N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDING OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08789

VALIC Company II

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices)            (Zip code)

Kurt Bernlohr

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) 831-6133

Date of fiscal year end: August 31

Date of reporting period: November 30, 2009

Item 1. Schedule of Investments.

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares		Market Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.0%
Domestic Equity Investment Companies - 52.5%
VALIC Co. I Blue Chip Growth Fund	710,924		$	6,192,153
VALIC Co. I Small Cap Special Values Fund	1,146,135			8,389,708
VALIC Co. I Stock Index Fund	454,254			10,452,393
VALIC Co. I Value Fund	740,912			6,327,387
VALIC Co. II Capital Appreciation Fund	683,116			5,649,370
VALIC Co. II Mid Cap Value Fund	556,119			7,390,820
VALIC Co. II Small Cap Growth Fund†	226,772			2,172,473
VALIC Co. II Small Cap Value Fund	707,846			7,149,246
Total Domestic Equity Investment Companies (cost $44,664,253)				53,723,550
Fixed Income Investment Companies - 21.5%
VALIC Co. II Core Bond Fund	294,489			3,056,794
VALIC Co. II High Yield Bond Fund	650,038			4,738,774
VALIC Co. II Strategic Bond Fund	1,308,213			14,233,353
Total Fixed Income Investment Companies (cost $19,370,761)				22,028,921
International Equity Investment Companies - 16.4%
VALIC Co. I Foreign Value Fund	1,071,081			9,393,381
VALIC Co. I International Equities Fund	1,207,416			7,425,606
Total International Equity Investment Companies (cost $14,464,891)				16,818,987
Real Estate Investment Companies - 9.6%
VALIC Co. I Global Real Estate Fund (cost $6,996,760)	1,212,814			9,848,053
Total Long-Term Investment Securities
(cost $85,496,665)(2)	100.0	%		102,419,511
Liabilities in excess of other assets	0.0			(47,154	)
NET ASSETS	100.0	%	$	102,372,357

† Non-income producing security

# The Aggressive Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports, is available at our website, www.valic.com.

(1) See Note 4

(2) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Affiliated Registered Investment Companies:
Domestic Equity Investment Companies	$	53,723,550	$	—	$	—	$	53,723,550
Fixed Income Investment Companies		22,028,921		—		—		22,028,921
International Equity Investment Companies		16,818,987		—		—		16,818,987
Real Estate Investment Companies		9,848,053		—		—		9,848,053
Total	$	102,419,511	$	—	$	—	$	102,419,511

See Notes to Portfolio of Investments

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 99.9%
Aerospace/Defense - 2.6%
Lockheed Martin Corp.	14,400	$	1,112,112
Apparel Manufacturers - 1.0%
Coach, Inc.	12,300		427,425
Applications Software - 4.8%
Microsoft Corp.	31,300		920,533
Salesforce.com, Inc.†	18,200		1,140,776
			2,061,309
Athletic Footwear - 2.0%
NIKE, Inc., Class B	12,900		837,081
Banks-Fiduciary - 0.8%
State Street Corp.	8,200		338,660
Banks-Super Regional - 1.2%
Wells Fargo & Co.	17,800		499,112
Beverages-Non-alcoholic - 2.7%
Coca-Cola Enterprises, Inc.	20,900		410,685
The Coca-Cola Co.	13,100		749,320
			1,160,005
Cable/Satellite TV - 1.4%
Comcast Corp., Class A	42,000		616,140
Chemicals-Specialty - 2.6%
Ecolab, Inc.	14,900		669,159
Lubrizol Corp.	6,000		435,120
			1,104,279
Coffee - 0.9%
Green Mountain Coffee Roasters, Inc.†	6,000		377,880
Commercial Services-Finance - 2.0%
Mastercard, Inc., Class A	3,500		843,010
Computers - 7.7%
Apple, Inc.†	6,300		1,259,433
Hewlett-Packard Co.	15,000		735,900
International Business Machines Corp.	10,200		1,288,770
			3,284,103
Distribution/Wholesale - 1.8%
WW Grainger, Inc.	7,900		771,830
E-Commerce/Products - 2.1%
Amazon.com, Inc.†	6,700		910,597
E-Commerce/Services - 3.1%
Expedia, Inc.†	18,100		461,188
priceline.com, Inc.†	4,000		856,480
			1,317,668
Electronic Components-Semiconductors - 1.9%
Intel Corp.	42,200		810,240
Energy-Alternate Sources - 1.5%
First Solar, Inc.†	5,200		619,372
Enterprise Software/Service - 3.6%
CA, Inc.	40,000		884,000
Oracle Corp.	28,900		638,112
			1,522,112
Food-Misc. - 1.0%
General Mills, Inc.	6,100		414,800
Insurance-Life/Health - 1.2%
Aflac, Inc.	11,200		515,536
Medical Products - 6.4%
Johnson & Johnson	14,600		917,464
Stryker Corp.	22,100		1,113,840
Varian Medical Systems, Inc.†	15,200		710,448
			2,741,752
Medical-Biomedical/Gene - 5.7%
Biogen Idec, Inc.†	16,900		793,286
Gilead Sciences, Inc.†	26,700		1,229,535
Life Technologies Corp.†	7,900		393,262
			2,416,083
Medical-Drugs - 7.0%
Abbott Laboratories	10,900		593,941
Bristol-Myers Squibb Co.	35,300		893,443
Forest Laboratories, Inc.†	23,700		726,642
Merck & Co., Inc.	21,800		789,378
			3,003,404
Medical-Generic Drugs - 1.8%
Mylan, Inc.†	42,600		761,262
Oil & Gas Drilling - 1.5%
Diamond Offshore Drilling, Inc.	6,300		627,102
Oil Companies-Exploration & Production - 1.9%
Southwestern Energy Co.†	18,000		791,280
Oil Field Machinery & Equipment - 1.9%
Cameron International Corp.†	22,000		831,600
Pharmacy Services - 1.9%
Express Scripts, Inc.†	9,400		806,520
Retail-Apparel/Shoe - 1.2%
Ross Stores, Inc.	11,900		523,362
Retail-Auto Parts - 2.9%
AutoZone, Inc.†	4,400		650,628
O’Reilly Automotive, Inc.†	14,800		573,944
			1,224,572
Retail-Discount - 2.1%
Dollar Tree, Inc.†	3,700		181,189
Family Dollar Stores, Inc.	23,200		707,832
			889,021
Retail-Drug Store - 1.3%
Walgreen Co.	14,300		556,127
Retail-Major Department Stores - 1.8%
TJX Cos., Inc.	20,500		786,790
Retail-Restaurants - 2.5%
McDonald’s Corp.	17,200		1,087,900
Savings & Loans/Thrifts - 3.6%
Hudson City Bancorp, Inc.	68,500		910,365
New York Community Bancorp, Inc.	51,800		605,542
			1,515,907
Schools - 2.2%
Apollo Group, Inc., Class A†	7,600		433,732
ITT Educational Services, Inc.†	5,400		491,292
			925,024
Telecom Services - 0.1%
Harris Stratex Networks, Inc.†	3,875		24,335
Telecommunication Equipment - 1.6%
Harris Corp.	15,600		684,840

Transport-Rail - 1.6%
Union Pacific Corp.		10,600			670,556
Transport-Services - 1.6%
C.H. Robinson Worldwide, Inc.		12,200			680,028
Web Hosting/Design - 1.2%
Equinix, Inc.†		5,500			529,045
Web Portals/ISP - 2.2%
Google, Inc., Class A†		1,600			932,800
Total Long-Term Investment Securities
(cost $40,205,476)					42,552,581
SHORT-TERM INVESTMENT SECURITIES - 1.7%
Time Deposits - 1.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/09 (cost $740,000)	$	740,000			740,000
TOTAL INVESTMENTS
(cost $40,945,476)(1)		101.6	%		43,292,581
Liabilities in excess of other assets		(1.6	)		(676,809	)
NET ASSETS		100.0	%	$	42,615,772

† Non-income producing security

(1) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	3,284,103	$	—	$	—	$	3,284,103
Medical Products		2,741,752		—		—		2,741,752
Medical - Biomedical/Gene		2,416,083		—		—		2,416,083
Medical - Drugs		3,003,404		—		—		3,003,404
Other Industries*		31,107,239		—		—		31,107,239
Short-Term Investment Securities:
Time Deposits		—		740,000		—		740,000
Total	$	42,552,581	$	740,000	$	—	$	43,292,581

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Portfolio of Investments

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares		Market Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.1%
Domestic Equity Investment Companies - 25.4%
VALIC Co. I Blue Chip Growth Fund	71,304		$	621,054
VALIC Co. I Small Cap Special Values Fund	468,033			3,426,005
VALIC Co. I Stock Index Fund	91,538			2,106,285
VALIC Co. I Value Fund	221,120			1,888,362
VALIC Co. II Capital Appreciation Fund	227,184			1,878,811
VALIC Co. II Mid Cap Value Fund	271,848			3,612,863
VALIC Co. II Small Cap Value Fund	244,490			2,469,347
Total Domestic Equity Investment Companies (cost $12,619,736)				16,002,727
Fixed Income Investment Companies - 62.0%
VALIC Co. I Government Securities Fund	279,526			3,060,813
VALIC Co. II Core Bond Fund	1,512,166			15,696,282
VALIC Co. II High Yield Bond Fund	1,230,128			8,967,635
VALIC Co. II Strategic Bond Fund	1,038,040			11,293,879
Total Fixed Income Investment Companies (cost $34,651,400)				39,018,609
International Equity Investment Companies - 9.3%
VALIC Co. I Foreign Value Fund	258,178			2,264,223
VALIC Co. I International Equities Fund	589,459			3,625,173
Total International Equity Investment Companies (cost $4,639,974)				5,889,396
Real Estate Investment Companies - 3.4%
Valic Co. I Global Real Estate Fund (cost $1,502,346)	262,129			2,128,484
Total Long-Term Investment Securities (cost $53,413,456)(2)	100.1	%		63,039,216
Liabilities in excess of other assets	(0.1	)		(45,462	)
NET ASSETS	100.0	%	$	62,993,754

# The Conservative Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports, is available at our website, www.valic.com.

(1) See Note 4

(2) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Affiliated Registered Investment Companies:
Domestic Equity Investment Companies	$	16,002,727	$	—	$	—	$	16,002,727
Fixed Income Investment Companies		39,018,609		—		—		39,018,609
International Equity Investment Companies		5,889,396		—		—		5,889,396
Real Estate Investment Companies		2,128,484		—		—		2,128,484
Total	$	63,039,216	$	—	$	—	$	63,039,216

See Notes to Portfolio of Investments

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Principal Amount/ Shares		Market Value (Note 1)
ASSET BACKED SECURITIES - 5.5%
Diversified Financial Services - 5.5%
Banc of America Commercial Mtg., Inc., Series 2006-6, Class AM 5.39% due 10/10/45(1)	$	660,000	$	484,748
Bear Stearns Commercial Mtg. Securities, Inc. Series 2005-PWR8, Class A2 4.48% due 06/11/41		800,000		801,497
Bear Stearns Commercial Mtg. Securities, Inc. Series 2007-PW15, Class A2 5.21% due 02/11/44		390,000		387,179
Chase Funding Mtg. Loan Asset-Backed Certs. Series 2003-6, Class 1A6 4.59% due 05/25/15(1)		158,366		149,418
Chase Mtg. Finance Corp., Series 2007-A2, Class 1A1 4.05% due 07/25/37(2)(3)		889,702		750,392
Commercial Mtg. Asset Trust, Series 1999-C1, Class D 7.35% due 01/17/32(1)		1,377,000		1,493,023
Commercial Mtg. Pass Through Certs. Series 2006-CN2A, Class A2FL 0.46% due 02/05/19*(1)(4)		1,035,000		942,889
GE Capital Commercial Mtg. Corp. Series 2004-C2, Class A4 4.89% due 03/10/40(1)		340,000		338,724
GMAC Commercial Mtg. Securities, Inc. Series 2003-C2, Class A2 5.67% due 05/10/40(1)(3)		100,000		105,181
Goldman Sachs Mtg. Securities Trust Series 2007-GG10, Class A4 6.00% due 08/10/45		3,000,000		2,469,515
JP Morgan Chase Commercial Mtg. Securities Corp., Series 2006-LDP9, Class AM 5.37% due 05/15/47(1)		1,330,000		985,006
LB Commercial Conduit Mtg. Trust, Series 1998-C1, Class E 7.00% due 02/18/30(1)		285,000		315,921
Residential Asset Securities Corp., Series 2003-KS10, Class AI6 4.54% due 12/25/33		162,133		145,486
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)		359,969		301,500
Total Asset Backed Securities (cost $10,281,933)				9,670,479
CONVERTIBLE BONDS & NOTES - 0.0%
Telecom Services - 0.0%
ICO North America, Inc. Senior Sec. Notes 7.50% due 08/15/09†(5)(6)(7)(8)(13)(14) (cost $28,000)		28,000		14,700
U.S. CORPORATE BONDS & NOTES - 33.5%
Aerospace/Defense - 0.2%
Lockheed Martin Corp. Senior Notes 5.50% due 11/18/39		395,000		397,891
Agricultural Chemicals - 0.0%
Terra Capital, Inc. Senior Notes 7.75% due 11/01/19*		62,000		65,720
Airlines - 0.4%
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		18,000		17,910
Continental Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.50% due 06/15/11		80,000		79,200
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 03/18/13		75,000		74,250
United AirLines, Inc. Pass Through Certs. 9.75% due 01/15/17		205,000		208,075
United AirLines, Inc. Pass Through Certs. Class B 12.00% due 01/15/16*		275,000		269,500
United AirLines, Inc. Pass Through Certs. Series 2001-1 Class B 6.93% due 09/01/11		57,858		57,569
				706,504
Auction Houses/Art Dealers - 0.1%
KAR Auction Services, Inc. Company Guar. Notes 4.28% due 05/01/14(4)		108,000		100,440
KAR Auction Services, Inc. Company Guar. Notes 8.75% due 05/01/14		42,000		42,630
				143,070
Auto/Truck Parts & Equipment-Original - 0.0%
ArvinMeritor, Inc. Senior Notes 8.13% due 09/15/15		75,000		68,250
Auto/Truck Parts & Equipment-Replacement - 0.1%
Affinia Group, Inc. Senior Sec. Notes 10.75% due 08/15/16*		65,000		70,525
Allison Transmission Senior Notes 11.00% due 11/01/15*		75,000		77,625
				148,150
Banks-Commercial - 1.0%
BB&T Corp. Sub. Notes 0.57% due 05/23/17(4)		217,000		188,312
BB&T Corp. Senior Notes 3.38% due 09/25/13		155,000		157,811

KeyBank NA Sub. Notes 5.45% due 03/03/16	258,000	243,904
KeyBank NA Sub. Notes 7.41% due 10/15/27	82,000	86,077
Union Bank of California NA Sub. Notes 5.95% due 05/11/16	170,000	172,976
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15	756,000	790,255
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16	90,000	94,427
		1,733,762
Banks-Fiduciary - 0.2%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/15/37(4)	420,000	291,215
Banks-Money Center - 0.0%
Chase Capital III Company Guar. Notes 0.91% due 03/01/27(4)	92,000	64,030
Banks-Super Regional - 1.6%
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(4)(9)	822,000	465,976
BAC Capital Trust XV Bank Guar. Notes 1.16% due 06/01/56(4)	205,000	127,193
Bank of America NA Senior Sub. Notes 5.30% due 03/15/17	652,000	638,978
National City Corp. Senior Notes 4.90% due 01/15/15	99,000	103,928
National City Corp. Sub. Notes 6.88% due 05/15/19	174,000	190,345
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15	155,000	160,097
PNC Preferred Funding Trust II Jr. Sub. Bonds 6.11% due 03/15/12*(4)(9)	250,000	164,103
USB Capital IX Company Guar. Notes 6.19% due 04/15/11(4)(9)	523,000	407,940
Wachovia Corp. Sub. Notes 5.63% due 10/15/16	155,000	162,570
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16	311,000	326,419
		2,747,549
Beverages-Non-alcoholic - 0.2%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14	304,000	357,799
Brewery - 0.4%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.38% due 01/15/20*	636,000	667,455
Broadcast Services/Program - 0.1%
Nexstar Broadcasting, Inc. Company Guar. Notes 0.50% due 01/15/14*(10)(17)	179,648	122,161
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14	60,000	42,075
		164,236
Building Products-Cement - 0.0%
Texas Industries, Inc. Company Guar. Notes 7.25% due 07/15/13	50,000	48,375
Cable/Satellite TV - 1.2%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10	34,000	42,330
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13*	309,000	358,440
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13	30,000	33,037
Charter Communications Operating LLC/Charter Communications Operating Capital, Inc. Senior Notes 10.38% due 04/30/14*	338,000	343,915
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15	123,000	135,926
Comcast Corp. Company Guar. Notes 5.90% due 03/15/16	550,000	600,144
COX Communications, Inc. Senior Notes 6.95% due 06/01/38*	125,000	133,102
COX Communications, Inc. Notes 7.13% due 10/01/12	156,000	176,236
CSC Holdings, Inc. Senior Notes 8.50% due 06/15/15*	125,000	131,406
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17	143,000	152,439
		2,106,975

Casino Hotels - 0.2%
Harrahs Entertainment, Inc. Senior Sec. Notes 11.25% due 06/01/17*	150,000	153,000
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*	125,000	136,875
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*	68,000	66,130
		356,005
Cellular Telecom - 0.4%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11	594,000	642,448
Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14	28,000	26,950
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15	115,000	111,550
		780,948
Chemicals-Diversified - 0.4%
FMC Corp. Senior Notes 5.20% due 12/15/19	185,000	187,593
Olin Corp. Senior Notes 8.88% due 08/15/19	120,000	126,900
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15	355,000	379,599
		694,092
Chemicals-Specialty - 0.1%
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14	85,000	80,537
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14	75,000	71,625
		152,162
Coal - 0.0%
Drummond Co., Inc. Senior Notes 9.00% due 10/15/14*	75,000	76,500
Coatings/Paint - 0.1%
RPM International, Inc. Senior Note 6.50% due 02/15/18	155,000	160,451
Computer Services - 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*	65,000	65,975
SunGard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13	150,000	152,250
		218,225
Consumer Products-Misc. - 0.2%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*	185,000	183,613
Clorox Co. Senior Notes 3.55% due 11/01/15	180,000	184,776
		368,389
Containers-Metal/Glass - 0.2%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16	176,000	180,400
Ball Corp. Company Guar. Notes 7.38% due 09/01/19	75,000	76,687
Owens-Brockway Glass Container, Inc. Company Guar. Notes 8.25% due 05/15/13	75,000	76,500
		333,587
Containers-Paper/Plastic - 0.0%
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17	75,000	79,125
Decision Support Software - 0.1%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15	125,000	117,187
Direct Marketing - 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12	95,000	65,906
Diversified Banking Institutions - 3.7%
Bank of America Corp. Sub. Notes 5.42% due 03/15/17	532,000	518,336
Bank of America Corp. Sub. Notes 5.75% due 08/15/16	170,000	166,277
Bank of America Corp. Sub. Notes 7.25% due 10/15/25	75,000	79,529
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14	528,000	513,146
Citigroup, Inc. Senior Notes 5.13% due 05/05/14	155,000	156,753
Citigroup, Inc. Senior Notes 5.50% due 04/11/13	211,000	218,079

Citigroup, Inc. Senior Notes 5.85% due 07/02/13	385,000	404,334
Citigroup, Inc. Senior Notes 6.13% due 05/15/18	336,000	335,518
Citigroup, Inc. Sub. Notes 7.25% due 10/01/10	360,000	373,354
GMAC LLC Senior Notes 6.00% due 12/15/11	250,000	239,375
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*	278,000	267,575
GMAC LLC Sub. Notes 8.00% due 12/31/18*	295,000	244,850
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(4)	317,000	316,596
JP Morgan Chase & Co. Senior Notes 3.70% due 01/20/15	269,000	273,689
Morgan Stanley Senior Notes 4.20% due 11/20/14	360,000	361,665
Morgan Stanley Senior Notes 5.63% due 09/23/19	190,000	192,438
Morgan Stanley Senior Notes 6.00% due 04/28/15	723,000	785,563
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15	218,000	231,411
The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18	260,000	278,184
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17	145,000	158,046
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37	405,000	416,841
		6,531,559
Diversified Financial Services - 0.7%
CIT Group Funding Co. of Delaware LLC Company Guar. Notes 4.65% due 07/01/10†(8)(11)	110,000	108,472
Deutsche Bank Capital Trust Jr. Sub Notes 2.08% due 06/30/10(4)(9)	300,000	195,000
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38	344,000	319,290
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37	547,000	524,528
USAA Capital Corp. Notes 3.50% due 07/17/14*	126,000	127,698
		1,274,988
Diversified Manufacturing Operations - 0.1%
General Electric Co. Senior Notes 5.25% due 12/06/17	119,000	123,776
Textron, Inc. Senior Notes 6.20% due 03/15/15	62,000	64,560
		188,336
Electric-Generation - 0.6%
Allegheny Energy Supply Co., LLC Senior Notes 6.75% due 10/15/39*	304,000	292,663
Edison Mission Energy Senior Notes 7.20% due 05/15/19	280,000	203,000
The AES Corp. Senior Notes 8.00% due 10/15/17	320,000	319,200
The AES Corp. Senior Notes 8.88% due 02/15/11	190,000	196,175
		1,011,038
Electric-Integrated - 2.6%
Ameren Corp. Senior Notes 8.88% due 05/15/14	222,000	251,154
Ameren Energy Generating Co. Senior Notes 6.30% due 04/01/20	252,000	252,902
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14	266,000	308,022
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33	407,000	431,338
Entergy Texas, Inc. 1st Mtg. Notes 7.13% due 02/01/19	449,000	512,905
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31	248,000	277,235
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*	185,000	192,237
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	350,000	316,750
Mirant Mid-Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17	89,453	91,689

Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19	442,000	507,455
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12	490,000	530,810
Progress Energy, Inc. Senior Notes 6.00% due 12/01/39	390,000	395,453
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11	115,000	124,165
Sierra Pacific Power Co. General Refunding Mtg. 6.75% due 07/01/37	195,000	213,189
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series A 10.25% due 11/01/15	165,000	117,150
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series B 10.25% due 11/01/15	25,000	17,750
		4,540,204
Electronic Components-Misc. - 0.0%
Jabil Circuit, Inc. Senior Notes 7.75% due 07/15/16	75,000	77,250
Electronic Components-Semiconductors - 0.2%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13	65,000	64,675
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17	215,000	219,093
Spansion LLC Senior Sec. Notes 0.00% due 06/01/13*†(4)(8)(11)	73,000	75,920
		359,688
Electronic Measurement Instruments - 0.2%
Agilent Technologies, Inc. Senior Notes 5.50% due 09/14/15	381,000	402,033
Electronics-Military - 0.1%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*	124,000	127,354
L-3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15	95,000	93,456
		220,810
Finance-Auto Loans - 0.1%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11	125,000	126,107
Ford Motor Credit Co. LLC Senior Notes 7.50% due 08/01/12	125,000	123,875
		249,982
Finance-Commercial - 0.4%
Caterpillar Financial Services Corp. Senior Notes 6.13% due 02/17/14	310,000	349,532
Textron Financial Corp. Senior Notes 5.40% due 04/28/13	410,000	405,523
		755,055
Finance-Consumer Loans - 0.1%
SLM Corp. Senior Notes 5.13% due 08/27/12	174,000	160,540
Finance-Investment Banker/Broker - 1.6%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19	94,000	103,415
JPMorgan Chase Capital XXVII Company Guar. Notes 7.00% due 11/01/39	185,000	186,850
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 0.00% due 05/31/12†(4)(8)(9)(11)	148,000	15
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(8)(11)	179,000	18
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(8)(11)	230,000	23
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17	187,000	185,598
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16	500,000	505,768
TD Ameritrade Holding Corp. Company Guar. Notes 2.95% due 12/01/12	560,000	563,128
TD Ameritrade Holding Corp. Company Guar. Notes 5.60% due 12/01/19	200,000	203,358
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15	355,000	388,497
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17	595,000	656,052
		2,792,722

Finance-Mortgage Loan/Banker - 0.3%
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16	330,000	334,432
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11	190,000	194,093
		528,525
Food-Meat Products - 0.0%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*	75,000	78,562
Food-Misc. - 0.3%
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*	148,000	171,156
Kraft Foods, Inc. Senior Notes 6.75% due 02/19/14	256,000	288,190
		459,346
Food-Retail - 0.1%
Ahold Finance USA, LLC Company Guar. Notes 6.88% due 05/01/29	190,000	210,059
Funeral Services & Related Items - 0.2%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15	125,000	117,500
Service Corp International Senior Notes 8.00% due 11/15/21	150,000	147,000
		264,500
Gambling (Non-Hotel) - 0.0%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*	90,000	72,450
Gas-Distribution - 0.2%
Sempra Energy Senior Notes 6.00% due 10/15/39	240,000	238,330
Sempra Energy Senior Notes 6.50% due 06/01/16	177,000	197,366
		435,696
Gas-Transportation - 0.2%
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16	515,000	427,450
Home Furnishings - 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(8)(12)(16)	7,000	595
Hotels/Motels - 0.2%
Gaylord Entertainment Co. Company Guar. Notes 6.75% due 11/15/14	75,000	67,875
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.75% due 05/15/18	225,000	216,562
		284,437
Independent Power Producers - 0.2%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(5)(6)	380,000	0
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16	280,000	278,600
		278,600
Insurance Brokers - 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10	145,000	147,940
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*	40,000	35,600
		183,540
Insurance-Life/Health - 0.6%
Jefferson-Pilot Corp. Senior Notes 4.75% due 01/30/14	186,000	185,238
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*	120,000	123,119
Prudential Financial, Inc. Notes 4.75% due 09/17/15	279,000	284,031
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15	155,000	167,000
Torchmark Corp. Senior Notes 9.25% due 06/15/19	155,000	178,897
Unum Group Senior Notes 7.13% due 09/30/16	175,000	184,065
		1,122,350
Insurance-Multi-line - 0.7%
Genworth Financial, Inc. Notes 5.75% due 06/15/14	155,000	145,103
MetLife, Inc. Senior Notes 6.75% due 06/01/16	175,000	201,028
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*	360,000	365,012

Nationwide Mutual Insurance Co. Notes 9.38% due 08/15/39*	439,000	460,548
		1,171,691
Insurance-Mutual - 0.3%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*	190,000	154,886
Liberty Mutual Group, Inc. Company Guar. Notes 7.80% due 03/07/87*	441,000	348,390
		503,276
Insurance-Property/Casualty - 0.1%
Markel Corp. Senior Notes 7.13% due 09/30/19	155,000	162,363
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37	40,000	33,990
		196,353
Medical Products - 0.5%
Baxter International, Inc. Senior Notes 5.90% due 09/01/16	500,000	570,969
CareFusion Corp. Senior Notes 4.13% due 08/01/12*	180,000	187,678
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17	50,000	52,875
		811,522
Medical-Biomedical/Gene - 0.2%
Amgen, Inc. Senior Notes 5.85% due 06/01/17	350,000	390,115
Medical-Drugs - 0.6%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15	75,000	79,875
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15	128,000	136,713
Wyeth Bonds 5.50% due 02/01/14	693,000	770,015
		986,603
Medical-Generic Drugs - 0.2%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19	336,000	356,786
Medical-HMO - 0.3%
Multiplan, Inc. Senior Sub. Notes 10.38% due 04/15/16*	150,000	144,000
UnitedHealth Group, Inc. Senior Notes 5.25% due 03/15/11	195,000	203,187
WellPoint, Inc. Senior Notes 5.00% due 01/15/11	117,000	121,453
		468,640
Medical-Hospitals - 0.5%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15	120,000	122,400
HCA, Inc. Senior Notes 7.50% due 11/15/95	250,000	191,250
HCA, Inc. Senior Notes 8.50% due 04/15/19*	375,000	395,625
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16	175,000	185,062
		894,337
Metal-Aluminum - 0.1%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18	224,000	225,448
Metal-Copper - 0.1%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17	165,000	177,994
Mining - 0.4%
Barrick North America Finance LLC Company Guar. Notes 6.80% due 09/15/18	185,000	211,854
Newmont Mining Corp. Company Guar. Notes 6.25% due 10/01/39	473,000	468,295
Noranda Aluminum Acquisition Corp. Company Guar. Notes 5.27% due 05/15/15(4)(13)	112,210	81,352
		761,501
Multimedia - 0.4%
News America, Inc. Company Guar. Notes 6.15% due 03/01/37	205,000	205,313
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*	185,000	201,581
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33	256,000	307,165
		714,059
Networking Products - 0.3%
Cisco Systems, Inc. Senior Notes 4.45% due 01/15/20	180,000	183,089

Cisco Systems, Inc. Senior Notes 5.50% due 01/15/40	390,000	387,747
		570,836
Non-Hazardous Waste Disposal - 0.6%
Allied Waste North America, Inc. Company Guar. Notes 7.25% due 03/15/15	432,000	452,520
Allied Waste North America, Inc. Company Guar. Notes 7.38% due 04/15/14	125,000	129,825
Republic Services, Inc. Notes 6.09% due 03/15/35	75,000	73,485
Waste Management, Inc. Company Guar. Notes 6.13% due 11/30/39	195,000	201,123
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12	162,000	179,395
		1,036,348
Office Automation & Equipment - 0.4%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37	700,000	719,890
Oil Companies-Exploration & Production - 1.2%
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18	100,000	96,250
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13	665,000	671,650
Devon Financing Corp. ULC Company Guar. Notes 6.88% due 09/30/11	550,000	601,099
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*	145,000	139,563
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24	504,000	548,006
		2,056,568
Oil Companies-Integrated - 0.6%
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29	196,000	227,529
Hess Corp. Senior Notes 7.13% due 03/15/33	195,000	221,505
Hess Corp. Senior Notes 7.88% due 10/01/29	265,000	316,930
Phillips Petroleum Co. Debentures 7.00% due 03/30/29	293,000	338,745
		1,104,709
Paper & Related Products - 0.3%
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*	90,000	91,125
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*	20,000	20,250
International Paper Co. Senior Notes 7.30% due 11/15/39	343,000	342,112
		453,487
Physicians Practice Management - 0.1%
US Oncology, Inc. Senior Sec. Notes 9.13% due 08/15/17*	125,000	130,312
Pipelines - 1.2%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16	545,000	545,000
Copano Energy LLC Finance Corp. Company Guar. Notes 7.75% due 06/01/18	50,000	49,750
Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16	215,000	203,175
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12	175,000	185,333
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.25% due 09/01/12	249,000	259,820
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 5.75% due 01/15/20	176,000	182,836
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21	540,000	602,565
		2,028,479
Publishing-Periodicals - 0.0%
The Reader’s Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(8)(11)	120,000	1,500
Real Estate Management/Services - 0.2%
AMB Property LP Company Guar. Notes 6.63% due 12/01/19	185,000	186,262
CB Richard Ellis Services, Inc. Company Guar. Notes 11.63% due 06/15/17	75,000	82,875
		269,137

Recycling - 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(8)(11)(13)	100,000	375
Research & Development - 0.1%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15	147,000	107,310
Retail-Regional Department Stores - 0.0%
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24	45,000	38,925
Retail-Restaurants - 0.1%
Brinker International, Inc. Senior Notes 5.75% due 06/01/14	75,000	74,824
Wendy’s/Arby’s Restaurants LLC Senior Notes 10.00% due 07/15/16*	75,000	81,000
		155,824
Rubber-Tires - 0.1%
The Goodyear Tire & Rubber Co. Senior Notes 9.00% due 07/01/15	125,000	127,812
Special Purpose Entities - 0.8%
Capital One Capital VI Company Guar. Notes 8.88% due 05/15/40	424,000	421,315
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*	75,000	53,062
Principal Life Global Funding I Senior Sec. Notes 5.25% due 01/15/13*	739,000	764,895
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17	124,000	129,989
		1,369,261
Steel-Producers - 0.1%
AK Steel Corp. Company Guar. Notes 7.75% due 06/15/12	75,000	75,375
Ryerson, Inc. Company Guar. Notes 7.66% due 11/01/14(4)	75,000	66,187
		141,562
Storage/Warehousing - 0.0%
Mobile Mini, Inc. Company Guar. Notes 9.75% due 08/01/14	75,000	77,625
Telecom Services - 0.4%
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15	210,000	195,562
Qwest Corp. Senior Notes 7.50% due 10/01/14	135,000	138,038
Qwest Corp. Senior Notes 8.88% due 03/15/12	410,000	435,112
		768,712
Telephone-Integrated - 1.0%
AT&T, Inc. Senior Notes 5.63% due 06/15/16	155,000	170,278
CenturyTel, Inc. Senior Notes 7.60% due 09/15/39	633,000	629,194
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15	14,000	13,475
Citizens Communications Co. Senior Notes 9.00% due 08/15/31	125,000	122,188
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15	20,000	20,000
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28	375,000	281,250
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30	394,000	446,421
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13	155,000	163,181
		1,845,987
Television - 0.1%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12	65,000	61,425
CBS Corp. Company Guar. Notes 7.88% due 07/30/30	156,000	163,080
Paxson Communications Corp. Senior Sec. Notes 0.00% due 01/15/13†(4)(8)(11)(13)	226,373	3,395
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(8)(11)	105,000	1,050
		228,950
Transactional Software - 0.1%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*	120,000	88,800

Transport-Air Freight - 0.3%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19	247,031	197,625
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15	189,283	149,534
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19	216,136	190,199
		537,358
Transport-Equipment & Leasing - 0.2%
GATX Corp. Notes 4.75% due 10/01/12	257,000	263,774
Transport-Rail - 0.5%
CSX Corp. Senior Notes 6.15% due 05/01/37	185,000	193,562
CSX Corp. Senior Notes 7.90% due 05/01/17	292,000	349,046
Union Pacific Corp. Senior Notes 5.75% due 11/15/17	239,000	260,758
		803,366
Transport-Services - 0.2%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13	275,000	263,656
Vitamins & Nutrition Products - 0.1%
Mead Johnson Nutrition Co. Company Guar. Notes 5.90% due 11/01/39*	190,000	194,588
Total U.S. CORPORATE BONDS & NOTES (cost $57,833,168)		59,067,349
FOREIGN CORPORATE BONDS & NOTES - 8.0%
Banks-Commercial - 2.0%
Barclays Bank PLC Senior Notes 2.50% due 01/23/13	537,000	538,665
Barclays Bank PLC Senior Notes 5.00% due 09/22/16	155,000	160,767
Barclays Bank PLC Jr. Sub. Bonds 5.93% due 12/15/16*(4)(9)	390,000	296,400
Caisse Nationale des Caisses d’Epargne et de Prevoyance Notes 3.61% due 12/30/09(4)(9)	132,000	80,520
Commonwealth Bank of Australia Senior Notes 5.00% due 10/15/19*	170,000	174,761
Nordea Bank AB Senior Notes 2.50% due 11/13/12	290,000	292,606
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*	410,000	434,424
Standard Chartered PLC Senior Notes 5.50% due 11/18/14*	400,000	432,915
Svenska Handelsbanken AB Senior Notes 4.88% due 06/10/14*	250,000	267,424
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(4)(9)	820,000	483,800
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15	155,000	160,396
Westpac Banking Corp. Senior Notes 4.88% due 11/19/19	185,000	187,828
		3,510,506
Banks-Money Center - 0.2%
Bank of Scotland PLC Senior Sub. Notes 0.69% due 05/28/10(4)(9)	590,000	300,900
Beverages-Non-alcoholic - 0.2%
Coca-Cola Amatil, Ltd. Company Guar. Notes 3.25% due 11/02/14*	400,000	406,179
Broadcast Services/Program - 0.1%
Grupo Televisa SA Senior Notes 6.63% due 01/15/40*	195,000	195,235
Cellular Telecom - 0.3%
Vodafone Group PLC Senior Notes 5.38% due 01/30/15	98,000	106,570
Vodafone Group PLC Senior Notes 5.45% due 06/10/19	408,000	433,485
		540,055
Computers-Memory Devices - 0.0%
Seagate Technology HDD Holdings Company Guar. Notes 6.80% due 10/01/16	25,000	24,062
Containers-Metal/Glass - 0.1%
Rexam PLC Senior Notes 6.75% due 06/01/13*	254,000	274,226
Diversified Banking Institutions - 0.2%
Credit Agricole SA Jr. Sub. Notes 6.64% due 05/31/17*(4)(9)	350,000	276,500

