N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

AIG Retirement Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

Evelyn M. Curran

Senior Vice President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 831-6425

Date of fiscal year end: May 31

Date of reporting period: November 30, 2008

Item 1. Reports to Stockholders

AIG Retirement Company I

Semi-Annual Report, November 30, 2008

SAVING : INVESTING : PLANNING

AIG Retirement Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2008 (Unaudited)

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	21
Broad Cap Value Income Fund	25
Capital Conservation Fund	28
Core Equity Fund	38
Core Value Fund	42
Foreign Value Fund	48
Global Equity Fund	51
Global Real Estate Fund	55
Global Social Awareness Fund	58
Global Strategy Fund	67
Government Securities Fund	75
Growth Fund	78
Growth & Income Fund	84
Health Sciences Fund	87
Inflation Protected Fund	94
International Equities Fund	97
International Government Bond Fund	109
International Growth I Fund	115
Large Cap Core Fund	121
Large Capital Growth Fund	124
Mid Cap Index Fund	128
Mid Cap Strategic Growth Fund	137
Money Market I Fund	140
Nasdaq-100® Index Fund	143
Science & Technology Fund	146
Small Cap Aggressive Growth Fund	149
Small Cap Fund	152
Small Cap Index Fund	161
Small Cap Special Values Fund	185
Small-Mid Growth Fund	191
Stock Index Fund	195
Value Fund	204
Statements of Assets and Liabilities	206
Statements of Operations	210
Statements of Changes in Net Assets	214
Notes to Financial Statements	222
Financial Highlights	243
Approval of Advisory Agreements	261
Supplement to Prospectus	271

AIG Retirement Company I

PRESIDENT’S LETTER (Unaudited)

Dear Valued Investor:

We are pleased to provide you with the Semi-Annual Report for AIG Retirement Company I. The report contains the investment portfolio information and the financial statements of AIG Retirement Company I for the six-month period ending November 30, 2008.

We end the six-month period with the economy contracting rapidly, consumer confidence eroding, increasing joblessness, a threat of deflation, house prices collapsing and many major financial institutions being supported by government intervention. Moreover, this economic picture is not restricted to US shores as developed economies in Europe and Asia and emerging economies such as Brazil and China also are experiencing a serious contraction in economic growth.

The total return for the S&P 500^® Index for the six-month period was negative 35.20%. In contrast to past equity declines, the markets were indiscriminate in delivering pain. Large cap and small cap; value and growth; domestic and international the pain was deep and widespread. In short, if you were invested in the equity markets, there was no place to hide.

The fixed income markets offered little relief. The fixed income markets froze and credit spreads widened significantly in both investment grade and below investment grade credits. Even money market funds, long a bastion of stability, were challenged, as a US money fund broke its $1.00 net asset value and the US Treasury stepped in to provide an insurance program to restore trust.

We enter 2009 with these economic challenges continuing to face us. Policymakers, both in the US and around the world, are considering additional policies with the objective of lessening the pain and facilitating an economic recovery. The decisions made, particularly in the first 100 days of the new Administration, have the potential to greatly impact both the current and future economic landscape.

The unprecedented confluence of these recent events has left investors understandably unsettled. A common mistake is to let emotions drive investment decisions — sell low when fear sets in or buy high when enthusiasm is soaring. We encourage you to meet with your financial advisor and review your portfolio and investment strategy. Think about your long-term investment goals and time horizon - how much money you will need to live in retirement and how soon you will need to access those funds. Think about how much money you are currently saving. Don’t let these difficult times keep you from taking control of your retirement savings and investing strategy.

Thank you for your continued confidence in our ability to help you meet your investment goals.

Sincerely,

Evelyn M. Curran, President

AIG Retirement Company I

1

AIG Retirement Company I

EXPENSE EXAMPLE — November 30, 2008 (Unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in AIG Retirement Company I (“ARC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2008 and held until November 30, 2008. Shares of ARC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) and qualified retirement plans (the “Plans”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to ARC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts and Plans are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your Variable Contract prospectus or plan document for more details on the fees associated with the Variable Contract or Plans.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended November 30, 2008” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2008” column and the “Expense Ratio as of November 30, 2008” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2008” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended November 30, 2008” column and the “Expense Ratio as of November 30, 2008” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2008” column would have been higher and the “Ending Account Value” column would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts or Plans. Please refer to your Variable Contract prospectus or Plan document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

2

AIG Retirement Company I

EXPENSE EXAMPLE — November 30, 2008 (Unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2008		Ending Account Value Using Actual Return at November 30, 2008		Expenses Paid During the Six Months Ended November 30, 2008*		Beginning Account Value at June 1, 2008		Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2008		Expenses Paid During the Six Months Ended November 30, 2008*		Expense Ratio as of November 30, 2008*
Asset Allocation@	$	1,000.00	$	783.71	$	3.09	$	1,000.00	$	1,021.61	$	3.50	0.69	%
Blue Chip Growth#@	$	1,000.00	$	584.44	$	3.38	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Broad Cap Value Income#@	$	1,000.00	$	662.24	$	3.54	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Capital Conservation	$	1,000.00	$	942.35	$	3.26	$	1,000.00	$	1,021.71	$	3.40	0.67	%
Core Equity#@	$	1,000.00	$	632.49	$	3.44	$	1,000.00	$	1,020.86	$	4.26	0.84	%
Core Value#	$	1,000.00	$	665.10	$	3.46	$	1,000.00	$	1,020.91	$	4.20	0.83	%
Foreign Value	$	1,000.00	$	555.20	$	3.70	$	1,000.00	$	1,020.31	$	4.81	0.95	%
Global Equity@	$	1,000.00	$	543.27	$	3.75	$	1,000.00	$	1,020.21	$	4.91	0.97	%
Global Real Estate#	$	1,000.00	$	531.67	$	3.65	$	1,000.00	$	1,020.31	$	4.81	0.95	%
Global Social Awareness@	$	1,000.00	$	584.86	$	2.78	$	1,000.00	$	1,021.56	$	3.55	0.70	%
Global Strategy	$	1,000.00	$	758.81	$	3.04	$	1,000.00	$	1,021.61	$	3.50	0.69	%
Government Securities	$	1,000.00	$	1,056.62	$	3.25	$	1,000.00	$	1,021.91	$	3.19	0.63	%
Growth	$	1,000.00	$	610.56	$	3.67	$	1,000.00	$	1,020.51	$	4.61	0.91	%
Growth & Income#@	$	1,000.00	$	628.25	$	3.47	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Health Sciences@	$	1,000.00	$	683.71	$	4.90	$	1,000.00	$	1,019.25	$	5.87	1.16	%
Inflation Protected#	$	1,000.00	$	880.12	$	3.06	$	1,000.00	$	1,021.81	$	3.29	0.65	%
International Equities	$	1,000.00	$	551.59	$	1.98	$	1,000.00	$	1,022.51	$	2.59	0.51	%
International Government Bond	$	1,000.00	$	887.01	$	3.41	$	1,000.00	$	1,021.46	$	3.65	0.72	%
International Growth I#@	$	1,000.00	$	554.37	$	3.94	$	1,000.00	$	1,020.00	$	5.11	1.01	%
Large Cap Core#@	$	1,000.00	$	692.02	$	3.61	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Large Capital Growth@	$	1,000.00	$	627.31	$	3.10	$	1,000.00	$	1,021.26	$	3.85	0.76	%
Mid Cap Index	$	1,000.00	$	582.91	$	1.55	$	1,000.00	$	1,023.11	$	1.98	0.39	%
Mid Cap Strategic Growth@	$	1,000.00	$	530.27	$	3.18	$	1,000.00	$	1,020.91	$	4.20	0.83	%
Money Market I#	$	1,000.00	$	1,009.28	$	2.67	$	1,000.00	$	1,022.41	$	2.69	0.53	%
NASDAQ-100® Index#	$	1,000.00	$	578.29	$	2.18	$	1,000.00	$	1,022.31	$	2.79	0.55	%
Science & Technology@	$	1,000.00	$	533.66	$	3.92	$	1,000.00	$	1,019.95	$	5.16	1.02	%
Small Cap Aggressive Growth#@	$	1,000.00	$	581.92	$	3.97	$	1,000.00	$	1,020.05	$	5.06	1.00	%
Small Cap#@	$	1,000.00	$	645.62	$	3.92	$	1,000.00	$	1,020.31	$	4.81	0.95	%
Small Cap Index	$	1,000.00	$	631.01	$	1.80	$	1,000.00	$	1,022.86	$	2.23	0.44	%
Small Cap Special Values#@	$	1,000.00	$	614.59	$	3.64	$	1,000.00	$	1,020.56	$	4.56	0.90	%
Small-Mid Growth#@	$	1,000.00	$	599.00	$	4.01	$	1,000.00	$	1,020.05	$	5.06	1.00	%
Stock Index	$	1,000.00	$	644.80	$	1.53	$	1,000.00	$	1,023.21	$	1.88	0.37	%
Value#	$	1,000.00	$	597.64	$	3.40	$	1,000.00	$	1,020.81	$	4.31	0.85	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days. These ratios do not reflect fees and expenses associated with the Variable Contracts or Plans. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details that apply to the Variable Contracts or your Plan document for details on the administrative fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period November 30, 2008” and the “Expense Ratios” would have been higher.

@ Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. Had the expense reductions been taken into account, the Expense Example would have been as follows:

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2008		Ending Account Value Using Actual Return at November 30, 2008		Expenses Paid During the Six Months Ended November 30, 2008*		Beginning Account Value at June 1, 2008		Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2008		Expenses Paid During the Six Months Ended November 30, 2008*		Expense Ratio as of November 30, 2008*
Asset Allocation	$	1,000.00	$	783.71	$	3.04	$	1,000.00	$	1,021.66	$	3.45	0.68	%
Blue Chip Growth#	$	1,000.00	$	584.44	$	3.38	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Broad Cap Value Income#	$	1,000.00	$	662.24	$	3.54	$	1,000.00	$	1,020.81	$	4.31	0.85	%
Core Equity#	$	1,000.00	$	632.49	$	3.44	$	1,000.00	$	1,020.86	$	4.26	0.84	%
Global Equity#	$	1,000.00	$	543.27	$	3.68	$	1,000.00	$	1,020.31	$	4.81	0.95	%
Global Social Awareness	$	1,000.00	$	584.86	$	2.70	$	1,000.00	$	1,021.66	$	3.45	0.68	%
Growth & Income#	$	1,000.00	$	628.25	$	3.39	$	1,000.00	$	1,020.91	$	4.20	0.83	%
Health Sciences	$	1,000.00	$	683.71	$	4.85	$	1,000.00	$	1,019.30	$	5.82	1.15	%
International Growth I#	$	1,000.00	$	554.37	$	3.94	$	1,000.00	$	1,020.00	$	5.11	1.01	%
Large Cap Core Fund#	$	1,000.00	$	692.02	$	3.48	$	1,000.00	$	1,020.96	$	4.15	0.82	%
Large Capital Growth	$	1,000.00	$	627.31	$	3.10	$	1,000.00	$	1,021.26	$	3.85	0.76	%
Mid Cap Strategic Growth#	$	1,000.00	$	530.27	$	3.11	$	1,000.00	$	1,021.01	$	4.10	0.81	%
Science & Technology	$	1,000.00	$	533.66	$	3.88	$	1,000.00	$	1,020.00	$	5.11	1.01	%
Small Cap Aggressive Growth#	$	1,000.00	$	581.92	$	3.93	$	1,000.00	$	1,020.10	$	5.01	0.99	%
Small Cap#	$	1,000.00	$	645.62	$	3.92	$	1,000.00	$	1,020.31	$	4.81	0.95	%
Small Cap Special Values#	$	1,000.00	$	614.59	$	3.52	$	1,000.00	$	1,020.71	$	4.41	0.87	%
Small-Mid Growth#	$	1,000.00	$	599.00	$	3.77	$	1,000.00	$	1,020.36	$	4.76	0.94	%

3

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Commercial Paper	9.0	%
U.S. Government Agencies	8.5
Repurchase Agreements	7.6
Oil Companies — Integrated	4.2
Index Fund	3.8
Electric — Integrated	3.6
Diversified Banking Institutions	2.8
Diversified Financial Services	2.8
Telephone — Integrated	2.5
Medical — Drugs	2.1
Diversified Manufacturing Operations	2.0
Computers	2.0
Retail — Discount	2.0
Medical — Biomedical/Gene	1.9
Finance — Investment Banker/Broker	1.7
Cosmetics & Toiletries	1.6
Retail — Restaurants	1.5
Banks — Super Regional	1.5
Banks — Fiduciary	1.5
Oil Companies — Exploration & Production	1.3
Beverages — Non-alcoholic	1.2
Medical Products	1.2
Food — Misc.	1.1
Retail — Drug Store	1.1
Tobacco	1.0
Electronic Components — Semiconductors	1.0
Banks — Commercial	1.0
Applications Software	1.0
Insurance — Life/Health	1.0
U.S. Government Treasuries	0.9
Multimedia	0.9
Instruments — Scientific	0.9
Index Fund — Large Cap	0.8
Agricultural Chemicals	0.8
Insurance — Multi-line	0.7
Enterprise Software/Service	0.7
Transport — Rail	0.7
Pipelines	0.7
Chemicals — Specialty	0.7
Insurance — Property/Casualty	0.6
Special Purpose Entities	0.6
Aerospace/Defense	0.6
Electric Products — Misc.	0.5
Diversified Operations	0.5
Networking Products	0.5
Oil — Field Services	0.5
Cable TV	0.4
Time Deposits	0.4
Medical — HMO	0.4
Wireless Equipment	0.4
Commercial Services	0.4
Chemicals — Diversified	0.4
Real Estate Investment Trusts	0.4
Food — Retail	0.4
Telecom Services	0.4
Commercial Services — Finance	0.3
Aerospace/Defense — Equipment	0.3
Web Portals/ISP	0.3
Medical Instruments	0.3
Medical — Hospitals	0.3
Transport — Services	0.3
Retail — Building Products	0.3
Computer Services	0.2
Investment Management/Advisor Services	0.2
Electric — Generation	0.2
Finance — Commercial	0.2
Industrial Gases	0.2

Steel — Producers	0.2
Beverages — Wine/Spirits	0.2
Apparel Manufacturers	0.2
Savings & Loans/Thrifts	0.2
Oil Refining & Marketing	0.2
Pharmacy Services	0.2
Transport — Air Freight	0.2
Insurance Brokers	0.2
Cellular Telecom	0.2
Airlines	0.2
Computers — Memory Devices	0.2
Oil & Gas Drilling	0.2
Banks — Money Center	0.2
Agricultural Operations	0.2
Retail — Apparel/Shoe	0.2
Brewery	0.2
Finance — Credit Card	0.2
Oil Field Machinery & Equipment	0.2
Television	0.2
Consumer Products — Misc.	0.1
Building — Residential/Commercial	0.1
Office Automation & Equipment	0.1
Non-Hazardous Waste Disposal	0.1
Retail — Major Department Stores	0.1
Gas — Distribution	0.1
Containers — Metal/Glass	0.1
Metal Processors & Fabrication	0.1
E-Commerce/Services	0.1
Retail — Auto Parts	0.1
Independent Power Producers	0.1
Finance — Mortgage Loan/Banker	0.1
Internet Security	0.1
Tools — Hand Held	0.1
Insurance — Reinsurance	0.1
Electronic Forms	0.1
Electronics — Military	0.1
Metal — Aluminum	0.1
Disposable Medical Products	0.1
Casino Hotels	0.1
Medical — Wholesale Drug Distribution	0.1
Satellite Telecom	0.1
Electronic Measurement Instruments	0.1
Water	0.1
Auto/Truck Parts & Equipment — Original	0.1
Computers — Periphery Equipment	0.1
Transport — Marine	0.1
Food — Wholesale/Distribution	0.1
Engineering/R&D Services	0.1
Metal — Diversified	0.1
Coal	0.1
Medical — Generic Drugs	0.1
Medical Information Systems	0.1
Containers — Paper/Plastic	0.1
Property Trust	0.1
Data Processing/Management	0.1
Semiconductor Components — Integrated Circuits	0.1
	99.3	%

* Calculated as a percentage of net assets

4

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 49.2%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.†	7,509	$	30,712
Omnicom Group, Inc.	743		21,019
			51,731
Aerospace/Defense — 0.6%
General Dynamics Corp.	3,668		189,526
Lockheed Martin Corp.	2,141		165,092
Northrop Grumman Corp.	3,320		135,954
Raytheon Co.	3,332		162,602
			653,174
Aerospace/Defense - Equipment — 0.3%
United Technologies Corp.	7,878		382,319
Agricultural Chemicals — 0.7%
CF Industries Holdings, Inc.	662		34,841
Monsanto Co.	9,286		735,451
			770,292
Agricultural Operations — 0.2%
Archer - Daniels - Midland Co.	6,299		172,467
Airlines — 0.1%
Southwest Airlines Co.	13,014		112,571
Apparel Manufacturers — 0.2%
Coach, Inc.†	2,372		42,459
Jones Apparel Group, Inc.	2,988		15,328
Polo Ralph Lauren Corp.	1,176		50,803
VF Corp.	1,803		94,279
			202,869
Applications Software — 1.0%
Compuware Corp.†	4,138		26,276
Microsoft Corp.	50,893		1,029,056
Salesforce.com, Inc.†	1,030		29,479
			1,084,811
Athletic Footwear — 0.0%
NIKE, Inc., Class B	841		44,783
Audio/Video Products — 0.0%
Harman International Industries, Inc.	1,111		16,721
Auto - Cars/Light Trucks — 0.0%
Ford Motor Co.†	16,301		43,850
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc.	4,213		74,402
Banks - Commercial — 0.2%
BB&T Corp.	5,520		165,435
Regions Financial Corp.	1,812		18,464
			183,899
Banks - Fiduciary — 1.4%
Northern Trust Corp.	5,388		247,255
State Street Corp.	4,619		194,506
The Bank of New York Mellon Corp.	37,712		1,139,280
			1,581,041
Banks - Super Regional — 1.0%
Capital One Financial Corp.	2,865		98,585
National City Corp.	13,426		26,986
PNC Financial Services Group, Inc.	879		46,385
SunTrust Banks, Inc.	4,292		136,185
US Bancorp	1,911		51,559
Wells Fargo & Co.	26,278		759,171
			1,118,871

Security Description	Shares	Market Value (Note 2)
Beverages - Non - alcoholic — 1.2%
Pepsi Bottling Group, Inc.	6,740	$	121,927
PepsiCo, Inc.	13,898		788,016
The Coca - Cola Co.	8,917		417,940
			1,327,883
Beverages - Wine/Spirits — 0.1%
Brown - Forman Corp., Class B	701		30,767
Constellation Brands, Inc., Class A†	2,529		32,270
			63,037
Brewery — 0.1%
Molson Coors Brewing Co., Class B	1,302		57,900
Building Products - Wood — 0.0%
Masco Corp.	2,462		23,586
Building - Residential/Commercial — 0.1%
Centex Corp.	3,863		35,385
D.R. Horton, Inc.	7,234		49,697
KB Home	869		10,106
Pulte Homes, Inc.	1,497		15,943
			111,131
Cable TV — 0.2%
Comcast Corp., Class A	13,128		227,639
Scripps Networks Interactive, Inc., Class A	742		20,620
The DIRECTV Group, Inc.†	1,171		25,774
			274,033
Chemicals - Diversified — 0.3%
E.I. du Pont de Nemours & Co.	8,650		216,769
The Dow Chemical Co.	3,766		69,859
			286,628
Chemicals - Specialty — 0.6%
Ashland, Inc.	1,350		12,893
Eastman Chemical Co.	1,968		64,747
Ecolab, Inc.	14,462		555,196
			632,836
Coal — 0.1%
Massey Energy Co.	925		14,448
Peabody Energy Corp.	1,986		46,532
			60,980
Commercial Services — 0.4%
Convergys Corp.†	2,977		18,726
Quanta Services, Inc.†	24,447		397,508
			416,234
Commercial Services - Finance — 0.2%
Automatic Data Processing, Inc.	1,002		41,142
H&R Block, Inc.	5,862		112,140
Mastercard, Inc., Class A	341		49,548
The Western Union Co.	5,200		69,004
			271,834
Computer Aided Design — 0.0%
Autodesk, Inc.†	3,030		50,268
Computer Services — 0.1%
Affiliated Computer Services, Inc., Class A†	3,159		127,782
Computer Sciences Corp.†	849		23,653
			151,435
Computers — 2.0%
Apple, Inc.†	6,974		646,281
Dell, Inc.†	6,823		76,213

5

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Computers (continued)
Hewlett - Packard Co.	24,433	$	861,996
International Business Machines Corp.	7,520		613,632
Sun Microsystems, Inc.†	3,206		10,163
			2,208,285
Computers - Memory Devices — 0.2%
EMC Corp.†	15,912		168,190
NetApp, Inc.†	1,556		21,006
			189,196
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc., Class A†	2,772		72,571
Consumer Products - Misc. — 0.1%
Fortune Brands, Inc.	1,453		54,923
Kimberly - Clark Corp.	1,245		71,949
			126,872
Containers - Metal/Glass — 0.0%
Ball Corp.	1,276		46,510
Cosmetics & Toiletries — 1.6%
Avon Products, Inc.	4,049		85,434
Colgate - Palmolive Co.	11,076		720,715
Procter & Gamble Co.	14,217		914,864
The Estee Lauder Cos., Inc., Class A	406		11,328
			1,732,341
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc.	1,191		20,461
Fiserv, Inc.†	1,029		35,130
			55,591
Disposable Medical Products — 0.1%
C.R. Bard, Inc.	1,080		88,592
Diversified Banking Institutions — 2.3%
Bank of America Corp.	41,866		680,322
Citigroup, Inc.	16,168		134,033
JPMorgan Chase & Co.	27,265		863,210
Morgan Stanley	55,891		824,392
The Goldman Sachs Group, Inc.	1,230		97,158
			2,599,115
Diversified Manufacturing Operations — 1.8%
3M Co.	4,551		304,598
Cooper Industries, Ltd., Class A	1,667		40,241
General Electric Co.	43,085		739,769
Honeywell International, Inc.	21,223		591,273
Ingersoll - Rand Co., Ltd., Class A	2,717		42,603
Leggett & Platt, Inc.	3,498		51,071
Parker Hannifin Corp.	1,677		68,891
Tyco International, Ltd.	8,135		170,022
			2,008,468
E - Commerce/Services — 0.1%
eBay, Inc.†	7,107		93,315
IAC/InterActive Corp.†	1,669		24,684
			117,999
Electric Products - Misc. — 0.5%
Emerson Electric Co.	16,972		609,125
Electric - Generation — 0.0%
The AES Corp.†	4,949		38,058
Electric - Integrated — 1.5%
American Electric Power Co., Inc.	4,532		141,806
CMS Energy Corp.	1,535		15,596

Security Description	Shares	Market Value (Note 2)
Electric - Integrated (continued)
Constellation Energy Group, Inc.	1,159	$	28,361
Dominion Resources, Inc.	2,131		78,463
Duke Energy Corp.	10,157		158,043
Edison International	5,145		171,843
Entergy Corp.	1,305		111,055
Exelon Corp.	10,209		573,848
FirstEnergy Corp.	1,267		74,221
Pepco Holdings, Inc.	4,342		78,113
PG&E Corp.	2,201		83,726
Public Service Enterprise Group, Inc.	3,310		102,279
			1,617,354
Electronic Components - Misc. — 0.0%
Tyco Electronics, Ltd.	860		14,173
Electronic Components - Semiconductors — 0.9%
Advanced Micro Devices, Inc.†	11,617		27,416
Altera Corp.	2,713		39,908
Intel Corp.	51,820		715,116
LSI Corp.†	18,094		48,492
Micron Technology, Inc.†	5,054		13,848
National Semiconductor Corp.	2,269		24,959
NVIDIA Corp.†	2,571		19,206
QLogic Corp.†	4,892		51,953
Xilinx, Inc.	5,228		85,530
			1,026,428
Electronic Connectors — 0.0%
Amphenol Corp., Class A	1,405		32,624
Electronic Forms — 0.1%
Adobe Systems, Inc.†	4,106		95,095
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc.†	505		9,509
Electronics - Military — 0.1%
L - 3 Communications Holdings, Inc.	961		64,550
Engineering/R&D Services — 0.1%
Fluor Corp.	1,517		69,084
Engines - Internal Combustion — 0.0%
Cummins, Inc.	853		21,820
Enterprise Software/Service — 0.7%
CA, Inc.	2,988		50,318
Oracle Corp.†	47,593		765,771
			816,089
Finance - Credit Card — 0.1%
American Express Co.	2,646		61,678
Finance - Investment Banker/Broker — 0.2%
Merrill Lynch & Co., Inc.	2,107		27,855
The Charles Schwab Corp.	8,055		147,648
			175,503
Finance - Other Services — 0.0%
CME Group, Inc.	231		48,960
Food - Confectionery — 0.0%
The Hershey Co.	1,018		36,648
Food - Dairy Products — 0.0%
Dean Foods Co.†	2,487		36,211
Food - Misc. — 0.9%
ConAgra Foods, Inc.	4,784		70,564
General Mills, Inc.	11,238		709,904
H.J. Heinz Co.	901		34,995

6

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Food - Misc. (continued)
Kraft Foods, Inc., Class A	2,562	$	69,712
Sara Lee Corp.	11,692		107,333
			992,508
Food - Retail — 0.2%
Safeway, Inc.	2,636		57,465
SUPERVALU, Inc.	3,956		47,116
The Kroger Co.	3,479		96,229
			200,810
Food - Wholesale/Distribution — 0.1%
Sysco Corp.	2,991		70,139
Gas - Distribution — 0.1%
NiSource, Inc.	4,431		53,394
Sempra Energy	1,711		79,852
			133,246
Gold Mining — 0.0%
Newmont Mining Corp.	882		29,679
Independent Power Producers — 0.0%
Dynegy, Inc., Class A†	7,856		17,519
Mirant Corp.†	155		2,669
			20,188
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.	906		28,222
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.	4,267		203,792
Praxair, Inc.	1,015		59,936
			263,728
Instruments - Scientific — 0.9%
PerkinElmer, Inc.	2,135		38,558
Thermo Fisher Scientific, Inc.†	24,210		863,813
Waters Corp.†	1,413		58,258
			960,629
Insurance Brokers — 0.1%
AON Corp.	2,353		106,591
Insurance - Life/Health — 0.7%
AFLAC, Inc.	9,971		461,657
Lincoln National Corp.	1,829		25,112
Principal Financial Group, Inc.	3,688		50,931
Prudential Financial, Inc.	2,876		62,409
Torchmark Corp.	2,747		99,304
Unum Group	2,006		29,890
			729,303
Insurance - Multi - line — 0.6%
ACE, Ltd.	1,247		65,156
Allstate Corp.	6,507		165,538
Assurant, Inc.	1,822		39,665
Hartford Financial Services Group, Inc.	34,453		291,128
Loews Corp.	1,711		46,864
MetLife, Inc.	3,364		96,749
			705,100
Insurance - Property/Casualty — 0.4%
The Travelers Cos., Inc.	10,713		467,622
Internet Security — 0.1%
Symantec Corp.†	4,932		59,332
VeriSign, Inc.†	1,835		39,618
			98,950

Security Description	Shares	Market Value (Note 2)
Investment Companies — 0.0%
American Capital, Ltd.	2,404	$	10,193
Investment Management/Advisor Services — 0.1%
Franklin Resources, Inc.	212		12,879
Invesco, Ltd.	5,509		69,138
Janus Capital Group, Inc.	3,216		26,210
T. Rowe Price Group, Inc.	1,243		42,523
			150,750
Machinery - Construction & Mining — 0.0%
Caterpillar, Inc.	863		35,374
Machinery - Farming — 0.0%
Deere & Co.	998		34,740
Machinery - Pumps — 0.0%
Flowserve Corp.	537		27,027
Medical Information Systems — 0.1%
IMS Health, Inc.	4,424		58,176
Medical Instruments — 0.3%
Intuitive Surgical, Inc.†	193		25,578
Medtronic, Inc.	6,771		206,651
St. Jude Medical, Inc.†	3,732		104,608
			336,837
Medical Products — 1.1%
Baxter International, Inc.	2,129		112,624
Becton Dickinson & Co.	2,610		165,813
Covidien, Ltd.	829		30,549
Johnson & Johnson	12,949		758,552
Varian Medical Systems, Inc.†	1,296		52,307
Zimmer Holdings, Inc.†	2,435		90,874
			1,210,719
Medical - Biomedical/Gene — 1.9%
Amgen, Inc.†	6,496		360,788
Biogen Idec, Inc.†	801		33,890
Celgene Corp.†	2,889		150,517
Genentech, Inc.†	7,858		601,923
Gilead Sciences, Inc.†	20,095		900,055
Life Technologies Corp.†	2,076		54,190
			2,101,363
Medical - Drugs — 1.8%
Abbott Laboratories	3,796		198,872
Bristol - Myers Squibb Co.	12,201		252,561
Cephalon, Inc.†	539		39,606
Eli Lilly & Co.	9,353		319,405
Forest Laboratories, Inc.†	4,844		117,128
King Pharmaceuticals, Inc.†	2,835		27,244
Merck & Co., Inc.	12,450		332,664
Pfizer, Inc.	28,287		464,755
Schering - Plough Corp.	3,766		63,307
Wyeth	5,729		206,301
			2,021,843
Medical - Generic Drugs — 0.1%
Barr Pharmaceuticals, Inc.†	340		22,233
Watson Pharmaceuticals, Inc.†	1,558		37,002
			59,235
Medical - HMO — 0.2%
CIGNA Corp.	3,328		40,302
UnitedHealth Group, Inc.	1,723		36,200
WellPoint, Inc.†	2,683		95,515
			172,017

7

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†	16,321	$	19,748
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp.	538		33,733
Metal - Diversified — 0.1%
Freeport - McMoRan Copper & Gold, Inc.	2,692		64,581
Multimedia — 0.5%
Meredith Corp.	1,904		30,730
News Corp., Class A	23,483		185,516
The Walt Disney Co.†	8,117		182,795
Time Warner, Inc.	17,879		161,805
			560,846
Networking Products — 0.5%
Cisco Systems, Inc.†	28,680		474,367
Juniper Networks, Inc.†	4,057		70,511
			544,878
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.	4,855		119,967
Oil & Gas Drilling — 0.2%
ENSCO International, Inc.	2,253		73,020
Noble Corp.	1,501		40,212
Rowan Cos., Inc.	1,698		29,460
Transocean, Inc.†	623		41,666
			184,358
Oil Companies - Exploration & Production — 0.9%
Anadarko Petroleum Corp.	4,206		172,656
Apache Corp.	2,651		204,923
Devon Energy Corp.	2,831		204,795
EOG Resources, Inc.	514		43,700
Noble Energy, Inc.	389		20,337
Occidental Petroleum Corp.	4,223		228,633
Questar Corp.	2,109		67,889
Southwestern Energy Co.†	906		31,139
			974,072
Oil Companies - Integrated — 4.1%
Chevron Corp.	15,893		1,255,706
ConocoPhillips	6,797		356,978
Exxon Mobil Corp.	34,295		2,748,744
Hess Corp.	1,819		98,299
Murphy Oil Corp.	1,893		83,387
			4,543,114
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp.†	465		9,811
National - Oilwell Varco, Inc.†	2,419		68,434
			78,245
Oil Refining & Marketing — 0.1%
Sunoco, Inc.	1,087		43,198
Valero Energy Corp.	1,309		24,020
			67,218
Oil - Field Services — 0.4%
BJ Services Co.	4,933		59,147
Halliburton Co.	11,235		197,736
Schlumberger, Ltd.	4,149		210,520
Smith International, Inc.	387		11,316
			478,719
Pharmacy Services — 0.2%
Express Scripts, Inc.†	3,460		198,985

Security Description	Shares	Market Value (Note 2)
Pipelines — 0.1%
El Paso Corp.	2,658	$	19,642
Williams Cos., Inc.	3,213		52,115
			71,757
Printing - Commercial — 0.0%
R.R. Donnelley & Sons Co.	3,053		38,956
Publishing - Newspapers — 0.0%
Gannett Co., Inc.	6,024		52,469
Real Estate Investment Trusts — 0.3%
Apartment Investment & Management Co., Class A	5,999		68,809
AvalonBay Communities, Inc.	1,569		95,191
Boston Properties, Inc.	187		9,986
Developers Diversified Realty Corp.	3,850		18,480
Equity Residential	2,179		66,307
Host Hotels & Resorts, Inc.	2,343		17,619
			276,392
Retail - Apparel/Shoe — 0.2%
Limited Brands, Inc.	6,038		56,214
Liz Claiborne, Inc.	4,136		11,788
The Gap, Inc.	7,612		99,108
			167,110
Retail - Auto Parts — 0.1%
AutoZone, Inc.†	996		108,783
Retail - Building Products — 0.3%
Home Depot, Inc.	11,912		275,286
Lowe’s Cos., Inc.	535		11,053
			286,339
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†	1,634		35,703
Retail - Discount — 2.0%
Big Lots, Inc.†	1,450		25,404
Wal - Mart Stores, Inc.	38,599		2,156,912
			2,182,316
Retail - Drug Store — 1.0%
CVS Caremark Corp.	38,449		1,112,330
Walgreen Co.	511		12,642
			1,124,972
Retail - Major Department Stores — 0.1%
TJX Cos., Inc.	6,510		148,558
Retail - Office Supplies — 0.0%
OfficeMax, Inc.	2,779		15,146
Retail - Regional Department Stores — 0.0%
Macy’s, Inc.	2,451		18,186
Retail - Restaurants — 1.5%
McDonald’s Corp.	26,165		1,537,194
Yum! Brands, Inc.	4,235		114,091
			1,651,285
Semiconductor Components - Integrated Circuits — 0.1%
Linear Technology Corp.	2,716		54,184
Semiconductor Equipment — 0.0%
Novellus Systems, Inc.†	883		10,940
Steel - Producers — 0.0%
Nucor Corp.	786		28,044
United States Steel Corp.	852		25,901
			53,945

8

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.	589	$	13,518
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.	2,819		25,399
Telecom Services — 0.1%
Embarq Corp.	2,037		66,488
Telecommunication Equipment — 0.0%
Nortel Networks Corp.†	62		35
Telephone - Integrated — 1.9%
AT&T, Inc.	39,405		1,125,407
CenturyTel, Inc.	3,627		96,333
Verizon Communications, Inc.	25,631		836,852
Windstream Corp.	3,163		28,024
			2,086,616
Television — 0.1%
CBS Corp., Class B	8,668		57,729
Tobacco — 1.0%
Altria Group, Inc.	15,332		246,538
Lorillard, Inc.	486		29,369
Philip Morris International, Inc.	18,435		777,220
Reynolds American, Inc.	2,621		107,671
			1,160,798
Tools - Hand Held — 0.1%
Snap - on, Inc.	417		15,033
The Stanley Works	2,567		81,605
			96,638
Toys — 0.0%
Hasbro, Inc.	1,284		34,411
Mattel, Inc.	886		12,112
			46,523
Transport - Rail — 0.5%
Burlington Northern Santa Fe Corp.	1,856		142,188
CSX Corp.	4,464		166,239
Norfolk Southern Corp.	1,152		56,990
Union Pacific Corp.	3,979		199,109
			564,526
Transport - Services — 0.2%
Ryder System, Inc.	1,274		45,750
United Parcel Service, Inc., Class B	3,837		221,011
			266,761
Web Portals/ISP — 0.3%
Google, Inc., Class A†	1,071		313,760
Yahoo!, Inc.†	5,891		67,806
			381,566
Wireless Equipment — 0.4%
American Tower Corp., Class A†	3,212		87,495
Motorola, Inc.	15,638		67,400
QUALCOMM, Inc.	8,460		284,002
			438,897
Total Common Stock
(cost $71,446,215)			54,636,023
EXCHANGE TRADED FUNDS — 4.6%
Index Fund — 3.8%
iShares MSCI EAFE Index Fund	100,400		4,183,668

Security Description	Shares/ Principal Amount		Market Value (Note 2)
Index Fund - Large Cap — 0.8%
SPDR Trust, Series 1		10,005	$	899,950
Total Exchange Traded Funds
(cost $8,517,041)				5,083,618
PREFERRED STOCK — 0.4%
Banks - Money Center — 0.1%
Santander Finance Preferred SA 4.00%(1)		7,600		64,600
Banks - Super Regional — 0.0%
Wachovia Capital Trust IX 6.38%		3,100		50,220
Diversified Financial Services — 0.2%
General Electric Capital Corp. 8.00%(2)		11,000		207,790
Finance - Mortgage Loan/Banker — 0.0%
Freddie Mac 8.38%		2,200		1,650
Special Purpose Entity — 0.1%
Structured Repackaged Asset - Backed Trust Securities 3.00%(1)		7,600		80,712
Total Preferred Stock
(cost $755,312)				404,972
ASSET BACKED SECURITIES — 2.4%
Diversified Financial Services — 2.4%
Banc of America Commercial Mtg., Inc. Series 2006-6, Class AM 5.39% due 10/10/45(3)	$	110,000		50,281
Banc of America Funding Corp. Series 2007-C, Class 5A1 5.37% due 05/20/36(4)		302,573		215,810
Banc of America Funding Corp. Series 2006-J, Class 2A1 5.89% due 01/20/47(4)		302,696		160,379
Chase Funding Mtg. Loan Asset-Backed Certs. Series 2003-6, Class 1A6 4.59% due 05/25/15		88,279		82,564
Chase Mtg. Finance Corp. Series 2007-A2, Class 1A1 5.01% due 07/25/37(4)(5)		276,254		257,301
Citigroup Commercial Mtg. Trust Series 2008-C7, Class AM 6.30% due 12/10/49(3)		230,000		103,576
Commercial Mtg. Asset Trust Series 1999-C1, Class D 7.35% due 01/17/32(3)		275,000		243,118
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2006-LDP9, Class AM 5.37% due 05/15/47(3)		315,000		141,775
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2008-C2, Class AM 6.80% due 01/12/18(3)		539,000		240,173
LB Commercial Conduit Mtg. Trust Series 1998-C1, Class E 7.00% due 02/18/30(3)		155,000		138,972
Ocwen Advance Receivables Backed Notes Series 2006-1A 5.34% due 11/24/15*(6)		300,000		225,000
Swift Master Auto Receivables Trust Series 2007-2, Class A 2.07% due 10/15/12(1)		525,217		454,799
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR17, Class A2 5.83% due 10/25/36(4)(5)		416,528		254,574
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR12, Class 2A1 6.10% due 09/25/36(4)		160,131		101,381
Total Asset Backed Securities
(cost $3,964,741)				2,669,703

9

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(6)(7)(8)(16) (cost $20,000)	$	20,000	$	9,000
CORPORATE BONDS & NOTES — 13.6%
Agricultural Chemicals — 0.1%
Terra Capital, Inc. Company Guar. Notes 7.00% due 02/01/17		35,000		25,287
The Mosaic Co. Senior Notes 7.38% due 12/01/14*		65,000		55,250
				80,537
Airlines — 0.1%
American Airlines, Inc. Pass Through Certs. Series 2001-1, Class A-2 6.82% due 05/23/11		55,000		39,325
American Airlines, Inc. Pass Through Certs. Series 1997-C1, Class X 7.86% due 04/01/13		6,000		4,890
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1, Class G2 6.26% due 11/20/21		44,709		35,879
				80,094
Auto - Cars/Light Trucks — 0.0%
Ford Motor Co. Senior Bonds 6.38% due 02/01/29		55,000		10,450
General Motors Corp. Senior Notes 7.13% due 07/15/13		26,000		6,370
				16,820
Banks - Commercial — 0.5%
CoBank ACB Senior Sub. Notes 7.88% due 04/16/18*		57,000		54,648
First Maryland Capital II Company Guar. Notes 4.04% due 02/01/27(1)		124,000		76,660
KeyBank NA Sub. Notes 5.45% due 03/03/16		66,000		53,537
KeyBank NA Sub. Notes 7.41% due 10/15/27		26,000		21,530
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		91,000		83,732
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14		100,000		85,619
Sovereign Bank Sub. Notes 8.75% due 05/30/18		78,000		73,680
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		110,000		83,319
Wachovia Bank NA Sub. Notes 6.60% due 01/15/38		40,000		34,303
				567,028

Security Description	Principal Amount		Market Value (Note 2)
Banks - Fiduciary — 0.1%
State Street Capital Trust IV Company Guar. Notes 3.82% due 06/15/37(1)	$	100,000	$	56,160
Banks - Super Regional — 0.5%
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		135,000		109,590
Capital One Financial Corp. Sub. Notes 6.15% due 09/01/16		60,000		39,884
Nationsbank Capital Trust III Bank Guar. Notes 5.30% due 01/15/27(1)		93,000		43,577
PNC Preferred Funding Trust I Senior Notes 6.11% due 03/15/12*(1)(9)		70,000		28,043
Wachovia Corp. Senior Notes 3.63% due 02/17/09		162,000		160,843
Wachovia Corp. Senior Sub. Notes 4.88% due 02/15/14		18,000		14,860
Wachovia Corp. Notes 5.50% due 05/01/13		38,000		36,011
Wells Fargo & Co. Senior Notes 5.25% due 10/23/12		70,000		69,012
				501,820
Beverages - Non - alcoholic — 0.0%
Coca - Cola Enterprises, Inc. Senior Notes 7.38% due 03/03/14		35,000		36,404
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. Senior Sub. Notes 7.00% due 01/15/14		40,000		19,600
Building - Residential/Commercial — 0.0%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09		49,000		47,836
Cable TV — 0.2%
CCH I Holdings LLC/CCH I Holdings Capital Corp. Senior Notes 11.00% due 10/01/15		54,000		11,475
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10		78,000		39,585
CCH II LLC/CCH II Capital Corp. Senior Notes 10.25% due 09/15/10		12,000		5,700
Comcast Corp. Notes 6.95% due 08/15/37		58,000		48,635
COX Communications, Inc. Bonds 6.95% due 06/01/38*		40,000		32,011
Time Warner Cable, Inc. Notes 8.25% due 02/14/14		58,000		57,265
				194,671

10

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Casino Hotels — 0.1%
MGM Mirage, Inc. Senior Notes 5.88% due 02/27/14	$	125,000	$	63,750
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		30,000		22,800
				86,550
Casino Services — 0.0%
Indianapolis Downs LLC & Capital Corp. Sec. Notes 11.00% due 11/01/12*		35,000		16,625
Cellular Telecom — 0.1%
Centennial Communications Corp. Senior Notes 9.63% due 01/01/13(1)		35,000		32,725
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		50,000		20,000
Verizon Wireless Notes 7.38% due 11/15/13*		42,000		41,610
Verizon Wireless Notes 8.50% due 11/15/18*		40,000		40,360
				134,695
Chemicals - Diversified — 0.1%
ICI Wilmington, Inc. Company Guar. Notes 5.63% due 12/01/13		112,000		106,321
Chemicals - Specialty — 0.1%
Huntsman International LLC Company Guar. Notes 7.88% due 11/15/14		65,000		42,900
Momentive Performance Materials, Inc. Senior Sub. Notes 11.50% due 12/01/16		110,000		29,150
				72,050
Commercial Services - Finance — 0.1%
The Western Union Co. Senior Notes 5.40% due 11/17/11		147,000		139,984
Computer Services — 0.1%
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		35,000		25,287
Electronic Data Systems Corp. Senior Notes 6.00% due 08/01/13		130,000		129,727
				155,014
Consumer Products - Misc. — 0.0%
American Achievement Corp. Company Guar. Notes 8.25% due 04/01/12*		15,000		14,700
Kimberly - Clark Corp. Senior Notes 7.50% due 11/01/18		29,000		31,557
				46,257

Security Description	Principal Amount		Market Value (Note 2)
Containers - Paper/Plastic — 0.1%
Jefferson Smurfit Corp. Company Guar. Notes 8.25% due 10/01/12	$	20,000	$	5,600
Smurfit - Stone Container Enterprises, Inc. Senior Notes 8.00% due 03/15/17		195,000		51,675
				57,275
Cosmetics & Toiletries — 0.0%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		25,000		22,565
Direct Marketing — 0.0%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		40,000		25,200
Diversified Banking Institutions — 0.5%
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		123,000		109,035
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		219,000		179,552
Citigroup, Inc. Senior Notes 5.30% due 10/17/12		78,000		71,194
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		35,000		31,853
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		100,000		91,388
The Goldman Sachs Group, Inc. Senior Notes 3.25% due 06/15/12		31,000		31,044
The Goldman Sachs Group, Inc. Senior Notes 5.30% due 02/14/12		35,000		31,442
				545,508
Diversified Financial Services — 0.2%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		136,000		123,812
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/77(1)		42,000		25,335
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		100,000		96,164
				245,311
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 5.25% due 12/06/17		97,000		88,886
Diversified Operations — 0.0%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12		35,000		10,331
Electric - Distribution — 0.0%
Old Dominion Electric Cooperative 1st Mtg. Bonds 5.68% due 12/01/28		43,750		38,502

11

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric - Generation — 0.2%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34	$	121,000	$	94,807
The AES Corp. Senior Notes 8.00% due 10/15/17		70,000		48,300
The AES Corp. Senior Notes 8.88% due 02/15/11		110,000		95,150
				238,257
Electric - Integrated — 2.0%
Baltimore Gas & Electric Co. Senior Notes 6.13% due 07/01/13		100,000		93,276
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		30,000		24,057
Commonwealth Edison Co. 1st Mtg. Bonds 5.90% due 03/15/36		60,000		44,513
Consumers Energy Co. 1st Mtg. Bonds 6.13% due 03/15/19		110,000		100,275
Delmarva Power & Light Co. Notes 6.40% due 12/01/13		70,000		69,994
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(1)		95,000		46,550
Dominion Resources, Inc. Series D Senior Notes 8.88% due 01/15/19		30,000		30,576
DTE Energy Co. Senior Notes 6.38% due 04/15/33		72,000		52,067
DTE Energy Co. Senior Notes 7.05% due 06/01/11		33,000		32,703
Entergy Arkansas, Inc. 1st Mtg. Bonds 5.40% due 08/01/13		87,000		80,717
Entergy Gulf States Louisiana LLC 1st Mtg. Bonds 6.00% due 05/01/18*		120,000		98,633
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		165,000		163,258
Exelon Corp. Senior Notes 6.75% due 05/01/11		88,000		84,417
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		100,639		83,882
Mirant Americas Generation LLC Senior Notes 8.30% due 05/01/11		35,000		32,375
Mirant Mid - Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		44,726		42,490
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		100,000		68,284

Security Description	Principal Amount		Market Value (Note 2)
Electric - Integrated (continued)
Oncor Electric Delivery Co. 1st Mtg. Bonds 7.50% due 09/01/38*	$	44,000	$	38,234
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17		140,000		116,711
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		100,000		94,641
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14		82,000		69,851
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		100,000		101,484
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15		183,000		161,996
Sierra Pacific Power Co. 1st Mtg. Bonds 5.45% due 09/01/13		90,000		83,576
Sierra Pacific Power Co. Senior Notes 6.75% due 07/01/37		108,000		89,264
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(7)(8)		125,000		0
Southern Power Co. Senior Notes 4.88% due 07/15/15		58,000		49,586
Texas Competitive Electric Holdings Co. LLC Series A Senior Notes 10.25% due 11/01/15*		80,000		51,200
Texas Competitive Electric Holdings Co. LLC Series B Senior Notes 10.25% due 11/01/15*		35,000		22,400
Union Electric Co. 1st. Mtg. Bonds 6.70% due 02/01/19		100,000		89,371
Virginia Electric & Power Co. Notes 4.10% due 12/15/08		144,000		143,910
				2,260,291
Electronic Components - Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 7.75% due 05/15/13		30,000		18,000
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		100,000		79,997
Spansion LLC Senior Sec. Notes 5.94% due 06/01/13*(1)		55,000		11,550
				109,547
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		91,000		70,425
Electronics - Military — 0.0%
L - 3 Communications Corp. Company Guar. Notes 6.38% due 10/15/15		35,000		29,050

12

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance - Auto Loans — 0.0%
Ford Motor Credit Co. LLC Notes 7.88% due 06/15/10	$	1,000	$	510
GMAC LLC Senior Bonds 6.88% due 09/15/11		10,000		3,842
GMAC LLC Senior Bonds 6.88% due 08/28/12		114,000		39,908
				44,260
Finance - Commercial — 0.2%
Caterpillar Financial Services Corp. Senior Notes 4.25% due 02/08/13		45,000		42,041
Caterpillar Financial Services Corp. Senior Notes 4.90% due 08/15/13		130,000		122,444
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		130,000		106,121
				270,606
Finance - Credit Card — 0.1%
MBNA America Bank NA Senior Notes 7.13% due 11/15/12*		79,000		80,302
Finance - Investment Banker/Broker — 1.5%
Credit Suisse USA, Inc. Notes 5.25% due 03/02/11		42,000		40,621
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		578,000		577,508
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14		110,000		106,519
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18		85,000		82,040
JP Morgan Chase & Co. Sub. Notes 6.75% due 02/01/11		62,000		62,346
Lehman Brothers Holdings Capital Trust VII Notes 5.86% due 05/31/12†(1)(9)(10)(11)		45,000		4
Lehman Brothers Holdings, Inc. Notes 5.50% due 04/04/16†(10)(11)		44,000		4,400
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(10)(11)		71,000		7
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(10)(11)		69,000		7
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15†(10)(11)		82,000		8,200
Merrill Lynch & Co., Inc. Notes 6.88% due 04/25/18		50,000		47,082
Morgan Stanley Notes 5.45% due 01/09/17		60,000		47,372

Security Description	Principal Amount		Market Value (Note 2)
Finance - Investment Banker/Broker (continued)
Morgan Stanley Senior Notes 6.00% due 04/28/15	$	160,000	$	131,997
Schwab Capital Trust I Company Guar. Bonds 7.50% due 11/15/37(1)		23,000		10,649
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		74,000		72,806
The Bear Stearns Cos., Inc. Senior Notes 5.70% due 11/15/14		106,000		97,260
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		129,000		129,877
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		60,000		49,052
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		42,000		31,396
The Goldman Sachs Group, Inc. Notes 6.13% due 02/15/33		51,000		37,339
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		129,000		82,699
				1,619,181
Finance - Mortgage Loan/Banker — 0.1%
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		107,000		101,573
Finance - Other Services — 0.0%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 5.45% due 04/10/17		50,000		40,579
Food - Misc. — 0.2%
Kraft Foods, Inc. Senior Notes 6.88% due 01/26/39		110,000		96,513
McCormick & Co., Inc. Notes 5.25% due 09/01/13		120,000		122,188
				218,701
Food - Retail — 0.1%
Kroger Co. Company Guar. Notes 7.50% due 01/15/14		70,000		71,022
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 6.75% due 04/01/16		50,000		37,750
Gambling (Non - Hotel) — 0.0%
Downstream Development Authority Senior Notes 12.00% due 10/15/15*		25,000		14,562
Home Furnishings — 0.0%
Simmons Co. Company Guar. Notes 7.88% due 01/15/14		25,000		10,375

13

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Home Furnishings (continued)
Simmons Co. Senior Disc. Notes 10.00% due 12/15/14(2)	$	16,000	$	3,200
				13,575
Hotel/Motels — 0.0%
Starwood Hotels & Resorts Worldwide, Inc. Notes 6.75% due 05/15/18		50,000		35,252
Independent Power Producers — 0.1%
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		105,000		85,312
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		55,000		53,242
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		25,000		24,807
USI Holdings Corp. Senior Sub. Notes 9.75% due 05/15/15*		25,000		10,031
				88,080
Insurance - Life/Health — 0.3%
Americo Life, Inc. Notes 7.88% due 05/01/13*		102,000		100,513
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		71,000		62,088
Monumental Global Funding II Notes 5.65% due 07/14/11*		54,000		54,566
Pricoa Global Funding I Notes 5.30% due 09/27/13*		90,000		77,840
				295,007
Insurance - Mutual — 0.0%
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/58*(1)		70,000		36,981
Insurance - Property/Casualty — 0.2%
ACE INA Holdings, Inc. Company Guar. Notes 5.60% due 05/15/15		104,000		89,280
Chubb Corp. Senior Notes 5.20% due 04/01/13		66,000		62,128
Chubb Corp. Senior Notes 6.50% due 05/15/38		56,000		47,197
				198,605
Insurance - Reinsurance — 0.1%
PartnerRe Finance A LLC Company Guar. Notes 6.88% due 06/01/18		120,000		95,695
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10		178,000		152,031

