inc.† | 76,500 | 3,213,000 | |||
5,409,963 | |||||
Security Description | Shares | Market Value (Note 2) | |||||
Retail - Drug Store — 0.7% |
| ||||||
China Nepstar Chain Drugstore, Ltd. ADR | 7,000 | $ | 29,400 | ||||
CVS Caremark Corp. | 29,449 | 851,960 | |||||
Walgreen Co. | 1,700 | 42,058 | |||||
923,418 | |||||||
Therapeutics — 3.3% |
| ||||||
Alexza Pharmaceuticals, Inc.† | 29,100 | 52,380 | |||||
Allos Therapeutics, Inc.† | 31,277 | 225,195 | |||||
BioMarin Pharmaceuticals, Inc.† | 139,800 | 2,380,794 | |||||
CV Therapeutics, Inc.† | 4,100 | 37,146 | |||||
Neurocrine Biosciences, Inc.† | 39,300 | 122,223 | |||||
Onyx Pharmaceuticals, Inc.† | 40,400 | 1,135,240 | |||||
Theravance, Inc.† | 46,500 | 310,620 | |||||
Transition Therapeutics, Inc. | 4,522 | 11,376 | |||||
4,274,974 | |||||||
Total Common Stock |
| ||||||
(cost $174,626,663) | 134,840,995 | ||||||
PREFERRED STOCK — 0.1% |
| ||||||
Medical - Biomedical/Gene — 0.1% |
| ||||||
Pacific Biosciences of California, Inc., | 19,415 | 122,314 | |||||
WARRANTS — 0.0% |
| ||||||
Medical - Biomedical/Gene — 0.0% |
| ||||||
Dyadic International, Inc. Expires 05/30/10 | 4,560 | 0 | |||||
Medical - Drugs — 0.0% |
| ||||||
Poniard Pharmaceuticals, Inc. Expires 12/03/08 | 2,000 | 0 | |||||
Poniard Pharmaceuticals, Inc. Expires 02/01/11 | 5,994 | 0 | |||||
Poniard Pharmaceuticals, Inc. Expires 04/26/11 | 61,566 | 0 | |||||
Therapeutics — 0.0% |
| ||||||
Favrille, Inc. Expires 03/06/11 | 15,435 | 0 | |||||
MannKind Corp. Expires 08/05/10 | 15,000 | 0 | |||||
Total Warrants |
| ||||||
(cost $2,304) | 0 | ||||||
Total Long-Term Investment Securities |
| ||||||
(cost $174,764,872) | 134,963,309 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| ||||||
Registered Investment Companies — 1.2% |
| ||||||
T. Rowe Price Reserve Investment Fund | 1,566,941 | 1,566,941 | |||||
TOTAL INVESTMENTS | 104.0 | % | 136,530,250 | ||||
Liabilities in excess of other assets | (4.0 | ) | (5,233,244 | ) | |||
NET ASSETS — | 100.0 | % | $ | 131,297,006 | |||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $122,314, representing 0.1% of net assets. |
89
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AIG Retirement Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
(3) | To the extent permitted by the Statement of Additional Information, the Health Sciences Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Health Sciences Fund held the following restricted securities: |
Name | Acquisition Date | Principal/ Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | ||||||||||
Dyadic International, Inc. (Warrant) | 12/01/06 | 4,560 | $ | 0 | $ | 0 | $ | 0 | 0.00 | % | ||||||
Favrille, Inc. (Warrant) Expires 03/06/11; | 03/09/06 | 15,435 | 1,929 | 0 | 0 | 0.00 | % | |||||||||
MannKind Corp. (Warrant) | 08/05/05 | 15,000 | 375 | 0 | 0 | 0.00 | % | |||||||||
Pacific Biosciences of California, Inc., | 07/11/08 | 19,415 | 135,905 | 122,314 | 6.30 | 0.09 | % | |||||||||
Poniard Pharmaceuticals, Inc. (Warrant) | 12/05/03 | 2,000 | 0 | 0 | 0 | 0.00 | % | |||||||||
Poniard Pharmaceuticals, Inc. (Warrant) | 02/01/06 | 5,994 | 0 | 0 | 0 | 0.00 | % | |||||||||
Poniard Pharmaceuticals, Inc. (Warrant) | 04/26/06 | 61,566 | 0 | 0 | 0 | 0.00 | % | |||||||||
$ | 122,314 | 0.09 | % | |||||||||||||
(4) | Fair valued security; see Note 2 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
Open call option contracts written at November 30, 2008 for the Health Sciences Fund were as follows: | |||||||||||||||||
Issue | Expiration Date | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||||
Abbott Laboratories | Jan-09 | $ | 60.00 | 17 | $ | 4,301 | $ | 1,105 | $ | 3,196 | |||||||
Abbott Laboratories | Feb-09 | 62.50 | 21 | 3,927 | 1,890 | 2,037 | |||||||||||
Acorda Therapeutics, Inc. | Jan-09 | 40.00 | 3 | 921 | 60 | 861 | |||||||||||
Acorda Therapeutics, Inc. | Jan-10 | 50.00 | 14 | 7,098 | 770 | 6,328 | |||||||||||
Alcon, Inc. | Jan-09 | 110.00 | 14 | 5,178 | 770 | 4,408 | |||||||||||
Alcon, Inc. | Jan-10 | 180.00 | 26 | 39,236 | 1,690 | 37,546 | |||||||||||
Alexion Pharmaceuticals, Inc. | Jan-09 | 40.00 | 134 | 30,050 | 26,800 | 3,250 | |||||||||||
Alexion Pharmaceuticals, Inc. | Jan-09 | 50.00 | 13 | 3,081 | 390 | 2,691 | |||||||||||
AMAG Pharmaceuticals, Inc. | Jan-09 | 50.00 | 13 | 3,536 | 6,110 | (2,574 | ) | ||||||||||
Amedisys, Inc. | Mar-09 | 65.00 | 18 | 8,946 | 2,430 | 6,516 | |||||||||||
Amedisys, Inc. | Mar-09 | 70.00 | 15 | 4,081 | 1,575 | 2,506 | |||||||||||
AMERIGROUP Corp. | Jan-09 | 30.00 | 56 | 9,373 | 5,880 | 3,493 | |||||||||||
Amgen, Inc. | Jan-09 | 50.00 | 82 | 34,440 | 65,600 | (31,160 | ) | ||||||||||
Amgen, Inc. | Jan-09 | 60.00 | 94 | 20,481 | 23,218 | (2,737 | ) | ||||||||||
Amgen, Inc. | Apr-09 | 60.00 | 30 | 16,710 | 16,950 | (240 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-09 | 40.00 | 7 | 715 | 35 | 680 | |||||||||||
Assurant, Inc. | Jan-09 | 70.00 | 7 | 2,106 | 140 | 1,966 | |||||||||||
Baxter International, Inc. | Jan-09 | 70.00 | 40 | 6,680 | 800 | 5,880 | |||||||||||
Biogen Idec, Inc. | Jan-09 | 70.00 | 9 | 2,673 | 135 | 2,538 | |||||||||||
Catalyst Health Solutions, Inc. | Dec-08 | 30.00 | 21 | 5,442 | 315 | 5,127 | |||||||||||
Catalyst Health Solutions, Inc. | Dec-08 | 35.00 | 4 | 428 | 40 | 388 | |||||||||||
Celgene Corp. | Jan-09 | 70.00 | 63 | 29,582 | 3,780 | 25,802 | |||||||||||
Celgene Corp. | Jan-09 | 75.00 | 46 | 19,182 | 1,380 | 17,802 |
90
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Issue | Expiration Date | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||||
Cephalon, Inc. | Jan-09 | $ | 80.00 | 13 | $ | 3,731 | $ | 3,055 | $ | 676 | |||||||
Charles River Laboratories International, Inc. | Jan-09 | 65.00 | 33 | 5,227 | 825 | 4,402 | |||||||||||
Conceptus, Inc. | Feb-09 | 20.00 | 12 | 1,302 | 540 | 762 | |||||||||||
Covance, Inc. | Jan-09 | 90.00 | 8 | 4,056 | 240 | 3,816 | |||||||||||
Covance, Inc. | Feb-09 | 50.00 | 12 | 1,764 | 1,764 | 0 | |||||||||||
Covidien, Ltd. | Apr-09 | 60.00 | 10 | 2,220 | 250 | 1,970 | |||||||||||
DaVita, Inc. | Jan-09 | 55.00 | 45 | 13,188 | 6,975 | 6,213 | |||||||||||
DaVita, Inc. | Jan-09 | 60.00 | 90 | 18,642 | 5,850 | 12,792 | |||||||||||
Dentsply International, Inc. | Jul-09 | 35.00 | 35 | 3,745 | 5,250 | (1,505 | ) | ||||||||||
Edwards Lifesciences Corp. | Jan-09 | 60.00 | 47 | 9,259 | 2,350 | 6,909 | |||||||||||
Express Scripts, Inc. | Jan-09 | 85.00 | 22 | 6,847 | 330 | 6,517 | |||||||||||
Gilead Sciences, Inc. | Jan-09 | 55.00 | 47 | 5,814 | 1,880 | 3,934 | |||||||||||
Gilead Sciences, Inc. | Jan-09 | 60.00 | 62 | 16,698 | 620 | 16,078 | |||||||||||
Gilead Sciences, Inc. | Feb-09 | 57.50 | 71 | 9,312 | 5,325 | 3,987 | |||||||||||
Gilead Sciences, Inc. | May-09 | 60.00 | 25 | 5,612 | 3,625 | 1,987 | |||||||||||
Health Net, Inc. | Jan-09 | 7.50 | 87 | 38,783 | 19,140 | 19,643 | |||||||||||
Henry Schein, Inc. | Apr-09 | 50.00 | 35 | 6,933 | 2,800 | 4,133 | |||||||||||
Idexx Laboratories, Inc. | Jan-09 | 65.00 | 6 | 882 | 270 | 612 | |||||||||||
Illumina, Inc. | Jan-09 | 40.00 | 13 | 1,466 | 260 | 1,206 | |||||||||||
Illumina, Inc. | Jan-09 | 52.50 | 25 | 6,237 | 250 | 5,987 | |||||||||||
Immucor, Inc. | Jan-09 | 35.00 | 44 | 7,508 | 1,540 | 5,968 | |||||||||||
Intuitive Surgical, Inc. | Jan-09 | 270.00 | 4 | 5,548 | 120 | 5,428 | |||||||||||
Intuitive Surgical, Inc. | Jan-09 | 300.00 | 1 | 3,283 | 40 | 3,243 | |||||||||||
Intuitive Surgical, Inc. | Jan-10 | 200.00 | 1 | 2,097 | 2,110 | (13 | ) | ||||||||||
Intuitive Surgical, Inc. | Jan-10 | 330.00 | 10 | 40,790 | 4,400 | 36,390 | |||||||||||
Laboratory Corp. of America Holdings | Jan-09 | 70.00 | 25 | 12,425 | 3,375 | 9,050 | |||||||||||
Medco Health Solutions, Inc. | Jan-09 | 50.00 | 25 | 2,800 | 2,375 | 425 | |||||||||||
Medco Health Solutions, Inc. | Jan-09 | 55.00 | 88 | 16,230 | 2,640 | 13,590 | |||||||||||
Medtronic, Inc. | Feb-09 | 60.00 | 21 | 4,137 | 210 | 3,927 | |||||||||||
Monsanto Co. | Jan-09 | 100.00 | 70 | 38,905 | 13,650 | 25,255 | |||||||||||
Monsanto Co. | Jan-09 | 105.00 | 42 | 24,150 | 5,250 | 18,900 | |||||||||||
Monsanto Co. | Jan-09 | 110.00 | 19 | 6,593 | 1,520 | 5,073 | |||||||||||
Monsanto Co. | Jan-09 | 120.00 | 83 | 39,991 | 2,490 | 37,501 | |||||||||||
Myriad Genetics, Inc. | Jan-09 | 55.00 | 46 | 6,766 | 35,420 | (28,654 | ) | ||||||||||
Myriad Genetics, Inc. | May-09 | 85.00 | 13 | 5,681 | 3,835 | 1,846 | |||||||||||
Onyx Pharmaceuticals, Inc. | Jan-09 | 50.00 | 32 | 8,936 | 480 | 8,456 | |||||||||||
Onyx Pharmaceuticals, Inc. | Feb-09 | 50.00 | 23 | 5,796 | 1,150 | 4,646 | |||||||||||
OSI Pharmaceuticals, Inc. | Jan-09 | 45.00 | 45 | 17,526 | 6,525 | 11,001 | |||||||||||
OSI Pharmaceuticals, Inc. | Jan-09 | 50.00 | 19 | 6,401 | 1,140 | 5,261 | |||||||||||
Qiagen NV | Jan-09 | 20.00 | 68 | 14,416 | 1,700 | 12,716 | |||||||||||
St. Jude Medical, Inc. | Jan-09 | 45.00 | 23 | 3,611 | 230 | 3,381 | |||||||||||
St. Jude Medical, Inc. | Jan-09 | 50.00 | 9 | 2,223 | 90 | 2,133 | |||||||||||
Stericycle, Inc. | Feb-09 | 70.00 | 36 | 8,892 | 4,680 | 4,212 | |||||||||||
Stryker Corp. | Jan-09 | 55.00 | 23 | 2,231 | 345 | 1,886 | |||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Dec-08 | 45.00 | 85 | 11,357 | 5,525 | 5,832 | |||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-09 | 50.00 | 26 | 3,898 | 520 | 3,378 | |||||||||||
The Medicines Co. | Jan-09 | 22.50 | 12 | 1,864 | 180 | 1,684 | |||||||||||
The Medicines Co. | Apr-09 | 22.50 | 12 | 2,419 | 540 | 1,879 | |||||||||||
The Medicines Co. | Apr-09 | 30.00 | 6 | 1,602 | 150 | 1,452 | |||||||||||
United Therapeutics Corp. | Feb-09 | 65.00 | 12 | 3,684 | 3,684 | 0 | |||||||||||
Valeant Pharmaceuticals International | Mar-09 | 20.00 | 55 | 10,835 | 12,100 | (1,265 | ) | ||||||||||
Vertex Pharmaceuticals, Inc. | Jan-09 | 40.00 | 31 | 5,350 | 620 | 4,730 | |||||||||||
WellPoint, Inc. | Jan-09 | 60.00 | 46 | 10,902 | 460 | 10,442 | |||||||||||
Wyeth | Jan-09 | 42.50 | 63 | 8,211 | 6,300 | 1,911 | |||||||||||
XenoPort, Inc. | Dec-08 | 50.00 | 22 | 6,678 | 220 | 6,458 | |||||||||||
XenoPort, Inc. | Jan-09 | 60.00 | 43 | 14,928 | 430 | 14,498 | |||||||||||
Zimmer Holdings, Inc. | Jan-09 | 70.00 | 43 | 9,816 | 430 | 9,386 | |||||||||||
2,671 | $ | 798,365 | $ | 349,936 | $ | 448,429 | |||||||||||
Open put option contracts written at November 30, 2008 for the Health Sciences Fund were as follows: | |||||||||||||||||
Issue | Expiration Date | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||||
Abbott Laboratories | May-09 | $ | 50.00 | 5 | $ | 2,985 | $ | 2,650 | $ | 335 | |||||||
Abbott Laboratories | Jan-10 | 60.00 | 11 | 10,737 | 16,940 | (6,203 | ) | ||||||||||
Acorda Therapeutics, Inc. | Jan-09 | 30.00 | 25 | 11,582 | 31,250 | (19,668 | ) |
91
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AIG Retirement Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Issue | Expiration Date | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||||
Aetna, Inc. | Jan-09 | $ | 50.00 | 11 | $ | 9,097 | $ | 31,350 | $ | (22,253 | ) | ||||||
Alcon, Inc. | Jan-09 | 170.00 | 3 | 2,786 | 27,690 | (24,904 | ) | ||||||||||
Alcon, Inc. | Jan-10 | 170.00 | 23 | 60,080 | 213,440 | (153,360 | ) | ||||||||||
Alcon, Inc. | Jan-10 | 180.00 | 21 | 56,803 | 215,040 | (158,237 | ) | ||||||||||
Alcon, Inc. | Jan-10 | 190.00 | 18 | 55,641 | 202,320 | (146,679 | ) | ||||||||||
Alexion Pharmaceuticals, Inc. | Jan-09 | 40.00 | 90 | 38,924 | 77,400 | (38,476 | ) | ||||||||||
Alexion Pharmaceuticals, Inc. | Jan-09 | 45.00 | 43 | 26,285 | 52,890 | (26,605 | ) | ||||||||||
Alkermes, Inc. | Jan-09 | 20.00 | 9 | 6,302 | 11,610 | (5,308 | ) | ||||||||||
Allergan, Inc. | Jan-09 | 65.00 | 7 | 5,199 | 19,460 | (14,261 | ) | ||||||||||
Amedisys, Inc. | Mar-09 | 70.00 | 25 | 24,303 | 81,750 | (57,447 | ) | ||||||||||
AMERIGROUP Corp. | Jan-09 | 25.00 | 20 | 7,169 | 6,600 | 569 | |||||||||||
Amgen, Inc. | Jan-09 | 50.00 | 28 | 10,151 | 6,636 | 3,515 | |||||||||||
Amgen, Inc. | Jan-09 | 60.00 | 30 | 12,177 | 20,850 | (8,673 | ) | ||||||||||
Amgen, Inc. | Apr-09 | 60.00 | 26 | 13,891 | 25,740 | (11,849 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-09 | 25.00 | 15 | 4,605 | 27,450 | (22,845 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-09 | 30.00 | 9 | 4,473 | 21,060 | (16,587 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-09 | 35.00 | 3 | 1,881 | 8,490 | (6,609 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-09 | 40.00 | 2 | 1,894 | 6,580 | (4,686 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-10 | 20.00 | 26 | 15,262 | 41,080 | (25,818 | ) | ||||||||||
Amylin Pharmaceuticals, Inc. | Jan-10 | 25.00 | 24 | 17,448 | 48,480 | (31,032 | ) | ||||||||||
Assurant, Inc. | Jan-09 | 70.00 | 3 | 1,809 | 14,670 | (12,861 | ) | ||||||||||
AstraZeneca PLC | Jan-09 | 40.00 | 36 | 16,632 | 15,120 | 1,512 | |||||||||||
Barr Pharmaceuticals, Inc. | Feb-09 | 60.00 | 4 | 2,388 | 820 | 1,568 | |||||||||||
Baxter International, Inc. | Jan-09 | 65.00 | 20 | 15,760 | 25,800 | (10,040 | ) | ||||||||||
Baxter International, Inc. | Jan-09 | 70.00 | 32 | 30,851 | 56,320 | (25,469 | ) | ||||||||||
Baxter International, Inc. | Feb-09 | 75.00 | 22 | 15,884 | 49,940 | (34,056 | ) | ||||||||||
Baxter International, Inc. | Jan-10 | 70.00 | 21 | 19,887 | 44,520 | (24,633 | ) | ||||||||||
Baxter International, Inc. | Jan-10 | 75.00 | 8 | 8,776 | 20,160 | (11,384 | ) | ||||||||||
Biogen Idec, Inc. | Jan-09 | 50.00 | 13 | 6,214 | 11,960 | (5,746 | ) | ||||||||||
Biogen Idec, Inc. | Jan-09 | 55.00 | 24 | 16,968 | 32,400 | (15,432 | ) | ||||||||||
Biogen Idec, Inc. | Jan-09 | 70.00 | 25 | 16,300 | 69,750 | (53,450 | ) | ||||||||||
BioMarin Pharmaceuticals, Inc. | Jan-09 | 25.00 | 48 | 24,527 | 42,720 | (18,193 | ) | ||||||||||
BioMarin Pharmaceuticals, Inc. | Jan-09 | 35.00 | 1 | 750 | 1,880 | (1,130 | ) | ||||||||||
BioMarin Pharmaceuticals, Inc. | Jan-09 | 40.00 | 3 | 3,496 | 7,080 | (3,584 | ) | ||||||||||
BioMarin Pharmaceuticals, Inc. | Jan-09 | 45.00 | 1 | 1,437 | 2,860 | (1,423 | ) | ||||||||||
Boston Scientific Corp. | Jan-09 | 12.50 | 29 | 6,003 | 18,850 | (12,847 | ) | ||||||||||
Boston Scientific Corp. | Jan-09 | 15.00 | 100 | 30,200 | 90,000 | (59,800 | ) | ||||||||||
Cardinal Health, Inc. | Mar-09 | 60.00 | 3 | 3,141 | 8,400 | (5,259 | ) | ||||||||||
Catalyst Health Solutions, Inc. | Dec-08 | 30.00 | 5 | 1,213 | 4,150 | (2,937 | ) | ||||||||||
Catalyst Health Solutions, Inc. | Dec-08 | 35.00 | 17 | 5,474 | 22,610 | (17,136 | ) | ||||||||||
Celgene Corp. | Jan-09 | 80.00 | 26 | 25,402 | 73,580 | (48,178 | ) | ||||||||||
Celgene Corp. | Jan-10 | 70.00 | 19 | 29,410 | 45,790 | (16,380 | ) | ||||||||||
Cephalon, Inc. | Jan-09 | 80.00 | 40 | 40,966 | 35,600 | 5,366 | |||||||||||
Cephalon, Inc. | May-09 | 80.00 | 5 | 5,635 | 6,500 | (865 | ) | ||||||||||
Charles River Laboratories International, Inc. | Jan-09 | 65.00 | 7 | 3,899 | 30,730 | (26,831 | ) | ||||||||||
Community Health Systems, Inc. | Jan-09 | 35.00 | 4 | 2,104 | 9,040 | (6,936 | ) | ||||||||||
Covidien, Ltd. | Jan-09 | 55.00 | 9 | 6,363 | 16,740 | (10,377 | ) | ||||||||||
Covidien, Ltd. | Jan-10 | 50.00 | 26 | 14,482 | 42,380 | (27,898 | ) | ||||||||||
Covidien, Ltd. | Jan-10 | 55.00 | 43 | 35,568 | 88,150 | (52,582 | ) | ||||||||||
Cubist Pharmaceuticals, Inc. | Jan-09 | 20.00 | 40 | 14,164 | 3,600 | 10,564 | |||||||||||
CVS Caremark Corp. | Jan-09 | 45.00 | 29 | 18,603 | 46,980 | (28,377 | ) | ||||||||||
DaVita, Inc. | Jan-09 | 50.00 | 8 | 5,396 | 2,880 | 2,516 | |||||||||||
DaVita, Inc. | Jan-09 | 55.00 | 18 | 8,586 | 12,780 | (4,194 | ) | ||||||||||
DaVita, Inc. | Jan-09 | 60.00 | 36 | 15,330 | 41,400 | (26,070 | ) | ||||||||||
Edwards Lifesciences Corp. | Jan-09 | 55.00 | 12 | 4,884 | 8,160 | (3,276 | ) | ||||||||||
Elan Corp. PLC ADR | Jan-09 | 22.50 | 26 | 13,442 | 42,640 | (29,198 | ) | ||||||||||
Elan Corp. PLC ADR | Jan-09 | 25.00 | 7 | 3,549 | 13,230 | (9,681 | ) | ||||||||||
Elan Corp. PLC ADR | Jan-10 | 20.00 | 44 | 20,108 | 67,320 | (47,212 | ) | ||||||||||
Elan Corp. PLC ADR | Jan-10 | 25.00 | 66 | 49,227 | 132,000 | (82,773 | ) | ||||||||||
Elan Corp. PLC ADR | Jan-10 | 30.00 | 22 | 22,374 | 54,340 | (31,966 | ) | ||||||||||
Eli Lilly & Co. | Jan-09 | 50.00 | 25 | 12,425 | 40,250 | (27,825 | ) | ||||||||||
Express Scripts, Inc. | Jan-09 | 70.00 | 21 | 23,037 | 28,560 | (5,523 | ) | ||||||||||
Express Scripts, Inc. | Jan-09 | 75.00 | 26 | 22,762 | 46,800 | (24,038 | ) | ||||||||||
Express Scripts, Inc. | Jan-10 | 80.00 | 15 | 19,652 | 41,250 | (21,598 | ) | ||||||||||
Forest Laboratories, Inc. | Jan-10 | 40.00 | 3 | 2,314 | 5,220 | (2,906 | ) | ||||||||||
Genentech, Inc. | Jan-09 | 70.00 | 4 | 3,243 | 1,560 | 1,683 | |||||||||||
Genentech, Inc. | Jan-09 | 75.00 | 28 | 21,921 | 15,960 | 5,961 | |||||||||||
Genentech, Inc. | Jan-09 | 80.00 | 9 | 8,343 | 7,200 | 1,143 |
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AIG Retirement Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Issue | Expiration Date | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||||
Genentech, Inc. | Mar-09 | $ | 90.00 | 21 | $ | 14,007 | $ | 36,120 | $ | (22,113 | ) | ||||||
Genentech, Inc. | Mar-09 | 100.00 | 29 | 22,334 | 75,400 | (53,066 | ) | ||||||||||
Gen-Probe, Inc. | Jan-09 | 50.00 | 18 | 9,781 | 24,480 | (14,699 | ) | ||||||||||
Genzyme Corp. | Jan-09 | 75.00 | 18 | 15,566 | 22,140 | (6,574 | ) | ||||||||||
Gilead Sciences, Inc. | Jan-09 | 60.00 | 58 | 59,230 | 89,900 | (30,670 | ) | ||||||||||
Gilead Sciences, Inc. | Feb-09 | 57.50 | 34 | 24,258 | 45,900 | (21,642 | ) | ||||||||||
Gilead Sciences, Inc. | Jan-10 | 45.00 | 25 | 16,175 | 22,000 | (5,825 | ) | ||||||||||
Gilead Sciences, Inc. | Jan-10 | 60.00 | 18 | 22,646 | 33,480 | (10,834 | ) | ||||||||||
Henry Schein, Inc. | Jan-09 | 60.00 | 28 | 20,876 | 70,560 | (49,684 | ) | ||||||||||
Henry Schein, Inc. | Apr-09 | 40.00 | 18 | 6,286 | 13,140 | (6,854 | ) | ||||||||||
Henry Schein, Inc. | Jan-10 | 60.00 | 9 | 10,233 | 23,580 | (13,347 | ) | ||||||||||
Humana, Inc. | Jan-09 | 55.00 | 7 | 7,347 | 17,570 | (10,223 | ) | ||||||||||
Humana, Inc. | Jan-09 | 70.00 | 2 | 1,946 | 8,100 | (6,154 | ) | ||||||||||
Illumina, Inc. | Jan-09 | 45.00 | 15 | 13,005 | 35,550 | (22,545 | ) | ||||||||||
Illumina, Inc. | Jan-10 | 45.00 | 18 | 18,160 | 46,620 | (28,460 | ) | ||||||||||
ImClone Systems, Inc. | Jan-10 | 50.00 | 22 | 29,309 | 110 | 29,199 | |||||||||||
Immucor, Inc. | Jan-09 | 30.00 | 19 | 7,129 | 13,110 | (5,981 | ) | ||||||||||
Immucor, Inc. | Jan-09 | 35.00 | 18 | 12,184 | 21,240 | (9,056 | ) | ||||||||||
InterMune, Inc. | Jan-09 | 25.00 | 130 | 175,356 | 188,500 | (13,144 | ) | ||||||||||
Intuitive Surgical, Inc. | Jan-09 | 270.00 | 2 | 10,594 | 27,800 | (17,206 | ) | ||||||||||
Intuitive Surgical, Inc. | Jan-10 | 200.00 | 4 | 18,268 | 34,640 | (16,372 | ) | ||||||||||
Invitrogen Corp. | Jan-09 | 40.00 | 26 | 10,670 | 39,260 | (28,590 | ) | ||||||||||
Laboratory Corp. of America Holdings | Jan-09 | 65.00 | 22 | 8,294 | 10,780 | (2,486 | ) | ||||||||||
McKesson Corp. | Jan-09 | 60.00 | 8 | 6,216 | 20,480 | (14,264 | ) | ||||||||||
Medco Health Solutions, Inc. | Jan-09 | 55.00 | 25 | 21,725 | 33,500 | (11,775 | ) | ||||||||||
Medco Health Solutions, Inc. | Jan-10 | 55.00 | 22 | 25,614 | 39,600 | (13,986 | ) | ||||||||||
Medtronic, Inc. | Jan-09 | 55.00 | 47 | 15,279 | 117,970 | (102,691 | ) | ||||||||||
Medtronic, Inc. | Jan-10 | 30.00 | 20 | 12,466 | 12,400 | 66 | |||||||||||
Merck & Co., Inc. | Jan-09 | 40.00 | 27 | 14,499 | 37,260 | (22,761 | ) | ||||||||||
Merck & Co., Inc. | Jan-09 | 50.00 | 45 | 40,704 | 108,000 | (67,296 | ) | ||||||||||
Millipore Corp. | Jan-09 | 80.00 | 19 | 16,853 | 57,760 | (40,907 | ) | ||||||||||
Monsanto Co. | Jan-09 | 125.00 | 21 | 64,963 | 97,860 | (32,897 | ) | ||||||||||
Monsanto Co. | Jan-10 | 120.00 | 13 | 36,881 | 66,170 | (29,289 | ) | ||||||||||
Monsanto Co. | Jan-10 | 140.00 | 47 | 171,850 | 316,310 | (144,460 | ) | ||||||||||
Onyx Pharmaceuticals, Inc. | Jan-09 | 35.00 | 29 | 31,552 | 24,360 | 7,192 | |||||||||||
Onyx Pharmaceuticals, Inc. | Jan-09 | 45.00 | 23 | 30,480 | 40,020 | (9,540 | ) | ||||||||||
Onyx Pharmaceuticals, Inc. | Jan-09 | 50.00 | 19 | 30,120 | 42,370 | (12,250 | ) | ||||||||||
Pfizer, Inc. | Jan-09 | 25.00 | 35 | 8,338 | 30,275 | (21,937 | ) | ||||||||||
Schering-Plough Corp. | Jan-09 | 30.00 | 17 | 12,226 | 22,610 | (10,384 | ) | ||||||||||
Schering-Plough Corp. | Jan-10 | 15.00 | 27 | 10,186 | 8,100 | 2,086 | |||||||||||
Sepracor, Inc. | Jan-09 | 22.50 | 16 | 6,368 | 17,440 | (11,072 | ) | ||||||||||
Shire PLC | Jan-09 | 50.00 | 20 | 9,940 | 19,800 | (9,860 | ) | ||||||||||
St. Jude Medical, Inc. | Jan-09 | 45.00 | 16 | 4,432 | 27,520 | (23,088 | ) | ||||||||||
Stericycle, Inc. | Feb-09 | 65.00 | 8 | 6,056 | 8,560 | (2,504 | ) | ||||||||||
Stryker Corp. | Jan-09 | 65.00 | 22 | 11,832 | 58,960 | (47,128 | ) | ||||||||||
Stryker Corp. | Jan-09 | 70.00 | 12 | 8,964 | 38,160 | (29,196 | ) | ||||||||||
Stryker Corp. | Jan-10 | 70.00 | 9 | 10,323 | 29,250 | (18,927 | ) | ||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-09 | 50.00 | 69 | 38,102 | 48,990 | (10,888 | ) | ||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-09 | 55.00 | 2 | 1,594 | 2,420 | (826 | ) | ||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-10 | 40.00 | 26 | 11,882 | 15,080 | (3,198 | ) | ||||||||||
The Medicines Co. | Jan-09 | 22.50 | 31 | 8,121 | 30,690 | (22,569 | ) | ||||||||||
The Medicines Co. | Apr-09 | 25.00 | 43 | 17,932 | 53,750 | (35,818 | ) | ||||||||||
United Therapeutics Corp. | Jan-10 | 60.00 | 5 | 7,863 | 9,650 | (1,787 | ) | ||||||||||
UnitedHealth Group, Inc. | Jan-09 | 35.00 | 27 | 11,475 | 38,340 | (26,865 | ) | ||||||||||
Valeant Pharmaceuticals International | Jan-10 | 20.00 | 22 | 12,694 | 14,740 | (2,046 | ) | ||||||||||
Vertex Pharmaceuticals, Inc. | Jan-09 | 30.00 | 45 | 31,182 | 29,700 | 1,482 | |||||||||||
Walgreen Co. | Jan-09 | 40.00 | 52 | 20,644 | 81,120 | (60,476 | ) | ||||||||||
Walgreen Co. | Jan-09 | 45.00 | 3 | 2,091 | 4,680 | (2,589 | ) | ||||||||||
Waters Corp. | Jan-09 | 60.00 | 24 | 16,030 | 45,840 | (29,810 | ) | ||||||||||
WellCare Health Plans, Inc. | Jan-09 | 35.00 | 16 | 21,222 | 44,160 | (22,938 | ) | ||||||||||
WellPoint, Inc. | Jan-09 | 45.00 | 17 | 9,123 | 17,170 | (8,047 | ) | ||||||||||
Wyeth | Jan-09 | 40.00 | 32 | 18,709 | 18,240 | 469 | |||||||||||
Wyeth | Jan-09 | 50.00 | 50 | 37,350 | 71,500 | (34,150 | ) | ||||||||||
Wyeth | Jan-10 | 45.00 | 26 | 15,782 | 34,060 | (18,278 | ) | ||||||||||
Wyeth | Jan-10 | 50.00 | 26 | 19,281 | 43,420 | (24,139 | ) | ||||||||||
XenoPort, Inc. | Jan-09 | 45.00 | 18 | 18,284 | 26,280 | (7,996 | ) | ||||||||||
Zimmer Holdings, Inc. | Jan-09 | 75.00 | 13 | 13,481 | 49,270 | (35,789 | ) | ||||||||||
Zimmer Holdings, Inc. | Jan-09 | 85.00 | 2 | 2,054 | 9,580 | (7,526 | ) | ||||||||||
Zimmer Holdings, Inc. | Jan-10 | 70.00 | 29 | 26,883 | 99,470 | (72,587 | ) | ||||||||||
3,193 | $ | 2,583,874 | $ | 5,660,271 | $ | (3,076,397 | ) | ||||||||||
See Notes to Financial Statements
93
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AIG Retirement Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
United States Treasury Bonds | 50.4 | % | |
Insurance — Life/Health | 13.4 | ||
Finance — Investment Banker/Broker | 10.1 | ||
United States Treasury Notes | 8.4 | ||
Special Purpose Entities | 6.0 | ||
Finance — Consumer Loans | 4.0 | ||
Time Deposits | 2.4 | ||
Federal National Mtg. Assoc. | 1.5 | ||
Federal Farm Credit Bank | 1.1 | ||
Federal Home Loan Mtg. Corp. | 0.8 | ||
Federal Home Loan Bank | 0.7 | ||
Banks — Commercial | 0.5 | ||
Finance — Commercial | 0.1 | ||
Tennessee Valley Authority | 0.1 | ||
99.5 | % | ||
Credit Quality†#
Government — Agency | 3.8 | % | |
Government — Treasury | 66.0 | ||
AA | 28.7 | ||
A | 1.5 | ||
100.0 | % | ||
* | Calculated as a percentage of net assets. |
† | Source: Standard and Poors. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
94
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AIG Retirement Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Principal Amount | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES — 33.0% | ||||||
Banks - Money Center — 0.0% | ||||||
RBS Capital Trust II | $ | 50,000 | $ | 28,495 | ||
Finance - Commercial — 0.1% | ||||||
CIT Group, Inc. | 300,000 | 112,377 | ||||
Finance - Consumer Loans — 3.4% | ||||||
HSBC Finance Corp. | 1,500,000 | 1,496,641 | ||||
HSBC Finance Corp. | 2,500,000 | 2,410,475 | ||||
HSBC Finance Corp. | 1,067,000 | 1,004,580 | ||||
SLM Corp. | 130,000 | 60,353 | ||||
SLM Corp. | 150,000 | 62,348 | ||||
5,034,397 | ||||||
Finance - Investment Banker/Broker — 10.1% | ||||||
Citigroup Funding, Inc. | 5,000,000 | 3,745,580 | ||||
Goldman Sachs Group, Inc. | 5,000,000 | 4,206,500 | ||||
Goldman Sachs Group, Inc. | 3,000,000 | 2,984,043 | ||||
JP Morgan & Co, Inc. | 2,000,000 | 1,999,248 | ||||
Lehman Brothers Holdings, Inc. | 400,000 | 36,000 | ||||
Lehman Brothers Holdings, Inc. | 578,000 | 52,020 | ||||
Lehman Brothers Holdings, Inc. | 1,000,000 | 90,000 | ||||
Morgan Stanley | 1,203,000 | 799,646 | ||||
Morgan Stanley | 150,000 | 113,202 | ||||
Morgan Stanley | 1,150,000 | 764,635 | ||||
14,790,874 | ||||||
Insurance - Life/Health — 13.4% | ||||||
Jackson National Life Global Funding | 3,042,000 | 1,838,189 | ||||
John Hancock Life Insurance Co. | 1,000,000 | 853,700 |
Security Description | Principal Amount | Market Value (Note 2) | ||||
Insurance - Life/Health (continued) | ||||||
Monumental Global Funding III | $ | 5,000,000 | $ | 4,476,844 | ||
Pacific Life Global Funding | 5,000,000 | 4,158,000 | ||||
Pacific Life Global Funding | 300,000 | 218,865 | ||||
Principal Life Income Funding Trusts | 4,390,000 | 3,148,376 | ||||
Principal Life Income Funding Trusts | 2,464,000 | 1,733,252 | ||||
Protective Life Secured Trust | 170,000 | 125,062 | ||||
Prudential Financial, Inc. | 5,000,000 | 3,138,700 | ||||
19,690,988 | ||||||
Special Purpose Entities — 6.0% | ||||||
Allstate Life Global Funding Trust | 4,150,000 | 3,678,021 | ||||
Hartford Life Institutional Funding | 5,000,000 | 4,373,910 | ||||
Strats-Daimler Chrysler | 1,000,000 | 843,910 | ||||
8,895,841 | ||||||
Total Corporate Bonds & Notes | ||||||
(cost $61,414,281) | 48,552,972 | |||||
FOREIGN CORPORATE BONDS & NOTES — 0.5% | ||||||
Banks - Commercial — 0.5% | ||||||
BNP Paribas LLC | 1,174,000 | 660,375 | ||||
U.S. GOVERNMENT AGENCIES — 4.2% | ||||||
Federal Farm Credit Bank — 1.1% | ||||||
5.13% due 08/25/16 | 1,500,000 | 1,600,002 | ||||
Federal Home Loan Bank — 0.7% | ||||||
5.00% due 11/17/17 | 1,000,000 | 1,056,248 | ||||
Federal Home Loan Mtg. Corp. — 0.8% | ||||||
4.50% due 01/15/15 | 135,000 | 142,544 | ||||
5.13% due 11/17/17 | 500,000 | 536,998 | ||||
6.25% due 07/15/32 | 500,000 | 601,749 | ||||
1,281,291 | ||||||
Federal National Mtg. Assoc. — 1.5% | ||||||
6.51% due 02/17/09(2) | 2,200,000 | 2,175,250 | ||||
Tennessee Valley Authority — 0.1% | ||||||
4.65% due 06/15/35 | 100,000 | 95,551 | ||||
Total U.S. Government Agencies | ||||||
(cost $6,203,413) | 6,208,342 | |||||
95
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AIG Retirement Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | |||||
U.S. GOVERNMENT TREASURIES — 58.8% | |||||||
United States Treasury Bonds — 50.4% | |||||||
1.75% due 01/15/28 TIPS(6) | $ | 10,339,362 | $ | 8,523,511 | |||
2.00% due 01/15/26 TIPS(6) | 8,829,903 | 7,386,073 | |||||
2.38% due 01/15/25 TIPS(6) | 1,160,730 | 1,034,138 | |||||
3.63% due 04/15/28 TIPS(6) | 23,740,763 | 25,206,019 | |||||
3.88% due 04/15/29 TIPS(6) | 28,947,293 | 31,916,648 | |||||
74,066,389 | |||||||
United States Treasury Notes — 8.4% | |||||||
1.38% due 07/15/18 TIPS(6) | 8,522,808 | 7,632,575 | |||||
1.63% due 01/15/15 TIPS(6) | 1,386,466 | 1,215,108 | |||||
1.88% due 07/15/15 TIPS(6) | 3,936,940 | 3,489,113 | |||||
12,336,796 | |||||||
Total U.S. Government Treasuries | |||||||
(cost $99,406,623) | 86,403,185 | ||||||
PREFERRED STOCK — 0.6% | |||||||
Finance - Consumer Loans — 0.6% | |||||||
SLM Corp. | 93,000 | 939,300 | |||||
Total Long-Term Investment Securities | |||||||
(cost $169,899,796) | 142,764,174 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.4% | |||||||
Time Deposits — 2.4% | |||||||
Euro Time Deposit with State Street Bank & Trust Co. | 3,543,000 | 3,543,000 | |||||
TOTAL INVESTMENTS | |||||||
(cost $173,442,796)(7) | 99.5 | % | 146,307,174 | ||||
Other assets less liabilities | 0.5 | 761,664 | |||||
NET ASSETS — | 100.0 | % | $ | 147,068,838 | |||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $15,909,718 representing 10.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Perpetual maturity — maturity date reflects the next call date. |
(2) | Floating rate security where the rate fluctuates based on the Consumer Price Index. |
(3) | Fair valued security; see Note 2 |
(4) | Bond in default |
(5) | Company has filed Chapter 11 bankruptcy protection. |
(6) | Principal amount of security is adjusted for inflation. |
(7) | See Note 5 for cost of investments on a tax basis. |
TIPS—Treasury Inflation Protected Securities
See Notes to Financial Statements
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PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 16.6 | % | |
Banks — Commercial | 11.8 | ||
Oil Companies — Integrated | 7.9 | ||
Medical — Drugs | 7.1 | ||
Electric — Integrated | 4.6 | ||
Telephone — Integrated | 4.2 | ||
Index Fund | 3.4 | ||
Food — Misc. | 2.9 | ||
Auto — Cars/Light Trucks | 2.7 | ||
Insurance — Multi-line | 2.7 | ||
Diversified Minerals | 2.1 | ||
Food — Retail | 1.8 | ||
Chemicals — Diversified | 1.7 | ||
Cellular Telecom | 1.6 | ||
Gas — Distribution | 1.2 | ||
Tobacco | 1.1 | ||
Steel — Producers | 1.1 | ||
Diversified Manufacturing Operations | 1.1 | ||
Brewery | 1.1 | ||
Medical Products | 1.0 | ||
Real Estate Operations & Development | 0.9 | ||
Wireless Equipment | 0.9 | ||
Transport — Rail | 0.9 | ||
Building & Construction Products — Misc. | 0.8 | ||
Engineering/R&D Services | 0.8 | ||
Machinery — General Industrial | 0.8 | ||
Insurance — Life/Health | 0.8 | ||
Retail — Apparel/Shoe | 0.7 | ||
Publishing — Books | 0.7 | ||
Insurance — Property/Casualty | 0.7 | ||
Cosmetics & Toiletries | 0.7 | ||
Finance — Other Services | 0.7 | ||
Finance — Investment Banker/Broker | 0.6 | ||
Soap & Cleaning Preparation | 0.6 | ||
Aerospace/Defense | 0.6 | ||
Electronic Components — Misc. | 0.6 | ||
Real Estate Investment Trusts | 0.6 | ||
Electric Products — Misc. | 0.5 | ||
Import/Export | 0.5 | ||
Rubber — Tires | 0.5 | ||
Electric — Generation | 0.5 | ||
U.S. Government Treasuries | 0.5 | ||
Oil Companies — Exploration & Production | 0.5 | ||
Audio/Video Products | 0.5 | ||
Toys | 0.5 | ||
Diversified Operations | 0.5 | ||
Repurchase Agreements | 0.5 | ||
Multimedia | 0.5 | ||
Machinery — Construction & Mining | 0.5 | ||
Enterprise Software/Service | 0.4 | ||
Athletic Footwear | 0.4 | ||
Telecom Services | 0.4 | ||
Investment Companies | 0.4 | ||
Machinery — Electrical | 0.4 | ||
Printing — Commercial | 0.4 | ||
Metal — Diversified | 0.4 | ||
Transport — Services | 0.4 | ||
Insurance — Reinsurance | 0.3 | ||
Transport — Marine | 0.3 | ||
Office Automation & Equipment | 0.3 | ||
Building & Construction — Misc. | 0.3 | ||
Real Estate Management/Services | 0.3 | ||
Time Deposits | 0.3 | ||
Beverages — Wine/Spirits | 0.3 | ||
Industrial Gases | 0.3 | ||
Airlines | 0.3 | ||
Retail — Convenience Store | 0.3 | ||
Diversified Banking Institutions | 0.3 | ||
Building Products — Cement | 0.3 |
Paper & Related Products | 0.3 | |
Building — Heavy Construction | 0.3 | |
Retail — Jewelry | 0.3 | |
Agricultural Chemicals | 0.2 | |
Networking Products | 0.2 | |
Retail — Bookstores | 0.2 | |
Retail — Misc./Diversified | 0.2 | |
Diversified Financial Services | 0.2 | |
Electric — Distribution | 0.2 | |
Computer Services | 0.2 | |
Food — Catering | 0.2 | |
Retail — Home Furnishings | 0.2 | |
Fisheries | 0.2 | |
Medical — Biomedical/Gene | 0.2 | |
Hotels/Motels | 0.2 | |
Mining | 0.2 | |
Photo Equipment & Supplies | 0.2 | |
Water | 0.2 | |
Power Converter/Supply Equipment | 0.2 | |
Distribution/Wholesale | 0.2 | |
Chemicals — Specialty | 0.2 | |
Auto/Truck Parts & Equipment — Original | 0.2 | |
Computers — Periphery Equipment | 0.2 | |
Building — Residential/Commercial | 0.2 | |
Metal Processors & Fabrication | 0.2 | |
Television | 0.2 | |
Oil Refining & Marketing | 0.2 | |
Resorts/Theme Parks | 0.1 | |
Gambling (Non-Hotel) | 0.1 | |
Retail — Major Department Stores | 0.1 | |
Property Trust | 0.1 | |
Optical Supplies | 0.1 | |
Applications Software | 0.1 | |
Public Thoroughfares | 0.1 | |
Advertising Services | 0.1 | |
Food — Meat Products | 0.1 | |
Human Resources | 0.1 | |
Aerospace/Defense — Equipment | 0.1 | |
Diversified Operations/Commercial Services | 0.1 | |
Steel Pipe & Tube | 0.1 | |
Textile — Products | 0.1 | |
Dialysis Centers | 0.1 | |
Miscellaneous Manufacturing | 0.1 | |
Apparel Manufacturers | 0.1 | |
Beverages — Non-alcoholic | 0.1 | |
Semiconductor Equipment | 0.1 | |
Oil — Field Services | 0.1 | |
Publishing — Newspapers | 0.1 | |
Electronic Components — Semiconductors | 0.1 | |
Medical Instruments | 0.1 | |
Satellite Telecom | 0.1 | |
Computers — Integrated Systems | 0.1 | |
Venture Capital | 0.1 | |
Filtration/Separation Products | 0.1 | |
Transport — Truck | 0.1 | |
Medical — Wholesale Drug Distribution | 0.1 | |
Electronic Security Devices | 0.1 | |
Electronic Measurement Instruments | 0.1 | |
Wire & Cable Products | 0.1 | |
Food — Baking | 0.1 | |
Specified Purpose Acquisitions | 0.1 | |
Web Portals/ISP | 0.1 | |
Auto — Heavy Duty Trucks | 0.1 | |
Travel Services | 0.1 | |
Energy — Alternate Sources | 0.1 | |
Building Products — Doors & Windows | 0.1 | |
Machine Tools & Related Products | 0.1 | |
Building Products — Air & Heating | 0.1 | |
Security Services | 0.1 |
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PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)
Industry Allocation* (continued)
Electric — Transmission | 0.1 | % | |
Finance — Leasing Companies | 0.1 | ||
Food — Confectionery | 0.1 | ||
Machinery — Farming | 0.1 | ||
Commercial Services — Finance | 0.1 | ||
113.3 | % | ||
Country Allocation*
Japan | 22.1 | % | |
United States | 21.5 | ||
United Kingdom | 20.0 | ||
France | 8.7 | ||
Germany | 8.1 | ||
Switzerland | 7.9 | ||
Australia | 5.4 | ||
Spain | 3.9 | ||
Italy | 3.5 | ||
Netherlands | 2.6 | ||
Sweden | 1.7 | ||
Hong Kong | 1.6 | ||
Finland | 1.2 | ||
Denmark | 0.9 | ||
Singapore | 0.9 | ||
Belgium | 0.8 | ||
Greece | 0.4 | ||
Luxembourg | 0.4 | ||
Norway | 0.4 | ||
Ireland | 0.4 | ||
Portugal | 0.3 | ||
Bermuda | 0.3 | ||
Austria | 0.2 | ||
New Zealand | 0.1 | ||
113.3 | % | ||
* | Calculated as a percentage of net assets |
98
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK — 91.5% | |||||
Australia — 5.4% | |||||
AGL Energy, Ltd. | 36,203 | $ | 363,712 | ||
Alumina, Ltd.# | 118,919 | 99,698 | |||
Amcor, Ltd. | 68,166 | 265,860 | |||
AMP, Ltd. | 153,097 | 541,377 | |||
Aristocrat Leisure, Ltd. | 26,420 | 68,067 | |||
Asciano Group# | 46,864 | 32,348 | |||
ASX, Ltd.# | 13,975 | 282,907 | |||
Australia and New Zealand Banking Group, Ltd.# | 166,636 | 1,634,878 | |||
AXA Asia Pacific Holdings, Ltd. | 69,051 | 204,897 | |||
Babcock & Brown, Ltd.#(1) | 21,075 | 3,451 | |||
Bendigo Bank, Ltd.# | 22,011 | 160,845 | |||
BHP Billiton, Ltd.# | 274,052 | 5,500,831 | |||
Billabong International, Ltd.# | 13,551 | 94,177 | |||
BlueScope Steel, Ltd. | 62,057 | 163,396 | |||
Boral, Ltd.# | 47,557 | 124,861 | |||
Brambles, Ltd. | 112,989 | 538,499 | |||
Caltex Australia, Ltd. | 11,023 | 53,617 | |||
CFS Retail Property Trust# | 139,651 | 192,640 | |||
Coca - Cola Amatil, Ltd. | 44,995 | 255,021 | |||
Cochlear, Ltd. | 4,555 | 165,043 | |||
Commonwealth Bank of Australia | 108,291 | 2,445,841 | |||
Computershare, Ltd. | 38,567 | 167,259 | |||
Crown, Ltd. | 36,542 | 111,647 | |||
CSL, Ltd. | 48,823 | 1,122,708 | |||
CSR, Ltd.# | 83,153 | 74,464 | |||
Dexus Property Group | 239,428 | 131,350 | |||
Fairfax Media, Ltd.# | 111,234 | 99,471 | |||
Fortescue Metals Group, Ltd.†# | 103,133 | 140,802 | |||
Foster’s Group, Ltd. | 156,904 | 564,713 | |||
Goodman Fielder, Ltd. | 108,197 | 95,726 | |||
GPT Group | 359,155 | 222,870 | |||
Harvey Norman Holdings, Ltd.# | 43,372 | 61,382 | |||
Incitec Pivot, Ltd. | 137,360 | 241,054 | |||
Insurance Australia Group, Ltd. | 153,375 | 369,474 | |||
Leighton Holdings, Ltd.# | 11,983 | 192,391 | |||
Lend Lease Corp., Ltd. | 29,479 | 150,136 | |||
Lion Nathan, Ltd.# | 23,993 | 136,832 | |||
Macquarie Airports Management, Ltd. | 56,137 | 75,062 | |||
Macquarie Goodman Group# | 168,972 | 107,070 | |||
Macquarie Group, Ltd.# | 22,947 | 450,878 | |||
Macquarie Infrastructure Group# | 196,292 | 226,230 | |||
Macquarie Office Trust | 166,765 | 33,071 | |||
Metcash, Ltd.# | 62,454 | 163,488 | |||
Mirvac Group# | 124,802 | 113,001 | |||
National Australia Bank, Ltd. | 138,170 | 1,833,774 | |||
Newcrest Mining, Ltd. | 37,019 | 595,906 | |||
OneSteel, Ltd. | 68,166 | 115,112 | |||
Orica, Ltd.# | 28,263 | 288,812 | |||
Origin Energy, Ltd. | 71,947 | 756,205 | |||
OZ Minerals, Ltd.# | 242,139 | 164,607 | |||
Perpetual, Ltd.# | 3,084 | 64,687 | |||
Qantas Airways, Ltd. | 75,801 | 115,695 | |||
QBE Insurance Group, Ltd. | 72,511 | 1,138,114 | |||
Queensland Gas Co. ,Ltd.†# | 49,987 | 188,735 | |||
Rio Tinto, Ltd.# | 23,333 | 718,645 | |||
Santos, Ltd. | 47,697 | 472,757 | |||
Sims Group, Ltd. | 12,534 | 114,953 | |||
Sonic Healthcare, Ltd. | 25,984 | 228,466 | |||
Stockland# | 119,679 | 347,730 | |||
Suncorp - Metway, Ltd. | 78,026 | 403,795 | |||
TABCORP Holdings, Ltd.# | 42,864 | 197,635 | |||
Tattersall’s, Ltd.# | 92,994 | 154,101 | |||
Telstra Corp., Ltd. | 355,628 | 948,207 | |||
Toll Holdings, Ltd. | 50,280 | 190,771 | |||
Transurban Group# | 98,619 | 324,580 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Australia (continued) | |||||
Wesfarmers, Ltd.# | 52,850 | $ | 647,254 | ||
Wesfarmers, Ltd. PPS | 11,810 | 145,073 | |||
Westfield Group# | 143,212 | 1,414,575 | |||
Westpac Banking Corp. (New)† | 57,759 | 671,520 | |||
Westpac Banking Corp. | 157,528 | 1,867,181 | |||
Woodside Petroleum, Ltd. | 39,345 | 931,137 | |||
Woolworths, Ltd. | 99,391 | 1,749,559 | |||
WorleyParsons, Ltd. | 12,319 | 109,252 | |||
35,141,883 | |||||
Austria — 0.2% | |||||
Erste Bank der Oesterreichischen Sparkassen AG# | 7,694 | 175,670 | |||
Meinl European Land, Ltd.† | 37,693 | 93,747 | |||
Oesterreichische Elektrizitaetswirtschafts AG | 3,116 | 138,042 | |||
OMV AG | 7,765 | 196,103 | |||
Raiffeisen International Bank Holding AG# | 2,189 | 60,790 | |||
Strabag SE# | 2,074 | 35,864 | |||
Telekom Austria AG | 13,955 | 186,847 | |||
Voestalpine AG | 4,655 | 98,476 | |||
Wiener Staedtische Versicherung AG# | 1,553 | 42,935 | |||
Wienerberger AG# | 3,395 | 48,332 | |||
1,076,806 | |||||
Belgium — 0.7% | |||||
Anheuser - Busch InBev NV# | 48,869 | 803,999 | |||
Belgacom SA | 9,920 | 361,512 | |||
Colruyt SA | 1,361 | 294,234 | |||
Compagnie Nationale a Portefeuille | 7,551 | 390,298 | |||
Delhaize Group | 17,393 | 1,057,026 | |||
Dexia SA# | 107,491 | 470,278 | |||
Dexia Strip VVPR† | 1,290 | 16 | |||
Fortis | 132,722 | 126,357 | |||
Group Bruxelles Lambert SA | 3,263 | 240,764 | |||
KBC Ancora | 2,463 | 41,054 | |||
KBC Groep NV | 6,464 | 196,051 | |||
Mobistar SA | 1,254 | 85,874 | |||
Solvay SA# | 3,265 | 236,191 | |||
UCB SA | 4,079 | 122,378 | |||
Umicore | 9,611 | 173,426 | |||
4,599,458 | |||||
Bermuda — 0.3% | |||||
Cheung Kong Infrastructure Holdings, Ltd. | 36,636 | 141,977 | |||
Chinese Estates Holdings, Ltd. | 74,000 | 54,697 | |||
Esprit Holdings, Ltd. | 86,100 | 402,871 | |||
Frontline, Ltd.# | 3,820 | 109,986 | |||
Kerry Properties, Ltd. | 52,000 | 115,256 | |||
Li & Fung, Ltd. | 182,600 | 332,350 | |||
Mongolia Energy Co., Ltd.† | 150,000 | 41,759 | |||
Noble Group, Ltd. | 134,600 | 89,043 | |||
NWS Holdings, Ltd. | 67,000 | 77,115 | |||
Orient Overseas International, Ltd. | 17,483 | 27,556 | |||
Pacific Basin Shipping, Ltd. | 135,000 | 56,758 | |||
SeaDrill, Ltd.# | 11,250 | 91,645 | |||
Shangri - La Asia, Ltd. | 106,000 | 137,131 | |||
Yue Yuen Industrial Holdings, Ltd. | 54,000 | 98,092 | |||
1,776,236 | |||||
Cayman Islands — 0.0% | |||||
ASM Pacific Technology, Ltd. | 15,900 | 43,957 | |||
Foxconn International Holdings, Ltd.† | 172,000 | 43,998 | |||
Hutchison Telecommunications International, Ltd. | 136,000 | 37,342 | |||
Kingboard Chemical Holdings, Ltd. | 44,500 | 65,933 | |||
Lifestyle International Holdings ,Ltd. | 55,500 | 40,784 | |||
232,014 | |||||
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Denmark — 0.9% | |||||
AP Moller - Maersk A/S, Series A | 22 | $ | 113,700 | ||
AP Moller - Maersk A/S, Series B | 170 | 878,012 | |||
Carlsberg A/S | 19,074 | 579,955 | |||
Coloplast A/S | 1,597 | 95,817 | |||
Danisco A/S# | 33,855 | 1,553,356 | |||
Danske Bank A/S | 30,709 | 362,285 | |||
DSV A/S# | 7,526 | 82,362 | |||
FLSmidth & Co. A/S# | 2,129 | 68,797 | |||
Jyske Bank A/S† | 2,025 | 47,295 | |||
Novo - Nordisk A/S, Class B | 29,444 | 1,504,310 | |||
Novozymes A/S# | 2,506 | 177,742 | |||
Topdanmark A/S† | 631 | 75,646 | |||
TrygVesta A/S# | 1,100 | 64,127 | |||
Vestas Wind Systems A/S† | 11,887 | 540,343 | |||
William Demant Holding A/S†# | 941 | 30,567 | |||
6,174,314 | |||||
Finland — 1.2% | |||||
Elisa Oyj | 5,717 | 82,340 | |||
Fortum Oyj | 33,194 | 666,672 | |||
Kesko Oyj, Class B# | 2,672 | 65,595 | |||
Kone Oyj, Class B | 6,198 | 123,478 | |||
Metso Corp. | 10,323 | 124,714 | |||
Neste Oil Oyj# | 5,185 | 72,844 | |||
Nokia Oyj | 309,703 | 4,380,414 | |||
Nokian Renkaat Oyj# | 4,291 | 50,404 | |||
Orion Oyj | 3,612 | 52,834 | |||
Outokumpu Oyj# | 21,956 | 221,191 | |||
Pohjola Bank PLC, Class A | 33,358 | 428,655 | |||
Rautaruukki Oyj | 21,185 | 323,838 | |||
Sampo Oyj, Class A | 20,893 | 390,287 | |||
Sanoma - WSOY Oyj# | 3,288 | 45,898 | |||
Stora Enso Oyj, Class R# | 23,533 | 191,914 | |||
UPM - Kymmene Oyj | 26,693 | 384,972 | |||
Wartsila Oyj, Class B# | 3,390 | 79,524 | |||
7,685,574 | |||||
France — 8.7% | |||||
Accor SA# | 27,897 | 1,074,475 | |||
Aeroports de Paris | 1,201 | 68,546 | |||
Air France - KLM# | 5,464 | 70,992 | |||
Air Liquide | 12,524 | 1,066,040 | |||
Alcatel SA†# | 113,098 | 240,761 | |||
Alstom | 10,470 | 558,354 | |||
Atos Origin SA | 2,819 | 62,325 | |||
AXA SA | 171,986 | 3,291,882 | |||
BNP Paribas SA | 82,796 | 4,588,606 | |||
Bouygues SA | 15,324 | 631,411 | |||
Bureau Veritas SA# | 1,533 | 54,849 | |||
Cap Gemini SA | 28,299 | 911,708 | |||
Carrefour SA# | 75,577 | 2,849,315 | |||
Casino Guichard - Perrachon SA | 1,765 | 107,925 | |||
Christian Dior SA# | 2,204 | 101,740 | |||
Cie Generale de Geophysique - Veritas†# | 10,810 | 177,704 | |||
CNP Assurances | 17,898 | 1,152,975 | |||
Compagnie de St. Gobain# | 51,705 | 2,081,566 | |||
Compagnie Generale des Etablissements Michelin, Class B# | 17,062 | 818,681 | |||
Credit Agricole SA | 99,045 | 1,105,372 | |||
Dassault Systemes SA# | 2,617 | 101,543 | |||
Dexia SA Strip VVPR | 1,290 | 16 | |||
Eiffage SA# | 1,507 | 68,530 | |||
Electricite de France | 23,562 | 1,367,658 | |||
Eramet | 475 | 88,274 | |||
Essilor International SA# | 20,073 | 803,094 | |||
Eurazeo | 3,653 | 189,224 |
Security Description | Shares | Market Value (Note 2)(7) | |||
France (continued) | |||||
Eutelsat Communications# | 11,042 | $ | 231,266 | ||
France Telecom SA# | 175,187 | 4,521,051 | |||
GDF Suez# | 44,326 | 1,783,611 | |||
GDF Suez VVPR† | 12,852 | 163 | |||
Gecina SA | 8,224 | 405,519 | |||
Groupe Danone# | 26,576 | 1,531,482 | |||
Hermes International# | 3,267 | 411,435 | |||
ICADE | 795 | 50,574 | |||
Iliad SA | 656 | 49,085 | |||
Imerys SA# | 2,092 | 78,466 | |||
JC Decaux SA# | 2,707 | 38,240 | |||
Klepierre# | 3,361 | 68,291 | |||
L’Oreal SA | 9,883 | 798,436 | |||
Lafarge SA# | 5,130 | 283,527 | |||
Lagardere SCA# | 7,516 | 275,750 | |||
Legrand SA# | 3,707 | 58,822 | |||
LVMH Moet Henessy Louis Vuitton SA# | 9,910 | 564,578 | |||
M6 - Metropole Television | 2,608 | 43,864 | |||
Natixis | 230,898 | 468,429 | |||
Neopost SA# | 1,255 | 89,744 | |||
PagesJaunes Groupe SA# | 5,108 | 46,961 | |||
Pernod Ricard SA# | 7,400 | 436,979 | |||
Peugeot SA# | 6,154 | 111,616 | |||
PPR# | 3,071 | 146,695 | |||
Publicis Groupe# | 26,727 | 621,604 | |||
Renault SA# | 20,251 | 447,189 | |||
Safran SA# | 7,591 | 98,534 | |||
Sanofi - Aventis# | 58,204 | 3,228,543 | |||
Schneider Electric SA | 11,364 | 718,537 | |||
SCOR SE | 19,451 | 380,864 | |||
Societe BIC SA | 1,084 | 55,073 | |||
Societe Des Autoroutes Paris - Rhin - Rhone | 913 | 59,989 | |||
Societe Generale | 25,631 | 1,096,605 | |||
Societe Television Francaise 1# | 4,748 | 65,151 | |||
Sodexho Alliance SA# | 3,819 | 192,782 | |||
Suez Environnement SA† | 10,895 | 187,612 | |||
Technip SA | 4,126 | 125,573 | |||
Thales SA | 3,610 | 134,988 | |||
Total SA# | 174,433 | 9,151,549 | |||
Unibail - Rodamco# | 3,314 | 445,510 | |||
Valeo SA | 3,005 | 37,824 | |||
Vallourec SA# | 6,361 | 677,136 | |||
Veolia Environnement# | 15,266 | 380,763 | |||
Vinci SA | 16,973 | 686,298 | |||
Vivendi | 67,141 | 1,902,794 | |||
Wendel# | 3,367 | 154,311 | |||
Zodiac SA# | 1,686 | 59,889 | |||
57,037,268 | |||||
Germany — 7.7% | |||||
Adidas AG | 52,539 | 1,643,419 | |||
Allianz SE | 44,775 | 3,746,620 | |||
BASF AG | 124,699 | 4,009,371 | |||
Bayer AG | 38,879 | 2,020,211 | |||
Bayerische Motoren Werke AG# | 13,393 | 337,423 | |||
Beiersdorf AG# | 3,568 | 198,448 | |||
Bilfinger Berger AG | 4,053 | 166,496 | |||
Celesio AG | 11,184 | 285,116 | |||
Commerzbank AG | 108,942 | 1,004,558 | |||
Continental AG (Frankfurt)† | 5,494 | 394,009 | |||
Continental AG (Xetra)†# | 165 | 11,855 | |||
DaimlerChrysler AG | 55,108 | 1,740,479 | |||
Deutsche Bank AG# | 34,368 | 1,234,163 | |||
Deutsche Boerse AG | 13,197 | 948,763 | |||
Deutsche Lufthansa AG# | 45,408 | 599,668 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Germany (continued) | |||||
Deutsche Post AG (London)† | 4,152 | $ | 59,245 | ||
Deutsche Post AG (Sweden) | 30,075 | 433,454 | |||
Deutsche Postbank AG# | 9,102 | 187,299 | |||
Deutsche Telekom AG | 309,002 | 4,300,044 | |||
E.ON AG | 159,843 | 5,634,618 | |||
Fraport AG# | 1,483 | 51,421 | |||
Fresenius Medical Care AG | 7,719 | 337,228 | |||
Fresenius SE | 12,333 | 609,947 | |||
GEA Group AG | 5,954 | 92,336 | |||
Hamburger Hafen und Logistik AG | 7,678 | 228,123 | |||
Hannover Rueckversicherung AG | 2,439 | 56,118 | |||
HeidelbergCement AG# | 1,010 | 48,104 | |||
Henkel AG & Co. KGaA | 40,010 | 994,394 | |||
Hochtief AG | 1,698 | 66,143 | |||
Hypo Real Estate Holding AG# | 6,830 | 24,177 | |||
Infineon Technologies AG† | 30,328 | 72,023 | |||
K+S AG | 8,771 | 397,604 | |||
Linde AG | 8,660 | 635,488 | |||
MAN AG | 16,446 | 750,200 | |||
Merck KGaA | 21,363 | 1,794,850 | |||
Metro AG | 4,588 | 141,129 | |||
Muenchener Rueckversicherungs - Gesellschaft AG | 9,094 | 1,241,980 | |||
Puma AG Rudolf Dassler Sport | 4,579 | 784,584 | |||
Q-Cells AG†# | 2,488 | 83,785 | |||
RWE AG | 17,996 | 1,518,184 | |||
Salzgitter AG | 1,582 | 110,250 | |||
SAP AG | 78,731 | 2,704,747 | |||
Siemens AG | 50,863 | 3,066,504 | |||
Solarworld AG# | 3,388 | 60,950 | |||
ThyssenKrupp AG | 54,503 | 1,114,242 | |||
TUI AG# | 8,639 | 96,794 | |||
United Internet AG# | 16,001 | 103,880 | |||
Volkswagen AG | 10,552 | 3,755,995 | |||
Wacker Chemie AG# | 2,878 | 292,459 | |||
50,188,898 | |||||
Greece — 0.4% | |||||
Alpha Bank A.E. | 69,101 | 706,348 | |||
Coca - Cola Hellenic Bottling Co. SA | 17,857 | 277,804 | |||
EFG Eurobank Ergasias | 12,805 | 107,604 | |||
Hellenic Petroleum SA | 18,021 | 136,839 | |||
Hellenic Telecommunications Organization SA | 10,905 | 157,413 | |||
Marfin Financial Group SA Holdings† | 24,181 | 90,191 | |||
National Bank of Greece SA | 26,653 | 509,030 | |||
OPAP SA | 27,382 | 678,931 | |||
Piraeus Bank SA | 12,664 | 125,123 | |||
Public Power Corp. SA | 4,222 | 61,918 | |||
Titan Cement Co. SA | 2,335 | 39,757 | |||
2,890,958 | |||||
Hong Kong — 1.6% | |||||
Bank of East Asia, Ltd. | 115,800 | 248,586 | |||
BOC Hong Kong Holdings, Ltd. | 301,500 | 343,937 | |||
Cathay Pacific Airways, Ltd. | 96,000 | 93,473 | |||
Cheung Kong Holdings, Ltd. | 112,562 | 1,051,523 | |||
CLP Holdings, Ltd. | 167,000 | 1,182,607 | |||
Hang Lung Group, Ltd. | 70,000 | 229,270 | |||
Hang Lung Properties, Ltd. | 169,000 | 365,726 | |||
Hang Seng Bank, Ltd. | 62,288 | 797,044 | |||
Henderson Land Development Co., Ltd. | 87,569 | 298,336 | |||
Hong Kong & China Gas Co., Ltd. | 325,744 | 577,269 | |||
Hong Kong Aircraft Engineering Co., Ltd. | 5,200 | 47,079 | |||
Hong Kong Exchanges & Clearing, Ltd. | 83,300 | 658,966 | |||
HongKong Electric Holdings, Ltd. | 113,000 | 632,469 | |||
Hopewell Holdings, Ltd. | 50,955 | 132,357 | |||
Hutchison Whampoa, Ltd. | 173,000 | 862,427 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Hong Kong (continued) | |||||
Hysan Development Co., Ltd. | 46,000 | $ | 72,006 | ||
MTR Corp., Ltd. | 115,000 | 253,895 | |||
New World Development Co., Ltd. | 199,000 | 155,446 | |||
PCCW, Ltd. | 303,657 | 139,051 | |||
Sino Land Co., Ltd. | 138,000 | 101,946 | |||
Sun Hung Kai Properties, Ltd. | 114,282 | 896,921 | |||
Swire Pacific, Ltd., Class A | 66,816 | 449,618 | |||
Television Broadcasts, Ltd. | 22,926 | 77,895 | |||
The Link REIT | 175,691 | 331,697 | |||
Wharf Holdings, Ltd. | 112,000 | 263,892 | |||
Wheelock & Co., Ltd. | 74,000 | 141,141 | |||
Wing Hang Bank, Ltd. | 14,245 | 66,453 | |||
10,471,030 | |||||
Ireland — 0.4% | |||||
Allied Irish Banks PLC | 136,318 | 466,911 | |||
Anglo Irish Bank Corp. PLC | 103,983 | 112,653 | |||
Bank of Ireland | 103,606 | 192,690 | |||
CRH PLC | 21,568 | 466,480 | |||
Elan Corp PLC† | 26,065 | 161,480 | |||
Kerry Group PLC | 39,084 | 814,238 | |||
Ryanair Holdings PLC† | 7,244 | 27,030 | |||
Ryanair Holdings PLC ADR†# | 1,750 | 45,955 | |||
2,287,437 | |||||
Isle of Man — 0.0% | |||||
Genting International PLC†# | 235,000 | 61,500 | |||
Italy — 3.5% | |||||
A2A SpA# | 668,842 | 1,172,526 | |||
Alleanza Assicurazioni SpA# | 84,101 | 569,213 | |||
Assicurazione Generali SpA | 62,019 | 1,500,986 | |||
Atlantia SpA | 10,419 | 167,855 | |||
Autogrill SpA# | 4,116 | 30,929 | |||
Banca Carige SpA# | 29,393 | 65,651 | |||
Banca Intesa SpA | 433,542 | 934,184 | |||
Banca Monte dei Paschi di Siena SpA# | 99,992 | 183,992 | |||
Banca Popolare di Milano Scarl# | 15,949 | 84,351 | |||
Banco Popolare Scarl | 123,246 | 1,132,563 | |||
Bulgari SpA# | 6,073 | 37,307 | |||
Enel SpA | 175,161 | 1,099,480 | |||
ENI SpA | 300,136 | 6,807,845 | |||
Fiat SpA | 122,615 | 907,538 | |||
Finmeccanica SpA | 41,803 | 523,497 | |||
Fondiaria - Sai SpA | 2,809 | 51,222 | |||
IFIL Investments SpA# | 12,603 | 36,790 | |||
Intesa Sanpaolo SpA | 570,428 | 1,724,275 | |||
Italcementi SpA | 18,827 | 110,646 | |||
Italcementi SpA RNC# | 2,865 | 31,788 | |||
Lottomatica SpA# | 2,462 | 58,409 | |||
Luxottica Group SpA# | 5,618 | 104,126 | |||
Mediaset SpA# | 31,059 | 168,705 | |||
Mediobanca SpA | 19,903 | 205,746 | |||
Mediolanum SpA# | 8,859 | 36,319 | |||
Parmalat SpA | 67,461 | 109,388 | |||
Pirelli & C. SpA | 328,638 | 113,407 | |||
Prysmian SpA | 4,379 | 48,898 | |||
Saipem SpA | 20,799 | 324,126 | |||
Saras SpA | 13,464 | 50,833 | |||
Snam Rete Gas SpA# | 31,657 | 165,853 | |||
Telecom Italia SpA (Chi-X) | 1,454,643 | 1,987,772 | |||
Telecom Italia SpA (Milan) | 243,773 | 209,055 | |||
Terna Rete Elettrica Nazionale SpA | 48,565 | 144,184 | |||
UniCredit Italiano SpA# | 690,455 | 1,586,954 | |||
Unione di Banche Italiane Scpa | 40,992 | 592,790 | |||
Unipol Gruppo Finanziario SpA | 55,859 | 80,615 | |||
23,159,818 | |||||
101
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Japan — 22.1% | |||||
ABC - Mart, Inc. | 19,300 | $ | 657,923 | ||
ACOM Co., Ltd.# | 2,299 | 91,324 | |||
Advantest Corp.# | 7,320 | 95,449 | |||
Aeon Co., Ltd.# | 31,230 | 277,757 | |||
Aeon Credit Service Co., Ltd.# | 3,700 | 46,447 | |||
Aeon Mall Co., Ltd.# | 3,100 | 65,553 | |||
Aioi Insurance Co., Ltd.# | 23,000 | 91,836 | |||
Aisin Seiki Co., Ltd. | 9,300 | 122,734 | |||
Ajinomoto Co., Inc.# | 33,807 | 357,945 | |||
Alfresa Holdings Corp.# | 1,500 | 66,015 | |||
All Nippon Airways Co., Ltd.# | 32,000 | 116,554 | |||
Alps Electric Co., Ltd. | 7,649 | 34,208 | |||
Amada Co., Ltd. | 18,863 | 86,879 | |||
Aozora Bank, Ltd.# | 31,000 | 35,319 | |||
Asahi Breweries, Ltd. | 42,995 | 749,981 | |||
Asahi Glass Co., Ltd. | 50,249 | 282,580 | |||
Asahi Kasei Corp. | 58,549 | 248,157 | |||
Asics Corp. | 9,000 | 54,274 | |||
Astellas Pharma, Inc. | 23,700 | 966,839 | |||
Bank of Kyoto, Ltd.# | 16,000 | 161,538 | |||
Benesse Corp. | 3,714 | 157,197 | |||
Bridgestone Corp. | 110,100 | 1,844,062 | |||
Brother Industries, Ltd.# | 10,900 | 74,019 | |||
Canon Marketing Japan, Inc.# | 3,200 | 48,234 | |||
Canon, Inc. | 52,900 | 1,574,379 | |||
Casio Computer Co., Ltd.# | 11,392 | 64,641 | |||
Central Japan Railway Co. | 78 | 660,293 | |||
Chubu Electric Power Co., Inc.# | 32,800 | 901,914 | |||
Chugai Pharmaceutical Co., Ltd. | 10,976 | 189,474 | |||
Chuo Mitsui Trust Holdings, Inc. | 49,000 | 183,731 | |||
Citizen Watch Co., Ltd. | 13,647 | 63,205 | |||
Coca - Cola West Japan Co., Ltd.# | 2,600 | 55,359 | |||
Cosmo Oil Co., Ltd. | 27,000 | 66,842 | |||
Credit Saison Co., Ltd.# | 7,854 | 104,908 | |||
CSK Holdings Corp. | 100 | 662 | |||
Culture Convenience Club Co.# | 170,000 | 1,506,534 | |||
Dai Nippon Printing Co., Ltd. | 29,000 | 306,966 | |||
Daicel Chemical Industries, Ltd. | 14,427 | 64,414 | |||
Daido Steel Co., Ltd. | 16,000 | 49,384 | |||
Daihatsu Motor Co., Ltd.# | 10,000 | 72,232 | |||
Daiichi Sankyo Co., Ltd. | 34,600 | 712,848 | |||
Daikin Industries, Ltd.# | 13,210 | 347,636 | |||
Dainippon Ink and Chemicals, Inc. | 28,180 | 48,470 | |||
Dainippon Sumitomo Pharma Co., Ltd.# | 9,000 | 76,042 | |||
Daito Trust Construction Co., Ltd. | 4,053 | 172,530 | |||
Daiwa House Industry Co., Ltd. | 26,070 | 218,510 | |||
Daiwa Securities Group, Inc. | 67,045 | 344,222 | |||
Dena Co., Ltd.# | 15 | 37,355 | |||
Denki Kagaku Kogyo Kabushiki Kaisha | 22,226 | 50,143 | |||
Denso Corp. | 23,900 | 395,903 | |||
Dentsu, Inc.# | 95 | 168,957 | |||
Dowa Mining Co., Ltd. | 14,000 | 42,917 | |||
East Japan Railway Co. | 328 | 2,526,576 | |||
Eisai Co., Ltd.# | 12,506 | 423,498 | |||
Electric Power Development Co., Ltd. | 6,700 | 233,942 | |||
Elpida Memory, Inc.†# | 4,900 | 22,790 | |||
FamilyMart Co., Ltd. | 37,956 | 1,546,691 | |||
Fanuc, Ltd. | 9,600 | 593,507 | |||
Fast Retailing Co., Ltd.# | 22,400 | 2,571,859 | |||
Fuji Electric Holdings Co., Ltd.# | 26,000 | 33,836 | |||
Fuji Heavy Industries, Ltd.# | 30,000 | 90,422 | |||
Fuji Television Network, Inc. | 21 | 29,277 | |||
FUJIFILM Holdings Corp. | 23,873 | 577,409 | |||
Fujitsu, Ltd. | 93,448 | 405,891 | |||
Fukuoka Financial Group, Inc. | 38,000 | 123,650 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Japan (continued) | |||||
Furukawa Electric Co., Ltd. | 32,000 | $ | 122,993 | ||
Gunma Bank, Ltd.# | 20,000 | 117,517 | |||
Hakuhodo DY Holdings, Inc.# | 1,010 | 51,755 | |||
Hankyu Hanshin Holdings, Inc. | 60,600 | 301,601 | |||
Haseko Corp.# | 63,000 | 53,354 | |||
Hikari Tsushin, Inc.# | 1,400 | 23,660 | |||
Hino Motors, Ltd.# | 12,000 | 25,018 | |||
Hirose Electric Co., Ltd.# | 1,681 | 152,604 | |||
Hisamitsu Pharmaceutical Co., Inc. | 3,400 | 136,127 | |||
Hitachi Chemical Co., Ltd. | 4,700 | 45,341 | |||
Hitachi Construction Machinery Co., Ltd.# | 5,200 | 58,388 | |||
Hitachi High - Technologies Corp.# | 3,300 | 61,979 | |||
Hitachi Metals, Ltd.# | 9,000 | 53,423 | |||
Hitachi, Ltd. | 367,849 | 1,705,433 | |||
Hokkaido Electric Power Co., Inc. | 9,300 | 217,288 | |||
Hokuhoku Financial Group, Inc. | 59,177 | 123,325 | |||
Hokuriku Electric Power Co. | 8,800 | 223,515 | |||
Honda Motor Co., Ltd. | 81,700 | 1,796,164 | |||
Hoya Corp. | 20,200 | 290,827 | |||
Ibiden Co., Ltd. | 6,800 | 106,835 | |||
Idemitsu Kosan Co., Ltd.# | 1,200 | 74,647 | |||
IHI Corp. | 62,596 | 73,539 | |||
Inpex Holdings, Inc. | 42 | 269,040 | |||
Isetan Mitsukoshi Holdings, Ltd.†# | 15,934 | 117,381 | |||
Isuzu Motors, Ltd. | 62,000 | 76,848 | |||
Ito En, Ltd.# | 3,100 | 49,734 | |||
ITOCHU Corp. | 74,000 | 375,251 | |||
ITOCHU Techno - Solutions Corp.# | 1,500 | 38,464 | |||
J Front Retailing Co., Ltd. | 26,000 | 102,564 | |||
Jafco Co., Ltd.# | 1,700 | 45,927 | |||
Japan Airlines Corp.†# | 44,000 | 102,725 | |||
Japan Petroleum Exploration Co. | 1,500 | 60,265 | |||
Japan Prime Reality Investment Corp. | 26 | 51,503 | |||
Japan Real Estate Investment Corp. | 21 | 185,478 | |||
Japan Retail Fund Investment Corp. | 18 | 67,618 | |||
Japan Steel Works, Ltd.# | 228,000 | 2,344,100 | |||
Japan Tobacco, Inc. | 724 | 2,657,907 | |||
JFE Holdings, Inc. | 50,900 | 1,237,105 | |||
JGC Corp. | 71,282 | 823,766 | |||
JS Group Corp.# | 12,775 | 179,812 | |||
JSR Corp. | 8,500 | 92,443 | |||
JTEKT Corp. | 8,700 | 65,148 | |||
Jupiter Telecommunications Co. | 111 | 85,600 | |||
Kajima Corp.# | 42,000 | 122,454 | |||
Kamigumi Co., Ltd. | 13,135 | 102,853 | |||
Kaneka Corp.# | 15,081 | 69,080 | |||
Kansai Paint Co., Ltd. | 11,000 | 53,183 | |||
Kao Corp. | 61,000 | 1,748,035 | |||
Kawasaki Heavy Industries, Ltd.# | 72,842 | 156,577 | |||
Kawasaki Kisen Kaisha, Ltd.# | 30,631 | 123,845 | |||
KDDI Corp. | 145 | 942,843 | |||
Keihin Electric Express Railway Co., Ltd.# | 21,582 | 182,338 | |||
Keio Corp.# | 29,000 | 156,523 | |||
Keisei Electric Railway Co., Ltd. | 14,000 | 72,679 | |||
Keyence Corp.# | 1,800 | 299,532 | |||
Kikkoman Corp. | 8,531 | 96,185 | |||
Kinden Corp. | 6,036 | 54,401 | |||
Kintetsu Corp.# | 81,072 | 323,843 | |||
Kirin Brewery Co., Ltd. | 38,937 | 472,793 | |||
Kobe Steel, Ltd. | 130,000 | 216,566 | |||
Komatsu, Ltd. | 144,300 | 1,771,919 | |||
Konami Corp.# | 5,061 | 114,732 | |||
Konica Minolta Holdings, Inc. | 23,836 | 175,766 | |||
Kubota Corp. | 55,000 | 320,548 | |||
Kuraray Co., Ltd. | 17,461 | 141,822 |
102
Table of Contents
AIG Retirement Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Japan (continued) | |||||
Kurita Water Industries, Ltd.# | 5,610 | $ | 132,814 | ||
Kyocera Corp.# | 8,143 | 509,401 | |||
Kyowa Hakko Kogyo Co., Ltd.# | 13,671 | 115,999 | |||
Kyushu Electric Power Co., Inc. | 88,600 | 2,093,356 | |||
Lawson, Inc. | 3,400 | 170,259 | |||
Leopalace21 Corp. | 6,100 | 57,353 | |||
Mabuchi Motor Co., Ltd.# | 1,600 | 68,432 | |||
Makita Corp.# | 6,100 | 118,514 | |||
Marubeni Corp. | 82,000 | 287,591 | |||
Marui Co., Ltd.# | 11,596 | 62,778 | |||
Maruichi Steel Tube, Ltd. | 1,800 | 43,324 | |||
Matsui Securities Co., Ltd. | 5,700 | 38,195 | |||
Matsushita Electric Industrial Co., Ltd. | 172,000 | 2,064,723 | |||
Matsushita Electric Works, Ltd. | 98,000 | 805,286 | |||
Mazda Motor Corp. | 45,000 | 77,509 | |||
MEDICEO Holdings Co., Ltd.# | 7,000 | 76,054 | |||
Meiji Dairies Corp.# | 14,000 | 72,669 | |||
Millea Holdings, Inc. | 57,800 | 1,407,108 | |||
Minebea Co., Ltd.# | 18,125 | 55,146 | |||
Mitsubishi Chemical Holdings Corp.# | 62,920 | 263,284 | |||
Mitsubishi Corp. | 67,001 | 833,515 | |||
Mitsubishi Electric Corp. | 97,000 | 523,269 | |||
Mitsubishi Estate Co., Ltd. | 58,750 | 879,148 | |||
Mitsubishi Gas Chemical Co., Inc. | 19,864 | 75,878 | |||
Mitsubishi Heavy Industries, Ltd.# | 480,000 | 1,949,836 | |||
Mitsubishi Logistics Corp. | 6,000 | 67,967 | |||
Mitsubishi Materials Corp. | 56,000 | 112,863 | |||
Mitsubishi Motors Corp.†# | 179,000 | 250,431 | |||
Mitsubishi Rayon Co., Ltd.# | 27,042 | 68,931 | |||
Mitsubishi Tanabe Pharma Corp. | 12,000 | 149,357 | |||
Mitsubishi UFJ Financial Group, Inc.# | 771,580 | 4,218,993 | |||
Mitsubishi UFJ Lease & Finance Co., Ltd.# | 2,580 | 43,038 | |||
Mitsui & Co., Ltd. | 145,331 | 1,291,230 | |||
Mitsui Chemicals, Inc.# | 32,000 | 129,597 | |||
Mitsui Engineering & Shipbuilding Co., Ltd.# | 33,668 | 46,149 | |||
Mitsui Fudosan Co., Ltd. | 42,000 | 654,728 | |||
Mitsui Mining & Smelting Co., Ltd. | 25,977 | 50,166 | |||
Mitsui O.S.K. Lines, Ltd. | 102,000 | 544,973 | |||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 18,798 | 445,935 | |||
Mitsumi Electric Co., Ltd. | 4,200 | 53,486 | |||
Mizuho Financial Group, Inc.# | 733 | 1,931,008 | |||
Mizuho Trust & Banking Co., Ltd.# | 72,000 | 83,409 | |||
Murata Manufacturing Co., Ltd.# | 10,573 | 363,788 | |||
NamCo Bandai Holdings, Inc.# | 9,718 | 96,419 | |||
NEC Corp. | 96,441 | 271,276 | |||
NEC Electronics Corp.†# | 1,900 | 18,410 | |||
NGK Insulators, Ltd.# | 13,537 | 144,400 | |||
NGK Spark Plug Co., Ltd.# | 9,455 | 79,281 | |||
NHK Spring Co., Ltd.# | 8,000 | 28,793 | |||
Nidec Corp.# | 27,460 | 1,377,577 | |||
Nikon Corp. | 17,485 | 198,209 | |||
Nintendo Co., Ltd. | 10,000 | 3,096,054 | |||
Nippon Building Fund, Inc. | 26 | 257,648 | |||
Nippon Electric Glass Co., Ltd. | 18,000 | 103,025 | |||
Nippon Express Co., Ltd. | 38,879 | 174,561 | |||
Nippon Meat Packers, Inc. | 70,000 | 877,901 | |||
Nippon Mining Holdings, Inc. | 43,000 | 126,915 | |||
Nippon Oil Corp. | 66,000 | 247,913 | |||
Nippon Paper Group, Inc. | 44 | 146,223 | |||
Nippon Sheet Glass Co., Ltd. | 30,067 | 87,406 | |||
Nippon Steel Corp.# | 254,389 | 795,863 | |||
Nippon Telegraph and Telephone Corp. | 258 | 1,122,776 | |||
Nippon Yusen Kabushiki Kaisha | 55,000 | 299,344 | |||
Nipponkoa Insurance Co., Ltd. | 33,000 | 211,408 | |||
Nishi - Nippon City Bank, Ltd. | 36,000 | 75,181 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Japan (continued) | |||||
Nissan Chemical Industries, Ltd. | 8,000 | $ | 70,207 | ||
Nissan Motor Co., Ltd. | 109,500 | 365,608 | |||
Nissay Dowa Generall Insurance Co., Ltd. | 9,000 | 41,646 | |||
Nissha Printing Co., Ltd.# | 42,000 | 1,958,124 | |||
Nisshin Seifun Group, Inc. | 8,463 | 94,930 | |||
Nisshin Steel Co., Ltd.# | 34,000 | 49,605 | |||
Nisshinbo Industries, Inc. | 7,532 | 52,241 | |||
Nissin Food Products Co., Ltd.# | 4,055 | 144,183 | |||
Nitori Co., Ltd.# | 20,000 | 1,424,790 | |||
Nitto Denko Corp. | 8,107 | 135,854 | |||
NOK Corp.# | 5,200 | 39,229 | |||
Nomura Holdings, Inc. | 86,000 | 621,032 | |||
Nomura Real Estate Holdings, Inc.# | 2,500 | 37,238 | |||
Nomura Real Estate Office Fund, Inc. | 14 | 81,682 | |||
Nomura Research Institute, Ltd. | 5,500 | 103,855 | |||
NSK, Ltd. | 22,077 | 81,567 | |||
NTN Corp.# | 20,277 | 61,490 | |||
NTT Data Corp.# | 363 | 1,309,350 | |||
NTT DoCoMo, Inc. | 1,678 | 2,784,306 | |||
NTT Urban Development Corp.# | 53 | 53,850 | |||
Obayashi Corp. | 30,861 | 176,614 | |||
Obic Co., Ltd. | 310 | 48,470 | |||
Odakyu Electric Railway Co., Ltd.# | 32,000 | 244,011 | |||
OJI Paper Co., Ltd. | 41,528 | 200,296 | |||
OKUMA Corp. | 1,000 | 3,819 | |||
Olympus Corp.# | 12,206 | 253,305 | |||
Omron Corp. | 9,584 | 125,001 | |||
Ono Pharmaceutical Co., Ltd. | 4,800 | 211,750 | |||
Onward Kashiyama Co., Ltd. | 6,944 | 51,563 | |||
ORACLE Corp.# | 1,900 | 79,266 | |||
Oriental Land Co., Ltd.# | 12,671 | 952,800 | |||
ORIX Corp. | 4,490 | 281,602 | |||
Osaka Gas Co., Ltd. | 97,188 | 369,766 | |||
Osaka Securities Exchange Co., Ltd. | 170 | 759,060 | |||
Osaka Titanium Technologies Co.# | 1,000 | 25,198 | |||
Otsuka Corp.# | 800 | 36,306 | |||
Pioneer Corp.# | 11 | 25 | |||
Promise Co., Ltd.# | 2,950 | 60,651 | |||
Rakuten, Inc.# | 322 | 176,194 | |||
Resona Holdings, Inc.# | 254 | 356,329 | |||
Ricoh Co., Ltd. | 34,000 | 354,841 | |||
Rohm Co., Ltd. | 5,008 | 238,945 | |||
Sankyo Co., Ltd. | 2,600 | 141,660 | |||
Santen Pharmaceutical Co., Ltd.# | 3,600 | 95,407 | |||
Sanyo Electric Co., Ltd.†# | 84,000 | 133,576 | |||
Sapporo Hokuyo Holdings, Inc. | 15 | 56,817 | |||
Sapporo Holdings, Ltd. | 13,000 | 75,960 | |||
SBI Holdings, Inc.# | 802 | 124,638 | |||
Secom Co., Ltd.# | 10,459 | 486,930 | |||
Sega Sammy Holdings, Inc.# | 9,000 | 86,926 | |||
Seiko Epson Corp.# | 6,200 | 89,126 | |||
Sekisui Chemical Co., Ltd. | 21,925 | 121,930 | |||
Sekisui House, Ltd. | 21,000 | 171,166 | |||
Seven & I Holdings Co., Ltd. | 40,368 | 1,143,164 | |||
Seven Bank, Ltd. | 642 | 2,283,014 | |||
Sharp Corp.# | 50,330 | 341,061 | |||
Shikoku Electric Power Co.# | 8,900 | 274,633 | |||
Shimadzu Corp.# | 73,000 | 486,110 | |||
Shimamura Co., Ltd.# | 1,100 | 84,248 | |||
Shimano, Inc.# | 3,440 | 127,276 | |||
Shimizu Corp.# | 29,559 | 155,618 | |||
Shin - Etsu Chemical Co., Ltd. | 20,326 | 776,315 | |||
Shinko Electric Industries Co., Ltd.# | 2,800 | 16,460 | |||
Shinko Securities Co., Ltd. | 27,000 | 54,180 | |||
Shinsei Bank, Ltd.# | 76,000 | 121,795 |
103
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Japan (continued) | |||||
Shionogi & Co., Ltd. | 43,507 | $ | 944,219 | ||
Shiseido Co., Ltd. | 17,000 | 316,245 | |||
Showa Denko K.K. | 54,798 | 80,183 | |||
Showa Shell Sekiyu K.K. | 8,500 | 70,461 | |||
SMC Corp. | 2,800 | 250,847 | |||
Softbank Corp.# | 37,500 | 512,423 | |||
Sojitz Corp. | 59,200 | 89,717 | |||
Sompo Japan Insurance, Inc. | 42,000 | 243,488 | |||
Sony Corp.# | 49,962 | 969,847 | |||
Sony Financial Holdings, Inc. | 43 | 127,213 | |||
Square Enix Co., Ltd.# | 3,200 | 91,478 | |||
Stanley Electric Co., Ltd. | 7,200 | 86,556 | |||
Sumco Corp.# | 6,200 | 59,919 | |||
Sumitomo Chemical Co., Ltd.# | 79,000 | 276,117 | |||
Sumitomo Corp.# | 55,200 | 485,484 | |||
Sumitomo Electric Industries, Ltd. | 35,887 | 271,137 | |||
Sumitomo Heavy Industries, Ltd. | 29,000 | 108,761 | |||
Sumitomo Metal Industries, Ltd. | 191,000 | 489,505 | |||
Sumitomo Metal Mining Co., Ltd.# | 28,341 | 270,958 | |||
Sumitomo Mitsui Financial Group, Inc.# | 474 | 1,739,208 | |||
Sumitomo Realty & Development Co., Ltd.# | 20,000 | 295,294 | |||
Sumitomo Rubber Industries, Inc.# | 8,200 | 74,862 | |||
Suruga Bank, Ltd. | 12,000 | 121,172 | |||
Suzuken Co., Ltd. | 3,600 | 80,365 | |||
Suzuki Motor Corp.# | 17,200 | 232,245 | |||
T&D Holdings, Inc. | 9,709 | 363,953 | |||
Taiheiyo Cement Corp. | 43,000 | 60,719 | |||
Taisei Corp.# | 46,384 | 91,751 | |||
Taisho Pharmaceutical Co., Ltd. | 7,000 | 125,311 | |||
Taiyo Nippon Sanso Corp.# | 14,000 | 98,412 | |||
Takashimaya Co., Ltd.# | 15,000 | 107,921 | |||
Takeda Pharmaceutical Co., Ltd. | 74,500 | 3,600,299 | |||
Takefuji Corp.# | 4,930 | 34,648 | |||
TDK Corp. | 6,200 | 210,213 | |||
Teijin, Ltd.# | 43,277 | 120,332 | |||
Terumo Corp. | 46,400 | 2,155,246 | |||
The 77 Bank, Ltd. | 17,000 | 80,401 | |||
The Bank of Yokohama, Ltd. | 62,000 | 323,490 | |||
The Chiba Bank, Ltd. | 38,000 | 181,442 | |||
The Chugoku Bank, Ltd.# | 9,000 | 124,411 | |||
The Chugoku Electric Power Co. | 13,500 | 334,476 | |||
The Hachijuni Bank, Ltd. | 22,000 | 112,901 | |||
The Hiroshima Bank, Ltd. | 25,000 | 90,234 | |||
The Iyo Bank, Ltd.# | 13,000 | 143,123 | |||
The Joyo Bank, Ltd.# | 34,723 | 170,474 | |||
The Kansai Electric Power Co., Inc. | 37,700 | 1,021,208 | |||
The Shizuoka Bank, Ltd.# | 117,163 | 1,151,781 | |||
The Sumitomo Trust & Banking Co., Ltd. | 71,000 | 324,642 | |||
THK Co., Ltd.# | 5,600 | 56,176 | |||
Tobu Railway Co., Ltd.# | 40,624 | 220,035 | |||
Toho Co., Ltd.# | 5,600 | 112,505 | |||
Toho Gas Co., Ltd.# | 24,000 | 139,304 | |||
Toho Titanium Co., Ltd.# | 100 | 1,115 | |||
Tohoku Electric Power Co., Inc. | 21,116 | 512,089 | |||
Tokuyama Corp.# | 12,000 | 91,820 | |||
Tokyo Broadcasting System, Inc. | 2,000 | 26,442 | |||
Tokyo Electric Power Co., Inc. | 155,400 | 4,615,942 | |||
Tokyo Electron, Ltd.# | 8,600 | 235,123 | |||
Tokyo Gas Co., Ltd. | 225,077 | 1,014,174 | |||
Tokyo Steel Manufacturing Co., Ltd.# | 5,200 | 48,529 | |||
Tokyo Tatemono Co., Ltd.# | 14,000 | 46,170 | |||
Tokyu Corp. | 57,426 | 229,338 | |||
Tokyu Land Corp.# | 23,000 | 64,326 | |||
TonenGeneral Sekiyu K.K.# | 14,000 | 134,886 | |||
Toppan Printing Co., Ltd.# | 26,477 | 198,992 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Japan (continued) | |||||
Toray Industries, Inc.# | 66,992 | $ | 325,561 | ||
Toshiba Corp. | 153,618 | 562,213 | |||
Toshiba Machine Co., Ltd.# | 150,000 | 480,377 | |||
Tosoh Corp.# | 24,718 | 51,374 | |||
Toto, Ltd.# | 13,771 | 84,931 | |||
Toyo Seikan Kaisha, Ltd. | 7,726 | 109,784 | |||
Toyo Suisan Kaisha, Ltd.# | 59,000 | 1,378,651 | |||
Toyo Tanso Co., Ltd. | 12,000 | 579,643 | |||
Toyoda Gosei Co., Ltd.# | 3,000 | 37,817 | |||
Toyota Boshoku Corp | 3,100 | 24,922 | |||
Toyota Industries Corp. | 8,600 | 168,433 | |||
Toyota Motor Corp. | 201,949 | 6,356,866 | |||
Toyota Tsusho Corp. | 10,200 | 97,000 | |||
Trend Micro, Inc. | 5,500 | 160,467 | |||
Tsumura & Co.# | 53,000 | 1,699,422 | |||
Ube Industreis, Ltd. | 49,463 | 98,692 | |||
Uni - Charm Corp. | 18,000 | 1,243,034 | |||
UNY Co., Ltd. | 9,295 | 81,976 | |||
Ushio, Inc.# | 5,500 | 65,320 | |||
USS Co., Ltd. | 1,070 | 67,306 | |||
West Japan Railway Co. | 85 | 377,546 | |||
Yahoo! Japan Corp.# | 728 | 236,651 | |||
Yakult Honsha Co., Ltd.# | 4,758 | 87,200 | |||
Yamada Denki Co., Ltd. | 4,240 | 220,123 | |||
Yamaguchi Financial Group, Inc. | 11,000 | 103,693 | |||
Yamaha Corp.# | 7,951 | 73,343 | |||
Yamaha Motor Co., Ltd. | 9,300 | 88,433 | |||
Yamaichi Securities Co., Ltd. ADR†#(1)(2)(3) | 6,000 | 0 | |||
Yamato Kogyo Co., Ltd. | 2,000 | 44,733 | |||
Yamato Transport Co., Ltd. | 19,923 | 259,246 | |||
Yamazaki Baking Co., Ltd.# | 5,513 | 73,266 | |||
Yaskawa Electric Corp.# | 13,000 | 56,766 | |||
Yokogawa Electric Corp. | 10,200 | 53,514 | |||
144,454,215 | |||||
Luxembourg — 0.4% | |||||
Acergy SA | 384 | 2,192 | |||
ArcelorMittal# | 78,769 | 1,895,687 | |||
Millicom International Cellular SA SDR | 2,825 | 104,775 | |||
SES FDR | 18,109 | 317,231 | |||
Tenaris SA | 19,101 | 199,729 | |||
2,519,614 | |||||
Mauritius — 0.0% | |||||
Golden Agri - Resources Ltd.# | 406,000 | 60,641 | |||
Netherlands — 2.6% | |||||
Aegon NV# | 241,370 | 1,148,297 | |||
Akzo Nobel NV | 33,603 | 1,147,909 | |||
ASML Holding NV | 23,391 | 356,734 | |||
Boskalis Westminster NV | 11,201 | 320,305 | |||
Corio NV | 1,767 | 80,714 | |||
European Aeronautic Defense and Space Co.# | 13,184 | 209,343 | |||
Fugro NV | 2,421 | 77,096 | |||
Heineken Holding NV | 66,592 | 1,724,913 | |||
Heineken NV | 18,047 | 497,934 | |||
ING Groep NV | 95,376 | 800,812 | |||
James Hardie Industries NV CDI# | 35,353 | 88,403 | |||
Koninklijke Ahold NV | 254,466 | 2,839,506 | |||
Koninklijke DSM DV | 26,113 | 605,923 | |||
Koninklijke KPN NV | 76,638 | 1,059,543 | |||
Koninklijke Philips Electronics NV# | 64,425 | 1,050,781 | |||
Randstad Holding NV# | 4,114 | 77,076 | |||
Reed Elsevier NV | 177,564 | 2,086,565 | |||
SBM Offshore NV# | 5,887 | 91,939 | |||
SNS Reaal | 5,288 | 32,635 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Netherlands (continued) | |||||
STMicroelectronics NV | 27,617 | $ | 181,843 | ||
TNT NV | 17,943 | 375,638 | |||
Unilever NV# | 81,822 | 1,912,622 | |||
Wolters Kluwer NV | 11,034 | 185,886 | |||
16,952,417 | |||||
New Zealand — 0.1% | |||||
Auckland International Airport, Ltd. | 79,868 | 77,083 | |||
Contact Energy, Ltd. | 23,543 | 87,912 | |||
Fletcher Building, Ltd. | 41,103 | 126,557 | |||
Nufarm, Ltd. | 11,383 | 68,368 | |||
Sky City Entertainment Group, Ltd. | 39,557 | 68,932 | |||
Telecom Corp. of New Zealand, Ltd. | 149,097 | 201,583 | |||
630,435 | |||||
Norway — 0.4% | |||||
Aker Solutions ASA | 6,560 | 37,888 | |||
DnB NOR ASA | 47,644 | 181,492 | |||
Norsk Hydro ASA | 42,275 | 153,416 | |||
Orkla ASA# | 33,485 | 193,656 | |||
Petroleum Geo - Services ASA†# | 132 | 598 | |||
Renewable Energy Corp. AS†# | 5,950 | 56,259 | |||
StatoilHydro ASA# | 82,407 | 1,397,410 | |||
Storebrand ASA | 19,197 | 34,649 | |||
Telenor ASA | 39,497 | 213,989 | |||
Yara International ASA# | 7,646 | 127,345 | |||
2,396,702 | |||||
Portugal — 0.3% | |||||
Banco BPI SA | 194,588 | 359,346 | |||
Banco Comercial Portugues SA† | 94,954 | 96,801 | |||
Banco Espirito Santo SA | 9,101 | 67,154 | |||
Brisa - Auto Estradas de Portugal SA | 12,135 | 91,335 | |||
Cimpor Cimentos de Portugal SGPS SA | 10,873 | 50,938 | |||
Energias de Portugal SA | 372,577 | 1,266,925 | |||
Galp Energia, SGPS, S.A. | 7,798 | 85,675 | |||
Jeronimo Martins SGPS SA | 8,909 | 46,753 | |||
Portugal Telecom SGPS SA | 24,784 | 183,550 | |||
PT Multimedia - Servicos de Telecomunicacoes e Multimedia SGPS SA | 6,980 | 34,207 | |||
2,282,684 | |||||
Singapore — 0.9% | |||||
Ascendas Real Estate Investment Trust# | 81,000 | 79,554 | |||
CapitaLand, Ltd.# | 138,000 | 253,610 | |||
CapitaMall Trust# | 95,000 | 107,216 | |||
City Developments, Ltd.# | 40,000 | 151,972 | |||
ComfortDelGro Corp., Ltd. | 153,000 | 137,006 | |||
Cosco Corp. (Singapore), Ltd.# | 73,000 | 34,416 | |||
DBS Group Holdings, Ltd. | 93,000 | 575,217 | |||
Fraser and Neave, Ltd. | 78,730 | 148,294 | |||
Jardine Cycle & Carriage, Ltd.# | 12,059 | 83,020 | |||
Keppel Corp., Ltd. | 103,000 | 287,136 | |||
Keppel Land, Ltd.# | 1,706 | 1,537 | |||
Neptune Orient Lines, Ltd.# | 42,000 | 29,020 | |||
Olam International, Ltd.# | 97,000 | 59,926 | |||
Oversea - Chinese Banking Corp. | 204,000 | 691,909 | |||
Parkway Holdings, Ltd.# | 73,000 | 61,994 | |||
SembCorp Industries, Ltd. | 79,360 | 114,810 | |||
SembCorp Marine, Ltd.# | 67,600 | 71,879 | |||
Singapore Airlines, Ltd. | 42,890 | 293,964 | |||
Singapore Exchange, Ltd.# | 69,000 | 224,239 | |||
Singapore Press Holdings, Ltd.# | 123,250 | 289,583 | |||
Singapore Technologies Engineering, Ltd.# | 110,000 | 172,402 | |||
Singapore Telecommunications, Ltd. | 648,860 | 1,089,606 |
Security Description | Shares | Market Value (Note 2)(7) | |||
Singapore (continued) | |||||
United Overseas Bank, Ltd. | 99,000 | $ | 858,976 | ||
United Overseas Land, Ltd. | 41,700 | 56,246 | |||
Wilmar International, Ltd.# | 67,000 | 122,337 | |||
5,995,869 | |||||
Spain — 3.9% | |||||
Abertis Infraestructuras SA# | 10,846 | 183,486 | |||
Acciona SA# | 1,156 | 105,036 | |||
Acerinox SA# | 5,657 | 76,377 | |||
ACS Actividades de Construccion y Servicios SA# | 7,464 | 296,092 | |||
Banco Bilbao Vizcaya Argentaria SA | 144,035 | 1,499,056 | |||
Banco de Sabadell SA# | 37,135 | 245,852 | |||
Banco De Valencia SA | 8,449 | 84,179 | |||
Banco Popular Espanol SA# | 31,958 | 254,935 | |||
Banco Santander SA (London) | 14,685 | 118,307 | |||
Banco Santander SA# (Barcelona) | 517,242 | 4,252,691 | |||
Bankinter SA# | 10,672 | 91,990 | |||
Cintra Concesiones de Infraestructuras de Transporte SA# | 9,198 | 73,492 | |||
Criteria Caixacorp SA | 243,110 | 830,270 | |||
EDP Renovaveis SA† | 8,821 | 55,106 | |||
Enagas | 7,243 | 134,639 | |||
Fomento de Construcciones y Contratas SA# | 1,802 | 65,942 | |||
Gamesa Corp. Tecnologica SA# | 35,171 | 591,511 | |||
Gas Natural SDG SA# | 31,764 | 878,685 | |||
Gestevision Telecinco SA# | 4,489 | 39,671 | |||
Grifols SA# | 5,171 | 89,074 | |||
Grupo Ferrovial SA# | 3,659 | 91,608 | |||
Iberdrola Renovables† | 34,174 | 114,989 | |||
Iberdrola SA | 433,204 | 3,227,885 | |||
Iberia Lineas Aereas de Espana SA# | 19,278 | 47,926 | |||
Indra Sistemas SA# | 3,983 | 81,437 | |||
Industria de Diseno Textil SA# | 8,825 | 296,393 | |||
Mapfre SA# | 27,660 | 87,323 | |||
Red Electrica Corp. SA | 4,377 | 194,233 | |||
Repsol YPF SA | 75,797 | 1,470,277 | |||
Sacyr Vallehermoso SA# | 3,083 | 29,780 | |||
Telefonica SA | 461,637 | 9,371,716 | |||
Union Fenosa SA# | 14,790 | 321,702 | |||
Zardoya Otis SA# | 5,128 | 89,311 | |||
25,390,971 | |||||
Sweden — 1.7% | |||||
Alfa Laval AB# | 65,879 | 518,209 | |||
Assa Abloy AB, Class B# | 60,852 | 591,273 | |||
Atlas Copco AB, Class A# | 56,406 | 400,357 | |||
Atlas Copco AB, Class B | 110,726 | 696,397 | |||
Boliden AB# | 16,381 | 38,850 | |||
Electrolux AB, Class B# | 10,213 | 87,032 | |||
Getinge AB, Class B# | 7,282 | 87,426 | |||
Hennes & Mauritz AB, Class B# | 20,663 | 764,002 | |||
Holmen AB# | 2,069 | 50,074 | |||
Husqvarna AB, Class B# | 22,013 | 127,771 | |||
Investor AB, Class B | 18,400 | 260,615 | |||
Lundin Petroleum AB†# | 8,887 | 43,461 | |||
Modern Times Group AB, Class B# | 2,033 | 35,672 | |||
Nordea Bank AB | 90,426 | 652,922 | |||
Sandvik AB# | 51,100 | 302,589 | |||
Scania AB, Class B | 45,610 | 360,252 | |||
Securitas AB, Class B# | 12,504 | 118,714 | |||
Skandinaviska Enskilda Banken AB, Class A# | 48,227 | 409,321 | |||
Skanska AB, Class B | 19,532 | 145,067 | |||
SKF AB, Class B# | 15,577 | 124,499 | |||
Ssab Svenskt Stal AB, Class A# | 7,211 | 57,747 | |||
Ssab Svenskt Stal AB, Class B | 11,635 | 88,154 | |||
Svenska Cellulosa AB, Class B | 37,176 | 301,192 |
105
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
Sweden (continued) | |||||
Svenska Handelsbanken AB, Class A | 89,060 | $ | 1,487,098 | ||
Swedbank AB, Class A# | 96,400 | 694,520 | |||
Swedish Match AB | 27,418 | 419,812 | |||
Tele2 AB, Class B | 12,314 | 100,725 | |||
Telefonaktiebolaget LM Ericsson, Class B | 188,231 | 1,338,781 | |||
TeliaSonera AB# | 90,544 | 407,853 | |||
Volvo AB, Class A | 17,800 | 82,020 | |||
Volvo AB Class B# | 43,924 | 196,365 | |||
10,988,770 | |||||
Switzerland — 7.9% | |||||
ABB, Ltd.† | 303,442 | 3,921,338 | |||
Actelion, Ltd.†# | 3,995 | 180,449 | |||
Adecco SA | 7,979 | 236,738 | |||
Aryzta AG†# | 12,628 | 338,758 | |||
Baloise Holding AG | 25,068 | 1,404,394 | |||
BKW FMB Energie AG | 640 | 58,904 | |||
Compagnie Financiere Richemont SA | 21,116 | 368,969 | |||
Credit Suisse Group AG | 58,469 | 1,716,440 | |||
EFG International AG# | 49,038 | 783,475 | |||
Geberit AG# | 16,126 | 1,490,160 | |||
Givaudan SA# | 264 | 173,369 | |||
Holcim, Ltd. | 8,804 | 392,782 | |||
Julius Baer Holding AG | 8,536 | 282,032 | |||
Kuehne & Nagel International AG# | 2,183 | 133,530 | |||
Lindt + Spruengli AG# | 165 | 322,194 | |||
Logitech International SA†# | 76,972 | 1,007,451 | |||
Lonza Group AG# | 7,970 | 659,385 | |||
Nestle SA | 268,514 | 9,714,043 | |||
Nobel Biocare Holding AG# | 7,375 | 112,656 | |||
Novartis AG | 217,975 | 10,190,561 | |||
OC Oerlikon Corp AG†# | 285 | 20,622 | |||
Pargesa Holding SA | 23,246 | 1,797,094 | |||
Roche Holding AG | 52,946 | 7,445,176 | |||
Schindler Holding AG# | 2,059 | 84,360 | |||
SGS SA# | 189 | 161,921 | |||
Sonova Holding AG# | 23,388 | 1,270,314 | |||
Straumann AG# | 4,371 | 583,276 | |||
Sulzer AG | 1,103 | 59,359 | |||
Swatch Group AG | 2,006 | 45,313 | |||
Swatch Group AG, Class B# | 9,302 | 1,103,874 | |||
Swiss Life Holding† | 2,150 | 132,636 | |||
Swiss Reinsurance | 13,569 | 558,970 | |||
Swisscom AG | 972 | 279,324 | |||
Syngenta AG | 6,556 | 1,166,274 | |||
UBS AG† | 165,624 | 2,086,793 | |||
Zurich Financial Services AG | 5,748 | 1,126,148 | |||
51,409,082 | |||||
United Kingdom — 20.0% | |||||
3i Group PLC | 75,148 | 479,564 | |||
Admiral Group PLC | 7,481 | 113,823 | |||
AMEC PLC | 13,389 | 108,995 | |||
American Physicians Capital, Inc. | 107,081 | 2,811,412 | |||
Anglo American PLC | 130,540 | 3,110,236 | |||
Antofagasta PLC | 78,244 | 525,070 | |||
Associated British Foods PLC | 33,582 | 352,387 | |||
AstraZeneca PLC | 129,380 | 4,898,006 | |||
Aviva PLC | 519,925 | 3,227,130 | |||
BAE Systems PLC | 486,786 | 2,680,726 | |||
Balfour Beatty PLC | 71,350 | 339,123 | |||
Barclays PLC | 945,461 | 2,488,169 | |||
Berkeley Group Holdings PLC† | 33,711 | 439,229 | |||
BG Group PLC | 172,987 | 2,481,863 | |||
BHP Billiton PLC | 214,065 | 3,901,316 |
Security Description | Shares | Market Value (Note 2)(7) | |||
United Kingdom (continued) | |||||
BP PLC | 1,701,756 | $ | 13,803,744 | ||
British Airways PLC | 112,941 | 272,080 | |||
British Energy Group PLC | 201,917 | 2,332,837 | |||
British Land Co. PLC# | 20,682 | 167,727 | |||
British Sky Broadcasting Group PLC | 46,089 | 314,810 | |||
BT Group PLC | 418,737 | 868,117 | |||
Bunzl PLC# | 17,617 | 173,066 | |||
Burberry Group PLC | 29,056 | 92,681 | |||
Cable & Wireless PLC | 143,719 | 331,300 | |||
Cadbury PLC | 66,770 | 567,029 | |||
Cairn Energy PLC† | 7,048 | 185,956 | |||
Carnival PLC# | 12,447 | 266,044 | |||
Carphone Warehouse PLC# | 16,639 | 30,314 | |||
Centrica PLC† | 711,015 | 2,598,873 | |||
Cobham PLC | 205,144 | 564,177 | |||
Compass Group PLC | 261,896 | 1,244,487 | |||
Daily Mail & General Trust# | 50,409 | 230,303 | |||
Diageo PLC | 101,832 | 1,429,503 | |||
Drax Group PLC | 69,055 | 652,693 | |||
Eurasian Natural Resources Corp. | 13,022 | 56,792 | |||
Experian Group, Ltd. | 52,348 | 320,516 | |||
FirstGroup PLC | 19,489 | 141,802 | |||
Friends Provident PLC | 216,935 | 246,664 | |||
G4S PLC | 71,050 | 223,306 | |||
GKN PLC | 140,642 | 179,260 | |||
GlaxoSmithKline PLC | 372,885 | 6,471,803 | |||
Hammerson PLC# | 17,997 | 144,750 | |||
Hays PLC | 55,652 | 63,272 | |||
HBOS PLC | 465,625 | 661,292 | |||
Home Retail Group PLC | 35,494 | 111,879 | |||
HSBC Holdings PLC | 1,145,592 | 12,490,771 | |||
ICAP PLC# | 48,394 | 220,421 | |||
IMI PLC | 12,925 | 51,326 | |||
Imperial Tobacco Group PLC | 49,852 | 1,247,317 | |||
Inchcape PLC | 48,110 | 47,027 | |||
Intercontinental Hotels Group PLC | 10,395 | 84,990 | |||
International Power PLC | 67,701 | 270,023 | |||
Invensys PLC† | 123,460 | 315,161 | |||
Investec PLC | 16,300 | 67,318 | |||
ITV PLC | 350,624 | 193,478 | |||
J Sainsbury PLC | 61,353 | 271,101 | |||
Johnson Matthey PLC | 8,926 | 120,177 | |||
Kazakhmys PLC | 8,657 | 34,971 | |||
Kingfisher PLC | 128,690 | 236,734 | |||
Ladbrokes PLC | 24,293 | 70,045 | |||
Land Securities Group PLC# | 18,817 | 273,768 | |||
Legal & General Group PLC | 1,428,684 | 1,493,726 | |||
Liberty International PLC# | 10,242 | 85,609 | |||
Lloyds TSB Group PLC# | 276,615 | 723,144 | |||
LogicaCMG PLC# | 220,335 | 226,319 | |||
London Stock Exchange Group PLC# | 13,985 | 132,126 | |||
Lonmin PLC# | 4,746 | 63,048 | |||
Man Group PLC, Class B | 342,348 | 1,335,723 | |||
Marks & Spencer Group PLC | 63,779 | 223,218 | |||
Meggitt PLC | 26,894 | 60,408 | |||
Mondi PLC | 156,898 | 403,384 | |||
National Express Group PLC | 5,255 | 45,972 | |||
National Grid PLC | 106,561 | 1,110,155 | |||
Next PLC# | 7,972 | 136,921 | |||
Old Mutual PLC | 422,641 | 357,891 | |||
Pearson PLC | 37,579 | 360,973 | |||
Prudential PLC | 135,502 | 708,303 | |||
Reckitt Benckiser Group PLC | 55,323 | 2,352,268 | |||
Reed Elsevier PLC | 290,421 | 2,419,311 | |||
Rentokil Initial PLC# | 119,709 | 65,890 |
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2)(7) | |||
COMMON STOCK (continued) | |||||
United Kingdom (continued) | |||||
Rexam PLC | 26,000 | $ | 140,234 | ||
Rio Tinto PLC | 48,274 | 1,205,156 | |||
Rolls - Royce Group PLC† | 74,113 | 358,851 | |||
Rolls - Royce Group PLC, Class C (Entitlement Shares) | 4,027,509 | 6,206 | |||
Royal & Sun Alliance Insurance Group PLC | 133,934 | 315,484 | |||
Royal Bank of Scotland Group PLC | 775,869 | 662,333 | |||
Royal Dutch Shell PLC, Class A# | 345,478 | 9,314,555 | |||
Royal Dutch Shell PLC, Class B | 257,356 | 6,825,866 | |||
RT Group PLC†(1)(2)(3) | 10,000 | 154 | |||
SABMiller PLC | 59,240 | 964,053 | |||
Sage Group PLC | 350,662 | 903,911 | |||
Schroders PLC | 4,971 | 65,203 | |||
Scottish and Southern Energy PLC | 35,368 | 600,700 | |||
Segro PLC# | 90,269 | 310,083 | |||
Serco Group PLC | 19,657 | 120,949 | |||
Severn Trent PLC# | 9,527 | 167,544 | |||
Shire PLC | 58,311 | 808,160 | |||
Smith & Nephew PLC | 35,758 | 267,114 | |||
Smiths Group PLC | 15,690 | 203,184 | |||
Stagecoach Group PLC | 264,298 | 715,607 | |||
Standard Chartered PLC† | 57,538 | 753,588 | |||
Standard Life PLC | 88,090 | 359,939 | |||
Tate & Lyle PLC | 37,790 | 228,092 | |||
Tesco PLC | 372,133 | 1,691,935 | |||
The Capita Group PLC | 46,279 | 497,150 | |||
Thomas Cook Group PLC# | 83,565 | 210,874 | |||
Thomson Reuters PLC# | 7,295 | 146,267 | |||
Tomkins PLC# | 35,638 | 60,297 | |||
TUI Travel PLC | 22,613 | 74,072 | |||
Tullow Oil PLC | 29,318 | 238,928 | |||
Unilever PLC | 60,663 | 1,399,699 | |||
United Business Media, Ltd. | 9,371 | 61,677 | |||
United Utilities Group PLC | 47,700 | 445,163 | |||
Vedanta Resources PLC# | 5,829 | 55,391 | |||
Vodafone Group PLC | 3,656,961 | 7,157,763 | |||
Whitbread PLC | 7,045 | 91,978 | |||
William Morrison Supermarkets PLC | 224,804 | 839,344 | |||
Wolseley PLC | 26,779 | 126,526 | |||
WPP PLC | 47,007 | 262,853 | |||
Xstrata PLC | 36,767 | 533,077 | |||
130,193,103 | |||||
United States — 0.2% | |||||
Synthes, Inc. | 9,867 | 1,147,126 | |||
Total Common Stock | |||||
(cost $907,503,100) | 597,204,823 | ||||
EXCHANGE TRADED FUNDS — 3.4% | |||||
United States — 3.4% | |||||
iShares MSCI Japan Index Fund# | 420,500 | 3,641,530 | |||
iShares MSCI Pacific ex - Japan Index Fund# | 116,400 | 2,858,784 | |||
Vanguard Int’l Equity Index European | 403,170 | 15,578,489 | |||
Total Exchange Traded Funds | |||||
(cost $26,320,663) | 22,078,803 | ||||
PREFERRED STOCK — 0.4% | |||||
Germany — 0.4% | |||||
Bayerische Motoren Werke AG | 34,343 | 629,970 | |||
Fresenius SE | 6,549 | 362,555 | |||
Henkel AG & Co KGaA# | 14,967 | 424,939 | |||
Porsche Automobil Holding SE# | 3,992 | 258,783 | |||
RWE AG | 10,128 | 597,315 | |||
Volkswagen AG | 8,793 | 357,253 | |||
2,630,815 | |||||
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2)(7) | ||||
Italy — 0.0% | ||||||
Unipol Gruppo Finanziario SpA | 36,874 | $ | 37,317 | |||
Total Preferred Stock | ||||||
(cost $4,385,649) | 2,668,132 | |||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% | ||||||
United Kingdom — 0.0% | ||||||
National Grid Gas Holdings PLC | GBP | 5,000 | 9,410 | |||
National Grid Gas Holdings PLC | GBP | 5,000 | 7,385 | |||
National Grid Gas Holdings PLC | GBP | 5,000 | 7,729 | |||
Total Foreign Corporate Bonds & Notes | ||||||
(cost $23,031) | 24,524 | |||||
RIGHTS — 0.2% | ||||||
Australia — 0.0% | ||||||
CSR, Ltd. | 19,343 | 0 | ||||
Incitec Pivot, Ltd. | 36,527 | 3,589 | ||||
3,589 | ||||||
Belgium — 0.1% | ||||||
Anheuser - Busch InBev NV | 36,584 | 441,403 | ||||
Fortis | 124,598 | 0 | ||||
441,403 | ||||||
Japan — 0.0% | ||||||
Dowa Mining Co., Ltd. | 14,000 | 2,132 | ||||
Spain — 0.0% | ||||||
Banco Santander SA | 295,898 | 184,144 | ||||
Sweden — 0.0% | ||||||
Getinge AB | 7,282 | 1,185 | ||||
Swedbank AB | 96,400 | 52,105 | ||||
53,290 | ||||||
United Kingdom — 0.0% | ||||||
Centrica PLC | 263,760 | 300,737 | ||||
Standard Chartered PLC | 18,968 | 119,826 | ||||
420,563 | ||||||
Total Rights | ||||||
(cost $1,632,661) | 1,105,121 | |||||
Total Long - Term Investment Securities | ||||||
(cost $939,865,104) | 623,081,403 | |||||
SHORT - TERM INVESTMENT SECURITIES — 17.4% | ||||||
Collective Investment Pool — 16.6% | ||||||
Securities Lending Quality Trust(4) | 113,278,937 | 108,521,222 | ||||
Time Deposits — 0.3% | ||||||
Euro Time Deposit with State Street | $ | 1,912,000 | 1,912,000 | |||
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AIG Retirement Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(6) | Market Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.5% |
| |||||||
United States Treasury Bills | ||||||||
0.02% due 12/18/08@ | $ | 550,000 | $ | 549,995 | ||||
0.02% due 01/22/09@ | 2,020,000 | 2,019,942 | ||||||
0.06% due 01/08/09@ | 100,000 | 99,991 | ||||||
0.08% due 01/08/09@ | 400,000 | 399,966 | ||||||
0.12% due 12/26/08@ | 10,000 | 9,999 | ||||||
0.18% due 12/26/08@ | 25,000 | 24,997 | ||||||
0.22% due 12/04/08@ | 50,000 | 49,999 | ||||||
3,154,889 | ||||||||
Total Short - Term Investment Securities |
| |||||||
(cost $118,345,826) | 113,588,111 | |||||||
REPURCHASE AGREEMENT — 0.5% |
| |||||||
State Street Bank & Trust Co. Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,049,003 and collateralized by Federal Home Loan Bank, bearing interest at 4.38% due 09/17/10 and having an approximate value of $3,144,534 (cost $3,049,000) | 3,049,000 | 3,049,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $1,061,259,930)(5) | 113.3 | % | 739,718,514 | |||||
Liabilities in excess of other assets | (13.3 | ) | (87,003,754 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 652,714,760 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
@ | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | Fair valued security; see Note 2 |
(2) | To the extent permitted by the Statement of Additional Information, the International Equities Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the International Equities Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | ||||||||||
RT Group PLC | 04/02/01 | 10,000 | $ | 56,191 | $ | 154 | $ | 0.02 | 0.00 | % | ||||||
Yamaichi Securities Co., Ltd. | 08/04/93 | 6,000 | 478,650 | 0 | 0.00 | 0.00 | ||||||||||
$ | 154 | 0.00 | % | |||||||||||||
(3) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $154, representing 0.0% of net assets. |
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Denominated in United States Dollars unless otherwise indicated. |
(7) | A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $599,086,228 representing 91.8% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
ADR — American Depository Receipt
FDR — Feduciary Depository Receipt
PPS — Price Protected Shares
RNC — Risparmio Non-Convertible Savings Shares
SDR — Swedish Depository Receipt
VVPR — Reduced tax rate shares
Open Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||
12 Long | MSCI Singapore Index | Dec 2008 | $ | 322,811 | $ | 332,993 | $ | 10,182 | ||||||
5 Long | Hang Seng Index | Dec 2008 | 417,898 | 451,220 | 33,322 | |||||||||
36 Long | OMXS 30 Index | Dec 2008 | 280,165 | 285,901 | 5,736 | |||||||||
1 Long | IBEX 35 Index | Dec 2008 | 108,199 | 113,117 | 4,918 | |||||||||
7 Long | CAC 40 10 Euro Index | Dec 2008 | 286,389 | 289,987 | 3,598 | |||||||||
3 Long | Amsterdam Index | Dec 2008 | 190,456 | 192,246 | 1,790 | |||||||||
9 Long | FTSE 100 Index | Dec 2008 | 685,703 | 591,940 | (93,763 | ) | ||||||||
2 Long | DAX Index | Dec 2008 | 385,392 | 296,326 | (89,066 | ) | ||||||||
1 Long | S&P/MIB Index | Dec 2008 | 172,104 | 126,260 | (45,844 | ) | ||||||||
846 Long | MSCI Pan Euro Index | Dec 2008 | 19,266,125 | 15,150,516 | (4,115,609 | ) | ||||||||
26 Long | SPI 200 Index | Dec 2008 | 2,025,391 | 1,578,773 | (446,618 | ) | ||||||||
7 Long | Nikkei 225 Index | Dec 2008 | 438,936 | 298,025 | (140,911 | ) | ||||||||
69 Long | Topix Index | Dec 2008 | 8,528,465 | 6,041,756 | (2,486,709 | ) | ||||||||
$ | (7,358,974 | ) | ||||||||||||
Currency Legend
GBP—British Pound
See Notes to Financial Statements
108
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Sovereign | 73.7 | % | |
Repurchase Agreements | 4.7 | ||
United States Treasury Notes | 4.2 | ||
United States Treasury Bonds | 2.5 | ||
Diversified Banking Institutions | 1.8 | ||
Cosmetics & Toiletries | 1.5 | ||
U.S. Government Agencies | 1.0 | ||
Banks — Commercial | 0.9 | ||
Cellular Telecom | 0.7 | ||
Sovereign Agency | 0.7 | ||
Transport — Marine | 0.6 | ||
Finance — Investment Banker/Broker | 0.5 | ||
Medical Products | 0.4 | ||
Special Purpose Entities | 0.3 | ||
Insurance — Reinsurance | 0.3 | ||
Aerospace/Defense | 0.3 | ||
Finance — Credit Card | 0.3 | ||
Beverages — Non-alcoholic | 0.3 | ||
Real Estate Operations & Development | 0.3 | ||
Medical — Drugs | 0.3 | ||
Import/Export | 0.2 | ||
Electric — Integrated | 0.2 | ||
Metal — Diversified | 0.2 | ||
Diversified Manufacturing Operations | 0.2 | ||
Beverages — Wine/Spirits | 0.1 | ||
Diversified Financial Services | 0.1 | ||
Steel — Producers | 0.1 | ||
Electric — Generation | 0.1 | ||
96.5 | % | ||
Country Allocation*
Japan | 20.6 | % | |
United States | 18.7 | ||
Germany | 7.4 | ||
Brazil | 7.2 | ||
United Kingdom | 5.6 | ||
Italy | 4.5 | ||
Netherlands | 3.6 | ||
Turkey | 3.5 | ||
Mexico | 2.9 | ||
Russia | 2.5 | ||
Colombia | 1.9 | ||
Philippines | 1.8 | ||
France | 1.4 | ||
Indonesia | 1.4 | ||
Canada | 1.3 | ||
Uruguay | 1.0 | ||
Venezuela | 1.0 | ||
Austria | 0.9 | ||
Greece | 0.9 | ||
Peru | 0.8 | ||
Belgium | 0.8 | ||
Switzerland | 0.7 | ||
Norway | 0.7 | ||
Spain | 0.6 | ||
Singapore | 0.6 | ||
Luxembourg | 0.5 | ||
Denmark | 0.5 | ||
Poland | 0.4 | ||
Sweden | 0.4 | ||
Ukrainian SSR | 0.3 | ||
Panama | 0.3 | ||
Finland | 0.3 | ||
Cayman Islands | 0.3 | ||
Hungary | 0.3 | ||
South Africa | 0.3 | ||
Australia | 0.2 | ||
Ireland | 0.2 | ||
United Arab Emirates | 0.1 | ||
Argentina | 0.1 | ||
96.5 | % | ||
Credit Quality Allocation+#
Government — Treasury | 7.2 | % | |
Government — Agency | 1.9 | ||
AAA | 25.7 | ||
AA | 27.3 | ||
A | 8.5 | ||
BBB | 14.0 | ||
BB | 11.4 | ||
B | 1.7 | ||
Not Rated@ | 2.3 | ||
100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating or the rating is unavailable from the data source. |
+ | Source: Standard and Poors. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
109
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
CORPORATE BONDS & NOTES — 5.7% | ||||||
United States — 5.7% | ||||||
American Express Credit Corp | JPY | 50,000,000 | $ | 446,023 | ||
Berkshire Hathaway Finance Corp. | 500,000 | 496,985 | ||||
Citigroup, Inc. | 700,000 | 638,920 | ||||
Florida Power Corp. | 270,000 | 259,528 | ||||
General Electric Co. | 250,000 | 229,088 | ||||
Goldman Sachs Group, Inc. | 1,000,000 | 939,920 | ||||
J.P. Morgan Chase | 1,000,000 | 1,002,408 | ||||
Johnson & Johnson | 500,000 | 518,781 | ||||
Morgan Stanley | 500,000 | 471,549 | ||||
Procter & Gamble Co. | JPY | 200,000,000 | 2,125,863 | |||
Schering - Plough Corp. | EUR | 300,000 | 375,826 | |||
Verizon Wireless | 750,000 | 743,038 | ||||
Total Corporate Bonds & Notes | ||||||
(cost $7,957,919) | 8,247,929 | |||||
FOREIGN CORPORATE BONDS & NOTES — 7.9% | ||||||
Brazil — 0.4% | ||||||
Independencia International, Ltd. | 680,000 | 273,783 | ||||
Marfrig Overseas, Ltd. | 658,000 | 333,935 | ||||
607,718 | ||||||
Canada — 0.3% | ||||||
Royal Bank of Canada | EUR | 350,000 | 448,328 | |||
Cayman Islands — 0.3% | ||||||
Agile Property Holdings, Ltd. | 820,000 | 403,293 | ||||
France — 0.2% | ||||||
BNP Paribas SA | EUR | 250,000 | 324,700 | |||
Germany — 1.6% | ||||||
Bundesschatzanweisungen | EUR | 690,000 | 904,228 | |||
Federal Republic of Germany | EUR | 1,085,000 | 1,403,593 | |||
2,307,821 | ||||||
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
Ireland — 0.2% | ||||||
VIP Finance (Vimpelcom) | 560,000 | $ | 246,400 | |||
VIP Finance Ireland Ltd. | 134,000 | 59,310 | ||||
305,710 | ||||||
Japan — 1.8% | ||||||
Government of Japan | JPY | 250,000,000 | 2,625,785 | |||
Luxembourg — 0.5% | ||||||
Coca Cola Enterprises, Inc. | EUR | 350,000 | 444,403 | |||
Severstal SA | 280,000 | 120,400 | ||||
TNK - BP Finance SA | 360,000 | 151,200 | ||||
716,003 | ||||||
Netherlands — 0.6% | ||||||
Government of the Netherlands | EUR | 340,000 | 444,936 | |||
ING Bank HV | EUR | 250,000 | 330,276 | |||
Kazkommerts International BV | 320,000 | 152,240 | ||||
927,452 | ||||||
Singapore — 0.6% | ||||||
PSA International Pte, Ltd. | 860,000 | 887,825 | ||||
United Arab Emirates — 0.1% | ||||||
Abu Dhabi National Energy Co. | 150,000 | 119,601 | ||||
United Kingdom — 1.3% | ||||||
Allied Domecq Financial Services PLC | GBP | 150,000 | 216,213 | |||
Anglian Water Services Financing PLC | EUR | 200,000 | 243,034 | |||
BAE Systems PLC | GBP | 320,000 | 496,493 | |||
Barclays Bank PLC | EUR | 350,000 | 443,503 | |||
Credit Suisse First Boston | 570,000 | 203,091 | ||||
Vedanta Resources PLC | EUR | 430,000 | 240,800 | |||
1,843,134 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||
(cost $14,364,009) | 11,517,370 | |||||
110
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
FOREIGN GOVERNMENT AGENCIES — 64.7% | ||||||
Argentina — 0.1% | ||||||
Republic of Argentina | 447,134 | $ | 78,248 | |||
Austria — 0.9% | ||||||
Republic of Austria | EUR | 745,000 | 954,201 | |||
Republic of Austria | EUR | 235,000 | 373,056 | |||
1,327,257 | ||||||
Belgium — 0.8% | ||||||
Kingdom of Belgium | EUR | 945,000 | 1,204,277 | |||
Brazil — 6.8% | ||||||
Federal Republic of Brazil | 1,350,000 | 1,228,500 | ||||
Federal Republic of Brazil | 570,000 | 530,100 | ||||
Federal Republic of Brazil | 1,850,000 | 1,868,500 | ||||
Federal Republic of Brazil | 1,290,000 | 1,315,800 | ||||
Federal Republic of Brazil | 1,020,000 | 1,081,200 | ||||
Federal Republic of Brazil | 740,000 | 773,300 | ||||
Federal Republic of Brazil | 2,619,000 | 3,038,040 | ||||
9,835,440 | ||||||
Canada — 1.0% | ||||||
Government of Canada | CAD | 805,000 | 728,681 | |||
Government of Canada | CAD | 630,000 | 741,073 | |||
1,469,754 | ||||||
Colombia — 1.9% | ||||||
Republic of Colombia | 530,000 | 488,925 | ||||
Republic of Colombia | 1,590,000 | 1,319,700 | ||||
Republic of Colombia | COP | 1,768,000,000 | 744,946 | |||
Republic of Columbia | 260,000 | 243,100 | ||||
2,796,671 | ||||||
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
Denmark — 0.5% | ||||||
Kingdom of Denmark | EUR | 520,000 | $ | 659,776 | ||
Finland — 0.3% | ||||||
Government of Finland | EUR | 320,000 | 425,721 | |||
France — 1.2% | ||||||
Government of France | EUR | 325,000 | 404,725 | |||
Government of France | EUR | 1,030,000 | 1,344,531 | |||
Government of France | EUR | 347 | 525 | |||
1,749,781 | ||||||
Germany — 5.8% | ||||||
Federal Republic of Germany | EUR | 490,000 | 653,235 | |||
Federal Republic of Germany | EUR | 1,600,000 | 2,110,822 | |||
Federal Republic of Germany | EUR | 740,000 | 979,028 | |||
Federal Republic of Germany | EUR | 605,000 | 801,781 | |||
Federal Republic of Germany | EUR | 935,000 | 1,273,162 | |||
Federal Republic of Germany | EUR | 260,000 | 354,883 | |||
Federal Republic of Germany | EUR | 610,000 | 843,666 | |||
Federal Republic of Germany | EUR | 195,000 | 264,790 | |||
Federal Republic of Germany | EUR | 300,000 | 422,263 | |||
Federal Republic of Germany | EUR | 500,000 | 812,381 | |||
8,516,011 | ||||||
Greece — 0.9% | ||||||
Hellenic Republic Government | EUR | 1,050,000 | 1,306,681 | |||
Hungary — 0.3% | ||||||
Republic of Hungary | EUR | 360,000 | 387,734 | |||
Indonesia — 1.4% | ||||||
Republic of Indonesia | 1,820,000 | 1,011,310 |
111
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||
Indonesia (continued) | ||||||
Republic of Indonesia | 650,000 | $ | 423,737 | |||
Republic of Indonesia | 470,000 | 343,895 | ||||
Republic of Indonesia | 420,000 | 269,387 | ||||
2,048,329 | ||||||
Italy — 3.8% | ||||||
Italy Buoni Poliennali Del Tesoro | EUR | 295,000 | 344,212 | |||
Italy Buoni Poliennali Del Tesoro | EUR | 375,000 | 481,936 | |||
Italy Buoni Poliennali Del Tesoro | EUR | 2,500,000 | 3,188,332 | |||
Italy Buoni Poliennali Del Tesoro | EUR | 1,150,000 | 1,464,846 | |||
5,479,326 | ||||||
Japan — 18.8% | ||||||
Government of Japan | JPY | 650,000,000 | 6,792,211 | |||
Government of Japan | JPY | 265,000,000 | 2,801,645 | |||
Government of Japan | JPY | 300,000,000 | 3,196,496 | |||
Government of Japan | JPY | 270,000,000 | 2,905,777 | |||
Government of Japan | JPY | 231,850,000 | 2,499,435 | |||
Government of Japan | JPY | 200,000,000 | 2,176,199 | |||
Government of Japan | JPY | 46,500,000 | 499,248 | |||
Government of Japan | JPY | 85,000,000 | 893,367 | |||
Government of Japan | JPY | 470,700,000 | 4,907,024 | |||
Government of Japan | JPY | 62,900,000 | 681,105 | |||
27,352,507 | ||||||
Mexico — 2.9% | ||||||
United Mexican States | 1,500,000 | 1,335,000 | ||||
United Mexican States | 410,000 | 315,700 |
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
Mexico (continued) | ||||||
United Mexican States | 763,000 | $ | 682,885 | |||
United Mexican States | 440,000 | 415,272 | ||||
United Mexican States | 840,000 | 887,292 | ||||
United Mexican States | 530,000 | 542,614 | ||||
4,178,763 | ||||||
Netherlands — 3.0% | ||||||
Government of the Netherlands | EUR | 570,000 | 742,316 | |||
Government of the Netherlands | EUR | 2,720,000 | 3,626,846 | |||
4,369,162 | ||||||
Norway — 0.7% | ||||||
Kingdom of Norway | NOK | 7,000,000 | 1,025,063 | |||
Panama — 0.3% | ||||||
Republic of Panama | 400,000 | 312,000 | ||||
Republic of Panama | 166,000 | 156,870 | ||||
468,870 | ||||||
Peru — 0.8% | ||||||
Republic of Peru | 465,000 | 365,025 | ||||
Republic of Peru | 635,000 | 573,088 | ||||
Republic of Peru | 280,000 | 280,000 | ||||
1,218,113 | ||||||
Philippines — 1.8% | ||||||
Republic of Philippines | 560,000 | 504,000 | ||||
Republic of Philippines | 470,000 | 437,100 | ||||
Republic of Philippines | 550,000 | 550,000 | ||||
Republic of Philippines | 640,000 | 646,400 | ||||
Republic of Philippines | 500,000 | 535,000 | ||||
2,672,500 | ||||||
112
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||
Poland — 0.4% | ||||||
Republic of Poland | PLN | 1,825,000 | $ | 591,327 | ||
Russia — 2.5% | ||||||
Republic of Georgia | 1,200,000 | 714,000 | ||||
Russian Federation | 3,557,400 | 2,952,642 | ||||
3,666,642 | ||||||
South Africa — 0.3% | ||||||
Republic of South Africa | 530,000 | 386,900 | ||||
Spain — 0.6% | ||||||
Kingdom of Spain | EUR | 615,000 | 938,195 | |||
Sweden — 0.4% | ||||||
Kingdom of Sweden | SEK | 4,260,000 | 582,680 | |||
Switzerland — 0.7% | ||||||
Government of Switzerland | CHF | 1,225,000 | 1,074,267 | |||
Turkey — 3.5% | ||||||
Republic of Turkey | 905,000 | 633,500 | ||||
Republic of Turkey | 1,320,000 | 1,003,200 | ||||
Republic of Turkey | 1,360,000 | 1,196,800 | ||||
Republic of Turkey | 310,000 | 234,050 | ||||
Republic of Turkey | 700,000 | 567,000 | ||||
Republic of Turkey | 387,000 | 317,340 | ||||
Republic of Turkey | CHF | 1,160,000 | 1,160,000 | |||
5,111,890 | ||||||
Ukrainian SSR — 0.3% | ||||||
Republic of Ukraine | 510,000 | 214,200 | ||||
Republic of Ukraine | 610,000 | 256,200 | ||||
470,400 | ||||||
Security Description | Principal Amount(3) | Market Value (Note 2) | |||
Uruguay — 1.0% | |||||
Republic of Uruguay | 670,000 | 479,050 | |||
Republic of Uruguay | 1,270,000 | 1,014,730 | |||
1,493,780 | |||||
Venezuela — 1.0% | |||||
Republic of Venezuela | 200,000 | 91,000 | |||
Republic of Venezuela | 480,000 | 276,000 | |||
Republic of Venezuela | 600,000 | 297,000 | |||
Republic of Venezuela | 610,000 | 301,950 | |||
Republic of Venezuela | 840,000 | 432,600 | |||
1,398,550 | |||||
Total Foreign Government Agencies | |||||
(cost $101,769,948) | 94,284,615 | ||||
FOREIGN GOVERNMENT TREASURIES — 5.2% | |||||
Australia — 0.2% | |||||
New South Wales Treasury Corp. | AUD | 475,000 | 324,574 | ||
Italy — 0.7% | |||||
Republic of Italy | EUR | 532,912 | 982,505 | ||
United Kingdom — 4.3% | |||||
Government of United Kingdom | GBP | 600,000 | 946,308 | ||
Government of United Kingdom | GBP | 1,415,000 | 2,169,768 | ||
Government of United Kingdom | GBP | 830,000 | 1,302,844 | ||
Government of United Kingdom | GBP | 200,000 | 329,516 | ||
Government of United Kingdom | GBP | 300,000 | 490,016 | ||
Government of United Kingdom | GBP | 250 | 401 | ||
Government of United Kingdom | GBP | 478,000 | 1,018,952 | ||
6,257,805 | |||||
Total Foreign Government Treasuries | |||||
(cost $8,425,945) | 7,564,884 | ||||
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AIG Retirement Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
U.S. GOVERNMENT AGENCIES — 1.7% | ||||||
Federal Home Loan Mtg. Corp. | ||||||
4.13% due 07/14/11 | 1,500,000 | $ | 1,519,440 | |||
4.13% due 09/27/13 | 1,000,000 | 1,044,515 | ||||
Total U.S. Government Agencies | ||||||
(cost $2,504,585) | 2,563,955 | |||||
U.S. GOVERNMENT TREASURIES — 6.6% | ||||||
United States Treasury Bonds | ||||||
1.75% due 01/15/28 | 522,190 | 430,480 | ||||
4.50% due 05/15/38 | 600,000 | 709,828 | ||||
5.50% due 08/15/28 | 750,000 | 931,172 | ||||
6.00% due 02/15/26 | 600,000 | 774,844 | ||||
6.50% due 11/15/26 | 130,000 | 177,399 | ||||
7.88% due 02/15/21 | 400,000 | 560,969 | ||||
United States Treasury Notes | ||||||
1.38% due 07/15/18 | 1,014,620 | 908,640 | ||||
2.75% due 02/28/13 | 500,000 | 526,797 | ||||
2.75% due 10/31/13 | 750,000 | 779,707 | ||||
3.75% due 11/15/18 | 600,000 | 640,406 | ||||
4.50% due 11/15/15 | 1,700,000 | 1,943,047 | ||||
4.88% due 08/15/16 | 1,100,000 | 1,264,743 | ||||
Total U.S. Government Treasuries | ||||||
(cost $9,264,395) | 9,648,032 | |||||
Total Long - Term Investment Securities | ||||||
(cost $144,286,801) | 133,826,785 | |||||
Security Description | Principal Amount(3) | Market Value (Note 2) | ||||
REPURCHASE AGREEMENT — 4.7% |
| |||||
State Street Bank & Trust Co. Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $6,841,006 and collateralized by Federal Home Loan Bank, bearing interest at 4.38% due 09/17/10 and having an approximate value of $6,979,205 (cost $6,841,000) | 6,841,000 | $ | 6,841,000 | |||
TOTAL INVESTMENTS | ||||||
(cost $151,127,801)(2) | 96.5 | % | 140,667,785 | |||
Other assets less liabilities | 3.5 | 5,018,935 | ||||
NET ASSETS — | 100.0 | % | $ | 145,686,720 | ||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $4,297,233 representing 2.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
Open Forward Foreign Currency Contracts | |||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Appreciation | ||||
GBP 800,000 | USD 1,287,760 | 02/06/2008 | $ | 54,573 | |||
Currency Legend
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Switzerland Franc
COP—Colombian Peso
EUR—Euro Dollar
GBP—British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
PLN—Polish Zloty
SEK—Swedish Krona
USD—United States Dollar
See Notes to Financial Statements
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AIG Retirement Company I International Growth I Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 16.9 | % | |
Medical — Drugs | 8.1 | ||
Banks — Commercial | 6.9 | ||
Oil Companies — Integrated | 5.9 | ||
Food — Misc. | 3.6 | ||
Time Deposits | 3.0 | ||
Telephone — Integrated | 2.8 | ||
Soap & Cleaning Preparation | 2.8 | ||
Chemicals — Diversified | 2.3 | ||
Food — Retail | 2.1 | ||
Cellular Telecom | 2.1 | ||
Electronic Components — Misc. | 1.8 | ||
Electric — Integrated | 1.8 | ||
Medical Products | 1.6 | ||
Insurance — Multi-line | 1.6 | ||
Brewery | 1.5 | ||
Industrial Gases | 1.4 | ||
Gas — Distribution | 1.4 | ||
Diversified Minerals | 1.4 | ||
Diversified Operations | 1.4 | ||
Multimedia | 1.3 | ||
Tobacco | 1.3 | ||
Medical — Generic Drugs | 1.2 | ||
Transport — Rail | 1.2 | ||
Agricultural Chemicals | 1.2 | ||
Cosmetics & Toiletries | 1.1 | ||
Beverages — Wine/Spirits | 1.1 | ||
Machinery — Electrical | 1.1 | ||
Office Automation & Equipment | 1.1 | ||
Insurance — Reinsurance | 1.1 | ||
Toys | 1.1 | ||
Auto — Cars/Light Trucks | 1.0 | ||
Oil Companies — Exploration & Production | 1.0 | ||
Finance — Other Services | 1.0 | ||
Transport — Services | 1.0 | ||
Food — Catering | 0.9 | ||
Machinery — General Industrial | 0.9 | ||
Finance — Credit Card | 0.9 | ||
Satellite Telecom | 0.9 | ||
Chemicals — Specialty | 0.9 | ||
Medical — Biomedical/Gene | 0.9 | ||
Applications Software | 0.8 | ||
Index Fund | 0.8 | ||
Retail — Apparel/Shoe | 0.8 | ||
Human Resources | 0.8 | ||
Insurance — Life/Health | 0.8 | ||
Publishing — Books | 0.7 | ||
Distribution/Wholesale | 0.7 | ||
Oil — Field Services | 0.7 | ||
Aerospace/Defense | 0.7 | ||
Dialysis Centers | 0.7 | ||
Enterprise Software/Service | 0.6 | ||
Semiconductor Components — Integrated Circuits | 0.6 | ||
Computer Services | 0.6 | ||
Insurance — Property/Casualty | 0.6 | ||
Entertainment Software | 0.5 | ||
Diversified Manufacturing Operations | 0.5 | ||
Gambling (Non-Hotel) | 0.5 | ||
Television | 0.5 | �� | |
Computers | 0.5 | ||
Retail — Convenience Store | 0.4 | ||
Telecom Services | 0.4 | ||
Publishing — Periodicals | 0.4 | ||
E-Commerce/Services | 0.4 | ||
Engineering/R&D Services | 0.4 | ||
Electric Products — Misc. | 0.4 | ||
Electric — Generation | 0.4 | ||
Metal — Diversified | 0.4 | ||
Rubber — Tires | 0.4 |
Wireless Equipment | 0.4 | ||
Athletic Footwear | 0.4 | ||
Commercial Services | 0.4 | ||
Repurchase Agreements | 0.4 | ||
Electronic Measurement Instruments | 0.4 | ||
Retail — Jewelry | 0.4 | ||
Airlines | 0.3 | ||
Schools | 0.3 | ||
Broadcast Services/Program | 0.3 | ||
Water Treatment Systems | 0.3 | ||
Public Thoroughfares | 0.3 | ||
Semiconductor Equipment | 0.3 | ||
Apparel Manufacturers | 0.3 | ||
Travel Services | 0.3 | ||
Building & Construction — Misc. | 0.3 | ||
Real Estate Investment Trusts | 0.3 | ||
Electronic Components — Semiconductors | 0.2 | ||
Aerospace/Defense — Equipment | 0.2 | ||
Finance — Investment Banker/Broker | 0.2 | ||
Building Products — Cement | 0.2 | ||
Paper & Related Products | 0.2 | ||
Investment Management/Advisor Services | 0.2 | ||
Electronic Connectors | 0.2 | ||
Retail — Drug Store | 0.2 | ||
Auto/Truck Parts & Equipment — Original | 0.1 | ||
Power Converter/Supply Equipment | 0.1 | ||
Diversified Banking Institutions | 0.1 | ||
Water | 0.1 | ||
Building — Residential/Commercial | 0.1 | ||
Import/Export | 0.1 | ||
Optical Supplies | 0.1 | ||
Beverages — Non-alcoholic | 0.1 | ||
Real Estate Operations & Development | 0.1 | ||
Miscellaneous Manufacturing | 0.1 | ||
Photo Equipment & Supplies | 0.1 | ||
Oil & Gas Drilling | 0.1 | ||
116.8 | % | ||
Country Allocation*
United States | 22.0 | % | |
United Kingdom | 20.3 | ||
Japan | 12.5 | ||
Switzerland | 12.0 | ||
France | 10.2 | ||
Germany | 8.1 | ||
Netherlands | 4.0 | ||
Italy | 3.1 | ||
Australia | 3.0 | ||
Spain | 2.6 | ||
Canada | 2.6 | ||
Denmark | 1.4 | ||
Singapore | 1.3 | ||
Mexico | 1.3 | ||
Israel | 1.2 | ||
Finland | 1.1 | ||
Brazil | 1.0 | ||
Luxembourg | 1.0 | ||
Bermuda | 1.0 | ||
Taiwan | 0.9 | ||
Greece | 0.9 | ||
Hong Kong | 0.9 | ||
India | 0.8 | ||
Belgium | 0.7 | ||
Ireland | 0.6 | ||
China | 0.6 | ||
Czech Republic | 0.4 |
115
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AIG Retirement Company I International Growth I Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)
Country Allocation* (continued)
South Korea | 0.4 | % | |
Austria | 0.3 | ||
Indonesia | 0.1 | ||
South Africa | 0.1 | ||
Philippines | 0.1 | ||
Turkey | 0.1 | ||
Norway | 0.1 | ||
Sweden | 0.1 | ||
116.8 | % | ||
* | Calculated as a percentage of net assets |
116
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AIG Retirement Company I International Growth I Fund
PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2)(1) | |||
COMMON STOCK — 94.4% | |||||
Australia — 3.0% | |||||
BHP Billiton, Ltd.# | 180,314 | $ | 3,619,302 | ||
Cochlear, Ltd. | 33,023 | 1,196,532 | |||
CSL, Ltd. | 145,759 | 3,351,796 | |||
QBE Insurance Group, Ltd. | 52,463 | 823,446 | |||
Rio Tinto, Ltd.# | 50,460 | 1,554,144 | |||
Telstra Corp., Ltd. | 491,250 | 1,309,815 | |||
11,855,035 | |||||
Austria — 0.3% | |||||
Erste Bank der Oesterreichischen Sparkassen AG# | 46,690 | 1,066,030 | |||
Belgium — 0.6% | |||||
Anheuser-Busch InBev NV# | 82,921 | 1,364,226 | |||
KBC Groep NV | 23,176 | 702,920 | |||
Umicore | 19,780 | 356,921 | |||
2,424,067 | |||||
Bermuda — 1.0% | |||||
Esprit Holdings, Ltd. | 183,900 | 860,488 | |||
Lazard, Ltd., Class A# | 27,680 | 865,277 | |||
Li & Fung, Ltd.# | 1,055,400 | 1,920,932 | |||
SeaDrill, Ltd.# | 24,480 | 199,419 | |||
3,846,116 | |||||
Brazil — 0.7% | |||||
Redecard SA | 222,500 | 2,565,543 | |||
Unibanco - Uniao de Bancos Brasileiros SA ADR | 3,950 | 253,156 | |||
2,818,699 | |||||
Canada — 2.6% | |||||
Canadian National Railway Co. (New York) | 35,630 | 1,254,889 | |||
Canadian National Railway Co. (Toronto) | 68,093 | 2,482,569 | |||
Canadian Natural Resources, Ltd. | 19,030 | 800,485 | |||
EnCana Corp. | 29,600 | 1,385,576 | |||
Gildan Activewear, Inc.†# | 33,220 | 564,326 | |||
Research In Motion, Ltd.†# | 42,620 | 1,810,072 | |||
Shoppers Drug Mart Corp.# | 17,700 | 633,888 | |||
Suncor Energy, Inc. | 44,278 | 1,024,390 | |||
9,956,195 | |||||
China — 0.6% | |||||
China Communications Construction Co., Ltd.# | 523,000 | 560,257 | |||
China Merchants Bank Co., Ltd.# | 1,002,500 | 1,609,772 | |||
2,170,029 | |||||
Czech Republic — 0.4% | |||||
CEZ A/S | 40,780 | 1,594,547 | |||
Denmark — 1.4% | |||||
Novo-Nordisk A/S, Class B | 94,328 | 4,819,269 | |||
Vestas Wind Systems A/S† | 11,570 | 525,933 | |||
5,345,202 | |||||
Finland — 1.1% | |||||
Fortum Oyj | 58,990 | 1,184,762 | |||
Kone Oyj, Class B | 43,520 | 867,018 | |||
Nokia Oyj | 103,740 | 1,467,290 | |||
Stora Enso Oyj, Class R# | 92,140 | 751,409 | |||
4,270,479 | |||||
France — 10.2% | |||||
Air Liquide | 20,696 | 1,761,639 | |||
Alstom | 30,280 | 1,614,801 | |||
AXA SA# | 281,762 | 5,393,039 | |||
BNP Paribas SA | 59,684 | 3,307,725 | |||
Cap Gemini SA | 20,372 | 656,324 |
Security Description | Shares | Market Value (Note 2)(1) | |||
France (continued) | |||||
Compagnie Generale des Etablissements Michelin, Class B# | 17,810 | $ | 854,572 | ||
Essilor International SA# | 10,620 | 424,892 | |||
GDF Suez# | 115,340 | 4,641,106 | |||
Groupe Danone# | 12,110 | 697,857 | |||
Legrand SA# | 71,230 | 1,130,263 | |||
LVMH Moet Henessy Louis Vuitton SA# | 53,350 | 3,039,377 | |||
Pernod Ricard SA# | 26,902 | 1,588,597 | |||
Schneider Electric SA# | 40,760 | 2,577,223 | |||
Suez Environnement SA† | 27,305 | 470,193 | |||
Total SA# | 161,762 | 8,486,771 | |||
UBISOFT Entertainment SA† | 36,468 | 840,194 | |||
Vivendi | 78,620 | 2,228,112 | |||
39,712,685 | |||||
Germany — 7.4% | |||||
Adidas AG | 12,020 | 375,985 | |||
Bayer AG | 106,380 | 5,527,664 | |||
Deutsche Boerse AG | 38,222 | 2,747,869 | |||
Deutsche Telekom AG | 115,198 | 1,603,085 | |||
E.ON AG | 36,844 | 1,298,786 | |||
Fresenius Medical Care AG | 59,306 | 2,590,964 | |||
GEA Group AG | 18,062 | 280,110 | |||
K+S AG | 19,429 | 880,749 | |||
Linde AG | 52,350 | 3,841,546 | |||
Merck KGaA | 41,220 | 3,463,172 | |||
Muenchener Rueckversicherungs-Gesellschaft AG | 22,420 | 3,061,930 | |||
Puma AG Rudolf Dassler Sport | 6,231 | 1,067,644 | |||
Q-Cells AG†# | 2,831 | 95,336 | |||
SAP AG | 39,050 | 1,341,535 | |||
Siemens AG | 12,454 | 750,845 | |||
28,927,220 | |||||
Greece — 0.9% | |||||
Coca-Cola Hellenic Bottling Co. SA | 21,800 | 339,146 | |||
National Bank of Greece SA | 132,404 | 2,528,709 | |||
OPAP SA | 23,434 | 581,041 | |||
3,448,896 | |||||
Hong Kong — 0.9% | |||||
China Mobile, Ltd. | 40,500 | 371,265 | |||
Hang Seng Bank, Ltd. | 44,600 | 570,706 | |||
Hutchison Whampoa, Ltd. | 279,000 | 1,390,851 | |||
The Link REIT# | 553,000 | 1,044,041 | |||
3,376,863 | |||||
India — 0.8% | |||||
Infosys Technologies, Ltd. ADR# | 114,779 | 2,886,692 | |||
Satyam Computer Services, Ltd. ADR# | 23,050 | 293,426 | |||
3,180,118 | |||||
Indonesia — 0.1% | |||||
Telekomunikasi Indonesia Tbk PT | 1,207,500 | 589,144 | |||
Ireland — 0.6% | |||||
Anglo Irish Bank Corp. PLC | 58,907 | 63,819 | |||
CRH PLC (Dublin) | 32,567 | 704,370 | |||
CRH, PLC (Virt-x) | 3,529 | 77,519 | |||
Ryanair Holdings PLC ADR†# | 51,394 | 1,349,606 | |||
2,195,314 | |||||
Israel — 1.2% | |||||
Teva Pharmaceutical Industries, Ltd. ADR# | 111,739 | 4,821,538 | |||
Italy — 3.1% | |||||
ENI SpA | 265,746 | 6,027,793 | |||
Finmeccanica SpA | 155,210 | 1,943,686 |
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AIG Retirement Company I International Growth I Fund
PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(1) | |||
COMMON STOCK (continued) | |||||
Italy (continued) | |||||
Intesa Sanpaolo SpA | 535,129 | $ | 1,617,574 | ||
Saipem SpA | 151,663 | 2,363,478 | |||
11,952,531 | |||||
Japan — 12.5% | |||||
Aeon Credit Service Co., Ltd. | 68,300 | 857,388 | |||
Benesse Corp. | 29,500 | 1,248,600 | |||
Bridgestone Corp. | 36,700 | 614,687 | |||
Canon, Inc. | 133,800 | 3,982,079 | |||
Central Japan Railway Co. | 120 | 1,015,835 | |||
Denso Corp. | 34,600 | 573,148 | |||
FamilyMart Co., Ltd. | 42,500 | 1,731,857 | |||
Fanuc, Ltd.# | 40,300 | 2,491,494 | |||
Fast Retailing Co., Ltd.# | 15,500 | 1,779,635 | |||
Hirose Electric Co., Ltd.# | 8,100 | 735,332 | |||
Honda Motor Co., Ltd. | 40,900 | 899,181 | |||
Hoya Corp. | 156,900 | 2,258,947 | |||
Inpex Holdings, Inc. | 272 | 1,742,356 | |||
Japan Steel Works, Ltd.# | 104,000 | 1,069,239 | |||
Kao Corp. | 97,000 | 2,779,663 | |||
Keyence Corp.# | 8,500 | 1,414,459 | |||
Konami Corp. | 54,900 | 1,244,577 | |||
Konica Minolta Holdings, Inc. | 35,500 | 261,776 | |||
Kurita Water Industries, Ltd.# | 48,700 | 1,152,948 | |||
Mitsubishi Corp. | 35,000 | 435,412 | |||
Mitsubishi Electric Corp. | 90,000 | 485,508 | |||
NGK Insulators, Ltd.# | 62,000 | 661,357 | |||
Nidec Corp.# | 34,900 | 1,750,817 | |||
Nintendo Co., Ltd. | 13,200 | 4,086,792 | |||
Omron Corp.# | 32,600 | 425,191 | |||
Rakuten, Inc.# | 3,050 | 1,668,922 | |||
Ricoh Co., Ltd. | 27,000 | 281,785 | |||
Shin-Etsu Chemical Co., Ltd. | 52,200 | 1,993,684 | |||
Shiseido Co., Ltd. | 25,000 | 465,067 | |||
Sony Financial Holdings, Inc. | 1,002 | 2,964,350 | |||
Sumitomo Mitsui Financial Group, Inc.# | 150 | 550,382 | |||
Terumo Corp. | 29,800 | 1,384,188 | |||
Tokyo Electron, Ltd. | 10,400 | 284,335 | |||
Tokyo Gas Co., Ltd. | 157,000 | 707,426 | |||
Toyota Motor Corp. | 44,075 | 1,387,375 | |||
Uni-Charm Corp. | 17,800 | 1,229,223 | |||
48,615,015 | |||||
Luxembourg — 1.0% | |||||
Millicom International Cellular SA | 11,360 | 435,429 | |||
Reinet Investments SCA† | 3,799 | 31,072 | |||
SES FDR | 193,135 | 3,383,306 | |||
3,849,807 | |||||
Mexico — 1.3% | |||||
America Movil SAB de CV, Series L ADR# | 83,933 | 2,517,990 | |||
Desarrolladora Homex SAB de CV ADR†# | 28,284 | 455,938 | |||
Grupo Modelo SA de CV, Series C | 175,900 | 462,647 | |||
Grupo Televisa SA ADR# | 81,551 | 1,211,848 | |||
Urbi, Desarrollos Urbanos, SA de CV† | 199,400 | 295,572 | |||
4,943,995 | |||||
Netherlands — 4.0% | |||||
Akzo Nobel NV | 14,250 | 486,793 | |||
ASML Holding NV | 54,070 | 824,617 | |||
Heineken Holding NV | 37,831 | 979,925 | |||
Heineken NV | 89,700 | 2,474,909 | |||
Koninklijke Ahold NV | 256,640 | 2,863,765 | |||
Koninklijke KPN NV | 202,610 | 2,801,142 | |||
TNT NV | 143,596 | 3,006,192 | |||
Unilever NV# | 16,070 | 375,643 |
Security Description | Shares | Market Value (Note 2)(1) | |||
Netherlands (continued) | |||||
Wolters Kluwer NV | 101,880 | $ | 1,716,335 | ||
15,529,321 | |||||
Norway — 0.1% | |||||
Petroleum Geo - Services ASA†# | 72,020 | 326,412 | |||
Philippines — 0.1% | |||||
Philippine Long Distance Telephone Co. | 10,600 | 507,760 | |||
Singapore — 1.3% | |||||
Keppel Corp., Ltd.# | 326,000 | 908,798 | |||
Singapore Technologies Engineering, Ltd.# | 405,000 | 634,753 | |||
Singapore Telecommunications, Ltd. | 674,950 | 1,133,418 | |||
United Overseas Bank, Ltd.# | 300,000 | 2,602,959 | |||
5,279,928 | |||||
South Africa — 0.1% | |||||
MTN Group, Ltd. | 50,690 | 525,427 | |||
South Korea — 0.4% | |||||
Hyundai Motor Co. | 18,490 | 522,982 | |||
Samsung Electronics Co., Ltd. GDR*(OTC US) | 17 | 2,843 | |||
Samsung Electronics Co., Ltd. GDR*(London) | 5,447 | 915,230 | |||
1,441,055 | |||||
Spain — 2.6% | |||||
Banco Santander SA# | 313,353 | 2,572,870 | |||
Cintra Concesiones de Infraestructuras de Transporte SA (Bonus Shares) | 6,663 | 52,890 | |||
Cintra Concesiones de Intraestructuras de Transporte SA# | 133,272 | 1,064,847 | |||
Indra Sistemas SA# | 86,740 | 1,773,497 | |||
Telefonica SA | 233,241 | 4,735,037 | |||
10,199,141 | |||||
Sweden — 0.1% | |||||
Hennes & Mauritz AB, Class B# | 8,660 | 320,198 | |||
Switzerland — 12.0% | |||||
ABB, Ltd.† | 77,030 | 995,448 | |||
Actelion, Ltd.†# | 33,529 | 1,514,464 | |||
Compagnie Financiere Richemont SA | 78,709 | 1,375,315 | |||
Credit Suisse Group AG | 17,380 | 510,215 | |||
EFG International AG# | 25,340 | 404,854 | |||
Givaudan SA# | 3,190 | 2,094,879 | |||
Julius Baer Holding AG | 104,141 | 3,440,848 | |||
Lonza Group AG# | 11,170 | 924,131 | |||
Nestle SA | 352,488 | 12,751,974 | |||
Novartis AG | 68,986 | 3,225,168 | |||
Roche Holding AG | 79,055 | 11,116,580 | |||
SGS SA# | 1,210 | 1,036,637 | |||
Sonova Holding AG# | 26,295 | 1,428,207 | |||
Swiss Reinsurance | 28,691 | 1,181,915 | |||
Syngenta AG | 26,013 | 4,627,561 | |||
46,628,196 | |||||
Taiwan — 0.9% | |||||
HON HAI Precision Industry Co., Ltd. | 624,866 | 1,213,735 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 873,069 | 1,077,555 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR# | 194,031 | 1,387,322 | |||
3,678,612 | |||||
Turkey — 0.1% | |||||
Akbank TAS | 173,342 | 481,830 | |||
United Kingdom — 20.2% | |||||
Admiral Group PLC | 97,717 | 1,486,753 | |||
Aggreko PLC# | 56,420 | 391,454 | |||
AMEC PLC | 60,640 | 493,650 |
118
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AIG Retirement Company I International Growth I Fund
PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2)(1) | |||
COMMON STOCK (continued) | |||||
United Kingdom (continued) | |||||
Anglo American PLC | 12,125 | $ | 288,889 | ||
AstraZeneca PLC | 63,570 | 2,406,603 | |||
Autonomy Corp. PLC†# | 78,390 | 1,131,832 | |||
Aviva PLC | 110,851 | 688,043 | |||
BAE Systems PLC | 134,870 | 742,728 | |||
BG Group PLC | 305,696 | 4,385,853 | |||
BHP Billiton PLC | 41,730 | 760,526 | |||
British American Tobacco PLC | 85,574 | 2,246,745 | |||
British Sky Broadcasting Group PLC | 289,408 | 1,976,795 | |||
Burberry Group PLC | 166,730 | 531,824 | |||
Cadbury PLC | 33,580 | 285,171 | |||
Cobham PLC | 332,618 | 914,750 | |||
Compass Group PLC | 757,759 | 3,600,747 | |||
Diageo PLC | 203,660 | 2,858,950 | |||
GlaxoSmithKline PLC | 192,839 | 3,346,919 | |||
HSBC Holdings PLC#(Hong Kong) | 149,251 | 1,603,927 | |||
HSBC Holdings PLC(Chi-X) | 67,380 | 734,667 | |||
Imperial Tobacco Group PLC | 116,054 | 2,903,719 | |||
Informa PLC | 177,061 | 557,353 | |||
International Power PLC | 416,435 | 1,660,934 | |||
Ladbrokes PLC | 222,378 | 641,193 | |||
Man Group PLC, Class B | 279,494 | 1,090,488 | |||
Next PLC | 57,050 | 979,848 | |||
Reckitt Benckiser Group PLC | 217,875 | 9,263,784 | |||
Reed Elsevier PLC | 344,382 | 2,868,825 | |||
Royal Dutch Shell PLC, Class A | 84,510 | 2,278,504 | |||
Scottish and Southern Energy PLC | 168,770 | 2,866,437 | |||
Shire PLC | 130,722 | 1,811,740 | |||
Smiths Group PLC | 96,438 | 1,248,864 | |||
Stagecoach Group PLC | 279,530 | 756,848 | |||
Standard Chartered PLC† | 140,960 | 1,846,185 | |||
Tesco PLC | 1,186,522 | 5,394,625 | |||
The Capita Group PLC | 285,866 | 3,070,899 | |||
TUI Travel PLC | 326,120 | 1,068,245 | |||
Vodafone Group PLC | 2,218,108 | 4,341,499 | |||
William Hill PLC | 262,020 | 774,949 | |||
WPP PLC | 438,042 | 2,449,432 | |||
78,751,197 | |||||
United States — 0.8% | |||||
India Fund, Inc.# | 43,571 | 739,836 | |||
Synthes, Inc. | 19,540 | 2,271,698 | |||
3,011,534 | |||||
Total Common Stock | |||||
(cost $523,622,918) | 367,640,136 | ||||
PREFERRED STOCK — 1.0% | |||||
Brazil — 0.3% | |||||
Companhia Vale do Rio Doce, Class A | 63,700 | 677,804 | |||
Petroleo Brasileiro SA ADR# | 34,097 | 606,244 | |||
1,284,048 | |||||
Germany — 0.7% | |||||
Henkel AG & Co. KGaA# | 53,857 | 1,529,093 | |||
Porsche Automobil Holding SE# | 17,913 | 1,161,218 | |||
2,690,311 | |||||
Total Preferred Stock | |||||
(cost $6,077,836) | 3,974,359 | ||||
EXCHANGE TRADED FUNDS — 0.8% | |||||
United States — 0.8% | |||||
iShares MSCI Japan Index Fund# | 366,320 | 3,172,331 | |||
Security Description | Shares/ Principal Amount | Market Value (Note 2)(1) | ||||||
RIGHTS — 0.2% | ||||||||
Belgium — 0.1% | ||||||||
Anheuser-Busch InBev NV†# | 33,753 | $ | 407,246 | |||||
United Kingdom — 0.1% | ||||||||
Standard Chartered PLC† | 46,469 | 293,558 | ||||||
Total Rights | ||||||||
(cost $1,229,758) | 700,804 | |||||||
WARRANTS — 0.0% | ||||||||
Reinet Investments SCA | 10 | 15 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $534,847,660) | 375,487,645 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 20.0% |
| |||||||
Banks-Commercial — 0.1% | ||||||||
HSBC USA, Inc. | 688,000 | 688,000 | ||||||
Collective Investment Pool — 16.9% |
| |||||||
Securities Lending Quality Trust(2) | 68,697,499 | 65,812,204 | ||||||
Time Deposits — 3.0% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 10,958,000 | 10,958,000 | |||||
Euro Time Deposit with State Street Bank & Trust Co. | 667,000 | 667,000 | ||||||
11,625,000 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $81,010,499) | 78,125,204 | |||||||
REPURCHASE AGREEMENT — 0.4% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $1,416,001 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $1,447,731 | 1,416,000 | 1,416,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $617,274,159)(3) | 116.8 | % | 455,028,849 | |||||
Liabilities in excess of other assets | (16.8 | ) | (65,523,191 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 389,505,658 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $918,073 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $339,233,839 representing 86.5% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
FDR—Fiduciary Depository Receipt
GDR—Global Depository Receipt
119
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AIG Retirement Company I International Growth I Fund
PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Open Forward Foreign Currency Contract | ||||||||
Contract to Deliver | In Exchange For | Delivery Date | Gross Unrealized Depreciation | |||||
USD 25,030 | PHP 1,223,951 | 12/4/2008 | $ | (40 | ) | |||
Currency Legend
PHP—Philippine Peso
USD—United States Dollar
See Notes to Financial Statements
120
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AIG Retirement Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 20.6 | % | |
Oil Companies — Integrated | 8.2 | ||
Commercial Services — Finance | 6.9 | ||
Time Deposits | 6.0 | ||
Wireless Equipment | 5.6 | ||
Diversified Banking Institutions | 4.7 | ||
E-Commerce/Products | 4.5 | ||
Medical Products | 4.0 | ||
Medical — Drugs | 3.5 | ||
Enterprise Software/Service | 3.4 | ||
Web Portals/ISP | 3.4 | ||
Banks — Super Regional | 3.0 | ||
Diversified Manufacturing Operations | 3.0 | ||
Networking Products | 2.7 | ||
Applications Software | 2.6 | ||
Telephone — Integrated | 2.6 | ||
Food — Misc. | 2.5 | ||
Retail — Drug Store | 2.5 | ||
Medical — Biomedical/Gene | 2.4 | ||
Transport — Services | 2.2 | ||
Consumer Products — Misc. | 2.1 | ||
Tobacco | 2.1 | ||
Beverages — Wine/Spirits | 1.7 | ||
Footwear & Related Apparel | 1.7 | ||
Oil Companies — Exploration & Production | 1.6 | ||
Aerospace/Defense | 1.5 | ||
Oil — Field Services | 1.5 | ||
Multimedia | 1.5 | ||
Advertising Agencies | 1.5 | ||
Medical Instruments | 1.3 | ||
Beverages — Non-alcoholic | 1.2 | ||
Banks — Fiduciary | 1.1 | ||
Cosmetics & Toiletries | 1.1 | ||
Electric — Integrated | 1.0 | ||
Investment Management/Advisor Services | 1.0 | ||
Electronic Components — Semiconductors | 1.0 | ||
Investment Companies | 0.9 | ||
Industrial Gases | 0.8 | ||
Finance — Credit Card | 0.8 | ||
Aerospace/Defense — Equipment | 0.7 | ||
Insurance — Life/Health | 0.4 | ||
120.8 | % | ||
* | Calculated as a percentage of net assets |
121
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AIG Retirement Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 94.2% | |||||
Advertising Agencies — 1.5% | |||||
Omnicom Group, Inc.# | 46,335 | $ | 1,310,817 | ||
Aerospace/Defense — 1.5% | |||||
Lockheed Martin Corp. | 17,884 | 1,379,035 | |||
Aerospace/Defense - Equipment — 0.7% | |||||
United Technologies Corp. | 13,209 | 641,033 | |||
Applications Software — 2.6% | |||||
Microsoft Corp. | 117,084 | 2,367,439 | |||
Banks - Fiduciary — 1.1% | |||||
State Street Corp. | 24,087 | 1,014,304 | |||
Banks - Super Regional — 3.0% | |||||
Wells Fargo & Co.# | 93,410 | 2,698,615 | |||
Beverages - Non - alcoholic — 1.2% | |||||
PepsiCo, Inc. | 19,462 | 1,103,495 | |||
Beverages - Wine/Spirits — 1.7% | |||||
Diageo PLC(1) | 88,924 | 1,248,302 | |||
Diageo PLC ADR | 5,504 | 310,261 | |||
1,558,563 | |||||
Commercial Services - Finance — 6.9% | |||||
Automatic Data Processing, Inc.# | 33,321 | 1,368,160 | |||
Bankrate, Inc.†# | 71,583 | 1,966,385 | |||
Visa, Inc., Class A# | 55,359 | 2,909,669 | |||
6,244,214 | |||||
Consumer Products - Misc. — 2.1% | |||||
Clorox Co.# | 31,959 | 1,890,694 | |||
Cosmetics & Toiletries — 1.1% | |||||
Procter & Gamble Co. | 15,245 | 981,016 | |||
Diversified Banking Institutions — 4.7% | |||||
Bank of America Corp.# | 86,334 | 1,402,928 | |||
JPMorgan Chase & Co. | 44,008 | 1,393,293 | |||
The Goldman Sachs Group, Inc.# | 18,512 | 1,462,263 | |||
4,258,484 | |||||
Diversified Manufacturing Operations — 3.0% | |||||
General Electric Co. | 155,629 | 2,672,150 | |||
E - Commerce/Products — 4.5% | |||||
Amazon.com, Inc.†# | 69,362 | 2,961,757 | |||
Blue Nile, Inc.†# | 46,571 | 1,111,184 | |||
4,072,941 | |||||
Electric - Integrated — 1.0% | |||||
Exelon Corp. | 16,513 | 928,196 | |||
Electronic Components - Semiconductors — 1.0% | |||||
Altera Corp.# | 59,114 | 869,567 | |||
Enterprise Software/Service — 3.4% | |||||
Oracle Corp.† | 191,783 | 3,085,788 | |||
Finance - Credit Card — 0.8% | |||||
American Express Co.# | 29,592 | 689,790 | |||
Food - Misc. — 2.5% | |||||
Kraft Foods, Inc., Class A | 31,936 | 868,978 | |||
McCormick & Co., Inc.# | 47,105 | 1,402,316 | |||
2,271,294 | |||||
Footwear & Related Apparel — 1.7% | |||||
Timberland Co., Class A†# | 153,195 | 1,554,929 | |||
Security Description | Shares | Market Value (Note 2) | |||
Industrial Gases — 0.8% | |||||
Air Products & Chemicals, Inc. | 15,129 | $ | 722,561 | ||
Insurance - Life/Health — 0.4% | |||||
Prudential Financial, Inc. | 15,774 | 342,296 | |||
Investment Companies — 0.9% | |||||
Apollo Global Mgmt LLC Class A*(4)(5) | 72,697 | 799,667 | |||
Investment Management/Advisor Services — 1.0% | |||||
T. Rowe Price Group, Inc.# | 26,867 | 919,120 | |||
Medical Instruments — 1.3% | |||||
Medtronic, Inc. | 37,712 | 1,150,970 | |||
Medical Products — 4.0% | |||||
Baxter International, Inc. | 23,164 | 1,225,375 | |||
Johnson & Johnson | 39,991 | 2,342,673 | |||
3,568,048 | |||||
Medical - Biomedical/Gene — 2.4% | |||||
Amgen, Inc.† | 37,933 | 2,106,799 | |||
Medical - Drugs — 3.5% | |||||
Abbott Laboratories | 24,252 | 1,270,562 | |||
Novartis AG ADR | 39,277 | 1,842,877 | |||
3,113,439 | |||||
Multimedia — 1.5% | |||||
FactSet Research Systems, Inc.# | 33,365 | 1,334,600 | |||
Networking Products — 2.7% | |||||
Cisco Systems, Inc.† | 144,827 | 2,395,439 | |||
Oil Companies - Exploration & Production — 1.6% | |||||
Apache Corp. | 18,390 | 1,421,547 | |||
Oil Companies - Integrated — 8.2% | |||||
Chevron Corp. | 13,381 | 1,057,233 | |||
ConocoPhillips | 27,995 | 1,470,297 | |||
Exxon Mobil Corp. | 60,950 | 4,885,143 | |||
7,412,673 | |||||
Oil - Field Services — 1.5% | |||||
Schlumberger, Ltd. | 15,230 | 772,770 | |||
Weatherford International, Ltd.†# | 45,621 | 582,580 | |||
1,355,350 | |||||
Retail - Drug Store — 2.5% | |||||
CVS Caremark Corp. | 78,276 | 2,264,525 | |||
Telephone - Integrated — 2.6% | |||||
AT&T, Inc. | 40,875 | 1,167,390 | |||
Verizon Communications, Inc. | 36,209 | 1,182,224 | |||
2,349,614 | |||||
Tobacco — 2.1% | |||||
Philip Morris International, Inc. | 44,021 | 1,855,925 | |||
Transport - Services — 2.2% | |||||
Expeditors International of Washington, Inc.# | 21,559 | 720,717 | |||
United Parcel Service, Inc., Class B# | 21,513 | 1,239,149 | |||
1,959,866 | |||||
Web Portals/ISP — 3.4% | |||||
Google, Inc., Class A† | 10,435 | 3,057,038 | |||
Wireless Equipment — 5.6% | |||||
QUALCOMM, Inc. | 149,897 | 5,032,042 | |||
Total Long-Term Investment Securities | |||||
(cost $107,212,213) | 84,753,883 | ||||
122
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AIG Retirement Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES — 26.6% |
| |||||||
Collective Investment Pool — 20.6% |
| |||||||
Securities Lending Quality Trust(3) | 19,358,758 | $ | 18,545,690 | |||||
Time Deposits — 6.0% | ||||||||
Euro Time Deposit with State Street | $ | 5,357,000 | 5,357,000 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $24,715,758) | 23,902,690 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $131,927,971)(2) | 120.8 | % | 108,656,573 | |||||
Liabilities in excess of other assets | (20.8 | ) | (18,696,976 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 89,959,597 | ||||
# | The security or a portion thereof is out on loan (See Note 2) |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $799,667 representing 0.89% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | See Note 4 for cost of investments on a tax basis. |
(3) | The security is purchased with the cash collateral received from securities loaned (See Note 2) |
(4) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $799,667, representing 0.9% of net assets. |
(5) | To the extent permitted by the Statement of Additional Information, the Large Cap Core Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Large Cap Core Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | ||||||||||
Apollo Global Management Common Stock | 08/02/07 | 33,592 | $ | 806,208 | ||||||||||||
02/01/08 | 5,661 | 100,058 | ||||||||||||||
04/30/08 | 10,000 | 150,500 | ||||||||||||||
06/05/08 | 7,000 | 108,850 | ||||||||||||||
06/26/08 | 3,371 | 50,734 | ||||||||||||||
09/18/08 | 4,233 | 57,357 | ||||||||||||||
10/03/08 | 5,885 | 76,799 | ||||||||||||||
10/17/08 | 2,955 | 32,623 | 799,667 | $ | 11.00 | 0.90 | ||||||||||
72,697 | $ | 1,383,129 | $ | 799,667 | 0.89 | % | ||||||||||
ADR American Depository Receipt
See Notes to Financial Statements
123
Table of Contents
AIG Retirement Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 19.3 | % | |
Computers | 7.6 | ||
Medical — Biomedical/Gene | 7.3 | ||
Aerospace/Defense | 5.7 | ||
Medical Products | 5.2 | ||
Time Deposits | 3.4 | ||
Beverages — Non-alcoholic | 3.2 | ||
Applications Software | 3.2 | ||
Retail — Discount | 2.7 | ||
Oil Companies — Exploration & Production | 2.7 | ||
Electronic Components — Semiconductors | 2.6 | ||
Enterprise Software/Service | 2.6 | ||
Cosmetics & Toiletries | 2.5 | ||
Oil Companies — Integrated | 2.4 | ||
Repurchase Agreements | 2.3 | ||
Transport — Rail | 2.3 | ||
Web Portals/ISP | 2.3 | ||
Agricultural Chemicals | 1.9 | ||
Computer Services | 1.9 | ||
Networking Products | 1.8 | ||
Engineering/R&D Services | 1.6 | ||
Retail — Drug Store | 1.6 | ||
Retail — Restaurants | 1.5 | ||
Instruments — Scientific | 1.3 | ||
Electronic Forms | 1.2 | ||
Oil — Field Services | 1.2 | ||
Commercial Services — Finance | 1.2 | ||
Wireless Equipment | 1.2 | ||
Medical Instruments | 1.1 | ||
Diversified Banking Institutions | 1.1 | ||
Aerospace/Defense — Equipment | 1.1 | ||
Electric Products — Misc. | 1.0 | ||
Medical — Generic Drugs | 1.0 | ||
Oil & Gas Drilling | 1.0 | ||
Diversified Manufacturing Operations | 1.0 | ||
Insurance — Property/Casualty | 1.0 | ||
Internet Security | 1.0 | ||
Beverages — Wine/Spirits | 1.0 | ||
Disposable Medical Products | 0.9 | ||
Schools | 0.8 | ||
Athletic Footwear | 0.8 | ||
Telephone — Integrated | 0.7 | ||
Retail — Auto Parts | 0.7 | ||
Finance — Investment Banker/Broker | 0.7 | ||
Banks — Fiduciary | 0.7 | ||
Medical — Drugs | 0.6 | ||
Retail — Office Supplies | 0.6 | ||
Insurance Brokers | 0.6 | ||
Medical — HMO | 0.6 | ||
Data Processing/Management | 0.6 | ||
Multimedia | 0.6 | ||
Medical Labs & Testing Services | 0.5 | ||
Pharmacy Services | 0.5 | ||
Investment Management/Advisor Services | 0.5 | ||
X-Ray Equipment | 0.5 | ||
Electronics — Military | 0.5 | ||
Oil Field Machinery & Equipment | 0.4 | ||
Insurance — Life/Health | 0.4 | ||
Non-Hazardous Waste Disposal | 0.4 | ||
Metal — Diversified | 0.4 | ||
Telecom Equipment — Fiber Optics | 0.4 | ||
Cellular Telecom | 0.3 | ||
Banks — Commercial | 0.3 | ||
Retail — Apparel/Shoe | 0.3 | ||
Finance — Other Services | 0.3 | ||
Retail — Regional Department Stores | 0.3 | ||
Machinery — Construction & Mining | 0.2 |
Retail — Consumer Electronics | 0.2 | ||
Electronic Measurement Instruments | 0.2 | ||
E-Commerce/Services | 0.2 | ||
119.7 | % | ||
* | Calculated as a percentage of net assets |
124
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AIG Retirement Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 94.7% | |||||
Aerospace/Defense — 5.7% | |||||
Boeing Co. | 28,600 | $ | 1,219,218 | ||
General Dynamics Corp. | 36,962 | 1,909,827 | |||
Lockheed Martin Corp. | 109,048 | 8,408,691 | |||
Raytheon Co. | 120,045 | 5,858,196 | |||
17,395,932 | |||||
Aerospace/Defense - Equipment — 1.1% | |||||
United Technologies Corp. | 67,866 | 3,293,537 | |||
Agricultural Chemicals — 1.9% | |||||
Monsanto Co. | 42,837 | 3,392,691 | |||
Syngenta AG(1) | 14,236 | 2,532,501 | |||
5,925,192 | |||||
Applications Software — 3.2% | |||||
Intuit, Inc.† | 70,300 | 1,557,848 | |||
Microsoft Corp. | 400,889 | 8,105,976 | |||
9,663,824 | |||||
Athletic Footwear — 0.8% | |||||
NIKE, Inc., Class B# | 45,588 | 2,427,561 | |||
Banks - Commercial — 0.3% | |||||
Unibanco - Uniao de Bancos Brasileiros SA GDR | 16,190 | 1,037,617 | |||
Banks - Fiduciary — 0.7% | |||||
The Bank of New York Mellon Corp. | 65,971 | 1,992,984 | |||
Beverages - Non-alcoholic — 3.2% | |||||
PepsiCo, Inc. | 174,667 | 9,903,619 | |||
Beverages - Wine/Spirits — 1.0% | |||||
Diageo PLC(1) | 210,419 | 2,953,832 | |||
Cellular Telecom — 0.3% | |||||
America Movil SAB de CV, Series L ADR# | 35,224 | 1,056,720 | |||
Commercial Services - Finance — 1.2% | |||||
Mastercard, Inc., Class A# | 8,591 | 1,248,272 | |||
Visa, Inc., Class A# | 43,900 | 2,307,384 | |||
3,555,656 | |||||
Computer Services — 1.9% | |||||
Accenture, Ltd., Class A | 189,046 | 5,856,645 | |||
Computers — 7.6% | |||||
Apple, Inc.† | 74,155 | 6,871,944 | |||
Hewlett-Packard Co. | 307,529 | 10,849,623 | |||
International Business Machines Corp. | 56,668 | 4,624,109 | |||
Research In Motion, Ltd.† | 18,800 | 798,436 | |||
23,144,112 | |||||
Cosmetics & Toiletries — 2.5% | |||||
Procter & Gamble Co. | 116,800 | 7,516,080 | |||
Data Processing/Management — 0.6% | |||||
Fiserv, Inc.†# | 49,900 | 1,703,586 | |||
Disposable Medical Products — 0.9% | |||||
C.R. Bard, Inc. | 32,151 | 2,637,346 | |||
Diversified Banking Institutions — 1.1% | |||||
Bank of America Corp. | 75,200 | 1,222,000 | |||
JPMorgan Chase & Co. | 41,400 | 1,310,724 | |||
The Goldman Sachs Group, Inc.# | 10,400 | 821,496 | |||
3,354,220 | |||||
Diversified Manufacturing Operations — 1.0% | |||||
Danaher Corp.# | 29,400 | 1,635,816 | |||
Dover Corp.# | 47,500 | 1,416,925 | |||
3,052,741 | |||||
Security Description | Shares | Market Value (Note 2) | |||
E-Commerce/Services — 0.2% | |||||
eBay, Inc.† | 54,700 | $ | 718,211 | ||
Electric Products - Misc. — 1.0% | |||||
AMETEK, Inc. | 52,317 | 1,827,433 | |||
Emerson Electric Co. | 37,700 | 1,353,053 | |||
3,180,486 | |||||
Electronic Components - Semiconductors — 2.6% | |||||
Broadcom Corp., Class A†# | 26,100 | 399,591 | |||
Intel Corp. | 301,743 | 4,164,053 | |||
MEMC Electronic Materials, Inc.† | 49,922 | 749,829 | |||
Texas Instruments, Inc. | 65,900 | 1,026,063 | |||
Xilinx, Inc.# | 95,400 | 1,560,744 | |||
7,900,280 | |||||
Electronic Forms — 1.2% | |||||
Adobe Systems, Inc.† | 164,600 | 3,812,136 | |||
Electronic Measurement Instruments — 0.2% | |||||
Agilent Technologies, Inc.† | 39,000 | 734,370 | |||
Electronics - Military — 0.5% | |||||
L-3 Communications Holdings, Inc. | 22,100 | 1,484,457 | |||
Engineering/R&D Services — 1.6% | |||||
ABB, Ltd.†(1) | 158,367 | 2,046,555 | |||
Fluor Corp. | 63,758 | 2,903,539 | |||
4,950,094 | |||||
Enterprise Software/Service — 2.6% | |||||
BMC Software, Inc.† | 92,785 | 2,315,914 | |||
Oracle Corp.† | 344,472 | 5,542,554 | |||
7,858,468 | |||||
Finance - Investment Banker/Broker — 0.7% | |||||
The Charles Schwab Corp.# | 113,300 | 2,076,789 | |||
Finance - Other Services — 0.3% | |||||
CME Group, Inc. | 3,675 | 778,916 | |||
Instruments - Scientific — 1.3% | |||||
Thermo Fisher Scientific, Inc.†# | 110,700 | 3,949,776 | |||
Insurance Brokers — 0.6% | |||||
AON Corp. | 40,400 | 1,830,120 | |||
Insurance - Life/Health — 0.4% | |||||
Unum Group | 87,300 | 1,300,770 | |||
Insurance - Property/Casualty — 1.0% | |||||
Chubb Corp.# | 59,239 | 3,042,515 | |||
Internet Security — 1.0% | |||||
McAfee, Inc.†# | 26,400 | 800,712 | |||
Symantec Corp.†# | 186,100 | 2,238,783 | |||
3,039,495 | |||||
Investment Management/Advisor Services — 0.5% | |||||
Invesco, Ltd.# | 120,300 | 1,509,765 | |||
Machinery - Construction & Mining — 0.2% | |||||
Joy Global, Inc.# | 32,204 | 750,031 | |||
Medical Instruments — 1.1% | |||||
Medtronic, Inc. | 70,100 | 2,139,452 | |||
St. Jude Medical, Inc.† | 47,700 | 1,337,031 | |||
3,476,483 | |||||
Medical Labs & Testing Services — 0.5% | |||||
Laboratory Corp. of America Holdings†# | 24,600 | 1,558,656 | |||
Medical Products — 5.2% | |||||
Baxter International, Inc. | 98,158 | 5,192,558 | |||
Cardinal Health, Inc. | 23,100 | 751,212 |
125
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AIG Retirement Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical Products (continued) | |||||
Johnson & Johnson | 144,128 | $ | 8,443,018 | ||
Zimmer Holdings, Inc.† | 37,500 | 1,399,500 | |||
15,786,288 | |||||
Medical - Biomedical/Gene — 7.3% | |||||
Amgen, Inc.† | 127,400 | 7,075,796 | |||
Celgene Corp.† | 35,000 | 1,823,500 | |||
Genentech, Inc.† | 33,000 | 2,527,800 | |||
Genzyme Corp.†# | 40,200 | 2,573,604 | |||
Gilead Sciences, Inc.†# | 154,000 | 6,897,660 | |||
Life Technologies Corp.†# | 54,346 | 1,418,431 | |||
22,316,791 | |||||
Medical - Drugs — 0.6% | |||||
Abbott Laboratories | 37,900 | 1,985,581 | |||
Medical - Generic Drugs — 1.0% | |||||
Barr Pharmaceuticals, Inc.† | 26,800 | 1,752,452 | |||
Mylan, Inc.†# | 149,000 | 1,402,090 | |||
3,154,542 | |||||
Medical - HMO — 0.6% | |||||
UnitedHealth Group, Inc. | 81,100 | 1,703,911 | |||
Metal - Diversified — 0.4% | |||||
Freeport-McMoRan Copper & Gold, Inc.# | 26,790 | 642,692 | |||
Rio Tinto PLC ADR# | 5,529 | 552,900 | |||
1,195,592 | |||||
Multimedia — 0.6% | |||||
News Corp., Class A | 88,062 | 695,690 | |||
Time Warner, Inc.# | 109,600 | 991,880 | |||
1,687,570 | |||||
Networking Products — 1.8% | |||||
Cisco Systems, Inc.† | 328,796 | 5,438,286 | |||
Non-Hazardous Waste Disposal — 0.4% | |||||
Waste Management, Inc. | 44,300 | 1,293,560 | |||
Oil & Gas Drilling — 1.0% | |||||
ENSCO International, Inc.# | 46,989 | 1,522,913 | |||
Transocean, Inc.†# | 23,060 | 1,542,253 | |||
3,065,166 | |||||
Oil Companies - Exploration & Production — 2.7% | |||||
Apache Corp. | 11,400 | 881,220 | |||
Devon Energy Corp. | 10,500 | 759,570 | |||
Occidental Petroleum Corp. | 67,174 | 3,636,800 | |||
Ultra Petroleum Corp.† | 18,300 | 743,529 | |||
XTO Energy, Inc. | 60,900 | 2,328,816 | |||
8,349,935 | |||||
Oil Companies - Integrated — 2.4% | |||||
Exxon Mobil Corp. | 76,071 | 6,097,091 | |||
Marathon Oil Corp. | 51,914 | 1,359,108 | |||
7,456,199 | |||||
Oil Field Machinery & Equipment — 0.4% | |||||
National - Oilwell Varco, Inc.† | 47,600 | 1,346,604 | |||
Oil-Field Services — 1.2% | |||||
Halliburton Co. | 41,700 | 733,920 | |||
Schlumberger, Ltd. | 49,650 | 2,519,241 | |||
Weatherford International, Ltd.† | 27,900 | 356,283 | |||
3,609,444 | |||||
Pharmacy Services — 0.5% | |||||
Express Scripts, Inc.† | 26,297 | 1,512,340 | |||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
Retail - Apparel/Shoe — 0.3% | ||||||||
American Eagle Outfitters, Inc. | 94,700 | $ | 909,120 | |||||
Retail - Auto Parts — 0.7% | ||||||||
AutoZone, Inc.† | 19,500 | 2,129,790 | ||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc.# | 35,600 | 737,276 | ||||||
Retail - Discount — 2.7% | ||||||||
Target Corp.# | 23,500 | 793,360 | ||||||
Wal - Mart Stores, Inc.# | 135,900 | 7,594,092 | ||||||
8,387,452 | ||||||||
Retail - Drug Store — 1.6% | ||||||||
CVS Caremark Corp. | 168,078 | 4,862,497 | ||||||
Retail - Office Supplies — 0.6% | ||||||||
Staples, Inc.# | 109,200 | 1,895,712 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp.†# | 23,500 | 767,510 | ||||||
Retail - Restaurants — 1.5% | ||||||||
McDonald’s Corp. | 75,600 | 4,441,500 | ||||||
Schools — 0.8% | ||||||||
Apollo Group, Inc., Class A†# | 33,591 | 2,581,132 | ||||||
Telecom Equipment-Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 118,600 | 1,068,586 | ||||||
Telephone - Integrated — 0.7% | ||||||||
AT&T, Inc. | 75,600 | 2,159,136 | ||||||
Transport - Rail — 2.3% | ||||||||
Burlington Northern Santa Fe Corp. | 24,200 | 1,853,962 | ||||||
Norfolk Southern Corp. | 37,300 | 1,845,231 | ||||||
Union Pacific Corp.# | 65,800 | 3,292,632 | ||||||
6,991,825 | ||||||||
Web Portals/ISP — 2.3% | ||||||||
Google, Inc., Class A† | 23,477 | 6,877,822 | ||||||
Wireless Equipment — 1.2% | ||||||||
QUALCOMM, Inc. | 104,800 | 3,518,136 | ||||||
X-Ray Equipment — 0.5% | ||||||||
Hologic, Inc.†# | 106,100 | 1,491,766 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $359,767,445) | 289,144,091 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 22.7% |
| |||||||
Collective Investment Pool — 19.3% |
| |||||||
Securities Lending Quality Trust(2) | 61,596,752 | 59,009,688 | ||||||
Time Deposits — 3.4% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08 | $ | 10,351,000 | 10,351,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $71,947,752) | 69,360,688 | |||||||
REPURCHASE AGREEMENT — 2.3% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(3) | 7,136,000 | 7,136,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $438,851,197)(4) | 119.7 | % | 365,640,779 | |||||
Liabilities in excess of other assets | (19.7 | ) | (60,246,062 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 305,394,717 | ||||
126
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AIG Retirement Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 2 for details of Joint Repurchase Agreements. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
See Notes to Financial Statements
127
Table of Contents
AIG Retirement Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 20.2 | % | |
Electric — Integrated | 5.8 | ||
Real Estate Investment Trusts | 5.2 | ||
Banks — Commercial | 4.2 | ||
Oil Companies — Exploration & Production | 3.3 | ||
Gas — Distribution | 2.3 | ||
Commercial Paper | 2.3 | ||
Retail — Apparel/Shoe | 2.2 | ||
Diversified Manufacturing Operations | 2.2 | ||
Insurance — Property/Casualty | 2.1 | ||
Schools | 1.9 | ||
Chemicals — Specialty | 1.5 | ||
Insurance — Multi-line | 1.5 | ||
Savings & Loans/Thrifts | 1.4 | ||
Data Processing/Management | 1.4 | ||
Medical — Biomedical/Gene | 1.4 | ||
Oil & Gas Drilling | 1.3 | ||
Electronic Measurement Instruments | 1.2 | ||
Medical Instruments | 1.2 | ||
Machinery — General Industrial | 1.2 | ||
Engineering/R&D Services | 1.1 | ||
Building — Residential/Commercial | 1.1 | ||
Electronic Components — Semiconductors | 1.0 | ||
Retail — Discount | 1.0 | ||
Retail — Auto Parts | 1.0 | ||
Medical — Drugs | 0.9 | ||
Food — Misc. | 0.9 | ||
Commercial Services | 0.9 | ||
Consulting Services | 0.9 | ||
Computers — Integrated Systems | 0.9 | ||
Machinery — Construction & Mining | 0.8 | ||
Commercial Services — Finance | 0.8 | ||
Insurance — Life/Health | 0.8 | ||
Retail — Restaurants | 0.8 | ||
Insurance — Reinsurance | 0.7 | ||
Networking Products | 0.7 | ||
Insurance Brokers | 0.7 | ||
Internet Security | 0.7 | ||
Electric Products — Misc. | 0.7 | ||
Medical — Hospitals | 0.7 | ||
Oil — Field Services | 0.7 | ||
Investment Management/Advisor Services | 0.7 | ||
Chemicals — Diversified | 0.7 | ||
Transport — Truck | 0.7 | ||
Containers — Paper/Plastic | 0.7 | ||
Soap & Cleaning Preparation | 0.6 | ||
Transport — Marine | 0.6 | ||
Human Resources | 0.6 | ||
Electronic Design Automation | 0.6 | ||
Computer Aided Design | 0.6 | ||
Telephone — Integrated | 0.6 | ||
Electronic Parts Distribution | 0.6 | ||
Non-Hazardous Waste Disposal | 0.6 | ||
Paper & Related Products | 0.6 | ||
E-Commerce/Services | 0.6 | ||
Building Products — Cement | 0.5 | ||
X-Ray Equipment | 0.5 | ||
Finance — Investment Banker/Broker | 0.5 | ||
Aerospace/Defense — Equipment | 0.5 | ||
Coatings/Paint | 0.5 | ||
Oil Field Machinery & Equipment | 0.5 | ||
Enterprise Software/Service | 0.5 | ||
Retail — Automobile | 0.5 | ||
Metal Processors & Fabrication | 0.5 | ||
Steel — Producers | 0.5 | ||
Machine Tools & Related Products | 0.5 | ||
U.S. Government Treasuries | 0.5 | ||
Consumer Products — Misc. | 0.5 | ||
Auto/Truck Parts & Equipment — Original | 0.5 | ||
Medical Products | 0.5 |
Beverages — Non-alcoholic | 0.5 | |
Research & Development | 0.5 | |
Computers — Memory Devices | 0.5 | |
Pipelines | 0.5 | |
Telecommunication Equipment | 0.5 | |
Industrial Gases | 0.4 | |
Water | 0.4 | |
Coal | 0.4 | |
Respiratory Products | 0.4 | |
Metal — Iron | 0.4 | |
Filtration/Separation Products | 0.4 | |
Medical — Generic Drugs | 0.4 | |
Distribution/Wholesale | 0.4 | |
Food — Meat Products | 0.4 | |
Semiconductor Equipment | 0.4 | |
Batteries/Battery Systems | 0.4 | |
Pharmacy Services | 0.4 | |
Hospital Beds/Equipment | 0.4 | |
Medical Labs & Testing Services | 0.4 | |
Medical Information Systems | 0.4 | |
Miscellaneous Manufacturing | 0.3 | |
Private Corrections | 0.3 | |
Machinery — Farming | 0.3 | |
Computer Services | 0.3 | |
Retail — Pet Food & Supplies | 0.3 | |
Diagnostic Equipment | 0.3 | |
Airlines | 0.3 | |
Food — Baking | 0.3 | |
Semiconductor Components — Integrated Circuits | 0.3 | |
Electronic Components — Misc. | 0.3 | |
Internet Infrastructure Software | 0.3 | |
Transport — Rail | 0.3 | |
Publishing — Books | 0.3 | |
Motion Pictures & Services | 0.3 | |
Diagnostic Kits | 0.3 | |
Cosmetics & Toiletries | 0.3 | |
Medical — Outpatient/Home Medical | 0.3 | |
Textile — Home Furnishings | 0.3 | |
Multimedia | 0.3 | |
Power Converter/Supply Equipment | 0.2 | |
Retail — Catalog Shopping | 0.2 | |
Medical Sterilization Products | 0.2 | |
Banks — Fiduciary | 0.2 | |
Veterinary Diagnostics | 0.2 | |
Rental Auto/Equipment | 0.2 | |
Computer Software | 0.2 | |
Telecom Services | 0.2 | |
Agricultural Chemicals | 0.2 | |
Funeral Services & Related Items | 0.2 | |
Toys | 0.2 | |
Building — Heavy Construction | 0.2 | |
Repurchase Agreements | 0.2 | |
Office Furnishings — Original | 0.2 | |
Physical Therapy/Rehabilitation Centers | 0.2 | |
Machinery — Print Trade | 0.2 | |
Transport — Equipment & Leasing | 0.2 | |
Medical — HMO | 0.2 | |
E-Marketing/Info | 0.2 | |
Machinery — Pumps | 0.2 | |
Hazardous Waste Disposal | 0.2 | |
Oil Refining & Marketing | 0.2 | |
Investment Companies | 0.2 | |
Containers — Metal/Glass | 0.2 | |
Advertising Sales | 0.2 | |
Industrial Automated/Robotic | 0.2 | |
Electronic Connectors | 0.2 | |
Instruments — Scientific | 0.2 | |
Food — Retail | 0.2 | |
Retail — Sporting Goods | 0.2 |
128
Table of Contents
AIG Retirement Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)
Industry Allocation* (continued)
Casino Services | 0.2 | % | |
Real Estate Management/Services | 0.1 | ||
Finance — Auto Loans | 0.1 | ||
Internet Infrastructure Equipment | 0.1 | ||
Apparel Manufacturers | 0.1 | ||
Intimate Apparel | 0.1 | ||
Tobacco | 0.1 | ||
Vitamins & Nutrition Products | 0.1 | ||
Racetracks | 0.1 | ||
Environmental Monitoring & Detection | 0.1 | ||
Building — Maintance & Services | 0.1 | ||
Food — Confectionery | 0.1 | ||
Auction Houses/Art Dealers | 0.1 | ||
Golf | 0.1 | ||
Retail — Bookstores | 0.1 | ||
Retail — Major Department Stores | 0.1 | ||
Retail — Mail Order | 0.1 | ||
Decision Support Software | 0.1 | ||
Building — Mobile Home/Manufactured Housing | 0.1 | ||
Transactional Software | 0.1 | ||
Recreational Centers | 0.1 | ||
Auto — Heavy Duty Trucks | 0.1 | ||
Footwear & Related Apparel | 0.1 | ||
Retail — Hair Salons | 0.1 | ||
Wireless Equipment | 0.1 | ||
120.7 | % | ||
* | Calculated as a percentage of net assets |
129
Table of Contents
AIG Retirement Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 97.5% | |||||
Advertising Sales — 0.2% | |||||
Lamar Advertising Co., Class A†# | 171,900 | $ | 2,556,153 | ||
Aerospace/Defense - Equipment — 0.5% | |||||
Alliant Techsystems, Inc.†# | 74,700 | 6,140,340 | |||
BE Aerospace, Inc.† | 224,600 | 1,837,228 | |||
7,977,568 | |||||
Agricultural Chemicals — 0.2% | |||||
Terra Industries, Inc. | 231,500 | 3,405,365 | |||
Airlines — 0.3% | |||||
AirTran Holdings, Inc.†# | 264,600 | 902,286 | |||
Alaska Air Group, Inc.†# | 81,600 | 1,872,720 | |||
JetBlue Airways Corp.†# | 413,800 | 2,168,312 | |||
4,943,318 | |||||
Apparel Manufacturers — 0.1% | |||||
Under Armour, Inc., Class A†# | 82,600 | 1,898,974 | |||
Auction House/Art Dealers — 0.1% | |||||
Sotheby’s# | 152,600 | 1,516,844 | |||
Auto - Heavy Duty Trucks — 0.1% | |||||
Oshkosh Corp. | 169,000 | 1,183,000 | |||
Auto/Truck Parts & Equipment - Original — 0.5% | |||||
ArvinMeritor, Inc.# | 167,100 | 660,045 | |||
BorgWarner, Inc. | 263,500 | 6,234,410 | |||
Modine Manufacturing Co. | 73,100 | 351,611 | |||
7,246,066 | |||||
Banks - Commercial — 4.2% | |||||
Associated Banc - Corp.# | 289,000 | 6,279,970 | |||
BancorpSouth, Inc.# | 162,400 | 3,611,776 | |||
Bank of Hawaii Corp.# | 108,300 | 4,831,263 | |||
Cathay General Bancorp# | 112,200 | 2,302,344 | |||
City National Corp.# | 91,100 | 3,997,468 | |||
Colonial BancGroup, Inc.# | 457,800 | 1,149,078 | |||
Commerce Bancshares, Inc. | 149,205 | 6,536,671 | |||
Cullen/Frost Bankers, Inc. | 134,000 | 7,264,140 | |||
FirstMerit Corp.# | 183,000 | 4,026,000 | |||
Fulton Financial Corp.# | 395,600 | 4,399,072 | |||
PacWest Bancorp# | 55,500 | 1,476,300 | |||
SVB Financial Group†# | 73,700 | 2,951,685 | |||
Synovus Financial Corp.# | 635,400 | 5,286,528 | |||
TCF Financial Corp.# | 261,300 | 4,363,710 | |||
Webster Financial Corp. | 119,000 | 1,785,000 | |||
Westamerica Bancorp.# | 65,700 | 3,492,612 | |||
63,753,617 | |||||
Banks - Fiduciary — 0.2% | |||||
Wilmington Trust Corp.# | 152,600 | 3,691,394 | |||
Batteries/Battery Systems — 0.4% | |||||
Energizer Holdings, Inc.†# | 131,900 | 5,727,098 | |||
Beverages - Non-alcoholic — 0.5% | |||||
Hansen Natural Corp.†# | 167,500 | 4,983,125 | |||
PepsiAmericas, Inc. | 129,700 | 2,173,772 | |||
7,156,897 | |||||
Building & Construction Products - Misc. — 0.0% | |||||
Louisiana-Pacific Corp.# | 205,800 | 475,398 | |||
Building & Construction - Misc. — 0.0% | |||||
Dycom Industries, Inc.† | 89,100 | 529,254 | |||
Building Products - Cement — 0.5% | |||||
Martin Marietta Materials, Inc.# | 93,800 | 8,220,632 | |||
Security Description | Shares | Market Value (Note 2) | |||
Building - Heavy Construction — 0.2% | |||||
Granite Construction, Inc.# | 74,700 | $ | 3,203,883 | ||
Building - Maintance & Services — 0.1% | |||||
Rollins, Inc. | 93,600 | 1,621,152 | |||
Building - Mobile Home/Manufactured Housing — 0.1% | |||||
Thor Industries, Inc.# | 80,500 | 1,259,020 | |||
Building - Residential/Commercial — 1.1% | |||||
Hovnanian Enterprises, Inc., Class A†# | 114,700 | 251,193 | |||
M.D.C Holdings, Inc.# | 82,900 | 2,569,900 | |||
NVR, Inc.†# | 12,400 | 5,384,700 | |||
Ryland Group, Inc.# | 96,500 | 1,637,605 | |||
Toll Brothers, Inc.† | 295,200 | 5,883,336 | |||
15,726,734 | |||||
Casino Hotels — 0.0% | |||||
Boyd Gaming Corp.# | 129,200 | 568,480 | |||
Casino Services — 0.2% | |||||
Scientific Games Corp., Class A†# | 147,200 | 2,209,472 | |||
Chemicals - Diversified — 0.7% | |||||
FMC Corp. | 169,600 | 7,411,520 | |||
Olin Corp. | 170,800 | 2,797,704 | |||
10,209,224 | |||||
Chemicals - Specialty — 1.5% | |||||
Albemarle Corp. | 207,300 | 4,214,409 | |||
Ashland, Inc. | 149,900 | 1,431,545 | |||
Cabot Corp. | 145,600 | 3,012,464 | |||
Chemtura Corp. | 548,500 | 915,995 | |||
Cytec Industries, Inc. | 107,900 | 2,377,037 | |||
Ferro Corp.# | 99,000 | 636,570 | |||
Lubrizol Corp. | 153,500 | 5,390,920 | |||
Minerals Technologies, Inc. | 42,800 | 2,009,460 | |||
Sensient Technologies Corp. | 109,400 | 2,629,976 | |||
22,618,376 | |||||
Coal — 0.4% | |||||
Arch Coal, Inc. | 327,300 | 5,033,874 | |||
Patriot Coal Corp.†# | 143,700 | 1,217,139 | |||
6,251,013 | |||||
Coatings/Paint — 0.5% | |||||
RPM International, Inc. | 294,800 | 3,534,652 | |||
Valspar Corp. | 226,100 | 4,436,082 | |||
7,970,734 | |||||
Commercial Services — 0.9% | |||||
Alliance Data Systems Corp.†# | 152,500 | 6,604,775 | |||
Quanta Services, Inc.†# | 447,200 | 7,271,472 | |||
13,876,247 | |||||
Commercial Services - Finance — 0.8% | |||||
Deluxe Corp. | 116,600 | 1,226,632 | |||
Global Payments, Inc. | 180,900 | 6,543,153 | |||
Lender Processing Services, Inc. | 189,200 | 4,173,752 | |||
11,943,537 | |||||
Computer Aided Design — 0.6% | |||||
Ansys, Inc.† | 201,600 | 5,818,176 | |||
Parametric Technology Corp.† | 261,300 | 3,020,628 | |||
8,838,804 | |||||
Computer Services — 0.3% | |||||
DST Systems, Inc.†# | 97,000 | 3,667,570 | |||
SRA International, Inc.† | 96,300 | 1,446,426 | |||
5,113,996 | |||||
130
Table of Contents
AIG Retirement Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Computer Software — 0.2% | |||||
Metavante Technologies, Inc.† | 203,300 | $ | 3,510,991 | ||
Computers — 0.0% | |||||
Palm, Inc.†# | 245,900 | 587,701 | |||
Computers - Integrated Systems — 0.9% | |||||
Diebold, Inc. | 149,200 | 4,177,600 | |||
Jack Henry & Associates, Inc. | 195,100 | 3,591,791 | |||
NCR Corp.† | 370,600 | 5,625,708 | |||
13,395,099 | |||||
Computers - Memory Devices — 0.5% | |||||
Imation Corp.# | 68,200 | 905,696 | |||
Western Digital Corp.† | 502,000 | 6,124,400 | |||
7,030,096 | |||||
Consulting Services — 0.9% | |||||
Gartner, Inc.†# | 134,200 | 2,061,312 | |||
Navigant Consulting, Inc.† | 105,200 | 1,989,332 | |||
SAIC, Inc.† | 436,000 | 7,760,800 | |||
The Corporate Executive Board Co. | 77,100 | 1,777,926 | |||
13,589,370 | |||||
Consumer Products - Misc. — 0.5% | |||||
American Greetings Corp., Class A | 102,900 | 1,185,408 | |||
Blyth, Inc.# | 54,600 | 452,634 | |||
The Scotts Miracle-Gro Co., Class A | 98,200 | 3,177,752 | |||
Tupperware Brands Corp. | 140,900 | 2,771,503 | |||
7,587,297 | |||||
Containers - Metal/Glass — 0.2% | |||||
Greif, Inc., Class A | 77,300 | 2,562,495 | |||
Containers - Paper/Plastic — 0.7% | |||||
Packaging Corp. of America | 234,800 | 3,505,564 | |||
Sonoco Products Co. | 225,500 | 5,660,050 | |||
Temple-Inland, Inc.# | 240,700 | 760,612 | |||
9,926,226 | |||||
Cosmetics & Toiletries — 0.3% | |||||
Alberto-Culver Co. | 191,900 | 4,120,093 | |||
Data Processing/Management — 1.4% | |||||
Acxiom Corp. | 152,900 | 1,148,279 | |||
Broadridge Financial Solutions, Inc. | 318,100 | 3,626,340 | |||
Dun & Bradstreet Corp. | 123,700 | 9,896,000 | |||
Fair Isaac Corp.# | 109,900 | 1,553,986 | |||
SEI Investments Co. | 303,700 | 4,695,202 | |||
20,919,807 | |||||
Decision Support Software — 0.1% | |||||
Wind River Systems, Inc.†# | 157,100 | 1,310,214 | |||
Diagnostic Equipment — 0.3% | |||||
Affymetrix, Inc.† | 158,900 | 435,386 | |||
Gen-Probe, Inc.† | 122,900 | 4,528,865 | |||
4,964,251 | |||||
Diagnostic Kits — 0.3% | |||||
Idexx Laboratories, Inc.†# | 134,800 | 4,166,668 | |||
Direct Marketing — 0.0% | |||||
Harte-Hanks, Inc.# | 85,700 | 511,629 | |||
Distribution/Wholesale — 0.4% | |||||
Ingram Micro, Inc., Class A† | 375,700 | 4,046,289 | |||
Tech Data Corp.† | 114,500 | 1,996,880 | |||
6,043,169 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Diversified Manufacturing Operations — 2.2% | |||||
Carlisle Cos., Inc.# | 138,300 | $ | 2,936,109 | ||
Crane Co. | 109,700 | 1,625,754 | |||
Federal Signal Corp. | 107,600 | 755,352 | |||
Harsco Corp. | 191,100 | 4,806,165 | |||
Matthews International Corp., Class A | 70,100 | 2,862,183 | |||
Pentair, Inc. | 224,200 | 5,573,612 | |||
SPX Corp. | 122,800 | 4,582,896 | |||
Teleflex, Inc. | 90,000 | 4,264,200 | |||
The Brink’s Co. | 95,600 | 2,081,212 | |||
Trinity Industries, Inc.# | 185,200 | 2,753,924 | |||
32,241,407 | |||||
E-Commerce/Services — 0.6% | |||||
NetFlix, Inc.†# | 98,000 | 2,252,040 | |||
Priceline.com, Inc.†# | 88,200 | 6,085,800 | |||
8,337,840 | |||||
E-Marketing/Info — 0.2% | |||||
Digital River, Inc.† | 83,900 | 1,772,807 | |||
ValueClick, Inc.† | 196,200 | 1,210,554 | |||
2,983,361 | |||||
Electric Products - Misc. — 0.7% | |||||
AMETEK, Inc. | 241,900 | 8,449,567 | |||
Brinks Home Security Holdings, Inc.† | 95,600 | 1,912,000 | |||
10,361,567 | |||||
Electric - Integrated — 5.8% | |||||
Alliant Energy Corp. | 250,000 | 7,967,500 | |||
Black Hills Corp.# | 87,100 | 2,248,051 | |||
DPL, Inc.# | 257,500 | 5,361,150 | |||
Great Plains Energy, Inc. | 268,203 | 5,039,534 | |||
Hawaiian Electric Industries, Inc.# | 191,900 | 5,233,113 | |||
IDACORP, Inc. | 102,700 | 3,122,080 | |||
MDU Resources Group, Inc. | 415,300 | 8,443,049 | |||
Northeast Utilities | 352,300 | 8,208,590 | |||
NSTAR# | 242,100 | 8,594,550 | |||
NV Energy, Inc. | 529,500 | 5,019,660 | |||
OGE Energy Corp. | 209,100 | 5,539,059 | |||
PNM Resources, Inc.# | 195,400 | 2,041,930 | |||
Puget Energy, Inc. | 293,700 | 7,189,776 | |||
SCANA Corp.# | 264,900 | 9,205,275 | |||
Westar Energy, Inc. | 244,800 | 4,952,304 | |||
88,165,621 | |||||
Electronic Components - Misc. — 0.3% | |||||
Gentex Corp.# | 321,500 | 2,819,555 | |||
Vishay Intertechnology, Inc.† | 421,400 | 1,837,304 | |||
4,656,859 | |||||
Electronic Components - Semiconductors — 1.0% | |||||
Cree, Inc.†# | 199,700 | 3,171,236 | |||
Fairchild Semiconductor International, Inc.† | 282,800 | 1,128,372 | |||
International Rectifier Corp.† | 165,000 | 1,928,850 | |||
Intersil Corp., Class A | 280,100 | 2,537,706 | |||
Macrovision Solutions Corp.†# | 188,900 | 2,221,464 | |||
Semtech Corp.† | 139,700 | 1,581,404 | |||
Silicon Laboratories, Inc.† | 108,400 | 2,272,064 | |||
14,841,096 | |||||
Electronic Connectors — 0.2% | |||||
Thomas & Betts Corp.† | 130,600 | 2,480,094 | |||
Electronic Design Automation — 0.6% | |||||
Cadence Design Systems, Inc.† | 589,100 | 2,273,926 | |||
Mentor Graphics Corp.† | 209,200 | 1,418,376 | |||
Synopsys, Inc.† | 326,400 | 5,232,192 | |||
8,924,494 | |||||
131
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Electronic Measurement Instruments — 1.2% | |||||
FLIR Systems, Inc.†# | 315,500 | $ | 9,786,810 | ||
National Instruments Corp. | 128,400 | 3,095,724 | |||
Trimble Navigation, Ltd.†# | 274,100 | 5,580,676 | |||
18,463,210 | |||||
Electronic Parts Distribution — 0.6% | |||||
Arrow Electronics, Inc.† | 271,100 | 3,741,180 | |||
Avnet, Inc.† | 340,900 | 4,854,416 | |||
8,595,596 | |||||
Engineering/R&D Services — 1.1% | |||||
KBR, Inc.# | 384,800 | 5,298,696 | |||
The Shaw Group, Inc.†# | 189,200 | 3,481,280 | |||
URS Corp.† | 191,400 | 7,265,544 | |||
16,045,520 | |||||
Enterprise Software/Service — 0.5% | |||||
Advent Software, Inc.†# | 37,600 | 838,480 | |||
ManTech International Corp., Class A† | 47,000 | 2,557,740 | |||
Sybase, Inc.†# | 182,400 | 4,494,336 | |||
7,890,556 | |||||
Environmental Monitoring & Detection — 0.1% | |||||
Mine Safety Appliances Co.# | 67,400 | 1,647,930 | |||
Filtration/Separation Products — 0.4% | |||||
Donaldson Co., Inc. | 178,200 | 6,098,004 | |||
Finance - Auto Loans — 0.1% | |||||
AmeriCredit Corp.†# | 263,500 | 1,936,725 | |||
Finance - Investment Banker/Broker — 0.5% | |||||
Jefferies Group, Inc.# | 272,200 | 3,386,168 | |||
Raymond James Financial, Inc.# | 217,600 | 4,780,672 | |||
8,166,840 | |||||
Financial Guarantee Insurance — 0.0% | |||||
PMI Group, Inc.# | 156,600 | 261,522 | |||
Food - Baking — 0.3% | |||||
Flowers Foods, Inc.# | 181,400 | 4,857,892 | |||
Food - Confectionery — 0.1% | |||||
Tootsie Roll Industries, Inc.# | 58,547 | 1,519,295 | |||
Food - Meat Products — 0.4% | |||||
Hormel Foods Corp. | 158,800 | 4,217,728 | |||
Smithfield Foods, Inc.†# | 265,100 | 1,805,331 | |||
6,023,059 | |||||
Food - Misc. — 0.9% | |||||
Corn Products International, Inc. | 168,800 | 4,625,120 | |||
Lancaster Colony Corp.# | 45,401 | 1,368,840 | |||
Ralcorp Holdings, Inc.† | 127,500 | 7,976,400 | |||
13,970,360 | |||||
Food - Retail — 0.2% | |||||
Ruddick Corp.# | 88,700 | 2,426,832 | |||
Footwear & Related Apparel — 0.1% | |||||
Timberland Co., Class A† | 106,800 | 1,084,020 | |||
Funeral Services & Related Items — 0.2% | |||||
Service Corp. International | 581,900 | 3,386,658 | |||
Gas - Distribution — 2.3% | |||||
AGL Resources, Inc. | 173,800 | 5,233,118 | |||
Energen Corp. | 162,500 | 5,005,000 | |||
National Fuel Gas Co. | 184,600 | 6,005,038 | |||
Southern Union Co. | 281,100 | 3,862,314 | |||
UGI Corp. | 243,200 | 5,681,152 |
Security Description | Shares | Market Value (Note 2) | |||
Gas - Distribution (continued) | |||||
Vectren Corp. | 183,400 | $ | 5,164,544 | ||
WGL Holdings, Inc.# | 112,900 | 4,075,690 | |||
35,026,856 | |||||
Golf — 0.1% | |||||
Callaway Golf Co. | 146,600 | 1,476,262 | |||
Hazardous Waste Disposal — 0.2% | |||||
Clean Harbors, Inc.† | 45,300 | 2,859,789 | |||
Home Furnishings — 0.0% | |||||
Furniture Brands International, Inc.# | 93,900 | 306,114 | |||
Hospital Beds/Equipment — 0.4% | |||||
Hill-Rom Holdings, Inc.# | 141,600 | 2,908,464 | |||
Kinetic Concepts, Inc.†# | 128,300 | 2,776,412 | |||
5,684,876 | |||||
Human Resources — 0.6% | |||||
Kelly Services, Inc., Class A | 62,000 | 722,300 | |||
Korn/Ferry International† | 107,900 | 1,328,249 | |||
Manpower, Inc. | 180,000 | 5,666,400 | |||
MPS Group, Inc.† | 210,400 | 1,392,848 | |||
9,109,797 | |||||
Industrial Automated/Robotic — 0.2% | |||||
Nordson Corp.# | 77,300 | 2,508,385 | |||
Industrial Gases — 0.4% | |||||
Airgas, Inc. | 187,000 | 6,685,250 | |||
Instruments - Scientific — 0.2% | |||||
Varian, Inc.† | 66,600 | 2,437,560 | |||
Insurance Brokers — 0.7% | |||||
Arthur J. Gallagher & Co. | 211,400 | 5,242,720 | |||
Brown & Brown, Inc. | 261,400 | 5,201,860 | |||
10,444,580 | |||||
Insurance - Life/Health — 0.8% | |||||
Protective Life Corp. | 158,300 | 1,475,356 | |||
Reinsurance Group America, Inc. | 161,400 | 6,552,840 | |||
StanCorp Financial Group, Inc. | 110,800 | 3,690,748 | |||
11,718,944 | |||||
Insurance - Multi-line — 1.5% | |||||
American Financial Group, Inc. | 169,600 | 3,475,104 | |||
Hanover Insurance Group, Inc. | 115,600 | 4,660,992 | |||
HCC Insurance Holdings, Inc. | 259,800 | 6,055,938 | |||
Horace Mann Educators Corp. | 88,200 | 751,464 | |||
Old Republic International Corp. | 522,300 | 5,358,798 | |||
Unitrin, Inc.# | 112,300 | 2,149,422 | |||
22,451,718 | |||||
Insurance - Property/Casualty — 2.1% | |||||
Fidelity National Financial, Inc., Class A# | 478,800 | 5,903,604 | |||
First American Corp. | 210,000 | 5,044,200 | |||
Mercury General Corp.# | 80,600 | 3,666,494 | |||
Philadelphia Consolidated Holding Co.† | 131,300 | 8,068,385 | |||
W.R. Berkley Corp. | 317,500 | 9,026,525 | |||
31,709,208 | |||||
Insurance - Reinsurance — 0.7% | |||||
Everest Re Group, Ltd. | 139,900 | 10,976,554 | |||
Internet Infrastructure Equipment — 0.1% | |||||
Avocent Corp.† | 101,500 | 1,909,215 | |||
Internet Infrastructure Software — 0.3% | |||||
F5 Networks, Inc.†# | 182,500 | 4,544,250 | |||
132
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Internet Security — 0.7% | |||||
McAfee, Inc.† | 342,900 | $ | 10,400,157 | ||
Intimate Apparel — 0.1% | |||||
The Warnaco Group, Inc.† | 104,400 | 1,868,760 | |||
Investment Companies — 0.2% | |||||
Apollo Investment Corp.# | 322,200 | 2,735,478 | |||
Investment Management/Advisor Services — 0.7% | |||||
Affiliated Managers Group, Inc.†# | 92,600 | 2,592,800 | |||
Eaton Vance Corp. | 263,000 | 5,028,560 | |||
Waddell & Reed Financial, Inc., Class A | 194,100 | 2,608,704 | |||
10,230,064 | |||||
Machine Tools & Related Products — 0.5% | |||||
Kennametal, Inc. | 173,500 | 3,244,450 | |||
Lincoln Electric Holdings, Inc.# | 97,100 | 4,436,499 | |||
7,680,949 | |||||
Machinery - Construction & Mining — 0.8% | |||||
Bucyrus International, Inc. | 169,700 | 3,314,241 | |||
Joy Global, Inc. | 244,200 | 5,687,418 | |||
Terex Corp.† | 220,300 | 3,141,478 | |||
12,143,137 | |||||
Machinery - Farming — 0.3% | |||||
AGCO Corp.†# | 208,000 | 5,120,960 | |||
Machinery - General Industrial — 1.2% | |||||
IDEX Corp. | 187,100 | 4,303,300 | |||
Roper Industries, Inc.# | 203,200 | 9,300,464 | |||
Wabtec Corp. | 109,800 | 4,237,182 | |||
17,840,946 | |||||
Machinery - Print Trade — 0.2% | |||||
Zebra Technologies Corp., Class A† | 147,800 | 3,127,448 | |||
Machinery - Pumps — 0.2% | |||||
Graco, Inc.# | 136,100 | 2,920,706 | |||
Medical Information Systems — 0.4% | |||||
Cerner Corp.†# | 153,900 | 5,537,322 | |||
Medical Instruments — 1.2% | |||||
Beckman Coulter, Inc. | 141,000 | 6,144,780 | |||
Edwards Lifesciences Corp.† | 127,500 | 6,345,675 | |||
Techne Corp. | 87,700 | 5,438,277 | |||
17,928,732 | |||||
Medical Labs & Testing Services — 0.4% | |||||
Covance, Inc.†# | 142,900 | 5,584,532 | |||
Medical Products — 0.5% | |||||
Henry Schein, Inc.† | 202,600 | 7,238,898 | |||
Medical Sterilization Products — 0.2% | |||||
STERIS Corp. | 133,800 | 3,699,570 | |||
Medical - Biomedical/Gene — 1.4% | |||||
Bio-Rad Laboratories, Inc., Class A† | 43,300 | 3,211,128 | |||
Charles River Laboratories International, Inc.† | 153,800 | 3,506,640 | |||
PDL BioPharma, Inc.# | 270,400 | 2,590,432 | |||
United Therapeutics Corp.† | 51,800 | 2,840,194 | |||
Vertex Pharmaceuticals, Inc.† | 337,800 | 8,306,502 | |||
20,454,896 | |||||
Medical - Drugs — 0.9% | |||||
Endo Pharmaceuticals Holdings, Inc.† | 272,600 | 5,994,474 | |||
Medicis Pharmaceutical Corp., Class A# | 128,500 | 1,571,555 | |||
Sepracor, Inc.† | 246,800 | 2,902,368 | |||
Valeant Pharmaceuticals International†# | 184,700 | 3,597,956 | |||
14,066,353 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Medical - Generic Drugs — 0.4% | |||||
Perrigo Co.# | 176,000 | $ | 6,056,160 | ||
Medical - HMO — 0.2% | |||||
Health Net, Inc.† | 243,300 | 2,192,133 | |||
WellCare Health Plans, Inc.† | 94,600 | 847,616 | |||
3,039,749 | |||||
Medical - Hospitals — 0.7% | |||||
Community Health Systems, Inc.†# | 217,400 | 2,839,244 | |||
Health Management Associates, Inc., Class A† | 552,800 | 807,088 | |||
LifePoint Hospitals, Inc.†# | 120,700 | 2,421,242 | |||
Universal Health Services, Inc., Class B | 115,300 | 4,283,395 | |||
10,350,969 | |||||
Medical - Nursing Homes — 0.0% | |||||
Kindred Healthcare, Inc.† | 67,700 | 726,421 | |||
Medical - Outpatient/Home Medical — 0.3% | |||||
Lincare Holdings, Inc.†# | 166,400 | 3,981,952 | |||
Metal Processors & Fabrication — 0.5% | |||||
Commercial Metals Co. | 259,500 | 3,108,810 | |||
Timken Co. | 192,400 | 2,791,724 | |||
Worthington Industries, Inc.# | 135,600 | 1,800,768 | |||
7,701,302 | |||||
Metal - Iron — 0.4% | |||||
Cliffs Natural Resources, Inc. | 257,300 | 6,110,875 | |||
Miscellaneous Manufacturing — 0.3% | |||||
AptarGroup, Inc. | 153,800 | 5,143,072 | |||
Motion Pictures & Services — 0.3% | |||||
DreamWorks Animation SKG, Inc., Class A† | 182,400 | 4,213,440 | |||
Multimedia — 0.3% | |||||
FactSet Research Systems, Inc. | 96,900 | 3,876,000 | |||
Networking Products — 0.7% | |||||
3Com Corp.† | 916,200 | 1,841,562 | |||
Foundry Networks, Inc.† | 333,700 | 5,169,013 | |||
Polycom, Inc.† | 192,800 | 3,630,424 | |||
10,640,999 | |||||
Non-Hazardous Waste Disposal — 0.6% | |||||
Republic Services, Inc. | 350,600 | 8,414,400 | |||
Office Furnishings - Original — 0.2% | |||||
Herman Miller, Inc.# | 126,200 | 1,856,402 | |||
HNI Corp.# | 100,200 | 1,337,670 | |||
3,194,072 | |||||
Oil & Gas Drilling — 1.3% | |||||
Helmerich & Payne, Inc. | 238,500 | 6,048,360 | |||
Patterson-UTI Energy, Inc. | 354,900 | 4,432,701 | |||
Pride International, Inc.† | 392,300 | 6,359,183 | |||
Unit Corp.† | 107,100 | 3,071,628 | |||
19,911,872 | |||||
Oil Companies - Exploration & Production — 3.3% | |||||
Bill Barrett Corp.† | 83,800 | 1,874,606 | |||
Cimarex Energy Co. | 188,300 | 5,342,071 | |||
Comstock Resources, Inc.† | 104,300 | 4,373,299 | |||
Denbury Resources, Inc.† | 559,500 | 5,332,035 | |||
Encore Acquisition Co.† | 120,900 | 3,196,596 | |||
Equitable Resources, Inc. | 296,600 | 9,897,542 | |||
Forest Oil Corp.†# | 220,200 | 3,842,490 | |||
Mariner Energy, Inc.† | 201,400 | 2,213,386 | |||
Newfield Exploration Co.† | 299,600 | 6,764,968 |
133
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Oil Companies - Exploration & Production (continued) | |||||
Plains Exploration & Production Co.† | 243,900 | $ | 5,646,285 | ||
Quicksilver Resources, Inc.† | 256,700 | 1,599,241 | |||
50,082,519 | |||||
Oil Field Machinery & Equipment — 0.5% | |||||
FMC Technologies, Inc.† | 288,800 | 7,933,336 | |||
Oil Refining & Marketing — 0.2% | |||||
Frontier Oil Corp. | 235,400 | 2,810,676 | |||
Oil-Field Services — 0.7% | |||||
Exterran Holdings, Inc.†# | 149,100 | 2,616,705 | |||
Helix Energy Solutions Group, Inc.†# | 208,200 | 1,338,726 | |||
Oceaneering International, Inc.† | 125,500 | 3,240,410 | |||
Superior Energy Services, Inc.† | 183,100 | 3,085,235 | |||
10,281,076 | |||||
Optical Supplies — 0.0% | |||||
Advanced Medical Optics, Inc.†# | 118,100 | 686,161 | |||
Paper & Related Products — 0.6% | |||||
Potlatch Corp. | 89,600 | 2,390,528 | |||
Rayonier, Inc. | 178,200 | 5,951,880 | |||
8,342,408 | |||||
Pharmacy Services — 0.4% | |||||
Omnicare, Inc.# | 235,800 | 5,685,138 | |||
Physical Therapy/Rehabilitation Centers — 0.2% | |||||
Psychiatric Solutions, Inc.†# | 126,200 | 3,192,860 | |||
Pipelines — 0.5% | |||||
ONEOK, Inc. | 236,700 | 6,944,778 | |||
Power Converter/Supply Equipment — 0.2% | |||||
Hubbell, Inc., Class B | 127,300 | 3,806,270 | |||
Private Corrections — 0.3% | |||||
Corrections Corp. of America† | 284,100 | 5,139,369 | |||
Publishing - Books — 0.3% | |||||
John Wiley & Sons, Inc., Class A | 98,000 | 3,524,080 | |||
Scholastic Corp.# | 60,100 | 917,727 | |||
4,441,807 | |||||
Racetracks — 0.1% | |||||
International Speedway Corp., Class A | 64,200 | 1,665,990 | |||
Real Estate Investment Trusts — 5.2% | |||||
Alexandria Real Estate Equities, Inc.# | 72,800 | �� | 3,223,584 | ||
AMB Property Corp. | 222,200 | 3,826,284 | |||
BRE Properties, Inc.# | 115,700 | 3,396,952 | |||
Camden Property Trust# | 120,500 | 3,189,635 | |||
Cousins Properties, Inc.# | 98,900 | 1,066,142 | |||
Duke Realty Corp.# | 332,600 | 2,730,646 | |||
Equity One, Inc.# | 71,900 | 1,189,945 | |||
Essex Property Trust, Inc.# | 58,000 | 5,015,260 | |||
Federal Realty Investment Trust# | 133,600 | 7,727,424 | |||
Health Care REIT, Inc. | 231,000 | 8,778,000 | |||
Highwoods Properties, Inc. | 143,000 | 3,414,840 | |||
Hospitality Properties Trust | 212,700 | 2,437,542 | |||
Liberty Property Trust | 222,200 | 4,248,464 | |||
Mack-Cali Realty Corp. | 149,000 | 2,826,530 | |||
Nationwide Health Properties, Inc. | 219,400 | 4,965,022 | |||
Realty Income Corp.# | 229,500 | 4,633,605 | |||
Regency Centers Corp. | 158,600 | 5,647,746 | |||
The Macerich Co.# | 169,200 | 2,277,432 | |||
UDR, Inc.# | 307,500 | 4,652,475 | |||
Weingarten Realty Investors, Inc.# | 169,300 | 2,414,218 | |||
77,661,746 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Real Estate Management/Services — 0.1% | |||||
Jones Lang LaSalle, Inc.# | 91,600 | $ | 2,182,828 | ||
Recreational Centers — 0.1% | |||||
Life Time Fitness, Inc.†# | 79,100 | 1,184,127 | |||
Rental Auto/Equipment — 0.2% | |||||
Rent-A-Center, Inc.† | 151,100 | 2,479,551 | |||
United Rentals, Inc.†# | 134,500 | 1,085,415 | |||
3,564,966 | |||||
Research & Development — 0.5% | |||||
Pharmaceutical Product Development, Inc. | 270,000 | 7,111,800 | |||
Respiratory Products — 0.4% | |||||
ResMed, Inc.† | 171,300 | 6,225,042 | |||
Retail - Apparel/Shoe — 2.2% | |||||
Aeropostale, Inc.†# | 151,600 | 2,292,192 | |||
American Eagle Outfitters, Inc. | 466,500 | 4,478,400 | |||
AnnTaylor Stores Corp.† | 129,300 | 580,557 | |||
Chico’s FAS, Inc.†# | 399,600 | 1,018,980 | |||
Collective Brands, Inc.†# | 144,700 | 1,106,955 | |||
Foot Locker, Inc. | 351,100 | 2,362,903 | |||
Guess?, Inc. | 136,600 | 1,807,218 | |||
Hanesbrands, Inc.† | 212,600 | 2,746,792 | |||
J Crew Group, Inc.†# | 117,500 | 1,191,450 | |||
Pacific Sunwear of California, Inc.†# | 148,700 | 224,537 | |||
Phillips-Van Heusen Corp. | 116,600 | 2,033,504 | |||
Ross Stores, Inc. | 298,100 | 7,899,650 | |||
Urban Outfitters, Inc.†# | 257,900 | 4,686,043 | |||
32,429,181 | |||||
Retail - Auto Parts — 1.0% | |||||
Advance Auto Parts, Inc. | 216,900 | 6,585,084 | |||