Natixis Sub. Notes 0.53% due 01/15/19(4)	150,000	122,131
		398,631
Diversified Manufacturing Operations - 0.1%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*	103,000	104,545
Diversified Minerals - 0.2%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16	80,000	90,400
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19	60,000	70,050
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/39	203,000	209,829
		370,279
Electric-Integrated - 1.1%
Electricite de France Notes 6.50% due 01/26/19*	500,000	576,259
Electricite de France Notes 6.95% due 01/26/39*	292,000	354,588
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37	210,000	226,846
Enel Finance International SA Company Guar. Notes 6.00% due 10/07/39*	435,000	445,986
TransAlta Corp. Senior Notes 4.75% due 01/15/15	288,000	293,406
		1,897,085
Electronic Components-Misc. - 0.1%
Flextronics International, Ltd. Senior Sub. Notes 6.25% due 11/15/14	50,000	48,500
Flextronics International, Ltd. Senior Sub. Notes 6.50% due 05/15/13	100,000	98,750
		147,250
Finance-Investment Banker/Broker - 0.2%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*	292,000	318,462
Finance-Other Services - 0.4%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15	465,000	490,014
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*	198,000	203,833
		693,847
Food-Meat Products - 0.1%
JBS SA Company Guar. Notes 9.38% due 02/07/11	100,000	102,500
Insurance-Multi-line - 0.3%
Aegon NV Sub. Notes 3.57% due 07/15/14(4)(9)	104,000	49,608
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14	297,000	298,497
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24	194,000	179,482
		527,587
Metal-Diversified - 0.3%
Falconbridge, Ltd. Senior Notes 7.35% due 06/05/12	252,000	272,543
Noranda, Inc. Notes 6.00% due 10/15/15	200,000	213,965
		486,508
Oil Companies-Exploration & Production - 0.3%
Nexen, Inc. Senior Notes 5.88% due 03/10/35	411,000	387,035
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14	190,000	151,050
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14	10,000	8,000
		546,085
Oil Companies-Integrated - 0.2%
Total Capital SA Company Guar. Notes 3.13% due 10/02/15	310,000	316,127
Paper & Related Products - 0.0%
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*	75,000	83,174
Printing-Commercial - 0.0%
Quebecor World Capital Corp. Escrow Notes 8.75% due 03/15/16†(5)(6)	165,000	0
Satellite Telecom - 0.2%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(12)	65,000	65,325

Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13	215,000	215,806
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15	145,000	147,175
		428,306
Special Purpose Entities - 0.5%
Aries Vermoegensverwaltungs GmbH Sec. Notes 9.60% due 10/25/14	500,000	627,500
SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(4)(9)	272,000	225,208
		852,708
Telephone-Integrated - 0.8%
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14	607,000	640,876
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15	606,000	637,722
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19	135,000	148,258
		1,426,856
Transport-Rail - 0.1%
Canadian National Railway Co. Senior Notes 6.38% due 10/15/11	180,000	196,905
Total Foreign Corporate Bonds & Notes (cost $13,629,679)		14,148,018
FOREIGN GOVERNMENT AGENCIES - 4.1%
Sovereign - 4.1%
Federal Republic of Brazil Bonds 5.63% due 01/07/41	800,000	772,000
Republic of Argentina Bonds 8.28% due 12/31/33	375,952	259,407
Republic of Colombia Bonds 6.13% due 01/18/41	400,000	390,000
Republic of Croatia Notes 6.75% due 11/05/19	200,000	215,720
Republic of Indonesia Bonds 6.63% due 02/17/37	850,000	820,600
Republic of the Philippines Bonds 6.38% due 10/23/34	1,000,000	970,000
Republic of Turkey Senior Bonds 11.88% due 01/15/30	650,000	1,046,500
Republic of Venezuela Bonds 9.25% due 09/15/27	1,410,000	1,038,465
Russian Federation Senior Bonds 7.50% due 03/31/30	752,000	847,955
United Mexican States Notes 5.95% due 03/19/19	800,000	867,200
United Mexican States Notes 6.75% due 09/27/34	2,000	2,220
Total Foreign Government Agencies (cost $7,379,023)		7,230,067
U.S. GOVERNMENT AGENCIES - 30.1%
Federal Home Loan Mtg. Corp. - 21.4%
4.50% due 11/01/18	352,252	374,286
4.50% due 02/01/19	375,638	397,374
4.50% due 01/01/39	1,243,723	1,277,005
5.00% due 03/01/19	153,202	163,880
5.00% due 10/01/33	48,727	51,290
5.00% due 06/01/34	951,250	1,000,689
5.00% due 12/01/34	323,210	340,008
5.00% due 07/01/35	485,873	510,517
5.00% due 08/01/35	1,088,787	1,144,012
5.00% due 10/01/35	735,381	772,681
5.00% due 11/01/35	667,624	701,488
5.00% due 11/01/36	389,932	409,406
5.00% due 01/01/37	439,999	461,973
5.00% due 11/01/37	1,557,137	1,634,902
5.00% due 03/01/38	815,756	856,496
5.00% due 10/01/39	1,397,710	1,467,296
5.48% due 03/01/36(4)	319,549	338,513
5.50% due 11/01/18	160,630	173,507
5.50% due 10/01/33	431,802	461,944
5.50% due 07/01/34	285,003	304,675
5.50% due 02/01/35	465,779	497,492
5.50% due 07/01/35	13,010	13,896
5.50% due 05/01/37	1,059,020	1,128,807
5.50% due 09/01/37	1,519,446	1,619,575
5.50% due 10/01/37	6,118,778	6,521,996
5.50% due 07/01/38	309,619	330,022
5.79% due 01/01/37(4)	415,512	442,271
5.94% due 10/01/36(4)	1,728,829	1,834,499
6.00% due 07/01/35	392,637	422,998
6.00% due 12/01/36	461,630	496,603
6.00% due 08/01/37	2,797,874	3,008,097
6.50% due 12/01/32	438,275	477,498
6.50% due 02/01/36	153,092	165,597
6.50% due 09/01/36	4,950	5,352
6.50% due 05/01/37	659,217	712,509
6.50% due 11/01/37	1,827,481	1,975,218
7.00% due 11/01/16	20,398	22,073
7.00% due 07/01/32	48,376	53,709
7.50% due 12/01/30	5,885	6,705
7.50% due 04/01/31	48,208	54,947
8.00% due 02/01/30	5,005	5,760
8.00% due 07/01/30	1,401	1,613

Federal Home Loan Mtg. Corp. REMIC Series 3102, Class PG
5.00% due 11/15/28	475,000	503,650
Series 3317, Class PD
5.00% due 09/15/31	610,000	647,601
Series 3116, Class PD
5.00% due 10/15/34	2,740,000	2,914,891
Series 3349, Class HB
5.50% due 06/15/31	1,106,000	1,183,612
		37,888,933
Federal National Mtg. Assoc. - 6.5%
4.50% due 06/01/18	87,047	92,951
4.77% due 10/01/35(4)	226,179	234,842
5.00% due 03/15/16	248,000	279,166
5.00% due 09/01/18	30,206	32,392
5.00% due 10/01/18	29,244	31,360
5.00% due 02/01/20	48,921	52,339
5.00% due 06/01/22	1,436,265	1,529,413
5.00% due 10/01/24	965,099	1,026,483
5.00% due 03/01/37	328,116	344,638
5.00% due 06/01/37	115,109	120,905
5.00% due 07/01/37	677,057	711,149
5.50% due 10/01/17	64,965	70,335
5.50% due 05/01/18	58,299	63,082
5.50% due 11/01/19	58,672	63,486
5.50% due 11/01/22	354,192	379,764
5.50% due 12/01/33	353,396	377,512
5.50% due 05/01/34	171,558	183,265
5.50% due 12/01/35	70,068	74,773
5.50% due 02/01/36(4)	289,066	303,784
5.50% due 11/01/36	576,988	614,920
6.00% due 09/01/16	84,603	91,861
6.00% due 12/01/16	20,046	21,766
6.00% due 12/01/33	369,788	399,826
6.00% due 07/01/34	317,137	342,855
6.00% due 10/01/36	1,187,731	1,277,159
6.00% due 10/01/37	622,782	668,797
6.50% due 02/01/17	33,751	36,823
6.50% due 03/01/17	42,166	46,004
6.50% due 04/01/29	44,701	48,828
6.50% due 06/01/29	109,686	119,813
6.50% due 07/01/32	45,498	49,599
6.50% due 02/01/37	937,369	1,014,830
7.00% due 09/01/31	109,767	122,386
Federal National Mtg. Assoc. REMIC Series 2005-12, Class BE 5.00% due 11/25/30	600,000	636,682
		11,463,788
Government National Mtg. Assoc. - 2.2%
5.00% due 05/15/34	1,195,282	1,265,272
6.00% due 10/15/39	2,395,657	2,567,540
6.50% due 06/15/29	12,777	13,945
7.00% due 09/15/28	12,951	14,453
		3,861,210
Total U.S. Government Agencies (cost $50,437,190)		53,213,931
U.S. GOVERNMENT TREASURIES - 10.3%
United States Treasury Bonds - 2.4%
3.50% due 02/15/39	1,805,000	1,590,938
4.25% due 05/15/39	402,000	405,078
4.38% due 02/15/38	674,000	693,167
4.50% due 05/15/38	588,000	617,400
5.25% due 11/15/28	559,000	647,915
8.13% due 08/15/19	158,000	222,200
		4,176,698
United States Treasury Notes - 7.9%
0.88% due 03/31/11	600,000	603,937
1.00% due 07/31/11	2,000,000	2,016,562
1.13% due 12/15/11	4,000,000	4,034,064
1.13% due 01/15/12	750,000	755,859
2.25% due 05/31/14	26,000	26,524
2.38% due 09/30/14	141,000	143,909
2.63% due 06/30/14	1,001,000	1,036,583
2.63% due 02/29/16	2,750,000	2,778,358
2.75% due 02/15/19	760,000	734,825
3.00% due 08/31/16	146,000	149,684
3.13% due 05/15/19	262,000	260,710
3.63% due 08/15/19	78,000	80,706
3.75% due 11/15/18	505,000	529,619
4.25% due 08/15/15	750,000	829,687
		13,981,027
Total U.S. Government Treasuries (cost $18,321,494)		18,157,725
COMMON STOCK - 0.0%
Independent Power Producers - 0.0%
Mirant Corp.† (cost $0)	186	2,649
PREFERRED STOCK - 0.8%
Banks-Commercial - 0.3%
BB&T Capital Trust VII 8.10%	5,400	135,162
CoBank ACB 11.00%*	7,302	356,201
		491,363
Banks-Money Center - 0.1%
Santander Finance Preferred SA 4.00%(4)	11,251	213,769

Banks-Super Regional - 0.1%
Wachovia Capital Trust IX 6.38%	10,650			222,691
Diversified Financial Services - 0.1%
General Electric Capital Corp. 8.00%(12)	6,441			152,523
Finance-Mortgage Loan/Banker - 0.0%
Freddie Mac 0.00%(4)	6,900			5,658
Special Purpose Entity - 0.2%
Structured Repackaged Asset-Backed Trust Securities 3.00%(4)	21,200			388,808
Total Preferred Stock (cost $1,819,607)				1,474,812
Total Long-Term Investment Securities (cost $159,730,094)				162,979,730
REPURCHASE AGREEMENT - 7.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $12,512,010 and collateralized by $12,895,000 of United States Treasury Bills, bearing interest at 0.01% due 01/14/10 and having approximate value of $12,888,553 (cost $12,512,000)	12,512,000			12,512,000
TOTAL INVESTMENTS (cost $172,242,094)(15)	99.4	%		175,491,730
Other assets less liabilities	0.6			1,023,245
NET ASSETS	100.0	%	$	176,514,975

* 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, 2009, the aggregate value of these securities was $15,085,753 representing 8.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Variable Rate Security - the rate reflected is as of November 30, 2009, maturity date reflects the stated maturity date.

(4) 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, 2009.

(5) Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 1.

(6) Illiquid security. At November 30, 2009, the aggregate value of these securities was $14,700 representing 0.0% of net assets.

(7) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, 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, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2009, the Core Bond 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	$	25,000	$	25,000
	02/15/08		1,000		1,000
	09/11/08		1,000		1,000
	02/15/09		1,000		1,000
			28,000		28,000	$	14,700	$	52.50	0.00	%

(8) Company has filed for Chapter 11 bankruptcy protection.

(9) Perpetual maturity - maturity date reflects the next call date.

(10) PIK (“Payment-in-Kind”) security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(11) Bond in default

(12) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

(13) Income may be received in cash or additional shares at the discretion of the issuer.

(14) Bond is in default and did not pay principal at maturity.

(15) See Note 5 for cost of investments on a tax basis.

(16) Bond is in default of interest subsequent to November 30, 2009.

(17) “Step-up” security where the rate increases (“step-up”) at a predetermined rate. Rate shown reflects the stated rate.

REMIC - Real Estate Mortgage Investment Conduit

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	9,670,479	$	—	$	9,670,479
Convertible Bonds & Notes		—		—		14,700		14,700
U.S. Corporate Bonds & Notes		—		58,358,631		708,718		59,067,349
Foreign Corporate Bonds & Notes		—		14,148,018		—		14,148,018
Foreign Government Agencies		—		7,230,067		—		7,230,067
U.S. Government Agencies		—		53,213,931		—		53,213,931
U.S. Government Treasuries		18,157,725		—		—		18,157,725
Common Stock		2,649		—		—		2,649
Preferred Stock		1,118,611		356,201		—		1,474,812
Repurchase Agreement				12,512,000				12,512,000
Total	$	19,278,985	$	155,489,327	$	723,418	$	175,491,730

	Convertible Bonds & Notes		U.S. Corporate Bonds & Notes
Balance as of 8/31/2009	$	9,800	$	612,651
Accrued discounts/premiums		—		505
Realized gain(loss)		—		2,245
Change in unrealized appreciation(depreciation)		4,900		116,914
Net purchases(sales)		—		(23,597	)
Transfers in and/or out of Level 3		—		—
Balance as of 11/30/2009	$	14,700	$	708,718

See Notes to Portfolio of Investments

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (unaudited)

Security Description	Principal Amount		Market Value (Note 1)
CONVERTIBLE BONDS & NOTES — 0.8%
Auto-Cars/Light Trucks — 0.6%
Ford Motor Co. Senior Notes 4.25% due 11/15/16	$	1,051,000	$	1,196,826
Auto-Heavy Duty Trucks — 0.1%
Navistar International Corp. Senior Sub. Notes 3.00% due 10/15/14		159,000		149,575
Drug Delivery Systems — 0.0%
Nektar Therapeutics Sub. Notes 3.25% due 09/28/12		75,000		67,594
Telecom Services — 0.1%
ICO North America, Inc. Senior Sec. Notes 7.50% due 08/15/09†(2)(3)(4)(8)(10)		281,000		147,525
Total Convertible Bonds & Notes
(cost $1,565,424)				1,561,520
U.S. CORPORATE BONDS & NOTES — 79.3%
Advertising Services — 0.3%
Visant Holding Corp. Senior Notes 8.75% due 12/01/13		85,000		87,550
Visant Holding Corp. Senior Notes 10.25% due 12/01/13(1)		640,000		660,000
				747,550
Agricultural Chemicals — 0.1%
Terra Capital, Inc. Senior Notes 7.75% due 11/01/19*		250,000		265,000
Airlines — 0.4%
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13		506,000		503,470
Continental Airlines, Inc. Pass Through Certs. Series 1991, Class A 6.55% due 02/02/19		388,880		375,269
				878,739
Athletic Equipment — 0.3%
Easton-Bell Sports, Inc. Senior Sec. Notes 9.75% due 12/01/16*		665,000		677,469
Auto-Cars/Light Trucks — 1.4%
Ford Motor Co. Notes 7.45% due 07/16/31		3,575,000		3,043,219
Auto/Truck Parts & Equipment-Original — 1.9%
Accuride Corp. Company Guar. Notes 8.50% due 02/01/15†(4)(5)		945,000		718,200
ArvinMeritor, Inc. Senior Notes 8.13% due 09/15/15		1,150,000		1,046,500
Cooper-Standard Automotive, Inc. Company Guar. Notes 8.38% due 12/15/14†(4)(5)		720,000		192,600
Tenneco, Inc. Company Guar. Notes 8.13% due 11/15/15		120,000		120,600
Tenneco, Inc. Company Guar. Notes 8.63% due 11/15/14		530,000		519,400
TRW Automotive, Inc. Company Guar. Notes 7.00% due 03/15/14*		750,000		709,687
TRW Automotive, Inc. Company Guar. Notes 7.25% due 03/15/17*		925,000		855,625
				4,162,612
Auto/Truck Parts & Equipment-Replacement — 0.5%
Affinia Group, Inc. Senior Sec. Notes 10.75% due 08/15/16*		910,000		987,350
Exide Corp. Notes 10.00% due 04/15/05†(2)(3)		300,000		0
				987,350
Banks-Money Center — 0.7%
NB Capital Trust IV Bank Guar. Notes 8.25% due 04/15/27		1,475,000		1,412,312
Banks-Super Regional — 1.6%
BAC Capital Trust XI Bank Guar. Note 6.63% due 05/23/36		530,000		439,870
Wells Fargo & Co. Jr. Sub. Notes 7.98% due 3/15/18(7)(15)		3,250,000		3,014,375
				3,454,245
Beverages-Wine/Spirits — 0.4%
Constellation Brands, Inc. Company Guar. Notes 7.25% due 05/15/17		750,000		757,500
Broadcast Services/Program — 1.3%
Fisher Communications, Inc. Senior Notes 8.63% due 09/15/14		806,000		767,715
Liberty Media LLC Debentures 8.25% due 02/01/30		1,130,000		998,638
Liberty Media LLC Senior Notes 8.50% due 07/15/29		820,000		741,075
Nexstar Broadcasting, Inc. Company Guar. Notes 0.50% due 01/15/14*(6)(19)		324,559		220,700

Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14	108,000	75,735
		2,803,863
Building & Construction Products-Misc. — 0.1%
Associated Materials LLC/Associated Materials Finance, Inc. Senior Sec. Notes 9.88% due 11/15/16*	145,000	151,525
Building & Construction-Misc. — 0.2%
Esco Corp. Senior Notes 8.63% due 12/15/13*	335,000	333,325
Cable/Satellite TV — 4.3%
CCH II LLC/CCH II Capital Corp. Senior Notes, Series A 10.25% due 09/15/10	930,000	1,157,850
CCH II LLC/CCH II Capital Corp. Senior Notes, Series B 10.25% due 09/15/10	505,000	626,200
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13*	57,000	66,120
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13	2,299,000	2,531,774
Charter Communications Operating LLC Senior Notes 10.88% due 09/15/14*	1,009,000	1,123,774
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Notes 8.38% due 04/30/14*	1,349,000	1,372,607
Mediacom LLC / Mediacom Capital Corp. Senior Notes 9.13% due 08/15/19*	2,405,000	2,441,075
		9,319,400
Casino Hotels — 1.3%
Eldorado Casino Corp. (Shreveport) Sec. Bonds 10.00% due 08/01/12(6)	429,222	360,010
Eldorado Resorts LLC Senior Notes 9.00% due 04/15/14(2)(3)	475,000	404,605
Harrah’s Operating Co., Inc. Senior Sec. Notes 11.25% due 06/01/17*	950,000	971,375
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*	900,000	985,500
		2,721,490
Casino Services — 1.0%
Peninsula Gaming LLC Senior Sec. Notes 8.38% due 08/15/15*	770,000	758,450
Peninsula Gaming LLC Senior Notes 10.75% due 08/15/17*	460,000	457,700
Scientific Games International, Inc. Senior Sub. Notes 9.25% due 06/15/19*	975,000	1,012,781
		2,228,931
Cellular Telecom — 1.4%
Cricket Communications, Inc. Senior Sec. Notes 7.75% due 05/15/16*	750,000	740,625
Leap Wireless International, Inc. Senior Notes 4.50% due 07/15/14	1,246,000	978,110
MetroPCS Wireless, Inc. Company Guar. Notes 9.25% due 11/01/14	904,000	906,260
Nextel Communications, Inc. Senior Notes 7.38% due 08/01/15	429,000	396,825
		3,021,820
Chemicals-Plastics — 0.5%
Hexion US Finance Corp. Senior Sec. Notes 9.75% due 11/15/14	1,175,000	1,128,000
Chemicals-Specialty — 1.4%
Huntsman International LLC Senior Sub. Notes 7.38% due 01/01/15	910,000	846,300
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14	110,000	104,225
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14	1,180,000	1,126,900
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*	403,000	439,270
Tronox Worldwide LLC Company Guar. Notes 9.50% due 12/01/12†(4)(5)	677,000	484,055
		3,000,750
Coal — 0.1%
Drummond Co., Inc. Senior Notes 9.00% due 10/15/14*	255,000	260,100
Computer Services — 3.3%
Stream Global Services, Inc. Senior Sec. Notes 11.25% due 10/01/14*	1,500,000	1,488,750

SunGard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13	490,000	497,350
SunGard Data Systems, Inc. Company Guar. Notes 10.25% due 08/15/15	1,726,000	1,769,150
SunGard Data Systems, Inc. Company Guar. Notes 10.63% due 05/15/15	175,000	185,500
Unisys Corp. Senior Sec. Notes 12.75% due 10/15/14*	1,850,000	2,062,750
Unisys Corp. Senior Sec. Notes 14.25% due 09/15/15*	1,045,000	1,175,625
		7,179,125
Consulting Services — 0.1%
FTI Consulting, Inc. Company Guar. Notes 7.75% due 10/01/16	250,000	246,563
Containers-Metal/Glass — 0.3%
Ball Corp. Company Guar. Notes 7.13% due 09/01/16	125,000	128,125
Ball Corp. Company Guar. Notes 7.38% due 09/01/19	185,000	189,163
Crown Cork & Seal Co., Inc. Debentures 7.38% due 12/15/26	275,000	247,500
		564,788
Containers-Paper/Plastic — 0.3%
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17	600,000	633,000
Data Processing/Management — 1.9%
First Data Corp. Company Guar. Notes 9.88% due 09/24/15	2,335,000	2,078,150
First Data Corp. Company Guar. Notes 10.55% due 09/24/15(8)	2,410,000	2,036,450
		4,114,600
Diagnostic Kits — 0.8%
Inverness Medical Innovations, Inc. Senior Notes 7.88% due 02/01/16	935,000	918,637
Inverness Medical Innovations, Inc. Senior Notes 7.88% due 02/01/16*	800,000	786,000
		1,704,637
Direct Marketing — 0.3%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12	975,000	676,406
Diversified Banking Institutions — 3.4%
Citigroup, Inc. Senior Sub. Notes 5.88% due 02/22/33	1,005,000	828,928
GMAC LLC Company Guar. Notes 6.00% due 04/01/11*	2,937,000	2,812,177
GMAC LLC Company Guar. Notes 6.88% due 09/15/11*	2,703,000	2,601,638
GMAC LLC Sub. Notes 8.00% due 12/31/18	1,475,000	1,224,250
		7,466,993
Diversified Financial Services — 1.4%
CIT Group Funding Co. of Delaware LLC Company Guar. Notes 5.20% due 06/01/15†(4)(5)	799,000	789,048
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/57(7)	2,340,000	2,082,600
		2,871,648
Diversified Manufacturing Operations — 1.1%
Harland Clarke Holdings Corp. Notes 6.00% due 05/15/15(7)	400,000	332,000
Harland Clarke Holdings Corp. Notes 9.50% due 05/15/15	1,850,000	1,736,687
SPX Corp. Senior Notes 7.63% due 12/15/14	400,000	408,000
		2,476,687
Diversified Operations — 0.1%
Reynolds Group, Inc./Reynolds Group LLC Senior Sec. Notes 7.75% due 10/15/16*	230,000	232,300
Diversified Operations/Commercial Services — 0.9%
ARAMARK Corp. Company Guar. Notes 8.50% due 02/01/15	2,000,000	2,005,000
E-Commerce/Services — 0.1%
NetFlix, Inc. Senior Notes 8.50% due 11/15/17*	235,000	240,875
Electric-Generation — 2.0%
Edison Mission Energy Senior Notes 7.63% due 05/15/27	630,000	415,800
Homer City Funding LLC Senior Notes 8.14% due 10/01/19	374,490	355,766
Midwest Generation LLC Pass Thru Certs., Series B 8.56% due 01/02/16	396,530	400,495

Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series B 9.24% due 07/02/17	542,245	556,479
Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series C 9.68% due 07/02/26	450,000	462,375
The AES Corp. Senior Notes 8.00% due 10/15/17	1,175,000	1,172,062
The AES Corp. Senior Notes 8.00% due 06/01/20	450,000	445,500
The AES Corp. Senior Sec. Notes 8.75% due 05/15/13*	508,000	516,890
		4,325,367
Electric-Integrated — 2.2%
CMS Energy Corp. Senior Notes 8.75% due 06/15/19	125,000	137,500
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11	550,000	559,625
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	1,100,000	995,500
Mirant Mid-Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17	328,292	336,499
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series A 10.25% due 11/01/15	2,060,000	1,462,600
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series B 10.25% due 11/01/15	110,000	78,100
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes 10.50% due 11/01/16(8)	1,071,037	664,043
TXU Corp. Senior Notes 5.55% due 11/15/14	700,000	483,000
		4,716,867
Electronic Components-Semiconductors — 1.4%
Advanced Micro Devices, Inc. Senior Notes 8.13% due 12/15/17*	1,320,000	1,245,750
Freescale Semiconductor, Inc. Company Guar. Notes 8.88% due 12/15/14	2,225,000	1,891,250
		3,137,000
Electronics-Military — 0.4%
L-3 Communications Corp. Company Guar. Notes 6.13% due 07/15/13	960,000	967,200
Energy-Alternate Sources — 0.5%
Headwaters, Inc. Senior Notes 11.38% due 11/01/14*	1,025,000	1,048,063
Finance-Auto Loans — 2.3%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11	2,225,000	2,244,700
Ford Motor Credit Co., LLC Senior Notes 8.70% due 10/01/14	2,725,000	2,799,654
		5,044,354
Finance-Commercial — 1.4%
CIT Group, Inc. Senior Notes 5.65% due 02/13/17†(4)(5)	3,250,000	2,284,825
CIT Group, Inc. Senior Notes 5.80% due 07/28/11†(4)(5)	994,000	696,240
		2,981,065
Firearms & Ammunition — 0.2%
Freedom Group, Inc. Senior Sec. Notes 10.25% due 08/01/15*	325,000	347,344
Food-Meat Products — 0.9%
Smithfield Foods, Inc. Senior Notes 7.75% due 07/01/17	1,625,000	1,401,562
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*	625,000	654,688
		2,056,250
Food-Retail — 0.1%
SUPERVALU, Inc. Senior Notes 8.00% due 05/01/16	275,000	280,500
Funeral Services & Related Items — 0.9%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15	1,125,000	1,057,500
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings Company Guar. Notes 10.25% due 12/01/17*	845,000	836,550
		1,894,050
Gambling (Non-Hotel) — 0.1%
Greektown Holdings LLC Senior Notes 10.75% due 12/01/13*†(4)(5)	930,000	194,138

Hazardous Waste Disposal — 0.1%
Clean Harbors, Inc. Senior Sec. Notes 7.63% due 08/15/16*	280,000	281,750
Independent Power Producers — 1.5%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(2)(3)	3,278,000	0
Mirant North America LLC Senior Notes 7.38% due 12/31/13	725,000	714,125
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16	1,440,000	1,432,800
NRG Energy, Inc. Company Guar. Notes 7.38% due 01/15/17	550,000	545,875
RRI Energy, Inc. Senior Notes 7.88% due 12/31/17	690,000	657,225
		3,350,025
Insurance-Multi-line — 0.5%
Hartford Financial Services Group, Inc. Jr. Sub. Notes 8.13% due 06/15/38	1,090,000	1,013,700
Investment Management/Advisor Services — 0.1%
Janus Capital Group, Inc. Notes 6.95% due 06/15/17	323,000	311,000
Machinery-Farming — 0.5%
Case New Holland, Inc. Company Guar. Notes 7.75% due 09/01/13*	1,175,000	1,172,063
Machinery-General Industrial — 0.7%
CPM Holdings, Inc. Senior Sec. Notes 10.63% due 09/01/14*	1,390,000	1,452,550
Medical Products — 0.9%
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17	1,133,000	1,198,147
LVB Acquisition Holding LLC Company Guar. Notes 10.38% due 10/15/17(8)	636,000	682,110
		1,880,257
Medical-Biomedical/Gene — 0.4%
Bio-Rad Laboratories, Inc. Senior Sub. Notes 8.00% due 09/15/16*	300,000	312,750
Talecris Biotherapeutics Holdings Corp. Senior Notes 7.75% due 11/15/16*	480,000	482,400
		795,150
Medical-Drugs — 0.4%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15	825,000	878,625
Medical-Hospitals — 4.6%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15	1,800,000	1,836,000
HCA, Inc. Senior Notes 6.25% due 02/15/13	900,000	866,250
HCA, Inc. Senior Notes 7.88% due 02/01/11	725,000	739,500
HCA, Inc. Senior Sec. Notes 7.88% due 02/15/20*	1,400,000	1,435,000
HCA, Inc. Senior Notes 8.50% due 04/15/19*	750,000	791,250
HCA, Inc. Senior Notes 8.75% due 09/01/10	360,000	368,100
HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16	1,189,000	1,257,367
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14	795,000	808,913
Tenet Healthcare Corp. Senior Sec. Notes 9.00% due 05/01/15*	1,720,000	1,818,900
		9,921,280
Metal-Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17	780,000	841,425
Multimedia — 0.0%
Haights Cross Operating Co. Senior Notes 11.75% due 08/15/11†(2)(3)(5)(16)	175,000	94,220
Non-Ferrous Metals — 0.0%
Renco Metals, Inc. Bonds 11.50% due 07/01/03†(2)(3)(9)(10)	210,000	0
Office Supplies & Forms — 0.3%
ACCO Brands Corp. Senior Sec. Notes 10.63% due 03/15/15*	625,000	674,219
Oil Companies-Exploration & Production — 3.9%
Antero Resources Finance Corp. Senior Notes 9.38% due 12/01/17*	505,000	506,263
Atlas Energy Resources LLC Senior Notes 10.75% due 02/01/18*	900,000	981,000

Chesapeake Energy Corp. Senior Notes 6.63% due 01/15/16	1,650,000	1,551,000
Chesapeake Energy Corp. Senior Notes 9.50% due 02/15/15	425,000	445,188
Encore Acquisition Co. Senior Sub. Notes 6.00% due 07/15/15	655,000	653,362
Encore Acquisition Co. Senior Sub. Notes 6.25% due 04/15/14	350,000	349,125
EXCO Resources, Inc. Company Guar. Notes 7.25% due 01/15/11	845,000	840,775
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*	730,000	702,625
MXEnergy Holdings, Inc. Senior Sec. Notes 13.25% due 08/01/14*(2)(3)	192,000	153,600
Petroleum Development Corp. Senior Notes 12.00% due 02/15/18	120,000	121,200
Plains Exploration & Production Co. Company Guar. Notes 7.75% due 06/15/15	450,000	445,500
Plains Exploration & Production Co. Company Guar. Notes 10.00% due 03/01/16	475,000	509,437
Quicksilver Resources, Inc. Company Guar. Notes 7.13% due 04/01/16	200,000	180,500
Quicksilver Resources, Inc. Senior Notes 8.25% due 08/01/15	900,000	895,500
Quicksilver Resources, Inc. Senior Notes 11.75% due 01/01/16	125,000	138,906
		8,473,981
Oil Field Machinery & Equipment — 0.0%
Complete Production Services, Inc. Company Guar. Notes 8.00% due 12/15/16	40,000	39,200
Oil-Field Services — 0.9%
Basic Energy Services, Inc. Senior Sec. Notes 11.63% due 08/01/14	925,000	980,500
Hornbeck Offshore Services, Inc. Senior Notes 8.00% due 09/01/17*	830,000	821,700
Oslo Seismic Services, Inc. 1st Mtg. Bonds 8.28% due 06/01/11	100,712	101,859
		1,904,059

Paper & Related Products — 1.1%
Caraustar Industries, Inc. Senior Sec. Notes 10.00% due 08/15/14(2)(8)	227,314	227,314
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*	163,000	165,038
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*	205,000	207,562
Georgia-Pacific LLC Company Guar. Notes 8.25% due 05/01/16*	550,000	583,000
Neenah Paper, Inc. Senior Notes 7.38% due 11/15/14	865,000	761,200
NewPage Corp. Senior Sec. Notes 11.38% due 12/31/14*	505,000	497,425
		2,441,539
Pipelines — 2.2%
Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16	2,085,000	1,970,325
El Paso Corp. Senior Sub. Notes 6.88% due 06/15/14	775,000	763,375
El Paso Corp. Senior Notes 12.00% due 12/12/13	125,000	143,125
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 6.88% due 11/01/14	600,000	564,000
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Company Guar. Notes 8.50% due 07/15/16	305,000	307,287
NGC Corp. Capital Trust Company Guar. Bonds 8.32% due 06/01/27	970,000	475,300
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21	500,000	557,931
		4,781,343
Private Corrections — 0.2%
Corrections Corp. of America Company Guar. Notes 7.75% due 06/01/17	400,000	416,000
Publishing-Periodicals — 0.6%
Nielsen Finance LLC / Nielsen Finance Co. Company Guar. Notes 11.50% due 05/01/16	525,000	564,375
Nielsen Finance LLC / Nielsen Finance Co. Company Guar. Bonds 12.50% due 08/01/16(1)	715,000	625,625

The Reader’s Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(4)(5)	1,415,000	17,688
		1,207,688
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(4)(5)(8)	2,565,000	9,619
Rental Auto/Equipment — 1.3%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 7.63% due 05/15/14	2,325,000	2,139,000
RSC Equipment Rental, Inc. Senior Sec. Notes 10.00% due 07/15/17*	550,000	595,375
		2,734,375
Retail-Apparel/Shoe — 0.6%
Limited Brands, Inc. Senior Notes 5.25% due 11/01/14	508,000	472,440
Limited Brands, Inc. Senior Notes 6.95% due 03/01/33	651,000	535,448
Limited Brands, Inc. Senior Notes 8.50% due 06/15/19*	275,000	290,125
		1,298,013
Retail-Drug Store — 1.1%
Rite Aid Corp. Senior Sec. Notes 9.75% due 06/12/16	150,000	162,000
Rite Aid Corp. Senior Sec. Notes 10.25% due 10/15/19*	725,000	737,688
Rite Aid Corp. Senior Sec. Notes 10.38% due 07/15/16	1,475,000	1,508,187
		2,407,875
Retail-Music Store — 0.0%
MTS, Inc. Senior Notes 10.00% due 03/15/09†(2)(3)(4)(5)(6)	15,273	305
Retail-Regional Department Stores — 1.1%
Macy’s Retail Holdings, Inc. Company Guar. Notes 5.90% due 12/01/16	532,000	502,740
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.38% due 03/15/37	329,000	278,005
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24	308,000	266,420
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29	314,000	262,190
Neiman-Marcus Group, Inc. Company Guar. Notes 9.75% due 10/15/15(8)	1,205,000	1,087,512
		2,396,867
Rubber-Tires — 0.6%
The Goodyear Tire & Rubber Co. Senior Notes 9.00% due 07/01/15	500,000	511,250
The Goodyear Tire & Rubber Co. Senior Notes 10.50% due 05/15/16	825,000	886,875
		1,398,125
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/07†(2)(3)(9)(10)	50,000	0
Soap & Cleaning Preparation — 0.1%
JohnsonDiversey, Inc. Senior Notes 8.25% due 11/15/19*	225,000	224,719
Special Purpose Entity — 0.3%
Fox Acquisition Sub LLC Senior Notes 13.38% due 07/15/16*	775,000	582,219
Specified Purpose Acquisitions — 0.1%
ESI Tractebel Acquisition Corp. Company Guar. Bonds 7.99% due 12/30/11	219,000	219,873
Storage/Warehousing — 0.5%
Mobile Mini, Inc. Notes 6.88% due 05/01/15	535,000	500,225
Mobile Mini, Inc. Company Guar. Notes 9.75% due 08/01/14	660,000	683,100
		1,183,325
Telecom Services — 1.6%
GCI, Inc. Senior Notes 7.25% due 02/15/14	905,000	882,375
Qwest Corp. Senior Notes 8.38% due 05/01/16*	425,000	444,125
West Corp. Company Guar. Notes 9.50% due 10/15/14	1,975,000	1,925,625
West Corp. Company Guar. Notes 11.00% due 10/15/16	210,000	211,575
		3,463,700