Security Description	Principal Amount		Market Value (Note 2)
Medical Products — 0.1%
LVB Acquisition Holding LLC Senior Notes 10.38% due 10/15/17	$	60,000	$	44,400
Universal Hospital Services, Inc. Senior Sec. Bonds 8.50% due 06/01/15		40,000		30,400
				74,800
Medical - Drugs — 0.3%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 6.38% due 05/15/38		70,000		66,232
Schering - Plough Corp. Senior Notes 6.55% due 09/15/37		101,000		89,160
Wyeth Bonds 5.50% due 02/01/14		112,000		107,718
Wyeth Notes 6.95% due 03/15/11		103,000		106,534
				369,644
Medical - HMO — 0.2%
Aetna, Inc. Senior Notes. 6.75% due 12/15/37		44,000		33,847
Humana, Inc. Bonds 8.15% due 06/15/38		60,000		47,133
UnitedHealth Group, Inc. Senior Notes 5.25% due 03/15/11		60,000		55,290
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		76,000		58,786
WellPoint, Inc. Notes 5.00% due 01/15/11		36,000		33,293
WellPoint, Inc. Senior Notes 5.95% due 12/15/34		60,000		42,538
				270,887
Medical - Hospitals — 0.3%
Community Health Systems, Inc. Senior Notes 8.88% due 07/15/15		70,000		56,175
HCA, Inc. Senior Notes 6.25% due 02/15/13		120,000		76,800
HCA, Inc. Senior Notes 9.25% due 11/15/16		170,000		138,125
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.75% due 06/15/14		55,000		41,800
				312,900
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 5.50% due 06/15/13		91,000		84,275

14

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Metal Processors & Fabrication — 0.1%
Timken Co. Notes 5.75% due 02/15/10	$	88,000	$	86,659
Metal - Aluminum — 0.1%
Alcoa, Inc. Notes 6.00% due 01/15/12		45,000		41,918
Alcoa, Inc. Bonds 6.50% due 06/15/18		65,000		49,376
				91,294
Mining — 0.0%
Noranda Aluminum Acquisition Corp. Company Guar. Notes 6.60% due 05/15/15(1)		50,000		16,250
Multimedia — 0.3%
COX Enterprises, Inc. Notes 7.88% due 09/15/10*		143,000		136,266
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		65,000		54,426
Time Warner Cos., Inc. Company Guar. Notes 7.25% due 10/15/17		86,000		74,497
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		102,000		87,701
				352,890
Non - Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Notes 6.09% due 03/15/35		95,000		62,207
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		96,000		90,319
				152,526
Office Automation & Equipment — 0.0%
Xerox Corp. Senior Notes 6.35% due 05/15/18		50,000		35,858
Oil Companies - Exploration & Production — 0.3%
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18		100,000		70,000
Chesapeake Energy Corp. Company Guar. Notes 7.50% due 09/15/13		145,000		115,275
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*		30,000		21,450
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		165,000		113,850
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		50,000		41,100
				361,675

Security Description	Principal Amount		Market Value (Note 2)
Oil Companies - Integrated — 0.1%
Hess Corp. Notes 7.13% due 03/15/33	$	60,000	$	49,620
Hess Corp. Bonds 7.88% due 10/01/29		70,000		62,515
				112,135
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp. Senior Notes 7.00% due 07/15/38		61,000		48,693
Oil Refining & Marketing — 0.1%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		144,000		133,696
Oil - Field Services — 0.1%
Allis - Chalmers Energy, Inc. Company Guar. Notes 9.00% due 01/15/14		20,000		11,700
Baker Hughes, Inc. Senior Notes 7.50% due 11/15/18		50,000		51,971
				63,671
Paper & Related Products — 0.0%
Bowater, Inc. Notes 6.50% due 06/15/13		60,000		11,550
Georgia - Pacific LLC Company Guar. Notes 7.00% due 01/15/15*		30,000		22,800
Georgia - Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		10,000		7,350
				41,700
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sub. Notes 10.75% due 08/15/14		60,000		45,000
Pipelines — 0.6%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11		110,000		101,491
Copano Energy LLC Senior Notes 7.75% due 06/01/18*		75,000		49,125
Copano Energy LLC Company Guar. Notes 8.13% due 03/01/16		110,000		78,100
DCP Midstream LLC Notes 9.70% due 12/01/13*		36,000		36,179
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		100,000		97,789
Dynegy - Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16		75,000		53,497
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		94,000		63,278

15

-

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17	$	98,000	$	75,807
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		75,000		57,000
				612,266
Publishing - Periodicals — 0.0%
Dex Media West LLC/Dex Media Finance Co. Senior Notes 8.50% due 08/15/10		3,000		1,860
R.H. Donnelley, Inc. Company Guar. Bonds 11.75% due 05/15/15*		3,000		795
The Reader’s Digest Association, Inc. Company Guar. Notes 9.00% due 02/15/17		45,000		11,137
				13,792
Real Estate Investment Trusts — 0.1%
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		80,000		47,796
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		55,000		46,626
				94,422
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14		60,000		3,600
Rental Auto/Equipment — 0.0%
United Rentals North America, Inc. Senior Sub. Notes 7.75% due 11/15/13		35,000		21,000
Research & Development — 0.0%
Alion Science and Technology Corp. Company Guar. Notes 10.25% due 02/01/15		65,000		35,750
Retail - Drug Store — 0.1%
CVS Caremark Corp. Senior Notes 6.13% due 08/15/16		59,000		53,142
Retail - Restaurants — 0.0%
NPC International, Inc. Company Guar. Notes 9.50% due 05/01/14		40,000		27,200
Savings & Loans/Thrifts — 0.2%
Independence Community Bank Corp. Sub. Notes 5.26% due 06/20/13(1)		59,000		47,442
Western Financial Bank Sub. Debentures 9.63% due 05/15/12		159,000		155,033
				202,475
Special Purpose Entities — 0.4%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		85,000		76,341

Security Description	Principal Amount		Market Value (Note 2)
Special Purpose Entities (continued)
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*	$	55,000	$	25,300
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Company Guar. Notes 8.88% due 04/01/15		5,000		2,050
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Company Guar. Notes 9.75% due 04/01/17		20,000		6,500
Hexion US Finance Corp. Company Guar. Notes 9.75% due 11/15/14		15,000		7,800
KAR Holdings, Inc. Company Guar. Notes 7.19% due 05/01/14(1)		60,000		25,200
Norbord Delaware GP I Company Guar. Notes 6.45% due 02/15/17*		45,000		25,650
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		177,000		166,123
Snoqualmie Entertainment Authority Notes 9.13% due 02/01/15*		55,000		31,900
The Goldman Sachs Capital III Company Guar. Notes 3.58% due 09/01/12(1)(9)		162,000		55,721
				422,585
Steel - Producers — 0.2%
ArcelorMittal USA Senior Notes 6.50% due 04/15/14		110,000		89,699
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		55,000		57,903
Ryerson, Inc. Senior Sec. Notes 10.57% due 11/01/14*(1)		50,000		33,000
				180,602
Telecom Services — 0.2%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95		180,000		122,065
Fairpoint Communications, Inc. Senior Notes 13.13% due 04/01/18*		20,000		10,200
Qwest Corp. Senior Notes 7.50% due 10/01/14		55,000		42,350
				174,615
Telephone - Integrated — 0.5%
AT&T Corp. Senior Notes 7.30% due 11/15/11		101,000		102,587
BellSouth Corp. Senior Notes 6.00% due 10/15/11		150,000		147,090
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		14,000		9,975

16

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26	$	100,000	$	90,116
Verizon Communications, Inc. Bonds 6.90% due 04/15/38		64,000		53,445
Verizon Communications, Inc. Senior Notes 8.75% due 11/01/18		40,000		40,010
Verizon New York, Inc. Senior Notes 6.88% due 04/01/12		114,000		109,494
				552,717
Television — 0.1%
Belo Corp. Senior Notes 6.75% due 05/30/13		55,000		34,303
Paxson Communications Corp. Senior Notes 8.00% due 01/15/12*(1)		30,000		13,125
Paxson Communications Corp. Senior Sec. Notes 11.00% due 01/15/13*(1)(12)		73,603		13,801
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11		30,000		450
				61,679
Transactional Software — 0.0%
Open Solutions, Inc. Senior Sub. Notes 9.75% due 02/01/15*		25,000		7,625
Transport - Air Freight — 0.2%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		244,900		195,920
Transport - Equipment & Leasing — 0.0%
GATX Corp. Pass Through Certs. 9.00% due 11/15/13		16,000		16,653
Transport - Rail — 0.1%
CSX Corp. Senior Notes 6.25% due 04/01/15		100,000		93,265
CSX Corp. Senior Notes 6.25% due 03/15/18		48,000		42,104
				135,369
Transport - Services — 0.1%
PHI, Inc. Company Guar. Notes 7.13% due 04/15/13		105,000		64,050
Travel Services — 0.0%
Travelport LLC Company Guar. Notes 7.44% due 09/01/14(1)		33,000		7,920
Total Corporate Bonds & Notes
(cost $18,639,041)				15,136,623

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 2.7%
Banks - Commercial — 0.3%
Barclays Bank PLC Sub. Notes 5.93% due 12/15/16*(1)(9)	$	130,000	$	74,077
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		108,000		92,124
Barclays Bank PLC Jr. Sub. Notes 7.43% due 12/15/17*(1)(9)		15,000		10,062
Caisse Nationale des Caisses d’Epargne et de Prevoyance Notes 4.15% due 12/30/09(1)(9)		102,000		62,220
Credit Agricole SA Jr. Sub. Notes 6.64% due 05/31/17*(1)(9)		87,000		44,139
HBOS PLC Sub. Notes 5.92% due 10/01/15*(1)(9)		65,000		32,713
NIB Capital Bank Bonds 5.82% due 12/11/13*(1)(9)		110,000		19,012
				334,347
Banks - Money Center — 0.1%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(9)		120,000		108,161
Beverages - Wine/Spirits — 0.1%
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11		156,000		149,360
Brewery — 0.1%
FBG Finance, Ltd. Senior Notes 5.13% due 06/15/15*		52,000		41,188
SABMiller PLC Senior Notes 6.50% due 07/15/18*		68,000		60,362
				101,550
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 7.75% due 02/15/10		60,000		59,846
Containers - Metal/Glass — 0.1%
Rexam PLC Bonds 6.75% due 06/01/13*		81,000		77,287
Cruise Lines — 0.0%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		65,000		39,000
Diversified Manufacturing Operations — 0.1%
Bombardier, Inc. Senior Notes 8.00% due 11/15/14*		55,000		46,200
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13		110,000		95,253
				141,453

17

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Operations — 0.5%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*	$	700,000	$	585,304
Electric - Generation — 0.0%
Abu Dhabi National Energy Co. Senior Notes 7.25% due 08/01/18*		18,000		14,352
Electric - Integrated — 0.1%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37		72,000		71,329
Finance - Other Services — 0.0%
BP Capital Markets PLC Company Guar. Notes 5.25% due 11/07/13		40,000		40,126
Food - Retail — 0.1%
Delhaize Group SA Senior Notes 6.50% due 06/15/17		98,000		87,857
Insurance - Multi - line — 0.1%
Aegon NV Jr. Sub. Bonds 4.57% due 07/15/14(1)(9)		145,000		39,222
XL Capital Finance (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		53,000		37,522
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		92,000		57,965
				134,709
Investment Companies — 0.0%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*		49,000		32,497
Medical Products — 0.0%
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 6.56% due 12/01/13(1)		40,000		22,800
Angiotech Pharmaceuticals, Inc. Company Guar. Notes 7.75% due 04/01/14		40,000		13,200
				36,000
Medical - Drugs — 0.0%
Elan Finance PLC Company Guar. Bonds 7.75% due 11/15/11		70,000		42,000
Multimedia — 0.1%
Thomson Reuters Corp. Company Guar. Notes 5.95% due 07/15/13		68,000		64,572
Oil Companies - Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Notes 6.25% due 03/15/38		42,000		31,063
EnCana Corp. Bonds 6.50% due 08/15/34		25,000		19,273
Nexen, Inc. Bonds 5.88% due 03/10/35		81,000		55,929

Security Description	Principal Amount		Market Value (Note 2)
Oil Companies - Exploration & Production (continued)
OPTI Canada, Inc. Senior Notes 7.88% due 12/15/14	$	55,000	$	20,900
				127,165
Pipelines — 0.0%
Enbridge, Inc. Senior Notes 5.80% due 06/15/14		41,000		34,206
Property Trust — 0.1%
Westfield Capital Corp., Ltd./ WT Finance Austrailia Property, Ltd. Company Guar. Notes 4.38% due 11/15/10*		70,000		56,204
Satellite Telecom — 0.1%
Intelsat Subsidiary Holding Co., Ltd. Senior Notes 8.50% due 01/15/13*		90,000		76,950
Intelsat Subsidiary Holding Co., Ltd. Senior Notes 8.88% due 01/15/15*		5,000		4,175
				81,125
Special Purpose Entities — 0.1%
Hybrid Capital Funding I LP Sub. Notes 8.00% due 06/30/11(9)		208,000		88,232
SMFG Preferred Capital, Ltd. Bonds 6.08% due 01/25/17*(1)(9)		101,000		69,941
				158,173
Telecom Services — 0.1%
TELUS Corp. Notes 8.00% due 06/01/11		50,000		50,545
Telecommunication Equipment — 0.0%
Nortel Networks, Ltd. Company Guar. Notes 10.75% due 07/15/16*(15)		65,000		18,850
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		90,000		65,700
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		80,000		70,400
				136,100
Transport - Marine — 0.1%
DP World, Ltd. Bonds 6.85% due 07/02/37*		132,000		70,551
Transport - Rail — 0.1%
Canadian National Railway Co. Notes 6.38% due 10/15/11		110,000		110,539
Water — 0.1%
Veolia Environnement Notes 6.75% due 06/01/38		100,000		78,970
Total Foreign Corporate Bonds & Notes
(cost $4,146,258)				3,042,178

18

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES — 8.5%
Federal Home Loan Mtg. Corp. — 5.1%
5.00% due 11/15/28	$	247,000	$	250,514
5.00% due 09/15/31		315,000		318,314
5.00% due 10/01/33		25,419		25,614
5.00% due 10/15/34		505,000		496,335
5.00% due 07/01/35		131,774		132,621
5.00% due 01/01/37		255,671		257,235
5.50% due 06/15/31		282,000		288,180
5.50% due 10/01/33		11,985		12,187
5.50% due 01/01/35		434,299		441,080
5.50% due 08/01/37		37,694		38,271
5.50% due 09/01/37		470,022		477,214
5.50% due 10/01/37		664,675		674,846
5.50% due 01/01/38		176,520		179,249
5.50% due 07/01/38		203,417		206,530
5.80% due 01/01/37(1)		398,873		399,461
5.95% due 10/01/36(1)		547,586		554,665
6.00% due 08/01/36		469,327		479,735
6.50% due 12/01/28		168,870		175,726
6.50% due 11/01/33		10,009		10,346
6.50% due 05/01/36		6,531		6,728
7.00% due 06/01/32		65,696		68,400
7.50% due 04/01/31		113,649		120,358
8.00% due 04/01/30		13,007		13,770
8.00% due 07/01/30		164		173
8.00% due 12/01/30		33,970		35,966
				5,663,518
Federal National Mtg. Assoc. — 2.8%
5.00% due 11/25/30		295,000		293,077
5.00% due 11/01/33		24,373		24,591
5.00% due 03/01/34		465,138		469,001
5.00% due 10/01/35		214,079		215,723
5.50% due 03/01/18		27,587		28,259
5.50% due 11/01/22		221,365		225,390
5.50% due 05/01/34		460,883		469,519
5.50% due 02/01/36(1)		244,635		248,498
6.00% due 05/01/17		84,468		86,580
6.00% due 12/01/33		231,172		236,876
6.00% due 10/01/36		244,172		249,778
6.50% due 02/01/17		69,230		71,319
6.50% due 08/01/31		87,410		90,593
6.50% due 07/01/32		129,414		133,884
6.50% due 07/01/36		194,286		199,964
7.00% due 09/01/31		65,766		68,916
7.50% due 06/01/15		23,841		24,933
				3,136,901
Government National Mtg. Assoc. — 0.6%
6.00% due 02/15/29		7,649		7,851
6.00% due 04/15/29		23,791		24,418
6.00% due 06/15/29		35,000		36,007
6.00% due 09/15/38		474,070		484,787
6.50% due 02/15/29		93,695		96,662
6.50% due 04/15/31		12,179		12,565
				662,290
Total U.S. Government Agencies
(cost $9,395,141)				9,462,709
U.S. GOVERNMENT TREASURIES — 0.1%
United States Treasury Bonds — 0.1%
4.50% due 05/15/38 (cost $109,179)		100,000		118,305
Total Long - Term Investment Securities
(cost $116,992,928)				90,563,131

Security Description	Principal Amount			Market Value (Note 2)
SHORT - TERM INVESTMENT SECURITIES — 10.2%
Commercial Paper — 9.0%
Erste Finance LLC 0.50% due 12/01/08	$	5,000,000		$	5,000,000
UBS Finance Delaware LLC 0.50% due 12/01/08		5,000,000			5,000,000
					10,000,000
Time Deposit — 0.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.05% due 12/01/08		445,000			445,000
U.S. Government Treasuries — 0.8%
United States Treasury Bills 0.12% due 12/26/08(13)		70,000			69,994
0.17% due 12/04/08(13)		50,000			49,999
0.20% due 12/18/08(13)		750,000			749,993
					869,986
Total Short - Term Investment Securities
(cost $11,314,986)					11,314,986
REPURCHASE AGREEMENTS — 7.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $200,000 and collateralized by Federal Home Loan Mtg. Corp. Notes, bearing interest at 5.00%, due 05/21/13 and having an approximate value of $207,050		200,000			200,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $155,000 and collateralized by Federal National Mtg. Assoc. Bonds, bearing interest at 4.75%, due 11/19/12 and having an approximate value of $159,000		155,000			155,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $8,133,007 and collateralized by Federal National Mtg. Assoc. Notes, bearing interest at 6.63%, due 11/15/10 and having an approximate value of $8,300,981		8,133,000			8,133,000
Total Repurchase Agreements
(cost $ 8,488,000)					8,488,000
TOTAL INVESTMENTS
(cost $136,795,914)(14)		99.3	%		110,366,117
Other assets less liabilities		0.7			818,781
NET ASSETS —		100.0	%	$	111,184,898

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $3,510,484 representing 3.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008.

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

(3) Commercial Mortgaged Backed Security

(4) Collateralized Mortgage Obligation

(5) Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date.

(6) Fair valued security; see Note 2

(7) Illiquid security. At November 30, 2008, the aggregate value of these securities was $9,000, representing 0.0% of net assets.

19

AIG Retirement Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

(8) To the extent permitted by the Statement of Additional Information, the Asset Allocation Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Asset Allocation Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
ICO North America, Inc. 7.50% due 08/15/09	08/11/05	$	20,000	$	20,000	$	9,000	$	45.00	0.00	%
Southern Energy, Inc. 7.90% due 07/15/09	01/10/06		125,000		0		0		0.00	0.00
						$	9,000			0.00	%

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

(10) Company has filed Chapter 11 bankruptcy protection.

(11) Bond in default

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

(13) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

(15) Subsequent to November 30, 2008, the company has filed for Chapter 11 bankruptcy protection and is in default of interest.

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

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
39 Long	S&P 500 Index	December 2008	$	8,524,514	$	8,729,175	$	204,661
86 Long	U.S. Treasury 10 YR Note	March 2009		10,095,993		10,403,313		307,320
							$	511,981

See Notes to Financial Statements

20

AIG Retirement Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.0	%
Medical — Biomedical/Gene	8.8
Computers	4.9
Oil — Field Services	4.2
Banks — Fiduciary	3.4
Diversified Manufacturing Operations	3.4
Web Portals/ISP	3.3
Wireless Equipment	3.3
Medical Products	3.2
Applications Software	3.0
Medical — Drugs	2.9
Oil Companies — Integrated	2.9
Pharmacy Services	2.9
Agricultural Chemicals	2.7
Retail — Discount	2.6
Medical Instruments	2.6
Commercial Services — Finance	2.5
E-Commerce/Products	2.5
Networking Products	2.5
Diversified Banking Institutions	2.1
Retail — Restaurants	2.0
Investment Management/Advisor Services	1.9
Oil Companies — Exploration & Production	1.6
Electronic Components — Semiconductors	1.6
Internet Security	1.5
Cellular Telecom	1.4
Industrial Gases	1.3
Multimedia	1.3
Computer Services	1.3
Registered Investment Companies	1.2
Beverages — Non-alcoholic	1.2
Toys	1.1
Retail — Drug Store	1.1
Retail — Regional Department Stores	1.0
Banks — Super Regional	0.9
Data Processing/Management	0.8
Diversified Financial Services	0.8
Finance — Investment Banker/Broker	0.8
Health Care Cost Containment	0.7
Medical — HMO	0.7
Broadcast Services/Program	0.7
Entertainment Software	0.7
Semiconductor Components-Integrated Circuits	0.6
Medical — Generic Drugs	0.6
Transport — Rail	0.5
Athletic Footwear	0.5
Optical Supplies	0.5
Retail — Bedding	0.5
Aerospace/Defense	0.5
Casino Hotels	0.5
Computer Aided Design	0.5
Schools	0.4
Finance — Other Services	0.4
Steel — Producers	0.4
Advertising Agencies	0.4
Enterprise Software/Service	0.4
Insurance Brokers	0.4
Distribution/Wholesale	0.4
Electronic Forms	0.3
Computers — Memory Devices	0.3
Transport — Services	0.3
Hotels/Motels	0.3
Independent Power Producers	0.3
Energy — Alternate Sources	0.3
Internet Application Software	0.3
Apparel Manufacturers	0.3
E-Commerce/Services	0.2
Electric — Integrated	0.2
Finance — Credit Card	0.2

Power Converter/Supply Equipment	0.2
Cosmetics & Toiletries	0.2
Oil Field Machinery & Equipment	0.1
Machinery — Farming	0.1
Instruments — Scientific	0.1
Telephone — Integrated	0.1
	117.6	%

* Calculated as a percentage of net assets

21

AIG Retirement Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 99.4%
Advertising Agencies — 0.4%
Omnicom Group, Inc.	37,000	$	1,046,730
Aerospace/Defense — 0.5%
General Dynamics Corp.	14,300		738,881
Lockheed Martin Corp.	5,700		439,527
Rockwell Collins, Inc.#	2,500		85,200
			1,263,608
Agricultural Chemicals — 2.7%
Monsanto Co.	68,900		5,456,880
Potash Corp. of Saskatchewan, Inc.	28,500		1,756,740
			7,213,620
Apparel Manufacturers — 0.3%
Coach, Inc.#†	38,800		694,520
Applications Software — 3.0%
Intuit, Inc.†	37,300		826,568
Microsoft Corp.	358,030		7,239,367
			8,065,935
Athletic Footwear — 0.5%
NIKE, Inc., Class B#	26,600		1,416,450
Banks - Fiduciary — 3.4%
Northern Trust Corp.	58,100		2,666,209
State Street Corp.	113,100		4,762,641
The Bank of New York Mellon Corp.	57,500		1,737,075
			9,165,925
Banks - Super Regional — 0.9%
PNC Financial Services Group, Inc.#	12,400		654,348
Wells Fargo & Co.	62,500		1,805,625
			2,459,973
Beverages - Non-alcoholic — 1.2%
PepsiCo, Inc.	35,640		2,020,788
The Coca-Cola Co.	27,400		1,284,238
			3,305,026
Broadcast Services/Program — 0.7%
Discovery Communications, Inc., Class A#†	70,850		1,062,750
Discovery Communications, Inc., Class C†	50,450		763,308
			1,826,058
Casino Hotels — 0.5%
MGM Mirage#†	30,641		367,079
Wynn Resorts, Ltd.#†	22,400		891,968
			1,259,047
Casino Services — 0.0%
International Game Technology	400		4,284
Cellular Telecom — 1.4%
America Movil SAB de CV, Series L ADR	112,000		3,360,000
MetroPCS Communications, Inc.#†	38,100		557,784
			3,917,784
Commercial Services - Finance — 2.5%
Automatic Data Processing, Inc.	59,500		2,443,070
Mastercard, Inc., Class A#	10,300		1,496,590
The Western Union Co.	99,700		1,323,019
Visa, Inc., Class A#	31,000		1,629,360
			6,892,039
Computer Aided Design — 0.5%
Autodesk, Inc.#†	73,700		1,222,683

Security Description	Shares	Market Value (Note 2)
Computer Services — 1.3%
Accenture, Ltd., Class A	110,200	$	3,413,996
Computers — 4.9%
Apple, Inc.†	94,100		8,720,247
Dell, Inc.†	7,190		80,312
Hewlett-Packard Co.	98,000		3,457,440
Research In Motion, Ltd.†	25,000		1,061,750
			13,319,749
Computers - Memory Devices — 0.3%
EMC Corp.†	81,600		862,512
Cosmetics & Toiletries — 0.2%
Procter & Gamble Co.	6,576		423,166
Data Processing/Management — 0.8%
Fiserv, Inc.†	65,300		2,229,342
Distribution/Wholesale — 0.4%
Fastenal Co.#	24,600		947,346
Diversified Banking Institutions — 2.1%
Credit Suisse Group AG	3,900		114,490
JPMorgan Chase & Co.	47,800		1,513,348
Morgan Stanley	97,100		1,432,225
The Goldman Sachs Group, Inc.	34,900		2,756,751
			5,816,814
Diversified Financial Services — 0.8%
IntercontinentalExchange, Inc.†	28,200		2,075,520
Diversified Manufacturing Operations — 3.4%
Danaher Corp.#	150,740		8,387,174
General Electric Co.	350		6,009
Illinois Tool Works, Inc.#	21,000		716,520
			9,109,703
Diversified Minerals — 0.0%
BHP Billiton, Ltd.	3,400		68,246
E-Commerce/Products — 2.5%
Amazon.com, Inc.#†	160,700		6,861,890
E-Commerce/Services — 0.2%
eBay, Inc.†	340		4,464
Expedia, Inc.†	70,800		594,720
			599,184
Electric - Integrated — 0.2%
Entergy Corp.	6,000		510,600
Electronic Components - Semiconductors — 1.6%
Altera Corp.#	46,900		689,899
Broadcom Corp., Class A†	40,500		620,055
Intel Corp.	53,470		737,886
Xilinx, Inc.#	143,830		2,353,059
			4,400,899
Electronic Forms — 0.3%
Adobe Systems, Inc.†	39,720		919,915
Energy - Alternate Sources — 0.3%
First Solar, Inc.#†	5,900		736,556
Enterprise Software/Service — 0.4%
Oracle Corp.†	61,250		985,512
Entertainment Software — 0.7%
Electronic Arts, Inc.†	94,100		1,793,546
Finance - Credit Card — 0.2%
American Express Co.	20,200		470,862

22

AIG Retirement Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Finance - Investment Banker/Broker — 0.8%
Merrill Lynch & Co., Inc.	8,100	$	107,082
The Charles Schwab Corp.	105,200		1,928,316
			2,035,398
Finance - Other Services — 0.4%
CME Group, Inc.	5,300		1,123,335
Health Care Cost Containment — 0.7%
McKesson Corp.	57,100		1,995,074
Hotel/Motels — 0.3%
Marriott International, Inc., Class A#	50,800		852,932
Independent Power Producers — 0.3%
NRG Energy, Inc.#†	36,000		852,840
Industrial Gases — 1.3%
Praxair, Inc.	61,200		3,613,860
Instruments - Scientific — 0.1%
Thermo Fisher Scientific, Inc.†	7,400		264,032
Insurance Brokers — 0.4%
AON Corp.	21,400		969,420
Insurance - Life/Health — 0.0%
Prudential Financial, Inc.	400		8,680
Internet Application Software — 0.3%
Tencent Holdings, Ltd.	129,200		711,322
Internet Security — 1.5%
McAfee, Inc.†	75,400		2,286,882
VeriSign, Inc.#†	86,900		1,876,171
			4,163,053
Investment Management/Advisor Services — 1.9%
Ameriprise Financial, Inc.	17,840		329,326
BlackRock, Inc.#	7,400		930,254
Franklin Resources, Inc.	64,500		3,918,375
			5,177,955
Machinery - Farming — 0.1%
Deere & Co.	10,600		368,986
Medical Instruments — 2.6%
Intuitive Surgical, Inc.#†	4,900		649,397
Medtronic, Inc.	116,000		3,540,320
St. Jude Medical, Inc.†	101,220		2,837,197
			7,026,914
Medical Products — 3.2%
Baxter International, Inc.	61,600		3,258,640
Becton Dickinson & Co.	25,300		1,607,309
Covidien, Ltd.	44,400		1,636,140
Stryker Corp.	55,100		2,144,492
			8,646,581
Medical - Biomedical/Gene — 8.8%
Amgen, Inc.†	57,800		3,210,212
Celgene Corp.†	96,600		5,032,860
Genentech, Inc.†	97,890		7,498,374
Gilead Sciences, Inc.#†	183,340		8,211,799
			23,953,245
Medical - Drugs — 2.9%
Allergan, Inc.	67,600		2,547,168
Novartis AG	12,316		575,786
Roche Holding AG	14,839		2,086,635
Schering - Plough Corp.	14,600		245,426
Wyeth	70,520		2,539,425
			7,994,440

Security Description	Shares	Market Value (Note 2)
Medical - Generic Drugs — 0.6%
Teva Pharmaceutical Industries, Ltd. ADR#	34,800	$	1,501,620
Medical - HMO — 0.7%
Aetna, Inc.	7,400		161,468
Humana, Inc.†	24,900		752,727
WellPoint, Inc.†	29,560		1,052,336
			1,966,531
Multimedia — 1.3%
The McGraw - Hill Cos., Inc.	131,300		3,282,500
Time Warner, Inc.	25,700		232,585
			3,515,085
Networking Products — 2.5%
Cisco Systems, Inc.†	157,040		2,597,442
Juniper Networks, Inc.†	234,670		4,078,564
			6,676,006
Oil Companies - Exploration & Production — 1.6%
EOG Resources, Inc.	52,600		4,472,052
Oil Companies - Integrated — 2.9%
Chevron Corp.	25,600		2,022,656
Exxon Mobil Corp.	73,800		5,915,070
			7,937,726
Oil Field Machinery & Equipment — 0.1%
FMC Technologies, Inc.#†	14,100		387,327
Oil - Field Services — 4.2%
Baker Hughes, Inc.	1,400		48,762
Schlumberger, Ltd.	143,200		7,265,968
Smith International, Inc.	137,900		4,032,196
			11,346,926
Optical Supplies — 0.5%
Alcon, Inc.	17,600		1,404,304
Pharmacy Services — 2.9%
Express Scripts, Inc.†	52,700		3,030,777
Medco Health Solutions, Inc.†	115,900		4,867,800
			7,898,577
Power Converter/Supply Equipment — 0.2%
SunPower Corp., Class B#†	17,700		460,554
Retail - Bedding — 0.5%
Bed Bath & Beyond, Inc.#†	62,800		1,274,212
Retail - Discount — 2.6%
Costco Wholesale Corp.#	30,000		1,544,100
Wal - Mart Stores, Inc.	100,460		5,613,705
			7,157,805
Retail - Drug Store — 1.1%
CVS Caremark Corp.	105,849		3,062,212
Retail - Regional Department Stores — 1.0%
Kohl’s Corp.†	81,200		2,651,992
Retail - Restaurants — 2.0%
McDonald’s Corp.	58,800		3,454,500
Yum! Brands, Inc.	76,600		2,063,604
			5,518,104
Schools — 0.4%
Apollo Group, Inc., Class A#†	15,700		1,206,388
Semiconductor Components - Integrated Circuits — 0.6%
Marvell Technology Group, Ltd.†	287,400		1,666,920
Steel - Producers — 0.4%
Nucor Corp.	29,700		1,059,696

23

AIG Retirement Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares		Market Value (Note 2)
COMMON STOCK (continued)
Telephone - Integrated — 0.1%
AT&T, Inc.	5,200		$	148,512
Toys — 1.1%
Nintendo Co., Ltd.(3)	10,000			3,096,054
Transport - Rail — 0.5%
Union Pacific Corp.	29,500			1,476,180
Transport - Services — 0.3%
Expeditors International of Washington, Inc.	25,700			859,151
Web Portals/ISP — 3.3%
Google, Inc., Class A†	30,800			9,023,168
Wireless Equipment — 3.3%
American Tower Corp., Class A†	150,300			4,094,172
QUALCOMM, Inc.	140,820			4,727,327
				8,821,499
Total Long-Term Investment Securities
(cost $373,341,964)				269,645,708
SHORT-TERM INVESTMENT SECURITIES — 18.2%
Collective Investment Pool — 17.0%
Securities Lending Quality Trust(1)	47,989,824			45,974,251
Registered Investment Companies — 1.2%
T. Rowe Price Reserve Investment Fund	3,356,473			3,356,473
Total Short-Term Investment Securities
(cost $51,346,297)				49,330,724
TOTAL INVESTMENTS
(cost $424,688,261)(2)	117.6	%		318,976,432
Liabilities in excess of other assets	(17.6	)		(47,761,530	)
NET ASSETS —	100.0	%	$	271,214,902

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(3) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

See Notes to Financial Statements

24

AIG Retirement Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Electric — Integrated	8.3	%
Tobacco	8.3
Medical — Drugs	6.0
Diversified Manufacturing Operations	5.4
Telephone — Integrated	4.9
Oil Companies — Integrated	4.7
Medical — HMO	3.7
Diversified Banking Institutions	2.9
Computers	2.8
Oil Companies — Exploration & Production	2.6
Banks — Super Regional	2.6
Pipelines	2.4
Tools — Hand Held	2.4
Savings & Loans/Thrifts	2.3
Medical Products	2.2
Electronics — Military	2.1
Cruise Lines	2.0
Finance — Consumer Loans	1.9
Real Estate Investment Trusts	1.6
Pharmacy Services	1.6
Transport — Rail	1.5
Retail — Discount	1.5
Finance — Credit Card	1.3
Electric Products — Misc.	1.3
Office Supplies & Forms	1.3
Time Deposits	1.2
Insurance Brokers	1.1
Medical Labs & Testing Services	1.1
Gas — Distribution	1.1
Food — Misc.	1.1
Computer Services	1.1
Chemicals — Diversified	1.1
Casino Services	1.0
Insurance — Reinsurance	1.0
Retail — Auto Parts	1.0
Retail — Computer Equipment	1.0
Transport — Services	0.9
Aerospace/Defense — Equipment	0.9
Retail — Building Products	0.8
Beverages — Wine/Spirits	0.8
Insurance — Multi-line	0.8
Coatings/Paint	0.8
Wireless Equipment	0.8
Hospital Beds/Equipment	0.8
Electronic Components — Semiconductors	0.7
Insurance — Property/Casualty	0.7
Retail — Apparel/Shoe	0.7
Semiconductor Equipment	0.6
Medical — Wholesale Drug Distribution	0.5
Office Automation & Equipment	0.4
Finance — Commercial	0.3
	99.9	%

* Calculated as a percentage of net assets

25

AIG Retirement Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 98.7%
Aerospace/Defense-Equipment — 0.9%
Goodrich Corp.	4,300	$	144,695
Banks-Super Regional — 2.6%
Capital One Financial Corp.	5,200		178,932
Wells Fargo & Co.	8,700		251,343
			430,275
Beverages-Wine/Spirits — 0.8%
Diageo PLC ADR	2,400		135,288
Casino Services — 1.0%
International Game Technology	16,100		172,431
Chemicals-Diversified — 1.1%
E.I. du Pont de Nemours & Co.	7,000		175,420
Coatings/Paint — 0.8%
The Sherwin-Williams Co.	2,200		129,646
Computer Services — 1.1%
Computer Sciences Corp.†	6,300		175,518
Computers — 2.8%
Hewlett-Packard Co.	6,100		215,208
International Business Machines Corp.	3,000		244,800
			460,008
Cruise Lines — 2.0%
Carnival Corp.	10,600		222,600
Royal Caribbean Cruises, Ltd.	11,900		112,098
			334,698
Diversified Banking Institutions — 2.9%
Bank of America Corp.	10,451		169,829
Citigroup, Inc.	12,000		99,480
JPMorgan Chase & Co.	6,700		212,122
			481,431
Diversified Manufacturing Operations — 5.4%
Eaton Corp.	3,800		176,092
Honeywell International, Inc.	8,400		234,024
Illinois Tool Works, Inc.	9,500		324,140
ITT Corp.	3,700		154,882
			889,138
Electric Products-Misc. — 1.3%
Emerson Electric Co.	6,100		218,929
Electric-Integrated — 8.3%
Dominion Resources, Inc.	6,400		235,648
Duke Energy Corp.	10,400		161,824
Entergy Corp.	3,700		314,870
MDU Resources Group, Inc.	8,050		163,656
Pinnacle West Capital Corp.	7,800		237,120
Xcel Energy, Inc.	14,000		263,340
			1,376,458
Electronic Components-Semiconductors — 0.7%
Intel Corp.	9,000		124,200
Electronics-Military — 2.1%
L-3 Communications Holdings, Inc.	5,100		342,567
Finance-Commercial — 0.3%
CIT Group, Inc.	16,700		55,778
Finance-Consumer Loans — 1.9%
SLM Corp.†	33,600		309,456

Security Description	Shares	Market Value (Note 2)
Finance-Credit Card — 1.3%
American Express Co.	9,600	$	223,776
Food-Misc. — 1.1%
Kraft Foods, Inc., Class A	6,697		182,225
Gas-Distribution — 1.1%
CenterPoint Energy, Inc.	14,400		186,192
Hospital Beds/Equipment — 0.8%
Hill-Rom Holdings, Inc.	6,100		125,294
Insurance Brokers — 1.1%
Willis Group Holdings, Ltd.	8,100		186,867
Insurance-Multi-line — 0.8%
Allstate Corp.	5,000		127,200
XL Capital, Ltd., Class A	920		4,628
			131,828
Insurance-Property/Casualty — 0.7%
The Travelers Cos., Inc.	2,600		113,490
Insurance-Reinsurance — 1.0%
Axis Capital Holdings, Ltd.	6,800		172,108
Medical Labs & Testing Services — 1.1%
Quest Diagnostics, Inc.	4,000		186,280
Medical Products — 2.2%
Baxter International, Inc.	5,000		264,500
Johnson & Johnson	1,600		93,728
			358,228
Medical-Drugs — 6.0%
Bristol-Myers Squibb Co.	17,700		366,390
Pfizer, Inc.	20,300		333,529
Wyeth	8,000		288,080
			987,999
Medical-HMO — 3.7%
CIGNA Corp.	5,300		64,183
Coventry Health Care, Inc.†	7,200		89,784
UnitedHealth Group, Inc.	8,900		186,989
WellPoint, Inc.†	7,600		270,560
			611,516
Medical-Wholesale Drug Distribution — 0.5%
Cardinal Health, Inc.	2,600		84,552
Office Automation & Equipment — 0.4%
Pitney Bowes, Inc.	2,800		69,188
Office Supplies & Forms — 1.3%
Avery Dennison Corp.	6,700		208,370
Oil Companies-Exploration & Production — 2.6%
Occidental Petroleum Corp.	8,000		433,120
Oil Companies-Integrated — 4.7%
Chevron Corp.	2,100		165,921
ConocoPhillips	6,500		341,380
Marathon Oil Corp.	4,300		112,574
Murphy Oil Corp.	3,400		149,770
			769,645
Pharmacy Services — 1.6%
Omnicare, Inc.	10,800		260,388
Pipelines — 2.4%
El Paso Corp.	18,600		137,454
Spectra Energy Corp.	15,850		257,721
			395,175

26

AIG Retirement Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts — 1.6%
Annaly Capital Management, Inc.		18,300		$	262,971
Retail-Apparel/Shoe — 0.7%
Hanesbrands, Inc.†		8,400			108,528
Retail-Auto Parts — 1.0%
Advance Auto Parts, Inc.		5,600			170,016
Retail-Building Products — 0.8%
Home Depot, Inc.		5,900			136,349
Retail-Computer Equipment — 1.0%
GameStop Corp., Class A†		7,400			161,690
Retail-Discount — 1.5%
Family Dollar Stores, Inc.		8,800			244,464
Savings & Loans/Thrifts — 2.3%
New York Community Bancorp, Inc.		7,000			91,350
People’s United Financial, Inc.		15,010			286,241
					377,591
Semiconductor Equipment — 0.6%
Applied Materials, Inc.		10,600			101,548
Telephone-Integrated — 4.9%
AT&T, Inc.		13,750			392,700
Verizon Communications, Inc.		12,800			417,920
					810,620
Tobacco — 8.3%
Altria Group, Inc.		10,100			162,408
Imperial Tobacco Group PLC ADR		7,000			346,150
Lorillard, Inc.		4,800			290,064
Philip Morris International, Inc.		7,700			324,632
Reynolds American, Inc.		6,000			246,480
					1,369,734
Tools-Hand Held — 2.4%
The Stanley Works		12,300			391,017
Transport-Rail — 1.5%
Burlington Northern Santa Fe Corp.		3,200			245,152
Transport-Services — 0.9%
Ryder System, Inc.		4,100			147,231
Wireless Equipment — 0.8%
Nokia Oyj ADR		8,900			126,113
Total Long-Term Investment Securities (cost $23,416,955)					16,295,201
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.05% due 12/01/08 (cost $192,000)	$	192,000			192,000
TOTAL INVESTMENTS (cost $23,608,955) (1)		99.9	%		16,487,201
Other assets less liabilities		0.1			12,982
NET ASSETS		100.0	%	$	16,500,183

† Non-income producing security

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

ADR — American Depository Receipt

See Notes to Financial Statements

27

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	22.6	%
United States Treasury Notes	16.3
Federal National Mtg. Assoc.	13.4
Diversified Financial Services	8.8
Collective Investment Pool	8.0
Electric — Integrated	4.6
Repurchase Agreement	3.2
Government National Mtg. Assoc.	2.8
Finance — Investment Banker/Broker	2.1
Telephone — Integrated	1.9
Banks — Commercial	1.8
Special Purpose Entities	1.3
United States Treasury Bonds	1.3
Multimedia	1.2
Federal Home Loan Bank	1.0
Diversified Banking Institutions	1.0
Banks — Super Regional	0.9
Insurance — Life/Health	0.8
Cellular Telecom	0.7
Pipelines	0.7
Telecom Services	0.7
Medical — Drugs	0.6
Steel — Producers	0.6
Oil Refining & Marketing	0.6
Diversified Manufacturing Operations	0.5
Transport — Rail	0.5
Medical — HMO	0.4
Insurance — Property/Casualty	0.4
Food — Retail	0.4
Electric — Generation	0.4
Food — Misc.	0.3
Diversified Operations	0.3
Finance — Commercial	0.3
Savings & Loans/Thrifts	0.3
Insurance Brokers	0.3
Commercial Services — Finance	0.3
Cable TV	0.3
Oil Companies — Exploration & Production	0.3
Oil Companies — Integrated	0.2
Beverages — Wine/Spirits	0.2
Insurance — Multi — line	0.2
Real Estate Investment Trusts	0.2
Banks — Money Center	0.2
Computer Services	0.2
Metal — Aluminum	0.2
Electronic Measurement Instruments	0.2
Transport — Marine	0.2
Finance — Other Services	0.2
Metal Processors & Fabrication	0.2
Finance — Mortgage Loan/Banker	0.2
Chemicals — Diversified	0.2
Brewery	0.2
Electronic Components — Semiconductors	0.2
Insurance — Reinsurance	0.2
Retail — Drug Store	0.2
Non — Hazardous Waste Disposal	0.1
Water	0.1
Cruise Lines	0.1
Banks — Fiduciary	0.1
Finance — Credit Card	0.1
Medical — Wholesale Drug Distribution	0.1
Building — Residential/Commercial	0.1
Containers — Metal/Glass	0.1
Investment Management/Advisor Services	0.1
Oil — Field Services	0.1
Airlines	0.1
Direct Marketing	0.1
Investment Companies	0.1
Beverages — Non-alcoholic	0.1

Property Trust	0.1
Oil Field Machinery & Equipment	0.1
Consumer Products — Misc.	0.1
Television	0.1
Office Automation & Equipment	0.1
Hotels/Motels	0.1
Insurance — Mutual	0.1
Cosmetics & Toiletries	0.1
Electric — Distribution	0.1
	107.6	%

Credit Quality+#

Government — Agency	41.1	%
Government — Treasury	18.3
AAA	7.4
AA	3.9
A	13.7
BBB	13.3
BB	0.6
CCC	0.1
Not Rated@	1.6
	100.0	%

* Calculated as a percentage of net assets.

@ Represents debt issues that either have no rating, or the rating is unavailable from the source.

+ Source: Standard and Poors.