O’Reilly Automotive, Inc.† | 303,700 | 7,917,459 | |||
14,502,543 | |||||
Retail - Automobile — 0.5% | |||||
CarMax, Inc.†# | 499,300 | 3,799,673 | |||
Copart, Inc.†# | 148,300 | 3,955,161 | |||
7,754,834 | |||||
Retail - Bookstores — 0.1% | |||||
Barnes & Noble, Inc. | 83,400 | 1,316,052 | |||
Borders Group, Inc.# | 136,900 | 146,483 | |||
1,462,535 | |||||
Retail - Catalog Shopping — 0.2% | |||||
Coldwater Creek, Inc.†# | 106,800 | 205,056 | |||
MSC Industrial Direct Co., Inc., Class A# | 102,700 | 3,554,447 | |||
3,759,503 | |||||
Retail - Discount — 1.0% | |||||
99 Cents Only Stores†# | 106,200 | 1,144,836 | |||
BJ’s Wholesale Club, Inc.†# | 134,600 | 4,815,988 | |||
Dollar Tree, Inc.† | 205,000 | 8,683,800 | |||
14,644,624 | |||||
Retail - Hair Salons — 0.1% | |||||
Regis Corp. | 97,700 | 1,073,723 | |||
Retail - Mail Order — 0.1% | |||||
Williams-Sonoma, Inc.# | 196,100 | 1,374,661 | |||
Retail - Major Department Stores — 0.1% | |||||
Saks, Inc.†# | 321,300 | 1,384,803 | |||
Retail - Pet Food & Supplies — 0.3% | |||||
PetSmart, Inc. | 287,000 | 5,036,850 | |||
134
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Retail - Restaurants — 0.8% | |||||
Bob Evans Farms, Inc. | 70,100 | $ | 1,175,577 | ||
Brinker International, Inc. | 229,500 | 1,523,880 | |||
Chipotle Mexican Grill, Inc., Class A†# | 74,800 | 3,708,584 | |||
The Cheesecake Factory, Inc.† | 135,300 | 984,984 | |||
Wendy’s/Arby’s Group, Inc., Class A Class A | 1,059,500 | 4,259,190 | |||
11,652,215 | |||||
Retail - Sporting Goods — 0.2% | |||||
Dick’s Sporting Goods, Inc.†# | 192,400 | 2,426,164 | |||
Savings & Loans/Thrifts — 1.4% | |||||
Astoria Financial Corp.# | 182,200 | 3,363,412 | |||
First Niagara Financial Group, Inc.# | 265,200 | 4,113,252 | |||
New York Community Bancorp, Inc.# | 778,500 | 10,159,425 | |||
Washington Federal, Inc.# | 199,000 | 3,361,110 | |||
20,997,199 | |||||
Schools — 1.9% | |||||
Career Education Corp.†# | 166,600 | 3,078,768 | |||
Corinthian Colleges, Inc.†# | 193,500 | 3,111,480 | |||
DeVry, Inc. | 139,200 | 8,001,216 | |||
ITT Educational Services, Inc.†# | 71,300 | 6,422,704 | |||
Strayer Education, Inc. | 32,400 | 7,763,364 | |||
28,377,532 | |||||
Semiconductor Components - Integrated Circuits — 0.3% | |||||
Atmel Corp.† | 1,009,900 | 2,827,720 | |||
Integrated Device Technology, Inc.† | 384,300 | 1,986,831 | |||
4,814,551 | |||||
Semiconductor Equipment — 0.4% | |||||
Lam Research Corp.† | 284,300 | 5,742,860 | |||
Soap & Cleaning Preparation — 0.6% | |||||
Church & Dwight Co., Inc. | 158,800 | 9,439,072 | |||
Steel - Producers — 0.5% | |||||
Carpenter Technology Corp. | 100,600 | 1,675,996 | |||
Reliance Steel & Aluminum Co. | 144,500 | 2,979,590 | |||
Steel Dynamics, Inc. | 366,500 | 3,027,290 | |||
7,682,876 | |||||
Telecom Services — 0.2% | |||||
NeuStar, Inc., Class A†# | 178,600 | 3,420,190 | |||
Telecommunication Equipment — 0.5% | |||||
ADC Telecommunications, Inc.†# | 266,600 | 1,895,526 | |||
ADTRAN, Inc. | 126,400 | 1,794,880 | |||
CommScope, Inc.†# | 159,266 | 1,798,113 | |||
Plantronics, Inc. | 110,900 | 1,409,539 | |||
6,898,058 | |||||
Telephone - Integrated — 0.6% | |||||
Cincinnati Bell, Inc.† | 531,800 | 920,014 | |||
Telephone and Data Systems, Inc. | 241,200 | 7,826,940 | |||
8,746,954 | |||||
Television — 0.0% | |||||
Belo Corp., Class A | 198,200 | 382,526 | |||
Textile - Home Furnishings — 0.3% | |||||
Mohawk Industries, Inc.† | 127,200 | 3,910,128 | |||
Tobacco — 0.1% | |||||
Universal Corp.# | 57,600 | 1,841,472 | |||
Security Description | Shares/ Principal | Market Value (Note 2) | ||||
Toys — 0.2% | ||||||
Marvel Entertainment, Inc.†# | 111,200 | $ | 3,274,840 | |||
Transactional Software — 0.1% | ||||||
ACI Worldwide, Inc†# | 78,000 | 1,224,600 | ||||
Transport - Equipment & Leasing — 0.2% | ||||||
GATX Corp. | 110,300 | 3,104,945 | ||||
Transport - Marine — 0.6% | ||||||
Alexander & Baldwin, Inc.# | 93,800 | 2,424,730 | ||||
Overseas Shipholding Group, Inc.# | 57,300 | 2,123,538 | ||||
Tidewater, Inc.# | 116,800 | 4,611,264 | ||||
9,159,532 | ||||||
Transport - Rail — 0.3% | ||||||
Kansas City Southern† | 206,100 | 4,517,712 | ||||
Transport - Truck — 0.7% | ||||||
Con-way, Inc. | 103,600 | 2,897,692 | ||||
J.B. Hunt Transport Services, Inc.# | 185,100 | 4,962,531 | ||||
Werner Enterprises, Inc.# | 96,400 | 1,675,432 | ||||
YRC Worldwide, Inc.†# | 129,700 | 516,206 | ||||
10,051,861 | ||||||
Veterinary Diagnostics — 0.2% | ||||||
VCA Antech, Inc.†# | 191,300 | 3,644,265 | ||||
Vitamins & Nutrition Products — 0.1% | ||||||
NBTY, Inc.† | 123,200 | 1,795,024 | ||||
Water — 0.4% | ||||||
Aqua America, Inc.# | 305,400 | 6,624,126 | ||||
Wireless Equipment — 0.1% | ||||||
RF Micro Devices, Inc.†# | 592,100 | 787,493 | ||||
X-Ray Equipment — 0.5% | ||||||
Hologic, Inc.†# | 580,900 | 8,167,454 | ||||
Total Long-Term Investment Securities | ||||||
(cost $2,231,144,522) | 1,470,123,066 | |||||
SHORT-TERM INVESTMENT SECURITIES — 23.0% | ||||||
Collective Investment Pool — 20.2% | ||||||
Securities Lending Quality Trust(1) | 318,157,001 | 304,794,407 | ||||
Commercial Paper — 2.3% | ||||||
Erste Finance LLC | $ | 34,000,000 | 34,000,000 | |||
U.S. Government Treasuries — 0.5% | ||||||
United States Treas Bills | 680,000 | 679,981 | ||||
0.04% due 02/05/09(2) | 1,750,000 | 1,749,872 | ||||
0.06% due 01/08/09(2) | 500,000 | 499,968 | ||||
0.07% due 01/15/09(2) | 1,300,000 | 1,299,886 | ||||
0.08% due 01/08/09(2) | 1,100,000 | 1,099,907 | ||||
0.09% due 01/08/09(2) | 300,000 | 299,973 | ||||
0.10% due 12/26/08(2) | 70,000 | 69,995 | ||||
0.12% due 12/26/08(2) | 145,000 | 144,988 | ||||
0.17% due 12/26/08(2) | 275,000 | 274,996 | ||||
0.18% due 12/26/08(2) | 285,000 | 284,964 | ||||
0.30% due 12/26/08(2) | 70,000 | 69,986 | ||||
0.35% due 01/08/09(2) | 1,200,000 | 1,199,956 | ||||
7,674,472 | ||||||
Total Short-Term Investment Securities | ||||||
(cost $359,831,473 ) | 346,468,879 | |||||
135
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AIG Retirement Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 0.2% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,203,003 and collateralized by Federal Home Loan Bank Notes, bearing interest at 6.63%, due 11/15/10 and having an approximate value of $3,300,975 | $ | 3,203,000 | $ | 3,203,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,594,178,995)(3) | 120.7 | % | 1,819,794,945 | |||||
Liabilities in excess of other assets | (20.7 | ) | (312,230,842 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,507,564,103 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2) |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(3) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | |||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | ||||||||
905 Long | S&P Midcap 400 E-mini Index | December 2008 | $ | 44,720,345 | $ | 46,517,000 | $ | 1,796,655 | |||||
See Notes to Financial Statements
136
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AIG Retirement Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 24.7 | % | |
Oil Companies — Exploration & Production | 13.5 | ||
Schools | 7.5 | ||
Time Deposits | 5.7 | ||
Building Products — Cement | 3.4 | ||
Transport — Services | 3.1 | ||
Electronic Components — Semiconductors | 2.7 | ||
Medical Instruments | 2.7 | ||
E-Commerce/Services | 2.6 | ||
Pharmacy Services | 2.5 | ||
Distribution/Wholesale | 2.2 | ||
Building — Residential/Commercial | 1.9 | ||
Engineering/R&D Services | 1.8 | ||
Applications Software | 1.8 | ||
Retail — Apparel/Shoe | 1.8 | ||
Diversified Financial Services | 1.6 | ||
Internet Application Software | 1.6 | ||
Commercial Services — Finance | 1.6 | ||
Commercial Services | 1.5 | ||
Diversified Operations | 1.5 | ||
Retail — Restaurants | 1.4 | ||
Broadcast Services/Program | 1.4 | ||
Medical — Biomedical/Gene | 1.4 | ||
Casino Hotels | 1.4 | ||
Medical — Drugs | 1.3 | ||
Finance — Investment Banker/Broker | 1.3 | ||
Wire & Cable Products | 1.2 | ||
Finance — Credit Card | 1.2 | ||
Power Converter/Supply Equipment | 1.1 | ||
Machinery — Pumps | 1.1 | ||
Electronic Measurement Instruments | 1.1 | ||
Internet Content — Information/News | 1.0 | ||
Retail — Regional Department Stores | 1.0 | ||
Computer Services | 1.0 | ||
Savings & Loans/Thrifts | 1.0 | ||
Machinery — General Industrial | 0.9 | ||
Metal — Iron | 0.9 | ||
Metal Processors & Fabrication | 0.9 | ||
Diagnostic Equipment | 0.9 | ||
Energy — Alternate Sources | 0.9 | ||
Real Estate Operations & Development | 0.9 | ||
Metal — Diversified | 0.8 | ||
Casino Services | 0.8 | ||
Oil Refining & Marketing | 0.8 | ||
Chemicals — Diversified | 0.8 | ||
Computers — Memory Devices | 0.8 | ||
Internet Infrastructure Software | 0.8 | ||
Investment Management/Advisor Services | 0.7 | ||
Transport — Truck | 0.7 | ||
Medical — Generic Drugs | 0.7 | ||
Water Treatment Systems | 0.7 | ||
Machinery — Farming | 0.7 | ||
Banks — Commercial | 0.7 | ||
Consulting Services | 0.6 | ||
Hazardous Waste Disposal | 0.6 | ||
Patient Monitoring Equipment | 0.6 | ||
Airport Development/Maintenance | 0.6 | ||
Apparel Manufacturers | 0.6 | ||
Cellular Telecom | 0.5 | ||
Machinery — Construction & Mining | 0.5 | ||
Banks — Fiduciary | 0.5 | ||
Insurance — Property/Casualty | 0.5 | ||
Retail — Auto Parts | 0.5 | ||
Computers — Integrated Systems | 0.5 | ||
Web Portals/ISP | 0.5 | ||
Web Hosting/Design | 0.5 | ||
Advertising Services | 0.5 | ||
Human Resources | 0.4 | ||
E-Commerce/Products | 0.4 |
Agricultural Chemicals | 0.4 | ||
Textile — Home Furnishings | 0.3 | ||
127.0 | % | ||
* | Calculated as a percentage of net assets |
137
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AIG Retirement Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 96.6% | |||||
Advertising Services — 0.5% | |||||
Groupe Aeroplan, Inc. | 129,565 | $ | 825,896 | ||
Agricultural Chemicals — 0.4% | |||||
Intrepid Potash, Inc.†# | 33,676 | 646,579 | |||
Airport Development/Maintenance — 0.6% | |||||
Grupo Aeroportuario del Pacifico SA de CV ADR# | 47,405 | 1,052,391 | |||
Apparel Manufacturers — 0.6% | |||||
Under Armour, Inc., Class A†# | 45,500 | 1,046,045 | |||
Applications Software — 1.8% | |||||
Citrix Systems, Inc.† | 52,300 | 1,394,318 | |||
Salesforce.com, Inc.†# | 65,072 | 1,862,361 | |||
3,256,679 | |||||
Banks - Commercial — 0.7% | |||||
TCF Financial Corp.# | 72,100 | 1,204,070 | |||
Banks - Fiduciary — 0.5% | |||||
Northern Trust Corp. | 20,000 | 917,800 | |||
Broadcast Services/Program — 1.4% | |||||
Discovery Communications, Inc., Class A†# | 48,519 | 727,785 | |||
Discovery Communications, Inc., Class C† | 58,109 | 879,189 | |||
Grupo Televisa SA ADR | 63,808 | 948,187 | |||
2,555,161 | |||||
Building Products - Cement — 3.4% | |||||
Eagle Materials, Inc.# | 114,400 | 2,402,400 | |||
Martin Marietta Materials, Inc.# | 34,735 | 3,044,176 | |||
Texas Industries, Inc.# | 21,740 | 670,896 | |||
6,117,472 | |||||
Building - Residential/Commercial — 1.9% | |||||
Gafisa SA# | 63,980 | 515,679 | |||
NVR, Inc.†# | 2,345 | 1,018,316 | |||
Pulte Homes, Inc.# | 179,400 | 1,910,610 | |||
3,444,605 | |||||
Casino Hotels — 1.4% | |||||
Wynn Resorts, Ltd.†# | 62,401 | 2,484,808 | |||
Casino Services — 0.8% | |||||
Bally Technologies, Inc.†# | 78,190 | 1,444,169 | |||
Cellular Telecom — 0.5% | |||||
NII Holdings, Inc.† | 51,116 | 993,695 | |||
Chemicals - Diversified — 0.8% | |||||
FMC Corp. | 24,800 | 1,083,760 | |||
Rockwood Holdings, Inc.† | 37,929 | 339,085 | |||
1,422,845 | |||||
Commercial Services — 1.5% | |||||
Alliance Data Systems Corp.†# | 38,900 | 1,684,759 | |||
Quanta Services, Inc.†# | 61,000 | 991,860 | |||
2,676,619 | |||||
Commercial Services - Finance — 1.6% | |||||
H&R Block, Inc. | 60,600 | 1,159,278 | |||
Morningstar, Inc.†# | 51,357 | 1,653,695 | |||
2,812,973 | |||||
Computer Services — 1.0% | |||||
IHS, Inc.† | 48,918 | 1,775,234 | |||
Computers - Integrated Systems — 0.5% | |||||
Teradata Corp.† | 66,391 | 891,631 | |||
Computers - Memory Devices — 0.8% | |||||
NetApp, Inc.† | 102,800 | 1,387,800 | |||
Security Description | Shares | Market Value (Note 2) | |||
Consulting Services — 0.6% | |||||
The Corporate Executive Board Co. | 50,577 | $ | 1,166,306 | ||
Diagnostic Equipment — 0.9% | |||||
Gen-Probe, Inc.† | 42,035 | 1,548,990 | |||
Distribution/Wholesale — 2.2% | |||||
Fastenal Co.# | 46,300 | 1,783,013 | |||
Li & Fung, Ltd.(4) | 1,191,071 | 2,167,867 | |||
3,950,880 | |||||
Diversified Financial Services — 1.6% | |||||
IntercontinentalExchange, Inc.† | 38,696 | 2,848,026 | |||
Diversified Operations — 1.5% | |||||
Leucadia National Corp.# | 135,705 | 2,653,033 | |||
E-Commerce/Products — 0.4% | |||||
Amazon.com, Inc.† | 17,750 | 757,925 | |||
E-Commerce/Services — 2.6% | |||||
Alibaba.com, Ltd.†(4) | 1,230,600 | 680,944 | |||
Ctrip.com International, Ltd. ADR# | 78,716 | 1,831,721 | |||
Priceline.com, Inc.†# | 30,695 | 2,117,955 | |||
4,630,620 | |||||
Electronic Components - Semiconductors — 2.7% | |||||
Broadcom Corp., Class A†# | 105,100 | 1,609,081 | |||
Microsemi Corp.† | 113,400 | 2,210,166 | |||
QLogic Corp.†# | 100,900 | 1,071,558 | |||
4,890,805 | |||||
Electronic Measurement Instruments — 1.1% | |||||
FLIR Systems, Inc.†# | 65,600 | 2,034,912 | |||
Energy - Alternate Sources — 0.9% | |||||
Covanta Holding Corp.†# | 77,466 | 1,545,447 | |||
Engineering/R&D Services — 1.8% | |||||
Aecom Technology Corp.† | 45,702 | 1,210,646 | |||
Fluor Corp. | 46,400 | 2,113,056 | |||
3,323,702 | |||||
Finance - Credit Card — 1.2% | |||||
Redecard SA | 192,351 | 2,217,909 | |||
Finance - Investment Banker/Broker — 1.3% | |||||
Greenhill & Co., Inc.# | 15,808 | 1,076,525 | |||
TD Ameritrade Holding Corp.† | 101,300 | 1,347,290 | |||
2,423,815 | |||||
Hazardous Waste Disposal — 0.6% | |||||
Stericycle, Inc.† | 19,200 | 1,100,160 | |||
Human Resources — 0.4% | |||||
Monster Worldwide, Inc.†# | 69,437 | 796,442 | |||
Insurance - Property/Casualty — 0.5% | |||||
Alleghany Corp.†# | 3,451 | 914,515 | |||
Internet Application Software — 1.6% | |||||
Tencent Holdings, Ltd.(4) | 511,000 | 2,813,355 | |||
Internet Content - Information/News — 1.0% | |||||
Baidu.com ADR†# | 13,833 | 1,879,628 | |||
Internet Infrastructure Software — 0.8% | |||||
F5 Networks, Inc.†# | 55,700 | 1,386,930 | |||
Investment Management/Advisor Services — 0.7% | |||||
Calamos Asset Management, Inc., Class A# | 88,956 | 362,051 | |||
T. Rowe Price Group, Inc.# | 29,100 | 995,511 | |||
1,357,562 | |||||
138
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AIG Retirement Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Machinery - Construction & Mining — 0.5% | |||||
Bucyrus International, Inc.# | 48,800 | $ | 953,064 | ||
Machinery - Farming — 0.7% | |||||
AGCO Corp.† | 49,000 | 1,206,380 | |||
Machinery - General Industrial — 0.9% | |||||
The Manitowoc Co., Inc. | 205,900 | 1,622,492 | |||
Machinery - Pumps — 1.1% | |||||
Flowserve Corp. | 40,800 | 2,053,464 | |||
Medical Instruments — 2.7% | |||||
Edwards Lifesciences Corp.† | 19,800 | 985,446 | |||
Intuitive Surgical, Inc.†# | 7,118 | 943,349 | |||
Techne Corp. | 46,214 | 2,865,730 | |||
4,794,525 | |||||
Medical - Biomedical/Gene — 1.4% | |||||
Illumina, Inc.†# | 114,928 | 2,529,565 | |||
Medical - Drugs — 1.3% | |||||
Cephalon, Inc.†# | 33,200 | 2,439,536 | |||
Medical - Generic Drugs — 0.7% | |||||
Teva Pharmaceutical Industries, Ltd. ADR | 29,500 | 1,272,925 | |||
Metal Processors & Fabrication — 0.9% | |||||
Precision Castparts Corp. | 25,400 | 1,592,580 | |||
Metal - Diversified — 0.8% | |||||
Freeport-McMoRan Copper & Gold, Inc. | 63,900 | 1,532,961 | |||
Metal - Iron — 0.9% | |||||
Cliffs Natural Resources, Inc. | 68,300 | 1,622,125 | |||
Oil Companies - Exploration & Production — 13.5% | |||||
Continental Resources, Inc.†# | 92,100 | 1,800,555 | |||
PetroHawk Energy Corp.†# | 147,095 | 2,569,750 | |||
Plains Exploration & Production Co.† | 58,000 | 1,342,700 | |||
Questar Corp. | 31,304 | 1,007,676 | |||
Range Resources Corp. | 93,050 | 3,858,783 | |||
Southwestern Energy Co.† | 265,679 | 9,131,387 | |||
Ultra Petroleum Corp.† | 116,460 | 4,731,770 | |||
24,442,621 | |||||
Oil Refining & Marketing — 0.8% | |||||
Frontier Oil Corp.# | 119,900 | 1,431,606 | |||
Patient Monitoring Equipment — 0.6% | |||||
Mindray Medical International, Ltd., Class A ADR# | 60,721 | 1,097,836 | |||
Pharmacy Services — 2.5% | |||||
Express Scripts, Inc.† | 33,400 | 1,920,834 | |||
Ironwood Pharmaceutical, Inc.(1) | 59,853 | 718,236 | |||
Omnicare, Inc.# | 76,000 | 1,832,360 | |||
4,471,430 | |||||
Power Converter/Supply Equipment — 1.1% | |||||
Sunpower Corp., Class A†# | 59,400 | 2,062,962 | |||
Real Estate Operations & Development — 0.9% | |||||
Brookfield Asset Management, Inc. Class A | 106,782 | 1,545,136 | |||
Retail - Apparel/Shoe — 1.8% | |||||
Abercrombie & Fitch Co., Class A# | 48,583 | 939,109 | |||
Lululemon Athletica, Inc.†# | 50,200 | 492,964 | |||
Urban Outfitters, Inc.†# | 99,100 | 1,800,647 | |||
3,232,720 | |||||
Retail - Auto Parts — 0.5% | |||||
AutoZone, Inc.† | 8,200 | 895,604 | |||
Retail - Regional Department Stores — 1.0% | |||||
Kohl’s Corp.† | 56,100 | 1,832,226 | |||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
Retail - Restaurants — 1.4% | ||||||||
Panera Bread Co., Class A†# | 22,000 | $ | 977,680 | |||||
Starbucks Corp.† | 183,036 | 1,634,511 | ||||||
2,612,191 | ||||||||
Savings & Loans/Thrifts — 1.0% | ||||||||
People’s United Financial, Inc.# | 92,700 | 1,767,789 | ||||||
Schools — 7.5% | ||||||||
Apollo Group, Inc., Class A†# | 34,900 | 2,681,716 | ||||||
DeVry, Inc. | 28,200 | 1,620,936 | ||||||
ITT Educational Services, Inc.†# | 32,896 | 2,963,272 | ||||||
New Oriental Education & Technology Group, Inc. ADR† | 31,847 | 1,643,623 | ||||||
Strayer Education, Inc.# | 19,582 | 4,692,043 | ||||||
13,601,590 | ||||||||
Textile - Home Furnishings — 0.3% | ||||||||
Mohawk Industries, Inc.† | 18,238 | 560,636 | ||||||
Transport - Services — 3.1% | ||||||||
C.H. Robinson Worldwide, Inc.# | 46,678 | 2,384,312 | ||||||
Expeditors International of Washington, Inc. | 96,775 | 3,235,188 | ||||||
5,619,500 | ||||||||
Transport - Truck — 0.7% | ||||||||
J.B. Hunt Transport Services, Inc.# | 47,700 | 1,278,837 | ||||||
Water Treatment Systems — 0.7% | ||||||||
Nalco Holding Co.# | 110,533 | 1,261,181 | ||||||
Web Hosting/Design — 0.5% | ||||||||
Equinix, Inc.†# | 18,546 | 842,174 | ||||||
Web Portals/ISP — 0.5% | ||||||||
Yahoo!, Inc.† | 76,600 | 881,666 | ||||||
Wire & Cable Products — 1.2% | ||||||||
General Cable Corp.† | 136,600 | 2,255,266 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $242,501,216) | 174,510,022 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 30.4% |
| |||||||
Collective Investment Pool — 24.7% |
| |||||||
Securities Lending Quality Trust(2) | 46,619,481 | 44,661,463 | ||||||
Time Deposits — 5.7% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08 | $ | 1,747,000 | 1,747,000 | |||||
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08 | 8,588,000 | 8,588,000 | ||||||
10,335,000 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $56,954,481) | 54,996,463 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $299,455,697)(3) | 127.0 | % | 229,506,485 | |||||
Liabilities in excess of other assets | (27.0 | ) | (48,815,359 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 180,691,126 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | Fair valued security; see Note 2 |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
ADR | American Deposity Receipt |
See Notes to Financial Statements
139
Table of Contents
AIG Retirement Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
U.S. Government Agency | 59.4 | % | |
Money Center Banks | 16.1 | ||
Foreign Banks | 5.4 | ||
Commercial Banks — Canadian | 3.7 | ||
Super-Regional Banks — U.S. | 3.7 | ||
Asset Backed CP/Receivables | 3.4 | ||
Finance | 3.4 | ||
Cosmetics-Toiletries | 1.3 | ||
Asset Backed CP/Multi-Asset | 1.2 | ||
Diversified Financial Services | 1.2 | ||
U.S. Government Securities | 1.2 | ||
100.0 | % | ||
Weighted Average Days to Maturity | 68.6 |
Credit Quality@#
A-1 | 100.0 | % | |
D | 0.0 | ||
100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
140
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AIG Retirement Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Principal Amount | Market Value (Note 2) | ||||
SHORT-TERM INVESTMENT SECURITIES — 93.7% | ||||||
Asset-Backed Commercial Paper — 4.6% | ||||||
Cancara Asset Securitisation LLC | $ | 7,500,000 | $ | 7,481,000 | ||
Kitty Hawk Funding Corp. | 7,700,000 | 7,698,428 | ||||
Ranger Funding Co. LLC | 5,225,000 | 5,222,387 | ||||
Ranger Funding Co. LLC | 7,600,000 | 7,584,336 | ||||
Total Asset-Backed Commercial Paper | ||||||
(amortized cost $27,986,151) | 27,986,151 | |||||
Certificates of Deposit — 14.1% | ||||||
Bank of America NA | 7,650,000 | 7,650,000 | ||||
Bank of America NA | 7,400,000 | 7,400,000 | ||||
Bank of America NA | 7,200,000 | 7,200,000 | ||||
Barclays Bank PLC | 2,900,000 | 2,896,431 | ||||
J.P. Morgan Chase Bank | 7,600,000 | 7,600,000 | ||||
J.P. Morgan Chase Bank | 7,600,000 | 7,600,000 | ||||
Royal Bank Of Canada | 7,400,000 | 7,400,000 | ||||
Royal Bank Of Canada | 7,600,000 | 7,602,444 | ||||
Royal Bank Of Canada | 7,650,000 | 7,652,931 | ||||
Royal Bank of Scotland | 7,300,000 | 7,300,219 | ||||
Royal Bank Of Scotland | 7,350,000 | 7,350,080 | ||||
UBS AG | 7,500,000 | 7,500,000 | ||||
Total Certificates of Deposit | ||||||
(amortized cost $85,152,105) | 85,152,105 | |||||
Commercial Paper — 13.5% | ||||||
Barclays U.S. Funding LLC | 7,300,000 | 7,299,453 | ||||
General Electric Capital Corp. | 7,400,000 | 7,398,109 | ||||
General Electric Co. | 7,500,000 | 7,490,000 | ||||
HSBC Bank USA | 7,300,000 | 7,299,447 | ||||
HSBC USA, Inc. | 7,600,000 | 7,569,948 | ||||
J.P. Morgan Chase & Co. | 7,600,000 | 7,600,000 | ||||
Lloyds Bank PLC | 7,600,000 | 7,598,351 | ||||
Proctor & Gamble Co. | 7,600,000 | 7,579,733 | ||||
Rabobank Nederland NV | 7,400,000 | 7,400,143 | ||||
Svenska Handelsbank, Inc. | 7,300,000 | 7,298,905 | ||||
UBS Finance Delaware LLC | 7,000,000 | 7,000,000 | ||||
Total Commercial Paper | ||||||
(amortized cost $81,534,089) | 81,534,089 | |||||
Security Description | Principal Amount | Market Value (Note 2) | ||||
Corporate Notes — 0.0% | ||||||
Cheyne Finance LLC | $ | 1,955,656 | $ | 50,549 | ||
Medium Term Notes — 0.9% | ||||||
General Electric Capital Corp. | 5,500,000 | 5,510,589 | ||||
U.S. Government Agencies — 59.4% | ||||||
Federal Home Loan Bank | 3,000,000 | 2,985,700 | ||||
1.30% due 12/09/08 | 7,400,000 | 7,397,862 | ||||
1.32% due 05/11/09 | 7,500,000 | 7,455,725 | ||||
1.45% due 05/01/09 | 7,500,000 | 7,454,385 | ||||
1.50% due 07/17/09 | 5,800,000 | 5,744,900 | ||||
1.70% due 05/18/09 | 7,700,000 | 7,638,913 | ||||
1.80% due 05/13/09 | 7,700,000 | 7,637,245 | ||||
1.80% due 11/16/09 | 7,600,000 | 7,467,000 | ||||
1.90% due 12/12/08 | 7,400,000 | 7,395,704 | ||||
2.00% due 01/05/09 | 7,400,000 | 7,385,611 | ||||
2.03% due 04/23/09 | 7,650,000 | 7,670,077 | ||||
2.12% due 03/03/09 | 7,400,000 | 7,359,909 | ||||
2.15% due 01/20/09 | 7,400,000 | 7,377,903 | ||||
2.19% due 12/10/08 | 7,300,000 | 7,296,003 | ||||
2.20% due 04/01/09 | 5,500,000 | 5,498,409 | ||||
2.30% due 01/15/09 | 7,000,000 | 6,998,918 | ||||
2.30% due 04/30/09 | 7,400,000 | 7,329,083 | ||||
2.35% due 12/17/08 | 7,400,000 | 7,392,271 | ||||
2.35% due 12/19/08 | 7,400,000 | 7,391,305 | ||||
2.35% due 12/26/08 | 7,400,000 | 7,387,924 | ||||
2.40% due 01/09/09 | 7,400,000 | 7,380,760 | ||||
2.40% due 01/14/09 | 7,400,000 | 7,378,293 | ||||
2.40% due 01/26/09 | 5,800,000 | 5,778,347 | ||||
2.46% due 12/04/08 | 7,300,000 | 7,298,504 | ||||
2.47% due 12/02/08 | 5,700,000 | 5,699,609 | ||||
2.51% due 05/07/09 | 7,300,000 | 7,295,801 | ||||
2.54% due 02/04/09 | 7,400,000 | 7,366,063 | ||||
2.60% due 02/27/09 | 7,400,000 | 7,352,969 | ||||
2.61% due 12/01/08 | 6,000,000 | 6,000,000 | ||||
2.65% due 03/16/09 | 7,400,000 | 7,342,804 | ||||
2.70% due 12/31/08 | 5,900,000 | 5,886,725 | ||||
2.70% due 01/05/09 | 5,900,000 | 5,884,513 | ||||
2.70% due 01/06/09 | 7,500,000 | 7,479,750 | ||||
2.70% due 01/16/09 | 7,500,000 | 7,474,125 | ||||
2.70% due 02/11/09 | 5,700,000 | 5,669,220 | ||||
2.75% due 12/02/08 | 5,900,000 | 5,899,549 | ||||
2.80% due 12/17/08 | 5,900,000 | 5,892,658 | ||||
2.80% due 12/26/08 | 5,900,000 | 5,888,528 | ||||
2.90% due 05/18/09 | 7,400,000 | 7,299,853 | ||||
3.00% due 01/07/09 | 7,300,000 | 7,277,492 | ||||
3.00% due 04/20/09 | 7,400,000 | 7,313,667 | ||||
3.00% due 04/21/09 | 7,400,000 | 7,313,050 | ||||
3.00% due 04/22/09 | 7,400,000 | 7,312,433 | ||||
3.00% due 04/23/09 | 7,400,000 | 7,311,817 | ||||
3.00% due 04/24/09 | 7,400,000 | 7,311,200 | ||||
3.00% due 04/29/09 | 7,400,000 | 7,308,117 | ||||
3.10% due 04/15/09 | 7,400,000 | 7,313,975 | ||||
Federal National Mtg. Assoc. | ||||||
1.00% due 04/20/09 | 15,200,000 | 15,140,889 | ||||
1.05% due 05/01/09 | 7,600,000 | 7,566,528 | ||||
2.09% due 12/08/08 | 5,600,000 | 5,597,724 | ||||
2.90% due 12/24/08 | 5,800,000 | 5,789,254 | ||||
Total U.S. Government Agencies | ||||||
(amortized cost $359,089,064) | 359,089,064 | |||||
141
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AIG Retirement Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | |||||
U.S. Government Treasuries — 1.2% |
| ||||||
United States Treasury Bills | |||||||
(amortized cost $7,444,087) | $ | 7,500,000 | $ | 7,444,087 | |||
Total Short-Term Investment Securities — 93.7% |
| ||||||
(amortized cost $566,766,634) | 566,766,634 | ||||||
REPURCHASE AGREEMENT — 6.3% |
| ||||||
UBS Securities, LLC Joint Repurchase Agreement(6) (amortized cost $38,039,000) | 38,039,000 | 38,039,000 | |||||
TOTAL INVESTMENTS | |||||||
(amortized cost $604,805,634)(7) | 100.0 | % | 604,805,634 | ||||
Other assets less liabilities | 0.0 | 29,676 | |||||
NET ASSETS — | 100.0 | % | $ | 604,835,310 | |||
† | Non-income producing security. |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $35,616,433 representing 5.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $50,549, representing 0.0% of net assets. |
(2) | Security in default |
(3) | Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008. |
(4) | Security issued by a structured investment vehicle (“SIV”). These SIV’s may be affected by, among other things, changes in: interest rates, the quality of the underlying assets or the market’s assessment thereof, factors concerning the interest in and structure of the issuer or the originator of the receivables, or the credit worthiness of the entities that provide any credit enhancements. |
(5) | On August 28, 2007, mark to market losses experienced in the investment portfolio of SIV Portfolio, PLC (“SIV Portfolio”) (formerly Cheyne Finance PLC), the issuer of the underlying notes held by Cheyne Finance LLC, the issuer of the medium term notes (the “Notes”) held by the Portfolio, triggered the appointment of receivers (Deloitte & Touche LLP) (collectively, the “Receiver”). On October 17, 2007, the Receiver determined that SIV Portfolio was, or was about to become, unable to pay its debts as they came due and that an insolvency event had occurred. As a result of this determination, the Notes became immediately due and payable and are in default as a result of non payment. These events, which are based on published reports, materially adversely affected the ability of SIV Portfolio to make interest and principal payments due on the Notes. On April 16, 2008, however, the Receiver made a partial payment of principal and interest due on the Notes. On July 23, 2008, the Receiver concluded the sale of SIV Portfolio’s investment portfolio and a distribution to senior creditors, including the Fund, was made. Furthermore, an additional distribution to senior creditors, including the Fund, was made on August 13, 2008. The market value of the Notes, as of November 30, 2008, represents the Notes’ residual value that may be distributed to the Fund. |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
(7) | See Note 5 for cost of investments on a tax basis. |
See Notes to Financial Statements
142
Table of Contents
AIG Retirement Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 21.1 | % | |
Computers | 14.2 | ||
Medical — Biomedical/Gene | 12.6 | ||
Applications Software | 8.2 | ||
Wireless Equipment | 6.4 | ||
Electronic Components — Semiconductors | 5.0 | ||
Web Portals/ISP | 4.8 | ||
Cable TV | 4.3 | ||
Enterprise Software/Service | 4.1 | ||
Networking Products | 4.0 | ||
Medical — Generic Drugs | 2.6 | ||
Repurchase Agreements | 2.4 | ||
Entertainment Software | 1.9 | ||
E-Commerce/Services | 1.8 | ||
Transport — Services | 1.5 | ||
Internet Security | 1.4 | ||
Semiconductor Equipment | 1.3 | ||
Pharmacy Services | 1.2 | ||
Schools | 1.2 | ||
E-Commerce/Products | 1.2 | ||
Electronic Forms | 1.2 | ||
Retail — Discount | 1.1 | ||
Auto — Heavy Duty Trucks | 1.1 | ||
Commercial Services — Finance | 0.9 | ||
Semiconductor Components — Integrated Circuits | 0.9 | ||
Retail — Restaurants | 0.9 | ||
Cellular Telecom | 0.8 | ||
Computers — Memory Devices | 0.8 | ||
Retail — Office Supplies | 0.8 | ||
Retail — Bedding | 0.7 | ||
Data Processing/Management | 0.7 | ||
U.S. Government Treasuries | 0.7 | ||
Dental Supplies & Equipment | 0.6 | ||
Distribution/Wholesale | 0.5 | ||
Computer Services | 0.5 | ||
Electronic Components — Misc. | 0.5 | ||
Chemicals — Specialty | 0.5 | ||
Medical Instruments | 0.5 | ||
Hazardous Waste Disposal | 0.5 | ||
Medical — Drugs | 0.5 | ||
Casino Hotels | 0.5 | ||
Retail — Major Department Stores | 0.5 | ||
Electronic Measurement Instruments | 0.4 | ||
Linen Supply & Related Items | 0.4 | ||
Broadcast Services/Program | 0.4 | ||
Computer Aided Design | 0.4 | ||
X-Ray Equipment | 0.4 | ||
Internet Content — Information/News | 0.3 | ||
Medical Products | 0.3 | ||
Engineering/R&D Services | 0.3 | ||
Airlines | 0.3 | ||
Beverages — Non-alcoholic | 0.3 | ||
Machinery — Construction & Mining | 0.2 | ||
Computers — Periphery Equipment | 0.2 | ||
Retail — Pet Food & Supplies | 0.2 | ||
Internet Infrastructure Software | 0.2 | ||
Advertising Sales | 0.2 | ||
Telecom Services | 0.2 | ||
Steel — Producers | 0.1 | ||
Food — Retail | 0.1 | ||
Telephone — Integrated | 0.1 | ||
Electronic Design Automation | 0.1 | ||
Radio | 0.1 | ||
122.1 | % | ||
* | Calculated as a percentage of net assets |
143
Table of Contents
AIG Retirement Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 97.9% | |||||
Advertising Sales — 0.2% | |||||
Focus Media Holding, Ltd. ADR†# | 5,961 | $ | 44,528 | ||
Lamar Advertising Co., Class A†# | 3,886 | 57,785 | |||
102,313 | |||||
Airlines — 0.3% | |||||
Ryanair Holdings PLC ADR†# | 6,200 | 162,812 | |||
Applications Software — 8.2% | |||||
Check Point Software Technologies, Ltd.† | 11,288 | 232,646 | |||
Citrix Systems, Inc.† | 11,554 | 308,030 | |||
Infosys Technologies, Ltd. ADR | 5,984 | 150,497 | |||
Intuit, Inc.† | 21,563 | 477,836 | |||
Microsoft Corp. | 167,560 | 3,388,063 | |||
4,557,072 | |||||
Auto - Heavy Duty Trucks — 1.1% | |||||
PACCAR, Inc.# | 21,717 | 605,253 | |||
Beverages - Non-alcoholic — 0.3% | |||||
Hansen Natural Corp.†# | 4,872 | 144,942 | |||
Broadcast Services/Program — 0.4% | |||||
Discovery Communications, Inc., Class A†# | 6,335 | 95,025 | |||
Liberty Global, Inc., Class A†# | 8,372 | 121,310 | |||
216,335 | |||||
Cable TV — 4.3% | |||||
Comcast Corp., Class A | 76,879 | 1,333,082 | |||
DISH Network Corp., Class A†# | 11,646 | 129,038 | |||
The DIRECTV Group, Inc.†# | 43,102 | 948,675 | |||
2,410,795 | |||||
Casino Hotels — 0.5% | |||||
Wynn Resorts, Ltd.†# | 6,514 | 259,387 | |||
Cellular Telecom — 0.8% | |||||
Leap Wireless International, Inc.†# | 3,666 | 73,320 | |||
Millicom International Cellular SA | 5,582 | 213,958 | |||
NII Holdings, Inc.† | 8,586 | 166,912 | |||
454,190 | |||||
Chemicals - Specialty — 0.5% | |||||
Sigma-Aldrich Corp.# | 6,451 | 278,103 | |||
Commercial Services - Finance — 0.9% | |||||
Paychex, Inc. | 18,262 | 516,084 | |||
Computer Aided Design — 0.4% | |||||
Autodesk, Inc.† | 12,499 | 207,358 | |||
Computer Services — 0.5% | |||||
Cognizant Technology Solutions Corp., Class A† | 15,155 | 290,976 | |||
Computers — 14.2% | |||||
Apple, Inc.† | 65,887 | 6,105,748 | |||
Dell, Inc.†# | 38,417 | 429,118 | |||
Research In Motion, Ltd.† | 30,117 | 1,279,069 | |||
Sun Microsystems, Inc.†# | 17,466 | 55,367 | |||
7,869,302 | |||||
Computers - Memory Devices — 0.8% | |||||
NetApp, Inc.†# | 18,255 | 246,443 | |||
SanDisk Corp.†# | 11,008 | 88,064 | |||
Seagate Technology | 25,964 | 109,308 | |||
443,815 | |||||
Computers - Periphery Equipment — 0.2% | |||||
Logitech International SA†# | 9,305 | 121,430 | |||
Data Processing/Management — 0.7% | |||||
Fiserv, Inc.†# | 10,942 | 373,560 | |||
Security Description | Shares | Market Value (Note 2) | |||
Dental Supplies & Equipment — 0.6% | |||||
Dentsply International, Inc.# | 7,610 | $ | 198,469 | ||
Patterson Cos., Inc.†# | 6,210 | 116,872 | |||
315,341 | |||||
Distribution/Wholesale — 0.5% | |||||
Fastenal Co.# | 7,572 | 291,598 | |||
E-Commerce/Products — 1.2% | |||||
Amazon.com, Inc.† | 15,080 | 643,916 | |||
E-Commerce/Services — 1.8% | |||||
eBay, Inc.†# | 51,723 | 679,123 | |||
Expedia, Inc.†# | 15,030 | 126,252 | |||
IAC/InterActive Corp.† | 7,738 | 114,445 | |||
Liberty Media Corp., Series A†# | 29,015 | 76,309 | |||
996,129 | |||||
Electronic Components - Misc. — 0.5% | |||||
Flextronics International, Ltd.† | 48,481 | 113,446 | |||
Garmin, Ltd.# | 10,251 | 175,087 | |||
288,533 | |||||
Electronic Components - Semiconductors — 5.0% | |||||
Altera Corp.# | 22,561 | 331,872 | |||
Broadcom Corp., Class A†# | 21,426 | 328,032 | |||
Intel Corp. | 104,977 | 1,448,683 | |||
Microchip Technology, Inc.# | 8,162 | 150,997 | |||
NVIDIA Corp.†# | 29,144 | 217,706 | |||
Xilinx, Inc. | 19,556 | 319,936 | |||
2,797,226 | |||||
Electronic Design Automation — 0.1% | |||||
Cadence Design Systems, Inc.†# | 14,541 | 56,128 | |||
Electronic Forms — 1.2% | |||||
Adobe Systems, Inc.† | 27,721 | 642,018 | |||
Electronic Measurement Instruments — 0.4% | |||||
FLIR Systems, Inc.†# | 7,768 | 240,963 | |||
Engineering/R&D Services — 0.3% | |||||
Foster Wheeler, Ltd.†# | 7,453 | 165,904 | |||
Enterprise Software/Service — 4.1% | |||||
CA, Inc. | 26,543 | 446,984 | |||
Oracle Corp.† | 114,773 | 1,846,698 | |||
2,293,682 | |||||
Entertainment Software — 1.9% | |||||
Activision Blizzard, Inc.† | 62,777 | 734,491 | |||
Electronic Arts, Inc.† | 17,139 | 326,669 | |||
1,061,160 | |||||
Food - Retail — 0.1% | |||||
Whole Foods Market, Inc.# | 7,336 | 77,615 | |||
Hazardous Waste Disposal — 0.5% | |||||
Stericycle, Inc.†# | 4,785 | 274,181 | |||
Internet Content - Information/News — 0.3% | |||||
Baidu.com ADR†# | 1,407 | 191,183 | |||
Internet Infrastructure Software — 0.2% | |||||
Akamai Technologies, Inc.† | 8,641 | 106,025 | |||
Internet Security — 1.4% | |||||
Symantec Corp.†# | 46,787 | 562,848 | |||
VeriSign, Inc.†# | 9,714 | 209,725 | |||
772,573 | |||||
Linen Supply & Related Items — 0.4% | |||||
Cintas Corp.# | 9,841 | 236,381 | |||
144
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AIG Retirement Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Machinery - Construction & Mining — 0.2% | |||||
Joy Global, Inc.# | 5,644 | $ | 131,449 | ||
Medical Instruments — 0.5% | |||||
Intuitive Surgical, Inc.†# | 2,069 | 274,205 | |||
Medical Products — 0.3% | |||||
Henry Schein, Inc.†# | 4,751 | 169,753 | |||
Medical - Biomedical/Gene — 12.6% | |||||
Amgen, Inc.† | 26,296 | 1,460,480 | |||
Amylin Pharmaceuticals, Inc.†# | 7,053 | 52,263 | |||
Biogen Idec, Inc.† | 16,825 | 711,866 | |||
Celgene Corp.† | 24,051 | 1,253,057 | |||
Genzyme Corp.† | 17,960 | 1,149,799 | |||
Gilead Sciences, Inc.†# | 48,308 | 2,163,715 | |||
Vertex Pharmaceuticals, Inc.†# | 8,383 | 206,138 | |||
6,997,318 | |||||
Medical - Drugs — 0.5% | |||||
Cephalon, Inc.†# | 3,531 | 259,458 | |||
Medical - Generic Drugs — 2.6% | |||||
Teva Pharmaceutical Industries, Ltd. ADR# | 33,568 | 1,448,459 | |||
Networking Products — 4.0% | |||||
Cisco Systems, Inc.† | 112,536 | 1,861,346 | |||
Juniper Networks, Inc.† | 19,048 | 331,054 | |||
2,192,400 | |||||
Pharmacy Services — 1.2% | |||||
Express Scripts, Inc.† | 11,735 | 674,880 | |||
Radio — 0.1% | |||||
Sirius XM Radio, Inc.†# | 202,866 | 42,257 | |||
Retail - Bedding — 0.7% | |||||
Bed Bath & Beyond, Inc.†# | 18,674 | 378,895 | |||
Retail - Discount — 1.1% | |||||
Costco Wholesale Corp.# | 12,211 | 628,500 | |||
Retail - Major Department Stores — 0.5% | |||||
Sears Holdings Corp.†# | 7,050 | 255,563 | |||
Retail - Office Supplies — 0.8% | |||||
Staples, Inc.# | 25,469 | 442,142 | |||
Retail - Pet Food & Supplies — 0.2% | |||||
PetSmart, Inc. | 6,689 | 117,392 | |||
Retail - Restaurants — 0.9% | |||||
Starbucks Corp.† | 54,168 | 483,720 | |||
Schools — 1.2% | |||||
Apollo Group, Inc., Class A†# | 8,545 | 656,598 | |||
Semiconductor Components - Integrated Circuits — 0.9% | |||||
Linear Technology Corp.# | 15,788 | 314,970 | |||
Marvell Technology Group, Ltd.† | 30,741 | 178,298 | |||
493,268 | |||||
Semiconductor Equipment — 1.3% | |||||
Applied Materials, Inc. | 36,999 | 354,451 | |||
KLA-Tencor Corp.# | 11,194 | 210,559 | |||
Lam Research Corp.†# | 6,907 | 139,521 | |||
704,531 | |||||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
Steel - Producers — 0.1% | ||||||||
Steel Dynamics, Inc.# | 10,068 | $ | 83,162 | |||||
Telecom Services — 0.2% | ||||||||
Virgin Media, Inc.# | 19,083 | 90,263 | ||||||
Telephone - Integrated — 0.1% | ||||||||
Level 3 Communications, Inc.†# | 81,021 | 76,184 | ||||||
Transport - Services — 1.5% | ||||||||
C.H. Robinson Worldwide, Inc.# | 8,954 | 457,371 | ||||||
Expeditors International of Washington, Inc. | 11,154 | 372,878 | ||||||
830,249 | ||||||||
Web Portals/ISP — 4.8% | ||||||||
Google, Inc., Class A† | 7,757 | 2,272,491 | ||||||
Yahoo!, Inc.†# | 35,522 | 408,858 | ||||||
2,681,349 | ||||||||
Wireless Equipment — 6.4% | ||||||||
QUALCOMM, Inc. | 105,534 | 3,542,776 | ||||||
X-Ray Equipment — 0.4% | ||||||||
Hologic, Inc.†# | 14,368 | 202,014 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $67,492,660) | 54,321,068 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 21.8% |
| |||||||
Collective Investment Pool — 21.1% |
| |||||||
Securities Lending Quality Trust(1) | 12,225,244 | 11,711,784 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | $ | 350,000 | 349,997 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $12,575,241) | 12,061,781 | |||||||
REPURCHASE AGREEMENT — 2.4% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at .01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $1,351,001 and collateralized by Federal National Mtg. Assoc. Notes, bearing interest at 5%, due 05/21/13 and having an approximate value of $1,378,650 | 1,351,000 | 1,351,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $81,418,901)(3) | 122.1 | % | 67,733,849 | |||||
Liabilities in excess of other assets | (22.1 | ) | (12,239,938 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 55,493,911 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR | American Depository Receipt. |
Open Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||
70 Long | Nasdaq 100 E-Mini Index | December 2008 | $ | 1,900,725 | $ | 1,660,400 | $ | (240,325 | ) | |||||
See Notes to Financial Statements
145
Table of Contents
AIG Retirement Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 17.5 | % | |
Computers | 15.6 | ||
Applications Software | 10.8 | ||
Networking Products | 7.9 | ||
Electronic Components — Semiconductors | 7.7 | ||
Wireless Equipment | 6.1 | ||
Web Portals/ISP | 6.0 | ||
Time Deposits | 5.0 | ||
Semiconductor Components — Integrated Circuits | 4.9 | ||
Enterprise Software/Service | 4.4 | ||
Computer Services | 3.7 | ||
Computers — Memory Devices | 3.4 | ||
Entertainment Software | 3.3 | ||
Commercial Services — Finance | 3.3 | ||
Internet Security | 2.6 | ||
Semiconductor Equipment | 2.2 | ||
Toys | 2.2 | ||
Cable TV | 1.6 | ||
Telecom Equipment — Fiber Optics | 1.2 | ||
Electronic Components — Misc. | 1.0 | ||
Computers — Integrated Systems | 1.0 | ||
Schools | 0.9 | ||
Computer Aided Design | 0.6 | ||
Retail — Computer Equipment | 0.6 | ||
Registered Investment Companies | 0.6 | ||
Electronic Parts Distribution | 0.5 | ||
Web Hosting/Design | 0.4 | ||
Electronic Forms | 0.4 | ||
Agricultural Chemicals | 0.4 | ||
Human Resources | 0.3 | ||
E-Commerce/Services | 0.3 | ||
Electronic Design Automation | 0.2 | ||
Internet Content — Information/News | 0.2 | ||
Energy — Alternate Sources | 0.2 | ||
Engineering/R&D Services | 0.2 | ||
Advertising Sales | 0.2 | ||
E-Commerce/Products | 0.2 | ||
Consulting Services | 0.2 | ||
Internet Application Software | 0.1 | ||
Casino Services | 0.1 | ||
Computer Graphics | 0.1 | ||
Telecommunication Equipment | 0.1 | ||
Computer Software | 0.1 | ||
118.3 | % | ||
* | Calculated as a percentage of net assets |
146
Table of Contents
AIG Retirement Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 95.2% | |||||
Advertising Sales — 0.2% | |||||
Focus Media Holding, Ltd. ADR†# | 115,300 | $ | 861,291 | ||
Agricultural Chemicals — 0.4% | |||||
Monsanto Co. | 21,735 | 1,721,412 | |||
Applications Software — 10.8% | |||||
Citrix Systems, Inc.† | 115,100 | 3,068,566 | |||
Infosys Technologies, Ltd. ADR# | 52,200 | 1,312,830 | |||
Intuit, Inc.† | 62,600 | 1,387,216 | |||
Microsoft Corp. | 1,753,200 | 35,449,704 | |||
Red Hat, Inc.†# | 376,642 | 3,483,938 | |||
Salesforce.com, Inc.†# | 150,896 | 4,318,644 | |||
Satyam Computer Services, Ltd. ADR# | 3,799 | 48,361 | |||
49,069,259 | |||||
Cable TV — 1.6% | |||||
Comcast Corp., Class A | 257,440 | 4,464,010 | |||
The DIRECTV Group, Inc.†# | 129,015 | 2,839,620 | |||
7,303,630 | |||||
Casino Services — 0.1% | |||||
International Game Technology | 48,068 | 514,808 | |||
Commercial Services - Finance — 3.3% | |||||
Automatic Data Processing, Inc.# | 140,000 | 5,748,400 | |||
The Western Union Co.† | 501,800 | 6,658,886 | |||
Visa, Inc., Class A# | 47,500 | 2,496,600 | |||
14,903,886 | |||||
Computer Aided Design — 0.6% | |||||
Autodesk, Inc.†# | 175,200 | 2,906,568 | |||
Computer Graphics — 0.1% | |||||
Monotype Imaging Holdings, Inc.†# | 48,000 | 259,200 | |||
Computer Services — 3.7% | |||||
Accenture, Ltd., Class A | 333,864 | 10,343,107 | |||
Cognizant Technology Solutions Corp., Class A† | 222,250 | 4,267,200 | |||
DST Systems, Inc.†# | 54,700 | 2,068,207 | |||
16,678,514 | |||||
Computer Software — 0.1% | |||||
Omniture, Inc.†# | 24,000 | 238,560 | |||
Computers — 15.6% | |||||
Apple, Inc.† | 239,775 | 22,219,949 | |||
Dell, Inc.† | 724,535 | 8,093,056 | |||
Hewlett-Packard Co. | 587,130 | 20,713,946 | |||
International Business Machines Corp. | 119,250 | 9,730,800 | |||
Palm, Inc.†# | 291,500 | 696,685 | |||
Research In Motion, Ltd.†# | 219,950 | 9,341,277 | |||
70,795,713 | |||||
Computers - Integrated Systems — 1.0% | �� | ||||
High Tech Computer Corp.(1) | 49,200 | 490,011 | |||
Riverbed Technology, Inc.†# | 417,220 | 3,917,696 | |||
4,407,707 | |||||
Computers - Memory Devices — 3.4% | |||||
Data Domain, Inc.† | 20,265 | 329,306 | |||
EMC Corp.†# | 564,908 | 5,971,078 | |||
NetApp, Inc.†# | 551,945 | 7,451,257 | |||
SanDisk Corp.†# | 48,700 | 389,600 | |||
Seagate Technology | 334,200 | 1,406,982 | |||
15,548,223 | |||||
Consulting Services — 0.2% | |||||
Genpact, Ltd.† | 98,100 | 777,933 | |||
Security Description | Shares | Market Value (Note 2) | |||
E-Commerce/Products — 0.2% | |||||
Amazon.com, Inc.†# | 18,780 | $ | 801,906 | ||
E-Commerce/Services — 0.3% | |||||
eBay, Inc.† | 96,095 | 1,261,727 | |||
Electronic Components - Misc. — 1.0% | |||||
Hon Hai Precision Industry Co., Ltd.(1) | 96,614 | 187,662 | |||
Hon Hai Precision Industry Co., Ltd. GDR†* | 808,703 | 2,976,027 | |||
Tyco Electronics, Ltd. | 96,025 | 1,582,492 | |||
4,746,181 | |||||
Electronic Components - Semiconductors — 7.7% | |||||
Altera Corp.# | 403,683 | 5,938,177 | |||
Broadcom Corp., Class A† | 239,641 | 3,668,904 | |||
Intel Corp. | 536,540 | 7,404,252 | |||
MEMC Electronic Materials, Inc.† | 33,600 | 504,672 | |||
Microchip Technology, Inc.# | 105,400 | 1,949,900 | |||
National Semiconductor Corp.# | 95,900 | 1,054,900 | |||
NVIDIA Corp.† | 58,300 | 435,501 | |||
ON Semiconductor Corp.†# | 1,849,105 | 5,399,386 | |||
PMC - Sierra, Inc.†# | 363,533 | 1,457,767 | |||
Samsung Electronics Co., Ltd.(1) | 3,268 | 1,080,943 | |||
Skyworks Solutions, Inc.†# | 404,700 | 2,181,333 | |||
Texas Instruments, Inc. | 54,340 | 846,074 | |||
Xilinx, Inc.# | 182,317 | 2,982,706 | |||
34,904,515 | |||||
Electronic Design Automation — 0.2% | |||||
Cadence Design Systems, Inc.†# | 240,300 | 927,558 | |||
Electronic Forms — 0.4% | |||||
Adobe Systems, Inc.† | 76,886 | 1,780,680 | |||
Electronic Parts Distribution — 0.5% | |||||
Avnet, Inc.† | 152,480 | 2,171,315 | |||
Energy - Alternate Sources — 0.2% | |||||
First Solar, Inc.†# | 7,164 | 894,354 | |||
Engineering/R&D Services — 0.2% | |||||
ABB, Ltd.†(1) | 68,430 | 884,311 | |||
Enterprise Software/Service — 4.4% | |||||
BMC Software, Inc.† | 130,755 | 3,263,645 | |||
CA, Inc. | 150,970 | 2,542,335 | |||
Oracle Corp.† | 875,715 | 14,090,254 | |||
19,896,234 | |||||
Entertainment Software — 3.3% | |||||
Activision Blizzard, Inc.† | 295,115 | 3,452,845 | |||
Electronic Arts, Inc.† | 604,376 | 11,519,407 | |||
14,972,252 | |||||
Human Resources — 0.3% | |||||
Manpower, Inc. | 43,300 | 1,363,084 | |||
Monster Worldwide, Inc.†# | 23,193 | 266,024 | |||
1,629,108 | |||||
Internet Application Software — 0.1% | |||||
Tencent Holdings, Ltd.#(1) | 109,400 | 602,311 | |||
Internet Content - Information/News — 0.2% | |||||
Baidu.com ADR†# | 6,605 | 897,487 | |||
Internet Security — 2.6% | |||||
McAfee, Inc.†# | 280,220 | 8,499,073 | |||
VeriSign, Inc.†# | 165,700 | 3,577,463 | |||
12,076,536 | |||||
Networking Products — 7.9% | |||||
Atheros Communications, Inc.†# | 81,900 | 1,195,740 | |||
BigBand Networks, Inc.†# | 95,900 | 349,076 |
147
Table of Contents
AIG Retirement Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Networking Products (continued) | |||||
Cisco Systems, Inc.† | 1,526,372 | $ | 25,246,193 | ||
Juniper Networks, Inc.† | 469,915 | 8,167,123 | |||
Starent Networks Corp.†# | 95,900 | 954,205 | |||
35,912,337 | |||||
Oil & Gas Drilling — 0.0% | |||||
Diamond Offshore Drilling, Inc.# | 570 | 42,066 | |||
Oil-Field Services — 0.0% | |||||
Weatherford International, Ltd.† | 3,625 | 46,291 | |||
Retail-Computer Equipment — 0.6% | |||||
GameStop Corp., Class A† | 121,628 | 2,657,572 | |||
Schools — 0.9% | |||||
Apollo Group, Inc., Class A†# | 26,300 | 2,020,892 | |||
ITT Educational Services, Inc.†# | 22,200 | 1,999,776 | |||
4,020,668 | |||||
Semiconductor Components - Integrated Circuits — 4.9% | |||||
Analog Devices, Inc. | 374,217 | 6,399,111 | |||
Linear Technology Corp.# | 75,850 | 1,513,208 | |||
Marvell Technology Group, Ltd.† | 399,300 | 2,315,940 | |||
Maxim Integrated Products, Inc. | 473,274 | 5,854,399 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 845,486 | 6,045,225 | |||
22,127,883 | |||||
Semiconductor Equipment — 2.2% | |||||
ASML Holding NV# | 160,180 | 2,455,559 | |||
KLA-Tencor Corp.# | 96,700 | 1,818,927 | |||
Lam Research Corp.†# | 217,735 | 4,398,247 | |||
Varian Semiconductor Equipment Associates, Inc.†# | 78,100 | 1,437,040 | |||
10,109,773 | |||||
Software Tools — 0.0% | |||||
Longtop Financial Technologies, Ltd. ADR†# | 11,538 | 158,071 | |||
Telecom Equipment - Fiber Optics — 1.2% | |||||
Ciena Corp.†# | 267,297 | 1,977,998 | |||
Corning, Inc. | 300,900 | 2,711,109 | |||
Finisar Corp.†# | 1,248,803 | 549,473 | |||
JDS Uniphase Corp.†# | 170,237 | 463,045 | |||
5,701,625 | |||||
Telecommunication Equipment — 0.1% | |||||
Foxconn International Holdings, Ltd.†(1) | 693,500 | 177,400 | |||
Sonus Networks, Inc.† | 48,100 | 74,555 | |||
251,955 | |||||
Toys — 2.2% | |||||
Nintendo Co., Ltd.(1) | 31,700 | 9,814,492 | |||
Web Hosting/Design — 0.4% | |||||
Equinix, Inc.†# | 40,000 | 1,816,400 | |||
Web Portals/ISP — 6.0% | |||||
Google, Inc., Class A† | 83,361 | 24,421,438 | |||
NetEase.com, Inc. ADR†# | 95,420 | 1,755,728 | |||
Yahoo!, Inc.†# | 75,490 | 868,890 | |||
27,046,056 | |||||
Wireless Equipment — 6.1% | |||||
American Tower Corp., Class A† | 154,315 | 4,203,541 | |||
Crown Castle International Corp.†# | 33,900 | 476,973 | |||
Nokia Oyj ADR | 191,700 | 2,716,389 | |||
QUALCOMM, Inc. | 602,467 | 20,224,817 | |||
27,621,720 | |||||
Total Long-Term Investment Securities | |||||
(cost $689,652,962) | 431,760,088 | ||||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 23.1% |
| |||||||
Collective Investment Pool — 17.5% |
| |||||||
Securities Lending Quality Trust(2) | 82,777,766 | $ | 79,301,100 | |||||
Registered Investment Companies — 0.6% |
| |||||||
T. Rowe Price Reserve Investment Fund | 2,569,216 | 2,569,216 | ||||||
Time Deposits — 5.0% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 1,347,000 | 1,347,000 | |||||
Euro Time Deposit with State Street Bank & Trust Co. | 21,293,000 | 21,293,000 | ||||||
22,640,000 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $107,986,982) | 104,510,316 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $797,639,944)(3) | 118.3 | % | 536,270,404 | |||||
Liabilities in excess of other assets | (18.3 | ) | (83,073,646 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 453,196,758 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $2,976,027 representing 0.65% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
See Notes to Financial Statements
148
Table of Contents
AIG Retirement Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 21.7 | % | |
Consulting Services | 7.7 | ||
Human Resources | 6.0 | ||
Electronic Components — Semiconductors | 6.0 | ||
Medical Instruments | 5.0 | ||
Transactional Software | 4.4 | ||
Commercial Services — Finance | 4.1 | ||
Computer Services | 3.6 | ||
Printing — Commercial | 3.4 | ||
Oil Companies — Exploration & Production | 3.3 | ||
Educational Software | 3.3 | ||
Insurance — Property/Casualty | 3.3 | ||
Machinery — General Industrial | 3.0 | ||
E-Services/Consulting | 2.8 | ||
Leisure Products | 2.4 | ||
Diversified Manufacturing Operations | 2.3 | ||
Telecom Services | 2.3 | ||
Advertising Services | 2.2 | ||
Theaters | 2.0 | ||
Commercial Services | 1.9 | ||
Computer Software | 1.8 | ||
Networking Products | 1.7 | ||
Dental Supplies & Equipment | 1.7 | ||
Aerospace/Defense | 1.4 | ||
E-Commerce/Services | 1.3 | ||
Semiconductor Components — Integrated Circuits | 1.3 | ||
Ultra Sound Imaging Systems | 1.3 | ||
Batteries/Battery Systems | 1.2 | ||
Instruments — Scientific | 1.2 | ||
Computers — Periphery Equipment | 1.1 | ||
Machinery — Electrical | 1.1 | ||
Recreational Vehicles | 1.1 | ||
Drug Delivery Systems | 1.1 | ||
E-Commerce/Products | 1.0 | ||
Enterprise Software/Service | 1.0 | ||
Banks — Commercial | 1.0 | ||
Medical — Biomedical/Gene | 0.9 | ||
Casino Services | 0.9 | ||
Diagnostic Kits | 0.8 | ||
Transport — Services | 0.8 | ||
Finance — Other Services | 0.7 | ||
Retail — Appliances | 0.7 | ||
Internet Content — Information/News | 0.7 | ||
Finance — Investment Banker/Broker | 0.6 | ||
Lighting Products & Systems | 0.6 | ||
Medical Information Systems | 0.5 | ||
Internet Application Software | 0.5 | ||
Medical — HMO | 0.5 | ||
Real Estate Management/Services | 0.5 | ||
Food — Misc. | 0.4 | ||
Footwear & Related Apparel | 0.4 | ||
Electric Products — Misc. | 0.4 | ||
Resorts/Theme Parks | 0.4 | ||
Schools | 0.3 | ||
Filtration/Separation Products | 0.3 | ||
Retail — Restaurants | 0.2 | ||
Distribution/Wholesale | 0.2 | ||
122.3 | % | ||
* | Calculated as a percentage of net assets |
149
Table of Contents
AIG Retirement Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 100.6% | |||||
Advertising Services — 2.2% | |||||
inVentiv Health, Inc.†# | 32,660 | $ | 392,900 | ||
Marchex, Inc., Class B# | 69,047 | 385,282 | |||
778,182 | |||||
Aerospace/Defense — 1.4% | |||||
Esterline Technologies Corp.† | 13,000 | 479,830 | |||
Banks - Commercial — 1.0% | |||||
First Commonwealth Financial Corp.# | 21,600 | 259,416 | |||
Signature Bank†# | 3,062 | 91,248 | |||
350,664 | |||||
Batteries/Battery Systems — 1.2% | |||||
Greatbatch, Inc.†# | 16,700 | 422,009 | |||
Cable TV — 0.0% | |||||
LodgeNet Entertainment Corp.†# | 24,651 | 14,544 | |||
Casino Services — 0.9% | |||||
Shuffle Master, Inc.†# | 70,619 | 302,249 | |||
Commercial Services — 1.9% | |||||
Live Nation, Inc.†# | 57,700 | 282,153 | |||
TeleTech Holdings, Inc.†# | 44,220 | 390,020 | |||
672,173 | |||||
Commercial Services - Finance — 4.1% | |||||
Bankrate, Inc.†# | 13,050 | 358,484 | |||
Dollar Financial Corp.†# | 27,300 | 206,934 | |||
Global Cash Access Holdings, Inc.†# | 105,299 | 325,374 | |||
Wright Express Corp.† | 48,093 | 547,298 | |||
1,438,090 | |||||
Computer Services — 3.6% | |||||
IHS, Inc.† | 2,741 | 99,471 | |||
SYKES Enterprises, Inc.† | 63,160 | 1,171,618 | |||
1,271,089 | |||||
Computer Software — 1.8% | |||||
Omniture, Inc.†# | 65,400 | 650,076 | |||
Computers - Periphery Equipment — 1.1% | |||||
Synaptics, Inc.†# | 17,913 | 393,549 | |||
Consulting Services — 7.7% | |||||
Forrester Research, Inc.† | 17,000 | 389,640 | |||
FTI Consulting, Inc.†# | 8,815 | 483,415 | |||
Gartner, Inc.†# | 34,671 | 532,546 | |||
Information Services Group Inc†# | 76,767 | 237,978 | |||
Navigant Consulting, Inc.† | 15,230 | 287,999 | |||
The Advisory Board Co.†# | 12,357 | 309,543 | |||
Watson Wyatt Worldwide, Inc., Class A# | 11,859 | 478,155 | |||
2,719,276 | |||||
Dental Supplies & Equipment — 1.7% | |||||
Align Technology, Inc.†# | 25,700 | 179,900 | |||
Sirona Dental Systems, Inc.†# | 34,529 | 413,657 | |||
593,557 | |||||
Diagnostic Kits — 0.8% | |||||
Inverness Medical Innovations, Inc.†# | 16,366 | 287,551 | |||
Distribution/Wholesale — 0.2% | |||||
Houston Wire & Cable Co.# | 8,520 | 66,286 | |||
Diversified Manufacturing Operations — 2.3% | |||||
Actuant Corp., Class A# | 36,000 | 645,840 | |||
Acuity Brands, Inc.# | 6,623 | 178,556 | |||
824,396 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Drug Delivery Systems — 1.1% | |||||
Noven Pharmaceuticals, Inc.†# | 32,874 | $ | 376,407 | ||
E-Commerce/Products — 1.0% | |||||
Shutterfly, Inc.†# | 53,292 | 364,517 | |||
E-Commerce/Services — 1.3% | |||||
Orbitz Worldwide, Inc.†# | 65,386 | 158,888 | |||
Priceline.com, Inc.†# | 4,400 | 303,600 | |||
462,488 | |||||
E-Services/Consulting — 2.8% | |||||
GSI Commerce, Inc.†# | 94,290 | 750,548 | |||
Sapient Corp.† | 58,800 | 231,672 | |||
982,220 | |||||
Educational Software — 3.3% | |||||
SkillSoft PLC ADR†# | 193,910 | 1,163,460 | |||
Electric Products - Misc. — 0.4% | |||||
GrafTech International, Ltd.† | 20,500 | 137,145 | |||
Electronic Components - Semiconductors — 6.0% | |||||
Intersil Corp., Class A | 16,900 | 153,114 | |||
Microsemi Corp.†# | 43,399 | 845,846 | |||
PMC - Sierra, Inc.†# | 190,300 | 763,103 | |||
Silicon Laboratories, Inc.† | 16,600 | 347,936 | |||
2,109,999 | |||||
Enterprise Software/Service — 1.0% | |||||
Lawson Software, Inc.†# | 92,172 | 361,314 | |||
Filtration/Separation Products — 0.3% | |||||
Polypore International, Inc.†# | 21,156 | 95,413 | |||
Finance - Investment Banker/Broker — 0.6% | |||||
Evercore Partners, Inc., Class A# | 22,308 | 223,303 | |||
Finance - Other Services — 0.7% | |||||
FCStone Group, Inc.† | 6,399 | 21,757 | |||
GFI Group, Inc.# | 56,200 | 212,998 | |||
234,755 | |||||
Food - Misc. — 0.4% | |||||
Senomyx, Inc.†# | 51,260 | 153,267 | |||
Footwear & Related Apparel — 0.4% | |||||
Deckers Outdoor Corp.†# | 2,500 | 149,100 | |||
Human Resources — 6.0% | |||||
Monster Worldwide, Inc.†# | 15,400 | 176,638 | |||
On Assignment, Inc.† | 97,297 | 559,458 | |||
Resources Connection, Inc.†# | 79,993 | 1,384,679 | |||
2,120,775 | |||||
Instruments - Scientific — 1.2% | |||||
Varian, Inc.† | 11,136 | 407,578 | |||
Insurance - Property/Casualty — 3.3% | |||||
First Mercury Financial Corp.† | 21,800 | 265,088 | |||
Navigators Group, Inc.† | 5,615 | 304,895 | |||
Tower Group, Inc.# | 25,950 | 591,919 | |||
1,161,902 | |||||
Internet Application Software — 0.5% | |||||
DealerTrack Holdings, Inc.†# | 15,073 | 178,615 | |||
Internet Content - Information/News — 0.7% | |||||
The Knot, Inc.†# | 30,695 | 230,826 | |||
Leisure Products — 2.4% | |||||
WMS Industries, Inc.†# | 34,000 | 838,100 | |||
150
Table of Contents
AIG Retirement Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Lighting Products & Systems — 0.6% | |||||
Universal Display Corp.†# | 27,597 | $ | 201,182 | ||
Machinery - Electrical — 1.1% | |||||
Regal-Beloit Corp.# | 11,600 | 390,224 | |||
Machinery - General Industrial — 3.0% | |||||
Chart Industries, Inc.†# | 15,000 | 143,400 | |||
Gardner Denver, Inc.† | 28,844 | 713,889 | |||
Middleby Corp.†# | 6,000 | 194,220 | |||
1,051,509 | |||||
Medical Information Systems — 0.5% | |||||
Phase Forward, Inc.† | 13,483 | 187,009 | |||
Medical Instruments — 5.0% | |||||
CardioNet ,Inc.†# | 17,599 | 349,868 | |||
ev3, Inc.†# | 50,500 | 252,500 | |||
SenoRx, Inc.† | 37,222 | 100,872 | |||
Spectranetics Corp.†# | 75,221 | 212,123 | |||
Symmetry Medical, Inc.†# | 39,051 | 349,897 | |||
Volcano Corp.†# | 30,253 | 493,729 | |||
1,758,989 | |||||
Medical - Biomedical/Gene — 0.9% | |||||
Celera Corp.† | 33,066 | 322,063 | |||
Medical - HMO — 0.5% | |||||
Coventry Health Care, Inc.† | 13,500 | 168,345 | |||
Networking Products — 1.7% | |||||
Ixia† | 97,533 | 598,853 | |||
Oil Companies - Exploration & Production — 3.3% | |||||
Brigham Exploration Co.†# | 36,300 | 109,989 | |||
Concho Resources, Inc.†# | 20,900 | 493,031 | |||
Goodrich Petroleum Corp.†# | 7,900 | 284,953 | |||
Venoco, Inc.†# | 19,700 | 65,798 | |||
Whiting Petroleum Corp.† | 5,600 | 214,480 | |||
1,168,251 | |||||
Printing - Commercial — 3.4% | |||||
VistaPrint, Ltd.†# | 74,129 | 1,212,009 | |||
Real Estate Management/Services — 0.5% | |||||
CB Richard Ellis Group, Inc., Class A†# | 36,550 | 166,668 | |||
Recreational Vehicles — 1.1% | |||||
Polaris Industries, Inc.# | 13,900 | 379,470 | |||
Resort/Theme Parks — 0.4% | |||||
Great Wolf Resorts, Inc.†# | 111,291 | 125,759 | |||
Retail - Appliances — 0.7% | |||||
Hhgregg, Inc.†# | 38,800 | 231,248 | |||
Retail - Restaurants — 0.2% | |||||
Texas Roadhouse, Inc., Class A†# | 14,400 | 80,496 | |||
Schools — 0.3% | |||||
Grand Canyon Education, Inc.† | 7,621 | 113,096 | |||
Semiconductor Components - Integrated Circuits — 1.3% | |||||
Power Integrations, Inc.# | 25,248 | 462,038 | |||
Telecom Services — 2.3% | |||||
Cbeyond, Inc.†# | 40,152 | 610,712 | |||
PAETEC Holding Corp.†# | 133,216 | 193,163 | |||
803,875 | |||||
Theaters — 2.0% | |||||
Cinemark Holdings, Inc.# | 31,774 | 239,258 | |||
National CineMedia, Inc.# | 56,760 | 462,027 | |||
701,285 | |||||
Security Description | Shares | Market Value (Note 2) | |||||
Transactional Software — 4.4% | |||||||
Innerworkings, Inc.†# | 59,832 | $ | 335,658 | ||||
Solera Holdings, Inc.†# | 47,514 | 929,849 | |||||
Synchronoss Technologies, Inc.†# | 42,113 | 295,633 | |||||
1,561,140 | |||||||
Transport - Services — 0.8% | |||||||
Hub Group, Inc., Class A†# | 10,200 | 272,341 | |||||
Ultra Sound Imaging Systems — 1.3% | |||||||
SonoSite, Inc.† | 24,346 | 440,419 | |||||
Total Long-Term Investment Securities |
| ||||||
(cost $58,914,696) | 35,410,974 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 21.7% |
| ||||||
Collective Investment Pool — 21.7% |
| ||||||
Securities Lending Quality Trust | 7,996,469 | 7,660,617 | |||||
TOTAL INVESTMENTS | |||||||
(cost $66,911,165)(2) | 122.3 | % | 43,071,591 | ||||
Liabilities in excess of other assets | (22.3 | ) | (7,866,070 | ) | |||
NET ASSETS — | 100.0 | % | $ | 35,205,521 | |||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR | American Depository Receipt |
See Notes to Financial Statements
151
Table of Contents
AIG Retirement Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 23.7 | % | |
Banks — Commercial | 9.0 | ||
Oil Companies — Exploration & Production | 2.8 | ||
Enterprise Software/Service | 2.7 | ||
Transport — Truck | 2.7 | ||
Medical — Biomedical/Gene | 2.5 | ||
Medical Products | 2.3 | ||
Real Estate Investment Trusts | 2.3 | ||
Time Deposits | 2.3 | ||
Medical — Drugs | 2.2 | ||
Telecommunication Equipment | 2.1 | ||
Insurance — Property/Casualty | 1.8 | ||
Aerospace/Defense — Equipment | 1.7 | ||
Oil Field Machinery & Equipment | 1.7 | ||
Machinery — General Industrial | 1.6 | ||
Retail — Restaurants | 1.5 | ||
Commercial Services | 1.5 | ||
Telephone — Integrated | 1.5 | ||
Electric — Integrated | 1.5 | ||
Schools | 1.5 | ||
Steel Pipe & Tube | 1.4 | ||
Electronic Components — Semiconductors | 1.4 | ||
Diversified Manufacturing Operations | 1.4 | ||
Semiconductor Equipment | 1.4 | ||
Finance — Investment Banker/Broker | 1.3 | ||
Medical — Outpatient/Home Medical | 1.3 | ||
Savings & Loans/Thrifts | 1.3 | ||
Computer Services | 1.2 | ||
Cosmetics & Toiletries | 1.2 | ||
Food — Canned | 1.2 | ||
Distribution/Wholesale | 1.2 | ||
Food — Baking | 1.1 | ||
Commercial Services — Finance | 1.1 | ||
Non-Hazardous Waste Disposal | 1.1 | ||
Food — Retail | 1.1 | ||
Airlines | 1.0 | ||
Investment Management/Advisor Services | 1.0 | ||
Medical — Nursing Homes | 1.0 | ||
Diagnostic Kits | 1.0 | ||
Internet Application Software | 1.0 | ||
Oil-Field Services | 0.9 | ||
Retail — Convenience Store | 0.9 | ||
Chemicals — Specialty | 0.9 | ||
Building — Maintance & Services | 0.9 | ||
Metal Processors & Fabrication | 0.9 | ||
Wire & Cable Products | 0.8 | ||
Broadcast Services/Program | 0.8 | ||
Insurance Brokers | 0.8 | ||
Instruments — Scientific | 0.8 | ||
Quarrying | 0.8 | ||
Tools — Hand Held | 0.7 | ||
Miscellaneous Manufacturing | 0.7 | ||
Consumer Products — Misc. | 0.7 | ||
Retail — Discount | 0.7 | ||
Aerospace/Defense | 0.7 | ||
Semiconductor Components — Integrated Circuits | 0.7 | ||
Chemicals — Diversified | 0.7 | ||
Auto/Truck Parts & Equipment — Original | 0.7 | ||
Financial Guarantee Insurance | 0.7 | ||
Lasers — System/Components | 0.7 | ||
Telecom Services | 0.7 | ||
Gas — Distribution | 0.7 | ||
Electronic Measurement Instruments | 0.7 | ||
Computer Software | 0.6 | ||
Computer Aided Design | 0.6 | ||
Medical Instruments | 0.6 | ||
Computers — Integrated Systems | 0.5 | ||
Applications Software | 0.5 | ||
Heart Monitors | 0.5 |
Apparel Manufacturers | 0.5 | ||
Electronic Components — Misc. | 0.5 | ||
Multimedia | 0.3 | ||
Insurance — Multi-line | 0.3 | ||
Human Resources | 0.3 | ||
Registered Investment Companies | 0.3 | ||
Textile — Apparel | 0.3 | ||
Medical — HMO | 0.3 | ||
Therapeutics | 0.3 | ||
Retail — Pet Food & Supplies | 0.2 | ||
Decision Support Software | 0.2 | ||
Hotels/Motels | 0.2 | ||
Water | 0.2 | ||
Electronic Security Devices | 0.2 | ||
Retail — Apparel/Shoe | 0.2 | ||
Building — Residential/Commercial | 0.2 | ||
Internet Infrastructure Software | 0.2 | ||
Internet Security | 0.2 | ||
Retail — Computer Equipment | 0.2 | ||
Auto Repair Centers | 0.2 | ||
Networking Products | 0.2 | ||
Wireless Equipment | 0.2 | ||
Retail — Sporting Goods | 0.2 | ||
Medical Sterilization Products | 0.2 | ||
Medical — Hospitals | 0.2 | ||
Machinery — Electrical | 0.1 | ||
E-Marketing/Info | 0.1 | ||
Building & Construction Products — Misc. | 0.1 | ||
Chemicals — Plastics | 0.1 | ||
Internet Content — Information/News | 0.1 | ||
Pharmacy Services | 0.1 | ||
Electric — Distribution | 0.1 | ||
Auction Houses/Art Dealers | 0.1 | ||
Publishing — Books | 0.1 | ||
Disposable Medical Products | 0.1 | ||
Building Products — Air & Heating | 0.1 | ||
Rental Auto/Equipment | 0.1 | ||
Coal | 0.1 | ||
Filtration/Separation Products | 0.1 | ||
Retail — Drug Store | 0.1 | ||
Garden Products | 0.1 | ||
Audio/Video Products | 0.1 | ||
Consulting Services | 0.1 | ||
Respiratory Products | 0.1 | ||
E-Services/Consulting | 0.1 | ||
Precious Metals | 0.1 | ||
Building Products — Wood | 0.1 | ||
Linen Supply & Related Items | 0.1 | ||
Printing — Commercial | 0.1 | ||
Retail — Mail Order | 0.1 | ||
MRI/Medical Diagnostic Imaging | 0.1 | ||
Food — Misc. | 0.1 | ||
Mining | 0.1 | ||
Transport — Services | 0.1 | ||
Communications Software | 0.1 | ||
Power Converter/Supply Equipment | 0.1 | ||
Diagnostic Equipment | 0.1 | ||
Building — Mobile Home/Manufactured Housing | 0.1 | ||
Building Products — Cement | 0.1 | ||
Agricultural Chemicals | 0.1 | ||
Telecom Equipment — Fiber Optics | 0.1 | ||
Computers | 0.1 | ||
Instruments — Controls | 0.1 | ||
Building & Construction — Misc. | 0.1 | ||
Machinery — Pumps | 0.1 | ||
Seismic Data Collection | 0.1 | ||
Real Estate Operations & Development | 0.1 | ||
Energy — Alternate Sources | 0.1 | ||
Oil Refining & Marketing | 0.1 | ||
Computers — Periphery Equipment | 0.1 | ||
124.3 | % | ||
* | Calculated as a percentage of net assets |
152
Table of Contents
AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 98.0% | |||||
Advanced Materials — 0.0% | |||||
Core Molding Technologies, Inc.† | 35,700 | $ | 81,753 | ||
Aerospace/Defense — 0.7% | |||||
Aerovironment, Inc.†# | 49,724 | 1,602,605 | |||
TransDigm Group, Inc.†# | 2,500 | 88,750 | |||
1,691,355 | |||||
Aerospace/Defense - Equipment — 1.7% | |||||
AAR Corp.†# | 99,418 | 1,684,141 | |||
Curtiss-Wright Corp.# | 62,581 | 2,090,205 | |||
Moog, Inc., Class A† | 8,600 | 276,748 | |||
4,051,094 | |||||
Agricultural Chemicals — 0.1% | |||||
Intrepid Potash, Inc.†# | 7,700 | 147,840 | |||
Airlines — 1.0% | |||||
Allegiant Travel Co.†# | 57,115 | 2,463,941 | |||
Apparel Manufacturers — 0.5% | |||||
G-III Apparel Group, Ltd.† | 18,800 | 149,084 | |||
Volcom, Inc.†# | 96,694 | 974,676 | |||
1,123,760 | |||||
Applications Software — 0.5% | |||||
American Reprographics Co.† | 22,400 | 175,392 | |||
Bsquare Corp.† | 104,400 | 258,912 | |||
PDF Solutions, Inc.† | 19,700 | 39,794 | |||
Progress Software Corp.† | 12,167 | 258,914 | |||
Quest Software, Inc.† | 21,900 | 292,365 | |||
Red Hat, Inc.† | 11,700 | 108,225 | |||
Unica Corp.† | 25,500 | 99,195 | |||
1,232,797 | |||||
Athletic Equipment — 0.0% | |||||
Cybex International, Inc.† | 37,100 | 46,746 | |||
Auction House/Art Dealers — 0.1% | |||||
Ritchie Bros. Auctioneers, Inc.# | 14,300 | 266,981 | |||
Audio/Video Products — 0.1% | |||||
DTS, Inc.†# | 11,800 | 195,526 | |||
Auto Repair Centers — 0.2% | |||||
Monro Muffler Brake, Inc. | 19,150 | 390,852 | |||
Auto/Truck Parts & Equipment-Original — 0.7% | |||||
Fuel Systems Solutions, Inc.† | 14,900 | 515,391 | |||
Spartan Motors, Inc. | 27,675 | 82,471 | |||
Strattec Security Corp. | 2,700 | 40,500 | |||
Titan International, Inc.# | 91,600 | 873,864 | |||
TRW Automotive Holdings Corp.† | 23,800 | 84,728 | |||
1,596,954 | |||||
Banks - Commercial — 9.0% | |||||
Bancfirst Corp. | 33,902 | 1,488,637 | |||
Bancorp Rhode Island, Inc. | 9,000 | 204,660 | |||
Beverly Hills Bancorp, Inc. | 40,400 | 18,180 | |||
Camden National Corp. | 6,300 | 177,534 | |||
Cardinal Financial Corp. | 23,000 | 122,130 | |||
Cascade Bancorp# | 13,725 | 93,330 | |||
Cass Information Systems, Inc. | 9,790 | 347,545 | |||
Center Bancorp, Inc. | 16,170 | 135,505 | |||
Citizens Republic Bancorp# | 28,600 | 67,496 | |||
Commerce Bancshares, Inc.# | 48,825 | 2,139,023 | |||
Community Trust Bancorp, Inc.# | 73,738 | 2,407,546 | |||
Financial Institutions, Inc. | 10,500 | 171,885 | |||
First Bancorp | 12,600 | 217,224 | |||
First Financial Bankshares, Inc.# | 41,550 | 2,170,988 |
Security Description | Shares | Market Value (Note 2) | |||
Banks - Commercial (continued) | |||||
First Regional Bancorp† | 10,600 | $ | 40,386 | ||
First South Bancorp, Inc. | 12,300 | 153,750 | |||
Glacier Bancorp, Inc.# | 25,671 | 456,430 | |||
MB Financial, Inc.# | 66,336 | 1,730,706 | |||
Peoples Bancorp, Inc. | 32 | 558 | |||
Pinnacle Financial Partners, Inc.†# | 18,200 | 500,500 | |||
Preferred Bank# | 1,800 | 10,170 | |||
Prosperity Bancshares, Inc.# | 14,100 | 465,441 | |||
Provident Bankshares Corp.# | 17,600 | 165,792 | |||
Sierra Bancorp | 12,200 | 246,318 | |||
Signature Bank† | 12,100 | 360,580 | |||
Smithtown Bancorp, Inc. | 12,540 | 250,298 | |||
Southside Bancshares, Inc. | 10,584 | 235,494 | |||
State Bancorp, Inc. | 14,400 | 172,800 | |||
Sterling Bancorp | 27,100 | 352,571 | |||
Suffolk Bancorp | 10,400 | 344,240 | |||
Synovus Financial Corp.# | 14,000 | 116,480 | |||
TCF Financial Corp.# | 12,400 | 207,080 | |||
Tennessee Commerce Bancorp, Inc.† | 10,400 | 76,128 | |||
Texas Capital Bancshares, Inc.† | 119,200 | 1,913,160 | |||
United Security Bancshares | 16,665 | 181,482 | |||
Valley National Bancorp# | 24,855 | 480,447 | |||
Washington Trust Bancorp, Inc. | 14,600 | 286,452 | |||
Washington Trust Bancorp, Inc.*(1) | 5,500 | 102,515 | |||
West Bancorp, Inc. | 18,344 | 225,631 | |||
Westamerica Bancorp# | 9,800 | 520,968 | |||
Western Alliance Bancorp†# | 2,800 | 30,856 | |||
Whitney Holding Corp.# | 95,100 | 1,667,103 | |||
21,056,019 | |||||
Broadcast Services/Program — 0.8% | |||||
World Wrestling Entertainment, Inc.# | 168,036 | 1,954,259 | |||
Building & Construction Products - Misc. — 0.1% | |||||
Builders FirstSource, Inc.†# | 12,200 | 14,274 | |||
Gibraltar Industries, Inc.# | 7,550 | 97,395 | |||
Interline Brands, Inc.† | 15,500 | 143,220 | |||
Simpson Manufacturing Co., Inc.# | 2,400 | 62,400 | |||
317,289 | |||||
Building & Construction - Misc. — 0.1% | |||||
Insituform Technologies, Inc., Class A†# | 8,300 | 134,543 | |||
Building Products - Air & Heating — 0.1% | |||||
KSW, Inc. | 51,660 | 245,385 | |||
Building Products - Cement — 0.1% | |||||
Martin Marietta Materials, Inc.# | 1,700 | 148,988 | |||
Building Products - Wood — 0.1% | |||||
Universal Forest Products, Inc. | 8,800 | 185,064 | |||
Building - Maintance & Services — 0.9% | |||||
ABM Industries, Inc. | 121,872 | 2,055,981 | |||
Building - Mobile Home/Manufactured Housing — 0.1% | |||||
Skyline Corp. | 6,500 | 149,955 | |||
Building - Residential/Commercial — 0.2% | |||||
Amrep Corp.† | 8,000 | 229,600 | |||
Meritage Homes Corp.†# | 14,500 | 179,800 | |||
Standard Pacific Corp.†# | 20,300 | 39,179 | |||
448,579 | |||||
Cellular Telecom — 0.0% | |||||
Virgin Mobile USA, Inc.†# | 17,000 | 17,000 | |||
Chemicals - Diversified — 0.7% | |||||
FMC Corp. | 33,877 | 1,480,425 | |||
Rockwood Holdings, Inc.† | 15,400 | 137,676 | |||
1,618,101 | |||||
153
Table of Contents
AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Chemicals - Plastics — 0.1% | |||||
Landec Corp.† | 44,700 | $ | 310,218 | ||
Chemicals - Specialty — 0.9% | |||||
Arch Chemicals, Inc. | 16,200 | 467,856 | |||
Quaker Chemical Corp. | 13,400 | 171,654 | |||
Zep, Inc. | 85,978 | 1,557,062 | |||
2,196,572 | |||||
Coal — 0.1% | |||||
Foundation Coal Holdings, Inc. | 6,700 | 95,609 | |||
International Coal Group, Inc.†# | 13,500 | 38,340 | |||
Westmoreland Coal Co.†# | 8,500 | 80,580 | |||
214,529 | |||||
Commercial Services — 1.5% | |||||
HMS Holdings Corp.† | 15,500 | 457,250 | |||
Quanta Services, Inc.† | 8,517 | 138,486 | |||
Team, Inc.† | 105,275 | 2,970,861 | |||
3,566,597 | |||||
Commercial Services - Finance — 1.1% | |||||
Bankrate, Inc.†# | 6,400 | 175,808 | |||
Euronet Worldwide, Inc.†# | 93,910 | 801,052 | |||
Global Payments, Inc. | 15,500 | 560,635 | |||
Heartland Payment Systems, Inc.# | 6,800 | 116,824 | |||
PRG-Schultz International, Inc.† | 22,500 | 100,800 | |||
Wright Express Corp.† | 78,555 | 893,956 | |||
2,649,075 | |||||
Communications Software — 0.1% | |||||
Digi International, Inc.† | 17,400 | 160,428 | |||
Computer Aided Design — 0.6% | |||||
Parametric Technology Corp.† | 122,200 | 1,412,632 | |||
Computer Graphics — 0.0% | |||||
Monotype Imaging Holdings, Inc.† | 10,300 | 55,620 | |||
Computer Services — 1.2% | |||||
3PAR, Inc.† | 2,200 | 18,150 | |||
CACI International, Inc., Class A†# | 53,882 | 2,392,900 | |||
Dynamics Resh Corp.† | 19,300 | 117,151 | |||
Furmanite Corp.† | 46,900 | 252,322 | |||
Tier Technologies, Inc., Class B† | 17,914 | 82,404 | |||
2,862,927 | |||||
Computer Software — 0.6% | |||||
Blackbaud, Inc.# | 109,430 | 1,367,875 | |||
Omniture, Inc.†# | 14,900 | 148,106 | |||
1,515,981 | |||||
Computers — 0.1% | |||||
Palm, Inc.†# | 58,300 | 139,337 | |||
Computers - Integrated Systems — 0.5% | |||||
3D Systems Corp.† | 11,700 | 84,825 | |||
Adept Technology, Inc.† | 23,000 | 55,430 | |||
Catapult Communications Corp.†# | 6,500 | 35,165 | |||
Integral Systems, Inc.† | 12,812 | 307,488 | |||
Jack Henry & Associates, Inc. | 40,100 | 738,241 | |||
Riverbed Technology, Inc.† | 2,000 | 18,780 | |||
1,239,929 | |||||
Computers - Memory Devices — 0.0% | |||||
Xyratex, Ltd.† | 16,600 | 45,650 | |||
Computers - Periphery Equipment — 0.1% | |||||
Synaptics, Inc.†# | 4,950 | 108,752 | |||
Security Description | Shares | Market Value (Note 2) | |||
Consulting Services — 0.1% | |||||
Diamond Management & Technology Consultants, Inc. | 38,100 | $ | 169,164 | ||
Genpact, Ltd.† | 3,000 | 23,790 | |||
192,954 | |||||
Consumer Products - Misc. — 0.7% | |||||
American Greetings Corp., Class A | 14,300 | 164,736 | |||
Russ Berrie & Co., Inc.† | 16,600 | 34,030 | |||
Tupperware Brands Corp.# | 76,630 | 1,507,312 | |||
1,706,078 | |||||
Cosmetics & Toiletries — 1.2% | |||||
Alberto-Culver Co. | 132,889 | 2,853,127 | |||
Data Processing/Management — 0.0% | |||||
Commvault Systems, Inc.† | 3,700 | 37,925 | |||
Decision Support Software — 0.2% | |||||
DemandTec, Inc.†# | 7,800 | 56,628 | |||
Interactive Intelligence, Inc.† | 21,900 | 163,155 | |||
SPSS, Inc.†# | 7,400 | 180,856 | |||
Wind River Systems, Inc.† | 17,700 | 147,618 | |||
548,257 | |||||
Diagnostic Equipment — 1.0% | |||||
Immucor, Inc.† | 6,200 | 150,474 | |||
Diagnostic Kits — 0.9% | |||||
Meridian Bioscience, Inc.# | 9,500 | 226,385 | |||
Quidel Corp.† | 147,199 | 2,006,322 | |||
2,232,707 | |||||
Disposable Medical Products — 0.1% | |||||
Rochester Medical Corp.† | 18,200 | 246,610 | |||
Distribution/Wholesale — 1.2% | |||||
Navarre Corp.† | 62,000 | 38,440 | |||
Owens & Minor, Inc. | 60,118 | 2,496,701 | |||
Pool Corp.# | 12,611 | 217,287 | |||
2,752,428 | |||||
Diversified Manufacturing Operations — 1.4% | |||||
A.O. Smith Corp. | 17,500 | 572,950 | |||
Actuant Corp., Class A# | 27,300 | 489,762 | |||
Acuity Brands, Inc.# | 15,400 | 415,184 | |||
ESCO Technologies, Inc.† | 17,000 | 519,860 | |||
GenTek, Inc.† | 9,100 | 167,622 | |||
Harsco Corp. | 7,000 | 176,050 | |||
Koppers Holdings, Inc. | 14,000 | 299,880 | |||
Leggett & Platt, Inc.# | 13,600 | 198,560 | |||
LSB Industries, Inc.† | 20,800 | 186,784 | |||
Matthews International Corp., Class A | 5,700 | 232,731 | |||
3,259,383 | |||||
Drug Delivery Systems — 0.0% | |||||
Alkermes, Inc.†# | 12,200 | 90,036 | |||
E-Commerce/Products — 0.0% | |||||
Drugstore.com, Inc.† | 38,237 | 38,237 | |||
E-Marketing/Info — 0.1% | |||||
comScore, Inc.†# | 3,500 | 32,620 | |||
Digital River, Inc.† | 13,500 | 285,255 | |||
317,875 | |||||
E-Services/Consulting — 0.1% | |||||
Keynote Systems, Inc.† | 24,600 | 187,452 | |||
Electric - Distribution — 0.1% | |||||
EnerNOC, Inc.†# | 38,638 | 276,648 | |||
154
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Electric - Integrated — 1.5% | |||||
Avista Corp. | 66,420 | $ | 1,173,641 | ||
Black Hills Corp. | 5,400 | 139,374 | |||
Central Vermont Public Service Corp. | 10,300 | 194,567 | |||
Cleco Corp. | 11,400 | 268,698 | |||
El Paso Electric Co.† | 11,500 | 207,230 | |||
NV Energy, Inc. | 14,300 | 135,564 | |||
OGE Energy Corp. | 15,600 | 413,244 | |||
PNM Resources, Inc.# | 25,200 | 263,340 | |||
The Empire District Electric Co. | 13,900 | 243,806 | |||
Unisource Energy Corp. | 16,700 | 468,769 | |||
3,508,233 | |||||
Electronic Components - Misc. — 0.5% | |||||
OSI Systems, Inc.† | 78,336 | 1,087,304 | |||
Electronic Components - Semiconductors — 1.4% | |||||
Advanced Analogic Technologies, Inc.† | 15,400 | 38,654 | |||
AuthenTec, Inc.† | 65,600 | 104,960 | |||
Cavium Networks, Inc.†# | 5,000 | 54,250 | |||
Ceva, Inc.† | 28,400 | 209,876 | |||
Conexant Systems, Inc.† | 22,760 | 23,215 | |||
Diodes, Inc.†# | 23,350 | 109,045 | |||
Kopin Corp.† | 4,620 | 9,702 | |||
Leadis Technology, Inc.† | 56,800 | 27,832 | |||
Microtune, Inc.† | 51,100 | 117,530 | |||
ON Semiconductor Corp.† | 3,600 | 10,512 | |||
Pixelworks, Inc.† | 17,925 | 17,208 | |||
Rubicon Technology, Inc.†# | 6,700 | 30,552 | |||
Semtech Corp.† | 200,298 | 2,267,373 | |||
Silicon Laboratories, Inc.† | 13,500 | 282,960 | |||
Virage Logic Corp.† | 2,000 | 6,780 | |||
Zarlink Semiconductor, Inc.† | 52,100 | 12,478 | |||
3,322,927 | |||||
Electronic Design Automation — 0.0% | |||||
Cadence Design Systems, Inc.† | 23,400 | 90,324 | |||
Electronic Measurement Instruments — 0.7% | |||||
Analogic Corp. | 3,100 | 121,086 | |||
Axsys Technologies, Inc.† | 14,600 | 1,019,226 | |||
CyberOptics Corp.† | 18,900 | 110,187 | |||
Measurement Specialties, Inc.† | 9,200 | 54,004 | |||
National Instruments Corp. | 6,600 | 159,126 | |||
Orbotech, Ltd.† | 13,400 | 56,414 | |||
1,520,043 | |||||
Electronic Security Devices — 0.2% | |||||
American Science and Engineering, Inc.# | 5,700 | 432,459 | |||
Vicon Industries, Inc.† | 21,026 | 89,360 | |||
521,819 | |||||
Energy - Alternate Sources — 0.1% | |||||
Plug Power, Inc.† | 116,900 | 120,407 | |||
Enterprise Software/Service — 2.7% | |||||
American Software, Inc., Class A | 37,400 | 152,218 | |||
Ariba, Inc.†# | 292,449 | 2,354,214 | |||
Omnicell, Inc.† | 157,328 | 1,784,100 | |||
Open Text Corp.† | 67,070 | 1,784,733 | |||
PROS Holdings, Inc.† | 5,200 | 25,064 | |||
RightNow Technologies, Inc.†# | 19,000 | 153,140 | |||
Salary.com, Inc.†# | 7,500 | 17,775 | |||
6,271,244 | |||||
Entertainment Software — 0.0% | |||||
Glu Mobile, Inc.†# | 6,700 | 1,675 | |||
Security Description | Shares | Market Value (Note 2) | |||
Filtration/Separation Products — 0.1% | |||||
CLARCOR, Inc.# | 6,300 | $ | 202,293 | ||
Finance - Auto Loans — 0.0% | |||||
Consumer Portfolio Services, Inc.† | 47,000 | 47,940 | |||
Finance - Consumer Loans — 0.0% | |||||
Encore Capital Group, Inc.† | 400 | 3,344 | |||
Finance - Investment Banker/Broker — 1.3% | |||||
KBW, Inc.†# | 108,670 | 2,467,896 | |||
Penson Worldwide, Inc.†# | 16,800 | 110,880 | |||
Piper Jaffray Cos., Inc.†# | 10,600 | 401,634 | |||
2,980,410 | |||||
Finance - Mortgage Loan/Banker — 0.0% | |||||
Federal Agricultural Mtg. Corp., Class C | 9,600 | 42,528 | |||
Finance - Other Services — 0.0% | |||||
MarketAxess Holdings, Inc.†# | 10,200 | 65,280 | |||
Financial Guarantee Insurance — 0.7% | |||||
Assured Guaranty, Ltd.# | 141,024 | 1,585,110 | |||
Food - Baking — 1.1% | |||||
Flowers Foods, Inc.# | 99,300 | 2,659,254 | |||
Food - Canned — 1.2% | |||||
Seneca Foods Corp., Class A† | 5,800 | 102,602 | |||
Seneca Foods Corp., Class B† | 2,700 | 44,010 | |||
Treehouse Foods, Inc.†# | 112,151 | 2,668,072 | |||
2,814,684 | |||||
Food - Misc. — 0.1% | |||||
M&F Worldwide Corp.† | 9,100 | 143,325 | |||
Senomyx, Inc.†# | 7,100 | 21,229 | |||
164,554 | |||||
Food - Retail — 1.1% | |||||
Ruddick Corp.# | 81,570 | 2,231,755 | |||
Village Super Market, Class A | 5,400 | 264,384 | |||
2,496,139 | |||||
Garden Products — 0.1% | |||||
Toro Co.# | 7,000 | 199,080 | |||
Gas - Distribution — 0.7% | |||||
Energen Corp. | 33,907 | 1,044,336 | |||
Southwest Gas Corp. | 18,600 | 481,740 | |||
1,526,076 | |||||
Hazardous Waste Disposal — 0.0% | |||||
Energy Solutions, Inc. | 12,400 | 56,544 | |||
Heart Monitors — 0.5% | |||||
Arrhythmia Research Technology, Inc.† | 13,800 | 33,120 | |||
Cardiac Science Corp.† | 174,900 | 1,142,097 | |||
1,175,217 | |||||
Home Furnishings — 0.0% | |||||
American Woodmark Corp.# | 3,500 | 57,505 | |||
Tempur-Pedic International, Inc.# | 4,300 | 30,057 | |||
87,562 | |||||
Hotels/Motels — 0.2% | |||||
Interstate Hotels & Resorts, Inc.† | 23,800 | 23,800 | |||
Red Lion Hotels Corp.† | 198,400 | 515,840 | |||
539,640 | |||||
Human Resources — 0.3% | |||||
Kforce, Inc.† | 17,000 | 115,600 | |||
MPS Group, Inc.† | 33,300 | 220,446 |
155
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AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Human Resources (continued) | |||||
On Assignment, Inc.† | 26,200 | $ | 150,650 | ||
Resources Connection, Inc.†# | 13,600 | 235,416 | |||
722,112 | |||||
Independent Power Producers — 0.0% | |||||
Synthesis Energy Systems, Inc.†# | 4,300 | 4,214 | |||
Industrial Automated/Robotic — 0.0% | |||||
Intermec, Inc.†# | 7,100 | 94,288 | |||
Instruments - Controls — 0.1% | |||||
Woodward Governor Co. | 6,500 | 138,060 | |||
Instruments - Scientific — 0.8% | |||||
Dionex Corp.†# | 28,946 | 1,484,640 | |||
FEI Co.†# | 17,500 | 355,600 | |||
1,840,240 | |||||
Insurance Brokers — 0.8% | |||||
Arthur J. Gallagher & Co. | 76,400 | 1,894,720 | |||
eHealth, Inc.†# | 4,200 | 46,074 | |||
1,940,794 | |||||
Insurance - Multi-line — 0.3% | |||||
Citizens, Inc.† | 44,200 | 417,690 | |||
HCC Insurance Holdings, Inc. | 15,100 | 351,981 | |||
769,671 | |||||
Insurance - Property/Casualty — 1.8% | |||||
FPIC Insurance Group, Inc.†# | 52,361 | 2,426,409 | |||
Hallmark Financial Services, Inc.† | 23,100 | 142,758 | |||
Infinity Property & Casualty Corp. | 13,700 | 628,693 | |||
Markel Corp.†# | 1,500 | 462,000 | |||
Meadowbrook Insurance Group, Inc. | 22,200 | 124,542 | |||
Mercer Insurance Group, Inc. | 9,700 | 111,550 | |||
SeaBright Insurance Holdings, Inc.† | 8,500 | 89,760 | |||
Selective Insurance Group, Inc. | 14,200 | 326,032 | |||
4,311,744 | |||||
Internet Application Software — 1.0% | |||||
CyberSource Corp.† | 150,176 | 1,393,633 | |||
eResearch Technology, Inc.†# | 146,945 | 828,770 | |||
2,222,403 | |||||
Internet Connectivity Services — 0.0% | |||||
Cogent Communications Group, Inc.†# | 11,200 | 61,600 | |||
Internet Content - Information/News — 0.1% | |||||
ADAM, Inc.† | 36,200 | 119,460 | |||
The Knot, Inc.†# | 13,500 | 101,520 | |||
TheStreet.com, Inc. | 23,900 | 81,021 | |||
302,001 | |||||
Internet Infrastructure Equipment — 0.0% | |||||
Network Engines, Inc.† | 128,600 | 47,582 | |||
Internet Infrastructure Software — 0.2% | |||||
TeleCommunication Systems, Inc., Class A† | 52,600 | 415,540 | |||
Internet Security — 0.2% | |||||
Actividentity Corp.† | 59,000 | 105,020 | |||
Blue Coat Systems, Inc.† | 12,000 | 106,680 | |||
Sourcefire, Inc.†# | 15,400 | 89,012 | |||
Zix Corp.† | 68,000 | 101,320 | |||
402,032 | |||||
Investment Management/Advisor Services — 1.0% | |||||
Affiliated Managers Group, Inc.† | 30,471 | 853,188 | |||
Cohen & Steers, Inc.# | 5,000 | 57,200 |
Security Description | Shares | Market Value (Note 2) | |||
Investment Management/Advisor Services (continued) | |||||
GAMCO Investors, Inc., Class A# | 42,992 | $ | 1,179,271 | ||
Pzena Investment Management, Inc., Class A# | 3,600 | 12,744 | |||
U.S. Global Investors, Inc., Class A | 20,200 | 101,202 | |||
Waddell & Reed Financial, Inc., Class A | 8,900 | 119,616 | |||
2,323,221 | |||||
Lasers-System/Components — 0.7% | |||||
Cymer, Inc.†# | 16,300 | 382,887 | |||
Newport Corp.† | 10,500 | 61,005 | |||
Rofin-Sinar Technologies, Inc.†# | 47,477 | 1,127,104 | |||
1,570,996 | |||||
Leisure Products — 0.0% | |||||
Brunswick Corp.# | 18,700 | 50,677 | |||
GameTech International, Inc.† | 30,200 | 33,824 | |||
84,501 | |||||
Linen Supply & Related Items — 0.1% | |||||
G&K Services, Inc., Class A | 7,900 | 184,860 | |||
Machinery - Electrical — 0.1% | |||||
Baldor Electric Co.# | 19,600 | 323,008 | |||
Machinery - General Industrial — 1.6% | |||||
Applied Industrial Technologies, Inc.# | 25,400 | 484,124 | |||
Chart Industries, Inc.† | 63,230 | 604,479 | |||
Hirsch International Corp., Class A† | 75,700 | 21,196 | |||
IDEX Corp. | 10,400 | 239,200 | |||
Kadant, Inc.† | 130,919 | 1,961,166 | |||
Middleby Corp.†# | 6,600 | 213,642 | |||
Tennant Co. | 9,600 | 231,264 | |||
3,755,071 | |||||
Machinery - Material Handling — 0.0% | |||||
Cascade Corp.# | 3,000 | 81,060 | |||
Machinery - Pumps — 0.1% | |||||
Graco, Inc.# | 6,200 | 133,052 | |||
Medical Imaging Systems — 0.0% | |||||
Vital Images, Inc.†# | 8,500 | 99,110 | |||
Medical Information Systems — 0.0% | |||||
AMICAS, Inc.† | 72,600 | 108,174 | |||
Medical Instruments — 0.6% | |||||
AngioDynamics, Inc.† | 6,400 | 76,352 | |||
Bovie Medical Corp.† | 32,900 | 161,868 | |||
CryoLife, Inc.† | 34,400 | 313,040 | |||
Edwards Lifesciences Corp.† | 7,000 | 348,390 | |||
Micrus Endovascular Corp.†# | 6,200 | 65,720 | |||
OrthoLogic Corp.† | 192,300 | 86,535 | |||
Stereotaxis, Inc.†# | 11,800 | 56,758 | |||
Synergetics USA, Inc.† | 31,361 | 31,047 | |||
Vascular Solutions, Inc.† | 29,900 | 216,476 | |||
1,356,186 | |||||
Medical Products — 2.3% | |||||
Cantel Medical Corp.† | 21,600 | 204,120 | |||
Haemonetics Corp.† | 32,823 | 1,877,147 | |||
Hanger Orthopedic Group, Inc.† | 26,100 | 418,905 | |||
Henry Schein, Inc.† | 700 | 25,011 | |||
Invacare Corp.# | 142,769 | 2,110,126 | |||
NMT Medical, Inc.† | 16,200 | 11,340 | |||
Osteotech, Inc.† | 46,600 | 91,336 | |||
Span-America Medical Systems, Inc. | 12,500 | 127,500 | |||
TomoTherapy, Inc.†# | 10,700 | 24,717 | |||
Vnus Medical Technologies, Inc.† | 23,800 | 357,000 | |||
Wright Medical Group, Inc.†# | 13,600 | 230,656 | |||
5,477,858 | |||||
156
Table of Contents
AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical Sterilization Products — 0.2% | |||||
STERIS Corp. | 13,200 | $ | 364,980 | ||
Medical - Biomedical/Gene — 2.5% | |||||
Acorda Therapeutics, Inc.†# | 2,100 | 38,052 | |||
Alexion Pharmaceuticals, Inc.† | 9,800 | 329,868 | |||
Amylin Pharmaceuticals, Inc.†# | 7,500 | 55,575 | |||
Bio-Rad Laboratories, Inc., Class A† | 26,854 | 1,991,493 | |||
CombiMatrix Corp.† | 20,300 | 143,115 | |||
Cubist Pharmaceuticals, Inc.†# | 12,800 | 314,368 | |||
deCODE genetics, Inc.†# | 15,700 | 3,768 | |||
Dendreon Corp.† | 55,900 | 272,792 | |||
Discovery Laboratories, Inc.† | 117,900 | 116,721 | |||
Exelixis, Inc.†# | 17,200 | 53,148 | |||
Harvard Bioscience, Inc.† | 61,600 | 125,664 | |||
Immunogen, Inc.† | 63,900 | 244,098 | |||
Incyte Corp.†# | 35,200 | 117,568 | |||
Integra LifeSciences Holdings Corp.†# | 3,500 | 110,215 | |||
InterMune, Inc.†# | 61,607 | 709,097 | |||
Martek Biosciences Corp.# | 3,900 | 109,005 | |||
Maxygen, Inc.†# | 7,700 | 37,730 | |||
Myriad Genetics, Inc.†# | 7,300 | 432,744 | |||
Regeneron Pharmaceuticals, Inc.†# | 6,300 | 97,398 | |||
Seattle Genetics, Inc.†# | 5,600 | 48,496 | |||
The Medicines Co.†# | 11,900 | 153,391 | |||
Vertex Pharmaceuticals, Inc.†# | 8,511 | 209,285 | |||
Vical, Inc.† | 48,985 | 54,373 | |||
5,767,964 | |||||
Medical - Drugs — 2.2% | |||||
Acadia Pharmaceuticals, Inc.†# | 4,600 | 5,888 | |||
Cephalon, Inc.†# | 4,200 | 308,616 | |||
Indevus Pharmaceuticals, Inc.† | 41,900 | 104,750 | |||
MAP Pharmaceuticals, Inc.†# | 1,800 | 8,280 | |||
Pharmasset, Inc.†# | 7,500 | 123,525 | |||
ViroPharma, Inc.†# | 186,814 | 2,110,998 | |||
Vivus, Inc.†# | 383,516 | 2,278,085 | |||
XenoPort, Inc.† | 7,100 | 223,224 | |||
5,163,366 | |||||
Medical - HMO — 0.3% | |||||
AMERIGROUP Corp.† | 13,300 | 326,648 | |||
Centene Corp.† | 16,900 | 312,650 | |||
639,298 | |||||
Medical - Hospitals — 0.2% | |||||
LifePoint Hospitals, Inc.†# | 17,500 | 351,050 | |||
Medical - Nursing Homes — 1.0% | |||||
Advocat, Inc.† | 13,000 | 33,540 | |||
Skilled Healthcare Group, Inc. Class A†# | 209,675 | 2,268,683 | |||
2,302,223 | |||||
Medical - Outpatient/Home Medical — 1.3% | |||||
Gentiva Health Services, Inc.† | 117,427 | 2,962,683 | |||
Metal Processors & Fabrication — 0.9% | |||||
Haynes International, Inc.†# | 7,600 | 138,548 | |||
RBC Bearings, Inc.† | 81,464 | 1,850,862 | |||
1,989,410 | |||||
Mining — 0.1% | |||||
Allied Nevada Gold Corp.† | 19,293 | 54,985 | |||