Telephone-Integrated — 2.4%
Frontier Communications Corp. Senior Notes 7.13% due 03/15/19	825,000	769,312
Frontier Communications Corp. Senior Notes 8.13% due 10/01/18	600,000	601,500
Qwest Communications International, Inc. Company Guar. Notes 7.50% due 02/15/14	513,000	507,870
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15*	375,000	375,000
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/32	3,123,000	2,674,069
Valor Telecommunications Enterprises LLC Company Guar. Notes 7.75% due 02/15/15	250,000	257,500
		5,185,251
Television — 0.5%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12	148,000	139,860
Bonten Media Acquisition Co. Company Guar. Notes 9.75% due 06/01/15*(8)	137,482	46,916
Paxson Communications Corp. Senior Sec. Notes 8.38% due 01/15/13*†(4)(5)(7)(8)	1,738,595	26,079
Sinclair Television Group, Inc. Senior Sec. Notes 9.25% due 11/01/17*	745,000	755,244
Young Broadcasting, Inc. Senior Sub. Notes 8.75% due 01/15/14†(4)(5)	385,000	3,850
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(4)(5)	540,000	5,400
		977,349
Theaters — 1.6%
AMC Entertainment, Inc. Senior Sub. Notes 8.00% due 03/01/14	1,558,000	1,468,415
AMC Entertainment, Inc. Senior Notes 8.75% due 06/01/19	550,000	559,625
AMC Entertainment, Inc. Senior Sub Notes 11.00% due 02/01/16	475,000	494,000
Marquee Holdings, Inc. Senior Disc. Notes 12.00% due 08/15/14(1)	1,055,000	865,100
		3,387,140
Tobacco — 0.9%
Alliance One International, Inc. Senior Notes 10.00% due 07/15/16*	1,890,000	1,984,500
Transactional Software — 0.6%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*	1,715,000	1,269,100
Transport-Services — 0.2%
Bristow Group, Inc. Senior Notes 7.50% due 09/15/17	500,000	483,500
Web Hosting/Design — 0.9%
Terremark Worldwide, Inc. Senior Sec. Notes 12.00% due 06/15/17*	1,775,000	1,936,969
Total U.S. CORPORATE BONDS & NOTES
(cost $172,309,167)		171,832,918
FOREIGN CORPORATE BONDS & NOTES — 9.1%
Banks-Commercial — 0.5%
Barclays Bank PLC Sub. Notes 8.55% due 06/15/10*	1,075,000	1,010,500
Computers-Memory Devices — 0.7%
Seagate Technology HDD Holdings Company Guar. Notes 6.80% due 10/01/16	1,575,000	1,515,937
Diversified Banking Institutions — 0.4%
Credit Agricole SA Sub. Notes 9.75% due 12/26/14	910,000	941,850
Diversified Manufacturing Operations — 0.7%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*	1,410,000	1,431,150
Diversified Minerals — 0.6%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16	725,000	819,250
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19	500,000	583,750
		1,403,000
Electric-Generation — 0.1%
Intergen NV Sec. Notes 9.00% due 06/30/17*	160,000	166,000

Independent Power Producers — 0.0%
AES Drax Energy, Ltd. Sec. Notes bci 11.50% due 08/30/10†(5)(11)	475,000	475
Medical-Drugs — 0.6%
Elan Corp. PLC Company Guar. Notes 8.75% due 10/15/16*	720,000	676,800
Elan Corp. PLC Company Guar. Notes 8.88% due 12/01/13	760,000	744,800
		1,421,600
Metal-Aluminum — 0.5%
Novelis, Inc. Senior Notes 11.50% due 02/15/15*	955,000	993,200
Metal-Diversified — 0.5%
Vedanta Resources PLC Senior Notes 9.50% due 07/18/18*	1,000,000	992,500
Multimedia — 0.1%
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16	275,000	265,375
Satellite Telecom — 1.5%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(1)	759,000	762,795
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13	910,000	913,412
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15	1,531,000	1,553,965
		3,230,172
Semiconductor Equipment — 0.5%
Sensata Technologies BV Company Guar. Notes 8.00% due 05/01/14	1,190,000	1,154,300
Special Purpose Entities — 1.0%
Fibria Overseas Finance, Ltd. Company Guar. Notes 9.25% due 10/30/19*	490,000	542,125
Hellas Telecommunications Luxembourg II Sub. Notes 6.03% due 01/15/15†*(4)(5)(7)	925,000	9,250
LBG Capital No.1 PLC Bank Guar. Notes 7.88% due 11/01/20	2,000,000	1,600,000
		2,151,375
Telecom Services — 0.6%
Wind Acquisition Finance SA Company Guar. Bonds 10.75% due 12/01/15*	252,000	269,640
Wind Acquisition Finance SA Senior Notes 11.75% due 07/15/17*	1,000,000	1,110,000
		1,379,640
Transport-Marine — 0.7%
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc. Notes 8.88% due 11/01/17*	1,600,000	1,640,000
Transport-Rail — 0.1%
TFM SA de CV Senior Notes 9.38% due 05/01/12	137,000	140,083
Total Foreign Corporate Bonds & Notes
(cost $20,086,345)		19,837,157
LOANS — 5.8%(17)(18)
Auto/Truck Parts & Equipment-Original — 1.1%
Federal Mogul Corp. 2.18% due 12/27/15(3)	506,757	385,008
Federal Mogul Corp. 5.57% due 12/27/15(3)	993,243	754,617
Lear Corp. 10.49% due 04/25/12(3)	1,000,000	1,175,000
		2,314,625
Beverages-Non-alcoholic — 0.1%
Le-Natures, Inc. 9.36% due 03/01/11†(3)(4)(5)	600,000	243,000
Building-Residential/Commercial — 0.2%
TOUSA, Inc. 12.25% due 08/15/13(3)(6)	1,297,308	389,192
Casino Services — 0.6%
Herbst Gaming, Inc. Term Loan B Tranche 1 12.50% due 12/02/11†(3)(4)(5)	265,517	147,229
Herbst Gaming, Inc. Delayed Draw Term Loan B Tranche 2 12.50% due 12/02/11†(3)(4)(5)	726,922	403,078
Holding Gaming Borrower LP 9.25% due 02/19/13(3)	997,500	877,800
Holding Gaming Borrower LP 9.50% due 02/19/13(3)	2,500	2,200
		1,430,307
Commercial Services — 0.4%
Vertrue, Inc. 3.29% due 08/14/15(3)	1,215,000	832,275
Containers-Paper/Plastic — 0.5%
Consolidated Container Company 5.75% due 09/28/14(3)	1,250,000	1,030,209

Diversified Financial Services — 0.5%
Wind Finance SL S.A 7.93% due 11/26/14(3)		1,000,000			1,009,861
Electric-Integrated — 0.2%
Texas Competitive Electric Holdings Co. LLC 3.76% due 10/10/14(3)		3,477			2,584
Texas Competitive Electric Holdings Co. LLC 3.82% due 10/10/14(3)		678,046			503,826
					506,410
Gambling (Non-Hotel) — 0.5%
Greektown Holdings 11.50% due 12/31/09†(3)(4)(5)		1,034,777			1,041,245
Internet Telephone — 0.3%
Skype Technologies SA 9.00% due 10/19/14(3)		685,000			692,706
Medical-Drugs — 0.4%
Triax Pharmaceuticals LLC 16.50% due 08/30/11(2)(3)(12)		1,064,341			968,551
Medical-Hospitals — 0.5%
Capella Healthcare, Inc. 13.00% due 02/29/16(3)		1,000,000			997,500
Telecom Services — 0.4%
Fairpoint Communications, Inc. 3.35% due 03/31/15(3)		1,000,000			781,250
Theaters — 0.1%
AMC Entertainment Holdings, Inc. 5.62% due 06/15/12(3)		360,917			328,434
Total Loans
(cost $13,635,201)					12,565,565
COMMON STOCK — 0.2%
Building Products-Doors & Windows — 0.0%
Masonite Worldwide Holdings†		754			26,390
Energy-Alternate Sources — 0.0%
VeraSun Energy Corp.†(2)(3)		65,000			0
Food-Misc. — 0.0%
Wornick Co.†(2)(3)		3,444			107,728
Gambling (Non-Hotel) — 0.0%
Shreveport Gaming Holdings, Inc.†(2)(3)		2,501			33,489
Medical-Drugs — 0.0%
Triax Pharmaceuticals LLC†(2)(13)		85,611			856
Medical-Outpatient/Home Medical — 0.0%
Critical Care Systems International, Inc.†(2)(3)		13,262			2,765
Oil Companies-Exploration & Production — 0.1%
MXEnergy Holdings, Inc.†(2)(3)		96,187			128,891
Paper & Related Products — 0.1%
Caraustar Industries, Inc.†(2)(3)		80			177,812
Retail-Music Store — 0.0%
MTS, Inc.†(2)(3)		3,863			0
Total Common Stock
(cost $1,513,383)					477,931
PREFERRED STOCK — 0.0%
Medical-Drugs — 0.0%
Triax Pharmaceuticals LLC, Class C†(2)(13) (cost $52,235)		26,118			261
WARRANTS† — 0.0%
Building Products-Doors & Windows — 0.0%
Masonite Worldwide Holdings Expires 06/09/14 (strike price $55.31)		3,658			13,169
Masonite Worldwide Holdings Expires 06/09/16 (strike price $55.31)		2,743			9,189
					22,358
Oil Companies-Exploration & Production — 0.0%
Transmeridian Exploration, Inc. Expires 12/15/10 (Strike price $4.31)(2)		13,811			138
Total Warrants
(cost $37,980)					22,496
Total Long-Term Investment Securities
(cost $209,199,735)					206,297,848
REPURCHASE AGREEMENT — 5.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $12,787,011 and collateralized by $13,180,000 of Federal National Mtg. Assoc. Notes, bearing interest at 0.4% due 01/14/10 and having approximate value of $13,173,410 (cost $12,787,000)	$	12,787,000			12,787,000
TOTAL INVESTMENTS
(cost $221,986,735)(14)		101.1	%		219,084,848
Liabilities in excess of other assets		(1.1	)		(2,350,991	)
NET ASSETS		100.0	%	$	216,733,857

† 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, 2009, the aggregate value of these securities was $62,221,915 representing 28.7% 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.

10

(2) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1.

(3) Illiquid security. At November 30, 2009, the aggregate value of these securities was $13,816,505 representing 6.4% of net assets.

(4) Company has filed for Chapter 11 bankruptcy protection.

(5) Bond in default

(6) PIK (“Payment-in-Kind”) security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(7) 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, 2009.

(8) Income may be received in cash or additional shares at the discretion of the issuer.

(9) Company has filed for Chapter 7 bankruptcy.

(10) Bond is in default and did not pay principal at maturity.

(11) Company has filed bankruptcy in the country of issuance.

(12) A portion of the interests is paid in the form of additional bonds.

(13) Consists of more than one class of securities traded together as a unit.

(14) See Note 5 for cost of investments on a tax basis.

(15) Perpetual maturity - maturity date reflects the next call date.

(16) Subsequent to November 30, 2009, the company has filed for Chapter 11 bankruptcy protection.

(17) The Fund invests in Senior Loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major United States banks, or the certificate of deposit rate. Senior Loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a Senior Loan.

(18) Senior Loans in the Fund’s Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Convertible Bonds & Notes	$	—	$	1,413,995	$	147,525	$	1,561,520
U.S. Corporate Bonds & Notes		—		170,074,135		1,758,783		171,832,918
Foreign Corporate Bonds & Notes		—		19,837,157		—		19,837,157
Loans		—		5,710,368		6,855,197		12,565,565
Common Stock		26,390		—		451,541		477,931
Preferred Stock		—		—		261		261
Warrants		22,358		—		138		22,496
Repurchase Agreements		—		12,787,000		—		12,787,000
Total	$	48,748	$	209,822,655	$	9,213,445	$	219,084,848

	Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Loans		Common Stock			Preferred Stock		Warrants
Balance as of 8/31/2008	$	98,350	$	3,218,031		$	5,233,524	$	348,147		$	261	$	0
Accrued discounts/premiums		—		805			30,368		—			—		—
Realized gain(loss)		—		285,951			33		—			—		—
Change in unrealized appreciation(depreciation)		49,175		(169,523	)		485,770		(102,310	)		—		138
Net purchases(sales)		—		(1,651,731	)		837,892		205,704			—		—
Transfers in and/or out of Level 3		—		75,250			267,610		—			—		—
Balance as of 11/30/2009	$	147,525	$	1,758,783		$	6,855,197	$	451,541		$	261	$	138

(19) “Step-up” security where the rate increases (“step-up”) at a predetermined rate. Rate shown reflects the stated rate.

See Notes to Portfolio of Investments

VALIC Company II International Small Cap Equity

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 96.7%
Australia - 1.2%
Ansell, Ltd.	122,251	$	1,191,358
Bendigo and Adelaide Bank, Ltd.	198,808		1,616,944
Billabong International, Ltd.	12,003		115,432
carsales.com.au, Ltd.†	248,188		1,018,373
Centennial Coal Co., Ltd.	125,235		377,372
Crane Group, Ltd.	105,519		864,005
MacArthur Coal, Ltd.	60,781		517,725
Nufarm, Ltd.	77,110		819,251
Premier Investments, Ltd.	41,057		327,156
South Australia Coal Corp.(1)	135,626		12,422
The Reject Shop, Ltd.	28,614		364,285
Webjet, Ltd.	95,068		150,636
			7,374,959
Bermuda - 2.3%
China Yurun Food Group, Ltd.	548,000		1,350,546
CNPC Hong Kong, Ltd.	1,860,000		2,092,786
Huabao International Holdings, Ltd.	1,070,000		1,125,219
Pacific Basin Shipping, Ltd.	1,717,000		1,302,696
Peace Mark Holdings, Ltd.†(1)	686,000		0
Seadrill, Ltd.	308,783		7,138,359
Texwinca Holdings, Ltd.	566,000		518,526
			13,528,132
Cayman Islands - 2.2%
AAC Acoustic Technologies Holdings, Inc.	1,482,000		2,084,348
Agile Property Holdings, Ltd.	1,938,000		2,650,667
China Dongxiang Group Co.	1,538,000		1,123,229
China High Speed Transmission Equipment Group Co., Ltd.	468,000		1,105,077
China Mengniu Dairy Co., Ltd.†	527,000		1,621,789
Lee & Man Paper Manufactoring, Ltd.	55,600		141,761
Li Ning Co., Ltd.	327,500		1,075,461
Shenguan Holdings Group, Ltd.†	2,016,000		1,326,649
Shui On Land, Ltd.	215,000		126,225
Soho China, Ltd.	538,000		290,171
Xinyi Glass Holding Co., Ltd.	1,702,000		1,355,003
			12,900,380
China - 1.6%
AsiaInfo Holdings, Inc.†	122,300		3,007,357
Weichai Power Co., Ltd.	551,800		4,649,330
Zhuzhou CSR Times Electric Co., Ltd.	969,000		1,952,991
			9,609,678
Cyprus - 0.9%
Bank of Cyprus Public Co., Ltd.	794,199		5,664,519
Denmark - 2.4%
DSV A/S†	399,152		7,111,391
SimCorp A/S	36,037		6,907,610
			14,019,001
France - 3.6%
Groupe Eurotunnel SA	999,219		10,259,587
SCOR SE	256,760		6,259,214
Soitec†	343,133		4,740,647
			21,259,448
Germany - 5.1%
Freenet AG†	264,277		3,809,524
Rheinmetall AG	174,155		10,407,805
Sky Deutschland AG†	742,903		2,654,906
United Internet AG†	461,238		6,226,226
Wirecard AG	563,359		7,156,418
			30,254,879
Hong Kong - 1.8%
Bank of East Asia, Ltd.	66,140		286,320
China Everbright International, Ltd.	10,410,000		4,969,904
China Gas Holdings, Ltd.	2,234,000		965,658
Denway Motors, Ltd.	3,122,000		1,909,443
Shanghai Industrial Holdings, Ltd.	234,000		1,173,012
Techtronic Industries Co.	1,595,500		1,280,509
			10,584,846
India - 0.3%
GVK Power & Infrastructure, Ltd.†	897,555		982,168
Jagran Prakashan, Ltd.	216,809		550,704
			1,532,872
Indonesia - 0.6%
BW Plantation Tbk PT†	18,953,500		1,002,300
Delta Dunia Makmur Tbk PT†	4,556,500		737,329
United Tractors Tbk PT	1,018,666		1,610,688
			3,350,317
Ireland - 3.3%
Allied Irish Banks PLC†	706,692		1,644,758
DCC PLC	390,316		10,549,430
Greencore Group PLC	1,523,320		3,162,251
Irish Life & Permanent PLC†	891,955		4,339,384
			19,695,823
Italy - 8.6%
Autogrill SpA†	795,071		9,843,209
Azimut Holding SpA	779,666		10,185,162
DiaSorin SpA	315,902		11,441,153
Gruppo Editoriale L’Espresso SpA†	1,214,854		3,912,835
Hera SpA	2,473,570		5,957,564
Mediolanum SpA	1,469,187		9,552,237
			50,892,160
Japan - 26.9%
Alpha Systems, Inc.	35,000		728,829
Asahi Diamond Industrial Co., Ltd.	265,000		1,805,703
Axell Corp.	59,500		2,113,200
Chugoku Marine Paints, Ltd.	397,000		2,966,937
Credit Saison Co., Ltd.	97,900		1,082,744
Dai-ichi Seiko Co., Ltd.	31,700		1,499,919
Daihatsu Diesel Manufacturing Co., Ltd.	119,000		429,523
Daiseki Co., Ltd.	132,300		2,966,189
Dena Co., Ltd.	834		4,563,651
Disco Corp.	13,200		760,481
Don Quijote Co., Ltd.	194,400		4,913,975
Ebara Corp.†	450,000		1,717,955
Eiken Chemical Co., Ltd.	52,800		500,268
en-japan, Inc.†	1,653		1,730,640
Enplas Corp.	59,400		1,100,865
EPS Co., Ltd.	661		2,508,191
Exedy Corp.	144,200		2,709,172
Ferrotec Corp.	125,600		1,176,955

FP Corp.	94,600	4,870,083
Fujimi, Inc.	132,100	2,107,426
Funai Electric Co., Ltd.	52,900	2,931,409
GS Yuasa Corp.	192,000	1,350,486
HIS Co., Ltd.	66,100	1,295,389
Hitachi Chemical Co., Ltd.	53,500	1,047,842
Internet Initiative Japan, Inc.	476	959,820
Japan Petroleum Exploration Co.	46,200	2,100,486
Kakaku.com, Inc.	1,323	4,851,816
Kobayashi Pharmaceutical Co., Ltd.	26,500	1,183,364
Koito Manufacturing Co., Ltd.	238,000	3,538,061
Kureha Corp.	331,000	1,631,259
Lintec Corp.	198,400	3,775,659
M3, Inc.	794	2,632,582
Mani, Inc.	28,400	1,856,317
Micronics Japan Co., Ltd.	42,900	627,817
Mitsubishi Gas Chemical Co., Inc.	198,000	900,208
Mitsubishi UFJ Lease & Finance Co., Ltd.	103,220	3,098,749
Moshi Moshi Hotline, Inc.	57,300	1,072,552
Nabtesco Corp.	198,000	2,187,529
Nichicon Corp.	200,400	1,780,509
Nichii Gakkan Co.	79,400	729,334
Nihon M&A Center, Inc.	165	645,187
Nipro Corp.	79,200	1,691,384
Nishimatsuya Chain Co., Ltd.	145,500	1,333,133
Nissha Printing Co., Ltd.	50,900	2,643,926
Nomura Real Estate Holdings, Inc.	198,400	3,080,204
NPC, Inc	52,900	1,257,630
Oenon Holdings, Inc.	443,000	881,490
Okasan Securities Group, Inc.	298,000	1,496,205
Osaka Securities Exchange Co., Ltd.	952	4,746,784
Otsuka Corp.	59,500	2,842,839
Pigeon Corp.	125,500	5,459,047
Rinnai Corp.	52,900	2,619,297
Saint Marc Holdings Co., Ltd.	52,900	1,658,480
Sawai Pharmaceutical Co., Ltd.	52,900	3,029,327
Seven Bank, Ltd.	1,124	2,244,359
Shima Seiki Manufacturing, Ltd.	33,100	631,443
Shimadzu Corp.	231,000	1,448,427
Suruga Bank, Ltd.	265,000	2,602,788
Sysmex Corp.	48,200	2,604,049
T-Gaia Corp.	1,984	3,644,831
Taiko Pharmaceutical Co., Ltd.	67,400	2,054,593
Taiyo Ink Manufacturing Co., Ltd.	107,100	2,837,332
The Japan Steel Works, Ltd.	278,000	3,383,341
Toho Holdings Co., Ltd.	145,500	2,014,848
Toridoll.corp.	1,105	2,409,677
Toshiba Plant Systems & Services Corp.	165,000	2,126,446
Towa Corp.†	207,000	1,865,490
Toyo Tanso Co., Ltd.	50,900	2,349,503
Tsumura & Co.	46,200	1,536,615
Unicharm Petcare Corp.	91,300	3,327,105
Union Tool Co.	89,300	2,360,603
Village Vanguard Co., Ltd.	410	1,517,816
Works Applications Co., Ltd.	3,551	1,754,138
Yamaguchi Financial Group, Inc.	152,000	1,591,393
		159,493,624
Jersey - 1.8%
Henderson Group PLC	3,295,079	6,705,446
Randgold Resources, Ltd.	47,166	3,999,907
		10,705,353
Luxembourg - 2.5%
Acergy SA	513,845	7,564,666
Millicom International Cellular SA	100,913	7,548,293
		15,112,959
Malaysia - 0.2%
IJM Corp. BHD	804,160	1,064,312
Public Bank BHD	117,200	375,869
		1,440,181
Mauritius - 0.1%
Golden Agri-Resources, Ltd.†	1,790,474	595,100
Netherlands - 1.2%
Koninklijke Vopak NV†	90,948	7,131,324
Singapore - 0.3%
City Developments, Ltd.	83,000	599,711
Venture Corp., Ltd.	196,000	1,159,855
		1,759,566
South Korea - 2.0%
Cheil Industries, Inc.†	18,150	778,883
Digitech Systems Co., Ltd.†	34,317	736,334
Glovis Co., Ltd.†	7,550	714,224
Hyundai Mobis†	13,920	1,783,695
Korean Reinsurance Co.	91,640	732,143
LG Electronics, Inc.†	4,721	418,183
LG Household & Health Care, Ltd.†	6,347	1,558,366
SODIFF Advanced Materials Co., Ltd.	25,709	1,943,431
Sungwoo Hitech Co., Ltd.†	83,695	806,144
Synopex, Inc.†	235,868	847,891
Taewoong Co., Ltd.†	23,143	1,476,789
Taeyoung Engineering & Construction	67,670	299,126
		12,095,209
Sweden - 0.9%
Clas Ohlson AB	271,620	5,279,244
Switzerland - 5.9%
Actelion, Ltd.†	57,920	3,407,907
Aryzta AG	184,848	6,993,104
Clariant AG†	748,768	7,842,142
EFG International AG	391,838	6,300,148
Sonova Holding AG	88,198	10,475,406
		35,018,707
Taiwan - 1.6%
Advantech Co., Ltd.	201,000	383,523
Chicony Electronics Co., Ltd.	495,819	1,155,612
Everlight Electronics Co., Ltd.	394,195	1,220,107

Far Eastern Department Stores Co., Ltd.		914,640			967,820
Foxconn Technology Co., Ltd.		48,000			167,811
InnoLux Display Corp.		493,370			699,142
International Games System Co., Ltd.		91,693			702,394
Shin Zu Shing Co., Ltd.		246,620			1,145,769
Simplo Technology Co., Ltd.		281,600			1,500,805
Transcend Information, Inc.		165,813			520,436
Wistron Corp.		647,985			1,190,090
					9,653,509
Thailand - 0.2%
Thoresen Thai Agencies PCL		531,260			411,489
TMB Bank PCL†(2)		17,899,200			592,243
					1,003,732
United Kingdom - 16.1%
Ashmore Group PLC		877,700			3,783,028
Babcock International Group PLC		795,830			8,149,891
Britvic PLC		1,223,990			7,905,336
Burberry Group PLC		830,614			7,788,723
Chemring Group PLC		230,193			10,251,148
Cookson Group PLC†		1,006,229			6,397,915
Croda International PLC		613,038			7,508,345
Dana Petroleum PLC†		264,867			5,342,081
Enterprise Inns PLC†		1,790,186			2,906,749
ICAP PLC		797,294			5,670,167
Kazakhmys PLC†		332,935			6,753,279
London Stock Exchange Group PLC		542,773			6,719,189
Rentokil Initial PLC†		3,701,633			6,132,181
St James’s Place PLC		781,300			3,092,471
Vedanta Resources PLC		185,352			7,025,414
					95,425,917
United States - 3.1%
Autoliv, Inc.		172,829			7,018,586
Virgin Media, Inc.		681,827			11,222,872
					18,241,458
Total Common Stock (cost $490,452,134)					573,622,897
WARRANTS - 0.0%
Mauritius - 0.0%
Golden Agri-Resources, Ltd. Expires 07/24/12 (strike price 0.54 SGD)† (cost $0)		104,061			7,895
Total Long-Term Investment Securities (cost $490,452,134)					573,630,792
SHORT-TERM INVESTMENT SECURITIES - 2.9%
Time Deposits - 2.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/09 (cost $17,235,000)	$	17,235,000			17,235,000
TOTAL INVESTMENTS - (cost $507,687,134) (3)		99.6	%		590,865,792
Other assets less liabilities		0.4			2,544,906
NET ASSETS -		100.0	%	$	593,410,698

† Non-income producing security

(1) Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1.

(2) Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 1.

(3) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Germany	$	30,254,879	$	—	$	—	$	30,254,879
Italy		50,892,160		—		—		50,892,160
Japan		159,493,624		—		—		159,493,624
Switzerland		35,018,707		—		—		35,018,707
United Kingdom		95,425,917		—		—		95,425,917
Other Countries*		201,932,945		592,243		12,422		202,537,610
Warrants		7,895		—		—		7,895
Short-Term Investment Securities:
Time Deposits		—		17,235,000		—		17,235,000
Total	$	573,026,127	$	17,827,243	$	12,422	$	590,865,792

* Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets.

	Common Stock
Balance as of 8/31/2009	$	16,643
Accrued discounts/premiums		—
Realized gain(loss)		—
Change in unrealized appreciation(depreciation)		12,164
Net purchases(sales)		(16,385	)
Transfers in and/or out of Level 3		—
Balance as of 11/30/2009	$	12,422

Currency Legend

SGD - Singapore Dollar

Industry Allocation*
Banks-Commercial	3.9	%
Investment Management/Advisor Services	3.5
Electronic Components-Misc.	3.2
Time Deposits	2.9
Auto/Truck Parts & Equipment-Original	2.7
Chemicals-Specialty	2.6
Medical Products	2.4
Retail-Restaurants	2.3
Machinery-General Industrial	2.2
Insurance-Life/Health	2.1
Chemicals-Diversified	2.1
Finance-Other Services	1.9
Diagnostic Kits	1.9
Telecom Services	1.9
Cellular Telecom	1.9
Medical-Drugs	1.9
Commercial Services	1.8
Oil Refining & Marketing	1.8
Transport-Rail	1.7
Oil Companies-Exploration & Production	1.6
Building-Maintance & Services	1.4
Electronic Components-Semiconductors	1.4
Beverages-Non-alcoholic	1.3
Apparel Manufacturers	1.3
Food-Misc.	1.3
Transport-Truck	1.3
Oil-Field Services	1.3
Diversified Manufacturing Operations	1.2
Finance-Investment Banker/Broker	1.2
Oil & Gas Drilling	1.2
Transport-Services	1.2
Metal-Diversified	1.2
Cosmetics & Toiletries	1.2
Food-Baking	1.2
Insurance-Reinsurance	1.2
Transactional Software	1.2
Metal-Copper	1.1
E-Commerce/Services	1.1
Web Portals/ISP	1.0
Diversified Operations/Commercial Services	1.0
Auto/Truck Parts & Equipment-Replacement	1.0
Electric-Integrated	1.0
Internet Content-Information/News	1.0
Electric Products-Misc.	0.9
Retail-Misc./Diversified	0.9
Retail-Discount	0.9
Alternative Waste Technology	0.8
Containers-Paper/Plastic	0.8
Publishing-Newspapers	0.7
Diversified Financial Services	0.7
Miscellaneous Manufacturing	0.7
Batteries/Battery Systems	0.7
Medical Instruments	0.7
Gold Mining	0.7
Telephone-Integrated	0.6
Internet Connectivity Services	0.6
Metal Processors & Fabrication	0.6
Machinery-Material Handling	0.6
Machinery-Electrical	0.5
Finance-Leasing Companies	0.5
Real Estate Management/Services	0.5
Real Estate Operations & Development	0.5
Computers-Periphery Equipment	0.5
Medical-Generic Drugs	0.5
Internet Infrastructure Software	0.5
Coatings/Paint	0.5
Retail-Pubs	0.5
Computers-Integrated Systems	0.5
Rubber/Plastic Products	0.5
Cable TV	0.4
Building Products-Air & Heating	0.4
Retail-Apparel/Shoe	0.4
Diversified Operations	0.4
Engineering/R&D Services	0.4
Medical-Wholesale Drug Distribution	0.3
Advanced Materials	0.3
Auto-Cars/Light Trucks	0.3
Tools-Hand Held	0.3
Capacitors	0.3
Applications Software	0.3
Computers	0.3
Machinery-Pumps	0.3
Transport-Marine	0.3
Food-Dairy Products	0.3
Machinery-Construction & Mining	0.3
Agricultural Operations	0.3
Retail-Bookstores	0.3
Electronic Connectors	0.3
Food-Meat Products	0.2
Travel Services	0.2
Machine Tools & Related Products	0.2
Retail-Sporting Goods	0.2
Power Converter/Supply Equipment	0.2
Finance-Credit Card	0.2
Direct Marketing	0.2
Independent Power Producers	0.2
Retail-Regional Department Stores	0.2
Pipelines	0.2
Coal	0.2
Beverages-Wine/Spirits	0.1
Mining	0.1
Communications Software	0.1
Entertainment Software	0.1
Consulting Services	0.1
Electronic Measurement Instruments	0.1
Hotels/Motels	0.1
Semiconductor Components-Integrated Circuits	0.1
Textile-Products	0.1
Engines-Internal Combustion	0.1
Investment Companies	0.1
Building-Heavy Construction	0.1
	99.6%

* Calculated as a percentage of net assets

See Notes to Portfolio of Investments

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 98.9%
Appliances - 0.8%
Whirlpool Corp.	17,100	$	1,268,136
Banks-Fiduciary - 0.6%
The Bank of New York Mellon Corp.	35,570		947,585
Banks-Super Regional - 5.9%
Capital One Financial Corp.	24,200		928,312
PNC Financial Services Group, Inc.	29,944		1,707,107
US Bancorp	103,104		2,487,900
Wells Fargo & Co.	150,294		4,214,244
			9,337,563
Beverages-Non-alcoholic - 2.1%
Coca-Cola Enterprises, Inc.	83,700		1,644,705
Dr Pepper Snapple Group, Inc.†	65,800		1,723,302
			3,368,007
Building-Residential/Commercial - 0.8%
NVR, Inc.†	1,907		1,283,697
Cable/Satellite TV - 1.7%
Comcast Corp., Class A	123,400		1,810,278
DISH Network Corp., Class A	43,100		892,601
			2,702,879
Chemicals-Specialty - 1.2%
Ashland, Inc.	22,800		819,204
Eastman Chemical Co.	17,700		1,064,124
			1,883,328
Computer Services - 1.2%
Computer Sciences Corp.†	35,000		1,935,850
Computers - 2.3%
Hewlett-Packard Co.	39,600		1,942,776
International Business Machines Corp.	13,100		1,655,185
			3,597,961
Computers-Memory Devices - 1.7%
EMC Corp.†	158,300		2,664,189
Consumer Products-Misc. - 0.5%
Jarden Corp.	25,900		710,955
Containers-Paper/Plastic - 0.7%
Pactiv Corp.†	43,700		1,064,095
Cosmetics & Toiletries - 0.4%
The Procter & Gamble Co.	10,431		650,373
Distribution/Wholesale - 1.0%
Ingram Micro, Inc., Class A†	41,400		703,386
Tech Data Corp.†	20,200		850,622
			1,554,008
Diversified Banking Institutions - 10.9%
Bank of America Corp.	289,046		4,581,379
Citigroup, Inc.	263,500		1,082,985
JPMorgan Chase & Co.	141,631		6,017,901
Morgan Stanley	54,923		1,734,468
The Goldman Sachs Group, Inc.	22,098		3,749,147
			17,165,880
Diversified Manufacturing Operations - 7.3%
Eaton Corp.	15,000		958,500
General Electric Co.	316,486		5,070,106
Illinois Tool Works, Inc.	58,600		2,850,304
Ingersoll-Rand PLC	45,900		1,623,483
ITT Corp.	19,900		1,029,228
			11,531,621
Electric-Generation - 1.2%
The AES Corp.†	148,000		1,885,520
Electric-Integrated - 3.0%
Constellation Energy Group, Inc.	57,800		1,839,196
Edison International	37,500		1,276,875
OGE Energy Corp.	47,500		1,643,500
			4,759,571
Electronic Components-Misc. - 0.7%
Garmin, Ltd.	37,400		1,117,512
Electronic Connectors - 0.4%
Thomas & Betts Corp.†	19,088		696,712
Finance-Credit Card - 1.6%
American Express Co.	33,900		1,418,037
Discover Financial Services	71,200		1,100,752
			2,518,789
Food-Canned - 1.2%
Del Monte Foods Co.	187,300		1,964,777
Gas-Distribution - 0.4%
NiSource, Inc.	47,600		678,300
Home Decoration Products - 1.0%
Newell Rubbermaid, Inc.	112,500		1,632,375
Home Furnishings - 0.6%
Tempur-Pedic International, Inc.†	40,200		866,310
Hospital Beds/Equipment - 1.0%
Kinetic Concepts, Inc.†	47,700		1,607,967
Human Resources - 0.8%
Manpower, Inc.	26,782		1,319,281
Instruments-Scientific - 1.0%
Thermo Fisher Scientific, Inc.†	32,400		1,530,252
Insurance-Life/Health - 2.8%
Aflac, Inc.	33,300		1,532,799
Prudential Financial, Inc.	32,500		1,620,125
Unum Group	66,100		1,258,544
			4,411,468
Insurance-Multi-line - 0.5%
American Financial Group, Inc.	33,830		820,716
Linen Supply & Related Items - 0.5%
Cintas Corp.	28,000		786,520
Medical Products - 0.4%
Johnson & Johnson	10,600		666,104
Medical-Drugs - 6.2%
Endo Pharmaceuticals Holdings, Inc.†	73,000		1,608,190
Forest Laboratories, Inc.†	56,762		1,740,323
Pfizer, Inc.	354,827		6,447,206
			9,795,719
Medical-HMO - 0.8%
Coventry Health Care, Inc.†	57,900		1,305,645
Medical-Wholesale Drug Distribution - 1.5%
McKesson Corp.	38,300		2,375,366
Multimedia - 2.5%
Time Warner, Inc.	81,904		2,516,091

Viacom, Inc., Class B†		45,900			1,360,476
					3,876,567
Oil & Gas Drilling - 2.1%
Noble Corp.		47,500			1,962,225
Transocean, Ltd.†		15,981			1,364,618
					3,326,843
Oil Companies-Exploration & Production - 4.0%
Anadarko Petroleum Corp.		21,600			1,285,848
Apache Corp.		14,300			1,362,504
Occidental Petroleum Corp.		44,907			3,628,037
					6,276,389
Oil Companies-Integrated - 8.6%
Chevron Corp.		43,352			3,383,190
ConocoPhillips		16,919			875,896
Exxon Mobil Corp.		107,483			8,068,749
Murphy Oil Corp.		20,600			1,161,634
					13,489,469
Oil Field Machinery & Equipment - 1.3%
National Oilwell Varco, Inc.		45,900			1,974,618
Oil-Field Services - 0.6%
Schlumberger, Ltd.		13,500			862,515
Paper & Related Products - 1.3%
International Paper Co.		79,700			2,028,365
Pharmacy Services - 0.7%
Medco Health Solutions, Inc.†		18,200			1,149,512
Power Converter/Supply Equipment - 1.2%
Hubbell, Inc., Class B		41,600			1,889,056
Real Estate Investment Trusts - 1.9%
Annaly Capital Management, Inc.		114,327			2,104,760
Hospitality Properties Trust		43,500			844,335
					2,949,095
Retail-Apparel/Shoe - 1.4%
Ross Stores, Inc.		17,500			769,650
The Gap, Inc.		64,000			1,370,880
					2,140,530
Retail-Automobile - 0.4%
AutoNation, Inc.†		38,045			671,494
Retail-Petroleum Products - 1.2%
World Fuel Services Corp.		34,500			1,834,710
Retail-Regional Department Stores - 1.0%
Macy’s, Inc.		94,900			1,547,819
Telephone-Integrated - 4.4%
AT&T, Inc.		188,110			5,067,683
Verizon Communications, Inc.		58,354			1,835,817
					6,903,500
Tools-Hand Held - 0.5%
The Stanley Works		17,200			835,404
Toys - 0.4%
Mattel, Inc.		34,800			677,208
Transport-Rail - 0.7%
CSX Corp.		24,100			1,144,268
Total Long-Term Investment Securities (cost $143,467,690)					155,982,393
SHORT-TERM INVESTMENT SECURITIES - 0.9%
Registered Investment Companies - 0.9%
VALIC Co. I Money Market I Fund(2) (cost $1,410,951)	$	1,410,951		$	1,410,951
TOTAL INVESTMENTS (cost $144,878,641)(1)		99.8	%		157,393,344
Other assets less liabilities		0.2			240,087
NET ASSETS		100.0	%	$	157,633,431

† Non-income producing security

(1) See Note 5 for cost of investments on a tax basis.