# Calculated as a percentage of total debt issues, excluding short-term securities.

28

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Principal Amount		Market Value (Note 2)
ASSET BACKED SECURITIES — 8.3%
Diversified Financial Services — 8.3%
Banc of America Commercial Mtg., Inc. Series 2006-6, Class AM 5.39% due 10/10/45(1)	$	315,000	$	143,988
Banc of America Funding Corp. Series 2007-C, Class 5A1 5.37% due 05/20/36(2)		1,161,134		828,177
Banc of America Funding Corp. Series 2006-J, Class 2A1 5.89% due 01/20/47(2)		1,108,759		587,462
Chase Funding Mtg. Loan Asset - Backed Certs. Series 2003-6, Class 1A6 4.59% due 05/25/15		238,354		222,923
Chase Mtg. Finance Corp. Series 2007-A2, Class 1A1 5.01% due 07/25/37(2)(3)		867,525		808,006
Citigroup Commercial Mtg. Trust Series 2008-C7, Class AM 6.30% due 12/10/49(1)		555,000		249,933
Commercial Mtg. Asset Trust Series 1999-C1, Class D 7.35% due 01/17/32(1)		788,000		696,643
Commercial Mtg. Pass Through Certs., Series 2004-LB2A, Class A3 4.22% due 03/10/39(1)		635,000		581,728
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2006-LDP9, Class AM 5.37% due 05/15/47(1)		1,000,000		450,080
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2001-C1, Class A3 5.86% due 10/12/35(1)		345,000		311,531
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2008-C2, Class AM 6.80% due 02/12/51(1)		1,106,000		492,823
LB Commercial Conduit Mtg. Trust Series 1998-C1, Class E 7.00% due 02/18/30(1)		450,000		403,467
Ocwen Advance Receivables Backed Notes Series 2006-1A 5.34% due 11/24/15*(4)		1,000,000		750,000
Swift Master Auto Receivables Trust Series 2007-2, Class A 2.07% due 10/15/12(5)		1,583,426		1,371,129
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR17, Class A2 5.83% due 10/25/36(2)(3)		1,303,091		796,424
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR12, Class 2A1 6.10% due 09/25/36(2)		707,947		448,212
Total Asset Backed Securities
(cost $13,060,898)				9,142,526
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Notes 7.50% due 08/15/09(4)(6)(7)(14) (cost $32,000)		32,000		14,400
CORPORATE BONDS & NOTES — 25.6%
Airlines — 0.1%
Northwest Airlines, Inc. Pass Through Certs. Series 2002-1, Class G2 6.26% due 11/20/21		142,254		114,159

Security Description	Principal Amount		Market Value (Note 2)
Banks - Commercial — 1.2%
CoBank ACB Senior Sub. Notes 7.88% due 04/16/18*	$	48,000	$	46,019
First Maryland Capital II Company Guar. Notes 3.65% due 02/01/27(5)		177,000		109,425
KeyBank NA Sub. Notes 5.45% due 03/03/16		204,000		165,480
KeyBank NA Sub. Notes 7.41% due 10/15/27		46,000		38,092
SouthTrust Bank Sub. Notes 4.75% due 03/01/13		334,000		307,323
SouthTrust Corp. Sub. Notes 5.80% due 06/15/14		290,000		248,295
Sovereign Bank Sub. Notes 8.75% due 05/30/18		143,000		135,079
Union Bank of California NA Sub. Notes 5.95% due 05/11/16		279,000		211,329
Wachovia Bank NA Sub. Notes 6.60% due 01/15/38		110,000		94,333
				1,355,375
Banks - Fiduciary — 0.1%
State Street Capital Trust IV Company Guar. Notes 3.78% due 06/15/37(5)		260,000		146,016
Banks - Super Regional — 0.9%
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		245,000		198,885
Capital One Financial Corp. Sub. Notes 6.15% due 09/01/16		230,000		152,890
Nationsbank Capital Trust III Bank Guar. Notes 5.30% due 01/15/27(5)		176,000		82,468
PNC Preferred Funding Trust I Senior Notes 6.11% due 03/15/12*(5)(8)		130,000		52,079
Wachovia Corp. Senior Notes 3.63% due 02/17/09		208,000		206,514
Wachovia Corp. Senior Sub. Notes 4.88% due 02/15/14		33,000		27,243
Wachovia Corp. Notes 5.50% due 05/01/13		119,000		112,773
Wells Fargo & Co. Senior Notes 5.25% due 10/23/12		216,000		212,951
				1,045,803
Beverages - Non - alcoholic — 0.1%
Coca - Cola Enterprises, Inc. Senior Notes 7.38% due 03/03/14		95,000		98,811

29

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc. Company Guar. Notes 5.00% due 01/15/09#	$	146,000	$	142,533
Cable TV — 0.3%
Comcast Corp. Notes 6.95% due 08/15/37		101,000		84,693
COX Communications, Inc. Bonds 6.95% due 06/01/38*		69,000		55,218
Time Warner Cable, Inc. Notes 8.25% due 02/14/14		175,000		172,783
				312,694
Cellular Telecom — 0.6%
Cingular Wireless Services, Inc. Senior Notes 7.88% due 03/01/11		340,000		344,256
Nextel Communications, Inc. Company Guar. Notes 5.95% due 03/15/14		175,000		70,000
Verizon Wireless Notes 7.38% due 11/15/13*		200,000		198,144
Verizon Wireless Notes 8.50% due 11/15/18*		110,000		110,988
				723,388
Chemicals - Diversified — 0.2%
ICI Wilmington, Inc. Company Guar. Notes 5.63% due 12/01/13		198,000		187,961
Commercial Services - Finance — 0.3%
The Western Union Co. Senior Notes 5.40% due 11/17/11		373,000		355,197
Computer Services — 0.2%
Electronic Data Systems Corp. Senior Notes 6.00% due 08/01/13		220,000		219,538
Consumer Products - Misc. — 0.1%
Kimberly - Clark Corp. Senior Notes 7.50% due 11/01/18		78,000		84,878
Cosmetics & Toiletries — 0.1%
Avon Products, Inc. Senior Notes 5.75% due 03/01/18		73,000		65,889
Direct Marketing — 0.1%
Affinity Group, Inc. Senior Sub. Notes 9.00% due 02/15/12		170,000		107,100
Diversified Banking Institutions — 1.0%
Bank of America Corp. Sub. Notes 5.75% due 08/15/16		217,000		192,363
Citigroup, Inc. Senior Notes 5.00% due 09/15/14		369,000		302,533

Security Description	Principal Amount		Market Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 5.30% due 10/17/12	$	126,000	$	115,006
Citigroup, Inc. Senior Notes 5.50% due 04/11/13		105,000		95,558
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		195,000		178,206
The Goldman Sachs Group, Inc. 3.25% due 06/15/12		95,000		95,136
The Goldman Sachs Group, Inc. Senior Notes 5.30% due 02/14/12		105,000		94,324
				1,073,126
Diversified Financial Services — 0.5%
American Express Travel Related Services Co., Inc. Senior Notes 5.25% due 11/21/11*		289,000		263,101
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/77(5)		126,000		76,006
General Electric Capital Corp. Senior Notes 5.65% due 06/09/14		250,000		240,409
				579,516
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 5.25% due 12/06/17		195,000		178,688
Diversified Operations — 0.0%
Capmark Financial Group, Inc. Company Guar. Notes 5.88% due 05/10/12		113,000		33,353
Electric - Distribution — 0.1%
Old Dominion Electric Cooperative 1st Mtg. Bonds 5.68% due 12/01/28		66,500		58,522
Electric - Generation — 0.3%
Bruce Mansfield Unit Pass Through Certs. 6.85% due 06/01/34		374,000		293,039
Electric - Integrated — 4.3%
Baltimore Gas & Electric Co. Senior Notes 6.13% due 07/01/13		174,000		162,300
Centerpoint Energy, Inc. Senior Notes 6.50% due 05/01/18		57,000		45,708
Commonwealth Edison Co. 1st Mtg. Bonds 5.90% due 03/15/36		101,000		74,930
Consumers Energy Co. 1st Mtg. Bonds 6.13% due 03/15/19		259,000		236,103
Delmarva Power & Light Co. Notes 6.40% due 12/01/13		210,000		209,981
Dominion Resources, Inc. Jr. Sub Notes 6.30% due 09/30/66(5)		420,000		205,800

30

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Dominion Resources, Inc. Series D Senior Notes 8.88% due 01/15/19	$	90,000	$	91,727
DTE Energy Co. Senior Notes 6.38% due 04/15/33		130,000		94,009
DTE Energy Co. Senior Notes 7.05% due 06/01/11		60,000		59,460
Entergy Arkansas, Inc. 1st Mtg. Bonds 5.40% due 08/01/13		153,000		141,951
Entergy Gulf States Louisiana LLC 1st Mtg. Bonds 6.00% due 05/01/18*		210,000		172,607
Entergy Louisiana LLC 1st Mtg. Bonds 5.83% due 11/01/10		485,000		479,879
Exelon Corp. Senior Notes 6.75% due 05/01/11		152,000		145,812
Mackinaw Power LLC Sec. Notes 6.30% due 10/31/23*		342,173		285,200
Mirant Mid - Atlantic LLC Pass Through Certs. Series B 9.13% due 06/30/17		4,473		4,249
Nisource Finance Corp. Company Guar. Notes 5.25% due 09/15/17		155,000		105,841
Oncor Electric Delivery Co. 1st Mtg. Bonds 7.50% due 09/01/38*		78,000		67,779
Pepco Holdings, Inc. Senior Notes 6.13% due 06/01/17#		250,000		208,412
Pepco Holdings, Inc. Senior Notes 6.45% due 08/15/12		195,000		184,550
PSEG Power LLC Company Guar. Notes 5.00% due 04/01/14#		238,000		202,739
PSEG Power LLC Company Guar. Notes 7.75% due 04/15/11		55,000		55,816
Puget Sound Energy, Inc. Senior Notes 5.20% due 10/01/15		514,000		455,006
Sierra Pacific Power Co. 1st Mtg. Bonds 5.45% due 09/01/13		165,000		153,222
Sierra Pacific Power Co. Senior Notes 6.75% due 07/01/37		333,000		275,229
Southern California Edison Co. 1st Mtg. Bonds 5.55% due 01/15/37#		45,000		40,289
Southern California Edison Co. 1st Mtg. Bonds Series 04-G 5.75% due 04/01/35		75,000		69,245
Southern Energy, Inc. Notes 7.90% due 07/15/09†(4)(6)(7)		175,000		0

Security Description	Principal Amount		Market Value (Note 2)
Electric - Integrated (continued)
Southern Power Co. Senior Notes 4.88% due 07/15/15#	$	173,000	$	147,902
Union Electric Co. 1st. Mtg. Bonds 6.70% due 02/01/19		180,000		160,869
Virginia Electric & Power Co. Notes 4.10% due 12/15/08		227,000		226,858
				4,763,473
Electronic Components — Semiconductors — 0.2%
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		230,000		183,992
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc. Senior Notes 6.50% due 11/01/17		266,000		205,859
Finance - Commercial — 0.3%
Caterpillar Financial Services Corp. Senior Notes 4.90% due 08/15/13		210,000		197,795
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		205,000		167,344
				365,139
Finance - Credit Card — 0.1%
MBNA America Bank NA Senior Notes 7.13% due 11/15/12*		142,000		144,340
Finance - Investment Banker/Broker — 2.1%
Credit Suisse First Boston USA, Inc. Notes 5.13% due 08/15/15		166,000		146,136
Credit Suisse USA, Inc. Notes 5.25% due 03/02/11		114,000		110,257
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(5)		122,000		121,896
JP Morgan Chase & Co. Senior Notes 5.38% due 01/15/14#		270,000		261,457
JP Morgan Chase & Co. Senior Notes 6.00% due 01/15/18#		148,000		142,845
JP Morgan Chase & Co. Sub. Notes 6.75% due 02/01/11		113,000		113,630
Lehman Brothers Holdings Capital Trust VII Notes 5.86% due 05/31/12†(5)(8)(9)(10)		78,000		8
Lehman Brothers Holdings, Inc. Notes 5.50% due 04/04/16†(9)(10)		89,000		8,900
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(9)(10)		87,000		9
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(9)(10)		112,000		11

31

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Lehman Brothers Holdings, Inc. Senior Notes 8.80% due 03/01/15†(9)(10)	$	103,000	$	10,300
Merrill Lynch & Co., Inc. Notes 6.88% due 04/25/18		98,000		92,280
Morgan Stanley Senior Notes 5.38% due 10/15/15		112,000		91,772
Morgan Stanley Notes 5.45% due 01/09/17		114,000		90,006
Morgan Stanley Senior Notes 6.00% due 04/28/15		235,000		193,871
Schwab Capital Trust I Company Guar. Notes 7.50% due 11/15/37#(5)		67,000		31,022
The Bear Stearns Cos., Inc. Notes 4.50% due 10/28/10		140,000		137,740
The Bear Stearns Cos., Inc. Senior Notes 5.70% due 11/15/14#		232,000		212,871
The Bear Stearns Cos., Inc. Notes 6.95% due 08/10/12		237,000		238,611
The Goldman Sachs Group, Inc. Senior Notes 5.13% due 01/15/15		110,000		89,929
The Goldman Sachs Group, Inc. Sub. Notes 5.63% due 01/15/17		117,000		87,460
The Goldman Sachs Group, Inc. Notes 6.13% due 02/15/33		25,000		18,303
The Goldman Sachs Group, Inc. Senior Notes 6.75% due 10/01/37		224,000		143,602
				2,342,916
Finance - Mortgage Loan/Banker — 0.2%
Countrywide Financial Corp. Company Guar. Notes 5.80% due 06/07/12		199,000		188,907
Finance - Other Services — 0.1%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 5.45% due 04/10/17		110,000		89,274
Food - Misc. — 0.3%
Kraft Foods, Inc. Senior Notes 6.88% due 01/26/39		184,000		161,440
McCormick & Co., Inc. Notes 5.25% due 09/01/13#		220,000		224,012
				385,452
Food - Retail — 0.2%
Kroger Co. Company Guar. Notes 7.50% due 01/15/14		210,000		213,067

Security Description	Principal Amount		Market Value (Note 2)
Hotel/Motels — 0.1%
Starwood Hotels & Resorts Worldwide, Inc. Notes 6.75% due 05/15/18	$	95,000	$	66,978
Insurance Brokers — 0.3%
Marsh & McLennan Cos., Inc. Senior Notes 5.15% due 09/15/10		230,000		222,646
Marsh & McLennan Cos., Inc. Senior Notes 7.13% due 06/15/09		140,000		138,920
				361,566
Insurance - Life/Health — 0.8%
Americo Life, Inc. Notes 7.88% due 05/01/13*		121,000		119,236
Lincoln National Corp. Senior Notes 5.65% due 08/27/12		199,000		174,022
Monumental Global Funding II Notes 5.65% due 07/14/11*		240,000		242,515
Pricoa Global Funding I Notes 5.30% due 09/27/13*#		350,000		302,710
				838,483
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Bonds 10.75% due 06/15/58*(5)		125,000		66,037
Insurance - Property/Casualty — 0.4%
ACE INA Holdings, Inc. Company Guar. Notes 5.60% due 05/15/15		192,000		164,824
Chubb Corp. Senior Notes 5.20% due 04/01/13		132,000		124,257
Chubb Corp. Senior Notes 6.50% due 05/15/38		103,000		86,808
W.R. Berkley Corp. Senior Sub. Notes 6.25% due 02/15/37		65,000		48,607
				424,496
Insurance - Reinsurance — 0.2%
PartnerRe Finance A LLC Company Guar. Notes 6.88% due 06/01/18		230,000		183,416
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 5.35% due 11/15/10		153,000		130,678
Medical - Drugs — 0.6%
GlaxoSmithKline Capital, Inc. Company Guar. Notes 6.38% due 05/15/38		128,000		121,110
Schering - Plough Corp. Senior Notes 6.55% due 09/15/37		214,000		188,914
Wyeth Bonds 5.50% due 02/01/14		140,000		134,647

32

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Medical - Drugs (continued)
Wyeth Notes 6.95% due 03/15/11	$	179,000	$	185,141
				629,812
Medical - HMO — 0.4%
Aetna, Inc. Senior Notes. 6.75% due 12/15/37		77,000		59,232
Humana, Inc. Bonds 8.15% due 06/15/38		105,000		82,483
UnitedHealth Group, Inc. Senior Notes 5.25% due 03/15/11		105,000		96,758
UnitedHealth Group, Inc. Senior Notes 6.88% due 02/15/38		141,000		109,063
WellPoint, Inc. Notes 5.00% due 01/15/11		63,000		58,264
WellPoint, Inc. Senior Notes 5.95% due 12/15/34		105,000		74,441
				480,241
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 5.50% due 06/15/13		154,000		142,618
Metal Processors & Fabrication — 0.2%
Timken Co. Notes 5.75% due 02/15/10		199,000		195,969
Metal - Aluminum — 0.2%
Alcoa, Inc. Notes 6.00% due 01/15/12		95,000		88,494
Alcoa, Inc. Bonds 6.50% due 06/15/18		166,000		126,097
				214,591
Multimedia — 1.1%
COX Enterprises, Inc. Notes 7.88% due 09/15/10*		600,000		571,745
News America, Inc. Company Guar. Bonds 7.30% due 04/30/28		310,000		259,569
Time Warner Cos., Inc. Company Guar. Notes 7.25% due 10/15/17		259,000		224,358
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		258,000		221,831
				1,277,503
Non - Hazardous Waste Disposal — 0.1%
Waste Management, Inc. Company Guar. Notes 6.38% due 11/15/12		168,000		158,058

Security Description	Principal Amount		Market Value (Note 2)
Office Automation & Equipment — 0.1%
Xerox Corp. Senior Notes 6.35% due 05/15/18	$	95,000	$	68,131
Oil Companies - Exploration & Production — 0.1%
XTO Energy, Inc. Senior Notes 6.75% due 08/01/37		90,000		73,980
Oil Companies - Integrated — 0.2%
Hess Corp. Notes 7.13% due 03/15/33		105,000		86,834
Hess Corp. Bonds 7.88% due 10/01/29		218,000		194,690
				281,524
Oil Field Machinery & Equipment — 0.1%
Cameron International Corp. Senior Notes 7.00% due 07/15/38		107,000		85,412
Oil Refining & Marketing — 0.6%
The Premcor Refining Group, Inc. Company Guar. Notes 6.75% due 05/01/14		666,000		618,346
Oil - Field Services — 0.1%
Baker Hughes, Inc. Senior Notes 7.50% due 11/15/18		110,000		114,337
Pipelines — 0.6%
CenterPoint Energy Resources Corp. Notes 7.75% due 02/15/11#		200,000		184,529
DCP Midstream LLC Notes 9.70% due 12/01/13*		108,000		108,537
Duke Energy Field Services LLC Notes 6.88% due 02/01/11		44,000		43,027
ONEOK, Inc. Senior Notes 6.00% due 06/15/35		198,000		133,287
Panhandle Eastern Pipeline Co. Senior Notes 6.20% due 11/01/17		204,000		157,803
				627,183
Publishing - Newspapers — 0.0%
Gannett Co, Inc. Notes 5.75% due 06/01/11		77,000		53,958
Real Estate Investment Trusts — 0.2%
Health Care Property Investors, Inc. Senior Notes 5.65% due 12/15/13		70,000		41,821
PPF Funding, Inc. Bonds 5.35% due 04/15/12*		215,000		182,268
				224,089
Retail - Drug Store — 0.2%
CVS Caremark Corp. Senior Notes 6.13% due 08/15/16		203,000		182,846

33

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Savings & Loans/Thrifts — 0.3%
Independence Community Bank Corp. Sub. Notes 5.26% due 06/20/13(5)	$	113,000	$	90,864
Western Financial Bank Sub. Debentures 9.63% due 05/15/12		279,000		272,039
				362,903
Special Purpose Entities — 1.0%
BAE Systems Holdings, Inc. Notes 5.20% due 08/15/15*		198,000		177,829
ING USA Global Funding Trust Notes 4.50% due 10/01/10		160,000		163,769
John Hancock Global Funding II Notes 7.90% due 07/02/10*		116,000		119,516
Norbord Delaware GP I Company Guar. Notes 6.45% due 02/15/17*		192,000		109,440
Principal Life Global Funding I Sec. Notes 5.25% due 01/15/13*		610,000		572,515
The Goldman Sachs Capital III Company Guar. 3.58% due 09/01/12(5)(8)		75,000		25,797
				1,168,866
Steel - Producers — 0.6%
ArcelorMittal USA Senior Notes 6.50% due 04/15/14#		480,000		391,413
Reliance Steel & Aluminum Co. Company Guar. Notes 6.85% due 11/15/36		220,000		231,613
				623,026
Telecom Services — 0.6%
Bellsouth Telecommunications, Inc. Debentures 7.00% due 12/01/95#		660,000		447,571
Qwest Corp. Senior Notes 7.50% due 10/01/14		250,000		192,500
				640,071
Telephone - Integrated — 1.3%
AT&T Corp. Senior Notes 7.30% due 11/15/11#		238,000		241,740
AT&T Corp. Senior Notes 8.00% due 11/15/31		100,000		92,133
BellSouth Corp. Senior Notes 6.00% due 10/15/11		400,000		392,239
Pacific Bell Telephone Co. Company Guar. Notes 7.13% due 03/15/26		300,000		270,348
Verizon Communications, Inc. Bonds 6.90% due 04/15/38		149,000		124,427

Security Description	Principal Amount		Market Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc. Senior Notes 8.75% due 11/01/18	$	110,000	$	110,028
Verizon New York, Inc. Senior Notes 6.88% due 04/01/12#		220,000		211,304
				1,442,219
Television — 0.1%
Belo Corp. Senior Notes 6.75% due 05/30/13		125,000		77,962
Transport - Equipment & Leasing — 0.0%
GATX Corp. Pass Through Certs. 9.00% due 11/15/13		44,000		45,797
Transport - Rail — 0.3%
CSX Corp. Senior Notes 6.25% due 04/01/15		120,000		111,918
CSX Corp. Senior Notes 6.25% due 03/15/18		102,000		89,472
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/25		108,000		88,662
				290,052
Travel Services — 0.0%
Travelport LLC Company Guar. Notes 7.44% due 09/01/14(5)		84,000		20,160
Total Corporate Bonds & Notes
(cost $32,480,636)				28,229,313
FOREIGN CORPORATE BONDS & NOTES — 5.1%
Banks - Commercial — 0.6%
Barclays Bank PLC Sub. Notes 5.93% due 12/15/16*(5)(8)		230,000		131,058
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		181,000		154,393
Caisse Nationale des Caisses d’Epargne et de Prevoyance Notes 4.15% due 12/30/09(5)(8)		196,000		119,560
Credit Agricole SA Jr. Sub. Notes 6.64% due 05/31/17*(5)(8)		240,000		121,764
HBOS PLC Sub. Notes 5.92% due 10/01/15*(5)(8)		120,000		60,393
NIB Capital Bank Bonds 5.82% due 12/11/13*(5)(8)		204,000		35,259
				622,427
Banks - Money Center — 0.2%
Mizuho Financial Group Cayman, Ltd. Bank Guar. Bonds 8.38% due 04/27/09(8)		245,000		220,828

34

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Beverages - Wine/Spirits — 0.2%
Diageo Finance BV Company Guar. Notes 3.88% due 04/01/11#	$	287,000	$	274,784
Brewery — 0.2%
FBG Finance, Ltd. Senior Notes 5.13% due 06/15/15*		94,000		74,454
SABMiller PLC Senior Notes 6.50% due 07/15/18*		125,000		110,960
				185,414
Broadcast Services/Program — 0.0%
Grupo Televisa SA Senior Notes 6.63% due 03/18/25#		40,000		31,179
Cellular Telecom — 0.1%
Vodafone Group PLC Senior Notes 7.75% due 02/15/10		105,000		104,730
Containers - Metal/Glass — 0.1%
Rexam PLC Bonds 6.75% due 06/01/13*		142,000		135,490
Cruise Lines — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 7.00% due 06/15/13		245,000		147,000
Diversified Manufacturing Operations — 0.3%
Tyco International Group SA Company Guar. Notes 6.00% due 11/15/13		388,000		335,983
Diversified Operations — 0.3%
Hutchison Whampoa Finance, Ltd. Company Guar. Notes 7.50% due 08/01/27*		400,000		334,459
Electric - Generation — 0.1%
Abu Dhabi National Energy Co. Senior Notes 7.25% due 08/01/18*		116,000		92,492
Electric - Integrated — 0.3%
Empresa Nacional de Electricidad SA Bonds 7.33% due 02/01/37#		324,000		320,980
Finance - Other Services — 0.1%
BP Capital Markets PLC Company Guar. Notes 5.25% due 11/07/13		110,000		110,345
Food - Retail — 0.2%
Delhaize Group SA Senior Notes 6.50% due 06/15/17		212,000		190,059
Insurance - Multi - line — 0.2%
Aegon NV Jr. Sub. Bonds 4.57% due 07/15/14(5)(8)		280,000		75,740
XL Capital Finance (Europe) PLC Company Guar. Notes 6.50% due 01/15/12		89,000		63,008

Security Description	Principal Amount		Market Value (Note 2)
Insurance - Multi - line (continued)
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14	$	156,000	$	98,289
				237,037
Investment Companies — 0.1%
Xstrata Finance Canada, Ltd. Notes 6.90% due 11/15/37*		149,000		98,818
Multimedia — 0.1%
Thomson Reuters Corp. Company Guar. Notes 5.95% due 07/15/13		120,000		113,951
Oil Companies - Exploration & Production — 0.2%
Canadian Natural Resources, Ltd. Notes 6.25% due 03/15/38		50,000		36,980
EnCana Corp. Bonds 6.50% due 08/15/34		50,000		38,546
Nexen, Inc. Bonds 5.88% due 03/10/35		190,000		131,192
				206,718
Pipelines — 0.1%
Enbridge, Inc. Senior Notes 5.80% due 06/15/14		136,000		113,463
Property Trust — 0.1%
Westfield Capital Corp., Ltd./ WT Finance Austrailia Property, Ltd. Company Guar. Notes 4.38% due 11/15/10*		110,000		88,321
Special Purpose Entity — 0.3%
SMFG Preferred Capital, Ltd. Bonds 6.08% due 01/25/17*(5)(8)		453,000		313,698
Telecom Services — 0.1%
TELUS Corp. Notes 8.00% due 06/01/11		65,000		65,709
Telephone - Integrated — 0.6%
Telecom Italia Capital SA Company Guar. Notes 4.95% due 09/30/14		165,000		120,450
Telecom Italia Capital SA Company Guar. Bonds 6.20% due 07/18/11		375,000		330,000
Telefonica Emisones SAU Company Guar. Notes 6.42% due 06/20/16		270,000		243,150
				693,600
Transport - Marine — 0.2%
DP World, Ltd. Bonds 6.85% due 07/02/37*		379,000		202,567
Transport - Rail — 0.2%
Canadian National Railway Co. Notes 6.38% due 10/15/11		210,000		211,030

35

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount		Market Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Water — 0.1%
Veolia Environnement Notes 6.75% due 06/01/38#	$	190,000	$	150,044
Total Foreign Corporate Bonds & Notes
(cost $7,204,494)				5,601,126
U.S. GOVERNMENT AGENCIES — 39.8%
Federal Home Loan Bank — 1.0%
3.63% due 08/15/11#		750,000		769,866
5.50% due 07/01/37		370,566		376,236
				1,146,102
Federal Home Loan Mtg. Corp. — 22.6%
4.13% due 09/27/13#		500,000		522,257
5.00% due 11/15/28		1,145,000		1,161,289
5.00% due 09/15/31		1,475,000		1,490,520
5.00% due 10/01/33		22,643		22,816
5.00% due 06/01/34		483,647		486,907
5.00% due 10/15/34		2,025,000		1,990,252
5.00% due 07/01/35		414,145		416,808
5.00% due 10/01/35		2,108,115		2,121,668
5.00% due 05/01/36		3,323,822		3,344,150
5.00% due 11/01/36		201,820		203,055
5.50% due 11/01/18		478,136		487,678
5.50% due 06/15/31		887,000		906,438
5.50% due 10/01/33		29,512		30,009
5.50% due 02/01/35		919,498		933,855
5.50% due 07/01/36		1,978,135		2,008,712
5.50% due 09/01/37		100,931		102,476
5.50% due 10/01/37		113,040		114,769
5.50% due 01/01/38		1,323,901		1,344,365
5.50% due 07/01/38		451,485		458,394
5.81% due 01/01/37(5)		1,118,091		1,119,740
6.00% due 10/01/33		669,243		685,339
6.00% due 07/01/36		1,504,658		1,538,026
6.00% due 11/01/37		644,606		658,901
6.03% due 10/01/36(5)		1,730,752		1,753,128
6.50% due 02/01/33		90,923		94,160
6.50% due 02/01/35		51,474		53,146
6.50% due 01/01/36		185,683		191,278
6.50% due 03/01/36		341,114		351,393
7.00% due 11/01/16		48,375		50,802
7.00% due 07/01/32		25,040		26,071
7.50% due 04/01/31		124,790		132,157
8.00% due 01/01/29		12,118		12,837
8.00% due 12/01/29		8,994		9,525
8.00% due 12/01/30		34,275		36,289
8.00% due 01/01/31		268		284
				24,859,494
Federal National Mtg. Assoc. — 13.4%
4.50% due 11/01/22		2,287,290		2,292,497
5.00% due 05/11/17#		500,000		530,205
5.00% due 11/25/30		1,437,000		1,427,632
5.00% due 10/01/33		54,730		55,218
5.00% due 03/01/34		604,693		609,715
5.00% due 10/01/35		1,294,184		1,304,121
5.00% due 01/01/37		448,312		451,519
5.50% due 11/01/22		446,988		455,114
5.50% due 04/01/33		937,965		956,421
5.50% due 12/01/33		763,043		777,342
5.50% due 05/01/34		425,136		433,102
5.50% due 10/01/34		497,160		506,165
5.50% due 12/01/35		877,335		892,952
5.50% due 02/01/36(5)		380,176		386,180

Security Description	Principal Amount		Market Value (Note 2)
Federal National Mtg. Assoc. (continued)
6.00% due 03/01/16	$	2,476	$	2,539
6.00% due 12/01/16		57,482		58,956
6.00% due 11/01/17		154,765		158,635
6.00% due 12/01/20		451,101		462,660
6.00% due 12/01/33		524,663		537,610
6.00% due 10/01/36		244,800		250,420
6.50% due 03/01/17		90,622		93,329
6.50% due 08/01/31		50,807		52,657
6.50% due 07/01/32		344,355		356,250
6.50% due 07/01/36		314,289		323,476
6.50% due 10/01/37		1,172,284		1,206,300
7.00% due 09/01/31		209,637		219,679
7.50% due 08/01/15		938		980
				14,801,674
Government National Mtg. Assoc. — 2.8%
6.00% due 03/15/29		40,768		41,843
6.00% due 04/15/29		16,305		16,734
6.00% due 09/15/38		2,734,633		2,796,457
6.50% due 07/15/32		87,120		89,798
6.50% due 09/15/32		134,720		138,861
				3,083,693
Total U.S. Government Agencies
(cost $43,204,763)				43,890,963
U.S. GOVERNMENT TREASURIES — 17.6%
United States Treasury Bonds — 1.3%
4.38% due 02/15/38#		362,000		419,383
4.50% due 05/15/38#		98,000		115,938
4.75% due 02/15/37#		587,000		712,838
5.00% due 05/15/37#		159,000		200,365
				1,448,524
United States Treasury Notes — 16.3%
1.50% due 10/31/10		2,000,000		2,020,312
3.25% due 12/31/09#		4,500,000		4,620,587
3.38% due 07/31/13#		1,393,000		1,493,339
3.88% due 09/15/10		1,000,000		1,055,547
3.88% due 05/15/18#		1,459,000		1,574,922
4.00% due 08/15/18#		1,403,000		1,529,489
4.25% due 08/15/15		63,000		70,668
4.50% due 05/15/10#		1,610,000		1,695,782
4.50% due 02/28/11#		2,500,000		2,695,508
0.88% due 04/15/10TIPS#(13)		740,304		688,309
2.00% due 01/15/14TIPS#(13)		549,427		494,699
				17,939,162
Total U.S. Government Treasuries
(cost $18,834,471)				19,387,686
COMMON STOCK — 0.0%
Independent Power Producers — 0.0%
Mirant Corp.†# (cost $0)		217		3,737
Total Long - Term Investment Securities
(cost $114,817,262)				106,269,751
SHORT - TERM INVESTMENT SECURITIES — 8.0%
Collective Investment Pool — 8.0%
Securities Lending Quality Trust(11) (cost $9,187,637)		9,187,637		8,801,756

36

AIG Retirement Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENT — 3.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,543,003 and collateralized by Freddie Mac, bearing interest at 5.00%, due 02/21/09 and having an approximate value of $3,651,150 (Cost $3,543,000)	$	3,543,000		$	3,543,000
TOTAL INVESTMENTS
(cost $127,547,899)(12)		107.6	%		118,614,507
Liabilities in excess of other assets		(7.6	)		(8,402,958	)
NET ASSETS —		100.0	%	$	110,211,549

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $6,671,949 representing 6.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

(1) Commercial Mortgaged Backed Security

(2) Collateralized Mortgage Obligation

(3) Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date.

(4) Fair valued security; see Note 2

(5) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008.

(6) To the extent permitted by the Statement of Additional Information, the Capital Conservation Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Capital Conservation Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
ICO North America, Inc. 7.50% due 08/15/09	08/11/05	$	32,000	$	32,000	$	14,400	$	45.00	0.01	%
Southern Energy, Inc. 7.90% due 07/15/09	01/10/06		175,000		0		0		0.00	0.00	%
						$	14,400			0.01	%

(7) Illiquid security. At November 30, 2008, the aggregate value of these securities was $14,400 representing 0.0% of net assets.

(8) Perpetual maturity — maturity date reflects the next call date.

(9) Company has filed Chapter 11 bankruptcy protection.

(10) Bond in default

(11) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

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

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

TIPS Treasury Inflation Protected Securities

See Notes to Financial Statements

37

AIG Retirement Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	20.2	%
Oil Companies — Integrated	12.8
Medical — Drugs	7.3
Aerospace/Defense	4.4
Oil Companies — Exploration & Production	4.3
Medical Products	4.1
Electronic Components — Semiconductors	3.8
Computers	3.8
Telephone — Integrated	2.9
Food — Misc.	2.7
Enterprise Software/Service	2.6
Insurance — Property/Casualty	2.5
Diversified Banking Institutions	2.0
Multimedia	1.8
Retail — Discount	1.8
Pharmacy Services	1.7
Office Automation & Equipment	1.6
Cosmetics & Toiletries	1.6
Internet Security	1.6
Transport — Rail	1.6
Apparel Manufacturers	1.5
Medical — HMO	1.5
Retail — Apparel/Shoe	1.4
Oil-Field Services	1.4
Diversified Manufacturing Operations	1.2
Retail — Restaurants	1.2
Computers — Memory Devices	1.2
Medical — Biomedical/Gene	1.2
Insurance — Multi-line	1.2
Consumer Products — Misc.	1.1
Oil Refining & Marketing	1.1
Semiconductor Equipment	1.1
Semiconductor Components — Integrated Circuits	1.0
Electric — Integrated	1.0
Banks — Super Regional	0.9
Applications Software	0.9
Computer Services	0.8
Engines — Internal Combustion	0.8
Food — Retail	0.8
Steel — Producers	0.8
Retail — Auto Parts	0.8
Electronic Forms	0.8
Food — Wholesale/Distribution	0.8
Advertising Agencies	0.7
Toys	0.7
Building — Residential/Commercial	0.7
Machinery — Construction & Mining	0.7
Health Care Cost Containment	0.7
Electronic Design Automation	0.7
Transport — Marine	0.6
Medical Instruments	0.6
Oil & Gas Drilling	0.6
Retail — Major Department Stores	0.6
Banks — Fiduciary	0.6
Chemicals — Diversified	0.5
Machinery — Farming	0.5
Printing — Commercial	0.4
Metal — Aluminum	0.4
Coal	0.4
Independent Power Producers	0.3
Beverages — Non-alcoholic	0.3
Electronic Parts Distribution	0.3
Repurchase Agreements	0.2
Insurance — Life/Health	0.2
Engineering/R&D Services	0.2
Office Furnishings — Original	0.2
Networking Products	0.1
Containers — Metal/Glass	0.1
	120.9	%

* Calculated as a percentage of net assets

38

AIG Retirement Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 100.5%
Advertising Agencies — 0.7%
Omnicom Group, Inc.#	53,000	$	1,499,370
Aerospace/Defense — 4.4%
General Dynamics Corp.	31,000		1,601,770
Lockheed Martin Corp.	22,000		1,696,420
Northrop Grumman Corp.	55,900		2,289,105
Raytheon Co.	68,100		3,323,280
			8,910,575
Apparel Manufacturers — 1.5%
Coach, Inc.†	92,000		1,646,800
Polo Ralph Lauren Corp.#	34,000		1,468,800
			3,115,600
Applications Software — 0.9%
Microsoft Corp.	92,500		1,870,350
Banks - Fiduciary — 0.6%
The Bank of New York Mellon Corp.	38,851		1,173,689
Banks - Super Regional — 0.9%
Capital One Financial Corp.#	55,000		1,892,550
Beverages - Non-alcoholic — 0.3%
PepsiCo, Inc.	3,000		170,100
The Coca-Cola Co.	9,000		421,830
			591,930
Building - Residential/Commercial — 0.7%
M.D.C Holdings, Inc.#	47,000		1,457,000
Chemicals - Diversified — 0.5%
E.I. du Pont de Nemours & Co.	43,600		1,092,616
Coal — 0.4%
Peabody Energy Corp.	32,300		756,789
Computer Services — 0.8%
Accenture, Ltd., Class A	55,000		1,703,900
Computers — 3.8%
Hewlett-Packard Co.	116,500		4,110,120
International Business Machines Corp.	44,100		3,598,560
			7,708,680
Computers - Memory Devices — 1.2%
NetApp, Inc.†#	109,000		1,471,500
Western Digital Corp.†	80,000		976,000
			2,447,500
Consumer Products - Misc. — 1.1%
Clorox Co.#	8,100		479,196
Kimberly-Clark Corp.	32,100		1,855,059
			2,334,255
Containers - Metal/Glass — 0.1%
Crown Holdings, Inc.†	12,000		192,600
Cosmetics & Toiletries — 1.6%
Procter & Gamble Co.	30,000		1,930,500
The Estee Lauder Cos., Inc., Class A#	45,000		1,255,500
			3,186,000
Diversified Banking Institutions — 2.0%
Bank of America Corp.#	76,600		1,244,750
Citigroup, Inc.#	21,400		177,406
JPMorgan Chase & Co.	83,500		2,643,610
			4,065,766

Security Description	Shares	Market Value (Note 2)
Diversified Manufacturing Operations — 1.2%
General Electric Co.	86,400	$	1,483,488
Honeywell International, Inc.	17,600		490,336
Tyco International, Ltd.	27,150		567,435
			2,541,259
Electric - Integrated — 1.0%
Dominion Resources, Inc.#	26,500		975,730
Southern Co.#	30,600		1,111,392
			2,087,122
Electronic Components - Semiconductors — 3.8%
Altera Corp.#	101,000		1,485,710
Broadcom Corp., Class A†#	99,000		1,515,690
Fairchild Semiconductor International, Inc.†#	128,300		511,917
Intel Corp.	63,100		870,780
LSI Corp.†#	399,600		1,070,928
Micron Technology, Inc.†#	312,500		856,250
Xilinx, Inc.#	93,000		1,521,480
			7,832,755
Electronic Design Automation — 0.7%
Synopsys, Inc.†	85,000		1,362,550
Electronic Forms — 0.8%
Adobe Systems, Inc.†	69,000		1,598,040
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc.†	37,000		510,600
Engineering/R&D Services — 0.2%
Fluor Corp.	10,000		455,400
Engines - Internal Combustion — 0.8%
Cummins, Inc.	66,000		1,688,280
Enterprise Software/Service — 2.6%
BMC Software, Inc.†	58,000		1,447,680
CA, Inc.	93,000		1,566,120
Oracle Corp.†	143,700		2,312,133
			5,325,933
Food - Misc. — 2.7%
General Mills, Inc.	29,600		1,869,832
Kraft Foods, Inc., Class A	70,916		1,929,624
Unilever NV	75,500		1,764,435
			5,563,891
Food - Retail — 0.8%
The Kroger Co.	60,000		1,659,600
Food - Wholesale/Distribution — 0.8%
Sysco Corp.	68,000		1,594,600
Health Care Cost Containment — 0.7%
McKesson Corp.	41,000		1,432,540
Independent Power Producers — 0.3%
NRG Energy, Inc.†#	28,000		663,320
Insurance - Life/Health — 0.2%
Prudential Financial, Inc.	21,300		462,210
Insurance - Multi-line — 1.2%
Allstate Corp.	61,000		1,551,840
Hartford Financial Services Group, Inc.#	900		7,605
MetLife, Inc.	29,600		851,296
			2,410,741
Insurance - Property/Casualty — 2.5%
Chubb Corp.#	7,000		359,520

39

AIG Retirement Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Insurance - Property/Casualty (continued)
The Travelers Cos., Inc.	107,100	$	4,674,915
			5,034,435
Internet Security — 1.6%
McAfee, Inc.†	50,000		1,516,500
Symantec Corp.†#	137,000		1,648,110
			3,164,610
Machinery - Construction & Mining — 0.7%
Caterpillar, Inc.#	35,000		1,434,650
Machinery - Farming — 0.5%
Deere & Co.	27,700		964,237
Medical Instruments — 0.6%
St. Jude Medical, Inc.†	46,000		1,289,380
Medical Products — 4.1%
Baxter International, Inc.	26,600		1,407,140
Cardinal Health, Inc.#	23,000		747,960
Covidien, Ltd.	16,450		606,182
Johnson & Johnson	86,700		5,078,886
Varian Medical Systems, Inc.†#	11,000		443,960
			8,284,128
Medical - Biomedical/Gene — 1.2%
Amgen, Inc.†	44,000		2,443,760
Medical - Drugs — 7.3%
Bristol - Myers Squibb Co.	155,300		3,214,710
Eli Lilly & Co.	62,000		2,117,300
Merck & Co., Inc.	85,000		2,271,200
Pfizer, Inc.	251,800		4,137,074
Schering-Plough Corp.	96,900		1,628,889
Wyeth	40,600		1,462,006
			14,831,179
Medical - HMO — 1.5%
Aetna, Inc.	56,000		1,221,920
WellPoint, Inc.†	52,000		1,851,200
			3,073,120
Metal - Aluminum — 0.4%
Alcoa, Inc.#	83,900		902,764
Multimedia — 1.8%
The Walt Disney Co.†#	45,200		1,017,904
Time Warner, Inc.#	242,700		2,196,435
Viacom, Inc., Class B†	32,500		517,400
			3,731,739
Networking Products — 0.1%
Cisco Systems, Inc.†	14,000		231,560
Office Automation & Equipment — 1.6%
Xerox Corp.	463,700		3,241,263
Office Furnishings - Original — 0.2%
Steelcase, Inc., Class A#	69,000		445,050
Oil & Gas Drilling — 0.6%
ENSCO International, Inc.	38,000		1,231,580
Oil Companies - Exploration & Production — 4.3%
Anadarko Petroleum Corp.#	65,200		2,676,460
Apache Corp.	25,000		1,932,500
Devon Energy Corp.	26,000		1,880,840
Occidental Petroleum Corp.	42,000		2,273,880
			8,763,680

Security Description	Shares	Market Value (Note 2)
Oil Companies - Integrated — 12.8%
Chevron Corp.	71,000	$	5,609,710
ConocoPhillips	55,000		2,888,600
Exxon Mobil Corp.	153,700		12,319,055
Hess Corp.	29,000		1,567,160
Marathon Oil Corp.	84,000		2,199,120
Murphy Oil Corp.#	34,000		1,497,700
			26,081,345
Oil Refining & Marketing — 1.1%
Sunoco, Inc.#	33,000		1,311,420
Valero Energy Corp.	50,000		917,500
			2,228,920
Oil-Field Services — 1.4%
BJ Services Co.#	107,200		1,285,328
Halliburton Co.	86,200		1,517,120
			2,802,448
Pharmacy Services — 1.7%
Express Scripts, Inc.†	27,000		1,552,770
Medco Health Solutions, Inc.†	43,000		1,806,000
			3,358,770
Printing - Commercial — 0.4%
R.R. Donnelley & Sons Co.	71,000		905,960
Retail - Apparel/Shoe — 1.4%
Ross Stores, Inc.#	51,000		1,351,500
The Gap, Inc.	115,000		1,497,300
			2,848,800
Retail - Auto Parts — 0.8%
AutoZone, Inc.†#	15,000		1,638,300
Retail - Discount — 1.8%
Big Lots, Inc.†#	3,000		52,560
Wal-Mart Stores, Inc.#	63,000		3,520,440
			3,573,000
Retail - Major Department Stores — 0.6%
TJX Cos., Inc.	53,000		1,209,460
Retail - Restaurants — 1.2%
McDonald’s Corp.	42,000		2,467,500
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.	67,700		1,157,670
Integrated Device Technology, Inc.†	185,000		956,450
			2,114,120
Semiconductor Equipment — 1.1%
KLA-Tencor Corp.#	55,000		1,034,550
Novellus Systems, Inc.†#	96,000		1,189,440
			2,223,990
Steel - Producers — 0.8%
United States Steel Corp.#	54,000		1,641,600
Telecom Services — 0.0%
Fairpoint Communications, Inc.#	967		3,385
Telephone - Integrated — 2.9%
AT&T, Inc.	106,000		3,027,360
Qwest Communications International, Inc.#	437,100		1,398,720
Verizon Communications, Inc.#	46,100		1,505,165
			5,931,245
Toys — 0.7%
Hasbro, Inc.#	55,000		1,474,000

40

AIG Retirement Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
COMMON STOCK (continued)
Transport - Marine — 0.6%
Tidewater, Inc.#		33,000		$	1,302,840
Transport - Rail — 1.6%
CSX Corp.		45,000			1,675,800
Norfolk Southern Corp.		30,000			1,484,100
					3,159,900
Total Long-Term Investment Securities
(cost $286,794,065)					205,220,729
SHORT-TERM INVESTMENT SECURITIES — 20.2%
Collective Investment Pool — 20.2%
Securities Lending Quality Trust(1) (cost $42,985,864)		42,985,864			41,180,458
REPURCHASE AGREEMENTS — 0.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $368,000 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $383,986	$	368,000			368,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $114,000 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $119,347		114,000			114,000
Total Repurchase Agreements
(cost $482,000)					482,000
TOTAL INVESTMENTS
(cost $330,261,929)(2)		120.9	%		246,883,187
Liabilities in excess of other assets		(20.9	)		(42,718,495	)
NET ASSETS —		100.0	%	$	204,164,692

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

See Notes to Financial Statements

41

AIG Retirement Company I Core Value Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	14.6	%
Medical — Drugs	6.7
Telephone — Integrated	6.4
Diversified Banking Institutions	6.0
Diversified Manufacturing Operations	4.5
Medical Products	3.7
Computers	3.3
Banks — Super Regional	3.0
Electric — Integrated	2.8
Aerospace/Defense	2.3
Oil Companies — Exploration & Production	2.0
Tobacco	2.0
Retail — Discount	1.7
Medical — Biomedical/Gene	1.6
Multimedia	1.5
Beverages — Non-alcoholic	1.5
Insurance — Multi-line	1.4
Time Deposits	1.4
Food — Misc.	1.4
Retail-Restaurants	1.3
Applications Software	1.2
Chemicals — Diversified	1.2
Electronic Components-Semiconductors	1.2
Banks — Fiduciary	1.2
Cosmetics & Toiletries	1.1
Computer Services	1.1
Finance — Investment Banker/Broker	1.1
Consumer Products — Misc.	1.0
Food — Retail	0.9
Insurance — Property/Casualty	0.9
Machinery — Construction & Mining	0.7
Retail — Apparel/Shoe	0.7
Networking Products	0.6
Toys	0.6
Steel — Producers	0.5
Office Automation & Equipment	0.5
Insurance — Reinsurance	0.5
Commercial Services — Finance	0.5
Retail — Consumer Electronics	0.5
Retail — Building Products	0.4
Transport — Rail	0.4
Agricultural Operations	0.4
Banks — Commercial	0.4
Retail — Drug Store	0.4
Retail — Regional Department Stores	0.4
Printing — Commercial	0.4
Real Estate Investment Trusts	0.4
Television	0.4
Enterprise Software/Service	0.4
Medical — HMO	0.4
Oil Refining & Marketing	0.4
Non-Hazardous Waste Disposal	0.4
Cable TV	0.4
Home Decoration Products	0.4
Apparel Manufacturers	0.4
Retail — Office Supplies	0.3
Forestry	0.3
Independent Power Producers	0.3
Engineering/R&D Services	0.3
Insurance — Life/Health	0.3
Medical Instruments	0.3
Medical Labs & Testing Services	0.3
Investment Management/Advisor Services	0.3
Gas — Distribution	0.3
Computers — Periphery Equipment	0.3
Internet Security	0.3
Brewery	0.3
Oil Field Machinery & Equipment	0.2
Finance — Credit Card	0.2

Telecom Services	0.2
Office Supplies & Forms	0.2
Computers — Memory Devices	0.2
Building — Residential/Commercial	0.2
Wireless Equipment	0.2
Beverages— Wine/Spirits	0.2
Data Processing/Management	0.2
Electric Products — Misc.	0.2
Publishing — Newspapers	0.2
Electronic Components — Misc.	0.2
Metal — Diversified	0.2
Semiconductor Equipment	0.2
Metal — Copper	0.1
Food — Confectionery	0.1
Paper & Related Products	0.1
Finance — Other Services	0.1
Agricultural Chemicals	0.1
E-Commerce/Services	0.1
Sector Fund—Financial Services	0.1
Transport — Marine	0.1
Rental Auto/Equipment	0.1
Oil & Gas Drilling	0.1
Human Resources	0.1
Pharmacy Services	0.1
Steel Pipe & Tube	0.1
Chemicals — Specialty	0.1
Savings & Loans/Thrifts	0.1
Leisure Products	0.1
Transport — Truck	0.1
	99.6	%

* Calculated as a percentage of net assets

42

AIG Retirement Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 98.0%
Aerospace/Defense — 2.3%
Boeing Co.	11,165	$	475,964
General Dynamics Corp.	2,033		105,045
Lockheed Martin Corp.	8,073		622,509
Northrop Grumman Corp.	28,220		1,155,609
Raytheon Co.	1,359		66,319
			2,425,446
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.	1,174		61,787
Terra Industries, Inc.	2,970		43,689
			105,476
Agricultural Operations — 0.4%
Archer - Daniels - Midland Co.	3,913		107,138
Bunge, Ltd.	8,292		352,078
			459,216
Airlines — 0.0%
Southwest Airlines Co.	4,795		41,477
Apparel Manufacturers — 0.4%
VF Corp.	7,105		371,520
Applications Software — 1.2%
Microsoft Corp.†	65,433		1,323,055
Audio/Video Products — 0.0%
Harman International Industries, Inc.	1,143		17,202
Banks - Commercial — 0.4%
BB&T Corp.	1,646		49,331
Cullen/Frost Bankers, Inc.	883		47,867
International Bancshares Corp.	4,295		100,932
Regions Financial Corp.	861		8,774
Royal Bank of Canada	4,049		131,754
Zions Bancorp.	3,583		114,262
			452,920
Banks - Fiduciary — 1.2%
Northern Trust Corp.	2,976		136,569
State Street Corp.	5,316		223,857
The Bank of New York Mellon Corp.	29,797		900,167
			1,260,593
Banks - Super Regional — 3.0%
Capital One Financial Corp.	5,763		198,305
Fifth Third Bancorp	3,037		29,034
National City Corp.	44,900		90,249
PNC Financial Services Group, Inc.	1,238		65,329
SunTrust Banks, Inc.	3,000		95,190
US Bancorp	35,670		962,376
Wells Fargo & Co.	60,629		1,751,572
			3,192,055
Beverages - Non-alcoholic — 1.5%
Coca-Cola Enterprises, Inc.	13,986		128,391
Dr. Pepper Snapple Group, Inc.†	2,450		39,543
Hansen Natural Corp.†	1,428		42,483
Pepsi Bottling Group, Inc.	22,484		406,736
PepsiCo, Inc.	760		43,092
The Coca - Cola Co.	19,757		926,011
			1,586,256
Beverages - Wine/Spirits — 0.2%
Constellation Brands, Inc., Class A†	15,905		202,948
Brewery — 0.3%
Molson Coors Brewing Co., Class B	6,069		269,888

Security Description	Shares	Market Value (Note 2)
Building Products - Wood — 0.0%
Masco Corp.	3,764	$	36,059
Building - Heavy Construction — 0.0%
Perini Corp.†	1,504		28,802
Building - Residential/Commercial — 0.2%
NVR, Inc.†	552		239,706
Cable TV — 0.4%
Comcast Corp., Class A	21,798		377,977
Chemicals - Diversified — 1.2%
E.I. du Pont de Nemours & Co.	32,451		813,222
PPG Industries, Inc. Senior Notes	10,600		465,552
The Dow Chemical Co.	716		13,282
			1,292,056
Chemicals - Specialty — 0.1%
Ashland, Inc.	2,966		28,325
Methanex Corp.	3,107		33,028
			61,353
Coal — 0.0%
Walter Industries, Inc.	27		493
Commercial Services - Finance — 0.5%
H&R Block, Inc.	22,000		420,860
Mastercard, Inc., Class A	543		78,898
			499,758
Computer Services — 1.1%
Accenture, Ltd., Class A	21,237		657,922
Computer Sciences Corp.†	19,458		542,100
			1,200,022
Computers — 3.3%
Apple, Inc.†	575		53,285
Hewlett - Packard Co.	46,476		1,639,673
International Business Machines Corp.	22,569		1,841,631
			3,534,589
Computers - Memory Devices — 0.2%
EMC Corp.†	6,930		73,250
Western Digital Corp.†	14,598		178,096
			251,346
Computers - Periphery Equipment — 0.3%
Lexmark International, Inc., Class A†	10,551		276,225
Consumer Products - Misc. — 1.0%
Clorox Co.	2,646		156,538
Kimberly - Clark Corp.	14,608		844,196
Tupperware Brands Corp.	1,197		23,545
			1,024,279
Cosmetics & Toiletries — 1.1%
Colgate - Palmolive Co.	691		44,964
Procter & Gamble Co.	18,221		1,172,521
			1,217,485
Data Processing/Management — 0.2%
Fiserv, Inc.†	5,900		201,426
Distribution/Wholesale — 0.0%
Fastenal Co.	540		20,795
Diversified Banking Institutions — 6.0%
Bank of America Corp.	91,062		1,479,757
Citigroup, Inc.	138,787		1,150,544
JPMorgan Chase & Co.	77,882		2,465,744

43

AIG Retirement Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Diversified Banking Institutions (continued)
Morgan Stanley	33,797	$	498,506
The Goldman Sachs Group, Inc.	9,924		783,897
			6,378,448
Diversified Manufacturing Operations — 4.5%
3M Co.	1,688		112,978
Dover Corp.	12,346		368,281
General Electric Co.	197,684		3,394,234
Honeywell International, Inc.	1,362		37,945
Ingersoll - Rand Co., Ltd., Class A	16,800		263,424
Parker Hannifin Corp.	10,021		411,663
Tyco International, Ltd.	8,700		181,830
			4,770,355
E - Commerce/Services — 0.1%
IAC/InterActive Corp.†	7,039		104,107
Electric Products - Misc. — 0.2%
Emerson Electric Co.	5,601		201,020
Electric - Integrated — 2.8%
Duke Energy Corp.	1,183		18,407
Edison International	17,459		583,131
Entergy Corp.	843		71,739
Exelon Corp.	15,500		871,255
FPL Group, Inc.	10,931		532,996
PPL Corp.	20,400		691,356
Progress Energy, Inc.	2,684		106,528
Public Service Enterprise Group, Inc.	3,416		105,554
			2,980,966
Electronic Components - Misc. — 0.2%
Celestica, Inc.†	34,573		172,519
Electronic Components - Semiconductors — 1.2%
Amkor Technology, Inc.†	47,476		104,447
Broadcom Corp., Class A†	3,903		59,755
Intel Corp.	54,502		752,128
LSI Corp.†	53,795		144,171
Microchip Technology, Inc.	1,609		29,766
QLogic Corp.†	4,124		43,797
Texas Instruments, Inc.	6,700		104,319
Xilinx, Inc.	3,026		49,505
			1,287,888
Engineering/R&D Services — 0.3%
EMCOR Group, Inc.†	16,596		261,719
Fluor Corp.	1,248		56,834
Jacobs Engineering Group, Inc.†	71		3,179
			321,732
Enterprise Software/Service — 0.4%
Oracle Corp.†	17,600		283,184
Sybase, Inc.†	4,602		113,393
			396,577
Finance - Credit Card — 0.2%
Discover Financial Services	25,437		260,221
Finance - Investment Banker/Broker — 1.1%
Merrill Lynch & Co., Inc.	44,078		582,711
Raymond James Financial, Inc.	8,934		196,280
The Charles Schwab Corp.	19,086		349,847
			1,128,838
Finance - Other Services — 0.1%
NYSE Euronext	4,553		108,407

Security Description	Shares	Market Value (Note 2)
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.	15,600	$	42,432
Food - Confectionery — 0.1%
The J.M. Smucker Co.	3,214		145,819
Food - Meat Products — 0.0%
Tyson Foods, Inc., Class A	5,286		35,469
Food - Misc. — 1.4%
Corn Products International, Inc.	3,349		91,763
General Mills, Inc.	12,534		791,773
H.J. Heinz Co.	443		17,206
Kellogg Co.	888		38,566
Kraft Foods, Inc., Class A	5,401		146,961
Unilever NV	17,900		418,323
			1,504,592
Food - Retail — 0.9%
Safeway, Inc.	7,909		172,416
SUPERVALU, Inc.	1,990		23,701
The Kroger Co.	26,078		721,318
			917,435
Forestry — 0.3%
Weyerhaeuser Co.	9,500		357,390
Gas - Distribution — 0.3%
Nicor, Inc.	6,822		278,201
Home Decoration Products — 0.4%
Newell Rubbermaid, Inc.	28,100		375,416
Human Resources — 0.1%
Robert Half International, Inc.	3,700		77,293
Independent Power Producers — 0.3%
NRG Energy, Inc.†	7,200		170,568
Reliant Energy, Inc.†	28,836		165,519
			336,087
Insurance - Life/Health — 0.3%
Lincoln National Corp.	363		4,984
Principal Financial Group, Inc.	1,405		19,403
Torchmark Corp.	7,600		274,740
Unum Group	1,282		19,102
			318,229
Insurance - Multi-line — 1.4%
ACE, Ltd.	12,048		629,508
Allstate Corp.	19,100		485,904
American Financial Group, Inc.	5,760		118,022
Genworth Financial, Inc., Class A	6,010		8,715
Hartford Financial Services Group, Inc.	7,800		65,910
Loews Corp.	8,120		222,407
			1,530,466
Insurance - Property/Casualty — 0.9%
Arch Capital Group, Ltd.†	1,747		118,429
The Travelers Cos., Inc.	18,125		791,156
			909,585
Insurance - Reinsurance — 0.5%
Aspen Insurance Holdings, Ltd.	20,443		376,764
Axis Capital Holdings, Ltd.	6,106		154,543
Endurance Specialty Holdings, Ltd.	338		9,099
			540,406
Internet Security — 0.3%
Symantec Corp.†	22,942		275,992