Lihir Gold, Ltd.†(2) | 52,100 | 78,129 | |||
Vista Gold Corp.† | 24,300 | 30,375 | |||
163,489 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Miscellaneous Manufacturing — 0.7% | |||||
AptarGroup, Inc. | 51,709 | $ | 1,729,149 | ||
MRI/Medical Diagnostic Imaging — 0.1% | |||||
Nighthawk Radiology Holdings, Inc.† | 4,900 | 14,210 | |||
RadNet, Inc.† | 42,600 | 150,378 | |||
164,588 | |||||
Multimedia — 0.3% | |||||
FactSet Research Systems, Inc.# | 13,900 | 556,000 | |||
Meredith Corp.# | 12,300 | 198,522 | |||
WPT Enterprises, Inc.† | 55,500 | 20,535 | |||
775,057 | |||||
Networking Products — 0.2% | |||||
Acme Packet, Inc.†# | 2,700 | 10,530 | |||
Atheros Communications, Inc.†# | 7,300 | 106,580 | |||
BigBand Networks, Inc.†# | 7,000 | 25,480 | |||
Ixia† | 14,800 | 90,872 | |||
Parkervision, Inc.† | 25,300 | 93,610 | |||
Soapstone Networks, Inc.† | 28,700 | 63,140 | |||
390,212 | |||||
Non-Hazardous Waste Disposal — 1.1% | |||||
Waste Connections, Inc.† | 88,766 | 2,505,864 | |||
Oil Companies - Exploration & Production — 2.8% | |||||
American Oil And Gas, Inc.† | 56,800 | 53,960 | |||
Barnwell Industries, Inc. | 13,200 | 46,860 | |||
Bill Barrett Corp.†# | 20,300 | 454,111 | |||
Brigham Exploration Co.† | 50,600 | 153,318 | |||
Comstock Resources, Inc.† | 47,788 | 2,003,751 | |||
Concho Resources, Inc.† | 17,300 | 408,107 | |||
FieldPoint Petroleum Corp.† | 86,200 | 179,296 | |||
Forest Oil Corp.† | 11,500 | 200,675 | |||
GeoMet, Inc.†# | 26,800 | 54,940 | |||
Mariner Energy, Inc.† | 23,131 | 254,210 | |||
Parallel Petroleum Corp.†# | 170,983 | 538,596 | |||
Penn Virginia Corp. | 59,453 | 1,785,374 | |||
TransGlobe Energy Corp.† | 52,300 | 104,600 | |||
Venoco, Inc.†# | 119,800 | 400,132 | |||
6,637,930 | |||||
Oil Field Machinery & Equipment — 1.7% | |||||
Bolt Technology Corp.† | 28,200 | 237,444 | |||
Complete Production Services, Inc.† | 117,716 | 964,094 | |||
Lufkin Industries, Inc.# | 32,800 | 1,617,368 | |||
NATCO Group, Inc., Class A†# | 62,506 | 1,133,234 | |||
3,952,140 | |||||
Oil Refining & Marketing — 0.1% | |||||
Holly Corp. | 6,300 | 114,597 | |||
Oil-Field Services — 0.9% | |||||
Boots & Coots International Control, Inc.† | 75,700 | 102,952 | |||
Key Energy Services, Inc.† | 3,300 | 15,675 | |||
Oceaneering International, Inc.† | 46,699 | 1,205,768 | |||
SEACOR Holdings, Inc.†# | 12,100 | 800,173 | |||
Trico Marine Services, Inc.† | 10,745 | 41,046 | |||
Union Drilling, Inc.† | 6,500 | 43,810 | |||
2,209,424 | |||||
Paper & Related Products — 0.0% | |||||
Smurfit-Stone Container Corp.† | 20,100 | 11,457 | |||
Patient Monitoring Equipment — 0.0% | |||||
Masimo Corp.†# | 1,000 | 27,290 | |||
157
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Pharmacy Services — 0.1% | |||||
Catalyst Health Solutions, Inc.† | 13,300 | $ | 299,250 | ||
Physicians Practice Management — 0.0% | |||||
Healthways, Inc.† | 2,800 | 22,652 | |||
Power Converter/Supply Equipment — 0.1% | |||||
Advanced Energy Industries, Inc.† | 15,300 | 119,034 | |||
SL Industries, Inc.† | 5,586 | 32,678 | |||
151,712 | |||||
Precious Metals — 0.1% | |||||
Franco-Nevada Corp. | 13,700 | 186,738 | |||
Printing - Commercial — 0.1% | |||||
Consolidated Graphics, Inc.† | 600 | 8,622 | |||
Multi-Color Corp.# | 11,950 | 160,130 | |||
168,752 | |||||
Publishing - Books — 0.1% | |||||
Scholastic Corp.# | 16,215 | 247,603 | |||
Quarrying — 0.8% | |||||
Compass Minerals International, Inc. | 31,964 | 1,789,664 | |||
Racetracks — 0.0% | |||||
Dover Motorsports, Inc. | 58,800 | 88,200 | |||
Radio — 0.0% | |||||
Saga Communications, Inc., Class A† | 30,400 | 74,784 | |||
Real Estate Investment Trusts — 2.3% | |||||
Alexandria Real Estate Equities, Inc.# | 24,000 | 1,062,720 | |||
Anworth Mortgage Asset Corp. | 7,100 | 44,943 | |||
Cousins Properties, Inc.# | 14,200 | 153,076 | |||
DiamondRock Hospitality Co. | 27,700 | 103,044 | |||
EastGroup Properties, Inc. | 12,000 | 386,760 | |||
Equity One, Inc.# | 19,200 | 317,760 | |||
Essex Property Trust, Inc.# | 1,300 | 112,411 | |||
Hatteras Financial Corp.# | 5,200 | 134,004 | |||
LaSalle Hotel Properties# | 78,927 | 696,136 | |||
Parkway Properties, Inc.# | 5,600 | 76,552 | |||
Senior Housing Properties Trust# | 63,800 | 888,734 | |||
Universal Health Realty Income Trust | 47,280 | 1,483,174 | |||
5,459,314 | |||||
Real Estate Operations & Development — 0.1% | |||||
Stratus Properties, Inc.† | 7,600 | 121,448 | |||
Recreational Vehicles — 0.0% | |||||
Polaris Industries, Inc.# | 900 | 24,570 | |||
Rental Auto/Equipment — 0.1% | |||||
Electro Rent Corp. | 6,300 | 69,489 | |||
H&E Equipment Services, Inc.† | 25,000 | 168,250 | |||
237,739 | |||||
Resort/Theme Parks — 0.0% | |||||
Great Wolf Resorts, Inc.† | 37,200 | 42,036 | |||
Respiratory Products — 0.1% | |||||
ResMed, Inc.† | 5,200 | 188,968 | |||
Retail - Apparel/Shoe — 0.2% | |||||
American Eagle Outfitters, Inc. | 5,400 | 51,840 | |||
AnnTaylor Stores Corp.†# | 22,550 | 101,250 | |||
Christopher & Banks Corp.# | 14,900 | 50,213 | |||
Hot Topic, Inc.† | 23,600 | 193,992 | |||
J Crew Group, Inc.†# | 9,200 | 93,288 | |||
490,583 | |||||
Retail - Arts & Crafts — 0.0% | |||||
A.C. Moore Arts & Crafts, Inc.† | 4,900 | 4,998 | |||
Security Description | Shares | Market Value (Note 2) | |||
Retail - Computer Equipment — 0.2% | |||||
PC Mall, Inc.†# | 108,170 | $ | 398,066 | ||
Retail - Convenience Store — 0.9% | |||||
The Pantry, Inc.†# | 113,938 | 2,203,561 | |||
Retail - Discount — 0.7% | |||||
Citi Trends, Inc.†# | 137,679 | 1,693,452 | |||
Retail - Drug Store — 0.1% | |||||
Allion Healthcare, Inc.† | 61,200 | 199,512 | |||
Retail - Jewelry — 0.0% | |||||
Zale Corp.†# | 8,200 | 48,626 | |||
Retail - Leisure Products — 0.0% | |||||
MarineMax, Inc.†# | 11,400 | 31,692 | |||
Retail - Mail Order — 0.1% | |||||
Sport Supply Group, Inc. | 27,600 | 166,152 | |||
Retail - Pet Food & Supplies — 0.2% | |||||
PetMed Express, Inc.† | 24,100 | 432,113 | |||
PetSmart, Inc. | 7,200 | 126,360 | |||
558,473 | |||||
Retail - Restaurants — 1.5% | |||||
BJ’s Restaurants, Inc.†# | 11,600 | 113,448 | |||
Brinker International, Inc. | 15,500 | 102,920 | |||
DineEquity, Inc.# | 60,230 | 766,728 | |||
Famous Dave’s of America, Inc.† | 16,700 | 48,430 | |||
Luby’s, Inc.† | 25,300 | 110,814 | |||
Panera Bread Co., Class A†# | 8,100 | 359,964 | |||
Papa John’s International, Inc.†# | 85,622 | 1,517,222 | |||
PF Chang’s China Bistro, Inc.†# | 5,600 | 104,888 | |||
Red Robin Gourmet Burgers, Inc.†# | 9,200 | 112,148 | |||
Sonic Corp.†# | 24,362 | 205,859 | |||
The Cheesecake Factory, Inc.† | 19,500 | 141,960 | |||
3,584,381 | |||||
Retail - Sporting Goods — 0.2% | |||||
Hibbett Sports, Inc.†# | 13,500 | 192,240 | |||
Zumiez, Inc.†# | 20,400 | 176,256 | |||
368,496 | |||||
Savings & Loans/Thrifts — 1.3% | |||||
Abington Bancorp, Inc. | 28,640 | 294,992 | |||
American Bancorp of New Jersey | 21,400 | 195,382 | |||
Clifton Savings Bancorp, Inc. | 28,200 | 331,068 | |||
First Niagara Financial Group, Inc.# | 55,000 | 853,050 | |||
NewAlliance Bancshares, Inc. | 19,700 | 271,466 | |||
Pacific Premier Bancorp, Inc.† | 20,800 | 76,336 | |||
Rainier Pacific Financial Group, Inc. | 13,600 | 23,120 | |||
Rome Bancorp, Inc. | 19,500 | 177,645 | |||
Sovereign Bancorp, Inc.† | 17,000 | 41,990 | |||
Timberland Bancorp, Inc. | 881 | 6,088 | |||
United Financial Bancorp, Inc. | 20,087 | 264,746 | |||
United Western Bancorp, Inc. | 7,612 | 71,096 | |||
Westfield Financial, Inc. | 33,500 | 345,720 | |||
2,952,699 | |||||
Schools — 1.5% | |||||
Capella Education Co.†# | 42,172 | 2,524,416 | |||
Corinthian Colleges, Inc.†# | 39,800 | 639,984 | |||
Grand Canyon Education, Inc.† | 4,800 | 71,232 | |||
Princeton Review, Inc.† | 33,100 | 171,789 | |||
3,407,421 | |||||
Seismic Data Collection — 0.1% | |||||
ION Geophysical Corp.†# | 20,700 | 62,100 | |||
T.G.C. Industries, Inc.† | 33,405 | 61,131 | |||
123,231 | |||||
158
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AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Semiconductor Components - Integrated Circuits — 0.7% | |||||
Emulex Corp.† | 14,200 | $ | 101,246 | ||
Power Integrations, Inc.# | 76,935 | 1,407,910 | |||
Standard Microsystems Corp.† | 10,400 | 158,496 | |||
1,667,652 | |||||
Semiconductor Equipment — 1.4% | |||||
ATMI, Inc.† | 95,962 | 1,143,867 | |||
Brooks Automation, Inc.† | 11,466 | 44,259 | |||
FormFactor, Inc.† | 6,900 | 93,357 | |||
LTX-Credence Corp.† | 50,000 | 18,500 | |||
Mattson Technology, Inc.† | 20,400 | 36,720 | |||
MKS Instruments, Inc.† | 109,455 | 1,566,301 | |||
Novellus Systems, Inc.†# | 9,800 | 121,422 | |||
Semitool, Inc.†# | 21,300 | 79,449 | |||
Trio Tech International | 15,800 | 33,970 | |||
Veeco Instruments, Inc.† | 4,900 | 29,057 | |||
3,166,902 | |||||
Specified Purpose Acquisitions — 0.0% | |||||
Highlands Acquisition Corp.† | 11,700 | 102,960 | |||
Steel Pipe & Tube — 1.4% | |||||
Northwest Pipe Co.†# | 47,800 | 1,372,816 | |||
Valmont Industries, Inc.# | 36,101 | 1,996,385 | |||
3,369,201 | |||||
Telecom Equipment - Fiber Optics — 0.1% | |||||
Finisar Corp.†# | 172,195 | 75,766 | |||
KVH Industries, Inc.† | 14,357 | 64,319 | |||
140,085 | |||||
Telecom Services — 0.7% | |||||
Knology, Inc.†# | 9,700 | 55,096 | |||
NTELOS Holdings Corp. | 49,082 | 1,090,111 | |||
Orbcomm, Inc.† | 50,700 | 93,795 | |||
Premiere Global Services, Inc.† | 21,600 | 131,760 | |||
TW Telecom, Inc.†# | 22,300 | 170,149 | |||
1,540,911 | |||||
Telecommunication Equipment — 2.1% | |||||
Adtran, Inc. | 19,900 | 282,580 | |||
Arris Group, Inc.†# | 301,650 | 2,168,864 | |||
Comtech Telecommunications Corp.†# | 52,307 | 2,480,921 | |||
Sonus Networks, Inc.†# | 53,700 | 83,235 | |||
5,015,600 | |||||
Telephone - Integrated — 1.5% | |||||
Alaska Communications Systems Group, Inc.# | 204,619 | 1,984,804 | |||
Cincinnati Bell, Inc.†# | 647,503 | 1,120,180 | |||
HickoryTech Corp. | 35,200 | 204,160 | |||
SureWest Communications | 17,700 | 216,117 | |||
3,525,261 | |||||
Textile - Apparel — 0.3% | |||||
Cherokee, Inc. | 6,900 | 111,021 | |||
Unifi, Inc.† | 114,100 | 530,565 | |||
641,586 | |||||
Textile - Products — 0.0% | |||||
Culp, Inc.† | 46,000 | 106,260 | |||
Therapeutics — 0.3% | |||||
BioMarin Pharmaceuticals, Inc.†# | 7,900 | 134,537 | |||
Hollis-Eden Pharmaceuticals, Inc.† | 40,300 | 35,867 | |||
Inspire Phamaceuticals, Inc.†# | 60,300 | 217,080 | |||
Introgen Therapeutics, Inc.† | 55,700 | 16,153 | |||
Onyx Pharmaceuticals, Inc.†# | 4,200 | 118,020 |
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
Therapeutics (continued) | ||||||||
Spectrum Pharmaceuticals, Inc.† | 48,200 | $ | 67,480 | |||||
Theravance, Inc.†# | 3,800 | 25,384 | ||||||
614,521 | ||||||||
Tools - Hand Held — 0.7% | ||||||||
Snap-On, Inc.# | 48,286 | 1,740,710 | ||||||
Transactional Software — 0.0% | ||||||||
Bottomline Technologies, Inc.† | 12,900 | 87,720 | ||||||
Transport - Services — 0.1% | ||||||||
UTi Worldwide, Inc. | 15,000 | 160,800 | ||||||
Transport - Truck — 2.7% | ||||||||
Heartland Express, Inc.# | 1,465 | 22,619 | ||||||
Knight Transportation, Inc.# | 37,875 | 596,910 | ||||||
Landstar System, Inc. | 61,064 | 1,962,597 | ||||||
Marten Transport, Ltd.† | 180,001 | 3,393,019 | ||||||
Patriot Transportation Holding, Inc.† | 3,300 | 228,360 | ||||||
6,203,505 | ||||||||
Water — 0.2% | ||||||||
Cascal NV | 102,547 | 453,258 | ||||||
Southwest Water Co. | 20,300 | 85,869 | ||||||
539,127 | ||||||||
Wire & Cable Products — 0.8% | ||||||||
Belden, Inc.# | 71,700 | 1,249,014 | ||||||
General Cable Corp.†# | 43,494 | 718,086 | ||||||
1,967,100 | ||||||||
Wireless Equipment — 0.2% | ||||||||
Aruba Networks, Inc.†# | 4,400 | 10,428 | ||||||
Globecomm Systems, Inc.† | 28,200 | 146,358 | ||||||
Relm Wireless Corp.† | 32,200 | 27,370 | ||||||
SBA Communications Corp., Class A†# | 5,400 | 85,266 | ||||||
Tessco Technologies, Inc.† | 10,700 | 112,564 | ||||||
381,986 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $323,331,896) | 229,377,040 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 26.3% |
| |||||||
Collective Investment Pool — 23.7% |
| |||||||
Securities Lending Quality Trust(3) | 58,000,576 | 55,564,552 | ||||||
Registered Investment Companies — 0.3% |
| |||||||
T. Rowe Price Reserve Investment Fund | 705,119 | 705,119 | ||||||
Time Deposits — 2.3% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 5,453,000 | 5,453,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $64,158,695) | 61,722,671 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $387,490,591)(4) | 124.3 | % | 291,099,711 | |||||
Liabilities in excess of other assets | (24.3 | ) | (56,951,504 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 234,148,207 | ||||
159
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AIG Retirement Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $102,515 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Fair valued security; see Note 2 |
(2) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | See Note 5 for cost of investments on a tax basis. |
See Notes to Financial Statements
160
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AIG Retirement Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 20.9 | % | |
Banks — Commercial | 8.1 | ||
Real Estate Investment Trusts | 5.0 | ||
Commercial Paper | 4.9 | ||
Medical — Biomedical/Gene | 3.6 | ||
Oil Companies — Exploration & Production | 2.5 | ||
Electric — Integrated | 2.2 | ||
Insurance — Property/Casualty | 1.8 | ||
Gas — Distribution | 1.7 | ||
Savings & Loans/Thrifts | 1.6 | ||
Insurance — Reinsurance | 1.4 | ||
Enterprise Software/Service | 1.4 | ||
Medical Products | 1.4 | ||
Medical — Drugs | 1.3 | ||
Diversified Manufacturing Operations | 1.3 | ||
Electronic Components — Semiconductors | 1.3 | ||
Networking Products | 1.3 | ||
Medical Instruments | 1.2 | ||
Retail — Apparel/Shoe | 1.2 | ||
Retail — Restaurants | 1.2 | ||
Food — Misc. | 1.1 | ||
Finance — Investment Banker/Broker | 1.1 | ||
Distribution/Wholesale | 1.0 | ||
Aerospace/Defense — Equipment | 0.9 | ||
Chemicals — Specialty | 0.9 | ||
Consulting Services | 0.9 | ||
Therapeutics | 0.9 | ||
Airlines | 0.9 | ||
Computer Services | 0.8 | ||
Computers — Integrated Systems | 0.8 | ||
Telecom Services | 0.8 | ||
Machinery — General Industrial | 0.8 | ||
Commercial Services — Finance | 0.8 | ||
Telecommunication Equipment | 0.8 | ||
Commercial Services | 0.8 | ||
U.S. Government Treasuries | 0.7 | ||
Transport — Truck | 0.7 | ||
Human Resources | 0.7 | ||
Aerospace/Defense | 0.7 | ||
Semiconductor Equipment | 0.7 | ||
Metal Processors & Fabrication | 0.7 | ||
Medical — HMO | 0.6 | ||
Repurchase Agreements | 0.6 | ||
Transport — Marine | 0.6 | ||
Electronic Components — Misc. | 0.6 | ||
Semiconductor Components — Integrated Circuits | 0.6 | ||
Investment Companies | 0.5 | ||
Medical — Outpatient/Home Medical | 0.5 | ||
Footwear & Related Apparel | 0.5 | ||
Consumer Products — Misc. | 0.5 | ||
Oil Field Machinery & Equipment | 0.5 | ||
Rental Auto/Equipment | 0.5 | ||
Internet Application Software | 0.5 | ||
Applications Software | 0.5 | ||
Schools | 0.5 | ||
Apparel Manufacturers | 0.4 | ||
Chemicals — Diversified | 0.4 | ||
Wireless Equipment | 0.4 | ||
Medical Information Systems | 0.4 | ||
Food — Retail | 0.4 | ||
Food — Wholesale/Distribution | 0.4 | ||
Lasers — System/Components | 0.4 | ||
Instruments — Scientific | 0.4 | ||
Industrial Automated/Robotic | 0.4 | ||
Diagnostic Equipment | 0.4 | ||
Oil-Field Services | 0.4 | ||
Building — Heavy Construction | 0.4 | ||
Data Processing/Management | 0.4 | ||
Building & Construction Products — Misc. | 0.4 |
Physical Therapy/Rehabilitation Centers | 0.4 | |
Paper & Related Products | 0.4 | |
Water | 0.4 | |
Power Converter/Supply Equipment | 0.3 | |
Insurance — Life/Health | 0.3 | |
Machinery — Electrical | 0.3 | |
Oil & Gas Drilling | 0.3 | |
Auto/Truck Parts & Equipment — Original | 0.3 | |
Identification Systems | 0.3 | |
Transactional Software | 0.3 | |
Transport — Services | 0.3 | |
Office Furnishings — Original | 0.3 | |
Non-Hazardous Waste Disposal | 0.3 | |
Electric — Transmission | 0.3 | |
Food — Baking | 0.3 | |
Toys | 0.3 | |
Medical — Generic Drugs | 0.3 | |
Retail — Convenience Store | 0.3 | |
Electronic Measurement Instruments | 0.3 | |
Filtration/Separation Products | 0.3 | |
Telephone — Integrated | 0.3 | |
Instruments — Controls | 0.3 | |
Computer Software | 0.3 | |
Computers — Memory Devices | 0.3 | |
E-Marketing/Info | 0.3 | |
Engineering/R&D Services | 0.2 | |
Quarrying | 0.2 | |
Diversified Operations/Commercial Services | 0.2 | |
Building — Residential/Commercial | 0.2 | |
Telecom Equipment — Fiber Optics | 0.2 | |
Cosmetics & Toiletries | 0.2 | |
Retail — Pawn Shops | 0.2 | |
Home Furnishings | 0.2 | |
Medical — Nursing Homes | 0.2 | |
Internet Infrastructure Software | 0.2 | |
Computer Aided Design | 0.2 | |
Hazardous Waste Disposal | 0.2 | |
Diagnostic Kits | 0.2 | |
E-Commerce/Products | 0.2 | |
Computers — Periphery Equipment | 0.2 | |
Containers — Paper/Plastic | 0.2 | |
Medical Sterilization Products | 0.2 | |
Tobacco | 0.2 | |
Finance — Consumer Loans | 0.2 | |
Patient Monitoring Equipment | 0.2 | |
Drug Delivery Systems | 0.2 | |
Building — Maintance & Services | 0.2 | |
E-Services/Consulting | 0.2 | |
Energy — Alternate Sources | 0.2 | |
Research & Development | 0.2 | |
Advanced Materials | 0.2 | |
E-Commerce/Services | 0.2 | |
Wire & Cable Products | 0.2 | |
Financial Guarantee Insurance | 0.2 | |
Leisure Products | 0.2 | |
Decision Support Software | 0.2 | |
Printing — Commercial | 0.2 | |
Retail — Gardening Products | 0.2 | |
Entertainment Software | 0.2 | |
Electric Products — Misc. | 0.2 | |
Casino Services | 0.2 | |
Private Corrections | 0.2 | |
Batteries/Battery Systems | 0.2 | |
Containers — Metal/Glass | 0.2 | |
Web Portals/ISP | 0.2 | |
Gold Mining | 0.2 | |
Cellular Telecom | 0.2 | |
Environmental Consulting & Engineering | 0.2 | |
Real Estate Operations & Development | 0.2 |
161
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PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)
Industry Allocation* (continued)
Insurance — Multi-line | 0.2 | % | |
Retail — Discount | 0.2 | ||
Audio/Video Products | 0.2 | ||
Broadcast Services/Program | 0.1 | ||
Building & Construction — Misc. | 0.1 | ||
Electronic Security Devices | 0.1 | ||
Coffee | 0.1 | ||
Steel Pipe & Tube | 0.1 | ||
Non-Ferrous Metals | 0.1 | ||
Retail — Petroleum Products | 0.1 | ||
Alternative Waste Technology | 0.1 | ||
Internet Security | 0.1 | ||
Transport — Equipment & Leasing | 0.1 | ||
Chemicals — Plastics | 0.1 | ||
Environmental Monitoring & Detection | 0.1 | ||
Transport — Rail | 0.1 | ||
Investment Management/Advisor Services | 0.1 | ||
Retail — Automobile | 0.1 | ||
Retail — Sporting Goods | 0.1 | ||
Internet Telephone | 0.1 | ||
Recreational Vehicles | 0.1 | ||
Auto/Truck Parts & Equipment — Replacement | 0.1 | ||
Agricultural Operations | 0.1 | ||
Internet Content — Information/News | 0.1 | ||
Educational Software | 0.1 | ||
Linen Supply & Related Items | 0.1 | ||
Intimate Apparel | 0.1 | ||
Building Products — Cement | 0.1 | ||
Internet Infrastructure Equipment | 0.1 | ||
Satellite Telecom | 0.1 | ||
Disposable Medical Products | 0.1 | ||
Machinery — Material Handling | 0.1 | ||
Communications Software | 0.1 | ||
Hotels/Motels | 0.1 | ||
Finance — Other Services | 0.1 | ||
Electronic Design Automation | 0.1 | ||
Resorts/Theme Parks | 0.1 | ||
Miscellaneous Manufacturing | 0.1 | ||
Coal | 0.1 | ||
Insurance Brokers | 0.1 | ||
Food — Canned | 0.1 | ||
Engines — Internal Combustion | 0.1 | ||
Pharmacy Services | 0.1 | ||
Circuit Boards | 0.1 | ||
Auction Houses/Art Dealers | 0.1 | ||
Building — Mobile Home/Manufactured Housing | 0.1 | ||
Oil Refining & Marketing | 0.1 | ||
Poultry | 0.1 | ||
Diversified Minerals | 0.1 | ||
Golf | 0.1 | ||
Food — Confectionery | 0.1 | ||
Medical Labs & Testing Services | 0.1 | ||
Web Hosting/Design | 0.1 | ||
Dental Supplies & Equipment | 0.1 | ||
Recreational Centers | 0.1 | ||
Building Products — Doors & Windows | 0.1 | ||
Theaters | 0.1 | ||
Independent Power Producers | 0.1 | ||
Machinery — Pumps | 0.1 | ||
Building Products — Air & Heating | 0.1 | ||
Protection/Safety | 0.1 | ||
Publishing — Books | 0.1 | ||
Retail — Perfume & Cosmetics | 0.1 | ||
Advertising Services | 0.1 | ||
Internet Connectivity Services | 0.1 | ||
Racetracks | 0.1 | ||
Machinery — Farming | 0.1 | ||
Superconductor Product & Systems | 0.1 | ||
Vitamins & Nutrition Products | 0.1 |
Multilevel Direct Selling | 0.1 | ||
Machinery — Construction & Mining | 0.1 | ||
Finance — Leasing Companies | 0.1 | ||
Forestry | 0.1 | ||
Storage/Warehousing | 0.1 | ||
Gambling (Non-Hotel) | 0.1 | ||
Internet Incubators | 0.1 | ||
Retail — Hair Salons | 0.1 | ||
Retail — Pet Food & Supplies | 0.1 | ||
Medical Imaging Systems | 0.1 | ||
Auto Repair Centers | 0.1 | ||
Seismic Data Collection | 0.1 | ||
Textile — Apparel | 0.1 | ||
Office Supplies & Forms | 0.1 | ||
Internet Financial Services | 0.1 | ||
MRI/Medical Diagnostic Imaging | 0.1 | ||
Television | 0.1 | ||
Precious Metals | 0.1 | ||
Physicians Practice Management | 0.1 | ||
121.6 | % | ||
* | Calculated as a percentage of net assets |
162
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 94.4% | |||||
Advanced Materials — 0.2% | |||||
Ceradyne, Inc.† | 22,184 | $ | 582,552 | ||
Hexcel Corp.† | 80,814 | 606,105 | |||
1,188,657 | |||||
Advertising Services — 0.1% | |||||
inVentiv Health, Inc.† | 24,689 | 297,009 | |||
Marchex, Inc., Class B# | 20,029 | 111,762 | |||
R.H. Donnelley Corp.†# | 57,946 | 31,870 | |||
440,641 | |||||
Aerospace/Defense — 0.7% | |||||
Aerovironment, Inc.†# | 8,634 | 278,274 | |||
Cubic Corp. | 13,124 | 346,999 | |||
Esterline Technologies Corp.† | 23,740 | 876,243 | |||
Herley Industries, Inc.† | 11,374 | 136,488 | |||
National Presto Industries, Inc. | 3,782 | 248,137 | |||
Teledyne Technologies, Inc.† | 29,099 | 1,182,001 | |||
TransDigm Group, Inc.†# | 26,911 | 955,341 | |||
4,023,483 | |||||
Aerospace/Defense - Equipment — 0.9% | |||||
AAR Corp.†# | 29,961 | 507,539 | |||
Argon ST, Inc.† | 11,024 | 215,960 | |||
Curtiss-Wright Corp. | 36,752 | 1,227,517 | |||
Ducommun, Inc. | 8,895 | 148,724 | |||
GenCorp, Inc.†# | 48,015 | 137,323 | |||
HEICO Corp.# | 17,832 | 572,942 | |||
Kaman Corp. | 19,918 | 469,268 | |||
LMI Aerospace, Inc.† | 7,312 | 80,286 | |||
Moog, Inc., Class A† | 34,909 | 1,123,372 | |||
Orbital Sciences Corp.† | 47,710 | 820,612 | |||
Triumph Group, Inc. | 13,109 | 448,328 | |||
5,751,871 | |||||
Agricultural Operations — 0.1% | |||||
Alico, Inc.# | 3,018 | 97,934 | |||
Andersons, Inc.# | 14,239 | 180,266 | |||
Cadiz, Inc.†# | 7,758 | 94,570 | |||
Griffin Ld and Nurseries, Inc. | 2,813 | 88,947 | |||
Maui Land & Pineapple Co., Inc.†# | 3,941 | 44,257 | |||
Tejon Ranch Co.†# | 8,281 | 216,217 | |||
722,191 | |||||
Airlines — 0.9% | |||||
AirTran Holdings, Inc.†# | 90,031 | 307,006 | |||
Alaska Air Group, Inc.†# | 30,301 | 695,408 | |||
Allegiant Travel Co.†# | 11,502 | 496,196 | |||
Hawaiian Holdings, Inc.† | 33,472 | 149,955 | |||
JetBlue Airways Corp.†# | 145,794 | 763,960 | |||
Republic Airways Holdings, Inc.† | 27,115 | 378,796 | |||
Skywest, Inc. | 46,749 | 710,585 | |||
UAL Corp.# | 103,505 | 1,164,431 | |||
US Airways Group, Inc.†# | 92,158 | 549,262 | |||
5,215,599 | |||||
Alternative Waste Technology — 0.1% | |||||
Calgon Carbon Corp.†# | 31,731 | 405,205 | |||
Darling International, Inc.† | 63,594 | 317,970 | |||
Rentech, Inc.†# | 139,643 | 89,371 | |||
812,546 | |||||
Apparel Manufacturers — 0.4% | |||||
American Apparel, Inc.†# | 28,528 | 121,244 | |||
Carter’s, Inc.† | 46,084 | 871,448 | |||
Columbia Sportswear Co.# | 10,423 | 328,846 | |||
G-III Apparel Group, Ltd.†# | 11,137 | 88,316 |
Security Description | Shares | Market Value (Note 2) | |||
Apparel Manufacturers (continued) | |||||
Maidenform Brands, Inc.† | 18,914 | $ | 175,144 | ||
Oxford Industries, Inc. | 11,983 | 71,898 | |||
Quiksilver, Inc.† | 106,149 | 148,609 | |||
True Religion Apparel, Inc.†# | 14,368 | 180,893 | |||
Under Armour, Inc., Class A†# | 26,223 | 602,867 | |||
Volcom, Inc.†# | 15,301 | 154,234 | |||
2,743,499 | |||||
Applications Software — 0.5% | |||||
Actuate Corp.† | 50,960 | 134,025 | |||
American Reprographics Co.† | 27,536 | 215,607 | |||
Callidus Software, Inc†# | 25,374 | 51,763 | |||
Deltek, Inc.†# | 10,601 | 50,885 | |||
Ebix Com, Inc.†# | 5,115 | 132,606 | |||
EPIQ Systems, Inc.†# | 29,777 | 483,578 | |||
NetSuite ,Inc.†# | 5,987 | 51,907 | |||
OpenTV Corp. Class A† | 73,147 | 84,851 | |||
Progress Software Corp.† | 34,982 | 744,417 | |||
Quest Software, Inc.† | 58,416 | 779,854 | |||
Unica Corp.†# | 11,762 | 45,754 | |||
2,775,247 | |||||
Athletic Equipment — 0.0% | |||||
Nautilus, Inc.†# | 19,192 | 56,424 | |||
Athletic Footwear — 0.0% | |||||
K-Swiss, Inc., Class A | 19,560 | 246,456 | |||
Auction House/Art Dealers — 0.1% | |||||
Sotheby’s# | 56,729 | 563,886 | |||
Audio/Video Products — 0.2% | |||||
Audiovox Corp., Class A† | 14,689 | 85,343 | |||
DTS, Inc.†# | 13,327 | 220,828 | |||
Tivo, Inc.†# | 80,543 | 404,326 | |||
Universal Electronics, Inc.† | 11,909 | 197,690 | |||
908,187 | |||||
Auto Repair Centers — 0.1% | |||||
Midas, Inc.† | 11,650 | 96,462 | |||
Monro Muffler Brake, Inc. | 12,336 | 251,778 | |||
348,240 | |||||
Auto - Heavy Duty Trucks — 0.0% | |||||
Force Protection, Inc.† | 57,489 | 228,806 | |||
Auto - Truck Trailers — 0.0% | |||||
Wabash National Corp.# | 25,868 | 127,529 | |||
Auto/Truck Parts & Equipment - Original — 0.3% | |||||
American Axle & Manufacturing Holdings, Inc.# | 38,797 | 97,768 | |||
Amerigon, Inc.†# | 18,647 | 69,553 | |||
ArvinMeritor, Inc.# | 56,126 | 221,698 | |||
Dana Holding Corp.† | 83,376 | 79,207 | |||
Fuel Systems Solutions, Inc.† | 10,182 | 352,195 | |||
Hayes Lemmerz International, Inc.† | 85,158 | 59,611 | |||
Lear Corp.† | 53,983 | 127,940 | |||
Modine Manufacturing Co. | 23,158 | 111,390 | |||
Spartan Motors, Inc.# | 27,299 | 81,351 | |||
Superior Industries International, Inc.# | 16,814 | 205,635 | |||
Tenneco, Inc.† | 39,255 | 128,756 | |||
Titan International, Inc.# | 28,892 | 275,630 | |||
Visteon Corp.†# | 110,205 | 82,654 | |||
Wonder Auto Technology, Inc.†# | 12,377 | 46,538 | |||
1,939,926 | |||||
Auto/Truck Parts & Equipment - Replacement — 0.1% | |||||
ATC Technology Corp.† | 17,887 | 309,266 | |||
Commercial Vehicle Group, Inc.† | 18,142 | 20,319 |
163
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Auto/Truck Parts & Equipment - Replacement (continued) | |||||
Dorman Prods, Inc.† | 9,240 | $ | 110,141 | ||
Exide Technologies† | 63,379 | 285,206 | |||
724,932 | |||||
Banks - Commercial — 8.1% | |||||
1st Source Corp. | 12,568 | 279,135 | |||
AMCORE Financial, Inc.# | 16,849 | 61,499 | |||
Ameris Bancorp# | 11,427 | 109,242 | |||
Ames National Corp.# | 5,425 | 134,052 | |||
Arrow Financial Corp. | 7,692 | 222,991 | |||
Bancfirst Corp. | 6,216 | 272,945 | |||
Banco Latinoamericano de Exportaciones SA | 22,977 | 291,119 | |||
BancTrust Financial Group, Inc.# | 14,771 | 184,342 | |||
Bank Mutual Corp. | 37,876 | 388,229 | |||
Bank of the Ozarks, Inc.# | 9,437 | 256,875 | |||
BankFinancial Corp. | 16,578 | 181,198 | |||
Banner Corp.# | 11,829 | 122,548 | |||
Bryn Mawr Bank Corp# | 5,792 | 117,230 | |||
Camden National Corp.# | 6,481 | 182,635 | |||
Capital City Bank Group, Inc.# | 9,920 | 293,037 | |||
Capitol Bancorp, Ltd.# | 12,121 | 66,665 | |||
Cardinal Financial Corp. | 20,352 | 108,069 | |||
Cascade Bancorp# | 18,755 | 127,534 | |||
Cass Information Systems, Inc.# | 5,702 | 202,421 | |||
Cathay General Bancorp# | 40,104 | 822,934 | |||
Centerstate Banks of Florida, Inc.# | 7,778 | 128,726 | |||
Central Pacific Financial Corp.# | 21,872 | 279,962 | |||
Chemical Financial Corp.# | 18,873 | 466,729 | |||
Citizens & Northern Corp. | 6,266 | 138,165 | |||
Citizens Republic Bancorp# | 67,533 | 159,378 | |||
City Bank# | 11,526 | 75,956 | |||
City Holding Co. | 13,581 | 481,039 | |||
CoBiz Financial, Inc.# | 15,877 | 173,694 | |||
Colonial BancGroup, Inc.# | 160,816 | 403,648 | |||
Columbia Banking System, Inc. | 15,237 | 153,132 | |||
Community Bank Systems, Inc.# | 25,194 | 580,974 | |||
Community Trust Bancorp, Inc. | 12,626 | 412,239 | |||
Corus Bankshares, Inc.# | 31,756 | 37,790 | |||
CVB Financial Corp.# | 52,992 | 595,100 | |||
East West Bancorp, Inc.# | 51,287 | 759,048 | |||
Encore Bancshares, Inc† | 5,421 | 78,062 | |||
Enterprise Financial Services Corp.# | 9,313 | 135,504 | |||
F.N.B. Corp.# | 70,060 | 865,942 | |||
Farmers Capital Bank Corp. | 5,225 | 124,094 | |||
Financial Institutions, Inc.# | 9,239 | 151,242 | |||
First BanCorp | 12,095 | 208,518 | |||
First BanCorp Puerto Rico# | 56,422 | 617,257 | |||
First Bancorp, Inc# | 7,297 | 138,935 | |||
First Busey Corp.# | 19,636 | 336,365 | |||
First Commonwealth Financial Corp.# | 59,162 | 710,536 | |||
First Community Bancshares, Inc.# | 7,640 | 221,789 | |||
First Financial Bancorp | 29,080 | 363,500 | |||
First Financial Bankshares, Inc.# | 17,507 | 914,741 | |||
First Financial Corp.# | 9,525 | 396,811 | |||
First Merchants Corp. | 13,809 | 278,528 | |||
First Midwest Bancorp, Inc.# | 39,402 | 725,391 | |||
First South Bancorp, Inc.# | 6,769 | 84,612 | |||
FirstMerit Corp. | 66,484 | 1,462,648 | |||
Frontier Financial Corp.# | 35,252 | 100,821 | |||
Glacier Bancorp, Inc.# | 43,830 | 779,297 | |||
Greene County Bancshares, Inc.# | 9,340 | 152,335 | |||
Guaranty Bancorp†# | 37,381 | 74,014 | |||
Hancock Holding Co.# | 21,007 | 905,612 | |||
Hanmi Financial Corp.# | 31,360 | 73,696 | |||
Harleysville National Corp.# | 26,412 | 370,296 |
Security Description | Shares | Market Value (Note 2) | |||
Banks - Commercial (continued) | |||||
Heartland Financial USA, Inc.# | 9,687 | $ | 209,142 | ||
Heritage Commerce Corp.# | 8,730 | 108,514 | |||
Home Bancshares, Inc.# | 11,163 | 294,926 | |||
IBERIABANK Corp.# | 10,201 | 537,083 | |||
Independent Bank Corp. | 12,549 | 297,286 | |||
Integra Bank Corp.# | 17,407 | 44,214 | |||
International Bancshares Corp. | 42,966 | 1,009,701 | |||
Lakeland Bancorp, Inc.# | 16,996 | 165,711 | |||
Lakeland Financial Corp.# | 10,303 | 228,624 | |||
MainSource Financial Group, Inc.# | 13,766 | 214,612 | |||
MB Financial, Inc. | 28,209 | 735,973 | |||
Midwest Banc Holdings, Inc.# | 18,700 | 33,286 | |||
Nara BanCorp., Inc. | 19,196 | 208,469 | |||
National Penn Bancshares, Inc.# | 65,016 | 999,946 | |||
NBT Bancorp, Inc. | 25,870 | 686,072 | |||
Old National Bancorp# | 54,011 | 927,909 | |||
Old Second Bancorp, Inc.# | 11,576 | 173,408 | |||
Oriental Financial Group, Inc. | 20,461 | 128,495 | |||
Pacific Capital Bancorp# | 36,990 | 584,442 | |||
Pacific Contl Corp.# | 8,982 | 126,646 | |||
PacWest Bancorp# | 20,574 | 547,268 | |||
Park National Corp.# | 8,828 | 604,630 | |||
Peapack Gladstone Financial Corp.# | 6,992 | 216,752 | |||
Pennsylvania Commerce Bancorp,, Inc†# | 4,363 | 119,110 | |||
Peoples Bancorp, Inc. | 7,035 | 122,690 | |||
Pinnacle Financial Partners, Inc.† | 17,898 | 492,195 | |||
Premierwest Bancorp# | 16,307 | 110,888 | |||
PrivateBancorp, Inc.# | 18,124 | 564,744 | |||
Prosperity Bancshares, Inc. | 33,015 | 1,089,825 | |||
Provident Bankshares Corp.# | 24,504 | 230,828 | |||
Renasant Corp.# | 17,646 | 341,450 | |||
Republic Bancorp, Inc., Class A# | 7,784 | 172,416 | |||
S&T Bancorp, Inc.# | 20,056 | 681,703 | |||
S.Y. Bancorp, Inc.# | 10,126 | 268,238 | |||
Sandy Spring Bancorp, Inc.# | 12,248 | 239,693 | |||
Santander Bancorp# | 3,693 | 36,487 | |||
SCBT Financial Corp. | 8,585 | 291,461 | |||
Seacoast Banking Corp. of Florida# | 12,479 | 61,646 | |||
Shore Bancshares, Inc.# | 7,072 | 177,436 | |||
Sierra Bancorp# | 6,257 | 126,329 | |||
Signature Bank† | 24,064 | 717,107 | |||
Simmons First National Corp., Class A | 10,722 | 315,012 | |||
Smithtown Bancorp, Inc.# | 6,626 | 132,255 | |||
Southside Bancshares, Inc.# | 10,220 | 227,395 | |||
Southwest Bancorp, Inc. | 12,237 | 174,867 | |||
State Bancorp, Inc. | 12,057 | 144,684 | |||
StellarOne Corp.# | 17,069 | 281,468 | |||
Sterling Bancorp | 15,153 | 197,141 | |||
Sterling Bancshares, Inc. | 61,603 | 412,740 | |||
Sterling Financial Corp.# | 40,133 | 213,508 | |||
Suffolk Bancorp# | 7,120 | 235,672 | |||
Sun Bancorp, Inc.† | 12,291 | 96,361 | |||
Susquehanna Bancshares, Inc.# | 72,425 | 1,106,654 | |||
SVB Financial Group†# | 24,602 | 985,310 | |||
Texas Capital Bancshares, Inc.† | 24,126 | 387,222 | |||
The South Financial Group, Inc.# | 54,490 | 235,397 | |||
Tompkins Trustco, Inc.# | 4,875 | 267,881 | |||
Townebank Portsmouth Va# | 16,149 | 361,738 | |||
TriCo Bancshares# | 11,684 | 278,196 | |||
TrustCo Bank Corp. NY# | 63,746 | 675,070 | |||
Trustmark Corp.# | 40,046 | 799,318 | |||
UCBH Holdings, Inc.# | 87,015 | 403,750 | |||
UMB Financial Corp. | 26,168 | 1,251,092 | |||
Umpqua Holding Corp.# | 48,374 | 640,472 | |||
Union Bankshares Corp.# | 11,356 | 258,235 |
164
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Banks - Commercial (continued) | |||||
United Bankshares, Inc.# | 30,816 | $ | 1,024,632 | ||
United Community Banks, Inc.# | 31,549 | 415,816 | |||
United Security Bancshares# | 7,126 | 77,602 | |||
Univest Corp. of Pennsylvania# | 9,754 | 305,495 | |||
W Holding Co., Inc.# | 96,121 | 29,798 | |||
Washington Trust Bancorp, Inc. | 9,607 | 188,489 | |||
WesBanco, Inc. | 21,182 | 547,131 | |||
West Bancorp, Inc. | 14,660 | 180,318 | |||
West Coast Bancorp. | 13,219 | 64,773 | |||
Westamerica Bancorp# | 23,867 | 1,268,770 | |||
Western Alliance Bancorp†# | 16,066 | 177,047 | |||
Wilshire Bancorp, Inc.# | 16,216 | 111,242 | |||
Wintrust Financial Corp.# | 18,640 | 384,543 | |||
Yadkin Valley Financial Corp.# | 9,650 | 145,522 | |||
49,470,797 | |||||
Banks - Fiduciary — 0.0% | |||||
Boston Private Financial Holdings, Inc.# | 42,053 | 290,586 | |||
Batteries/Battery Systems — 0.2% | |||||
Advanced Battery Technology†# | 37,004 | 76,228 | |||
China BAK Battery, Inc.†# | 25,466 | 63,156 | |||
EnerSys† | 23,152 | 197,486 | |||
Greatbatch, Inc.†# | 17,821 | 450,337 | |||
Medis Technologies, Ltd.†# | 26,333 | 17,643 | |||
Ultralife Batteries, Inc.†# | 10,578 | 107,896 | |||
Valence Technology, Inc.†# | 42,710 | 84,139 | |||
996,885 | |||||
Beverages - Non-alcoholic — 0.0% | |||||
Coca-Cola Bottling Co.# | 3,435 | 146,194 | |||
National Beverage Corp.† | 9,057 | 80,154 | |||
226,348 | |||||
Brewery — 0.0% | |||||
Boston Beer Co., Inc., Class A†# | 7,102 | 227,832 | |||
Broadcast Services/Program — 0.1% | |||||
CKX, Inc.† | 44,320 | 195,008 | |||
Crown Media Holdings, Inc., Class A†# | 9,179 | 19,551 | |||
DG Fastchannel, Inc.†# | 12,864 | 215,472 | |||
Fisher Communications, Inc.# | 5,633 | 126,179 | |||
Global Traffic Network, Inc.† | 9,971 | 69,597 | |||
Gray Television, Inc.# | 35,971 | 21,223 | |||
RHI Entertainment, Inc.† | 12,218 | 49,972 | |||
World Wrestling Entertainment, Inc.# | 17,874 | 207,875 | |||
904,877 | |||||
Building & Construction Products - Misc. — 0.4% | |||||
Builders FirstSource, Inc.†# | 13,389 | 15,665 | |||
China Architectral Engr Inc Com†# | 15,702 | 45,536 | |||
Drew Industries, Inc.†# | 14,015 | 197,051 | |||
Gibraltar Industries, Inc.# | 22,645 | 292,121 | |||
Interline Brands, Inc.† | 24,454 | 225,955 | |||
Louisiana-Pacific Corp.# | 78,781 | 181,984 | |||
NCI Building Systems, Inc.†# | 16,623 | 253,002 | |||
Simpson Manufacturing Co., Inc.# | 31,350 | 815,100 | |||
Trex Co., Inc.†# | 12,790 | 173,432 | |||
2,199,846 | |||||
Building & Construction - Misc. — 0.1% | |||||
Dycom Industries, Inc.† | 29,900 | 177,606 | |||
Insituform Technologies, Inc., Class A†# | 23,387 | 379,103 | |||
Layne Christensen Co.† | 14,743 | 332,897 | |||
889,606 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Building Products - Air & Heating — 0.1% | |||||
Aaon, Inc. | 11,296 | $ | 215,076 | ||
Comfort Systems USA, Inc. | 30,658 | 255,994 | |||
471,070 | |||||
Building Products - Cement — 0.1% | |||||
Texas Industries, Inc.# | 18,488 | 570,540 | |||
US Concrete, Inc.† | 33,480 | 107,805 | |||
678,345 | |||||
Building Products - Doors & Windows — 0.1% | |||||
Apogee Enterprises, Inc.# | 24,359 | 190,000 | |||
Quanex Building Products | 31,250 | 289,375 | |||
479,375 | |||||
Building Products - Light Fixtures — 0.0% | |||||
LSI Industries, Inc. | 15,819 | 108,677 | |||
Building Products - Wood — 0.0% | |||||
Universal Forest Products, Inc.# | 13,992 | 294,252 | |||
Building - Heavy Construction — 0.4% | |||||
Granite Construction, Inc.# | 26,670 | 1,143,876 | |||
Orion Marine Group, Inc.† | 18,166 | 138,970 | |||
Perini Corp.† | 42,754 | 818,739 | |||
Sterling Construction Co., Inc.† | 9,712 | 159,860 | |||
2,261,445 | |||||
Building - Maintance & Services — 0.2% | |||||
ABM Industries, Inc. | 36,828 | 621,288 | |||
Integrated Electrical Services, Inc.†# | 6,518 | 40,672 | |||
Rollins, Inc. | 33,161 | 574,349 | |||
1,236,309 | |||||
Building - Mobile Home/Manufactured Housing — 0.1% | |||||
Cavco Industries, Inc.†# | 5,448 | 164,857 | |||
Champion Enterprises, Inc.†# | 65,429 | 47,763 | |||
Fleetwood Enterprises, Inc.†# | 64,236 | 9,635 | |||
Palm Harbor Homes, Inc.†# | 8,334 | 61,755 | |||
Skyline Corp.# | 5,746 | 132,560 | |||
Winnebago Industries, Inc.# | 24,478 | 143,931 | |||
560,501 | |||||
Building - Residential/Commercial — 0.2% | |||||
Amrep Corp.†# | 1,454 | 41,730 | |||
Beazer Homes USA, Inc.† | 33,049 | 59,819 | |||
Brookfield Homes Corp.# | 7,883 | 37,365 | |||
Hovnanian Enterprises, Inc., Class A†# | 39,070 | 85,563 | |||
M/I Homes, Inc.# | 11,808 | 124,456 | |||
Meritage Homes Corp.†# | 25,849 | 320,528 | |||
Ryland Group, Inc.# | 33,850 | 574,434 | |||
Standard-Pacific Corp.†# | 105,435 | 203,490 | |||
1,447,385 | |||||
Cable TV — 0.0% | |||||
Charter Communications, Inc., Class A†# | 343,582 | 65,281 | |||
Mediacom Communications Corp., Class A†# | 33,149 | 83,867 | |||
Outdoor Channel Holdings, Inc.†# | 13,551 | 82,390 | |||
231,538 | |||||
Capacitors — 0.0% | |||||
KEMET Corp.†# | 70,749 | 29,715 | |||
Casino Hotels — 0.0% | |||||
Ameristar Casinos, Inc. | 21,398 | 163,909 | |||
Monarch Casino & Resort, Inc.†# | 9,655 | 86,895 | |||
Riviera Holdings Corp.†# | 8,486 | 35,217 | |||
286,021 | |||||
165
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Casino Services — 0.2% | |||||
Bally Technologies, Inc.†# | 44,379 | $ | 819,680 | ||
Elixir Gaming Technologies, Inc.†# | 57,035 | 2,852 | |||
Shuffle Master, Inc.† | 44,563 | 190,730 | |||
1,013,262 | |||||
Cellular Telecom — 0.2% | |||||
Centennial Communications Corp.† | 56,731 | 438,531 | |||
iPCS, Inc.†(2)(3) | 14,451 | 107,660 | |||
Syniverse Holdings, Inc.† | 41,333 | 403,823 | |||
Virgin Mobile USA, Inc.†# | 25,569 | 25,569 | |||
975,583 | |||||
Chemicals - Diversified — 0.4% | |||||
Aceto Corp. | 20,587 | 181,989 | |||
Innophos Holdings, Inc. | 8,797 | 144,975 | |||
Innospec, Inc. | 19,698 | 113,461 | |||
Olin Corp. | 61,164 | 1,001,866 | |||
Rockwood Holdings, Inc.† | 32,343 | 289,146 | |||
ShengdaTech, Inc.†# | 25,385 | 101,032 | |||
Solutia, Inc.†# | 79,512 | 540,682 | |||
Westlake Chemical Corp.# | 16,144 | 272,511 | |||
2,645,662 | |||||
Chemicals - Fibers — 0.0% | |||||
Zoltek Cos., Inc.†# | 23,179 | 186,591 | |||
Chemicals - Other — 0.0% | |||||
American Vanguard Corp. | 15,903 | 155,213 | |||
Chemicals - Plastics — 0.1% | |||||
A. Schulman, Inc. | 20,947 | 284,251 | |||
Landec Corp.† | 19,540 | 135,608 | |||
PolyOne Corp.† | 78,570 | 222,353 | |||
Spartech Corp. | 25,742 | 149,303 | |||
791,515 | |||||
Chemicals - Specialty — 0.9% | |||||
Arch Chemicals, Inc. | 19,673 | 568,156 | |||
Balchem Corp. | 13,957 | 363,301 | |||
Ferro Corp. | 34,631 | 222,677 | |||
H.B. Fuller Co. | 38,656 | 685,757 | |||
ICO, Inc.† | 23,332 | 104,761 | |||
Minerals Technologies, Inc. | 15,911 | 747,021 | |||
NewMarket Corp. | 10,545 | 353,047 | |||
OM Group, Inc.†# | 23,755 | 468,686 | |||
Penford Corp.# | 9,461 | 106,625 | |||
Quaker Chemical Corp. | 8,650 | 110,807 | |||
Sensient Technologies Corp. | 39,251 | 943,594 | |||
Stepan Co. | 5,339 | 245,487 | |||
Symyx Technologies, Inc.†# | 28,329 | 113,883 | |||
WR Grace & Co.† | 56,758 | 291,169 | |||
Zep, Inc. | 15,953 | 288,909 | |||
5,613,880 | |||||
Circuit Boards — 0.1% | |||||
Multi-Fineline Electronix, Inc.†# | 7,310 | 76,316 | |||
Park Electrochemical Corp. | 17,140 | 304,749 | |||
TTM Technologies, Inc.†# | 35,950 | 183,705 | |||
564,770 | |||||
Coal — 0.1% | |||||
International Coal Group, Inc.†# | 98,449 | 279,595 | |||
James River Coal Co.†# | 19,180 | 217,885 | |||
National Coal Corp.† | 23,233 | 43,678 | |||
Westmoreland Coal Co.†# | 8,002 | 75,859 | |||
617,017 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Coffee — 0.1% | |||||
Farmer Brothers Co.# | 5,687 | $ | 134,498 | ||
Green Mountain Coffee Roasters, Inc.†# | 13,377 | 486,120 | |||
Peet’s Coffee & Tea, Inc.†# | 10,372 | 234,096 | |||
854,714 | |||||
Collectibles — 0.0% | |||||
RC2 Corp.† | 14,661 | 155,846 | |||
Commerce — 0.0% | |||||
i2 Technologies, Inc.†# | 13,193 | 109,502 | |||
Commercial Services — 0.8% | |||||
Arbitron, Inc. | 21,950 | 307,958 | |||
CoStar Group, Inc.†# | 15,493 | 505,382 | |||
DynCorp International, Inc., Class A† | 20,838 | 309,444 | |||
ExlService Holdings, Inc.†# | 11,951 | 84,852 | |||
First Advantage Corp., Class A† | 8,659 | 108,844 | |||
Healthcare Services Group# | 34,232 | 544,289 | |||
HMS Holdings Corp.† | 19,636 | 579,262 | |||
ICT Group, Inc.† | 7,371 | 24,767 | |||
Live Nation, Inc.†# | 60,139 | 294,080 | |||
National Resh Corp.# | 1,440 | 38,563 | |||
PHH Corp.† | 45,603 | 347,495 | |||
Pre-Paid Legal Services, Inc.†# | 6,730 | 269,200 | |||
Standard Parking Corp.† | 7,323 | 146,460 | |||
Steiner Leisure, Ltd.† | 12,352 | 298,795 | |||
Team, Inc.† | 15,548 | 438,764 | |||
TeleTech Holdings, Inc.† | 32,909 | 290,257 | |||
The Providence Service Corp.†# | 10,267 | 16,838 | |||
4,605,250 | |||||
Commercial Services - Finance — 0.8% | |||||
Advance America Cash Advance Centers, Inc. | 35,247 | 60,272 | |||
Bankrate, Inc.†# | 10,722 | 294,533 | |||
Cardtronics, Inc.†# | 10,129 | 13,573 | |||
CBIZ, Inc.†# | 37,692 | 302,667 | |||
Coinstar, Inc.† | 22,178 | 411,624 | |||
Deluxe Corp. | 40,333 | 424,303 | |||
Dollar Financial Corp.†# | 20,412 | 154,723 | |||
Euronet Worldwide, Inc.†# | 36,334 | 309,929 | |||
Global Cash Access Holdings, Inc.† | 33,790 | 104,411 | |||
Heartland Payment Systems, Inc.# | 20,558 | 353,187 | |||
Interactive Data Corp. | 30,817 | 713,722 | |||
Jackson Hewitt Tax Service, Inc. | 21,486 | 276,525 | |||
Net 1 UEPS Technologies, Inc.† | 35,527 | 362,375 | |||
PRG-Schultz International, Inc.† | 12,627 | 56,569 | |||
Riskmetrics Group, Inc.† | 18,096 | 270,354 | |||
TNS, Inc.† | 20,606 | 176,181 | |||
Wright Express Corp.† | 31,033 | 353,156 | |||
4,638,104 | |||||
Communications Software — 0.1% | |||||
Digi International, Inc.† | 21,711 | 200,175 | |||
DivX, Inc.† | 22,695 | 109,390 | |||
Seachange International, Inc.† | 26,002 | 205,936 | |||
Smith Micro Software, Inc.†# | 25,620 | 130,918 | |||
646,419 | |||||
Computer Aided Design — 0.2% | |||||
MSC.Software Corp.† | 37,851 | 283,882 | |||
Parametric Technology Corp.† | 94,660 | 1,094,270 | |||
1,378,152 | |||||
Computer Graphics — 0.0% | |||||
Monotype Imaging Holdings, Inc.† | 12,688 | 68,515 | |||
Trident Microsystems, Inc.† | 51,383 | 86,324 | |||
154,839 | |||||
166
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Computer Services — 0.8% | |||||
3PAR, Inc.† | 22,935 | $ | 189,214 | ||
CACI International, Inc., Class A† | 24,634 | 1,093,996 | |||
CIBER, Inc.† | 45,164 | 193,754 | |||
COMSYS IT Partners, Inc.† | 12,257 | 39,100 | |||
Furmanite Corp.† | 30,679 | 165,053 | |||
iGate Corp.† | 18,428 | 112,411 | |||
Insight Enterprises, Inc.† | 36,047 | 146,711 | |||
Manhattan Associates, Inc.† | 18,867 | 289,608 | |||
Ness Technologies, Inc.† | 29,143 | 137,263 | |||
Perot Systems Corp., Class A† | 70,612 | 881,238 | |||
SI International, Inc.† | 11,178 | 341,376 | |||
SRA International, Inc.† | 34,128 | 512,603 | |||
SYKES Enterprises, Inc.† | 25,652 | 475,845 | |||
Syntel, Inc.# | 10,862 | 260,905 | |||
Virtusa Corp.†# | 7,422 | 36,813 | |||
4,875,890 | |||||
Computer Software — 0.3% | |||||
Accelrys, Inc.† | 22,569 | 88,019 | |||
Avid Technology, Inc.†# | 23,335 | 292,154 | |||
Blackbaud, Inc. | 35,461 | 443,262 | |||
Double-Take Software, Inc.† | 14,549 | 114,792 | |||
Guidance Software, Inc.†# | 7,849 | 26,608 | |||
Omniture, Inc.†# | 49,721 | 494,227 | |||
Phoenix Technologies, Ltd.† | 23,175 | 77,405 | |||
1,536,467 | |||||
Computers — 0.0% | |||||
Palm, Inc.†# | 80,918 | 193,394 | |||
Rackable Systems, Inc.† | 24,963 | 99,602 | |||
292,996 | |||||
Computers - Integrated Systems — 0.8% | |||||
3D Systems Corp.†# | 15,018 | 108,881 | |||
Agilysys, Inc.# | 19,122 | 72,472 | |||
Cray, Inc.† | 27,756 | 52,181 | |||
Echelon Corp.†# | 24,977 | 159,603 | |||
Integral Systems, Inc.† | 12,907 | 309,768 | |||
Jack Henry & Associates, Inc. | 61,142 | 1,125,624 | |||
Maxwell Technologies, Inc.† | 15,365 | 74,981 | |||
Mercury Computer Systems, Inc.† | 19,161 | 52,501 | |||
MICROS Systems, Inc.† | 67,020 | 1,115,883 | |||
MTS Systems Corp. | 14,773 | 384,246 | |||
Nci, Inc.† | 5,477 | 157,628 | |||
NetScout Systems, Inc.† | 24,812 | 197,256 | |||
Radiant Systems, Inc.† | 23,290 | 114,121 | |||
Radisys Corp.†# | 18,895 | 113,370 | |||
Riverbed Technology, Inc.† | 44,783 | 420,512 | |||
Stratasys, Inc.†# | 15,038 | 167,824 | |||
Super Micro Computer, Inc.† | 18,628 | 97,052 | |||
4,723,903 | |||||
Computers - Memory Devices — 0.3% | |||||
Data Domain, Inc.†# | 27,827 | 452,189 | |||
Hutchinson Technology, Inc.†# | 19,861 | 55,611 | |||
Imation Corp.# | 25,155 | 334,058 | |||
Isilon Systems, Inc.†# | 20,736 | 67,599 | |||
Netezza Corp† | 29,901 | 215,885 | |||
Quantum Corp.† | 173,105 | 20,773 | |||
Silicon Storage Technology, Inc.† | 70,424 | 213,385 | |||
Smart Modular Technologies WWH, Inc.† | 37,320 | 33,588 | |||
STEC, Inc.†# | 25,857 | 140,921 | |||
1,534,009 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Computers - Periphery Equipment — 0.2% | |||||
Compellent Technologies Inc†# | 11,892 | $ | 127,720 | ||
Electronics for Imaging, Inc.† | 41,854 | 408,914 | |||
Immersion Corp.†# | 25,727 | 99,563 | |||
Rimage Corp.† | 8,120 | 114,654 | |||
Synaptics, Inc.†# | 27,610 | 606,592 | |||
1,357,443 | |||||
Consulting Services — 0.9% | |||||
China Direct, Inc.†# | 5,745 | 9,020 | |||
CRA International, Inc.† | 9,276 | 269,190 | |||
Forrester Research, Inc.† | 11,854 | 271,694 | |||
Gartner, Inc.†# | 48,098 | 738,785 | |||
Hackett Group, Inc.† | 34,681 | 103,349 | |||
Hill International, Inc.† | 19,726 | 108,493 | |||
Huron Consulting Group, Inc.†# | 16,837 | 877,208 | |||
ICF International, Inc.† | 5,597 | 109,701 | |||
LECG Corp.† | 21,532 | 113,258 | |||
MAXIMUS, Inc. | 15,708 | 493,231 | |||
Navigant Consulting, Inc.† | 38,682 | 731,477 | |||
The Advisory Board Co.† | 13,341 | 334,192 | |||
Watson Wyatt Worldwide, Inc., Class A | 35,167 | 1,417,933 | |||
5,577,531 | |||||
Consumer Products - Misc. — 0.5% | |||||
American Greetings Corp., Class A | 38,286 | 441,055 | |||
Blyth, Inc. | 20,573 | 170,550 | |||
Central Garden and Pet Co. Class A† | 54,223 | 226,652 | |||
CSS Industries, Inc. | 6,594 | 150,343 | |||
Helen of Troy, Ltd.† | 23,526 | 368,417 | |||
Prestige Brands Holdings, Inc.† | 28,431 | 222,330 | |||
Russ Berrie & Co., Inc.† | 14,121 | 28,948 | |||
Spectrum Brands, Inc.†# | 33,737 | 6,410 | |||
Tupperware Brands Corp. | 50,892 | 1,001,046 | |||
WD-40 Co. | 12,743 | 364,450 | |||
2,980,201 | |||||
Containers - Metal/Glass — 0.2% | |||||
Bway Holding Co.† | 6,300 | 30,303 | |||
Silgan Holdings, Inc. | 21,238 | 960,807 | |||
991,110 | |||||
Containers - Paper/Plastic — 0.2% | |||||
AEP Industries, Inc.† | 4,563 | 94,591 | |||
Graphic Packaging Holding Co.†# | 121,726 | 200,848 | |||
Rock-Tenn Co., Class A | 30,976 | 1,046,059 | |||
1,341,498 | |||||
Cosmetics & Toiletries — 0.2% | |||||
Chattem, Inc.†# | 14,070 | 1,021,060 | |||
Columbia Laboratories, Inc.†# | 39,433 | 65,853 | |||
Elizabeth Arden, Inc.† | 18,819 | 265,348 | |||
Inter Parfums, Inc. | 11,839 | 87,135 | |||
1,439,396 | |||||
Data Processing/Management — 0.4% | |||||
Acxiom Corp. | 47,562 | 357,191 | |||
Commvault Systems, Inc.† | 36,013 | 369,133 | |||
CSG Systems International, Inc.† | 27,487 | 462,881 | |||
Fair Isaac Corp.# | 38,800 | 548,632 | |||
FalconStor Software, Inc.† | 32,150 | 93,235 | |||
Infogroup, Inc. | 27,845 | 109,431 | |||
Pegasystems, Inc. | 12,147 | 143,942 | |||
Schawk, Inc. | 12,683 | 173,376 | |||
2,257,821 | |||||
167
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AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Decision Support Software — 0.2% | |||||
DemandTec, Inc.† | 16,534 | $ | 120,037 | ||
Interactive Intelligence, Inc.†# | 11,699 | 87,158 | |||
QAD, Inc. | 10,479 | 42,649 | |||
SPSS, Inc.†# | 15,034 | 367,431 | |||
Wind River Systems, Inc.† | 56,735 | 473,170 | |||
1,090,445 | |||||
Dental Supplies & Equipment — 0.1% | |||||
Align Technology, Inc.†# | 47,161 | 330,127 | |||
Sirona Dental Systems, Inc.†# | 14,217 | 170,320 | |||
500,447 | |||||
Diagnostic Equipment — 0.4% | |||||
Affymetrix, Inc.†# | 51,030 | 139,822 | |||
Cepheid, Inc.†# | 44,928 | 610,122 | |||
Hansen Medical, Inc.†# | 14,363 | 131,996 | |||
Immucor, Inc.† | 57,716 | 1,400,768 | |||
2,282,708 | |||||
Diagnostic Kits — 0.2% | |||||
Inverness Medical Innovations, Inc. | 1,421 | 160,502 | |||
Meridian Bioscience, Inc. | 32,410 | 772,330 | |||
OraSure Technologies, Inc.†# | 39,462 | 135,749 | |||
Quidel Corp.† | 21,838 | 297,652 | |||
1,366,233 | |||||
Direct Marketing — 0.0% | |||||
Harte-Hanks, Inc.# | 30,915 | 184,563 | |||
Disposable Medical Products — 0.1% | |||||
ICU Medical, Inc.† | 8,385 | 253,646 | |||
Medical Action Industries, Inc.† | 11,889 | 102,365 | |||
Merit Medical Systems, Inc.† | 21,512 | 312,139 | |||
668,150 | |||||
Distribution/Wholesale — 1.0% | |||||
Beacon Roofing Supply, Inc.† | 37,301 | 440,898 | |||
BMP Sunstone Corp†# | 19,494 | 116,964 | |||
Brightpoint, Inc.† | 41,994 | 173,015 | |||
Chindex International, Inc.† | 9,302 | 55,812 | |||
Core-Mark Holding Co., Inc.†# | 6,458 | 129,935 | |||
FGX International Holdings† | 11,570 | 118,708 | |||
Fossil, Inc.† | 36,404 | 553,341 | |||
Houston Wire & Cable Co.# | 14,987 | 116,599 | |||
MWI Veterinary Supply, Inc.† | 7,679 | 191,591 | |||
Owens & Minor, Inc. | 33,889 | 1,407,410 | |||
Pool Corp.# | 38,517 | 663,648 | |||
Scansource, Inc.† | 20,574 | 349,964 | |||
School Specialty, Inc.†# | 15,829 | 253,581 | |||
Titan Machinery ,Inc.†# | 6,163 | 72,045 | |||
United Stationers, Inc.† | 18,795 | 597,869 | |||
Watsco, Inc.# | 18,829 | 740,733 | |||
5,982,113 | |||||
Diversified Financial Services — 0.0% | |||||
Doral Financial Corp.† | 4,533 | 33,091 | |||
Diversified Manufacturing Operations — 1.3% | |||||
A.O. Smith Corp. | 15,772 | 516,375 | |||
Actuant Corp., Class A | 45,118 | 809,417 | |||
Acuity Brands, Inc.# | 33,336 | 898,739 | |||
Ameron International Corp. | 7,722 | 416,061 | |||
AZZ, Inc.†# | 10,217 | 245,821 | |||
Barnes Group, Inc.# | 37,976 | 508,499 | |||
Blount International, Inc.† | 32,131 | 290,786 | |||
Colfax Corp.†# | 18,163 | 173,638 | |||
EnPro Industries, Inc.† | �� | 15,886 | 296,592 |
Security Description | Shares | Market Value (Note 2) | |||
Diversified Manufacturing Operations (continued) | |||||
ESCO Technologies, Inc.† | 20,926 | $ | 639,917 | ||
Federal Signal Corp. | 36,171 | 253,921 | |||
GenTek, Inc.†# | 7,553 | 139,126 | |||
Griffon Corp.† | 38,419 | 307,352 | |||
Koppers Holdings, Inc. | 15,910 | 340,792 | |||
LSB Industries, Inc.†# | 14,633 | 131,404 | |||
Lydall, Inc.† | 13,972 | 73,772 | |||
Matthews International Corp., Class A | 25,505 | 1,041,369 | |||
Park-Ohio Holdings Corp.† | 6,881 | 31,446 | |||
Raven Industries, Inc. | 13,474 | 344,261 | |||
Standex International Corp. | 10,523 | 221,825 | |||
Tredegar Corp. | 20,281 | 318,817 | |||
7,999,930 | |||||
Diversified Minerals — 0.1% | |||||
AMCOL International Corp.# | 21,725 | 437,541 | |||
General Moly Inc†# | 52,837 | 60,763 | |||
United States Lime & Minerals, Inc.† | 1,502 | 40,299 | |||
538,603 | |||||
Diversified Operations — 0.0% | |||||
Resource America, Inc., Class A# | 8,268 | 34,726 | |||
Diversified Operations/Commercial Services — 0.2% | |||||
Chemed Corp.# | 19,243 | 784,345 | |||
Compass Diversified Trust | 17,642 | 176,596 | |||
Viad Corp. | 15,871 | 423,914 | |||
Volt Information Sciences, Inc.†# | 10,647 | 64,734 | |||
1,449,589 | |||||
Drug Delivery Systems — 0.2% | |||||
Alkermes, Inc.† | 77,325 | 570,659 | |||
Depomed, Inc.† | 40,456 | 62,707 | |||
I-Flow Corp.† | 18,198 | 72,428 | |||
Nektar Therapeutics†# | 71,099 | 337,720 | |||
Noven Pharmaceuticals, Inc.†# | 18,089 | 207,119 | |||
1,250,633 | |||||
E-Commerce/Products — 0.2% | |||||
1-800-FLOWERS.COM, Inc., Class A† | 21,998 | 82,053 | |||
Bidz , Inc.†# | 4,878 | 18,585 | |||
Blue Nile, Inc.†# | 10,100 | 240,986 | |||
Drugstore.com, Inc.† | 70,379 | 70,379 | |||
Mercadolibre, Inc.†# | 21,459 | 264,375 | |||
NutriSystem, Inc.# | 23,253 | 325,775 | |||
Overstock.com, Inc.†# | 12,984 | 136,202 | |||
Shutterfly, Inc.†# | 16,572 | 113,352 | |||
Stamps.com, Inc.† | 12,256 | 108,588 | |||
1,360,295 | |||||
E-Commerce/Services — 0.2% | |||||
Global Sources, Ltd.† | 14,280 | 92,249 | |||
Internet Brands, Inc. Class A Common†# | 18,675 | 117,092 | |||
Move, Inc.† | 108,088 | 128,625 | |||
NetFlix, Inc.†# | 32,440 | 745,471 | |||
Orbitz Worldwide, Inc.†# | 30,828 | 74,912 | |||
1,158,349 | |||||
E-Marketing/Info — 0.3% | |||||
ComScore, Inc.†# | 15,141 | 141,114 | |||
Constant Contact, Inc.†# | 17,118 | 238,796 | |||
Digital River, Inc.† | 30,093 | 635,865 | |||
Liquidity Services, Inc.†# | 12,319 | 90,668 | |||
ValueClick, Inc.† | 68,387 | 421,948 | |||
1,528,391 | |||||
168
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
E-Services/Consulting — 0.2% | |||||
GSI Commerce, Inc.†# | 19,779 | $ | 157,441 | ||
Keynote Systems, Inc.† | 11,636 | 88,666 | |||
Perficient, Inc.† | 26,931 | 82,140 | |||
Sapient Corp.† | 67,331 | 265,284 | |||
Websense, Inc.† | 38,018 | 614,751 | |||
1,208,282 | |||||
Educational Software — 0.1% | |||||
Blackboard, Inc.†# | 25,090 | 617,967 | |||
Renaissance Learning, Inc.# | 8,088 | 76,836 | |||
694,803 | |||||
Electric Products - Misc. — 0.2% | |||||
GrafTech International, Ltd.† | 96,025 | 642,407 | |||
Graham Corp. | 8,358 | 76,058 | |||
Harbin Electric, Inc.†# | 6,282 | 50,130 | |||
Littelfuse, Inc.† | 16,900 | 254,176 | |||
1,022,771 | |||||
Electric - Distribution — 0.0% | |||||
EnerNOC, Inc.†# | 8,145 | 58,318 | |||
Electric - Integrated — 2.2% | |||||
Allete, Inc. | 22,056 | 754,756 | |||
Avista Corp. | 43,182 | 763,026 | |||
Black Hills Corp. | 31,168 | 804,446 | |||
Central Vermont Public Service Corp. | 7,254 | 137,028 | |||
CH Energy Group, Inc.# | 12,561 | 549,418 | |||
Cleco Corp. | 49,343 | 1,163,014 | |||
El Paso Electric Co.† | 36,081 | 650,180 | |||
IDACORP, Inc. | 36,943 | 1,123,067 | |||
MGE Energy, Inc. | 17,736 | 627,854 | |||
Northwestern Corp. | 32,829 | 678,247 | |||
Otter Tail Corp.# | 30,267 | 568,717 | |||
Pike Electric Corp.† | 14,244 | 173,065 | |||
PNM Resources, Inc. | 75,339 | 787,293 | |||
Portland General Electric Co. | 51,192 | 937,325 | |||
The Empire District Electric Co. | 26,827 | 470,546 | |||
U S Geothermal, Inc.†# | 52,237 | 29,253 | |||
UIL Holdings Corp. | 20,260 | 603,545 | |||
Unisource Energy Corp. | 27,812 | 780,683 | |||
Westar Energy, Inc. | 86,685 | 1,753,638 | |||
13,355,101 | |||||
Electric - Transmission — 0.3% | |||||
ITC Holdings Corp. | 40,865 | 1,716,330 | |||
Electronic Components - Misc. — 0.6% | |||||
Bel Fuse, Inc., Class B | 9,984 | 194,588 | |||
Benchmark Electronics, Inc.† | 56,824 | 720,528 | |||
CTS Corp. | 28,334 | 156,687 | |||
Daktronics, Inc.# | 27,619 | 251,609 | |||
LaBarge, Inc.† | 10,273 | 128,413 | |||
Methode Electronics, Inc. | 32,004 | 270,754 | |||
Microvision, Inc. Wash†# | 57,298 | 71,050 | |||
NVE Corp.† | 3,908 | 90,236 | |||
OSI Systems, Inc.† | 13,251 | 183,924 | |||
Plexus Corp.† | 31,626 | 527,522 | |||
Rogers Corp.† | 13,976 | 394,123 | |||
Sanmina-SCI Corp.† | 405,224 | 259,343 | |||
Stoneridge, Inc.† | 12,322 | 56,804 | |||
Technitrol, Inc. | 34,474 | 120,659 | |||
3,426,240 | |||||
Electronic Components - Semiconductors — 1.3% | |||||
Actel Corp.† | 21,297 | 197,210 |
Security Description | Shares | Market Value (Note 2) | |||
Electronic Components - Semiconductors (continued) | |||||
Advanced Analogic Technologies, Inc.† | 38,445 | $ | 96,497 | ||
Amkor Technology, Inc.† | 83,576 | 183,867 | |||
Applied Micro Circuits Corp.† | 54,577 | 201,935 | |||
AuthenTec, Inc.†# | 21,100 | 33,760 | |||
Bookham, Inc.† | 84,859 | 38,611 | |||
Cavium Networks, Inc.†# | 23,047 | 250,060 | |||
Ceva, Inc.† | 16,959 | 125,327 | |||
Diodes, Inc.†# | 24,373 | 113,822 | |||
DSP Group, Inc.† | 20,468 | 117,077 | |||
Emcore Corp†# | 53,956 | 105,754 | |||
Entropic Communications, Inc.† | 7,761 | 7,761 | |||
IXYS Corp. | 20,401 | 148,519 | |||
Kopin Corp.† | 58,104 | 122,018 | |||
Lattice Semiconductor Corp.† | 97,005 | 147,448 | |||
Macrovision Solutions Corp.†# | 66,430 | 781,217 | |||
Microsemi Corp.† | 64,739 | 1,261,763 | |||
Microtune, Inc.† | 45,733 | 105,186 | |||
MIPS Technologies, Inc.† | 37,308 | 50,366 | |||
Monolithic Power Systems, Inc.† | 20,015 | 191,543 | |||
Netlogic Microsystems, Inc.†# | 14,400 | 268,416 | |||
OmniVision Technologies, Inc.† | 39,292 | 235,752 | |||
PLX Technology, Inc.† | 23,709 | 49,552 | |||
PMC-Sierra, Inc.† | 184,218 | 738,714 | |||
Rubicon Technology, Inc.†# | 11,159 | 50,885 | |||
Semtech Corp.† | 52,001 | 588,651 | |||
Silicon Image, Inc.† | 54,539 | 206,157 | |||
SiRF Technology Holdings, Inc.†# | 51,088 | 74,078 | |||
Skyworks Solutions, Inc.† | 132,679 | 715,140 | |||
Spansion, Inc. Class A† | 107,435 | 26,859 | |||
Supertex, Inc.†# | 9,347 | 194,885 | |||
Volterra Semiconductor Corp.† | 21,351 | 159,705 | |||
Zoran Corp.† | 43,630 | 328,098 | |||
7,916,633 | |||||
Electronic Design Automation — 0.1% | |||||
Cogo Group, Inc.†# | 21,695 | 73,763 | |||
Magma Design Automation, Inc.† | 37,072 | 65,988 | |||
Mentor Graphics Corp.† | 72,160 | 489,245 | |||
628,996 | |||||
Electronic Measurement Instruments — 0.3% | |||||
Analogic Corp. | 10,505 | 410,325 | |||
Axsys Technologies, Inc.† | 6,842 | 477,640 | |||
Badger Meter, Inc.# | 12,283 | 385,318 | |||
FARO Technologies, Inc.† | 12,111 | 174,277 | |||
Measurement Specialties, Inc.† | 12,153 | 71,338 | |||
Zygo Corp.† | 12,870 | 85,071 | |||
1,603,969 | |||||
Electronic Security Devices — 0.1% | |||||
American Science and Engineering, Inc.# | 7,146 | 542,167 | |||
ICx Technologies, Inc.†# | 11,540 | 90,243 | |||
Taser International, Inc.†# | 52,716 | 229,314 | |||
861,724 | |||||
Energy - Alternate Sources — 0.2% | |||||
Akeena Solar, Inc.†# | 17,600 | 36,960 | |||
Ascent Solar Technologies, Inc.†# | 6,283 | 23,436 | |||
Aventine Renewable Energy Holdings, Inc.†# | 24,677 | 19,742 | |||
Clean Energy Fuels Corp.†# | 18,358 | 89,036 | |||
Comverge, Inc.†# | 18,379 | 74,619 | |||
Ener1, Inc.†# | 30,258 | 243,274 | |||
Evergreen Energy, Inc.†# | 71,281 | 27,087 | |||
FuelCell Energy, Inc.†# | 49,859 | 217,385 | |||
Greenhunter Energy, Inc. | 358 | 0 |
169
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Energy - Alternate Sources (continued) | |||||
Greenhunter Energy, Inc.†# | 3,617 | $ | 22,064 | ||
GT Solar International, Inc.† | 32,560 | 114,611 | |||
Headwaters, Inc.†# | 32,262 | 183,248 | |||
Pacific Ethanol, Inc.†# | 37,245 | 24,954 | |||
Plug Power, Inc.†# | 67,485 | 69,510 | |||
Quantum Fuel Systems Technologies Worldwide, Inc.† | 69,507 | 54,215 | |||
1,200,141 | |||||
Engineering/R&D Services — 0.2% | |||||
EMCOR Group, Inc.† | 55,406 | 873,753 | |||
ENGlobal Corp.† | 22,798 | 67,026 | |||
Michael Baker Corp.† | 6,159 | 202,631 | |||
Stanley, Inc.†# | 7,439 | 237,304 | |||
VSE Corp. | 3,375 | 112,590 | |||
1,493,304 | |||||
Engines - Internal Combustion — 0.1% | |||||
Briggs & Stratton Corp.# | 41,745 | 587,770 | |||
Enterprise Software/Service — 1.4% | |||||
Advent Software, Inc.†# | 14,048 | 313,270 | |||
American Software, Inc., Class A | 18,976 | 77,232 | |||
Ariba, Inc.† | 68,794 | 553,792 | |||
Concur Technologies, Inc.†# | 35,046 | 962,013 | |||
Epicor Software Corp.†# | 49,966 | 204,861 | |||
Informatica Corp.† | 72,332 | 1,003,968 | |||
JDA Software Group, Inc.† | 21,676 | 285,690 | |||
Lawson Software, Inc.† | 100,070 | 392,274 | |||
ManTech International Corp., Class A† | 17,289 | 940,867 | |||
MedAssets, Inc.† | 15,385 | 195,390 | |||
MicroStrategy, Inc., Class A† | 6,899 | 246,156 | |||
Omnicell, Inc.† | 23,113 | 262,101 | |||
Opnet Technologies, Inc.† | 11,100 | 122,544 | |||
PROS Holdings, Inc.† | 10,836 | 52,230 | |||
RightNow Technologies, Inc.† | 23,417 | 188,741 | |||
Sybase, Inc.†# | 65,584 | 1,615,990 | |||
SYNNEX Corp.†# | 14,656 | 153,302 | |||
Taleo Corp., Class A† | 19,605 | 126,648 | |||
The Ultimate Software Group, Inc.†# | 18,843 | 288,486 | |||
Tyler Technologies, Inc.†# | 29,568 | 373,444 | |||
8,358,999 | |||||
Entertainment Software — 0.2% | |||||
Midway Games, Inc.†# | 9,680 | 3,678 | |||
Take-Two Interactive Software, Inc. | 62,219 | 755,961 | |||
THQ, Inc.†# | 56,148 | 266,142 | |||
1,025,781 | |||||
Environmental Consulting & Engineering — 0.2% | |||||
Tetra Tech, Inc.† | 47,969 | 961,299 | |||
Environmental Monitoring & Detection — 0.1% | |||||
Met-Pro Corp. | 12,668 | 149,102 | |||
Mine Safety Appliances Co. | 24,941 | 609,808 | |||
758,910 | |||||
Filtration/Separation Products — 0.3% | |||||
CLARCOR, Inc. | 42,532 | 1,365,703 | |||
Flanders Corp.†# | 13,544 | 74,898 | |||
PMFG, Inc.†# | 10,924 | 88,484 | |||
Polypore International, Inc.†# | 13,420 | 60,524 | |||
1,589,609 | |||||
Finance - Auto Loans — 0.0% | |||||
Credit Acceptance Corp.†# | 5,008 | 65,605 | |||
Security Description | Shares | Market Value (Note 2) | |||
Finance - Commercial — 0.0% | |||||
Newstar Financial, Inc.† | 20,148 | $ | 95,904 | ||
Finance - Consumer Loans — 0.2% | |||||
Encore Capital Group, Inc.† | 11,525 | 96,349 | |||
Nelnet, Inc., Class A | 14,732 | 193,873 | |||
Ocwen Financial Corp.†# | 29,999 | 244,492 | |||
Portfolio Recovery Associates, Inc.†# | 11,843 | 399,820 | |||
The First Marblehead Corp.# | 58,217 | 80,922 | |||
World Acceptance Corp.†# | 13,773 | 269,537 | |||
1,284,993 | |||||
Finance - Credit Card — 0.0% | |||||
Advanta Corp., Class B# | 32,254 | 95,149 | |||
CompuCredit Corp.†# | 13,565 | 45,443 | |||
140,592 | |||||
Finance - Investment Banker/Broker — 1.1% | |||||
Broadpoint Secs Group, Inc.†# | 20,355 | 52,923 | |||
Diamond Hill Invt Group, Inc.# | 1,733 | 97,221 | |||
Duff + Phelps Corp New Class A† | 8,929 | 102,684 | |||
Evercore Partners, Inc., Class A# | 8,300 | 83,083 | |||
FBR Capital Markets Corp.† | 23,467 | 117,335 | |||
Friedman Billings Ramsey Group, Inc., Class A†# | 124,552 | 24,910 | |||
Greenhill & Co., Inc.# | 14,084 | 959,121 | |||
Interactive Brokers Group, Inc., Class A† | 32,680 | 596,083 | |||
International Assets Hldg Corp.† | 3,556 | 29,906 | |||
KBW, Inc.†# | 20,828 | 473,004 | |||
Knight Capital Group, Inc., Class A† | 77,072 | 1,275,542 | |||
LaBranche & Co., Inc.† | 43,082 | 211,102 | |||
Ladenburg Thalmann Financial Services, Inc.†# | 85,923 | 90,219 | |||
optionsXpress Holdings, Inc. | 33,670 | 474,410 | |||
Penson Worldwide, Inc.†# | 14,160 | 93,456 | |||
Piper Jaffray Cos., Inc.† | 14,911 | 564,978 | |||
Sanders Morris Harris Group, Inc.# | 16,391 | 86,217 | |||
Stifel Financial Corp.† | 19,035 | 818,695 | |||
SWS Group, Inc. | 18,421 | 269,315 | |||
Thomas Weisel Partners Group, Inc.†# | 16,345 | 69,793 | |||
TradeStation Group, Inc.† | 27,068 | 190,017 | |||
6,680,014 | |||||
Finance - Leasing Companies — 0.1% | |||||
Financial Federal Corp. | 21,452 | 412,307 | |||
Finance - Mortgage Loan/Banker — 0.0% | |||||
Federal Agricultural Mtg. Corp., Class C# | 7,986 | 35,378 | |||
Finance - Other Services — 0.1% | |||||
Asset Acceptance Capital Corp.†# | 12,565 | 81,421 | |||
BGC Parnters, Inc., Class A | 28,289 | 107,498 | |||
FCStone Group, Inc.†# | 19,119 | 65,005 | |||
GFI Group, Inc. | 55,672 | 210,997 | |||
MarketAxess Holdings, Inc.† | 26,102 | 167,053 | |||
631,974 | |||||
Financial Guarantee Insurance — 0.2% | |||||
Ambac Financial Group, Inc.# | 228,917 | 320,484 | |||
Assured Guaranty, Ltd.# | 43,478 | 488,693 | |||
PMI Group, Inc.# | 68,411 | 114,246 | |||
Primus Guaranty, Ltd.†# | 19,619 | 17,461 | |||
Radian Group, Inc.# | 67,750 | 183,602 | |||
1,124,486 | |||||
Firearms & Ammunition — 0.0% | |||||
Smith & Wesson Holding Corp.†# | 31,632 | 65,162 | |||
Fisheries — 0.0% | |||||
HQ Sustainable Martitime Industries, Inc.†# | 5,617 | 29,939 | |||
170
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Food - Baking — 0.3% | |||||
Flowers Foods, Inc.# | 64,040 | $ | 1,714,991 | ||
Food - Canned — 0.1% | |||||
Treehouse Foods, Inc.†# | 25,296 | 601,792 | |||
Food - Confectionery — 0.1% | |||||
Tootsie Roll Industries, Inc.# | 20,038 | 519,986 | |||
Food - Dairy Products — 0.0% | |||||
American Dairy, Inc.†# | 5,982 | 101,814 | |||
Lifeway Foods, Inc.†# | 4,066 | 27,567 | |||
129,381 | |||||
Food - Misc. — 1.1% | |||||
B + G Foods, Inc. | 16,930 | 91,083 | |||
Cal-Maine Foods, Inc.# | 10,925 | 275,419 | |||
Calavo Growers, Inc.# | 8,735 | 77,043 | |||
Chiquita Brands International, Inc.†# | 34,198 | 381,308 | |||
Diamond Foods, Inc. | 12,508 | 377,992 | |||
Hain Celestial Group, Inc.†# | 32,825 | 516,665 | |||
J & J Snack Foods Corp. | 10,946 | 325,534 | |||
Lancaster Colony Corp. | 16,980 | 511,947 | |||
Lance, Inc. | 21,356 | 417,083 | |||
M&F Worldwide Corp.† | 9,780 | 154,035 | |||
Ralcorp Holdings, Inc.† | 46,345 | 2,899,343 | |||
Seaboard Corp. | 284 | 255,884 | |||
Smart Balance, Inc.†# | 48,531 | 283,906 | |||
Zhongpin, Inc.†# | 15,537 | 135,017 | |||
6,702,259 | |||||
Food - Retail — 0.4% | |||||
Arden Group, Inc., Class A | 966 | 132,120 | |||
Great Atlantic & Pacific Tea Co., Inc.†# | 29,708 | 154,482 | |||
Ingles Markets, Inc., Class A | 8,914 | 120,250 | |||
Ruddick Corp. | 34,433 | 942,087 | |||
Village Super Market, Class A | 2,690 | 131,702 | |||
Weis Markets, Inc. | 9,290 | 293,750 | |||
Winn-Dixie Stores, Inc.† | 43,130 | 644,793 | |||
2,419,184 | |||||
Food - Wholesale/Distribution — 0.4% | |||||
Fresh Del Monte Produce, Inc.† | 33,448 | 844,227 | |||
Nash Finch Co.# | 9,973 | 447,389 | |||
Spartan Stores, Inc. | 17,211 | 408,245 | |||
United Natural Foods, Inc.†# | 34,595 | 623,056 | |||
2,322,917 | |||||
Footwear & Related Apparel — 0.5% | |||||
CROCS, Inc.†# | 70,100 | 89,027 | |||
Deckers Outdoor Corp.†# | 10,610 | 632,780 | |||
Iconix Brand Group, Inc.†# | 44,802 | 379,473 | |||
Skechers USA, Inc., Class A† | 25,241 | 303,902 | |||
Steven Madden, Ltd.† | 14,869 | 254,409 | |||
Timberland Co., Class A† | 37,702 | 382,675 | |||
Weyco Group, Inc.# | 6,105 | 204,884 | |||
Wolverine World Wide, Inc. | 40,638 | 783,094 | |||
3,030,244 | |||||
Forestry — 0.1% | |||||
Deltic Timber Corp. | 8,172 | 391,602 | |||
Funeral Services & Related Items — 0.0% | |||||
Stewart Enterprises, Inc., Class A# | 64,369 | 205,337 | |||
Gambling (Non-Hotel) — 0.1% | |||||
Dover Downs Gaming & Entertainment, Inc.# | 11,758 | 42,446 | |||
Isle of Capri Casinos, Inc.†# | 13,300 | 44,688 |
Security Description | Shares | Market Value (Note 2) | |||
Gambling (Non-Hotel) (continued) | |||||
Pinnacle Entertainment, Inc.†# | 50,503 | $ | 287,867 | ||
375,001 | |||||
Gas - Distribution — 1.7% | |||||
Chesapeake Utilities Corp. | 4,713 | 149,166 | |||
Laclede Group, Inc. | 17,767 | 935,966 | |||
New Jersey Resources Corp. | 35,318 | 1,418,371 | |||
Nicor, Inc.# | 37,368 | 1,523,867 | |||
Northwest Natural Gas Co. | 22,251 | 1,111,437 | |||
Piedmont Natural Gas, Inc.# | 60,878 | 2,045,501 | |||
South Jersey Industries, Inc. | 25,043 | 976,677 | |||
Southwest Gas Corp. | 36,455 | 944,185 | |||
WGL Holdings, Inc. | 41,669 | 1,504,251 | |||
10,609,421 | |||||
Gold Mining — 0.2% | |||||
Royal Gold, Inc.# | 24,630 | 985,200 | |||
Golf — 0.1% | |||||
Callaway Golf Co. | 52,808 | 531,777 | |||
Hazardous Waste Disposal — 0.2% | |||||
American Ecology Corp. | 12,409 | 219,391 | |||
Clean Harbors, Inc.† | 16,164 | 1,020,434 | |||
Energy Solutions, Inc. | 27,968 | 127,534 | |||
1,367,359 | |||||
Health Care Cost Containment — 0.0% | |||||
Corvel Corp.† | 6,753 | 149,241 | |||
Heart Monitors — 0.0% | |||||
Cardiac Science Corp.† | 16,381 | 106,968 | |||
Home Furnishings — 0.2% | |||||
American Woodmark Corp.# | 8,911 | 146,408 | |||
Ethan Allen Interiors, Inc.# | 20,732 | 286,309 | |||
Furniture Brands International, Inc.# | 34,999 | 114,097 | |||
Hooker Furniture Corp. | 5,113 | 34,104 | |||
Kimball International, Inc., Class B | 22,275 | 149,020 | |||
La-Z-Boy, Inc.# | 43,312 | 142,496 | |||
Sealy Corp.# | 37,247 | 112,113 | |||
Tempur-Pedic International, Inc.# | 58,589 | 409,537 | |||
1,394,084 | |||||
Hotels/Motels — 0.1% | |||||
Gaylord Entertainment Co.†# | 32,657 | 300,118 | |||
Lodgian, Inc.† | 13,661 | 30,054 | |||
Marcus Corp. | 17,053 | 219,813 | |||
Morgans Hotel Group Co.†# | 22,734 | 90,936 | |||
640,921 | |||||
Housewares — 0.0% | |||||
Libbey, Inc.# | 12,304 | 24,608 | |||
Human Resources — 0.7% | |||||
Administaff, Inc. | 18,154 | 310,070 | |||
AMN Healthcare Services, Inc.† | 25,763 | 229,806 | |||
CDI Corp. | 11,222 | 114,801 | |||
Cross Country Healthcare, Inc.†# | 23,054 | 200,800 | |||
Emergency Medical Services Corp., Class A†# | 7,853 | 266,374 | |||
Gevity HR, Inc. | 19,637 | 31,223 | |||
Heidrick & Struggles International, Inc.# | 13,035 | 269,825 | |||
Hudson Highland Group, Inc.† | 21,091 | 66,226 | |||
Kelly Services, Inc., Class A | 22,102 | 257,488 | |||
Kenexa Corp.† | 18,978 | 114,627 | |||
Kforce, Inc.† | 25,817 | 175,556 | |||
Korn/Ferry International† | 39,075 | 481,013 | |||
MPS Group, Inc.† | 74,789 | 495,103 |
171
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Human Resources (continued) | |||||
On Assignment, Inc.† | 29,831 | $ | 171,528 | ||
Resources Connection, Inc.† | 36,367 | 629,513 | |||
Spherion Corp.† | 46,211 | 103,975 | |||
Successfactors, Inc.†# | 20,487 | 127,019 | |||
TrueBlue, Inc.† | 37,333 | 276,638 | |||
4,321,585 | |||||
Identification Systems — 0.3% | |||||
Brady Corp., Class A | 41,202 | 850,821 | |||
Checkpoint Systems, Inc.† | 30,878 | 356,950 | |||
Cogent, Inc.† | 31,245 | 419,933 | |||
L-1 Identity Solutions, Inc.† | 50,719 | 296,199 | |||
1,923,903 | |||||
Independent Power Producers — 0.1% | |||||
Ormat Technologies, Inc.# | 15,080 | 453,908 | |||
Synthesis Energy Systems, Inc.†# | 21,353 | 20,926 | |||
474,834 | |||||
Industrial Audio & Video Products — 0.0% | |||||
China Security Surveillance Technology, Inc.†# | 23,832 | 136,557 | |||
Sonic Solutions, Inc.†# | 18,668 | 23,895 | |||
160,452 | |||||
Industrial Automated/Robotic — 0.4% | |||||
Cognex Corp. | 33,392 | 455,133 | |||
Gerber Scientific, Inc.† | 19,938 | 47,851 | |||
Hurco Cos., Inc.†# | 5,405 | 90,642 | |||
Intermec, Inc.†# | 49,289 | 654,558 | |||
iRobot Corp.†# | 15,072 | 157,352 | |||
Nordson Corp.# | 27,537 | 893,575 | |||
2,299,111 | |||||
Instruments - Controls — 0.3% | |||||
Watts Water Technologies, Inc., Class A# | 23,298 | 524,205 | |||
Woodward Governor Co. | 48,388 | 1,027,761 | |||
1,551,966 | |||||
Instruments - Scientific — 0.4% | |||||
Dionex Corp.† | 14,803 | 759,246 | |||
FEI Co.†# | 29,025 | 589,788 | |||
OYO Geospace Corp.†# | 3,433 | 78,135 | |||
Varian, Inc.† | 23,949 | 876,533 | |||
2,303,702 | |||||
Insurance Brokers — 0.1% | |||||
Crawford & Co., Class B†# | 18,435 | 207,209 | |||
eHealth, Inc.†# | 20,992 | 230,282 | |||
Life Partners Holdings, Inc.# | 4,991 | 178,179 | |||
615,670 | |||||
Insurance - Life/Health — 0.3% | |||||
American Equity Investment Life Holding Co.# | 45,996 | 286,095 | |||
Delphi Financial Group, Inc., Class A | 33,000 | 399,300 | |||
FBL Financial Group, Inc., Class A | 10,797 | 122,762 | |||
Independence Holding Co.# | 5,464 | 28,140 | |||
Kansas City Life Insurance Co. | 3,852 | 176,383 | |||
National Western Life Insurance Co., Class A | 1,763 | 283,825 | |||
Presidential Life Corp. | 18,248 | 196,349 | |||
The Phoenix Cos., Inc. | 91,041 | 259,467 | |||
Universal American Corp.† | 33,128 | 329,292 | |||
2,081,613 | |||||
Insurance - Multi-line — 0.2% | |||||
Citizens, Inc.†# | 27,639 | 261,189 | |||
Horace Mann Educators Corp. | 34,220 | 291,554 |
Security Description | Shares | Market Value (Note 2) | |||
Insurance - Multi-line (continued) | |||||
United Fire & Casualty Co. | 17,655 | $ | 377,640 | ||
930,383 | |||||
Insurance - Property/Casualty — 1.8% | |||||
American Physicians Capital, Inc. | 6,261 | 240,109 | |||
American Safety Insurance Holdings, Ltd.† | 8,932 | 79,763 | |||
Amerisafe, Inc.† | 13,993 | 226,687 | |||
Amtrust Financial Services, Inc. | 13,340 | 119,260 | |||
Baldwin & Lyons, Inc., Class B | 7,228 | 132,634 | |||
Castlepoint Holdings, Ltd. | 28,169 | 289,014 | |||
CNA Surety Corp.† | 14,090 | 170,630 | |||
Donegal Group, Inc., Class A | 9,870 | 155,156 | |||
EMC Insurance Group, Inc.# | 4,928 | 121,672 | |||
Employers Holdings, Inc. | 41,630 | 678,153 | |||
Enstar Group, Ltd.† | 4,706 | 223,676 | |||
First Acceptance Corp.† | 14,527 | 49,392 | |||
First Mercury Financial Corp.† | 12,238 | 148,814 | |||
FPIC Insurance Group, Inc.† | 6,300 | 291,942 | |||
Hallmark Financial Services, Inc.† | 4,960 | 30,653 | |||
Harleysville Group, Inc. | 10,994 | 414,254 | |||
Infinity Property & Casualty Corp. | 12,151 | 557,609 | |||
LandAmerica Financial Group, Inc.# | 13,038 | 1,304 | |||
Meadowbrook Insurance Group, Inc. | 42,007 | 235,659 | |||
National Interstate Corp.# | 5,175 | 86,888 | |||
Navigators Group, Inc.† | 11,094 | 602,404 | |||
NYMAGIC, Inc. | 3,745 | 58,759 | |||
PMA Capital Corp., Class A† | 26,763 | 135,153 | |||
ProAssurance Corp.† | 26,410 | 1,441,722 | |||
RLI Corp. | 15,143 | 883,140 | |||
Safety Insurance Group, Inc. | 12,860 | 451,129 | |||
SeaBright Insurance Holdings, Inc.† | 17,856 | 188,559 | |||
Selective Insurance Group, Inc. | 43,369 | 995,752 | |||
State Auto Financial Corp. | 11,926 | 256,171 | |||
Stewart Information Services Corp. | 14,379 | 168,234 | |||
Tower Group, Inc.# | 15,337 | 349,837 | |||
United America Indemnity, Ltd. Class A† | 12,692 | 163,727 | |||
Zenith National Insurance Corp. | 30,393 | 1,002,665 | |||
10,950,521 | |||||
Insurance - Reinsurance — 1.4% | |||||
Argo Group International Holdings, Ltd.† | 24,858 | 786,507 | |||
Aspen Insurance Holdings, Ltd. | 70,503 | 1,299,370 | |||
Flagstone Reinsurance Holdings, Ltd. | 25,369 | 260,793 | |||
Greenlight Capital Re, Ltd. Class A† | 22,016 | 230,287 | |||
IPC Holdings, Ltd. | 41,016 | 1,148,448 | |||
Maiden Holdings, Ltd.# | 41,384 | 171,744 | |||
Max Re Capital, Ltd. | 45,478 | 525,726 | |||
Montpelier Re Holdings, Ltd. | 76,242 | 1,049,852 | |||
Odyssey Re Holdings Corp. | 20,429 | 919,101 | |||
Platinum Underwriters Holdings, Ltd. | 40,257 | 1,237,098 | |||
Validus Holdings, Ltd. | 52,789 | 1,226,816 | |||
8,855,742 | |||||
Internet Application Software — 0.5% | |||||
Art Technology Group, Inc.† | 108,478 | 208,278 | |||
China Information Sec Tech, Inc.†# | 19,302 | 77,208 | |||
CyberSource Corp.† | 55,356 | 513,704 | |||
DealerTrack Holdings, Inc.†# | 35,908 | 425,510 | |||
eResearch Technology, Inc.† | 32,536 | 183,503 | |||
Interwoven, Inc.† | 35,934 | 467,501 | |||
RealNetworks, Inc.† | 68,872 | 261,714 | |||
S1 Corp.† | 36,270 | 271,299 | |||
Vignette Corp.† | 20,820 | 181,134 | |||
Vocus, Inc.† | 12,172 | 221,165 | |||
2,811,016 | |||||
172
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Internet Connectivity Services — 0.1% | |||||
Cogent Communications Group, Inc.†# | 40,071 | $ | 220,390 | ||
Internap Network Services Corp.†# | 42,472 | 116,373 | |||
PC-Tel, Inc. | 16,166 | 97,643 | |||
434,406 | |||||
Internet Content - Entertainment — 0.0% | |||||
Limelight Networks, Inc.†# | 24,279 | 65,796 | |||
Internet Content - Information/News — 0.1% | |||||
Dice Hldgs Inc†# | 13,249 | 42,264 | |||
HSW International, Inc.†# | 23,482 | 8,219 | |||
InfoSpace, Inc. | 28,969 | 226,248 | |||
Loopnet, Inc.†# | 24,647 | 158,234 | |||
TechTarget, Inc.†# | 11,719 | 53,673 | |||
The Knot, Inc.† | 23,777 | 178,803 | |||
TheStreet.com, Inc.# | 15,337 | 51,992 | |||
719,433 | |||||
Internet Financial Services — 0.1% | |||||
Online Resources Corp.† | 24,278 | 77,204 | |||
Thinkorswim Group, Inc.† | 39,404 | 254,550 | |||
331,754 | |||||
Internet Incubators — 0.1% | |||||
Internet Capital Group, Inc.† | 32,603 | 119,979 | |||
Moduslink Global Solutions, Inc.† | 41,282 | 183,292 | |||
Safeguard Scientifics, Inc.†# | 102,377 | 71,664 | |||
374,935 | |||||
Internet Infrastructure Equipment — 0.1% | |||||
Avocent Corp.† | 35,606 | 669,749 | |||
Internet Infrastructure Software — 0.2% | |||||
AsiaInfo Holdings, Inc.† | 26,015 | 286,945 | |||
Chordiant Software, Inc.† | 25,308 | 69,597 | |||
SupportSoft, Inc.† | 38,975 | 78,340 | |||
TeleCommunication Systems, Inc., Class A†# | 28,345 | 223,925 | |||
TIBCO Software, Inc.† | 150,540 | 728,614 | |||
1,387,421 | |||||
Internet Security — 0.1% | |||||
Blue Coat Systems, Inc.†# | 25,284 | 224,775 | |||
Entrust, Inc.† | 51,610 | 72,770 | |||
SonicWALL, Inc.† | 44,928 | 176,118 | |||
Sourcefire, Inc.† | 16,861 | 97,457 | |||
Vasco Data Security International, Inc.†# | 22,626 | 236,215 | |||
807,335 | |||||
Internet Telephone — 0.1% | |||||
Ibasis, Inc.†# | 26,473 | 36,797 | |||
J2 Global Communications, Inc.† | 35,546 | 693,858 | |||
730,655 | |||||
Intimate Apparel — 0.1% | |||||
The Warnaco Group, Inc.† | 38,334 | 686,179 | |||
Investment Companies — 0.5% | |||||
Ampal American Israel Class A†# | 16,574 | 18,563 | |||
Apollo Investment Corp.# | 117,035 | 993,627 | |||
Ares Capital Corp. | 77,080 | 383,858 | |||
Blackrock Kelso Capital Corp# | 10,950 | 112,238 | |||
Capital Southwest Corp.# | 2,267 | 185,101 | |||
Fifth Street Finance Corporation | 11,237 | 82,367 | |||
Gladstone Capital Corp. | 17,764 | 106,584 | |||
Gladstone Investment Corp. | 18,599 | 91,693 | |||
Harris & Harris Group, Inc.†# | 21,784 | 87,790 | |||
Hercules Technology Growth Capital, Inc.# | 23,996 | 154,774 | |||
Kohlberg Capital Corp. | 14,577 | 59,766 | |||
MCG Capital Corp. | 63,698 | 47,137 |
Security Description | Shares | Market Value (Note 2) | |||
Investment Companies (continued) | |||||
Medallion Financial Corp. | 12,510 | $ | 87,570 | ||
MVC Capital, Inc. | 20,467 | 227,388 | |||
NGP Capital Resources Co.# | 15,193 | 149,347 | |||
Patriot Capital Funding, Inc. | 17,439 | 58,769 | |||
PennantPark Investment Corp. | 17,748 | 52,357 | |||
Prospect Capital Corp.# | 19,425 | 245,143 | |||
3,144,072 | |||||
Investment Management/Advisor Services — 0.1% | |||||
Calamos Asset Management, Inc., Class A | 16,942 | 68,954 | |||
Cohen & Steers, Inc.# | 14,126 | 161,601 | |||
Epoch Holding Corp.# | 8,499 | 71,392 | |||
GAMCO Investors, Inc., Class A# | 6,381 | 175,031 | |||
National Financial Partners Corp.# | 33,277 | 52,910 | |||
Pzena Investment Management, Inc., Class A# | 5,181 | 18,341 | |||
U.S. Global Investors, Inc., Class A | 10,663 | 53,422 | |||
Westwood Holdings Group, Inc.# | 4,520 | 141,476 | |||
743,127 | |||||
Lasers - System/Components — 0.4% | |||||
Coherent, Inc.† | 18,645 | 464,074 | |||
Cymer, Inc.†# | 24,266 | 570,008 | |||
Electro Scientific Industries, Inc.† | 22,838 | 155,527 | |||
II-VI, Inc.† | 19,353 | 389,382 | |||
Newport Corp.† | 30,320 | 176,159 | |||
Rofin-Sinar Technologies, Inc.† | 23,564 | 559,410 | |||
2,314,560 | |||||
Leisure Products — 0.2% | |||||
Brunswick Corp.# | 64,786 | 175,570 | |||
Marine Products Corp.# | 8,440 | 48,867 | |||
WMS Industries, Inc.† | 35,432 | 873,399 | |||
1,097,836 | |||||
Lighting Products & Systems — 0.0% | |||||
Orion Energy Systems ,Inc.†# | 7,557 | 29,019 | |||
Universal Display Corp.†# | 21,347 | 155,620 | |||
184,639 | |||||
Linen Supply & Related Items — 0.1% | |||||
G&K Services, Inc., Class A | 15,249 | 356,827 | |||
UniFirst Corp. | 12,096 | 335,180 | |||
692,007 | |||||
Machine Tools & Related Products — 0.0% | |||||
K-Tron International, Inc.† | 2,039 | 146,706 | |||
Thermadyne Hldgs Corp.† | 11,267 | 73,236 | |||
219,942 | |||||
Machinery - Construction & Mining — 0.1% | |||||
Astec Industries, Inc.† | 13,758 | 416,180 | |||
Machinery - Electrical — 0.3% | |||||
Baldor Electric Co.# | 37,114 | 611,638 | |||
Franklin Electric Co., Inc.# | 18,442 | 544,408 | |||
Regal-Beloit Corp. | 26,092 | 877,735 | |||
2,033,781 | |||||
Machinery - Farming — 0.1% | |||||
Alamo Group, Inc. | 5,215 | 65,657 | |||
Lindsay Corp.# | 9,281 | 361,124 | |||
426,781 | |||||
Machinery - General Industrial — 0.8% | |||||
Albany International Corp., Class A | 23,027 | 354,155 | |||
Altra Holdings, Inc.† | 22,244 | 171,279 | |||
Applied Industrial Technologies, Inc. | 34,070 | 649,374 |
173
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Machinery - General Industrial (continued) | |||||
Chart Industries, Inc.† | 21,497 | $ | 205,511 | ||
DXP Enterprises, Inc.† | 6,042 | 79,815 | |||
Flow International Corp.†# | 31,662 | 69,023 | |||
Intevac, Inc.† | 18,273 | 90,269 | |||
Kadant, Inc.† | 11,735 | 175,790 | |||
Middleby Corp.†# | 13,405 | 433,920 | |||
Robbins & Myers, Inc. | 21,948 | 493,830 | |||
Sauer-Danfoss, Inc. | 9,349 | 75,634 | |||
Tennant Co.# | 12,654 | 304,835 | |||
Twin Disc, Inc. | 7,336 | 48,711 | |||
Wabtec Corp. | 40,007 | 1,543,870 | |||
4,696,016 | |||||
Machinery - Material Handling — 0.1% | |||||
Cascade Corp.# | 7,639 | 206,406 | |||
Columbus McKinnon Corp.† | 15,996 | 187,473 | |||
Key Technology, Inc.† | 4,740 | 74,655 | |||
NACCO, Industries, Inc., Class A | 5,001 | 182,536 | |||
651,070 | |||||
Machinery - Print Trade — 0.0% | |||||
Presstek, Inc.†# | 23,236 | 56,928 | |||
Machinery - Pumps — 0.1% | |||||
Gorman-Rupp Co.# | 12,085 | 333,546 | |||
Tecumseh Products Co., Class A† | 11,923 | 140,930 | |||
474,476 | |||||
Machinery - Thermal Process — 0.0% | |||||
Raser Technologies, Inc.†# | 37,950 | 178,365 | |||
TurboChef Technologies, Inc.† | 19,879 | 75,143 | |||
253,508 | |||||
Marine Services — 0.0% | |||||
Great Lakes Dredge & Dock Corp. | 33,535 | 89,874 | |||
Odyssey Marine Exploration, Inc.†# | 40,498 | 133,238 | |||
223,112 | |||||
Medical Imaging Systems — 0.1% | |||||
IRIS International, Inc.† | 15,505 | 198,464 | |||
Vital Images, Inc.†# | 13,329 | 155,416 | |||
353,880 | |||||
Medical Information Systems — 0.4% | |||||
Allscripts Healthcare Solutions, Inc. | 42,589 | 327,935 | |||
Athenahealth, Inc.† | 16,118 | 440,505 | |||
Computer Programs & Systems, Inc. | 7,779 | 217,656 | |||
Eclipsys Corp.† | 43,781 | 574,407 | |||
Phase Forward, Inc.† | 33,962 | 471,053 | |||
Quality Systems, Inc.# | 13,858 | 416,710 | |||
2,448,266 | |||||
Medical Instruments — 1.2% | |||||
Abaxis, Inc.†# | 18,257 | 242,088 | |||
AngioDynamics, Inc.† | 20,369 | 243,002 | |||
ArthroCare Corp.†# | 20,974 | 274,340 | |||
Bruker BioSciences Corp.† | 42,520 | 199,844 | |||
CardioNet ,Inc.† | 3,789 | 75,325 | |||
Conceptus, Inc.†# | 25,444 | 374,027 | |||
CONMED Corp.† | 22,932 | 539,131 | |||
CryoLife, Inc.† | 21,155 | 192,511 | |||
Datascope Corp. | 11,080 | 578,487 | |||
Dexcom, Inc.†# | 22,098 | 44,196 | |||
ev3, Inc.†# | 54,987 | 274,935 | |||
Genomic Health, Inc.†# | 11,729 | 217,338 | |||
Kensey Nash Corp.† | 6,084 | 112,432 |
Security Description | Shares | Market Value (Note 2) | |||
Medical Instruments (continued) | |||||
Micrus Endovascular Corp.†# | 13,099 | $ | 138,849 | ||
Natus Medical, Inc.† | 23,221 | 295,139 | |||
NuVasive, Inc.†# | 29,241 | 1,007,352 | |||
Spectranetics Corp.† | 26,655 | 75,167 | |||
Stereotaxis, Inc.†# | 22,995 | 110,606 | |||
SurModics, Inc.†# | 12,981 | 295,188 | |||
Symmetry Medical, Inc.† | 27,603 | 247,323 | |||
Thoratec Corp.† | 44,610 | 1,116,588 | |||
Trans1, Inc.†# | 10,276 | 76,351 | |||
Vision Sciences, Inc. Del†# | 14,170 | 31,883 | |||
Volcano Corp.† | 37,678 | 614,905 | |||
7,377,007 | |||||
Medical Labs & Testing Services — 0.1% | |||||
Bio-Reference Laboratories, Inc.† | 9,716 | 216,569 | |||
Genoptix, Inc.† | 7,007 | 222,332 | |||
Life Sciences Research, Inc.† | 7,355 | 72,300 | |||
511,201 | |||||
Medical Laser Systems — 0.0% | |||||
Cynosure, Inc. Class A†# | 8,048 | 74,363 | |||
Palomar Medical Technologies, Inc.†# | 15,371 | 139,108 | |||
213,471 | |||||
Medical Products — 1.4% | |||||
ABIOMED, Inc.†# | 26,067 | 365,981 | |||
Accuray, Inc.†# | 30,395 | 153,495 | |||
Alphatec Hldgs, Inc.†# | 21,003 | 41,796 | |||
American Medical Systems Holdings, Inc.†# | 58,691 | 516,481 | |||
Atrion Corp.# | 1,265 | 121,427 | |||
Caliper Life Sciences, Inc.† | 40,249 | 45,481 | |||
Cantel Medical Corp.† | 10,511 | 99,329 | |||
Cyberonics, Inc.† | 20,002 | 274,627 | |||
Exactech, Inc.† | 6,404 | 112,134 | |||
Haemonetics Corp.† | 21,136 | 1,208,768 | |||
Hanger Orthopedic Group, Inc.† | 19,337 | 310,359 | |||
Invacare Corp.# | 25,347 | 374,629 | |||
Luminex Corp.†# | 32,695 | 719,617 | |||
Mentor Corp.# | 26,548 | 428,750 | |||
Metabolix, Inc.†# | 15,985 | 111,735 | |||
NxStage Medical, Inc.†# | 21,830 | 54,575 | |||
Orthofix International NV† | 14,395 | 172,308 | |||
Orthovita, Inc.† | 55,770 | 186,830 | |||
PSS World Medical, Inc.†# | 50,517 | 878,491 | |||
Synovis Life Technologies, Inc.† | 8,666 | 124,010 | |||
TomoTherapy, Inc.†# | 34,486 | 79,663 | |||
Vnus Medical Technologies, Inc.† | 10,956 | 164,340 | |||
West Pharmaceutical Services, Inc.# | 26,471 | 939,720 | |||
Wright Medical Group, Inc.† | 29,952 | 507,986 | |||
Zoll Medical Corp.† | 16,183 | 288,219 | |||
8,280,751 | |||||
Medical Sterilization Products — 0.2% | |||||
STERIS Corp. | 48,378 | 1,337,652 | |||
Medical - Biomedical/Gene — 3.6% | |||||
Acorda Therapeutics, Inc.†# | 29,456 | 533,743 | |||
Affymax, Inc.†# | 8,829 | 102,858 | |||
Alexion Pharmaceuticals, Inc.† | 63,308 | 2,130,947 | |||
Alnylam Pharmaceuticals, Inc.†# | 28,461 | 518,844 | |||
AMAG Pharmaceuticals, Inc.†# | 13,354 | 449,763 | |||
American Oriental Bioengineering, Inc.†# | 51,988 | 294,772 | |||
Arena Pharmaceuticals, Inc.†# | 62,203 | 240,104 | |||
ARIAD Pharmaceuticals, Inc.†# | 58,499 | 77,804 | |||
Arqule, Inc.†# | 34,154 | 115,782 | |||
Bio-Rad Laboratories, Inc., Class A† | 15,563 | 1,154,152 |
174
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AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical - Biomedical/Gene (continued) | |||||
BioMimetic Therapeutics, Inc.†# | 11,169 | $ | 96,053 | ||
Cambrex Corp.† | 24,499 | 85,257 | |||
Celera Corp.† | 64,379 | 627,051 | |||
Cell Genesys, Inc.† | 72,328 | 17,359 | |||
Celldex Therapeutics, Inc.†# | 12,574 | 81,605 | |||
Clinical Data, Inc.† | 8,732 | 82,954 | |||
Cougar Biotechnology, Inc.†# | 11,379 | 275,372 | |||
Cubist Pharmaceuticals, Inc.†# | 46,181 | 1,134,205 | |||
Cytokinetics, Inc.† | 29,444 | 76,260 | |||
Dendreon Corp.†# | 71,912 | 350,931 | |||
Discovery Laboratories, Inc.†# | 81,446 | 80,632 | |||
Emergent Biosolutions, Inc.† | 11,402 | 257,913 | |||
Enzo Biochem, Inc.†# | 27,069 | 137,781 | |||
Enzon Pharmaceuticals, Inc.†# | 37,681 | 185,014 | |||
Exelixis, Inc.†# | 79,403 | 245,355 | |||
Geron Corp.†# | 55,908 | 195,678 | |||
GTx, Inc.†# | 15,690 | 231,741 | |||
Halozyme Therapeutics, Inc.†# | 51,241 | 190,104 | |||
Human Genome Sciences, Inc.† | 104,090 | 180,076 | |||
Idera Pharmaceuticals, Inc.†# | 17,311 | 121,696 | |||
Immunogen, Inc.†# | 42,725 | 163,210 | |||
Immunomedics, Inc.†# | 55,042 | 97,975 | |||
Incyte Corp.†# | 56,782 | 189,652 | |||
Integra LifeSciences Holdings Corp.†# | 14,105 | 444,166 | |||