(2) Security represents an investment in an affiliated company (See Note 4).

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Super Regional	$	9,337,563	$	—	$	—	$	9,337,563
Diversified Banking Institutions		17,165,880		—		—		17,165,880
Diversified Manufacturing Operations		11,531,621		—		—		11,531,621
Medical - Drugs		9,795,719		—		—		9,795,719
Oil Companies - Integrated		13,489,469		—		—		13,489,469
Other Industries*		94,662,141		—		—		94,662,141
Short-Term Investment Securities:
Registered Investment Companies		—		1,410,951		—	$	1,410,951
Total	$	155,982,393	$	1,410,951	$	—	$	157,393,344

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Portfolio of Investments

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares	Market Value (Note 1)
COMMON STOCK - 96.3%
Aerospace/Defense-Equipment - 1.0%
BE Aerospace, Inc.†	84,297	$	1,624,403
Agricultural Chemicals - 1.3%
Intrepid Potash, Inc.†	69,796		2,124,590
Apparel Manufacturers - 3.5%
Carter’s, Inc.†	79,290		1,724,557
Coach, Inc.	53,981		1,875,840
Hanesbrands, Inc.†	96,257		2,311,131
			5,911,528
Applications Software - 1.3%
Check Point Software Technologies, Ltd.†	71,474		2,257,864
Banks-Fiduciary - 0.7%
State Street Corp.	29,806		1,230,988
Banks-Super Regional - 1.4%
Capital One Financial Corp.	60,096		2,305,283
Batteries/Battery Systems - 0.9%
Energizer Holdings, Inc.†	25,876		1,457,854
Casino Services - 0.9%
International Game Technology	81,728		1,543,842
Chemicals-Specialty - 0.8%
Albemarle Corp.	41,202		1,390,567
Coal - 2.2%
CONSOL Energy, Inc.	40,416		1,855,903
Walter Energy, Inc.	28,325		1,943,095
			3,798,998
Commercial Services - 1.8%
Alliance Data Systems Corp.†	33,780		2,060,242
Quanta Services, Inc.†	56,245		1,054,594
			3,114,836
Computer Aided Design - 1.5%
Autodesk, Inc.†	106,779		2,503,967
Computer Services - 3.0%
Cognizant Technology Solutions Corp., Class A†	65,593		2,881,501
IHS, Inc., Class A†	44,087		2,216,694
			5,098,195
Computers-Integrated Systems - 0.5%
Brocade Communications Systems, Inc.†	107,443		761,771
Computers-Memory Devices - 2.1%
NetApp, Inc.†	58,224		1,794,464
Western Digital Corp.†	46,788		1,723,670
			3,518,134
Consulting Services - 0.2%
Verisk Analytics, Inc., Class A†	13,531		364,119
Consumer Products-Misc. - 1.4%
Jarden Corp.	85,620		2,350,269
Containers-Metal/Glass - 1.3%
Crown Holdings, Inc.†	85,919		2,162,581
Cosmetics & Toiletries - 1.5%
The Estee Lauder Cos., Inc., Class A	55,495		2,598,831
Dialysis Centers - 0.7%
Fresenius Medical Care AG & Co. KGaA	21,808		1,159,530
Distribution/Wholesale - 1.7%
Fastenal Co.	37,328		1,384,122
LKQ Corp.†	87,920		1,532,446
			2,916,568
Diversified Manufacturing Operations - 1.4%
Cooper Industries PLC, Class A	55,788		2,381,590
Electronic Components-Semiconductors - 5.3%
Altera Corp.	81,746		1,719,118
Avago Technologies, Ltd.†	155,273		2,462,630
Broadcom Corp., Class A†	53,768		1,570,026
ON Semiconductor Corp.†	202,729		1,573,177
Xilinx, Inc.	75,407		1,707,214
			9,032,165
Electronic Connectors - 1.2%
Amphenol Corp., Class A	47,468		1,955,682
Electronic Forms - 1.6%
Adobe Systems, Inc.†	74,630		2,618,020
Engineering/R&D Services - 0.8%
The Shaw Group, Inc.†	48,599		1,386,529
Finance-Investment Banker/Broker - 1.3%
TD Ameritrade Holding Corp.†	109,382		2,148,262
Hotel/Motels - 1.0%
Starwood Hotels & Resorts Worldwide, Inc.	55,095		1,764,142
Human Resources - 0.8%
Robert Half International, Inc.	62,369		1,392,700
Independent Power Producers - 0.8%
NRG Energy, Inc.†	57,065		1,366,136
Instruments-Scientific - 1.0%
Thermo Fisher Scientific, Inc.†	35,822		1,691,873
Insurance-Life/Health - 1.6%
Aflac, Inc.	41,750		1,921,752
Lincoln National Corp.	36,638		839,377
			2,761,129
Insurance-Multi-line - 1.0%
Genworth Financial, Inc., Class A†	158,601		1,708,133
Internet Security - 1.2%
McAfee, Inc.†	51,539		1,966,213
Investment Management/Advisor Services - 1.2%
Affiliated Managers Group, Inc.†	32,280		2,104,979
Machinery-Electrical - 1.0%
Baldor Electric Co.	66,482		1,711,911
Machinery-Pumps - 0.5%
Flowserve Corp.	8,377		833,176
Medical Products - 1.1%
American Medical Systems Holdings, Inc.†	104,373		1,833,834
Medical-Biomedical/Gene - 2.0%
Talecris Biotherapeutics Holdings Corp.†	83,715		1,569,656
United Therapeutics Corp.†	39,895		1,818,813
			3,388,469
Medical-Drugs - 0.6%
Shire PLC	52,212		1,017,843

Medical-HMO - 1.1%
AMERIGROUP Corp.†		76,523			1,814,360
Metal-Copper - 1.5%
Freeport-McMoRan Copper & Gold, Inc.†		30,249			2,504,617
Non-Hazardous Waste Disposal - 1.0%
Republic Services, Inc.		61,923			1,746,229
Oil & Gas Drilling - 2.5%
Atlas Energy, Inc.		62,224			1,599,157
Noble Corp.		42,624			1,760,797
Patterson-UTI Energy, Inc.		55,014			846,666
					4,206,620
Oil Companies-Exploration & Production - 4.5%
Continental Resources, Inc.†		79,351			2,987,565
EXCO Resources, Inc.		112,746			1,907,662
SandRidge Energy, Inc.†		174,555			1,637,326
Southwestern Energy Co.†		26,136			1,148,939
					7,681,492
Oil-Field Services - 1.5%
Key Energy Services, Inc.†		222,684			1,696,852
Petroleum Geo-Services ASA†		87,270			907,253
					2,604,105
Pharmacy Services - 1.9%
Express Scripts, Inc.†		28,491			2,444,528
Omnicare, Inc.		34,174			792,153
					3,236,681
Physical Therapy/Rehabilitation Centers - 0.8%
Psychiatric Solutions, Inc.†		57,734			1,279,385
Private Corrections - 1.4%
Corrections Corp. of America†		93,695			2,341,438
Real Estate Management/Services - 1.3%
Jones Lang LaSalle, Inc.		43,152			2,195,142
Research & Development - 0.6%
Pharmaceutical Product Development, Inc.		46,097			988,320
Respiratory Products - 0.5%
ResMed, Inc.†		17,200			864,644
Retail-Apparel/Shoe - 2.9%
Aeropostale, Inc.†		23,117			728,185
American Eagle Outfitters, Inc.		138,718			2,133,483
Nordstrom, Inc.		61,744			2,065,337
					4,927,005
Retail-Auto Parts - 0.4%
O’Reilly Automotive, Inc.†		18,691			724,837
Retail-Automobile - 0.9%
Copart, Inc.†		45,969			1,490,315
Retail-Perfume & Cosmetics - 0.9%
Ulta Salon Cosmetics & Fragrance, Inc.†		91,075			1,496,362
Retail-Regional Department Stores - 0.7%
Macy’s, Inc.		66,905			1,091,221
Rubber-Tires - 0.9%
The Goodyear Tire & Rubber Co.†		115,673			1,585,877
Schools - 2.8%
Capella Education Co.†		36,353			2,591,242
ITT Educational Services, Inc.†		23,441			2,132,662
					4,723,904
Semiconductor Components-Integrated Circuits - 1.0%
Marvell Technology Group, Ltd.†		113,559			1,751,080
Semiconductor Equipment - 2.0%
ASML Holding NV		59,597			1,830,923
KLA-Tencor Corp.		51,600			1,611,984
					3,442,907
Steel-Producers - 0.9%
Steel Dynamics, Inc.		93,662			1,584,761
Tools-Hand Held - 1.2%
The Stanley Works		41,896			2,034,889
Transactional Software - 1.2%
Solera Holdings, Inc.		57,301			2,003,243
Transport-Marine - 0.5%
Diana Shipping, Inc.†		58,306			906,658
Transport-Services - 0.8%
UTi Worldwide, Inc.		109,194			1,427,166
Transport-Truck - 3.4%
Con-way, Inc.		38,652			1,171,156
J.B. Hunt Transport Services, Inc.		53,869			1,716,266
Knight Transportation, Inc.		82,036			1,395,432
Landstar System, Inc.		41,309			1,541,652
					5,824,506
Veterinary Diagnostics - 0.8%
VCA Antech, Inc.†		57,008			1,292,371
Wireless Equipment - 1.3%
Crown Castle International Corp.†		59,225			2,172,965
Total Long-Term Investment Securities (cost $142,664,685)					163,200,604
REPURCHASE AGREEMENT - 3.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $6,293,005 and collateralized by $6,490,000 of United States Treasury Bills, bearing interest at 0.40% due 01/14/10 and having approximate value of $6,486,755 (cost $6,293,000)	$	6,293,000			6,293,000
TOTAL INVESTMENTS (cost $148,957,685)(1)		100.0	%		169,493,604
Liabilities in excess of other assets		0.0			(61,164	)
NET ASSETS		100.0	%	$	169,432,440

† Non-income producing security

(1) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Electronic Components - Semiconductors	$	9,032,165	$	—	$	—	$	9,032,165
Other Industries*		154,168,439		—		—		154,168,439
Repurchase Agreement		—		6,293,000		—		6,293,000
Total	$	163,200,604	$	6,293,000	$	—	$	169,493,604

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Portfolio of Investments

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 97.9%
Aerospace/Defense - 0.3%
Teledyne Technologies, Inc.†	47,200	$	1,582,144
Aerospace/Defense-Equipment - 0.5%
Goodrich Corp.	38,268		2,270,823
Agricultural Chemicals - 0.8%
Agrium, Inc.	70,700		3,949,302
Agricultural Operations - 0.5%
Bunge, Ltd.	44,200		2,735,980
Airlines - 1.2%
Delta Air Lines, Inc.†	715,375		5,858,921
Apparel Manufacturers - 0.8%
VF Corp.	52,400		3,810,528
Auto/Truck Parts & Equipment-Original - 1.3%
Magna International, Inc., Class A	32,555		1,575,011
TRW Automotive Holdings Corp.†	146,100		3,179,136
WABCO Holdings, Inc.	83,366		1,969,939
			6,724,086
Banks-Commercial - 1.1%
BOK Financial Corp.	32,487		1,509,996
Popular, Inc.	715,709		1,696,230
Regions Financial Corp.	393,258		2,304,492
			5,510,718
Banks-Super Regional - 2.6%
Comerica, Inc.	191,698		5,457,642
Fifth Third Bancorp	273,043		2,752,274
Huntington Bancshares, Inc.	452,831		1,729,814
KeyCorp	224,600		1,316,156
SunTrust Banks, Inc.	79,200		1,871,496
			13,127,382
Beverages-Non-alcoholic - 0.4%
Dr Pepper Snapple Group, Inc.†	73,070		1,913,703
Building & Construction-Misc. - 0.6%
Multiplan Empreendimentos Imobiliarios SA	161,100		3,119,219
Building-Residential/Commercial - 2.2%
MDC Holdings, Inc.	185,000		5,492,650
Toll Brothers, Inc.†	287,909		5,611,346
			11,103,996
Cable/Satellite TV - 0.5%
Cablevision Systems Corp., Class A	103,767		2,596,250
Chemicals-Diversified - 1.5%
Celanese Corp., Class A	78,104		2,324,375
FMC Corp.	94,800		5,307,852
			7,632,227
Chemicals-Specialty - 0.5%
Cytec Industries, Inc.	76,200		2,589,276
Coal - 1.2%
Alpha Natural Resources, Inc.†	69,537		2,572,869
CONSOL Energy, Inc.	73,000		3,352,160
			5,925,029
Commercial Services - 1.2%
PHH Corp.†	444,300		6,140,226
Commercial Services-Finance - 0.3%
The Western Union Co.	94,100		1,736,145
Computer Graphics - 0.6%
Compagnie Generale de Geophysique-Veritas ADR†	138,900		2,854,395
Computer Services - 0.6%
Computer Sciences Corp.†	55,507		3,070,092
Computers-Integrated Systems - 0.4%
Teradata Corp.†	71,469		2,094,042
Computers-Memory Devices - 0.5%
NetApp, Inc.†	82,400		2,539,568
Consumer Products-Misc. - 0.6%
Jarden Corp.	103,630		2,844,644
Containers-Metal/Glass - 2.3%
Greif, Inc., Class A	65,300		3,647,658
Owens-Illinois, Inc.†	144,200		4,509,134
Rexam PLC	716,899		3,271,573
			11,428,365
Containers-Paper/Plastic - 0.9%
Packaging Corp. of America	75,707		1,508,084
Sonoco Products Co.	97,623		2,751,016
			4,259,100
Cosmetics & Toiletries - 0.4%
Alberto-Culver Co.	75,358		2,121,328
Distribution/Wholesale - 0.4%
WW Grainger, Inc.	22,283		2,177,049
Diversified Manufacturing Operations - 4.0%
Barnes Group, Inc.	198,000		3,070,980
Dover Corp.	63,200		2,583,616
Eaton Corp.	46,201		2,952,244
Ingersoll-Rand PLC	96,027		3,396,475
Pentair, Inc.	169,900		5,113,990
Textron, Inc.	148,500		2,977,425
			20,094,730
Diversified Operations - 0.4%
First Pacific Co.	3,288,000		1,909,149
E-Commerce/Services - 0.4%
Expedia, Inc.†	79,210		2,018,271
Electric Products-Misc. - 0.7%
AMETEK, Inc.	98,600		3,604,816
Electric-Integrated - 6.1%
Allegheny Energy, Inc.	74,000		1,626,520
CMS Energy Corp.	250,452		3,566,436
Edison International	102,084		3,475,960
Entergy Corp.	32,438		2,551,249
Northeast Utilities	192,400		4,638,764
NV Energy, Inc.	453,700		5,281,068
Wisconsin Energy Corp.	151,827		6,847,398
Xcel Energy, Inc.	120,915		2,456,993
			30,444,388
Electronic Components-Misc. - 1.6%
Flextronics International, Ltd.†	579,062		4,093,968
Kingboard Laminates Holdings, Ltd.	6,532,500		3,911,046
			8,005,014
Electronic Components-Semiconductors - 0.4%
Altera Corp.	103,369		2,173,850
Electronic Connectors - 1.0%
Amphenol Corp., Class A	51,049		2,103,219

Thomas & Betts Corp.†	75,900	2,770,350
		4,873,569
Electronic Parts Distribution - 2.1%
Arrow Electronics, Inc.†	298,492	7,844,370
Avnet, Inc.†	94,787	2,582,946
		10,427,316
Engineering/R&D Services - 0.6%
URS Corp.†	68,475	2,845,136
Enterprise Software/Service - 0.5%
BMC Software, Inc.†	71,062	2,752,231
Finance-Credit Card - 0.7%
Discover Financial Services	216,347	3,344,725
Finance-Investment Banker/Broker - 1.2%
TD Ameritrade Holding Corp.†	315,036	6,187,307
Finance-Other Services - 0.2%
Solar Cayman Ltd.†*(1)(2)(3)(4)	120,200	1,089,012
Food-Confectionery - 0.5%
The J.M. Smucker Co.	39,328	2,323,498
Food-Meat Products - 0.9%
BRF – Brasil Foods SA†	116,300	2,716,869
BRF – Brasil Foods SA ADR†	13,800	669,300
Marfrig Frigorificos e Comercio de Alimentos SA†	102,100	1,192,281
		4,578,450
Food-Misc. - 0.7%
ConAgra Foods, Inc.	167,880	3,725,257
Food-Retail - 0.4%
The Kroger Co.	92,362	2,100,312
Gas-Distribution - 1.6%
Sempra Energy	82,075	4,361,465
UGI Corp.	155,816	3,658,560
		8,020,025
Home Decoration Products - 0.4%
Newell Rubbermaid, Inc.	134,078	1,945,472
Hotel/Motels - 0.5%
Starwood Hotels & Resorts Worldwide, Inc.	78,868	2,525,353
Human Resources - 0.2%
Manpower, Inc.	25,013	1,232,140
Industrial Gases - 0.7%
Air Products & Chemicals, Inc.	44,369	3,679,521
Insurance Brokers - 0.5%
AON Corp.	61,260	2,372,600
Insurance-Life/Health - 2.8%
Lincoln National Corp.	127,949	2,931,312
Principal Financial Group, Inc.	107,400	2,726,886
Unum Group	441,580	8,407,683
		14,065,881
Insurance-Property/Casualty - 0.6%
Fidelity National Financial, Inc., Class A	94,800	1,316,772
First American Corp.	47,900	1,519,388
		2,836,160
Insurance-Reinsurance - 4.6%
Everest Re Group, Ltd.	82,344	7,008,298
PartnerRe, Ltd.	66,005	5,085,025
Platinum Underwriters Holdings, Ltd.	117,655	4,152,045
Reinsurance Group of America, Inc.	143,059	6,652,244
		22,897,612
Internet Security - 0.7%
McAfee, Inc.†	91,100	3,475,465
Investment Management/Advisor Services - 3.9%
Affiliated Managers Group, Inc.†	47,776	3,115,473
Ameriprise Financial, Inc.	258,275	9,845,443
Invesco, Ltd.	302,433	6,729,134
		19,690,050
Leisure Products - 0.4%
WMS Industries, Inc.†	45,335	1,762,625
Machine Tools & Related Products - 0.6%
Kennametal, Inc.	124,800	2,808,000
Machinery-Construction & Mining - 0.5%
Terex Corp.†	141,900	2,671,977
Medical Labs & Testing Services - 0.7%
Laboratory Corp. of America Holdings†	19,500	1,422,720
Quest Diagnostics, Inc.	37,695	2,184,048
		3,606,768
Medical-Drugs - 1.2%
Endo Pharmaceuticals Holdings, Inc.†	104,112	2,293,587
King Pharmaceuticals, Inc.†	308,500	3,649,555
		5,943,142
Medical-Generic Drugs - 1.3%
Impax Laboratories, Inc.†	549,815	6,267,891
Medical-HMO - 1.5%
CIGNA Corp.	240,407	7,712,257
Medical-Hospitals - 0.4%
Universal Health Services, Inc., Class B	36,682	2,050,157
Medical-Wholesale Drug Distribution - 1.5%
AmerisourceBergen Corp.	300,470	7,418,604
Metal-Iron - 1.2%
Cliffs Natural Resources, Inc.	140,240	6,178,974
Non-Hazardous Waste Disposal - 0.3%
Republic Services, Inc.	57,644	1,625,561
Oil & Gas Drilling - 0.5%
Nabors Industries, Ltd.†	44,624	921,485
Noble Corp.	39,106	1,615,469
		2,536,954
Oil Companies-Exploration & Production - 4.2%
EOG Resources, Inc.	27,569	2,384,443
Newfield Exploration Co.†	213,291	9,017,943
Noble Energy, Inc.	97,030	6,331,208
Pioneer Natural Resources Co.	54,729	2,263,044
Whiting Petroleum Corp.†	21,081	1,312,292
		21,308,930

Oil-Field Services - 0.9%
SBM Offshore NV		102,185			1,928,691
Smith International, Inc.		67,500			1,834,650
Weatherford International, Ltd.†		43,600			728,120
					4,491,461
Paper & Related Products - 0.4%
International Paper Co.		80,024			2,036,611
Publishing-Newspapers - 0.3%
Gannett Co., Inc.		155,636			1,539,240
Real Estate Investment Trusts - 3.9%
Boston Properties, Inc.		26,771			1,793,122
Chimera Investment Corp.		1,643,416			6,622,966
Essex Property Trust, Inc.		26,586			2,120,234
Federal Realty Investment Trust		40,953			2,634,097
Liberty Property Trust		65,838			1,951,438
Ventas, Inc.		69,050			2,964,317
Vornado Realty Trust		20,381			1,334,140
					19,420,314
Real Estate Management/Services - 0.5%
BR Malls Participacoes SA†		167,800			2,294,047
Real Estate Operations & Development - 0.3%
Iguatemi Empresa de Shopping Centers SA		84,500			1,390,123
Retail-Apparel/Shoe - 2.0%
American Eagle Outfitters, Inc.		191,300			2,942,194
AnnTaylor Stores Corp.†		101,200			1,414,776
Ross Stores, Inc.		82,700			3,637,146
The Gap, Inc.		90,012			1,928,057
					9,922,173
Retail-Regional Department Stores - 0.6%
Macy’s, Inc.		190,789			3,111,769
Savings & Loans/Thrifts - 0.1%
Beneficial Mutual Bancorp, Inc.†		68,604			638,017
Semiconductor Components-Integrated Circuits - 1.2%
Analog Devices, Inc.		108,279			3,247,287
Linear Technology Corp.		99,700			2,688,909
					5,936,196
Semiconductor Equipment - 2.4%
KLA-Tencor Corp.		76,028			2,375,115
Teradyne, Inc.†		309,300			2,740,398
Varian Semiconductor Equipment Associates, Inc.†		236,450			6,887,788
					12,003,301
Telecom Equipment-Fiber Optics - 0.4%
JDS Uniphase Corp.†		239,000			1,766,210
Telecom Services - 1.8%
Virgin Media, Inc.		548,200			9,023,372
Telecommunication Equipment - 0.4%
Tellabs, Inc.†		357,200			2,003,892
Telephone-Integrated - 0.4%
Windstream Corp.		210,982			2,092,941
Television - 0.4%
CBS Corp., Class B		159,126			2,038,404
Therapeutics - 0.2%
Theravance, Inc.†		91,471			1,203,758
Tobacco - 0.5%
Lorillard, Inc.		33,535			2,612,712
Tools-Hand Held - 0.5%
The Stanley Works		54,397			2,642,062
Toys - 0.6%
Mattel, Inc.		155,600			3,027,976
Transport-Services - 0.5%
Ryder System, Inc.		56,012			2,270,727
Transport-Truck - 0.9%
J.B. Hunt Transport Services, Inc.		82,900			2,641,194
Werner Enterprises, Inc.		101,365			1,891,471
					4,532,665
Travel Services - 0.6%
Thomas Cook Group PLC		795,522			2,774,471
Water Treatment Systems - 0.7%
Nalco Holding Co.		138,700			3,392,602
Total Long-Term Investment Securities (cost $460,468,044)					491,008,732
SHORT-TERM INVESTMENT SECURITIES - 1.2%
Time Deposits - 1.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/09 (cost $6,088,000)	$	6,088,000			6,088,000
REPURCHASE AGREEMENT - 0.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $3,752,003 and collateralized by $3,870,000 of United States Treasury Bills, bearing interest at 0.40% due 01/14/10 and having approximate value of $3,868,065 (cost $3,752,000)		3,752,000			3,752,000
TOTAL INVESTMENTS (cost $470,308,044)(5)		99.8	%		500,848,732
Other assets less liabilities		0.2			824,533
NET ASSETS		100.0	%	$	501,673,265

† Non-income producing security

* Securities exempt from the 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, 2009, the aggregate value of these securities was $1,089,012, representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Consists of more than one type of securities traded together as a unit.

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, 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, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2009, the Mid Cap Value Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Solar Cayman Ltd. Common Stock	3/9/2007	120,200	$	1,803,000	$	1,089,012	$	9.06	0.2	%

(3) Fair valued security. Securities are classified as level 3 disclosures based on the securities valuation inputs; (See Note 1).

(4) Illiquid security. At November 30, 2009, the aggregate value of the securities was $1,089,012, representing 0.2% of net assets.

(5) See Note 5 for cost of investments on a tax basis.

ADR - American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Electric – Integrated	$	30,444,388	$	—	$	—	$	30,444,388
Other Industries*		459,475,332		—		1,089,012		460,564,344
Short-Term Investment Securities:
Time Deposit		—		6,088,000		—		6,088,000
Repurchase Agreement		—		3,752,000		—		3,752,000
Total	$	489,919,720	$	9,840,000	$	1,089,012	$	500,848,732

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

	Common Stock
Balance as of 8/31/2009	$	1,121,466
Accrued discounts/premiums		—
Realized gain(loss)		—
Change in unrealized appreciation(depreciation)		(32,454	)
Net purchases(sales)		—
Transfers in and/or out of Level 3		—
Balance as of 11/30/2009	$	1,089,012

See Notes to Portfolio of Investments

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares		Market Value (Note 1)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) - 100.1%
Domestic Equity Investment Companies - 40.1%
VALIC Co. I Blue Chip Growth Fund	937,650		$	8,166,927
VALIC Co. I Small Cap Special Values Fund	1,339,317			9,803,801
VALIC Co. I Stock Index Fund	470,126			10,817,610
VALIC Co. I Value Fund	887,220			7,576,860
VALIC Co. II Capital Appreciation Fund	816,165			6,749,681
VALIC Co. II Mid Cap Value Fund	749,152			9,956,235
VALIC Co. II Small Cap Growth Fund†	150,573			1,442,491
VALIC Co. II Small Cap Value Fund	819,188			8,273,800
Total Domestic Equity Investment Companies (cost $49,402,339)				62,787,405
Fixed Income Investment Companies - 40.2%
VALIC Co. II Core Bond Fund	2,247,058			23,324,466
VALIC Co. II High Yield Bond Fund	2,104,215			15,339,724
VALIC Co. II Strategic Bond Fund	2,230,725			24,270,283
Total Fixed Income Investment Companies (cost $55,213,632)				62,934,473
International Equity Investment Companies - 13.3%
VALIC Co. I Foreign Value Fund	1,126,143			9,876,273
VALIC Co. I Global Real Estate Fund	1,261,125			10,240,337
VALIC Co. I International Equities Fund	1,754,764			10,791,798
Total International Equity Investment Companies (cost $17,023,923)				20,668,071
Real Estate Investment Companies - 6.5%
Valic Co. I Global Real Estate Fund (cost $7,000,004)	1,261,125			10,240,337
Total Long-Term Investment Securities (cost $128,639,898)(2)	100.1	%		156,630,286
Liabilities in excess of other assets	(0.1	)		(103,848	)
NET ASSETS	100.0	%	$	156,526,438

† Non-income producing security

# The Moderate Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports, is available at our website, www.valic.com.

(1) See Note 4

(2) See Note 5 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Affiliated Registered Investment Companies:
Domestic Equity Investment Companies	$	62,787,405	$	—	$	—	$	62,787,405
Fixed Income Investment Companies		62,934,473		—		—		62,934,473
International Equity Investment Companies		20,668,071		—		—		20,668,071
Real Estate Investment Companies		10,240,337		—		—		10,240,337
Total	$	156,630,286	$	—	$	—	$	156,630,286

See Notes to Portfolio of Investments

VALIC Company II Money Market II Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Principal Amount		Market Value (Note 1)
SHORT-TERM INVESTMENT SECURITIES - 91.7%
Certificates of Deposit - 10.5%
Barclays Bank PLC 0.64% due 12/07/09(1)	$	7,400,000	$	7,400,000
Barclays Bank PLC 0.82% due 01/08/10		1,800,000		1,801,101
Calyon 0.39% due 12/15/09(1)		600,000		599,799
Calyon 0.39% due 01/04/10(1)		2,000,000		1,999,879
Calyon 1.33% due 01/19/10(1)		4,000,000		4,000,209
Deutsche Bank AG 0.65% due 10/05/10		3,900,000		3,900,000
Royal Bank Of Canada 0.29% due 03/22/10(1)		4,250,000		4,250,000
Total Certificates of Deposit (amortized cost $23,950,988)				23,950,988
Commercial Paper - 1.5%
Deutsche Bank Financial LLC 0.10% due 12/01/09 (amortized cost $3,500,000)		3,500,000		3,500,000
U.S. Corporate Bonds & Notes - 18.1%
Bank of America Corp. Senior Notes 0.39% due 02/22/10(1)		7,500,000		7,494,284
Bank of America NA Senior Notes 0.87% due 02/12/10(1)		3,500,000		3,508,850
Citigroup, Inc. Senior Notes 0.42% due 02/18/10(1)		250,000		248,879
Citigroup Funding, Inc. Company Guar. Notes 1.33% due 02/08/10(1)		10,050,000		10,037,977
General Electric Capital Corp. Senior Notes 0.31% due 01/04/10(1)		1,500,000		1,499,950
General Electric Capital Corp. Senior Notes 0.33% due 12/14/09(1)		1,930,000		1,930,375
General Electric Capital Corp. Senior Notes 0.35% due 01/20/10(1)		1,885,000		1,885,316
General Electric Capital Corp. Senior Notes 0.40% due 12/14/09(1)		3,250,000		3,250,000
General Electric Capital Corp. FDIC Guar. Notes 0.94% due 12/09/09(1)		3,500,000		3,530,180
JPMorgan Chase & Co. FDIC Guar. Notes 0.35% due 02/23/10(1)		1,000,000		1,000,000

Wachovia Bank NA Senior Notes 0.42% due 12/02/09(1)	3,500,000	3,497,900
Wachovia Corp. Senior Notes 0.51% due 12/01/09(1)	3,750,000	3,749,140
Total U.S. Corporate Bonds & Notes (amortized cost $41,632,851)		41,632,851
U.S. Government Agencies - 60.1%
Federal Farm Credit Bank
0.23% due 12/27/10(1)	4,000,000	3,999,552
0.66% due 03/26/10(1)	3,800,000	3,800,000
4.75% due 05/07/10	215,000	218,886
5.25% due 09/13/10	35,000	36,170
Federal Home Loan Bank
0.18% due 07/13/10(1)	9,500,000	9,498,718
0.22% due 06/21/10(1)	8,000,000	8,000,000
0.23% due 10/08/10(1)	5,000,000	5,000,210
0.35% due 04/13/10(1)	3,800,000	3,800,000
0.50% due 10/19/10	7,600,000	7,598,940
0.90% due 04/07/10	1,500,000	1,499,737
1.00% due 02/12/10	8,000,000	7,983,778
1.02% due 02/26/10	6,500,000	6,498,695
1.05% due 02/23/10	3,800,000	3,799,111
1.05% due 03/05/10	3,800,000	3,799,395
4.13% due 08/13/10	195,000	199,455
5.00% due 09/01/10	40,000	41,218
7.63% due 05/14/10	35,000	36,105
Federal Home Loan Mtg. Corp.
0.08% due 03/17/10	3,600,000	3,599,152
0.14% due 02/04/10(1)	6,000,000	6,000,000
0.18% due 07/12/10(1)	3,000,000	2,999,968
0.21% due 04/26/10	3,800,000	3,796,764
0.22% due 04/26/10	3,800,000	3,796,610
0.24% due 12/22/09	4,000,000	3,999,440
0.24% due 04/26/10	3,800,000	3,796,301
0.28% due 12/14/09	4,000,000	3,999,596
0.33% due 04/07/11(1)	3,500,000	3,499,528
5.13% due 08/23/10	155,000	159,778
Federal National Mtg. Assoc.
0.07% due 02/17/10	3,600,000	3,599,493
0.17% due 07/13/10(1)	11,500,000	11,499,754
0.22% due 02/12/10(1)	7,885,000	7,885,126
0.23% due 08/05/10(1)	3,800,000	3,799,695
0.31% due 01/11/10	4,000,000	3,998,588
0.33% due 02/01/10	4,000,000	3,997,727
3.63% due 05/28/10	45,000	45,655
4.25% due 08/15/10	326,000	333,786
4.38% due 06/21/10	300,000	306,126

4.50% due 06/01/10	712,000			725,754
Total U.S. Government Agencies (amortized cost $137,648,811)				137,648,811
U.S. Government Treasuries - 1.5%
United States Treasury Notes 3.25% due 12/31/09 (amortized cost $3,509,095)	3,500,000			3,509,095
Total Short-Term Investment Securities - 91.7% (amortized cost $210,241,745)				210,241,745
REPURCHASE AGREEMENT - 8.7%
UBS Securities LLC Joint Repurchase Agreement(2) (amortized cost $19,907,000)	19,907,000			19,907,000
TOTAL INVESTMENTS - (amortized cost $230,148,745)(3)	100.4	%		230,148,745
Liabilities in excess of other assets	(0.4	)		(954,916	)
NET ASSETS	100.0	%	$	229,193,829

(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, 2009.