44

AIG Retirement Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Investment Companies — 0.0%
American Capital, Ltd.	1,130	$	4,791
Investment Management/Advisor Services — 0.2%
BlackRock, Inc.	450		56,570
Federated Investors, Inc., Class B	306		6,074
Janus Capital Group, Inc.	5,611		45,730
Legg Mason, Inc.	4,800		86,496
T. Rowe Price Group, Inc.	1,507		51,554
			246,424
Leisure Products — 0.1%
WMS Industries, Inc.†	2,216		54,624
Machinery - Construction & Mining — 0.7%
Caterpillar, Inc.	18,806		770,858
Medical Instruments — 0.3%
Medtronic, Inc.	10,300		314,356
Medical Labs & Testing Services — 0.3%
Quest Diagnostics, Inc.	6,600		307,362
Medical Products — 3.7%
Baxter International, Inc.	6,622		350,304
Becton Dickinson & Co.	7,589		482,129
Johnson & Johnson	53,005		3,105,033
			3,937,466
Medical - Biomedical/Gene — 1.6%
Amgen, Inc.†	29,704		1,649,760
Life Technologies Corp.†	3,924		102,417
			1,752,177
Medical - Drugs — 6.7%
Abbott Laboratories	10,000		523,900
Bristol-Myers Squibb Co.	26,130		540,891
Cephalon, Inc.†	3,022		222,057
Eli Lilly & Co.	36,872		1,259,179
King Pharmaceuticals, Inc.†	1,677		16,116
Merck & Co., Inc.	26,800		716,096
Pfizer, Inc.	189,954		3,120,944
Wyeth	21,411		771,010
			7,170,193
Medical - HMO — 0.4%
AMERIGROUP Corp.†	13,901		341,408
WellPoint, Inc.†	1,331		47,384
			388,792
Metal - Copper — 0.1%
Southern Copper Corp.	10,865		149,502
Metal - Diversified — 0.2%
Freeport - McMoRan Copper & Gold, Inc.	7,123		170,881
Multimedia — 1.5%
The Walt Disney Co.	28,765		647,788
Time Warner, Inc.	72,800		658,840
Viacom, Inc., Class B†	21,000		334,320
			1,640,948
Networking Products — 0.6%
Cisco Systems, Inc.†	38,395		635,053
Non-Hazardous Waste Disposal — 0.4%
Allied Waste Industries, Inc.†	1,054		11,320
Waste Management, Inc.	12,600		367,920
			379,240

Security Description	Shares	Market Value (Note 2)
Office Automation & Equipment — 0.5%
Pitney Bowes, Inc.	4,500	$	111,195
Xerox Corp.	62,470		436,665
			547,860
Office Supplies & Forms — 0.2%
Avery Dennison Corp.	8,100		251,910
Oil & Gas Drilling — 0.1%
Patterson - UTI Energy, Inc.	6,634		82,859
Oil Companies - Exploration & Production — 2.0%
Apache Corp.	5,813		449,345
Devon Energy Corp.	6,374		461,095
McMoRan Exploration Co.†	6,788		76,365
Occidental Petroleum Corp.	17,365		940,141
Stone Energy Corp.†	4,029		66,962
W&T Offshore, Inc.	12,495		174,930
			2,168,838
Oil Companies - Integrated — 14.6%
Chevron Corp.	60,461		4,777,023
ConocoPhillips	52,138		2,738,288
Exxon Mobil Corp.	83,145		6,664,072
Hess Corp.	1,997		107,918
Royal Dutch Shell PLC ADR	24,200		1,293,490
			15,580,791
Oil Field Machinery & Equipment — 0.2%
National - Oilwell Varco, Inc.†	9,300		263,097
Oil Refining & Marketing — 0.4%
Sunoco, Inc.	1,701		67,598
Valero Energy Corp.	17,120		314,152
			381,750
Oil - Field Services — 0.0%
Oil States International, Inc.†	1,973		42,262
Paper & Related Products — 0.1%
International Paper Co.	10,016		124,699
Pharmacy Services — 0.1%
Express Scripts, Inc.†	1,251		71,945
Printing - Commercial — 0.4%
R.R. Donnelley & Sons Co.	33,410		426,312
Publishing - Newspapers — 0.2%
Gannett Co., Inc.	20,972		182,666
Real Estate Investment Trusts — 0.4%
Boston Properties, Inc.	431		23,015
CBL & Associates Properties, Inc.	1,680		6,838
Developers Diversified Realty Corp.	7,200		34,560
Equity Residential	711		21,636
Hospitality Properties Trust	12,690		145,427
Host Hotels & Resorts, Inc.	10,788		81,126
HRPT Properties Trust	11,029		30,440
Public Storage	386		26,978
Simon Property Group, Inc.	465		22,087
Vornado Realty Trust	434		23,197
			415,304
Rental Auto/Equipment — 0.1%
Rent - A - Center, Inc.†	5,613		92,109
Retail - Apparel/Shoe — 0.7%
The Gap, Inc.	58,930		767,269
Retail - Building Products — 0.4%
Home Depot, Inc.	20,300		469,133

45

AIG Retirement Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Retail - Consumer Electronics — 0.5%
Best Buy Co., Inc.	14,812	$	306,756
RadioShack Corp.	18,336		180,610
			487,366
Retail - Discount — 1.7%
BJ’s Wholesale Club, Inc.†	1,601		57,284
Dollar Tree, Inc.†	554		23,467
Family Dollar Stores, Inc.	6,392		177,570
Wal - Mart Stores, Inc.	27,776		1,552,123
			1,810,444
Retail - Drug Store — 0.4%
Walgreen Co.	18,291		452,519
Retail - Office Supplies — 0.3%
Staples, Inc.	21,100		366,296
Retail - Regional Department Stores — 0.4%
Kohl’s Corp.†	10,300		336,398
Macy’s, Inc.	14,103		104,644
			441,042
Retail - Restaurants — 1.3%
Darden Restaurants, Inc.	6,600		120,714
McDonald’s Corp.	19,666		1,155,378
Starbucks Corp.†	12,400		110,732
			1,386,824
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.	4,410		57,551
Semiconductor Equipment — 0.2%
Applied Materials, Inc.	16,700		159,986
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.	506		30,077
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A	10,464		64,458
Steel - Producers — 0.5%
Nucor Corp.	13,378		477,327
Reliance Steel & Aluminum Co.	460		9,485
United States Steel Corp.	3,105		94,392
			581,204
Telecom Services — 0.2%
Embarq Corp.	7,931		258,868
Telephone - Integrated — 6.4%
AT&T, Inc.(1)	129,132		3,688,010
CenturyTel, Inc.	2,337		62,071
Qwest Communications International, Inc.	46,207		147,862
Sprint Nextel Corp.†	40,800		113,832
Verizon Communications, Inc.	84,577		2,761,439
Windstream Corp.	1,148		10,171
			6,783,385
Television — 0.4%
CBS Corp., Class B	61,781		411,461
Tobacco — 2.0%
Altria Group, Inc.	59,983		964,527
Lorillard, Inc.	9,670		584,358
Philip Morris International, Inc.	2,443		102,997
Reynolds American, Inc.	8,691		357,026
Universal Corp.	2,169		69,343
			2,078,251

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Tools - Hand Held — 0.0%
Snap - On, Inc.		962		$	34,680
Toys — 0.6%
Hasbro, Inc.		22,318			598,123
Transport - Marine — 0.1%
Frontline, Ltd.		3,437			101,529
Transport - Rail — 0.4%
CSX Corp.		4,426			164,824
Norfolk Southern Corp.		3,958			195,802
Union Pacific Corp.		2,082			104,184
					464,810
Transport - Truck — 0.1%
Con - way, Inc.		360			10,069
YRC Worldwide, Inc.†		10,900			43,382
					53,451
Wireless Equipment — 0.2%
Motorola, Inc.		51,175			220,564
Total Common Stock
(cost $146,223,944)					104,360,673
PREFERRED STOCK — 0.1%
Investment Management/Advisor Services — 0.1%
Legg Mason, Inc. 7%
(cost $54,748)		2,900			53,273
EXCHANGE TRADED FUNDS — 0.1%
Sector Fund - Financial Services — 0.1%
Financial Select Sector SPDR Fund
(cost $166,392)		8,233			103,818
Total Long-Term Investment Securities
(cost $146,445,084)					104,517,764
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Time Deposits — 1.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08 (cost $1,523,000)	$	1,523,000			1,523,000
TOTAL INVESTMENTS
(cost $147,968,084)(2)		99.6	%		106,040,764
Other assets less liabilities		0.4			436,170
NET ASSETS —		100.0	%	$	106,476,934

† Non-income producing security

(1) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

ADR—American Depository Receipt

See Notes to Financial Statements

46

AIG Retirement Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
29 Long	E-mini S&P 500 Index	December 2008	$	1,582,978	$	1,298,185	$	(284,793	)

See Notes to Financial Statements

47

AIG Retirement Company I Foreign Value Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	14.7	%
Medical — Drugs	8.8
Oil Companies — Integrated	8.6
Banks — Commercial	6.8
Insurance — Multi-line	4.9
Telecom Services	4.8
Telephone — Integrated	4.7
U.S. Government Agencies	3.6
Cellular Telecom	3.3
Multimedia	2.9
Human Resources	2.8
Electronic Components — Semiconductors	2.7
Semiconductor Components — Integrated Circuits	2.7
Diversified Financial Services	2.1
Television	1.8
Auto — Cars/Light Trucks	1.8
Retail — Building Products	1.8
Paper & Related Products	1.7
Oil Companies — Exploration & Production	1.7
Diversified Manufacturing Operations	1.7
Athletic Footwear	1.5
Retail — Automobile	1.5
Computers — Periphery Equipment	1.4
Applications Software	1.4
Building — Heavy Construction	1.3
Wireless Equipment	1.3
Enterprise Software/Service	1.2
Publishing — Books	1.2
Transport — Services	1.1
Real Estate Operations & Development	1.1
Photo Equipment & Supplies	1.0
Retail — Misc./Diversified	0.9
Insurance — Life/Health	0.9
Auto/Truck Parts & Equipment — Original	0.9
Insurance — Reinsurance	0.9
Building — Residential/Commercial	0.9
Electronic Components — Misc.	0.8
Computers	0.8
Food — Misc.	0.8
Investment Companies	0.8
Oil Refining & Marketing	0.8
Diversified Operations	0.8
Diversified Minerals	0.7
Retail — Major Department Stores	0.7
Retail — Restaurants	0.7
Security Services	0.6
Coal	0.5
Finance — Investment Banker/Broker	0.5
Food — Wholesale/Distribution	0.5
Finance — Consumer Loans	0.5
Machinery — Pumps	0.4
Medical — Wholesale Drug Distribution	0.4
Apparel Manufacturers	0.4
Aerospace/Defense	0.4
Building Products — Air & Heating	0.3
Power Converter/Supply Equipment	0.2
Rubber — Tires	0.2
Audio/Video Products	0.2
Metal — Aluminum	0.1
	114.5	%

Country Allocation*

United Kingdom	22.6	%
United States	18.3
France	10.0
Japan	8.3
Taiwan	7.9
Germany	5.6
Netherlands	5.3
Switzerland	4.4
Italy	3.6
South Korea	3.5
Hong Kong	3.4
Singapore	2.7
Spain	2.1
Norway	1.8
Finland	1.7
India	1.6
Sweden	1.6
Israel	1.4
South Africa	1.4
China	1.4
Russia	1.4
Brazil	1.1
Austria	1.0
Australia	0.9
Turkey	0.7
Canada	0.6
Thailand	0.2
	114.5	%

* Calculated as a percentage of net assets

48

AIG Retirement Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)(4)
COMMON STOCK — 95.5%
Australia — 0.9%
Alumina, Ltd.#	722,153	$	605,428
Goodman Fielder, Ltd.	5,034,421		4,454,152
			5,059,580
Austria — 1.0%
Telekom Austria AG	395,340		5,293,303
Brazil — 0.4%
Empressa Brasileira de Aeronautica SA ADR#	134,612		2,090,524
Canada — 0.6%
Biovail Corp.	372,030		3,265,269
Cayman Islands — 0.0%
Focus Media Holding, Ltd. ADR†#	900		6,723
China — 1.4%
China Shenhua Energy Co., Ltd.	1,558,238		2,875,019
China Telecom Corp., Ltd.	12,119,823		4,606,715
			7,481,734
Finland — 1.7%
UPM - Kymmene Oyj	646,988		9,330,987
France — 10.0%
AXA SA	390,240		7,469,352
France Telecom SA	296,615		7,654,744
Sanofi - Aventis#	329,630		18,284,391
Thomson†#	885,290		944,304
Total SA	162,850		8,543,852
Vinci SA	55,454		2,242,267
Vivendi	299,580		8,490,176
			53,629,086
Germany — 5.6%
Bayerische Motoren Werke AG#	120,480		3,035,370
Celesio AG	85,240		2,173,039
Deutsche Post AG	418,310		6,028,863
Infineon Technologies AG†#	1,473,030		3,498,162
SAP AG	190,740		6,552,736
Siemens AG	147,695		8,904,455
			30,192,625
Hong Kong — 3.4%
Cheung Kong Holdings, Ltd.	564,488		5,273,290
Hang Lung Group, Ltd.	143,573		470,243
Hutchison Whampoa, Ltd.	802,341		3,999,773
Yue Yuen Industrial Holdings, Ltd.	4,541,672		8,250,068
			17,993,374
India — 1.6%
Gail India, Ltd. GDR†*	177,868		4,500,060
Reliance Industries, Ltd. GDR*	89,790		4,124,335
			8,624,395
Israel — 1.4%
Check Point Software Technologies, Ltd.†	370,390		7,633,738
Italy — 3.6%
Autogrill SpA#	460,460		3,460,084
ENI SpA	406,473		9,219,838
UniCredit SpA#	2,939,132		6,755,351
			19,435,273
Japan — 8.3%
Ebara Corp.#	1,221,000		2,314,903
Mitsubishi UFJ Financial Group, Inc.#	998,300		5,458,696
NGK Spark Plug Co., Ltd.#	443,000		3,714,594
NOK Corp.#	134,200		1,012,403

Security Description	Shares	Market Value (Note 2)(4)
Japan (continued)
Olympus Corp.#	259,000	$	5,374,899
Shinsei Bank, Ltd.#	2,098,637		3,363,209
Sumitomo Mitsui Financial Group, Inc.#	1,001		3,672,884
Sumitomo Rubber Industries, Inc.#	118,500		1,081,855
Takeda Pharmaceutical Co., Ltd.	109,254		5,279,827
Toyota Motor Corp.	170,500		5,366,928
USS Co., Ltd.	124,250		7,815,650
			44,455,848
Netherlands — 5.3%
ING Groep NV	1,543,610		12,960,714
Koninklijke Philips Electronics NV	111,750		1,822,659
Randstad Holding NV#	250,990		4,702,320
Reed Elsevier NV	459,160		5,395,616
USG People NV	301,530		3,335,773
			28,217,082
Norway — 1.8%
Aker Solutions ASA	855,650		4,941,912
Telenor ASA#	837,918		4,539,727
			9,481,639
Russia — 1.4%
Mobile Telesystems OJSC ADR	90,542		2,683,665
OAO Gazprom ADR (OTC US)#	147,800		2,556,940
OAO Gazprom ADR (London)	126,800		2,226,501
			7,467,106
Singapore — 2.7%
Flextronics International, Ltd.†#	1,148,720		2,688,005
Singapore Telecommunications, Ltd.	3,825,999		6,424,854
United Overseas Bank, Ltd.	620,387		5,382,806
			14,495,665
South Africa — 1.4%
African Bank Investments, Ltd.	957,920		2,589,711
Foschini, Ltd.	474,115		2,008,941
Massmart Holdings, Ltd.	365,443		2,889,328
			7,487,980
South Korea — 3.5%
Hana Financial Group, Inc.	220,580		2,637,103
KB Financial Group, Inc.†	146,837		3,018,705
KT Corp. ADR	176,477		2,001,249
Samsung Electronics Co., Ltd.	33,866		11,201,716
			18,858,773
Spain — 2.1%
Gamesa Corp. Tecnologica SA	65,529		1,102,076
Telefonica SA	495,904		10,067,372
Telefonica SA ADR	279		17,030
			11,186,478
Sweden — 1.6%
Husqvarna AB, Class A	29		159
Niscayah Group AB#	1,261,925		1,256,169
Telefonaktiebolaget LM Ericsson, Class B#	996,680		7,088,822
			8,345,150
Switzerland — 4.4%
Adecco SA	233,970		6,941,936
Novartis AG	193,840		9,062,225
Swiss Reinsurance#	114,730		4,726,260
UBS AG†	212,579		2,678,406
			23,408,827

49

AIG Retirement Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)(4)
COMMON STOCK (continued)
Taiwan — 7.9%
Chunghwa Telecom Co., Ltd. ADR#		636,466		$	9,954,329
Compal Electronics, Inc.		8,621,895			4,485,080
Lite - On Technology Corp.		10,902,015			7,731,559
Mega Financial Holding Co., Ltd.		18,343,000			5,659,624
Taiwan Semiconductor Manufacturing Co., Ltd.		11,909,069			14,698,359
					42,528,951
Thailand — 0.2%
Krung Thai Bank PCL(1)		11,650,100			1,083,883
Turkey — 0.7%
Turkcell Iletisim Hizmet AS ADR#		274,500			3,782,610
United Kingdom — 22.6%
Aviva PLC		924,468			5,738,093
BP PLC		1,790,792			14,525,957
BP PLC ADR		180			8,764
British Sky Broadcasting Group PLC		1,437,470			9,818,607
Burberry Group PLC		657,675			2,097,807
G4S PLC		938,920			2,950,971
GlaxoSmithKline PLC		643,471			11,168,101
HSBC Holdings PLC		810,775			8,712,999
Invesco, Ltd.		329,744			4,138,287
Kingfisher PLC		5,116,465			9,412,089
Marks & Spencer Group PLC		1,051,690			3,680,773
Old Mutual PLC		5,639,463			4,775,478
Pearson PLC		762,307			7,322,502
Persimmon PLC#		1,388,700			4,655,875
Premier Foods PLC#		7,956,260			2,675,456
Royal Bank of Scotland Group PLC		2,551,629			2,178,238
Royal Dutch Shell PLC, Class A		167,235			4,508,882
Royal Dutch Shell PLC, Class B		354,545			9,403,615
SIG PLC#		585,890			1,569,698
Vodafone Group PLC		5,624,627			11,009,072
Yell Group PLC#		1,025,690			939,578
					121,290,842
Total Common Stock
(cost $932,657,925)					512,127,445
PREFERRED STOCK — 0.7%
Brazil — 0.7%
Cia Vale do Rio Doce ADR (cost $3,693,040)		348,074			3,790,526
Total Long-Term Investment Securities
(cost $936,350,965)					515,917,971
SHORT-TERM INVESTMENT SECURITIES — 18.3%
Collective Investment Pool — 14.7%
Securities Lending Quality Trust(2)		81,986,631			78,543,192
U.S. Government Agencies — 3.6%
Federal Home Loan Bank Disc. Notes 0.10% due 12/01/08	$	19,561,000			19,561,000
Total Short-Term Investment Securities
(cost $101,547,631)					98,104,192
TOTAL INVESTMENTS
(cost $1,037,898,596)(3)		114.5	%		614,022,163
Liabilities in excess of other assets		(14.5	)		(78,100,477	)
NET ASSETS —		100.0	%	$	535,921,686

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $8,624,395 representing 1.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Fair valued security; see Note 2

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(4) A substantial number of the portfolio’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $462,697,665 representing 86.3% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

GDR—Global Depository Receipt

See Notes to Financial Statements

50

AIG Retirement Company I Global Equity Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.6	%
Medical — Drugs	10.1
Oil Companies — Integrated	7.4
Telephone — Integrated	6.1
Tobacco	5.6
Banks — Commercial	5.1
Insurance — Multi-line	4.7
Applications Software	3.2
Repurchase Agreement	3.1
Pharmacy Services	3.0
Index Fund — Large Cap	2.8
Index Fund	2.5
Diversified Banking Institutions	2.4
Aerospace/Defense	2.4
Medical Products	2.2
Office Automation & Equipment	2.2
Electronic Forms	2.2
Electronics — Military	2.2
Oil Companies — Exploration & Production	2.1
Auto — Cars/Light Trucks	2.1
Oil & Gas Drilling	2.1
Audio/Video Products	1.9
Gas — Distribution	1.7
Medical Labs & Testing Services	1.6
Retail — Apparel/Shoe	1.5
Electric — Integrated	1.4
Soap & Cleaning Preparation	1.4
Insurance — Reinsurance	1.4
Retail — Consumer Electronics	1.3
Metal — Diversified	1.3
Insurance — Property/Casualty	1.2
Medical — Wholesale Drug Distribution	1.2
Telecom Services	1.2
Cosmetics & Toiletries	1.0
Medical — Biomedical/Gene	1.0
Wireless Equipment	0.9
Diversified Manufacturing Operations	0.9
Computers — Integrated Systems	0.9
Import/Export	0.8
Transport — Marine	0.7
Food — Misc.	0.7
Venture Capital	0.6
Steel — Producers	0.6
Steel Pipe & Tube	0.6
U.S. Government Treasuries	0.5
Web Portals/ISP	0.4
Oil Refining & Marketing	0.4
Multimedia	0.4
Finance — Other Services	0.4
Mining	0.4
Pipelines	0.4
Enterprise Software/Service	0.4
Insurance — Life/Health	0.3
Beverages — Non-alcoholic	0.3
Machinery — Farming	0.3
Agricultural Chemicals	0.3
Non-Ferrous Metals	0.2
Agricultural Operations	0.2
Auto/Truck Parts & Equipment — Original	0.1
	121.9	%

Country Allocation*

United States	76.7	%
Japan	12.1
United Kingdom	9.4
Switzerland	7.3
Germany	2.7
Canada	2.1
France	1.9
Sweden	1.5
Singapore	1.4
Bermuda	1.4
Finland	0.9
Spain	0.9
China	0.9
Taiwan	0.9
Denmark	0.6
Greece	0.5
Russia	0.3
Mexico	0.2
Cayman Islands	0.2
	121.9	%

* Calculated as a percentage of net assets

51

AIG Retirement Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 95.2%
Bermuda — 1.4%
Arch Capital Group, Ltd.†	36,671	$	2,485,927
Pacific Basin Shipping, Ltd.(3)	800,000		336,344
			2,822,271
Canada — 2.1%
Addax Petroleum Corp.	97,226		1,721,628
Biovail Corp.	132,000		1,158,550
EnCana Corp.	27,500		1,334,736
Potash Corp. of Saskatchewan	1		40
			4,214,954
Cayman Islands — 0.2%
Chaoda Modern Agriculture, Ltd.(3)	526,000		305,281
China — 0.9%
Bank of China, Ltd.(3)	5,605,000		1,773,058
Denmark — 0.6%
D/S Norden(3)	42,400		1,134,892
Finland — 0.9%
Nokia Oyj(3)	134,000		1,895,285
France — 1.9%
AXA SA(3)	103,000		1,971,462
Vallourec SA#(3)	10,394		1,106,454
Vivendi SA(3)	27,714		785,422
			3,863,338
Germany — 2.7%
Allianz SE(3)	20,739		1,735,369
E.ON AG(3)	75,178		2,650,097
Salzgitter AG(3)	15,897		1,107,865
			5,493,331
Greece — 0.5%
Alpha Bank A.E.(3)	91,400		934,287
Japan — 12.1%
Astellas Pharma, Inc.(3)	21,400		873,011
Canon, Inc.(3)	148,700		4,425,524
Inpex Holdings, Inc.(3)	190		1,217,087
Matsushita Electric Industrial Co., Ltd.(3)	315,000		3,781,325
MEDICEO Holdings Co., Ltd.#(3)	107,100		1,163,624
Mitsubishi Corp.(3)	134,200		1,669,494
Nippon Telegraph and Telephone Corp.(3)	1,259		5,478,973
Suzuken Co., Ltd.#(3)	57,400		1,281,369
Suzuki Motor Corp.#(3)	310,100		4,187,153
Toyota Boshoku Corp.(3)	12,700		102,099
			24,179,659
Mexico — 0.2%
Grupo Mexico SA de CV, Class B#	802,080		501,860
Russia — 0.3%
Mining & Metallurgical Co. Norilsk Nickel ADR	93,900		692,982
Singapore — 1.4%
DBS Group Holdings, Ltd.(3)	459,000		2,838,974
Spain — 0.9%
Banco Santander SA(3)	217,358		1,787,087
Sweden — 1.5%
Hennes & Mauritz AB, Class B#(3)	79,700		2,946,859
Switzerland — 7.3%
Credit Suisse Group AG(3)	67,473		1,980,766
Roche Holding AG(3)	30,500		4,288,858
Swiss Re(3)	66,169		2,725,808
Zurich Financial Services AG(3)	28,774		5,637,403
			14,632,835

Security Description	Shares	Market Value (Note 2)
Taiwan — 0.9%
High Tech Computer Corp.(3)	173,300	$	1,725,994
United Kingdom — 9.4%
3i Group PLC(3)	197,146		1,258,106
Antofagasta PLC(3)	114,799		770,379
AstraZeneca PLC(3)	50,365		1,906,694
Invensys PLC†#(3)	676,958		1,728,094
Man Group PLC, Class B(3)	199,679		779,078
Reckitt Benckiser Group PLC(3)	65,800		2,797,737
Royal Bank of Scotland Group PLC(3)	3,280,552		2,800,494
Royal Dutch Shell PLC, Class A	254,370		6,750,390
			18,790,972
United States — 50.0%
Adobe Systems, Inc.†	188,186		4,358,388
AGCO Corp.†#	23,000		566,260
Altria Group, Inc.	95,600		1,537,248
Amgen, Inc.†	34,400		1,910,576
Bank of America Corp.#	120,900		1,964,625
CenterPoint Energy, Inc.	191,500		2,476,095
Colgate-Palmolive Co.	30,500		1,984,635
Corn Products International, Inc.#	51,000		1,397,400
Eli Lilly & Co.	179,800		6,140,170
Embarq Corp.#	72,754		2,374,690
Energen Corp.#	31,700		976,360
ENSCO International, Inc.#	97,900		3,172,939
Express Scripts, Inc.†#	105,900		6,090,309
Exxon Mobil Corp.	101,354		8,123,523
Freeport-McMoRan Copper & Gold, Inc.#	76,000		1,823,240
Johnson & Johnson	76,700		4,493,086
L-3 Communications Holdings, Inc.	64,300		4,319,031
Lockheed Martin Corp.	61,200		4,719,132
Lorillard, Inc.#	80,900		4,888,787
Microsoft Corp.#	315,560		6,380,623
ONEOK, Inc.#	25,514		748,581
Oracle Corp.†	44,900		722,441
Patterson-UTI Energy, Inc.#	76,100		950,489
Pepco Holdings, Inc.#	8,448		151,979
PepsiCo, Inc.	10,321		585,201
Pfizer, Inc.	360,955		5,930,491
Philip Morris International, Inc.	116,100		4,894,776
Quest Diagnostics, Inc.#	68,467		3,188,508
RadioShack Corp.#	272,567		2,684,785
Sohu.com, Inc.†#	18,492		897,602
Terra Industries, Inc.#	35,417		520,984
The Goldman Sachs Group, Inc.#	12,100		955,779
Unum Group	42,300		630,270
Valero Energy Corp.	47,400		869,790
Verizon Communications, Inc.	207,000		6,758,550
			100,187,343
Total Common Stock
(cost $294,749,272)			190,721,262
EXCHANGE TRADED FUNDS — 5.4%
iShares MSCI EAFE Index Fund#	121,827		5,076,531
SPDR Trust, Series 1#	63,255		5,689,787
Total Exchange Traded Funds
(cost $11,183,634)			10,766,318
Total Long-Term Investment Securities
(cost $305,932,906)			201,487,580

52

AIG Retirement Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 18.2%
Collective Investment Pool — 17.6%
Securities Lending Quality Trust(1)		36,868,663		$	35,320,179
U.S. Government Treasuries — 0.6%
United States Treasury Bill 0.88% due 05/15/09	$	1,079,000			1,074,651
Total Short-Term Investment Securities
(cost $37,943,314)					36,394,830
REPURCHASE AGREEMENT — 3.1%
Agreement with Bank of America Securities LLC, bearing interest at 0.28%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $6,189,144 and collateralized by Federal Home Loan Bank Notes, bearing interest at 1.90%, due 03/20/09 and having an approximate value of $6,327,476 (cost $6,189,000)		6,189,000			6,189,000
TOTAL INVESTMENTS
(cost $350,065,220)(2)		121.9	%		244,071,410
Liabilities in excess of other assets		(21.9	)		(43,787,297	)
NET ASSETS —		100.0	%	$	200,284,113

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(3) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
*AUD	12,301,000	USD	8,894,135	1/21/2009	$	858,698
*CAD	11,487,100	USD	10,019,471	1/21/2009		723,012
*CHF	20,986,100	USD	18,491,048	12/17/2008		1,184,030
*EUR	34,920,100	USD	47,576,302	12/17/2008		3,234,334
*GBP	16,758,500	USD	29,396,251	12/17/2008		3,573,680
*NOK	64,672,700	USD	10,986,510	12/17/2008		1,783,708
*SEK	40,693,700	USD	5,760,479	12/17/2008		733,696
*USD	956,851	AUD	1,502,200	1/21/2009		24,438
*USD	2,238,723	CAD	2,821,400	1/21/2009		44,623
*USD	9,332,114	EUR	7,436,400	12/17/2008		110,717
*USD	9,425,560	GBP	6,225,200	12/17/2008		166,627
*USD	5,112,709	JPY	500,113,300	12/17/2008		125,594
					$	12,563,157

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
*AUD	2,822,600	USD	1,765,204	1/21/2009	$	(78,615	)
*CAD	1,298,700	USD	1,043,120	1/21/2009		(7,913	)
*CHF	1,109,300	USD	909,641	12/17/2008		(5,187	)
*EUR	855,200	USD	1,083,679	12/17/2008		(2,265	)
*GBP	4,088,800	USD	6,095,304	12/17/2008		(204,981	)
*JPY	944,148,500	USD	9,596,340	12/17/2008		(292,891	)
*SEK	5,715,600	USD	694,799	12/17/2008		(11,234	)
*USD	14,999,781	AUD	19,718,000	1/21/2009		(2,119,303	)
*USD	11,308,074	CAD	12,482,800	1/21/2009		(1,205,800	)
*USD	17,130,167	CHF	19,459,300	12/17/2008		(1,082,285	)
*USD	51,645,187	EUR	36,987,300	12/17/2008		(4,678,263	)
*USD	25,534,243	GBP	14,643,900	12/17/2008		(2,969,984	)
*USD	498,101	JPY	47,494,900	12/17/2008		(628	)
*USD	12,557,380	NOK	71,463,500	12/17/2008		(2,388,261	)
*USD	5,592,871	SEK	40,425,100	12/17/2008		(599,268	)
						(15,646,878	)
	Net Unrealized Appreciation (Depreciation)				$	(3,083,721	)

53

AIG Retirement Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

* Represents open forward foreign currency contracts and offsetting or partially offsetting open forward foreign currency contracts that do not have additional market risk but have continued counterparty settlement risk.

AUD—Australian Dollar

CAD—Canada Dollar

CHF—Swiss Franc

EUR—Euro Dollar

GBP—Bristish Pound

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

See Notes to Financial Statements

54

AIG Retirement Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Real Estate Investment Trusts	54.1	%
Real Estate Operations & Development	18.5
Real Estate Management/Services	15.5
Time Deposits	8.0
Property Trust	2.1
Forestry	1.6
Paper & Related Products	1.6
Diversified Operations	0.8
Building & Construction — Misc.	0.5
Diversified Financial Services	0.2
	102.9	%

Country Allocation*

United States	54.0	%
Japan	11.9
Australia	7.5
Hong Kong	7.2
United Kingdom	5.6
France	5.1
Sweden	2.7
Singapore	2.0
Canada	1.9
Bermuda	1.6
Finland	1.4
Austria	0.8
Brazil	0.5
Mexico	0.4
New Zealand	0.3
	102.9	%

* Calculated as a percentage of net assets

55

AIG Retirement Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)(1)
COMMON STOCK — 94.2%
Australia — 7.5%
CFS Retail Property Trust	1,818,633	$	2,508,688
Dexus Property Group	2,610,742		1,432,252
GPT Group	277,325		172,091
ING Industrial Fund	780,397		224,073
Tishman Speyer Office Fund	595,178		90,024
Westfield Group	808,906		7,989,961
			12,417,089
Austria — 0.8%
Conwert Immobilien Invest SE†	265,196		1,371,923
Bermuda — 1.6%
Hongkong Land Holdings, Ltd.	1,130,000		2,718,403
Brazil — 0.5%
Multiplan Empreendimentos Imobiliarios SA†	149,327		875,172
Canada — 1.9%
Boardwalk Real Estate Investment Trust	76,800		1,609,060
First Capital Realty, Inc. (OTC US)	93,600		1,382,572
First Capital Realty, Inc. (Toronto)	9,800		140,911
			3,132,543
Finland — 1.4%
Citycon Oyj	1,166,490		2,251,189
France — 5.1%
Klepierre	64,341		1,307,319
Unibail - Rodamco	52,686		7,082,715
			8,390,034
Hong Kong — 7.2%
Hang Lung Properties, Ltd.	824,000		1,783,184
Henderson Land Development Co., Ltd.	163,000		555,319
Hysan Development Co., Ltd.	1,390,953		2,177,339
Sun Hung Kai Properties, Ltd.	780,000		6,121,685
Wharf Holdings, Ltd.	535,000		1,260,555
			11,898,082
Japan — 11.9%
Japan Excellent, Inc.	296		1,027,305
Kenedix Realty Investment Corp.	132		251,378
Mitsubishi Estate Co., Ltd.	509,000		7,616,785
Mitsui Fudosan Co., Ltd.	513,000		7,997,033
Sumitomo Realty & Development Co., Ltd.	82,000		1,210,705
Tokyu REIT, Inc	291		1,613,728
			19,716,934
Mexico — 0.4%
Urbi, Desarrollos Urbanos, SA de CV†	410,809		608,946
New Zealand — 0.3%
Kiwi Income Property Trust	949,842		528,415
Singapore — 2.0%
Ascendas Real Estate Investment Trust	1,518,000		1,490,898
CapitaMall Trust	1,586,000		1,789,938
			3,280,836
Sweden — 2.7%
Castellum AB	406,684		2,490,662
Hufvudstaden AB	353,884		2,035,799
			4,526,461
United Kingdom — 5.6%
British Land Co. PLC	404,513		3,280,525
Derwent London PLC	178,955		1,921,384
Great Portland Estates PLC	473,128		1,843,290
Hammerson PLC	47,290		380,355

Security Description	Shares	Market Value (Note 2)(1)
United Kingdom (continued)
Land Securities Group PLC	100,584	$	1,463,396
Sirius Real Estate, Ltd	128,295		27,374
Unite Group PLC	260,543		443,233
			9,359,557
United States — 45.3%
Acadia Realty Trust	37,840		529,003
Alexandria Real Estate Equities, Inc.	28,300		1,253,124
AMB Property Corp.	6,700		115,374
AvalonBay Communities, Inc.	37,200		2,256,924
Boston Properties, Inc.	68,760		3,671,784
BRE Properties, Inc.	61,899		1,817,355
Camden Property Trust	95,300		2,522,591
DCT Industrial Trust, Inc.	293,300		1,313,984
Digital Realty Trust, Inc.	87,800		2,402,208
EastGroup Properties, Inc.	13,000		418,990
Equity Residential	150,446		4,578,072
Essex Property Trust, Inc.	41,600		3,597,152
Federal Realty Investment Trust	64,509		3,731,200
Health Care REIT, Inc.	94,443		3,588,834
Home Properties, Inc.	14,700		573,300
Host Hotels & Resorts, Inc.	410,500		3,086,960
Kimco Realty Corp.	137,010		1,938,691
LaSalle Hotel Properties	10,900		96,138
Liberty Property Trust	74,600		1,426,352
Mack - Cali Realty Corp.	28,200		534,954
Mid - America Apartment Communities, Inc.	52,000		1,925,560
Nationwide Health Properties, Inc.	123,300		2,790,279
Omega Healthcare Investors, Inc.	45,100		597,124
Plum Creek Timber Co., Inc.	74,900		2,665,691
ProLogis	66,579		254,998
PS Business Parks, Inc.	7,200		343,152
Public Storage	58,382		4,080,318
Rayonier, Inc.	76,200		2,545,080
Realty Income Corp.	9,500		191,805
Senior Housing Properties Trust	195,500		2,723,315
Simon Property Group, Inc.	115,445		5,483,637
SL Green Realty Corp.	58,961		1,117,901
Sovran Self Storage, Inc.	12,300		334,068
Tanger Factory Outlet Centers, Inc.	17,000		622,880
The Macerich Co.	32,410		436,239
Ventas, Inc.	143,239		3,291,632
Vornado Realty Trust	63,100		3,372,695
Washington Real Estate Investment Trust	103,100		2,729,057
			74,958,421
Total Common Stock
(cost $194,980,027)			156,034,005
PREFERRED STOCK — 0.4%
United States — 0.4%
BioMed Realty Trust, Inc. 7.38%	2,083		20,872
BRE Properties, Inc. 6.75%	3,600		51,876
Equity Residential 6.48%	2,500		40,525
Kimco Realty Corp. 7.75%	6,900		104,880
PS Business Parks, Inc. 6.70%	10,300		141,728
Public Storage 6.63%	8,100		145,800
Public Storage 6.75%	6,600		113,850

56

AIG Retirement Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)(1)
PREFERRED STOCK (continued)
United States (continued)
Realty Income Corp. 6.75%		1,300		$	23,010
Vornado Realty Trust 7.00%		900			13,482
Total Preferred Stock
(cost $798,935)					656,023
ASSET BACKED SECURITIES — 0.2%
United States — 0.2%
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-SPGA, Class A2 6.51% due 08/13/18*(2)	$	335,000			306,718
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP5, Class AJ 5.47% due 12/15/44(2)(3)		25,000			10,164
Morgan Stanley Capital I Series 2005-HQ7, Class AJ 5.38% due 11/14/42(2)(3)		80,000			32,682
Total Asset Backed Securities
(cost $383,370)					349,564
CORPORATE BONDS & NOTES — 0.1%
United States — 0.1%
Nationwide Health Properties, Inc. Notes 6.25% due 02/01/13
(cost $49,075)		50,000			43,440
Total Long - Term Investment Securities
(cost $196,211,407)					157,083,032
SHORT - TERM INVESTMENT SECURITIES — 8.0%
Time Deposits — 8.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08
(cost $13,270,000)		13,270,000			13,270,000
TOTAL INVESTMENTS
(cost $209,481,407)(4)		102.9	%		170,353,032
Liabilities in excess of other assets		(2.9	)		(4,755,914	)
NET ASSETS —		100.0	%	$	165,597,118

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $306,718 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $76,458,923 representing 46.2% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) Commercial Mortgaged Backed Security

(3) Variable Rate Security — the rate reflected is as of November 30, 2008, maturity date reflects the stated maturity date.

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

See Notes to Financial Statements

57

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	8.7	%
Medical — Drugs	8.1
Banks — Commercial	7.1
Food — Misc.	3.9
Oil Companies — Exploration & Production	3.5
Oil Companies — Integrated	3.1
Telephone — Integrated	2.8
Diversified Banking Institutions	2.6
Insurance — Multi-line	2.3
Multimedia	2.3
Computers	2.1
Transport — Rail	1.9
Commercial Paper	1.7
Medical — Biomedical/Gene	1.7
Applications Software	1.7
Electric — Integrated	1.7
Diversified Minerals	1.6
Beverages — Non-alcoholic	1.4
Insurance — Life/Health	1.3
Cellular Telecom	1.3
Cosmetics & Toiletries	1.3
Banks — Super Regional	1.2
Enterprise Software/Service	1.2
Networking Products	1.1
Insurance — Property/Casualty	1.1
Industrial Gases	1.1
Repurchase Agreements	1.1
Oil — Field Services	1.1
Chemicals — Diversified	1.0
Retail — Restaurants	1.0
Retail — Drug Store	0.9
Wireless Equipment	0.9
Pipelines	0.9
Medical Instruments	0.9
Consumer Products — Misc.	0.8
Commercial Services — Finance	0.8
Finance — Investment Banker/Broker	0.8
Diversified Manufacturing Operations	0.8
Food — Retail	0.8
Medical Products	0.7
Auto — Cars/Light Trucks	0.7
Retail — Discount	0.7
Gas — Distribution	0.7
Soap & Cleaning Preparation	0.7
Web Portals/ISP	0.6
Machinery — Construction & Mining	0.6
Banks — Fiduciary	0.6
Water	0.6
Medical — HMO	0.5
Agricultural Chemicals	0.5
Real Estate Operations & Development	0.5
Oil Refining & Marketing	0.5
Semiconductor Equipment	0.5
U.S. Government Treasuries	0.5
Cable TV	0.5
Electric — Transmission	0.5
Athletic Footwear	0.5
Retail — Apparel/Shoe	0.4
Mining	0.4
Office Automation & Equipment	0.4
Retail — Building Products	0.4
Real Estate Investment Trusts	0.4
Metal Processors & Fabrication	0.4
Publishing — Books	0.4
Steel — Producers	0.4
Distribution/Wholesale	0.4
Finance — Credit Card	0.4
Oil & Gas Drilling	0.4
Electronic Components — Misc.	0.4

Finance — Other Services	0.3
Chemicals — Specialty	0.3
Machinery — Farming	0.3
Telecom Services	0.3
Pharmacy Services	0.3
Transport — Services	0.3
Auto/Truck Parts & Equipment — Original	0.3
Building — Heavy Construction	0.3
Diversified Financial Services	0.3
Photo Equipment & Supplies	0.2
Toys	0.2
Retail — Major Department Stores	0.2
Audio/Video Products	0.2
Non-Ferrous Metals	0.2
Computers — Memory Devices	0.2
Electric Products — Misc.	0.2
Airlines	0.2
Food — Wholesale/Distribution	0.2
Recreational Vehicles	0.2
Machine Tools & Related Products	0.2
Computer Services	0.2
Food — Catering	0.2
Auto — Heavy Duty Trucks	0.2
Independent Power Producers	0.2
Building — Residential/Commercial	0.2
Building & Construction Products — Misc.	0.2
Building Products — Cement	0.2
Real Estate Management/Services	0.2
Power Converter/Supply Equipment	0.2
Machinery — General Industrial	0.2
Printing — Commercial	0.2
Wire & Cable Products	0.2
Metal — Copper	0.2
Building & Construction — Misc.	0.2
Transport — Marine	0.2
Machinery — Electrical	0.2
Medical — Generic Drugs	0.2
Retail — Jewelry	0.2
Diversified Operations	0.2
Electronic Components — Semiconductors	0.2
Insurance Brokers	0.2
Retail — Misc./Diversified	0.1
Agricultural Operations	0.1
Retail — Automobile	0.1
Steel Pipe & Tube	0.1
Insurance — Reinsurance	0.1
Advertising Services	0.1
E-Commerce/Services	0.1
Apparel Manufacturers	0.1
Electronic Security Devices	0.1
Human Resources	0.1
Containers — Metal/Glass	0.1
Building Products — Doors & Windows	0.1
Gas — Transportation	0.1
Textile — Products	0.1
Engineering/R&D Services	0.1
Electric — Distribution	0.1
Public Thoroughfares	0.1
Electric — Generation	0.1
Filtration/Separation Products	0.1
Coatings/Paint	0.1
Investment Management/Advisor Services	0.1
Medical — Wholesale Drug Distribution	0.1
Satellite Telecom	0.1
Investment Companies	0.1
Advertising Agencies	0.1
Computers — Integrated Systems	0.1
Computers — Periphery Equipment	0.1
Transport — Truck	0.1

58

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)

Industry Allocation* (continued)

Hazardous Waste Disposal	0.1
Optical Supplies	0.1
Food — Confectionery	0.1
Electronic Measurement Instruments	0.1
Miscellaneous Manufacturing	0.1
Metal — Diversified	0.1
Paper & Related Products	0.1
Engines — Internal Combustion	0.1
Energy — Alternate Sources	0.1
Metal Products — Fasteners	0.1
Resorts/Theme Parks	0.1
Diversified Operations/Commercial Services	0.1
Seismic Data Collection	0.1
Retail — Regional Department Stores	0.1
Oil Field Machinery & Equipment	0.1
Retail — Office Supplies	0.1
Rubber — Tires	0.1
Airport Development/Maintenance	0.1
Finance — Leasing Companies	0.1
Retail Customer Electronics	0.1
	108.7	%

Country Allocation*

United States	56.2	%
Japan	11.3
United Kingdom	10.5
Canada	4.2
Germany	3.8
France	3.7
Switzerland	3.3
Australia	2.7
Italy	2.4
Spain	1.8
Netherlands	1.7
Sweden	1.2
Bermuda	0.7
Hong Kong	0.7
Netherlands Antilles	0.7
Norway	0.5
Belgium	0.5
Denmark	0.5
Finland	0.5
Austria	0.4
Singapore	0.4
Cayman Islands	0.3
Greece	0.3
Ireland	0.1
Luxembourg	0.1
New Zealand	0.1
Portugal	0.1
	108.7	%

* Calculated as a percentage of net assets

59

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK — 96.3%
Australia — 2.7%
AGL Energy, Ltd.	30,396	$	305,372
Alumina, Ltd.	33,891		28,413
Amcor, Ltd.	24,691		96,300
AMP, Ltd.	38,895		137,539
Australia and New Zealand Banking Group, Ltd.	51,010		500,463
BHP Billiton, Ltd.	80,666		1,619,145
BlueScope Steel, Ltd.	26,728		70,375
Brambles, Ltd.	36,753		175,163
Commonwealth Bank of Australia	37,690		851,259
CSL, Ltd.	12,827		294,963
Fortescue Metals Group, Ltd.†	27,256		37,211
GPT Group	60,919		37,803
Incitec Pivot, Ltd.	26,840		47,102
Leighton Holdings, Ltd.	3,312		53,175
Macquarie Goodman Group	17,411		11,033
Macquarie Group, Ltd.	5,363		105,376
Macquarie Infrastructure Group	31,356		36,138
National Australia Bank, Ltd.	46,707		619,889
Newcrest Mining, Ltd.	9,699		156,128
Orica, Ltd.	10,104		103,250
Origin Energy, Ltd.	22,042		231,674
QBE Insurance Group, Ltd.	20,337		319,204
Santos, Ltd.	16,695		165,475
Sims Group, Ltd.	4,655		42,692
Transurban Group	22,307		73,418
Westfield Group	54,087		534,244
Westpac Banking Corp.	59,986		711,015
Westpac Banking Corp. (New)†	14,626		170,045
Woodside Petroleum, Ltd.	13,318		315,183
WorleyParsons, Ltd.	5,543		49,159
			7,898,206
Austria — 0.4%
Oesterreichische Elektrizitaetswirtschafts AG	11,676		517,261
OMV AG	23,184		585,505
Voestalpine AG	2,683		56,758
			1,159,524
Belgium — 0.5%
Belgacom SA	11,806		430,243
Colruyt SA	2,217		479,293
Dexia SA	15,115		66,129
Fortis	40,145		38,220
Group Bruxelles Lambert SA	739		54,528
Solvay SA	2,478		179,259
Umicore	7,333		132,320
			1,379,992
Bermuda — 0.7%
Accenture, Ltd., Class A	19,034		589,673
Brookfield Infrastructure Partners LP	283		3,325
Cheung Kong Infrastructure Holdings, Ltd.	106,000		410,785
Cooper Industries, Ltd., Class A	15,841		382,402
Esprit Holdings, Ltd.	19,000		88,903
Li & Fung, Ltd.	98,000		178,370
Mongolia Energy Co., Ltd.†	52,000		14,476
Noble Group, Ltd.	382,000		252,709
NWS Holdings, Ltd.	15,000		17,265
Tyco Electronics, Ltd.	7,859		129,516
			2,067,424
Canada — 4.2%
Agnico - Eagle Mines, Ltd.	2,200		86,473
Agrium, Inc.	3,000		94,645
Alimentation Couche Tard, Inc.	4,600		49,490
Bank of Montreal	9,000		276,654

Security Description	Shares	Market Value (Note 2)(6)
Canada (continued)
Bank of Nova Scotia	23,500	$	703,365
Barrick Gold Corp.	18,400		561,437
Brookfield Asset Management, Inc.	9,200		142,071
Canadian Imperial Bank of Commerce	7,400		298,586
Canadian Natural Resources, Ltd.	12,500		525,805
Canadian Oil Sands Trust	7,800		162,474
Canadian Pacific Railway, Ltd.	3,500		115,232
Canadian Tire Corp., Ltd., Class A	500		18,201
Enbridge, Inc.	8,100		249,644
Enerplus Resources Fund	1,000		24,470
Ensign Energy Services, Inc.	900		10,629
Fairfax Financial Holdings, Ltd.	200		58,243
Finning International, Inc.	33,900		356,221
First Quantum Minerals, Ltd. (Toronto)	30		444
First Quantum Minerals, Ltd. (OTC US)	1,670		24,299
Fortis, Inc.	2,900		62,753
George Weston Ltd.	2,100		93,686
Gildan Activewear, Inc.†	600		10,193
Goldcorp, Inc.	14,800		419,026
Harvest Energy Trust (Toronto shares)	270		2,905
Husky Energy, Inc. (OTC US)	6,180		151,459
Husky Energy, Inc. (Toronto)	20		518
Imperial Oil, Ltd.	8,200		293,520
Kinross Gold Corp.	13,200		202,880
Loblaw Cos., Ltd.	3,400		88,012
Magna International, Inc.	2,600		75,190
Manulife Financial Corp.	31,700		615,434
METRO, Inc. Class A	2,300		64,189
Nexen, Inc.	12,300		253,721
Penn West Energy Trust	8,300		130,120
Petro - Canada	13,100		357,437
Potash Corp. of Saskatchewan	6,800		441,158
Power Corp. of Canada	4,400		80,117
Research In Motion, Ltd.†	9,800		432,050
Rogers Communications, Inc. Class B	10,500		304,926
Royal Bank of Canada	32,700		1,142,199
Shaw Communications, Inc., Class B	6,200		110,338
Shoppers Drug Mart Corp.	12,800		457,234
Sino - Forest Corp.†	2,600		15,227
Sun Life Financial, Inc.	12,600		281,823
Suncor Energy, Inc.	26,000		601,521
Talisman Energy, Inc.	27,700		278,076
Teck Cominco, Ltd.	13,100		63,582
TELUS Corp. (non-voting)	2,900		91,255
TELUS Corp.	2,200		69,798
Thomson Corp.	3,700		94,939
Toronto - Dominion Bank	17,600		654,910
TransAlta Corp.	17,500		324,179
Yamana Gold, Inc.	10,700		64,744
			12,087,502
Cayman Islands — 0.3%
Kingboard Chemical Holdings, Ltd.	3,000		4,445
Lee & Man Paper Manufactoring, Ltd.	4,000		1,377
Noble Corp.	6,415		171,858
Transocean, Inc.†#	10,416		696,622
			874,302
Denmark — 0.5%
Danisco A/S	7,850		360,178
Danske Bank A/S	5,100		60,167
Novo - Nordisk A/S, Class B	11,250		574,769
Novozymes A/S	750		53,195
Vestas Wind Systems A/S†	6,750		306,832
			1,355,141