InterMune, Inc.†# | 26,613 | 306,316 | |||
Lexicon Genetics, Inc.†# | 67,641 | 115,666 | |||
Ligand Pharmaceuticals, Inc. Class B†# | 71,000 | 146,260 | |||
Marshall Edwards, Inc.†# | 17,389 | 17,389 | |||
Martek Biosciences Corp.# | 27,683 | 773,740 | |||
Maxygen, Inc.† | 21,189 | 103,826 | |||
Molecular Insight Pharmaceuticals, Inc.†# | 14,892 | 46,910 | |||
Momenta Pharmaceuticals, Inc.†# | 20,670 | 183,963 | |||
Myriad Genetics, Inc.† | 36,820 | 2,182,690 | |||
Nanosphere, Inc.†# | 10,861 | 54,305 | |||
Novavax, Inc.†# | 48,876 | 103,617 | |||
Omrix Biopharmaceuticals, Inc.†# | 12,039 | 299,530 | |||
OSI Pharmaceuticals, Inc.†# | 47,278 | 1,758,742 | |||
PDL BioPharma, Inc. | 97,090 | 930,122 | |||
Protalix BioTherapeutics, Inc.† | 9,076 | 10,891 | |||
Regeneron Pharmaceuticals, Inc.† | 50,451 | 779,972 | |||
Repligen Corp.† | 26,160 | 102,024 | |||
Rexahn Pharmaceuticals, Inc.†# | 24,595 | 22,381 | |||
RTI Biologics ,Inc.† | 45,263 | 123,115 | |||
Sangamo Biosciences, Inc.†# | 30,840 | 75,866 | |||
Seattle Genetics, Inc.†# | 51,018 | 441,816 | |||
Sequenom, Inc.†# | 45,744 | 764,382 | |||
The Medicines Co.† | 41,874 | 539,756 | |||
United Therapeutics Corp.† | 18,623 | 1,021,099 | |||
XOMA, Ltd.†# | 111,432 | 104,746 | |||
22,175,933 | |||||
Medical - Drugs — 1.3% | |||||
Acadia Pharmaceuticals, Inc.†# | 27,805 | 35,590 | |||
Adolor Corp.†# | 38,772 | 73,279 | |||
Akorn, Inc.†# | 48,025 | 78,761 | |||
Amicus Therapeutics, Inc.†# | 4,117 | 36,641 | |||
Ardea Biosciences, Inc.† | 10,221 | 93,318 | |||
Array Biopharma, Inc.†# | 40,042 | 151,359 | |||
Auxilium Pharmaceuticals, Inc.†# | 33,124 | 721,441 | |||
Biodel, Inc.†# | 9,047 | 24,879 | |||
Bioform Med Inc Com†# | 18,421 | 24,500 | |||
Cadence Pharmaceuticals, Inc.†# | 17,027 | 113,400 | |||
China Sky One Med, Inc.†# | 6,255 | 63,864 | |||
Cytori Therapeutics, Inc.†# | 16,777 | 37,748 | |||
Durect Corp.† | 60,359 | 253,508 |
Security Description | Shares | Market Value (Note 2) | |||
Medical-Drugs (continued) | |||||
Idenix Pharmaceuticals, Inc.† | 21,070 | $ | 121,995 | ||
Indevus Pharmaceuticals, Inc.†# | 65,291 | 163,227 | |||
Javelin Pharmaceuticals. Inc.†# | 41,446 | 33,571 | |||
Jazz Pharmaceuticals Inc†# | 6,451 | 9,676 | |||
K-V Pharmaceutical Co., Class A†# | 25,949 | 118,846 | |||
MAP Pharmaceuticals, Inc.†# | 6,581 | 30,273 | |||
Medicis Pharmaceutical Corp., Class A | 44,964 | 549,910 | |||
Medivation, Inc.†# | 19,870 | 296,262 | |||
Middlebrook Pharmaceuticals, Inc.†# | 30,194 | 40,460 | |||
Opko Health, Inc.† | 40,423 | 62,656 | |||
Optimer Pharmaceuticals, Inc.†# | 21,668 | 172,261 | |||
Orexigen Therapeutics, Inc.†# | 16,878 | 117,977 | |||
Pain Therapeutics, Inc.†# | 25,661 | 225,304 | |||
Pharmasset, Inc.† | 12,603 | 207,571 | |||
PharMerica Corp.†# | 24,027 | 399,329 | |||
Pozen, Inc.†# | 21,938 | 149,398 | |||
Progenics Pharmaceuticals, Inc.†# | 22,431 | 207,935 | |||
Rigel Pharmaceuticals, Inc.†# | 27,598 | 204,777 | |||
Salix Pharmaceuticals, Ltd.†# | 36,190 | 293,139 | |||
Savient Pharmaceuticals, Inc.†# | 45,678 | 169,009 | |||
Sucampo Pharmaceuticals, Inc. Class A†# | 7,698 | 47,189 | |||
Synta Pharmaceuticals Corp.†# | 14,095 | 74,703 | |||
Targacept, Inc.† | 15,270 | 37,411 | |||
Valeant Pharmaceuticals International†# | 57,042 | 1,111,178 | |||
ViroPharma, Inc.†# | 56,169 | 634,710 | |||
Vivus, Inc.†# | 52,768 | 313,442 | |||
XenoPort, Inc.† | 20,393 | 641,156 | |||
Zymogenetics, Inc.†# | 31,423 | 85,156 | |||
8,226,809 | |||||
Medical - Generic Drugs — 0.3% | |||||
Acura Pharmaceuticals, Inc.†# | 6,874 | 53,480 | |||
Alpharma, Inc., Class A†# | 35,181 | 1,270,034 | |||
Caraco Pharmaceutical Laboratories, Ltd† | 9,202 | 39,937 | |||
Par Pharmaceutical Cos., Inc.† | 25,788 | 300,688 | |||
1,664,139 | |||||
Medical - HMO — 0.6% | |||||
AMERIGROUP Corp.† | 43,798 | 1,075,679 | |||
Centene Corp.† | 34,994 | 647,389 | |||
Healthspring, Inc.† | 39,685 | 579,004 | |||
Magellan Health Services, Inc.† | 33,226 | 1,091,474 | |||
Molina Healthcare, Inc.†# | 12,234 | 289,824 | |||
Triple-S Management Corp., Class B†# | 11,948 | 130,233 | |||
3,813,603 | |||||
Medical - Hospitals — 0.0% | |||||
MedCath Corp.† | 13,401 | 98,899 | |||
Medical - Nursing Homes — 0.2% | |||||
Assisted Living Concepts, Inc. Class A† | 46,210 | 215,801 | |||
Ensign Group, Inc. | 7,006 | 102,428 | |||
Kindred Healthcare, Inc.† | 23,594 | 253,164 | |||
National Healthcare Corp.# | 7,149 | 324,493 | |||
Skilled Healthcare Group, Inc. Class A† | 14,736 | 159,443 | |||
Sun Healthcare Group, Inc.† | 33,545 | 336,121 | |||
1,391,450 | |||||
Medical - Outpatient/Home Medical — 0.5% | |||||
Air Methods Corp.†# | 9,038 | 143,252 | |||
Almost Family, Inc.†# | 5,362 | 235,714 | |||
Amedisys, Inc.†# | 21,710 | 844,302 | |||
Amsurg Corp.† | 25,138 | 501,000 | |||
Gentiva Health Services, Inc.† | 19,984 | 504,196 | |||
LHC Group, Inc.† | 12,330 | 411,576 |
175
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical - Outpatient/Home Medical (continued) | |||||
Odyssey HealthCare, Inc.† | 27,584 | $ | 225,361 | ||
Res-Care, Inc.† | 18,839 | 245,849 | |||
3,111,250 | |||||
Metal Processors & Fabrication — 0.6% | |||||
Ampco-Pittsburgh Corp. | 6,969 | 116,034 | |||
CIRCOR International, Inc. | 13,118 | 286,366 | |||
Dynamic Materials Corp.# | 10,616 | 168,794 | |||
Haynes International, Inc.† | 10,032 | 182,883 | |||
Kaydon Corp. | 22,201 | 684,901 | |||
Ladish Co,. Inc.† | 12,264 | 203,215 | |||
LB Foster Co., Class A† | 9,294 | 296,200 | |||
Mueller Industries, Inc. | 29,615 | 690,030 | |||
NN, Inc. | 13,356 | 18,698 | |||
RBC Bearings, Inc.† | 16,937 | 384,809 | |||
Sun Hydraulics Corp. | 9,819 | 149,445 | |||
Worthington Industries, Inc.# | 51,423 | 682,897 | |||
3,864,272 | |||||
Metal Products - Distribution — 0.0% | |||||
A.M. Castle & Co. | 13,900 | 126,212 | |||
Lawson Products, Inc. | 3,524 | 80,453 | |||
206,665 | |||||
Metal - Aluminum — 0.0% | |||||
Kaiser Aluminum Corp. | 12,138 | 256,233 | |||
Metal - Diversified — 0.0% | |||||
Hecla Mining Co.†# | 94,994 | 220,386 | |||
Mining — 0.0% | |||||
Allied Nevada Gold Corp.† | 37,921 | 108,075 | |||
Miscellaneous Manufacturing — 0.1% | |||||
American Railcar Industries, Inc.# | 7,859 | 67,587 | |||
China Fire & Security Group, Inc.† | 11,791 | 81,240 | |||
Freightcar America, Inc.# | 8,487 | 184,507 | |||
Movado Group, Inc. | 13,403 | 180,941 | |||
NL Industries, Inc.# | 5,731 | 65,677 | |||
Reddy Ice Holdings, Inc. | 15,048 | 18,058 | |||
Trimas Corp.†# | 12,326 | 21,694 | |||
619,704 | |||||
MRI/Medical Diagnostic Imaging — 0.1% | |||||
Alliance Imaging, Inc.† | 21,494 | 168,083 | |||
Nighthawk Radiology Holdings, Inc.†# | 19,590 | 56,811 | |||
RadNet, Inc.†# | 17,967 | 63,424 | |||
Virtual Radiologic Corp.†# | 5,884 | 42,659 | |||
330,977 | |||||
Multilevel Direct Selling — 0.1% | |||||
Nu Skin Enterprises, Inc., Class A | 39,221 | 422,018 | |||
Multimedia — 0.0% | |||||
Entravision Communications Corp., Class A† | 50,114 | 38,588 | |||
Journal Communications, Inc., Class A | 35,556 | 84,267 | |||
Martha Stewart Living Omnimedia, Inc., Class A†# | 21,308 | 71,169 | |||
Media General, Inc., Class A# | 19,256 | 37,164 | |||
231,188 | |||||
Music — 0.0% | |||||
Steinway Musical Instruments, Inc.† | 5,776 | 102,928 | |||
Networking Products — 1.3% | |||||
3Com Corp.† | 326,561 | 656,388 | |||
Acme Packet, Inc.†# | 22,887 | 89,259 | |||
Adaptec, Inc.† | 91,829 | 258,039 | |||
Anixter International, Inc.†# | 24,205 | 663,217 |
Security Description | Shares | Market Value (Note 2) | |||
Networking Products (continued) | |||||
Atheros Communications, Inc.†# | 48,258 | $ | 704,567 | ||
BigBand Networks, Inc.†# | 27,684 | 100,770 | |||
Black Box Corp. | 13,536 | 331,361 | |||
Extreme Networks, Inc.† | 81,168 | 170,453 | |||
Foundry Networks, Inc.† | 120,637 | 1,868,667 | |||
Hypercom Corp.† | 44,976 | 35,531 | |||
Infinera Corp.†# | 74,141 | 723,616 | |||
Ixia† | 35,916 | 220,524 | |||
Netgear, Inc.† | 26,615 | 322,041 | |||
Parkervision, Inc.†# | 19,357 | 71,621 | |||
Polycom, Inc.† | 72,255 | 1,360,562 | |||
Starent Networks Corp.†# | 25,049 | 249,238 | |||
Switch & Data Facilities Co., Inc.†# | 17,284 | 90,050 | |||
7,915,904 | |||||
Non-Ferrous Metals — 0.1% | |||||
Brush Engineered Materials, Inc.† | 17,177 | 198,910 | |||
Horsehead Hldg Corp† | 29,414 | 91,183 | |||
RTI International Metals, Inc.†# | 16,864 | 202,705 | |||
Uranium Resources, Inc.†# | 41,449 | 21,139 | |||
USEC, Inc.†# | 85,497 | 329,164 | |||
843,101 | |||||
Non-Hazardous Waste Disposal — 0.3% | |||||
Casella Waste Systems, Inc., Class A† | 18,962 | 95,000 | |||
Waste Connections, Inc.† | 55,011 | 1,552,960 | |||
Waste Services, Inc.†# | 20,002 | 126,213 | |||
1,774,173 | |||||
Office Furnishings - Original — 0.3% | |||||
Herman Miller, Inc. | 45,739 | 672,821 | |||
HNI Corp.# | 35,596 | 475,206 | |||
Interface, Inc. Class A | 44,893 | 248,707 | |||
Knoll, Inc. | 38,436 | 413,956 | |||
1,810,690 | |||||
Office Supplies & Forms — 0.1% | |||||
ACCO Brands Corp.† | 45,624 | 41,974 | |||
Ennis, Inc. | 21,666 | 220,343 | |||
The Standard Register Co. | 12,472 | 69,968 | |||
332,285 | |||||
Oil & Gas Drilling — 0.3% | |||||
Atlas America, Inc. | 29,062 | 435,639 | |||
Bronco Drilling Co., Inc.†# | 22,129 | 141,183 | |||
Grey Wolf, Inc.†# | 150,648 | 825,551 | |||
Parker Drilling Co.† | 87,678 | 268,295 | |||
Pioneer Drilling Co.† | 36,915 | 270,956 | |||
1,941,624 | |||||
Oil Companies - Exploration & Production — 2.5% | |||||
Abraxas Petroleum Corp.† | 35,362 | 43,849 | |||
American Oil And Gas, Inc.†# | 30,899 | 29,354 | |||
APCO Argentina, Inc.# | 3,224 | 91,884 | |||
Approach Resource, Inc.† | 7,567 | 65,757 | |||
Arena Resources, Inc.† | 30,717 | 813,079 | |||
ATP Oil & Gas Corp.†# | 23,403 | 156,332 | |||
Berry Petroleum Co., Class A | 35,955 | 421,033 | |||
Bill Barrett Corp.† | 29,128 | 651,593 | |||
BMB Munai, Inc.†# | 33,666 | 40,063 | |||
BPZ Resources, Inc.†# | 46,465 | 286,224 | |||
Brigham Exploration Co.†# | 34,185 | 103,581 | |||
Callon Petroleum Co.† | 17,648 | 43,238 | |||
Cano Pete, Inc.†# | 39,838 | 23,106 | |||
Carrizo Oil & Gas, Inc.†# | 21,381 | 442,587 | |||
Clayton Williams Energy, Inc.† | 4,547 | 208,798 |
176
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Oil Companies - Exploration & Production (continued) | |||||
Comstock Resources, Inc.† | 37,455 | $ | 1,570,488 | ||
Concho Resources, Inc.† | 45,125 | 1,064,499 | |||
Contango Oil & Gas Co.† | 10,347 | 543,631 | |||
Delta Petroleum Corp.†# | 48,391 | 276,313 | |||
Double Eagle Pete & Mng, Co.†# | 6,874 | 46,606 | |||
Endeavour International Corp.†# | 95,771 | 60,336 | |||
Energy Partners, Ltd.† | 26,881 | 90,858 | |||
Energy XXI Bermuda Limtited | 100,975 | 112,082 | |||
EXCO Resources, Inc.† | 121,391 | 931,069 | |||
FX Energy, Inc.†# | 33,950 | 120,522 | |||
Gasco Energy, Inc.†# | 78,945 | 48,946 | |||
GeoGlobal Resources, Inc.†# | 31,993 | 57,587 | |||
GeoMet, Inc.† | 15,547 | 31,871 | |||
Georesources Inc.† | 5,114 | 39,378 | |||
GMX Resources, Inc.†# | 12,998 | 373,432 | |||
Goodrich Petroleum Corp.†# | 17,752 | 640,315 | |||
Gran Tierra Energy, Inc.†# | 179,833 | 490,944 | |||
Gulfport Energy Corp.†# | 22,089 | 109,341 | |||
Harvest Natural Resources, Inc.†# | 29,708 | 191,022 | |||
Houston Amern Energy Corp.# | 12,559 | 32,277 | |||
McMoRan Exploration Co.†# | 49,905 | 561,431 | |||
Meridian Resource Corp.† | 65,339 | 61,419 | |||
Northern Oil And Gas, Inc.† | 17,964 | 75,269 | |||
Oilsands Quest, Inc.†# | 147,903 | 162,693 | |||
Panhandle Rlty, Co.# | 6,164 | 142,697 | |||
Parallel Petroleum Corp.† | 34,854 | 109,790 | |||
Penn Virginia Corp. | 33,996 | 1,020,900 | |||
Petroleum Development Corp.† | 12,508 | 240,154 | |||
Petroquest Energy, Inc.†# | 32,787 | 229,837 | |||
PrimeEnergy Corp.†# | 777 | 42,113 | |||
Quest Resource Corp.†# | 23,207 | 7,658 | |||
RAM Energy Resources, Inc.†# | 39,201 | 44,689 | |||
Rex Energy Corp† | 14,119 | 86,126 | |||
Rosetta Resources, Inc.† | 43,322 | 326,215 | |||
Stone Energy Corp.† | 26,677 | 443,372 | |||
Swift Energy Co.†# | 25,722 | 549,679 | |||
Toreador Resources Corp.†# | 14,241 | 72,487 | |||
Tri-Valley Corp.†# | 18,882 | 62,499 | |||
TXCO Resources, Inc.†# | 29,520 | 88,560 | |||
Vaalco Energy, Inc.† | 49,790 | 313,677 | |||
Venoco, Inc.† | 17,054 | 56,960 | |||
Warren Resources, Inc.† | 42,990 | 143,157 | |||
15,093,377 | |||||
Oil Companies - Integrated — 0.0% | |||||
Delek US Holdings, Inc. | 11,165 | 61,408 | |||
PetroCorp, Inc.(1)(3) | 2,364 | 0 | |||
61,408 | |||||
Oil Field Machinery & Equipment — 0.5% | |||||
Bolt Technology Corp.†# | 7,259 | 61,121 | |||
CARBO Ceramics, Inc.# | 16,414 | 786,231 | |||
Complete Production Services, Inc.† | 37,313 | 305,593 | |||
Dril-Quip, Inc.† | 24,635 | 484,817 | |||
Flotek Industries, Inc.†# | 19,087 | 57,452 | |||
Gulf Island Fabrication, Inc. | 10,250 | 147,702 | |||
Lufkin Industries, Inc. | 11,766 | 580,181 | |||
Mitcham Industries, Inc.† | 8,252 | 35,401 | |||
NATCO Group, Inc., Class A† | 15,260 | 276,664 | |||
Natural Gas Svcs Group, Inc.† | 10,182 | 104,875 | |||
T-3 Energy Services, Inc.† | 10,508 | 138,180 | |||
2,978,217 | |||||
Oil Refining & Marketing — 0.1% | |||||
Alon USA Energy, Inc.# | 9,108 | 89,349 |
Security Description | Shares | Market Value (Note 2) | |||
Oil Refining & Marketing (continued) | |||||
Cheniere Energy, Inc.†# | 40,892 | $ | 128,401 | ||
CVR Energy, Inc.† | 19,373 | 67,806 | |||
Sulphco, Inc.†# | 44,849 | 71,758 | |||
Western Refining, Inc.# | 25,150 | 190,637 | |||
547,951 | |||||
Oil - Field Services — 0.4% | |||||
Allis-Chalmers Energy, Inc.†# | 23,600 | 148,916 | |||
Basic Energy Services, Inc.† | 31,949 | 366,775 | |||
Cal Dive International, Inc.†# | 37,231 | 227,481 | |||
Hornbeck Offshore Services, Inc.†# | 17,924 | 302,557 | |||
Matrix Service Co.† | 19,459 | 148,667 | |||
Newpark Resources, Inc.†# | 75,677 | 348,114 | |||
RPC, Inc.# | 24,425 | 210,055 | |||
Superior Well Services, Inc.†# | 13,906 | 142,537 | |||
Trico Marine Services, Inc.†# | 10,682 | 40,805 | |||
Union Drilling, Inc.† | 11,828 | 79,721 | |||
Willbros Group, Inc.†# | 30,542 | 252,582 | |||
2,268,210 | |||||
Optical Recognition Equipment — 0.0% | |||||
Digimarc Corporation†# | 4,868 | 43,812 | |||
Paper & Related Products — 0.4% | |||||
AbitibiBowater, Inc.†# | 44,782 | 30,900 | |||
Boise ,Inc.†# | 30,067 | 15,034 | |||
Buckeye Technologies, Inc.† | 33,016 | 148,902 | |||
Glatfelter | 34,759 | 330,906 | |||
KapStone Paper and Packaging Corp.†# | 15,100 | 66,893 | |||
Mercer International, Inc.†# | 25,358 | 58,323 | |||
Neenah Paper, Inc. | 12,290 | 100,532 | |||
Potlatch Corp. | 32,084 | 856,001 | |||
Schweitzer-Mauduit International, Inc. | 11,143 | 205,477 | |||
Verso Paper Corp.# | 11,793 | 15,095 | |||
Wausau Paper Corp.# | 33,011 | 339,683 | |||
Xerium Technologies, Inc.†# | 17,471 | 20,790 | |||
2,188,536 | |||||
Pastoral & Agricultural — 0.0% | |||||
AgFeed Industries, Inc.†# | 16,720 | 32,771 | |||
Patient Monitoring Equipment — 0.2% | |||||
Insulet Corp.†# | 15,447 | 75,536 | |||
Masimo Corp.† | 37,664 | 1,027,850 | |||
Somanetics Corp.† | 10,120 | 177,505 | |||
1,280,891 | |||||
Pharmacy Services — 0.1% | |||||
Catalyst Health Solutions, Inc.† | 25,927 | 583,358 | |||
Physical Therapy/Rehabilitation Centers — 0.4% | |||||
Healthsouth Corp.†# | 70,769 | 696,367 | |||
Psychiatric Solutions, Inc.†# | 45,673 | 1,155,527 | |||
RehabCare Group, Inc.† | 15,200 | 221,160 | |||
U.S. Physical Therapy, Inc.† | 9,993 | 120,915 | |||
2,193,969 | |||||
Physicians Practice Management — 0.1% | |||||
Healthways, Inc.† | 26,101 | 211,157 | |||
IPC The Hospitalist Co. ,Inc.† | 5,137 | 89,641 | |||
300,798 | |||||
Pipelines — 0.0% | |||||
Crosstex Energy, Inc.# | 31,530 | 130,850 | |||
Platinum — 0.0% | |||||
Stillwater Mining Co.†# | 33,293 | 104,207 | |||
177
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Pollution Control — 0.0% | |||||
Fuel Tech, Inc.†# | 15,911 | $ | 140,653 | ||
Poultry — 0.1% | |||||
Pilgrim’s Pride Corp.# | 37,990 | 43,688 | |||
Sanderson Farms, Inc.# | 16,077 | 501,281 | |||
544,969 | |||||
Power Converter/Supply Equipment — 0.3% | |||||
Advanced Energy Industries, Inc.† | 27,602 | 214,743 | |||
Beacon Power Corp.†# | 74,703 | 48,557 | |||
Capstone Turbine Corp.†# | 122,637 | 105,468 | |||
Energy Conversion Devices, Inc.†# | 36,972 | 1,034,476 | |||
Evergreen Solar, Inc.†# | 109,246 | 298,242 | |||
Powell Industries, Inc.† | 6,237 | 148,815 | |||
Power-One, Inc.†# | 62,846 | 78,557 | |||
PowerSecure International, Inc.†# | 14,251 | 65,840 | |||
Vicor Corp.# | 16,343 | 94,626 | |||
2,089,324 | |||||
Precious Metals — 0.1% | |||||
Coeur d’Alene Mines Corp.†# | 464,035 | 315,544 | |||
Printing - Commercial — 0.2% | |||||
Bowne & Co., Inc. | 17,994 | 64,058 | |||
Cenveo, Inc.†# | 40,451 | 152,096 | |||
Consolidated Graphics, Inc.† | 8,391 | 120,579 | |||
Multi-Color Corp.# | 7,430 | 99,562 | |||
Valassis Communications, Inc.† | 40,472 | 59,898 | |||
VistaPrint, Ltd.†# | 35,919 | 587,276 | |||
1,083,469 | |||||
Private Corrections — 0.2% | |||||
Cornell Cos., Inc.† | 9,358 | 220,849 | |||
Geo Group, Inc.† | 40,918 | 789,717 | |||
1,010,566 | |||||
Protection/Safety — 0.1% | |||||
Landauer, Inc. | 7,246 | 416,065 | |||
Protection One, Inc.†# | 5,223 | 31,338 | |||
447,403 | |||||
Publishing - Books — 0.1% | |||||
Courier Corp.# | 8,793 | 160,297 | |||
Scholastic Corp. | 18,690 | 285,396 | |||
445,693 | |||||
Publishing - Newspapers — 0.0% | |||||
AH Belo Corp. | 17,250 | 34,845 | |||
Dolan Media Co.†# | 21,445 | 92,428 | |||
Lee Enterprises, Inc.# | 37,820 | 39,333 | |||
McClatchy Co., Class A# | 47,914 | 93,432 | |||
260,038 | |||||
Publishing - Periodicals — 0.0% | |||||
Idearc, Inc.# | 124,149 | 14,898 | |||
Playboy Enterprises, Inc., Class B†# | 17,965 | 22,456 | |||
Primedia, Inc.# | 21,218 | 21,430 | |||
Value Line, Inc. | 1,135 | 36,434 | |||
95,218 | |||||
Quarrying — 0.2% | |||||
Compass Minerals International, Inc. | 26,593 | 1,488,942 | |||
Racetracks — 0.1% | |||||
Churchill Downs, Inc. | 7,108 | 249,206 | |||
Dover Motorsports, Inc. | 12,769 | 19,154 |
Security Description | Shares | Market Value (Note 2) | |||
Racetracks (continued) | |||||
Speedway Motorsports, Inc. | 11,469 | $ | 158,616 | ||
426,976 | |||||
Radio — 0.0% | |||||
Citadel Broadcasting Corp.†# | 152,624 | 27,472 | |||
Cox Radio, Inc., Class A†# | 16,789 | 97,376 | |||
Cumulus Media, Inc., Class A†# | 22,216 | 19,550 | |||
Entercom Communications Corp., Class A# | 21,628 | 23,575 | |||
167,973 | |||||
Real Estate Investment Trusts — 5.0% | |||||
Acadia Realty Trust | 25,223 | 352,618 | |||
Agree Reality Corp. | 6,568 | 89,785 | |||
Alexander’s, Inc. | 1,599 | 340,267 | |||
American Campus Communities, Inc. | 34,392 | 770,037 | |||
American Capital Agency Corp.# | 8,418 | 167,855 | |||
Anthracite Capital, Inc.# | 49,501 | 149,493 | |||
Anworth Mortgage Asset Corp. | 69,472 | 439,758 | |||
Arbor Realty Trust, Inc.# | 11,952 | 32,629 | |||
Ashford Hospitality Trust, Inc.# | 100,851 | 157,328 | |||
Associated Estates Realty Corp. | 12,210 | 106,960 | |||
BioMed Realty Trust, Inc. | 58,395 | 544,241 | |||
Capital Lease Funding, Inc.# | 30,646 | 64,050 | |||
Capital Trust, Inc., Class A# | 14,005 | 70,025 | |||
Capstead Mortage Corp. | 47,500 | 498,275 | |||
Care Investment Trust, Inc.# | 11,182 | 96,724 | |||
Cedar Shopping Centers, Inc. | 28,529 | 134,086 | |||
Chimera Investment Corp. | 28,413 | 84,671 | |||
Cogdell Spencer, Inc. | 8,887 | 71,096 | |||
Colonial Properties Trust# | 36,749 | 208,367 | |||
Corporate Office Properties Trust# | 31,623 | 939,519 | |||
Cousins Properties, Inc.# | 34,429 | 371,145 | |||
DCT Industrial Trust, Inc. | 144,629 | 647,938 | |||
DiamondRock Hospitality Co. | 71,921 | 267,546 | |||
Dupont Fabros Technology, Inc. | 10,035 | 21,475 | |||
EastGroup Properties, Inc. | 20,966 | 675,734 | |||
Education Realty Trust, Inc. | 19,418 | 86,798 | |||
Entertainment Properties Trust | 25,798 | 632,825 | |||
Equity Lifestyle Properties, Inc. | 16,345 | 565,537 | |||
Equity One, Inc.# | 27,121 | 448,853 | |||
Extra Space Storage, Inc. | 63,732 | 564,028 | |||
FelCor Lodging Trust, Inc. | 52,983 | 89,541 | |||
First Industrial Realty Trust, Inc.# | 37,317 | 322,792 | |||
First Potomac Reality Trust | 17,869 | 143,488 | |||
Franklin Street Properties Corp.# | 46,456 | 589,062 | |||
Getty Realty Corp. | 12,781 | 239,132 | |||
Glimcher Realty Trust# | 24,696 | 57,542 | |||
Gramercy Capital Corp.# | 35,069 | 39,979 | |||
Hatteras Financial Corp.# | 9,675 | 249,325 | |||
Healthcare Realty Trust, Inc. | 50,174 | 962,337 | |||
Hersha Hospitality Trust | 40,549 | 142,732 | |||
Highwoods Properties, Inc. | 54,657 | 1,305,209 | |||
Home Properties, Inc.# | 25,764 | 1,004,796 | |||
Inland Real Estate Corp.# | 48,295 | 539,455 | |||
Investors Real Estate Trust# | 44,747 | 439,863 | |||
Jer Investors Trust, Inc.# | 19,156 | 25,861 | |||
Kite Realty Group Trust | 17,058 | 66,697 | |||
LaSalle Hotel Properties# | 30,686 | 270,650 | |||
Lexington Corporate Properties Trust | 43,580 | 211,363 | |||
LTC Properties, Inc. | 19,421 | 378,321 | |||
Maguire Properties, Inc.# | 32,212 | 61,203 | |||
Medical Properties Trust, Inc.# | 51,103 | 318,372 | |||
MFA Mtg. Investments, Inc. | 160,492 | 993,445 | |||
Mid-America Apartment Communities, Inc. | 21,219 | 785,740 | |||
Mission West Properties | 12,781 | 96,369 |
178
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Real Estate Investment Trusts (continued) | |||||
Monmouth Real Estate Invt Corp. | 16,656 | $ | 114,760 | ||
National Health Investors, Inc. | 18,743 | 422,655 | |||
National Retail Properties, Inc. | 61,866 | 829,623 | |||
Newcastle Investment Corp.# | 44,460 | 79,583 | |||
NorthStar Realty Finance Corp.# | 41,310 | 140,454 | |||
Omega Healthcare Investors, Inc. | 69,790 | 924,020 | |||
One Librty Properties, Inc. | 6,726 | 65,108 | |||
Parkway Properties, Inc.# | 12,870 | 175,933 | |||
Pennsylvania Real Estate Investment Trust# | 26,528 | 119,376 | |||
Post Properties, Inc.# | 35,541 | 557,283 | |||
PS Business Parks, Inc. | 12,646 | 602,708 | |||
RAIT Investment Trust# | 52,194 | 123,700 | |||
Ramco-Gershenson Properties Trust | 13,255 | 65,347 | |||
Realty Income Corp.# | 83,882 | 1,693,578 | |||
Redwood Trust, Inc.# | 24,880 | 324,684 | |||
Resource Capital Corp.# | 17,911 | 54,449 | |||
Saul Centers, Inc. | 7,995 | 281,424 | |||
Senior Housing Properties Trust | 94,384 | 1,314,769 | |||
Sovran Self Storage, Inc. | 18,406 | 499,907 | |||
Strategic Hotels & Resorts, Inc.# | 62,672 | 62,672 | |||
Sun Communities, Inc. | 11,588 | 126,889 | |||
Sunstone Hotel Investors, Inc. | 43,242 | 206,264 | |||
Tanger Factory Outlet Centers, Inc.# | 26,567 | 973,415 | |||
U-Store-It Trust | 36,059 | 198,324 | |||
Universal Health Realty Income Trust | 8,997 | 282,236 | |||
Urstadt Biddle Properties, Inc., Class A | 15,279 | 240,491 | |||
Washington Real Estate Investment Trust | 40,477 | 1,071,426 | |||
Winthrop Realty Trust | 46,892 | 109,727 | |||
30,593,742 | |||||
Real Estate Management/Services — 0.0% | |||||
Grubb & Ellis Co.# | 29,238 | 38,886 | |||
United Capital Corp.†# | 1,502 | 29,710 | |||
68,596 | |||||
Real Estate Operations & Development — 0.2% | |||||
Avatar Holdings, Inc.†# | 5,135 | 149,120 | |||
Consolidated-Tomoka Land Co.# | 4,564 | 156,773 | |||
Forestar Real Estate Group, Inc.† | 30,003 | 138,914 | |||
Fx Real Estate & Entertainment Com†# | 8,701 | 2,958 | |||
Hilltop Holdings, Inc.† | 37,944 | 369,954 | |||
Meruelo Maddux Properties, Inc.† | 36,069 | 16,953 | |||
Stratus Properties, Inc.†# | 5,223 | 83,464 | |||
Thomas Properties Group, Inc. | 20,089 | 40,580 | |||
958,716 | |||||
Recreational Centers — 0.1% | |||||
Life Time Fitness, Inc.†# | 29,333 | 439,115 | |||
Town Sports International Holdings, Inc.†# | 14,735 | 41,700 | |||
480,815 | |||||
Recreational Vehicles — 0.1% | |||||
Polaris Industries, Inc.# | 26,689 | 728,610 | |||
Recycling — 0.0% | |||||
Metalico, Inc.†# | 20,372 | 51,134 | |||
Rental Auto/Equipment — 0.5% | |||||
Aaron Rents, Inc. | 36,757 | 971,488 | |||
Dollar Thrifty Automotive Group, Inc.†# | 18,197 | 22,564 | |||
Electro Rent Corp. | 18,141 | 200,095 | |||
H&E Equipment Services, Inc.† | 13,770 | 92,672 | |||
McGrath RentCorp | 18,258 | 328,279 | |||
Rent-A-Center, Inc.† | 54,413 | 892,917 | |||
RSC Holdings, Inc.†# | 40,074 | 326,203 | |||
2,834,218 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Research & Development — 0.2% | |||||
Albany Molecular Research, Inc.† | 19,722 | $ | 187,162 | ||
Exponent, Inc.† | 12,414 | 378,875 | |||
Kendle International, Inc.†# | 10,937 | 223,880 | |||
Parexel International Corp.† | 45,668 | 379,958 | |||
PharmaNet Development Group, Inc.†# | 16,279 | 19,698 | |||
1,189,573 | |||||
Resorts/Theme Parks — 0.1% | |||||
Bluegreen Corp.†# | 10,809 | 33,616 | |||
Great Wolf Resorts, Inc.† | 22,672 | 25,619 | |||
Six Flags, Inc.†# | 61,269 | 14,705 | |||
Vail Resorts, Inc.†# | 25,222 | 548,578 | |||
622,518 | |||||
Retail - Apparel/Shoe — 1.2% | |||||
Aeropostale, Inc.†# | 55,017 | 831,857 | |||
Bebe Stores, Inc. | 32,333 | 199,818 | |||
Brown Shoe Co., Inc.# | 35,646 | 201,043 | |||
Buckle, Inc.# | 19,539 | 368,506 | |||
Cache, Inc.† | 9,494 | 19,463 | |||
Casual Male Retail Group, Inc.†# | 31,388 | 20,088 | |||
Cato Corp., Class A | 21,013 | 293,341 | |||
Charlotte Russe Holding, Inc.† | 17,564 | 87,820 | |||
Charming Shoppes, Inc.†# | 95,408 | 143,112 | |||
Chico’s FAS, Inc.† | 137,854 | 351,528 | |||
Christopher & Banks Corp. | 29,702 | 100,096 | |||
Collective Brands, Inc.† | 51,055 | 390,571 | |||
Dress Barn, Inc.†# | 34,449 | 269,736 | |||
DSW, Inc., Class A†# | 11,286 | 113,424 | |||
Genesco, Inc.†# | 14,842 | 199,773 | |||
Gymboree Corp.† | 23,977 | 603,022 | |||
Hot Topic, Inc.† | 32,064 | 263,566 | |||
J Crew Group, Inc.†# | 33,982 | 344,578 | |||
Jos. A. Bank Clothiers, Inc.†# | 14,073 | 275,127 | |||
Kenneth Cole Productions, Inc. Class A# | 7,584 | 66,360 | |||
Lululemon Athletica, Inc.†# | 15,170 | 148,969 | |||
Men’s Wearhouse, Inc.# | 41,251 | 438,911 | |||
New York & Co., Inc.† | 19,555 | 36,763 | |||
Pacific Sunwear of California, Inc.† | 59,772 | 90,256 | |||
Shoe Carnival, Inc.† | 7,470 | 70,069 | |||
Stage Stores, Inc. | 32,278 | 186,567 | |||
Stein Mart, Inc.†# | 21,267 | 33,177 | |||
Syms Corp.†# | 5,591 | 51,996 | |||
Talbots, Inc.# | 20,584 | 48,990 | |||
The Children’s Place Retail Stores, Inc.†# | 18,629 | 436,850 | |||
The Finish Line, Inc., Class A | 32,182 | 170,886 | |||
Tween Brands, Inc.† | 20,891 | 80,221 | |||
Wet Seal, Inc., Class A† | 77,546 | 217,904 | |||
7,154,388 | |||||
Retail - Appliances — 0.0% | |||||
Conn’s, Inc.†# | 8,246 | 50,795 | |||
Hhgregg, Inc.†# | 10,511 | 62,646 | |||
113,441 | |||||
Retail - Auto Parts — 0.0% | |||||
PEP Boys - Manny Moe & Jack# | 35,543 | 159,944 | |||
Retail - Automobile — 0.1% | |||||
America’s Car-Mart, Inc.†# | 8,455 | 78,970 | |||
Asbury Automotive Group, Inc. | 26,892 | 135,267 | |||
Group 1 Automotive, Inc.# | 19,532 | 204,891 | |||
Rush Enterprises, Inc., Class A† | 28,298 | 248,456 | |||
Sonic Automotive, Inc.# | 21,962 | 70,717 | |||
738,301 | |||||
179
Table of Contents
AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Retail - Bookstores — 0.0% | |||||
Borders Group, Inc. | 50,959 | $ | 54,526 | ||
Retail - Building Products — 0.0% | |||||
Lumber Liquidators, Inc.†# | 7,908 | 74,968 | |||
Retail - Catalog Shopping — 0.0% | |||||
Aristotle Corp.†# | 1,013 | 3,738 | |||
Coldwater Creek, Inc.†# | 47,938 | 92,041 | |||
95,779 | |||||
Retail - Computer Equipment — 0.0% | |||||
PC Connection, Inc.† | 7,992 | 40,999 | |||
PC Mall, Inc.†# | 9,315 | 34,279 | |||
Systemax, Inc.# | 9,287 | 90,827 | |||
166,105 | |||||
Retail - Consumer Electronics — 0.0% | |||||
Rex Stores Corp.† | 7,018 | 69,829 | |||
Retail - Convenience Store — 0.3% | |||||
Casey’s General Stores, Inc. | 41,644 | 1,234,745 | |||
Susser Holdings Corp.†# | 6,554 | 79,565 | |||
The Pantry, Inc.†# | 17,180 | 332,261 | |||
1,646,571 | |||||
Retail - Discount — 0.2% | |||||
99 Cents Only Stores†# | 36,625 | 394,817 | |||
Citi Trends, Inc.†# | 12,020 | 147,846 | |||
Fred’s, Inc.# | 30,740 | 353,510 | |||
Tuesday Morning Corp.† | 25,498 | 28,558 | |||
924,731 | |||||
Retail - Fabric Store — 0.0% | |||||
Jo-Ann Stores, Inc.†# | 19,503 | 270,702 | |||
Retail - Gardening Products — 0.2% | |||||
Tractor Supply Co.†# | 27,269 | 1,046,584 | |||
Retail - Hair Salons — 0.1% | |||||
Regis Corp. | 34,009 | 373,759 | |||
Retail - Home Furnishings — 0.0% | |||||
Haverty Furniture Cos., Inc.# | 14,924 | 126,705 | |||
Pier 1 Imports, Inc.†# | 75,001 | 66,751 | |||
193,456 | |||||
Retail - Jewelry — 0.0% | |||||
Fuqi Intl, Inc.†# | 8,214 | 51,091 | |||
Zale Corp.†# | 27,930 | 165,625 | |||
216,716 | |||||
Retail - Leisure Products — 0.0% | |||||
MarineMax, Inc.†# | 13,771 | 38,283 | |||
Retail - Misc./Diversified — 0.0% | |||||
Gaiam, Inc.†# | 15,132 | 77,778 | |||
Pricesmart, Inc. | 12,153 | 166,010 | |||
243,788 | |||||
Retail - Pawn Shops — 0.2% | |||||
Cash America International, Inc. | 23,643 | 638,598 | |||
Ezcorp, Inc., Class A† | 32,361 | 533,633 | |||
First Cash Financial Services, Inc.† | 14,672 | 226,242 | |||
1,398,473 | |||||
Retail - Perfume & Cosmetics — 0.1% | |||||
Sally Beauty Holdings Inc.†# | 73,272 | 318,733 | |||
Ulta Salon Cosmetics & Fragrance, Inc.† | 17,095 | 122,742 | |||
441,475 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Retail - Pet Food & Supplies — 0.1% | |||||
PetMed Express, Inc.†# | 19,990 | $ | 358,421 | ||
Retail - Petroleum Products — 0.1% | |||||
World Fuel Services Corp. | 22,483 | 816,133 | |||
Retail - Pubs — 0.0% | |||||
Rick’s Cabaret International, Inc.†# | 5,501 | 24,479 | |||
Retail - Regional Department Stores — 0.0% | |||||
Dillard’s, Inc., Class A# | 48,054 | 175,878 | |||
Retail Ventures, Inc.†# | 24,343 | 30,185 | |||
206,063 | |||||
Retail - Restaurants — 1.2% | |||||
AFC Enterprises, Inc.†# | 21,251 | 85,642 | |||
BJ’s Restaurants, Inc.†# | 14,657 | 143,345 | |||
Bob Evans Farms, Inc. | 26,108 | 437,831 | |||
Buffalo Wild Wings, Inc.†# | 14,041 | 322,381 | |||
California Pizza Kitchen, Inc.† | 17,734 | 137,439 | |||
CBRL Group, Inc.# | 16,913 | 326,928 | |||
CEC Entertainment, Inc.† | 15,615 | 268,734 | |||
CKE Restaurants, Inc. | 40,151 | 289,087 | |||
Denny’s Corp.† | 80,009 | 148,817 | |||
DineEquity, Inc.# | 14,655 | 186,558 | |||
Domino’s Pizza, Inc.† | 33,037 | 127,523 | |||
Einstein Noah Rest Group, Inc.† | 3,701 | 18,468 | |||
Jack in the Box, Inc.† | 47,765 | 835,887 | |||
Krispy Kreme Doughnuts, Inc.†# | 47,411 | 119,476 | |||
Landry’s Restaurants, Inc.# | 9,819 | 113,802 | |||
Luby’s, Inc.† | 18,165 | 79,563 | |||
O’Charley’s, Inc. | 15,257 | 32,345 | |||
Papa John’s International, Inc.† | 18,411 | 326,243 | |||
PF Chang’s China Bistro, Inc.†# | 18,757 | 351,319 | |||
Red Robin Gourmet Burgers, Inc.†# | 14,184 | 172,903 | |||
Ruby Tuesday, Inc.†# | 43,561 | 50,095 | |||
Ruth’s Chris Steak House, Inc.†# | 16,927 | 25,221 | |||
Sonic Corp.†# | 47,281 | 399,524 | |||
Texas Roadhouse, Inc., Class A†# | 44,106 | 246,553 | |||
The Cheesecake Factory, Inc.† | 53,190 | 387,223 | |||
The Steak n Shake Co.†# | 24,183 | 106,889 | |||
Wendy’s/Arby’s Group, Inc., Class A | 337,647 | 1,357,341 | |||
7,097,137 | |||||
Retail - Sporting Goods — 0.1% | |||||
Big 5 Sporting Goods Corp.# | 18,389 | 69,694 | |||
Cabela’s Inc., Class A†# | 33,085 | 206,781 | |||
Hibbett Sports, Inc.†# | 21,886 | 311,657 | |||
Zumiez, Inc.†# | 16,540 | 142,906 | |||
731,038 | |||||
Retail - Toy Stores — 0.0% | |||||
Build-A-Bear Workshop, Inc.†# | 13,987 | 62,242 | |||
Retail - Video Rentals — 0.0% | |||||
Blockbuster, Inc., Class A†# | 149,052 | 177,372 | |||
Retirement/Aged Care — 0.0% | |||||
Capital Senior Living Corp.† | 18,796 | 51,125 | |||
Emeritus Corp.†# | 16,582 | 113,089 | |||
Five Star Quality Care, Inc.†# | 26,802 | 37,791 | |||
Sunrise Senior Living, Inc.†# | 37,807 | 28,734 | |||
230,739 | |||||
Rubber - Tires — 0.0% | |||||
Cooper Tire & Rubber Co. | 44,205 | 211,742 | |||
Rubber/Plastic Products — 0.0% | |||||
Myers Industries, Inc. | 23,843 | 144,965 | |||
180
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Satellite Telecom — 0.1% | |||||
GeoEye, Inc.† | 15,157 | $ | 302,988 | ||
Globalstar, Inc.† | 35,327 | 7,419 | |||
Hughes Communications, Inc.† | 6,045 | 105,787 | |||
ICO Global Communications Holdings, Ltd.†# | 87,207 | 148,252 | |||
Loral Space & Communications, Inc.† | 9,824 | 83,013 | |||
Terrestar Corp.† | 48,970 | 21,057 | |||
668,516 | |||||
Savings & Loans/Thrifts — 1.6% | |||||
Abington Bancorp, Inc.# | 17,519 | 180,446 | |||
Anchor BanCorp Wisconsin, Inc.# | 16,034 | 46,980 | |||
Beneficial Mutual Bancorp Inc† | 27,580 | 324,065 | |||
Berkshire Hills Bancorp, Inc. | 8,823 | 255,867 | |||
Brookline Bancorp, Inc. | 49,034 | 553,594 | |||
Brooklyn Fed Bancorp, Inc. | 2,852 | 39,072 | |||
Clifton Savings Bancorp, Inc.# | 8,832 | 103,688 | |||
Danvers Bancorp# | 12,657 | 161,250 | |||
Dime Community Bancshares | 19,825 | 267,439 | |||
Downey Financial Corp.# | 17,057 | 495 | |||
Essa Bancorp, Inc.# | 12,120 | 163,256 | |||
First Financial Holdings, Inc. | 8,350 | 185,286 | |||
First Financial Northwest | 19,250 | 173,827 | |||
First Niagara Financial Group, Inc. | 90,411 | 1,402,275 | |||
First Place Financial Corp. | 14,297 | 61,620 | |||
FirstFed Financial Corp.†# | 11,528 | 43,461 | |||
Flagstar Bancorp, Inc.# | 43,812 | 31,107 | |||
Flushing Financial Corp. | 18,037 | 246,385 | |||
Fox Chase Bancorp, Inc.† | 5,199 | 61,920 | |||
Guaranty Financial Group, Inc.†# | 31,371 | 84,702 | |||
Home Federal Bancorp, Inc. | 5,536 | 58,183 | |||
Investors Bancorp, Inc.† | 37,116 | 519,624 | |||
Kearny Financial Corp.# | 14,933 | 190,694 | |||
Meridian Interstate Bancorp, Inc.†# | 8,854 | 81,280 | |||
NASB Financial, Inc.# | 2,876 | 83,490 | |||
NewAlliance Bancshares, Inc. | 91,472 | 1,260,484 | |||
Northfield Bancorp Inc New† | 16,568 | 194,840 | |||
Northwest Bancorp, Inc.# | 14,369 | 307,928 | |||
OceanFirst Financial Corp. | 7,445 | 111,079 | |||
Oritani Financial Corp.†# | 10,930 | 184,389 | |||
Provident Financial Services, Inc. | 48,067 | 720,524 | |||
Provident New York Bancorp, Inc.# | 33,778 | 410,403 | |||
Rockville Financial, Inc.# | 7,483 | 99,225 | |||
Roma Financial Corp.# | 7,384 | 108,692 | |||
United Community Financial Corp. | 22,795 | 42,855 | |||
United Financial Bancorp, Inc. | 12,842 | 169,258 | |||
ViewPoint Financial Group | 9,304 | 148,771 | |||
Waterstone Financial, Inc.†# | 5,843 | 27,754 | |||
Westfield Financial, Inc. | 23,573 | 243,273 | |||
WSFS Financial Corp. | 4,542 | 198,758 | |||
9,548,239 | |||||
Schools — 0.5% | |||||
American Public Education, Inc.† | 8,484 | 335,627 | |||
Capella Education Co.†# | 11,231 | 672,287 | |||
Corinthian Colleges, Inc.†# | 69,364 | 1,115,373 | |||
K12 ,Inc.†# | 5,283 | 96,415 | |||
Learning Tree International, Inc.†# | 7,531 | 88,188 | |||
Lincoln Educational Services Corp.† | 3,595 | 49,431 | |||
Princeton Review, Inc.†# | 11,251 | 58,393 | |||
Universal Technical Institute, Inc.† | 18,134 | 348,717 | |||
2,764,431 | |||||
Seismic Data Collection — 0.1% | |||||
Dawson Geophysical Co.† | 6,511 | 133,931 | |||
Geokinetics, Inc.† | 4,026 | 14,977 |
Security Description | Shares | Market Value (Note 2) | |||
Seismic Data Collection (continued) | |||||
ION Geophysical Corp.†# | 66,281 | $ | 198,843 | ||
347,751 | |||||
Semiconductor Components - Integrated Circuits — 0.6% | |||||
Anadigics, Inc.†# | 52,712 | 65,363 | |||
Cirrus Logic, Inc.† | 54,663 | 230,678 | |||
Emulex Corp.† | 71,086 | 506,843 | |||
Exar Corp.† | 31,453 | 211,993 | |||
Hitte Microwave Corp.† | 15,493 | 452,706 | |||
Micrel, Inc. | 41,830 | 309,542 | |||
Pericom Semiconductor Corp.† | 18,583 | 100,534 | |||
Power Integrations, Inc.# | 25,608 | 468,626 | |||
Sigma Designs, Inc.†# | 22,354 | 208,563 | |||
Standard Microsystems Corp.† | 17,128 | 261,031 | |||
Techwell, Inc.† | 12,926 | 71,739 | |||
Transmeta Corp.†# | 10,236 | 183,736 | |||
TriQuint Semiconductor, Inc.† | 120,742 | 311,514 | |||
3,382,868 | |||||
Semiconductor Equipment — 0.7% | |||||
Asyst Technologies, Inc.† | 41,860 | 18,418 | |||
ATMI, Inc.† | 24,337 | 290,097 | |||
Axcelis Technologies, Inc.† | 86,292 | 50,912 | |||
Brooks Automation, Inc.† | 53,480 | 206,433 | |||
Cabot Microelectronics Corp.† | 18,616 | 461,118 | |||
Cohu, Inc. | 19,426 | 217,571 | |||
Entegris, Inc.† | 96,204 | 133,724 | |||
FormFactor, Inc.†# | 39,375 | 532,744 | |||
Kulicke and Soffa Industries, Inc.† | 45,080 | 63,563 | |||
LTX-Credence Corp.†# | 127,740 | 47,264 | |||
Mattson Technology, Inc.† | 41,578 | 74,840 | |||
MKS Instruments, Inc.† | 41,970 | 600,591 | |||
Photronics, Inc.† | 35,283 | 15,877 | |||
Rudolph Technologies, Inc.† | 25,746 | 84,962 | |||
Semitool, Inc.†# | 18,997 | 70,859 | |||
Tessera Technologies, Inc.† | 38,578 | 709,064 | |||
Ultra Clean Holdings, Inc.† | 16,368 | 34,536 | |||
Ultratech, Inc.† | 17,557 | 220,340 | |||
Veeco Instruments, Inc.† | 26,844 | 159,185 | |||
3,992,098 | |||||
Silver Mining — 0.0% | |||||
Apex Silver Mines, Ltd.†# | 49,641 | 40,209 | |||
Software Tools — 0.0% | |||||
ArcSight ,Inc.† | 5,798 | 31,889 | |||
Steel Pipe & Tube — 0.1% | |||||
Mueller Water Products, Inc., Class A# | 92,142 | 567,595 | |||
Northwest Pipe Co.† | 7,700 | 221,144 | |||
Omega Flex, Inc.# | 2,621 | 65,525 | |||
854,264 | |||||
Steel - Producers — 0.0% | |||||
General Stl Hldgs, Inc.†# | 9,067 | 30,374 | |||
Olympic Steel, Inc. | 7,611 | 133,193 | |||
163,567 | |||||
Steel - Specialty — 0.0% | |||||
China Precision Stl, Inc.† | 14,459 | 19,664 | |||
Sutor Technology Group, Ltd.†# | 6,426 | 12,145 | |||
Universal Stainless & Alloy Products, Inc.† | 5,642 | 68,833 | |||
100,642 | |||||
Storage/Warehousing — 0.1% | |||||
Mobile Mini, Inc.†# | 29,166 | 378,866 | |||
181
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Sugar — 0.0% | |||||
Imperial Sugar Co.# | 10,027 | $140,679 | |||
Superconductor Product & Systems — 0.1% | |||||
American Superconductor Corp.†# | 32,582 | 426,498 | |||
Telecom Equipment - Fiber Optics — 0.2% | |||||
Avanex Corp.† | 11,321 | 12,906 | |||
Finisar Corp.†# | 332,416 | 146,263 | |||
Harmonic, Inc.† | 74,867 | 385,565 | |||
IPG Photonics Corp.†# | 16,187 | 219,981 | |||
MRV Communications, Inc.†# | 132,401 | 80,765 | |||
Oplink Communications, Inc.† | 17,458 | 131,808 | |||
Sycamore Networks, Inc.† | 151,830 | 466,118 | |||
1,443,406 | |||||
Telecom Services — 0.8% | |||||
Cbeyond, Inc.†# | 17,063 | 259,528 | |||
Consolidated Communications Holdings, Inc.# | 19,514 | 198,653 | |||
Fairpoint Communications, Inc.# | 67,870 | 237,545 | |||
FiberTower Corp.† | 101,338 | 55,736 | |||
Global Crossing Ltd†# | 22,031 | 168,978 | |||
Harris Stratex Networks, Inc.† | 21,473 | 107,150 | |||
Hungarian Telephone & Cable†# | 4,053 | 37,693 | |||
Iowa Telecommunications Services, Inc.# | 26,948 | 412,035 | |||
Knology, Inc.†# | 23,898 | 135,741 | |||
MasTec, Inc.† | 32,489 | 208,254 | |||
Neutral Tandem, Inc.† | 14,027 | 206,337 | |||
NTELOS Holdings Corp. | 25,176 | 559,159 | |||
Orbcomm, Inc.†# | 26,630 | 49,265 | |||
PAETEC Holding Corp.†# | 104,083 | 150,920 | |||
Premiere Global Services, Inc.† | 48,977 | 298,760 | |||
RCN Corp.† | 31,706 | 221,308 | |||
SAVVIS, Inc.†# | 31,651 | 249,093 | |||
TW Telecom, Inc.†# | 118,179 | 901,706 | |||
USA Mobility, Inc.† | 19,642 | 214,098 | |||
Vonage Holdings Corp.†# | 43,260 | 45,423 | |||
4,717,382 | |||||
Telecommunication Equipment — 0.8% | |||||
Adtran, Inc. | 45,314 | 643,459 | |||
Anaren, Inc.† | 12,309 | 132,076 | |||
Applied Signal Technology, Inc. | 8,880 | 139,327 | |||
Arris Group, Inc.† | 97,150 | 698,508 | |||
Comtech Telecommunications Corp.† | 19,719 | 935,272 | |||
CPI International, Inc.† | 8,011 | 74,823 | |||
OpNext, Inc.† | 16,063 | 33,250 | |||
Plantronics, Inc. | 39,056 | 496,402 | |||
Preformed Line Products Co. | 2,274 | 88,186 | |||
ShoreTel, Inc.†# | 36,475 | 161,219 | |||
Sonus Networks, Inc.†# | 157,332 | 243,865 | |||
Symmetricom, Inc.† | 38,732 | 161,900 | |||
Tekelec†# | 52,387 | 641,741 | |||
UTStarcom, Inc.†# | 93,049 | 176,793 | |||
4,626,821 | |||||
Telephone - Integrated — 0.3% | |||||
Alaska Communications Systems Group, Inc.# | 33,409 | 324,067 | |||
Atlantic Tele-Network, Inc. | 7,967 | 182,763 | |||
Cincinnati Bell, Inc.† | 189,772 | 328,306 | |||
General Communication, Inc., Class A†# | 32,882 | 257,466 | |||
IDT Corp., Class B†# | 45,541 | 19,583 | |||
Shenandoah Telecom Co. | 18,420 | 457,921 | |||
1,570,106 | |||||
Television — 0.1% | |||||
Belo Corp., Class A | 75,070 | 144,885 |
Security Description | Shares | Market Value (Note 2) | |||
Television (continued) | |||||
Lin TV Corp., Class A†# | 22,525 | $ | 33,337 | ||
Sinclair Broadcast Group, Inc., Class A | 44,131 | 139,454 | |||
317,676 | |||||
Textile - Apparel — 0.1% | |||||
Cherokee, Inc.# | 6,345 | 102,091 | |||
Perry Ellis International, Inc.† | 10,262 | 55,620 | |||
Unifi, Inc.†# | 38,022 | 176,802 | |||
334,513 | |||||
Theaters — 0.1% | |||||
Cinemark Holdings, Inc.# | 25,142 | 189,319 | |||
National CineMedia, Inc. | 35,436 | 288,449 | |||
477,768 | |||||
Therapeutics — 0.9% | |||||
Alexza Pharmaceuticals, Inc.†# | 20,085 | 36,153 | |||
Allos Therapeutics, Inc.†# | 39,618 | 285,249 | |||
CV Therapeutics, Inc.† | 47,578 | 431,057 | |||
Cypress Bioscience, Inc.†# | 31,619 | 169,478 | |||
Dyax Corp.†# | 46,838 | 121,779 | |||
Inspire Phamaceuticals, Inc.†# | 35,556 | 128,002 | |||
Isis Pharmaceuticals, Inc.†# | 73,749 | 845,901 | |||
Mannkind Corp.†# | 43,402 | 136,716 | |||
Medarex, Inc.†# | 102,396 | 517,100 | |||
Nabi Biopharmaceuticals†# | 43,649 | 174,159 | |||
Neurocrine Biosciences, Inc.†# | 32,364 | 100,652 | |||
NPS Pharmaceuticals, Inc.† | 35,449 | 217,657 | |||
Onyx Pharmaceuticals, Inc.†# | 45,581 | 1,280,826 | |||
Osiris Therapeutics, Inc.†# | 12,576 | 239,321 | |||
Questcor Pharmaceuticals, Inc.†# | 41,658 | 356,176 | |||
Star Scientific, Inc.†# | 55,497 | 169,821 | |||
Theravance, Inc.†# | 39,545 | 264,161 | |||
5,474,208 | |||||
Tobacco — 0.2% | |||||
Alliance One International, Inc.† | 74,883 | 232,137 | |||
Universal Corp. | 20,653 | 660,277 | |||
Vector Group, Ltd.# | 27,762 | 398,662 | |||
1,291,076 | |||||
Toys — 0.3% | |||||
JAKKS Pacific, Inc.†# | 21,573 | 386,156 | |||
Leapfrog Enterprises, Inc.† | 27,747 | 120,422 | |||
Marvel Entertainment, Inc.† | 40,244 | 1,185,186 | |||
1,691,764 | |||||
Transactional Software — 0.3% | |||||
ACI Worldwide, Inc†# | 28,946 | 454,452 | |||
Bottomline Technologies, Inc.† | 18,491 | 125,739 | |||
Innerworkings, Inc.†# | 26,626 | 149,372 | |||
Solera Holdings, Inc.† | 42,208 | 826,010 | |||
Synchronoss Technologies, Inc.†# | 18,484 | 129,758 | |||
VeriFone Holdings, Inc.†# | 54,328 | 223,288 | |||
1,908,619 | |||||
Transport - Air Freight — 0.0% | |||||
Atlas Air Worldwide Holdings, Inc.† | 11,193 | 171,253 | |||
Transport - Equipment & Leasing — 0.1% | |||||
Aircastle, Ltd. | 39,308 | 213,836 | |||
AMERCO† | 7,138 | 264,463 | |||
Greenbrier Cos., Inc. | 13,786 | 104,360 | |||
TAL International Group, Inc.# | 12,236 | 138,144 | |||
Textainer Group Holding Ltd | 8,060 | 81,648 | |||
802,451 | |||||
182
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Transport - Marine — 0.6% | |||||
American Commercial Lines, Inc.†# | 30,081 | $ | 134,462 | ||
Arlington Tankers, Ltd.# | 10,706 | 102,456 | |||
Cai Intl, Inc.† | 6,196 | 31,042 | |||
DHT Maritime, Inc.# | 33,047 | 176,801 | |||
Eagle Bulk Shipping, Inc.# | 35,453 | 153,512 | |||
Genco Shipping & Trading, Ltd.# | 18,489 | 168,435 | |||
General Maritime Corp.# | 22,476 | 291,289 | |||
Golar LNG, Ltd.# | 29,756 | 192,521 | |||
Gulfmark Offshore, Inc.† | 17,917 | 507,051 | |||
Horizon Lines, Inc. Class A# | 25,201 | 100,804 | |||
International Shipholding Corp.† | 5,100 | 112,200 | |||
Knightsbridge Tankers, Ltd.# | 14,404 | 214,188 | |||
Nordic American Tanker Shipping# | 27,838 | 813,705 | |||
Ship Finance International, Ltd.# | 33,004 | 392,418 | |||
TBS International, Ltd., Class A†# | 8,826 | 41,482 | |||
Teekay Tankers, Ltd. Class A# | 11,372 | 124,182 | |||
Ultrapetrol Bahamas, Ltd.†# | 21,056 | 84,013 | |||
3,640,561 | |||||
Transport - Rail — 0.1% | |||||
Genesee & Wyoming, Inc., Class A† | 24,781 | 752,847 | |||
Transport - Services — 0.3% | |||||
Bristow Group, Inc.†# | 19,032 | 430,694 | |||
Dynamex, Inc.† | 7,745 | 141,501 | |||
Hub Group, Inc., Class A† | 30,028 | 801,748 | |||
Pacer International, Inc. | 29,220 | 283,142 | |||
PHI, Inc.† | 11,490 | 141,901 | |||
Universal Truckload Services, Inc.†# | 5,014 | 90,453 | |||
1,889,439 | |||||
Transport - Truck — 0.7% | |||||
Arkansas Best Corp.# | 18,028 | 478,643 | |||
Celadon Group, Inc.† | 18,406 | 141,910 | |||
Forward Air Corp.# | 22,875 | 528,870 | |||
Heartland Express, Inc.# | 44,995 | 694,723 | |||
Knight Transportation, Inc.# | 46,227 | 728,538 | |||
Marten Transport, Ltd.† | 12,870 | 242,600 | |||
Old Dominion Freight Lines, Inc.† | 22,202 | 528,408 | |||
Patriot Transportation Holding, Inc.†# | 1,337 | 92,520 | |||
Saia, Inc.† | 11,329 | 100,941 | |||
Werner Enterprises, Inc.# | 34,230 | 594,917 | |||
YRC Worldwide, Inc.†# | 48,092 | 191,406 | |||
4,323,476 | |||||
Travel Services — 0.0% | |||||
Ambassadors Group, Inc.# | 16,078 | 145,667 | |||
Ultra Sound Imaging Systems — 0.0% | |||||
SonoSite, Inc.†# | 12,952 | 234,302 | |||
Veterinary Diagnostics — 0.0% | |||||
Neogen Corp.†# | 12,136 | 274,152 | |||
Vitamins & Nutrition Products — 0.1% | |||||
Mannatech, Inc.# | 13,262 | 29,839 | |||
Omega Protein Corp.† | 15,467 | 64,343 | |||
Schiff Nutrition Intl, Inc.† | 7,858 | 47,777 | |||
Synutra International, Inc.†# | 8,734 | 103,934 | |||
USANA Health Sciences, Inc.†# | 5,881 | 178,606 | |||
424,499 | |||||
Water — 0.4% | |||||
American States Water Co. | 13,527 | 473,851 | |||
California Water Service Group# | 15,595 | 662,787 |
Security Description | Shares | Market Value (Note 2) | |||
Water (continued) | |||||
Connecticut Water Service, Inc.# | 5,868 | $ | 146,348 | ||
Consolidated Water Co., Inc.# | 9,576 | 102,463 | |||
Middlesex Water Co. | 9,399 | 161,663 | |||
PICO Holdings, Inc.†# | 12,455 | 282,604 | |||
SJW Corp. | 9,828 | 275,184 | |||
Southwest Water Co.# | 16,934 | 71,631 | |||
2,176,531 | |||||
Water Treatment Systems — 0.0% | |||||
Energy Recovery, Inc.†# | 14,541 | 101,932 | |||
Web Hosting/Design — 0.1% | |||||
NIC, Inc. | 33,596 | 155,549 | |||
Rackspace Hosting, Inc.† | 18,230 | 125,787 | |||
Terremark Worldwide, Inc.†# | 44,520 | 161,608 | |||
Web.Com Group Inc.†# | 23,274 | 58,883 | |||
501,827 | |||||
Web Portals/ISP — 0.2% | |||||
EarthLink, Inc.† | 88,104 | 586,773 | |||
United Online, Inc. | 60,802 | 403,117 | |||
989,890 | |||||
Wire & Cable Products — 0.2% | |||||
Belden, Inc.# | 36,853 | 641,979 | |||
Coleman Cable, Inc.†# | 6,674 | 35,706 | |||
Encore Wire Corp.# | 15,360 | 260,506 | |||
Fushi Copperweld, Inc.†# | 12,143 | 46,143 | |||
Insteel Industries, Inc. | 14,718 | 143,648 | |||
1,127,982 | |||||
Wireless Equipment — 0.4% | |||||
Airvana Inc†# | 20,306 | 95,845 | |||
Aruba Networks, Inc.†# | 44,045 | 104,387 | |||
EMS Technologies, Inc.† | 13,137 | 318,047 | |||
Globecomm Systems, Inc.† | 16,985 | 88,152 | |||
InterDigital, Inc.† | 36,556 | 969,465 | |||
Nextwave Wireless, Inc.†# | 40,809 | 4,897 | |||
Novatel Wireless, Inc.†# | 26,693 | 102,234 | |||
Powerwave Technologies, Inc.†# | 110,686 | 53,129 | |||
RF Micro Devices, Inc.†# | 221,588 | 294,712 | |||
ViaSat, Inc.† | 19,544 | 418,828 | |||
2,449,696 | |||||
Wound, Burn & Skin Care — 0.0% | |||||
Obagi Medical Products, Inc.† | 14,938 | 101,130 | |||
Total Common Stock | |||||
(cost $933,960,692) | 578,047,403 | ||||
RIGHTS — 0.0% | |||||
Medical - Biomedical/Gene — 0.0% | |||||
OSI Pharmaceuticals, Inc.† | 1,002 | 0 | |||
WARRANTS — 0.0% | |||||
Finance - Other Services — 0.0% | |||||
Imperial Credit Industries, Inc.† | 255 | 0 | |||
EXCHANGE TRADED FUNDS — 0.0% | |||||
Registered Investment Companies — 0.0% | |||||
Kayne Anderson Energy Development Fund# | 8,466 | 81,528 | |||
183
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AIG Retirement Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal | Market Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 0.0% |
| |||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Mueller Industries, Inc. | $ | 152,000 | $ | 120,840 | ||||
Total Long-Term Investment Securities |
| |||||||
(cost $934,326,215) | 578,249,771 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 26.6% |
| |||||||
Collective Investment Pool — 20.9% |
| |||||||
Securities Lending Quality Trust(4) | 133,611,482 | 127,999,800 | ||||||
Commercial Paper — 4.9% |
| |||||||
Erste Finance LLC | 30,000,000 | 30,000,000 | ||||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills | ||||||||
0.02% due 12/18/08(5) | 600,000 | 599,994 | ||||||
0.02% due 01/22/09(5) | 270,000 | 269,992 | ||||||
0.06% due 01/08/09(5) | 230,000 | 229,986 | ||||||
0.07% due 01/15/09(5) | 120,000 | 119,990 | ||||||
0.12% due 12/26/08(5) | 1,000,000 | 999,917 | ||||||
0.18% due 12/26/08(5) | 275,000 | 274,965 | ||||||
0.24% due 12/04/08(5) | 1,600,000 | 1,599,968 | ||||||
0.30% due 12/26/08(5) | 225,000 | 224,953 | ||||||
0.35% due 01/08/09(5) | 85,000 | 84,997 | ||||||
4,404,762 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $168,016,244) | 162,404,562 | |||||||
REPURCHASE AGREEMENT — 0.6% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at .01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $3,812,003 and collateralized by Federal Home Loan Bank Notes, bearing interest at 5.25%, due 05/21/09 and having an approximate value of $3,927,000 | 3,812,000 | $ | 3,812,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $1,106,154,459)(6) | 121.6 | % | 744,466,333 | |||||
Liabilities in excess of other assets | (21.6 | ) | (132,216,967 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 612,249,366 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | Fair valued security; see Note 2 |
(2) | To the extent permitted by the Statement of Additional Information, the Small Cap Index Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Small Cap Index Fund held the following restricted securities: |
Name | Acquisition Date | Principal Amount/ Shares | Acquisition Cost | Market Value | Market Value Per Share | % of Net Assets | ||||||||||
Imperial Credit Industry (Warrant) | 02/02/06 | 225 | $ | 0 | $ | 0 | $ | 0.00 | 0.00 | % | ||||||
iPCS, Inc. | 06/30/06 | 10,503 | 554,200 | |||||||||||||
08/29/06 | 811 | 42,172 | ||||||||||||||
11/28/06 | 481 | 25,488 | ||||||||||||||
02/13/07 | 676 | 35,988 | ||||||||||||||
08/01/07 | 585 | 18,881 | ||||||||||||||
10/12/07 | 560 | 20,936 | ||||||||||||||
06/27/08 | 835 | 24,607 | ||||||||||||||
107,660 | $ | 7.45 | 0.00 | |||||||||||||
14,451 | $ | 722,272 | $ | 107,660 | 0.02 | % | ||||||||||
(3) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $107,660, representing 0.0% of net assets. |
(4) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||
822 Long | Russell 2000 Index…… | December 2008 | $ | 43,615,520 | $ | 38,855,940 | $ | (4,759,580 | ) | |||||
See Notes to Financial Statements
184
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AIG Retirement Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 21.1 | % | |
Banks — Commercial | 8.9 | ||
Electric — Integrated | 4.7 | ||
Insurance — Property/Casualty | 3.5 | ||
Time Deposits | 3.5 | ||
Metal Processors & Fabrication | 3.1 | ||
Insurance — Reinsurance | 3.0 | ||
Oil Companies — Exploration & Production | 2.6 | ||
Human Resources | 2.6 | ||
Consumer Products — Misc. | 2.2 | ||
Finance — Investment Banker/Broker | 2.2 | ||
Paper & Related Products | 2.1 | ||
Real Estate Investment Trusts | 2.1 | ||
Computers — Memory Devices | 2.1 | ||
Retail — Apparel/Shoe | 2.1 | ||
Retail — Convenience Store | 1.8 | ||
Gas — Distribution | 1.8 | ||
Retail — Restaurants | 1.7 | ||
Machinery — General Industrial | 1.6 | ||
Diversified Operations/Commercial Services | 1.5 | ||
Networking Products | 1.5 | ||
Savings & Loans/Thrifts | 1.5 | ||
Insurance Brokers | 1.5 | ||
Transport — Truck | 1.4 | ||
Electronic Components — Semiconductors | 1.3 | ||
Semiconductor Components — Integrated Circuits | 1.3 | ||
Electronic Components — Misc. | 1.2 | ||
Medical — HMO | 1.1 | ||
Food — Retail | 1.1 | ||
Building Products — Doors & Windows | 1.0 | ||
Wire & Cable Products | 1.0 | ||
Insurance — Life/Health | 1.0 | ||
Semiconductor Equipment | 1.0 | ||
Transport — Marine | 0.9 | ||
Footwear & Related Apparel | 0.9 | ||
Airlines | 0.9 | ||
Enterprise Software/Service | 0.9 | ||
Chemicals — Specialty | 0.8 | ||
Repurchase Agreements | 0.8 | ||
Distribution/Wholesale | 0.8 | ||
Food — Wholesale/Distribution | 0.8 | ||
Telecom Equipment — Fiber Optics | 0.7 | ||
E-Commerce/Services | 0.7 | ||
Web Portals/ISP | 0.7 | ||
Internet Infrastructure Software | 0.7 | ||
Oil & Gas Drilling | 0.6 | ||
Diversified Manufacturing Operations | 0.6 | ||
Office Furnishings — Original | 0.6 | ||
Investment Companies | 0.6 | ||
Telecommunication Equipment | 0.6 | ||
Chemicals — Plastics | 0.6 | ||
Auto/Truck Parts & Equipment — Original | 0.5 | ||
Office Supplies & Forms | 0.5 | ||
Retail — Home Furnishings | 0.5 | ||
Insurance — Multi-line | 0.5 | ||
Chemicals — Diversified | 0.5 | ||
Computers — Periphery Equipment | 0.5 | ||
Building — Mobile Home/Manufactured Housing | 0.5 | ||
Medical Laser Systems | 0.4 | ||
Aerospace/Defense — Equipment | 0.4 | ||
Data Processing/Management | 0.4 | ||
Tobacco | 0.4 | ||
Funeral Services & Related Items | 0.4 | ||
Non-Ferrous Metals | 0.4 | ||
Financial Guarantee Insurance | 0.4 | ||
Computer Services | 0.4 | ||
Cellular Telecom | 0.4 | ||
Publishing — Books | 0.4 | ||
Industrial Gases | 0.4 |
Aerospace/Defense | 0.4 | ||
Food — Misc. | 0.4 | ||
Machinery — Electrical | 0.4 | ||
Food — Canned | 0.3 | ||
Lasers — System/Components | 0.3 | ||
Containers — Metal/Glass | 0.3 | ||
Computer Graphics | 0.3 | ||
Finance — Leasing Companies | 0.3 | ||
Coatings/Paint | 0.3 | ||
Computers — Integrated Systems | 0.3 | ||
Recreational Vehicles | 0.3 | ||
Cosmetics & Toiletries | 0.3 | ||
Commercial Services — Finance | 0.3 | ||
Athletic Equipment | 0.3 | ||
Investment Management/Advisor Services | 0.3 | ||
E-Commerce/Products | 0.3 | ||
Multimedia | 0.3 | ||
Circuit Boards | 0.3 | ||
Apparel Manufacturers | 0.3 | ||
Building Products — Wood | 0.3 | ||
Wireless Equipment | 0.2 | ||
Retail — Office Supplies | 0.2 | ||
Software Tools | 0.2 | ||
Tools — Hand Held | 0.2 | ||
Electronic Measurement Instruments | 0.2 | ||
Applications Software | 0.2 | ||
Medical — Biomedical/Gene | 0.2 | ||
Batteries/Battery Systems | 0.2 | ||
Finance — Credit Card | 0.2 | ||
Building — Residential/Commercial | 0.2 | ||
Oil-Field Services | 0.1 | ||
Textile — Apparel | 0.1 | ||
Retail — Jewelry | 0.1 | ||
Athletic Footwear | 0.1 | ||
Retail — Automobile | 0.1 | ||
Internet Infrastructure Equipment | 0.1 | ||
Telecom Services | 0.1 | ||
Retail — Catalog Shopping | 0.1 | ||
Index Fund — Small Cap | 0.1 | ||
Publishing — Newspapers | 0.1 | ||
Textile — Products | 0.1 | ||
Disposable Medical Products | 0.1 | ||
Electronic Design Automation | 0.1 | ||
Oil Field Machinery & Equipment | 0.1 | ||
Medical Products | 0.1 | ||
Travel Services | 0.1 | ||
Commercial Services | 0.1 | ||
Medical — Generic Drugs | 0.1 | ||
Retail — Discount | 0.1 | ||
121.4 | % | ||
* | Calculated as a percentage of net assets |
185
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 95.9% | |||||
Aerospace/Defense — 0.4% | |||||
Teledyne Technologies, Inc.† | 13,070 | $ | 530,903 | ||
Aerospace/Defense - Equipment — 0.4% | |||||
GenCorp, Inc.†# | 110,615 | 316,359 | |||
Innovative Solutions and Support, Inc.# | 69,632 | 284,795 | |||
601,154 | |||||
Airlines — 0.9% | |||||
Copa Holdings SA, Class A | 20,000 | 443,400 | |||
Skywest, Inc. | 53,110 | 807,272 | |||
1,250,672 | |||||
Apparel Manufacturers — 0.3% | |||||
American Apparel, Inc.†# | 54,850 | 233,113 | |||
Delta Apparel, Inc.† | 20,376 | 88,024 | |||
Oxford Industries, Inc.# | 10,101 | 60,606 | |||
381,743 | |||||
Applications Software — 0.2% | |||||
Corel Corp.† | 67,901 | 281,789 | |||
Athletic Equipment — 0.3% | |||||
Nautilus, Inc.†# | 138,746 | 407,913 | |||
Athletic Footwear — 0.1% | |||||
K-Swiss, Inc., Class A | 15,326 | 193,108 | |||
Auto/Truck Parts & Equipment - Original — 0.5% | |||||
American Axle & Manufacturing Holdings, Inc.# | 111,250 | 280,350 | |||
ArvinMeritor, Inc.# | 59,600 | 235,420 | |||
Modine Manufacturing Co.# | 31,585 | 151,924 | |||
Superior Industries International, Inc.# | 7,097 | 86,796 | |||
754,490 | |||||
Banks - Commercial — 8.9% | |||||
BancorpSouth, Inc.# | 49,234 | 1,094,964 | |||
BOK Financial Corp.# | 9,130 | 423,541 | |||
Citizens Republic Bancorp.# | 47,180 | 111,345 | |||
City Holding Co. | 16,830 | 596,119 | |||
Colonial BancGroup, Inc.# | 92,790 | 232,903 | |||
Columbia Banking System, Inc.# | 25,250 | 253,762 | |||
East West Bancorp, Inc.# | 34,510 | 510,748 | |||
First Citizens BancShares, Inc., Class A | 25,705 | 3,612,838 | |||
First Horizon National Corp.# | 39,860 | 426,103 | |||
Hanmi Financial Corp.# | 68,250 | 160,387 | |||
IBERIABANK Corp.# | 8,388 | 441,628 | |||
PacWest Bancorp# | 10,270 | 273,182 | |||
Provident Bankshares Corp.# | 71,550 | 674,001 | |||
Renasant Corp. | 48,972 | 947,608 | |||
Sterling Bancshares, Inc.# | 113,954 | 763,492 | |||
Synovus Financial Corp.# | 37,840 | 314,829 | |||
The South Financial Group, Inc. | 21,140 | 91,325 | |||
UMB Financial Corp.# | 29,430 | 1,407,048 | |||
Webster Financial Corp.# | 35,000 | 525,000 | |||
Whitney Holding Corp.# | 4,360 | 76,431 | |||
12,937,254 | |||||
Batteries/Battery Systems — 0.2% | |||||
EnerSys†# | 31,260 | 266,648 | |||
Building Products - Doors & Windows — 1.0% | |||||
Apogee Enterprises, Inc.# | 56,143 | 437,915 | |||
Quanex Building Products | 116,183 | 1,075,855 | |||
1,513,770 | |||||
Building Products - Wood — 0.3% | |||||
Universal Forest Products, Inc.# | 17,950 | 377,488 | |||
Security Description | Shares | Market Value (Note 2) | |||
Building - Mobile Home/Manufactured Housing — 0.5% | |||||
Cavco Industries, Inc.†# | 21,585 | $ | 653,162 | ||
Building - Residential/Commercial — 0.2% | |||||
M/I Homes, Inc.# | 23,200 | 244,528 | |||
Cellular Telecom — 0.4% | |||||
Centennial Communications Corp.† | 70,980 | 548,675 | |||
Chemicals - Diversified — 0.5% | |||||
Innospec, Inc.# | 23,710 | 136,570 | |||
Olin Corp. | 33,730 | 552,497 | |||
689,067 | |||||
Chemicals - Plastics — 0.6% | |||||
A. Schulman, Inc. | 52,452 | 711,774 | |||
Spartech Corp. | 14,920 | 86,536 | |||
798,310 | |||||
Chemicals - Specialty — 0.8% | |||||
American Pacific Corp.†#(2) | 29,799 | 302,162 | |||
Arch Chemicals, Inc. | 27,078 | 782,013 | |||
Omnova Solutions, Inc.† | 136,318 | 144,497 | |||
1,228,672 | |||||
Circuit Boards — 0.3% | |||||
Park Electrochemical Corp. | 5,478 | 97,399 | |||
TTM Technologies, Inc.†# | 58,400 | 298,424 | |||
395,823 | |||||
Coatings/Paint — 0.3% | |||||
RPM International, Inc. | 36,580 | 438,594 | |||
Commercial Services — 0.1% | |||||
Ticketmaster, Inc.†# | 21,904 | 87,397 | |||
Commercial Services - Finance — 0.3% | |||||
Deluxe Corp. | 38,790 | 408,071 | |||
Tree.com, Inc.†# | 1 | 2 | |||
408,073 | |||||
Computer Graphics — 0.3% | |||||
Monotype Imaging Holdings, Inc.†# | 68,771 | 371,364 | |||
Trident Microsystems, Inc.†# | 50,587 | 84,986 | |||
456,350 | |||||
Computer Services — 0.4% | |||||
CACI International, Inc., Class A†# | 12,420 | 551,572 | |||
Computers - Integrated Systems — 0.3% | |||||
BancTec, Inc.*(1)(2) | 123,100 | 437,005 | |||
Computers - Memory Devices — 2.1% | |||||
Imation Corp.# | 210,224 | 2,791,775 | |||
Quantum Corp.†# | 483,660 | 58,039 | |||
Silicon Graphics, Inc.†# | 18,480 | 49,896 | |||
Smart Modular Technologies WWH, Inc.†# | 171,096 | 153,986 | |||
3,053,696 | |||||
Computers - Periphery Equipment — 0.5% | |||||
Electronics for Imaging, Inc.† | 67,269 | 657,218 | |||
Consumer Products - Misc. — 2.2% | |||||
Blyth, Inc.# | 176,610 | 1,464,097 | |||
Helen of Troy, Ltd.† | 7,939 | 124,325 | |||
Prestige Brands Holdings, Inc.† | 115,362 | 902,131 | |||
Tupperware Brands Corp. | 11,324 | 222,743 | |||
WD-40 Co.# | 15,431 | 441,326 | |||
3,154,622 | |||||
186
Table of Contents
AIG Retirement Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Containers - Metal/Glass — 0.3% | |||||
Greif, Inc., Class A | 14,810 | $ | 490,951 | ||
Cosmetics & Toiletries — 0.3% | |||||
Elizabeth Arden, Inc.† | 29,960 | 422,436 | |||
Data Processing/Management — 0.4% | |||||
CSG Systems International, Inc.† | 35,060 | 590,410 | |||
Disposable Medical Products — 0.1% | |||||
ICU Medical, Inc.† | 5,008 | 151,492 | |||
Distribution/Wholesale — 0.8% | |||||
Owens & Minor, Inc. | 12,590 | 522,863 | |||
School Specialty, Inc.†# | 16,670 | 267,053 | |||
WESCO International, Inc.† | 22,730 | 336,177 | |||
1,126,093 | |||||
Diversified Manufacturing Operations — 0.6% | |||||
Acuity Brands, Inc.# | 8,184 | 220,641 | |||
Crane Co. | 16,915 | 250,680 | |||
EnPro Industries, Inc.†# | 22,855 | 426,703 | |||
898,024 | |||||
Diversified Operations/Commercial Services — 1.5% | |||||
Viad Corp. | 83,998 | 2,243,587 | |||
E-Commerce/Products — 0.3% | |||||
Stamps.com, Inc.†# | 45,440 | 402,598 | |||
E-Commerce/Services — 0.7% | |||||
IAC/InterActive Corp.†# | 72,426 | 1,071,181 | |||
Electric - Integrated — 4.7% | |||||
Allete, Inc.# | 80,772 | 2,764,018 | |||
Black Hills Corp. | 21,942 | 566,323 | |||
El Paso Electric Co.† | 77,676 | 1,399,722 | |||
UIL Holdings Corp.# | 18,780 | 559,456 | |||
Unisource Energy Corp. | 25,690 | 721,118 | |||
Westar Energy, Inc. | 40,090 | 811,021 | |||
6,821,658 | |||||
Electronic Components - Misc. — 1.2% | |||||
AVX Corp.# | 73,840 | 645,362 | |||
Benchmark Electronics, Inc.† | 68,593 | 869,759 | |||
Celestica ,Inc.†# | 14,226 | 70,988 | |||
Technitrol, Inc. | 26,522 | 92,827 | |||
Vishay Intertechnology, Inc.† | 30,587 | 133,359 | |||
1,812,295 | |||||
Electronic Components - Semiconductors — 1.3% | |||||
DSP Group, Inc.† | 72,612 | 415,341 | |||
Lattice Semiconductor Corp.†# | 297,974 | 452,920 | |||
Mellanox Tecnologies Ltd† | 48,200 | 356,680 | |||
Zoran Corp.†# | 95,999 | 721,913 | |||
1,946,854 | |||||
Electronic Design Automation — 0.1% | |||||
Mentor Graphics Corp.†# | 21,131 | 143,268 | |||
Electronic Measurement Instruments — 0.2% | |||||
Orbotech, Ltd.† | 70,800 | 298,068 | |||
Energy - Alternate Sources — 0.0% | |||||
BioFuel Energy Corp.†# | 48,892 | 20,046 | |||
Enterprise Software/Service — 0.9% | |||||
Lawson Software, Inc.†# | 106,758 | 418,491 | |||
Novell, Inc.† | 180,361 | 820,643 | |||
1,239,134 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Finance - Credit Card — 0.2% | |||||
Advanta Corp., Class B# | 89,640 | $ | 264,438 | ||
Finance - Investment Banker/Broker — 2.2% | |||||
Investment Technology Group, Inc.†# | 43,016 | 719,658 | |||
Knight Capital Group, Inc., Class A†# | 61,912 | 1,024,643 | |||
SWS Group, Inc. | 49,960 | 730,415 | |||
TradeStation Group, Inc.†# | 94,740 | 665,075 | |||
3,139,791 | |||||
Finance - Leasing Companies — 0.3% | |||||
Financial Federal Corp.# | 23,450 | 450,709 | |||
Finance - Mortgage Loan/Banker — 0.0% | |||||
Deerfield Capital Corp.# | 17,639 | 49,389 | |||
Financial Guarantee Insurance — 0.4% | |||||
Assured Guaranty, Ltd.# | 29,869 | 335,728 | |||
MGIC Investment Corp.# | 85,920 | 233,702 | |||
569,430 | |||||
Food - Canned — 0.3% | |||||
Treehouse Foods, Inc.†# | 21,345 | 507,798 | |||
Food - Misc. — 0.4% | |||||
American Italian Pasta Co.† Class A# | 35,782 | 518,839 | |||
Food - Retail — 1.1% | |||||
Ruddick Corp.# | 34,390 | 940,911 | |||
Weis Markets, Inc. | 20,360 | 643,783 | |||
1,584,694 | |||||
Food - Wholesale/Distribution — 0.8% | |||||
Spartan Stores, Inc.# | 46,320 | 1,098,710 | |||
Footwear & Related Apparel — 0.9% | |||||
Iconix Brand Group, Inc.†# | 66,030 | 559,274 | |||
Steven Madden, Ltd.† | 29,610 | 506,627 | |||
Timberland Co., Class A†# | 24,220 | 245,833 | |||
1,311,734 | |||||
Funeral Services & Related Items — 0.4% | |||||
Hillenbrand, Inc. | 36,660 | 583,627 | |||
Gas - Distribution — 1.8% | |||||
Atmos Energy Corp. | 36,136 | 900,871 | |||
Energen Corp. | 13,000 | 400,400 | |||
Laclede Group, Inc. | 7,880 | 415,118 | |||
Southwest Gas Corp. | 36,770 | 952,343 | |||
2,668,732 | |||||
Health Care Cost Containment — 0.0% | |||||
Hooper Holmes, Inc.† | 282,580 | 67,819 | |||
Human Resources — 2.6% | |||||
Administaff, Inc. | 2,529 | 43,195 | |||
AMN Healthcare Services, Inc.† | 107,199 | 956,215 | |||
Gevity HR, Inc.# | 131,586 | 209,222 | |||
Heidrick & Struggles International, Inc.# | 47,531 | 983,892 | |||
Kenexa Corp.†# | 19,527 | 117,943 | |||
Korn/Ferry International†# | 55,841 | 687,403 | |||
Monster Worldwide, Inc.†# | 69,154 | 793,196 | |||
3,791,066 | |||||
Industrial Gases — 0.4% | |||||
Airgas, Inc. | 14,880 | 531,960 | |||
Insurance Brokers — 1.5% | |||||
Willis Group Holdings, Ltd. | 93,894 | 2,166,135 | |||
187
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AIG Retirement Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Insurance - Life/Health — 1.0% | |||||
American Equity Investment Life Holding Co.# | 94,490 | $ | 587,728 | ||
FBL Financial Group, Inc., Class A# | 11,585 | 131,721 | |||
Presidential Life Corp.# | 53,450 | 575,122 | |||
The Phoenix Cos., Inc. | 58,426 | 166,514 | |||
1,461,085 | |||||
Insurance - Multi-line — 0.5% | |||||
Hanover Insurance Group, Inc. | 17,730 | 714,874 | |||
Insurance - Property/Casualty — 3.5% | |||||
Arch Capital Group, Ltd.† | 7,030 | 476,564 | |||
Infinity Property & Casualty Corp. | 18,000 | 826,020 | |||
Navigators Group, Inc.† | 14,590 | 792,237 | |||
Safety Insurance Group, Inc. | 27,410 | 961,543 | |||
Selective Insurance Group, Inc. | 50,138 | 1,151,168 | |||
Stewart Information Services Corp. | 79,361 | 928,524 | |||
5,136,056 | |||||
Insurance - Reinsurance — 3.0% | |||||
Endurance Specialty Holdings, Ltd.# | 95,227 | 2,563,511 | |||
IPC Holdings, Ltd. | 65,852 | 1,843,856 | |||
4,407,367 | |||||
Internet Infrastructure Equipment — 0.1% | |||||
Avocent Corp.†# | 10,046 | 188,965 | |||
Internet Infrastructure Software — 0.7% | |||||
Chordiant Software, Inc.† | 102,516 | 281,919 | |||
F5 Networks, Inc.†# | 17,750 | 441,975 | |||
TIBCO Software, Inc.†# | 49,536 | 239,754 | |||
963,648 | |||||
Internet Security — 0.0% | |||||
SonicWALL, Inc.†# | 6,706 | 26,288 | |||
Investment Companies — 0.6% | |||||
Apollo Investment Corp.# | 13,032 | 110,642 | |||
Hercules Technology Growth Capital, Inc.# | 78,678 | 507,473 | |||
KKR Financial Holdings, LLC# | 32,420 | 31,772 | |||
Kohlberg Capital Corp.# | 48,402 | 198,448 | |||
848,335 | |||||
Investment Management/Advisor Services — 0.3% | |||||
Eaton Vance Corp.# | 6,460 | 123,515 | |||
Westwood Holdings Group, Inc.#(2) | 8,937 | 279,728 | |||
403,243 | |||||
Lasers - System/Components — 0.3% | |||||
Coherent, Inc.†# | 20,043 | 498,870 | |||
Machinery - Electrical — 0.4% | |||||
Franklin Electric Co., Inc.# | 17,432 | 514,593 | |||
Machinery - General Industrial — 1.6% | |||||
Applied Industrial Technologies, Inc.# | 20,160 | 384,249 | |||
Chart Industries, Inc.† | 20,730 | 198,179 | |||
Kadant, Inc.†(2) | 83,684 | 1,253,586 | |||
Middleby Corp.†# | 15,640 | 506,267 | |||
2,342,281 | |||||
Medical Laser Systems — 0.4% | |||||
Cutera, Inc.† | 70,670 | 628,256 | |||
Medical Products — 0.1% | |||||
Syneron Medical, Ltd.† | 13,745 | 100,476 | |||
Medical - Biomedical/Gene — 0.2% | |||||
Cambrex Corp.† | 77,512 | 269,742 | |||
Medical - Generic Drugs — 0.1% | |||||
Par Pharmaceutical Cos., Inc.† | 7,189 | 83,824 | |||
Security Description | Shares | Market Value (Note 2) | |||
Medical - HMO — 1.1% | |||||
AMERIGROUP Corp.† | 33,550 | $ | 823,988 | ||
Healthspring, Inc.† | 55,530 | 810,183 | |||
1,634,171 | |||||
Metal Processors & Fabrication — 3.1% | |||||
CIRCOR International, Inc. | 5,633 | 122,968 | |||
Commercial Metals Co. | 13,936 | 166,953 | |||
Haynes International, Inc.†# | 10,830 | 197,431 | |||
Mueller Industries, Inc. | 170,158 | 3,964,682 | |||
4,452,034 | |||||
Multimedia — 0.3% | |||||
Journal Communications, Inc., Class A# | 169,821 | 402,476 | |||
Networking Products — 1.5% | |||||
Adaptec, Inc.† | 274,975 | 772,680 | |||
Foundry Networks, Inc.† | 17,620 | 272,934 | |||
Ixia† | 64,070 | 393,390 | |||
Netgear, Inc.† | 66,413 | 803,597 | |||
2,242,601 | |||||
Non-Ferrous Metals — 0.4% | |||||
USEC, Inc.† | 148,210 | 570,608 | |||
Office Furnishings - Original — 0.6% | |||||
Interface, Inc. Class A | 42,105 | 233,262 | |||
Knoll, Inc. | 57,900 | 623,583 | |||
856,845 | |||||
Office Supplies & Forms — 0.5% | |||||
ACCO Brands Corp.†# | 135,629 | 124,779 | |||
Ennis, Inc.# | 60,572 | 616,017 | |||
740,796 | |||||
Oil & Gas Drilling — 0.6% | |||||
Atwood Oceanics, Inc.† | 50,798 | 919,444 | |||
Oil Companies - Exploration & Production — 2.6% | |||||
Approach Resources, Inc.† | 19,880 | 172,757 | |||
Cabot Oil & Gas Corp. | 9,470 | 283,816 | |||
Forest Oil Corp.†# | 6,607 | 115,292 | |||
Mariner Energy, Inc.†# | 101,972 | 1,120,672 | |||
Rosetta Resources, Inc.† | 29,196 | 219,846 | |||
St. Mary Land & Exploration Co. | 21,809 | 438,579 | |||
Stone Energy Corp.†# | 44,078 | 732,577 | |||
Swift Energy Co.†# | 15,340 | 327,816 | |||
Whiting Petroleum Corp.† | 10,711 | 410,231 | |||
3,821,586 | |||||
Oil Field Machinery & Equipment — 0.1% | |||||
WSP Holdings, Ltd. ARD†# | 30,300 | 122,412 | |||
Oil-Field Services — 0.1% | |||||
Global Industries, Ltd.†# | 69,429 | 204,816 | |||
Paper & Related Products — 2.1% | |||||
Glatfelter | 53,926 | 513,375 | |||
Neenah Paper, Inc.# | 84,904 | 694,515 | |||
Schweitzer-Mauduit International, Inc.# | 56,723 | 1,045,972 | |||
Wausau Paper Corp. | 83,120 | 855,305 | |||
3,109,167 | |||||
Publishing - Books — 0.4% | |||||
Courier Corp.# | 29,832 | 543,837 | |||
Publishing - Newspapers — 0.1% | |||||
AH Belo Corp.# | 75,861 | 153,239 | |||
188
Table of Contents
AIG Retirement Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Real Estate Investment Trusts — 2.1% | |||||
Arbor Realty Trust, Inc.# | 44,280 | $ | 120,884 | ||
Capital Trust, Inc., Class A# | 19,550 | 97,750 | |||
DiamondRock Hospitality Co. | 48,550 | 180,606 | |||
Entertainment Properties Trust# | 17,662 | 433,249 | |||
Getty Realty Corp. | 41,340 | 773,471 | |||
Hersha Hospitality Trust | 81,670 | 287,478 | |||
MFA Mtg. Investments, Inc. | 134,860 | 834,784 | |||
NorthStar Realty Finance Corp.# | 53,205 | 180,897 | |||
Pennsylvania Real Estate Investment Trust# | 34,860 | 156,870 | |||
3,065,989 | |||||
Recreational Vehicles — 0.3% | |||||
Arctic Cat, Inc.# | 70,670 | 427,553 | |||
Retail - Apparel/Shoe — 2.1% | |||||
AnnTaylor Stores Corp.†# | 24,774 | 111,235 | |||
Brown Shoe Co., Inc.# | 49,960 | 281,774 | |||
Christopher & Banks Corp.# | 50,501 | 170,188 | |||
Foot Locker, Inc. | 33,908 | 228,201 | |||
Genesco, Inc.†# | 42,847 | 576,721 | |||
Jos. A. Bank Clothiers, Inc.†# | 27,050 | 528,828 | |||
Kenneth Cole Productions, Inc. Class A# | 55,047 | 481,661 | |||
Men’s Wearhouse, Inc.# | 12,296 | 130,829 | |||
Phillips-Van Heusen Corp. | 17,140 | 298,922 | |||
Stage Stores, Inc. | 30,115 | 174,065 | |||
2,982,424 | |||||
Retail - Automobile — 0.1% | |||||
Sonic Automotive, Inc.# | 59,130 | 190,399 | |||
Retail - Catalog Shopping — 0.1% | |||||
Coldwater Creek, Inc.†# | 90,930 | 174,586 | |||
Retail - Convenience Store — 1.8% | |||||
Casey’s General Stores, Inc. | 90,459 | 2,682,109 | |||
Retail - Discount — 0.1% | |||||
HSN, Inc.†# | 20,631 | 77,160 | |||
Retail - Home Furnishings — 0.5% | |||||
Haverty Furniture Cos., Inc.# | 64,720 | 549,473 | |||
Pier 1 Imports, Inc.†# | 196,330 | 174,733 | |||
724,206 | |||||
Retail - Jewelry — 0.1% | |||||
Zale Corp.†# | 33,350 | 197,765 | |||
�� | |||||
Retail - Office Supplies — 0.2% | |||||
OfficeMax, Inc.# | 63,020 | 343,459 | |||
Retail - Restaurants — 1.7% | |||||
DineEquity, Inc.# | 17,304 | 220,280 | |||
Ruby Tuesday, Inc.†# | 252,251 | 290,089 | |||
The Cheesecake Factory, Inc.†# | 30,173 | 219,659 | |||
Wendy’s/Arby’s Group, Inc., Class A# | 417,672 | 1,679,041 | |||
2,409,069 | |||||
Savings & Loans/Thrifts — 1.5% | |||||
NewAlliance Bancshares, Inc.# | 157,850 | 2,175,173 | |||
Semiconductor Components - Integrated Circuits — 1.3% | |||||
Anadigics, Inc.†# | 41,140 | 51,014 | |||
Emulex Corp.† | 46,780 | 333,541 | |||
Exar Corp.†# | 96,560 | 650,814 | |||
Micrel, Inc.# | 53,570 | 396,418 | |||
Standard Microsystems Corp.† | 25,754 | 392,491 | |||
1,824,278 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Semiconductor Equipment — 1.0% | |||||
ATMI, Inc.† | 44,644 | $ | 532,157 | ||
Cabot Microelectronics Corp.† | 25,173 | 623,535 | |||
Cohu, Inc.# | 6,265 | 70,168 | |||
GSI Group, Inc.† | 44,654 | 47,780 | |||
Ultra Clean Holdings, Inc.†# | 81,395 | 171,743 | |||
1,445,383 | |||||
Software Tools — 0.2% | |||||
Borland Software Corp.†# | 254,744 | 331,167 | |||
Telecom Equipment - Fiber Optics — 0.7% | |||||
Ciena Corp.†# | 57,886 | 428,356 | |||
Oplink Communications, Inc.† | 58,980 | 445,299 | |||
Sycamore Networks, Inc.† | 67,611 | 207,566 | |||
1,081,221 | |||||
Telecom Services — 0.1% | |||||
NTELOS Holdings Corp. | 7,890 | 175,237 | |||
Telecommunication Equipment — 0.6% | |||||
Arris Group, Inc.† | 75,252 | 541,062 | |||
CommScope, Inc.†# | 23,120 | 261,025 | |||
802,087 | |||||
Textile - Apparel — 0.1% | |||||
Perry Ellis International, Inc.† | 37,520 | 203,358 | |||
Textile - Products — 0.1% | |||||
Dixie Group, Inc.†#(2) | 50,309 | 151,933 | |||
Tobacco — 0.4% | |||||
Universal Corp.# | 18,337 | 586,234 | |||
Tools - Hand Held — 0.2% | |||||
Snap - on, Inc.# | 8,320 | 299,936 | |||
Transport - Marine — 0.9% | |||||
Gulfmark Offshore, Inc.† | 15,810 | 447,423 | |||
TBS International, Ltd., Class A†# | 23,171 | 108,904 | |||
Tidewater, Inc.# | 19,290 | 761,569 | |||
1,317,896 | |||||
Transport - Truck — 1.4% | |||||
Arkansas Best Corp.# | 74,629 | 1,981,400 | |||
Travel Services — 0.1% | |||||
Interval Leisure Group, Inc.† | 17,576 | 93,153 | |||
Web Portals/ISP — 0.7% | |||||
EarthLink, Inc.†# | 84,340 | 561,705 | |||
United Online, Inc. | 75,840 | 502,819 | |||
1,064,524 | |||||
Wire & Cable Products — 1.0% | |||||
Belden, Inc.# | 65,243 | 1,136,533 | |||
General Cable Corp.†# | 19,732 | 325,775 | |||
1,462,308 | |||||
Wireless Equipment — 0.2% | |||||
Novatel Wireless, Inc.†# | 93,730 | 358,986 | |||
Total Common Stock | |||||
(cost $236,397,700) | 139,273,590 | ||||
CALL OPTION - PURCHASED — 0.0% | |||||
Machinery - General Industrial — 0.0% | |||||
Chart Industries, Inc. | |||||
(cost $19,648) | 46 | 465 | |||
189
Table of Contents
AIG Retirement Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
EXCHANGE TRADED FUNDS — 0.1% |
| |||||||
Index Fund - Small Cap — 0.1% |
| |||||||
iShares Russell 2000 Index Fund# | 3,514 | $ | 165,896 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $236,642,600) | 139,439,951 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 24.6% |
| |||||||
Collective Investment Pool — 21.1% |
| |||||||
Securities Lending Quality Trust(3) | 32,021,642 | 30,676,733 | ||||||
Time Deposits — 3.5% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 5,091,000 | 5,091,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $37,112,642) | 35,767,733 | |||||||
REPURCHASE AGREEMENT — 0.8% |
| |||||||
Agreement with Banc of America Securities LLC, bearing interest at 0.28% dated 11/28/08 to be repurchased 12/01/08 in the amount of $1,164,027 and collateralized by Federal Home Loan Bank Notes, bearing interest at 1.90%, due 03/20/09 and having an approximate value of $1,188,755 (cost $1,164,000) | 1,164,000 | 1,164,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $274,919,242)(4) | 121.4 | % | 176,371,684 | |||||
Liabilities in excess of other assets | (21.4 | ) | (31,135,257 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 145,236,427 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $437,005 representing 0.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Fair valued security; see Note 2 |
(2) | Illiquid security. At November 30, 2008, the aggregate value of these securities was $2,424,414 representing 1.7% of net assets. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
Open call option contracts written at November 30, 2008 for the Small Cap Special Value Fund were as follows: | ||||||||||||||||
Issue | Contract Month | Strike Price | Number of Contracts | Premiums Received | Market Value at November 30, 2008 | Unrealized Appreciation (Depreciation) | ||||||||||
Chart Industries, Inc. | Dec-08 | $ | 45.00 | 93 | $ | 20,624 | $ | 465 | $ | 20,159 | ||||||
See Notes to Financial Statements
190
Table of Contents
AIG Retirement Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Collective Investment Pool | 21.6 | % | |
Medical — Biomedical/Gene | 5.4 | ||
Time Deposits | 4.8 | ||
Schools | 4.7 | ||
Oil Companies — Exploration & Production | 4.2 | ||
Medical Products | 3.2 | ||
Banks — Commercial | 3.0 | ||
Electronic Components — Semiconductors | 2.8 | ||
Internet Infrastructure Software | 2.4 | ||
Commercial Services | 2.3 | ||
Finance — Investment Banker/Broker | 2.2 | ||
Medical — Drugs | 2.1 | ||
Consulting Services | 2.0 | ||
Telecommunication Equipment | 1.9 | ||
Physical Therapy/Rehabilitation Centers | 1.9 | ||
Diagnostic Kits | 1.9 | ||
Cosmetics & Toiletries | 1.9 | ||
Transport — Truck | 1.9 | ||
Food — Misc. | 1.7 | ||
Enterprise Software/Service | 1.5 | ||
Cellular Telecom | 1.5 | ||
Retail — Apparel/Shoe | 1.5 | ||
Electronic Measurement Instruments | 1.4 | ||
Racetracks | 1.4 | ||
Computer Services | 1.4 | ||
Web Hosting/Design | 1.2 | ||
Semiconductor Components — Integrated Circuits | 1.2 | ||
Medical Information Systems | 1.2 | ||
Retail — Catalog Shopping | 1.2 | ||
Machinery — General Industrial | 1.2 | ||
Semiconductor Equipment | 1.1 | ||
Diagnostic Equipment | 1.1 | ||
Computer Aided Design | 1.1 | ||
Oil — Field Services | 1.1 | ||
Medical Instruments | 1.0 | ||
Insurance — Multi-line | 1.0 | ||
Respiratory Products | 0.9 | ||
E-Marketing/Info | 0.9 | ||
Toys | 0.9 | ||
X-Ray Equipment | 0.9 | ||
Wire & Cable Products | 0.9 | ||
Commercial Services — Finance | 0.8 | ||
Savings & Loans/Thrifts | 0.8 | ||
Retail — Restaurants | 0.8 | ||
Aerospace/Defense — Equipment | 0.8 | ||
Non-Hazardous Waste Disposal | 0.7 | ||
Educational Software | 0.7 | ||
Hazardous Waste Disposal | 0.7 | ||
Medical — Outpatient/Home Medical | 0.7 | ||
Retail — Petroleum Products | 0.6 | ||
Food — Canned | 0.6 | ||
Medical Labs & Testing Services | 0.6 | ||
Retail — Pawn Shops | 0.6 | ||
Web Portals/ISP | 0.6 | ||
Patient Monitoring Equipment | 0.6 | ||
Food — Baking | 0.6 | ||
Oil & Gas Drilling | 0.6 | ||
Wireless Equipment | 0.6 | ||
Retail — Computer Equipment | 0.6 | ||
Agricultural Chemicals | 0.6 | ||
Consumer Products — Misc. | 0.5 | ||
E-Commerce/Services | 0.5 | ||
Medical — Nursing Homes | 0.5 | ||
E-Commerce/Products | 0.5 | ||
Index Fund — Small Cap | 0.5 | ||
Advanced Materials | 0.5 | ||
Internet Application Software | 0.5 | ||
Engineering/R&D Services | 0.4 | ||
Oil Field Machinery & Equipment | 0.4 |
Printing — Commercial | 0.4 | ||
Insurance — Property/Casualty | 0.4 | ||
Beverages — Non-alcoholic | 0.4 | ||
Footwear & Related Apparel | 0.4 | ||
Metal Processors & Fabrication | 0.4 | ||
Theaters | 0.4 | ||
Therapeutics | 0.4 | ||
Batteries/Battery Systems | 0.4 | ||
Containers — Metal/Glass | 0.4 | ||
Steel — Producers | 0.4 | ||
Intimate Apparel | 0.3 | ||
Seismic Data Collection | 0.3 | ||
Quarrying | 0.3 | ||
Investment Management/Advisor Services | 0.3 | ||
Distribution/Wholesale | 0.3 | ||
Electric — Integrated | 0.3 | ||
Chemicals — Specialty | 0.3 | ||
Networking Products | 0.3 | ||
Veterinary Diagnostics | 0.2 | ||
Electronic Components — Misc. | 0.2 | ||
Transport — Air Freight | 0.2 | ||
Power Converter/Supply Equipment | 0.2 | ||
Filtration/Separation Products | 0.2 | ||
Telecom Services | 0.1 | ||
Internet Security | 0.1 | ||
Physicians Practice Management | 0.1 | ||
122.1 | % | ||
* | Calculated as a percentage of net assets |
191
Table of Contents
AIG Retirement Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 95.2% | |||||
Advanced Materials — 0.5% | |||||
Hexcel Corp.†# | 42,400 | $ | 318,000 | ||
Aerospace/Defense - Equipment — 0.8% | |||||
Argon ST, Inc.† | 26,534 | 519,801 | |||
Agricultural Chemicals — 0.6% | |||||
CF Industries Holdings, Inc.# | 7,231 | 380,568 | |||
Banks - Commercial — 3.0% | |||||
Associated Banc - Corp.# | 37,539 | 815,723 | |||
First Horizon National Corp.# | 28,800 | 307,872 | |||
PrivateBancorp, Inc.# | 28,020 | 873,103 | |||
1,996,698 | |||||
Batteries/Battery Systems — 0.4% | |||||
EnerSys†# | 29,353 | 250,381 | |||
Beverages - Non - alcoholic — 0.4% | |||||
Hansen Natural Corp.†# | 9,400 | 279,650 | |||
Cellular Telecom — 1.5% | |||||
NII Holdings, Inc.†# | 28,848 | 560,805 | |||
Syniverse Holdings, Inc.† | 45,049 | 440,129 | |||
1,000,934 | |||||
Chemicals - Specialty — 0.3% | |||||
Cytec Industries, Inc. | 8,100 | 178,443 | |||
Commercial Services — 2.3% | |||||
HMS Holdings Corp.† | 13,000 | 383,500 | |||
Quanta Services, Inc.† | 34,800 | 565,848 | |||
Steiner Leisure, Ltd.† | 9,700 | 234,643 | |||
Team, Inc.†# | 12,900 | 364,038 | |||
1,548,029 | |||||
Commercial Services - Finance — 0.8% | |||||
Bankrate, Inc.†# | 14,932 | 410,182 | |||
TNS, Inc.† | 18,200 | 155,610 | |||
565,792 | |||||
Computer Aided Design — 1.1% | |||||
Ansys, Inc.†# | 25,260 | 729,004 | |||
Computer Services — 1.4% | |||||
LivePerson, Inc.†# | 82,900 | 121,863 | |||
Syntel, Inc.# | 33,548 | 805,823 | |||
927,686 | |||||
Computers - Integrated Systems — 0.0% | |||||
MICROS Systems, Inc.† | 1 | 17 | |||
Consulting Services — 2.0% | |||||
FTI Consulting, Inc.†# | 11,554 | 633,621 | |||
Watson Wyatt Worldwide, Inc., Class A | 18,281 | 737,090 | |||
1,370,711 | |||||
Consumer Products - Misc. — 0.5% | |||||
The Scotts Miracle - Gro Co., Class A | 11,338 | 366,898 | |||
Containers - Metal/Glass — 0.4% | |||||
Silgan Holdings, Inc. | 5,500 | 248,820 | |||
Cosmetics & Toiletries — 1.9% | |||||
Alberto - Culver Co. | 36,704 | 788,035 | |||
Chattem, Inc.†# | 6,700 | 486,219 | |||
1,274,254 | |||||
Diagnostic Equipment — 1.1% | |||||
Cepheid, Inc.† | 24,400 | 331,352 | |||
Immucor, Inc.† | 17,000 | 412,590 | |||
743,942 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Diagnostic Kits — 1.9% | |||||
Meridian Bioscience, Inc. | 21,100 | $ | 502,813 | ||
Qiagen NV†# | 49,141 | 792,644 | |||
1,295,457 | |||||
Distribution/Wholesale — 0.3% | |||||
LKQ Corp.†# | 17,900 | 186,518 | |||
E - Commerce/Products — 0.5% | |||||
Blue Nile, Inc.†# | 14,600 | 348,356 | |||
E - Commerce/Services — 0.5% | |||||
Priceline.com, Inc.† | 5,097 | 351,693 | |||
E - Marketing/Info — 0.9% | |||||
comScore, Inc.† | 25,665 | 239,198 | |||
Constant Contact, Inc.†# | 26,430 | 368,698 | |||
607,896 | |||||
Educational Software — 0.7% | |||||
Blackboard, Inc.†# | 19,700 | 485,211 | |||
Electric - Integrated — 0.3% | |||||
Pike Electric Corp.† | 14,909 | 181,144 | |||
Electronic Components - Misc. — 0.2% | |||||
Benchmark Electronics, Inc.† | 12,700 | 161,036 | |||
Electronic Components - Semiconductors — 2.8% | |||||
Cavium Networks, Inc.†# | 28,400 | 308,140 | |||
Mellanox Tecnologies Ltd† | 36,700 | 271,580 | |||
Monolithic Power Systems, Inc.†# | 50,126 | 479,706 | |||
Netlogic Microsystems, Inc.†# | 46,226 | 861,652 | |||
1,921,078 | |||||
Electronic Measurement Instruments — 1.4% | |||||
FLIR Systems, Inc.†# | 30,728 | 953,183 | |||
Engineering/R&D Services — 0.4% | |||||
Stanley, Inc.† | 9,530 | 304,007 | |||
Enterprise Software/Service — 1.5% | |||||
Concur Technologies, Inc.†# | 20,700 | 568,215 | |||
Taleo Corp., Class A† | 10,760 | 69,510 | |||
The Ultimate Software Group, Inc.†# | 25,200 | 385,812 | |||
1,023,537 | |||||
Filtration/Separation Products — 0.2% | |||||
Polypore International, Inc.†# | 23,789 | 107,288 | |||
Finance - Investment Banker/Broker — 2.2% | |||||
Greenhill & Co., Inc.# | 7,283 | 495,972 | |||
KBW, Inc.†# | 13,974 | 317,350 | |||
Stifel Financial Corp.†# | 15,649 | 673,063 | |||
1,486,385 | |||||
Food - Baking — 0.6% | |||||
Flowers Foods, Inc.# | 14,600 | 390,988 | |||
Food - Canned — 0.6% | |||||
Treehouse Foods, Inc.†# | 16,900 | 402,051 | |||
Food - Misc. — 1.7% | |||||
Hain Celestial Group, Inc.†# | 21,664 | 340,991 | |||
Ralcorp Holdings, Inc.† | 13,459 | 841,995 | |||
1,182,986 | |||||
Footwear & Related Apparel — 0.4% | |||||
Iconix Brand Group, Inc.†# | 32,800 | 277,816 | |||
Hazardous Waste Disposal — 0.7% | |||||
Clean Harbors, Inc.† | 7,500 | 473,475 | |||
192
Table of Contents
AIG Retirement Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Insurance - Multi - line — 1.0% | |||||
HCC Insurance Holdings, Inc.# | 28,056 | $ | 653,985 | ||
Insurance - Property/Casualty — 0.4% | |||||
ProAssurance Corp.† | 5,300 | 289,327 | |||
Internet Application Software — 0.5% | |||||
Vocus, Inc.† | 17,100 | 310,707 | |||
Internet Infrastructure Software — 2.4% | |||||
F5 Networks, Inc.†# | 56,800 | 1,414,320 | |||
SupportSoft, Inc.†# | 98,991 | 198,972 | |||
1,613,292 | |||||
Internet Security — 0.1% | |||||
SonicWALL, Inc.†# | 22,700 | 88,984 | |||
Intimate Apparel — 0.3% | |||||
The Warnaco Group, Inc.† | 11,235 | 201,106 | |||
Investment Management/Advisor Services — 0.3% | |||||
Waddell & Reed Financial, Inc., Class A | 14,000 | 188,160 | |||
Machinery - General Industrial — 1.2% | |||||
Roper Industries, Inc. | 17,054 | 780,562 | |||
Medical Information Systems — 1.2% | |||||
Eclipsys Corp.†# | 15,400 | 202,048 | |||
Quality Systems, Inc.# | 20,269 | 609,489 | |||
811,537 | |||||
Medical Instruments — 1.0% | |||||
NuVasive, Inc.†# | 9,800 | 337,610 | |||
Thoratec Corp.†# | 12,900 | 322,887 | |||
660,497 | |||||
Medical Labs & Testing Services — 0.6% | |||||
ICON PLC ADR†# | 18,866 | 399,771 | |||
Medical Products — 3.2% | |||||
Haemonetics Corp.† | 5,100 | 291,669 | |||
Hospira, Inc.†# | 15,980 | 479,879 | |||
Varian Medical Systems, Inc.†# | 20,569 | 830,165 | |||
Wright Medical Group, Inc.† | 16,600 | 281,536 | |||
Zoll Medical Corp.† | 14,200 | 252,902 | |||
2,136,151 | |||||
Medical - Biomedical/Gene — 5.4% | |||||
Alexion Pharmaceuticals, Inc.†# | 10,900 | 366,894 | |||
AMAG Pharmaceuticals, Inc.†# | 13,340 | 449,291 | |||
Cubist Pharmaceuticals, Inc.†# | 13,700 | 336,472 | |||
Illumina, Inc.†# | 23,100 | 508,431 | |||
Integra LifeSciences Holdings Corp.† | 8,100 | 255,069 | |||
Life Technologies Corp.†# | 18,134 | 473,297 | |||
Myriad Genetics, Inc.†# | 3,100 | 183,768 | |||
OSI Pharmaceuticals, Inc.†# | 11,494 | 427,577 | |||
Sequenom, Inc.†# | 27,800 | 464,538 | |||
United Therapeutics Corp.†# | 2,900 | 159,007 | |||
3,624,344 | |||||
Medical - Drugs — 2.1% | |||||
Cephalon, Inc.†# | 14,242 | 1,046,502 | |||
Shire PLC ADR | 8,448 | 346,368 | |||
1,392,870 | |||||
Medical - Nursing Homes — 0.5% | |||||
Sun Healthcare Group, Inc.† | 35,090 | 351,602 | |||
Medical - Outpatient/Home Medical — 0.7% | |||||
Amedisys, Inc.†# | 11,800 | 458,902 | |||
Security Description | Shares | Market Value (Note 2) | |||
Metal Processors & Fabrication — 0.4% | |||||
RBC Bearings, Inc.† | 12,200 | $ | 277,184 | ||
Networking Products — 0.3% | |||||
Switch & Data Facilities Co., Inc.†# | 33,700 | 175,577 | |||
Non - Hazardous Waste Disposal — 0.7% | |||||
Waste Connections, Inc.† | 17,300 | 488,379 | |||
Oil & Gas Drilling — 0.6% | |||||
Atwood Oceanics, Inc.†# | 21,518 | 389,476 | |||
Oil Companies - Exploration & Production — 4.2% | |||||
Cabot Oil & Gas Corp. | 13,007 | 389,820 | |||