(2) See Note 2 for details of Joint Repurchase Agreements.

(3) See Note 5 for cost of investments on a tax basis.

FDIC - Federal Deposit Insurance Corp.

Allocation of investments as a percentage of net assets by industry category as of November 30, 2009:

U.S. Government Agencies	60.1	%
Foreign Bank	10.0
Repurchase Agreement	8.7
Super-Regional Banks - U.S.	8.0
Finance	5.3
Diversified Financial Services	4.5
Commercial Banks - Canadian	1.9
U.S. Government Securities	1.5
Money Center Banks	0.4
	100.4	%

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Short-Term Investment Securities:
Certificates of Deposit	$	—	$	23,950,988	$	—	$	23,950,988
Commercial Paper		—		3,500,000		—		3,500,000
U.S. Corporate Bonds & Notes		—		41,632,851		—		41,632,851
U.S. Government Agencies		—		137,648,811		—		137,648,811
U.S. Government Treasuries		—		3,509,095		—		3,509,095
Repurchase Agreement		—		19,907,000		—		19,907,000
Total	$	—	$	230,148,745	$	—	$	230,148,745

See Notes to Portfolio of Investments

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 98.3%
Advanced Materials - 0.7%
STR Holdings, Inc.†	22,500	$	299,250
Aerospace/Defense-Equipment - 1.2%
HEICO Corp.	14,180		531,041
Apparel Manufacturers - 1.8%
G-III Apparel Group, Ltd.†	30,800		522,676
Under Armour, Inc., Class A†	11,500		294,400
			817,076
Applications Software - 3.4%
NetSuite, Inc.†	39,850		556,306
Nuance Communications, Inc.†	62,290		946,185
			1,502,491
Batteries/Battery Systems - 0.7%
EnerSys†	14,300		325,468
Building & Construction Products-Misc. - 1.2%
Simpson Manufacturing Co., Inc.	8,570		213,050
Trex Co., Inc.†	17,500		313,775
			526,825
Building Products-Air & Heating - 1.1%
Lennox International, Inc.	13,650		506,688
Building Products-Cement - 0.7%
Eagle Materials, Inc.	11,100		299,256
Building-Heavy Construction - 0.4%
Orion Marine Group, Inc.†	9,200		170,108
Chemicals-Diversified - 0.5%
Innospec, Inc.	25,490		226,606
Commercial Services-Finance - 0.6%
Morningstar, Inc.†	6,090		282,332
Communications Software - 0.9%
SolarWinds, Inc.†	21,820		404,761
Computer Aided Design - 0.8%
ANSYS, Inc.†	9,310		362,531
Computer Data Security - 0.3%
Fortinet, Inc.†	7,500		127,425
Computer Services - 1.0%
Syntel, Inc.	11,710		442,989
Computers-Integrated Systems - 1.6%
NCI, Inc.†	11,630		292,611
Riverbed Technology, Inc.†	21,100		429,596
			722,207
Computers-Periphery Equipment - 1.2%
Compellent Technologies, Inc.†	25,300		525,481
Decision Support Software - 1.0%
MSCI, Inc., Class A†	15,350		467,715
Diagnostic Kits - 0.4%
Meridian Bioscience, Inc.	7,920		164,023
Diversified Manufacturing Operations - 0.9%
Carlisle Cos., Inc.	12,840		412,292
Drug Delivery Systems - 0.7%
Nektar Therapeutics†	34,300		298,753
E-Marketing/Info - 0.7%
Digital River, Inc.†	12,090		305,031
Educational Software - 1.4%
Blackboard, Inc.†	15,340		640,138
Electronic Components-Semiconductors - 2.6%
Cavium Networks, Inc.†	22,600		455,842
Microsemi Corp.†	22,790		347,092
Monolithic Power Systems, Inc.†	17,600		378,400
			1,181,334
Enterprise Software/Service - 5.0%
Concur Technologies, Inc.†	8,100		300,186
MedAssets, Inc.†	30,150		703,701
Omnicell, Inc.†	55,160		562,632
Taleo Corp., Class A†	32,940		680,540
			2,247,059
Entertainment Software - 0.9%
Take-Two Interactive Software, Inc.†	35,700		401,625
Finance-Investment Banker/Broker - 0.7%
Broadpoint Gleacher Securities, Inc.†	55,900		302,978
Footwear & Related Apparel - 0.7%
Iconix Brand Group, Inc.†	27,210		306,385
Home Furnishings - 0.6%
Tempur-Pedic International, Inc.†	12,900		277,995
Insurance-Property/Casualty - 1.6%
ProAssurance Corp.†	6,900		367,425
Tower Group, Inc.	13,492		332,983
			700,408
Internet Application Software - 1.8%
Art Technology Group, Inc.†	129,700		523,988
DealerTrack Holdings, Inc.†	17,340		295,820
			819,808
Internet Content-Information/News - 0.8%
Archipelago Learning, Inc.†	20,300		375,550
Internet Infrastructure Software - 0.7%
F5 Networks, Inc.†	6,970		327,799
Internet Security - 0.9%
Sourcefire, Inc.†	20,020		392,993
Investment Companies - 0.5%
PennantPark Investment Corp.	28,300		239,984
Investment Management/Advisor Services - 1.1%
Affiliated Managers Group, Inc.†	4,530		295,401
Calamos Asset Management, Inc., Class A	18,170		190,967
			486,368
Machinery-Electrical - 0.8%
Baldor Electric Co.	13,760		354,320
Machinery-General Industrial - 1.2%
Wabtec Corp.	14,400		554,400
Machinery-Pumps - 1.0%
Graco, Inc.	15,800		445,086
Medical Imaging Systems - 0.9%
Vital Images, Inc.†	31,770		401,573
Medical Information Systems - 0.5%
athenahealth, Inc.†	5,180		217,042
Medical Instruments - 2.4%
Bruker Corp.†	55,950		633,913

Thoratec Corp.†	15,420	459,362
		1,093,275
Medical Labs & Testing Services - 2.3%
Genoptix, Inc.†	17,780	644,525
ICON PLC ADR†	16,130	366,151
		1,010,676
Medical-Biomedical/Gene - 4.4%
Alexion Pharmaceuticals, Inc.†	4,590	208,156
ARIAD Pharmaceuticals, Inc.†	69,100	156,166
Enzo Biochem, Inc.†	74,910	388,034
Exelixis, Inc.†	46,330	316,897
Halozyme Therapeutics, Inc.†	56,130	306,470
Human Genome Sciences, Inc.†	12,200	339,404
Incyte Corp.†	29,400	244,902
		1,960,029
Medical-Drugs - 2.5%
Cumberland Pharmaceuticals, Inc.†	30,100	431,935
Medivation, Inc.†	9,690	297,483
Myriad Pharmaceuticals, Inc.†	27,965	140,105
Sucampo Pharmaceuticals, Inc. Class A†	36,120	119,557
ViroPharma, Inc.†	16,700	126,252
		1,115,332
Medical-HMO - 2.4%
Health Net, Inc.†	27,100	575,062
Healthspring, Inc.†	30,030	497,297
		1,072,359
Metal Processors & Fabrication - 0.8%
Commercial Metals Co.	23,580	374,922
Networking Products - 1.2%
Switch & Data Facilities Co., Inc.†	28,880	533,125
Non-Hazardous Waste Disposal - 0.8%
Waste Connections, Inc.†	10,900	353,705
Oil Companies-Exploration & Production - 3.6%
Comstock Resources, Inc.†	12,050	447,416
Concho Resources, Inc.†	9,240	377,731
Forest Oil Corp.†	22,890	419,345
Swift Energy Co.†	16,300	349,961
		1,594,453
Oil-Field Services - 0.5%
Oceaneering International, Inc.†	4,360	238,187
Patient Monitoring Equipment - 2.5%
Insulet Corp.†	55,290	677,856
Masimo Corp.†	16,245	428,218
		1,106,074
Physical Therapy/Rehabilitation Centers - 1.2%
Psychiatric Solutions, Inc.†	24,030	532,505
Private Corrections - 1.0%
The Geo Group, Inc.†	22,220	441,734
Recreational Centers - 0.6%
Life Time Fitness, Inc.†	12,714	287,336
Resort/Theme Parks - 0.5%
Vail Resorts, Inc.†	6,200	240,498
Retail-Apparel/Shoe - 6.6%
DSW, Inc., Class A†	40,700	949,938
J Crew Group, Inc.†	15,630	668,808
Lululemon Athletica, Inc.†	12,100	316,657
Talbots, Inc.†	50,900	336,449
The Children’s Place Retail Stores, Inc.†	12,900	411,768
The Men’s Wearhouse, Inc.	12,400	252,960
		2,936,580
Retail-Building Products - 0.4%
Lumber Liquidators, Inc.	8,000	188,960
Retail-Home Furnishings - 0.7%
Kirkland’s, Inc.†	19,800	301,554
Retail-Office Supplies - 0.9%
OfficeMax, Inc.†	36,800	389,344
Retail-Perfume & Cosmetics - 1.2%
Ulta Salon Cosmetics & Fragrance, Inc.†	33,190	545,312
Retail-Restaurants - 2.1%
DineEquity, Inc.†	11,100	236,541
PF Chang’s China Bistro, Inc.†	11,700	381,654
The Cheesecake Factory, Inc.†	16,480	310,318
		928,513
Retirement/Aged Care - 1.4%
Emeritus Corp.†	39,130	611,993
Satellite Telecom - 0.7%
DigitalGlobe, Inc.†	14,480	333,185
Savings & Loans/Thrifts - 0.4%
WSFS Financial Corp.	7,440	198,425
Schools - 2.1%
American Public Education, Inc.†	6,870	220,046
K12, Inc.†	9,300	166,656
Lincoln Educational Services Corp.†	25,910	573,129
		959,831
Semiconductor Components-Integrated Circuits - 0.9%
Hittite Microwave Corp.†	11,040	416,429
Semiconductor Equipment - 1.5%
Varian Semiconductor Equipment Associates, Inc.†	12,870	374,903
Verigy, Ltd.†	26,400	274,560
		649,463
Telecom Services - 1.6%
Cbeyond, Inc.†	19,340	249,679
Neutral Tandem, Inc.†	19,400	447,558
		697,237
Theaters - 0.6%
National CineMedia, Inc.	19,190	280,366
Therapeutics - 1.3%
BioMarin Pharmaceutical, Inc.†	18,190	300,317
Onyx Pharmaceuticals, Inc.†	5,000	143,050
Theravance, Inc.†	11,610	152,788
		596,155
Transport-Truck - 2.2%
Landstar System, Inc.	12,960	483,667

Marten Transport, Ltd.†		12,100			204,006
Old Dominion Freight Line, Inc.†		11,270			298,430
					986,103
Wireless Equipment - 1.5%
Viasat, Inc.†		21,740			666,331
Total Long-Term Investment Securities (cost $42,924,713)					44,033,185
SHORT-TERM INVESTMENT SECURITIES - 1.9%
Time Deposits - 1.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/09 (cost $852,000)	$	852,000			852,000
TOTAL INVESTMENTS (cost $43,776,713)(1)		100.2	%		44,885,185
Liabilities in excess of other assets		(0.2	)		(82,116	)
NET ASSETS		100.0	%	$	44,803,069

† Non-income producing security

(1) See Note 5 for cost of investments on a tax basis.

ADR - American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Enterprise Software/Service	$	2,247,059	$	—	$	—	$	2,247,059
Retail - Apparel/Shoe		2,936,580		—		—		2,936,580
Other Industries*		38,849,546		—		—		38,849,546
Short-Term Investment Securities:
Time Deposit		—		852,000		—		852,000
Total	$	44,033,185	$	852,000	$	—	$	44,885,185

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

See Notes to Portfolio of Investments

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (Unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 98.2%
Advanced Materials - 0.1%
STR Holdings, Inc.†	37,200	$	494,760
Advertising Services - 0.1%
Marchex, Inc., Class B	47,500		220,400
Aerospace/Defense - 0.3%
Cubic Corp.	30,700		1,068,974
Aerospace/Defense-Equipment - 0.5%
Orbital Sciences Corp.†	138,600		1,736,658
Agricultural Operations - 0.0%
Andersons, Inc.	4,000		104,520
Airlines - 0.9%
Hawaiian Holdings, Inc.†	41,600		260,000
Republic Airways Holdings, Inc.†	77,700		529,137
Skywest, Inc.	162,100		2,384,491
			3,173,628
Apparel Manufacturers - 0.6%
Jones Apparel Group, Inc.	106,000		1,796,700
Maidenform Brands, Inc.†	32,800		475,272
			2,271,972
Applications Software - 0.4%
Emdeon, Inc., Class A†	9,100		137,319
EPIQ Systems, Inc.†	91,600		1,186,220
			1,323,539
Audio/Video Products - 0.0%
Audiovox Corp., Class A†	19,300		142,241
Auto Repair Centers - 0.2%
Midas, Inc.†	79,261		577,813
Auto/Truck Parts & Equipment-Original - 1.0%
ArvinMeritor, Inc.†	144,300		1,170,273
Autoliv, Inc.	13,900		564,479
Modine Manufacturing Co.†	58,100		617,603
Superior Industries International, Inc.	76,600		1,096,912
			3,449,267
Auto/Truck Parts & Equipment-Replacement - 0.3%
ATC Technology Corp.†	41,900		922,638
Banks-Commercial - 10.5%
1st Source Corp.	41,330		586,886
1st United Bancorp, Inc.†	58,400		356,240
Alliance Financial Corp.	2,000		56,440
Bancfirst Corp.	33,500		1,257,925
Bancorp, Inc.†	34,400		199,864
Bank of Hawaii Corp.	69,500		3,176,150
Banner Corp.	38,200		106,578
Cardinal Financial Corp.	13,200		111,804
Cathay General Bancorp	64,100		500,621
Centerstate Banks of Florida, Inc.	24,500		202,125
Central Pacific Financial Corp.†	112,200		90,882
Century Bancorp, Inc. Class A	1,500		31,455
Chemical Financial Corp.	30,900		727,077
Citizens Republic Bancorp†	135,200		75,712
City Holding Co.	73,800		2,407,356
Community Bank System, Inc.	57,900		1,074,624
Community Trust Bancorp, Inc.	48,800		1,143,872
Cullen/Frost Bankers, Inc.	19,500		936,390
F.N.B. Corp.	198,400		1,291,584

Financial Institutions, Inc.	25,900	289,562
First BanCorp. Puerto Rico	75,200	116,560
First Busey Corp.	59,000	193,520
First Citizens BancShares, Inc., Class A	3,600	566,820
First Community Bancshares, Inc.	18,800	206,612
First Financial Bancorp	96,000	1,275,840
First Financial Bankshares, Inc.	9,000	466,020
First Merchants Corp.	9,700	58,103
First South Bancorp, Inc.	9,300	93,651
FirstMerit Corp.	169,717	3,555,571
Fulton Financial Corp.	1,099	9,473
Guaranty Bancorp†	37,400	38,148
Heartland Financial USA, Inc.	23,400	308,646
Hudson Valley Holding Corp.	7,100	185,736
Lakeland Bancorp, Inc.	45,262	275,193
Lakeland Financial Corp.	11,900	202,776
MB Financial, Inc.	16,600	309,590
Nara BanCorp., Inc.†	56,300	569,193
Northrim BanCorp, Inc.	12,900	207,303
Old National Bancorp	13,600	158,304
Old Second Bancorp, Inc.	9,200	51,520
Pacific Capital Bancorp	42,400	39,856
S&T Bancorp, Inc.	9,200	146,740
Santander Bancorp†	40,500	461,700
SCBT Financial Corp.	7,760	201,760
Sierra Bancorp	7,300	54,312
Simmons First National Corp., Class A	41,200	1,042,772
Southwest Bancorp, Inc.	44,700	299,490
Suffolk Bancorp	6,900	185,817
Sun Bancorp, Inc.†	44,363	159,263
Susquehanna Bancshares, Inc.	101,200	580,888
SVB Financial Group†	25,800	976,788
TCF Financial Corp.	171,600	2,254,824
The South Financial Group, Inc.	659,000	401,990
Tompkins Financial Corp.	15,080	601,692
Trustco Bank Corp. NY	65,500	403,480
UMB Financial Corp.	79,800	3,136,140
Umpqua Holdings Corp.	43,500	511,560
Union Bankshares Corp.	7,600	89,680
United Community Banks, Inc.†	69,000	267,030
Washington Trust Bancorp, Inc.	28,100	417,285
West Bancorp, Inc.	1,131	5,576
Westamerica Bancorporation	23,600	1,255,520
Whitney Holding Corp.	85,950	691,898
		37,657,787
Batteries/Battery Systems - 1.1%
A123 Systems, Inc.†	4,600	74,290
EnerSys†	171,700	3,907,892
		3,982,182
Building & Construction Products-Misc. - 0.9%
Builders FirstSource, Inc.†	36,000	137,160
Gibraltar Industries, Inc.†	135,800	2,034,284
Interline Brands, Inc.†	14,200	238,844
NCI Building Systems, Inc.†	26,600	49,476
Quanex Building Products Corp.	38,550	624,895
Trex Co., Inc.†	18,500	331,705
		3,416,364
Building & Construction-Misc. - 0.1%
Dycom Industries, Inc.†	32,400	252,396

Building Products-Air & Heating - 0.3%
Lennox International, Inc.	30,000	1,113,600
Building Products-Cement - 0.0%
US Concrete, Inc.†	69,200	49,132
Building Products-Light Fixtures - 0.2%
LSI Industries, Inc.	94,600	684,904
Building-Maintance & Services - 0.0%
Integrated Electrical Services, Inc.†	15,200	103,512
Building-Residential/Commercial - 0.0%
Amrep Corp.†	6,500	87,620
Chemicals-Diversified - 0.5%
Innophos Holdings, Inc.	45,300	1,122,081
Innospec, Inc.	68,600	609,854
		1,731,935
Chemicals-Plastics - 1.4%
A. Schulman, Inc.	14,300	233,376
PolyOne Corp.†	348,700	2,503,666
Spartech Corp.	203,000	2,206,610
		4,943,652
Chemicals-Specialty - 1.2%
H.B. Fuller Co.	130,700	2,661,052
ICO, Inc.	28,100	118,863
Minerals Technologies, Inc.	18,200	961,688
Zep, Inc.	29,050	513,604
		4,255,207
Circuit Boards - 0.4%
DDi Corp.†	8,000	30,880
Park Electrochemical Corp.	53,200	1,258,180
		1,289,060
Coal - 0.1%
Cloud Peak Energy, Inc.†	35,500	479,250
Westmoreland Coal Co.†	6,500	43,875
		523,125
Commerce - 0.0%
i2 Technologies, Inc.†	4,500	82,800
Commercial Services - 0.5%
ICT Group, Inc.†	9,500	151,715
PHH Corp.†	113,400	1,567,188
		1,718,903
Commercial Services-Finance - 1.3%
Advance America Cash Advance Centers, Inc.	36,900	230,994
Deluxe Corp.	138,400	1,785,360
Dollar Financial Corp.†	93,948	2,294,210
Global Cash Access Holdings, Inc.†	15,000	111,600
Jackson Hewitt Tax Service, Inc.†	52,700	218,178
		4,640,342
Computer Aided Design - 0.7%
Aspen Technology, Inc.†	272,900	2,606,195
Computer Data Security - 0.0%
Fortinet, Inc.†	8,500	144,415

Computer Services - 0.4%
CIBER, Inc.†	112,900	357,893
COMSYS IT Partners, Inc.†	20,100	167,433
Unisys Corp.†	31,010	995,111
		1,520,437
Computers-Integrated Systems - 0.2%
Agilysys, Inc.	73,922	609,857
Computers-Memory Devices - 0.2%
Imation Corp.†	35,400	310,458
Quantum Corp.†	1,400	3,416
Silicon Storage Technology, Inc.†	153,300	349,524
		663,398
Computers-Periphery Equipment - 0.6%
Electronics for Imaging, Inc.†	165,200	1,984,052
Consumer Products-Misc. - 3.0%
American Greetings Corp., Class A	176,200	3,647,340
Blyth, Inc.	45,800	1,489,874
Central Garden and Pet Co., Class A†	79,800	658,350
Helen of Troy, Ltd.†	82,200	1,689,210
Jarden Corp.	30,300	831,735
Prestige Brands Holdings, Inc.†	174,600	1,216,962
Tupperware Brands Corp.	27,700	1,289,435
		10,822,906
Containers-Metal/Glass - 0.3%
Silgan Holdings, Inc.	22,900	1,226,753
Containers-Paper/Plastic - 0.8%
Rock-Tenn Co., Class A	60,900	2,750,853
Data Processing/Management - 1.3%
Acxiom Corp.†	76,600	883,964
CSG Systems International, Inc.†	162,600	3,147,936
Fair Isaac Corp.	28,100	512,825
		4,544,725
Diagnostic Equipment - 0.1%
Affymetrix, Inc.†	90,700	429,918
Distribution/Wholesale - 1.6%
BlueLinx Holdings, Inc.†	40,400	107,060
Houston Wire & Cable Co.	4,800	53,328
Tech Data Corp.†	40,200	1,692,822
United Stationers, Inc.†	27,300	1,390,662
WESCO International, Inc.†	92,400	2,411,640
		5,655,512
Diversified Manufacturing Operations - 2.5%
Acuity Brands, Inc.	45,700	1,475,196
GP Strategies Corp.†	23,900	145,312
Koppers Holdings, Inc.	32,500	918,125
Leggett & Platt, Inc.	142,600	2,774,996
Standex International Corp.	49,000	894,250
Teleflex, Inc.	21,500	1,119,935
Tredegar Corp.	119,300	1,719,113
		9,046,927
E-Commerce/Services - 0.1%
Ancestry.com, Inc.†	17,600	231,440
E-Services/Consulting - 0.2%
Perficient, Inc.†	70,900	594,142

Electric-Integrated - 3.5%
Avista Corp.	175,700	3,656,317
Black Hills Corp.	34,000	801,380
El Paso Electric Co.†	151,200	2,993,760
NorthWestern Corp.	143,900	3,711,181
Unisource Energy Corp.	51,700	1,541,694
		12,704,332
Electronic Components-Misc. - 0.8%
Benchmark Electronics, Inc.†	54,200	977,226
CTS Corp.	42,700	395,829
Methode Electronics, Inc.	113,500	903,460
OSI Systems, Inc.†	12,900	263,547
Stoneridge, Inc.†	24,000	167,760
Technitrol, Inc.	60,200	304,612
		3,012,434
Electronic Components-Semiconductors - 0.4%
DSP Group, Inc.†	56,400	354,756
Lattice Semiconductor Corp.†	158,000	346,020
MIPS Technologies, Inc.†	52,100	195,896
Semtech Corp.†	27,600	442,152
Zoran Corp.†	6,800	62,152
		1,400,976
Energy-Alternate Sources - 0.0%
Headwaters, Inc.†	28,300	133,293
Engineering/R&D Services - 1.0%
EMCOR Group, Inc.†	155,800	3,708,040
Enterprise Software/Service - 0.7%
MedAssets, Inc.†	18,000	420,120
MicroStrategy, Inc., Class A†	18,800	1,646,316
Sybase, Inc.†	13,200	531,168
		2,597,604
Entertainment Software - 0.2%
Take-Two Interactive Software, Inc.†	63,100	709,875
Finance-Auto Loans - 0.4%
AmeriCredit Corp.†	54,100	998,145
Credit Acceptance Corp.†	9,926	343,340
		1,341,485
Finance-Consumer Loans - 1.2%
Ocwen Financial Corp.†	69,400	646,808
World Acceptance Corp.†	129,700	3,804,101
		4,450,909
Finance-Credit Card - 0.1%
CompuCredit Holdings Corp.	154,200	357,744
Finance-Investment Banker/Broker - 1.0%
Investment Technology Group, Inc.†	43,500	793,875
Oppenheimer Holdings, Inc.	28,400	894,316
Piper Jaffray Cos., Inc.†	43,900	1,903,065
		3,591,256
Finance-Leasing Companies - 0.3%
Financial Federal Corp.	36,200	981,020
Marlin Business Services Corp.†	10,200	71,910
		1,052,930

Financial Guarantee Insurance - 0.4%
Ambac Financial Group, Inc.†	86,300	66,451
Assured Guaranty, Ltd.	30,800	698,544
MGIC Investment Corp.†	97,900	391,600
PMI Group, Inc.†	88,900	163,576
		1,320,171
Food-Canned - 0.2%
Del Monte Foods Co.	85,900	901,091
Food-Misc. - 0.5%
B & G Foods, Inc.	71,900	615,464
Dole Food Co., Inc.†	80,300	922,647
M&F Worldwide Corp.†	11,400	376,770
		1,914,881
Food-Wholesale/Distribution - 0.4%
Nash Finch Co.	46,800	1,535,508
Footwear & Related Apparel - 0.3%
The Timberland Co., Class A†	34,100	569,470
Wolverine World Wide, Inc.	15,500	396,335
		965,805
Funeral Services & Related Items - 0.2%
Stewart Enterprises, Inc., Class A	168,800	789,984
Gambling (Non-Hotel) - 0.1%
Isle of Capri Casinos, Inc.†	26,000	196,820
Gas-Distribution - 2.3%
Chesapeake Utilities Corp.	850	26,639
National Fuel Gas Co.	4,200	196,686
New Jersey Resources Corp.	36,400	1,282,372
Nicor, Inc.	104,000	4,072,640
Piedmont Natural Gas, Inc.	21,700	514,290
Southwest Gas Corp.	76,500	2,005,065
UGI Corp.	5,800	136,184
		8,233,876
Home Furnishings - 0.5%
Furniture Brands International, Inc.†	72,600	303,468
La-Z-Boy, Inc.†	113,600	1,084,880
Tempur-Pedic International, Inc.†	26,200	564,610
		1,952,958
Hotel/Motels - 0.2%
Wyndham Worldwide Corp.	43,500	807,795
Human Resources - 1.0%
Cross Country Healthcare, Inc.†	36,668	312,045
Emergency Medical Services Corp., Class A†	9,700	468,025
Kforce, Inc.†	47,800	619,010
MPS Group, Inc.†	31,000	423,150
Spherion Corp.††	367,800	1,923,594
		3,745,824
Identification Systems - 0.0%
Checkpoint Systems, Inc.†	1,900	26,942
Industrial Automated/Robotic - 0.4%
Cognex Corp.	79,100	1,301,986
Instruments-Controls - 0.1%
Watts Water Technologies, Inc., Class A	10,500	321,825

Insurance Brokers - 0.1%
Crawford & Co., Class B†	68,600	263,424
Insurance-Life/Health - 2.0%
American Equity Investment Life Holding Co.	338,800	2,480,016
Conseco, Inc.†	209,200	1,002,068
Delphi Financial Group, Inc., Class A	110,750	2,420,995
FBL Financial Group, Inc., Class A	11,600	204,508
StanCorp Financial Group, Inc.	32,800	1,217,208
		7,324,795
Insurance-Multi-line - 0.6%
Horace Mann Educators Corp.	168,000	2,019,360
Insurance-Property/Casualty - 2.0%
Arch Capital Group, Ltd.†	17,200	1,201,248
First Mercury Financial Corp.	18,200	235,872
Harleysville Group, Inc.	85,800	2,700,126
Meadowbrook Insurance Group, Inc.	51,900	355,515
PMA Capital Corp., Class A†	41,600	264,992
ProAssurance Corp.†	29,400	1,565,550
Selective Insurance Group, Inc.	48,900	762,840
		7,086,143
Insurance-Reinsurance - 1.1%
Axis Capital Holdings, Ltd.	33,000	923,670
Platinum Underwriters Holdings, Ltd.	84,900	2,996,121
		3,919,791
Internet Application Software - 0.0%
S1 Corp.†	24,200	144,232
Internet Infrastructure Equipment - 0.3%
Avocent Corp.†	44,400	1,109,112
Internet Infrastructure Software - 0.3%
TIBCO Software, Inc.†	142,700	1,227,220
Investment Companies - 0.1%
Gladstone Capital Corp.	34,600	270,226
PennyMac Mortgage Investment Trust†	15,600	276,432
		546,658
Investment Management/Advisor Services - 0.6%
Affiliated Managers Group, Inc.†	20,000	1,304,200
Artio Global Investors, Inc.†	9,800	224,420
Janus Capital Group, Inc.	34,300	448,987
Pzena Investment Management, Inc., Class A†	19,700	140,461
		2,118,068
Lasers-System/Components - 0.8%
Coherent, Inc.†	99,700	2,534,374
Newport Corp.†	39,304	287,312
		2,821,686
Leisure Products - 0.1%
Brunswick Corp.	26,800	269,072
Linen Supply & Related Items - 0.1%
G&K Services, Inc., Class A	18,200	402,220
Machinery-Farming - 0.5%
AGCO Corp.†	54,500	1,651,895

Machinery-General Industrial - 0.9%
Applied Industrial Technologies, Inc.	79,900	1,657,925
Wabtec Corp.	40,800	1,570,800
		3,228,725
Machinery-Material Handling - 0.3%
Cascade Corp.	9,700	219,899
NACCO Industries, Inc., Class A	17,400	879,222
		1,099,121
Machinery-Print Trade - 0.0%
Duoyuan Printing, Inc.†	24,500	165,375
Machinery-Pumps - 0.0%
Tecumseh Products Co., Class A†	12,400	141,608
Medical Imaging Systems - 0.2%
Vital Images, Inc.†	57,100	721,744
Medical Information Systems - 0.0%
Medidata Solutions, Inc.†	8,600	145,770
Medical Products - 0.8%
Cantel Medical Corp.†	9,100	162,890
Invacare Corp.	77,300	1,924,770
TomoTherapy, Inc.†	204,100	698,022
		2,785,682
Medical-Biomedical/Gene - 0.6%
ARIAD Pharmaceuticals, Inc.†	81,800	184,868
Arqule, Inc.†	38,100	136,779
Halozyme Therapeutics, Inc.†	18,700	102,102
Harvard Bioscience, Inc.†	37,400	133,518
Incyte Corp.†	87,900	732,207
InterMune, Inc.†	7,200	77,328
Lexicon Pharmaceuticals, Inc.†	117,200	182,832
Novavax, Inc.†	71,900	215,700
Protalix BioTherapeutics, Inc.†	36,700	361,862
Seattle Genetics, Inc.†	21,100	195,808
		2,323,004
Medical-Drugs - 0.7%
Auxilium Pharmaceuticals, Inc.†	5,350	186,555
Bionovo, Inc.†	298,900	113,582
Cumberland Pharmaceuticals, Inc.†	25,000	358,750
Pharmasset, Inc.†	24,100	481,759
PharMerica Corp.†	25,400	382,270
Rigel Pharmaceuticals, Inc.†	78,100	591,217
Valeant Pharmaceuticals International†	5,600	183,064
XenoPort, Inc.†	7,000	115,290
		2,412,487
Medical-Generic Drugs - 0.3%
Perrigo Co.	28,700	1,152,018
Medical-HMO - 0.8%
Magellan Health Services, Inc.†	77,400	2,845,998
Medical-Outpatient/Home Medical - 0.4%
Gentiva Health Services, Inc.†	57,200	1,352,780
Metal Processors & Fabrication - 1.3%
Ampco-Pittsburgh Corp.	28,400	830,416
CIRCOR International, Inc.	9,600	231,744
Mueller Industries, Inc.	35,300	829,903
Worthington Industries, Inc.	236,700	2,771,757
		4,663,820

Metal-Diversified - 0.2%
Hecla Mining Co.†	83,000	548,630
Multilevel Direct Selling - 0.2%
Nu Skin Enterprises, Inc., Class A	27,000	723,060
Multimedia - 0.1%
Journal Communications, Inc., Class A	123,700	431,713
Networking Products - 0.5%
Black Box Corp.	54,800	1,544,812
LogMeIn, Inc.†	7,600	135,508
		1,680,320
Non-Ferrous Metals - 0.1%
Globe Specialty Metals, Inc.†	31,900	266,684
Office Furnishings-Original - 0.7%
HNI Corp.	60,000	1,516,200
Knoll, Inc.	27,800	270,216
Steelcase, Inc., Class A	128,700	702,702
		2,489,118
Office Supplies & Forms - 0.3%
ACCO Brands Corp.†	98,400	642,552
The Standard Register Co.	77,500	350,300
		992,852
Oil & Gas Drilling - 1.1%
Hercules Offshore, Inc.†	668,000	3,413,480
Pioneer Drilling Co.†	80,100	485,406
		3,898,886
Oil Companies-Exploration & Production - 1.8%
Brigham Exploration Co.†	6,400	66,816
Delta Petroleum Corp.†	14,700	13,377
Endeavour International Corp.†	187,100	177,745
Gulfport Energy Corp.†	94,200	895,842
Mariner Energy, Inc.†	36,991	462,757
PrimeEnergy Corp.†	600	20,580
Stone Energy Corp.†	84,300	1,594,113
Swift Energy Co.†	41,000	880,270
Vaalco Energy, Inc.	234,100	980,879
W&T Offshore, Inc.	140,500	1,454,175
		6,546,554
Oil Field Machinery & Equipment - 0.1%
Complete Production Services, Inc.†	19,300	200,527
Oil-Field Services - 1.4%
Cal Dive International, Inc.†	101,500	736,890
Helix Energy Solutions Group, Inc.†	48,100	565,656
Key Energy Services, Inc.†	470,600	3,585,972
		4,888,518
Paper & Related Products - 0.9%
Boise, Inc.†	17,200	84,108
Buckeye Technologies, Inc.†	164,500	1,592,360
Domtar Corp.†	12,500	705,250
Neenah Paper, Inc.	57,900	806,547
		3,188,265
Patient Monitoring Equipment - 0.2%
Insulet Corp.†	49,000	600,740

Pharmacy Services - 0.5%
Omnicare, Inc.	75,300	$	1,745,454
Physical Therapy/Rehabilitation Centers - 0.2%
RehabCare Group, Inc.†	19,500		549,315
Platinum - 0.1%
Stillwater Mining Co.†	53,000		504,560
Printing-Commercial - 0.2%
Valassis Communications, Inc.†	38,200		566,506
Publishing-Books - 0.2%
Scholastic Corp.	31,100		784,031
Radio - 0.2%
Cumulus Media, Inc., Class A†	109,400		246,150
Entercom Communications Corp., Class A†	54,700		338,046
			584,196
Real Estate Investment Trusts - 10.4%
Anworth Mortgage Asset Corp.	251,400		1,810,080
Apartment Investment & Management Co., Class A	99,803		1,348,338
Ashford Hospitality Trust, Inc.†	120,300		501,651
Brandywine Realty Trust	18,946		186,050
CBL & Associates Properties, Inc.	88,700		821,362
Colonial Properties Trust	20,783		224,664
DCT Industrial Trust, Inc.	372,100		1,767,475
Developers Diversified Realty Corp.	165,900		1,678,908
DiamondRock Hospitality Co.	157,300		1,264,692
Dupont Fabros Technology, Inc.	21,900		351,057
EastGroup Properties, Inc.	5,800		219,936
Education Realty Trust, Inc.	296,800		1,469,160
First Industrial Realty Trust, Inc.†	62,800		280,088
Home Properties, Inc.	45,000		2,021,850
Hospitality Properties Trust	79,500		1,543,095
Invesco Mortgage Capital, Inc.	2,900		61,480
LaSalle Hotel Properties	40,700		758,241
Lexington Realty Trust	361,802		1,758,358
LTC Properties, Inc.	102,100		2,624,991
MFA Mtg. Investments, Inc.	373,500		2,827,395
Mission West Properties, Inc.	94,100		640,821
Pennsylvania Real Estate Investment Trust	127,794		944,398
PS Business Parks, Inc.	67,200		3,194,688
Ramco-Gershenson Properties Trust	102,600		933,660
Saul Centers, Inc.	22,000		678,920
Senior Housing Properties Trust	107,900		2,241,083
Strategic Hotels & Resorts, Inc.†	44,100		74,970
Sunstone Hotel Investors, Inc.†	220,172		1,783,393
Taubman Centers, Inc.	51,100		1,755,796
U-Store-It Trust	45,600		296,856
Universal Health Realty Income Trust	43,500		1,334,580
			37,398,036
Recycling - 0.3%
Metalico, Inc.†	229,600		950,544
Rental Auto/Equipment - 0.2%
Electro Rent Corp.	17,800		180,314
Rent-A-Center, Inc.†	28,500		504,165
			684,479