60

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK (continued)
Finland — 0.5%
Kone Oyj, Class B	5,072	$	101,046
Neste Oil Oyj	47,808		671,658
Outokumpu Oyj	12,091		121,808
Rautaruukki Oyj	12,567		192,101
Sampo Oyj, Class A	17,721		331,033
			1,417,646
France — 3.7%
AXA SA	56,309		1,077,777
BNP Paribas SA	24,408		1,352,707
Cie Generale de Geophysique - Veritas†	10,089		165,852
CNP Assurances	3,517		226,562
Credit Agricole SA	10,715		119,583
Essilor International SA	4,905		196,243
France Telecom SA	63,493		1,638,564
Groupe Danone	14,524		836,967
Hermes International	2,616		329,450
Lagardere SCA	4,588		168,327
Legrand SA	22,522		357,374
Natixis	18,628		37,791
Neopost SA	887		63,428
Peugeot SA	7,625		138,296
PPR	1,849		88,323
Publicis Groupe	11,000		255,833
Sanofi - Aventis	18,288		1,014,425
Societe BIC SA	2,094		106,386
Societe Generale	7,899		337,953
Technip SA	2,377		72,343
Vallourec SA	3,022		321,696
Veolia Environnement	12,579		313,744
Vivendi SA	53,236		1,508,722
			10,728,346
Germany — 3.4%
Allianz SE	13,050		1,091,980
BASF AG	46,054		1,480,746
Beiersdorf AG	2,911		161,906
Bilfinger Berger AG	2,460		101,056
Celesio AG	2,542		64,804
Commerzbank AG	18,176		167,601
Deutsche Bank AG	13,528		485,794
Deutsche Boerse AG	3,794		272,760
Deutsche Telekom AG	117,196		1,630,889
Fraport AG	4,291		148,785
Fresenius SE	4,269		211,130
GEA Group AG	14,972		232,189
Hamburger Hafen und Logistik AG	4,957		147,278
HeidelbergCement AG	9,446		449,896
Hochtief AG	1,566		61,001
Infineon Technologies AG†	17,029		40,441
K+S AG	3,224		146,149
Linde AG	11,007		807,715
Merck KGaA	2,138		179,628
Muenchener Rueckversicherungs - Gesellschaft AG	2,845		388,546
Puma AG Rudolf Dassler Sport	1,445		247,592
Salzgitter AG	1,149		80,074
SAP AG	33,125		1,137,986
Solarworld AG	2,690		48,393
Wacker Chemie AG	1,952		198,360
			9,982,699
Greece — 0.3%
Alpha Bank A.E.	8,304		84,883
Coca-Cola Hellenic Bottling Co. SA	16,281		253,286
Hellenic Petroleum SA	68,751		522,047

Security Description	Shares	Market Value (Note 2)(6)
Greece (continued)
Public Power Corp. SA	6,146	$	90,135
			950,351
Hong Kong — 0.7%
BOC Hong Kong Holdings, Ltd.	116,000		132,327
Hang Lung Properties, Ltd.	56,000		121,187
Hang Seng Bank, Ltd.	16,000		204,738
Henderson Land Development Co., Ltd.	34,000		115,833
Hong Kong & China Gas Co., Ltd.	108,000		191,393
Hong Kong Exchanges & Clearing, Ltd.	21,800		172,455
HongKong Electric Holdings, Ltd.	86,500		484,146
MTR Corp., Ltd.	35,500		78,376
New World Development Co., Ltd.	64,000		49,993
Sino Land Co., Ltd.	42,000		31,027
Sun Hung Kai Properties, Ltd.	54,000		423,809
Swire Pacific, Ltd., Class A	11,500		77,386
Wharf Holdings, Ltd.	20,000		47,124
			2,129,794
Ireland — 0.1%
CRH PLC	4,474		96,765
Kerry Group PLC	8,100		168,748
			265,513
Italy — 2.4%
A2A SpA	228,908		401,291
Assicurazione Generali SpA	24,336		588,981
Banca Intesa SpA	320,662		690,954
Banco Popolare Scarl	6,658		61,183
ENI SpA	91,910		2,084,752
Luxottica Group SpA	2,260		41,888
Pirelli & C. SpA	362,993		125,262
Prysmian SpA	9,683		108,124
Saipem SpA	19,975		311,285
Snam Rete Gas SpA	61,490		322,149
Telecom Italia SpA (Chi-X)	763,097		1,042,774
Terna Rete Elettrica Nazionale SpA	199,500		592,293
UniCredit Italiano SpA	242,854		558,180
Unione di Banche Italiane Scpa	7,114		102,876
			7,031,992
Japan — 11.3%
ACOM Co., Ltd.	740		29,395
Aeon Co., Ltd.	37,000		329,075
Aeon Mall Co., Ltd.	1,000		21,146
Aisin Seiki Co., Ltd.	10,600		139,890
Ajinomoto Co., Inc.	31,000		328,225
Amada Co., Ltd.	18,000		82,905
Asahi Glass Co., Ltd.	53,000		298,051
Astellas Pharma, Inc.	14,000		571,128
Canon Marketing Japan, Inc.	5,600		84,409
Canon, Inc.	30,000		892,843
Casio Computer Co., Ltd.	2,300		13,051
Central Japan Railway Co.	57		482,522
Chugai Pharmaceutical Co., Ltd.	5,100		88,039
Chuo Mitsui Trust Holdings, Inc.	17,000		63,744
Coca-Cola West Japan Co., Ltd.	9,000		191,627
Cosmo Oil Co., Ltd.	9,000		22,281
Dai Nippon Printing Co., Ltd.	26,000		275,211
Daido Steel Co., Ltd.	15,000		46,297
Daihatsu Motor Co., Ltd.	46,000		332,269
Daiichi Sankyo Co., Ltd.	19,000		391,449
Daito Trust Construction Co., Ltd.	1,200		51,082
Daiwa House Industry Co., Ltd.	15,000		125,725
Daiwa Securities Group, Inc.	46,000		236,173

61

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK (continued)
Japan (continued)
Denso Corp.	25,700	$	425,720
Dentsu, Inc.	73		129,830
East Japan Railway Co.	113		870,436
Eisai Co., Ltd.	6,800		230,272
Fast Retailing Co., Ltd.	1,600		183,704
Fuji Television Network, Inc.	12		16,730
FUJIFILM Holdings Corp.	18,900		457,129
Fujitsu, Ltd.	57,000		247,579
Furukawa Electric Co., Ltd.	18,000		69,183
Hankyu Hanshin Holdings, Inc.	42,000		209,031
Haseko Corp.	10,500		8,892
Hino Motors, Ltd.	13,000		27,103
Hitachi Construction Machinery Co., Ltd.	6,400		71,862
Hitachi Metals, Ltd.	15,000		89,038
Hoya Corp.	14,400		207,322
Ibiden Co., Ltd.	2,300		36,135
Idemitsu Kosan Co., Ltd.	700		43,544
Isetan Mitsukoshi Holdings, Ltd.†	9,300		68,510
Isuzu Motors, Ltd.	251,000		311,109
Ito En, Ltd.	5,000		80,216
J Front Retailing Co., Ltd.	11,000		43,393
Japan Airlines Corp.†	25,000		58,366
JGC Corp.	6,000		69,339
JSR Corp.	4,000		43,503
JTEKT Corp.	11,500		86,116
Jupiter Telecommunications Co.	164		126,471
Kao Corp.	22,000		630,439
Kawasaki Kisen Kaisha, Ltd.	19,000		76,820
KDDI Corp.	83		539,696
Keihin Electric Express Railway Co., Ltd.	4,000		33,795
Keyence Corp.	1,400		232,970
Kikkoman Corp.	3,000		33,824
Kintetsu Corp.	41,000		163,775
Konica Minolta Holdings, Inc.	9,500		70,053
Kubota Corp.	44,000		256,438
Kuraray Co., Ltd.	9,000		73,100
Kurita Water Industries, Ltd.	3,000		71,024
Kyocera Corp.	5,700		356,574
Makita Corp.	2,300		44,686
Maruichi Steel Tube, Ltd.	3,000		72,207
Matsushita Electric Industrial Co., Ltd.	57,000		684,240
Matsushita Electric Works, Ltd.	29,000		238,299
Mazda Motor Corp.	200,000		344,484
Mitsubishi Chemical Holdings Corp.	47,000		196,668
Mitsubishi Estate Co., Ltd.	31,000		463,891
Mitsubishi Materials Corp.	56,000		112,863
Mitsubishi Motors Corp.†	308,000		430,909
Mitsubishi Tanabe Pharma Corp.	3,000		37,339
Mitsui Chemicals, Inc.	20,000		80,998
Mitsui Fudosan Co., Ltd.	26,000		405,308
Mitsui O.S.K. Lines, Ltd.	37,000		197,686
Mitsui Sumitomo Insurance Group Holdings, Inc.	10,300		244,341
Mizuho Financial Group, Inc.	226		595,372
Murata Manufacturing Co., Ltd.	6,100		209,884
NGK Insulators, Ltd.	8,000		85,336
NGK Spark Plug Co., Ltd.	4,000		33,540
Nidec Corp.	2,800		140,467
Nikon Corp.	9,000		102,023
Nintendo Co., Ltd.	2,300		712,092
Nippon Building Fund, Inc.	10		99,095
Nippon Electric Glass Co., Ltd.	6,000		34,342
Nippon Express Co., Ltd.	20,000		89,797
Nippon Meat Packers, Inc.	4,000		50,166
Nippon Mining Holdings, Inc.	27,000		79,691
Nippon Sheet Glass Co., Ltd.	14,000		40,698

Security Description	Shares	Market Value (Note 2)(6)
Japan (continued)
Nippon Telegraph and Telephone Corp.	175	$	761,573
Nippon Yusen Kabushiki Kaisha	39,000		212,262
Nipponkoa Insurance Co., Ltd.	6,000		38,438
Nisshin Seifun Group, Inc.	4,500		50,477
Nisshin Steel Co., Ltd.	51,000		74,407
Nissin Food Products Co., Ltd.	2,400		85,336
Nitori Co., Ltd.	150		10,686
Nitto Denko Corp.	4,700		78,761
NOK Corp.	1,400		10,562
Nomura Holdings, Inc.	59,000		426,057
Nomura Real Estate Holdings, Inc.	600		8,937
Nomura Research Institute, Ltd.	2,700		50,983
NSK, Ltd.	22,000		81,282
NTN Corp.	12,000		36,390
NTT Data Corp.	44		158,709
NTT DoCoMo, Inc.	488		809,739
Obayashi Corp.	9,000		51,506
Odakyu Electric Railway Co., Ltd.	14,000		106,755
Olympus Corp.	4,000		83,010
Ono Pharmaceutical Co., Ltd.	700		30,880
ORACLE Corp.	1,000		41,719
Oriental Land Co., Ltd.	2,500		187,988
ORIX Corp.	2,330		146,132
Osaka Gas Co., Ltd.	108,000		410,902
Rakuten, Inc.	165		90,286
Resona Holdings, Inc.	129		180,970
Rohm Co., Ltd.	3,500		166,994
Sanyo Electric Co., Ltd.†	20,000		31,804
Secom Co., Ltd.	7,700		358,482
Sekisui Chemical Co., Ltd.	10,000		55,612
Sekisui House, Ltd.	18,000		146,714
Sharp Corp.	34,000		230,401
Shimamura Co., Ltd.	300		22,977
Shimizu Corp.	14,000		73,705
Shin-Etsu Chemical Co., Ltd.	12,500		477,415
Shinsei Bank, Ltd.	12,000		19,231
Shionogi & Co., Ltd.	4,000		86,811
Shiseido Co., Ltd.	15,000		279,040
Showa Shell Sekiyu K.K.	6,200		51,395
SMC Corp.	3,800		340,436
Softbank Corp.	16,800		229,565
Sompo Japan Insurance, Inc.	21,000		121,744
Sony Financial Holdings, Inc.	14		41,418
Stanley Electric Co., Ltd.	2,100		25,245
Sumco Corp.	2,600		25,128
Sumitomo Chemical Co., Ltd.	51,000		178,253
Sumitomo Electric Industries, Ltd.	45,500		343,766
Sumitomo Metal Industries, Ltd.	137,000		351,111
Sumitomo Mitsui Financial Group, Inc.	166		609,090
Sumitomo Realty & Development Co., Ltd.	10,000		147,647
Sumitomo Rubber Industries, Inc.	3,800		34,692
T&D Holdings, Inc.	5,550		208,048
Takashimaya Co., Ltd.	6,000		43,169
Takeda Pharmaceutical Co., Ltd.	22,800		1,101,837
TDK Corp.	3,800		128,840
Teijin, Ltd.	20,000		55,610
Terumo Corp.	3,500		162,572
The Bank of Yokohama, Ltd.	23,000		120,004
The Chiba Bank, Ltd.	12,000		57,297
The Sumitomo Trust & Banking Co., Ltd.	36,000		164,608
THK Co., Ltd.	4,400		44,138
Tobu Railway Co., Ltd.	11,000		59,580
Toho Co., Ltd.	1,800		36,162
Toho Gas Co., Ltd.	18,000		104,478
Tokio Marine Holdings, Inc.	18,000		438,200

62

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK (continued)
Japan (continued)
Tokyo Broadcasting System, Inc.	1,100	$	14,543
Tokyo Electron, Ltd.	4,100		112,094
Tokyo Gas Co., Ltd.	95,000		428,060
Tokyo Steel Manufacturing Co., Ltd.	3,500		32,664
Tokyu Corp.	34,000		135,783
TonenGeneral Sekiyu K.K.	15,000		144,520
Toppan Printing Co., Ltd.	20,000		150,313
Toray Industries, Inc.	39,000		189,528
Toyo Seikan Kaisha, Ltd.	3,900		55,418
Toyo Suisan Kaisha, Ltd.	2,000		46,734
Toyoda Gosei Co., Ltd.	1,600		20,169
Toyota Boshoku Corp	2,600		20,902
Toyota Industries Corp.	17,800		348,617
Trend Micro, Inc.	2,500		72,939
Uni-Charm Corp.	2,000		138,115
UNY Co., Ltd.	10,000		88,193
USS Co., Ltd.	6,280		395,028
West Japan Railway Co.	61		270,945
Yahoo! Japan Corp.	482		156,684
Yakult Honsha Co., Ltd.	3,100		56,814
Yamada Denki Co., Ltd.	2,750		142,769
Yamaha Motor Co., Ltd.	66,000		627,590
Yamato Kogyo Co., Ltd.	2,600		58,153
Yamato Transport Co., Ltd.	12,000		156,149
Yamazaki Baking Co., Ltd.	3,000		39,869
			32,972,559
Luxembourg — 0.1%
Millicom International Cellular SA SDR	1,200		44,506
SES ES FDR	14,772		258,774
			303,280
Mauritius — 0.0%
Golden Agri-Resources Ltd.	94,000		14,040
Netherlands — 1.7%
Aegon NV	39,551		188,160
ASML Holding NV	27,029		412,217
ING Groep NV CVA	43,132		362,152
Koninklijke Ahold NV	88,437		986,841
Koninklijke KPN NV	40,917		565,689
Reed Elsevier NV	50,491		593,323
STMicroelectronics NV	21,864		143,962
TNT NV	8,255		172,819
Unilever NV	59,910		1,400,421
			4,825,584
Netherlands Antilles — 0.7%
Schlumberger, Ltd.	42,618		2,162,437
New Zealand — 0.1%
Contact Energy, Ltd.	66,942		249,969
Norway — 0.5%
Norsk Hydro ASA	52,000		188,708
StatoilHydro ASA	80,500		1,365,072
Yara International ASA	3,080		51,298
			1,605,078
Portugal — 0.1%
Brisa-Auto Estradas de Portugal SA	6,047		45,513
Portugal Telecom SGPS SA	25,300		187,372
			232,885
Singapore — 0.4%
CapitaLand, Ltd.	38,000		69,835
DBS Group Holdings, Ltd.	50,000		309,256

Security Description	Shares	Market Value (Note 2)(6)
Singapore (continued)
Jardine Cycle & Carriage, Ltd.	6,000	$	41,307
Oversea - Chinese Banking Corp.	46,000		156,019
Singapore Airlines, Ltd.	34,000		233,033
United Overseas Bank, Ltd.	34,000		295,002
			1,104,452
Spain — 1.8%
Abertis Infraestructuras SA	8,007		135,457
Acerinox SA	10,924		147,489
Banco Bilbao Vizcaya Argentaria SA	61,736		642,522
Banco Santander SA	168,560		1,385,877
Cintra Concesiones de Infraestructuras de Transporte SA	5,690		45,463
Criteria Caixacorp SA	119,908		409,510
Enagas	14,974		278,350
Gamesa Corp. Tecnologica SA	13,441		226,053
Gas Natural SDG SA	23,842		659,540
Grupo Ferrovial SA	2,196		54,980
Iberdrola Renovables SA†	42,223		142,072
Industria de Diseno Textil SA	9,225		309,827
Red Electrica Corp. SA	17,642		782,877
			5,220,017
Sweden — 1.2%
Alfa Laval AB	36,000		283,179
Assa Abloy AB, Class B	24,200		235,141
Atlas Copco AB, Class A	81,400		577,758
Electrolux AB, Class B	8,600		73,286
Hennes & Mauritz AB, Class B	14,700		543,524
Husqvarna AB, Class B	28,200		163,683
Nordea Bank AB	19,000		137,190
Sandvik AB	32,200		190,672
Securitas AB, Class B	7,400		70,256
Skandinaviska Enskilda Banken AB, Class A	22,800		193,512
Skanska AB, Class B	46,000		341,649
Svenska Cellulosa AB, Class B	10,200		82,638
Svenska Handelsbanken AB, Class A	27,500		459,187
Swedbank AB, Class A	6,900		49,712
			3,401,387
Switzerland — 3.3%
ACE, Ltd.	7,097		370,818
Credit Suisse Group AG	23,330		684,885
Geberit AG	3,506		323,980
Julius Baer Holding AG	3,366		111,214
Lindt + Spruengli AG	76		148,404
Logitech International SA†	18,808		246,169
Lonza Group AG	3,661		302,887
Novartis AG	60,307		2,819,416
Pargesa Holding SA	2,849		220,249
Roche Holding AG	16,201		2,278,157
Swatch Group AG, Class B	3,857		457,713
Syngenta AG	4,234		753,204
UBS AG†	52,422		660,495
Zurich Financial Services AG	1,578		309,162
			9,686,753
United Kingdom — 10.5%
Anglo American PLC	52,094		1,241,188
Antofagasta PLC	40,409		271,172
Associated British Foods PLC	44,556		467,541
AstraZeneca PLC	38,218		1,446,839
Aviva PLC	215,117		1,335,213
Balfour Beatty PLC	35,327		167,907
Barclays PLC	216,744		570,405
Berkeley Group Holdings PLC†	17,865		232,767

63

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK (continued)
United Kingdom (continued)
BG Group PLC	132,873	$	1,906,343
BHP Billiton PLC	89,174		1,625,189
British Airways PLC	36,385		87,653
Burberry Group PLC	12,406		39,572
Cable & Wireless PLC	29,536		68,086
Cadbury PLC	106,367		903,298
Carnival PLC	6,224		133,033
Compass Group PLC	121,585		577,752
Eurasian Natural Resources Corp.	19,129		83,426
Experian Group, Ltd.	9,931		60,805
FirstGroup PLC	9,749		70,934
GlaxoSmithKline PLC	151,932		2,636,936
HBOS PLC	87,798		124,693
Home Retail Group PLC	27,865		87,832
HSBC Holdings PLC	304,691		3,322,147
ICAP PLC	35,030		159,552
International Power PLC	77,378		308,619
Invensys PLC†	84,414		215,486
Kazakhmys PLC	22,741		91,866
Kingfisher PLC	42,505		78,191
Legal & General Group PLC	470,043		491,442
Lonmin PLC	6,395		84,954
Man Group PLC, Class B	82,484		321,824
Marks & Spencer Group PLC	15,006		52,519
Mondi PLC	56,364		144,912
Old Mutual PLC	168,542		142,721
Pearson PLC	30,461		292,600
Prudential PLC	77,218		403,638
Reckitt Benckiser Group PLC	33,108		1,407,712
Reed Elsevier PLC	62,769		522,888
Royal & Sun Alliance Insurance Group PLC	116,812		275,153
Royal Bank of Scotland Group PLC	133,627		114,073
Sage Group PLC	134,171		345,856
Severn Trent PLC	22,854		401,916
Stagecoach Group PLC	60,603		164,087
Standard Chartered PLC†	6,696		87,699
Standard Life PLC	35,234		143,967
Tate & Lyle PLC	21,360		128,924
The Capita Group PLC	33,350		358,260
Thomas Cook Group PLC	20,458		51,625
Thomson Reuters PLC†	4,572		91,670
Tullow Oil PLC	138,517		1,128,848
Unilever PLC	54,180		1,250,114
United Utilities Group PLC	98,914		923,120
Vodafone Group PLC	1,491,761		2,919,821
			30,564,788
United States — 44.2%
Aetna, Inc.	9,106		198,693
AFLAC, Inc.	23,037		1,066,613
Air Products & Chemicals, Inc.	18,848		900,180
Allegheny Energy, Inc.†#	11,952		421,308
Allergan, Inc.	17,034		641,841
Allstate Corp.	20,402		519,027
Amazon.com, Inc.†#	2,517		107,476
American Express Co.#	44,849		1,045,430
American Tower Corp., Class A†	21,893		596,365
Amgen, Inc.†	32,763		1,819,657
Apache Corp.	22,147		1,711,963
Apple, Inc.†	19,142		1,773,889
Applied Materials, Inc.	99,758		955,682
Archer - Daniels - Midland Co.#	14,689		402,185
Automatic Data Processing, Inc.#	32,851		1,348,862
Ball Corp.†#	6,194		225,771
Bank of America Corp.	131,953		2,144,236

Security Description	Shares	Market Value (Note 2)(6)
United States (continued)
Barr Pharmaceuticals, Inc.†	5,333	$	348,725
BB&T Corp.†#	15,718		471,068
Biogen Idec, Inc.	1,648		69,727
Boston Scientific Corp.†	38,149		235,379
Bristol - Myers Squibb Co.	127,799		2,645,439
Broadcom Corp., Class A†#	4,450		68,130
C.H. Robinson Worldwide, Inc.#	4,598		234,866
Calpine Corp.#	32,417		290,456
Capital One Financial Corp.#	11,525		396,575
Cardinal Health, Inc.	6,110		198,697
Caterpillar, Inc.#	27,385		1,122,511
Celgene Corp.	8,339		434,462
CenturyTel, Inc.#	13,974		371,149
Chesapeake Energy Corp.#	17,262		296,561
Chubb Corp.#	12,732		653,916
Cisco Systems, Inc.†	175,461		2,902,125
Citigroup, Inc.	156,728		1,299,275
Clorox Co.#	3,176		187,892
CME Group, Inc.	977		207,075
Colgate - Palmolive Co.	38,176		2,484,112
ConAgra Foods, Inc.	14,465		213,359
Costco Wholesale Corp.	22,877		1,177,479
Crown Holdings, Inc.	4,609		73,974
CSX Corp.#	38,228		1,423,611
Cummins, Inc.	8,113		207,531
CVS Caremark Corp.†	47,394		1,371,108
Danaher Corp.#	28,642		1,593,641
Deere & Co.	18,044		628,112
Dell, Inc.†#	35,805		399,942
Devon Energy Corp.	30,881		2,233,932
Diamond Offshore Drilling, Inc.#	2,208		162,950
DPL, Inc.†#	18,277		380,527
eBay, Inc.†	22,296		292,746
Ecolab, Inc.	12,124		465,440
El Paso Corp.†#	48,055		355,126
Eli Lilly & Co.	74,186		2,533,452
Embarq Corp.	19,490		636,154
EMC Corp.†#	50,773		536,671
EOG Resources, Inc.	15,580		1,324,612
Equity Residential	2,279		69,350
Expeditors International of Washington, Inc.	5,093		170,259
Express Scripts, Inc.†	6,199		356,505
Fluor Corp.	4,359		198,509
Forest Laboratories, Inc.	21,169		511,866
Franklin Resources, Inc.#	4,603		279,632
Frontier Communications Corp.#	10,021		87,383
Genentech, Inc.†	15,312		1,172,899
General Mills, Inc.	18,245		1,152,537
Genuine Parts Co.#	2,489		97,444
Gilead Sciences, Inc.#	24,532		1,098,788
Google, Inc., Class A†	5,094		1,492,338
H.J. Heinz Co.	17,336		673,330
Halliburton Co.	30,174		531,062
Hess Corp.	15,096		815,788
Hewlett - Packard Co.	95,566		3,371,569
JPMorgan Chase & Co.	109,455		3,465,345
Kellogg Co.	21,937		952,724
Kimberly - Clark Corp.	36,203		2,092,171
Kohl’s Corp.†#	5,027		164,182
Kraft Foods, Inc., Class A	83,943		2,284,089
Lowe’s Cos., Inc.	53,044		1,095,889
Marsh & McLennan Cos., Inc.	17,322		441,711
Mastercard, Inc., Class A#	1,501		218,095
McDonald’s Corp.	49,600		2,914,000
Medco Health Solutions, Inc.#	11,526		484,092

64

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(6)
COMMON STOCK (continued)
United States (continued)
Medtronic, Inc.	61,995	$	1,892,087
Merck & Co., Inc.	100,914		2,696,422
Merrill Lynch & Co., Inc.	25,560		337,903
MetLife, Inc.	23,760		683,338
Microsoft Corp.†	226,050		4,570,731
Mirant Corp.	6,491		111,775
Murphy Oil Corp.	21,582		950,687
National - Oilwell Varco, Inc.†	5,688		160,914
News Corp., Class A	109,941		868,534
NIKE, Inc., Class B	21,060		1,121,445
Noble Energy, Inc.†	9,774		510,985
Norfolk Southern Corp.	30,573		1,512,446
Northern Trust Corp.	4,512		207,056
NRG Energy, Inc.†#	7,164		169,715
OGE Energy Corp.#	11,842		313,695
Omnicom Group, Inc.#	8,903		251,866
Oracle Corp.†	143,548		2,309,687
PACCAR, Inc.†#	19,678		548,426
Paychex, Inc.#	7,042		199,007
Pepco Holdings, Inc.	54,526		980,923
Pitney Bowes, Inc.	9,871		243,912
PNC Financial Services Group, Inc.#	11,787		622,000
Praxair, Inc.	24,267		1,432,966
Precision Castparts Corp.	12,163		762,620
Prudential Financial, Inc.	9,107		197,622
Public Storage	2,721		190,171
Puget Energy, Inc.	12,412		303,846
QUALCOMM, Inc.	63,666		2,137,268
Quest Diagnostics, Inc.	3,033		141,247
Questar Corp.#	15,636		503,323
Qwest Communications International, Inc.#	54,855		175,536
R.R. Donnelley & Sons Co.	7,687		98,086
Republic Services, Inc.#	4,083		97,992
Safeway, Inc.	26,697		581,995
Sara Lee Corp.	22,996		211,103
Schering - Plough Corp.	65,819		1,106,417
Seagate Technology(1)(2)(3)	22,401		0
Simon Property Group, Inc.#	5,552		263,720
Southern Copper Corp.#	30,555		420,437
Southwest Airlines Co.	31,750		274,638
Southwestern Energy Co.	10,654		366,178
Spectra Energy Corp.	65,221		1,060,493
Sprint Nextel Corp.†	83,800		233,802
St. Jude Medical, Inc.	12,207		342,162
Staples, Inc.#	9,228		160,198
State Street Corp.	10,266		432,301
Stericycle, Inc.#	4,291		245,874
Stryker Corp.	21,475		835,807
SunTrust Banks, Inc.#	6,256		198,503
Synthes, Inc.	3,724		432,948
Sysco Corp.	27,296		640,091
Target Corp.#	26,313		888,327
The AES Corp.#	38,577		296,657
The Bank of New York Mellon Corp.	35,591		1,075,204
The Charles Schwab Corp.	21,970		402,710
The Coca-Cola Co.	74,354		3,484,972
The DIRECTV Group, Inc.†#	25,661		564,799
The Estee Lauder Cos., Inc., Class A†	2,507		69,945
The Gap, Inc.	17,127		222,994
The Hershey Co.†#	2,461		88,596
The Mosaic Co.†	5,142		156,060
The Sherwin - Williams Co.#	4,798		282,746

Security Description	Shares/ Principal Amount		Market Value (Note 2)(6)
United States (continued)
The Travelers Cos., Inc.		25,242	$	1,101,813
The Walt Disney Co.		98,288		2,213,446
The Western Union Co.†		11,165		148,160
Time Warner Cable, Inc. Class A#		14,760		299,628
Time Warner, Inc.#		121,594		1,100,426
TJX Cos., Inc.		13,946		318,248
UnitedHealth Group, Inc.†		34,067		715,748
US Bancorp#		79,613		2,147,959
Viacom, Inc., Class B†		19,641		312,685
Visa, Inc., Class A#		8,046		422,898
Wachovia Corp.		35,655		200,381
Walgreen Co.#		37,050		916,617
Watson Pharmaceuticals, Inc.#		4,758		113,003
WellPoint, Inc.†		18,854		671,202
Williams Cos., Inc.		52,362		849,312
Windstream Corp.#		35,689		316,205
WW Grainger, Inc.#		7,923		559,126
Yahoo!, Inc.†		17,000		195,670
Zimmer Holdings, Inc.		7,880		294,082
				128,539,759
Total Common Stock
(cost $423,602,379)				280,211,420
PREFERRED STOCK — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG		31,034		569,272
Henkel AG & Co KGaA		20,400		579,191
Total Preferred Stock
(cost $1,936,238)				1,148,463
RIGHTS — 0.0%
Australia — 0.0%
Incitec Pivot, Ltd. Expires 12/04/08		10,323		1,014
Belgium — 0.0%
Fortis, Inc. Expires 07/04/14†		40,145		0
Sweden — 0.0%
Swedbank AB Expires 12/16/08†		6,900		3,730
United Kingdom — 0.0%
Standard Chartered PLC 12/17/08†		2,207		13,942
Total Rights
(cost $57,927)				18,686
Total Long-Term Investment Securities
(cost $425,596,543)				281,378,569
SHORT-TERM INVESTMENT SECURITIES — 10.9%
Collective Investment Pool — 8.7%
Securities Lending Quality Trust(4)		26,270,446		25,167,087
Commercial Paper — 1.7%
Erste Finance LLC 0.50% due 12/01/08	$	5,000,000		5,000,000
U.S. Government Treasuries — 0.5%
United States Treasury Bills 0.02% due 12/18/08 @		400,000		399,996
0.02% due 01/22/09 @		530,000		529,985
0.07% due 01/15/09 @		500,000		499,956
				1,429,937
Total Short-Term Investment Securities
(cost $32,700,383)				31,597,024

65

AIG Retirement Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)(6)
REPURCHASE AGREEMENT — 1.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $3,3134,003 and collateralized by Federal National Mtg. Assoc. Bonds, bearing interest at 4.75%, due 11/19/2012 and having an approximate value of $3,233,000 (cost $3,134,000)	$	3,134,000		$	3,134,000
TOTAL INVESTMENTS
(cost $461,430,926)(5)		108.7	%		316,109,593
Liabilities in excess of other assets		(8.7	)		(25,263,837	)
NET ASSETS —		100.0	%	$	290,845,756

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

@ The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(1) Fair valued security; see Note 2

(2) Illiquid security. At November 30, 2008, the aggregate value of these securities was $0.00, representing 0.0% of net assets.

(3) To the extent permitted by the Statement of Additional Information, the Global Social Awareness Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Global Social Awareness Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Seagate Technology Common Stock	11/22/2000	22,401	$	0	$	0	$	0.00	0.00	%

(4) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(6) A substantial number of the portfolio’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $136,488,874 representing 46.9% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

CVA—Certification Van Aan delen (Dutch Cert.)

SDR—Swedish Depository Receipt

FDR—Fiduciary Depository Receipts

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
49 Long	S & P 500 Index	December 2008	$	10,754,407	$	10,967,425	$	213,018

See Notes to financial Statements

66

AIG Retirement Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Sovereign	31.3	%
Collective Investment Pool	7.3
Medical — Drugs	6.2
Oil Companies — Integrated	4.3
Foreign Government Treasuries	2.6
Telephone — Integrated	2.5
Multimedia	2.4
Insurance — Multi-line	2.2
Banks — Commercial	1.6
Telecom Services	1.6
Cable TV	1.5
U.S. Government Agencies	1.4
Applications Software	1.4
Electric — Integrated	1.3
Diversified Manufacturing Operations	1.2
Medical — Biomedical/Gene	1.2
Cellular Telecom	1.2
Transport — Services	1.2
Insurance Brokers	1.0
Aerospace/Defense	1.0
Photo Equipment & Supplies	0.9
Enterprise Software/Service	0.9
Medical Labs & Testing Services	0.9
Electronic Components — Semiconductors	0.8
Auto — Cars/Light Trucks	0.8
Security Services	0.8
Computer Services	0.7
Electronic Components — Misc.	0.7
Medical — Generic Drugs	0.7
Paper & Related Products	0.7
Food — Misc.	0.7
Insurance — Property/Casualty	0.6
Toys	0.6
Beverages — Non-alcoholic	0.6
Insurance — Reinsurance	0.6
Retail — Discount	0.6
Food — Catering	0.6
Banks — Fiduciary	0.5
Networking Products	0.5
Publishing — Books	0.5
Real Estate Operations & Development	0.5
Insurance — Life/Health	0.5
Television	0.5
Retail — Apparel/Shoe	0.4
Retail — Building Products	0.4
Diversified Operations	0.4
Diversified Minerals	0.4
Power Converter/Supply Equipment	0.3
Electric — Distribution	0.3
Pipelines	0.3
Medical Instruments	0.3
Finance — Consumer Loans	0.3
Computers — Periphery Equipment	0.3
Medical Products	0.3
Human Resources	0.2
Investment Management/Advisor Services	0.2
Distribution/Wholesale	0.2
Computers — Memory Devices	0.2
Building Products — Cement	0.2
Semiconductor Components — Integrated Circuits	0.1
Metal — Aluminum	0.1
	94.5	%

Country Allocation*

United States	25.5	%
United Kingdom	9.4
France	5.8
South Korea	5.4
Sweden	3.8
Germany	3.8
Mexico	3.5
Japan	3.2
Poland	2.8
Malaysia	2.6
Egypt	2.6
Switzerland	2.5
Brazil	2.4
Indonesia	2.2
Australia	2.0
Singapore	1.7
Luxembourg	1.6
Bermuda	1.5
Netherlands	1.4
Italy	1.2
Norway	1.2
Spain	1.1
Hong Kong	0.9
Russia	0.9
Taiwan	0.9
New Zealand	0.7
South Africa	0.7
Finland	0.7
Israel	0.6
Argentina	0.6
Austria	0.5
Denmark	0.2
Hungary	0.2
Cayman Islands	0.2
Ireland	0.1
Canada	0.1
	94.5	%

* Calculated as a percentage of net assets

67

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 51.5%
Australia — 0.1%
Alumina, Ltd.#(1)	323,481	$	271,195
Austria — 0.5%
Telekom Austria AG(1)	120,080		1,607,780
Bermuda — 1.5%
Accenture, Ltd., Class A	84,340		2,612,853
Covidien, Ltd.	25,291		931,973
Invesco, Ltd.#	62,094		779,280
Tyco Electronics, Ltd.	25,291		416,796
Tyco International, Ltd.	25,291		528,582
			5,269,484
Cayman Islands — 0.2%
Seagate Technology	161,636		680,488
Denmark — 0.2%
Vestas Wind Systems A/S†(1)	16,068		730,397
Finland — 0.7%
UPM - Kymmene Oyj(1)	168,687		2,432,837
France — 3.9%
AXA SA(1)	119,489		2,287,068
France Telecom SA ADR	153,242		3,942,917
Sanofi - Aventis#(1)	47,002		2,607,174
Total SA(1)	66,840		3,506,731
Vivendi(1)	55,790		1,581,103
			13,924,993
Germany — 3.1%
Bayerische Motoren Werke AG#(1)	55,255		1,392,093
Deutsche Post AG(1)	144,737		2,086,012
E.ON AG(1)	63,567		2,240,797
Infineon Technologies AG ADR†	165,670		389,324
Merck KGaA(1)	19,110		1,605,561
SAP AG ADR#	29,010		990,401
Siemens AG ADR	39,400		2,352,180
			11,056,368
Hong Kong — 0.9%
Cheung Kong Holdings, Ltd.(1)	190,324		1,777,954
Swire Pacific, Ltd., Class A(1)	220,766		1,485,578
			3,263,532
Ireland — 0.1%
CRH, PLC(1)	24,010		527,412
Israel — 0.6%
Check Point Software Technologies, Ltd.†	111,959		2,307,475
Italy — 1.2%
ENI SpA(1)	127,040		2,881,589
Intesa Sanpaolo SpA(1)	401,765		1,214,445
			4,096,034
Japan — 3.2%
AIFUL Corp.(1)	49		126
FUJIFILM Holdings Corp.(1)	80,707		1,952,036
Mitsubishi UFJ Financial Group, Inc.(1)	116,000		634,287
Nintendo Co., Ltd.(1)	7,124		2,205,629
Nomura Holdings, Inc.(1)	6		43
Olympus Corp.#	67,000		1,390,418
Promise Co., Ltd.#(1)	53,600		1,102,006
Sumitomo Mitsui Financial Group, Inc.#(1)	155		568,728
Takeda Pharmaceutical Co., Ltd.(1)	47,679		2,304,143
Toyota Motor Co. ADR#	21,910		1,382,521
			11,539,937

Security Description	Shares	Market Value (Note 2)
Netherlands — 1.2%
ING Groep NV CVA(1)	119,487	$	1,003,256
Koninklijke Philips Electronics NV(1)	98,376		1,604,527
Reed Elsevier NV(1)	155,953		1,832,613
			4,440,396
Norway — 0.4%
Telenor ASA#(1)	241,162		1,306,583
Singapore — 1.3%
DBS Group Holdings, Ltd.(1)	219,397		1,356,999
Singapore Telecommunications, Ltd.(1)	1,667,000		2,799,329
Venture Corp., Ltd.#(1)	193,962		529,910
			4,686,238
South Africa — 0.5%
Sasol, Ltd. ADR#	63,630		1,817,273
South Korea — 1.2%
KB Financial Group, Inc. ADR†#	33,378		680,577
Samsung Electronics Co., Ltd.(1)	7,582		2,507,867
SK Telecom Co., Ltd. ADR	58,720		951,851
			4,140,295
Spain — 1.1%
Gamesa Corp. Tecnologica SA(1)	28,200		474,272
Telefonica SA ADR	56,803		3,467,255
			3,941,527
Switzerland — 2.5%
ACE, Ltd.	57,657		3,012,578
Adecco SA(1)	26,910		798,425
Novartis AG(1)	43,790		2,047,229
Roche Holding AG(1)	6,360		894,332
Swiss Reinsurance(1)	51,330		2,114,521
			8,867,085
Taiwan — 0.9%
Chunghwa Telecom Co., Ltd. ADR	98,812		1,545,420
Lite - On Technology Corp.(1)	1,517,262		1,076,021
Taiwan Semiconductor Manufacturing Co., Ltd.(1)	383,000		472,705
			3,094,146
United Kingdom — 9.4%
Aviva PLC(1)	220,880		1,370,983
BAE Systems PLC(1)	378,499		2,084,391
BP PLC(1)	426,865		3,462,503
British Sky Broadcasting Group PLC(1)	255,698		1,746,540
Compass Group PLC(1)	429,640		2,041,579
G4S PLC(1)	855,503		2,688,796
GlaxoSmithKline PLC(1)	126,106		2,188,699
HSBC Holdings PLC(1)	88,253		948,411
Kingfisher PLC(1)	813,980		1,497,372
National Grid PLC(1)	114,673		1,194,666
Old Mutual PLC(1)	490,164		415,069
Pearson PLC(1)	206,609		1,984,627
Rolls - Royce Group PLC†(1)	268,827		1,301,647
Rolls - Royce Group PLC, Class C (Entitlement Shares)(7)	15,376,904		23,693
Royal Bank of Scotland Group PLC(1)	436,626		372,733
Royal Dutch Shell PLC, Class B(1)	142,106		3,769,085
Unilever PLC(1)	101,385		2,339,292
Vodafone Group PLC ADR	163,547		3,202,250
Wolseley PLC(1)	144,960		684,911
			33,317,247
United States — 16.8%
Abbott Laboratories	39,799		2,085,070
Amgen, Inc.†	78,240		4,345,450

68

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(6)		Market Value (Note 2)
COMMON STOCK (continued)
United States (continued)
AON Corp.		78,710	$	3,565,563
Boston Scientific Corp.†		182,961		1,128,869
Bristol - Myers Squibb Co.		88,390		1,829,673
Cisco Systems, Inc.†		112,580		1,862,073
Comcast Corp., Special Class A#		171,115		2,869,598
Dr. Pepper Snapple Group, Inc.†		132,570		2,139,680
El Paso Corp.†#		156,326		1,155,249
General Electric Co.		87,630		1,504,607
Merck & Co., Inc.		100,530		2,686,162
Microsoft Corp.		126,124		2,550,227
News Corp., Class A		206,437		1,630,852
Oracle Corp.†		132,880		2,138,039
Pfizer, Inc.		223,479		3,671,760
PG&E Corp.#		64,820		2,465,753
Quest Diagnostics, Inc.		65,980		3,072,689
Target Corp.#		60,653		2,047,645
The Bank of New York Mellon Corp.		61,870		1,869,093
The DIRECTV Group, Inc.†#		102,896		2,264,741
The Gap, Inc.		116,950		1,522,689
The Progressive Corp.#		150,810		2,265,166
Time Warner, Inc.#		194,916		1,763,990
Torchmark Corp.#		37,420		1,352,733
United Parcel Service, Inc., Class B#		35,370		2,037,312
Viacom, Inc., Class B†		90,980		1,448,402
Watson Pharmaceuticals, Inc.†#		107,040		2,542,200
				59,815,285
Total Common Stock
(cost $268,613,449)				183,134,007
PREFERRED STOCK — 0.4%
Brazil — 0.4%
Cia Vale do Rio Doce ADR
(cost $1,284,880)		125,110		1,362,448
FOREIGN GOVERNMENT AGENCIES — 31.3%
Argentina — 0.6%
Republic of Argentina Senior Bonds 3.13% due 08/03/12(2)		8,923,000		2,186,135
Australia — 1.9%
New South Wales Treasury Corp. Bonds Local Government Guar. 5.50% due 03/01/17	AUD	2,575,000		1,727,429
New South Wales Treasury Corp. Local Government Guar. 6.00% due 05/01/12	AUD	2,510,000		1,715,117
Queensland Treasury Corp. Local Government Guar. 6.00% due 07/14/09	AUD	2,140,000		1,417,365
Queensland Treasury Corp. Local Government Guar. 6.00% due 08/14/13	AUD	525,000		361,325
Queensland Treasury Corp. Local Government Guar. 6.00% due 09/14/17	AUD	1,050,000		728,763
Queensland Treasury Corp. Local Government Guar. 7.13% due 09/18/17*	NZD	1,250,000		744,287
				6,694,286
Brazil — 2.0%
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	1,700,000		1,099,795

Security Description	Principal Amount(6)		Market Value (Note 2)
Brazil (continued)
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/45	BRL	4,750,000	$	2,814,490
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	1,815,000		714,617
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/14	BRL	2,950,000		1,028,356
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	5,200,000		1,626,939
				7,284,197
Canada — 0.1%
Province of Ontario Notes 6.25% due 06/16/15	NZD	528,000		298,608
France — 1.9%
Government of France Bonds 4.25% due 10/25/17	EUR	5,200,000		6,931,801
Germany — 0.7%
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 0.67% due 08/08/11(2)	JPY	122,000,000		1,276,869
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 6.50% due 11/15/11	NZD	2,059,000		1,174,246
				2,451,115
Hungary — 0.2%
Republic of Hungary Bonds 5.75% due 06/11/18	EUR	650,000		700,076
Indonesia — 2.2%
Republic of Indonesia Bonds 6.88% due 01/17/18		230,000		149,938
Republic of Indonesia Bonds 7.75% due 01/17/38		610,000		387,274
Republic of Indonesia Bonds 8.50% due 10/12/35		100,000		64,140
Republic of Indonesia Bonds 9.00% due 09/15/18	IDR	2,780,000,000		157,360
Republic of Indonesia Bonds 9.50% due 07/15/23	IDR	7,720,000,000		421,016
Republic of Indonesia Bonds 10.00% due 02/15/28	IDR	6,235,000,000		338,251
Republic of Indonesia Bonds 10.25% due 07/15/22	IDR	1,280,000,000		75,251
Republic of Indonesia Bonds 10.25% due 07/15/27	IDR	1,640,000,000		91,507
Republic of Indonesia Bonds 10.75% due 05/15/16	IDR	39,900,000,000		2,630,158

69

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount(6)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Indonesia (continued)
Republic of Indonesia Bonds 11.00% due 11/15/20	IDR	21,782,000,000	$	1,377,128
Republic of Indonesia Bonds 12.80% due 06/15/21	IDR	15,947,000,000		1,133,262
Republic of Indonesia Bonds 12.90% due 06/15/22	IDR	8,530,000,000		607,403
Republic of Indonesia Bonds 14.28% due 12/15/13	IDR	4,200,000,000		336,410
				7,769,098
Luxembourg — 1.6%
European Investment Bank Senior Notes 0.69% due 09/21/11(2)	JPY	301,000,000		3,124,528
European Investment Bank Senior Notes 4.50% due 05/15/13	NOK	8,500,000		1,230,864
European Investment Bank Senior Notes 6.50% due 09/10/14	NZD	2,400,000		1,374,875
				5,730,267
Malaysia — 2.6%
Government of Malaysia Bonds 3.46% due 07/31/13	MYR	6,960,000		1,922,683
Government of Malaysia Bonds 3.76% due 04/28/11	MYR	900,000		250,894
Government of Malaysia Bonds 3.81% due 02/15/17	MYR	5,615,000		1,554,499
Government of Malaysia Bonds 4.24% due 02/07/18	MYR	13,060,000		3,752,168
Government of Malaysia Bonds 4.31% due 02/27/09	MYR	5,375,000		1,487,131
Government of Malaysia Bonds 7.00% due 03/15/09	MYR	970,000		270,561
				9,237,936
Mexico — 3.5%
United Mexican States Bonds 7.75% due 12/14/17	MXN	19,000,000		1,298,086
United Mexican States Bonds 8.00% due 12/19/13	MXN	32,400,000		2,306,494
United Mexican States Bonds 8.00% due 12/17/15	MXN$	53,000,000		3,724,804
United Mexican States Bonds 9.00% due 12/20/12	MXN	4,600,000		343,775
United Mexican States Bonds 10.00% due 12/05/24	MXN	58,700,000		4,652,363
				12,325,522

Security Description	Principal Amount(6)		Market Value (Note 2)
Netherlands — 0.2%
Government of the Netherlands Bonds 4.50% due 07/15/17	EUR	430,000	$	581,592
New Zealand — 0.7%
Government of New Zealand Bonds 7.00% due 07/15/09#	NZD	4,490,000		2,499,765
Norway — 0.8%
Kingdom of Norway Bonds 6.00% due 05/16/11	NOK	16,000,000		2,416,445
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	2,050,000		328,331
				2,744,776
Poland — 2.8%
Government of Poland Bonds 5.75% due 09/23/22	PLN	1,590,000		526,325
Government of Poland Bonds 6.00% due 05/24/09	PLN	23,500,000		7,873,856
Government of Poland Bonds 6.25% due 10/24/15	PLN	4,150,000		1,409,836
				9,810,017
Russia — 0.9%
Russian Federation Senior Bonds 7.50% due 03/31/30(4)		2,097,200		1,740,676
Russian Federation Senior Bonds 7.50% due 03/31/30*(4)		1,838,480		1,516,746
				3,257,422
Singapore — 0.4%
Government of Singapore Bonds 2.38% due 10/01/09	SGD	1,315,000		880,769
Government of Singapore Bonds 4.38% due 01/15/09	SGD	815,000		541,032
				1,421,801
South Africa — 0.2%
Republic of South Africa Senior Notes 4.50% due 04/05/16	EUR	275,000		254,962
Republic of South Africa Bonds 5.25% due 05/16/13	EUR	290,000		311,484
Republic of South Africa Senior Notes 6.50% due 06/02/14		120,000		102,000
				668,446
South Korea — 4.2%
KDICB Redemption Fund Bonds 5.28% due 02/15/13	KRW	1,104,000,000		725,133
Republic of South Korea Bonds 5.00% due 09/10/16	KRW	80,000,000		52,968

70

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(6)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
South Korea (continued)
Republic of South Korea Bonds 5.25% due 09/10/12	KRW	6,755,000,000	$	4,646,999
Republic of South Korea Bonds 5.25% due 03/10/27	KRW	6,982,000,000		4,435,324
Republic of South Korea Bonds 5.50% due 09/10/17	KRW	7,412,000,000		5,018,408
				14,878,832
Sweden — 3.8%
Kingdom of Sweden Bonds 4.00% due 12/01/09	SEK	12,160,000		1,529,066
Kingdom of Sweden Bonds 5.00% due 01/28/09	SEK	63,650,000		7,883,551
Kingdom of Sweden Bonds 5.50% due 10/08/12	SEK	27,480,000		3,770,547
Svensk Exportkredit AB Senior Notes 7.63% due 06/30/14	NZD	715,000		385,863
				13,569,027
Total Foreign Government Agencies
(cost $139,493,942)				111,040,719
OPTIONS - PURCHASED — 0.0%
Brazilian Real Currency January 09 (strike price $2.05) (cost $3,750)		10		14,143
Total Long-Term Investment Securities
(cost $409,396,021)				295,551,317
SHORT-TERM INVESTMENT SECURITIES — 11.3%
Collective Investment Pool — 7.3%
United States — 7.3%
Securities Lending Quality Trust(3)		27,127,542		25,988,185
FOREIGN GOVERNMENT TREASURIES — 2.6%
Egypt — 2.6%
Egypt Treasury Bills 6.88% due 01/13/09	EGP	8,175,000		1,454,943
Egypt Treasury Bills 6.90% due 01/13/09	EGP	8,175,000		1,454,943
Egypt Treasury Bills 6.92% due 01/13/09	EGP	8,150,000		1,450,494
Egypt Treasury Bills 7.47% due 04/14/09	EGP	25,000		4,313
Egypt Treasury Bills 7.62% due 04/14/09	EGP	25,000		4,314
Egypt Treasury Bills 10.07% due 06/30/09	EGP	1,850,000		311,021
Egypt Treasury Bills 10.16% due 06/30/09	EGP	1,850,000		311,021
Egypt Treasury Bills 10.24% due 06/30/09	EGP	1,850,000		311,021
Egypt Treasury Bills 10.71% due 08/11/09	EGP	2,525,000		418,611
Egypt Treasury Bills 10.92% due 08/18/09	EGP	5,475,000		905,602
Egypt Treasury Bills 10.96 due 08/18/09	EGP	5,475,000		905,603

Security Description	Shares/ Principal Amount(6)			Market Value (Note 2)
Egypt Treasury Bills 11.94% due 09/01/09	EGP	6,225,000		$	1,024,930
Egypt Treasury Bills 12.86 due 09/22/09	EGP	3,900,000			637,752
					9,194,568
U.S. GOVERNMENT AGENCIES — 1.4%
United States — 1.4%
Federal Home Loan Bank Disc. Notes 0.08% due 12/01/08	$	1,280,000			1,280,000
0.10% due 12/01/08		3,838,000			3,838,000
					5,118,000
Total Short-Term Investment Securities
(cost $41,687,955)					40,300,753
TOTAL INVESTMENTS
(cost $451,083,976)(5)		94.5	%		335,852,070
Other assets less liabilities		5.5			19,576,791
NET ASSETS —		100.0	%	$	355,428,861

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $2,261,033 representing 0.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(4) “Step up” security where the rate increases (“step-up”) at a predetermined rate. The rate reflected is as of November 30, 2008.