Continental Resources, Inc.†# | 22,816 | 446,053 | |||
Denbury Resources, Inc.†# | 31,421 | 299,442 | |||
PetroHawk Energy Corp.† | 35,300 | 616,691 | |||
Petroquest Energy, Inc.†# | 30,800 | 215,908 | |||
Southwestern Energy Co.† | 25,343 | 871,039 | |||
2,838,953 | |||||
Oil Field Machinery & Equipment — 0.4% | |||||
Dril - Quip, Inc.† | 6,100 | 120,048 | |||
NATCO Group, Inc., Class A† | 10,000 | 181,300 | |||
301,348 | |||||
Oil - Field Services — 1.1% | |||||
Core Laboratories NV# | 4,600 | 306,406 | |||
Matrix Service Co.†# | 21,224 | 162,151 | |||
Oceaneering International, Inc.† | 9,600 | 247,872 | |||
716,429 | |||||
Patient Monitoring Equipment — 0.6% | |||||
Masimo Corp.†# | 14,362 | 391,939 | |||
Physical Therapy/Rehabilitation Centers — 1.9% | |||||
Psychiatric Solutions, Inc.†# | 51,853 | 1,311,881 | |||
Physicians Practice Management — 0.1% | |||||
Pediatrix Medical Group, Inc.† | 2,200 | 68,464 | |||
Power Converter/Supply Equipment — 0.2% | |||||
Advanced Energy Industries, Inc.† | 16,100 | 125,258 | |||
Printing - Commercial — 0.4% | |||||
VistaPrint, Ltd.†# | 18,217 | 297,848 | |||
Quarrying — 0.3% | |||||
Compass Minerals International, Inc. | 3,405 | 190,646 | |||
Racetracks — 1.4% | |||||
Penn National Gaming, Inc.† | 44,562 | 944,714 | |||
Respiratory Products — 0.9% | |||||
ResMed, Inc.† | 17,614 | 640,093 | |||
Retail - Apparel/Shoe — 1.5% | |||||
Aeropostale, Inc.†# | 31,453 | 475,569 | |||
Hanesbrands, Inc.†# | 40,486 | 523,079 | |||
998,648 | |||||
Retail - Catalog Shopping — 1.2% | |||||
MSC Industrial Direct Co., Inc., Class A# | 23,232 | 804,059 | |||
Retail - Computer Equipment — 0.6% | |||||
GameStop Corp., Class A†# | 17,430 | 380,845 | |||
Retail - Pawn Shops — 0.6% | |||||
Cash America International, Inc.# | 14,671 | 396,264 | |||
Retail - Petroleum Products — 0.6% | |||||
World Fuel Services Corp. | 11,566 | 419,846 | |||
Retail - Restaurants — 0.8% | |||||
Buffalo Wild Wings, Inc.†# | 23,386 | 536,943 | |||
193
Table of Contents
AIG Retirement Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Savings & Loans/Thrifts — 0.8% | |||||
NewAlliance Bancshares, Inc.# | 40,087 | $ | 552,399 | ||
Schools — 4.7% | |||||
Capella Education Co.†# | 25,213 | 1,509,250 | |||
Strayer Education, Inc.# | 7,055 | 1,690,449 | |||
3,199,699 | |||||
Seismic Data Collection — 0.3% | |||||
ION Geophysical Corp.† | 64,375 | 193,125 | |||
Semiconductor Components - Integrated Circuits — 1.2% | |||||
Power Integrations, Inc.# | 44,470 | 813,801 | |||
Semiconductor Equipment — 1.1% | |||||
ATMI, Inc.† | 17,214 | 205,191 | |||
FormFactor, Inc.†# | 16,600 | 224,598 | |||
Tessera Technologies, Inc.† | 19,000 | 349,220 | |||
779,009 | |||||
Steel - Producers — 0.4% | |||||
Steel Dynamics, Inc.# | 30,118 | 248,775 | |||
Telecom Services — 0.1% | |||||
Neutral Tandem, Inc.† | 7,178 | 105,588 | |||
Telecommunication Equipment — 1.9% | |||||
Adtran, Inc. | 11,500 | 163,300 | |||
Comtech Telecommunications Corp.†# | 8,000 | 379,440 | |||
Nice Systems, Ltd. ADR† | 34,736 | 774,613 | |||
1,317,353 | |||||
Theaters — 0.4% | |||||
National CineMedia, Inc.# | 33,000 | 268,620 | |||
Therapeutics — 0.4% | |||||
BioMarin Pharmaceuticals, Inc.†# | 15,400 | 262,262 | |||
Toys — 0.9% | |||||
Marvel Entertainment, Inc.† | 20,100 | 591,945 | |||
Transport - Air Freight — 0.2% | |||||
Atlas Air Worldwide Holdings, Inc.†# | 8,800 | 134,640 | |||
Transport - Truck — 1.9% | |||||
Forward Air Corp.# | 19,000 | 439,280 | |||
Heartland Express, Inc.# | 20,500 | 316,520 | |||
Landstar System, Inc.# | 15,485 | 497,688 | |||
1,253,488 | |||||
Veterinary Diagnostics — 0.2% | |||||
VCA Antech, Inc.†# | 9,100 | 173,355 | |||
Web Hosting/Design — 1.2% | |||||
Equinix, Inc.†# | 8,100 | 367,821 | |||
NIC, Inc. | 100,664 | 466,074 | |||
833,895 | |||||
Web Portals/ISP — 0.6% | |||||
SINA Corp.†# | 12,698 | 392,368 | |||
Wire & Cable Products — 0.9% | |||||
General Cable Corp.†# | 35,002 | 577,883 | |||
Wireless Equipment — 0.6% | |||||
SBA Communications Corp., Class A† | 24,300 | 383,697 | |||
X - Ray Equipment — 0.9% | |||||
Hologic, Inc.†# | 41,152 | 578,597 | |||
Total Common Stock | |||||
(cost $84,664,104) | 64,156,823 | ||||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||||
EXCHANGE TRADED FUNDS — 0.5% |
| |||||||
Index Fund - Small Cap — 0.5% |
| |||||||
iShares Russell 2000 Index Fund# | 7,013 | $ | 331,084 | |||||
Total Long - Term Investment Securities |
| |||||||
(cost $85,166,160) | 64,487,907 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 26.4% |
| |||||||
Collective Investment Pool — 21.6% |
| |||||||
Securities Lending Quality Trust(1) | 15,177,623 | 14,540,163 | ||||||
Time Deposits — 4.8% |
| |||||||
Euro Time Deposit with State Street | $ | 3,236,000 | 3,236,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $18,413,623) | 17,776,163 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $103,579,783)(2) | 122.1 | % | 82,264,070 | |||||
Liabilities in excess of other assets | (22.1 | ) | (14,893,598 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 67,370,472 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
See Notes to Financial Statements
194
Table of Contents
AIG Retirement Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 8.8 | % | |
Collective Investment Pool | 6.7 | ||
Medical — Drugs | 5.4 | ||
Diversified Manufacturing Operations | 4.1 | ||
Computers | 3.8 | ||
Electric — Integrated | 3.8 | ||
Telephone — Integrated | 3.6 | ||
Diversified Banking Institutions | 3.5 | ||
Medical Products | 3.2 | ||
Cosmetics & Toiletries | 3.0 | ||
Banks — Super Regional | 2.9 | ||
Oil Companies — Exploration & Production | 2.7 | ||
Beverages — Non-alcoholic | 2.4 | ||
Retail — Discount | 2.2 | ||
Applications Software | 2.2 | ||
Medical — Biomedical/Gene | 2.0 | ||
Tobacco | 1.9 | ||
Electronic Components — Semiconductors | 1.7 | ||
Aerospace/Defense | 1.5 | ||
Multimedia | 1.4 | ||
Food — Misc. | 1.4 | ||
Networking Products | 1.3 | ||
Oil — Field Services | 1.3 | ||
Transport — Services | 1.2 | ||
Retail — Restaurants | 1.1 | ||
Web Portals/ISP | 1.1 | ||
Commercial Paper | 1.0 | ||
Transport — Rail | 1.0 | ||
Enterprise Software/Service | 1.0 | ||
Wireless Equipment | 1.0 | ||
Retail — Building Products | 0.9 | ||
Commercial Services — Finance | 0.8 | ||
Retail — Drug Store | 0.8 | ||
Cable TV | 0.8 | ||
Medical — HMO | 0.8 | ||
Insurance — Multi-line | 0.8 | ||
Banks — Fiduciary | 0.8 | ||
Real Estate Investment Trusts | 0.8 | ||
Medical Instruments | 0.7 | ||
Chemicals — Diversified | 0.7 | ||
Insurance — Property/Casualty | 0.7 | ||
Finance — Investment Banker/Broker | 0.7 | ||
Aerospace/Defense — Equipment | 0.6 | ||
Insurance — Life/Health | 0.6 | ||
Agricultural Chemicals | 0.6 | ||
Oil & Gas Drilling | 0.5 | ||
Banks — Commercial | 0.5 | ||
Consumer Products — Misc. | 0.5 | ||
Pharmacy Services | 0.4 | ||
Investment Management/Advisor Services | 0.4 | ||
Finance — Credit Card | 0.4 | ||
Food — Retail | 0.4 | ||
Electric Products — Misc. | 0.4 | ||
Industrial Gases | 0.4 | ||
Computers — Memory Devices | 0.4 | ||
Insurance Brokers | 0.3 | ||
Machinery — Construction & Mining | 0.3 | ||
Pipelines | 0.3 | ||
Finance — Other Services | 0.3 | ||
Instruments — Scientific | 0.3 | ||
Gas — Distribution | 0.3 | ||
Athletic Footwear | 0.3 | ||
Semiconductor Equipment | 0.2 | ||
Non — Hazardous Waste Disposal | 0.2 | ||
Agricultural Operations | 0.2 | ||
Chemicals — Specialty | 0.2 | ||
Medical — Wholesale Drug Distribution | 0.2 | ||
Savings & Loans/Thrifts | 0.2 | ||
Oil Field Machinery & Equipment | 0.2 | ||
E-Commerce/Services | 0.2 | ||
Distribution/Wholesale | 0.2 | ||
Retail — Major Department Stores | 0.2 |
Steel — Producers | 0.2 | ||
Oil Refining & Marketing | 0.2 | ||
Telecom Equipment — Fiber Optics | 0.2 | ||
Gold Mining | 0.2 | ||
U.S. Government Treasuries | 0.2 | ||
Machinery — Farming | 0.2 | ||
Repurchase Agreements | 0.2 | ||
Medical Labs & Testing Services | 0.2 | ||
Internet Security | 0.2 | ||
Food — Wholesale/Distribution | 0.2 | ||
Forestry | 0.2 | ||
Computer Services | 0.2 | ||
E-Commerce/Products | 0.2 | ||
Engineering/R&D Services | 0.2 | ||
Apparel Manufacturers | 0.2 | ||
Retail — Regional Department Stores | 0.2 | ||
Coal | 0.2 | ||
Retail — Office Supplies | 0.2 | ||
Retail — Apparel/Shoe | 0.2 | ||
Medical — Generic Drugs | 0.2 | ||
Electronic Forms | 0.2 | ||
Food — Confectionery | 0.1 | ||
Office Automation & Equipment | 0.1 | ||
Advertising Agencies | 0.1 | ||
Auto/Truck Parts & Equipment — Original | 0.1 | ||
Auto — Heavy Duty Trucks | 0.1 | ||
Health Care Cost Containment | 0.1 | ||
Semiconductor Components — Integrated Circuits | 0.1 | ||
Auto — Cars/Light Trucks | 0.1 | ||
Metal — Diversified | 0.1 | ||
Cruise Lines | 0.1 | ||
Electronic Components — Misc. | 0.1 | ||
Hotels/Motels | 0.1 | ||
Data Processing/Management | 0.1 | ||
Metal — Aluminum | 0.1 | ||
Metal Processors & Fabrication | 0.1 | ||
Containers — Paper/Plastic | 0.1 | ||
Toys | 0.1 | ||
Retail — Consumer Electronics | 0.1 | ||
Schools | 0.1 | ||
Disposable Medical Products | 0.1 | ||
Electronics — Military | 0.1 | ||
Paper & Related Products | 0.1 | ||
Building — Residential/Commercial | 0.1 | ||
Tools — Hand Held | 0.1 | ||
Beverages — Wine/Spirits | 0.1 | ||
Electronic Measurement Instruments | 0.1 | ||
Brewery | 0.1 | ||
Quarrying | 0.1 | ||
Airlines | 0.1 | ||
Telecommunication Equipment | 0.1 | ||
Entertainment Software | 0.1 | ||
Coatings/Paint | 0.1 | ||
Dental Supplies & Equipment | 0.1 | ||
Diversified Financial Services | 0.1 | ||
Retail — Bedding | 0.1 | ||
Dialysis Centers | 0.1 | ||
Publishing — Newspapers | 0.1 | ||
Engines — Internal Combustion | 0.1 | ||
Electric — Generation | 0.1 | ||
Hazardous Waste Disposal | 0.1 | ||
Human Resources | 0.1 | ||
Telecom Services | 0.1 | ||
Industrial Automated/Robotic | 0.1 | ||
Television | 0.1 | ||
Finance — Consumer Loans | 0.1 | ||
Retail — Auto Parts | 0.1 | ||
Electronic Connectors | 0.1 | ||
Motorcycle/Motor Scooter | 0.1 | ||
106.7 | % | ||
* | Calculated as a percentage of net assets |
195
Table of Contents
AIG Retirement Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 98.6% | |||||
Advertising Agencies — 0.1% | |||||
Interpublic Group of Cos., Inc.†# | 152,000 | $ | 621,680 | ||
Omnicom Group, Inc. | 101,700 | 2,877,093 | |||
3,498,773 | |||||
Aerospace/Defense — 1.5% | |||||
Boeing Co. | 236,200 | 10,069,206 | |||
General Dynamics Corp. | 126,700 | 6,546,589 | |||
Lockheed Martin Corp. | 106,200 | 8,189,082 | |||
Northrop Grumman Corp. | 107,700 | 4,410,315 | |||
Raytheon Co. | 133,000 | 6,490,400 | |||
Rockwell Collins, Inc. | 50,900 | 1,734,672 | |||
37,440,264 | |||||
Aerospace/Defense - Equipment — 0.6% | |||||
Goodrich Corp. | 39,900 | 1,342,635 | |||
United Technologies Corp. | 307,700 | 14,932,681 | |||
16,275,316 | |||||
Agricultural Chemicals — 0.6% | |||||
CF Industries Holdings, Inc. | 18,000 | 947,340 | |||
Monsanto Co. | 175,500 | 13,899,600 | |||
14,846,940 | |||||
Agricultural Operations — 0.2% | |||||
Archer-Daniels-Midland Co. | 205,500 | 5,626,590 | |||
Airlines — 0.1% | |||||
Southwest Airlines Co. | 234,200 | 2,025,830 | |||
Apparel Manufacturers — 0.2% | |||||
Coach, Inc.†# | 107,500 | 1,924,250 | |||
Jones Apparel Group, Inc. | 26,600 | 136,458 | |||
Polo Ralph Lauren Corp.# | 18,100 | 781,920 | |||
VF Corp. | 27,800 | 1,453,662 | |||
4,296,290 | |||||
Appliances — 0.0% | |||||
Whirlpool Corp.# | 23,700 | 933,306 | |||
Applications Software — 2.2% | |||||
Citrix Systems, Inc.† | 58,200 | 1,551,612 | |||
Compuware Corp.† | 81,300 | 516,255 | |||
Intuit, Inc.† | 102,400 | 2,269,184 | |||
Microsoft Corp. | 2,505,100 | 50,653,122 | |||
Salesforce.com, Inc.† | 33,200 | 950,184 | |||
55,940,357 | |||||
Athletic Footwear — 0.3% | |||||
NIKE, Inc., Class B# | 125,200 | 6,666,900 | |||
Audio/Video Products — 0.0% | |||||
Harman International Industries, Inc.# | 18,700 | 281,435 | |||
Auto - Cars/Light Trucks — 0.1% | |||||
Ford Motor Co.†# | 721,500 | 1,940,835 | |||
General Motors Corp.# | 194,700 | 1,020,228 | |||
2,961,063 | |||||
Auto - Heavy Duty Trucks — 0.1% | |||||
PACCAR, Inc.# | 115,900 | 3,230,133 | |||
Auto/Truck Parts & Equipment - Original — 0.1% | |||||
Johnson Controls, Inc. | 189,400 | 3,344,804 | |||
Banks - Commercial — 0.5% | |||||
BB&T Corp.# | 175,300 | 5,253,741 | |||
First Horizon National Corp.# | 64,400 | 688,436 | |||
M&T Bank Corp.# | 24,600 | 1,580,550 | |||
Marshall & Ilsley Corp.# | 82,800 | 1,279,260 |
Security Description | Shares | Market Value (Note 2) | |||
Banks - Commercial (continued) | |||||
Regions Financial Corp. | 221,700 | $ | 2,259,123 | ||
Zions Bancorp.# | 36,600 | 1,167,174 | |||
12,228,284 | |||||
Banks - Fiduciary — 0.8% | |||||
Northern Trust Corp. | 70,500 | 3,235,245 | |||
State Street Corp. | 137,700 | 5,798,547 | |||
The Bank of New York Mellon Corp. | 365,600 | 11,044,776 | |||
20,078,568 | |||||
Banks - Super Regional — 2.9% | |||||
Capital One Financial Corp.# | 119,900 | 4,125,759 | |||
Comerica, Inc.# | 48,000 | 1,082,400 | |||
Fifth Third Bancorp# | 184,300 | 1,761,908 | |||
Huntington Bancshares, Inc.# | 116,800 | 934,400 | |||
KeyCorp# | 157,800 | 1,480,164 | |||
National City Corp.# | 667,700 | 1,342,077 | |||
PNC Financial Services Group, Inc.# | 110,500 | 5,831,085 | |||
SunTrust Banks, Inc.# | 112,800 | 3,579,144 | |||
US Bancorp | 555,800 | 14,995,484 | |||
Wachovia Corp.# | 688,800 | 3,871,056 | |||
Wells Fargo & Co. | 1,185,700 | 34,254,873 | |||
73,258,350 | |||||
Beverages - Non-alcoholic — 2.4% | |||||
Coca-Cola Enterprises, Inc. | 101,200 | 929,016 | |||
Dr. Pepper Snapple Group, Inc.† | 80,900 | 1,305,726 | |||
Pepsi Bottling Group, Inc. | 43,600 | 788,724 | |||
PepsiCo, Inc. | 499,500 | 28,321,650 | |||
The Coca-Cola Co. | 634,200 | 29,724,954 | |||
61,070,070 | |||||
Beverages - Wine/Spirits — 0.1% | |||||
Brown-Forman Corp., Class B | 31,300 | 1,373,757 | |||
Constellation Brands, Inc., Class A† | 61,800 | 788,568 | |||
2,162,325 | |||||
Brewery — 0.1% | |||||
Molson Coors Brewing Co., Class B | 48,100 | 2,139,007 | |||
Building Products - Wood — 0.0% | |||||
Masco Corp.# | 114,900 | 1,100,742 | |||
Building - Residential/Commercial — 0.1% | |||||
Centex Corp. | 39,400 | 360,904 | |||
D.R. Horton, Inc. | 87,900 | 603,873 | |||
KB Home# | 24,000 | 279,120 | |||
Lennar Corp., Class A# | 45,100 | 320,661 | |||
Pulte Homes, Inc.# | 68,200 | 726,330 | |||
2,290,888 | |||||
Cable TV — 0.8% | |||||
Comcast Corp., Class A | 931,000 | 16,143,540 | |||
Scripps Networks Interactive, Inc., Class A# | 28,700 | 797,573 | |||
The DIRECTV Group, Inc.†# | 174,300 | 3,836,343 | |||
20,777,456 | |||||
Casino Hotels — 0.0% | |||||
Wynn Resorts, Ltd.†# | 19,600 | 780,472 | |||
Casino Services — 0.0% | |||||
International Game Technology | 98,800 | 1,058,148 | |||
Chemicals - Diversified — 0.7% | |||||
E.I. du Pont de Nemours & Co. | 287,800 | 7,212,268 | |||
PPG Industries, Inc. | 52,400 | 2,301,408 | |||
Rohm & Haas Co.# | 39,500 | 2,702,195 | |||
The Dow Chemical Co. | 295,100 | 5,474,105 | |||
17,689,976 | |||||
196
Table of Contents
AIG Retirement Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Chemicals - Specialty — 0.2% | |||||
Eastman Chemical Co.# | 23,200 | $ | 763,280 | ||
Ecolab, Inc. | 56,000 | 2,149,840 | |||
International Flavors & Fragrances, Inc. | 25,100 | 766,554 | |||
Sigma-Aldrich Corp.# | 40,200 | 1,733,022 | |||
5,412,696 | |||||
Coal — 0.2% | |||||
CONSOL Energy, Inc. | 58,400 | 1,691,848 | |||
Massey Energy Co. | 27,000 | 421,740 | |||
Peabody Energy Corp. | 86,800 | 2,033,724 | |||
4,147,312 | |||||
Coatings/Paint — 0.1% | |||||
The Sherwin-Williams Co.# | 31,500 | 1,856,295 | |||
Commercial Services — 0.0% | |||||
Convergys Corp.† | 38,900 | 244,681 | |||
Commercial Services - Finance — 0.8% | |||||
Automatic Data Processing, Inc. | 162,300 | 6,664,038 | |||
Equifax, Inc. | 40,900 | 1,040,905 | |||
H&R Block, Inc. | 104,700 | 2,002,911 | |||
Mastercard, Inc., Class A | 23,100 | 3,356,430 | |||
Moody’s Corp.# | 63,000 | 1,367,730 | |||
Paychex, Inc. | 102,400 | 2,893,824 | |||
The Western Union Co. | 232,600 | 3,086,602 | |||
Total Systems Services, Inc. | 63,100 | 900,437 | |||
21,312,877 | |||||
Computer Aided Design — 0.0% | |||||
Autodesk, Inc.† | 71,800 | 1,191,162 | |||
Computer Services — 0.2% | |||||
Affiliated Computer Services, Inc., Class A† | 31,000 | 1,253,950 | |||
Cognizant Technology Solutions Corp., Class A† | 93,000 | 1,785,600 | |||
Computer Sciences Corp.† | 48,300 | 1,345,638 | |||
4,385,188 | |||||
Computers — 3.8% | |||||
Apple, Inc.† | 282,600 | 26,188,542 | |||
Dell, Inc.† | 556,100 | 6,211,637 | |||
Hewlett-Packard Co. | 781,400 | 27,567,792 | |||
International Business Machines Corp. | 432,300 | 35,275,680 | |||
Sun Microsystems, Inc.† | 240,200 | 761,434 | |||
96,005,085 | |||||
Computers - Integrated Systems — 0.0% | |||||
Teradata Corp.† | 56,900 | 764,167 | |||
Computers - Memory Devices — 0.4% | |||||
EMC Corp.† | 660,600 | 6,982,542 | |||
NetApp, Inc.†# | 104,500 | 1,410,750 | |||
SanDisk Corp.† | 71,800 | 574,400 | |||
8,967,692 | |||||
Computers - Periphery Equipment — 0.0% | |||||
Lexmark International, Inc., Class A†# | 25,000 | 654,500 | |||
Consumer Products - Misc. — 0.5% | |||||
Clorox Co. | 44,100 | 2,608,956 | |||
Fortune Brands, Inc. | 47,800 | 1,806,840 | |||
Kimberly-Clark Corp. | 132,500 | 7,657,175 | |||
12,072,971 | |||||
Containers - Metal/Glass — 0.0% | |||||
Ball Corp. | 30,800 | 1,122,660 | |||
Security Description | Shares | Market Value (Note 2) | |||
Containers - Paper/Plastic — 0.1% | |||||
Bemis Co., Inc. | 31,800 | $ | 859,236 | ||
Pactiv Corp.† | 41,800 | 1,044,582 | |||
Sealed Air Corp. | 50,400 | 797,832 | |||
2,701,650 | |||||
Cosmetics & Toiletries — 3.0% | |||||
Avon Products, Inc. | 135,800 | 2,865,380 | |||
Colgate-Palmolive Co. | 161,400 | 10,502,298 | |||
Procter & Gamble Co. | 955,700 | 61,499,295 | |||
The Estee Lauder Cos., Inc., Class A# | 36,600 | 1,021,140 | |||
75,888,113 | |||||
Cruise Lines — 0.1% | |||||
Carnival Corp. | 139,400 | 2,927,400 | |||
Data Processing/Management — 0.1% | |||||
Fidelity National Information Services, Inc. | 60,500 | 1,039,390 | |||
Fiserv, Inc.† | 52,300 | 1,785,522 | |||
2,824,912 | |||||
Dental Supplies & Equipment — 0.1% | |||||
Dentsply International, Inc. | 47,400 | 1,236,192 | |||
Patterson Cos., Inc.†# | 29,100 | 547,662 | |||
1,783,854 | |||||
Dialysis Centers — 0.1% | |||||
DaVita, Inc.† | 33,300 | 1,673,325 | |||
Disposable Medical Products — 0.1% | |||||
C.R. Bard, Inc. | 31,700 | 2,600,351 | |||
Distribution/Wholesale — 0.2% | |||||
Fastenal Co.# | 41,200 | 1,586,612 | |||
Genuine Parts Co. | 51,600 | 2,020,140 | |||
WW Grainger, Inc.# | 20,700 | 1,460,799 | |||
5,067,551 | |||||
Diversified Banking Institutions — 3.5% | |||||
Bank of America Corp.# | 1,600,000 | 26,000,000 | |||
Citigroup, Inc.# | 1,737,300 | 14,402,217 | |||
JPMorgan Chase & Co. | 1,175,300 | 37,209,998 | |||
The Goldman Sachs Group, Inc. | 138,600 | 10,948,014 | |||
88,560,229 | |||||
Diversified Financial Services — 0.1% | |||||
IntercontinentalExchange, Inc.† | 24,100 | 1,773,760 | |||
Diversified Manufacturing Operations — 4.1% | |||||
3M Co. | 223,000 | 14,925,390 | |||
Cooper Industries, Ltd., Class A | 55,500 | 1,339,770 | |||
Danaher Corp.# | 81,400 | 4,529,096 | |||
Dover Corp. | 59,900 | 1,786,817 | |||
Eaton Corp. | 53,000 | 2,456,020 | |||
General Electric Co. | 3,348,600 | 57,495,462 | |||
Honeywell International, Inc. | 237,500 | 6,616,750 | |||
Illinois Tool Works, Inc.# | 127,600 | 4,353,712 | |||
Ingersoll-Rand Co., Ltd., Class A | 101,600 | 1,593,088 | |||
ITT Corp. | 58,000 | 2,427,880 | |||
Leggett & Platt, Inc.# | 51,300 | 748,980 | |||
Parker Hannifin Corp. | 53,500 | 2,197,780 | |||
Textron, Inc. | 79,300 | 1,207,739 | |||
Tyco International, Ltd. | 151,500 | 3,166,350 | |||
104,844,834 | |||||
Diversified Operations — 0.0% | |||||
Leucadia National Corp.# | 56,500 | 1,104,575 | |||
197
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
E-Commerce/Products — 0.2% | |||||
Amazon.com, Inc.†# | 101,900 | $ | 4,351,130 | ||
E-Commerce/Services — 0.2% | |||||
eBay, Inc.† | 348,500 | 4,575,805 | |||
Expedia, Inc.† | 66,800 | 561,120 | |||
5,136,925 | |||||
Electric Products - Misc. — 0.4% | |||||
Emerson Electric Co. | 247,600 | 8,886,364 | |||
Molex, Inc.# | 45,500 | 618,800 | |||
9,505,164 | |||||
Electric - Generation — 0.1% | |||||
The AES Corp.† | 214,600 | 1,650,274 | |||
Electric - Integrated — 3.8% | |||||
Allegheny Energy, Inc. | 53,900 | 1,899,975 | |||
Ameren Corp. | 67,100 | 2,387,418 | |||
American Electric Power Co., Inc. | 128,300 | 4,014,507 | |||
CMS Energy Corp.# | 71,900 | 730,504 | |||
Consolidated Edison, Inc.# | 87,200 | 3,522,008 | |||
Constellation Energy Group, Inc. | 56,900 | 1,392,343 | |||
Dominion Resources, Inc. | 185,000 | 6,811,700 | |||
DTE Energy Co. | 52,000 | 1,933,880 | |||
Duke Energy Corp. | 403,600 | 6,280,016 | |||
Edison International | 103,900 | 3,470,260 | |||
Entergy Corp. | 61,100 | 5,199,610 | |||
Exelon Corp. | 209,700 | 11,787,237 | |||
FirstEnergy Corp. | 97,300 | 5,699,834 | |||
FPL Group, Inc. | 130,300 | 6,353,428 | |||
Integrys Energy Group, Inc. | 24,400 | 1,077,992 | |||
Pepco Holdings, Inc. | 68,800 | 1,237,712 | |||
PG&E Corp. | 114,400 | 4,351,776 | |||
Pinnacle West Capital Corp. | 32,100 | 975,840 | |||
PPL Corp.# | 119,500 | 4,049,855 | |||
Progress Energy, Inc. | 83,600 | 3,318,084 | |||
Public Service Enterprise Group, Inc. | 162,200 | 5,011,980 | |||
Southern Co. | 245,700 | 8,923,824 | |||
TECO Energy, Inc.# | 67,900 | 882,700 | |||
Wisconsin Energy Corp. | 37,300 | 1,621,058 | |||
Xcel Energy, Inc. | 142,300 | 2,676,663 | |||
95,610,204 | |||||
Electronic Components - Misc. — 0.1% | |||||
Jabil Circuit, Inc. | 67,000 | 440,860 | |||
Tyco Electronics, Ltd. | 150,700 | 2,483,536 | |||
2,924,396 | |||||
Electronic Components - Semiconductors — 1.7% | |||||
Advanced Micro Devices, Inc.†# | 193,700 | 457,132 | |||
Altera Corp. | 96,000 | 1,412,160 | |||
Broadcom Corp., Class A† | 140,800 | 2,155,648 | |||
Intel Corp. | 1,793,700 | 24,753,060 | |||
LSI Corp.† | 205,300 | 550,204 | |||
MEMC Electronic Materials, Inc.† | 72,100 | 1,082,942 | |||
Microchip Technology, Inc.# | 58,700 | 1,085,950 | |||
Micron Technology, Inc.†# | 242,800 | 665,272 | |||
National Semiconductor Corp. | 62,200 | 684,200 | |||
NVIDIA Corp.† | 177,600 | 1,326,672 | |||
QLogic Corp.† | 41,900 | 444,978 | |||
Texas Instruments, Inc. | 418,200 | 6,511,374 | |||
Xilinx, Inc.# | 88,200 | 1,442,952 | |||
42,572,544 | |||||
Electronic Connectors — 0.1% | |||||
Amphenol Corp., Class A | 56,400 | 1,309,608 | |||
Security Description | Shares | Market Value (Note 2) | |||
Electronic Forms — 0.2% | |||||
Adobe Systems, Inc.† | 169,200 | $ | 3,918,672 | ||
Electronic Measurement Instruments — 0.1% | |||||
Agilent Technologies, Inc.† | 114,100 | 2,148,503 | |||
Electronics - Military — 0.1% | |||||
L-3 Communications Holdings, Inc. | 38,700 | 2,599,479 | |||
Engineering/R&D Services — 0.2% | |||||
Fluor Corp. | 57,100 | 2,600,334 | |||
Jacobs Engineering Group, Inc.† | 39,100 | 1,750,507 | |||
4,350,841 | |||||
Engines - Internal Combustion — 0.1% | |||||
Cummins, Inc. | 64,700 | 1,655,026 | |||
Enterprise Software/Service — 1.0% | |||||
BMC Software, Inc.† | 60,600 | 1,512,576 | |||
CA, Inc. | 125,700 | 2,116,788 | |||
Novell, Inc.† | 110,200 | 501,410 | |||
Oracle Corp.† | 1,250,200 | 20,115,718 | |||
24,246,492 | |||||
Entertainment Software — 0.1% | |||||
Electronic Arts, Inc.† | 101,700 | 1,938,402 | |||
Filtration/Separation Products — 0.0% | |||||
Pall Corp. | 38,200 | 1,050,882 | |||
Finance - Commercial — 0.0% | |||||
CIT Group, Inc.# | 91,000 | 303,940 | |||
Finance - Consumer Loans — 0.1% | |||||
SLM Corp.†# | 149,100 | 1,373,211 | |||
Finance - Credit Card — 0.4% | |||||
American Express Co. | 369,900 | 8,622,369 | |||
Discover Financial Services | 152,900 | 1,564,167 | |||
10,186,536 | |||||
Finance - Investment Banker/Broker — 0.7% | |||||
E*TRADE Financial Corp.†# | 171,400 | 231,390 | |||
Merrill Lynch & Co., Inc. | 488,600 | 6,459,292 | |||
Morgan Stanley | 353,800 | 5,218,550 | |||
The Charles Schwab Corp. | 297,600 | 5,455,008 | |||
17,364,240 | |||||
Finance - Other Services — 0.3% | |||||
CME Group, Inc.# | 21,400 | 4,535,730 | |||
NYSE Euronext | 84,900 | 2,021,469 | |||
The NASDAQ OMX Group†# | 43,400 | 933,100 | |||
7,490,299 | |||||
Financial Guarantee Insurance — 0.0% | |||||
MBIA, Inc.# | 62,400 | 365,040 | |||
Food - Confectionery — 0.1% | |||||
The Hershey Co.# | 52,900 | 1,904,400 | |||
The J.M. Smucker Co. | 37,600 | 1,705,912 | |||
3,610,312 | |||||
Food - Dairy Products — 0.0% | |||||
Dean Foods Co.† | 48,600 | 707,616 | |||
Food - Meat Products — 0.0% | |||||
Tyson Foods, Inc., Class A | 95,700 | 642,147 | |||
Food - Misc. — 1.4% | |||||
Campbell Soup Co.# | 67,600 | 2,166,580 | |||
ConAgra Foods, Inc. | 144,500 | 2,131,375 | |||
General Mills, Inc. | 107,300 | 6,778,141 | |||
H.J. Heinz Co. | 99,600 | 3,868,464 |
198
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Food - Misc. (continued) | |||||
Kellogg Co. | 79,900 | $ | 3,470,057 | ||
Kraft Foods, Inc., Class A | 484,300 | 13,177,803 | |||
McCormick & Co., Inc. | 41,100 | 1,223,547 | |||
Sara Lee Corp. | 225,400 | 2,069,172 | |||
34,885,139 | |||||
Food - Retail — 0.4% | |||||
Safeway, Inc. | 138,900 | 3,028,020 | |||
SUPERVALU, Inc. | 67,800 | 807,498 | |||
The Kroger Co. | 208,900 | 5,778,174 | |||
Whole Foods Market, Inc.# | 44,800 | 473,984 | |||
10,087,676 | |||||
Food - Wholesale/Distribution — 0.2% | |||||
Sysco Corp. | 192,100 | 4,504,745 | |||
Forestry — 0.2% | |||||
Plum Creek Timber Co., Inc.# | 54,600 | 1,943,214 | |||
Weyerhaeuser Co. | 67,400 | 2,535,588 | |||
4,478,802 | |||||
Gas - Distribution — 0.3% | |||||
CenterPoint Energy, Inc. | 109,100 | 1,410,663 | |||
Nicor, Inc.# | 14,400 | 587,232 | |||
NiSource, Inc. | 87,500 | 1,054,375 | |||
Sempra Energy | 78,600 | 3,668,262 | |||
6,720,532 | |||||
Gold Mining — 0.2% | |||||
Newmont Mining Corp. | 145,700 | 4,902,805 | |||
Hazardous Waste Disposal — 0.1% | |||||
Stericycle, Inc.† | 27,200 | 1,558,560 | |||
Health Care Cost Containment — 0.1% | |||||
McKesson Corp. | 88,000 | 3,074,720 | |||
Home Decoration Products — 0.0% | |||||
Newell Rubbermaid, Inc. | 88,400 | 1,181,024 | |||
Hotels/Motels — 0.1% | |||||
Marriott International, Inc., Class A | 94,300 | 1,583,297 | |||
Starwood Hotels & Resorts Worldwide, Inc.# | 59,600 | 1,004,856 | |||
Wyndham Worldwide Corp. | 56,600 | 270,548 | |||
2,858,701 | |||||
Human Resources — 0.1% | |||||
Monster Worldwide, Inc.†# | 39,600 | 454,212 | |||
Robert Half International, Inc.# | 49,700 | 1,038,233 | |||
1,492,445 | |||||
Independent Power Producers — 0.0% | |||||
Dynegy, Inc., Class A† | 161,300 | 359,699 | |||
Industrial Automated/Robotic — 0.1% | |||||
Rockwell Automation, Inc. | 46,400 | 1,445,360 | |||
Industrial Gases — 0.4% | |||||
Air Products & Chemicals, Inc. | 67,600 | 3,228,576 | |||
Praxair, Inc. | 100,500 | 5,934,525 | |||
9,163,101 | |||||
Instruments - Scientific — 0.3% | |||||
PerkinElmer, Inc. | 38,100 | 688,086 | |||
Thermo Fisher Scientific, Inc.† | 133,700 | 4,770,416 | |||
Waters Corp.† | 31,600 | 1,302,868 | |||
6,761,370 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Insurance Brokers — 0.3% | |||||
AON Corp. | 88,600 | $ | 4,013,580 | ||
Marsh & McLennan Cos., Inc. | 163,600 | 4,171,800 | |||
8,185,380 | |||||
Insurance - Life/Health — 0.6% | |||||
AFLAC, Inc. | 151,900 | 7,032,970 | |||
Lincoln National Corp. | 81,900 | 1,124,487 | |||
Principal Financial Group, Inc. | 82,700 | 1,142,087 | |||
Prudential Financial, Inc. | 136,200 | 2,955,540 | |||
Torchmark Corp.# | 27,800 | 1,004,970 | |||
Unum Group | 110,200 | 1,641,980 | |||
14,902,034 | |||||
Insurance - Multi-line — 0.8% | |||||
Allstate Corp. | 172,800 | 4,396,032 | |||
American International Group, Inc.(1)# | 857,900 | 1,724,379 | |||
Assurant, Inc. | 37,800 | 822,906 | |||
Cincinnati Financial Corp. | 51,800 | 1,514,632 | |||
Genworth Financial, Inc., Class A | 138,200 | 200,390 | |||
Hartford Financial Services Group, Inc.# | 96,100 | 812,045 | |||
Loews Corp. | 115,500 | 3,163,545 | |||
MetLife, Inc. | 243,000 | 6,988,680 | |||
XL Capital, Ltd., Class A# | 105,600 | 531,168 | |||
20,153,777 | |||||
Insurance - Property/Casualty — 0.7% | |||||
Chubb Corp. | 115,000 | 5,906,400 | |||
The Progressive Corp. | 215,500 | 3,236,810 | |||
The Travelers Cos., Inc. | 188,500 | 8,228,025 | |||
17,371,235 | |||||
Internet Infrastructure Software — 0.0% | |||||
Akamai Technologies, Inc.† | 54,000 | 662,580 | |||
Internet Security — 0.2% | |||||
Symantec Corp.† | 267,700 | 3,220,431 | |||
VeriSign, Inc.†# | 61,600 | 1,329,944 | |||
4,550,375 | |||||
Investment Companies — 0.0% | |||||
American Capital, Ltd.# | 66,000 | 279,840 | |||
Investment Management/Advisor Services — 0.4% | |||||
Ameriprise Financial, Inc. | 69,200 | 1,277,432 | |||
Federated Investors, Inc., Class B | 28,000 | 555,800 | |||
Franklin Resources, Inc. | 48,600 | 2,952,450 | |||
Invesco, Ltd.# | 123,400 | 1,548,670 | |||
Janus Capital Group, Inc.# | 51,000 | 415,650 | |||
Legg Mason, Inc.# | 45,200 | 814,504 | |||
T. Rowe Price Group, Inc.# | 82,600 | 2,825,746 | |||
10,390,252 | |||||
Linen Supply & Related Items — 0.0% | |||||
Cintas Corp. | 42,200 | 1,013,644 | |||
Machinery - Construction & Mining — 0.3% | |||||
Caterpillar, Inc. | 194,200 | 7,960,258 | |||
Machinery - Farming — 0.2% | |||||
Deere & Co. | 136,200 | 4,741,122 | |||
Machinery - General Industrial — 0.0% | |||||
The Manitowoc Co., Inc.# | 41,600 | 327,808 | |||
Machinery - Pumps — 0.0% | |||||
Flowserve Corp. | 18,300 | 921,039 | |||
Medical Information Systems — 0.0% | |||||
IMS Health, Inc. | 58,000 | 762,700 | |||
199
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Medical Instruments — 0.7% | |||||
Boston Scientific Corp.† | 478,800 | $ | 2,954,196 | ||
Intuitive Surgical, Inc.† | 12,400 | 1,643,372 | |||
Medtronic, Inc. | 360,000 | 10,987,200 | |||
St. Jude Medical, Inc.† | 109,000 | 3,055,270 | |||
18,640,038 | |||||
Medical Labs & Testing Services — 0.2% | |||||
Laboratory Corp. of America Holdings†# | 35,500 | 2,249,280 | |||
Quest Diagnostics, Inc. | 50,400 | 2,347,128 | |||
4,596,408 | |||||
Medical Products — 3.2% | |||||
Baxter International, Inc. | 200,300 | 10,595,870 | |||
Becton Dickinson & Co. | 77,700 | 4,936,281 | |||
Covidien, Ltd. | 160,100 | 5,899,685 | |||
Hospira, Inc.† | 50,900 | 1,528,527 | |||
Johnson & Johnson | 891,600 | 52,229,928 | |||
Stryker Corp. | 78,900 | 3,070,788 | |||
Varian Medical Systems, Inc.† | 39,800 | 1,606,328 | |||
Zimmer Holdings, Inc.† | 71,900 | 2,683,308 | |||
82,550,715 | |||||
Medical - Biomedical/Gene — 2.0% | |||||
Amgen, Inc.† | 337,600 | 18,750,304 | |||
Biogen Idec, Inc.† | 92,600 | 3,917,906 | |||
Celgene Corp.† | 145,100 | 7,559,710 | |||
Genzyme Corp.† | 85,700 | 5,486,514 | |||
Gilead Sciences, Inc.†# | 293,500 | 13,145,865 | |||
Life Technologies Corp.† | 80,013 | 2,088,328 | |||
Millipore Corp.†# | 17,600 | 891,616 | |||
51,840,243 | |||||
Medical - Drugs — 5.4% | |||||
Abbott Laboratories | 491,800 | 25,765,402 | |||
Allergan, Inc. | 98,100 | 3,696,408 | |||
Bristol-Myers Squibb Co. | 631,600 | 13,074,120 | |||
Cephalon, Inc.†# | 21,700 | 1,594,516 | |||
Eli Lilly & Co. | 319,200 | 10,900,680 | |||
Forest Laboratories, Inc.† | 97,300 | 2,352,714 | |||
King Pharmaceuticals, Inc.† | 78,600 | 755,346 | |||
Merck & Co., Inc. | 683,500 | 18,263,120 | |||
Pfizer, Inc. | 2,150,700 | 35,336,001 | |||
Schering-Plough Corp. | 518,600 | 8,717,666 | |||
Wyeth | 425,400 | 15,318,654 | |||
135,774,627 | |||||
Medical - Generic Drugs — 0.2% | |||||
Barr Pharmaceuticals, Inc.† | 34,700 | 2,269,033 | |||
Mylan, Inc.†# | 97,100 | 913,711 | |||
Watson Pharmaceuticals, Inc.† | 33,300 | 790,875 | |||
3,973,619 | |||||
Medical - HMO — 0.8% | |||||
Aetna, Inc. | 150,500 | 3,283,910 | |||
CIGNA Corp. | 87,700 | 1,062,047 | |||
Coventry Health Care, Inc.† | 47,300 | 589,831 | |||
Humana, Inc.† | 53,900 | 1,629,397 | |||
UnitedHealth Group, Inc. | 388,500 | 8,162,385 | |||
WellPoint, Inc.† | 163,100 | 5,806,360 | |||
20,533,930 | |||||
Medical - Hospitals — 0.0% | |||||
Tenet Healthcare Corp.†# | 132,300 | 160,083 | |||
Medical - Wholesale Drug Distribution — 0.2% | |||||
AmerisourceBergen Corp. | 50,600 | 1,586,310 | |||
Cardinal Health, Inc. | 114,600 | 3,726,792 | |||
5,313,102 | |||||
Security Description | Shares | Market Value (Note 2) | |||
Metal Processors & Fabrication — 0.1% | |||||
Precision Castparts Corp. | 44,500 | $ | 2,790,150 | ||
Metal - Aluminum — 0.1% | |||||
Alcoa, Inc.# | 259,500 | 2,792,220 | |||
Metal - Diversified — 0.1% | |||||
Freeport-McMoRan Copper & Gold, Inc. | 122,500 | 2,938,775 | |||
Motorcycle/Motor Scooter — 0.1% | |||||
Harley-Davidson, Inc.# | 75,100 | 1,277,451 | |||
Multimedia — 1.4% | |||||
Meredith Corp.# | 11,500 | 185,610 | |||
News Corp., Class A | 732,500 | 5,786,750 | |||
The McGraw-Hill Cos., Inc. | 101,300 | 2,532,500 | |||
The Walt Disney Co.† | 598,700 | 13,482,724 | |||
Time Warner, Inc. | 1,143,100 | 10,345,055 | |||
Viacom, Inc., Class B† | 198,100 | 3,153,752 | |||
35,486,391 | |||||
Networking Products — 1.3% | |||||
Cisco Systems, Inc.† | 1,884,600 | 31,171,284 | |||
Juniper Networks, Inc.† | 173,400 | 3,013,692 | |||
34,184,976 | |||||
Non-Ferrous Metals — 0.0% | |||||
Titanium Metals Corp.# | 27,200 | 229,840 | |||
Non-Hazardous Waste Disposal — 0.2% | |||||
Allied Waste Industries, Inc.† | 108,100 | 1,160,994 | |||
Waste Management, Inc. | 156,500 | 4,569,800 | |||
5,730,794 | |||||
Office Automation & Equipment — 0.1% | |||||
Pitney Bowes, Inc. | 66,300 | 1,638,273 | |||
Xerox Corp. | 278,300 | 1,945,317 | |||
3,583,590 | |||||
Office Supplies & Forms — 0.0% | |||||
Avery Dennison Corp. | 34,000 | 1,057,400 | |||
Oil & Gas Drilling — 0.5% | |||||
ENSCO International, Inc. | 45,700 | 1,481,137 | |||
Nabors Industries, Ltd.†# | 89,400 | 1,296,300 | |||
Noble Corp. | 85,900 | 2,301,261 | |||
Rowan Cos., Inc. | 36,100 | 626,335 | |||
Transocean, Inc.† | 101,800 | 6,808,384 | |||
12,513,417 | |||||
Oil Companies - Exploration & Production — 2.7% | |||||
Anadarko Petroleum Corp. | 149,500 | 6,136,975 | |||
Apache Corp. | 106,700 | 8,247,910 | |||
Cabot Oil & Gas Corp. | 33,000 | 989,010 | |||
Chesapeake Energy Corp.# | 166,300 | 2,857,034 | |||
Devon Energy Corp. | 141,000 | 10,199,940 | |||
EOG Resources, Inc. | 79,400 | 6,750,588 | |||
Noble Energy, Inc. | 55,100 | 2,880,628 | |||
Occidental Petroleum Corp. | 260,700 | 14,114,298 | |||
Pioneer Natural Resources Co. | 38,200 | 767,056 | |||
Questar Corp. | 55,300 | 1,780,107 | |||
Range Resources Corp. | 49,500 | 2,052,765 | |||
Southwestern Energy Co.† | 109,500 | 3,763,515 | |||
XTO Energy, Inc. | 175,300 | 6,703,472 | |||
67,243,298 | |||||
Oil Companies - Integrated — 8.8% | |||||
Chevron Corp. | 655,500 | 51,791,055 | |||
ConocoPhillips | 484,900 | 25,466,948 | |||
Exxon Mobil Corp. | 1,657,100 | 132,816,565 |
200
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Oil Companies - Integrated (continued) | |||||
Hess Corp. | 90,300 | $ | 4,879,812 | ||
Marathon Oil Corp. | 225,100 | 5,893,118 | |||
Murphy Oil Corp. | 60,800 | 2,678,240 | |||
223,525,738 | |||||
Oil Field Machinery & Equipment — 0.2% | |||||
Cameron International Corp.† | 69,400 | 1,464,340 | |||
National-Oilwell Varco, Inc.† | 133,200 | 3,768,228 | |||
5,232,568 | |||||
Oil Refining & Marketing — 0.2% | |||||
Sunoco, Inc.# | 37,300 | 1,482,302 | |||
Tesoro Corp.# | 44,000 | 404,360 | |||
Valero Energy Corp. | 166,900 | 3,062,615 | |||
4,949,277 | |||||
Oil-Field Services — 1.3% | |||||
Baker Hughes, Inc. | 98,300 | 3,423,789 | |||
BJ Services Co. | 93,800 | 1,124,662 | |||
Halliburton Co. | 279,800 | 4,924,480 | |||
Schlumberger, Ltd. | 382,700 | 19,418,198 | |||
Smith International, Inc. | 68,900 | 2,014,636 | |||
Weatherford International, Ltd.† | 217,200 | 2,773,644 | |||
33,679,409 | |||||
Paper & Related Products — 0.1% | |||||
International Paper Co. | 136,400 | 1,698,180 | |||
MeadWestvaco Corp. | 54,500 | 635,470 | |||
2,333,650 | |||||
Pharmacy Services — 0.4% | |||||
Express Scripts, Inc.† | 78,700 | 4,526,037 | |||
Medco Health Solutions, Inc.† | 161,300 | 6,774,600 | |||
11,300,637 | |||||
Photo Equipment & Supplies — 0.0% | |||||
Eastman Kodak Co.# | 85,600 | 647,992 | |||
Pipelines — 0.3% | |||||
El Paso Corp. | 223,700 | 1,653,143 | |||
Spectra Energy Corp. | 196,200 | 3,190,212 | |||
Williams Cos., Inc. | 183,900 | 2,982,858 | |||
7,826,213 | |||||
Printing - Commercial — 0.0% | |||||
R.R. Donnelley & Sons Co. | 67,000 | 854,920 | |||
Publishing - Newspapers — 0.1% | |||||
Gannett Co., Inc.# | 72,800 | 634,088 | |||
The New York Times Co., Class A# | 37,200 | 280,488 | |||
The Washington Post Co., Class B | 1,900 | 752,210 | |||
1,666,786 | |||||
Quarrying — 0.1% | |||||
Vulcan Materials Co.# | 35,000 | 2,099,300 | |||
Real Estate Investment Trusts — 0.8% | |||||
Apartment Investment & Management Co., Class A# | 27,300 | 313,131 | |||
AvalonBay Communities, Inc. | 24,600 | 1,492,482 | |||
Boston Properties, Inc.# | 38,200 | 2,039,880 | |||
Developers Diversified Realty Corp.# | 38,400 | 184,320 | |||
Equity Residential | 86,400 | 2,629,152 | |||
HCP, Inc.# | 80,300 | 1,659,801 | |||
Host Hotels & Resorts, Inc.# | 165,700 | 1,246,064 | |||
Kimco Realty Corp.# | 72,400 | 1,024,460 | |||
ProLogis# | 83,700 | 320,571 | |||
Public Storage | 40,000 | 2,795,600 |
Security Description | Shares | Market Value (Note 2) | |||
Real Estate Investment Trusts (continued) | |||||
Simon Property Group, Inc.# | 71,800 | $ | 3,410,500 | ||
Vornado Realty Trust | 43,700 | 2,335,765 | |||
19,451,726 | |||||
Real Estate Management/Services — 0.0% | |||||
CB Richard Ellis Group, Inc., Class A†# | 68,500 | 312,360 | |||
Retail - Apparel/Shoe — 0.2% | |||||
Abercrombie & Fitch Co., Class A# | 27,800 | 537,374 | |||
Limited Brands, Inc.# | 91,000 | 847,210 | |||
Liz Claiborne, Inc. | 30,200 | 86,070 | |||
Nordstrom, Inc.# | 50,900 | 578,733 | |||
The Gap, Inc. | 149,800 | 1,950,396 | |||
3,999,783 | |||||
Retail - Auto Parts — 0.1% | |||||
AutoZone, Inc.† | 12,200 | 1,332,484 | |||
Retail - Automobile — 0.0% | |||||
AutoNation, Inc.†# | 34,400 | 293,776 | |||
Retail - Bedding — 0.1% | |||||
Bed Bath & Beyond, Inc.† | 83,100 | 1,686,099 | |||
Retail - Building Products — 0.9% | |||||
Home Depot, Inc. | 541,900 | 12,523,309 | |||
Lowe’s Cos., Inc. | 467,600 | 9,660,616 | |||
22,183,925 | |||||
Retail - Computer Equipment — 0.0% | |||||
GameStop Corp., Class A† | 52,100 | 1,138,385 | |||
Retail - Consumer Electronics — 0.1% | |||||
Best Buy Co., Inc. | 107,800 | 2,232,538 | |||
RadioShack Corp. | 41,800 | 411,730 | |||
2,644,268 | |||||
Retail - Discount — 2.2% | |||||
Big Lots, Inc.†# | 26,200 | 459,024 | |||
Costco Wholesale Corp. | 138,700 | 7,138,889 | |||
Family Dollar Stores, Inc.# | 44,600 | 1,238,988 | |||
Target Corp. | 240,800 | 8,129,408 | |||
Wal-Mart Stores, Inc. | 715,400 | 39,976,552 | |||
56,942,861 | |||||
Retail - Drug Store — 0.8% | |||||
CVS Caremark Corp.# | 457,900 | 13,247,047 | |||
Walgreen Co. | 315,800 | 7,812,892 | |||
21,059,939 | |||||
Retail - Jewelry — 0.0% | |||||
Tiffany & Co.# | 39,600 | 783,684 | |||
Retail - Major Department Stores — 0.2% | |||||
J.C. Penney Co., Inc. | 70,900 | 1,346,391 | |||
Sears Holdings Corp.†# | 18,100 | 656,125 | |||
TJX Cos., Inc. | 133,800 | 3,053,316 | |||
5,055,832 | |||||
Retail - Office Supplies — 0.2% | |||||
Office Depot, Inc.† | 87,700 | 172,769 | |||
Staples, Inc. | 226,900 | 3,938,984 | |||
4,111,753 | |||||
Retail - Regional Department Stores — 0.2% | |||||
Kohl’s Corp.† | 97,200 | 3,174,552 | |||
Macy’s, Inc. | 134,200 | 995,764 | |||
4,170,316 | |||||
201
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PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK (continued) | |||||
Retail - Restaurants — 1.1% | |||||
Darden Restaurants, Inc. | 44,800 | $ | 819,392 | ||
McDonald’s Corp. | 358,800 | 21,079,500 | |||
Starbucks Corp.† | 233,100 | 2,081,583 | |||
Yum! Brands, Inc. | 149,500 | 4,027,530 | |||
28,008,005 | |||||
Rubber - Tires — 0.0% | |||||
The Goodyear Tire & Rubber Co.† | 76,900 | 494,467 | |||
Savings & Loans/Thrifts — 0.2% | |||||
Hudson City Bancorp, Inc. | 165,800 | 2,770,518 | |||
People’s United Financial, Inc. | 110,700 | 2,111,049 | |||
Sovereign Bancorp, Inc.†# | 173,400 | 428,298 | |||
5,309,865 | |||||
Schools — 0.1% | |||||
Apollo Group, Inc., Class A† | 33,900 | 2,604,876 | |||
Semiconductor Components - Integrated Circuits — 0.1% | |||||
Analog Devices, Inc. | 92,700 | 1,585,170 | |||
Linear Technology Corp.# | 70,700 | 1,410,465 | |||
2,995,635 | |||||
Semiconductor Equipment — 0.2% | |||||
Applied Materials, Inc. | 428,000 | 4,100,240 | |||
KLA-Tencor Corp.# | 55,300 | 1,040,193 | |||
Novellus Systems, Inc.†# | 31,600 | 391,524 | |||
Teradyne, Inc.† | 53,900 | 204,281 | |||
5,736,238 | |||||
Steel - Producers — 0.2% | |||||
AK Steel Holding Corp.# | 35,800 | 282,104 | |||
Nucor Corp. | 101,000 | 3,603,680 | |||
United States Steel Corp. | 37,500 | 1,140,000 | |||
5,025,784 | |||||
Steel - Specialty — 0.0% | |||||
Allegheny Technologies, Inc.# | 32,000 | 734,400 | |||
Telecom Equipment - Fiber Optics — 0.2% | |||||
Ciena Corp.†# | 28,800 | 213,120 | |||
Corning, Inc. | 503,400 | 4,535,634 | |||
JDS Uniphase Corp.† | 68,400 | 186,048 | |||
4,934,802 | |||||
Telecom Services — 0.1% | |||||
Embarq Corp. | 45,500 | 1,485,120 | |||
Telecommunication Equipment — 0.1% | |||||
Harris Corp. | 42,800 | 1,492,864 | |||
Tellabs, Inc.† | 126,800 | 528,756 | |||
2,021,620 | |||||
Telephone - Integrated — 3.6% | |||||
AT&T, Inc. | 1,880,100 | 53,695,656 | |||
CenturyTel, Inc.# | 32,700 | 868,512 | |||
Frontier Communications Corp.# | 100,800 | 878,976 | |||
Qwest Communications International, Inc.# | 473,600 | 1,515,520 | |||
Sprint Nextel Corp.† | 910,600 | 2,540,574 | |||
Verizon Communications, Inc. | 908,600 | 29,665,790 | |||
Windstream Corp. | 140,300 | 1,243,058 | |||
90,408,086 | |||||
Television — 0.1% | |||||
CBS Corp., Class B | 216,900 | 1,444,554 | |||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | ||||
Tobacco — 1.9% | ||||||
Altria Group, Inc. | 657,100 | $ | 10,566,168 | |||
Lorillard, Inc.# | 55,500 | 3,353,865 | ||||
Philip Morris International, Inc. | 657,600 | 27,724,416 | ||||
Reynolds American, Inc.# | 54,200 | 2,226,536 | ||||
UST, Inc. | 47,100 | 3,238,125 | ||||
47,109,110 | ||||||
Tools - Hand Held — 0.1% | ||||||
Black & Decker Corp.# | 19,100 | 810,604 | ||||
Snap-on, Inc. | 18,300 | 659,715 | ||||
The Stanley Works | 25,100 | 797,929 | ||||
2,268,248 | ||||||
Toys — 0.1% | ||||||
Hasbro, Inc.# | 40,100 | 1,074,680 | ||||
Mattel, Inc. | 115,000 | 1,572,050 | ||||
2,646,730 | ||||||
Transport - Rail — 1.0% | ||||||
Burlington Northern Santa Fe Corp. | 90,100 | 6,902,561 | ||||
CSX Corp. | 130,100 | 4,844,924 | ||||
Norfolk Southern Corp. | 119,700 | 5,921,559 | ||||
Union Pacific Corp. | 162,400 | 8,126,496 | ||||
25,795,540 | ||||||
Transport - Services — 1.2% | ||||||
C.H. Robinson Worldwide, Inc.# | 54,200 | 2,768,536 | ||||
Expeditors International of Washington, Inc. | 68,000 | 2,273,240 | ||||
FedEx Corp. | 99,300 | 7,015,545 | ||||
Ryder System, Inc. | 18,000 | 646,380 | ||||
United Parcel Service, Inc., Class B | 321,600 | 18,524,160 | ||||
31,227,861 | ||||||
Web Portals/ISP — 1.1% | ||||||
Google, Inc., Class A† | 76,200 | 22,323,552 | ||||
Yahoo!, Inc.† | 442,100 | 5,088,571 | ||||
27,412,123 | ||||||
Wireless Equipment — 1.0% | ||||||
American Tower Corp., Class A† | 125,700 | 3,424,068 | ||||
Motorola, Inc. | 722,800 | 3,115,268 | ||||
QUALCOMM, Inc. | 523,500 | 17,573,895 | ||||
24,113,231 | ||||||
Total Long-Term Investment Securities | ||||||
(cost $2,654,368,368) | 2,498,869,776 | |||||
SHORT-TERM INVESTMENT SECURITIES — 7.9% | ||||||
Collective Investment Pool — 6.7% | ||||||
Securities Lending Quality Trust(2) | 177,772,810 | 170,306,352 | ||||
Commercial Paper — 1.0% | ||||||
Erste Finance LLC | $ | 26,000,000 | 26,000,000 | |||
U.S. Government Treasuries — 0.2% | ||||||
United States Treasury Bills | 200,000 | 199,998 | ||||
0.02% due 01/22/09(3) | 1,500,000 | 1,499,957 | ||||
0.06% due 01/08/09(3) | 2,200,000 | 2,199,861 | ||||
0.80% due 01/08/09(3) | 1,000,000 | 999,915 | ||||
4,899,731 | ||||||
Total Short-Term Investment Securities | ||||||
(cost $208,672,541) | 201,206,083 | |||||
202
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AIG Retirement Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)
Security Description | Principal Amount | Market Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 0.2% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $4,626,004 and collateralized by Federal Home Loan Bank Bonds, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $4,768,691 | $ | 4,626,000 | $ | 4,626,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,867,666,909)(4) | 106.7 | % | 2,704,701,859 | |||||
Other assets less liabilities | (6.7 | ) | (169,475,920 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 2,535,225,939 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan |
(1) | Security represents an investment in an affliated company; see Note 3 |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Value at Trade Date | Value as of November 30, 2008 | Unrealized Appreciation (Depreciation) | |||||||||
188 Long | S&P 500 Index | December 2008 | $ | 42,136,092 | $ | 42,079,100 | $ | (56,992 | ) | |||||
See Notes to Financial Statements
203
Table of Contents
AIG Retirement Company I Value Fund
PORTFOLIO PROFILE — November 30, 2008 (Unaudited)
Industry Allocation*
Oil Companies — Exploration & Production | 8.3 | % | |
Medical — Drugs | 8.1 | ||
Electric — Integrated | 7.0 | ||
Diversified Banking Institutions | 6.2 | ||
Oil Companies — Integrated | 5.6 | ||
Beverages — Non-alcoholic | 5.2 | ||
Wireless Equipment | 4.8 | ||
Repurchase Agreements | 4.8 | ||
Chemicals — Specialty | 4.7 | ||
Insurance — Reinsurance | 4.5 | ||
Semiconductor Equipment | 4.5 | ||
Banks — Commercial | 4.2 | ||
Finance — Consumer Loans | 3.4 | ||
Medical — HMO | 3.2 | ||
Diversified Manufacturing Operations | 2.7 | ||
Computers | 2.3 | ||
Finance — Investment Banker/Broker | 2.2 | ||
Tobacco | 2.2 | ||
Broadcast Services/Program | 2.0 | ||
Multimedia | 1.8 | ||
Auto — Heavy Duty Trucks | 1.8 | ||
Telephone — Integrated | 1.4 | ||
Cable TV | 1.3 | ||
Aerospace/Defense — Equipment | 1.1 | ||
Machinery — Construction & Mining | 1.0 | ||
Transport — Services | 1.0 | ||
Instruments — Scientific | 0.9 | ||
Agricultural Chemicals | 0.9 | ||
Theaters | 0.9 | ||
Transport — Equipment & Leasing | 0.8 | ||
Investment Management/Advisor Services | 0.2 | ||
99.0 | % | ||
* | Calculated as a percentage of net assets |
204
Table of Contents
AIG Retirement Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)
Security Description | Shares | Market Value (Note 2) | |||
COMMON STOCK — 91.8% | |||||
Aerospace/Defense - Equipment — 1.1% | |||||
Goodrich Corp. | 51,878 | $ | 1,745,695 | ||
Agricultural Chemicals — 0.9% | |||||
The Mosaic Co. | 47,430 | 1,439,501 | |||
Auto - Heavy Duty Trucks — 1.8% | |||||
Navistar International Corp.† | 128,454 | 2,806,720 | |||
Banks - Commercial — 4.2% | |||||
Julius Baer Holding AG(1) | 201,767 | 6,666,439 | |||
Beverages - Non-alcoholic — 5.2% | |||||
PepsiCo, Inc. | 52,661 | 2,985,879 | |||
The Coca-Cola Co. | 113,743 | 5,331,134 | |||
8,317,013 | |||||
Broadcast Services/Program — 2.0% | |||||
Liberty Global, Inc., Class C† | 227,994 | 3,214,715 | |||
Cable TV — 1.3% | |||||
Time Warner Cable, Inc.† | 105,368 | 2,138,970 | |||
Chemicals - Specialty — 4.7% | |||||
Eastman Chemical Co. | 14,550 | 478,695 | |||
Lubrizol Corp. | 198,933 | 6,986,527 | |||
7,465,222 | |||||
Computers — 2.3% | |||||
Research In Motion, Ltd.† | 85,693 | 3,639,382 | |||
Diversified Banking Institutions — 6.2% | |||||
Bank of America Corp. | 223,467 | 3,631,339 | |||
JPMorgan Chase & Co. | 197,875 | 6,264,722 | |||
9,896,061 | |||||
Diversified Manufacturing Operations — 2.7% | |||||
Siemens AG ADR | 29,379 | 1,753,926 | |||
Tyco International, Ltd. | 120,130 | 2,510,717 | |||
4,264,643 | |||||
Electric - Integrated — 7.0% | |||||
Exelon Corp. | 66,529 | 3,739,595 | |||
FirstEnergy Corp. | 90,596 | 5,307,114 | |||
PPL Corp. | 60,462 | 2,049,057 | |||
11,095,766 | |||||
Finance - Consumer Loans — 3.4% | |||||
SLM Corp.† | 593,388 | 5,465,103 | |||
Finance - Investment Banker/Broker — 2.2% | |||||
Credit Suisse Group AG ADR | 67,800 | 2,007,558 | |||
Morgan Stanley | 104,110 | 1,535,623 | |||
3,543,181 | |||||
Instruments - Scientific — 0.9% | |||||
Thermo Fisher Scientific, Inc.† | 41,218 | 1,470,658 | |||
Insurance - Reinsurance — 4.5% | |||||
Everest Re Group, Ltd. | 91,173 | 7,153,434 | |||
Investment Management/Advisor Services — 0.2% | |||||
National Financial Partners Corp. | 155,519 | 247,275 | |||
Machinery - Construction & Mining — 1.0% | |||||
Joy Global, Inc. | 71,180 | 1,657,782 | |||
Medical - Drugs — 8.1% | |||||
Abbott Laboratories | 139,900 | 7,329,361 | |||
Schering-Plough Corp. | 331,278 | 5,568,783 | |||
12,898,144 | |||||
Security Description | Shares/ Principal Amount | Market Value (Note 2) | |||||
Medical - HMO — 3.2% | |||||||
Aetna, Inc. | 103,790 | $ | 2,264,698 | ||||
WellPoint, Inc.† | 78,000 | 2,776,800 | |||||
5,041,498 | |||||||
Multimedia — 1.8% | |||||||
News Corp., Class A | 368,720 | 2,912,888 | |||||
Oil Companies - Exploration & Production — 8.3% | |||||||
Devon Energy Corp. | 118,971 | 8,606,362 | |||||
EOG Resources, Inc. | 54,540 | 4,636,991 | |||||
13,243,353 | |||||||
Oil Companies - Integrated — 3.2% | |||||||
Hess Corp. | 93,720 | 5,064,629 | |||||
Semiconductor Equipment — 4.5% | |||||||
Lam Research Corp.† | 171,265 | 3,459,553 | |||||
Varian Semiconductor Equipment Associates, Inc.† | 199,718 | 3,674,811 | |||||
7,134,364 | |||||||
Telephone - Integrated — 1.4% | |||||||
AT&T, Inc. | 79,014 | 2,256,640 | |||||
Theaters — 0.9% | |||||||
Cinemark Holdings, Inc. | 182,003 | 1,370,483 | |||||
Tobacco — 2.2% | |||||||
Philip Morris International, Inc. | 83,692 | 3,528,455 | |||||
Transport - Equipment & Leasing — 0.8% | |||||||
Aircastle, Ltd. | 245,310 | 1,334,486 | |||||
Transport - Services — 1.0% | |||||||
United Parcel Service, Inc., Class B | 28,640 | 1,649,664 | |||||
Wireless Equipment — 4.8% | |||||||
QUALCOMM, Inc. | 230,303 | 7,731,272 | |||||
Total Common Stock | |||||||
(cost $213,928,858) | 146,393,436 | ||||||
PREFERRED STOCK — 2.4% | |||||||
Oil Companies - Integrated — 2.4% | |||||||
Petroleo Brasileiro SA ADR | 212,040 | 3,770,071 | |||||
Total Long-Term Investment Securities | |||||||
(cost $221,524,713) | 150,163,507 | ||||||
REPURCHASE AGREEMENT — 4.8% | |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $7,691,006 and collateralized by Federal Home Loan Bank Bonds, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $7,845,768 | $ | 7,691,000 | 7,691,000 | ||||
TOTAL INVESTMENTS | |||||||
(cost $229,215,713)(2) | 99.0 | % | 157,854,507 | ||||
Other assets less liabilities | 1.0 | 1,560,441 | |||||
NET ASSETS — | 100.0 | % | $ | 159,414,948 | |||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities. |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depository Receipt
See Notes to Financial Statements
205
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | CORE VALUE FUND | FOREIGN VALUE FUND | GLOBAL EQUITY FUND | |||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
Long-term investment securities, at market value (unaffiliated)*† | $ | 90,563,131 | $ | 269,645,708 | $ | 16,295,201 | $ | 106,269,751 | $ | 205,220,729 | $ | 104,517,764 | $ | 515,917,971 | $ | 201,487,580 | ||||||||||||||||
Long-term investment securities, at market value (affiliated)*† | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Short-term investment securities, at market value (unaffiliated)* | 11,314,986 | 49,330,724 | 192,000 | 8,801,756 | 41,180,458 | 1,523,000 | 98,104,192 | 36,394,830 | ||||||||||||||||||||||||
Repurchase agreements (cost equals market value) | 8,488,000 | – | – | 3,543,000 | 482,000 | – | – | 6,189,000 | ||||||||||||||||||||||||
Total Investments | 110,366,117 | 318,976,432 | 16,487,201 | 118,614,507 | 246,883,187 | 106,040,764 | 614,022,163 | 244,071,410 | ||||||||||||||||||||||||
Cash | 67,357 | – | 782 | 948 | 1,178 | 113,762 | 50,920 | 444 | ||||||||||||||||||||||||
Foreign cash* | – | 7 | – | – | – | – | 2,038,595 | 331,689 | ||||||||||||||||||||||||
Receivable for– | ||||||||||||||||||||||||||||||||
Fund shares sold | 20,764 | 580,020 | 5,090 | 9,631 | 34,741 | 28,128 | 847,867 | 42,168 | ||||||||||||||||||||||||
Dividends and interest | 663,022 | 325,771 | 63,261 | 1,081,153 | 758,565 | 452,780 | 1,639,755 | 1,005,642 | ||||||||||||||||||||||||
Investments sold | 311,541 | 1,138,521 | 21,093 | 418,903 | – | 58,290 | – | – | ||||||||||||||||||||||||
Prepaid expenses and other assets | 25,358 | 6,716 | 3,416 | 8,308 | 12,185 | 5,350 | 8,379 | 21,324 | ||||||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 10,197 | 22,899 | – | 25,245 | 11,245 | – | – | ||||||||||||||||||||||||
Variation margin on futures contracts | 159,737 | – | – | – | – | 13,195 | – | – | ||||||||||||||||||||||||
Collateral received for securities loaned | – | – | – | – | 1,252,869 | – | – | – | ||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | 12,563,157 | ||||||||||||||||||||||||
TOTAL ASSETS | 111,613,896 | 321,037,664 | 16,603,742 | 120,133,450 | 248,967,970 | 106,723,514 | 618,607,679 | 258,035,834 | ||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||
Payable for– | ||||||||||||||||||||||||||||||||
Fund shares reacquired | 31,096 | 64,270 | 6,606 | 66,905 | 29,532 | 56,864 | 52,648 | 42,052 | ||||||||||||||||||||||||
Investments purchased | 235,626 | 1,538,121 | 45,149 | 522,158 | 116,250 | – | – | 4,173,120 | ||||||||||||||||||||||||
Investment advisory and management fees | 45,447 | 165,249 | 9,347 | 45,489 | 134,524 | 66,946 | 305,729 | 133,342 | ||||||||||||||||||||||||
Administrative service fee | 6,364 | 15,459 | 935 | 6,369 | 11,771 | 6,086 | 30,570 | 11,523 | ||||||||||||||||||||||||
Transfer agent fees and expenses | 445 | 813 | 364 | 337 | 452 | 445 | 364 | 496 | ||||||||||||||||||||||||
Directors’ fees and expenses | 55,306 | 16,950 | 4,174 | 45,447 | 213,919 | 76,847 | 64,278 | 32,875 | ||||||||||||||||||||||||
Other accrued expenses | 54,714 | 32,076 | 36,984 | 47,559 | 58,097 | 39,392 | 245,773 | 842,772 | ||||||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Collateral upon return of securities loaned | – | 47,989,824 | – | 9,187,637 | 44,238,733 | – | 81,986,631 | 36,868,663 | ||||||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | 15,646,878 | ||||||||||||||||||||||||
TOTAL LIABILITIES | 428,998 | 49,822,762 | 103,559 | 9,921,901 | 44,803,278 | 246,580 | 82,685,993 | 57,751,721 | ||||||||||||||||||||||||
NET ASSETS | $ | 111,184,898 | $ | 271,214,902 | $ | 16,500,183 | $ | 110,211,549 | $ | 204,164,692 | $ | 106,476,934 | $ | 535,921,686 | $ | 200,284,113 | ||||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 132,811 | $ | 440,168 | $ | 23,644 | $ | 122,625 | $ | 233,097 | $ | 150,205 | $ | 777,435 | $ | 315,827 | ||||||||||||||||
Additional paid-in capital | 136,550,626 | 418,566,195 | 24,413,548 | 115,740,456 | 427,354,259 | 150,031,080 | 860,423,296 | 344,327,632 | ||||||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 6,608,772 | 946,875 | 443,897 | 11,948,414 | 5,024,222 | 5,151,435 | 39,337,515 | 6,105,286 | ||||||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (6,189,495 | ) | (43,031,183 | ) | (1,259,152 | ) | (8,666,554 | ) | (145,068,144 | ) | (6,643,673 | ) | 59,265,642 | (41,390,118 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | (26,429,797 | ) | (105,711,829 | ) | (7,121,754 | ) | (8,933,392 | ) | (83,378,742 | ) | (41,927,320 | ) | (423,876,433 | ) | (105,993,810 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 511,981 | – | – | – | – | (284,793 | ) | – | – | |||||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | 4,676 | – | – | – | – | (5,769 | ) | (3,080,704 | ) | ||||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
NET ASSETS | $ | 111,184,898 | $ | 271,214,902 | $ | 16,500,183 | $ | 110,211,549 | $ | 204,164,692 | $ | 106,476,934 | $ | 535,921,686 | $ | 200,284,113 | ||||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||
Outstanding | 13,281,117 | 44,016,797 | 2,364,407 | 12,262,533 | 23,309,711 | 15,020,519 | 77,743,534 | 31,582,714 | ||||||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.37 | $ | 6.16 | $ | 6.98 | $ | 8.99 | $ | 8.76 | $ | 7.09 | $ | 6.89 | $ | 6.34 | ||||||||||||||||
* Cost | ||||||||||||||||||||||||||||||||
Long-term investment securities (unaffiliated) | $ | 116,992,928 | $ | 373,341,964 | $ | 23,416,955 | $ | 114,817,262 | $ | 286,794,065 | $ | 146,445,084 | $ | 936,350,965 | $ | 305,932,906 | ||||||||||||||||
Long-term investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
Short-term investment securities | $ | 11,314,986 | $ | 51,346,297 | $ | 192,000 | $ | 9,187,637 | $ | 42,985,864 | $ | 1,523,000 | $ | 101,547,631 | $ | 37,943,314 | ||||||||||||||||
Foreign cash | $ | – | $ | 7 | $ | – | $ | – | $ | – | $ | – | $ | 2,083,761 | $ | 343,955 | ||||||||||||||||
# Proceeds from securities sold short | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
† Including securities on loan | $ | – | $ | 46,953,636 | $ | – | $ | 9,035,454 | $ | 43,674,762 | $ | – | $ | 77,281,201 | $ | 35,938,078 | ||||||||||||||||
See Notes to Financial Statements
206
Table of Contents
AIG Retirement Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | |||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
Long-term investment securities, at market value (unaffiliated)*† | $ | 157,083,032 | $ | 281,378,569 | $ | 295,551,317 | $ | 132,755,889 | $ | 550,743,434 | $ | 72,691,384 | $ | 134,963,309 | $ | 142,764,174 | ||||||||||||||||
Long-term investment securities, at market value (affiliated)*† | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Short-term investment securities, at market value (unaffiliated)* | 13,270,000 | 31,597,024 | 40,300,753 | 35,614,152 | 100,840,552 | 13,296,424 | 1,566,941 | 3,543,000 | ||||||||||||||||||||||||
Repurchase agreements (cost equals market value) | – | 3,134,000 | – | 77,826,000 | – | 2,881,000 | – | – | ||||||||||||||||||||||||
Total Investments | 170,353,032 | 316,109,593 | 335,852,070 | 246,196,041 | 651,583,986 | 88,868,808 | 136,530,250 | 146,307,174 | ||||||||||||||||||||||||
Cash | 496 | 637 | 207,767 | 15,141 | 2,814 | 178 | – | 35,149 | ||||||||||||||||||||||||
Foreign cash* | 130,097 | 392,264 | 16,047,660 | – | 111,760 | – | 70,914 | – | ||||||||||||||||||||||||
Receivable for– | ||||||||||||||||||||||||||||||||
Fund shares sold | 2,711,916 | 173,247 | 116,740 | 272,636 | 84,710 | 47,995 | 105,655 | 190,452 | ||||||||||||||||||||||||
Dividends and interest | 397,111 | 1,108,498 | 2,923,540 | 1,120,941 | 915,557 | 321,628 | 87,552 | 821,564 | ||||||||||||||||||||||||
Investments sold | 297,143 | 81,305 | 90,184 | – | 4,449,901 | 4,613,877 | 1,185,525 | – | ||||||||||||||||||||||||
Prepaid expenses and other assets | 19 | 48,598 | 5,489 | 7,095 | 13,000 | 42,893 | 7,956 | 3,105 | ||||||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | 4,424 | – | 12,858 | ||||||||||||||||||||||||
Variation margin on futures contracts | – | 114,245 | – | – | – | – | – | – | ||||||||||||||||||||||||
Collateral received for securities loaned | – | 178,279 | – | – | – | – | – | – | ||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | 29,108,569 | – | 161,162 | – | – | – | ||||||||||||||||||||||||
TOTAL ASSETS | 173,889,814 | 318,206,666 | 384,352,019 | 247,611,854 | 657,322,890 | 93,899,803 | 137,987,852 | 147,370,302 | ||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||
Payable for– | ||||||||||||||||||||||||||||||||
Fund shares reacquired | 3,655,769 | 539,160 | 97,812 | 44,591 | 61,593 | 24,953 | 9,756 | 170,384 | ||||||||||||||||||||||||
Investments purchased | 4,375,196 | – | 104,613 | – | 5,166,384 | 4,276,174 | 457,972 | – | ||||||||||||||||||||||||
Investment advisory and management fees | 86,090 | 122,229 | 145,953 | 84,530 | 365,078 | 46,929 | 111,339 | 62,492 | ||||||||||||||||||||||||
Administrative service fee | 8,035 | 17,112 | 20,434 | 11,834 | 32,060 | 4,380 | 7,794 | 8,749 | ||||||||||||||||||||||||
Transfer agent fees and expenses | 2,145 | 340 | 364 | 327 | 528 | 445 | 290 | 444 | ||||||||||||||||||||||||
Directors’ fees and expenses | 14,180 | 117,580 | 34,096 | 55,495 | 189,838 | 58,834 | 44,153 | 2,983 | ||||||||||||||||||||||||
Other accrued expenses | 151,281 | 115,764 | 139,176 | 32,274 | 131,340 | 31,597 | 49,261 | 56,412 | ||||||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Collateral upon return of securities loaned | – | 26,448,725 | 27,127,542 | 37,175,524 | 100,425,420 | 13,879,357 | – | – | ||||||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | 74 | – | ||||||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | 6,010,207 | – | |||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | 1,253,168 | – | – | – | – | – | ||||||||||||||||||||||||
TOTAL LIABILITIES | 8,292,696 | 27,360,910 | 28,923,158 | 37,404,575 | 106,372,241 | 18,322,669 | 6,690,846 | 301,464 | ||||||||||||||||||||||||
NET ASSETS | $ | 165,597,118 | $ | 290,845,756 | $ | 355,428,861 | $ | 210,207,279 | $ | 550,950,649 | $ | 75,577,134 | $ | 131,297,006 | $ | 147,068,838 | ||||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 277,921 | $ | 246,041 | $ | 366,938 | $ | 190,996 | $ | 807,755 | $ | 74,517 | $ | 181,814 | $ | 166,911 | ||||||||||||||||
Additional paid-in capital | 212,490,868 | 495,321,549 | 407,073,746 | 199,173,333 | 1,030,323,384 | 114,462,313 | 163,089,620 | 169,483,626 | ||||||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,148,321 | 13,177,061 | 30,941,757 | 7,605,699 | 1,363,820 | 3,136,363 | (858,180 | ) | 6,625,116 | |||||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (9,181,583 | ) | (72,782,228 | ) | 4,350,987 | (3,064,695 | ) | (287,091,067 | ) | (18,666,982 | ) | 11,315,180 | (2,071,193 | ) | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | (39,128,375 | ) | (145,321,333 | ) | (115,231,906 | ) | 6,301,946 | (194,612,366 | ) | (23,429,077 | ) | (39,801,563 | ) | (27,135,622 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | 213,018 | – | – | – | – | (2,627,968 | ) | – | |||||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (10,034 | ) | (8,352 | ) | 27,927,339 | – | 159,123 | – | (1,897 | ) | – | |||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
NET ASSETS | $ | 165,597,118 | $ | 290,845,756 | $ | 355,428,861 | $ | 210,207,279 | $ | 550,950,649 | $ | 75,577,134 | $ | 131,297,006 | $ | 147,068,838 | ||||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||
Outstanding | 27,792,119 | 24,604,053 | 36,693,821 | 19,099,605 | 80,775,475 | 7,451,737 | 18,181,421 | 16,691,096 | ||||||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 5.96 | $ | 11.82 | $ | 9.69 | $ | 11.01 | $ | 6.82 | $ | 10.14 | $ | 7.22 | $ | 8.81 | ||||||||||||||||
* Cost | ||||||||||||||||||||||||||||||||
Long-term investment securities (unaffiliated) | $ | 196,211,407 | $ | 425,596,543 | $ | 409,396,021 | $ | 124,892,571 | $ | 741,137,932 | $ | 95,537,528 | $ | 174,764,872 | $ | 169,899,796 | ||||||||||||||||
Long-term investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
Short-term investment securities | $ | 13,270,000 | $ | 32,700,383 | $ | 41,687,955 | $ | 37,175,524 | $ | 105,058,420 | $ | 13,879,357 | $ | 1,566,941 | $ | 3,543,000 | ||||||||||||||||
Foreign cash | $ | 133,863 | $ | 389,079 | $ | 15,534,281 | $ | – | $ | 109,926 | $ | – | $ | 70,914 | $ | – | ||||||||||||||||
# Proceeds from securities sold short | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 3,382,239 | $ | – | ||||||||||||||||
† Including securities on loan | $ | – | $ | 26,111,202 | $ | 26,382,836 | $ | 36,714,439 | $ | 98,367,687 | $ | 13,736,005 | $ | – | $ | – | ||||||||||||||||
See Notes to Financial Statements
207
Table of Contents
AIG Retirement Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)
INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH I FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | |||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
Long-term investment securities, at market value (unaffiliated)*† | $ | 623,081,403 | $ | 133,826,785 | $ | 375,487,645 | $ | 84,753,883 | $ | 289,144,091 | $ | 1,470,123,066 | $ | 174,510,022 | $ | – | ||||||||||||||||
Long-term investment securities, at market value (affiliated)*† | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Short-term investment securities, at market value (unaffiliated)* | 113,588,111 | – | 78,125,204 | 23,902,690 | 69,360,688 | 346,468,879 | 54,996,463 | 566,766,634 | ||||||||||||||||||||||||
Repurchase agreements (cost equals market value) | 3,049,000 | 6,841,000 | 1,416,000 | – | 7,136,000 | 3,203,000 | – | 38,039,000 | ||||||||||||||||||||||||
Total Investments | 739,718,514 | 140,667,785 | 455,028,849 | 108,656,573 | 365,640,779 | 1,819,794,945 | 229,506,485 | 604,805,634 | ||||||||||||||||||||||||
Cash | 41,979 | 241 | 4,084 | 448 | 744 | – | 866 | 564 | ||||||||||||||||||||||||
Foreign cash* | 11,800,109 | 1,430,166 | 3,227,963 | 65,472 | 771,368 | – | – | – | ||||||||||||||||||||||||
Receivable for– | ||||||||||||||||||||||||||||||||
Fund shares sold | 808,726 | 69,583 | 782,296 | 566,720 | 42,574 | 4,227,475 | 57,000 | 659,154 | ||||||||||||||||||||||||
Dividends and interest | 2,824,129 | 2,138,532 | 1,194,365 | 166,149 | 492,871 | 3,008,386 | 84,413 | 613,436 | ||||||||||||||||||||||||
Investments sold | 14,890,908 | 6,158,529 | 2,100,894 | – | 394,106 | 358,209 | 466,950 | – | ||||||||||||||||||||||||
Prepaid expenses and other assets | 14,539 | 6,212 | 9,869 | 10,618 | 7,239 | 44,803 | 25,581 | 78,869 | ||||||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 54,797 | 7,202 | – | – | – | 3,321 | ||||||||||||||||||||||||
Variation margin on futures contracts | 304,954 | – | – | – | – | 702,310 | – | – | ||||||||||||||||||||||||
Collateral received for securities loaned | 373,862 | – | – | – | – | 27,019 | 808 | – | ||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | 54,573 | – | – | – | – | – | – | ||||||||||||||||||||||||
TOTAL ASSETS | 770,777,720 | 150,525,621 | 462,403,117 | 109,473,182 | 367,349,681 | 1,828,163,147 | 230,142,103 | 606,160,978 | ||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||
Payable for– | ||||||||||||||||||||||||||||||||
Fund shares reacquired | 260,818 | 135,317 | 49,594 | 60,179 | 66,883 | 231,293 | 19,979 | 900,236 | ||||||||||||||||||||||||
Investments purchased | 3,497,015 | 4,515,400 | 3,534,441 | – | – | 801,040 | 2,629,958 | – | ||||||||||||||||||||||||
Investment advisory and management fees | 174,988 | 59,644 | 300,154 | 49,024 | 162,794 | 347,858 | 104,326 | 198,203 | ||||||||||||||||||||||||
Administrative service fee | 37,490 | 8,350 | 22,546 | 4,903 | 17,806 | 85,893 | 10,433 | 34,677 | ||||||||||||||||||||||||
Transfer agent fees and expenses | 1,896 | 198 | 762 | 364 | 380 | 2,119 | 424 | 2,017 | ||||||||||||||||||||||||
Directors’ fees and expenses | 113,685 | 48,059 | 143,343 | 10,008 | 44,835 | 507,725 | 18,543 | 154,525 | ||||||||||||||||||||||||
Other accrued expenses | 324,269 | 71,933 | 149,080 | 30,349 | 65,514 | 367,159 | 47,025 | 36,010 | ||||||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Collateral upon return of securities loaned | 113,652,799 | – | 68,697,499 | 19,358,758 | 61,596,752 | 318,184,020 | 46,620,289 | – | ||||||||||||||||||||||||
Due to custodian | – | – | – | – | – | 71,937 | – | – | ||||||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | 40 | – | – | – | – | – | ||||||||||||||||||||||||
TOTAL LIABILITIES | 118,062,960 | 4,838,901 | 72,897,459 | 19,513,585 | 61,954,964 | 320,599,044 | 49,450,977 | 1,325,668 | ||||||||||||||||||||||||
NET ASSETS | $ | 652,714,760 | $ | 145,686,720 | $ | 389,505,658 | $ | 89,959,597 | $ | 305,394,717 | $ | 1,507,564,103 | $ | 180,691,126 | $ | 604,835,310 | ||||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,140,581 | $ | 132,518 | $ | 534,618 | $ | 120,646 | $ | 391,068 | $ | 1,083,039 | $ | 226,789 | $ | 6,066,566 | ||||||||||||||||
Additional paid-in capital | 932,739,419 | 155,164,330 | 603,938,213 | 111,894,684 | 398,305,663 | 2,021,025,434 | 275,266,593 | 600,590,067 | ||||||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 38,912,656 | 7,096,455 | 14,072,004 | 1,250,151 | 2,485,372 | 47,813,495 | 1,182,648 | – | ||||||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 7,555,825 | (6,164,512 | ) | (66,693,066 | ) | (35,688 | ) | (22,572,651 | ) | 210,229,530 | (26,035,677 | ) | (1,821,323 | ) | ||||||||||||||||||
Unrealized appreciation (depreciation) on investments | (321,541,416 | ) | (10,460,016 | ) | (162,245,310 | ) | (23,271,398 | ) | (73,210,418 | ) | (774,384,050 | ) | (69,949,212 | ) | – | |||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (7,358,974 | ) | – | – | – | – | 1,796,655 | – | – | |||||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 1,266,669 | (82,055 | ) | (100,801 | ) | 1,202 | (4,317 | ) | – | (15 | ) | – | ||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
NET ASSETS | $ | 652,714,760 | $ | 145,686,720 | $ | 389,505,658 | $ | 89,959,597 | $ | 305,394,717 | $ | 1,507,564,103 | $ | 180,691,126 | $ | 604,835,310 | ||||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||
Outstanding | 114,058,076 | 13,251,847 | 53,461,763 | 12,064,560 | 39,106,763 | 108,303,857 | 22,678,897 | 606,656,633 | ||||||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 5.72 | $ | 10.99 | $ | 7.29 | $ | 7.46 | $ | 7.81 | $ | 13.92 | $ | 7.97 | $ | 1.00 | ||||||||||||||||
* Cost | ||||||||||||||||||||||||||||||||
Long-term investment securities (unaffiliated) | $ | 939,865,104 | $ | 144,286,801 | $ | 534,847,660 | $ | 107,212,213 | $ | 359,767,445 | $ | 2,231,144,522 | $ | 242,501,216 | $ | – | ||||||||||||||||
Long-term investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
Short-term investment securities | $ | 118,345,826 | $ | – | $ | 81,010,499 | $ | 24,715,758 | $ | 71,947,752 | $ | 359,831,473 | $ | 56,954,481 | $ | 566,766,634 | ||||||||||||||||
Foreign cash | $ | 11,734,326 | $ | 1,467,750 | $ | 3,345,095 | $ | 64,270 | $ | 773,502 | $ | – | $ | – | $ | – | ||||||||||||||||
# Proceeds from securities sold short | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
† Including securities on loan | $ | 108,040,364 | $ | – | $ | 66,025,378 | $ | 19,014,229 | $ | 60,816,475 | $ | 313,147,201 | $ | 45,768,192 | $ | – | ||||||||||||||||
See Notes to Financial Statements
208
Table of Contents
AIG Retirement Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)
NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||
Long-term investment securities, at market value (unaffiliated)*† | $ | 54,321,068 | $ | 431,760,088 | $ | 35,410,974 | $ | 229,377,040 | $ | 578,249,771 | $ | 139,439,951 | $ | 64,487,907 | $ | 2,497,145,397 | $ | 150,163,507 | ||||||||||||||||||
Long-term investment securities, at market value (affiliated)*† | – | – | – | – | – | – | – | 1,724,379 | – | |||||||||||||||||||||||||||
Short-term investment securities, at market value (unaffiliated)* | 12,061,781 | 104,510,316 | 7,660,617 | 61,722,671 | 162,404,562 | 35,767,733 | 17,776,163 | 201,206,083 | – | |||||||||||||||||||||||||||
Repurchase agreements (cost equals market value) | 1,351,000 | – | – | – | 3,812,000 | 1,164,000 | – | 4,626,000 | 7,691,000 | |||||||||||||||||||||||||||
Total Investments | 67,733,849 | 536,270,404 | 43,071,591 | 291,099,711 | 744,446,333 | 176,371,684 | 82,264,070 | 2,704,701,859 | 157,854,507 | |||||||||||||||||||||||||||
Cash | 80 | – | – | – | 28,031 | 6,347 | – | 472 | 618 | |||||||||||||||||||||||||||
Foreign cash* | – | 331,615 | – | – | – | – | – | – | 1,126 | |||||||||||||||||||||||||||
Receivable for– | ||||||||||||||||||||||||||||||||||||
Fund shares sold | 49,282 | 183,538 | 38,009 | 52,125 | 543,056 | 72,081 | 60,354 | 3,145,772 | 67,194 | |||||||||||||||||||||||||||
Dividends and interest | 59,784 | 750,900 | 18,109 | 176,900 | 841,179 | 276,173 | 19,266 | 8,334,307 | 283,234 | |||||||||||||||||||||||||||
Investments sold | – | 3,731,307 | 246,873 | 1,434,836 | 4,911 | 1,197,292 | 532,656 | 1,858,628 | 1,716,338 | |||||||||||||||||||||||||||
Prepaid expenses and other assets | 5,293 | 33,295 | 3,483 | 12,411 | 15,022 | 17,228 | 19,145 | 146,505 | 5,077 | |||||||||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 13,369 | – | 13,141 | 27,256 | – | 5,786 | 52,161 | – | 12,585 | |||||||||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 590,810 | – | – | 429,100 | – | |||||||||||||||||||||||||||
Collateral received for securities loaned | – | – | – | 470,368 | 267,869 | 39,937 | – | 1,111,523 | – | |||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
TOTAL ASSETS | 67,861,657 | 541,301,059 | 43,391,206 | 293,273,607 | 746,757,211 | 177,986,528 | 82,947,652 | 2,719,728,166 | 159,940,679 | |||||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||||
Payable for– | ||||||||||||||||||||||||||||||||||||
Fund shares reacquired | 14,565 | 50,834 | 2,104 | 44,809 | 89,149 | 52,052 | 6,674 | 2,255,280 | 300,848 | |||||||||||||||||||||||||||
Investments purchased | 21,490 | 4,347,110 | 49,414 | 67,763 | – | 461,951 | 121,660 | 804,354 | 55,282 | |||||||||||||||||||||||||||
Investment advisory and management fees | 18,690 | 345,226 | 24,508 | 174,845 | 167,114 | 90,330 | 47,754 | 561,771 | 102,517 | |||||||||||||||||||||||||||
Administrative service fee | 3,271 | 26,867 | 2,018 | 13,609 | 35,285 | 8,431 | 3,933 | 145,788 | 9,200 | |||||||||||||||||||||||||||
Transfer agent fees and expenses | 1,343 | 1,400 | 364 | 472 | 1,465 | 364 | 364 | 2,458 | 671 | |||||||||||||||||||||||||||
Directors’ fees and expenses | 26,158 | 350,882 | 5,693 | 196,023 | 170,729 | 27,294 | 13,373 | 1,291,723 | 17,078 | |||||||||||||||||||||||||||
Other accrued expenses | 45,705 | 117,284 | 39,778 | 105,018 | 164,752 | 47,635 | 46,720 | 556,520 | 40,135 | |||||||||||||||||||||||||||
Line of credit | – | – | 65,337 | – | – | – | – | – | – | |||||||||||||||||||||||||||
Variation margin on futures contracts | 11,280 | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Collateral upon return of securities loaned | 12,225,244 | 82,777,766 | 7,996,469 | 58,470,944 | 133,879,351 | 32,061,579 | 15,177,623 | 178,884,333 | – | |||||||||||||||||||||||||||
Due to custodian | – | 86,932 | – | 51,917 | – | – | 159,079 | – | – | |||||||||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | 465 | – | – | – | |||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 12,367,746 | 88,104,301 | 8,185,685 | 59,125,400 | 134,507,845 | 32,750,101 | 15,577,180 | 184,502,227 | 525,731 | |||||||||||||||||||||||||||
NET ASSETS | $ | 55,493,911 | $ | 453,196,758 | $ | 35,205,521 | $ | 234,148,207 | $ | 612,249,366 | $ | 145,236,427 | $ | 67,370,472 | $ | 2,535,225,939 | $ | 159,414,948 | ||||||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 170,611 | $ | 589,587 | $ | 54,179 | $ | 369,326 | $ | 614,363 | $ | 242,873 | $ | 111,898 | $ | 1,136,487 | $ | 242,453 | ||||||||||||||||||
Additional paid-in capital | 70,959,222 | 2,262,192,335 | 59,442,907 | 350,347,997 | 885,137,665 | 263,541,507 | 117,287,841 | 2,188,610,096 | 266,591,933 | |||||||||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 310,992 | (87,253 | ) | 97,182 | 1,866,336 | 22,536,579 | 4,950,948 | 356,724 | 115,573,087 | 2,967,976 | ||||||||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (2,021,538 | ) | (1,548,141,976 | ) | (549,173 | ) | (22,044,572 | ) | 70,408,465 | (24,971,502 | ) | (29,070,278 | ) | 392,928,311 | (39,026,078 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | (13,685,052 | ) | (261,369,540 | ) | (23,839,574 | ) | (96,390,880 | ) | (361,688,126 | ) | (98,547,558 | ) | (21,315,713 | ) | (162,965,050 | ) | (71,361,206 | ) | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | (240,324 | ) | – | – | – | (4,759,580 | ) | 20,159 | – | (56,992 | ) | – | ||||||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | 13,605 | – | – | – | – | – | – | (130 | ) | ||||||||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
NET ASSETS | $ | 55,493,911 | $ | 453,196,758 | $ | 35,205,521 | $ | 234,148,207 | $ | 612,249,366 | $ | 145,236,427 | $ | 67,370,472 | $ | 2,535,225,939 | $ | 159,414,948 | ||||||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||||||||
Outstanding | 17,061,098 | 58,958,661 | 5,417,901 | 36,932,621 | 61,436,289 | 24,287,343 | 11,189,822 | 113,648,743 | 24,245,269 | |||||||||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 3.25 | $ | 7.69 | $ | 6.50 | $ | 6.34 | $ | 9.97 | $ | 5.98 | $ | 6.02 | $ | 22.31 | $ | 6.58 | ||||||||||||||||||
* Cost | ||||||||||||||||||||||||||||||||||||
Long-term investment securities (unaffiliated) | $ | 67,492,660 | $ | 689,652,962 | $ | 58,914,696 | $ | 323,331,896 | $ | 934,326,215 | $ | 236,642,600 | $ | 85,166,160 | $ | 2,618,008,282 | $ | 221,524,713 | ||||||||||||||||||
Long-term investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 36,360,086 | $ | – | ||||||||||||||||||
Short-term investment securities | $ | 12,575,241 | $ | 107,986,982 | $ | 7,996,469 | $ | 64,158,695 | $ | 168,016,244 | $ | 37,112,642 | $ | 18,413,623 | $ | 208,672,541 | $ | – | ||||||||||||||||||
Foreign cash | $ | – | $ | 339,270 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 1,160 | ||||||||||||||||||
# Proceeds from securities sold short | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 20,624 | $ | – | $ | – | $ | – | ||||||||||||||||||
† Including securities on loan | $ | 11,767,451 | $ | 79,680,221 | $ | 7,790,329 | $ | 57,732,871 | $ | 128,987,677 | $ | 31,166,255 | $ | 14,954,867 | $ | 177,242,539 | $ | – | ||||||||||||||||||
See Notes to Financial Statements
209
Table of Contents
STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | CORE VALUE FUND | FOREIGN VALUE FUND | GLOBAL EQUITY FUND | |||||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 981,869 | $ | 1,780,708 | $ | 350,439 | $ | – | $ | 3,018,287 | $ | 2,195,538 | $ | 12,042,867 | $ | 3,700,192 | ||||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Securities lending income | – | 92,801 | – | 23,707 | 117,001 | – | 834,243 | 219,751 | ||||||||||||||||||||||||
Interest (unaffiliated) | 1,620,877 | 42,089 | 1,087 | 3,517,566 | 6,468 | 5,293 | 115,738 | 130,183 | ||||||||||||||||||||||||
Total investment income* | 2,602,746 | 1,915,598 | 351,526 | 3,541,273 | 3,141,756 | 2,200,831 | 12,992,848 | 4,050,126 | ||||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||
Investment advisory and management fees | 340,367 | 1,338,138 | 74,874 | 301,004 | 1,119,219 | 560,901 | 2,517,649 | 1,209,081 | ||||||||||||||||||||||||
Administrative service fee | 47,651 | 125,558 | 7,487 | 42,141 | 98,888 | 50,991 | 258,878 | 105,877 | ||||||||||||||||||||||||
Transfer agent fees and expenses | 515 | 698 | 361 | 592 | 721 | 515 | 361 | 478 | ||||||||||||||||||||||||
Registration fees | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Custodian fees | 46,505 | 30,044 | 14,426 | 28,981 | 26,267 | 28,149 | 597,489 | 79,494 | ||||||||||||||||||||||||
Reports to shareholders | 15,129 | 36,261 | 2,449 | 12,953 | 35,965 | 17,733 | 95,547 | 37,220 | ||||||||||||||||||||||||
Audit and tax fees | 11,195 | 11,216 | 22,564 | 12,375 | 11,216 | 11,216 | 21,415 | 21,415 | ||||||||||||||||||||||||
Legal fees | 4,399 | 4,888 | 5,001 | 4,321 | 5,283 | 4,239 | 5,650 | 5,220 | ||||||||||||||||||||||||
Directors’ fees and expenses | 2,853 | 7,659 | 152 | 1,773 | 7,517 | 3,602 | 22,467 | 8,875 | ||||||||||||||||||||||||
Interest expense | – | – | – | – | 913 | 182 | – | 390 | ||||||||||||||||||||||||
Other expenses | 2,083 | 175 | 5,131 | 1,264 | 2,650 | 2,538 | 2,368 | 1,876 | ||||||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 470,697 | 1,554,637 | 132,445 | 405,404 | 1,308,639 | 680,066 | 3,521,824 | 1,469,926 | ||||||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (30,005 | ) | (41,527 | ) | – | (125,905 | ) | (75,458 | ) | – | – | ||||||||||||||||||||
Fees paid indirectly (Note 7) | (5,963 | ) | (7,367 | ) | (484 | ) | – | (5,099 | ) | – | – | (37,228 | ) | |||||||||||||||||||
Net expenses | 464,734 | 1,517,265 | 90,434 | 405,404 | 1,177,635 | 604,608 | 3,521,824 | 1,432,698 | ||||||||||||||||||||||||
Net investment income (loss) | 2,138,012 | 398,333 | 261,092 | 3,135,869 | 1,964,121 | 1,596,223 | 9,471,024 | 2,617,428 | ||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (7,202,777 | ) | (38,764,407 | ) | (913,235 | ) | (5,295,421 | ) | (29,299,492 | ) | (12,168,058 | ) | (489,780 | ) | (54,345,661 | ) | ||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 441,004 | – | – | – | 59,017 | (254,679 | ) | – | (3,309,472 | ) | ||||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (1,627 | ) | – | – | – | (104 | ) | (1,156,497 | ) | (3,338,865 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (6,761,773 | ) | (38,766,034 | ) | (913,235 | ) | (5,295,421 | ) | (29,240,475 | ) | (12,422,841 | ) | (1,646,277 | ) | (60,993,998 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (27,679,740 | ) | (143,138,419 | ) | (7,918,499 | ) | (4,895,968 | ) | (96,528,724 | ) | (46,547,697 | ) | (425,049,041 | ) | (112,495,338 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 288,716 | – | – | – | (18,003 | ) | (307,209 | ) | – | (282,165 | ) | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (361,450 | ) | 6,891 | – | – | – | – | 94,332 | (3,914,674 | ) | ||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on securities sold short | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | 54,483 | – | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,752,474 | ) | (143,131,528 | ) | (7,918,499 | ) | (4,895,968 | ) | (96,546,727 | ) | (46,854,906 | ) | (424,900,226 | ) | (116,692,177 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (34,514,247 | ) | (181,897,562 | ) | (8,831,734 | ) | (10,191,389 | ) | (125,787,202 | ) | (59,277,747 | ) | (426,546,503 | ) | (177,686,175 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (32,376,235 | ) | $ | (181,499,229 | ) | $ | (8,570,642 | ) | $ | (7,055,520 | ) | $ | (123,823,081 | ) | $ | (57,681,524 | ) | $ | (417,075,479 | ) | $ | (175,068,747 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 120 | $ | 7,474 | $ | – | $ | 222 | $ | 5,714 | $ | 9,902 | $ | 1,365,056 | $ | 158,763 | ||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 14,682 | $ | – | ||||||||||||||||
See Notes to Financial Statements
210
Table of Contents
AIG Retirement Company I
STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | ||||||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,327,408 | $ | 5,162,695 | $ | 2,997,356 | $ | – | $ | 4,827,700 | $ | 1,418,552 | $ | 365,655 | $ | 75,469 | |||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Securities lending income | – | 65,464 | 257,804 | 159,424 | 388,734 | 43,316 | – | – | |||||||||||||||||||||||
Interest (unaffiliated) | 32,014 | 123,460 | 4,213,997 | 3,202,828 | 20,010 | 24,958 | 39,847 | 4,850,620 | |||||||||||||||||||||||
Total investment income* | 1,359,422 | 5,351,619 | 7,469,157 | 3,362,252 | 5,236,444 | 1,486,826 | 405,502 | 4,926,089 | |||||||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||||||
Investment advisory and management fees | 228,481 | 1,122,163 | 1,082,711 | 459,133 | 3,030,883 | 394,725 | 893,241 | 415,412 | |||||||||||||||||||||||
Administrative service fee | 21,325 | 157,103 | 151,579 | 64,279 | 272,612 | 36,841 | 62,527 | 58,158 | |||||||||||||||||||||||
Transfer agent fees and expenses | 890 | 692 | 361 | 1,254 | 611 | 515 | 515 | 305 | |||||||||||||||||||||||
Registration fees | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Custodian fees | 68,075 | 212,666 | 184,977 | 13,081 | 105,442 | 8,360 | 38,508 | 9,131 | |||||||||||||||||||||||
Reports to shareholders | – | 52,206 | 44,454 | 15,785 | 91,410 | 12,324 | 18,009 | 26,120 | |||||||||||||||||||||||
Audit and tax fees | 49,285 | 11,303 | 21,415 | 12,375 | 11,515 | 11,216 | 11,216 | 21,449 | |||||||||||||||||||||||
Legal fees | 301 | 4,681 | 5,169 | 4,766 | 3,933 | 4,606 | 4,384 | 5,348 | |||||||||||||||||||||||
Directors’ fees and expenses | – | 12,320 | 10,978 | 2,831 | 22,072 | 2,135 | 3,707 | 14,632 | |||||||||||||||||||||||
Interest expense | – | 122 | 6 | – | 549 | – | – | – | |||||||||||||||||||||||
Other expenses | 3,757 | 2,120 | 1,889 | 928 | 2,971 | 1,127 | 1,630 | 824 | |||||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 372,114 | 1,575,376 | 1,503,539 | 574,432 | 3,541,998 | 471,849 | 1,033,737 | 551,379 | |||||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (82,707 | ) | – | – | – | – | (24,493 | ) | – | (12,858 | ) | ||||||||||||||||||||
Fees paid indirectly (Note 7) | – | (36,338 | ) | – | – | – | (12,821 | ) | (6,045 | ) | – | ||||||||||||||||||||
Net expenses | 289,407 | 1,539,038 | 1,503,539 | 574,432 | 3,541,998 | 434,535 | 1,027,692 | 538,521 | |||||||||||||||||||||||
Net investment income (loss) | 1,070,015 | 3,812,581 | 5,965,618 | 2,787,820 | 1,694,446 | 1,052,291 | (622,190 | ) | 4,387,568 | ||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | |||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (9,060,436 | ) | (77,449,375 | ) | (5,032,722 | ) | 1,279,811 | (109,638,688 | ) | (22,409,383 | ) | (3,321,227 | ) | (1,214,287 | ) | ||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | (7,425,745 | ) | – | – | – | – | 130,899 | – | ||||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (227,899 | ) | (414,998 | ) | 170,318 | – | 1,864,742 | – | 13,633 | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (9,288,335 | ) | (85,290,118 | ) | (4,862,404 | ) | 1,279,811 | (107,773,946 | ) | (22,409,383 | ) | (3,176,695 | ) | (1,214,287 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (40,114,409 | ) | (148,467,718 | ) | (146,982,698 | ) | 6,382,212 | (257,419,752 | ) | (25,167,464 | ) | (54,704,953 | ) | (24,353,667 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | (87,332 | ) | – | – | – | – | (3,340,202 | ) | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (9,427 | ) | 22,827 | 27,449,339 | – | 86,213 | – | (528 | ) | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on securities sold short | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (40,123,836 | ) | (148,532,223 | ) | (119,533,359 | ) | 6,382,212 | (257,333,539 | ) | (25,167,464 | ) | (58,045,683 | ) | (24,353,667 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies |
| (49,412,171 | ) | (233,822,341 | ) | (124,395,763 | ) | 7,662,023 | (365,107,485 | ) | (47,576,847 | ) | (61,222,378 | ) | (25,567,954 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (48,342,156 | ) | $ | (230,009,760 | ) | $ | (118,430,145 | ) | $ | 10,449,843 | $ | (363,413,039 | ) | $ | (46,524,556 | ) | $ | (61,844,568 | ) | $ | (21,180,386 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 53,233 | $ | 180,322 | $ | 303,935 | $ | – | $ | 29,211 | $ | 900 | $ | 9,566 | $ | – | |||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
See Notes to Financial Statements
211
Table of Contents
AIG Retirement Company I
STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)
INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH I FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | |||||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 10,484,140 | $ | – | $ | 6,439,380 | $ | 760,911 | $ | 2,430,280 | $ | 17,983,183 | $ | 664,871 | $ | – | ||||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Securities lending income | 1,119,571 | – | 622,122 | 125,456 | 130,036 | 3,193,447 | 477,400 | – | ||||||||||||||||||||||||
Interest (unaffiliated) | 180,452 | 4,103,953 | 93,901 | 14,123 | 100,908 | 312,425 | 109,065 | 7,086,203 | ||||||||||||||||||||||||
Total investment income* | 11,784,163 | 4,103,953 | 7,155,403 | 900,490 | 2,661,224 | 21,489,055 | 1,251,336 | 7,086,203 | ||||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||
Investment advisory and management fees | 1,349,267 | 425,764 | 2,575,396 | 296,166 | 1,354,756 | 2,959,470 | 961,691 | 1,191,080 | ||||||||||||||||||||||||
Administrative service fee | 307,603 | 59,607 | 197,211 | 29,617 | 148,176 | 758,460 | 97,323 | 208,439 | ||||||||||||||||||||||||
Transfer agent fees and expenses | 5,590 | 268 | 524 | 361 | 561 | 6,059 | 529 | 7,167 | ||||||||||||||||||||||||
Registration fees | – | – | – | – | – | – | – | 13,255 | ||||||||||||||||||||||||
Custodian fees | 437,308 | 60,596 | 244,986 | 11,745 | 34,548 | 106,499 | 34,391 | 21,009 | ||||||||||||||||||||||||
Reports to shareholders | 101,746 | 15,973 | 65,880 | 8,280 | 49,294 | 243,358 | 33,593 | 58,931 | ||||||||||||||||||||||||
Audit and tax fees | 21,115 | 32,418 | 21,115 | 18,709 | 11,515 | 11,321 | 14,339 | 14,331 | ||||||||||||||||||||||||
Legal fees | 4,381 | 4,625 | 4,764 | 4,323 | 5,059 | 11,268 | 5,589 | 33,965 | ||||||||||||||||||||||||
Directors’ fees and expenses | 26,127 | 15,822 | 16,266 | 680 | 11,741 | 64,082 | 6,591 | 17,203 | ||||||||||||||||||||||||
Interest expense | 571 | 54 | 1,917 | 159 | – | – | 139 | – | ||||||||||||||||||||||||
Other expenses | 4,352 | 1,110 | 2,841 | 1,539 | 2,043 | 13,108 | 2,148 | 26,366 | ||||||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 2,258,060 | 616,237 | 3,130,900 | 371,579 | 1,617,693 | 4,173,625 | 1,156,333 | 1,591,746 | ||||||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | (285,423 | ) | (11,949 | ) | – | – | – | (5,919 | ) | |||||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | (1,331 | ) | (11,798 | ) | (5,693 | ) | – | (34,216 | ) | – | ||||||||||||||||||||
Net expenses | 2,258,060 | 616,237 | 2,844,146 | 347,832 | 1,612,000 | 4,173,625 | 1,122,117 | 1,585,827 | ||||||||||||||||||||||||
Net investment income (loss) | 9,526,103 | 3,487,716 | 4,311,257 | 552,658 | 1,049,224 | 17,315,430 | 129,219 | 5,500,376 | ||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | (87,355,937 | ) | (9,815,234 | ) | (47,156,024 | ) | (4,576,685 | ) | (28,174,929 | ) | 52,320,232 | (52,389,650 | ) | (1,886,876 | ) | |||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (5,033,467 | ) | – | – | – | – | (25,582,550 | ) | – | – | ||||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (345,707 | ) | 289,621 | (223,674 | ) | (17,215 | ) | 40,694 | – | (18,374 | ) | – | ||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (92,735,111 | ) | (9,525,613 | ) | (47,379,698 | ) | (4,593,900 | ) | (28,134,235 | ) | 26,737,682 | (52,408,024 | ) | (1,886,876 | ) | |||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (413,598,849 | ) | (14,214,612 | ) | (277,326,025 | ) | (27,299,338 | ) | (160,298,514 | ) | (1,137,081,221 | ) | (114,797,483 | ) | – | |||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (11,157,344 | ) | – | – | – | – | (758,109 | ) | – | – | ||||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (40,600 | ) | (71,331 | ) | (133,817 | ) | 1,031 | (4,152 | ) | – | 3,047 | – | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on securities sold short | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (424,796,793 | ) | (14,285,943 | ) | (277,459,842 | ) | (27,298,307 | ) | (160,302,666 | ) | (1,137,839,330 | ) | (114,794,436 | ) | – | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (517,531,904 | ) | (23,811,556 | ) | (324,839,540 | ) | (31,892,207 | ) | (188,436,901 | ) | (1,111,101,648 | ) | (167,202,460 | ) | (1,886,876 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (508,005,801 | ) | $ | (20,323,840 | ) | $ | (320,528,283 | ) | $ | (31,339,549 | ) | $ | (187,387,677 | ) | $ | (1,093,786,218 | ) | $ | (167,073,241 | ) | $ | 3,613,500 | |||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 613,613 | $ | 4,295 | $ | 334,974 | $ | – | $ | 3,575 | $ | – | $ | 6,590 | $ | – | ||||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||
See Notes to Financial Statements
212
Table of Contents
AIG Retirement Company I
STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)
NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 183,130 | $ | 2,737,828 | $ | 76,403 | $ | 1,620,432 | $ | 6,863,228 | $ | 2,254,143 | $ | 203,218 | $ | 42,014,754 | $ | 2,000,482 | ||||||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | 393,230 | – | |||||||||||||||||||||||||||
Securities lending income | 94,334 | 498,279 | 80,011 | 389,840 | 2,118,672 | 349,533 | 298,587 | 1,045,963 | – | |||||||||||||||||||||||||||
Interest (unaffiliated) | 22,305 | 310,849 | 2,578 | 47,651 | 218,847 | 48,330 | 15,816 | 270,702 | 55,379 | |||||||||||||||||||||||||||
Total investment income* | 299,769 | 3,546,956 | 158,992 | 2,057,923 | 9,200,747 | 2,652,006 | 517,621 | 43,724,649 | 2,055,861 | |||||||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||||||
Investment advisory and management fees | 159,290 | 3,119,627 | 221,725 | 1,468,168 | 1,317,910 | 781,858 | 412,999 | 4,487,155 | 898,909 | |||||||||||||||||||||||||||
Administrative service fee | 27,876 | 246,725 | 18,260 | 115,812 | 298,823 | 72,973 | 34,012 | 1,229,349 | 80,814 | |||||||||||||||||||||||||||
Transfer agent fees and expenses | 4,179 | 4,462 | 361 | 495 | 4,807 | 361 | 361 | 7,436 | 588 | |||||||||||||||||||||||||||
Registration fees | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Custodian fees | 9,704 | 87,040 | 22,087 | 88,129 | 113,647 | 50,914 | 47,084 | 182,436 | 23,645 | |||||||||||||||||||||||||||
Reports to shareholders | 8,951 | 100,729 | 7,016 | 42,247 | 90,832 | 25,434 | 41,219 | 411,131 | 25,128 | |||||||||||||||||||||||||||
Audit and tax fees | 19,466 | 11,321 | 11,515 | 11,216 | 11,303 | 11,515 | 12,203 | 11,283 | 11,515 | |||||||||||||||||||||||||||
Legal fees | 4,779 | 3,522 | 2,547 | 4,353 | 5,225 | 5,553 | 4,159 | – | 4,371 | |||||||||||||||||||||||||||
Directors’ fees and expenses | 1,244 | 20,294 | 413 | 8,433 | 23,336 | 5,545 | 1,967 | 108,053 | 4,696 | |||||||||||||||||||||||||||
Interest expense | – | 16 | 644 | 125 | – | 182 | – | 2,308 | 1,285 | |||||||||||||||||||||||||||
Other expenses | 14,123 | 2,876 | 1,351 | 4,141 | 4,352 | 2,489 | 1,570 | 48,069 | 950 | |||||||||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 249,612 | 3,596,612 | 285,919 | 1,743,119 | 1,870,235 | 956,824 | 555,574 | 6,487,220 | 1,051,901 | |||||||||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | (30,587 | ) | – | (25,708 | ) | (171,388 | ) | – | (18,593 | ) | (69,694 | ) | – | (70,584 | ) | |||||||||||||||||||||
Fees paid indirectly (Note 7) | – | (32,432 | ) | (1,445 | ) | (5,081 | ) | – | (31,160 | ) | (30,517 | ) | – | – | ||||||||||||||||||||||
Net expenses | 219,025 | 3,564,180 | 258,766 | 1,566,650 | 1,870,235 | 907,071 | 455,363 | 6,487,220 | 981,317 | |||||||||||||||||||||||||||
Net investment income (loss) | 80,744 | (17,224 | ) | (99,774 | ) | 491,273 | 7,330,512 | 1,744,935 | 62,258 | 37,237,429 | 1,074,544 | |||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 97,820 | (86,014,246 | ) | (4,781,760 | ) | (1,764,382 | ) | 20,439,270 | (22,078,542 | ) | (9,633,027 | ) | 106,473,567 | (33,493,903 | ) | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | (209,303 | ) | – | ||||||||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | (1,144,420 | ) | 32,615 | – | – | (3,581,966 | ) | 17,836 | – | (22,921,098 | ) | – | ||||||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (85,125 | ) | – | 319 | – | – | – | – | (22,286 | ) | |||||||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,046,600 | ) | (86,066,756 | ) | (4,781,760 | ) | (1,764,063 | ) | 16,857,304 | (22,060,706 | ) | (9,633,027 | ) | 83,343,166 | (33,516,189 | ) | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | (39,434,010 | ) | (323,705,024 | ) | (21,274,094 | ) | (131,637,798 | ) | (379,250,902 | ) | (74,262,963 | ) | (36,767,698 | ) | (1,574,763,486 | ) | (80,328,748 | ) | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | (31,302,706 | ) | – | ||||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (630,793 | ) | – | – | – | (5,523,714 | ) | 20,159 | – | 18,270 | – | |||||||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (16,334 | ) | – | – | – | – | – | – | 572 | ||||||||||||||||||||||||||
Change in unrealized appreciation (depreciation) on securities sold short | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (40,064,803 | ) | (323,721,358 | ) | (21,274,094 | ) | (131,637,798 | ) | (384,774,616 | ) | (74,242,804 | ) | (36,767,698 | ) | (1,606,047,922 | ) | (80,328,176 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (41,111,403 | ) | (409,788,114 | ) | (26,055,854 | ) | (133,401,861 | ) | (367,917,312 | ) | (96,303,510 | ) | (46,400,725 | ) | (1,522,704,756 | ) | (113,844,365 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (41,030,659 | ) | $ | (409,805,338 | ) | $ | (26,155,628 | ) | $ | (132,910,588 | ) | $ | (360,586,800 | ) | $ | (94,558,575 | ) | $ | (46,338,467 | ) | $ | (1,485,467,327 | ) | $ | (112,769,821 | ) | |||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,662 | $ | 153,312 | $ | – | $ | 3,726 | $ | 1,652 | $ | – | $ | 1,062 | $ | – | $ | (15,134 | ) | |||||||||||||||||
** Net of foreign withholding taxes on capital | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||||||
See Notes to Financial Statements
213
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,138,012 | $ | 4,512,009 | $ | 398,333 | $ | 567,509 | $ | 261,092 | $ | 479,752 | $ | 3,135,869 | $ | 8,829,313 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (6,761,773 | ) | 1,115,272 | (38,766,034 | ) | (1,157,770 | ) | (913,235 | ) | 699 | (5,295,421 | ) | (2,409,708 | ) | ||||||||||||||||||
Net unrealized gain (loss) on investments and | (27,752,474 | ) | (12,153,748 | ) | (143,131,528 | ) | 14,450,432 | (7,918,499 | ) | (4,361,432 | ) | (4,895,968 | ) | (2,745,898 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (32,376,235 | ) | (6,526,467 | ) | (181,499,229 | ) | 13,860,171 | (8,570,642 | ) | (3,880,981 | ) | (7,055,520 | ) | 3,673,707 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (4,850,592 | ) | – | (304,931 | ) | – | (468,004 | ) | – | (10,132,103 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (9,627,408 | ) | – | (518,942 | ) | – | (1,061,702 | ) | – | – | |||||||||||||||||||||
Total distributions to shareholders | – | (14,478,000 | ) | – | (823,873 | ) | – | (1,529,706 | ) | – | (10,132,103 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting | (12,698,915 | ) | 169,631 | 34,285,070 | 292,040,945 | (1,079,729 | ) | (1,085,104 | ) | (10,427,815 | ) | (43,136,810 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (45,075,150 | ) | (20,834,836 | ) | (147,214,159 | ) | 305,077,243 | (9,650,371 | ) | (6,495,791 | ) | (17,483,335 | ) | (49,595,206 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 156,260,048 | 177,094,884 | 418,429,061 | 113,351,818 | 26,150,554 | 32,646,345 | 127,694,884 | 177,290,090 | ||||||||||||||||||||||||
End of period† | $ | 111,184,898 | $ | 156,260,048 | $ | 271,214,902 | $ | 418,429,061 | $ | 16,500,183 | $ | 26,150,554 | $ | 110,211,549 | $ | 127,694,884 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 6,608,772 | $ | 4,470,760 | $ | 946,875 | $ | 548,542 | $ | 443,897 | $ | 182,805 | $ | 11,948,414 | $ | 8,812,545 | ||||||||||||||||
See Notes to Financial Statements
214
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AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | CORE VALUE FUND | FOREIGN VALUE FUND | GLOBAL EQUITY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,964,121 | $ | 3,281,659 | $ | 1,596,223 | $ | 3,626,818 | $ | 9,471,024 | $ | 29,261,128 | $ | 2,617,428 | $ | 6,012,210 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (29,240,475 | ) | 1,633,285 | (12,422,841 | ) | 6,799,545 | (1,646,277 | ) | 61,576,451 | (60,993,998 | ) | 19,156,277 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (96,546,727 | ) | (43,879,273 | ) | (46,854,906 | ) | (41,336,655 | ) | (424,900,226 | ) | (122,338,910 | ) | (116,692,177 | ) | (69,204,971 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (123,823,081 | ) | (38,964,329 | ) | (57,681,524 | ) | (30,910,292 | ) | (417,075,479 | ) | (31,501,331 | ) | (175,068,747 | ) | (44,036,484 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,867,556 | ) | – | (3,800,245 | ) | – | (9,099,335 | ) | – | (7,786,321 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (7,127,844 | ) | – | (31,801,409 | ) | – | (22,111,834 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (3,867,556 | ) | – | (10,928,089 | ) | – | (40,900,744 | ) | – | (29,898,155 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (22,007,267 | ) | (60,320,423 | ) | (15,538,841 | ) | (26,175,081 | ) | 6,063,217 | (25,644,410 | ) | (20,073,532 | ) | (3,280,793 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (145,830,348 | ) | (103,152,308 | ) | (73,220,365 | ) | (68,013,462 | ) | (411,012,262 | ) | (98,046,485 | ) | (195,142,279 | ) | (77,215,432 | ) | ||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 349,995,040 | 453,147,348 | 179,697,299 | 247,710,761 | 946,933,948 | 1,044,980,433 | 395,426,392 | 472,641,824 | ||||||||||||||||||||||||
End of period† | $ | 204,164,692 | $ | 349,995,040 | $ | 106,476,934 | $ | 179,697,299 | $ | 535,921,686 | $ | 946,933,948 | $ | 200,284,113 | $ | 395,426,392 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 5,024,222 | $ | 3,060,101 | $ | 5,151,435 | $ | 3,555,212 | $ | 39,337,515 | $ | 29,866,491 | $ | 6,105,286 | $ | 3,487,858 | ||||||||||||||||
See Notes to Financial Statements
215
Table of Contents
AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | |||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Period Ended March 10*-May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,070,015 | $ | 55,148 | $ | 3,812,581 | $ | 9,085,898 | $ | 5,965,618 | $ | 15,751,459 | $ | 2,787,820 | $ | 4,855,030 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (9,288,335 | ) | 129,910 | (85,290,118 | ) | 15,856,131 | (4,862,404 | ) | 19,042,792 | 1,279,811 | 592,831 | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (40,123,836 | ) | 985,427 | (148,532,223 | ) | (42,378,345 | ) | (119,533,359 | ) | (32,247,594 | ) | 6,382,212 | 1,012,893 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (48,342,156 | ) | 1,170,485 | (230,009,760 | ) | (17,436,316 | ) | (118,430,145 | ) | 2,546,657 | 10,449,843 | 6,460,754 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||
Net investment income | – | – | – | (5,496,328 | ) | – | (7,140,085 | ) | – | (4,668,688 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | (46,803,168 | ) | – | (7,778,495 | ) | – | – | ||||||||||||||||||||
Total distributions to shareholders | – | – | – | (52,299,496 | ) | – | (14,918,580 | ) | – | (4,668,688 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 184,808,106 | 27,960,683 | (44,627,758 | ) | 167,059,826 | (22,115,984 | ) | (1,538,108 | ) | 28,115,943 | 66,366,198 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 136,465,950 | 29,131,168 | (274,637,518 | ) | 97,324,014 | (140,546,129 | ) | (13,910,031 | ) | 38,565,786 | 68,158,264 | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||
Beginning of period | 29,131,168 | – | 565,483,274 | 468,159,260 | 495,974,990 | 509,885,021 | 171,641,493 | 103,483,229 | ||||||||||||||||||||||
End of period† | $ | 165,597,118 | $ | 29,131,168 | $ | 290,845,756 | $ | 565,483,274 | $ | 355,428,861 | $ | 495,974,990 | $ | 210,207,279 | $ | 171,641,493 | ||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,148,321 | $ | 78,306 | $ | 13,177,061 | $ | 9,364,480 | $ | 30,941,757 | $ | 24,976,139 | $ | 7,605,699 | $ | 4,817,879 | ||||||||||||||
* | Commencement of operations. |
See Notes to Financial Statements
216
Table of Contents
AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,694,446 | $ | 2,200,862 | $ | 1,052,291 | $ | 2,148,074 | $ | (622,190 | ) | $ | (1,234,317 | ) | $ | 4,387,568 | $ | 2,597,503 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (107,773,946 | ) | 163,441,813 | (22,409,383 | ) | 4,484,192 | (3,176,695 | ) | 19,080,327 | (1,214,287 | ) | (304,842 | ) | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (257,333,539 | ) | (81,835,417 | ) | (25,167,464 | ) | (11,745,306 | ) | (58,045,683 | ) | (18,467,998 | ) | (24,353,667 | ) | (2,302,551 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (363,413,039 | ) | 83,807,258 | (46,524,556 | ) | (5,113,040 | ) | (61,844,568 | ) | (621,988 | ) | (21,180,386 | ) | (9,890 | ) | |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | – | (1,732,536 | ) | – | – | – | (661,802 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | – | – | (6,185,584 | ) | – | (17,447,281 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | – | – | (7,918,120 | ) | – | (17,447,281 | ) | – | (661,802 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (49,003,913 | ) | (145,940,715 | ) | (7,554,847 | ) | (6,595,197 | ) | (5,226,739 | ) | 19,993,692 | 9,174,787 | 144,024,306 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (412,416,952 | ) | (62,133,457 | ) | (54,079,403 | ) | (19,626,357 | ) | (67,071,307 | ) | 1,924,423 | (12,005,599 | ) | 143,352,614 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 963,367,601 | 1,025,501,058 | 129,656,537 | 149,282,894 | 198,368,313 | 196,443,890 | 159,074,437 | 15,721,823 | ||||||||||||||||||||||||
End of period† | $ | 550,950,649 | $ | 963,367,601 | $ | 75,577,134 | $ | 129,656,537 | $ | 131,297,006 | $ | 198,368,313 | $ | 147,068,838 | $ | 159,074,437 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,363,820 | $ | (330,626 | ) | $ | 3,136,363 | $ | 2,084,072 | $ | (858,180 | ) | $ | (235,990 | ) | $ | 6,625,116 | $ | 2,237,548 | |||||||||||||
See Notes to Financial Statements
217
Table of Contents
AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH I FUND | LARGE CAP CORE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,526,103 | $ | 31,568,388 | $ | 3,487,716 | $ | 5,971,409 | $ | 4,311,257 | $ | 10,512,291 | $ | 552,658 | $ | 701,679 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (92,735,111 | ) | 108,526,590 | (9,525,613 | ) | 3,869,792 | (47,379,698 | ) | 38,577,153 | (4,593,900 | ) | 5,274,556 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (424,796,793 | ) | (186,160,079 | ) | (14,285,943 | ) | 1,713,016 | (277,459,842 | ) | (30,727,515 | ) | (27,298,307 | ) | (8,599,407 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (508,005,801 | ) | (46,065,101 | ) | (20,323,840 | ) | 11,554,217 | (320,528,283 | ) | 18,361,929 | (31,339,549 | ) | (2,623,172 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (27,305,340 | ) | – | (6,982,316 | ) | – | (6,162,164 | ) | – | (514,741 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (22,846,524 | ) | – | (948,633 | ) | – | – | – | (2,756,507 | ) | |||||||||||||||||||||
Total distributions to shareholders | – | (50,151,864 | ) | – | (7,930,949 | ) | – | (6,162,164 | ) | – | (3,271,248 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 57,870,207 | 102,021,475 | (13,180,632 | ) | 39,791,308 | (16,223,723 | ) | 45,784,022 | 36,454,842 | 2,552,569 | ||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (450,135,594 | ) | 5,804,510 | (33,504,472 | ) | 43,414,576 | (336,752,006 | ) | 57,983,787 | 5,115,293 | (3,341,851 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,102,850,354 | 1,097,045,844 | 179,191,192 | 135,776,616 | 726,257,664 | 668,273,877 | 84,844,304 | 88,186,155 | ||||||||||||||||||||||||
End of period† | $ | 652,714,760 | $ | 1,102,850,354 | $ | 145,686,720 | $ | 179,191,192 | $ | 389,505,658 | $ | 726,257,664 | $ | 89,959,597 | $ | 84,844,304 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 38,912,656 | $ | 29,386,553 | $ | 7,096,455 | $ | 3,608,739 | $ | 14,072,004 | $ | 9,760,747 | $ | 1,250,151 | $ | 697,493 | ||||||||||||||||
See Notes to Financial Statements
218
Table of Contents
AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | MONEY MARKET I FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,049,224 | $ | 1,489,103 | $ | 17,315,430 | $ | 30,676,749 | $ | 129,219 | $ | 132,918 | $ | 5,500,376 | $ | 20,476,669 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (28,134,235 | ) | 7,772,330 | 26,737,682 | 202,709,153 | (52,408,024 | ) | 29,213,077 | (1,886,876 | ) | 65,553 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (160,302,666 | ) | (5,560,795 | ) | (1,137,839,330 | ) | (349,456,861 | ) | (114,794,436 | ) | (2,297,512 | ) | – | – | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (187,387,677 | ) | 3,700,638 | (1,093,786,218 | ) | (116,070,959 | ) | (167,073,241 | ) | 27,048,483 | 3,613,500 | 20,542,222 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (1,208,448 | ) | – | (34,703,346 | ) | – | – | (5,500,376 | ) | (20,476,669 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | (194,031,697 | ) | – | (8,629,895 | ) | – | – | ||||||||||||||||||||||
Total distributions to shareholders | – | (1,208,448 | ) | – | (228,735,043 | ) | – | (8,629,895 | ) | (5,500,376 | ) | (20,476,669 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (26,511,531 | ) | (70,072,976 | ) | (74,847,638 | ) | (50,991,328 | ) | (19,530,395 | ) | 19,240,750 | 34,287,781 | 56,016,740 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (213,899,208 | ) | (67,580,786 | ) | (1,168,633,856 | ) | (395,797,330 | ) | (186,603,636 | ) | 37,659,338 | 32,400,905 | 56,082,293 | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 519,293,925 | 586,874,711 | 2,676,197,959 | 3,071,995,289 | 367,294,762 | 329,635,424 | 572,434,405 | 516,352,112 | ||||||||||||||||||||||||
End of period† | $ | 305,394,717 | $ | 519,293,925 | $ | 1,507,564,103 | $ | 2,676,197,959 | $ | 180,691,126 | $ | 367,294,762 | $ | 604,835,310 | $ | 572,434,405 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,485,372 | $ | 1,436,148 | $ | 47,813,495 | $ | 30,498,065 | $ | 1,182,648 | $ | 1,053,429 | $ | – | $ | – | ||||||||||||||||
See Notes to Financial Statements
219
Table of Contents
AIG Retirement Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 80,744 | $ | 245,875 | $ | (17,224 | ) | $ | (905,146 | ) | $ | (99,774 | ) | $ | (300,687 | ) | $ | 491,273 | $ | 1,378,562 | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,046,600 | ) | 1,438,470 | (86,066,756 | ) | 85,772,797 | (4,781,760 | ) | 4,598,757 | (1,764,063 | ) | (18,772,610 | ) | |||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (40,064,803 | ) | 2,152,486 | (323,721,358 | ) | (37,789,117 | ) | (21,274,094 | ) | (8,138,532 | ) | (131,637,798 | ) | (64,296,168 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (41,030,659 | ) | 3,836,831 | (409,805,338 | ) | 47,078,534 | (26,155,628 | ) | (3,840,462 | ) | (132,910,588 | ) | (81,690,216 | ) | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (73,271 | ) | – | – | – | – | – | (162,397 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (12,217 | ) | – | (52,950,679 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (73,271 | ) | – | – | – | (12,217 | ) | – | (53,113,076 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (1,744,140 | ) | 10,858,101 | (45,588,215 | ) | (104,138,221 | ) | (3,672,219 | ) | 16,974,823 | (24,247,677 | ) | (27,209,578 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (42,774,799 | ) | 14,621,661 | (455,393,553 | ) | (57,059,687 | ) | (29,827,847 | ) | 13,122,144 | (157,158,265 | ) | (162,012,870 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 98,268,710 | 83,647,049 | 908,590,311 | 965,649,998 | 65,033,368 | 51,911,224 | 391,306,472 | 553,319,342 | ||||||||||||||||||||||||
End of period† | $ | 55,493,911 | $ | 98,268,710 | $ | 453,196,758 | $ | 908,590,311 | $ | 35,205,521 | $ | 65,033,368 | $ | 234,148,207 | $ | 391,306,472 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 310,992 | $ | 230,248 | $ | (87,253 | ) | $ | (70,029 | ) | $ | 97,182 | $ | 196,456 | $ | 1,866,336 | $ | 1,375,063 | ||||||||||||||
See Notes to Financial Statements
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STATEMENTS OF CHANGES IN NET ASSETS — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | For the Six Months Ended November 30, 2008 (Unaudited) | For the Year Ended May 31, 2008 | |||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 7,330,512 | $ | 14,853,313 | $ | 1,744,935 | $ | 3,351,793 | $ | 62,258 | $ | (418,255 | ) | $ | 37,237,429 | $ | 79,495,086 | $ | 1,074,544 | $ | 1,909,164 | |||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 16,857,304 | 62,481,129 | (22,060,706 | ) | (664,046 | ) | (9,633,027 | ) | (18,756,350 | ) | 83,343,166 | 334,763,881 | (33,516,189 | ) | (5,307,517 | ) | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (384,774,616 | ) | (221,171,583 | ) | (74,242,804 | ) | (67,781,274 | ) | (36,767,698 | ) | (2,252,605 | ) | (1,606,047,922 | ) | (795,566,871 | ) | (80,328,176 | ) | (2,467,230 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (360,586,800 | ) | (143,837,141 | ) | (94,558,575 | ) | (65,093,527 | ) | (46,338,467 | ) | (21,427,210 | ) | (1,485,467,327 | ) | (381,307,904 | ) | (112,769,821 | ) | (5,865,583 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (12,975,068 | ) | – | (2,324,948 | ) | – | – | – | (79,526,270 | ) | – | (385,589 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (89,670,382 | ) | – | (16,582,738 | ) | – | – | – | (246,852,747 | ) | – | (7,681,476 | ) | ||||||||||||||||||||||||||
Total distributions to shareholders | – | (102,645,450 | ) | – | (18,907,686 | ) | – | – | – | (326,379,017 | ) | – | (8,067,065 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (17,562,184 | ) | 18,053,475 | (16,971,721 | ) | (46,049,506 | ) | (4,918,599 | ) | (22,890,760 | ) | (290,390,089 | ) | (298,151,405 | ) | (5,160,982 | ) | 201,538,002 | ||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (378,148,984 | ) | (228,429,116 | ) | (111,530,296 | ) | (130,050,719 | ) | (51,257,066 | ) | (44,317,970 | ) | (1,775,857,416 | ) | (1,005,838,326 | ) | (117,930,803 | ) | 187,605,354 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 990,398,350 | 1,218,827,466 | 256,766,723 | 386,817,442 | 118,627,538 | 162,945,508 | 4,311,083,355 | 5,316,921,681 | 277,345,751 | 89,740,397 | ||||||||||||||||||||||||||||||
End of period† | $ | 612,249,366 | $ | 990,398,350 | $ | 145,236,427 | $ | 256,766,723 | $ | 67,370,472 | $ | 118,627,538 | $ | 2,535,225,939 | $ | 4,311,083,355 | $ | 159,414,948 | $ | 277,345,751 | ||||||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 22,536,579 | $ | 15,206,067 | $ | 4,950,948 | $ | 3,206,013 | $ | 356,724 | $ | 294,466 |
| $ | 115,573,087 | $ | 78,335,658 | $ | 2,967,976 | $ | 1,893,432 | |||||||||||||||||||
See Notes to Financial Statements
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1 — Organization
AIG Retirement Company I, formerly known as VALIC Company I, (the “Series” or “ARC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 33 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund Blue Chip Growth Fund Broad Cap Value Income Fund Capital Conservation Fund Core Equity Fund Core Value Fund Foreign Value Fund Global Equity Fund Global Real Estate Fund (formally Real Estate Fund) Global Social Awareness Fund Global Strategy Fund Government Securities Fund Growth Fund Growth & Income Fund Health Sciences Fund Inflation Protected Fund International Equities Fund | International Growth I Fund International Government Bond Fund Large Cap Core Fund Large Capital Growth Fund Mid Cap Index Fund Mid Cap Strategic Growth Fund Money Market I Fund Nasdaq-100® Index Fund Science & Technology Fund Small Cap Aggressive Growth Fund Small Cap Fund Small Cap Index Fund Small Cap Special Values Fund Small-Mid Growth Fund Stock Index Fund Value Fund |
Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100® Index Fund, Inflation Protected Fund, Health Sciences Fund and Global Real Estate Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that may contain the obligation to indemnify others. The Funds maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements:
A. Security Valuation
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular trading on the New York Stock Exchange, securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, a fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of securities. This determination will be based on review of a number 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. If the Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the New York Stock Exchange. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.
Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.
Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day.
Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
broadest and most representative market, that may be either a securities exchange or the over-the-counter market. Investments in open end and closed end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open end and closed end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
For the Money Market I Fund, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board. In addition, in accordance with positions taken by the SEC or its staff, effective November 3, 2008, for shadow pricing purposes the Money Market I Fund valued certain portfolio securities with remaining maturities of 60 days or less at amortized cost instead of at the market-based value through January 12, 2009.
Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of our funds.
B. Options, Futures, and Forward Currency Contracts
Options. An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. The premium paid by a Fund for the purchase of a call or a put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current market value of the option. When a Fund writes a call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as a liability and is subsequently marked to market to reflect the current market value of the option written. If an option which the Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option.
During the period ended November 30, 2008 the following Funds had options written:
Written Options | |||||||||||||||||||
Core Equity Fund | Health Sciences Fund | Small Cap Special Value Fund | |||||||||||||||||
Number of Contracts | Premiums Received | Number of Contracts | Premiums Received | Number of Contracts | Premiums Received | ||||||||||||||
Options outstanding as of May 31, 2008 | 147 | $ | 62,103 | 9,003 | $ | 4,831,042 | — | $ | — | ||||||||||
Options written | 7,159 | 3,203,906 | 93 | 20,624 | |||||||||||||||
Options terminated in closing purchase transactions | (147 | ) | (62,103 | ) | (8,487 | ) | (3,552,880 | ) | — | — | |||||||||
Options exercised | (1,285 | ) | (994,558 | ) | — | — | |||||||||||||
Options expired | (526 | ) | (105,271 | ) | — | — | |||||||||||||
Options outstanding as of November 30, 2008 | — | — | 5,864 | $ | 3,382,239 | 93 | $ | 20,624 | |||||||||||
Futures Contracts. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (“the broker”). A Fund’s activity in futures contracts is used primarily for hedging purposes and from time to time for income enhancement. Futures contracts are conducted through regulated exchanges that minimize counter-party credit risks. A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. Futures contracts involve elements of risk in excess of the amount reflected in the Statement of Assets and Liabilities. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward contracts involve elements of risk in excess of the amount reflected in the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward contract.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
C. Repurchase Agreements
The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
As of November 30, 2008, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:
Fund | Percentage Ownership | Principal Amount | ||||
Government Securities | 24.28 | % | $ | 47,826,000 | ||
Growth & Income | 1.46 | % | 2,881,000 | |||
Large Capital Growth | 3.62 | % | 7,136,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
State Street Bank & Trust Co. Repurchase Agreement, dated November 28, 2008, bearing interest at a rate of 0.03% per annum, with a principal amount of $196,998,000, a repurchase price of $196,998,493, and maturity date of December 1, 2008. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | |||||||
U.S. Treasury Bill | 0.04 | % | 02/26/09 | $ | 192,040,000 | $ | 192,020,796 | ||||
U.S. Treasury Bill | 0.09 | % | 03/26/09 | 7,165,000 | 7,162,851 | ||||||
U.S. Treasury Bill | 0.39 | % | 05/07/09 | 1,760,000 | 1,757,008 |
As of November 30, 2008, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:
Fund | Percentage Ownership | Principal Amount | ||||
Government Securities | 15.00 | % | $ | 30,000,000 | ||
Money Market I | 19.02 | % | 38,039,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
UBS Securities, LLC, dated November 28, 2008, bearing interest at a rate of 0.20% per annum, with a principal amount of $200,000,000, a repurchase price of $200,003,333 and maturity date of December 1, 2008. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | |||||||
U.S. Treasury Inflation Index Bonds | 4.25 | % | 01/15/10 | $ | 157,618,200 | $ | 204,000,053 |
D. Mortgage-Backed Dollar Rolls
Certain Funds may enter into dollar roll transactions using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. During the year ended November 30, 2008, none of the funds entered into dollar roll transactions.
Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may or may not exceed transaction costs.
E. Foreign Currency Translation
The books and records of ARC I are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.
ARC I does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, ARC I does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of fund securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and changes in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rate.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
F. Investment Securities Loaned
To realize additional income, a Fund may lend Fund securities with a value of up to 33 1/3% of its total assets. Any such loans will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, letters of credit, or other collateral as deemed appropriate. The Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the Custodian to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be less than the value of the securities on loan. Each Fund receives income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral.
G. Short Sales
All Funds, except for the Foreign Value Fund, Money Market I Fund and Small Cap Special Values Fund, may engage in “short sales against the box.” This technique involves selling either a security that a Fund owns, or a security equivalent in kind and amount to the security sold short. A Fund may enter into a short sale against the box to hedge against anticipated declines in the market price of that security. The Asset Allocation Fund, Capital Conservation Fund and Global Real Estate Fund may also engage in “naked” short sales. To complete such transactions, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay to the lender any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Fund replaces a borrowed security, the Fund will maintain daily a segregated account, containing cash or liquid securities, at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Fund bears the risk of potential inability of the broker to meet their obligation to perform. As of November 30, 2008, there were no securities sold short in the Funds.
H. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders
Security transactions are recorded on a trade date basis. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and capital gains distributions received are recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income is accrued daily except when collection is not expected. For financial statement purposes, ARC I amortizes all premiums and accretes all discounts on fixed income securities. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends and capital gains at various rates. India, Thailand and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund. Common expenses incurred by ARC I are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.
Dividends from net investment income, if any, are normally declared and paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.
The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications.
Each Fund intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Fund is considered a separate entity for tax purposes.
The funds file U.S. federal and certain state income tax returns. With few exceptions, the funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2005.
I. New Accounting Pronouncements
In March 2008, the Financial Accounting Standards (FASB) issued FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities. The standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. It is effective for financial statements issued for fiscal years beginning after November 15, 2008. Management is currently in the process of determining the impact of the standard on the Fund’s disclosures in the financial statements.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
In September 2006, the FASB issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 — Quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, quoted prices in inactive markets, etc.)
Level 3 — Significant unobservable inputs (include the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2008:
Asset Allocation Fund | Blue Chip Growth Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 60,242,918 | $ | 511,981 | $ | 266,549,654 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 49,688,389 | — | 52,426,778 | — | |||||||||
Level 3 — Significant Unobservable Inputs | 434,810 | — | — | — | |||||||||
Total | $ | 110,366,117 | $ | 511,981 | $ | 318,976,432 | $ | — | |||||
Broad Cap Value Income Fund | Capital Conservation Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 16,295,201 | $ | — | $ | 19,391,423 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 192,000 | — | 98,458,684 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | 764,400 | — | |||||||||
Total | $ | 16,487,201 | $ | — | $ | 118,614,507 | $ | — | |||||
Core Equity Fund | Core Value Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 205,220,729 | $ | — | $ | 104,517,764 | $ | (284,793 | ) | ||||
Level 2 — Other Significant Observable Inputs | 41,662,458 | — | 1,523,000 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 246,883,187 | $ | — | $ | 106,040,764 | $ | (284,793 | ) | ||||
Foreign Value Fund | Global Equity Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 52,136,425 | $ | — | $ | 125,599,775 | $ | (3,083,721 | ) | ||||
Level 2 — Other Significant Observable Inputs | 561,885,738 | — | 118,471,635 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 614,022,163 | $ | — | $ | 244,071,410 | $ | (3,083,721 | ) | ||||
Global Real Estate Fund | Global Social Awareness Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 80,231,105 | $ | — | $ | 144,889,697 | $ | 213,018 | |||||
Level 2 — Other Significant Observable Inputs | 90,121,927 | — | 171,219,896 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | 0 | — | |||||||||
Total | $ | 170,353,032 | $ | — | $ | 316,109,593 | $ | 213,018 | |||||
Global Strategy Fund | Government Securities Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 93,207,563 | $ | 27,855,401 | $ | 66,819,666 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 242,644,507 | — | 179,376,375 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 335,852,070 | $ | 27,855,401 | $ | 246,196,041 | $ | — | |||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Growth Fund | Growth & Income Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 510,312,194 | $ | 161,162 | $ | 72,691,384 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 141,271,792 | — | 16,177,424 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | 0 | — | |||||||||
Total | $ | 651,583,986 | $ | 161,162 | $ | 88,868,808 | $ | — | |||||
Health Sciences Fund | Inflation Protected Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 122,573,845 | $ | (2,627,968 | ) | $ | 87,342,485 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 13,834,091 | — | 50,600,189 | — | |||||||||
Level 3 — Significant Unobservable Inputs | 122,314 | — | 8,364,500 | — | |||||||||
Total | $ | 136,530,250 | $ | (2,627,968 | ) | $ | 146,307,174 | $ | — | ||||
International Equities Fund | International Government Bond Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 23,967,046 | $ | (7,358,974 | ) | $ | 9,648,032 | $ | 54,573 | ||||
Level 2 — Other Significant Observable Inputs | 715,747,863 | — | 131,019,753 | — | |||||||||
Level 3 — Significant Unobservable Inputs | 3,605 | — | — | — | |||||||||
Total | $ | 739,718,514 | $ | (7,358,974 | ) | $ | 140,667,785 | $ | 54,573 | ||||
International Growth I Fund | Large Cap Core Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 36,253,806 | $ | (40 | ) | $ | 83,505,581 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 418,775,043 | — | 25,150,992 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 455,028,849 | $ | (40 | ) | $ | 108,656,573 | $ | — | ||||
Large Capital Growth Fund | Mid Cap Index Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 281,611,203 | $ | — | $ | 1,470,123,066 | $ | 1,796,655 | |||||
Level 2 — Other Significant Observable Inputs | 84,029,576 | — | 349,671,879 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 365,640,779 | $ | — | $ | 1,819,794,945 | $ | 1,796,655 | |||||
Mid Cap Strategic Growth Fund | Money Market Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 168,129,620 | $ | — | $ | — | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 60,658,629 | — | 604,805,634 | — | |||||||||
Level 3 — Significant Unobservable Inputs | 718,236 | — | — | — | |||||||||
Total | $ | 229,506,485 | $ | — | $ | 604,805,634 | $ | — | |||||
NASDAQ-100 Index Fund | Science & Technology Fund | ||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||
Level 1 — Quoted Prices | $ | 54,321,068 | $ | (240,325 | ) | $ | 418,522,958 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 13,412,781 | — | 117,747,446 | — | |||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | |||||||||
Total | $ | 67,733,849 | $ | (240,325 | ) | $ | 536,270,404 | $ | — | ||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | ||||||||||
Level 1 — Quoted Prices | $ | 35,410,974 | $ | — | $ | 229,196,396 | $ | — | ||||||
Level 2 — Other Significant Observable Inputs | 7,660,617 | — | 61,903,315 | — | ||||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | ||||||||||
Total | $ | 43,071,591 | $ | — | $ | 291,099,711 | $ | — | ||||||
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | ||||||||||
Level 1 — Quoted Prices | $ | 578,128,931 | $ | (4,759,580 | ) | $ | 139,002,946 | $ | 20,159 | |||||
Level 2 — Other Significant Observable Inputs | 166,337,402 | — | 36,931,733 | — | ||||||||||
Level 3 — Significant Unobservable Inputs | 0 | — | 437,005 | — | ||||||||||
Total | $ | 744,466,333 | $ | (4,759,580 | ) | $ | 176,371,684 | $ | 20,159 | |||||
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | ||||||||||
Level 1 — Quoted Prices | $ | 64,487,907 | $ | — | $ | 2,498,869,776 | $ | (56,992 | ) | |||||
Level 2 — Other Significant Observable Inputs | 17,776,163 | — | 205,832,083 | — | ||||||||||
Level 3 — Significant Unobservable Inputs | — | — | — | — | ||||||||||
Total | $ | 82,264,070 | $ | — | $ | 2,704,701,859 | $ | (56,992 | ) | |||||
Value Fund | ||||||||||||||
Valuation Inputs | Investments in Securities | Other Financial Instruments* | ||||||||||||
Level 1 — Quoted Prices | $ | 143,497,068 | $ | — | ||||||||||
Level 2 — Other Significant Observable Inputs | 14,357,439 | — | ||||||||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||||||||
Total | $ | 157,854,507 | $ | — | ||||||||||
* | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option, and swap contracts, which are valued at the unrealized appreciation/(depreciation) on the instrument. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Asset Allocation | Capital Conservation | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | 0 | $ | — | $ | 0 | $ | — | ||||||
Accrued discounts/premiums | 129 | — | — | — | ||||||||||
Realized gain (loss) | 101 | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (78,368 | ) | — | (143,570 | ) | — | ||||||||
Net purchases (sales) | (10,805 | ) | — | 1,000 | — | |||||||||
Transfers in and/or out of Level 3 | 523,753 | — | 906,970 | — | ||||||||||
Balance as of 11/30/2008 | $ | 434,810 | $ | — | $ | 764,400 | $ | — | ||||||
Foreign Value | Global Social Awareness | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | — | $ | — | $ | 0 | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (1,511,880 | ) | — | — | — | |||||||||
Net purchases (sales) | — | — | — | — | ||||||||||
Transfers in and/or out of Level 3 | 1,511,880 | — | — | — | ||||||||||
Balance as of 11/30/2008 | $ | — | $ | — | $ | 0 | $ | — | ||||||
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Global Strategy Fund | Growth Fund | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | — | $ | — | $ | 496,044 | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (368,679 | ) | — | (42,073 | ) | — | ||||||||
Net purchases (sales) | 1,447,608 | — | 186,369 | — | ||||||||||
Transfers in and/or out of Level 3 | (1,078,929 | ) | — | (640,340 | ) | — | ||||||||
Balance as of 11/30/2008 | $ | — | $ | — | $ | — | $ | — | ||||||
Growth & Income Fund | Health Sciences Fund | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | 0 | $ | — | $ | — | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | — | — | (13,591 | ) | — | |||||||||
Net purchases (sales) | — | — | 135,905 | — | ||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | ||||||||||
Balance as of 11/30/2008 | $ | 0 | $ | — | $ | 122,314 | $ | — | ||||||
Inflation Protected Fund | International Equities Fund | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | — | $ | — | $ | 990 | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (1,603,000 | ) | — | (212,410 | ) | — | ||||||||
Net purchases (sales) | — | — | 7,215 | — | ||||||||||
Transfers in and/or out of Level 3 | 9,967,500 | — | 207,810 | — | ||||||||||
Balance as of 11/30/2008 | $ | 8,364,500 | $ | — | $ | 3,605 | $ | — | ||||||
International Growth Fund | Mid Cap Strategic Growth Fund | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | 3,024,613 | $ | — | $ | — | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | 300,654 | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | (1,201,696 | ) | — | — | — | |||||||||
Net purchases (sales) | (319,183 | ) | — | 718,236 | — | |||||||||
Transfers in and/or out of Level 3 | (1,804,388 | ) | — | — | — | |||||||||
Balance as of 11/30/2008 | $ | — | $ | — | $ | 718,236 | $ | — | ||||||
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||
Investments in Securities | Other Financial Instruments* | Investments in Securities | Other Financial Instruments* | |||||||||||
Balance as of 5/31/2008 | $ | 0 | $ | — | $ | 0 | $ | — | ||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||
Realized gain (loss) | — | — | — | — | ||||||||||
Change in unrealized appreciation (depreciation) | 23 | — | — | — | ||||||||||
Net purchases (sales) | 56,750 | — | — | — | ||||||||||
Transfers in and/or out of Level 3 | (56,773 | ) | — | 437,005 | — | |||||||||
Balance as of 11/30/2008 | $ | 0 | $ | — | $ | 437,005 | $ | — | ||||||
* | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward, written option, and swap contracts, which are valued at the unrealized appreciation/(depreciation) on the instrument. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to ARC I. Certain officers and directors of ARC I are officers and directors of VALIC or affiliates of VALIC.
VALIC receives from ARC I a monthly fee based on each fund’s average daily net asset value at the following annual rates.
International Equities Fund | 0.35% on the first $500 million; | |
0.25% on the assets over $500 million | ||
Mid Cap Index Fund | 0.35% on the first $500 million; | |
Small Cap Index Fund | 0.25% on $500 million to $3 billion | |
Stock Index Fund | 0.20% on $3 billion to $5 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund* | 0.75% on the first $250 million; | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund | 0.80% on the first $250 million; | |
0.75% on the next $250 million | ||
0.70% on $500 million to $1 billion | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund | 0.75% | |
Science & Technology Fund | 0.90% on first $500 million | |
0.85% on assets over $500 million | ||
Small Cap Fund | 0.90% on the first $250 million; | |
0.85% on the next $250 million | ||
0.80% on $500 million to $1 billion | ||
0.75% on assets over $1 billion | ||
Health Sciences Fund | 1.00% on first $500 million | |
0.95% on assets over $500 million | ||
Inflation Protected Fund | 0.50% on the first $250 million; | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth I Fund | 0.95% on the first $250 million; | |
0.90% on the next $250 million | ||
0.85% on $500 million to $1 billion | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million; | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million; | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million | ||
Asset Allocation Fund | 0.50% | |
Global Social Awareness Fund | ||
Global Strategy Fund | ||
Capital Conservation Fund | 0.50% on the first $250 million; | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on $500 million to $1 billion | |
0.35% on assets over $1 billion | ||
Money Market I Fund | 0.40% | |
Nasdaq-100® Index Fund | ||
Core Value Fund | 0.77% on the first $250 million; | |
0.72% on the next $250 million | ||
0.67% on $500 million to $1 billion | ||
0.62% on assets over $1 billion | ||
Value Fund | 0.78% on the first $250 million; | |
0.73% on the next $250 million | ||
0.68% on $500 million to $1 billion | ||
0.63% on assets over $1 billion |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Broad Cap Value Income Fund | 0.70% on the first $250 million | |
Large Cap Core Fund | 0.65% on the next $250 million | |
0.60% on $500 million to $1 billion | ||
0.55% on assets over $1 billion | ||
Foreign Value Fund | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on $500 million to $1 billion | ||
0.58% on assets over $1 billion | ||
Global Equity Fund | 0.81% on the first $250 million | |
0.76% on the next $250 million | ||
0.71% on $500 million to $1 billion | ||
0.66% on assets over $1 billion | ||
Small Cap Aggressive Growth Fund | 0.85% on the first $250 million | |
Small-Mid Growth Fund | 0.75% on assets over $250 million | |
Small Cap Special Values Fund | 0.75% on the first $500 million | |
0.70% on assets over $500 million | ||
Growth Fund | 0.83% on the first $250 million | |
0.78% on the next $250 million | ||
0.73% on $500 million to $1 billion | ||
0.68% on assets over $1 billion | ||
Global Real Estate Fund | 0.75% on the first $250 million; | |
0.70% on the next $250 million | ||
0.65% on assets over $500 million |
* | Prior to October 1, 2008, the management fee for Blue Chip Growth Fund was 0.75% of net assets. |
VALIC contractually agreed to waive fees and/or reimburse expenses, if necessary, at or below the following percentages of each Fund’s average net assets through September 30, 2009. Annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).
Fund # | Maximum Expense Limitation | ||
Blue Chip Growth | 0.85 | % | |
Broad Cap Value Income | 0.85 | % | |
Core Equity* | 0.80 | % | |
Core Value | 0.83 | % | |
Global Real Estate | 0.95 | % | |
Growth | 0.95 | % | |
Growth & Income | 0.85 | % | |
Inflation Protected | 0.65 | % | |
International Growth I | 1.01 | % | |
Large Cap Core | 0.85 | % | |
Large Capital Growth | 0.80 | % | |
Mid Cap Strategic Growth | 0.85 | % | |
Money Market I | 0.55 | % | |
NASDAQ-100® Index | 0.55 | % | |
Small Cap Aggressive Growth* | 0.99 | % | |
Small Cap | 0.95 | % | |
Small Cap Special Values | 0.90 | % | |
Small-Mid Growth | 1.00 | % | |
Value | 0.85 | % |
* | Effective October 1, 2008, the expense limitations for the Core Equity Fund and Small Cap Aggressive Fund were changed from 0.85% and 1.00%, respectively, to 0.80% and 0.99%. |
# | Effective October 1, 2008, the expense limitation for the Foreign Value Fund, Global Equity Fund and the Global Strategy Fund were removed. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
For the period ended November 30, 2008, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | ||
Blue Chip Growth | $ | 30,005 | |
Broad Cap Value Income | 41,527 | ||
Core Equity | 125,905 | ||
Core Value | 75,458 | ||
Global Real Estate | 82,707 | ||
Growth & Income | 24,493 | ||
Inflation Protected | 12,858 | ||
International Growth I | 285,423 | ||
Large Cap Core | 11,949 | ||
Money Market I | 5,919 | ||
NASDAQ-100 Index | 30,587 | ||
Small Cap Aggressive Growth | 25,708 | ||
Small Cap | 171,388 | ||
Small Cap Special Values | 18,593 | ||
Small-Mid Growth | 69,694 | ||
Value | 70,584 |
VALIC has entered into sub-advisory agreements with the following:
AIG Global Investment Corp. (“AIGGIC”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Government Securities Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Global Social Awareness Fund and Stock Index Fund.
AIG SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the Growth & Income Fund, Money Market I Fund, and a portion of the Large Capital Growth Fund.
American Century Investment Management, Inc. and American Century Global Investment Management, Inc. (collectively, “American Century”)—subadviser for the Core Value Fund, the Growth Fund, and a portion of the International Growth I Fund.
Barrow, Hanley, Mewhinney & Strauss, Inc.—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund.
Brazos Capital Management, LP (“Brazos Capital”)—subadviser for a portion of the Mid Cap Strategic Growth Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Evergreen Investment Management Company, LLC—subadviser for the Large Cap Core Fund, the Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.
Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.
Goldman Sachs Asset Management, L.P.—subadviser for a portion of the Global Real Estate Fund.
Invesco Aim Capital Management, Inc.—subadviser for a portion of the Large Capital Growth Fund, a portion of the International Growth I Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.
Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Growth I Fund.
Morgan Stanley Investment Management, Inc. (d/b/a/”Van Kampen”)—subadviser for a portion of the Mid Cap Strategic Growth Fund.
OppenheimerFunds, Inc.—subadviser for the Value Fund.
Putnam Investment Management, LLC—subadviser for the Global Equity Fund and a portion of the Small Cap Special Values Fund.
RCM Capital Management, LLC—subadviser for a portion of the Science & Technology Fund.
T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund and for a portion of the Science & Technology Fund and a portion of the Small Cap Fund.
Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.
Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.
Wellington Management Company, LLP—subadviser for a portion of the Science & Technology Fund.
Wells Capital Management, Inc.—subadviser for the Small Cap Aggressive Growth Fund.
The subadvisers are compensated for their services by VALIC.
ARC I, on behalf of each Fund has entered into an Administrative Services Agreement with SunAmerica. SunAmerica receives from each Fund an annual fee of 0.07% based on the average daily net assets of the Fund. Under the agreement, SunAmerica will provide certain accounting and administrative services to ARC I. During the period ended November 30, 2008, the Series accrued $5,492,975 for accounting and administrative services.
ARC I, on behalf of each Fund has entered into a Transfer Agency and Services Agreement with VALIC. Under this agreement, VALIC provides services which include the issuance and redemption of shares, payment of dividends between the Series and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. For the period ended November 30, 2008, the Series accrued $53,493 in transfer agency and services fees.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
On January 23, 2001, the Board of Directors ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in up to six different investment options that are specified in the plan as selected by the directors. For the period ended November 30, 2008, ARC I has deferred $10,397 of director compensation.
On January 23, 2001, the Board of Directors approved a retirement plan for its independent directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. ARC I is responsible for the payment of the retirement benefits, as well as all expenses of administration of the plan. Generally, benefits vested under the Retirement Plan are payable for a ten-year period. In the event of a Director’s death prior to complete distribution of benefits, the Director’s beneficiary or estate will be entitled to receive installments or a discounted lump-sum payment of the remaining benefits. The following amounts for the retirement plan liability are included in the payable for Directors’ fees and expenses line on the Statement of Assets and Liabilities and the amounts for the retirement plan expenses are included in the Directors’ fees and expenses line on the Statement of Operations:
Fund | Retirement Plan Liability as of November 30, 2008 | Retirement Plan Expense | Retirement Plan Payments | ||||||
For the period ended November 30, 2008 | |||||||||
Asset Allocation | $ | 51,815 | $ | 222 | $ | 7,971 | |||
Blue Chip Growth | 16,401 | 112 | 934 | ||||||
Broad Cap Value Income | 2,076 | 38 | 232 | ||||||
Capital Conservation | 43,416 | 271 | 3,738 | ||||||
Core Equity | 206,371 | 595 | 30,794 | ||||||
Core Value | 72,624 | 310 | 6,358 | ||||||
Foreign Value | 59,164 | 1,064 | 6,790 | ||||||
Global Equity | 29,807 | 556 | 3,435 | ||||||
Global Real Estate | 262 | — | — | ||||||
Global Social Awareness | 111,938 | 545 | 18,113 | ||||||
Global Strategy | 31,544 | 572 | 3,583 | ||||||
Government Securities | 53,028 | 145 | 5,291 | ||||||
Growth | 187,757 | 1,405 | 17,744 | ||||||
Growth & Income | 55,430 | 189 | 8,847 | ||||||
Health Sciences | 41,390 | 244 | 3,254 | ||||||
Inflation Protected | 14,483 | 12,443 | 165 | ||||||
International Equities | 106,580 | 1,241 | 15,619 | ||||||
International Government Bond | 58,212 | 12,911 | 5,749 | ||||||
International Growth I | 136,700 | 752 | 12,570 | ||||||
Large Cap Core | 8,831 | 155 | 1,026 | ||||||
Large Capital Growth | 41,812 | 766 | 4,677 | ||||||
Mid Cap Index | 485,118 | 3,409 | 63,446 | ||||||
Mid Cap Strategic Growth | 17,503 | 419 | 2,718 | ||||||
Money Market I | 145,003 | 631 | 19,572 | ||||||
Nasdaq-100 Index | 23,885 | 108 | 1,737 | ||||||
Science & Technology | 336,388 | 1,274 | 60,493 | ||||||
Small Cap Aggressive Growth | 4,200 | 68 | 441 | ||||||
Small Cap | 188,566 | 740 | 16,641 | ||||||
Small Cap Index | 162,388 | 1,432 | 21,036 | ||||||
Small Cap Special Values | 24,690 | 487 | 2,950 | ||||||
Small-Mid Growth | 11,799 | 223 | 1,383 | ||||||
Stock Index | 1,237,238 | 6,581 | 183,759 | ||||||
Value | 16,336 | 141 | 1,385 |
At November 30, 2008, VALIC, AIG Annuity Insurance Company (“AIGAIC”), and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:
Fund | VALIC | AIGAIC | AGL | ||||
Asset Allocation | 99.99 | % | — | * | |||
Blue Chip Growth | 99.97 | % | — | * | |||
Broad Cap Value Income | 100.00 | % | — | — | |||
Capital Conservation | 100.00 | % | — | — | |||
Core Equity | 100.00 | % | — | — | |||
Core Value | 99.97 | % | — | * | |||
Foreign Value | 100.00 | % | — | — |
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Fund | VALIC | AIGAIC | AGL | ||||
Global Equity | 100.00 | % | — | — | |||
Global Real Estate | 100.00 | % | — | — | |||
Global Social Awareness | 99.45 | % | — | — | |||
Global Strategy | 100.00 | % | — | — | |||
Government Securities | 97.18 | % | * | — | |||
Growth & Income | 95.32 | % | * | — | |||
Growth | 100.00 | % | — | — | |||
Health Sciences | 99.95 | % | — | * | |||
Inflation Protected | 100.00 | % | — | — | |||
International Equities | 97.32 | % | * | * | |||
International Government Bond | 100.00 | % | — | — | |||
International Growth I | 100.00 | % | — | — | |||
Large Cap Core | 100.00 | % | — | — | |||
Large Capital Growth | 100.00 | % | — | — | |||
Mid Cap Index | 98.39 | % | — | * | |||
Mid Cap Strategic Growth | 100.00 | % | — | — | |||
Money Market I | 84.42 | % | * | 15.29% | |||
Nasdaq-100® Index | 95.30 | % | — | * | |||
Science & Technology | 99.77 | % | * | * | |||
Small Cap Aggressive Growth | 100.00 | % | — | — | |||
Small Cap | 100.00 | % | — | — | |||
Small Cap Index | 99.12 | % | — | * | |||
Small-Mid Growth | 100.00 | % | — | — | |||
Small Cap Special Values | 100.00 | % | — | — | |||
Stock Index | 96.19 | % | * | * | |||
Value | 100.00 | % | — | — |
* | Less than 5% ownership. |
As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended November 30, 2008, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:
Fund | Security | Income | Market Value at 5/31/08 | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/08 | |||||||||||||||||
Stock Index | American International Group, Inc. | $ | 393,230 | $ | 34,092,000 | $ | 25,678 | $ | 881,290 | $ | (209,303 | ) | $ | (31,302,706 | ) | $ | 1,724,379 |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Core Equity | Global Real Estate | International Growth I | Large Cap Core | Small Cap Special Values | Small-Mid Growth | |||||||||||||
JP Morgan Securities (Asia Pacific) Ltd. | $ | — | $ | — | $ | 2,326 | $ | — | $ | — | $ | — | ||||||
J.P. Morgan Securities, Inc. | — | — | 10,101 | — | — | — | ||||||||||||
J.P. Morgan Securities, Ltd. | — | — | 10,502 | — | — | — | ||||||||||||
Merrill Lynch & Co., Inc. | 3,411 | — | — | — | — | — | ||||||||||||
Wachovia Securities LLC | — | — | — | — | 1,039 | 2,601 | ||||||||||||
Wachovia Capital Markets LLC | — | — | — | 1,386 | — | — | ||||||||||||
Bear Stearns Securities Corp. | — | — | 500 | — | — | — | ||||||||||||
Cazenove & Co. | — | — | 8,084 | — | — | — | ||||||||||||
Goldman Sachs & Co. | — | 1,085 | — | — | — | — | ||||||||||||
Goldman Sachs International | — | 8,225 | — | — | — | — |
On September 22, 2008, American International Group, Inc. (“AIG”), the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor, SunAmerica, the subadviser to certain Funds and the Funds’ administrator, AIGGIC, subadviser to certain Funds, and Brazos Capital, the subadviser to the Mid Cap Strategic Growth Fund, entered into a revolving credit facility (the “Credit Facility”) and a Guarantee and Pledge Agreement with the Federal Reserve Bank of New York under the terms of which AIG will issue a new series of perpetual, non-redeemable Convertible Participating Serial Preferred Stock (the “Preferred Stock”) to a trust that will hold the Preferred Stock for the benefit of the United States Treasury. On October 3, 2008, AIG announced that it plans to retain its U.S. property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations, and that it is exploring divestiture opportunities for its remaining high-quality businesses and assets.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Note 4 — Investment Activity
The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended November 30, 2008, were as follows:
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||
Asset Allocation | $ | 49,959,848 | $ | 45,295,234 | $ | 4,724,725 | $ | 26,228,559 | ||||
Blue Chip Growth | 130,710,753 | 96,990,361 | — | — | ||||||||
Broad Cap Value Income | 2,742,034 | 3,311,410 | — | — | ||||||||
Capital Conservation | 26,611,631 | 48,125,277 | 25,706,305 | 12,812,654 | ||||||||
Core Equity | 112,739,577 | 130,318,171 | — | — | ||||||||
Core Value | 31,212,877 | 45,480,412 | — | — | ||||||||
Foreign Value | 94,376,798 | 69,305,454 | — | — | ||||||||
Global Equity | 156,240,050 | 157,976,124 | — | — | ||||||||
Global Real Estate | 202,621,549 | 16,576,546 | — | — | ||||||||
Global Social Awareness | 241,533,996 | 273,013,600 | — | — | ||||||||
Global Strategy | 47,954,279 | 50,028,352 | — | — | ||||||||
Government Securities | — | 30,693,750 | 144,200,597 | 151,750,267 | ||||||||
Growth | 462,556,677 | 502,595,342 | — | — | ||||||||
Growth & Income | 91,019,381 | 95,889,463 | — | — | ||||||||
Health Sciences | 46,034,780 | 51,842,881 | — | — | ||||||||
Inflation Protected | 2,955,000 | 3,060,000 | 42,327,656 | 21,145,054 | ||||||||
International Equities | 423,824,522 | 349,074,217 | — | — | ||||||||
International Government Bond | 117,254,640 | 120,979,656 | 55,491,203 | 54,232,535 | ||||||||
International Growth I | 213,801,021 | 214,455,197 | — | — | ||||||||
Large Cap Core | 54,417,378 | 20,408,774 | — | — | ||||||||
Large Capital Growth | 98,204,660 | 128,879,076 | — | — | ||||||||
Mid Cap Index | 272,649,429 | 310,208,551 | — | — | ||||||||
Mid Cap Strategic Growth | 406,400,373 | 418,275,966 | — | — | ||||||||
NASDAQ-100® Index | 2,062,963 | 2,642,319 | — | — | ||||||||
Science & Technology | 424,029,294 | 447,349,684 | — | — | ||||||||
Small Cap Aggressive Growth | 19,766,155 | 23,229,776 | — | — | ||||||||
Small Cap | 62,405,319 | 83,212,249 | — | — | ||||||||
Small Cap Index | 150,698,813 | 170,983,828 | — | — | ||||||||
Small Cap Special Values | 57,666,727 | 68,071,030 | — | — | ||||||||
Small-Mid Growth | 40,918,030 | 45,096,453 | — | — | ||||||||
Stock Index | 147,303,983 | 413,919,494 | — | — | ||||||||
Value | 185,348,448 | 178,294,198 | — | — |
Note 5 — Federal Income Taxes
The following tables detail the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2008.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||
Asset Allocation | $ | 137,705,260 | $ | 1,965,190 | $ | 29,304,333 | $ | (27,339,143 | ) | ||||
Blue Chip Growth | 426,018,769 | 1,347,788 | 108,390,125 | (107,042,337 | ) | ||||||||
Broad Cap Value Income | 23,631,908 | 424,699 | 7,569,406 | (7,144,707 | ) | ||||||||
Capital Conservation | 127,560,080 | 1,654,142 | 10,599,715 | (8,945,573 | ) | ||||||||
Core Equity | 335,916,858 | 2,699,953 | 91,733,624 | (89,033,671 | ) | ||||||||
Core Value | 149,081,836 | 4,989,146 | 48,030,218 | (43,041,072 | ) | ||||||||
Foreign Value | 1,036,680,999 | 5,242,755 | 427,901,591 | (422,658,836 | ) | ||||||||
Global Equity | 350,172,485 | 2,932,179 | 109,033,254 | (106,101,075 | ) | ||||||||
Global Real Estate | 209,687,941 | 452,986 | 39,787,895 | (39,334,909 | ) | ||||||||
Global Social Awareness | 468,097,630 | 1,605,936 | 153,593,973 | (151,988,037 | ) |
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Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||
Global Strategy | $ | 450,901,579 | $ | 6,267,295 | $ | 121,316,804 | $ | (115,049,509 | ) | ||||
Government Securities | 239,824,203 | 8,592,387 | 2,220,549 | 6,371,838 | |||||||||
Growth | 849,387,637 | 6,715,695 | 204,519,346 | (197,803,651 | ) | ||||||||
Growth & Income | 115,395,448 | 1,098,956 | 27,625,596 | (26,526,640 | ) | ||||||||
Health Sciences | 177,864,384 | 7,825,755 | 49,159,889 | (41,334,134 | ) | ||||||||
Inflation Protected | 173,769,532 | 56,661 | 27,519,019 | (27,462,358 | ) | ||||||||
International Equities | 1,072,200,815 | 8,663,258 | 341,145,559 | (332,482,301 | ) | ||||||||
International Government Bond* | 151,728,944 | 5,476,781 | 16,537,940 | (11,061,159 | ) | ||||||||
International Growth I | 619,092,178 | 2,825,057 | 166,888,386 | (164,063,329 | ) | ||||||||
Large Cap Core | 132,648,131 | 867,997 | 24,859,555 | (23,991,558 | ) | ||||||||
Large Capital Growth | 440,095,805 | 6,060,514 | 80,515,540 | (74,455,026 | ) | ||||||||
Mid Cap Index | 2,610,539,291 | 78,262,499 | 869,006,845 | (790,744,346 | ) | ||||||||
Mid Cap Strategic Growth | 300,817,860 | 10,308,370 | 81,619,745 | (71,311,375 | ) | ||||||||
Money Market I | 604,805,634 | — | — | — | |||||||||
NASDAQ-100® Index | 82,693,139 | 8,607,991 | 23,567,281 | (14,959,290 | ) | ||||||||
Science & Technology | 826,809,831 | 1,155,883 | 291,695,310 | (290,539,427 | ) | ||||||||
Small Cap Aggressive Growth | 67,472,973 | 799,249 | 25,200,631 | (24,401,382 | ) | ||||||||
Small Cap | 388,613,056 | 13,332,802 | 110,846,147 | (97,513,345 | ) | ||||||||
Small Cap Index | 1,110,459,892 | 43,635,385 | 409,628,944 | (365,993,559 | ) | ||||||||
Small Cap Special Values | 277,438,776 | 3,765,565 | 104,832,657 | (101,067,092 | ) | ||||||||
Small-Mid Growth | 103,744,102 | 3,134,717 | 24,614,749 | (21,480,032 | ) | ||||||||
Stock Index | 2,914,909,087 | 587,520,633 | 797,727,861 | (210,207,228 | ) | ||||||||
Value | 233,685,502 | 333,397 | 76,164,392 | (75,830,995 | ) |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2008. |
The tax basis distributable earnings at May 31, 2008 and the tax character of distributions paid during the year ended May 31, 2008 were as follows:
Distributable Earnings | Tax Distributions | ||||||||||||||||
For the year ended May 31, 2008 | |||||||||||||||||
Fund | Ordinary Income | Long-term Gains/Capital and Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | ||||||||||||
Asset Allocation | $ | 6,900,268 | $ | 3,551,397 | $ | 702,047 | $ | 8,778,112 | $ | 5,699,888 | |||||||
Blue Chip Growth | 535,857 | 260,752 | 36,093,867 | 304,931 | 518,942 | ||||||||||||
Broad Cap Value Income | 185,125 | 536 | 773,792 | 1,169,822 | 359,884 | ||||||||||||
Capital Conservation | 8,863,045 | (1,189,617 | ) | (4,049,605 | ) | 10,132,103 | — | ||||||||||
Core Equity | 2,839,799 | (105,774,251 | ) | 7,513,056 | 3,867,556 | — | |||||||||||
Core Value | 3,829,178 | 6,721,872 | 3,506,625 | 5,501,935 | 5,426,154 | ||||||||||||
Foreign Value | 28,954,350 | 60,664,948 | 2,216,736 | 40,789,613 | 111,131 | ||||||||||||
Global Equity | 15,583,729 | 10,192,350 | 6,718,749 | 28,846,005 | 1,052,150 | ||||||||||||
Global Real Estate | 375,205 | 16,652 | 778,894 | — | — | ||||||||||||
Global Social Awareness | 21,187,709 | 22,535,717 | (3,551,498 | ) | 34,956,644 | 17,342,852 | |||||||||||
Global Strategy | 27,373,827 | 7,593,756 | 32,183,784 | 14,176,509 | 742,071 | ||||||||||||
Government Securities | 4,762,754 | (4,293,839 | ) | (10,374 | ) | 4,668,688 | — | ||||||||||
Growth | 131,104 | (175,318,415 | ) | 59,665,152 | — | — | |||||||||||
Growth & Income | 5,827,545 | 3,477,387 | (1,359,176 | ) | 1,732,536 | 6,185,584 | |||||||||||
Health Sciences | 4,173,967 | 11,883,328 | 14,081,686 | 6,189,880 | 11,257,401 | ||||||||||||
Inflation Protected | 2,240,182 | (530,170 | ) | (3,108,691 | ) | 661,802 | — | ||||||||||
International Equities | 33,691,918 | 107,153,712 | 86,119,311 | 30,414,894 | 19,736,970 | ||||||||||||
International Government Bond* | 9,556,986 | (1,032,887 | ) | (9,624,093 | ) | 7,009,978 | 920,971 | ||||||||||
International Growth I | 9,678,332 | (17,227,966 | ) | 113,292,607 | 6,162,164 | — | |||||||||||
Large Cap Core | 1,569,168 | 4,417,865 | 3,307,951 | 2,980,630 | 290,618 | ||||||||||||
Large Capital Growth | 1,066,057 | 9,264,508 | 85,843,324 | 1,208,448 | — | ||||||||||||
Mid Cap Index | 32,390,610 | 201,074,113 | 346,336,874 | 45,379,086 | 183,355,957 | ||||||||||||
Mid Cap Strategic Growth | 13,586,081 | 15,242,415 | 43,483,046 | 7,823,997 | 805,898 | ||||||||||||
Money Market I | 234,653 | — | — | 20,476,669 | — |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Distributable Earnings | Tax Distributions | ||||||||||||||||
For the year ended May 31, 2008 | |||||||||||||||||
Fund | Ordinary Income | Long-term Gains/Capital and Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | ||||||||||||
NASDAQ-100® Index | $ | 198,287 | $ | 917,340 | $ | 24,474,719 | $ | 73,271 | $ | — | |||||||
Science & Technology | — | (1,432,569,747 | ) | 33,195,536 | — | — | |||||||||||
Small Cap Aggressive Growth | 4,122,385 | 873,638 | (3,127,288 | ) | 737 | 11,480 | |||||||||||
Small Cap | 1,289,123 | 16,130,807 | 34,124,452 | 2,645,971 | 50,467,105 | ||||||||||||
Small Cap Index | 15,672,292 | 58,341,622 | 13,257,343 | 26,112,424 | 76,533,026 | ||||||||||||
Small Cap Special Values | 2,739,043 | 6,098,837 | (26,804,130 | ) | 18,791,885 | 115,801 | |||||||||||
Small-Mid Growth | 1,888,118 | 1,329,698 | 15,287,666 | — | — | ||||||||||||
Stock Index | 79,633,574 | 356,903,943 | 1,395,858,965 | 82,922,105 | 243,456,912 | ||||||||||||
Value | 2,155,884 | 2,587,864 | 4,497,111 | 6,061,032 | 2,006,033 |
* | The Distributable Earnings for International Government Bond Fund are for the tax year ended September 30, 2008. |
† | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2008, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, and are available to offset future capital gains, if any:
Capital Loss Carryforward | ||||||||||||||||||||||||
Fund | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Blue Chip Growth* | $ | 1,336,605 | $ | 957,898 | $ | 154,910 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Capital Conservation | — | — | — | — | 50,164 | 374,523 | 241,747 | 523,183 | ||||||||||||||||
Core Equity | — | — | 73,134,761 | 32,639,490 | — | — | — | — | ||||||||||||||||
Government Securities | — | — | — | 785,289 | 1,300,788 | — | 2,207,762 | — | ||||||||||||||||
Growth | 22,746,303 | 102,053,141 | 1,573,371 | — | — | 1,130,162 | 47,815,438 | — | ||||||||||||||||
Inflation Protected | — | — | — | — | — | 17,841 | 478,150 | 34,179 | ||||||||||||||||
International Growth I | — | — | 17,227,965 | — | — | — | — | — | ||||||||||||||||
Science & Technology | — | 856,100,578 | 404,504,281 | 171,964,888 | — | — | — | — |
* | The capital loss carryforward includes $2,449,413 of capital losses from the acquisition of VC I Growth Fund on August 27, 2004. These losses may be subject to annual limitations pursuant to Section 382(b)(1) of the Internal Revenue Code. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 908,305 | $ | 8,692,674 | 1,900,288 | $ | 21,623,035 | 8,369,649 | $ | 68,675,859 | 32,442,911 | $ | 326,303,745 | ||||||||||||||||
Reinvested dividends | — | — | 1,322,192 | 14,478,000 | — | — | 75,446 | 823,873 | ||||||||||||||||||||
Shares redeemed | (2,253,507 | ) | (21,391,589 | ) | (3,162,970 | ) | (35,931,404 | ) | (4,055,618 | ) | (34,390,789 | ) | (3,310,269 | ) | (35,086,673 | ) | ||||||||||||
Net increase (decrease) | (1,345,202 | ) | $ | (12,698,915 | ) | 59,510 | $ | 169,631 | 4,314,031 | $ | 34,285,070 | 29,208,088 | $ | 292,040,945 | ||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 176,281 | $ | 1,541,334 | 475,679 | $ | 5,507,295 | 869,391 | $ | 8,111,240 | 3,466,578 | $ | 34,040,365 | ||||||||||||||||
Reinvested dividends | — | — | 138,435 | 1,529,706 | — | — | 1,063,180 | 10,132,103 | ||||||||||||||||||||
Shares redeemed | (293,036 | ) | (2,621,063 | ) | (714,671 | ) | (8,122,105 | ) | (1,996,077 | ) | (18,539,055 | ) | (9,037,790 | ) | (87,309,278 | ) | ||||||||||||
Net increase (decrease) | (116,755 | ) | $ | (1,079,729 | ) | (100,557 | ) | $ | (1,085,104 | ) | (1,126,686 | ) | $ | (10,427,815 | ) | (4,508,032 | ) | $ | (43,136,810 | ) | ||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Core Equity | Core Value | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 826,878 | $ | 9,728,299 | 1,924,610 | $ | 27,610,481 | 723,045 | $ | 6,574,256 | 2,264,931 | $ | 26,208,811 | ||||||||||||||||
Reinvested dividends | — | — | 267,651 | 3,867,556 | — | — | 979,219 | 10,928,089 | ||||||||||||||||||||
Shares redeemed | (2,791,936 | ) | (31,735,566 | ) | (6,400,993 | ) | (91,798,460 | ) | (2,557,065 | ) | (22,113,097 | ) | (5,473,096 | ) | (63,311,981 | ) | ||||||||||||
Net increase (decrease) | (1,965,058 | ) | $ | (22,007,267 | ) | (4,208,732 | ) | $ | (60,320,423 | ) | (1,834,020 | ) | $ | (15,538,841 | ) | (2,228,946 | ) | $ | (26,175,081 | ) | ||||||||
Foreign Value | Global Equity | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 7,686,534 | $ | 69,443,678 | 14,507,285 | $ | 186,954,307 | 1,766,939 | $ | 16,365,720 | 6,947,104 | $ | 85,214,621 | ||||||||||||||||
Reinvested dividends | — | — | 3,212,941 | 40,900,744 | — | — | 2,460,753 | 29,898,155 | ||||||||||||||||||||
Shares redeemed | (6,261,490 | ) | (63,380,461 | ) | (20,483,249 | ) | (253,499,461 | ) | (4,054,251 | ) | (36,439,252 | ) | (9,735,531 | ) | (118,393,569 | ) | ||||||||||||
Net increase (decrease) | 1,425,044 | $ | 6,063,217 | (2,763,023 | ) | $ | (25,644,410 | ) | (2,287,312 | ) | $ | (20,073,532 | ) | (327,674 | ) | $ | (3,280,793 | ) | ||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the period March 10, 2008 to May 31, 2008* | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 29,423,257 | $ | 219,249,042 | 2,600,299 | $ | 27,973,838 | 2,334,242 | $ | 39,090,692 | 9,858,590 | $ | 195,302,765 | ||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 2,598,087 | 52,299,496 | ||||||||||||||||||||
Shares redeemed | (4,230,260 | ) | (34,440,936 | ) | (1,177 | ) | (13,155 | ) | (5,713,551 | ) | (83,718,450 | ) | (3,781,642 | ) | (80,542,435 | ) | ||||||||||||
Net increase (decrease) | 25,192,997 | $ | 184,808,106 | 2,599,122 | $ | 27,960,683 | (3,379,309 | ) | $ | (44,627,758 | ) | 8,675,035 | $ | 167,059,826 | ||||||||||||||
Global Strategy | Government Securities | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 2,578,097 | $ | 29,903,104 | 6,417,633 | $ | 81,975,758 | 9,189,558 | $ | 98,262,486 | 10,181,880 | $ | 107,539,893 | ||||||||||||||||
Reinvested dividends | — | — | 1,176,544 | 14,918,580 | — | — | 451,081 | 4,668,688 | ||||||||||||||||||||
Shares redeemed | (4,722,333 | ) | (52,019,088 | ) | (7,744,579 | ) | (98,432,446 | ) | (6,561,827 | ) | (70,146,543 | ) | (4,382,084 | ) | (45,842,383 | ) | ||||||||||||
Net increase (decrease) | (2,144,236 | ) | $ | (22,115,984 | ) | (150,402 | ) | $ | (1,538,108 | ) | 2,627,731 | $ | 28,115,943 | 6,250,877 | $ | 66,366,198 | ||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 2,565,583 | $ | 23,955,084 | 10,261,891 | $ | 109,053,511 | 459,223 | $ | 6,247,609 | 999,410 | $ | 16,979,544 | ||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 483,993 | 7,918,120 | ||||||||||||||||||||
Shares redeemed | (8,048,998 | ) | (72,958,997 | ) | (23,986,782 | ) | (254,994,226 | ) | (1,041,425 | ) | (13,802,456 | ) | (1,871,166 | ) | (31,492,861 | ) | ||||||||||||
Net increase (decrease) | (5,483,415 | ) | $ | (49,003,913 | ) | (13,724,891 | ) | $ | (145,940,715 | ) | (582,202 | ) | $ | (7,554,847 | ) | (387,763 | ) | $ | (6,595,197 | ) | ||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 1,681,988 | $ | 16,156,071 | 3,627,961 | $ | 40,576,252 | 3,933,756 | $ | 38,781,991 | 14,982,959 | $ | 151,362,582 | ||||||||||||||||
Reinvested dividends | — | — | 1,563,376 | 17,447,281 | — | — | 66,781 | 661,802 | ||||||||||||||||||||
Shares redeemed | (2,282,385 | ) | (21,382,810 | ) | (3,444,790 | ) | (38,029,841 | ) | (3,129,161 | ) | (29,607,204 | ) | (802,840 | ) | (8,000,078 | ) | ||||||||||||
Net increase (decrease) | (600,397 | ) | $ | (5,226,739 | ) | 1,746,547 | $ | 19,993,692 | 804,595 | $ | 9,174,787 | 14,246,900 | $ | 144,024,306 | ||||||||||||||
238
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AIG Retirement Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
International Equities | International Government Bond | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 17,927,903 | $ | 137,481,677 | 32,040,671 | $ | 342,203,522 | 2,139,014 | $ | 25,608,072 | 5,591,999 | $ | 69,515,008 | ||||||||||||||||
Reinvested dividends | — | — | 4,767,288 | 50,151,864 | — | — | 663,678 | 7,930,949 | ||||||||||||||||||||
Shares redeemed | (10,182,775 | ) | (79,611,470 | ) | (27,658,526 | ) | (290,333,911 | ) | (3,344,396 | ) | (38,788,704 | ) | (3,062,392 | ) | (37,654,649 | ) | ||||||||||||
Net increase (decrease) | 7,745,128 | $ | 57,870,207 | 9,149,433 | $ | 102,021,475 | (1,205,382 | ) | $ | (13,180,632 | ) | 3,193,285 | $ | 39,791,308 | ||||||||||||||
International Growth I | Large Cap Core | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 5,573,090 | $ | 55,650,825 | 12,587,538 | $ | 162,489,359 | 6,084,858 | $ | 54,384,198 | 3,339,848 | $ | 36,056,406 | ||||||||||||||||
Reinvested dividends | — | — | 476,579 | 6,162,164 | — | — | 291,036 | 3,271,248 | ||||||||||||||||||||
Shares redeemed | (7,337,681 | ) | (71,874,548 | ) | (9,603,201 | ) | (122,867,501 | ) | (1,889,159 | ) | (17,929,356 | ) | (3,167,022 | ) | (36,775,085 | ) | ||||||||||||
Net increase (decrease) | (1,764,591 | ) | $ | (16,223,723 | ) | 3,460,916 | $ | 45,784,022 | 4,195,699 | $ | 36,454,842 | 463,862 | $ | 2,552,569 | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 1,366,669 | $ | 14,331,386 | 4,376,297 | $ | 54,098,054 | 6,166,647 | $ | 118,699,817 | 15,190,786 | $ | 370,059,930 | ||||||||||||||||
Reinvested dividends | — | — | 93,751 | 1,208,448 | — | — | 9,919,126 | 228,735,043 | ||||||||||||||||||||
Shares redeemed | (3,984,084 | ) | (40,842,917 | ) | (10,140,112 | ) | (125,379,478 | ) | (9,912,754 | ) | (193,547,455 | ) | (28,476,523 | ) | (649,786,301 | ) | ||||||||||||
Net increase (decrease) | (2,617,415 | ) | $ | (26,511,531 | ) | (5,670,064 | ) | $ | (70,072,976 | ) | (3,746,107 | ) | $ | (74,847,638 | ) | (3,366,611 | ) | $ | (50,991,328 | ) | ||||||||
Mid Cap Strategic Growth | Money Market I | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 1,517,049 | $ | 17,791,361 | 5,765,650 | $ | 84,799,150 | 201,168,376 | $ | 201,168,376 | 553,256,088 | $ | 553,256,088 | ||||||||||||||||
Reinvested dividends | — | — | 568,130 | 8,629,895 | 5,500,376 | 5,500,376 | 20,476,669 | 20,476,669 | ||||||||||||||||||||
Shares redeemed | (3,276,423 | ) | (37,321,756 | ) | (5,212,657 | ) | (74,188,295 | ) | (172,380,971 | ) | (172,380,971 | ) | (517,716,017 | ) | (517,716,017 | ) | ||||||||||||
Net increase (decrease) | (1,759,374 | ) | $ | (19,530,395 | ) | 1,121,123 | $ | 19,240,750 | 34,287,781 | $ | 34,287,781 | 56,016,740 | $ | 56,016,740 | ||||||||||||||
NASDAQ-100 Index | Science & Technology | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 2,727,564 | $ | 12,242,201 | 7,450,217 | $ | 41,296,905 | 2,236,522 | $ | 25,501,159 | 7,146,908 | $ | 99,035,248 | ||||||||||||||||
Reinvested dividends | — | — | 12,810 | 73,271 | — | — | — | — | ||||||||||||||||||||
Shares redeemed | (3,137,313 | ) | (13,986,341 | ) | (5,669,998 | ) | (30,512,075 | ) | (6,338,652 | ) | (71,089,374 | ) | (14,715,993 | ) | (203,173,469 | ) | ||||||||||||
Net increase (decrease) | (409,749 | ) | $ | (1,744,140 | ) | 1,793,029 | $ | 10,858,101 | (4,102,130 | ) | $ | (45,588,215 | ) | (7,569,085 | ) | $ | (104,138,221 | ) | ||||||||||
Small Cap Aggressive | Small Cap | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 512,180 | $ | 4,702,015 | 3,074,763 | $ | 35,641,772 | 1,482,731 | $ | 12,866,785 | 2,870,282 | $ | 32,007,011 | ||||||||||||||||
Reinvested dividends | — | — | 1,043 | 12,217 | — | — | 5,311,308 | 53,113,076 | ||||||||||||||||||||
Shares redeemed | (916,907 | ) | (8,374,234 | ) | (1,687,453 | ) | (18,679,166 | ) | (4,402,494 | ) | (37,114,462 | ) | (10,192,318 | ) | (112,329,665 | ) | ||||||||||||
Net increase (decrease) | (404,727 | ) | $ | (3,672,219 | ) | 1,388,353 | $ | 16,974,823 | (2,919,763 | ) | $ | (24,247,677 | ) | (2,010,728 | ) | $ | (27,209,578 | ) | ||||||||||
239
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AIG Retirement Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 4,548,286 | $ | 61,597,861 | 11,933,522 | $ | 205,079,039 | 1,368,449 | $ | 11,256,255 | 2,824,391 | $ | 30,212,035 | ||||||||||||||||
Reinvested dividends | — | — | 6,367,584 | 102,645,450 | — | — | 1,941,241 | 18,907,686 | ||||||||||||||||||||
Shares redeemed | (5,802,291 | ) | (79,160,045 | ) | (18,396,433 | ) | (289,671,014 | ) | (3,460,106 | ) | (28,227,976 | ) | (9,033,381 | ) | (95,169,227 | ) | ||||||||||||
Net increase (decrease) | (1,254,005 | ) | $ | (17,562,184 | ) | (95,327 | ) | $ | 18,053,475 | (2,091,657 | ) | $ | (16,971,721 | ) | (4,267,749 | ) | $ | (46,049,506 | ) | |||||||||
Small-Mid Growth | Stock Index | |||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold | 670,490 | $ | 5,617,338 | 1,484,002 | $ | 15,362,253 | 6,566,124 | $ | 194,097,924 | 13,966,588 | $ | 513,405,995 | ||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 9,116,732 | 326,379,017 | ||||||||||||||||||||
Shares redeemed | (1,283,427 | ) | (10,535,937 | ) | (3,667,970 | ) | (38,253,013 | ) | (17,517,688 | ) | (484,488,013 | ) | (32,058,611 | ) | (1,137,936,417 | ) | ||||||||||||
Net increase (decrease) | (612,937 | ) | $ | (4,918,599 | ) | (2,183,968 | ) | $ | (22,890,760 | ) | (10,951,564 | ) | $ | (290,390,089 | ) | (8,975,291 | ) | $ | (298,151,405 | ) | ||||||||
Value | ||||||||||||||||||||||||||||
For the period ended November 30, 2008 (Unaudited) | For the year ended May 31, 2008 | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,625,018 | $ | 41,121,591 | 20,584,725 | $ | 225,887,278 | ||||||||||||||||||||||
Reinvested dividends | — | — | 704,547 | 8,067,065 | ||||||||||||||||||||||||
Shares redeemed | (5,578,883 | ) | (46,282,573 | ) | (2,780,842 | ) | (32,416,341 | ) | ||||||||||||||||||||
Net increase (decrease) | (953,865 | ) | $ | (5,160,982 | ) | 18,508,430 | $ | 201,538,002 | ||||||||||||||||||||
* | Commencement of Operations |
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. For the period ended November 30, 2008, the amount of expense reductions received by each fund, used to offset the Fund’s non-affiliated expenses, were as follows:
Fund | Expense Reductions | ||
Asset Allocation | $ | 5,963 | |
Blue Chip Growth | 7,367 | ||
Broad Cap Value Income | 484 | ||
Core Equity | 5,099 | ||
Global Equity . | 37,228 | ||
Global Social Awareness | 36,338 | ||
Growth & Income | 12,821 | ||
Health Sciences | 6,045 | ||
International Growth I | 1,331 | ||
Large Cap Core | 11,798 | ||
Large Capital Growth | 5,693 | ||
Mid Cap Strategic Growth | 34,216 | ||
Science & Technology | 32,432 | ||
Small Cap Aggressive Growth | 1,445 | ||
Small Cap | 5,081 | ||
Small Cap Special Values | 31,160 | ||
Small-Mid Growth | 30,517 |
240
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AIG Retirement Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Note 8 — Investment Concentration
Capital Conservation Fund, Government Securities Fund, and Inflation Protected Fund invest in U.S. Government sponsored securities. No assurance can be given that the U.S. Government will provide support to such U.S. Government sponsored agencies or instrumentalities in the future since it is not required to do so by law. As a result of each Fund’s concentration in such investments, it may be subject to risks associated with U.S. Government securities. At the end of the period, the Funds had 39.8%, 26.8%, and 4.2%, respectively, of their net assets invested in such securities.