Research & Development - 0.1%
Kendle International, Inc.†	33,900	507,483
Retail-Apparel/Shoe - 1.7%
AnnTaylor Stores Corp.†	107,600	1,504,248
Cache, Inc.†	65,900	270,190
Cato Corp., Class A	29,100	556,683
Charming Shoppes, Inc.†	172,900	833,378
Liz Claiborne, Inc.†	173,900	725,163
Pacific Sunwear of California, Inc.†	188,500	629,590
Rue21, Inc.†	10,700	264,397
Talbots, Inc.†	80,400	531,444
The Finish Line, Inc., Class A	85,500	756,675
		6,071,768
Retail-Automobile - 0.2%
Sonic Automotive, Inc.†	100,300	887,655
Retail-Bookstores - 0.4%
Barnes & Noble, Inc.	49,100	1,145,994
Borders Group, Inc.†	297,500	416,500
		1,562,494
Retail-Convenience Store - 0.1%
The Pantry, Inc.†	22,800	336,984
Retail-Discount - 0.2%
Big Lots, Inc.†	7,800	179,868
Fred’s, Inc.	47,400	463,098
		642,966
Retail-Hair Salons - 0.3%
Regis Corp.	59,300	928,638
Retail-Home Furnishings - 0.3%
Haverty Furniture Cos., Inc.	101,400	1,211,730
Retail-Jewelry - 0.1%
Signet Jewelers, Ltd.†	14,200	367,070
Retail-Leisure Products - 0.2%
MarineMax, Inc.†	109,700	767,900
Retail-Regional Department Stores - 0.4%
Dillard’s, Inc., Class A	88,100	1,496,819
Retail-Restaurants - 0.5%
O’Charley’s, Inc.†	115,400	740,868
PF Chang’s China Bistro, Inc.†	15,600	508,872
Ruby Tuesday, Inc.†	82,300	520,959
Ruth’s Hospitality Group, Inc.†	88,900	192,913
		1,963,612
Retail-Toy Stores - 0.1%
Build-A-Bear Workshop, Inc.†	66,600	315,684
Retirement/Aged Care - 0.1%
Brookdale Senior Living, Inc.†	24,800	386,384
Rubber/Plastic Products - 0.2%
Myers Industries, Inc.	71,700	592,959
Savings & Loans/Thrifts - 0.5%
Astoria Financial Corp.	80,200	832,476
First Financial Holdings, Inc.	10,600	141,934
First Niagara Financial Group, Inc.	17,100	225,549
OceanFirst Financial Corp.	23,300	236,029
Waterstone Financial, Inc.†	11,300	21,809

WSFS Financial Corp.	9,900	264,033
		1,721,830
Seismic Data Collection - 0.0%
T.G.C. Industries, Inc.†	28,500	114,570
Semiconductor Components-Integrated Circuits - 0.7%
Cirrus Logic, Inc.†	348,400	1,891,812
Emulex Corp.†	31,200	303,888
Integrated Device Technology, Inc.†	74,400	421,104
		2,616,804
Semiconductor Equipment - 0.6%
Brooks Automation, Inc.†	70,600	517,498
Novellus Systems, Inc.†	59,600	1,233,124
Photronics, Inc.†	30,500	123,220
Rudolph Technologies, Inc.†	20,000	130,000
		2,003,842
Steel Pipe & Tube - 0.2%
Mueller Water Products, Inc., Class A	149,900	755,496
Telecom Services - 0.3%
Consolidated Communications Holdings, Inc.	31,885	484,652
RCN Corp.†	61,700	528,769
		1,013,421
Telecommunication Equipment - 0.6%
Arris Group, Inc.†	99,100	990,009
CommScope, Inc.†	52,000	1,306,760
		2,296,769
Telephone-Integrated - 0.7%
CenturyTel, Inc.	35,400	1,259,886
Frontier Communications Corp.	140,356	1,108,812
		2,368,698
Television - 0.5%
Belo Corp., Class A	144,400	680,124
Sinclair Broadcast Group, Inc., Class A†	266,100	976,587
		1,656,711
Textile-Apparel - 0.2%
Perry Ellis International, Inc.†	43,175	603,587
Theaters - 0.0%
Carmike Cinemas, Inc.†	7,000	42,630
Therapeutics - 0.1%
Cypress Bioscience, Inc.†	20,600	109,180
Nabi Biopharmaceuticals†	28,700	141,778
Onyx Pharmaceuticals, Inc.†	10,200	291,822
		542,780
Toys - 0.3%
Hasbro, Inc.	20,100	595,965
Jakks Pacific, Inc.†	49,600	598,176
		1,194,141
Transport-Air Freight - 0.1%
Atlas Air Worldwide Holdings, Inc.†	15,300	448,290
Transport-Marine - 1.0%
Frontline, Ltd.	12,500	339,625
General Maritime Corp.	42,026	297,124

Horizon Lines, Inc. Class A		253,200	1,354,620
International Shipholding Corp.		29,500	979,695
Overseas Shipholding Group, Inc.		12,600	482,706
			3,453,770
Transport-Rail - 0.1%
RailAmerica, Inc.†		20,200	258,560
Transport-Services - 0.1%
Pacer International, Inc.†		134,200	381,128
Transport-Truck - 0.7%
Arkansas Best Corp.		29,100	716,442
Celadon Group, Inc.†		25,600	244,992
Heartland Express, Inc.		20,300	299,425
Saia, Inc.†		42,300	609,966
Werner Enterprises, Inc.		38,700	722,142
			2,592,967
Water - 0.2%
California Water Service Group		16,400	599,912
Web Hosting/Design - 0.2%
Web.Com Group, Inc.†		92,400	549,780
Web Portals/ISP - 0.1%
United Online, Inc.		67,700	460,360
Wire & Cable Products - 0.1%
Insteel Industries, Inc.		18,000	205,020
Wireless Equipment - 0.1%
InterDigital, Inc.†		8,300	197,457
Total Common Stock
(cost $377,294,903)			352,210,270
U.S. GOVERNMENT TREASURIES - 0.2%
United States Treasury Notes - 0.2%
1.25% due 11/30/10(1) (cost $656,325)	$	650,000	656,195
Total Long-Term Investment Securities
(cost $377,951,228)			352,866,465
REPURCHASE AGREEMENT - 1.7%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of 6,225,005 and collateralized by $6,415,000 of United States Treasury Bills, bearing interest at 0.40% due 01/14/10 and having approximate value of $6,411,793 (cost $6,225,000)		6,225,000	6,225,000

TOTAL INVESTMENTS
(cost $384,176,228)(2)	100.1	%		359,091,465
Liabilities in excess of other assets	(0.1	)		(483,623	)
NET ASSETS	100.0	%	$	358,607,842

† 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.

Open Futures Contracts

Number of Contracts	Type	Description	Expiration Month	Market Value at Trade Date		Market Value as of November 30, 2009		Unrealized Appreciation (Depreciation)
149	Long	Russell 2000 Mini Index	December 2009	$	8,877,255	$	8,630,080	$	(247,175	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices			Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	37,657,787		$	—	$	—	$	37,657,787
Real Estate Investment Trust		37,398,036			—		—		37,398,036
Other Industries*		277,154,447			—		—		277,154,447
U.S. Government Treasuries		656,195			—		—		656,195
Repurchase Agreement		—			6,225,000		—		6,225,000
Other Financial Instruments+
Futures Contracts - Depreciation		(247,175	)		—		—		(247,175	)
Total	$	352,619,290		$	6,225,000	$	—	$	358,844,290

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Portfolio of Investments

VALIC Company II Socially Responsible Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 (unaudited)

Security Description	Shares/ Principal Amount	Market Value (Note 1)
COMMON STOCK - 95.7%
Advertising Agencies - 0.3%
Omnicom Group, Inc.	49,261	$	1,808,864
Airlines - 0.2%
Southwest Airlines Co.	146,569		1,348,435
Applications Software - 3.3%
Microsoft Corp.	798,080		23,471,533
Athletic Footwear - 0.6%
NIKE, Inc., Class B	65,236		4,233,164
Auto-Heavy Duty Trucks - 0.4%
PACCAR, Inc.	80,235		2,975,114
Banks-Commercial - 0.1%
BB&T Corp.	37,588		935,941
Banks-Fiduciary - 1.1%
State Street Corp.	100,963		4,169,772
The Bank of New York Mellon Corp.	139,495		3,716,147
			7,885,919
Banks-Super Regional - 1.6%
Capital One Financial Corp.	41,248		1,582,273
PNC Financial Services Group, Inc.	57,910		3,301,449
US Bancorp	257,372		6,210,387
			11,094,109
Beverages-Non-alcoholic - 2.4%
The Coca-Cola Co.	295,971		16,929,541
Cable/Satellite TV - 0.5%
DIRECTV†	119,919		3,793,038
Chemicals-Specialty - 0.5%
Ecolab, Inc.	81,272		3,649,925
Coatings/Paint - 0.4%
The Sherwin-Williams Co.	48,224		2,933,948
Commercial Services - 0.1%
Quanta Services, Inc.†	50,528		947,400
Commercial Services-Finance - 0.3%
Mastercard, Inc., Class A	1,558		375,260
Visa, Inc., Class A	17,353		1,405,593
			1,780,853
Computers - 5.3%
Apple, Inc.†	94,685		18,928,478
Dell, Inc.†	224,716		3,172,990
Hewlett-Packard Co.	321,232		15,759,642
			37,861,110
Computers-Memory Devices - 0.8%
EMC Corp.†	319,332		5,374,358
Consumer Products-Misc. - 1.7%
Clorox Co.	35,941		2,166,164
Kimberly-Clark Corp.	145,680		9,610,510
			11,776,674
Containers-Metal/Glass - 0.5%
Ball Corp.	30,870		1,525,287
Crown Holdings, Inc.†	27,972		704,055
Owens-Illinois, Inc.†	41,775		1,306,304
			3,535,646
Cosmetics & Toiletries - 1.8%
Colgate-Palmolive Co.	129,138		10,872,128
The Estee Lauder Cos., Inc., Class A	33,361		1,562,296
			12,434,424
Distribution/Wholesale - 0.9%
Genuine Parts Co.	105,601		3,783,684
WW Grainger, Inc.	29,564		2,888,403
			6,672,087
Diversified Banking Institutions - 5.6%
Bank of America Corp.	870,959		13,804,700
Citigroup, Inc.	1,639,724		6,739,266
JPMorgan Chase & Co.	447,933		19,032,673
			39,576,639
Diversified Manufacturing Operations - 1.1%
Danaher Corp.	63,178		4,480,584
Harsco Corp.	45,238		1,403,735
Parker Hannifin Corp.	37,977		2,049,239
			7,933,558
E-Commerce/Products - 0.4%
Amazon.com, Inc.†	18,132		2,464,320
E-Commerce/Services - 0.1%
eBay, Inc.†	18,089		442,638
Electric Products-Misc. - 0.1%
Molex, Inc.	38,306		712,108
Electric-Generation - 0.4%
The AES Corp.†	232,528		2,962,407
Electric-Integrated - 0.7%
Allegheny Energy, Inc.	87,825		1,930,394
NSTAR	18,357		608,167
Pepco Holdings, Inc.	138,726		2,261,234
			4,799,795
Electronic Components-Semiconductors - 0.6%
Broadcom Corp., Class A†	78,045		2,278,914
Xilinx, Inc.	76,141		1,723,832
			4,002,746
Energy-Alternate Sources - 0.2%
First Solar, Inc.†	8,962		1,067,464
Engineering/R&D Services - 0.1%
Jacobs Engineering Group, Inc.†	20,179		706,063
Enterprise Software/Service - 1.9%
Oracle Corp.	620,409		13,698,631
Finance-Credit Card - 1.0%
American Express Co.	149,746		6,263,875
Discover Financial Services	57,174		883,910
			7,147,785
Finance-Investment Banker/Broker - 0.2%
The Charles Schwab Corp.	89,287		1,636,631
Finance-Other Services - 0.4%
CME Group, Inc.	5,016		1,646,402
NYSE Euronext	37,368		944,663
			2,591,065
Food-Confectionery - 0.2%
The Hershey Co.	38,718		1,369,456
Food-Misc. - 2.2%
General Mills, Inc.	51,631		3,510,908
Kellogg Co.	7,151		376,000

Kraft Foods, Inc., Class A	379,805	10,095,217
Sara Lee Corp.	126,365	1,534,071
		15,516,196
Food-Retail - 0.4%
Safeway, Inc.	119,919	2,698,177
Food-Wholesale/Distribution - 0.7%
Sysco Corp.	190,983	5,164,180
Gas-Distribution - 0.7%
CenterPoint Energy, Inc.	357,732	4,747,104
Independent Power Producers - 0.2%
Calpine Corp.†	67,300	748,376
Dynegy, Inc., Class A†	301,403	545,539
		1,293,915
Industrial Gases - 1.5%
Air Products & Chemicals, Inc.	29,542	2,449,918
Praxair, Inc.	98,017	8,040,335
		10,490,253
Insurance Brokers - 0.9%
AON Corp.	81,475	3,155,527
Marsh & McLennan Cos., Inc.	145,197	3,274,192
		6,429,719
Insurance-Life/Health - 1.0%
Aflac, Inc.	86,651	3,988,545
Principal Financial Group, Inc.	13,358	339,160
Prudential Financial, Inc.	52,395	2,611,891
		6,939,596
Insurance-Multi-line - 0.8%
Loews Corp.	20,558	728,164
MetLife, Inc.	102,708	3,511,587
The Allstate Corp.	61,702	1,752,954
		5,992,705
Insurance-Property/Casualty - 2.0%
Chubb Corp.	101,814	5,104,954
The Travelers Cos., Inc.	177,340	9,290,843
		14,395,797
Internet Security - 0.1%
Symantec Corp.†	41,900	743,725
Investment Management/Advisor Services - 0.3%
BlackRock, Inc.	6,077	1,379,965
Franklin Resources, Inc.	8,870	958,226
		2,338,191
Machinery-Construction & Mining - 1.0%
Caterpillar, Inc.	125,165	7,308,384
Machinery-Farming - 0.7%
Deere & Co.	94,647	5,064,561
Medical Instruments - 1.8%
Boston Scientific Corp.†	201,559	1,687,049
Medtronic, Inc.	263,886	11,199,322
		12,886,371
Medical Products - 0.6%
Stryker Corp.	79,121	3,987,698
Medical-Biomedical/Gene - 2.3%
Amgen, Inc.†	205,625	11,586,969
Gilead Sciences, Inc.†	104,382	4,806,791
		16,393,760
Medical-Drugs - 6.7%
Abbott Laboratories	247,988	13,512,866
Allergan, Inc.	14,829	862,010
Bristol-Myers Squibb Co.	441,380	11,171,328
Eli Lilly & Co.	231,908	8,517,981
Merck & Co., Inc.	372,302	13,481,055
		47,545,240
Medical-HMO - 1.6%
UnitedHealth Group, Inc.	241,578	6,926,041
WellPoint, Inc.†	84,316	4,555,594
		11,481,635
Medical-Wholesale Drug Distribution - 0.2%
Cardinal Health, Inc.	47,664	1,536,211
Metal Processors & Fabrication - 0.6%
Precision Castparts Corp.	39,502	4,095,567
Metal-Copper - 0.3%
Southern Copper Corp.	57,240	1,994,242
Multimedia - 3.4%
News Corp., Class A	285,509	3,271,933
The Walt Disney Co.	299,690	9,056,632
Time Warner, Inc.	273,098	8,389,571
Viacom, Inc., Class B†	110,847	3,285,505
		24,003,641
Networking Products - 2.3%
Cisco Systems, Inc.†	700,326	16,387,628
Office Automation & Equipment - 0.1%
Pitney Bowes, Inc.	38,147	878,907
Oil Companies-Exploration & Production - 4.5%
Apache Corp.	100,829	9,606,987
Chesapeake Energy Corp.	180,984	4,329,137
Devon Energy Corp.	137,901	9,287,632
EOG Resources, Inc.	75,197	6,503,789
Noble Energy, Inc.	6,712	437,958
Southwestern Energy Co.†	43,476	1,911,205
		32,076,708
Oil Companies-Integrated - 1.1%
Hess Corp.	116,225	6,736,401
Murphy Oil Corp.	17,298	975,434
		7,711,835
Oil Field Machinery & Equipment - 0.3%
National Oilwell Varco, Inc.	41,665	1,792,428
Oil-Field Services - 2.2%
Halliburton Co.	108,964	3,199,183
Schlumberger, Ltd.	198,682	12,693,793
		15,892,976
Pharmacy Services - 0.4%
Medco Health Solutions, Inc.†	44,338	2,800,388
Pipelines - 2.3%
El Paso Corp.	252,031	2,409,416
Oneok, Inc.	60,796	2,433,056

Spectra Energy Corp.		315,585			6,125,505
The Williams Cos., Inc.		259,459			5,160,640
					16,128,617
Power Converter/Supply Equipment - 0.1%
Hubbell, Inc., Class B		19,757			897,165
Printing-Commercial - 0.1%
R.R. Donnelley & Sons Co.		46,242			951,660
Real Estate Investment Trusts - 0.9%
Annaly Capital Management, Inc.		220,498			4,059,368
Equity Residential		43,394			1,397,721
Simon Property Group, Inc.		8,100			588,546
Vornado Realty Trust		5,219			341,636
					6,387,271
Retail-Apparel/Shoe - 0.3%
The Gap, Inc.		98,225			2,103,979
Retail-Building Products - 0.5%
Lowe’s Cos., Inc.		165,375			3,606,829
Retail-Discount - 1.2%
Target Corp.		178,613			8,316,221
Retail-Drug Store - 1.7%
CVS Caremark Corp.		224,592			6,964,598
Walgreen Co.		135,357			5,264,034
					12,228,632
Retail-Office Supplies - 0.4%
Staples, Inc.		127,491			2,973,090
Retail-Regional Department Stores - 0.6%
Kohl’s Corp.†		64,473			3,426,095
Macy’s, Inc.		40,120			654,357
					4,080,452
Retail-Restaurants - 1.9%
McDonald’s Corp.		195,978			12,395,608
Starbucks Corp.†		39,305			860,780
					13,256,388
Semiconductor Equipment - 0.7%
Applied Materials, Inc.		376,506			4,634,789
Telecom Equipment-Fiber Optics - 0.3%
Corning, Inc.		131,296			2,190,017
Telephone-Integrated - 2.0%
CenturyTel, Inc.		228,121			8,118,826
Qwest Communications International, Inc.		804,743			2,937,312
Sprint Nextel Corp.†		557,930			2,069,920
Windstream Corp.		67,256			667,180
					13,793,238
Toys - 0.0%
Mattel, Inc.		16,201			315,271
Transport-Rail - 1.4%
CSX Corp.		75,086			3,565,083
Norfolk Southern Corp.		126,584			6,506,418
					10,071,501
Transport-Services - 0.3%
C.H. Robinson Worldwide, Inc.		24,131			1,345,062
Expeditors International of Washington, Inc.		31,435			1,003,719
					2,348,781
Web Portals/ISP - 2.5%
Google, Inc., Class A†		29,981			17,478,923
Wireless Equipment - 1.8%
QUALCOMM, Inc.		282,184			12,698,280
Total Long-Term Investment Securities
(cost $630,160,669)					677,602,231
SHORT-TERM INVESTMENT SECURITIES - 3.7%
Commercial Paper - 3.3%
Erste Finance LLC 0.10% due 12/01/09	$	23,000,000			23,000,000
U.S. Government Treasuries - 0.4%
United States Treasury Bills
0.08% due 02/18/10(1)		2,100,000			2,099,884
0.09% due 03/18/10(1)		900,000			899,821
					2,999,705
Total Short-Term Investment Securities
(cost $25,999,427)					25,999,705
REPURCHASE AGREEMENT - 0.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $3,178,003 and collateralized by $3,150,000 of Federal Home Loan Bank Bonds, bearing interest at 4.38% due 09/17/10 and having approximate value of $3,278,205 (cost $3,178,000)		3,178,000			3,178,000
TOTAL INVESTMENTS
(cost $659,338,096)(2)		99.8	%		706,779,936
Other assets less liabilities		0.2			1,558,507
NET ASSETS		100.0	%	$	708,338,443

† 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.

Open Futures Contracts

Number of Contracts	Type	Description	Expiration Date	Market Value at Trade Date	Market Value as of November 30, 2009	Unrealized Appreciation (Depreciation)
545	Long	S&P 500 E-Mini Futures Index	December 2009	$28,614,420	$29,833,300	$1,218,880

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	37,861,110	$	—	$	—	$	37,861,110
Diversified Banking Institutions		39,576,639		—		—		39,576,639
Medical - Drugs		47,545,240		—		—		47,545,240
Other Industries*		552,619,242		—		—		552,619,242
Short-Term Investment Securities
Commercial Paper		—		23,000,000		—		23,000,000
U.S. Government Treasuries		2,999,705		—		—		2,999,705
Repurchase Agreement		—		3,178,000		—		3,178,000
Other Financial Instruments:+
Future Contracts - Appreciation		1,218,880		—		—		1,218,880
Total	$	681,820,816	$	26,178,000	$	—	$	707,998,816

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future, forward and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

	Common Stock Other Industries
Balance as of 8/31/2009	$	0
Accrued discounts/premiums		—
Realized gain(loss)		—
Change in unrealized appreciation(depreciation)		—
Net purchases(sales)		(0	)
Transfers in and/or out of Level 3		—
Balance as of 11/30/2009	$	—

See Notes to Portfolio of Investments

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS - November 30, 2009 - (Unaudited)

Security Description	Principal Amount/ Shares(12)		Market Value (Note 1)
ASSET BACKED SECURITIES - 1.8%
Diversified Financial Services - 1.8%
Banc of America Commercial Mtg., Inc. Series 2006-6, Class AM 5.39% due 10/10/45(1)	$	108,000	$	79,322
Carrington Mtg. Loan Trust Series 2006-NC3, Class A2 0.34% due 08/25/36(2)		1,969,692		1,653,256
Chase Mtg. Finance Corp. Series 2007-A2, Class 1A1 4.05% due 07/25/37(2)(3)		517,513		436,480
Commercial Mtg. Asset Trust Series 1999-C1, Class D 7.35% due 01/17/32(1)		270,000		292,750
Commercial Mtg. Pass Through Certs. Series 2006-CN2A, Class A2FL 0.46% due 02/05/19*(1)(4)		550,000		501,052
CS First Boston Mtg. Securities Corp. Series 2002-CKN2, Class A3 6.13% due 04/15/37(1)		800,000		844,605
Goldman Sachs Mtg. Securities Trust Series 2007-GG10, Class A4 5.81% due 08/10/45(1)(2)		2,900,000		2,387,198
GSR Mtg. Loan Trust Series 2004-10F, Class 6A1 5.00% due 09/25/34(3)		302,427		308,098
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2006-LDP9, Class AM 5.37% due 05/15/47(1)		310,000		229,588
LB Commercial Conduit Mtg. Trust Series 1998-C1, Class E 7.00% due 02/18/30(1)		155,000		171,817
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR12, Class 2A1 6.10% due 09/25/36(3)		152,295		127,558
Total Asset Backed Securities (cost $7,662,189)				7,031,724
CONVERTIBLE BONDS & NOTES - 0.0%
Telecom Services - 0.0%
ICO North America, Inc. Senior Sec. Notes 7.50% due 08/15/09†(5)(6)(7)(11)(16)(18) (cost $140,000)		140,000		73,500
U.S. CORPORATE BONDS & NOTES - 39.0%
Advertising Services - 0.1%
Visant Holding Corp. Senior Notes 10.25% due 12/01/13(8)		453,000		467,156
Aerospace/Defense - 0.2%
Lockheed Martin Corp. Senior Notes 5.50% due 11/18/39		450,000		453,294

Spirit Aerosystems, Inc. Company Guar. Notes 7.50% due 10/01/17*	205,000	200,900
		654,194
Agricultural Chemicals - 0.1%
Terra Capital, Inc. Senior Notes 7.75% due 11/01/19*	400,000	424,000
Airlines - 0.8%
American Airlines, Inc. Pass Through Certs. Series 2001-2, Class A-2 7.86% due 04/01/13	455,000	452,725
Continental Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.50% due 06/15/11	300,000	297,000
Continental Airlines, Inc. Pass Through Certs. Series 1991, Class A 6.55% due 02/02/19	209,397	202,068
Continental Airlines, Inc. Pass Through Certs. Series 2000-2, Class C 8.31% due 04/02/11	29,733	27,652
Delta Air Lines, Inc. Pass Through Certs. Series 2001-1, Class A2 7.11% due 09/18/11	500,000	495,000
Delta Air Lines, Inc. Pass Through Certs. Series 2000-1, Class A-2 7.57% due 11/18/10	185,000	185,925
Delta Air Lines, Inc. Senior Sec. Notes 9.50% due 09/15/14*	425,000	431,375
Delta Air Lines, Inc. Senior Sec. Notes 12.25% due 03/15/15*	175,000	161,875
United Air Lines, Inc. Pass Through Certs. 9.75% due 01/15/17	350,000	355,250
United Air Lines, Inc. Pass Through Certs. Class B 12.00% due 01/15/16*	210,000	205,800
United AirLines, Inc. Pass Through Certs. Series 2001-1 Class B 6.93% due 09/01/11	418,972	416,877
United AirLines, Inc. Pass Through Certs. Series 2000-2, Class A-2 7.19% due 04/01/11	49,475	49,227
		3,280,774
Applications Software - 0.1%
SS&C Technologies, Inc. Company Guar. Notes 11.75% due 12/01/13	385,000	406,656
Auction Houses/Art Dealers - 0.2%
KAR Auction Services, Inc. Company Guar. Notes 4.28% due 05/01/14(4)	275,000	255,750

KAR Auction Services, Inc. Company Guar. Notes 8.75% due 05/01/14	385,000	390,775
		646,525
Auto-Heavy Duty Trucks - 0.1%
Navistar International Corp. Senior Notes 8.25% due 11/01/21	300,000	294,750
Auto/Truck Parts & Equipment-Original - 0.1%
ArvinMeritor, Inc. Senior Notes 8.13% due 09/15/15	450,000	409,500
Auto/Truck Parts & Equipment-Replacement - 0.2%
Affinia Group, Inc. Senior Sec. Notes 10.75% due 08/15/16*	325,000	352,625
Allison Transmission Senior Notes 11.00% due 11/01/15*	425,000	439,875
Exide Corp. Notes 10.00% due 04/15/05†(5)(7)	150,000	0
		792,500
Banks-Commercial - 0.4%
BB&T Corp. Sub. Notes 0.57% due 05/23/17(4)	168,000	145,790
BB&T Corp. Senior Notes 3.38% due 09/25/13	120,000	122,176
KeyBank NA Sub. Notes 5.45% due 03/03/16	132,000	124,788
KeyBank NA Sub. Notes 7.41% due 10/15/27	52,000	54,585
Union Bank of California NA Sub. Notes 5.95% due 05/11/16	100,000	101,751
Wachovia Bank NA Sub. Notes 5.00% due 08/15/15	546,000	570,740
Wachovia Bank NA Sub. Notes 5.60% due 03/15/16	51,000	53,508
Zions Bancorp Senior Notes 7.75% due 09/23/14	450,000	400,500
		1,573,838
Banks-Fiduciary - 0.0%
State Street Capital Trust IV Company Guar. Notes 1.30% due 06/15/37(4)	230,000	159,475

Banks-Super Regional - 0.9%
BAC Capital Trust VI Bank Guar. Bonds 5.63% due 03/08/35	230,000	164,562
BAC Capital Trust XI Bank Guar. Bonds 6.63% due 05/23/36	196,000	162,669
BAC Capital Trust XIII Bank Guar. Notes 0.70% due 03/15/12(4)(9)	575,000	325,957
BAC Capital Trust XV Bank Guar. Notes 1.16% due 06/01/56(4)	160,000	99,273
Bank of America NA Senior Sub. Notes 5.30% due 03/15/17	416,000	407,691
Fifth Third Capital Trust IV Bank Guar. Notes 6.50% due 04/15/37(4)	945,000	656,775
National City Corp. Senior Notes 4.90% due 01/15/15	78,000	81,883
National City Corp. Sub. Notes 6.88% due 05/15/19	135,000	147,681
PNC Funding Corp. Bank Guar. Notes 4.25% due 09/21/15	120,000	123,946
USB Capital IX Company Guar. Notes 6.19% due 04/15/11(4)(9)	373,000	290,940
Wachovia Capital Trust III Bank Guar. Notes 5.80% due 03/15/11(4)(9)	950,000	650,750
Wachovia Corp. Sub. Notes 5.63% due 10/15/16	120,000	125,860
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16	146,000	153,239
		3,391,226
Beverages-Non-alcoholic - 0.1%
Bottling Group LLC Company Guar. Notes 6.95% due 03/15/14	227,000	267,173
Beverages-Wine/Spirits - 0.1%
Constellation Brands, Inc. Company Guar. Notes 7.25% due 05/15/17	525,000	530,250
Brewery - 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.38% due 01/15/20*	597,000	626,526
Broadcast Services/Program - 0.2%
Fisher Communications, Inc. Senior Notes 8.63% due 09/15/14	562,000	535,305

Nexstar Broadcasting, Inc. Company Guar. Notes 0.50% due 01/15/14*(10)(13)	190,566	129,585
Nexstar Broadcasting, Inc. Company Guar. Notes 7.00% due 01/15/14	63,000	44,179
		709,069
Building & Construction Products-Misc. - 0.1%
Interline Brands, Inc. Senior Sub. Notes 8.13% due 06/15/14	400,000	395,000
USG Corp. Company Guar. Notes 9.75% due 08/01/14*	150,000	157,125
		552,125
Building Products-Cement - 0.1%
Texas Industries, Inc. Company Guar. Notes 7.25% due 07/15/13	525,000	507,938
Building-Residential/Commercial - 0.4%
D.R. Horton, Inc. Senior Notes 6.50% due 04/15/16	800,000	768,000
KB Home Company Guar. Notes 6.25% due 06/15/15	750,000	693,750
		1,461,750
Cable/Satellite TV - 1.8%
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10	344,000	426,560
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10	661,000	822,945
CCH II LLC/CCH II Capital Corp. Company Guar. Notes 10.25% due 10/01/13*	35,000	40,600
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 8.75% due 11/15/13	1,005,000	1,106,756
Cequel Communications Holdings I LLC/Cequel Capital Corp. Senior Notes 8.63% due 11/15/17*	300,000	295,500
Charter Communications Operating LLC Senior Notes 12.88% due 09/15/14*	5,000	5,569
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Notes 10.38% due 04/30/14*	1,035,000	1,053,113
Comcast Corp. Company Guar. Notes 5.85% due 11/15/15	174,000	192,286
Comcast Corp. Company Guar. Notes 5.90% due 03/15/16	800,000	872,937

COX Communications, Inc. Senior Notes 6.95% due 06/01/38*	213,000	226,805
COX Communications, Inc. Notes 7.13% due 10/01/12	125,000	141,214
CSC Holdings, Inc. Senior Notes 8.50% due 06/15/15*	600,000	630,750
CSC Holdings, Inc. Senior Notes 8.63% due 02/15/19*	375,000	397,500
DISH DBS Corp. Company Guar. Notes 7.75% due 05/31/15	625,000	634,375
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17	111,000	118,326
		6,965,236
Casino Hotels - 0.6%
Eldorado Casino Corp. (Shreveport) Sec. Bonds 10.00% due 08/01/12(7)(10)	362,426	303,985
Eldorado Resorts LLC Senior Notes 9.00% due 04/15/14(5)(7)	250,000	212,950
Harrahs Entertainment, Inc. Senior Sec. Notes 11.25% due 06/01/17*	775,000	790,500
MGM Mirage Company Guar. Notes 6.75% due 09/01/12	325,000	277,063
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*	375,000	410,625
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*	345,000	335,512
		2,330,635
Casino Services - 0.1%
Snoqualmie Entertainment Authority Senior Sec. Notes 9.13% due 02/01/15*	770,000	400,400
Cellular Telecom - 0.8%
Centennial Communications Corp. Senior Notes 10.13% due 06/15/13	1,085,000	1,117,550
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11	457,000	494,274

Cricket Communications, Inc. Company Guar. Notes 9.38% due 11/01/14	285,000	274,312
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15	815,000	790,550
MetroPCS Wireless, Inc. Company Guar. Notes 9.25% due 11/01/14	556,000	557,390
		3,234,076
Chemicals-Diversified - 0.3%
FMC Corp. Senior Notes 5.20% due 12/15/19	140,000	141,963
Olin Corp. Senior Notes 8.88% due 08/15/19	535,000	565,762
The Dow Chemical Co. Senior Notes 5.90% due 02/15/15	420,000	449,103
		1,156,828
Chemicals-Plastics - 0.2%
Hexion US Finance Corp. Senior Sec. Notes 9.75% due 11/15/14	625,000	600,000
Chemicals-Specialty - 0.2%
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14	550,000	525,250
Momentive Performance Materials, Inc. Company Guar. Notes 12.50% due 06/15/14*	269,000	293,210
		818,460
Circuit Boards - 0.1%
Viasystems, Inc. Senior Sec. Notes 12.00% due 01/15/15*	310,000	313,100
Coal - 0.3%
Arch Coal, Inc. Senior Notes 8.75% due 08/01/16*	525,000	540,750
Drummond Co., Inc. Senior Notes 9.00% due 10/15/14*	625,000	637,500
		1,178,250
Coatings/Paint - 0.0%
RPM International, Inc. Senior Note 6.50% due 02/15/18	125,000	129,396
Computer Services - 0.3%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*	670,000	680,050

SunGard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13	656,000	665,840
		1,345,890
Consulting Services - 0.1%
FTI Consulting, Inc. Company Guar. Notes 7.75% due 10/01/16	225,000	221,906
Consumer Products-Misc. - 0.2%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*	543,000	538,927
Clorox Co. Senior Notes 3.55% due 11/01/15	140,000	143,715
		682,642
Containers-Metal/Glass - 0.2%
Ball Corp. Company Guar. Notes 7.38% due 09/01/19	400,000	409,000
Crown Cork & Seal Co., Inc. Debentures 7.38% due 12/15/26	140,000	126,000
Owens-Brockway Glass Container, Inc. Company Guar. Notes 8.25% due 05/15/13	245,000	249,900
		784,900
Containers-Paper/Plastic - 0.3%
Berry Plastics Escrow LLC/Berry Plastics Escrow Corp. Senior Sec. Notes 8.25% due 11/15/15*	325,000	319,312
Berry Plastics Escrow LLC/ Berry Plastics Escrow Corp. Senior Sec. Notes 8.88% due 09/15/14*	350,000	319,375
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17	400,000	422,000
		1,060,687
Cosmetics & Toiletries - 0.2%
Revlon Consumer Products Corp. Company Guar. Notes 9.75% due 11/15/15*	650,000	657,312
Decision Support Software - 0.2%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15	1,045,000	979,687
Direct Marketing - 0.2%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12	901,000	625,069