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

(6) Denominated in United States Dollars unless otherwise indicated.

(7) Illiquid security. At November 30, 2008, the aggregate value of these securities was $23,693 representing 0.0% of net assets.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

71

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
AUD	347,748	VND	4,841,443,000	03/23/2009	$	41,704
AUD	95,263	VND	1,356,757,000	05/29/2009		11,003
AUD	82,923	VND	1,180,505,000	06/02/2009		9,446
AUD	350,727	VND	4,997,929,000	06/22/2009		38,974
AUD	255,992	CNY	1,184,807	10/13/2009		3,115
AUD	429,286	CNY	2,021,641	10/19/2009		10,153
EUR	287,500	JPY	45,119,675	12/08/2008		107,252
EUR	1,547,611	USD	2,256,339	01/28/2009		291,828
EUR	2,170,100	USD	3,162,435	01/29/2009		407,761
EUR	622,349	USD	912,737	02/04/2009		122,763
EUR	972,763	USD	1,405,205	02/19/2009		170,482
EUR	4,495,894	USD	6,534,958	02/23/2009		828,401
EUR	4,495,894	JPY	691,675,308	02/23/2009		1,561,006
EUR	1,498,631	USD	2,190,249	02/25/2009		288,074
EUR	2,997,263	JPY	461,568,011	02/25/2009		1,045,870
EUR	2,997,262	USD	4,382,057	02/26/2009		577,716
EUR	1,498,631	JPY	229,840,541	02/26/2009		513,137
EUR	6,743,842	JPY	1,048,579,012	02/27/2009		2,459,871
EUR	9,741,103	USD	14,368,578	02/27/2009		2,004,497
EUR	1,498,632	USD	2,246,390	03/03/2009		344,234
EUR	2,247,948	USD	3,362,765	03/04/2009		509,529
EUR	749,316	JPY	115,243,302	03/09/2009		260,564
EUR	749,316	USD	1,128,545	03/09/2009		177,459
EUR	561,987	JPY	86,149,797	03/10/2009		192,489
EUR	749,316	USD	1,132,179	03/10/2009		181,092
EUR	749,316	USD	1,145,041	03/17/2009		193,945
EUR	96,090	RUB	4,104,000	03/20/2009		8,410
EUR	3,184,592	JPY	493,162,546	04/06/2009		1,149,266
EUR	1,122,996	JPY	174,696,065	04/14/2009		414,232
EUR	3,368,987	SGD	7,102,779	04/14/2009		436,094
EUR	2,305,096	USD	3,566,206	04/14/2009		640,269
EUR	591,050	SGD	1,230,838	04/17/2009		66,477
EUR	1,773,150	SGD	3,711,912	04/20/2009		212,592
EUR	589,421	MYR	2,872,543	04/21/2009		46,603
EUR	294,711	SGD	617,243	04/24/2009		35,594
EUR	294,711	SGD	615,209	04/27/2009		34,292
EUR	191,562	SGD	391,380	05/06/2009		16,736
EUR	1,137,152	USD	1,752,948	06/10/2009		309,338
EUR	1,785,628	SGD	3,715,000	07/07/2009		205,168
EUR	1,113,200	MYR	5,625,000	07/07/2009		147,330
EUR	375,660	SGD	776,546	07/13/2009		39,905
EUR	751,320	USD	1,161,484	07/13/2009		207,446
EUR	288,969	MYR	1,439,355	07/14/2009		32,566
EUR	375,660	SGD	777,718	07/14/2009		40,698
EUR	433,454	TWD	19,864,541	07/14/2009		49,868
EUR	751,319	USD	1,162,776	07/14/2009		208,732
EUR	710,863	MYR	3,556,405	07/15/2009		84,473
EUR	375,660	SGD	784,234	07/15/2009		45,049
EUR	595,276	TWD	27,468,183	07/15/2009		74,176
EUR	751,319	USD	1,174,763	07/15/2009		220,711
EUR	184,940	MYR	924,885	07/16/2009		21,886
EUR	80,911	TWD	3,746,179	07/16/2009		10,467
EUR	187,830	MYR	939,751	07/17/2009		22,352
EUR	187,830	SGD	390,273	07/17/2009		21,310
EUR	187,830	TWD	8,709,395	07/17/2009		24,695
EUR	375,660	USD	589,711	07/17/2009		112,678
EUR	14,484	JPY	2,350,000	07/22/2009		6,461
EUR	288,969	USD	449,997	07/22/2009		83,034
EUR	130,036	MYR	654,224	07/24/2009		16,524
EUR	187,830	SGD	390,716	07/24/2009		21,652
EUR	205,168	TWD	9,462,040	07/24/2009		25,478
EUR	664,629	USD	1,039,678	07/24/2009		195,652
EUR	176,033	MYR	883,157	07/31/2009		21,738
EUR	357,451	MYR	1,771,456	08/05/2009		38,148
EUR	572,991	JPY	89,281,600	08/21/2009		217,662

72

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
EUR	283,914	JPY	44,279,200	08/26/2009	$	108,367
EUR	213,333	CNY	2,048,000	09/18/2009		20,876
EUR	1,333,312	CNY	8,406,359	09/23/2009		124,268
EUR	586,635	CNY	5,693,000	09/24/2009		65,844
EUR	2,998,568	JPY	448,000,000	09/28/2009		940,820
EUR	40,887	MYR	200,000	09/30/2009		3,719
EUR	532,033	CNY	5,013,880	10/15/2009		37,526
EUR	714,178	JPY	95,000,000	10/15/2009		100,425
EUR	538,839	CNY	5,038,333	10/16/2009		32,313
EUR	725,187	CNY	6,753,219	10/19/2009		39,391
EUR	1,323,688	JPY	175,339,678	10/21/2009		178,596
EUR	915,000	JPY	110,756,175	11/18/2009		13,389
EUR	248,909	USD	190,735	11/30/2009		6,393
GBP	890,000	USD	1,729,466	04/07/2009		357,155
GBP	590,308	SGD	1,544,092	04/14/2009		114,211
GBP	441,513	MYR	2,653,069	04/27/2009		53,358
GBP	147,171	MYR	889,678	04/30/2009		19,281
GBP	147,171	MYR	886,955	05/07/2009		18,578
KRW	974,497,000	CHF	1,177,896	12/09/2008		306,152
KRW	686,977,200	SGD	1,059,414	12/10/2008		231,450
KRW	10,363,400,000	CHF	11,940,346	01/20/2009		2,728,077
*KRW	1,675,424,100	USD	1,758,422	01/23/2009		603,689
KRW	587,937,813	CHF	669,351	01/30/2009		147,723
KRW	3,997,212,957	USD	4,199,944	01/30/2009		1,441,773
*KRW	625,224,600	USD	660,000	02/27/2009		227,831
*KRW	621,852,000	USD	660,000	03/04/2009		230,037
KRW	1,320,000,000	CHF	1,362,878	03/27/2009		216,166
KRW	516,499,500	CHF	534,254	04/01/2009		85,373
KRW	660,000,000	CHF	684,749	04/06/2009		110,777
MXN	76,402,995	USD	6,743,872	02/06/2009		1,164,117
MXN	1,354,762	TWD	3,781,953	07/24/2009		19,186
MXN	3,000,000	USD	281,162	07/29/2009		70,682
MXN	12,717,976	USD	1,200,999	07/31/2009		309,033
MXN	7,450,890	USD	702,980	08/04/2009		180,803
NZD	110,442	VND	1,306,187,633	02/12/2009		13,356
NZD	147,399	VND	1,745,548,404	02/20/2009		17,672
NZD	4,057,505	INR	125,200,000	02/27/2009		262,114
NZD	316,160	VND	3,831,383,506	08/14/2009		31,139
RON	3,785,274	CZK	24,930,739	02/12/2009		10,083
RON	1,383,707	CZK	9,157,511	02/17/2009		6,583
USD	260,000	KZT	33,774,000	12/22/2008		18,007
USD	948,928	KZT	121,700,000	01/16/2009		42,539
USD	1,900,391	KZT	243,250,000	01/20/2009		78,201
USD	1,096,079	KRW	1,252,680,000	02/25/2009		223,921
USD	360,000	KZT	46,512,000	02/26/2009		12,207
USD	2,073,501	KZT	267,156,208	02/27/2009		63,391
USD	307,687	IDR	4,243,000,000	05/18/2009		19,917
USD	4,199,034	JPY	400,000,000	05/21/2009		20,284
USD	76,891	IDR	1,113,000,000	05/22/2009		8,914
USD	76,912	IDR	1,086,000,000	11/17/2009		1,889
USD	1,037,000	JPY	98,618,700	11/18/2009		10,705
USD	384,375	IDR	5,894,000,000	11/23/2009		42,141
					$	29,108,569

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
AUD	1,779,340	RUB	37,400,978	09/24/2009	$   (74,341	)
AUD	989,397	RUB	20,583,874	09/28/2009	(48,248	)
AUD	291,417	VND	3,588,678,191	10/07/2009	(2,189	)
EUR	2,470,600	SEK	23,782,000	09/22/2009	(198,829	)
EUR	935,736	SEK	9,000,000	09/23/2009	(76,227	)
EUR	344,304	CHF	510,000	10/27/2009	(10,821	)
EUR	346,197	CHF	504,098	10/28/2009	(18,156	)
EUR	37,905	USD	47,981	11/19/2009	(210	)

73

AIG Retirement Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
EUR	96,096	RUB	4,295,000	11/20/2009	$	(1,045	)
EUR	422,060	USD	531,331	11/20/2009		(5,255	)
EUR	279,029	USD	347,685	11/24/2009		(7,074	)
EUR	99,849	USD	124,962	11/25/2009		(1,989	)
MXN	16,171,585	INR	56,133,188	01/27/2009		(72,123	)
MXN	6,426,756	CLP	280,527,914	05/15/2009		(43,119	)
MXN	4,398,010	CLP	191,410,201	05/20/2009		(30,104	)
MXN	9,362,023	RUB	20,792,116	06/10/2009		(32,168	)
MXN	3,676,778	CLP	166,315,374	06/12/2009		(15,089	)
MXN	28,981,900	RUB	64,357,736	06/16/2009		(103,722	)
MXN	5,689,801	RUB	12,546,687	07/10/2009		(25,986	)
MXN	2,941,721	RUB	6,476,984	07/13/2009		(13,917	)
MXN	1,354,762	RUB	3,040,086	07/24/2009		(5,026	)
MXN	1,322,091	RUB	3,161,383	09/17/2009		(671	)
NZD	5,822,756	IDR	39,218,010,507	08/04/2009		(176,205	)
NZD	685,574	RUB	11,503,937	08/12/2009		(32,209	)
NZD	334,645	RUB	5,600,619	08/14/2009		(16,301	)
RON	3,167,955	SEK	8,177,189	12/15/2008		(43,690	)
RON	988,721	CZK	6,405,923	02/27/2009		(1,192	)
SGD	2,982,557	EUR	1,530,144	04/14/2009		(36,566	)
*USD	208,914	KRW	300,000,000	01/23/2009		(2,148	)
*USD	435,454	KRW	625,224,600	02/27/2009		(3,285	)
*USD	433,407	KRW	621,852,000	03/04/2009		(3,444	)
USD	113,183	JPY	10,703,750	05/18/2009		(292	)
USD	602,817	CNY	4,173,000	10/21/2009		(9,017	)
USD	639,758	CNY	4,425,205	10/23/2009		(10,136	)
USD	1,079,660	CNY	7,508,097	10/26/2009		(11,567	)
USD	383,468	RUB	12,827,000	10/27/2009		(18,523	)
USD	640,479	CNY	4,486,553	10/27/2009		(2,260	)
USD	40,000	IDR	504,000,000	11/09/2009		(3,297	)
USD	191,000	VND	3,673,885,000	11/09/2009		(1,857	)
USD	398,330	IDR	5,009,000,000	11/10/2009		(33,721	)
USD	418,123	RUB	13,400,000	11/10/2009		(38,834	)
USD	79,936	IDR	1,000,000,000	11/12/2009		(7,211	)
USD	398,040	IDR	5,280,000,000	11/16/2009		(14,747	)
USD	384,392	IDR	5,295,000,000	11/18/2009		(357	)
						(1,253,168	)
	Net Unrealized Appreciation (Depreciation)				$	27,855,401

* Represents offsetting or partially offsetting forward foreign currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CHF—Swiss Franc

CLP—Chilean Peso

CNY—Yuan Renminbi Koruna

CZK—Czech

EGP—Egyptian Pound

EUR—Euro Dollar

GBP—British Pound

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

KZT—Kazakhstan Tenge

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polixh Zloty

RON—New Romanian Leu

RUB—New Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

VND—Viet Nam Dong

See Notes to Financial Statements

74

AIG Retirement Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Repurchase Agreements	37.0	%
Collective Investment Pool	16.9
United States Treasury Bonds	16.7
United States Treasury Notes	15.1
Federal National Mtg. Assoc.	13.6
Federal Home Loan Mtg. Corp.	5.5
Federal Home Loan Bank	3.5
Federal Farm Credit Bank	2.0
Tennessee Valley Authority	1.8
Banks — Special Purpose	1.0
Oil Companies — Integrated	1.0
Government National Mtg. Assoc.	0.6
Sovereign	0.5
Finance — Commercial	0.5
Finance — Investment Banker/Broker	0.4
Banks — Commercial	0.4
Regional Authority	0.4
Diversified Financial Services	0.2
	117.1	%

Credit Quality@#

Government — Treasury	50.4	%
Government — Agency	41.1
AAA	1.2
AA	5.0
A	2.3
	100.0	%

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

75

AIG Retirement Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES — 1.0%
Banks - Commercial — 0.4%
HSBC Bank USA Sub. Notes 5.63% due 08/15/35#	$	1,000,000	$	794,758
Diversified Financial Services — 0.2%
General Electric Capital Corp., Series A Medium Term Notes 6.00% due 06/15/12		500,000		497,223
Finance - Investment Banker/Broker — 0.4%
Goldman Sachs Group, Inc. Senior Notes 5.75% due 10/01/16		1,000,000		820,936
Total Corporate Bonds & Notes
(cost $2,509,191)				2,112,917
FOREIGN CORPORATE BONDS & NOTES — 2.5%
Banks - Special Purpose — 1.0%
Landwirtschaftliche Rentenbank Foreign Government Guar. Bond 5.13% due 02/01/17		1,000,000		1,111,897
Swedish Export Credit, Series D Medium Term Notes 4.88% due 09/29/11		1,000,000		1,043,062
				2,154,959
Finance - Commercial — 0.5%
Eksportfinans A/S Senior Notes 5.00% due 02/14/12		1,000,000		1,036,610
Oil Companies - Integrated — 1.0%
Shell International Finance BV Company Guar. Notes 5.63% due 06/27/11#		2,000,000		2,115,358
Total Foreign Corporate Bonds & Notes
(cost $4,994,502)				5,306,927
FOREIGN GOVERNMENT AGENCIES — 0.9%
Regional Authority — 0.4%
Province of New Brunswick Canada Bonds 5.20% due 02/21/17#		658,000		713,079
Sovereign — 0.5%
Republic of Italy Senior Notes 5.25% due 09/20/16		1,000,000		1,085,473
Total Foreign Government Agencies
(cost $1,655,912)				1,798,552
U.S. GOVERNMENT AGENCIES — 27.0%
Federal Farm Credit Bank — 2.0%
4.88% due 12/16/15		2,000,000		2,115,682
4.88% due 01/17/17#		1,000,000		1,046,343
5.00% due 10/23/09		1,000,000		1,027,767
				4,189,792
Federal Home Loan Bank — 3.5%
4.75% due 09/11/15		1,000,000		1,053,652
4.88% due 11/27/13#		2,000,000		2,150,438
5.00% due 02/20/09		940,000		948,457
5.38% due 08/19/11#		2,000,000		2,133,396
5.38% due 06/14/13#		1,000,000		1,092,415
				7,378,358

Security Description	Principal Amount		Market Value (Note 2)
Federal Home Loan Mtg. Corp. — 5.5%
4.50% due 09/01/19	$	737,827	$	739,507
4.75% due 11/17/15#		3,000,000		3,175,083
5.00% due 01/16/09#		1,000,000		1,005,124
5.00% due 12/14/18#		1,000,000		983,499
5.00% due 10/01/34		546,254		549,937
5.33% due 12/01/35(1)		181,469		183,814
5.50% due 12/01/36		542,200		550,581
5.75% due 01/15/12		2,000,000		2,155,484
6.00% due 05/12/16		1,000,000		1,014,774
6.00% due 11/01/33		789,466		808,454
6.50% due 02/01/32		295,650		306,546
7.50% due 09/01/16		92,386		97,023
8.00% due 02/01/30		4,687		4,962
8.00% due 08/01/30		1,497		1,585
8.00% due 06/01/31		5,766		6,105
				11,582,478
Federal National Mtg. Assoc. — 13.6%
2.88% due 10/12/10#		20,000,000		20,191,980
4.25% due 08/15/10		2,000,000		2,068,904
4.76% due 02/01/35(1)		33,823		33,873
4.77% due 11/01/34(1)		134,199		136,102
5.00% due 02/16/12#		752,000		798,400
5.00% due 02/01/19		630,554		642,828
5.00% due 12/01/36		832,018		838,147
5.25% due 08/01/12#		1,000,000		1,029,640
5.33% due 01/01/36(1)		61,967		62,896
5.50% due 12/01/33		365,783		372,637
5.50% due 10/01/34		646,307		658,015
6.00% due 05/15/11#		1,000,000		1,076,666
6.00% due 06/01/35		312,413		319,634
6.50% due 02/01/17		93,124		95,905
6.50% due 07/01/32		62,965		65,140
7.00% due 09/01/31		112,064		117,432
7.50% due 03/01/32		103,061		108,526
11.50% due 09/01/19		387		440
12.00% due 01/15/16		138		161
12.50% due 09/20/15		229		266
13.00% due 11/01/15		589		667
14.50% due 11/15/14		213		249
				28,618,508
Government National Mtg. Assoc. — 0.6%
5.00% due 09/15/35		24,136		24,372
5.00% due 02/15/36		724,507		730,925
5.00% due 05/15/36		89,874		90,670
6.00% due 01/15/32		162,973		167,065
6.50% due 08/15/31		261,543		269,826
7.50% due 02/15/29		8,446		8,939
7.50% due 07/15/30		521		551
7.50% due 01/15/31		10,001		10,609
7.50% due 02/15/31		8,493		9,009
				1,311,966
Tennessee Valley Authority — 1.8%
4.75% due 08/01/13		3,400,000		3,636,725
Total U.S. Government Agencies
(cost $54,869,275)				56,717,827
U.S. GOVERNMENT TREASURIES — 31.8%
United States Treasury Bonds — 16.7%
Zero Coupon due 08/15/24 STRIPS#		2,040,000		1,120,615
2.00% due 01/15/26 TIPS#(2)		2,182,673		1,825,771
4.50% due 05/15/38#		9,000,000		10,647,423
4.75% due 02/15/37#		3,500,000		4,250,312

76

AIG Retirement Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
5.00% due 05/15/37#	$	5,000,000		$	6,300,780
6.25% due 08/15/23#		2,000,000			2,556,406
6.63% due 02/15/27#		1,000,000			1,384,453
7.50% due 11/15/16#		1,000,000			1,305,000
7.88% due 02/15/21#		3,000,000			4,207,266
8.75% due 08/15/20#		1,000,000			1,477,344
					35,075,370
United States Treasury Notes — 15.1%
2.00% due 02/28/10#		6,000,000			6,099,372
2.75% due 02/28/13#		15,000,000			15,803,910
4.00% due 02/15/15#		1,000,000			1,106,484
4.00% due 08/15/18#		5,000,000			5,450,780
4.25% due 08/15/13#		1,000,000			1,113,359
4.25% due 08/15/15#		1,000,000			1,121,719
4.75% due 02/15/10#		1,000,000			1,048,672
					31,744,296
Total U.S. Government Treasuries
(cost $60,863,691)					66,819,666
Total Long - Term Investment Securities
(cost $124,892,571)					132,755,889
SHORT - TERM INVESTMENT SECURITIES — 16.9%
Collective Investment Pool — 16.9%
Securities Lending Quality Trust(3) (cost $37,175,524)		37,175,524			35,614,152
REPURCHASE AGREEMENTS — 37.0%
State Street Bank & Trust Co., Joint Repurchase Agreement(4)		47,826,000			47,826,000
UBS Warburg, LLC, Joint Repurchase Agreement(4)		30,000,000			30,000,000
Total Repurchase Agreements (Cost $77,826,000)					77,826,000
TOTAL INVESTMENTS
(cost $239,894,095)(5)		117.1	%		246,196,041
Liabilities in excess of other assets		(17.1	)		(35,988,762	)
NET ASSETS —		100.0	%	$	210,207,279

#	The security or a portion thereof is out on loan. (See Note 2)
(1)	Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008.
(2)	Principal amount of security is adjusted for inflation.
(3)	The security is purchased with the cash collateral received from securities loaned (see Note 2).
(4)	See Note 2 for details of Joint Repurchase Agreements.
(5)	See Note 5 for cost of investments on a tax basis.
TIPS	Treasury Inflation Protected Securities
STRIPS	Separate Trading of Registered Interest and Principal of Securities

See Notes to Financial Statements

77

AIG Retirement Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.5	%
Computers	6.7
Oil Companies — Exploration & Production	4.6
Beverages — Non-alcoholic	4.0
Retail — Discount	4.0
Wireless Equipment	3.8
Medical Products	3.4
Cosmetics & Toiletries	3.4
Medical — Biomedical/Gene	3.2
Networking Products	2.9
Medical — Drugs	2.9
Electronic Components — Semiconductors	2.6
Applications Software	2.4
Cable TV	2.3
Web Portals/ISP	1.9
Transport — Rail	1.9
Food — Misc.	1.9
Agricultural Chemicals	1.8
Enterprise Software/Service	1.8
Aerospace/Defense	1.7
Electric — Integrated	1.6
Oil Companies — Integrated	1.6
Medical Instruments	1.6
Commercial Services — Finance	1.5
Electric Products — Misc.	1.4
Retail — Regional Department Stores	1.3
Instruments — Scientific	1.2
Diversified Manufacturing Operations	1.2
Computers — Memory Devices	1.1
Oil & Gas Drilling	1.1
Transport — Services	1.1
Pharmacy Services	1.0
Retail — Building Products	1.0
Banks — Fiduciary	1.0
Retail — Auto Parts	1.0
Insurance — Property/Casualty	0.9
Oil — Field Services	0.9
Time Deposits	0.8
Semiconductor Components — Integrated Circuits	0.8
Entertainment Software	0.8
Diversified Financial Services	0.7
Disposable Medical Products	0.7
Real Estate Investment Trusts	0.6
Retail — Restaurants	0.6
Auto/Truck Parts & Equipment — Original	0.6
Electronic Forms	0.6
Optical Supplies	0.6
Retail — Drug Store	0.6
Soap & Cleaning Preparation	0.6
Steel Pipe & Tube	0.5
Oil Field Machinery & Equipment	0.5
Dental Supplies & Equipment	0.5
Instruments — Controls	0.4
Food — Retail	0.4
Computer Services	0.4
Schools	0.4
Building — Residential/Commercial	0.4
Finance — Investment Banker/Broker	0.4
Banks — Commercial	0.4
Energy — Alternate Sources	0.4
Insurance — Life/Health	0.3
Telephone — Integrated	0.3
Textile — Home Furnishings	0.3
E-Commerce/Products	0.3
Commercial Services	0.3
Satellite Telecom	0.3
Machinery — Farming	0.3
Insurance — Reinsurance	0.3
Diagnostic Equipment	0.3

Finance — Other Services	0.3	%
Power Converter/Supply Equipment	0.2
Aerospace/Defense — Equipment	0.2
Food — Catering	0.2
Gold Mining	0.2
Veterinary Diagnostics	0.2
Diversified Banking Institutions	0.2
Diagnostic Kits	0.2
Medical — HMO	0.2
Toys	0.2
Diversified Minerals	0.2
Retail — Major Department Stores	0.2
Dialysis Centers	0.2
Consumer Products — Misc.	0.2
Tobacco	0.2
Finance — Credit Card	0.2
Machinery — Construction & Mining	0.2
Insurance — Multi-line	0.2
Insurance Brokers	0.2
Public Thoroughfares	0.2
Leisure Products	0.2
Telecom Services	0.2
Human Resources	0.2
E-Commerce/Services	0.2
Industrial Gases	0.2
Engineering/R&D Services	0.2
Food — Confectionery	0.2
Retail — Apparel/Shoe	0.1
Oil Refining & Marketing	0.1
Airlines	0.1
Chemicals — Specialty	0.1
Machinery — Pumps	0.1
Machinery — General Industrial	0.1
Computer Aided Design	0.1
Savings & Loans/Thrifts	0.1
Beverages — Wine/Spirits	0.1
Consulting Services	0.1
Coal	0.1
Retail — Convenience Store	0.1
Private Corrections	0.1
Engines — Internal Combustion	0.1
Pipelines	0.1
Office Automation & Equipment	0.1
Computers — Integrated Systems	0.1
Transport — Marine	0.1
Food — Wholesale/Distribution	0.1
Industrial Audio & Video Products	0.1
Investment Management/Advisor Services	0.1
Apparel Manufacturers	0.1
	118.3	%

* Calculated as a percentage of net assets

78

AIG Retirement Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 100%
Aerospace/Defense — 1.7%
General Dynamics Corp.	7,073	$	365,462
Raytheon Co.#	187,338		9,142,094
			9,507,556
Aerospace/Defense - Equipment — 0.2%
Goodrich Corp.	20,631		694,233
United Technologies Corp.	12,757		619,097
			1,313,330
Agricultural Chemicals — 1.8%
CF Industries Holdings, Inc.#	7,302		384,304
Monsanto Co.#	116,860		9,255,312
Potash Corp. of Saskatchewan, Inc.	1,057		65,154
Terra Industries, Inc.#	19,704		289,846
			9,994,616
Airlines — 0.1%
Ryanair Holdings PLC ADR†#	16,360		429,614
Southwest Airlines Co.	34,930		302,144
			731,758
Apparel Manufacturers — 0.1%
Gildan Activewear, Inc.†#	8,828		150,429
Polo Ralph Lauren Corp.#	2,720		117,504
			267,933
Applications Software — 2.4%
Microsoft Corp.	583,481		11,797,986
Salesforce.com, Inc.†	42,900		1,227,798
			13,025,784
Auto/Truck Parts & Equipment - Original — 0.6%
BorgWarner, Inc.#	141,000		3,336,060
Banks - Commercial — 0.4%
EFG International AG#(1)	27,254		435,434
Julius Baer Holding AG(1)	19,524		645,079
KBC Groep NV(1)	9,800		297,231
National Bank of Greece SA(1)	30,175		576,295
			1,954,039
Banks - Fiduciary — 1.0%
Northern Trust Corp.	84,600		3,882,294
State Street Corp.	18,362		773,224
The Bank of New York Mellon Corp.	21,717		656,070
			5,311,588
Banks - Super Regional — 0.0%
US Bancorp	7,060		190,479
Beverages - Non-alcoholic — 4.0%
PepsiCo, Inc.	127,842		7,248,641
The Coca-Cola Co.	315,627		14,793,438
			22,042,079
Beverages - Wine/Spirits — 0.1%
Pernod Ricard SA#(1)	9,800		578,702
Building - Residential/Commercial — 0.4%
KB Home#	178,600		2,077,118
Cable TV — 2.3%
Comcast Corp., Class A	1,638		28,403
DISH Network Corp., Class A†	20,961		232,248
Scripps Networks Interactive, Inc., Class A#	144,100		4,004,539
The DIRECTV Group, Inc.†#	392,500		8,638,925
			12,904,115

Security Description	Shares	Market Value (Note 2)
Chemicals - Diversified — 0.0%
FMC Corp.	4,726	$	206,526
Chemicals - Specialty — 0.1%
Lonza Group AG#(1)	8,200		678,413
Coal — 0.1%
Arch Coal, Inc.	14,326		220,334
Massey Energy Co.#	19,922		311,181
			531,515
Commercial Services — 0.3%
Alliance Data Systems Corp.†#	23,555		1,020,167
SGS SA#(1)	560		479,766
			1,499,933
Commercial Services - Finance — 1.5%
Global Payments, Inc.	115,891		4,191,778
Mastercard, Inc., Class A#	9,960		1,447,188
Moody’s Corp.#	16,109		349,726
Paychex, Inc.	6,995		197,679
The Western Union Co.	144,198		1,913,507
			8,099,878
Computer Aided Design — 0.1%
Ansys, Inc.†#	1,897		54,748
Autodesk, Inc.†#	34,848		578,128
			632,876
Computer Services — 0.4%
Accenture, Ltd., Class A#	60,250		1,866,545
IHS, Inc.†#	10,485		380,501
			2,247,046
Computers — 6.7%
Apple, Inc.†	170,524		15,802,459
Hewlett - Packard Co.	374,820		13,223,650
International Business Machines Corp.	91,725		7,484,760
Research In Motion, Ltd.†	10,330		438,715
			36,949,584
Computers - Integrated Systems — 0.1%
Teradata Corp.†	32,338		434,299
Computers - Memory Devices — 1.1%
EMC Corp.†#	586,055		6,194,601
Consulting Services — 0.1%
SAIC, Inc.†#	30,600		544,680
Consumer Products-Misc. — 0.2%
Clorox Co.#	19,389		1,147,053
Cosmetics & Toiletries — 3.4%
Avon Products, Inc.#	9,310		196,441
Colgate - Palmolive Co.	37,483		2,439,019
Procter & Gamble Co.	215,388		13,860,218
The Estee Lauder Cos., Inc., Class A	73,900		2,061,810
			18,557,488
Dental Supplies & Equipment — 0.5%
Dentsply International, Inc.#	97,800		2,550,624
Diagnostic Equipment — 0.3%
Gen - Probe, Inc.†	39,170		1,443,414
Diagnostic Kits — 0.2%
Qiagen NV†#	76,000		1,225,880
Dialysis Centers — 0.2%
Fresenius Medical Care AG(1)	26,267		1,147,554

79

AIG Retirement Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Disposable Medical Products — 0.7%
C.R. Bard, Inc.	48,564	$	3,983,705
Distribution/Wholesale — 0.0%
Li & Fung, Ltd.(1)	144,000		262,094
Diversified Banking Institutions — 0.2%
Bank of America Corp.	76,300		1,239,875
Diversified Financial Services — 0.7%
IntercontinentalExchange, Inc.†	54,506		4,011,642
Diversified Manufacturing Operations — 1.2%
Cooper Industries, Ltd., Class A#	93,335		2,253,107
Dover Corp.	3,796		113,235
Honeywell International, Inc.	150,900		4,204,074
The Brink’s Co.	826		17,982
			6,588,398
Diversified Minerals — 0.2%
BHP Billiton, Ltd.#(1)	58,971		1,183,679
E-Commerce/Products — 0.3%
Amazon.com, Inc.†#	36,352		1,552,230
E-Commerce/Services — 0.2%
NetFlix, Inc.†#	13,508		310,414
Rakuten, Inc.#(1)	1,196		654,436
			964,850
Electric Products - Misc. — 1.4%
Brinks Home Security Holdings, Inc.†	826		16,520
Emerson Electric Co.	209,613		7,523,011
			7,539,531
Electric - Integrated — 1.6%
FPL Group, Inc.	89,400		4,359,144
International Power PLC(1)	212,400		847,149
PG&E Corp.	10,649		405,088
Public Service Enterprise Group, Inc.	109,893		3,395,693
			9,007,074
Electronic Components - Misc. — 0.0%
Celestica, Inc.†#	8,856		44,191
Electronic Components - Semiconductors — 2.6%
Altera Corp.#	202,389		2,977,142
Amkor Technology, Inc.†#	61,391		135,060
Broadcom Corp., Class A†#	1,494		22,873
Intel Corp.	335,222		4,626,064
LSI Corp.†	187,240		501,803
National Semiconductor Corp.#	59,988		659,868
QLogic Corp.†#	49,028		520,677
Texas Instruments, Inc.	176,534		2,748,635
Xilinx, Inc.#	135,800		2,221,688
			14,413,810
Electronic Forms — 0.6%
Adobe Systems, Inc.†	142,591		3,302,408
Electronic Measurement Instruments — 0.0%
Trimble Navigation, Ltd.†#	4,219		85,899
Electronics - Military — 0.0%
L - 3 Communications Holdings, Inc.	2,378		159,730
Energy - Alternate Sources — 0.4%
First Solar, Inc.†#	15,505		1,935,644
Engineering/R&D Services — 0.2%
Fluor Corp.	18,933		862,209
The Shaw Group, Inc.†	2,338		43,019
			905,228

Security Description	Shares	Market Value (Note 2)
Engines - Internal Combustion — 0.1%
Cummins, Inc.	18,102	$	463,049
Enterprise Software/Service — 1.8%
Oracle Corp.†#	588,060		9,461,885
SAP AG ADR	9,700		331,158
			9,793,043
Entertainment Software — 0.8%
Activision Blizzard, Inc.†#	364,864		4,268,909
Finance - Credit Card — 0.2%
American Express Co.	20,770		484,149
Redecard SA	55,300		637,638
			1,121,787
Finance - Investment Banker/Broker — 0.4%
Lazard, Ltd., Class A#	14,432		451,144
The Charles Schwab Corp.#	82,820		1,518,091
			1,969,235
Finance - Other Services — 0.3%
Deutsche Boerse AG(1)	15,244		1,095,927
NYSE Euronext#	11,755		279,886
			1,375,813
Food - Catering — 0.2%
Compass Group PLC(1)	273,643		1,300,307
Food - Confectionery — 0.2%
The Hershey Co.#	25,012		900,432
Food - Misc. — 1.9%
Kellogg Co.	78,100		3,391,883
Nestle SA(1)	174,520		6,313,618
Ralcorp Holdings, Inc.†#	7,958		497,852
			10,203,353
Food - Retail — 0.4%
Koninklijke Ahold NV(1)	36,230		404,279
Safeway, Inc.	28,564		622,695
Tesco PLC(1)	203,257		924,126
The Kroger Co.	15,057		416,477
			2,367,577
Food - Wholesale/Distribution — 0.1%
Sysco Corp.	14,428		338,337
Gas - Distribution — 0.0%
CenterPoint Energy, Inc.	1,859		24,037
Gold Mining — 0.2%
Newmont Mining Corp.	37,900		1,275,335
Human Resources — 0.2%
The Capita Group PLC(1)	90,557		972,803
Industrial Audio & Video Products — 0.1%
Dolby Laboratories, Inc., Class A†	10,754		320,684
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.	7,150		341,484
Linde AG(1)	7,893		579,204
			920,688
Instruments - Controls — 0.4%
Mettler Toledo International, Inc.†	29,400		2,418,150
Woodward Governor Co.	2,155		45,772
			2,463,922
Instruments - Scientific — 1.2%
Thermo Fisher Scientific, Inc.†#	185,210		6,608,293

80

AIG Retirement Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Insurance Brokers — 0.2%
AON Corp.	23,250	$	1,053,225
Insurance - Life/Health — 0.3%
AFLAC, Inc.	27,122		1,255,748
Prudential Financial, Inc.	971		21,071
Sony Financial Holdings, Inc.(1)	134		396,430
Unum Group	8,802		131,150
			1,804,399
Insurance - Multi-line — 0.2%
ACE, Ltd.	14,970		782,182
American Financial Group, Inc.	15,969		327,205
			1,109,387
Insurance - Property/Casualty — 0.9%
Admiral Group PLC(1)	39,044		594,050
Chubb Corp.	85,200		4,375,872
			4,969,922
Insurance - Reinsurance — 0.3%
Aspen Insurance Holdings, Ltd.	12,073		222,505
Muenchener Rueckversicherungs - Gesellschaft AG(1)	8,990		1,227,777
			1,450,282
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†#	9,847		245,190
Investment Management/Advisor Services — 0.1%
Federated Investors, Inc., Class B#	15,277		303,248
Leisure Products — 0.2%
WMS Industries, Inc.†#	39,855		982,426
Machinery - Construction & Mining — 0.2%
Bucyrus International, Inc.#	6,005		117,278
Caterpillar, Inc.#	24,488		1,003,763
			1,121,041
Machinery - Farming — 0.3%
AGCO Corp.†#	30,108		741,259
Deere & Co.	20,686		720,080
			1,461,339
Machinery - General Industrial — 0.1%
Alstom(1)	12,596		671,732
Machinery - Pumps — 0.1%
Flowserve Corp.	13,427		675,781
Medical Instruments — 1.6%
Edwards Lifesciences Corp.†#	9,290		462,363
Intuitive Surgical, Inc.†#	17,100		2,266,263
Medtronic, Inc.	143,243		4,371,777
St. Jude Medical, Inc.†	43,835		1,228,695
Thoratec Corp.†#	12,009		300,585
			8,629,683
Medical Products — 3.4%
Baxter International, Inc.	96,633		5,111,886
Becton Dickinson & Co.	119,600		7,598,188
Covidien, Ltd.#	37,160		1,369,346
Johnson & Johnson	60,634		3,551,940
Varian Medical Systems, Inc.†#	27,107		1,094,038
			18,725,398
Medical - Biomedical/Gene — 3.2%
Alexion Pharmaceuticals, Inc.†#	51,800		1,743,588
Amgen, Inc.†	11,694		649,485
Celgene Corp.†	35,840		1,867,264

Security Description	Shares	Market Value (Note 2)
Medical - Biomedical/Gene (continued)
CSL, Ltd.(1)	61,691	$	1,418,613
Genentech, Inc.†	55,694		4,266,160
Gilead Sciences, Inc.†#	168,517		7,547,877
Life Technologies Corp.†	5,317		138,774
Myriad Genetics, Inc.†#	4,358		258,342
			17,890,103
Medical - Drugs — 2.9%
Abbott Laboratories	40,449		2,119,123
Allergan, Inc.#	66,268		2,496,978
Bristol - Myers Squibb Co.	40,535		839,075
Eli Lilly & Co.	25,762		879,772
Merck & Co., Inc.	10,958		292,798
Novo - Nordisk A/S, Class B(1)	108,680		5,552,520
Schering - Plough Corp.	93,346		1,569,146
Wyeth	59,000		2,124,590
			15,874,002
Medical - HMO — 0.2%
UnitedHealth Group, Inc.	58,300		1,224,883
Metal - Diversified — 0.0%
Rio Tinto, Ltd.#(1)	5,560		171,245
Networking Products — 2.9%
Cisco Systems, Inc.†	924,970		15,299,004
Juniper Networks, Inc.†#	37,745		656,008
			15,955,012
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.	17,599		434,871
Oil & Gas Drilling — 1.1%
ENSCO International, Inc.	3,200		103,712
Noble Corp.	18,802		503,706
Transocean, Inc.†#	81,304		5,437,611
			6,045,029
Oil Companies - Exploration & Production — 4.6%
Apache Corp.	31,100		2,404,030
Devon Energy Corp.	101,900		7,371,446
EOG Resources, Inc.	72,400		6,155,448
Occidental Petroleum Corp.	137,600		7,449,664
Southwestern Energy Co.†	38,249		1,314,618
Stone Energy Corp.†#	12,963		215,445
W&T Offshore, Inc.#	21,333		298,662
			25,209,313
Oil Companies - Integrated — 1.6%
BG Group PLC(1)	72,890		1,045,760
Chevron Corp.	10,790		852,518
ConocoPhillips	14,366		754,502
Exxon Mobil Corp.	60,705		4,865,506
Hess Corp.	9,329		504,139
Murphy Oil Corp.#	16,075		708,104
			8,730,529
Oil Field Machinery & Equipment — 0.5%
FMC Technologies, Inc.†#	23,262		639,007
National - Oilwell Varco, Inc.†	71,203		2,014,333
			2,653,340
Oil Refining & Marketing — 0.1%
Valero Energy Corp.	41,360		758,956
Oil - Field Services — 0.9%
Halliburton Co.	3,884		68,358
Oil States International, Inc.†#	20,737		444,187

81

AIG Retirement Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Oil - Field Services (continued)
Saipem SpA(1)	31,186	$	485,995
Schlumberger, Ltd.	76,139		3,863,293
			4,861,833
Optical Supplies — 0.6%
Alcon, Inc.	40,800		3,255,432
Pharmacy Services — 1.0%
Express Scripts, Inc.†	99,991		5,750,482
Pipelines — 0.1%
Spectra Energy Corp.	13,586		220,909
Williams Cos., Inc.	13,683		221,938
			442,847
Power Converter/Supply Equipment — 0.2%
Energy Conversion Devices, Inc.†#	48,500		1,357,030
Private Corrections — 0.1%
Corrections Corp. of America†#	28,231		510,699
Public Thoroughfares — 0.2%
Cintra Concesiones de Infraestructuras de Transporte SA (Bonus Shares)	6,251		49,619
Cintra Concesiones de Infraestructuras de Transporte SA#(1)	119,833		957,469
			1,007,088
Real Estate Investment Trusts — 0.6%
Digital Realty Trust, Inc.#	94,900		2,596,464
Simon Property Group, Inc.#	6,107		290,082
The Link REIT(1)	269,500		508,805
			3,395,351
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc.#	6,207		164,486
The Gap, Inc.	48,849		636,014
Urban Outfitters, Inc.†#	513		9,321
			809,821
Retail - Auto Parts — 1.0%
Advance Auto Parts, Inc.	69,649		2,114,544
O’Reilly Automotive, Inc.†#	121,300		3,162,291
			5,276,835
Retail - Building Products — 1.0%
Lowe’s Cos., Inc.	272,500		5,629,850
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†	11,168		244,021
Retail - Convenience Store — 0.1%
FamilyMart Co., Ltd.(1)	12,700		517,520
Retail - Discount — 4.0%
BJ’s Wholesale Club, Inc.†#	16,768		599,959
Family Dollar Stores, Inc.#	163,200		4,533,696
Wal-Mart Stores, Inc.#	302,304		16,892,748
			22,026,403
Retail - Drug Store — 0.6%
CVS Caremark Corp.#	78,932		2,283,503
Shoppers Drug Mart Corp.	22,946		819,663
			3,103,166
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.	51,179		1,167,905
Retail - Regional Department Stores — 1.3%
Kohl’s Corp.†	187,900		6,136,814
Macy’s, Inc.	161,700		1,199,814
			7,336,628

Security Description	Shares	Market Value (Note 2)
Retail - Restaurants — 0.6%
McDonald’s Corp.#	57,070	$	3,352,862
Satellite Telecom — 0.3%
SES FDR(1)	85,316		1,494,551
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.	37,249		622,431
Schools — 0.4%
Apollo Group, Inc., Class A†#	20,754		1,594,737
ITT Educational Services, Inc.†#	3,427		308,704
Strayer Education, Inc.#	1,222		292,804
			2,196,245
Semiconductor Components - Integrated Circuits — 0.8%
Linear Technology Corp.#	78,500		1,566,075
Marvell Technology Group, Ltd.†	506,600		2,938,280
			4,504,355
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.#	20,666		1,228,387
Reckitt Benckiser Group PLC(1)	42,547		1,809,048
			3,037,435
Steel Pipe & Tube — 0.5%
Valmont Industries, Inc.#	49,000		2,709,700
Steel - Producers — 0.0%
Reliance Steel & Aluminum Co.	7,807		160,980
Telecom Services — 0.2%
Amdocs, Ltd.†	26,340		494,929
NeuStar, Inc., Class A†#	25,273		483,978
			978,907
Telephone - Integrated — 0.3%
Koninklijke KPN NV(1)	103,990		1,437,692
Telstra Corp., Ltd.(1)	110,000		293,292
			1,730,984
Television — 0.0%
British Sky Broadcasting Group PLC(1)	30,970		211,540
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†#	53,400		1,641,516
Tobacco — 0.2%
Philip Morris International, Inc.	27,173		1,145,614
Toys — 0.2%
Nintendo Co., Ltd.(1)	3,863		1,196,006
Transport - Marine — 0.1%
Frontline, Ltd.#	5,892		174,050
Overseas Shipholding Group, Inc.#	6,373		236,183
			410,233
Transport - Rail — 1.9%
Canadian National Railway Co.	18,900		665,658
Central Japan Railway Co.(1)	50		423,265
CSX Corp.#	10,580		393,999
Union Pacific Corp.#	176,221		8,818,099
			10,301,021
Transport - Services — 1.1%
Stagecoach Group PLC(1)	154,860		419,295
United Parcel Service, Inc., Class B	94,500		5,443,200
			5,862,495
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#	66,400		1,264,920

82

AIG Retirement Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
COMMON STOCK (continued)
Water Treatment Systems — 0.0%
Kurita Water Industries, Ltd.#(1)		9,400		$	222,540
Web Portals/ISP — 1.9%
Google, Inc., Class A†		35,133			10,292,564
Sohu.com, Inc.†#		5,598			271,727
					10,564,291
Wireless Equipment — 3.8%
American Tower Corp., Class A†		356,350			9,706,974
QUALCOMM, Inc.		337,958			11,345,250
Rogers Communications, Inc., Class B		1,670			45,224
					21,097,448
Total Long-Term Investment Securities
(cost $741,137,932)					550,743,434
SHORT-TERM INVESTMENT SECURITIES — 18.3%
Collective Investment Pool — 17.5%
Securites Lending Quality Trust(2)		100,425,420			96,207,552
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.05% due 12/01/08	$	1,461,000			1,461,000
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08		3,172,000			3,172,000
					4,633,000
Total Short-Term Investment Securities
(cost $105,058,420)					100,840,552
TOTAL INVESTMENTS
(cost $846,196,352)(3)		118.3			651,583,986
Liabilities in excess of other assets		(18.3	)		(100,633,337	)
NET ASSETS —		100.0	%	$	550,950,649

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

ADR—American Depository Receipts

FDR—Fiduciary Depository Receipts

Open Forward Currency Contracts
Contract to Deliver	In Exchange For		Delivery Date	Gross Unrealized Appreciation
CHF   4,756,107	USD	4,016,813	01/30/2009	$	84,504
DKK 22,552,960	USD	3,913,067	11/30/2009		76,658
Net Unrealized Appreciation				$	161,162

Currency Legend

CHF—Swiss Franc

DKK—Danish Krone

USD—United State Dollar

See Notes to Financial Statements

83

AIG Retirement Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.6	%
Oil Companies — Integrated	11.5
Medical — Drugs	7.9
Diversified Banking Institutions	6.0
Telephone — Integrated	5.3
Electric — Integrated	4.8
Diversified Manufacturing Operations	4.2
Repurchase Agreements	3.8
Aerospace/Defense — Equipment	3.2
Food — Misc.	3.1
Banks — Super Regional	3.1
Beverages — Non-alcoholic	3.0
Computers	2.6
Multimedia	2.6
Oil — Field Services	2.5
Insurance — Multi-line	2.3
Cosmetics & Toiletries	2.2
Investment Management/Advisor Services	2.1
Retail — Discount	2.0
Medical Products	1.9
Applications Software	1.8
Networking Products	1.8
Telecommunication Equipment	1.6
Web Portals/ISP	1.4
Electronic Components — Semiconductors	1.4
Retail — Drug Store	1.4
Banks — Fiduciary	1.4
Aerospace/Defense	1.3
Wireless Equipment	1.3
Retail — Apparel/Shoe	1.3
Enterprise Software/Service	1.3
Tobacco	1.2
Mining	1.2
Apparel Manufacturers	1.1
Medical — HMO	1.1
Transport — Rail	1.0
Finance — Credit Card	0.9
Non-Hazardous Waste Disposal	0.9
Metal — Diversified	0.9
Chemicals — Diversified	0.8
Vitamins & Nutrition Products	0.8
	117.6	%

* Calculated as a percentage of net assets

84

AIG Retirement Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 96.2%
Aerospace/Defense — 1.3%
General Dynamics Corp.	19,300	$	997,231
Aerospace/Defense - Equipment — 3.2%
Goodrich Corp.	40,000		1,346,000
United Technologies Corp.	22,000		1,067,660
			2,413,660
Apparel Manufacturers — 1.1%
Coach, Inc.†#	47,600		852,040
Applications Software — 1.8%
Microsoft Corp.#	68,600		1,387,092
Banks - Fiduciary — 1.4%
State Street Corp.	25,000		1,052,750
Banks - Super Regional — 3.1%
US Bancorp#	46,100		1,243,778
Wells Fargo & Co.	37,000		1,068,930
			2,312,708
Beverages - Non-alcoholic — 3.0%
PepsiCo, Inc.	24,800		1,406,160
The Coca-Cola Co.	18,700		876,469
			2,282,629
Chemicals - Diversified — 0.8%
E.I. du Pont de Nemours & Co.	24,900		623,994
Computers — 2.6%
Hewlett-Packard Co.	24,200		853,776
International Business Machines Corp.	14,000		1,142,400
			1,996,176
Computers - Memory Devices — 0.0%
Seagate Technology(1)(2)(3)	10,000		0
Cosmetics & Toiletries — 2.2%
Procter & Gamble Co.	25,700		1,653,795
Diversified Banking Institutions — 6.0%
Bank of America Corp.#	108,400		1,761,500
Citigroup, Inc.	100,000		829,000
JPMorgan Chase & Co.	61,300		1,940,758
			4,531,258
Diversified Manufacturing Operations — 4.2%
General Electric Co.	117,100		2,010,607
Honeywell International, Inc.	42,500		1,184,050
			3,194,657
Electric - Integrated — 4.8%
FPL Group, Inc.#	29,000		1,414,040
PG&E Corp.#	28,200		1,072,728
Xcel Energy, Inc.#	61,200		1,151,172
			3,637,940
Electronic Components - Semiconductors — 1.4%
Intel Corp.	77,200		1,065,360
Enterprise Software/Service — 1.3%
Oracle Corp.†	58,500		941,265
Finance - Credit Card — 0.9%
American Express Co.#	30,600		713,286
Food - Misc. — 3.1%
H.J. Heinz Co.#	28,000		1,087,520
Kraft Foods, Inc., Class A	45,600		1,240,776
			2,328,296

Security Description	Shares	Market Value (Note 2)
Insurance - Multi-line — 2.3%
MetLife, Inc.	59,100	$	1,699,716
Investment Management/Advisor Services — 2.1%
Invesco, Ltd.#	125,200		1,571,260
Medical Products — 1.9%
Johnson & Johnson	24,500		1,435,210
Medical - Drugs — 7.9%
Abbott Laboratories	27,900		1,461,681
Eli Lilly & Co.	21,800		744,470
Merck & Co., Inc.	47,600		1,271,872
Pfizer, Inc.	86,500		1,421,195
Wyeth	29,200		1,051,492
			5,950,710
Medical - HMO — 1.1%
UnitedHealth Group, Inc.	40,000		840,400
Metal - Diversified — 0.9%
Freeport-McMoRan Copper & Gold, Inc.	28,800		690,912
Mining — 1.2%
Barrick Gold Corp.#	30,000		883,800
Multimedia — 2.6%
The Walt Disney Co.†#	33,300		749,916
Time Warner, Inc.#	129,800		1,174,690
			1,924,606
Networking Products — 1.8%
Cisco Systems, Inc.†	80,100		1,324,854
Non-Hazardous Waste Disposal — 0.9%
Waste Management, Inc.#	24,000		700,800
Oil Companies - Integrated — 11.5%
Chevron Corp.	30,400		2,401,904
ConocoPhillips	44,800		2,352,896
Exxon Mobil Corp.	27,900		2,236,185
Marathon Oil Corp.	65,000		1,701,700
			8,692,685
Oil-Field Services — 2.5%
Schlumberger, Ltd.	36,500		1,852,010
Retail - Apparel/Shoe — 1.3%
American Eagle Outfitters, Inc.	100,400		963,840
Retail - Discount — 2.0%
Target Corp.#	45,400		1,532,704
Retail - Drug Store — 1.4%
CVS Caremark Corp.	36,500		1,055,945
Telecommunication Equipment — 1.6%
Harris Corp.	34,200		1,192,896
Telephone - Integrated — 5.3%
AT&T, Inc.	84,200		2,404,752
Verizon Communications, Inc.#	49,800		1,625,970
			4,030,722
Tobacco — 1.2%
Altria Group, Inc.	58,200		935,856
Transport - Rail — 1.0%
Union Pacific Corp.	15,000		750,600
Vitamins & Nutrition Products — 0.8%
NBTY, Inc.†	42,800		623,596
Web Portals/ISP — 1.4%
Google, Inc., Class A†	3,700		1,083,952

85

AIG Retirement Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 1.3%
QUALCOMM, Inc.		28,900		$	970,173
Total Long-Term Investment Securities
(cost $95,537,528)					72,691,384
SHORT-TERM INVESTMENT SECURITIES — 17.6%
Collective Investment Pool — 17.6%
Securities Lending Quality Trust (cost $13,879,357)(4)		13,879,357			13,296,424
REPURCHASE AGREEMENT — 3.8%
State Street Bank & Trust Co. Joint Repurchase Agreement (cost $2,881,000)(6)	$	2,881,000			2,881,000
TOTAL INVESTMENTS
(cost $112,297,885)(5)		117.6	%		88,868,808
Liabilities in excess of other assets		(17.6	)		(13,291,674	)
NET ASSETS —		100.0	%	$	75,577,134

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) Fair valued security; see Note 2

(2) Illiquid security. At November 30, 2008, the aggregate values of these securities was $0, representing 0.0% of net assets.