Some of the Funds may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the International Equities Fund , International Growth I Fund, Foreign Value Fund, Global Strategy Fund, Global Social Awareness Fund and the International Government Bond Fund. The International Equities Fund had 19.9% and 22.1% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The International Growth I Fund had 20.2% and 12.4% of its net assets invested in equity securities domiciled in the United Kingdom and Japan. The Foreign Value had 22.5% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Strategy Fund had 9.3% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Social Awareness Fund had 11.3% of its net assets invested in equity securities domiciled in the Japan. The International Government Bond Fund had 20.6% of its net assets invested in securities domiciled in Japan.
The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely effect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.
The Nasdaq-100® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which effect those sectors emphasized by the Index.
The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate. The Fund could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, Fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If the Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. As of November 30, 2008, the Global Real Estate Fund had 54.1% of its net assets invested in Real Estate Investment Trusts.
Note 9 — Lines of Credit
The Series and AIG Retirement Company I, formerly known as VALIC Company I, have established an $85 million committed and $40 million uncommitted line of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the Federal Funds Rate plus 50 basis points on the committed line and State Street’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum for the daily unused portion of the committed line of credit, which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the Fund’s shortfall exceeds $100,000. For the period ended November 30, 2008, the following funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | |||||||
Core Equity | 71 | $ | 913 | $ | 289,887 | 2.06 | % | ||||
Core Value | 16 | 182 | 228,553 | 1.85 | % | ||||||
Global Equity | 8 | 390 | 821,178 | 1.86 | % | ||||||
Global Social Awareness | 5 | 122 | 1,031,635 | 0.85 | % | ||||||
Global Strategy | 1 | 6 | 154,499 | 1.50 | % | ||||||
Growth | 21 | 549 | 516,236 | 2.94 | % | ||||||
International Equities | 13 | 571 | 613,605 | 2.58 | % | ||||||
International Govt Bond | 1 | 54 | 772,926 | 2.50 | % | ||||||
International Growth I | 38 | 1,917 | 853,531 | 2.68 | % | ||||||
Large Cap Core | 10 | 159 | 221,881 | 2.58 | % | ||||||
Mid Cap Strategic Growth | 6 | 139 | 317,928 | 2.68 | % | ||||||
Science & Technology | 2 | 16 | 169,858 | 1.66 | % | ||||||
Small Cap | 9 | 125 | 211,565 | 2.53 | % | ||||||
Small Cap Aggressive Growth | 27 | 644 | 342,664 | 2.33 | % | ||||||
Small Cap Special Values | 22 | 182 | 132,363 | 2.17 | % | ||||||
Stock Index | 5 | 2,308 | 7,199,147 | 2.33 | % | ||||||
Value | 15 | 1,285 | 869,885 | 2.10 | % |
241
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AIG Retirement Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
As of November 30, 2008, the following fund had an outstanding borrowing:
Fund | Amount | ||
Small Cap Aggressive Growth | $ | 65,337 |
Note 10 — Interfund Lending Agreement
Pursuant to exemptive relief granted by the Securities and Exchange Commission, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and loan money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the period ended November 30, 2008, none of the Funds participated in the program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to purchase or sell securities from certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Directors of the Series. The procedures have been designed to ensure that any purchase or sale of securities by a fund from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price. For the period November 30, 2008, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | |||||||
Core Equity | $ | 5,688,440 | $ | 2,505,669 | $ | (145,674 | ) | |||
Core Value | 204,135 | 17,397 | 4,271 | |||||||
Growth | 5,356,128 | 2,856,446 | 404,361 | |||||||
International Growth I | 26,612 | 14,040 | (4,399 | ) | ||||||
Large Capital Growth | 152,148 | 605,162 | 15,857 | |||||||
Mid Cap Strategic Growth | 492,929 | 104,027 | (158,413 | ) | ||||||
Small Cap | — | 1,564,557 | 220,541 |
Note 12 — Other Matters
On October 6, 2008, the Board of Directors (the “Board”) of AIG Retirement Company I (“ARC I”) approved the participation of the Money Market I Fund in the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”) through the initial termination date of the Program which was December 18, 2008. On November 24, 2008 the U.S. Department of Treasury (“Treasury”) announced an extension of the Program until April 30, 2009, and on December 4, 2008, the Board of ARC I approved the continued participation of the Money Market I Fund in the Program. The Program’s guarantee only applies to shareholders of the Money Market I Fund as of the close of business on September 19, 2008. Subject to certain conditions and limitations, the per share amount held by shareholders of the Money Market I Fund as of the close of business on September 19, 2008 are guaranteed against loss in the event the per share net asset value falls below $0.995 ( a “Guarantee Event”) and the Money Market I Fund subsequently liquidates. Participation in the Program for the initial term, required a payment to the Treasury in the amount of 0.015% of the net asset value of the Money Market I Fund as of the close of business on September 19, 2008. Continued participation in the Program from December 19, 2008 until April 30, 2009 required an additional payment to the Treasury in the amount of 0.022% of the net asset value of the Money Market I Fund as of the close of business on September 19, 2008. The cost to participate in the Program was borne by the Money Market I Fund. The total guaranteed payments that may be made by the Treasury under the Program, for all money market funds participating in the Program, is dependent upon the availability of assets in the Treasury’s Exchange Stabilization Fund, which is currently valued at approximately $50 billion. The Secretary of the Treasury may elect to extend the Program beyond April 30, 2009 through the close of business on September 18, 2009. If the Program is extended further, the Board will consider whether to continue to participate in the Program. If a Guarantee Event occurs after the Program expires, or, if sooner, after the Money Market I Fund ceases to participate in the Program, neither the Money Market I Fund nor any shareholder will be entitled to any payment under the Program. Please refer to the Money Market I Fund’s prospectus for additional information about the Program.
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FINANCIAL HIGHLIGHTS
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(k) | Year Ended May 31, | Six Months Ended November 30, 2008(k) | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.68 | $ | 12.16 | $ | 12.01 | $ | 12.28 | $ | 12.12 | $ | 11.21 | $ | 10.54 | $ | 10.80 | $ | 8.92 | $ | 8.32 | $ | 7.89 | $ | 6.79 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.31 | 0.34 | 0.33 | 0.27 | 0.17 | 0.01 | 0.03 | 0.03 | 0.03 | 0.04 | (0.00 | ) | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (2.46 | ) | (0.75 | ) | 1.71 | 0.31 | 0.61 | 1.07 | (4.39 | ) | (0.23 | ) | 1.87 | 0.58 | 0.42 | 1.10 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (2.31 | ) | (0.44 | ) | 2.05 | 0.64 | 0.88 | 1.24 | (4.38 | ) | (0.20 | ) | 1.90 | 0.61 | 0.46 | 1.10 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.35 | ) | (0.21 | ) | (0.16 | ) | (0.27 | ) | (0.19 | ) | – | (0.02 | ) | (0.02 | ) | (0.01 | ) | (0.03 | ) | – | |||||||||||||||||||||||||||
Net realized gain on securities | – | (0.69 | ) | (1.69 | ) | (0.75 | ) | (0.45 | ) | (0.14 | ) | – | (0.04 | ) | – | – | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (1.04 | ) | (1.90 | ) | (0.91 | ) | (0.72 | ) | (0.33 | ) | – | (0.06 | ) | (0.02 | ) | (0.01 | ) | (0.03 | ) | – | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 8.37 | $ | 10.68 | $ | 12.16 | $ | 12.01 | $ | 12.28 | $ | 12.12 | $ | 6.16 | $ | 10.54 | $ | 10.80 | $ | 8.92 | $ | 8.32 | $ | 7.89 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (21.63 | )% | (3.84 | )%(h) | 18.14 | % | 5.36 | %(e) | 7.31 | % | 11.08 | %(e) | (41.56 | )% | (1.84 | )%(i) | 21.30 | % | 7.35 | %(f) | 5.81 | % | 16.20 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.69 | %(j) | 0.69 | % | 0.70 | % | 0.72 | % | 0.65 | % | 0.68 | % | 0.85 | %(j) | 0.87 | % | 0.96 | % | 1.01 | % | 1.08 | % | 1.07 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.69 | %(j) | 0.69 | % | 0.70 | % | 0.72 | % | 0.65 | % | 0.68 | % | 0.87 | %(j) | 0.91 | % | 0.99 | % | 1.02 | % | 1.10 | % | 1.07 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %(j) | 0.00 | % | 0.00 | % | – | – | – | 0.00 | %(j) | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.13 | %(j) | 2.71 | % | 2.87 | % | 2.67 | % | 2.18 | % | 1.47 | % | 0.22 | %(j) | 0.31 | % | 0.35 | % | 0.35 | % | 0.47 | % | (0.02 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.13 | %(j) | 2.71 | % | 2.87 | % | 2.67 | % | 2.18 | % | 1.47 | % | 0.20 | %(j) | 0.27 | % | 0.32 | % | 0.34 | % | 0.45 | % | (0.02 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 44 | % | 124 | % | 129 | % | 148 | % | 107 | %(g) | 79 | %(g) | 27 | % | 20 | % | 25 | % | 30 | % | 42 | % | 30 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,281 | 14,626 | 14,567 | 13,666 | 15,256 | 15,869 | 44,017 | 39,703 | 10,495 | 7,325 | 5,847 | 5,116 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 111,185 | $ | 156,260 | $ | 177,095 | $ | 164,117 | $ | 187,309 | $ | 192,301 | $ | 271,215 | $ | 418,429 | $ | 113,352 | $ | 65,366 | $ | 48,638 | $ | 40,369 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(g) | Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows: |
2005 | 2004 | |||||
Asset Allocation Fund | 104 | % | 75 | % |
(h) | The Fund’s performance was increased by 0.17% from a reimbursement by an affiliate. |
(i) | The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate. |
(j) | Annualized. |
(k) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(h) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2008(h) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.54 | $ | 12.65 | $ | 10.21 | $ | 10.00 | $ | 9.54 | $ | 9.91 | $ | 9.45 | $ | 9.66 | $ | 9.53 | $ | 10.04 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.11 | 0.19 | 0.17 | 0.05 | 0.25 | 0.52 | 0.48 | 0.41 | 0.37 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (3.67 | ) | (1.69 | ) | 2.38 | 0.18 | (0.80 | ) | (0.31 | ) | 0.13 | (0.41 | ) | 0.19 | (0.37 | ) | ||||||||||||||||||||||||
Total income (loss) from investment operations | (3.56 | ) | (1.50 | ) | 2.55 | 0.23 | (0.55 | ) | 0.21 | 0.61 | – | 0.56 | (0.09 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.19 | ) | (0.11 | ) | (0.02 | ) | – | (0.58 | ) | (0.15 | ) | (0.21 | ) | (0.38 | ) | (0.31 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (0.42 | ) | – | – | – | – | – | – | (0.05 | ) | (0.11 | ) | |||||||||||||||||||||||||||
Total distributions | – | (0.61 | ) | (0.11 | ) | (0.02 | ) | – | (0.58 | ) | (0.15 | ) | (0.21 | ) | (0.43 | ) | (0.42 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 6.98 | $ | 10.54 | $ | 12.65 | $ | 10.21 | $ | 8.99 | $ | 9.54 | $ | 9.91 | $ | 9.45 | $ | 9.66 | $ | 9.53 | ||||||||||||||||||||
TOTAL RETURN(a) | (33.78 | )% | (12.08 | )% | 25.09 | % | 2.28 | % | (5.77 | )% | 2.09 | % | 6.46 | % | (0.02 | )% | 5.99 | % | (0.82 | )%(f) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.85 | %(b) | 0.85 | % | 0.85 | % | 0.85 | %(b) | 0.67 | %(b) | 0.68 | % | 0.67 | % | 0.70 | % | 0.70 | % | 0.68 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(d) | 1.24 | %(b) | 1.03 | % | 1.05 | % | 3.41 | %(b) | 0.67 | %(b) | 0.68 | % | 0.67 | % | 0.70 | % | 0.70 | % | 0.68 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %(b) | 0.01 | % | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.44 | %(b) | 1.65 | % | 1.50 | % | 2.40 | %(b) | 5.21 | %(b) | 5.27 | % | 4.89 | % | 4.65 | % | 3.83 | % | 2.89 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 2.05 | %(b) | 1.47 | % | 1.30 | % | (0.16 | )%(b) | 5.21 | %(b) | 5.27 | % | 4.89 | % | 4.65 | % | 3.83 | % | 2.89 | % | ||||||||||||||||||||
Portfolio turnover rate | 13 | % | 21 | % | 27 | % | 194 | % | 46 | % | 136 | % | 203 | % | 174 | % | 205 | %(g) | 182 | %(g) | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 2,364 | 2,481 | 2,582 | 2,663 | 12,263 | 13,389 | 17,897 | 22,200 | 8,997 | 8,167 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 16,500 | $ | 26,151 | $ | 32,646 | $ | 27,203 | $ | 110,212 | $ | 127,695 | $ | 177,290 | $ | 209,742 | $ | 86,903 | $ | 77,836 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(g) | Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows: |
2005 | 2004 | |||||
Capital Conservation Fund | 198 | % | 171 | % |
(h) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Core Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(i) | Year Ended May 31, | Six Months Ended November 30, 2008(i) | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2 008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.85 | $ | 15.37 | $ | 13.00 | $ | 12.37 | $ | 11.77 | $ | 10.12 | $ | 10.66 | $ | 12.98 | $ | 10.41 | $ | 9.87 | $ | 9.07 | $ | 7.73 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.12 | 0.12 | 0.13 | 0.16 | 0.10 | 0.10 | 0.20 | 0.19 | 0.17 | 0.20 | 0.13 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (5.17 | ) | (1.50 | ) | 2.35 | 0.56 | 0.60 | 1.65 | (3.67 | ) | (1.89 | ) | 2.47 | 0.46 | 0.80 | 1.34 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (5.09 | ) | (1.38 | ) | 2.47 | 0.69 | 0.76 | 1.75 | (3.57 | ) | (1.69 | ) | 2.66 | 0.63 | 1.00 | 1.47 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.10 | ) | (0.06 | ) | (0.16 | ) | (0.10 | ) | – | (0.22 | ) | (0.09 | ) | (0.09 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.41 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.14 | ) | (0.10 | ) | (0.06 | ) | (0.16 | ) | (0.10 | ) | – | (0.63 | ) | (0.09 | ) | (0.09 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 8.76 | $ | 13.85 | $ | 15.37 | $ | 13.00 | $ | 12.37 | $ | 11.77 | $ | 7.09 | $ | 10.66 | $ | 12.98 | $ | 10.41 | $ | 9.87 | $ | 9.07 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (36.75 | )% | (9.00 | )%(f) | 19.02 | %(e) | 5.62 | % | 6.48 | % | 17.36 | % | (33.49 | )% | (13.28 | )%(g) | 25.67 | % | 6.44 | % | 11.07 | % | 19.16 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.84 | %(h) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.83 | %(h) | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | %(h) | 0.91 | % | 0.90 | % | 0.90 | % | 0.93 | % | 0.95 | % | 0.93 | %(h) | 0.92 | % | 0.92 | % | 0.92 | % | 0.91 | % | 0.91 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %(h) | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.39 | %(h) | 0.84 | % | 0.85 | % | 1.03 | % | 1.30 | % | 0.88 | % | 2.19 | %(h) | 1.75 | % | 1.61 | % | 1.67 | % | 2.05 | % | 1.50 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.30 | %(h) | 0.78 | % | 0.79 | % | 0.99 | % | 1.22 | % | 0.79 | % | 2.09 | %(h) | 1.65 | % | 1.51 | % | 1.58 | % | 1.97 | % | 1.43 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 40 | % | 69 | % | 110 | % | 39 | % | 31 | % | 28 | % | 21 | % | 37 | % | 30 | % | 109 | % | 72 | % | 71 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 23,310 | 25,275 | 29,484 | 36,132 | 43,687 | 51,118 | 15,021 | 16,855 | 19,083 | 22,207 | 23,445 | 25,344 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 204,165 | $ | 349,995 | $ | 453,147 | $ | 469,770 | $ | 540,620 | $ | 601,756 | $ | 106,477 | $ | 179,697 | $ | 247,711 | $ | 231,228 | $ | 231,351 | $ | 229,928 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance was increased by 0.66% from a reimbursement by an affiliate. |
(g) | The Fund’s performance was increased by 0.16% from a reimbursement by an affiliate. |
(h) | Annualized. |
(i) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Equity Fund | Global Real Estate Fund | ||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(f) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2008(f) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2008(f) | March 10, 2008* to May 31, 2008 | |||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.41 | $ | 13.21 | $ | 10.76 | $ | 10.00 | $ | 11.67 | $ | 13.82 | $ | 10.74 | $ | 10.00 | $ | 11.21 | $ | 10.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.12 | 0.36 | 0.25 | 0.02 | 0.08 | 0.18 | 0.17 | 0.06 | 0.10 | 0.04 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (5.64 | ) | (0.67 | ) | 2.33 | 0.74 | (5.41 | ) | (1.44 | ) | 3.06 | 0.69 | (5.35 | ) | 1.17 | |||||||||||||||||||||||||
Total income (loss) from investment operations | (5.52 | ) | (0.31 | ) | 2.58 | 0.76 | (5.33 | ) | (1.26 | ) | 3.23 | 0.75 | (5.25 | ) | 1.21 | |||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.11 | ) | (0.13 | ) | 0.00 | – | (0.23 | ) | (0.15 | ) | (0.01 | ) | – | – | |||||||||||||||||||||||||
Net realized gain on securities | – | (0.38 | ) | 0.00 | – | – | (0.66 | ) | (0.00 | ) | – | – | – | |||||||||||||||||||||||||||
Total distributions | – | (0.49 | ) | (0.13 | ) | 0.00 | – | (0.89 | ) | (0.15 | ) | (0.01 | ) | – | – | |||||||||||||||||||||||||
Net asset value at end of period | $ | 6.89 | $ | 12.41 | $ | 13.21 | $ | 10.76 | $ | 6.34 | $ | 11.67 | $ | 13.82 | $ | 10.74 | $ | 5.96 | $ | 11.21 | ||||||||||||||||||||
TOTAL RETURN(a) | (44.48 | )% | (2.44 | )% | 24.08 | % | 7.63 | % | (45.67 | )% | (9.39 | )% | 30.35 | % | 7.48 | % | (46.83 | )% | 12.10 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.95 | %(b) | 0.86 | % | 0.86 | % | 0.84 | %(b) | 0.97 | %(b) | 0.97 | % | 0.95 | % | 0.98 | %(b) | 0.95 | %(b) | 0.95 | %(b) | ||||||||||||||||||||
Ratio of expenses to average net assets(d) | 0.95 | %(b) | 0.86 | % | 0.86 | % | 1.65 | %(b) | 0.97 | %(b) | 0.97 | % | 0.95 | % | 2.16 | %(b) | 1.22 | %(b) | 5.04 | %(b) | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | 0.02 | %(b) | 0.01 | % | 0.01 | % | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.56 | %(b) | 2.82 | % | 2.17 | % | 5.06 | %(b) | 1.71 | %(b) | 1.38 | % | 1.41 | % | 10.48 | %(b) | 3.51 | %(b) | 2.22 | %(b) | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 2.56 | %(b) | 2.82 | % | 2.17 | % | 4.24 | %(b) | 1.71 | %(b) | 1.38 | % | 1.41 | % | 9.30 | %(b) | 3.24 | %(b) | (1.87 | )%(b) | ||||||||||||||||||||
Portfolio turnover rate | 9 | % | 34 | % | 31 | % | 0 | % | 53 | % | 93 | % | 86 | % | 3 | % | 26 | % | 11 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 77,744 | 76,318 | 79,082 | 65,474 | 31,583 | 33,870 | 34,198 | 38,389 | 27,792 | 2,599 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 535,922 | $ | 946,934 | $ | 1,044,980 | $ | 704,398 | $ | 200,284 | $ | 395,426 | $ | 472,642 | $ | 412,275 | $ | 165,597 | $ | 29,131 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(h) | Year Ended May 31, | Six Months Ended November 30, 2008(h) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.21 | $ | 24.25 | $ | 20.82 | $ | 19.38 | $ | 18.28 | $ | 15.73 | $ | 12.77 | $ | 13.08 | $ | 10.92 | $ | 10.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.14 | 0.41 | 0.30 | 0.26 | 0.27 | 0.16 | 0.16 | 0.41 | 0.31 | 0.03 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (8.53 | ) | (1.71 | ) | 4.25 | 1.30 | 1.09 | 2.55 | (3.24 | ) | (0.33 | ) | 2.05 | 0.90 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (8.39 | ) | (1.30 | ) | 4.55 | 1.56 | 1.36 | 2.71 | (3.08 | ) | 0.08 | 2.36 | 0.93 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.29 | ) | (0.16 | ) | (0.12 | ) | (0.26 | ) | (0.16 | ) | – | (0.19 | ) | (0.16 | ) | (0.01 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (2.45 | ) | (0.96 | ) | – | – | – | – | (0.20 | ) | (0.04 | ) | – | ||||||||||||||||||||||||||
Total distributions | – | (2.74 | ) | (1.12 | ) | (0.12 | ) | (0.26 | ) | (0.16 | ) | – | (0.39 | ) | (0.20 | ) | (0.01 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 11.82 | $ | 20.21 | $ | 24.25 | $ | 20.82 | $ | 19.38 | $ | 18.28 | $ | 9.69 | $ | 12.77 | $ | 13.08 | $ | 10.92 | ||||||||||||||||||||
TOTAL RETURN(a) | (41.51 | )% | (5.35 | )%(g) | 22.35 | % | 8.09 | % | 7.47 | % | 17.27 | % | (24.12 | )% | 0.63 | % | 21.86 | % | 9.30 | %(f) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.70 | %(b) | 0.65 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.69 | %(b) | 0.73 | % | 0.71 | % | 0.72 | %(b) | ||||||||||||||||||||
Ratio of expenses to average net assets(d) | 0.70 | %(b) | 0.65 | % | 0.62 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.69 | %(b) | 0.73 | % | 0.71 | % | 1.57 | %(b) | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %(b) | 0.01 | % | 0.02 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.68 | %(b) | 1.95 | % | 1.31 | % | 1.30 | % | 1.42 | % | 0.89 | % | 2.75 | %(b) | 3.17 | % | 2.60 | % | 3.80 | %(b) | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 1.68 | %(b) | 1.95 | % | 1.31 | % | 1.30 | % | 1.42 | % | 0.89 | % | 2.75 | %(b) | 3.17 | % | 2.60 | % | 2.94 | %(b) | ||||||||||||||||||||
Portfolio turnover rate | 56 | % | 165 | % | 153 | % | 139 | % | 53 | % | 79 | % | 12 | % | 25 | % | 31 | % | 1 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) |
| 24,604 |
| 27,983 | 19,308 | 18,349 | 20,461 | 21,814 | 36,694 | 38,838 | 38,988 | 37,843 | ||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 290,846 | $ | 565,483 | $ | 468,159 | $ | 382,067 | $ | 396,563 | $ | 398,820 | $ | 355,429 | $ | 495,975 | $ | 509,885 | $ | 413,319 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(g) | The Fund’s performance was increased by 0.12% from a reimbursement by an affiliate. |
(h) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(h) | Year Ended May 31, | Six Months Ended November 30, 2008(h) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.42 | $ | 10.12 | $ | 9.86 | $ | 10.14 | $ | 9.82 | $ | 11.24 | $ | 11.17 | $ | 10.26 | $ | 9.22 | $ | 10.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.40 | 0.43 | 0.37 | 0.31 | 0.27 | 0.02 | 0.02 | (0.01 | ) | 0.01 | (e) | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies |
| 0.43 |
| 0.36 | 0.07 | (0.46 | ) | 0.33 | (0.65 | ) | (4.37 | ) | 0.89 | 1.05 | (0.79 | ) | ||||||||||||||||||||||||
Total income (loss) from investment operations | 0.59 | 0.76 | 0.50 | (0.09 | ) | 0.64 | (0.38 | ) | (4.35 | ) | 0.91 | 1.04 | (0.78 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.46 | ) | (0.24 | ) | (0.19 | ) | (0.32 | ) | (0.29 | ) | – | – | 0.00 | – | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.75 | ) | – | – | – | – | |||||||||||||||||||||||||||||
Total distributions | – | (0.46 | ) | (0.24 | ) | (0.19 | ) | (0.32 | ) | (1.04 | ) | – | – | 0.00 | – | |||||||||||||||||||||||||
Net asset value at end of period | $ | 11.01 | $ | 10.42 | $ | 10.12 | $ | 9.86 | $ | 10.14 | $ | 9.82 | $ | 6.82 | $ | 11.17 | $ | 10.26 | $ | 9.22 | ||||||||||||||||||||
TOTAL RETURN(a) | 5.66 | % | 7.54 | % | 5.12 | % | (0.94 | )% | 6.54 | %(e) | (3.40 | )% | (38.94 | )% | 8.87 | % | 11.29 | % | (7.80 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.63 | %(g) | 0.66 | % | 0.67 | % | 0.65 | % | 0.66 | % | 0.65 | % | 0.91 | %(g) | 0.95 | % | 0.94 | % | 0.93 | %(g) | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %(g) | 0.66 | % | 0.67 | % | 0.65 | % | 0.66 | % | 0.65 | % | 0.91 | %(g) | 0.95 | % | 0.94 | % | 1.39 | %(g) | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.04 | %(g) | 3.92 | % | 4.22 | % | 3.68 | % | 3.03 | % | 2.59 | % | 0.44 | %(g) | 0.22 | % | (0.09 | )% | 1.55 | %(g) | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.04 | %(g) | 3.92 | % | 4.22 | % | 3.68 | % | 3.03 | % | 2.59 | % | 0.44 | %(g) | 0.22 | % | (0.09 | )% | 1.09 | %(g) | ||||||||||||||||||||
Portfolio turnover rate | 95 | % | 67 | % | 141 | % | 99 | % | 216 | %(f) | 169 | %(f) | 59 | % | 203 | % | 103 | % | 38 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,100 | 16,472 | 10,221 | 11,775 | 13,361 | 14,904 | 80,775 | 86,259 | 99,984 | 127,742 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 210,207 | $ | 171,641 | $ | 103,483 | $ | 116,084 | $ | 135,549 | $ | 146,347 | $ | 550,951 | $ | 963,368 | $ | 1,025,501 | $ | 1,177,556 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows: |
2005 | 2004 | |||||
Government Securities Fund | 216 | % | 169 | % |
(g) | Annualized. |
(h) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | Six Months Ended November 30, 2008(g) | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.14 | $ | 17.73 | $ | 14.70 | $ | 14.02 | $ | 12.87 | $ | 11.32 | $ | 10.56 | $ | 11.53 | $ | 10.64 | $ | 9.49 | $ | 10.06 | $ | 7.98 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.26 | 0.19 | 0.15 | 0.19 | 0.07 | (0.03 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | (0.08 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (6.14 | ) | (0.85 | ) | 2.95 | 0.60 | 1.15 | 1.55 | (3.31 | ) | 0.13 | 2.37 | 1.70 | (0.02 | ) | 2.15 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (6.00 | ) | (0.59 | ) | 3.14 | 0.75 | 1.34 | 1.62 | (3.34 | ) | 0.06 | 2.31 | 1.62 | (0.10 | ) | 2.08 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.11 | ) | (0.07 | ) | (0.19 | ) | (0.07 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.78 | ) | – | – | – | – | – | (1.03 | ) | (1.42 | ) | (0.47 | ) | (0.47 | ) | – | |||||||||||||||||||||||||||||||
Total distributions | – | (1.00 | ) | (0.11 | ) | (0.07 | ) | (0.19 | ) | (0.07 | ) | – | (1.03 | ) | (1.42 | ) | (0.47 | ) | (0.47 | ) | – | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.14 | $ | 16.14 | $ | 17.73 | $ | 14.70 | $ | 14.02 | $ | 12.87 | $ | 7.22 | $ | 10.56 | $ | 11.53 | $ | 10.64 | $ | 9.49 | $ | 10.06 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (37.17 | )% | (3.44 | )%(e) | 21.40 | % | 5.36 | % | 10.47 | % | 14.33 | % | (31.63 | )% | 0.05 | % | 23.19 | % | 16.94 | % | (1.23 | )% | 26.07 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %(f) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.16 | %(f) | 1.17 | % | 1.17 | % | 1.16 | % | 1.17 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | %(f) | 0.89 | % | 0.89 | % | 0.89 | % | 0.90 | % | 0.89 | % | 1.16 | %(f) | 1.17 | % | 1.17 | % | 1.16 | % | 1.17 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %(f) | 0.03 | % | 0.02 | % | – | – | – | 0.01 | %(f) | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.03 | % | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.98 | %(f) | 1.53 | % | 1.18 | % | 1.04 | % | 1.41 | % | 0.55 | % | (0.70 | )%(f) | (0.63 | )% | (0.57 | )% | (0.76 | )% | (0.80 | )% | (0.77 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.93 | %(f) | 1.49 | % | 1.13 | % | 1.00 | % | 1.35 | % | 0.51 | % | (0.70 | )%(f) | (0.63 | )% | (0.57 | )% | (0.76 | )% | (0.80 | )% | (0.77 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 90 | % | 238 | % | 169 | % | 148 | % | 74 | % | 168 | % | 25 | % | 44 | % | 47 | % | 54 | % | 49 | % | 41 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 7,452 | 8,034 | 8,422 | 9,858 | 12,102 | 13,963 | 18,181 | 18,782 | 17,035 | 17,026 | 15,856 | 15,312 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 75,577 | $ | 129,657 | $ | 149,283 | $ | 144,880 | $ | 169,724 | $ | 179,737 | $ | 131,297 | $ | 198,368 | $ | 196,444 | $ | 181,078 | $ | 150,541 | $ | 154,050 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance was increased by 0.17% from a reimbursement by an affiliate. |
(f) | Annualized. |
(g) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Inflation Protected Fund | International Equities Fund | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | December 20, 2004* to May 31, 2005 | Six Months Ended November 30, 2008(g) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.01 | $ | 9.59 | $ | 9.60 | $ | 10.17 | $ | 10.00 | $ | 10.37 | $ | 11.29 | $ | 9.79 | $ | 7.56 | $ | 6.80 | $ | 5.50 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.26 | 0.49 | 0.39 | 0.43 | 0.20 | 0.09 | 0.31 | 0.25 | 0.19 | 0.16 | 0.12 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.46 | ) | 0.29 | (0.07 | ) | (0.68 | ) | 0.10 | (4.74 | ) | (0.75 | ) | 2.02 | 2.09 | 0.73 | 1.29 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.20 | ) | 0.78 | 0.32 | (0.25 | ) | 0.30 | (4.65 | ) | (0.44 | ) | 2.27 | 2.28 | 0.89 | 1.41 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.36 | ) | (0.33 | ) | (0.32 | ) | (0.13 | ) | – | (0.26 | ) | (0.16 | ) | (0.05 | ) | (0.13 | ) | (0.11 | ) | ||||||||||||||||||||||||
Net realized gain on securities | – | – | – | 0.00 | – | – | (0.22 | ) | (0.61 | ) | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (0.36 | ) | (0.33 | ) | (0.32 | ) | (0.13 | ) | – | (0.48 | ) | (0.77 | ) | (0.05 | ) | (0.13 | ) | (0.11 | ) | ||||||||||||||||||||||||
Net asset value at end of period | $ | 8.81 | $ | 10.01 | $ | 9.59 | $ | 9.60 | $ | 10.17 | $ | 5.72 | $ | 10.37 | $ | 11.29 | $ | 9.79 | $ | 7.56 | $ | 6.80 | ||||||||||||||||||||||
TOTAL RETURN(a) | (11.99 | )% | 8.22 | % | 3.35 | % | (2.44 | )% | 3.00 | % | (44.84 | )% | (3.91 | )% | 24.05 | % | 30.32 | % | 13.10 | %(e) | 25.78 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %(f) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %(f) | 0.51 | %(f) | 0.51 | % | 0.50 | % | 0.56 | % | 0.67 | % | 0.61 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | %(f) | 0.73 | % | 1.05 | % | 1.02 | % | 2.27 | %(f) | 0.51 | %(f) | 0.51 | % | 0.50 | % | 0.56 | % | 0.67 | % | 0.61 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 5.28 | %(f) | 5.59 | % | 4.00 | % | 4.45 | % | 4.67 | %(f) | 2.17 | %(f) | 2.87 | % | 2.45 | % | 2.19 | % | 2.17 | % | 1.96 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 5.27 | %(f) | 5.51 | % | 3.61 | % | 4.08 | % | 3.05 | %(f) | 2.17 | %(f) | 2.87 | % | 2.45 | % | 2.19 | % | 2.17 | % | 1.96 | % | ||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 70 | % | 37 | % | 13 | % | 39 | % | 41 | % | 104 | % | 47 | % | 98 | % | 68 | % | 12 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,691 | 15,887 | 1,640 | 1,668 | 1,069 | 114,058 | 106,313 | 97,164 | 83,906 | 65,340 | 29,964 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 147,069 | $ | 159,074 | $ | 15,722 | $ | 16,016 | $ | 10,873 | $ | 652,715 | $ | 1,102,850 | $ | 1,097,046 | $ | 821,577 | $ | 493,945 | $ | 203,768 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | Annualized. |
(g) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
International Government Bond Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2008(h) | Year Ended May 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.39 | $ | 12.05 | $ | 12.08 | $ | 13.04 | $ | 13.40 | $ | 13.83 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.24 | 0.49 | 0.49 | 0.48 | 0.50 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.64 | ) | 0.57 | 0.42 | (0.17 | ) | 1.08 | (0.25 | ) | |||||||||||||||
Total income (loss) from investment operations | (1.40 | ) | 1.06 | 0.91 | 0.31 | 1.58 | 0.30 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.63 | ) | (0.52 | ) | (0.28 | ) | (0.76 | ) | (0.52 | ) | |||||||||||||
Net realized gain on securities | – | (0.09 | ) | (0.42 | ) | (0.99 | ) | (1.18 | ) | (0.21 | ) | |||||||||||||
Total distributions | – | (0.72 | ) | (0.94 | ) | (1.27 | ) | (1.94 | ) | (0.73 | ) | |||||||||||||
Net asset value at end of period | $ | 10.99 | $ | 12.39 | $ | 12.05 | $ | 12.08 | $ | 13.04 | $ | 13.40 | ||||||||||||
TOTAL RETURN(a) | (11.30 | )% | 8.94 | % | 7.60 | %(e) | 2.65 | %(e) | 12.30 | % | 2.10 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.72 | %(g) | 0.68 | % | 0.70 | % | 0.71 | % | 0.69 | % | 0.72 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.72 | %(g) | 0.68 | % | 0.70 | % | 0.71 | % | 0.69 | % | 0.72 | % | ||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 4.10 | %(g) | 4.07 | % | 4.04 | % | 3.81 | % | 3.77 | % | 3.95 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 4.10 | %(g) | 4.07 | % | 4.04 | % | 3.81 | % | 3.77 | % | 3.95 | % | ||||||||||||
Portfolio turnover rate | 109 | % | 183 | % | 164 | % | 198 | % | 136 | %(f) | 119 | %(f) | ||||||||||||
Number of shares outstanding at end of period (000’s) | 13,252 | 14,457 | 11,264 | 11,377 | 11,362 | 10,753 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 145,687 | $ | 179,191 | $ | 135,777 | $ | 137,405 | $ | 148,171 | $ | 144,083 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(f) | Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows: |
2005 | 2004 | |||||
International Government Bond Fund | 136 | % | 119 | % |
(g) | Annualized. |
(h) | Unaudited. |
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FINANCIAL HIGHLIGHTS — (continued)
International Growth I Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | Six Months Ended November 30, 2008(g) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.15 | $ | 12.91 | $ | 10.30 | $ | 8.07 | $ | 7.38 | $ | 6.07 | $ | 10.78 | $ | 11.91 | $ | 10.10 | $ | 10.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.08 | 0.20 | 0.14 | 0.16 | 0.08 | 0.06 | 0.06 | 0.11 | 0.13 | 0.02 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (5.94 | ) | 0.16 | 2.65 | 2.12 | 0.69 | 1.31 | (3.38 | ) | (0.65 | ) | 1.78 | 0.09 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (5.86 | ) | 0.36 | 2.79 | 2.28 | 0.77 | 1.37 | (3.32 | ) | (0.54 | ) | 1.91 | 0.11 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.12 | ) | (0.18 | ) | (0.05 | ) | (0.08 | ) | (0.06 | ) | – | (0.09 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.50 | ) | – | – | |||||||||||||||||||||||||||||
Total distributions | – | (0.12 | ) | (0.18 | ) | (0.05 | ) | (0.08 | ) | (0.06 | ) | – | (0.59 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 7.29 | $ | 13.15 | $ | 12.91 | $ | 10.30 | $ | 8.07 | $ | 7.38 | $ | 7.46 | $ | 10.78 | $ | 11.91 | $ | 10.10 | ||||||||||||||||||||
TOTAL RETURN(a) | (44.56 | )% | 2.78 | % | 27.31 | % | 28.35 | % | 10.46 | % | 22.57 | % | (30.80 | )% | (4.73 | )% | 19.01 | % | 1.10 | %(f) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.01 | %(b) | 1.01 | % | 1.01 | % | 1.01 | % | 1.03 | % | 1.06 | % | 0.85 | %(b) | 0.85 | % | 0.85 | % | 0.85 | %(b) | ||||||||||||||||||||
Ratio of expenses to average net assets(d) | 1.11 | %(b) | 1.11 | % | 1.11 | % | 1.19 | % | 1.29 | % | 1.28 | % | 0.88 | %(b) | 1.00 | % | 0.91 | % | 2.43 | %(b) | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %(b) | 0.00 | % | 0.00 | % | – | – | – | 0.03 | %(b) | 0.02 | % | 0.01 | % | – | ||||||||||||||||||||||||
Ratio of net investment income (loss) to averagenet assets(c) | 1.53 | %(b) | 1.56 | % | 1.19 | % | 1.71 | % | 0.99 | % | 0.83 | % | 1.28 | %(b) | 0.96 | % | 1.15 | % | 3.49 | %(b) | ||||||||||||||||||||
Ratio of net investment income (loss) to averagenet assets(d) | 1.43 | %(b) | 1.46 | % | 1.09 | % | 1.53 | % | 0.73 | % | 0.61 | % | 1.25 | %(b) | 0.81 | % | 1.09 | % | 1.90 | %(b) | ||||||||||||||||||||
Portfolio turnover rate | 38 | % | 64 | % | 74 | % | 97 | % | 94 | % | 164 | % | 25 | % | 62 | % | 24 | % | 2 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 53,462 | 55,226 | 51,765 | 48,065 | 46,352 | 52,010 | 12,065 | 7,869 | 7,405 | 17,431 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 389,506 | $ | 726,258 | $ | 668,274 | $ | 495,181 | $ | 374,189 | $ | 383,924 | $ | 89,960 | $ | 84,844 | $ | 88,186 | $ | 176,038 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(g) | Unaudited. |
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FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(h) | Year Ended May 31, | December 20, 2004* to May 31, 2005 | Six Months Ended November 30, 2008(h) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.45 | $ | 12.38 | $ | 10.43 | $ | 9.85 | $ | 10.00 | $ | 23.88 | $ | 26.62 | $ | 23.72 | $ | 21.46 | $ | 19.41 | $ | 15.62 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.03 | 0.03 | 0.05 | 0.01 | 0.01 | 0.16 | 0.26 | 0.30 | 0.25 | 0.19 | 0.14 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4.67 | ) | 0.07 | 1.93 | 0.59 | (0.16 | ) | (10.12 | ) | (1.05 | ) | 4.38 | 3.00 | 2.42 | 3.94 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | (4.64 | ) | 0.10 | 1.98 | 0.60 | (0.15 | ) | (9.96 | ) | (0.79 | ) | 4.68 | 3.25 | 2.61 | 4.08 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.03 | ) | (0.03 | ) | (0.02 | ) | 0.00 | – | (0.30 | ) | (0.12 | ) | (0.11 | ) | (0.19 | ) | (0.15 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | (1.65 | ) | (1.66 | ) | (0.88 | ) | (0.37 | ) | (0.14 | ) | ||||||||||||||||||||||||||||
Total distributions | – | (0.03 | ) | (0.03 | ) | (0.02 | ) | 0.00 | – | (1.95 | ) | (1.78 | ) | (0.99 | ) | (0.56 | ) | (0.29 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 7.81 | $ | 12.45 | $ | 12.38 | $ | 10.43 | $ | 9.85 | $ | 13.92 | $ | 23.88 | $ | 26.62 | $ | 23.72 | $ | 21.46 | $ | 19.41 | ||||||||||||||||||||||
TOTAL RETURN(a) | (37.27 | )% | 0.78 | %(g) | 18.97 | % | 6.08 | % | (1.49 | )% | (41.71 | )% | (2.73 | )% | 20.77 | % | 15.35 | %(f) | 13.50 | % | 26.22 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.76 | %(b) | 0.78 | % | 0.76 | % | 0.79 | % | 0.85 | %(b) | 0.39 | %(b) | 0.38 | % | 0.38 | % | 0.39 | % | 0.40 | % | 0.41 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(d) | 0.76 | %(b) | 0.78 | % | 0.76 | % | 1.33 | % | 2.73 | %(b) | 0.39 | %(b) | 0.38 | % | 0.38 | % | 0.39 | % | 0.40 | % | 0.41 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %(b) | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.49 | %(b) | 0.27 | % | 0.42 | % | 0.30 | % | 0.29 | %(b) | 1.60 | %(b) | 1.08 | % | 1.27 | % | 1.09 | % | 0.95 | % | 0.80 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 0.49 | %(b) | 0.27 | % | 0.42 | % | (0.24 | )% | (1.59 | )%(b) | 1.60 | %(b) | 1.08 | % | 1.27 | % | 1.09 | % | 0.95 | % | 0.80 | % | ||||||||||||||||||||||
Portfolio turnover rate | 24 | % | 49 | % | 78 | % | 404 | % | 45 | % | 13 | % | 21 | % | 14 | % | 19 | % | 14 | % | 11 | % | ||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 39,107 | 41,724 | 47,394 | 58,300 | 1,000 | 108,304 | 112,050 | 115,417 | 101,116 | 89,704 | 80,118 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 305,395 | $ | 519,294 | $ | 586,875 | $ | 608,299 | $ | 9,849 | $ | 1,507,564 | $ | 2,676,198 | $ | 3,071,995 | $ | 2,398,610 | $ | 1,925,334 | $ | 1,554,815 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(g) | The fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(h) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(f) | Year Ended May 31, | December 20, 2004* to May 31, 2005 | Six Months Ended November 30, 2008(f) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.03 | $ | 14.14 | $ | 11.76 | $ | 9.97 | $ | 10.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.01 | 0.00 | 0.02 | (0.02 | ) | 0.01 | 0.04 | 0.05 | 0.04 | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (7.07 | ) | 1.23 | 2.39 | 1.77 | (0.01 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (7.06 | ) | 1.24 | 2.39 | 1.79 | (0.03 | ) | 0.01 | 0.04 | 0.05 | 0.04 | 0.01 | 0.01 | |||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.01 | ) | – | 0.00 | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.35 | ) | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.35 | ) | (0.01 | ) | – | 0.00 | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 7.97 | $ | 15.03 | $ | 14.14 | $ | 11.76 | $ | 9.97 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
TOTAL RETURN(a) | (46.97 | )% | 8.71 | % | 20.30 | % | 17.95 | % | (0.28 | )% | 0.93 | % | 3.82 | % | 4.90 | % | 3.61 | % | 1.46 | % | 0.51 | % | ||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.83 | %(e) | 0.84 | % | 0.83 | % | 0.84 | % | 0.85 | %(e) | 0.53 | %(e) | 0.51 | % | 0.52 | % | 0.53 | % | 0.57 | % | 0.60 | % | ||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | %(e) | 0.84 | % | 0.83 | % | 1.39 | % | 2.68 | %(e) | 0.53 | %(e) | 0.51 | % | 0.52 | % | 0.56 | % | 0.61 | % | 0.64 | % | ||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %(e) | 0.01 | % | 0.00 | % | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.07 | %(e) | 0.03 | % | 0.00 | % | 0.60 | % | (0.37 | )%(e) | 1.85 | %(e) | 3.72 | % | 4.80 | % | 3.56 | % | 1.43 | % | 0.51 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.07 | %(e) | 0.03 | % | 0.00 | % | 0.05 | % | (2.20 | )%(e) | 1.85 | %(e) | 3.72 | % | 4.80 | % | 3.54 | % | 1.40 | % | 0.47 | % | ||||||||||||||||||||||
Portfolio turnover rate | 153 | % | 151 | % | 242 | % | 486 | % | 72 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,679 | 24,438 | 23,317 | 30,660 | 1,000 | 606,657 | 572,369 | 516,352 | 442,628 | 407,934 | 453,707 | |||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 180,691 | $ | 367,295 | $ | 329,635 | $ | 360,613 | $ | 9,976 | $ | 604,835 | $ | 572,434 | $ | 516,352 | $ | 442,628 | $ | 407,933 | $ | 453,707 |
* | Date Fund commenced operations |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Annualized. |
(f) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Nasdaq-100® Index Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2008(f) | Year Ended May 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 5.62 | $ | 5.34 | $ | 4.38 | $ | 4.28 | $ | 4.11 | $ | 3.36 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.01 | 0.00 | 0.00 | 0.03 | (0.01 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (2.37 | ) | 0.27 | 0.96 | 0.10 | 0.17 | 0.76 | |||||||||||||||||
Total income (loss) from investment operations | (2.37 | ) | 0.28 | 0.96 | 0.10 | 0.20 | 0.75 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | – | (0.00 | ) | (0.00 | ) | (0.03 | ) | – | |||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | ||||||||||||||||||
Total distributions | – | – | (0.00 | ) | – | (0.03 | ) | – | ||||||||||||||||
Net asset value at end of period | $ | 3.25 | $ | 5.62 | $ | 5.34 | $ | 4.38 | $ | 4.28 | $ | 4.11 | ||||||||||||
TOTAL RETURN(a) | (42.17 | )% | 5.32 | % | 22.01 | % | 2.36 | % | 4.81 | % | 22.32 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.55 | %(e) | 0.56 | % | 0.63 | % | 0.61 | % | 0.65 | % | 0.63 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %(e) | 0.60 | % | 0.63 | % | 0.61 | % | 0.65 | % | 0.63 | % | ||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.20 | %(e) | 0.27 | % | 0.08 | % | 0.07 | % | 0.73 | % | (0.32 | )% | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.13 | %(e) | 0.23 | % | 0.08 | % | 0.07 | % | 0.73 | % | (0.32 | )% | ||||||||||||
Portfolio turnover rate | 3 | % | 8 | % | 5 | % | 14 | % | 8 | % | 14 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 17,061 | 17,471 | 15,678 | 18,856 | 21,147 | 22,672 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 55,494 | $ | 98,269 | $ | 83,647 | $ | 82,519 | $ | 90,520 | $ | 93,089 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Annualized. |
(f) | Unaudited. |
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2008(f) | Year Ended May 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.41 | $ | 13.67 | $ | 11.50 | $ | 11.27 | $ | 11.08 | $ | 9.14 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | – | (0.01 | ) | (0.05 | ) | (0.05 | ) | (0.00 | ) | (0.07 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (6.72 | ) | 0.75 | 2.22 | 0.28 | 0.19 | 2.01 | |||||||||||||||||
Total income (loss) from investment operations | (6.72 | ) | 0.74 | 2.17 | 0.23 | 0.19 | 1.94 | |||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | ||||||||||||||||||
Total distributions | – | – | – | – | – | – | ||||||||||||||||||
Net asset value at end of period | $ | 7.69 | $ | 14.41 | $ | 13.67 | $ | 11.50 | $ | 11.27 | $ | 11.08 | ||||||||||||
TOTAL RETURN(a) | (46.63 | )% | 5.41 | % | 18.87 | % | 2.04 | % | 1.71 | % | 21.23 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.02 | %(e) | 1.00 | % | 1.03 | % | 1.01 | % | 1.03 | % | 1.01 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 1.02 | %(e) | 1.00 | % | 1.03 | % | 1.01 | % | 1.03 | % | 1.02 | % | ||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %(e) | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.01 | )%(e) | (0.11 | )% | (0.39 | )% | (0.42 | )% | (0.02 | )% | (0.68 | )% | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.01 | )%(e) | (0.11 | )% | (0.39 | )% | (0.42 | )% | (0.02 | )% | (0.69 | )% | ||||||||||||
Portfolio turnover rate | 63 | % | 145 | % | 163 | % | 117 | % | 56 | % | 56 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 58,959 | 63,061 | 70,630 | 89,433 | 107,429 | 126,963 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 453,197 | $ | 908,590 | $ | 965,650 | $ | 1,028,643 | $ | 1,210,236 | $ | 1,406,766 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Annualized. |
(f) | Unaudited. |
256
Table of Contents
AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2008(g) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.17 | $ | 11.71 | $ | 10.22 | $ | 10.00 | $ | 9.82 | $ | 13.22 | $ | 12.64 | $ | 11.01 | $ | 9.75 | $ | 7.67 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | (0.02 | ) | (0.05 | ) | (0.08 | ) | (0.01 | ) | 0.01 | 0.04 | 0.01 | 0.00 | (0.02 | ) | (0.04 | ) | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4.65 | ) | (0.49 | ) | 1.58 | 0.23 | (3.49 | ) | (2.04 | ) | 1.58 | 1.63 | 1.28 | 2.12 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (4.67 | ) | (0.54 | ) | 1.50 | 0.22 | (3.48 | ) | (2.00 | ) | 1.59 | 1.63 | 1.26 | 2.08 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.01 | ) | – | – | (1.40 | ) | (1.01 | ) | – | – | – | |||||||||||||||||||||||||||
Total distributions | – | – | (0.01 | ) | – | – | (1.40 | ) | (1.01 | ) | – | – | – | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.50 | $ | 11.17 | $ | 11.71 | $ | 10.22 | $ | 6.34 | $ | 9.82 | $ | 13.22 | $ | 12.64 | $ | 11.01 | $ | 9.75 | ||||||||||||||||||||
TOTAL RETURN(a) | (41.81 | )% | (4.59 | )% | 14.70 | % | 2.20 | % | (35.44 | )% | (15.29 | )% | 13.29 | % | 14.80 | % | 12.92 | %(f) | 27.12 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.00 | %(b) | 1.00 | % | 1.00 | % | 1.00 | %(b) | 0.95 | %(b) | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(d) | 1.10 | %(b) | 1.14 | % | 1.15 | % | 3.18 | %(b) | 1.05 | %(b) | 1.05 | % | 1.02 | % | 1.02 | % | 1.05 | % | 1.04 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %(b) | 0.03 | % | 0.02 | % | – | 0.00 | %(b) | 0.00 | % | 0.00 | % | – | – | – | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.39 | )%(b) | (0.52 | )% | (0.83 | )% | (0.80 | )%(b) | 0.29 | %(b) | 0.31 | % | 0.04 | % | (0.02 | )% | (0.17 | )% | (0.39 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | (0.49 | )%(b) | (0.66 | )% | (0.98 | )% | (2.98 | )%(b) | 0.19 | %(b) | 0.21 | % | (0.03 | )% | (0.09 | )% | (0.27 | )% | (0.48 | )% | ||||||||||||||||||||
Portfolio turnover rate | 38 | % | 98 | % | 192 | % | 28 | % | 19 | % | 119 | % | 87 | % | 83 | % | 119 | % | 66 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 5,418 | 5,823 | 4,434 | 6,032 | 36,933 | 39,852 | 41,863 | 48,356 | 55,101 | 62,391 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 35,206 | $ | 65,033 | $ | 51,911 | $ | 61,659 | $ | 234,148 | $ | 391,306 | $ | 553,319 | $ | 611,356 | $ | 606,923 | $ | 608,133 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Annualized |
(c) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(d) | Excludes, if any, expense reimbursements and expense reductions. |
(e) | The per share amounts are calculated using the average share method. |
(f) | The Fund’s performance figure was decreased by less than 0.01% from losses on the disposal of investments in violation of investment restrictions. |
(g) | Unaudited. |
257
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AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | Six Months Ended November 30, 2008(g) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.80 | $ | 19.41 | $ | 17.24 | $ | 15.16 | $ | 13.97 | $ | 10.86 | $ | 9.73 | $ | 12.62 | $ | 10.59 | $ | 10.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.23 | 0.21 | 0.15 | 0.11 | 0.08 | 0.07 | 0.12 | 0.13 | 0.02 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (5.95 | ) | (2.27 | ) | 2.93 | 2.51 | 1.21 | 3.13 | (3.82 | ) | (2.31 | ) | 2.01 | 0.58 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (5.83 | ) | (2.04 | ) | 3.14 | 2.66 | 1.32 | 3.21 | (3.75 | ) | (2.19 | ) | 2.14 | 0.60 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.20 | ) | (0.07 | ) | (0.07 | ) | (0.13 | ) | (0.10 | ) | – | (0.09 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||||||||||
Net realized gain on securities | – | (1.37 | ) | (0.90 | ) | (0.51 | ) | – | – | – | (0.61 | ) | (0.05 | ) | – | |||||||||||||||||||||||||
Total distributions | – | (1.57 | ) | (0.97 | ) | (0.58 | ) | (0.13 | ) | (0.10 | ) | – | (0.70 | ) | (0.11 | ) | (0.01 | ) | ||||||||||||||||||||||
Net asset value at end of period | $ | 9.97 | $ | 15.80 | $ | 19.41 | $ | 17.24 | $ | 15.16 | $ | 13.97 | $ | 5.98 | $ | 9.73 | $ | 12.62 | $ | 10.59 | ||||||||||||||||||||
TOTAL RETURN(a) | (36.90 | )% | (10.71 | )% | 18.66 | % | 17.84 | % | 9.46 | % | 29.62 | % | (38.54 | )% | (17.39 | )% | 20.30 | % | 6.02 | %(e) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.44 | %(f) | 0.42 | % | 0.43 | % | 0.45 | % | 0.46 | % | 0.48 | % | 0.90 | %(f) | 0.90 | % | 0.90 | % | 0.90 | %(f) | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.44 | %(f) | 0.42 | % | 0.43 | % | 0.45 | % | 0.46 | % | 0.48 | % | 0.92 | %(f) | 0.92 | % | 0.90 | % | 2.30 | %(f) | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.03 | %(f) | 0.03 | % | 0.02 | % | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.72 | %(f) | 1.34 | % | 1.20 | % | 0.90 | % | 0.78 | % | 0.65 | % | 1.64 | %(f) | 1.09 | % | 1.10 | % | 2.91 | %(f) | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.72 | %(f) | 1.34 | % | 1.20 | % | 0.90 | % | 0.78 | % | 0.65 | % | 1.63 | %(f) | 1.07 | % | 1.10 | % | 1.51 | %(f) | ||||||||||||||||||||
Portfolio turnover rate | 18 | % | 20 | % | 18 | % | 22 | % | 18 | % | 15 | % | 29 | % | 51 | % | 64 | % | 132 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 61,436 | 62,690 | 62,786 | 57,051 | 45,300 | 34,417 | 24,287 | 26,379 | 30,647 | 35,239 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 612,249 | $ | 990,398 | $ | 1,218,827 | $ | 983,742 | $ | 686,567 | $ | 480,867 | $ | 145,236 | $ | 256,767 | $ | 386,817 | $ | 373,291 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(f) | Annualized. |
(g) | Unaudited. |
258
Table of Contents
AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2008(f) | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2008(f) | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.05 | $ | 11.65 | $ | 10.33 | $ | 10.00 | $ | 34.60 | $ | 39.80 | $ | 33.87 | $ | 32.17 | $ | 30.74 | $ | 26.51 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | (0.03 | ) | (0.02 | ) | 0.00 | 0.31 | 0.60 | 0.58 | 0.53 | 0.54 | 0.39 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4.04 | ) | (1.57 | ) | 1.34 | 0.33 | (12.60 | ) | (3.30 | ) | 6.86 | 2.11 | 1.88 | 4.33 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (4.03 | ) | (1.60 | ) | 1.32 | 0.33 | (12.29 | ) | (2.70 | ) | 7.44 | 2.64 | 2.42 | 4.72 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | (0.61 | ) | (0.31 | ) | (0.25 | ) | (0.54 | ) | (0.39 | ) | |||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (1.89 | ) | (1.20 | ) | (0.69 | ) | (0.45 | ) | (0.10 | ) | |||||||||||||||||||||||||
Total distributions | – | – | – | – | – | (2.50 | ) | (1.51 | ) | (0.94 | ) | (0.99 | ) | (0.49 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 6.02 | $ | 10.05 | $ | 11.65 | $ | 10.33 | $ | 22.31 | $ | 34.60 | $ | 39.80 | $ | 33.87 | $ | 32.17 | $ | 30.74 | ||||||||||||||||||||
TOTAL RETURN(a) | (40.10 | )% | (13.73 | )% | 12.78 | % | 3.30 | % | (35.52 | )% | (6.98 | )% | 22.37 | % | 8.27 | % | 7.89 | % | 17.90 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.00 | %(e) | 1.00 | % | 1.00 | % | 1.00 | %(e) | 0.37 | %(e) | 0.35 | % | 0.35 | % | 0.36 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.14 | %(e) | 1.03 | % | 1.01 | % | 2.49 | %(e) | 0.37 | %(e) | 0.35 | % | 0.35 | % | 0.36 | % | 0.38 | % | 0.38 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.06 | %(e) | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.07 | %(e) | (0.33 | )% | (0.20 | )% | (0.49 | )%(e) | 2.12 | %(e) | 1.64 | % | 1.58 | % | 1.57 | % | 1.72 | % | 1.33 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.08 | )%(e) | (0.36 | )% | (0.21 | )% | (1.98 | )%(e) | 2.12 | %(e) | 1.64 | % | 1.58 | % | 1.57 | % | 1.72 | % | 1.33 | % | ||||||||||||||||||||
Portfolio turnover rate | 43 | % | 196 | % | 83 | % | 277 | % | 4 | % | 5 | % | 4 | % | 7 | % | 5 | % | 3 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 11,190 | 11,803 | 13,987 | 18,720 | 113,649 | 124,600 | 133,576 | 140,078 | 138,996 | 137,616 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 67,370 | $ | 118,628 | $ | 162,946 | $ | 193,337 | $ | 2,535,226 | $ | 4,311,083 | $ | 5,316,922 | $ | 4,744,289 | $ | 4,471,146 | $ | 4,230,395 |
* | Date Fund commenced operations. |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | Annualized. |
(f) | Unaudited. |
259
Table of Contents
AIG Retirement Company I
FINANCIAL HIGHLIGHTS — (continued)
Value Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2008(g) | Year Ended May 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.01 | $ | 13.41 | $ | 12.19 | $ | 11.15 | $ | 9.99 | $ | 8.62 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.15 | 0.08 | 0.14 | 0.06 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (4.47 | ) | (1.65 | ) | 3.10 | 1.07 | 1.42 | 1.38 | ||||||||||||||||
Total income (loss) from investment operations | (4.43 | ) | (1.50 | ) | 3.18 | 1.21 | 1.48 | 1.46 | ||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.04 | ) | (0.24 | ) | (0.05 | ) | (0.01 | ) | (0.09 | ) | |||||||||||||
Net realized gain on securities | – | (0.86 | ) | (1.72 | ) | (0.12 | ) | (0.31 | ) | – | ||||||||||||||
Total distributions | – | (0.90 | ) | (1.96 | ) | (0.17 | ) | (0.32 | ) | (0.09 | ) | |||||||||||||
Net asset value at end of period | $ | 6.58 | $ | 11.01 | $ | 13.41 | $ | 12.19 | $ | 11.15 | $ | 9.99 | ||||||||||||
TOTAL RETURN(a) | (40.24 | )% | (11.44 | )% | 28.42 | % | 10.92 | %(e) | 14.83 | %(e) | 17.01 | % | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %(f) | 0.88 | % | 1.03 | % | 0.92 | % | 1.28 | % | 1.32 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | %(f) | 0.93 | % | 1.03 | % | 0.92 | % | 1.39 | % | 1.32 | % | ||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.93 | %(f) | 1.39 | % | 0.65 | % | 1.29 | % | 0.60 | % | 0.89 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.87 | %(f) | 1.34 | % | 0.64 | % | 1.29 | % | 0.49 | % | 0.89 | % | ||||||||||||
Portfolio turnover rate | 80 | % | 142 | % | 116 | % | 76 | % | 144 | % | 36 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 24,245 | 25,199 | 6,691 | 16,214 | 2,053 | 1,448 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 159,415 | $ | 277,346 | $ | 89,740 | $ | 197,648 | $ | 22,890 | $ | 14,472 |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
(f) | Annualized. |
(g) | Unaudited. |
260
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited)
At a meeting held on July 14-15, 2008, the Board of Directors (the “Board”), including the Directors that are not interested persons of ARC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each Fund the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and ARC I (the “Advisory Agreement”) and the investment sub-advisory agreements between VALIC and each of the following sub-advisers (collectively, the “Sub-advisory Agreements”): AIG Global Investment Corp. (“AIGGIC”); AIG SunAmerica Asset Management Corp. (“SunAmerica”); American Century Global Investment Management, Inc. (“American Century Global”); American Century Investment Management, Inc. (“American Century”); Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”); BlackRock Investment Management, LLC (“BlackRock”); Brazos Capital Management, L.P. (“Brazos Capital”); Bridgeway Capital Management, Inc. (“Bridgeway Capital”); Evergreen Investment Management Company, LLC (“Evergreen”); Franklin Advisers, Inc. (“Franklin”); Invesco Aim Capital Management, Inc. (“Invesco Aim”); Massachusetts Financial Services Company (“MFS”); Morgan Stanley Investment Management, Inc. d/b/a Van Kampen (“Van Kampen”); OppenheimerFunds, Inc. (“Oppenheimer”); Putnam Investment Management, LLC (“Putnam”); RCM Capital Management, LLC (“RCM”); T. Rowe Price Associates, Inc. (“T. Rowe Price”); Templeton Global Advisors, Limited (“Templeton Global”) Templeton Investment Counsel, LLC (“Templeton Investment”); Wellington Management Company, LLP (“Wellington Management”); and Wells Capital Management Incorporated (“Wells Capital”) (collectively referred to as the “Sub-advisers”). The Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.”
In addition, at a meeting held on October 20-21, 2008, the Board, including a majority of the Independent Directors, approved new investments sub-advisory agreements between VALIC and Evergreen (the “New Sub-advisory Agreements”). The New Sub-advisory Agreements were required as a result of the acquisition of Wachovia Corp. (“Wachovia”), Evergreen’s parent company, by Wells Fargo & Company, Inc. (“Wells Fargo”) (the “Transaction”). The Board considered that the investment sub-advisory agreement in effect between VALIC and Evergreen (the “Prior Sub-advisory Agreement”) would terminate upon the effective date of a change in control relating to the Transaction. The Board was apprised of the details and timeline of the Transaction. The first part of the Transaction was the issuance of Wachovia preferred stock to Wells Fargo, representing 39.9% of the voting interest in Wachovia, which was scheduled to occur on October 20, 2008. Pending receipt of regulatory and shareholder approval and satisfaction of other closing duties, Wells Fargo would then purchase 100% of the stock of Wachovia in the second part of the Transaction, which was scheduled to close on December 31, 2008. Because the issuance of preferred stock would likely constitute a change of control of Evergreen and the subsequent merger of Wachovia into Wells Fargo might also be deemed a change in control, it was determined to treat each step in the Transaction as a separate change in control. As a result, the Board approved two New Sub-advisory Agreements between VALIC and Evergreen. The initial New Sub-advisory Agreement was effective as of the date of the preferred share issuance to Wells Fargo and would be considered to terminate automatically upon the closing of the Transaction, at which time the second New Sub-advisory Agreement would go into effect.
In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (3) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers; (4) whether the Funds will benefit from possible economies of scale from engaging the sub-advisers; (5) the profitability of VALIC and the Sub-advisers; (6) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of the Funds, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-Advisor Expense Group/Universe”), as selected an independent third-party provider of investment company data; and (7) the terms of the Advisory Contracts.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held at a special meeting held in June 2008 and the regular meeting held in July 2008, during which such independent counsel provided guidance to the Independent Directors.
Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their familiarity with VALIC’s management through Board meetings, discussions and reports during the preceding year and through their long history of service to the Funds. The Board considered that VALIC is responsible for the management of the day-to-day operations of the Funds, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of the Funds is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Funds’ prospectus and statement of additional information.
The Board noted that VALIC personnel meet on a periodic basis to discuss the performance of the Funds, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. In addition, it was considered that VALIC works to develop marketing strategies to promote an identity for the Funds separate and apart from the insurance products and the employer-sponsored retirement plans. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Investment Advisory Agreement with respect to each Fund.
With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Funds it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-advisers investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser (or each Sub-adviser’s parent company). The Board also reviewed each Sub-adviser’s brokerage practices.
With respect to the new Sub-advisory Agreement between VALIC and Evergreen, the Board considered information provided by management and presentations made by Evergreen representatives at the October meeting. It was noted that the personnel responsible for managing the day-to-day investments of the Funds were not expected to change
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as a result of the transaction and that the Transaction would not have a material effect on Evergreen’s ability to continue to manage the Funds. In considering approval of the New Sub-advisory Agreements, the Board took into account information and materials that the Board had received and considered in connection with its recent approval of the renewal of the Prior Sub-advisory Agreement in July, 2008. That approval followed a lengthy process during which the Board considered a variety of factors, including, for example, the experience and qualification of Evergreen’s personnel, the Funds’ performance and expenses, and Evergreen’s compliance program. In addition to these considerations, at the October 2008 meeting the Board took into account the financial condition of Evergreen, its current parent company, Wachovia, and its future parent company, Wells Fargo. It was specifically noted that Evergreen did not anticipate any personnel changes and expected very little impact to its advisory clients as a result of the change of ownership. The Directors also considered representations from Evergreen representatives that the proposed merger of Wachovia with Wells Fargo would likely substantially improve the financial condition of Evergreen’s parent company, increase the capital available to support its operations, and ensure that Evergreen and its affiliates would have the resources to continue to provide the same level and quality of services to the Funds as under the Prior Sub-advisory Agreement.
The Board reviewed VALIC’s and the administrator’s, SunAmerica, an affiliate, compliance program and personnel. It also considered VALIC’s and each Sub-adviser’s regulatory history, including information whether it was currently involved in any regulatory actions or investigations as well as material litigation. The Board concluded that there was no information provided to the Board that would have a material adverse effect on VALIC’s or the Sub-advisers’ ability to provide services to the Funds.
The Board concluded that the scope and quality of the advisory services provided by VALIC and Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisor Expense Group and, in some cases as noted below, the Subadvisor Expense Universe. It was noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisor Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of the certain Sub-advisers to certain of the Funds with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of several Funds as noted below.
The total expense information, advisory fee information, and sub-advisory fee information considered by the Board at the July 2008 meeting, among other fee and expense data, is summarized below. It was noted that expense ratio data included in the independent third-party reports was based on the semi-annual report for the period ended November 30, 2007. With respect to the new Sub-advisory Agreement between VALIC and Evergreen, the Board noted that the sub-advisory fees payable to Evergreen by VALIC under the New Sub-advisory Agreement would remain the same as the sub-advisory fees payable under the prior Sub-advisory Agreement.
The Board received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. It was noted that performance information provided by the independent third party at the June/July 2008 meetings was for the period ended April 30, 2008 and that benchmark information presented by management was through the period May 31, 2008.
• | Asset Allocation Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s actual sub-advisory fee was below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund’s performance was below the median of its Performance Group/Universe for the one-, three- and five-year periods, and was below the Lipper VUF Mixed-Asset Target Allocation Moderate Index for such periods. The Board also noted that the Fund equaled or slightly outperformed its custom blended benchmark for the three- and five-year periods but trailed the benchmark for the one-year period (S&P 500® Index: 55%; Lehman Brothers Aggregate Bond Index: 35%; and T-Bill 3-Month Index: 10%). The Board took into account management’s discussion of the Fund’s performance. The Board concluded that the Fund’s performance has been satisfactory.
• | Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered that management proposed the addition of breakpoints to its management fee and that the Fund’s contractual advisory fees and total expenses, on a post-reduction basis, would be in line with the medians of its Expense Group and Expense Universe. The Board considered that the advisory fee reduction would become effective October 1, 2008. It was additionally noted that the Fund’s expense limitation was reduced to 0.85% effective October 1, 2007 and was not fully reflected in Lipper’s figures. In addition, the Board noted that the Fund’s actual sub-advisory fees were in line with the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the medians of its Performance Group for the one-, three- and five-year periods and that the Fund slightly outperformed its Performance Universe for the three-year period but underperformed such median for the three- and five-year periods. In addition, the Board noted that the Fund underperformed the Lipper Index for the one-, three- and five-year period. The Board considered that the Fund outperformed its benchmark, the S&P 500® Index, for the one- and three-year periods but slightly trailed the index for the five-year period. The Board concluded that the Fund’s performance has been satisfactory.
• | Broad Cap Value Income Fund (sub-advised by Barrow Hanley). The Board considered that the Fund’s actual advisory fees were at or slightly above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly below the median of its Expense Group/Universe. The Board noted that management would continue to limit the Fund’s total expenses to 0.85%. Furthermore, the Board considered that the Fund’s sub-advisory fee was above the median of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund underperformed the median of its Performance Universe and the Lipper VUF Multi-Cap Value Index for the one-year period but outperformed the median of its Performance Group for the one-year period. The Board noted that the Fund slightly outperformed its benchmark, the Russell 1000® Value
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Index, for the one-year period. The Board took into account management’s discussion of Fund performance and its continued close monitoring of the Fund. The Board concluded that the Fund’s performance has been satisfactory.
• | Capital Conservation Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were in line with the medians of its Expense Group/Universe and that its total expenses were slightly above the medians of its Expense Group/Universe. The Board noted that the Fund’s sub-advisory fees were above the median of the Subadvisor Expense Universe. The Board also took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was slightly below the medians of its Performance Group/Universe and the Lipper VUF A-Rated Corporate Index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark, the Lehman Brothers Aggregate Bond Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including proposed changes to its investment strategy, and concluded that performance is being addressed.
• | Core Equity Fund (sub-advised by BlackRock). The Board considered that management lowered the expense limitation on the Fund’s total expenses from 0.85% to 0.80% of average annual net assets effective October 1, 2008. The Board noted that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were in line with the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund underperformed the medians of its Performance Group/Universe and the Lipper VUF Large Cap Core Index for the one-, three- and five-year periods. It was noted that BlackRock began managing the Fund in March 2007 and that Fund performance for the three- and five-year periods represented the management of the Fund’s previous sub-advisers. The Board considered that the Fund underperformed the Russell 1000® Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance and its plan to address such underperformance and concluded that the underperformance was being addressed.
• | Core Value Fund (sub-advised by American Century). The Board considered that the Fund’s actual advisory fees were slightly above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund’s performance trailed the medians of its Performance Group/Universe for the three- and five-year periods and that during the one-year period it trailed the median of its Performance Group but exceeded the median of its Performance Universe. In addition, the Board also considered that the Fund outperformed the Lipper VUF Multi-Cap Value Index for the one-year period and trailed the Index for the three- and five-year periods. Finally, the Board considered that the Fund underperformed its blended benchmark, the S&P 500® Index (50%) and the Russell 1000® Value Index (50%), for the one-, three- and five-year periods. The Directors noted the changes made to the Fund’s investment strategy within the past three years and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Foreign Value Fund (sub-advised by Templeton Global). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. Furthermore, the Board considered that the Fund’s sub-advisory fee was at the median of its Subadvisor Expense Universe. |
The Board considered that the Fund outperformed its Expense Universe and the Lipper VUF International Value Index and slightly outperformed its benchmark, the MSCI Europe, Australasia, Far East (EAFE) Index, for the one-year period. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance is satisfactory.
• | Global Equity Fund (sub-advised by Putnam). The Board considered that the Fund’s actual advisory fees were in line with the median of its Expense Group and above the median of its Expense Universe. In addition, it noted that the Fund’s total expenses were in line with the medians of its Expense Group/Universe and that its sub-advisory fees were in line with the median of its Subadvisor Expense Universe. |
The Board considered that the Fund trailed the median of its Performance Group/Universe and the Lipper VUF Global Growth Index for the one-year period. The Board also noted that the Fund had trailed its benchmark, the MSCI World Index, for the one-year period but that the Fund’s more recent performance has improved versus the benchmark. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance is being addressed.
• | Global Social Awareness Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance trailed the median of its Performance Universe and the Lipper VUF Global Core Index for the one-, three- and five-year periods. In addition, it was noted that the Fund’s performance was at the median of its Performance Group for the one-year period and trailed the median for the three- and five-year periods. It was noted that the Fund’s investment strategy changed effective October 1, 2007 and the new Performance Universe and Lipper Index in which the Fund was placed are not representative of how the Fund was managed prior to this change. The Board also noted management’s discussion of the Fund’s performance since the investment strategy change. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Global Strategy Fund (sub-advised by Franklin and Templeton Investment). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s subadvisory fees were at the median of the Fund’s Expense Group. The Board also noted that there were an insufficient number of other portfolios in the Fund’s Subadvisor Expense Group Universe to create a meaningful comparison of the Fund’s sub-advisory fees. |
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The Board considered that the Fund’s performance was in line with the median of its Performance Universe for the one-year period and that there was no appropriate Lipper Index to compare the Fund. In addition, it was noted that the Fund outperformed its benchmark, the MSCI All-Country World Index, for the one-year period. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Government Securities Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were in line with the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board considered that the Fund’s sub-advisory fee was above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund outperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods and that it was in line with the medians for the five-year period. In addition, it noted that the Fund outperformed the Lipper VUF General U.S. Government Index for the one- and three-year periods and was in line with the Index for the five-year period. It was additionally noted that a new portfolio manager assumed responsibility for managing the Fund effective March 1, 2007. The Board also considered that the Fund slightly trailed its benchmark, the Lehman Brothers U.S. Government Bond Index, for the one- three- and five-year periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Growth & Income Fund (sub-advised by SunAmerica). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Large Cap Core Index for the one-year period and trailed the medians and Index for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark, the S&P 500® Index for the one-year period and trailed the index for the three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including the steps taken to address such performance and its recent improvement over the past two years, as well as management’s continued monitoring of the Fund. The Board concluded that the Fund’s longer-term performance is being addressed.
• | Growth Fund (formerly, VALIC Ultra Fund; sub-advised by American Century and American Century Global). The Board considered that the Fund’s current advisory fees were above the median of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group. The Board noted that the Fund’s management fee reductions effective on December 10, 2007 would lower total expenses below the median of its Expense Universe. The Board also noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also took into account management’s discussion of the Fund’s expenses. |
The Board noted that the Fund outperformed the Lipper VUF Multi-Cap Growth Index for the one-year period but trailed the Index for the three-year period. In addition, it was noted that the Fund outperformed its Performance Group for one- and three-year periods and outperformed its Performance Universe for the one-year period and underperformed for the three-year period. The Board noted that the Fund outperformed its benchmark, the Russell 1000® Growth Index for the one-year period. The Board considered that the Fund was restructured in December 2007 during which the existing investment management team was replaced with three new investment management teams. The Directors took into account the Fund’s recent improvement in performance and lower management fees and concluded that management was addressing the Fund’s performance.
• | Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees. |
The Board considered that the Fund’s performance exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Health/Bio Index and its benchmark, the S&P 500® Healthcare Index, for the one-, three- and five-year periods. The Directors concluded that the Fund’s performance has been satisfactory.
• | Inflation Protected Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and total expenses were below the median of its Expense Group/Universe. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees. |
The Board noted that the Fund trailed the medians of its Performance Group/Universe for the one- and three-year period and that the Fund outperformed the Lipper VUF General US Government Bond Index. In addition, the Board considered that Fund trailed its benchmark, the Lehman Brothers U.S. Treasury Inflation Protected Securities Index, for the one- and three-year periods but that recent performance versus the benchmark has improved. The Board took into account management’s discussion of the Fund’s peer group. The Directors also noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | International Equities Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were at the median of its Expense Group and below the median of its Expense Universe and that the Fund’s total expenses were below the median of its Expense Universe and above the median of its Expense Group. The Board noted the relatively small number of funds included in the Expense Group. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees. |
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The Board considered that the Fund trailed the medians of its Performance Group/Universe and the Lipper VUF International Core Index for the one-, three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance including changes previously made to the Fund’s investment strategy, as well as its continued monitoring of the Fund, and other plans to address performance, and concluded that the Fund’s performance is being addressed.
• | International Government Bond Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, it was noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund was at or above the median of its Performance Group for the one-, three- and five-year periods and was below the median of its Performance Universe for such periods. In addition, it was noted that the Fund underperformed the Lipper Global Income Index for the one- and three- year periods but outperformed the index for the five-year period. Finally, the Board noted that the Fund underperformed its blended benchmark for the one-, three- and five-year periods (JP Morgan Emerging Markets Bond Index Plus: 30% and the JP Morgan Government Bond Index Plus: 70%). Management reported that recent Fund performance versus the benchmark has improved. The Board concluded that the Fund’s performance was satisfactory.
• | International Growth I Fund (sub-advised by American Century Global, Invesco Aim and MFS). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. It also considered that the Fund’s total expenses were slightly above the medians of its Expense Group but below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund’s performance exceeded the median of its Performance Group/Universe and outperformed its benchmark, the MSCI EAFE Index, for the one- and three-year periods but trailed the medians and the benchmark for the five-year period. In addition, the Fund outperformed Lipper VUF International Growth Index, for the one-year period but trailed the indices for the three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance including its continued monitoring of the Fund and concluded that the Fund’s performance is satisfactory in light of all factors considered.
• | Large Cap Core Fund (sub-advised by Evergreen). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. In addition, the Board also noted that the Fund’s total expenses were above the median of it Expense Group and below the median of its Expense Universe. The Board considered that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement. |
The Board considered that the Fund was at or above the medians of its Performance Group/Universe for the one- and three-year periods and that the Fund outperformed the Lipper VUF Large Cap Core Index for the one-year period and trailed the index for the three-year period. The Board considered that the Fund outperformed its benchmark, the S&P 500® Index, for the one-year period. The Directors noted management’s discussion of the Fund’s improving performance as well as its continued monitoring of the Fund and concluded that Fund’s performance is satisfactory in light of all factors considered.
• | Large Capital Growth Fund (sub-advised by SunAmerica and Invesco Aim). The Board considered that the Fund’s actual advisory fees and total expenses were at or below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund exceeded the median of its Performance Group for the one- and three-year period and that it exceeded its Performance Universe for the one-year period and trailed the median for the three-year period. It was also noted that the Fund trailed the Lipper VUF Large Cap Growth Index for the one- and three-year periods. It additionally noted that the Fund outperformed its benchmark, the Russell 1000 Growth Index, for the one-year period and slightly trailed the index for the three-year period. The Board concluded that the Fund’s performance was satisfactory in light of all factors considered.
• | Mid Cap Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund’s performance was within a range of 0.02% above or below or at the median of its Performance Group for the one-, three- and five-year periods and above the medians of its Performance Universe for such periods. The Board also considered that the Fund outperformed the Lipper VUF Mid Cap Core Index for the one- and three-year periods and trailed the index for the five-year period. The Board also considered the Fund’s tracking error versus its benchmark. Finally, the Board considered that the Fund slightly trailed its benchmark, the S&P MidCap 400 Index for the one-, three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund, and concluded that the Fund’s performance is satisfactory in light of all factors considered.
• | Mid Cap Strategic Growth Fund (sub-advised by Brazos Capital and Van Kampen). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group but below the median of its Expense Universe. The Board also noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Group and above the median of its Sub-advisory Expense Universe. |
The Board considered that the Fund exceeded the medians of its Performance Group/Universe and the Lipper VUF Mid Cap Growth Index for the one- and three-year periods and outperformed its benchmark, the Russell Midcap® Growth Index, for such periods. The Directors noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund, and concluded that the Fund’s performance is satisfactory in light of all factors considered.
• | Money Market I Fund (sub-advised by SunAmerica). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group and at the median of its Expense Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board considered that the Fund’s sub-advisory fees were at or above the medians of its Subadvisor Expense Group/Universe. The Board noted the relatively small range among the expense ratios of the funds in the Fund’s peer group. |
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board considered that the Fund’s performance was slightly below the median of its Performance Group/Universe and the Lipper VUF Money Market Index for the one-, three- and five-year periods. In addition, it was reported that the Fund slightly outperformed its benchmark, the T-Bill 3 Month Index, for the one- and three-year periods but slightly underperformed the benchmark for the five-year period. The Board took into account the relatively small range in performance returns among the Performance Group/Universe and Indices. The Board also considered management’s discussion of the Fund’s performance. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Nasdaq-100® Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were slightly below its Expense Group and above the median of its Expense Universe and that the Fund’s total expenses were above the medians of its Expense Group/Universe. The Board considered that, effective October 1, 2007, the Fund’s expense limitation was lowered and that the total expense data for this Fund does not yet fully reflect this reduction. The Board also considered management’s discussion of the Fund’s expenses and of the appropriateness of the peer group chosen for the Fund. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance exceeded the median of its Performance Universe and outperformed the Lipper Multi-Cap Growth for the one-, three- and five-year periods. The Board noted that the Fund slightly underperformed its benchmark, the Nasdaq-100® Index for the one-, three- and five-year periods. The Board also considered the Fund’s tracking error versus its benchmark. The Board considered management’s discussions of the Fund’s performance, including the peer group in which the Fund was included, and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Science & Technology Fund (sub-advised by RCM, T. Rowe Price and Wellington Management). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the median of its Subadvisor Expense Group/Universe. The Board noted management’s discussion of the Fund’s expenses. |
The Board considered that the Fund was at or above the medians of its Performance Group/Universe for the one-year period and below the medians for the three- and five-year periods. The Board also noted that the Fund underperformed the Lipper VUF Science & Technology Index for the one-, three- and five-year periods. Finally, the Board noted that the Fund outperformed its benchmark, the S&P 500 Information Technology Index, for the one-, three- and five year periods. The Board considered that the Fund was restructured in 2007 and that Fund performance has improved since that time. The Board considered management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Small Cap Aggressive Growth Fund (sub-advised by Wells Capital). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group and below the median of its Expense Universe and that the Fund’s total expenses were below the median of its Expense Group/Universe. The Board noted that the Fund’s current sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund outperformed the median of its Performance Group/Universe and its benchmark, the Russell 2000® Growth Index, for the one-year period and trailed the Lipper VUF Small Cap Growth Index for the one-year period. The Board noted that the Wells Capital assumed sub-advisory duties from Credit Suisse Asset Management, LLC in November 2006. The Board considered management’s discussion of the Fund’s performance by Wells Capital and concluded that the Fund’s performance has been addressed.
• | Small Cap Fund (sub-advised by Bridgeway Capital, Invesco Aim and T. Rowe Price). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s current sub-advisory fees were slightly below the median of its Subadvisor Expense Group but above the median of its Subadvisor Expense Universe. The Board noted the replacement of American Century and Franklin Portfolio with Invesco Aim that took place on March 10, 2008 and VALIC’s undertakings to maintain expense limitations for the Fund. |
The Board considered that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Core Index and its benchmark, the Russell 2000® Index, for the one-, three- and five-year periods. The Directors took into account management’s discussion of the Fund’s performance and the recent sub-adviser changes, as well as further plans to address the Fund’s performance, and concluded that action is being taken with respect to Fund performance.
• | Small Cap Index Fund (sub-advised by AIGGIC). The Board considered that the actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fee was below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund exceeded the median of its Performance Group for the one-year period but trailed the median for the three- and five-year periods. It also noted that the Fund’s performance exceeded the median of its Performance Universe for the one-, three- and five-year periods. In addition, the Fund outperformed the Lipper VUF Small Cap Core Index for the three- and five-year periods but underperformed the index for the one-year period. The Board also considered the Fund’s tracking error versus its benchmark. Finally, the Board noted that the Fund slightly underperformed its benchmark, the Russell 2000® Index, for the one-, three- and five-year periods. The Board took into account the relatively small range in performance returns among the Performance Group/Universe. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Small Cap Special Values Fund (sub-advised by Evergreen and Putnam). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement. |
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board noted that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Value Index and its benchmark, the Russell 2000 Value Index, for the one-year period. The Directors took into account management’s discussion of the Fund’s performance and its plans for the Fund and concluded that performance is being addressed.
• | Small-Mid Growth Fund (sub-advised by Evergreen). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were at the median of its Subadvisor Expense Group and below the median of its Subadvisor Expense Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement. |
The Board noted that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Growth Index and its benchmark, the Russell 2000® Growth Index, for the one-year period. The Directors took into account management’s discussion of the Fund’s performance, the changes to the Fund’s investment strategy and portfolio management team managing the Fund made effective March 10, 2008, and its continued monitoring of the Fund and concluded that management is taking appropriate action with respect to the Fund.
• | Stock Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were below the median of its Expense Group. |
The Board considered that the Fund’s performance was within a range of 0.07% below the Lipper VUF S&P 500 Index and its benchmark, the S&P 500® Index for the one-, three- and five-year periods and that the dispersion between the performance of funds in its Performance Group/Universe was relatively small. The Board also considered the Fund’s tracking error versus its benchmark. The Board took into account the relatively small range in performance returns among the Performance Group/Universe and the Indices. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Value Fund (sub-advised by Oppenheimer). The Board considered that the Fund’s actual advisory fees and total expenses were above the medians of its Expense Group/Universe. The Board noted that management lowered the Fund’s expense limitation to 0.85% as of October 1, 2007 and that the reduction is not fully reflected in the Fund’s total expense data. The Board also noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Multi-Cap Value Index for the one-, three- and five-year periods. It was additionally noted that the Fund outperformed the Russell 1000® Value Index for the one- and three-year periods, which cover the period for which Oppenheimer has served as sub-adviser (June 21, 2004. The Board concluded that the Fund’s performance has been satisfactory.
The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average daily net assets of the respective Fund.
It was noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC will receive benefits in addition to the advisory fee to be paid by the Funds which include transfer agency fees paid or to be paid by the Funds. The Board considered that ARC I pays VALIC a fee for the provision of record keeping and shareholder services to contract owners and participants, which is provided at cost. Such payment is allocated to each Fund based on the number of accounts serviced. Finally, it was noted that the Funds pay SunAmerica, an annual fee of approximately 0.07% based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value.
The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC.
Profitability. In considering the profitability to VALIC and its affiliates in connection with its relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC, as adviser and transfer agent. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board determined that VALIC’s and its affiliates’ profitability is reasonable.
In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. With respect to the New Sub-advisory Agreements between VALIC and Evergreen, the Board noted that the Sub-advisory fees would not be changing from the Sub-advisory fee under the Prior Sub-advisory Agreement.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
For each of the above reasons, the Directors determined that the profitability to the unaffiliated Sub-advisers from their relationship with the Funds was not a material factor in their deliberations.
Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers contain breakpoints. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure. The Board noted that most of the Fund’s advisory fee structures contained breakpoints. The Board concluded that VALIC’s advisory fee rates with respect to the Funds and the Funds’ sub-advisory fee rates reflect the economies of scale inherent in providing investment advice to Funds in their respective asset category and asset size and that no changes to the advisory fee structure were necessary.
For similar reasons as stated above with respect to the unaffiliated Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements and, additionally, it was noted that most of the Funds have breakpoints at the sub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
With respect to the sub-advisory agreements between VALIC and Evergreen, the Board reviewed the terms of the New Sub-advisory Agreements, including the duties and responsibilities undertaken by Evergreen. It was noted that the terms of the New Sub-advisory Agreements will not differ from the terms of the Prior Sub-advisory Agreement except for effective date and the term of the New Sub-advisory Agreements. The Board concluded that the terms of the New Sub-advisory Agreements were reasonable.
Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel, regulatory history, including information whether it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Fund and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Funds and their respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
William F. Devin
Timothy J. Ebner
Gustavo E. Gonzales, Jr.
Peter A. Harbeck
John W. Lancaster
Kenneth J. Lavery
John E. Maupin, Jr.
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
INVESTMENT SUB-ADVISERS
AIG Global Investment Corp.
70 Pine Street
New York, NY 10270
SunAmerica Asset Management Corp.
Harborside Financial Center
3200 Plaza 5
Jersey City, New Jersey 07311
American Century Investment Management, Inc./
American Century Global Investment
Management, Inc.
4500 Main Street
Kansas City, Missouri 64111
Barrow, Hanley, Mewhinney & Strauss, Inc.
2200 Ross Avenue, 31st Floor
Dallas, Texas 75201-2761
BlackRock Investment Management, LLC
800 Scudders Mill Rd.
Plainsboro, NJ 08536
Brazos Capital Management, LP
5949 Sherry Lane, Suite 1600
Dallas, Texas 75225
Bridgeway Capital Management, Inc.
5615 Kirby Drive
Suite 518
Houston, TX 77005-2448
Evergreen Investment Management Company, LLC
200 Berkeley Street
Boston, MA 02116-5034
Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906
Goldman Sachs
Asset Management, LP
32 Old Ship
New York, NY 10005
Invesco Aim Capital Management, Inc.
11 Greenway Plaza
Houston, TX 77046
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
OppenheimerFunds, Inc.
Two World Financial Center
225 Liberty Street, 11th Floor
New York, New York 10281-1008
Putnam Investment Management, LLC
One Post Office Square
Boston, MA 02109
RCM Capital Management, LLC
4 Embarcadero Center
San Francisco, California 94111
Templeton Global Advisors Ltd.,
Lyford Cay
Nassau, Bahamas
Templeton Investment Counsel, LLC
Broward Financial Centre, Suite 2100
Ft. Lauderdale, Florida 33394
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, Maryland 21202
Morgan Stanley Investment Management, Inc.
d/b/a
Van Kampen
525 Fifth Avenue
New York, New York 10036
Wellington Management Company, LLP
75 State Street
Boston, Massachusetts 02109
Wells Capital Management, Inc.
525 Market St.
10th Floor
San Francisco, California 94105
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
1201 Louisiana Street, Suite 2900
Houston, TX 77002
TRANSFER AND SHAREHOLDER SERVICE AGENT
The Variable Annuity
Life Insurance Company (VALIC)
2929 Allen Parkway
Houston, Texas 77019
OFFICERS
Evelyn M. Curran,
President and Principal Executive Officer
John Packs,
Vice President and Senior Investment Officer
Gregory R. Kingston,
Treasurer and Principal Financial Officer
Nori L. Gabert,
Vice President, Chief Legal Officer and Secretary
Gregory N. Bressler,
Vice President
Cynthia A. Skrehot,
Vice President and Chief Compliance Officer
Donna Handel,
Vice President and Assistant Treasurer
Diedre L. Shepherd,
Assistant Treasurer
Mark Matthes,
Assistant Secretary
Matthew J. Hackethal,
Anti-Money Laundering
Compliance Officer
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DISCLOSURE OF QUARTERLY FUND HOLDINGS
ARC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. ARC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).
VOTING PROXIES ON AIG RETIREMENT COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that ARC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in ARC I’s Statement of Additional Information, may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON AIG RETIREMENT COMPANY I PORTFOLIO SECURITIES
Information regarding how ARC I voted proxies relating to securities held in the ARC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in ARC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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Money Market I Fund
Money Market II Fund
(the “Funds”)
Supplement to the Prospectuses
Participation in the Extension of the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds
On November 24, 2008, the U.S. Department of the Treasury (“Treasury”) announced an extension of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”) until April 30, 2009. On December 4, 2008, the Boards of Directors/Trustees (the “Board”) of the AIG Retirement Company I and AIG Retirement Company II approved the continued participation of the Funds in the Program. The Program’s guarantee only applies to shareholders of the Funds as of the close of business on September 19, 2008.
Subject to certain conditions and limitations, share amounts held by investors in the Funds as of the close of business on September 19, 2008 are guaranteed against loss under the Program in the event the per share net asset value falls below $0.995 (a “Guarantee Event”) and the Fund subsequently liquidates. Upon declaration of a Guarantee Event, a Fund will be required to suspend redemptions, cease sales, and cease declaration and payment of dividends. The Program guarantee only covers the amount a shareholder held in the Funds as of the close of business on September 19, 2008 or the amount a shareholder holds if and when a Guarantee Event occurs, whichever is less. A shareholder who has continuously maintained an account with a Fund since September 19, 2008 would receive a payment for each protected share equal to the shortfall between the amount received in the liquidation and $1.00 per share in the case of a Guarantee Event. The Program is subject to an overall limit of approximately $50 billion for all money market funds participating in the Program.
The extension of the Program begins on December 19, 2008 and continues through April 30, 2009. Continued participation in the Program until April 30, 2009 requires an additional payment to the U.S. Department of the Treasury in the amount of 0.022% of the net asset value of the Money Market I Fund and 0.015% of the net asset value of the Money Market II Fund as of the close of business on September 19, 2008. The cost to participate in the extension of the Program will be borne by each Fund, subject to the expense limitations currently in effect for certain of the Funds.
The Secretary of the Treasury may elect to extend the Program beyond April 30, 2009 through the close of business on September 18, 2009, although, as of the date of this Supplement, no decision has been made to extend the Program beyond April 30, 2009. If the Program is extended further, the Board will consider whether to continue to participate in the Program. If a Guarantee Event occurs after the Program expires, or, if sooner, after a Fund ceases to participate in the Program, neither that Fund nor any shareholder will be entitled to any payment under the Program.
More information about the Program is available at http://www.ustreas.gov.
Date: December 5, 2008
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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SUPPLEMENT TO PROSPECTUS
Supplement to Prospectus dated October 1, 2008
Asset Allocation Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – AIG Global Investment Corp.,” references to Michael Kloss are deleted in their entirety. The following disclosure is added to reflect the addition of Jose R. Aragon as a portfolio manager to the Fund:
Mr. Aragon joined AIG Investments in 2003 and is currently a Vice President and a Portfolio Manager for AIG Investments’ asset allocation products. Prior to assuming this role, Mr. Aragon managed AIG Investments’ multi-strategy hedge fund and was a Quantitative Analyst in the AIG Investments structured equity group.
Capital Conservation Fund. The Fund no longer invests in high-yield fixed income securities (junk bonds). The “Investment Strategy” section of the Fund’s Fact Sheet is amended to remove references to the Fund’s ability to invest in such instruments. In addition, the “Investment Risks” section is amended to delete “Lower Rated Fixed Income Securities Risk.”
In the section titled “About ARC I’s Management – Investment Sub-Advisers – AIG Global Investment Corp.,” the paragraph regarding the management of the Capital Conservation Fund is deleted and replaced in its entirety with the following:
Investment decisions for the Capital Conservation Fund are made by a team including Dana G. Burns, Raphael Davis, Robert Vanden Assem and Michele Varvaro. Mr. Burns is Vice President of Investment Grade Fixed Income and Portfolio Manager. Mr. Burns joined AIG Investments in 2007 and has over 10 years of investment experience. Prior to joining AIG Investments, Mr. Burns was Vice President and co-manager of the Fixed Income Separately Managed Account team at Morgan Stanley. Mr. Davis is Managing Director of U.S. Fixed Income for AIG Investments. Mr. Davis is responsible for trading and portfolio management of AIG’s agency MBS pass-through and CMO portfolios. Mr. Davis joined AIG Investments with the acquisition of AGIM in 2001. During his seven years at AGIM, Mr. Davis was responsible for the trading and management of American General Investment Management’s MBS, asset-backed securities, and money-market portfolios. Mr. Vanden Assem joined AIG Investments in 2001 and is responsible for the portfolio management of AIG Investments’ high grade total rate of return portfolio, long/short portfolios and affiliated accounts. Prior to joining AIG Investments, Mr. Vanden Assem was with Morgan Stanley Dean Witter Advisors where he worked as a portfolio manager for the MSDW Strategist and Variable Strategist mutual funds as well as other institutional and individual fixed income assets. Ms. Varvaro is an Assistant MBS Portfolio Manager in the Securitized Products group, of U.S. Fixed Income for AIG Investments. Ms. Varvaro is responsible for assisting the lead portfolio manager, Raphael Davis in the day-to-day management of AIG’s agency and MBS pass-through and CMO portfolios for both the general and total return portfolios. Ms. Varvaro joined AIG Investments in 2005. Prior to joining AIG Investments, Ms. Varvaro was an Institutional Fixed Income Sales Associate at Merrill Lynch where she advised and sold short-term fixed income securities to money managers of institutional corporations.
Science & Technology Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – T. Rowe Price Associates, Inc.,” the paragraph regarding the management of the Science & Technology Fund is deleted and replaced in its entirety with the following:
T. Rowe Price is responsible for sub-advising a portion of the Science & Technology Fund. This portion is managed by an investment advisory committee to be chaired by Kennard W. Allen. Mr. Allen will replace Michael F. Sola, CFA as committee chairman effective January 1, 2009. The committee chairman has day-to-day responsibility for managing the Fund and works with the committee in developing and executing the Fund’s investment program. Mr. Allen previously served as a member of the investment advisory committee. He joined T. Rowe Price in 2000 and his investment experience dates from 1999.
Value Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – OppenheimerFunds, Inc.,” the paragraph regarding the management of the Value Fund is deleted and replaced in its entirety with the following:
Effective January 1, 2009, Mitch Williams and John Damian assumed primary responsibility for the day-to-day management of the Value Fund’s investments. Mr. Williams, CFA, has been a Vice President of Oppenheimer since July 2006 and was previously a Senior Research Analyst from April 2002. Mr. Damian has been a Vice President of Oppenheimer since September 2001.
Date: December 31, 2008
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You must establish a
You can also access | Manage your account on the Web through AIG Retirement Online!
Enjoy quick, easy and secure access — now or anytime. Go to www.aigretirement.com and click on Access Your Account in the “Links to Login” section. You’ll find these powerful features:
• View your account portfolio including values, graphs and charts • View, download or print account, transaction confirmation and tax statements • View current and historical fund performance and unit values • View personal performance for your account • View or download transaction history • View your financial advisor’s contact information • Update or reset your Personal Identification Number (PIN) and security information • Change your contact information such as telephone, address or e-mail • Update your Investor Profile • Initiate account transactions including: > Allocation changes > Transfer money among investment options > Rebalance account to your desired allocation mix > Change contributions • Model loans • Set up the ability to view your account on your phone • Request forms for a variety of services • Display information from other accounts in addition to AIG Retirement accounts using the Account Aggregation Feature • Enroll in the electronic document delivery service
Start exploring AIG Retirement Online today by establishing a Personal Identification Number (PIN)!
To set up a PIN through AIG Retirement Online:
• Go to www.aigretirement.com • Click on Access Your Account in the “Links to Login” section • Click “I am a new user” • Enter the information required to establish a new PIN • Click “I Agree” to accept AIG Retirement’s access agreement (required) • Verify and/or update your address, e-mail and telephone number • Click “Continue” to update your record and proceed to the Client Summary screen
Your PIN setup is complete when the Client Summary screen appears.
You can also access AIG Retirement’s toll-free automated phone line at 800.448.2542 to obtain 24-hour access to your account.
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Table of Contents
AIG Retirement Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID WILLIARD, OH PERMIT NO. 12 |
AR 4873 VER 11/08
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Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1 to the Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. Controls and Procedures.
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of 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. |
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Item 12. Exhibits.
(a) | (1) Not applicable |
(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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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.
AIG Retirement Company I | ||
By: | /s/ Evelyn M. Curran | |
Evelyn M. Curran | ||
President |
Date: February 6, 2009
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/ Evelyn M. Curran | |
Evelyn M. Curran | ||
President |
Date: February 6, 2009
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 6, 2009