Diversified Banking Institutions - 2.5%
Bank of America Corp. Sub. Notes 5.42% due 03/15/17	404,000	393,623
Bank of America Corp. Sub. Notes 5.75% due 08/15/16	140,000	136,934
Bank of America Corp. Sub. Notes 7.25% due 10/15/25	49,000	51,959
Bank of America Corp. Junior Sub. Notes 8.00% due 01/30/18(4)(9)	550,000	479,045
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14	419,000	407,212
Citigroup, Inc. Senior Notes 5.13% due 05/05/14	120,000	121,357
Citigroup, Inc. Senior Notes 5.50% due 04/11/13	184,000	190,173
Citigroup, Inc. Senior Notes 5.85% due 07/02/13	500,000	525,109
Citigroup, Inc. Senior Notes 6.13% due 05/15/18	257,000	256,632
Citigroup, Inc. Sub. Notes 7.25% due 10/01/10	280,000	290,387
GMAC LLC Company Guar. Notes 6.00% due 04/01/11	1,615,000	1,546,363
GMAC LLC Company Guar. Notes 6.88% due 09/15/11	1,404,000	1,351,350
GMAC LLC Sub. Notes 8.00% due 12/31/18	1,725,000	1,431,750
JPMorgan Chase & Co. Senior Notes 3.70% due 01/20/15	183,000	186,190
JPMorgan Chase & Co. Sub. Notes 4.89% due 09/01/15(4)	162,000	161,794
Morgan Stanley Senior Notes 4.20% due 11/20/14	390,000	391,803
Morgan Stanley Senior Notes 5.63% due 09/23/19	188,000	190,412
Morgan Stanley Senior Notes 6.00% due 04/28/15	676,000	734,496
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15	173,000	183,642

The Goldman Sachs Group, Inc. Senior Notes 5.95% due 01/18/18	210,000	224,687
The Goldman Sachs Group, Inc. Senior Notes 6.25% due 09/01/17	115,000	125,347
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37	405,000	416,841
		9,797,106
Diversified Financial Services - 0.8%
CIT Group Funding Co. of Delaware LLC Company Guar. Notes 4.65% due 07/01/10†(17)(18)	1,155,000	1,138,956
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/57(4)	850,000	756,500
Deutsche Bank Capital Trust Jr. Sub Notes 2.08% due 06/30/10(4)(9)	300,000	195,000
General Electric Capital Corp. Senior Notes 5.88% due 01/14/38	162,000	150,363
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37	740,000	709,599
USAA Capital Corp. Notes 3.50% due 07/17/14*	100,000	101,348
		3,051,766
Diversified Manufacturing Operations - 0.2%
General Electric Co. Senior Notes 5.25% due 12/06/17	85,000	88,411
Harland Clarke Holdings Corp. Notes 6.00% due 05/15/15(4)	125,000	103,750
Harland Clarke Holdings Corp. Notes 9.50% due 05/15/15	445,000	417,744
SPX Corp. Senior Notes 7.63% due 12/15/14	300,000	306,000
Textron, Inc. Senior Notes 6.20% due 03/15/15	48,000	49,983
		965,888
Electric-Generation - 0.9%
Allegheny Energy Supply Co., LLC Senior Notes 6.75% due 10/15/39*	240,000	231,049
Edison Mission Energy Senior Notes 7.63% due 05/15/27	370,000	244,200
Homer City Funding LLC Senior Notes 8.14% due 10/01/19	237,250	225,388

Midwest Generation LLC Pass Thru Certs., Series B 8.56% due 01/02/16	271,310	274,023
Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series B 9.24% due 07/02/17	518,145	531,746
Reliant Energy Mid-Atlantic Power Holdings LLC Pass Through Certs., Series C 9.68% due 07/02/26	300,000	308,250
Sithe/Independence Funding Corp. Senior Notes 9.00% due 12/30/13	406,625	415,998
The AES Corp. Senior Notes 8.00% due 10/15/17	715,000	713,213
The AES Corp. Senior Notes 8.00% due 06/01/20	225,000	222,750
The AES Corp. Senior Sec. Notes 8.75% due 05/15/13*	532,000	541,310
		3,707,927
Electric-Integrated - 1.4%
Ameren Energy Generating Co. Senior Notes 6.30% due 04/01/20	196,000	196,701
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14	208,000	240,859
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33	316,000	334,897
Dominion Resources, Inc. Senior Notes 7.00% due 06/15/38	130,000	154,722
Entergy Texas, Inc. 1st Mtg. Notes 7.13% due 02/01/19	350,000	399,815
Exelon Generation Co., LLC Senior Notes 6.25% due 10/01/39	130,000	135,774
FirstEnergy Corp. Senior Notes 7.38% due 11/15/31	183,000	204,573
FirstEnergy Solutions Corp. Company Guar. Notes 6.80% due 08/15/39*	271,000	281,601
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21	680,000	615,400
Mirant Mid-Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17	237,050	242,976
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/19	337,000	386,906
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12	345,000	373,734
Progress Energy, Inc.      Senior Notes 6.00% due 12/01/39	300,000	304,195
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11	40,000	43,188
Sierra Pacific Power Co. General Refunding Mtg. 6.75% due 07/01/37	150,000	163,991
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes, Series A 10.25% due 11/01/15	1,480,000	1,050,800
Texas Competitive Electric Holdings Co., LLC Company Guar. Notes 11.25% due 11/01/16(11)	602,458	373,524
		5,503,656
Electronic Components-Misc. - 0.3%
Jabil Circuit, Inc. Senior Notes 7.75% due 07/15/16	550,000	566,500
Sanmina-SCI Corp. Company Guar. Notes 6.75% due 03/01/13	550,000	536,250
		1,102,750
Electronic Components-Semiconductors - 0.3%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13	660,000	656,700
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17	102,000	103,942
Spansion LLC Senior Sec. Notes 0.00% due 06/01/13†*(4)(17)(18)	345,000	358,800
		1,119,442
Electronics-Military - 0.0%
L-3 Communications Corp. Senior Notes 5.20% due 10/15/19*	96,000	98,597
Energy-Alternate Sources - 0.1%
Headwaters, Inc. Senior Notes 11.38% due 11/01/14*	400,000	409,000
Finance-Auto Loans - 0.7%
Ford Motor Credit Co. LLC Senior Notes 7.38% due 02/01/11	1,325,000	1,336,732

Ford Motor Credit Co. LLC Senior Notes 7.50% due 08/01/12	1,375,000	1,362,626
		2,699,358
Finance-Commercial - 0.1%
Caterpillar Financial Services Corp. Senior Notes 6.13% due 02/17/14	250,000	281,880
Textron Financial Corp. Senior Notes 5.40% due 04/28/13	260,000	257,161
		539,041
Finance-Investment Banker/Broker - 0.5%
Jefferies Group, Inc. Senior Notes 8.50% due 07/15/19	73,000	80,312
JPMorgan Chase Capital XXVII Company Guar. Notes 7.00% due 11/01/39	145,000	146,450
Lehman Brothers Holdings Capital Trust VII Company Guar. Notes 0.00% due 05/31/12†(4)(9)(17)(18)	101,000	10
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(17)(18)	97,000	18,915
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(17)(18)	111,000	11
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(17)(18)	143,000	14
Merrill Lynch & Co., Inc. Sub. Notes 5.70% due 05/02/17	143,000	141,928
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16	500,000	505,768
TD Ameritrade Holding Corp. Company Guar. Notes 2.95% due 12/01/12	435,000	437,430
TD Ameritrade Holding Corp. Company Guar. Notes 5.60% due 12/01/19	155,000	157,603
The Bear Stearns Cos., Inc. Senior Notes 5.30% due 10/30/15	240,000	262,646
The Bear Stearns Cos., Inc. Senior Notes 6.40% due 10/02/17	232,000	255,805
		2,006,892
Finance-Mortgage Loan/Banker - 0.1%
Countrywide Financial Corp. Sub. Notes 6.25% due 05/15/16	260,000	263,491
Countrywide Home Loans, Inc. Company Guar. Notes 4.00% due 03/22/11	145,000	148,124
		411,615
Firearms & Ammunition - 0.1%
Freedom Group, Inc. Senior Sec. Notes 10.25% due 08/01/15*	225,000	240,469
Food-Meat Products - 0.2%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*	700,000	733,250
Tyson Foods, Inc. Senior Notes 10.50% due 03/01/14	125,000	141,250
		874,500
Food-Misc. - 0.2%
Del Monte Foods Co. Senior Sub. Notes 7.50% due 10/15/19*	275,000	277,750
HJ Heinz Finance Co. Company Guar. Notes 7.13% due 08/01/39*	116,000	134,149
Kraft Foods, Inc. Senior Notes 6.75% due 02/19/14	208,000	234,154
		646,053
Food-Retail - 0.2%
Ahold Finance USA, LLC Company Guar. Notes 6.88% due 05/01/29	150,000	165,836
Ingles Markets, Inc. Senior Notes 8.88% due 05/15/17	400,000	412,000
SUPERVALU, Inc. Senior Notes 8.00% due 05/01/16	200,000	204,000
		781,836
Funeral Services & Related Items - 0.3%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15	750,000	705,000
Service Corp International Senior Notes 8.00% due 11/15/21	650,000	637,000
		1,342,000
Gambling (Non-Hotel) - 0.2%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*	700,000	563,500
Waterford Gaming LLC Senior Notes 8.63% due 09/15/14*	623,000	355,110
		918,610

Gas-Distribution - 0.1%
Sempra Energy Senior Notes 6.00% due 10/15/39	190,000	188,678
Sempra Energy Senior Notes 6.50% due 06/01/16	120,000	133,807
		322,485
Gas-Transportation - 0.3%
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16	1,455,000	1,207,650
Hazardous Waste Disposal - 0.2%
Clean Harbors, Inc. Senior Sec. Notes 7.63% due 08/15/16*	675,000	679,219
Home Furnishings - 0.0%
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(8)(18)(21)	45,000	3,825
Hotel/Motels - 0.2%
Gaylord Entertainment Co. Company Guar. Notes 6.75% due 11/15/14	695,000	628,975
Human Resources - 0.2%
Team Health, Inc. Company Guar. Notes 11.25% due 12/01/13	625,000	656,250
Independent Power Producers - 0.3%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(5)(7)	1,615,000	0
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16	1,165,000	1,159,175
RRI Energy, Inc. Senior Notes 7.88% due 12/31/17	155,000	147,637
		1,306,812
Insurance Brokers - 0.3%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10	65,000	66,318
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*	1,115,000	992,350
		1,058,668
Insurance-Life/Health - 0.2%
Jefferson-Pilot Corp. Senior Notes 4.75% due 01/30/14	145,000	144,406
Monumental Global Funding II Senior Sec. Notes 5.65% due 07/14/11*	60,000	61,559
Prudential Financial, Inc. Notes 4.75% due 09/17/15	341,000	347,150
Prudential Financial, Inc. Senior Notes 6.20% due 01/15/15	120,000	129,291
Torchmark Corp. Senior Notes 9.25% due 06/15/19	120,000	138,500
		820,906
Insurance-Multi-line - 0.3%
Genworth Financial, Inc. Notes 5.75% due 06/15/14	120,000	112,338
MetLife, Inc. Senior Notes 6.75% due 06/01/16	250,000	287,183
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*	280,000	283,898
Nationwide Mutual Insurance Co. Notes 9.38% due 08/15/39*	383,000	401,799
		1,085,218
Insurance-Mutual - 0.2%
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*	145,000	118,202
Liberty Mutual Group, Inc. Company Guar. Notes 7.80% due 03/07/87*	295,000	233,050
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/58*(4)	340,000	355,300
		706,552
Insurance-Property/Casualty - 0.1%
Markel Corp. Senior Notes 7.13% due 09/30/19	320,000	335,200
W.R. Berkley Corp. Senior Notes 6.25% due 02/15/37	27,000	22,943
		358,143
Investment Management/Advisor Services - 0.1%
Janus Capital Group, Inc. Notes 6.95% due 06/15/17	235,000	226,270
Medical Information Systems - 0.2%
Spheris, Inc. Senior Sub. Notes 11.00% due 12/15/12(21)	1,465,000	794,762
Medical Products - 0.4%
Baxter International, Inc. Senior Notes 5.90% due 09/01/16	400,000	456,775

CareFusion Corp. Senior Notes 4.13% due 08/01/12*	145,000	151,185
DJO Finance LLC/DJO Finance Corp. Company Guar. Notes 10.88% due 11/15/14	250,000	263,125
LVB Acquisition Holding LLC Company Guar. Notes 10.00% due 10/15/17	575,000	608,063
		1,479,148
Medical-Biomedical/Gene - 0.1%
Amgen, Inc. Senior Notes 5.85% due 06/01/17	240,000	267,507
Bio-Rad Laboratories, Inc. Senior Sub. Notes 8.00% due 09/15/16*	200,000	208,500
		476,007
Medical-Drugs - 0.5%
Axcan Intermediate Holdings, Inc. Senior Notes 9.25% due 03/01/15	550,000	585,750
Merck & Co., Inc. Senior Notes 4.00% due 06/30/15	104,000	111,079
Valeant Pharmaceuticals International Senior Notes 8.38% due 06/15/16*	650,000	669,500
Wyeth Bonds 5.50% due 02/01/14	478,000	531,122
		1,897,451
Medical-HMO - 0.3%
Multiplan, Inc. Senior Sub. Notes 10.38% due 04/15/16*	1,120,000	1,075,200
UnitedHealth Group, Inc. Senior Notes 5.25% due 03/15/11	145,000	151,088
WellPoint, Inc. Senior Notes 5.00% due 01/15/11	87,000	90,311
		1,316,599
Medical-Hospitals - 1.2%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15	620,000	632,400
HCA, Inc. Senior Notes 7.50% due 11/15/95	1,075,000	822,375
HCA, Inc. Senior Notes 8.50% due 04/15/19*	1,250,000	1,318,750
HCA, Inc. Senior Notes 8.75% due 09/01/10	280,000	286,300

HCA, Inc. Senior Sec. Notes 9.25% due 11/15/16	1,675,000	1,771,312
		4,831,137
Metal-Aluminum - 0.1%
Alcoa, Inc. Senior Notes 6.50% due 06/15/18	386,000	388,496
Noranda Aluminum Holding Corp. Senior Notes 7.02% due 11/15/14(4)(11)	6,204	3,691
		392,187
Metal-Copper - 0.2%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.25% due 04/01/15	190,000	203,775
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17	653,000	704,424
		908,199
Mining - 0.3%
Barrick North America Finance LLC Company Guar. Notes 6.80% due 09/15/18	140,000	160,322
Newmont Mining Corp. Company Guar. Notes 6.25% due 10/01/39	510,000	504,927
Noranda Aluminum Acquisition Corp. Company Guar. Notes 5.27% due 11/15/14(4)(11)	549,141	398,127
		1,063,376
MRI/Medical Diagnostic Imaging - 0.1%
Alliance HealthCare Services, Inc. Senior Notes 8.00% due 12/01/16*	575,000	566,375
Multimedia - 0.1%
Haights Cross Operating Co. Senior Notes 11.75% due 08/15/11†(5)(17)(22)	100,000	53,840
News America, Inc. Company Guar. Notes 6.15% due 03/01/37	247,000	247,377
News America, Inc. Company Guar. Notes 6.90% due 08/15/39*	145,000	157,996
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33	87,000	104,388
		563,601

Music - 0.2%
WMG Acquisition Corp. Senior Notes 9.50% due 06/15/16*	750,000	806,250
Networking Products - 0.1%
Cisco Systems, Inc. Senior Notes 4.45% due 01/15/20	140,000	142,403
Cisco Systems, Inc. Senior Notes 5.50% due 01/15/40	300,000	298,267
		440,670
Non-Ferrous Metals - 0.0%
Renco Metals, Inc. Bonds 11.50% due 07/01/03†(5)(7)(16)(19)	75,000	0
Non-Hazardous Waste Disposal - 0.4%
Allied Waste North America, Inc. Company Guar. Notes 7.25% due 03/15/15	326,000	341,485
Allied Waste North America, Inc. Company Guar. Notes 7.38% due 04/15/14	100,000	103,860
Casella Waste Systems, Inc. Senior Sec. Notes 11.00% due 07/15/14*	175,000	187,688
Waste Management, Inc. Company Guar. Notes 6.13% due 11/30/39	150,000	154,710
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12	121,000	133,992
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14	140,000	143,500
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14*	650,000	666,250
		1,731,485
Office Automation & Equipment - 0.1%
Pitney Bowes, Inc. Senior Notes 5.25% due 01/15/37	364,000	374,343
Office Supplies & Forms - 0.1%
ACCO Brands Corp. Senior Sec. Notes 10.63% due 03/15/15*	320,000	345,200
Oil Companies-Exploration & Production - 1.7%
Atlas Energy Resources LLC Senior Notes 10.75% due 02/01/18*	400,000	436,000
Belden & Blake Corp. Company Guar. Sec. Notes 8.75% due 07/15/12	80,000	74,600

Brigham Exploration Co. Company Guar. Notes 9.63% due 05/01/14	780,000	756,600
Chaparral Energy, Inc. Company Guar. Notes 8.50% due 12/01/15	260,000	231,400
Chesapeake Energy Corp. Senior Notes 6.63% due 01/15/16	685,000	643,900
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18	275,000	264,688
Chesapeake Energy Corp. Senior Notes 9.50% due 02/15/15	325,000	340,437
Comstock Resources, Inc. Company Guar. Notes 8.38% due 10/15/17	200,000	200,500
Encore Acquisition Co. Senior Sub. Notes 6.00% due 07/15/15	420,000	418,950
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*	670,000	644,875
Hilcorp Energy I LP Senior Notes 9.00% due 06/01/16*	200,000	200,500
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24	592,000	643,690
MXEnergy Holdings, Inc. Senior Sec. Notes 13.25% due 08/01/14(5)(7)*	104,000	83,200
Plains Exploration & Production Co. Company Guar. Notes 7.75% due 06/15/15	250,000	247,500
Plains Exploration & Production Co. Company Guar. Notes 10.00% due 03/01/16	325,000	348,562
Quicksilver Resources, Inc. Senior Notes 8.25% due 08/01/15	600,000	597,000
Quicksilver Resources, Inc. Senior Notes 9.13% due 08/15/19	375,000	383,437
Quicksilver Resources, Inc. Senior Notes 11.75% due 01/01/16	75,000	83,344
Sabine Pass LNG LP Company Guar. Senior Notes 7.25% due 11/30/13	185,000	164,188
		6,763,371
Oil Companies-Integrated - 0.3%
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/29	348,000	403,980
Hess Corp. Senior Notes 7.13% due 03/15/33	145,000	164,709

Hess Corp. Senior Notes 7.88% due 10/01/29	330,000	394,667
Phillips Petroleum Co. Debentures 7.00% due 03/30/29	290,000	335,277
		1,298,633
Oil Refining & Marketing - 0.0%
Western Refining, Inc. Senior Sec. Notes 11.25% due 06/15/17*	225,000	193,500
Oil-Field Services - 0.3%
Basic Energy Services, Inc. Senior Sec. Notes 11.63% due 08/01/14	425,000	450,500
Helix Energy Solutions Group, Inc. Senior Notes 9.50% due 01/15/16*	700,000	708,750
Oslo Seismic Services, Inc. 1st Mtg. Bonds 8.28% due 06/01/11	62,946	63,663
		1,222,913
Paper & Related Products - 0.9%
Boise Paper Holdings LLC Senior Notes 9.00% due 11/01/17*	75,000	76,500
Caraustar Industries, Inc. Senior Sec. Notes 10.00% due 08/15/14(5)(7)(11)	120,457	120,457
Cellu Tissue Holdings, Inc. Senior Sec. Notes 11.50% due 06/01/14	400,000	437,000
Georgia-Pacific LLC Company Guar. Notes 7.00% due 01/15/15*	425,000	430,312
Georgia-Pacific LLC Company Guar. Notes 7.13% due 01/15/17*	130,000	131,625
Georgia-Pacific LLC Senior Notes 7.75% due 11/15/29	155,000	150,350
International Paper Co. Senior Notes 7.30% due 11/15/39	264,000	263,316
International Paper Co. Senior Notes 7.95% due 06/15/18	150,000	173,651
International Paper Co. Senior Notes 9.38% due 05/15/19	920,000	1,141,446
NewPage Corp. Senior Sec. Notes 11.38% due 12/31/14*	345,000	339,825
Verso Paper Holdings LLC/Verso Paper, Inc. Senior Sec. Notes 11.50% due 07/01/14*	300,000	327,000
		3,591,482
Physicians Practice Management - 0.1%
US Oncology, Inc. Senior Sec. Notes 9.13% due 08/15/17*	525,000	547,313
Pipelines - 1.4%
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16	1,060,000	1,060,000
Copano Energy LLC Company Guar. Notes 7.75% due 06/01/18	175,000	174,125
Dynegy-Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16	1,625,000	1,535,625
El Paso Corp. Senior Sub. Notes 6.88% due 06/15/14	300,000	295,500
El Paso Corp. Senior Notes 12.00% due 12/12/13	100,000	114,500
Enterprise Products Operating LLC Company Guar. Notes 4.60% due 08/01/12	125,000	132,380
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 6.88% due 11/01/14	245,000	230,300
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Company Guar. Notes 8.50% due 07/15/16	300,000	302,250
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 8.75% due 04/15/18	200,000	201,500
NGC Corp. Capital Trust Company Guar. Bonds 8.32% due 06/01/27	700,000	343,000
Plains All American Pipeline, LP/PAA Finance Corp. Senior Notes 4.25% due 09/01/12	199,000	207,647
Plains All American Pipeline, LP/PAA Finance Corp. Company Guar. Notes 5.75% due 01/15/20	137,000	142,321
Regency Energy Partners LP/Regency Energy Finance Corp. Company Guar. Notes 8.38% due 12/15/13	200,000	205,500

Williams Cos., Inc. Senior Notes 7.88% due 09/01/21	365,000	407,290
		5,351,938
Printing-Commercial - 0.2%
Valassis Communications, Inc. Senior Notes 8.25% due 03/01/15	805,000	788,900
Private Corrections - 0.1%
Corrections Corp. of America Company Guar. Notes 7.75% due 06/01/17	275,000	286,000
The Geo Group, Inc. Company Guar. Notes 7.75% due 10/15/17*	200,000	203,000
		489,000
Publishing-Books - 0.1%
TL Acquisitions, Inc. Senior Notes 10.50% due 01/15/15*	300,000	278,250
Publishing-Newspapers - 0.1%
Gannett Co., Inc. Company Guar. Notes 8.75% due 11/15/14*	275,000	270,875
Gannett Co., Inc. Company Guar. Notes 9.38% due 11/15/17*	175,000	171,938
Knight Ridder, Inc. Debentures 6.88% due 03/15/29	146,000	63,510
		506,323
Publishing-Periodicals - 0.1%
Nielsen Finance LLC / Nielsen Finance Co. Company Guar. Notes 11.50% due 05/01/16	375,000	403,125
The Reader’s Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17†(17)(18)	955,000	11,938
		415,063
Radio - 0.1%
Salem Communications Corp. Senior Sec. Notes 9.63% due 12/15/16*	250,000	255,000
Real Estate Investment Trusts - 0.3%
Colonial Properties Trust Notes 6.25% due 06/15/14	390,000	378,146
Developers Diversified Realty Corp. Senior Notes 5.50% due 05/01/15	400,000	355,695
Omega Healthcare Investors, Inc. Senior Notes 7.00% due 04/01/14	340,000	329,800
		1,063,641
Real Estate Management/Services - 0.1%
AMB Property LP Company Guar. Notes 6.63% due 12/01/19	140,000	140,955
CB Richard Ellis Services, Inc. Company Guar. Notes 11.63% due 06/15/17	350,000	386,750
		527,705
Real Estate Operations & Development - 0.1%
Country Garden Holdings Co. Senior Notes 11.75% due 09/10/14*	300,000	297,750
Recycling - 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(11)(17)(18)	1,625,000	6,094
Rental Auto/Equipment - 0.2%
RSC Equipment Rental, Inc. Notes 9.50% due 12/01/14	680,000	665,550
Research & Development - 0.1%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15	580,000	423,400
Retail-Apparel/Shoe - 0.2%
Limited Brands, Inc. Senior Notes 5.25% due 11/01/14	360,000	334,800
Limited Brands, Inc. Senior Notes 6.95% due 03/01/33	470,000	386,575
Limited Brands, Inc. Senior Notes 8.50% due 06/15/19*	210,000	221,550
		942,925
Retail-Arts & Crafts - 0.1%
Michaels Stores, Inc. Company Guar. Notes 11.38% due 11/01/16	350,000	348,250
Retail-Drug Store - 0.3%
Rite Aid Corp. Company Guar. Notes 9.50% due 06/15/17	365,000	300,213
Rite Aid Corp. Senior Sec. Notes 9.75% due 06/12/16	100,000	108,000
Rite Aid Corp. Senior Sec. Notes 10.25% due 10/15/19*	325,000	330,687

Rite Aid Corp. Senior Sec. Notes 10.38% due 07/15/16	350,000	357,875
		1,096,775
Retail-Major Department Stores - 0.0%
Saks, Inc. Company Guar. Notes 9.88% due 10/01/11	150,000	155,250
Retail-Music Store - 0.0%
MTS, Inc. Senior Notes 10.00% due 03/15/09†(5)(6)(7)(10)(16)(18)	15,273	305
Retail-Petroleum Products - 0.2%
Ferrellgas LP Senior Notes 6.75% due 05/01/14	350,000	336,000
Ferrellgas Partners LP Senior Notes 6.75% due 05/01/14	50,000	47,750
Inergy LP/Inergy Finance Corp. Company Guar. Notes 8.25% due 03/01/16	250,000	251,875
		635,625
Retail-Regional Department Stores - 0.3%
JC Penney Corp., Inc. Senior Notes 7.40% due 04/01/37	250,000	237,500
Macy’s Retail Holdings, Inc. Company Guar. Notes 5.90% due 12/01/16	360,000	340,200
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.38% due 03/15/37	225,000	190,125
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24	440,000	380,600
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29	215,000	179,525
		1,327,950
Retail-Restaurants - 0.1%
Landry’s Restaurants, Inc. Senior Sec. Notes 11.63% due 12/01/15*	375,000	380,625
Wendy’s/Arby’s Restaurants LLC Senior Notes 10.00% due 07/15/16*	125,000	135,000
		515,625
Retail-Toy Stores - 0.1%
Toys R Us Property Co., LLC Senior Sec. Notes 8.50% due 12/01/17*	525,000	522,375

Rubber-Tires - 0.2%
The Goodyear Tire & Rubber Co. Senior Notes 10.50% due 05/15/16	600,000	645,000
Rubber/Plastic Products - 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/07†(5)(7)(16)(19)	25,000	0
Seismic Data Collection - 0.1%
Seitel, Inc. Senior Notes 9.75% due 02/15/14	570,000	387,600
Soap & Cleaning Preparation - 0.1%
JohnsonDiversey, Inc. Senior Notes 8.25% due 11/15/19*	250,000	249,688
Special Purpose Entities - 0.6%
Buffalo Thunder Development Authority Senior Notes 9.38% due 12/15/14†*(17)	1,790,000	331,150
Capital One Capital VI Company Guar. Notes 8.88% due 05/15/40	328,000	325,923
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*	460,000	325,450
FireKeepers Development Authority Senior Notes 13.88% due 05/15/15*	420,000	470,400
Fox Acquisition Sub LLC Senior Notes 13.38% due 07/15/16*	375,000	281,719
ING USA Global Funding Trust Notes 4.50% due 10/01/10	80,000	81,871
Local TV Finance LLC Senior Notes 10.00% due 06/15/15*(11)	385,875	165,926
Principal Life Global Funding I Senior Sec. Notes 5.25% due 01/15/13*	163,000	168,711
Southern Star Central Corp. Senior Notes 6.75% due 03/01/16	300,000	286,500
TECO Finance, Inc. Company Guar. Notes 6.57% due 11/01/17	96,000	100,636
		2,538,286
Specified Purpose Acquisitions - 0.0%
ESI Tractebel Acquisition Corp. Company Guar. Bonds 7.99% due 12/30/11	150,000	150,598

Steel-Producers - 0.3%
AK Steel Corp. Company Guar. Notes 7.75% due 06/15/12	250,000	251,250
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15(2)	450,000	457,875
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15	450,000	436,500
		1,145,625
Steel-Specialty - 0.1%
Allegheny Technologies, Inc. Senior Notes 9.38% due 06/01/19	250,000	287,679
Storage/Warehousing - 0.2%
Mobile Mini, Inc. Notes 6.88% due 05/01/15	290,000	271,150
Mobile Mini, Inc. Company Guar. Notes 9.75% due 08/01/14	645,000	667,575
		938,725
Telecom Services - 0.8%
Cincinnati Bell Telephone Co. LLC Company Guar. Notes 7.18% due 12/15/23	25,000	18,625
Cincinnati Bell Telephone Co. LLC Company Guar. Notes 7.20% due 11/29/23	125,000	98,125
Cincinnati Bell Telephone Co., LLC Company Guar. Notes 7.27% due 12/11/23	250,000	173,750
Clearwire Communications LLC/Clearwire Finance, Inc. Senior Sec. Notes 12.00% due 12/01/15*	755,000	744,619
PAETEC Holding Corp Company Guar. Notes 8.88% due 06/30/17	425,000	421,812
PAETEC Holding Corp. Company Guar. Notes 9.50% due 07/15/15	420,000	391,125
Qwest Corp. Senior Notes 8.38% due 05/01/16*	250,000	261,250
Qwest Corp. Senior Notes 8.88% due 03/15/12	600,000	636,750
SBA Telecommunications, Inc. Company Guar. Notes 8.25% due 08/15/19*	500,000	520,000
		3,266,056
Telephone-Integrated - 1.1%
AT&T, Inc. Senior Notes 5.63% due 06/15/16	120,000	131,828
CenturyTel, Inc.      Senior Notes 7.60% due 09/15/39	542,000	538,742
Cincinnati Bell, Inc. Senior Notes 7.25% due 06/15/23	25,000	19,875
Frontier Communications Corp. Senior Notes 8.13% due 10/01/18	625,000	626,562
Level 3 Financing, Inc. Senior Notes 12.25% due 03/15/13	650,000	678,437
Qwest Communications International, Inc. Company Guar. Notes 7.50% due 02/15/14	120,000	118,800
Qwest Communications International, Inc. Company Guar. Notes, Series B 7.50% due 02/15/14	105,000	103,950
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15*	175,000	175,000
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28	1,525,000	1,143,750
Verizon Pennsylvania, Inc. Senior Notes 8.35% due 12/15/30	305,000	345,580
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13	125,000	131,598
Windstream Corp. Senior Notes 7.88% due 11/01/17*	250,000	248,750
		4,262,872
Television - 0.4%
Allbritton Communications Co. Senior Sub. Notes 7.75% due 12/15/12	955,000	902,475
Bonten Media Acquisition Co. Company Guar. Notes 9.75% due 06/01/15*(11)	60,492	20,643
CBS Corp. Company Guar. Notes 7.88% due 07/30/30	120,000	125,446
Paxson Communications Corp. Senior Sec. Notes 0.00% due 01/15/13†*(4)(11)(17)(18)	895,500	13,432
Umbrella Acquisition, Inc. Company Guar. Notes 10.50% due 03/15/15*(11)	450,000	358,875
Young Broadcasting, Inc. Senior Sub. Notes 8.75% due 01/15/14†(17)(18)	230,000	2,300

Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(17)(18)	510,000	5,100
		1,428,271
Theaters - 0.2%
AMC Entertainment, Inc. Senior Notes 8.75% due 06/01/19	400,000	407,000
Marquee Holdings, Inc. Senior Disc. Notes 12.00% due 08/15/14(8)	675,000	553,500
		960,500
Transactional Software - 0.2%
Open Solutions, Inc. Company Guar. Notes 9.75% due 02/01/15*	1,255,000	928,700
Transport-Air Freight - 0.3%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-2 6.88% due 01/02/11	114,106	104,978
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19	415,771	332,616
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15	475,188	375,398
Atlas Air, Inc. Pass Through Certs. Series 2000-1, Class A 8.71% due 01/02/19	540,340	475,499
		1,288,491
Transport-Equipment & Leasing - 0.1%
GATX Corp. Notes 4.75% due 10/01/12	199,000	204,245
Transport-Rail - 0.1%
CSX Corp. Senior Notes 6.15% due 05/01/37	145,000	151,711
CSX Corp. Senior Notes 7.90% due 05/01/17	206,000	246,245
Union Pacific Corp. Senior Notes 5.75% due 11/15/17	177,000	193,113
		591,069
Transport-Services - 0.1%
Bristow Group, Inc. Senior Notes 7.50% due 09/15/17	355,000	343,285
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13	200,000	191,750
		535,035
Vitamins & Nutrition Products - 0.0%
Mead Johnson Nutrition Co. Company Guar. Notes 5.90% due 11/01/39*	150,000	153,622
Wireless Equipment - 0.1%
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Notes 7.75% due 05/01/17*	200,000	211,500
Total U.S. CORPORATE BONDS & NOTES (cost $152,255,834)		154,308,636
FOREIGN CORPORATE BONDS & NOTES - 7.0%
Banks-Commercial - 0.8%
Banco de Credito del Peru Jr. Sub. Notes 9.75% due 11/06/69*(4)	128,000	134,725
Barclays Bank PLC Senior Notes 2.50% due 01/23/13	406,000	407,259
Barclays Bank PLC Senior Notes 5.00% due 09/22/16	120,000	124,465
Barclays Bank PLC Jr. Sub. Bonds 5.93% due 12/15/16*(4)(9)	260,000	197,600
Caisse Nationale des Caisses d’Epargne et de Prevoyance Notes 3.61% due 03/30/10(4)(9)	78,000	47,580
Commonwealth Bank of Australia Senior Notes 5.00% due 10/15/19*	141,000	144,949
Lloyds Banking Group PLC Jr. Sub. Bonds 5.92% due 10/01/15*(4)(9)	1,275,000	675,750
Nordea Bank AB Senior Notes 2.50% due 11/13/12*	225,000	227,022
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*	270,000	286,084
Standard Chartered PLC Senior Notes 5.50% due 11/18/14*	200,000	216,458
Svenska Handelsbanken AB Senior Notes 4.88% due 06/10/14*	140,000	149,757
Westpac Banking Corp. Sub. Notes 0.84% due 03/31/10(4)(9)	570,000	336,300
Westpac Banking Corp. Senior Notes 4.20% due 02/27/15	120,000	124,177

Westpac Banking Corp. Senior Notes 4.88% due 11/19/19	140,000	142,140
		3,214,266
Banks-Money Center - 0.0%
Bank of Scotland PLC Senior Sub. Notes 0.69% due 05/28/10(4)(9)	310,000	158,100
Beverages-Non-alcoholic - 0.1%
Coca-Cola Amatil, Ltd. Company Guar. Notes 3.25% due 11/02/14*	310,000	314,789
Broadcast Services/Program - 0.0%
Grupo Televisa SA Senior Notes 6.63% due 01/15/40*	150,000	150,181
Building-Heavy Construction - 0.1%
Odebrecht Finance, Ltd. Company Guar. Notes 7.00% due 04/21/20*	375,000	364,687
Building-Residential/Commercial - 0.0%
Corporacion GEO SAB de CV Company Guar. Notes 8.88% due 09/25/14*	100,000	102,250
Cellular Telecom - 0.1%
Vodafone Group PLC Senior Notes 5.38% due 01/30/15	67,000	72,859
Vodafone Group PLC Senior Notes 5.45% due 06/10/19	431,000	457,922
		530,781
Coal - 0.1%
Indo Integrated Energy II BV Company Guar. Notes 9.75% due 11/05/16*	380,000	375,250
PT Adaro Indonesia Company Guar. Notes 7.63% due 10/22/19*	130,000	127,075
		502,325
Computers-Memory Devices - 0.0%
Seagate Technology HDD Holdings Company Guar. Notes 6.80% due 10/01/16	75,000	72,187
Containers-Metal/Glass - 0.0%
Rexam PLC Senior Notes 6.75% due 06/01/13*	173,000	186,776
Diamonds/Precious Stones - 0.1%
Alrosa Finance SA      Company Guar. Notes 8.88% due 11/17/14	330,000	333,703
Diversified Banking Institutions - 0.1%
Credit Agricole SA      Jr. Sub. Notes 6.64% due 05/31/17*(4)(9)	175,000	138,250
Natixis Sub. Notes 0.53% due 01/15/19(4)	100,000	81,420
		219,670
Diversified Financial Services - 0.1%
TNK-BP Finance SA Company Guar. Notes 7.88% due 03/13/18	320,000	321,200
Diversified Manufacturing Operations - 0.1%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*	335,000	340,025
Diversified Minerals - 0.3%
Teck Resources, Ltd. Senior Sec. Notes 10.25% due 05/15/16	500,000	565,000
Teck Resources, Ltd. Senior Sec. Notes 10.75% due 05/15/19	355,000	414,463
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/39	161,000	166,416
		1,145,879
Electric-Distribution - 0.1%
Majapahit Holding BV Company Guar. Notes 7.75% due 01/20/20*	228,000	229,995
Electric-Integrated - 0.5%
Electricite de France Notes 6.50% due 01/26/19*	592,000	682,290
Electricite de France Notes 6.95% due 01/26/39*	319,000	387,376
Enel Finance International SA Company Guar. Notes 6.00% due 10/07/39*	484,000	496,223
TransAlta Corp. Senior Notes 4.75% due 01/15/15	224,000	228,205
		1,794,094
Electronic Components-Misc. - 0.1%
Flextronics International, Ltd. Senior Sub. Notes 6.25% due 11/15/14	175,000	169,750
Flextronics International, Ltd. Senior Sub. Notes 6.50% due 05/15/13	350,000	345,625
		515,375
Finance-Investment Banker/Broker - 0.1%
Macquarie Group, Ltd. Notes 7.30% due 08/01/14*	228,000	248,662