(3) To the extent permitted by the Statement of Additional Information, the Growth & Income Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Growth & Income Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Seagate Technology	10/14/04	10,000	$	0	$	0	$	0.00	0.00%

(4) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

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

See Notes to Financial Statements

86

AIG Retirement Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Medical — Biomedical/Gene	31.7	%
Medical — Drugs	23.5
Medical Products	8.8
Medical — HMO	6.7
Medical Instruments	6.1
Medical—Generic Drugs	5.4
Pharmacy Services	4.1
Therapeutics	3.3
Agricultural Chemicals	1.7
Medical Labs & Testing Services	1.6
Health Care Cost Containment	1.2
Registered Investment Companies	1.2
Instruments — Scientific	0.9
Optical Supplies	0.9
Dental Supplies & Equipment	0.8
Diagnostic Equipment	0.7
Retail — Drug Store	0.7
Medical — Hospitals	0.7
Drug Delivery Systems	0.7
Hazardous Waste Disposal	0.7
Dialysis Centers	0.7
Medical — Wholesale Drug Distribution	0.6
Insurance Brokers	0.4
Medical — Outpatient/Home Medical	0.3
Diagnostic Kits	0.2
Insurance — Multi-line	0.2
Chemicals — Specialty	0.1
Patient Monitoring Equipment	0.1
	104.0	%

* Calculated as a percentage of net assets

87

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 102.7%
Agricultural Chemicals — 1.7%
Monsanto Co.	27,500	$	2,178,000
Chemicals - Specialty — 0.1%
Symyx Technologies, Inc.†	36,400		146,328
Dental Supplies & Equipment — 0.8%
Dentsply International, Inc.	39,300		1,024,944
Diagnostic Equipment — 0.7%
Gen-Probe, Inc.†	13,200		486,420
Immucor, Inc.†	19,433		471,639
			958,059
Diagnostic Kits — 0.2%
Idexx Laboratories, Inc.†	5,600		173,096
Qiagen NV†	6,800		109,684
			282,780
Dialysis Centers — 0.7%
DaVita, Inc.†	17,000		854,250
Drug Delivery Systems — 0.7%
Alkermes, Inc.†	119,800		884,124
Hazardous Waste Disposal — 0.7%
Stericycle, Inc.†	15,400		882,420
Health Care Cost Containment — 1.2%
McKesson Corp.	45,700		1,596,758
Instruments - Scientific — 0.9%
Thermo Fisher Scientific, Inc.†	9,000		321,120
Waters Corp.†	22,100		911,183
			1,232,303
Insurance Brokers — 0.4%
eHealth, Inc.†	32,600		357,622
Tempo Participacoes SA†	123,400		134,465
			492,087
Insurance - Multi-line — 0.2%
Assurant, Inc.	9,750		212,257
Medical Instruments — 6.1%
ArthroCare Corp.†	15,400		201,432
Boston Scientific Corp.†	24,900		153,633
Conceptus, Inc.†	92,600		1,361,220
Edwards Lifesciences Corp.†	19,200		955,584
Intuitive Surgical, Inc.†	8,100		1,073,493
Medtronic, Inc.	59,200		1,806,784
Micrus Endovascular Corp.†	22,100		234,260
NuVasive, Inc.†	12,050		415,122
St. Jude Medical, Inc.†	46,400		1,300,592
Stereotaxis, Inc.†	107,300		516,113
			8,018,233
Medical Labs & Testing Services — 1.6%
Covance, Inc.†	34,600		1,352,168
Diagnosticos da America SA	9,000		95,726
Laboratory Corp. of America Holdings†	11,000		696,960
			2,144,854
Medical Products — 8.8%
Baxter International, Inc.	84,900		4,491,210
Cardinal Health, Inc.	5,400		175,608
Covidien, Ltd.	42,300		1,558,755
Fresenius SE(1)	12,620		624,141
Henry Schein, Inc.†	65,800		2,351,034
Nobel Biocare Holding AG(1)	17,985		274,729
Sonova Holding AG(1)	866		47,037

Security Description	Shares	Market Value (Note 2)
Medical Products (continued)
Stryker Corp.	27,900	$	1,085,868
Wright Medical Group, Inc.†	25,700		435,872
Zimmer Holdings, Inc.†	15,000		559,800
			11,604,054
Medical - Biomedical/Gene — 31.6%
Acorda Therapeutics, Inc.†	51,400		931,368
Alexion Pharmaceuticals, Inc.†	149,900		5,045,634
AMAG Pharmaceuticals, Inc.†	4,100		138,088
Amgen, Inc.†	53,400		2,965,836
Amylin Pharmaceuticals, Inc.†	91,900		680,979
BioCryst Pharmaceuticals, Inc.†	56,700		81,081
Biogen Idec, Inc.†	13,200		558,492
Celgene Corp.†	47,240		2,461,204
Cell Genesys, Inc.†	35,300		8,472
Charles River Laboratories International, Inc.†	23,300		531,240
Cougar Biotechnology, Inc.†	47,900		1,159,180
Cubist Pharmaceuticals, Inc.†	64,200		1,576,752
deCODE genetics, Inc.†	80,700		19,368
Dyadic International, Inc.†	35,800		4,654
Exelixis, Inc.†	97,300		300,657
Genentech, Inc.†	55,800		4,274,280
Gilead Sciences, Inc.†	218,900		9,804,531
Human Genome Sciences, Inc.†	32,700		56,571
Illumina, Inc.†	74,300		1,635,343
Incyte Corp.†	208,400		696,056
Intercell AG†(1)	6,300		166,634
InterMune, Inc.†	4,400		50,644
Life Technologies Corp.†	15,309		399,559
Maxygen, Inc.†	22,900		112,210
Millipore Corp.†	12,700		643,382
Myriad Genetics, Inc.†	8,800		521,664
Nanosphere, Inc.†	2,300		11,500
OSI Pharmaceuticals, Inc.†	19,596		728,971
Regeneron Pharmaceuticals, Inc.†	30,200		466,892
Seattle Genetics, Inc.†	76,000		658,160
The Medicines Co.†	148,200		1,910,298
United Therapeutics Corp.†	8,200		449,606
Vertex Pharmaceuticals, Inc.†	102,694		2,525,246
			41,574,552
Medical - Drugs — 23.5%
Abbott Laboratories	16,500		864,435
Acadia Pharmaceuticals, Inc.†	64,700		82,816
Allergan, Inc.	40,400		1,522,272
Array Biopharma, Inc.†	14,900		56,322
Biodel, Inc.†	40,100		110,275
Bristol - Myers Squibb Co.	29,500		610,650
Cadence Pharmaceuticals, Inc.	39,800		265,068
Cardiome Pharma Corp.	18,200		77,168
Cephalon, Inc.†	47,700		3,504,996
Chugai Pharmaceutical Co., Ltd.(1)	75,300		1,299,869
Daiichi Sankyo Co., Ltd.(1)	14,400		296,677
Elan Corp. PLC ADR†	160,300		1,005,081
GlaxoSmithKline Pharmaceuticals, Ltd.(1)	17,267		405,397
Hikma Pharmaceuticals PLC(1)	45,800		196,640
Infinity Pharmaceuticals, Inc.†	35,950		234,754
Ipsen SA(1)	23,731		789,745
Merck & Co., Inc.	88,200		2,356,704
Merck KGaA(1)	25,836		2,170,657
Novartis AG(1)	12,329		576,394
Novo - Nordisk A/S, Class B(1)	11,200		572,214
Optimer Pharmaceuticals, Inc.†	13,600		108,120
Orexigen Therapeutics, Inc.	20,100		140,499
Pfizer, Inc.	1,300		21,359

88

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs (continued)
Pharmasset, Inc.†	50,900	$	838,323
PharMerica Corp.†	57,900		962,298
Poniard Pharmaceuticals, Inc.†	68,500		203,445
Rigel Pharmaceuticals, Inc.†	18,400		136,528
Roche Holding AG(1)	16,438		2,311,484
Schering - Plough Corp.	100,600		1,691,086
Sepracor, Inc.†	28,200		331,632
Shire PLC(1)	32,600		451,819
Shire PLC ADR	30,500		1,250,500
Takeda Pharmaceutical Co., Ltd.(1)	2,500		120,815
UCB SA(1)	16,999		514,205
Valeant Pharmaceuticals International†	6,000		116,880
Wyeth	95,697		3,446,049
XenoPort, Inc.†	36,900		1,160,136
			30,803,312
Medical - Generic Drugs — 5.4%
Barr Pharmaceuticals, Inc.†	34,900		2,282,111
Mylan, Inc.†	33,200		312,412
Sawai Pharmaceutical Co., Ltd.(1)	12,500		527,596
Simcere Pharmaceutical Group ADR†	21,400		152,154
Teva Pharmaceutical Industries, Ltd. ADR	74,782		3,226,843
Towa Pharmaceutical Co., Ltd.(1)	16,800		646,668
			7,147,784
Medical - HMO — 6.7%
Aetna, Inc.	38,400		837,888
AMERIGROUP Corp.†	56,800		1,395,008
Centene Corp.†	30,700		567,950
CIGNA Corp.	37,100		449,281
Health Net, Inc.†	62,200		560,422
Humana, Inc.†	58,200		1,759,386
Medial Saude SA	62,100		152,321
Triple - S Management Corp., Class B	34,200		372,780
UnitedHealth Group, Inc.	39,800		836,198
WellCare Health Plans, Inc.†	1,100		9,856
WellPoint, Inc.†	52,900		1,883,240
			8,824,330
Medical - Hospitals — 0.7%
Bangkok Dusit Medical Service PCL(4)	620,000		274,429
Community Health Systems, Inc.†	49,500		646,470
			920,899
Medical - Outpatient/Home Medical — 0.3%
Amedisys, Inc.†	9,500		369,455
Medical - Wholesale Drug Distribution — 0.6%
A&D Pharma Holding NV GDR†	56,700		194,432
AmerisourceBergen Corp.	11,600		363,660
Profarma Distribuidora de Productos Farmaceuticos SA	83,200		243,808
			801,900
Optical Supplies — 0.9%
Alcon, Inc.	15,100		1,204,829
Patient Monitoring Equipment — 0.1%
Mindray Medical International, Ltd., Class A ADR	4,100		74,128
Pharmacy Services — 4.1%
Catalyst Health Solutions, Inc.†	43,200		972,000
Express Scripts, Inc.†	21,300		1,224,963
Medco Health Solutions, Inc.†	76,500		3,213,000
			5,409,963

Security Description	Shares		Market Value (Note 2)
Retail - Drug Store — 0.7%
China Nepstar Chain Drugstore, Ltd. ADR	7,000		$	29,400
CVS Caremark Corp.	29,449			851,960
Walgreen Co.	1,700			42,058
				923,418
Therapeutics — 3.3%
Alexza Pharmaceuticals, Inc.†	29,100			52,380
Allos Therapeutics, Inc.†	31,277			225,195
BioMarin Pharmaceuticals, Inc.†	139,800			2,380,794
CV Therapeutics, Inc.†	4,100			37,146
Neurocrine Biosciences, Inc.†	39,300			122,223
Onyx Pharmaceuticals, Inc.†	40,400			1,135,240
Theravance, Inc.†	46,500			310,620
Transition Therapeutics, Inc.	4,522			11,376
				4,274,974
Total Common Stock
(cost $174,626,663)				134,840,995
PREFERRED STOCK — 0.1%
Medical - Biomedical/Gene — 0.1%
Pacific Biosciences of California, Inc., Series E (Convertible) 8.00%(2)(3)(4) (cost $135,905)	19,415			122,314
WARRANTS — 0.0%
Medical - Biomedical/Gene — 0.0%
Dyadic International, Inc. Expires 05/30/10 (Strike price $6.33)†(2)(3)	4,560			0
Medical - Drugs — 0.0%
Poniard Pharmaceuticals, Inc. Expires 12/03/08 (Strike price $36.00)†(2)(3)	2,000			0
Poniard Pharmaceuticals, Inc. Expires 02/01/11 (Strike price $4.62)†(2)(3)	5,994			0
Poniard Pharmaceuticals, Inc. Expires 04/26/11 (Strike price $4.62)†(2)(3)	61,566			0
Therapeutics — 0.0%
Favrille, Inc. Expires 03/06/11 (Strike price $5.26)†(2)(3)	15,435			0
MannKind Corp. Expires 08/05/10 (Strike price $12.23)†(2)(3)	15,000			0
Total Warrants
(cost $2,304)				0
Total Long-Term Investment Securities
(cost $174,764,872)				134,963,309
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
T. Rowe Price Reserve Investment Fund (cost $1,566,941)	1,566,941			1,566,941
TOTAL INVESTMENTS     (cost $176,331,813)(5)	104.0	%		136,530,250
Liabilities in excess of other assets	(4.0	)		(5,233,244	)
NET ASSETS —	100.0	%	$	131,297,006

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) Illiquid security. At November 30, 2008, the aggregate value of these securities was $122,314, representing 0.1% of net assets.

89

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

(3) To the extent permitted by the Statement of Additional Information, the Health Sciences Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Health Sciences Fund held the following restricted securities:

Name	Acquisition Date	Principal/ Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Dyadic International, Inc. (Warrant) Expires 05/30/10; Strike price $6.33	12/01/06	4,560	$	0	$	0	$	0	0.00	%
Favrille, Inc. (Warrant) Expires 03/06/11; Strike price $5.26	03/09/06	15,435		1,929		0		0	0.00	%
MannKind Corp. (Warrant) Expires 08/05/10; Strike price $12.23	08/05/05	15,000		375		0		0	0.00	%
Pacific Biosciences of California, Inc., Series E (Convertible Preferred Stock) 8%	07/11/08	19,415		135,905		122,314		6.30	0.09	%
Poniard Pharmaceuticals, Inc. (Warrant) Expires 12/03/08; Strike price $36.00	12/05/03	2,000		0		0		0	0.00	%
Poniard Pharmaceuticals, Inc. (Warrant) Expires 02/01/11 Strike price $4.62	02/01/06	5,994		0		0		0	0.00	%
Poniard Pharmaceuticals, Inc. (Warrant) Expires 04/26/11 Strike price $4.62	04/26/06	61,566		0		0		0	0.00	%
					$	122,314			0.09	%

(4) Fair valued security; see Note 2

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

Open call option contracts written at November 30, 2008 for the Health Sciences Fund were as follows:
Issue	Expiration Date	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Abbott Laboratories	Jan-09	$	60.00	17	$	4,301	$	1,105	$	3,196
Abbott Laboratories	Feb-09		62.50	21		3,927		1,890		2,037
Acorda Therapeutics, Inc.	Jan-09		40.00	3		921		60		861
Acorda Therapeutics, Inc.	Jan-10		50.00	14		7,098		770		6,328
Alcon, Inc.	Jan-09		110.00	14		5,178		770		4,408
Alcon, Inc.	Jan-10		180.00	26		39,236		1,690		37,546
Alexion Pharmaceuticals, Inc.	Jan-09		40.00	134		30,050		26,800		3,250
Alexion Pharmaceuticals, Inc.	Jan-09		50.00	13		3,081		390		2,691
AMAG Pharmaceuticals, Inc.	Jan-09		50.00	13		3,536		6,110		(2,574	)
Amedisys, Inc.	Mar-09		65.00	18		8,946		2,430		6,516
Amedisys, Inc.	Mar-09		70.00	15		4,081		1,575		2,506
AMERIGROUP Corp.	Jan-09		30.00	56		9,373		5,880		3,493
Amgen, Inc.	Jan-09		50.00	82		34,440		65,600		(31,160	)
Amgen, Inc.	Jan-09		60.00	94		20,481		23,218		(2,737	)
Amgen, Inc.	Apr-09		60.00	30		16,710		16,950		(240	)
Amylin Pharmaceuticals, Inc.	Jan-09		40.00	7		715		35		680
Assurant, Inc.	Jan-09		70.00	7		2,106		140		1,966
Baxter International, Inc.	Jan-09		70.00	40		6,680		800		5,880
Biogen Idec, Inc.	Jan-09		70.00	9		2,673		135		2,538
Catalyst Health Solutions, Inc.	Dec-08		30.00	21		5,442		315		5,127
Catalyst Health Solutions, Inc.	Dec-08		35.00	4		428		40		388
Celgene Corp.	Jan-09		70.00	63		29,582		3,780		25,802
Celgene Corp.	Jan-09		75.00	46		19,182		1,380		17,802

90

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Issue	Expiration Date	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Cephalon, Inc.	Jan-09	$	80.00	13	$	3,731	$	3,055	$	676
Charles River Laboratories International, Inc.	Jan-09		65.00	33		5,227		825		4,402
Conceptus, Inc.	Feb-09		20.00	12		1,302		540		762
Covance, Inc.	Jan-09		90.00	8		4,056		240		3,816
Covance, Inc.	Feb-09		50.00	12		1,764		1,764		0
Covidien, Ltd.	Apr-09		60.00	10		2,220		250		1,970
DaVita, Inc.	Jan-09		55.00	45		13,188		6,975		6,213
DaVita, Inc.	Jan-09		60.00	90		18,642		5,850		12,792
Dentsply International, Inc.	Jul-09		35.00	35		3,745		5,250		(1,505	)
Edwards Lifesciences Corp.	Jan-09		60.00	47		9,259		2,350		6,909
Express Scripts, Inc.	Jan-09		85.00	22		6,847		330		6,517
Gilead Sciences, Inc.	Jan-09		55.00	47		5,814		1,880		3,934
Gilead Sciences, Inc.	Jan-09		60.00	62		16,698		620		16,078
Gilead Sciences, Inc.	Feb-09		57.50	71		9,312		5,325		3,987
Gilead Sciences, Inc.	May-09		60.00	25		5,612		3,625		1,987
Health Net, Inc.	Jan-09		7.50	87		38,783		19,140		19,643
Henry Schein, Inc.	Apr-09		50.00	35		6,933		2,800		4,133
Idexx Laboratories, Inc.	Jan-09		65.00	6		882		270		612
Illumina, Inc.	Jan-09		40.00	13		1,466		260		1,206
Illumina, Inc.	Jan-09		52.50	25		6,237		250		5,987
Immucor, Inc.	Jan-09		35.00	44		7,508		1,540		5,968
Intuitive Surgical, Inc.	Jan-09		270.00	4		5,548		120		5,428
Intuitive Surgical, Inc.	Jan-09		300.00	1		3,283		40		3,243
Intuitive Surgical, Inc.	Jan-10		200.00	1		2,097		2,110		(13	)
Intuitive Surgical, Inc.	Jan-10		330.00	10		40,790		4,400		36,390
Laboratory Corp. of America Holdings	Jan-09		70.00	25		12,425		3,375		9,050
Medco Health Solutions, Inc.	Jan-09		50.00	25		2,800		2,375		425
Medco Health Solutions, Inc.	Jan-09		55.00	88		16,230		2,640		13,590
Medtronic, Inc.	Feb-09		60.00	21		4,137		210		3,927
Monsanto Co.	Jan-09		100.00	70		38,905		13,650		25,255
Monsanto Co.	Jan-09		105.00	42		24,150		5,250		18,900
Monsanto Co.	Jan-09		110.00	19		6,593		1,520		5,073
Monsanto Co.	Jan-09		120.00	83		39,991		2,490		37,501
Myriad Genetics, Inc.	Jan-09		55.00	46		6,766		35,420		(28,654	)
Myriad Genetics, Inc.	May-09		85.00	13		5,681		3,835		1,846
Onyx Pharmaceuticals, Inc.	Jan-09		50.00	32		8,936		480		8,456
Onyx Pharmaceuticals, Inc.	Feb-09		50.00	23		5,796		1,150		4,646
OSI Pharmaceuticals, Inc.	Jan-09		45.00	45		17,526		6,525		11,001
OSI Pharmaceuticals, Inc.	Jan-09		50.00	19		6,401		1,140		5,261
Qiagen NV	Jan-09		20.00	68		14,416		1,700		12,716
St. Jude Medical, Inc.	Jan-09		45.00	23		3,611		230		3,381
St. Jude Medical, Inc.	Jan-09		50.00	9		2,223		90		2,133
Stericycle, Inc.	Feb-09		70.00	36		8,892		4,680		4,212
Stryker Corp.	Jan-09		55.00	23		2,231		345		1,886
Teva Pharmaceutical Industries, Ltd. ADR	Dec-08		45.00	85		11,357		5,525		5,832
Teva Pharmaceutical Industries, Ltd. ADR	Jan-09		50.00	26		3,898		520		3,378
The Medicines Co.	Jan-09		22.50	12		1,864		180		1,684
The Medicines Co.	Apr-09		22.50	12		2,419		540		1,879
The Medicines Co.	Apr-09		30.00	6		1,602		150		1,452
United Therapeutics Corp.	Feb-09		65.00	12		3,684		3,684		0
Valeant Pharmaceuticals International	Mar-09		20.00	55		10,835		12,100		(1,265	)
Vertex Pharmaceuticals, Inc.	Jan-09		40.00	31		5,350		620		4,730
WellPoint, Inc.	Jan-09		60.00	46		10,902		460		10,442
Wyeth	Jan-09		42.50	63		8,211		6,300		1,911
XenoPort, Inc.	Dec-08		50.00	22		6,678		220		6,458
XenoPort, Inc.	Jan-09		60.00	43		14,928		430		14,498
Zimmer Holdings, Inc.	Jan-09		70.00	43		9,816		430		9,386
				2,671	$	798,365	$	349,936	$	448,429

Open put option contracts written at November 30, 2008 for the Health Sciences Fund were as follows:
Issue	Expiration Date	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Abbott Laboratories	May-09	$	50.00	5	$	2,985	$	2,650	$	335
Abbott Laboratories	Jan-10		60.00	11		10,737		16,940		(6,203	)
Acorda Therapeutics, Inc.	Jan-09		30.00	25		11,582		31,250		(19,668	)

91

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Issue	Expiration Date	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Aetna, Inc.	Jan-09	$	50.00	11	$	9,097	$	31,350	$	(22,253	)
Alcon, Inc.	Jan-09		170.00	3		2,786		27,690		(24,904	)
Alcon, Inc.	Jan-10		170.00	23		60,080		213,440		(153,360	)
Alcon, Inc.	Jan-10		180.00	21		56,803		215,040		(158,237	)
Alcon, Inc.	Jan-10		190.00	18		55,641		202,320		(146,679	)
Alexion Pharmaceuticals, Inc.	Jan-09		40.00	90		38,924		77,400		(38,476	)
Alexion Pharmaceuticals, Inc.	Jan-09		45.00	43		26,285		52,890		(26,605	)
Alkermes, Inc.	Jan-09		20.00	9		6,302		11,610		(5,308	)
Allergan, Inc.	Jan-09		65.00	7		5,199		19,460		(14,261	)
Amedisys, Inc.	Mar-09		70.00	25		24,303		81,750		(57,447	)
AMERIGROUP Corp.	Jan-09		25.00	20		7,169		6,600		569
Amgen, Inc.	Jan-09		50.00	28		10,151		6,636		3,515
Amgen, Inc.	Jan-09		60.00	30		12,177		20,850		(8,673	)
Amgen, Inc.	Apr-09		60.00	26		13,891		25,740		(11,849	)
Amylin Pharmaceuticals, Inc.	Jan-09		25.00	15		4,605		27,450		(22,845	)
Amylin Pharmaceuticals, Inc.	Jan-09		30.00	9		4,473		21,060		(16,587	)
Amylin Pharmaceuticals, Inc.	Jan-09		35.00	3		1,881		8,490		(6,609	)
Amylin Pharmaceuticals, Inc.	Jan-09		40.00	2		1,894		6,580		(4,686	)
Amylin Pharmaceuticals, Inc.	Jan-10		20.00	26		15,262		41,080		(25,818	)
Amylin Pharmaceuticals, Inc.	Jan-10		25.00	24		17,448		48,480		(31,032	)
Assurant, Inc.	Jan-09		70.00	3		1,809		14,670		(12,861	)
AstraZeneca PLC	Jan-09		40.00	36		16,632		15,120		1,512
Barr Pharmaceuticals, Inc.	Feb-09		60.00	4		2,388		820		1,568
Baxter International, Inc.	Jan-09		65.00	20		15,760		25,800		(10,040	)
Baxter International, Inc.	Jan-09		70.00	32		30,851		56,320		(25,469	)
Baxter International, Inc.	Feb-09		75.00	22		15,884		49,940		(34,056	)
Baxter International, Inc.	Jan-10		70.00	21		19,887		44,520		(24,633	)
Baxter International, Inc.	Jan-10		75.00	8		8,776		20,160		(11,384	)
Biogen Idec, Inc.	Jan-09		50.00	13		6,214		11,960		(5,746	)
Biogen Idec, Inc.	Jan-09		55.00	24		16,968		32,400		(15,432	)
Biogen Idec, Inc.	Jan-09		70.00	25		16,300		69,750		(53,450	)
BioMarin Pharmaceuticals, Inc.	Jan-09		25.00	48		24,527		42,720		(18,193	)
BioMarin Pharmaceuticals, Inc.	Jan-09		35.00	1		750		1,880		(1,130	)
BioMarin Pharmaceuticals, Inc.	Jan-09		40.00	3		3,496		7,080		(3,584	)
BioMarin Pharmaceuticals, Inc.	Jan-09		45.00	1		1,437		2,860		(1,423	)
Boston Scientific Corp.	Jan-09		12.50	29		6,003		18,850		(12,847	)
Boston Scientific Corp.	Jan-09		15.00	100		30,200		90,000		(59,800	)
Cardinal Health, Inc.	Mar-09		60.00	3		3,141		8,400		(5,259	)
Catalyst Health Solutions, Inc.	Dec-08		30.00	5		1,213		4,150		(2,937	)
Catalyst Health Solutions, Inc.	Dec-08		35.00	17		5,474		22,610		(17,136	)
Celgene Corp.	Jan-09		80.00	26		25,402		73,580		(48,178	)
Celgene Corp.	Jan-10		70.00	19		29,410		45,790		(16,380	)
Cephalon, Inc.	Jan-09		80.00	40		40,966		35,600		5,366
Cephalon, Inc.	May-09		80.00	5		5,635		6,500		(865	)
Charles River Laboratories International, Inc.	Jan-09		65.00	7		3,899		30,730		(26,831	)
Community Health Systems, Inc.	Jan-09		35.00	4		2,104		9,040		(6,936	)
Covidien, Ltd.	Jan-09		55.00	9		6,363		16,740		(10,377	)
Covidien, Ltd.	Jan-10		50.00	26		14,482		42,380		(27,898	)
Covidien, Ltd.	Jan-10		55.00	43		35,568		88,150		(52,582	)
Cubist Pharmaceuticals, Inc.	Jan-09		20.00	40		14,164		3,600		10,564
CVS Caremark Corp.	Jan-09		45.00	29		18,603		46,980		(28,377	)
DaVita, Inc.	Jan-09		50.00	8		5,396		2,880		2,516
DaVita, Inc.	Jan-09		55.00	18		8,586		12,780		(4,194	)
DaVita, Inc.	Jan-09		60.00	36		15,330		41,400		(26,070	)
Edwards Lifesciences Corp.	Jan-09		55.00	12		4,884		8,160		(3,276	)
Elan Corp. PLC ADR	Jan-09		22.50	26		13,442		42,640		(29,198	)
Elan Corp. PLC ADR	Jan-09		25.00	7		3,549		13,230		(9,681	)
Elan Corp. PLC ADR	Jan-10		20.00	44		20,108		67,320		(47,212	)
Elan Corp. PLC ADR	Jan-10		25.00	66		49,227		132,000		(82,773	)
Elan Corp. PLC ADR	Jan-10		30.00	22		22,374		54,340		(31,966	)
Eli Lilly & Co.	Jan-09		50.00	25		12,425		40,250		(27,825	)
Express Scripts, Inc.	Jan-09		70.00	21		23,037		28,560		(5,523	)
Express Scripts, Inc.	Jan-09		75.00	26		22,762		46,800		(24,038	)
Express Scripts, Inc.	Jan-10		80.00	15		19,652		41,250		(21,598	)
Forest Laboratories, Inc.	Jan-10		40.00	3		2,314		5,220		(2,906	)
Genentech, Inc.	Jan-09		70.00	4		3,243		1,560		1,683
Genentech, Inc.	Jan-09		75.00	28		21,921		15,960		5,961
Genentech, Inc.	Jan-09		80.00	9		8,343		7,200		1,143

92

AIG Retirement Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Issue	Expiration Date	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Genentech, Inc.	Mar-09	$	90.00	21	$	14,007	$	36,120	$	(22,113	)
Genentech, Inc.	Mar-09		100.00	29		22,334		75,400		(53,066	)
Gen-Probe, Inc.	Jan-09		50.00	18		9,781		24,480		(14,699	)
Genzyme Corp.	Jan-09		75.00	18		15,566		22,140		(6,574	)
Gilead Sciences, Inc.	Jan-09		60.00	58		59,230		89,900		(30,670	)
Gilead Sciences, Inc.	Feb-09		57.50	34		24,258		45,900		(21,642	)
Gilead Sciences, Inc.	Jan-10		45.00	25		16,175		22,000		(5,825	)
Gilead Sciences, Inc.	Jan-10		60.00	18		22,646		33,480		(10,834	)
Henry Schein, Inc.	Jan-09		60.00	28		20,876		70,560		(49,684	)
Henry Schein, Inc.	Apr-09		40.00	18		6,286		13,140		(6,854	)
Henry Schein, Inc.	Jan-10		60.00	9		10,233		23,580		(13,347	)
Humana, Inc.	Jan-09		55.00	7		7,347		17,570		(10,223	)
Humana, Inc.	Jan-09		70.00	2		1,946		8,100		(6,154	)
Illumina, Inc.	Jan-09		45.00	15		13,005		35,550		(22,545	)
Illumina, Inc.	Jan-10		45.00	18		18,160		46,620		(28,460	)
ImClone Systems, Inc.	Jan-10		50.00	22		29,309		110		29,199
Immucor, Inc.	Jan-09		30.00	19		7,129		13,110		(5,981	)
Immucor, Inc.	Jan-09		35.00	18		12,184		21,240		(9,056	)
InterMune, Inc.	Jan-09		25.00	130		175,356		188,500		(13,144	)
Intuitive Surgical, Inc.	Jan-09		270.00	2		10,594		27,800		(17,206	)
Intuitive Surgical, Inc.	Jan-10		200.00	4		18,268		34,640		(16,372	)
Invitrogen Corp.	Jan-09		40.00	26		10,670		39,260		(28,590	)
Laboratory Corp. of America Holdings	Jan-09		65.00	22		8,294		10,780		(2,486	)
McKesson Corp.	Jan-09		60.00	8		6,216		20,480		(14,264	)
Medco Health Solutions, Inc.	Jan-09		55.00	25		21,725		33,500		(11,775	)
Medco Health Solutions, Inc.	Jan-10		55.00	22		25,614		39,600		(13,986	)
Medtronic, Inc.	Jan-09		55.00	47		15,279		117,970		(102,691	)
Medtronic, Inc.	Jan-10		30.00	20		12,466		12,400		66
Merck & Co., Inc.	Jan-09		40.00	27		14,499		37,260		(22,761	)
Merck & Co., Inc.	Jan-09		50.00	45		40,704		108,000		(67,296	)
Millipore Corp.	Jan-09		80.00	19		16,853		57,760		(40,907	)
Monsanto Co.	Jan-09		125.00	21		64,963		97,860		(32,897	)
Monsanto Co.	Jan-10		120.00	13		36,881		66,170		(29,289	)
Monsanto Co.	Jan-10		140.00	47		171,850		316,310		(144,460	)
Onyx Pharmaceuticals, Inc.	Jan-09		35.00	29		31,552		24,360		7,192
Onyx Pharmaceuticals, Inc.	Jan-09		45.00	23		30,480		40,020		(9,540	)
Onyx Pharmaceuticals, Inc.	Jan-09		50.00	19		30,120		42,370		(12,250	)
Pfizer, Inc.	Jan-09		25.00	35		8,338		30,275		(21,937	)
Schering-Plough Corp.	Jan-09		30.00	17		12,226		22,610		(10,384	)
Schering-Plough Corp.	Jan-10		15.00	27		10,186		8,100		2,086
Sepracor, Inc.	Jan-09		22.50	16		6,368		17,440		(11,072	)
Shire PLC	Jan-09		50.00	20		9,940		19,800		(9,860	)
St. Jude Medical, Inc.	Jan-09		45.00	16		4,432		27,520		(23,088	)
Stericycle, Inc.	Feb-09		65.00	8		6,056		8,560		(2,504	)
Stryker Corp.	Jan-09		65.00	22		11,832		58,960		(47,128	)
Stryker Corp.	Jan-09		70.00	12		8,964		38,160		(29,196	)
Stryker Corp.	Jan-10		70.00	9		10,323		29,250		(18,927	)
Teva Pharmaceutical Industries, Ltd. ADR	Jan-09		50.00	69		38,102		48,990		(10,888	)
Teva Pharmaceutical Industries, Ltd. ADR	Jan-09		55.00	2		1,594		2,420		(826	)
Teva Pharmaceutical Industries, Ltd. ADR	Jan-10		40.00	26		11,882		15,080		(3,198	)
The Medicines Co.	Jan-09		22.50	31		8,121		30,690		(22,569	)
The Medicines Co.	Apr-09		25.00	43		17,932		53,750		(35,818	)
United Therapeutics Corp.	Jan-10		60.00	5		7,863		9,650		(1,787	)
UnitedHealth Group, Inc.	Jan-09		35.00	27		11,475		38,340		(26,865	)
Valeant Pharmaceuticals International	Jan-10		20.00	22		12,694		14,740		(2,046	)
Vertex Pharmaceuticals, Inc.	Jan-09		30.00	45		31,182		29,700		1,482
Walgreen Co.	Jan-09		40.00	52		20,644		81,120		(60,476	)
Walgreen Co.	Jan-09		45.00	3		2,091		4,680		(2,589	)
Waters Corp.	Jan-09		60.00	24		16,030		45,840		(29,810	)
WellCare Health Plans, Inc.	Jan-09		35.00	16		21,222		44,160		(22,938	)
WellPoint, Inc.	Jan-09		45.00	17		9,123		17,170		(8,047	)
Wyeth	Jan-09		40.00	32		18,709		18,240		469
Wyeth	Jan-09		50.00	50		37,350		71,500		(34,150	)
Wyeth	Jan-10		45.00	26		15,782		34,060		(18,278	)
Wyeth	Jan-10		50.00	26		19,281		43,420		(24,139	)
XenoPort, Inc.	Jan-09		45.00	18		18,284		26,280		(7,996	)
Zimmer Holdings, Inc.	Jan-09		75.00	13		13,481		49,270		(35,789	)
Zimmer Holdings, Inc.	Jan-09		85.00	2		2,054		9,580		(7,526	)
Zimmer Holdings, Inc.	Jan-10		70.00	29		26,883		99,470		(72,587	)
				3,193	$	2,583,874	$	5,660,271	$	(3,076,397	)

See Notes to Financial Statements

93

AIG Retirement Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

United States Treasury Bonds	50.4	%
Insurance — Life/Health	13.4
Finance — Investment Banker/Broker	10.1
United States Treasury Notes	8.4
Special Purpose Entities	6.0
Finance — Consumer Loans	4.0
Time Deposits	2.4
Federal National Mtg. Assoc.	1.5
Federal Farm Credit Bank	1.1
Federal Home Loan Mtg. Corp.	0.8
Federal Home Loan Bank	0.7
Banks — Commercial	0.5
Finance — Commercial	0.1
Tennessee Valley Authority	0.1
	99.5	%

Credit Quality†#

Government — Agency	3.8	%
Government — Treasury	66.0
AA	28.7
A	1.5
	100.0	%

* Calculated as a percentage of net assets.

† Source: Standard and Poors.

# Calculated as a percentage of total debt issues, excluding short-term securities.

94

AIG Retirement Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Principal Amount		Market Value (Note 2)
CORPORATE BONDS & NOTES — 33.0%
Banks - Money Center — 0.0%
RBS Capital Trust II Sub. Bonds 6.43% due 01/03/34(1)	$	50,000	$	28,495
Finance - Commercial — 0.1%
CIT Group, Inc. Senior Notes 7.14% due 12/14/16(2)		300,000		112,377
Finance - Consumer Loans — 3.4%
HSBC Finance Corp. Senior Notes 4.13% due 12/15/08		1,500,000		1,496,641
HSBC Finance Corp. Senior Notes 6.11% due 02/10/09(2)		2,500,000		2,410,475
HSBC Finance Corp. Senior Notes 6.58% due 07/10/09(2)		1,067,000		1,004,580
SLM Corp. Senior Notes 7.07% due 05/01/14(2)		130,000		60,353
SLM Corp. Senior Notes 7.50% due 11/21/13(2)		150,000		62,348
				5,034,397
Finance - Investment Banker/Broker — 10.1%
Citigroup Funding, Inc. Company Guar. Notes 7.41% due 05/28/13(2)		5,000,000		3,745,580
Goldman Sachs Group, Inc. Notes 0.00% due 05/08/13(2)(3)		5,000,000		4,206,500
Goldman Sachs Group, Inc. Notes 6.65% due 05/15/09		3,000,000		2,984,043
JP Morgan & Co, Inc. Sub. Notes 6.00% due 01/15/09		2,000,000		1,999,248
Lehman Brothers Holdings, Inc. Notes 3.47% due 04/14/11(2)(4)(5)		400,000		36,000
Lehman Brothers Holdings, Inc. Notes 6.59% due 06/10/14(2)(4)(5)		578,000		52,020
Lehman Brothers Holdings, Inc. Notes 7.53% due 11/01/14(2)(4)(5)		1,000,000		90,000
Morgan Stanley Senior Notes 6.62% due 02/02/15(2)		1,203,000		799,646
Morgan Stanley Senior Notes 7.37% due 06/01/11(2)		150,000		113,202
Morgan Stanley Senior Notes 7.72% due 11/01/13(2)		1,150,000		764,635
				14,790,874
Insurance - Life/Health — 13.4%
Jackson National Life Global Funding Notes 7.69% due 05/01/14*(2)		3,042,000		1,838,189
John Hancock Life Insurance Co. Company Guar. Notes 6.67% due 08/15/11(2)		1,000,000		853,700

Security Description	Principal Amount		Market Value (Note 2)
Insurance - Life/Health (continued)
Monumental Global Funding III Senior Sec. Notes 7.55% due 05/22/18*(2)	$	5,000,000	$	4,476,844
Pacific Life Global Funding Senior Notes 7.06% due 06/02/18*(2)(3)		5,000,000		4,158,000
Pacific Life Global Funding Bonds 7.55% due 02/06/16*(2)		300,000		218,865
Principal Life Income Funding Trusts Notes 6.77% due 03/01/12(2)		4,390,000		3,148,376
Principal Life Income Funding Trusts Senior Sec. Notes 7.18% due 07/15/11(2)		2,464,000		1,733,252
Protective Life Secured Trust Sec. Notes 6.45% due 09/10/11(2)		170,000		125,062
Prudential Financial, Inc. Senior Notes 7.69% due 05/23/18(2)		5,000,000		3,138,700
				19,690,988
Special Purpose Entities — 6.0%
Allstate Life Global Funding Trust Senior Sec. Notes 6.42% due 03/01/10(2)		4,150,000		3,678,021
Hartford Life Institutional Funding Senior Notes 7.24% due 05/08/18*(2)		5,000,000		4,373,910
Strats-Daimler Chrysler Bonds 6.94% due 11/15/13*(2)		1,000,000		843,910
				8,895,841
Total Corporate Bonds & Notes
(cost $61,414,281)				48,552,972
FOREIGN CORPORATE BONDS & NOTES — 0.5%
Banks - Commercial — 0.5%
BNP Paribas LLC Bank Guar. Notes 8.40% due 04/03/17(2) (cost $1,143,354)		1,174,000		660,375
U.S. GOVERNMENT AGENCIES — 4.2%
Federal Farm Credit Bank — 1.1%
5.13% due 08/25/16		1,500,000		1,600,002
Federal Home Loan Bank — 0.7%
5.00% due 11/17/17		1,000,000		1,056,248
Federal Home Loan Mtg. Corp. — 0.8%
4.50% due 01/15/15		135,000		142,544
5.13% due 11/17/17		500,000		536,998
6.25% due 07/15/32		500,000		601,749
				1,281,291
Federal National Mtg. Assoc. — 1.5%
6.51% due 02/17/09(2)		2,200,000		2,175,250
Tennessee Valley Authority — 0.1%
4.65% due 06/15/35		100,000		95,551
Total U.S. Government Agencies
(cost $6,203,413)				6,208,342

95

AIG Retirement Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
U.S. GOVERNMENT TREASURIES — 58.8%
United States Treasury Bonds — 50.4%
1.75% due 01/15/28 TIPS(6)	$	10,339,362		$	8,523,511
2.00% due 01/15/26 TIPS(6)		8,829,903			7,386,073
2.38% due 01/15/25 TIPS(6)		1,160,730			1,034,138
3.63% due 04/15/28 TIPS(6)		23,740,763			25,206,019
3.88% due 04/15/29 TIPS(6)		28,947,293			31,916,648
					74,066,389
United States Treasury Notes — 8.4%
1.38% due 07/15/18 TIPS(6)		8,522,808			7,632,575
1.63% due 01/15/15 TIPS(6)		1,386,466			1,215,108
1.88% due 07/15/15 TIPS(6)		3,936,940			3,489,113
					12,336,796
Total U.S. Government Treasuries
(cost $99,406,623)					86,403,185
PREFERRED STOCK — 0.6%
Finance - Consumer Loans — 0.6%
SLM Corp. 7.37%(2) (cost $1,732,125)		93,000			939,300
Total Long-Term Investment Securities
(cost $169,899,796)					142,764,174
SHORT-TERM INVESTMENT SECURITIES — 2.4%
Time Deposits — 2.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08 (cost $3,543,000)		3,543,000			3,543,000
TOTAL INVESTMENTS
(cost $173,442,796)(7)		99.5	%		146,307,174
Other assets less liabilities		0.5			761,664
NET ASSETS —		100.0	%	$	147,068,838

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $15,909,718 representing 10.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Perpetual maturity — maturity date reflects the next call date.

(2) Floating rate security where the rate fluctuates based on the Consumer Price Index.

(3) Fair valued security; see Note 2

(4) Bond in default

(5) Company has filed Chapter 11 bankruptcy protection.

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

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

TIPS—Treasury Inflation Protected Securities

See Notes to Financial Statements

96

AIG Retirement Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	16.6	%
Banks — Commercial	11.8
Oil Companies — Integrated	7.9
Medical — Drugs	7.1
Electric — Integrated	4.6
Telephone — Integrated	4.2
Index Fund	3.4
Food — Misc.	2.9
Auto — Cars/Light Trucks	2.7
Insurance — Multi-line	2.7
Diversified Minerals	2.1
Food — Retail	1.8
Chemicals — Diversified	1.7
Cellular Telecom	1.6
Gas — Distribution	1.2
Tobacco	1.1
Steel — Producers	1.1
Diversified Manufacturing Operations	1.1
Brewery	1.1
Medical Products	1.0
Real Estate Operations & Development	0.9
Wireless Equipment	0.9
Transport — Rail	0.9
Building & Construction Products — Misc.	0.8
Engineering/R&D Services	0.8
Machinery — General Industrial	0.8
Insurance — Life/Health	0.8
Retail — Apparel/Shoe	0.7
Publishing — Books	0.7
Insurance — Property/Casualty	0.7
Cosmetics & Toiletries	0.7
Finance — Other Services	0.7
Finance — Investment Banker/Broker	0.6
Soap & Cleaning Preparation	0.6
Aerospace/Defense	0.6
Electronic Components — Misc.	0.6
Real Estate Investment Trusts	0.6
Electric Products — Misc.	0.5
Import/Export	0.5
Rubber — Tires	0.5
Electric — Generation	0.5
U.S. Government Treasuries	0.5
Oil Companies — Exploration & Production	0.5
Audio/Video Products	0.5
Toys	0.5
Diversified Operations	0.5
Repurchase Agreements	0.5
Multimedia	0.5
Machinery — Construction & Mining	0.5
Enterprise Software/Service	0.4
Athletic Footwear	0.4
Telecom Services	0.4
Investment Companies	0.4
Machinery — Electrical	0.4
Printing — Commercial	0.4
Metal — Diversified	0.4
Transport — Services	0.4
Insurance — Reinsurance	0.3
Transport — Marine	0.3
Office Automation & Equipment	0.3
Building & Construction — Misc.	0.3
Real Estate Management/Services	0.3
Time Deposits	0.3
Beverages — Wine/Spirits	0.3
Industrial Gases	0.3
Airlines	0.3
Retail — Convenience Store	0.3
Diversified Banking Institutions	0.3
Building Products — Cement	0.3

Paper & Related Products	0.3
Building — Heavy Construction	0.3
Retail — Jewelry	0.3
Agricultural Chemicals	0.2
Networking Products	0.2
Retail — Bookstores	0.2
Retail — Misc./Diversified	0.2
Diversified Financial Services	0.2
Electric — Distribution	0.2
Computer Services	0.2
Food — Catering	0.2
Retail — Home Furnishings	0.2
Fisheries	0.2
Medical — Biomedical/Gene	0.2
Hotels/Motels	0.2
Mining	0.2
Photo Equipment & Supplies	0.2
Water	0.2
Power Converter/Supply Equipment	0.2
Distribution/Wholesale	0.2
Chemicals — Specialty	0.2
Auto/Truck Parts & Equipment — Original	0.2
Computers — Periphery Equipment	0.2
Building — Residential/Commercial	0.2
Metal Processors & Fabrication	0.2
Television	0.2
Oil Refining & Marketing	0.2
Resorts/Theme Parks	0.1
Gambling (Non-Hotel)	0.1
Retail — Major Department Stores	0.1
Property Trust	0.1
Optical Supplies	0.1
Applications Software	0.1
Public Thoroughfares	0.1
Advertising Services	0.1
Food — Meat Products	0.1
Human Resources	0.1
Aerospace/Defense — Equipment	0.1
Diversified Operations/Commercial Services	0.1
Steel Pipe & Tube	0.1
Textile — Products	0.1
Dialysis Centers	0.1
Miscellaneous Manufacturing	0.1
Apparel Manufacturers	0.1
Beverages — Non-alcoholic	0.1
Semiconductor Equipment	0.1
Oil — Field Services	0.1
Publishing — Newspapers	0.1
Electronic Components — Semiconductors	0.1
Medical Instruments	0.1
Satellite Telecom	0.1
Computers — Integrated Systems	0.1
Venture Capital	0.1
Filtration/Separation Products	0.1
Transport — Truck	0.1
Medical — Wholesale Drug Distribution	0.1
Electronic Security Devices	0.1
Electronic Measurement Instruments	0.1
Wire & Cable Products	0.1
Food — Baking	0.1
Specified Purpose Acquisitions	0.1
Web Portals/ISP	0.1
Auto — Heavy Duty Trucks	0.1
Travel Services	0.1
Energy — Alternate Sources	0.1
Building Products — Doors & Windows	0.1
Machine Tools & Related Products	0.1
Building Products — Air & Heating	0.1
Security Services	0.1

97

AIG Retirement Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)

Industry Allocation* (continued)

Electric — Transmission	0.1	%
Finance — Leasing Companies	0.1
Food — Confectionery	0.1
Machinery — Farming	0.1
Commercial Services — Finance	0.1
	113.3	%

Country Allocation*

Japan	22.1	%
United States	21.5
United Kingdom	20.0
France	8.7
Germany	8.1
Switzerland	7.9
Australia	5.4
Spain	3.9
Italy	3.5
Netherlands	2.6
Sweden	1.7
Hong Kong	1.6
Finland	1.2
Denmark	0.9
Singapore	0.9
Belgium	0.8
Greece	0.4
Luxembourg	0.4
Norway	0.4
Ireland	0.4
Portugal	0.3
Bermuda	0.3
Austria	0.2
New Zealand	0.1
	113.3	%

* Calculated as a percentage of net assets

98

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK — 91.5%
Australia — 5.4%
AGL Energy, Ltd.	36,203	$	363,712
Alumina, Ltd.#	118,919		99,698
Amcor, Ltd.	68,166		265,860
AMP, Ltd.	153,097		541,377
Aristocrat Leisure, Ltd.	26,420		68,067
Asciano Group#	46,864		32,348
ASX, Ltd.#	13,975		282,907
Australia and New Zealand Banking Group, Ltd.#	166,636		1,634,878
AXA Asia Pacific Holdings, Ltd.	69,051		204,897
Babcock & Brown, Ltd.#(1)	21,075		3,451
Bendigo Bank, Ltd.#	22,011		160,845
BHP Billiton, Ltd.#	274,052		5,500,831
Billabong International, Ltd.#	13,551		94,177
BlueScope Steel, Ltd.	62,057		163,396
Boral, Ltd.#	47,557		124,861
Brambles, Ltd.	112,989		538,499
Caltex Australia, Ltd.	11,023		53,617
CFS Retail Property Trust#	139,651		192,640
Coca - Cola Amatil, Ltd.	44,995		255,021
Cochlear, Ltd.	4,555		165,043
Commonwealth Bank of Australia	108,291		2,445,841
Computershare, Ltd.	38,567		167,259
Crown, Ltd.	36,542		111,647
CSL, Ltd.	48,823		1,122,708
CSR, Ltd.#	83,153		74,464
Dexus Property Group	239,428		131,350
Fairfax Media, Ltd.#	111,234		99,471
Fortescue Metals Group, Ltd.†#	103,133		140,802
Foster’s Group, Ltd.	156,904		564,713
Goodman Fielder, Ltd.	108,197		95,726
GPT Group	359,155		222,870
Harvey Norman Holdings, Ltd.#	43,372		61,382
Incitec Pivot, Ltd.	137,360		241,054
Insurance Australia Group, Ltd.	153,375		369,474
Leighton Holdings, Ltd.#	11,983		192,391
Lend Lease Corp., Ltd.	29,479		150,136
Lion Nathan, Ltd.#	23,993		136,832
Macquarie Airports Management, Ltd.	56,137		75,062
Macquarie Goodman Group#	168,972		107,070
Macquarie Group, Ltd.#	22,947		450,878
Macquarie Infrastructure Group#	196,292		226,230
Macquarie Office Trust	166,765		33,071
Metcash, Ltd.#	62,454		163,488
Mirvac Group#	124,802		113,001
National Australia Bank, Ltd.	138,170		1,833,774
Newcrest Mining, Ltd.	37,019		595,906
OneSteel, Ltd.	68,166		115,112
Orica, Ltd.#	28,263		288,812
Origin Energy, Ltd.	71,947		756,205
OZ Minerals, Ltd.#	242,139		164,607
Perpetual, Ltd.#	3,084		64,687
Qantas Airways, Ltd.	75,801		115,695
QBE Insurance Group, Ltd.	72,511		1,138,114
Queensland Gas Co. ,Ltd.†#	49,987		188,735
Rio Tinto, Ltd.#	23,333		718,645
Santos, Ltd.	47,697		472,757
Sims Group, Ltd.	12,534		114,953
Sonic Healthcare, Ltd.	25,984		228,466
Stockland#	119,679		347,730
Suncorp - Metway, Ltd.	78,026		403,795
TABCORP Holdings, Ltd.#	42,864		197,635
Tattersall’s, Ltd.#	92,994		154,101
Telstra Corp., Ltd.	355,628		948,207
Toll Holdings, Ltd.	50,280		190,771
Transurban Group#	98,619		324,580