Finance-Other Services - 0.3%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15	360,000	379,365
Iberdrola Finance Ireland, Ltd. Company Guar. Notes 5.00% due 09/11/19*	354,000	364,430
Lukoil International Finance BV Company Guar. Notes 7.25% due 11/05/19*	460,000	465,286
		1,209,081
Food-Meat Products - 0.2%
JBS SA Company Guar. Notes 9.38% due 02/07/11	375,000	384,375
JBS SA Senior Notes 10.50% due 08/04/16*	200,000	212,500
		596,875
Gas-Distribution - 0.1%
Grupo Petrotemex SA de CV Senior Notes 9.50% due 08/19/14*	215,000	222,794
Independent Power Producers - 0.0%
AES Drax Energy, Ltd. Sec. Notes 11.50% due 08/30/10†(7)(17)(20)	175,000	175
Insurance-Multi-line - 0.1%
Aegon NV Sub. Notes 3.57% due 07/15/14(4)(9)	62,000	29,574
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14	219,000	220,104
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24	142,000	131,373
		381,051
Marine Services - 0.1%
Trico Shipping AS Senior Sec. Notes 11.88% due 11/01/14*	575,000	582,906
Metal-Diversified - 0.1%
Falconbridge, Ltd. Senior Notes 7.35% due 06/05/12	196,000	211,978
Noranda, Inc. Notes 6.00% due 10/15/15	156,000	166,893
		378,871
Multimedia - 0.0%
Quebecor Media, Inc. Senior Notes 7.75% due 03/15/16	125,000	120,625
Oil Companies-Exploration & Production - 0.7%
Compton Petroleum Finance Corp. Company Guar. Notes 7.63% due 12/01/13	945,000	704,025
KazMunaiGaz Finance Sub BV Company Guar. Notes 11.75% due 01/23/15*	250,000	296,875
Nexen, Inc. Senior Notes 5.88% due 03/10/35	387,000	364,434
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14	1,350,000	1,073,250
OPTI Canada, Inc. Senior Notes 8.25% due 12/15/14	235,000	188,000
		2,626,584
Oil Companies-Integrated - 0.2%
Petroleum Co. of Trinidad & Tobago, Ltd. Senior Notes 9.75% due 08/14/19*	350,000	394,625
Total Capital SA Company Guar. Notes 3.13% due 10/02/15	240,000	244,743
		639,368
Oil-Field Services - 0.1%
North American Energy Partners, Inc. Senior Notes 8.75% due 12/01/11	590,000	584,100
Paper & Related Products - 0.2%
Cascades, Inc. Senior Notes 7.75% due 12/15/17*	300,000	297,750
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*	275,000	304,972
		602,722
Pipelines - 0.0%
Kinder Morgan Finance Co. ULC Company Guar. Notes 5.70% due 01/05/16	78,000	73,320
Printing-Commercial - 0.0%
Quebecor World Capital Corp. Escrow Notes 6.50% due 03/15/16†(5)(7)	800,000	0
Real Estate Operations & Development - 0.1%
Agile Property Holdings, Ltd. Senior Notes 10.00% due 11/14/16*	343,000	343,000
Satellite Telecom - 0.6%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Notes 9.50% due 02/01/15(8)	600,000	603,000
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.50% due 01/15/13	475,000	476,781

Intelsat Subsidiary Holding Co., Ltd. Senior Notes 8.88% due 01/15/15*	1,000,000	1,010,000
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15	275,000	279,125
		2,368,906
Special Purpose Entities - 0.3%
CCL Finance, Ltd. Company Guar. Notes 9.50% due 08/15/14*	370,000	388,500
Hellas Telecommunications Luxembourg II Sub. Notes 0.00% due 01/15/15†*(4)(17)(18)	560,000	5,600
Kuwait Projects Co. Senior Notes 8.88% due 10/17/16	355,000	353,225
SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(4)(9)	121,000	100,184
UPC Germany GmbH Bonds 8.13% due 12/01/17*	175,000	174,774
		1,022,283
Steel-Producers - 0.1%
Gerdau Holdings, Inc. Company Guar. Notes 7.00% due 01/20/20*	395,000	391,840
Telecom Services - 0.5%
Alestra SA Senior Notes 11.75% due 08/11/14*	110,000	122,355
Global Crossing UK Finance PLC Company Guar. Notes 10.75% due 12/15/14	476,000	473,025
Wind Acquisition Finance SA Senior Notes 11.75% due 07/15/17*	1,235,000	1,370,850
		1,966,230
Telephone-Integrated - 0.4%
British Telecommunications PLC Bonds 9.63% due 12/15/30	170,000	217,625
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14	423,000	446,607
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15	423,000	445,143
Telefonica Emisiones SAU Company Guar. Notes 5.88% due 07/15/19	105,000	115,311
Virgin Media Finance PLC Company Guar. Notes 8.38% due 10/15/19	450,000	450,000
		1,674,686
Transport-Marine - 0.0%
BW Group, Ltd. Notes 6.63% due 06/28/17	210,000	184,800
Transport-Rail - 0.2%
Canadian National Railway Co. Senior Notes 6.38% due 10/15/11	315,000	344,584
Canadian Pacific Railway Co. Notes 6.50% due 05/15/18	300,000	332,855
		677,439
Warehousing & Harbor Transportation Services - 0.0%
DP World, Ltd. Notes 6.85% due 07/02/37	220,000	162,800
Total Foreign Corporate Bonds & Notes
(cost $26,990,033)		27,555,401
FOREIGN GOVERNMENT AGENCIES - 28.5%
Sovereign - 28.5%
Credit Suisse First Boston International for City of Kiev Ukraine Bonds 8.00% due 11/06/15	100,000	64,233
Federal Republic of Brazil Bonds 5.63% due 01/07/41	653,000	630,145
Federal Republic of Brazil Notes 5.88% due 01/15/19	650,000	712,400
Federal Republic of Brazil Bonds 6.00% due 01/17/17	840,000	920,640
Federal Republic of Brazil Bonds 7.13% due 01/20/37	680,000	804,780
Federal Republic of Brazil Notes 8.00% due 01/15/18	1,709,444	1,995,776
Federal Republic of Brazil Bonds 8.25% due 01/20/34	1,300,000	1,701,050
Federal Republic of Brazil Notes 8.75% due 02/04/25	1,450,000	1,903,125
Federal Republic of Brazil Bonds 8.88% due 10/14/19	670,000	884,400
Federal Republic of Brazil Notes 11.00% due 08/17/40	1,920,000	2,614,080

Federal Republic of Brazil Bonds 12.50% due 01/05/22	BRL	1,900,000	1,217,602
Federal Republic of Germany Bonds 4.25% due 07/04/14	EUR	230,000	375,848
Federal Republic of Germany Bonds 4.25% due 07/04/39	EUR	1,055,000	1,684,333
Federal Republic of Germany Bonds 5.25% due 07/04/10	EUR	425,000	655,319
Government of Australia Bonds 6.00% due 02/15/17	AUD	3,350,000	3,220,574
Government of Australia Bonds 6.25% due 06/15/14	AUD	1,800,000	1,734,448
Government of Australia Bonds 6.50% due 05/15/13	AUD	2,280,000	2,197,385
Government of Canada Notes 3.00% due 06/01/14	CAD	1,425,000	1,393,540
Government of Canada Bonds 3.75% due 06/01/12	CAD	1,713,000	1,715,370
Government of Canada Notes 4.25% due 06/01/18	CAD	1,560,000	1,609,768
Government of Canada Bonds 5.75% due 06/01/29	CAD	940,000	1,109,733
Government of Japan Bonds 1.30% due 06/20/12	JPY	157,000,000	1,863,480
Government of Japan Bonds 1.40% due 06/20/12	JPY	23,300,000	277,307
Government of Japan Bonds 1.40% due 12/20/15	JPY	237,000,000	2,855,219
Government of Japan Bonds 1.70% due 09/20/17	JPY	219,000,000	2,677,457
Government of Japan Bonds 2.10% due 03/20/27	JPY	81,000,000	961,972
Government of Netherlands Bonds 3.25% due 07/15/15	EUR	1,853,000	2,866,680
Kingdom of Norway Bonds 5.00% due 05/15/15	NOK	25,710,000	4,863,472
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	13,250,000	2,592,329
Kingdom of Spain Bonds 3.15% due 01/31/16	EUR	1,060,000	1,606,733

Kingdom of Sweden Bonds 4.00% due 12/01/09	SEK	5,600,000	803,265
Kingdom of Sweden Bonds 5.39% due 08/12/15	SEK	27,335,000	4,285,387
Kingdom of Sweden Bonds 5.50% due 10/08/12	SEK	15,000,000	2,370,699
New South Wales Treasury Corp. Government Guar. Bonds 6.00% due 05/01/12	AUD	1,790,000	1,675,648
Perusahaan Penerbit SBSN Notes 8.80% due 04/23/14*		130,000	145,438
Republic of Argentina Notes 2.50% due 12/31/38(13)		1,647,637	556,077
Republic of Argentina Bonds 8.28% due 12/31/33		3,198,102	2,206,690
Republic of Colombia Bonds 6.13% due 01/18/41		850,000	828,750
Republic of Colombia Notes 7.38% due 01/27/17		450,000	523,800
Republic of Colombia Notes 7.38% due 03/18/19		657,000	766,062
Republic of Colombia Bonds 7.38% due 09/18/37		975,000	1,113,938
Republic of Colombia Bonds 8.13% due 05/21/24		250,000	303,125
Republic of Colombia Bonds 12.00% due 10/22/15	COP	1,990,000,000	1,242,051
Republic of Croatia Notes 6.75% due 11/05/19*		535,000	577,051
Republic of El Salvador Bonds 7.38% due 12/01/19*		360,000	369,900
Republic of Georgia Bonds 7.50% due 04/15/13		770,000	777,700
Republic of Ghana Bonds 8.50% due 10/04/17		348,000	349,322
Republic of Greece Bonds 6.00% due 07/19/19	EUR	675,000	1,081,367
Republic of Indonesia Bonds 6.63% due 02/17/37		1,665,000	1,607,409

Republic of Indonesia Senior Bonds 8.50% due 10/12/35		810,000	951,750
Republic of Indonesia Bonds 11.63% due 03/04/19		1,460,000	2,036,700
Republic of Italy Bonds 4.75% due 02/01/13	EUR	970,000	1,570,068
Republic of Panama Bonds 5.20% due 01/30/20		1,000,000	1,020,000
Republic of Panama Bonds 6.70% due 01/26/36		700,000	766,500
Republic of Peru Bonds 6.55% due 03/14/37		490,000	525,525
Republic of Peru Notes 7.35% due 07/21/25		729,000	862,043
Republic of Peru Bonds 8.75% due 11/21/33		380,000	513,000
Republic of Philippines Bonds 6.50% due 01/20/20		660,000	701,250
Republic of Philippines Bonds 7.75% due 01/14/31		480,000	538,800
Republic of Philippines Senior Notes 9.50% due 02/02/30		515,000	682,375
Republic of Philippines Notes 10.63% due 03/16/25		795,000	1,114,988
Republic of South Africa Bonds 6.88% due 05/27/19		425,000	473,344
Republic of Turkey Notes 6.88% due 03/17/36		330,000	335,775
Republic of Turkey Bonds 7.00% due 09/26/16		465,000	516,150
Republic of Turkey Notes 7.00% due 06/05/20		810,000	882,900
Republic of Turkey Notes 7.38% due 02/05/25		1,100,000	1,223,750
Republic of Turkey Bonds 7.50% due 11/07/19		755,000	858,813
Republic of Turkey Notes 8.00% due 02/14/34		467,000	539,385
Republic of Turkey Senior Bonds 11.88% due 01/15/30		1,195,000	1,923,950

Republic of Ukraine Bonds 6.58% due 11/21/16	910,000	668,941
Republic of Ukraine Notes 7.65% due 06/11/13	400,000	329,040
Republic of Uruguay Bonds 6.88% due 09/28/25	200,000	215,500
Republic of Uruguay Notes 7.63% due 03/21/36	340,000	375,700
Republic of Uruguay Bonds 8.00% due 11/18/22	1,080,000	1,258,200
Republic of Venezuela Bonds 5.75% due 02/26/16	570,000	353,400
Republic of Venezuela Bonds 7.65% due 04/21/25	360,000	201,600
Republic of Venezuela Notes 8.50% due 10/08/14	780,000	614,250
Republic of Venezuela Bonds 9.00% due 05/07/23	520,000	344,500
Republic of Venezuela Bonds 9.25% due 09/15/27	2,190,000	1,612,935
Republic of Venezuela Bonds 9.25% due 05/07/28	980,000	637,000
Republic of Venezuela Bonds 9.38% due 01/13/34	1,520,000	1,029,800
Russian Federation Senior Bonds 7.50% due 03/31/30(13)	7,759,700	8,749,838
Russian Federation Notes 12.75% due 06/24/28	190,000	324,919
State of Qatar Senior Notes 6.40% due 01/20/40*	370,000	373,700
United Mexican States Notes 5.63% due 01/15/17	1,024,000	1,093,632
United Mexican States Notes 5.88% due 02/17/14	550,000	598,400
United Mexican States Notes 5.95% due 03/19/19	1,718,000	1,862,312
United Mexican States Notes 6.05% due 01/11/40	250,000	255,625

United Mexican States Notes 6.75% due 09/27/34	625,000	693,750
United Mexican States Bonds 7.50% due 04/08/33	340,000	408,000
United Mexican States Notes 8.13% due 12/30/19	570,000	712,500
United Mexican States Bonds 8.30% due 08/15/31	310,000	399,900
Total Foreign Government Agencies (cost $104,079,504)		112,443,385
FOREIGN GOVERNMENT TREASURIES - 0.7%
Sovereign - 0.7%
United Kingdom Gilt Treasury Bonds 4.50% due 03/17/13	830,000	1,471,431
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/18	740,000	1,368,097
Total Foreign Government Treasuries (cost $2,566,570)		2,839,528
U.S. GOVERNMENT AGENCIES - 11.7%
Federal Home Loan Mtg. Corp. - 6.0%
4.13% due 07/12/10	200,000	204,704
4.50% due 02/01/20	265,741	280,620
4.50% due 08/01/20	96,379	101,775
4.50% due 03/01/23	799,698	839,100
4.50% due 01/01/39	621,861	638,502
5.00% due 09/01/18	345,774	370,738
5.00% due 07/01/20	249,173	266,306
5.00% due 05/01/34	461,164	485,132
5.00% due 02/01/35	71,865	75,600
5.00% due 07/01/35	289,573	304,261
5.00% due 10/01/35	195,052	204,946
5.00% due 11/01/35	686,499	721,320
5.00% due 11/01/37	342,466	359,569
5.00% due 03/01/38	494,803	519,514
5.00% due 03/01/39	1,642,626	1,724,404
5.33% due 12/01/35(4)	292,089	307,707
5.50% due 06/01/22	491,135	526,824
5.50% due 07/01/35	220,076	235,060
5.50% due 05/01/37	517,129	551,207
5.50% due 06/01/37	20,427	21,773
5.50% due 10/01/37	2,973,206	3,169,135
5.50% due 12/01/37	370,903	395,345
5.50% due 01/01/38	492,216	525,037
5.50% due 02/01/38	569,768	607,315
5.79% due 01/01/37(4)	209,316	222,796
5.94% due 10/01/36(4)	1,833,630	1,945,706
6.00% due 01/01/30	20,778	22,534
6.00% due 02/01/32	117,792	127,711
6.00% due 07/01/35	154,953	166,935
6.00% due 05/01/37	18,068	19,426
6.00% due 10/01/37	323,759	348,085
6.00% due 12/01/37	2,858,383	3,073,152
6.13% due 09/01/36(4)	20,294	21,555
6.50% due 07/01/29	3,171	3,463
6.50% due 12/01/35	1,429	1,546
6.50% due 02/01/36	113,343	122,601
6.50% due 11/01/37	399,014	431,271
6.88% due 09/15/10	772,000	811,454
7.00% due 06/01/29	12,951	14,501
Federal Home Loan Mtg. Corp. REMIC
Series 3102, Class PG
5.00% due 11/15/28	280,000	296,888
Series 3317, Class PD
5.00% due 09/15/31	360,000	382,191
Series 3116, Class PD
5.00% due 10/15/34	1,310,000	1,393,616
Series 3349, Class HB
5.50% due 06/15/31	642,000	687,051
		23,528,376
Federal National Mtg. Assoc. - 5.0%
4.50% due 06/01/19	244,463	258,799
4.50% due 01/01/39	236,770	243,401
4.75% due 12/15/10	251,000	262,226
5.00% due 03/15/16	163,000	183,484
5.00% due 01/01/23	645,303	686,412
5.00% due 04/01/23	494,640	526,151
5.00% due 10/01/35	811,119	852,388
5.00% due 01/01/37	98,798	103,772
5.00% due 03/01/37	114,651	120,424
5.00% due 05/01/37	22,715	23,859
5.00% due 06/01/37	303,099	318,361
5.00% due 07/01/37	692,051	726,899
5.00% due 09/01/37	753,206	791,133
5.00% due 05/01/38	2,932,884	3,080,566
5.00% due 09/01/39	3,357,090	3,525,797
5.30% due 01/01/37(4)	770,661	791,639
5.50% due 03/01/18	14,091	15,255
5.50% due 11/01/22	179,556	192,519
5.50% due 01/01/29	47,195	50,725
5.50% due 05/01/29	15,352	16,484
5.50% due 06/01/34	262,466	280,254
5.50% due 02/01/36(4)	144,533	151,892
5.50% due 09/01/36	1,666,566	1,776,130
5.50% due 11/01/36	5,689	6,063
5.50% due 11/01/36	44,206	47,112
5.50% due 04/01/37	462,467	492,509
5.50% due 03/01/38	317,285	337,896
5.50% due 03/01/38	204,074	217,331
6.00% due 02/01/32	55,540	60,225
6.00% due 10/01/34	2,449	2,644
6.00% due 10/01/34	2,366	2,555
6.00% due 07/01/37	212,792	228,514

6.00% due 08/01/37	610,032	655,106
6.00% due 10/01/37	536,790	576,451
6.50% due 12/01/31	46,368	50,576
6.50% due 02/01/35	71,053	76,969
6.50% due 07/01/36	215,708	233,533
6.50% due 11/01/37	1,203,841	1,302,006
8.50% due 08/01/31	8,019	9,264
Federal National Mtg. Assoc. REMIC Series 2005-12, Class BE 5.00% due 11/25/30	350,000	371,398
		19,648,722
Government National Mtg. Assoc. - 0.7%
6.00% due 08/15/39	2,722,286	2,917,605
Total U.S. Government Agencies
(cost $43,926,471)		46,094,703
U.S. GOVERNMENT TREASURIES - 4.4%
United States Treasury Bonds - 0.6%
3.63% due 04/15/28 TIPS(14)	587,514	755,966
4.25% due 05/15/39	304,000	306,327
4.38% due 02/15/38	604,000	621,177
4.50% due 05/15/38	503,000	528,150
5.25% due 11/15/28	127,000	147,201
8.13% due 08/15/19	117,000	164,540
		2,523,361
United States Treasury Notes - 3.8%
0.88% due 05/31/11	1,500,000	1,510,195
2.00% due 11/30/13	328,000	333,740
2.13% due 01/31/10	500,000	501,679
2.25% due 05/31/14	1,986,000	2,026,030
2.38% due 09/30/14	112,000	114,311
2.63% due 06/30/14	2,007,000	2,078,343
2.75% due 02/28/13	105,000	110,217
2.75% due 02/15/19	860,000	831,512
3.00% due 08/31/16	74,000	75,867
3.25% due 05/31/16	2,000,000	2,088,124
3.38% due 07/31/13	449,000	481,272
3.50% due 02/15/18	234,000	242,976
3.63% due 12/31/12	900,000	968,133
3.63% due 08/15/19	52,000	53,804
3.88% due 05/15/18	57,000	60,634
4.00% due 02/15/15	500,000	547,890
4.25% due 08/15/15	90,000	99,563
4.50% due 11/15/15	536,000	600,948
4.63% due 11/15/16	130,000	146,524
4.88% due 04/30/11	1,700,000	1,807,379
6.50% due 02/15/10	300,000	303,961
		14,983,102
Total U.S. Government Treasuries
(cost $17,179,677)		17,506,463
COMMON STOCK - 0.3%
Energy-Alternate Sources - 0.0%
VeraSun Energy Corp.†(5)(7)	50,000	0
Food-Misc. - 0.0%
Wornick Co.†(5)(6)(7)	1,722	53,864
Gambling (Non-Hotel) - 0.0%
Shreveport Gaming Holdings, Inc.†(5)(6)(7)	1,280	17,139
Independent Power Producers - 0.0%
Mirant Corp.†	902	12,845
Medical-Outpatient/Home Medical - 0.0%
Critical Care Systems International, Inc.†(5)(6)(7)	5,372	1,120
Oil Companies-Exploration & Production - 0.3%
Energy Partners, Ltd.†	35,089	289,835
EXCO Resources, Inc. †	41,578	703,500
MXEnergy Holdings, Inc.†(5)(7)	52,368	70,173
		1,063,508
Paper & Related Products - 0.0%
Caraustar Industries, Inc.†(5)(7)	43	95,574
Retail-Music Store - 0.0%
MTS, Inc.†(5)(6)(7)	3,863	0
Total Common Stock
(cost $1,490,723)		1,244,050
PREFERRED STOCK - 0.2%
Banks-Commercial - 0.1%
BB&T Capital Trust VII 8.10%	4,200	105,126
CoBank ACB 11.00%*	5,396	263,224
		368,350
Banks-Money Center - 0.0%
Santander Finance Preferred SA 4.00%(4)	5,626	106,894
Banks-Super Regional - 0.0%
Wachovia Capital Trust IX 6.38%	4,350	90,959
Diversified Financial Services - 0.0%
General Electric Capital Corp. 4.50%(8)	6,436	152,404
Finance-Mortgage Loan/Banker - 0.0%
Federal Home Loan Mtg. Corp. 0.00%(4)	5,100	4,182
Special Purpose Entity - 0.1%
Structured Repackaged Asset-Backed Trust Securities 3.00%(4)	9,200	168,728

Total Preferred Stock
(cost $1,081,904)				891,517
WARRANTS - 0.0%
Oil Companies-Exploration & Production - 0.0%
Transmeridian Exploration, Inc. Expires 12/15/10 (Strike price $4.31)†(5) (cost $18,990)	6,905			69
Total Long-Term Investment Securities (cost $357,391,895)				369,988,976
REPURCHASE AGREEMENT - 5.3%
Agreement with State Street Bank & Trust Co., bearing interest at 0.03%, dated 11/30/09, to be repurchased 12/01/09 in the amount of $20,892,017 and collateralized by $21,530,000 of United States Treasury Bills, bearing interest at 0.40% due 01/14/10 and having an approximate value of $21,519,235 (cost $20,892,000)	20,892,000			20,892,000
TOTAL INVESTMENTS (cost $378,283,895)(15)	98.9	%		390,880,976
Other assets less liabilities	1.1			4,425,009
NET ASSETS	100.0	%	$	395,305,985

* 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, 2009, the aggregate value of these securities was $53,884,064 representing 13.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

† Non-income producing security

(1) Commercial Mortgage Backed Security

(2) Variable Rate Security—the rate reflected is as of November 30, 2009, maturity date reflects the stated maturity date.

(3) Collateralized Mortgage Obligation

(4) 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, 2009.

(5) Fair valued security. Securities are classified as Level 3 disclosures based on the securities valuation inputs; see Note 1.

(6) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, 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, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2009, the Strategic Bond Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount/Shares		Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
Critical Care Systems International, Inc. Common Stock	06/17/04		635	$	0
	11/09/04		4,737		0
			5,372		0	$	1,120	$	0.21	0.00	%
ICO North America, Inc. Notes 7.50% due 08/15/09	08/11/05	$	125,000		125,000
	02/15/08		5,000		5,000
	09/11/08		5,000		5,000
	02/15/09		5,000		5,000
			140,000		140,000		73,500		52.50	0.02
MTS, Inc. Senior Notes 10.00% due 03/15/09	03/16/04		12,337		44,410
	09/03/04		681		681
	03/19/05		715		143
	09/04/05		751		195
	03/04/06		789		205
			15,273		45,634		305		2.00	0.00
MTS, Inc. Common Stock	03/16/04		3,863		0		0		0.00	0.00
Shreveport Gaming Holdings, Inc. Common Stock	07/21/05		257		5,885
	07/29/05		1,023		23,552
			1,280		29,437		17,139		13.39	0.01
Wornick Co. Common Stock	08/08/08		1,722		225,265		53,864		31.28	0.01
						$	145,928			0.04	%

(7) Illiquid security. At November 30, 2009, the aggregate value of these securities was $1,032,442 representing 0.3% of net assets.

(8) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate.

(9) Perpetual maturity - maturity date reflects the next call date.

(10) PIK (“Payment-in-Kind”) security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

(11) Income may be received in cash or additional bonds at the discretion of the issuer.

(12) Denominated in United States dollars unless otherwise indicated.

(13) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the stated rate.

(14) Principal amount of security is adjusted for inflation.

(15) See Note 5 for cost of investments on a tax basis.

(16) Bond is in default and did not pay principal at maturity.

(17) Bond in default

(18) Company has filed Chapter 11 bankruptcy protection.

(19) Company has filed Chapter 7 bankruptcy protection.

(20) Company has filed bankruptcy in country of issuance.

(21) Bond is in default of interest subsequent to November 30, 2009.

(22) Subsequent to November 30, 2009, the company has filed for Chapter 11 bankruptcy protection.

TIPS—Treasury Inflation Protected Securities

REMIC—Real Estate Mortgage Investment Conduit

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2009 (See Note 1):

	Level 1- Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3- Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	7,031,724	$	—	$	7,031,724
Convertible Bonds & Notes		—		—		73,500		73,500
U.S. Corporate Bonds & Notes		—		150,889,023		3,419,613		154,308,636
Foreign Corporate Bonds & Notes		—		27,555,401		0		27,555,401
Foreign Government Agencies		—		112,443,385		—		112,443,385
Foreign Government Treasuries		—		2,839,528		—		2,839,528
U.S. Government Agencies		—		46,094,703		—		46,094,703
U.S. Government Treasuries		17,506,463		—		—		17,506,463
Common Stock		1,006,180				237,870		1,244,050
Preferred Stock		628,293		263,224		—		891,517
Warrants		—		—		69		69
Repurchase Agreements		—		20,892,000		—		20,892,000
Total	$	19,140,936	$	368,008,988	$	3,731,052	$	390,880,976

	Convertible Bonds & Notes		U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes		Common Stock			Warrants
Balance as of 8/31/2009	$	49,000	$	3,125,234		$	0	$	177,128		$	0
Accrued discounts/premiums		—		(483	)		—		—			—
Realized gain(loss)		—		31,357			—		—			—
Change in unrealized appreciation(depreciation)		—		296,747			—		(51,235	)		69
Net purchases(sales)		24,500		(76,242	)		—		111,977			—
Transfers in and/or out of Level 3		—		43,000			—		—			—
Balance as of 11/30/2009	$	73,500	$	3,419,613		$	0	$	237,870		$	69

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

COP—Colombian Peso

EUR—Euro Dollar

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

Country Allocation*

United States	63.2	%
Brazil	3.6
Canada	3.3
Australia	2.5
Russia	2.3
Japan	2.2
Norway	2.0
Sweden	2.0
Mexico	1.7
United Kingdom	1.6
Turkey	1.5
Indonesia	1.1
Colombia	1.2
Netherlands	1.1
Venezuela	1.2
Luxembourg	0.9
Philippines	0.8
Argentina	0.7
Germany	0.7
Bermuda	0.6
Cayman Islands	0.6
Peru	0.4
Uruguay	0.5
Spain	0.4
Panama	0.5
Italy	0.4
France	0.4
Greece	0.3
Ukrainian SSR	0.3
Georgia	0.2
Croatia	0.1
Singapore	0.1
South Africa	0.1
Trinidad and Tobago	0.1
Qatar	0.1
Ireland	0.1
Austria	0.1
	98.9	%

* Calculated as a percentage of net assets

See Notes to Portfolio of Investments

NOTES TO SCHEDULE OF INVESTMENTS – (unaudited)

Note 1 — 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 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. Senior Secured Floating Rate Loans (“Loans”) for which an active secondary market exists to a reliable degree, will be valued at the mean of the last available bid and ask prices in the market for such Loans, as provided by a third party pricing service.

For the Money Market II 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 Trustees (the “Board” or the “Trustees”) has adopted procedures intended to stabilize the Money Market II 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 II 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.

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 other funds.

The various inputs that may be used to determine the value of the Funds’ investments are summarized in the three broad levels listed below:

Level 1 — Unadjusted 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 (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to value the Funds’ net assets as of November 30, 2009 are reported on a schedule following the Portfolio of Investments.

Note 2 — Repurchase Agreements

As of November 30, 2009, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:

Fund	Percentage Ownership		Principal Amount
Money Market II Fund	6.64	%	$	19,907,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

UBS Securities, LLC, dated November 30, 2009, bearing interest at a rate of 0.14% per annum, with a principal amount of $300,000,000, a repurchase price of $300,001,167 and maturity date of December 1, 2009. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate		Maturity Date	Principal Amount		Market Value
U.S. Treasury Inflation Index Bond	0.88	%	04/15/10	$	267,249,000	$	306,000,105

Note 3 — Derivative Instruments

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. As of November 30, 2009, none of the Funds had open forward contracts which are reported on a schedule following each Fund’s Portfolio of Investments.

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 to the Funds of entering into forward contracts include credit risk and market risk. Credit risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum risk due to counterparty credit risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the schedule following the Fund’s Portfolio of Investments. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures Contracts. Certain of the Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. As of November 30, 2009, the following Funds had open futures contracts: Small Cap Value Fund and Socially Responsible Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

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”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

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. 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. Futures contracts are generally conducted through regulated exchanges, which minimize counterparty credit risks.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin.

Structured Securities. Certain of the Funds may invest in structured securities for various purposes, including managing exposure to fluctuations in currency exchange rates, interest rates, commodity prices, indices or other financial indicators or for speculation. As of November 30, 2009, the Core Bond Fund held one structured security.

Structured securities include notes, bonds or debentures that provide for the payment of principal of, and/or interest in, amounts determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (the “Reference”) or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of structured securities may provide that under certain circumstances no principal is due at maturity and, therefore, may result in the loss of a Fund’s entire investment in the structured security. Structured securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference (i.e. leveraged structured securities). Consequently, leveraged structured securities entail a greater degree of market risk than other types of debt obligations. Structured securities may also be more volatile, less liquid and more difficult to accurately price than less complex fixed income investments (i.e. investment grade corporate bonds).

The risks of investing in a particular structured security will depend on the terms of the investment; however, structured securities generally will expose the Fund to credit risk, illiquidity risk and market risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contract. Structured securities are typically sold in private placement transactions with no active trading market. Market risk is the risk that there will be an unfavorable change in the Reference. Investments in structured securities may be more volatile than their underlying instruments; however, generally any loss is limited to the amount of the original investment.

Note 4 — Transactions with Affiliates

As disclosed in the Portfolio of Investments, certain funds own securities issued by American International Group, Inc. (“AIG”) or an affiliate thereof. During the year ended November 30, 2009, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:

Fund	Security	Income		Capital Gain Distribution Received
Aggressive Growth Lifestyle	Various VCI and VC II Funds*	$	1,701,163	$	2,124,571
Conservative Growth Lifestyle	Various VCI and VC II Funds*		1,990,008		987,611
Moderate Growth Lifestyle	Various VCI and VC II Funds*		3,513,387		2,554,372
Large Cap Value	VALIC Co. I Money Market Fund		45		—

Fund	Security	Market Value at 08/31/09		Cost of Purchases +		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)		Market Value at 11/30/09
Aggressive Growth Lifestyle	Various VC I and VC II Funds*	$	93,779,196	$	21,072,967	$	18,046,723	$	2,103,577	$	3,510,494	$	102,419,511
Conservative Growth Lifestyle	Various VC I and VC II Funds*		57,736,775		7,582,088		5,365,618		1,006,929		2,079,042	$	63,039,216
Moderate Growth Lifestyle	Various VC I and VC II Funds*		141,931,692		22,759,280		16,235,182		3,212,680		4,961,816	$	156,630,286
Large Cap Value	VALIC Co. I Money Market Fund		958,928		3,941,866		3,489,843		—		—	$	1,410,951

* See Schedule of Investments for details.

+ Includes reinvestment of distributions paid.

Note 5 — Federal Income Taxes

As of November 30, 2009, the amount of aggregate unrealized gain (loss) and the cost of investment securities for federal tax purposes, including short-term investment securities and repurchase agreements, were as follows:

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Aggressive Growth Lifesyle	$	121,202,549	$	16,963,664	$	(35,746,702	)	$	(18,783,038	)
Capital Appreciation		40,945,476		5,222,189		(2,875,084	)		2,347,105
Conservative Growth Lifestyle		61,413,920		9,625,760		(8,000,464	)		1,625,296
Core Bond		172,410,558		6,873,166		(3,791,994	)		3,081,172
High Yield Bond		222,720,375		12,749,166		(16,384,693	)		(3,635,527	)
International Small Cap Equity		511,634,248		107,282,117		(28,050,573	)		79,231,544
Large Cap Value		155,148,395		15,681,416		(13,436,467	)		2,244,949
Mid Cap Growth		149,429,447		26,267,927		(6,203,770	)		20,064,157
Mid Cap Value		480,858,758		57,450,695		(37,460,721	)		19,989,974
Moderate Growth Lifestyle		153,993,394		28,017,491		(25,380,599	)		2,636,892
Money Market		230,148,745		-		-			-
Small Cap Growth		44,943,578		5,187,432		(5,245,825	)		(58,393	)
Small Cap Value		388,426,759		36,367,264		(65,702,558	)		(29,335,294	)
Socially Responsible		734,110,695		66,815,545		(94,146,304	)		(27,330,759	)
Strategic Bond		379,589,537		23,817,767		(12,526,328	)		11,291,439

Item 2. 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 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications 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.

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.

VALIC Company II

By:	/s/ Kurt Bernlohr
	Kurt Bernlohr
	President
Date:	January 29, 2010

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/ Kurt Bernlohr
	Kurt Bernlohr
	President
Date:	January 29, 2010

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer
Date:	January 29, 2010

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Kurt Bernlohr, certify that:

1. I have reviewed this report on Form N-Q of VALIC Company II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 20, 2010

            /s/ Kurt Bernlohr

            Kurt Bernlohr

            President

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-Q of VALIC Company II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 20, 2010

            /s/ Gregory R. Kingston

            Gregory R. Kingston

            Treasurer