Security Description	Shares	Market Value (Note 2)(7)
Australia (continued)
Wesfarmers, Ltd.#	52,850	$	647,254
Wesfarmers, Ltd. PPS	11,810		145,073
Westfield Group#	143,212		1,414,575
Westpac Banking Corp. (New)†	57,759		671,520
Westpac Banking Corp.	157,528		1,867,181
Woodside Petroleum, Ltd.	39,345		931,137
Woolworths, Ltd.	99,391		1,749,559
WorleyParsons, Ltd.	12,319		109,252
			35,141,883
Austria — 0.2%
Erste Bank der Oesterreichischen Sparkassen AG#	7,694		175,670
Meinl European Land, Ltd.†	37,693		93,747
Oesterreichische Elektrizitaetswirtschafts AG	3,116		138,042
OMV AG	7,765		196,103
Raiffeisen International Bank Holding AG#	2,189		60,790
Strabag SE#	2,074		35,864
Telekom Austria AG	13,955		186,847
Voestalpine AG	4,655		98,476
Wiener Staedtische Versicherung AG#	1,553		42,935
Wienerberger AG#	3,395		48,332
			1,076,806
Belgium — 0.7%
Anheuser - Busch InBev NV#	48,869		803,999
Belgacom SA	9,920		361,512
Colruyt SA	1,361		294,234
Compagnie Nationale a Portefeuille	7,551		390,298
Delhaize Group	17,393		1,057,026
Dexia SA#	107,491		470,278
Dexia Strip VVPR†	1,290		16
Fortis	132,722		126,357
Group Bruxelles Lambert SA	3,263		240,764
KBC Ancora	2,463		41,054
KBC Groep NV	6,464		196,051
Mobistar SA	1,254		85,874
Solvay SA#	3,265		236,191
UCB SA	4,079		122,378
Umicore	9,611		173,426
			4,599,458
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.	36,636		141,977
Chinese Estates Holdings, Ltd.	74,000		54,697
Esprit Holdings, Ltd.	86,100		402,871
Frontline, Ltd.#	3,820		109,986
Kerry Properties, Ltd.	52,000		115,256
Li & Fung, Ltd.	182,600		332,350
Mongolia Energy Co., Ltd.†	150,000		41,759
Noble Group, Ltd.	134,600		89,043
NWS Holdings, Ltd.	67,000		77,115
Orient Overseas International, Ltd.	17,483		27,556
Pacific Basin Shipping, Ltd.	135,000		56,758
SeaDrill, Ltd.#	11,250		91,645
Shangri - La Asia, Ltd.	106,000		137,131
Yue Yuen Industrial Holdings, Ltd.	54,000		98,092
			1,776,236
Cayman Islands — 0.0%
ASM Pacific Technology, Ltd.	15,900		43,957
Foxconn International Holdings, Ltd.†	172,000		43,998
Hutchison Telecommunications International, Ltd.	136,000		37,342
Kingboard Chemical Holdings, Ltd.	44,500		65,933
Lifestyle International Holdings ,Ltd.	55,500		40,784
			232,014

99

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Denmark — 0.9%
AP Moller - Maersk A/S, Series A	22	$	113,700
AP Moller - Maersk A/S, Series B	170		878,012
Carlsberg A/S	19,074		579,955
Coloplast A/S	1,597		95,817
Danisco A/S#	33,855		1,553,356
Danske Bank A/S	30,709		362,285
DSV A/S#	7,526		82,362
FLSmidth & Co. A/S#	2,129		68,797
Jyske Bank A/S†	2,025		47,295
Novo - Nordisk A/S, Class B	29,444		1,504,310
Novozymes A/S#	2,506		177,742
Topdanmark A/S†	631		75,646
TrygVesta A/S#	1,100		64,127
Vestas Wind Systems A/S†	11,887		540,343
William Demant Holding A/S†#	941		30,567
			6,174,314
Finland — 1.2%
Elisa Oyj	5,717		82,340
Fortum Oyj	33,194		666,672
Kesko Oyj, Class B#	2,672		65,595
Kone Oyj, Class B	6,198		123,478
Metso Corp.	10,323		124,714
Neste Oil Oyj#	5,185		72,844
Nokia Oyj	309,703		4,380,414
Nokian Renkaat Oyj#	4,291		50,404
Orion Oyj	3,612		52,834
Outokumpu Oyj#	21,956		221,191
Pohjola Bank PLC, Class A	33,358		428,655
Rautaruukki Oyj	21,185		323,838
Sampo Oyj, Class A	20,893		390,287
Sanoma - WSOY Oyj#	3,288		45,898
Stora Enso Oyj, Class R#	23,533		191,914
UPM - Kymmene Oyj	26,693		384,972
Wartsila Oyj, Class B#	3,390		79,524
			7,685,574
France — 8.7%
Accor SA#	27,897		1,074,475
Aeroports de Paris	1,201		68,546
Air France - KLM#	5,464		70,992
Air Liquide	12,524		1,066,040
Alcatel SA†#	113,098		240,761
Alstom	10,470		558,354
Atos Origin SA	2,819		62,325
AXA SA	171,986		3,291,882
BNP Paribas SA	82,796		4,588,606
Bouygues SA	15,324		631,411
Bureau Veritas SA#	1,533		54,849
Cap Gemini SA	28,299		911,708
Carrefour SA#	75,577		2,849,315
Casino Guichard - Perrachon SA	1,765		107,925
Christian Dior SA#	2,204		101,740
Cie Generale de Geophysique - Veritas†#	10,810		177,704
CNP Assurances	17,898		1,152,975
Compagnie de St. Gobain#	51,705		2,081,566
Compagnie Generale des Etablissements Michelin, Class B#	17,062		818,681
Credit Agricole SA	99,045		1,105,372
Dassault Systemes SA#	2,617		101,543
Dexia SA Strip VVPR	1,290		16
Eiffage SA#	1,507		68,530
Electricite de France	23,562		1,367,658
Eramet	475		88,274
Essilor International SA#	20,073		803,094
Eurazeo	3,653		189,224

Security Description	Shares	Market Value (Note 2)(7)
France (continued)
Eutelsat Communications#	11,042	$	231,266
France Telecom SA#	175,187		4,521,051
GDF Suez#	44,326		1,783,611
GDF Suez VVPR†	12,852		163
Gecina SA	8,224		405,519
Groupe Danone#	26,576		1,531,482
Hermes International#	3,267		411,435
ICADE	795		50,574
Iliad SA	656		49,085
Imerys SA#	2,092		78,466
JC Decaux SA#	2,707		38,240
Klepierre#	3,361		68,291
L’Oreal SA	9,883		798,436
Lafarge SA#	5,130		283,527
Lagardere SCA#	7,516		275,750
Legrand SA#	3,707		58,822
LVMH Moet Henessy Louis Vuitton SA#	9,910		564,578
M6 - Metropole Television	2,608		43,864
Natixis	230,898		468,429
Neopost SA#	1,255		89,744
PagesJaunes Groupe SA#	5,108		46,961
Pernod Ricard SA#	7,400		436,979
Peugeot SA#	6,154		111,616
PPR#	3,071		146,695
Publicis Groupe#	26,727		621,604
Renault SA#	20,251		447,189
Safran SA#	7,591		98,534
Sanofi - Aventis#	58,204		3,228,543
Schneider Electric SA	11,364		718,537
SCOR SE	19,451		380,864
Societe BIC SA	1,084		55,073
Societe Des Autoroutes Paris - Rhin - Rhone	913		59,989
Societe Generale	25,631		1,096,605
Societe Television Francaise 1#	4,748		65,151
Sodexho Alliance SA#	3,819		192,782
Suez Environnement SA†	10,895		187,612
Technip SA	4,126		125,573
Thales SA	3,610		134,988
Total SA#	174,433		9,151,549
Unibail - Rodamco#	3,314		445,510
Valeo SA	3,005		37,824
Vallourec SA#	6,361		677,136
Veolia Environnement#	15,266		380,763
Vinci SA	16,973		686,298
Vivendi	67,141		1,902,794
Wendel#	3,367		154,311
Zodiac SA#	1,686		59,889
			57,037,268
Germany — 7.7%
Adidas AG	52,539		1,643,419
Allianz SE	44,775		3,746,620
BASF AG	124,699		4,009,371
Bayer AG	38,879		2,020,211
Bayerische Motoren Werke AG#	13,393		337,423
Beiersdorf AG#	3,568		198,448
Bilfinger Berger AG	4,053		166,496
Celesio AG	11,184		285,116
Commerzbank AG	108,942		1,004,558
Continental AG (Frankfurt)†	5,494		394,009
Continental AG (Xetra)†#	165		11,855
DaimlerChrysler AG	55,108		1,740,479
Deutsche Bank AG#	34,368		1,234,163
Deutsche Boerse AG	13,197		948,763
Deutsche Lufthansa AG#	45,408		599,668

100

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Germany (continued)
Deutsche Post AG (London)†	4,152	$	59,245
Deutsche Post AG (Sweden)	30,075		433,454
Deutsche Postbank AG#	9,102		187,299
Deutsche Telekom AG	309,002		4,300,044
E.ON AG	159,843		5,634,618
Fraport AG#	1,483		51,421
Fresenius Medical Care AG	7,719		337,228
Fresenius SE	12,333		609,947
GEA Group AG	5,954		92,336
Hamburger Hafen und Logistik AG	7,678		228,123
Hannover Rueckversicherung AG	2,439		56,118
HeidelbergCement AG#	1,010		48,104
Henkel AG & Co. KGaA	40,010		994,394
Hochtief AG	1,698		66,143
Hypo Real Estate Holding AG#	6,830		24,177
Infineon Technologies AG†	30,328		72,023
K+S AG	8,771		397,604
Linde AG	8,660		635,488
MAN AG	16,446		750,200
Merck KGaA	21,363		1,794,850
Metro AG	4,588		141,129
Muenchener Rueckversicherungs - Gesellschaft AG	9,094		1,241,980
Puma AG Rudolf Dassler Sport	4,579		784,584
Q-Cells AG†#	2,488		83,785
RWE AG	17,996		1,518,184
Salzgitter AG	1,582		110,250
SAP AG	78,731		2,704,747
Siemens AG	50,863		3,066,504
Solarworld AG#	3,388		60,950
ThyssenKrupp AG	54,503		1,114,242
TUI AG#	8,639		96,794
United Internet AG#	16,001		103,880
Volkswagen AG	10,552		3,755,995
Wacker Chemie AG#	2,878		292,459
			50,188,898
Greece — 0.4%
Alpha Bank A.E.	69,101		706,348
Coca - Cola Hellenic Bottling Co. SA	17,857		277,804
EFG Eurobank Ergasias	12,805		107,604
Hellenic Petroleum SA	18,021		136,839
Hellenic Telecommunications Organization SA	10,905		157,413
Marfin Financial Group SA Holdings†	24,181		90,191
National Bank of Greece SA	26,653		509,030
OPAP SA	27,382		678,931
Piraeus Bank SA	12,664		125,123
Public Power Corp. SA	4,222		61,918
Titan Cement Co. SA	2,335		39,757
			2,890,958
Hong Kong — 1.6%
Bank of East Asia, Ltd.	115,800		248,586
BOC Hong Kong Holdings, Ltd.	301,500		343,937
Cathay Pacific Airways, Ltd.	96,000		93,473
Cheung Kong Holdings, Ltd.	112,562		1,051,523
CLP Holdings, Ltd.	167,000		1,182,607
Hang Lung Group, Ltd.	70,000		229,270
Hang Lung Properties, Ltd.	169,000		365,726
Hang Seng Bank, Ltd.	62,288		797,044
Henderson Land Development Co., Ltd.	87,569		298,336
Hong Kong & China Gas Co., Ltd.	325,744		577,269
Hong Kong Aircraft Engineering Co., Ltd.	5,200		47,079
Hong Kong Exchanges & Clearing, Ltd.	83,300		658,966
HongKong Electric Holdings, Ltd.	113,000		632,469
Hopewell Holdings, Ltd.	50,955		132,357
Hutchison Whampoa, Ltd.	173,000		862,427

Security Description	Shares	Market Value (Note 2)(7)
Hong Kong (continued)
Hysan Development Co., Ltd.	46,000	$	72,006
MTR Corp., Ltd.	115,000		253,895
New World Development Co., Ltd.	199,000		155,446
PCCW, Ltd.	303,657		139,051
Sino Land Co., Ltd.	138,000		101,946
Sun Hung Kai Properties, Ltd.	114,282		896,921
Swire Pacific, Ltd., Class A	66,816		449,618
Television Broadcasts, Ltd.	22,926		77,895
The Link REIT	175,691		331,697
Wharf Holdings, Ltd.	112,000		263,892
Wheelock & Co., Ltd.	74,000		141,141
Wing Hang Bank, Ltd.	14,245		66,453
			10,471,030
Ireland — 0.4%
Allied Irish Banks PLC	136,318		466,911
Anglo Irish Bank Corp. PLC	103,983		112,653
Bank of Ireland	103,606		192,690
CRH PLC	21,568		466,480
Elan Corp PLC†	26,065		161,480
Kerry Group PLC	39,084		814,238
Ryanair Holdings PLC†	7,244		27,030
Ryanair Holdings PLC ADR†#	1,750		45,955
			2,287,437
Isle of Man — 0.0%
Genting International PLC†#	235,000		61,500
Italy — 3.5%
A2A SpA#	668,842		1,172,526
Alleanza Assicurazioni SpA#	84,101		569,213
Assicurazione Generali SpA	62,019		1,500,986
Atlantia SpA	10,419		167,855
Autogrill SpA#	4,116		30,929
Banca Carige SpA#	29,393		65,651
Banca Intesa SpA	433,542		934,184
Banca Monte dei Paschi di Siena SpA#	99,992		183,992
Banca Popolare di Milano Scarl#	15,949		84,351
Banco Popolare Scarl	123,246		1,132,563
Bulgari SpA#	6,073		37,307
Enel SpA	175,161		1,099,480
ENI SpA	300,136		6,807,845
Fiat SpA	122,615		907,538
Finmeccanica SpA	41,803		523,497
Fondiaria - Sai SpA	2,809		51,222
IFIL Investments SpA#	12,603		36,790
Intesa Sanpaolo SpA	570,428		1,724,275
Italcementi SpA	18,827		110,646
Italcementi SpA RNC#	2,865		31,788
Lottomatica SpA#	2,462		58,409
Luxottica Group SpA#	5,618		104,126
Mediaset SpA#	31,059		168,705
Mediobanca SpA	19,903		205,746
Mediolanum SpA#	8,859		36,319
Parmalat SpA	67,461		109,388
Pirelli & C. SpA	328,638		113,407
Prysmian SpA	4,379		48,898
Saipem SpA	20,799		324,126
Saras SpA	13,464		50,833
Snam Rete Gas SpA#	31,657		165,853
Telecom Italia SpA (Chi-X)	1,454,643		1,987,772
Telecom Italia SpA (Milan)	243,773		209,055
Terna Rete Elettrica Nazionale SpA	48,565		144,184
UniCredit Italiano SpA#	690,455		1,586,954
Unione di Banche Italiane Scpa	40,992		592,790
Unipol Gruppo Finanziario SpA	55,859		80,615
			23,159,818

101

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Japan — 22.1%
ABC - Mart, Inc.	19,300	$	657,923
ACOM Co., Ltd.#	2,299		91,324
Advantest Corp.#	7,320		95,449
Aeon Co., Ltd.#	31,230		277,757
Aeon Credit Service Co., Ltd.#	3,700		46,447
Aeon Mall Co., Ltd.#	3,100		65,553
Aioi Insurance Co., Ltd.#	23,000		91,836
Aisin Seiki Co., Ltd.	9,300		122,734
Ajinomoto Co., Inc.#	33,807		357,945
Alfresa Holdings Corp.#	1,500		66,015
All Nippon Airways Co., Ltd.#	32,000		116,554
Alps Electric Co., Ltd.	7,649		34,208
Amada Co., Ltd.	18,863		86,879
Aozora Bank, Ltd.#	31,000		35,319
Asahi Breweries, Ltd.	42,995		749,981
Asahi Glass Co., Ltd.	50,249		282,580
Asahi Kasei Corp.	58,549		248,157
Asics Corp.	9,000		54,274
Astellas Pharma, Inc.	23,700		966,839
Bank of Kyoto, Ltd.#	16,000		161,538
Benesse Corp.	3,714		157,197
Bridgestone Corp.	110,100		1,844,062
Brother Industries, Ltd.#	10,900		74,019
Canon Marketing Japan, Inc.#	3,200		48,234
Canon, Inc.	52,900		1,574,379
Casio Computer Co., Ltd.#	11,392		64,641
Central Japan Railway Co.	78		660,293
Chubu Electric Power Co., Inc.#	32,800		901,914
Chugai Pharmaceutical Co., Ltd.	10,976		189,474
Chuo Mitsui Trust Holdings, Inc.	49,000		183,731
Citizen Watch Co., Ltd.	13,647		63,205
Coca - Cola West Japan Co., Ltd.#	2,600		55,359
Cosmo Oil Co., Ltd.	27,000		66,842
Credit Saison Co., Ltd.#	7,854		104,908
CSK Holdings Corp.	100		662
Culture Convenience Club Co.#	170,000		1,506,534
Dai Nippon Printing Co., Ltd.	29,000		306,966
Daicel Chemical Industries, Ltd.	14,427		64,414
Daido Steel Co., Ltd.	16,000		49,384
Daihatsu Motor Co., Ltd.#	10,000		72,232
Daiichi Sankyo Co., Ltd.	34,600		712,848
Daikin Industries, Ltd.#	13,210		347,636
Dainippon Ink and Chemicals, Inc.	28,180		48,470
Dainippon Sumitomo Pharma Co., Ltd.#	9,000		76,042
Daito Trust Construction Co., Ltd.	4,053		172,530
Daiwa House Industry Co., Ltd.	26,070		218,510
Daiwa Securities Group, Inc.	67,045		344,222
Dena Co., Ltd.#	15		37,355
Denki Kagaku Kogyo Kabushiki Kaisha	22,226		50,143
Denso Corp.	23,900		395,903
Dentsu, Inc.#	95		168,957
Dowa Mining Co., Ltd.	14,000		42,917
East Japan Railway Co.	328		2,526,576
Eisai Co., Ltd.#	12,506		423,498
Electric Power Development Co., Ltd.	6,700		233,942
Elpida Memory, Inc.†#	4,900		22,790
FamilyMart Co., Ltd.	37,956		1,546,691
Fanuc, Ltd.	9,600		593,507
Fast Retailing Co., Ltd.#	22,400		2,571,859
Fuji Electric Holdings Co., Ltd.#	26,000		33,836
Fuji Heavy Industries, Ltd.#	30,000		90,422
Fuji Television Network, Inc.	21		29,277
FUJIFILM Holdings Corp.	23,873		577,409
Fujitsu, Ltd.	93,448		405,891
Fukuoka Financial Group, Inc.	38,000		123,650

Security Description	Shares	Market Value (Note 2)(7)
Japan (continued)
Furukawa Electric Co., Ltd.	32,000	$	122,993
Gunma Bank, Ltd.#	20,000		117,517
Hakuhodo DY Holdings, Inc.#	1,010		51,755
Hankyu Hanshin Holdings, Inc.	60,600		301,601
Haseko Corp.#	63,000		53,354
Hikari Tsushin, Inc.#	1,400		23,660
Hino Motors, Ltd.#	12,000		25,018
Hirose Electric Co., Ltd.#	1,681		152,604
Hisamitsu Pharmaceutical Co., Inc.	3,400		136,127
Hitachi Chemical Co., Ltd.	4,700		45,341
Hitachi Construction Machinery Co., Ltd.#	5,200		58,388
Hitachi High - Technologies Corp.#	3,300		61,979
Hitachi Metals, Ltd.#	9,000		53,423
Hitachi, Ltd.	367,849		1,705,433
Hokkaido Electric Power Co., Inc.	9,300		217,288
Hokuhoku Financial Group, Inc.	59,177		123,325
Hokuriku Electric Power Co.	8,800		223,515
Honda Motor Co., Ltd.	81,700		1,796,164
Hoya Corp.	20,200		290,827
Ibiden Co., Ltd.	6,800		106,835
Idemitsu Kosan Co., Ltd.#	1,200		74,647
IHI Corp.	62,596		73,539
Inpex Holdings, Inc.	42		269,040
Isetan Mitsukoshi Holdings, Ltd.†#	15,934		117,381
Isuzu Motors, Ltd.	62,000		76,848
Ito En, Ltd.#	3,100		49,734
ITOCHU Corp.	74,000		375,251
ITOCHU Techno - Solutions Corp.#	1,500		38,464
J Front Retailing Co., Ltd.	26,000		102,564
Jafco Co., Ltd.#	1,700		45,927
Japan Airlines Corp.†#	44,000		102,725
Japan Petroleum Exploration Co.	1,500		60,265
Japan Prime Reality Investment Corp.	26		51,503
Japan Real Estate Investment Corp.	21		185,478
Japan Retail Fund Investment Corp.	18		67,618
Japan Steel Works, Ltd.#	228,000		2,344,100
Japan Tobacco, Inc.	724		2,657,907
JFE Holdings, Inc.	50,900		1,237,105
JGC Corp.	71,282		823,766
JS Group Corp.#	12,775		179,812
JSR Corp.	8,500		92,443
JTEKT Corp.	8,700		65,148
Jupiter Telecommunications Co.	111		85,600
Kajima Corp.#	42,000		122,454
Kamigumi Co., Ltd.	13,135		102,853
Kaneka Corp.#	15,081		69,080
Kansai Paint Co., Ltd.	11,000		53,183
Kao Corp.	61,000		1,748,035
Kawasaki Heavy Industries, Ltd.#	72,842		156,577
Kawasaki Kisen Kaisha, Ltd.#	30,631		123,845
KDDI Corp.	145		942,843
Keihin Electric Express Railway Co., Ltd.#	21,582		182,338
Keio Corp.#	29,000		156,523
Keisei Electric Railway Co., Ltd.	14,000		72,679
Keyence Corp.#	1,800		299,532
Kikkoman Corp.	8,531		96,185
Kinden Corp.	6,036		54,401
Kintetsu Corp.#	81,072		323,843
Kirin Brewery Co., Ltd.	38,937		472,793
Kobe Steel, Ltd.	130,000		216,566
Komatsu, Ltd.	144,300		1,771,919
Konami Corp.#	5,061		114,732
Konica Minolta Holdings, Inc.	23,836		175,766
Kubota Corp.	55,000		320,548
Kuraray Co., Ltd.	17,461		141,822

102

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Japan (continued)
Kurita Water Industries, Ltd.#	5,610	$	132,814
Kyocera Corp.#	8,143		509,401
Kyowa Hakko Kogyo Co., Ltd.#	13,671		115,999
Kyushu Electric Power Co., Inc.	88,600		2,093,356
Lawson, Inc.	3,400		170,259
Leopalace21 Corp.	6,100		57,353
Mabuchi Motor Co., Ltd.#	1,600		68,432
Makita Corp.#	6,100		118,514
Marubeni Corp.	82,000		287,591
Marui Co., Ltd.#	11,596		62,778
Maruichi Steel Tube, Ltd.	1,800		43,324
Matsui Securities Co., Ltd.	5,700		38,195
Matsushita Electric Industrial Co., Ltd.	172,000		2,064,723
Matsushita Electric Works, Ltd.	98,000		805,286
Mazda Motor Corp.	45,000		77,509
MEDICEO Holdings Co., Ltd.#	7,000		76,054
Meiji Dairies Corp.#	14,000		72,669
Millea Holdings, Inc.	57,800		1,407,108
Minebea Co., Ltd.#	18,125		55,146
Mitsubishi Chemical Holdings Corp.#	62,920		263,284
Mitsubishi Corp.	67,001		833,515
Mitsubishi Electric Corp.	97,000		523,269
Mitsubishi Estate Co., Ltd.	58,750		879,148
Mitsubishi Gas Chemical Co., Inc.	19,864		75,878
Mitsubishi Heavy Industries, Ltd.#	480,000		1,949,836
Mitsubishi Logistics Corp.	6,000		67,967
Mitsubishi Materials Corp.	56,000		112,863
Mitsubishi Motors Corp.†#	179,000		250,431
Mitsubishi Rayon Co., Ltd.#	27,042		68,931
Mitsubishi Tanabe Pharma Corp.	12,000		149,357
Mitsubishi UFJ Financial Group, Inc.#	771,580		4,218,993
Mitsubishi UFJ Lease & Finance Co., Ltd.#	2,580		43,038
Mitsui & Co., Ltd.	145,331		1,291,230
Mitsui Chemicals, Inc.#	32,000		129,597
Mitsui Engineering & Shipbuilding Co., Ltd.#	33,668		46,149
Mitsui Fudosan Co., Ltd.	42,000		654,728
Mitsui Mining & Smelting Co., Ltd.	25,977		50,166
Mitsui O.S.K. Lines, Ltd.	102,000		544,973
Mitsui Sumitomo Insurance Group Holdings, Inc.	18,798		445,935
Mitsumi Electric Co., Ltd.	4,200		53,486
Mizuho Financial Group, Inc.#	733		1,931,008
Mizuho Trust & Banking Co., Ltd.#	72,000		83,409
Murata Manufacturing Co., Ltd.#	10,573		363,788
NamCo Bandai Holdings, Inc.#	9,718		96,419
NEC Corp.	96,441		271,276
NEC Electronics Corp.†#	1,900		18,410
NGK Insulators, Ltd.#	13,537		144,400
NGK Spark Plug Co., Ltd.#	9,455		79,281
NHK Spring Co., Ltd.#	8,000		28,793
Nidec Corp.#	27,460		1,377,577
Nikon Corp.	17,485		198,209
Nintendo Co., Ltd.	10,000		3,096,054
Nippon Building Fund, Inc.	26		257,648
Nippon Electric Glass Co., Ltd.	18,000		103,025
Nippon Express Co., Ltd.	38,879		174,561
Nippon Meat Packers, Inc.	70,000		877,901
Nippon Mining Holdings, Inc.	43,000		126,915
Nippon Oil Corp.	66,000		247,913
Nippon Paper Group, Inc.	44		146,223
Nippon Sheet Glass Co., Ltd.	30,067		87,406
Nippon Steel Corp.#	254,389		795,863
Nippon Telegraph and Telephone Corp.	258		1,122,776
Nippon Yusen Kabushiki Kaisha	55,000		299,344
Nipponkoa Insurance Co., Ltd.	33,000		211,408
Nishi - Nippon City Bank, Ltd.	36,000		75,181

Security Description	Shares	Market Value (Note 2)(7)
Japan (continued)
Nissan Chemical Industries, Ltd.	8,000	$	70,207
Nissan Motor Co., Ltd.	109,500		365,608
Nissay Dowa Generall Insurance Co., Ltd.	9,000		41,646
Nissha Printing Co., Ltd.#	42,000		1,958,124
Nisshin Seifun Group, Inc.	8,463		94,930
Nisshin Steel Co., Ltd.#	34,000		49,605
Nisshinbo Industries, Inc.	7,532		52,241
Nissin Food Products Co., Ltd.#	4,055		144,183
Nitori Co., Ltd.#	20,000		1,424,790
Nitto Denko Corp.	8,107		135,854
NOK Corp.#	5,200		39,229
Nomura Holdings, Inc.	86,000		621,032
Nomura Real Estate Holdings, Inc.#	2,500		37,238
Nomura Real Estate Office Fund, Inc.	14		81,682
Nomura Research Institute, Ltd.	5,500		103,855
NSK, Ltd.	22,077		81,567
NTN Corp.#	20,277		61,490
NTT Data Corp.#	363		1,309,350
NTT DoCoMo, Inc.	1,678		2,784,306
NTT Urban Development Corp.#	53		53,850
Obayashi Corp.	30,861		176,614
Obic Co., Ltd.	310		48,470
Odakyu Electric Railway Co., Ltd.#	32,000		244,011
OJI Paper Co., Ltd.	41,528		200,296
OKUMA Corp.	1,000		3,819
Olympus Corp.#	12,206		253,305
Omron Corp.	9,584		125,001
Ono Pharmaceutical Co., Ltd.	4,800		211,750
Onward Kashiyama Co., Ltd.	6,944		51,563
ORACLE Corp.#	1,900		79,266
Oriental Land Co., Ltd.#	12,671		952,800
ORIX Corp.	4,490		281,602
Osaka Gas Co., Ltd.	97,188		369,766
Osaka Securities Exchange Co., Ltd.	170		759,060
Osaka Titanium Technologies Co.#	1,000		25,198
Otsuka Corp.#	800		36,306
Pioneer Corp.#	11		25
Promise Co., Ltd.#	2,950		60,651
Rakuten, Inc.#	322		176,194
Resona Holdings, Inc.#	254		356,329
Ricoh Co., Ltd.	34,000		354,841
Rohm Co., Ltd.	5,008		238,945
Sankyo Co., Ltd.	2,600		141,660
Santen Pharmaceutical Co., Ltd.#	3,600		95,407
Sanyo Electric Co., Ltd.†#	84,000		133,576
Sapporo Hokuyo Holdings, Inc.	15		56,817
Sapporo Holdings, Ltd.	13,000		75,960
SBI Holdings, Inc.#	802		124,638
Secom Co., Ltd.#	10,459		486,930
Sega Sammy Holdings, Inc.#	9,000		86,926
Seiko Epson Corp.#	6,200		89,126
Sekisui Chemical Co., Ltd.	21,925		121,930
Sekisui House, Ltd.	21,000		171,166
Seven & I Holdings Co., Ltd.	40,368		1,143,164
Seven Bank, Ltd.	642		2,283,014
Sharp Corp.#	50,330		341,061
Shikoku Electric Power Co.#	8,900		274,633
Shimadzu Corp.#	73,000		486,110
Shimamura Co., Ltd.#	1,100		84,248
Shimano, Inc.#	3,440		127,276
Shimizu Corp.#	29,559		155,618
Shin - Etsu Chemical Co., Ltd.	20,326		776,315
Shinko Electric Industries Co., Ltd.#	2,800		16,460
Shinko Securities Co., Ltd.	27,000		54,180
Shinsei Bank, Ltd.#	76,000		121,795

103

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Japan (continued)
Shionogi & Co., Ltd.	43,507	$	944,219
Shiseido Co., Ltd.	17,000		316,245
Showa Denko K.K.	54,798		80,183
Showa Shell Sekiyu K.K.	8,500		70,461
SMC Corp.	2,800		250,847
Softbank Corp.#	37,500		512,423
Sojitz Corp.	59,200		89,717
Sompo Japan Insurance, Inc.	42,000		243,488
Sony Corp.#	49,962		969,847
Sony Financial Holdings, Inc.	43		127,213
Square Enix Co., Ltd.#	3,200		91,478
Stanley Electric Co., Ltd.	7,200		86,556
Sumco Corp.#	6,200		59,919
Sumitomo Chemical Co., Ltd.#	79,000		276,117
Sumitomo Corp.#	55,200		485,484
Sumitomo Electric Industries, Ltd.	35,887		271,137
Sumitomo Heavy Industries, Ltd.	29,000		108,761
Sumitomo Metal Industries, Ltd.	191,000		489,505
Sumitomo Metal Mining Co., Ltd.#	28,341		270,958
Sumitomo Mitsui Financial Group, Inc.#	474		1,739,208
Sumitomo Realty & Development Co., Ltd.#	20,000		295,294
Sumitomo Rubber Industries, Inc.#	8,200		74,862
Suruga Bank, Ltd.	12,000		121,172
Suzuken Co., Ltd.	3,600		80,365
Suzuki Motor Corp.#	17,200		232,245
T&D Holdings, Inc.	9,709		363,953
Taiheiyo Cement Corp.	43,000		60,719
Taisei Corp.#	46,384		91,751
Taisho Pharmaceutical Co., Ltd.	7,000		125,311
Taiyo Nippon Sanso Corp.#	14,000		98,412
Takashimaya Co., Ltd.#	15,000		107,921
Takeda Pharmaceutical Co., Ltd.	74,500		3,600,299
Takefuji Corp.#	4,930		34,648
TDK Corp.	6,200		210,213
Teijin, Ltd.#	43,277		120,332
Terumo Corp.	46,400		2,155,246
The 77 Bank, Ltd.	17,000		80,401
The Bank of Yokohama, Ltd.	62,000		323,490
The Chiba Bank, Ltd.	38,000		181,442
The Chugoku Bank, Ltd.#	9,000		124,411
The Chugoku Electric Power Co.	13,500		334,476
The Hachijuni Bank, Ltd.	22,000		112,901
The Hiroshima Bank, Ltd.	25,000		90,234
The Iyo Bank, Ltd.#	13,000		143,123
The Joyo Bank, Ltd.#	34,723		170,474
The Kansai Electric Power Co., Inc.	37,700		1,021,208
The Shizuoka Bank, Ltd.#	117,163		1,151,781
The Sumitomo Trust & Banking Co., Ltd.	71,000		324,642
THK Co., Ltd.#	5,600		56,176
Tobu Railway Co., Ltd.#	40,624		220,035
Toho Co., Ltd.#	5,600		112,505
Toho Gas Co., Ltd.#	24,000		139,304
Toho Titanium Co., Ltd.#	100		1,115
Tohoku Electric Power Co., Inc.	21,116		512,089
Tokuyama Corp.#	12,000		91,820
Tokyo Broadcasting System, Inc.	2,000		26,442
Tokyo Electric Power Co., Inc.	155,400		4,615,942
Tokyo Electron, Ltd.#	8,600		235,123
Tokyo Gas Co., Ltd.	225,077		1,014,174
Tokyo Steel Manufacturing Co., Ltd.#	5,200		48,529
Tokyo Tatemono Co., Ltd.#	14,000		46,170
Tokyu Corp.	57,426		229,338
Tokyu Land Corp.#	23,000		64,326
TonenGeneral Sekiyu K.K.#	14,000		134,886
Toppan Printing Co., Ltd.#	26,477		198,992

Security Description	Shares	Market Value (Note 2)(7)
Japan (continued)
Toray Industries, Inc.#	66,992	$	325,561
Toshiba Corp.	153,618		562,213
Toshiba Machine Co., Ltd.#	150,000		480,377
Tosoh Corp.#	24,718		51,374
Toto, Ltd.#	13,771		84,931
Toyo Seikan Kaisha, Ltd.	7,726		109,784
Toyo Suisan Kaisha, Ltd.#	59,000		1,378,651
Toyo Tanso Co., Ltd.	12,000		579,643
Toyoda Gosei Co., Ltd.#	3,000		37,817
Toyota Boshoku Corp	3,100		24,922
Toyota Industries Corp.	8,600		168,433
Toyota Motor Corp.	201,949		6,356,866
Toyota Tsusho Corp.	10,200		97,000
Trend Micro, Inc.	5,500		160,467
Tsumura & Co.#	53,000		1,699,422
Ube Industreis, Ltd.	49,463		98,692
Uni - Charm Corp.	18,000		1,243,034
UNY Co., Ltd.	9,295		81,976
Ushio, Inc.#	5,500		65,320
USS Co., Ltd.	1,070		67,306
West Japan Railway Co.	85		377,546
Yahoo! Japan Corp.#	728		236,651
Yakult Honsha Co., Ltd.#	4,758		87,200
Yamada Denki Co., Ltd.	4,240		220,123
Yamaguchi Financial Group, Inc.	11,000		103,693
Yamaha Corp.#	7,951		73,343
Yamaha Motor Co., Ltd.	9,300		88,433
Yamaichi Securities Co., Ltd. ADR†#(1)(2)(3)	6,000		0
Yamato Kogyo Co., Ltd.	2,000		44,733
Yamato Transport Co., Ltd.	19,923		259,246
Yamazaki Baking Co., Ltd.#	5,513		73,266
Yaskawa Electric Corp.#	13,000		56,766
Yokogawa Electric Corp.	10,200		53,514
			144,454,215
Luxembourg — 0.4%
Acergy SA	384		2,192
ArcelorMittal#	78,769		1,895,687
Millicom International Cellular SA SDR	2,825		104,775
SES FDR	18,109		317,231
Tenaris SA	19,101		199,729
			2,519,614
Mauritius — 0.0%
Golden Agri - Resources Ltd.#	406,000		60,641
Netherlands — 2.6%
Aegon NV#	241,370		1,148,297
Akzo Nobel NV	33,603		1,147,909
ASML Holding NV	23,391		356,734
Boskalis Westminster NV	11,201		320,305
Corio NV	1,767		80,714
European Aeronautic Defense and Space Co.#	13,184		209,343
Fugro NV	2,421		77,096
Heineken Holding NV	66,592		1,724,913
Heineken NV	18,047		497,934
ING Groep NV	95,376		800,812
James Hardie Industries NV CDI#	35,353		88,403
Koninklijke Ahold NV	254,466		2,839,506
Koninklijke DSM DV	26,113		605,923
Koninklijke KPN NV	76,638		1,059,543
Koninklijke Philips Electronics NV#	64,425		1,050,781
Randstad Holding NV#	4,114		77,076
Reed Elsevier NV	177,564		2,086,565
SBM Offshore NV#	5,887		91,939
SNS Reaal	5,288		32,635

104

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Netherlands (continued)
STMicroelectronics NV	27,617	$	181,843
TNT NV	17,943		375,638
Unilever NV#	81,822		1,912,622
Wolters Kluwer NV	11,034		185,886
			16,952,417
New Zealand — 0.1%
Auckland International Airport, Ltd.	79,868		77,083
Contact Energy, Ltd.	23,543		87,912
Fletcher Building, Ltd.	41,103		126,557
Nufarm, Ltd.	11,383		68,368
Sky City Entertainment Group, Ltd.	39,557		68,932
Telecom Corp. of New Zealand, Ltd.	149,097		201,583
			630,435
Norway — 0.4%
Aker Solutions ASA	6,560		37,888
DnB NOR ASA	47,644		181,492
Norsk Hydro ASA	42,275		153,416
Orkla ASA#	33,485		193,656
Petroleum Geo - Services ASA†#	132		598
Renewable Energy Corp. AS†#	5,950		56,259
StatoilHydro ASA#	82,407		1,397,410
Storebrand ASA	19,197		34,649
Telenor ASA	39,497		213,989
Yara International ASA#	7,646		127,345
			2,396,702
Portugal — 0.3%
Banco BPI SA	194,588		359,346
Banco Comercial Portugues SA†	94,954		96,801
Banco Espirito Santo SA	9,101		67,154
Brisa - Auto Estradas de Portugal SA	12,135		91,335
Cimpor Cimentos de Portugal SGPS SA	10,873		50,938
Energias de Portugal SA	372,577		1,266,925
Galp Energia, SGPS, S.A.	7,798		85,675
Jeronimo Martins SGPS SA	8,909		46,753
Portugal Telecom SGPS SA	24,784		183,550
PT Multimedia - Servicos de Telecomunicacoes e Multimedia SGPS SA	6,980		34,207
			2,282,684
Singapore — 0.9%
Ascendas Real Estate Investment Trust#	81,000		79,554
CapitaLand, Ltd.#	138,000		253,610
CapitaMall Trust#	95,000		107,216
City Developments, Ltd.#	40,000		151,972
ComfortDelGro Corp., Ltd.	153,000		137,006
Cosco Corp. (Singapore), Ltd.#	73,000		34,416
DBS Group Holdings, Ltd.	93,000		575,217
Fraser and Neave, Ltd.	78,730		148,294
Jardine Cycle & Carriage, Ltd.#	12,059		83,020
Keppel Corp., Ltd.	103,000		287,136
Keppel Land, Ltd.#	1,706		1,537
Neptune Orient Lines, Ltd.#	42,000		29,020
Olam International, Ltd.#	97,000		59,926
Oversea - Chinese Banking Corp.	204,000		691,909
Parkway Holdings, Ltd.#	73,000		61,994
SembCorp Industries, Ltd.	79,360		114,810
SembCorp Marine, Ltd.#	67,600		71,879
Singapore Airlines, Ltd.	42,890		293,964
Singapore Exchange, Ltd.#	69,000		224,239
Singapore Press Holdings, Ltd.#	123,250		289,583
Singapore Technologies Engineering, Ltd.#	110,000		172,402
Singapore Telecommunications, Ltd.	648,860		1,089,606

Security Description	Shares	Market Value (Note 2)(7)
Singapore (continued)
United Overseas Bank, Ltd.	99,000	$	858,976
United Overseas Land, Ltd.	41,700		56,246
Wilmar International, Ltd.#	67,000		122,337
			5,995,869
Spain — 3.9%
Abertis Infraestructuras SA#	10,846		183,486
Acciona SA#	1,156		105,036
Acerinox SA#	5,657		76,377
ACS Actividades de Construccion y Servicios SA#	7,464		296,092
Banco Bilbao Vizcaya Argentaria SA	144,035		1,499,056
Banco de Sabadell SA#	37,135		245,852
Banco De Valencia SA	8,449		84,179
Banco Popular Espanol SA#	31,958		254,935
Banco Santander SA (London)	14,685		118,307
Banco Santander SA# (Barcelona)	517,242		4,252,691
Bankinter SA#	10,672		91,990
Cintra Concesiones de Infraestructuras de Transporte SA#	9,198		73,492
Criteria Caixacorp SA	243,110		830,270
EDP Renovaveis SA†	8,821		55,106
Enagas	7,243		134,639
Fomento de Construcciones y Contratas SA#	1,802		65,942
Gamesa Corp. Tecnologica SA#	35,171		591,511
Gas Natural SDG SA#	31,764		878,685
Gestevision Telecinco SA#	4,489		39,671
Grifols SA#	5,171		89,074
Grupo Ferrovial SA#	3,659		91,608
Iberdrola Renovables†	34,174		114,989
Iberdrola SA	433,204		3,227,885
Iberia Lineas Aereas de Espana SA#	19,278		47,926
Indra Sistemas SA#	3,983		81,437
Industria de Diseno Textil SA#	8,825		296,393
Mapfre SA#	27,660		87,323
Red Electrica Corp. SA	4,377		194,233
Repsol YPF SA	75,797		1,470,277
Sacyr Vallehermoso SA#	3,083		29,780
Telefonica SA	461,637		9,371,716
Union Fenosa SA#	14,790		321,702
Zardoya Otis SA#	5,128		89,311
			25,390,971
Sweden — 1.7%
Alfa Laval AB#	65,879		518,209
Assa Abloy AB, Class B#	60,852		591,273
Atlas Copco AB, Class A#	56,406		400,357
Atlas Copco AB, Class B	110,726		696,397
Boliden AB#	16,381		38,850
Electrolux AB, Class B#	10,213		87,032
Getinge AB, Class B#	7,282		87,426
Hennes & Mauritz AB, Class B#	20,663		764,002
Holmen AB#	2,069		50,074
Husqvarna AB, Class B#	22,013		127,771
Investor AB, Class B	18,400		260,615
Lundin Petroleum AB†#	8,887		43,461
Modern Times Group AB, Class B#	2,033		35,672
Nordea Bank AB	90,426		652,922
Sandvik AB#	51,100		302,589
Scania AB, Class B	45,610		360,252
Securitas AB, Class B#	12,504		118,714
Skandinaviska Enskilda Banken AB, Class A#	48,227		409,321
Skanska AB, Class B	19,532		145,067
SKF AB, Class B#	15,577		124,499
Ssab Svenskt Stal AB, Class A#	7,211		57,747
Ssab Svenskt Stal AB, Class B	11,635		88,154
Svenska Cellulosa AB, Class B	37,176		301,192

105

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(7)
COMMON STOCK (continued)
Sweden (continued)
Svenska Handelsbanken AB, Class A	89,060	$	1,487,098
Swedbank AB, Class A#	96,400		694,520
Swedish Match AB	27,418		419,812
Tele2 AB, Class B	12,314		100,725
Telefonaktiebolaget LM Ericsson, Class B	188,231		1,338,781
TeliaSonera AB#	90,544		407,853
Volvo AB, Class A	17,800		82,020
Volvo AB Class B#	43,924		196,365
			10,988,770
Switzerland — 7.9%
ABB, Ltd.†	303,442		3,921,338
Actelion, Ltd.†#	3,995		180,449
Adecco SA	7,979		236,738
Aryzta AG†#	12,628		338,758
Baloise Holding AG	25,068		1,404,394
BKW FMB Energie AG	640		58,904
Compagnie Financiere Richemont SA	21,116		368,969
Credit Suisse Group AG	58,469		1,716,440
EFG International AG#	49,038		783,475
Geberit AG#	16,126		1,490,160
Givaudan SA#	264		173,369
Holcim, Ltd.	8,804		392,782
Julius Baer Holding AG	8,536		282,032
Kuehne & Nagel International AG#	2,183		133,530
Lindt + Spruengli AG#	165		322,194
Logitech International SA†#	76,972		1,007,451
Lonza Group AG#	7,970		659,385
Nestle SA	268,514		9,714,043
Nobel Biocare Holding AG#	7,375		112,656
Novartis AG	217,975		10,190,561
OC Oerlikon Corp AG†#	285		20,622
Pargesa Holding SA	23,246		1,797,094
Roche Holding AG	52,946		7,445,176
Schindler Holding AG#	2,059		84,360
SGS SA#	189		161,921
Sonova Holding AG#	23,388		1,270,314
Straumann AG#	4,371		583,276
Sulzer AG	1,103		59,359
Swatch Group AG	2,006		45,313
Swatch Group AG, Class B#	9,302		1,103,874
Swiss Life Holding†	2,150		132,636
Swiss Reinsurance	13,569		558,970
Swisscom AG	972		279,324
Syngenta AG	6,556		1,166,274
UBS AG†	165,624		2,086,793
Zurich Financial Services AG	5,748		1,126,148
			51,409,082
United Kingdom — 20.0%
3i Group PLC	75,148		479,564
Admiral Group PLC	7,481		113,823
AMEC PLC	13,389		108,995
American Physicians Capital, Inc.	107,081		2,811,412
Anglo American PLC	130,540		3,110,236
Antofagasta PLC	78,244		525,070
Associated British Foods PLC	33,582		352,387
AstraZeneca PLC	129,380		4,898,006
Aviva PLC	519,925		3,227,130
BAE Systems PLC	486,786		2,680,726
Balfour Beatty PLC	71,350		339,123
Barclays PLC	945,461		2,488,169
Berkeley Group Holdings PLC†	33,711		439,229
BG Group PLC	172,987		2,481,863
BHP Billiton PLC	214,065		3,901,316

Security Description	Shares	Market Value (Note 2)(7)
United Kingdom (continued)
BP PLC	1,701,756	$	13,803,744
British Airways PLC	112,941		272,080
British Energy Group PLC	201,917		2,332,837
British Land Co. PLC#	20,682		167,727
British Sky Broadcasting Group PLC	46,089		314,810
BT Group PLC	418,737		868,117
Bunzl PLC#	17,617		173,066
Burberry Group PLC	29,056		92,681
Cable & Wireless PLC	143,719		331,300
Cadbury PLC	66,770		567,029
Cairn Energy PLC†	7,048		185,956
Carnival PLC#	12,447		266,044
Carphone Warehouse PLC#	16,639		30,314
Centrica PLC†	711,015		2,598,873
Cobham PLC	205,144		564,177
Compass Group PLC	261,896		1,244,487
Daily Mail & General Trust#	50,409		230,303
Diageo PLC	101,832		1,429,503
Drax Group PLC	69,055		652,693
Eurasian Natural Resources Corp.	13,022		56,792
Experian Group, Ltd.	52,348		320,516
FirstGroup PLC	19,489		141,802
Friends Provident PLC	216,935		246,664
G4S PLC	71,050		223,306
GKN PLC	140,642		179,260
GlaxoSmithKline PLC	372,885		6,471,803
Hammerson PLC#	17,997		144,750
Hays PLC	55,652		63,272
HBOS PLC	465,625		661,292
Home Retail Group PLC	35,494		111,879
HSBC Holdings PLC	1,145,592		12,490,771
ICAP PLC#	48,394		220,421
IMI PLC	12,925		51,326
Imperial Tobacco Group PLC	49,852		1,247,317
Inchcape PLC	48,110		47,027
Intercontinental Hotels Group PLC	10,395		84,990
International Power PLC	67,701		270,023
Invensys PLC†	123,460		315,161
Investec PLC	16,300		67,318
ITV PLC	350,624		193,478
J Sainsbury PLC	61,353		271,101
Johnson Matthey PLC	8,926		120,177
Kazakhmys PLC	8,657		34,971
Kingfisher PLC	128,690		236,734
Ladbrokes PLC	24,293		70,045
Land Securities Group PLC#	18,817		273,768
Legal & General Group PLC	1,428,684		1,493,726
Liberty International PLC#	10,242		85,609
Lloyds TSB Group PLC#	276,615		723,144
LogicaCMG PLC#	220,335		226,319
London Stock Exchange Group PLC#	13,985		132,126
Lonmin PLC#	4,746		63,048
Man Group PLC, Class B	342,348		1,335,723
Marks & Spencer Group PLC	63,779		223,218
Meggitt PLC	26,894		60,408
Mondi PLC	156,898		403,384
National Express Group PLC	5,255		45,972
National Grid PLC	106,561		1,110,155
Next PLC#	7,972		136,921
Old Mutual PLC	422,641		357,891
Pearson PLC	37,579		360,973
Prudential PLC	135,502		708,303
Reckitt Benckiser Group PLC	55,323		2,352,268
Reed Elsevier PLC	290,421		2,419,311
Rentokil Initial PLC#	119,709		65,890

106

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(6)	Market Value (Note 2)(7)
COMMON STOCK (continued)
United Kingdom (continued)
Rexam PLC	26,000	$	140,234
Rio Tinto PLC	48,274		1,205,156
Rolls - Royce Group PLC†	74,113		358,851
Rolls - Royce Group PLC, Class C (Entitlement Shares)	4,027,509		6,206
Royal & Sun Alliance Insurance Group PLC	133,934		315,484
Royal Bank of Scotland Group PLC	775,869		662,333
Royal Dutch Shell PLC, Class A#	345,478		9,314,555
Royal Dutch Shell PLC, Class B	257,356		6,825,866
RT Group PLC†(1)(2)(3)	10,000		154
SABMiller PLC	59,240		964,053
Sage Group PLC	350,662		903,911
Schroders PLC	4,971		65,203
Scottish and Southern Energy PLC	35,368		600,700
Segro PLC#	90,269		310,083
Serco Group PLC	19,657		120,949
Severn Trent PLC#	9,527		167,544
Shire PLC	58,311		808,160
Smith & Nephew PLC	35,758		267,114
Smiths Group PLC	15,690		203,184
Stagecoach Group PLC	264,298		715,607
Standard Chartered PLC†	57,538		753,588
Standard Life PLC	88,090		359,939
Tate & Lyle PLC	37,790		228,092
Tesco PLC	372,133		1,691,935
The Capita Group PLC	46,279		497,150
Thomas Cook Group PLC#	83,565		210,874
Thomson Reuters PLC#	7,295		146,267
Tomkins PLC#	35,638		60,297
TUI Travel PLC	22,613		74,072
Tullow Oil PLC	29,318		238,928
Unilever PLC	60,663		1,399,699
United Business Media, Ltd.	9,371		61,677
United Utilities Group PLC	47,700		445,163
Vedanta Resources PLC#	5,829		55,391
Vodafone Group PLC	3,656,961		7,157,763
Whitbread PLC	7,045		91,978
William Morrison Supermarkets PLC	224,804		839,344
Wolseley PLC	26,779		126,526
WPP PLC	47,007		262,853
Xstrata PLC	36,767		533,077
			130,193,103
United States — 0.2%
Synthes, Inc.	9,867		1,147,126
Total Common Stock
(cost $907,503,100)			597,204,823
EXCHANGE TRADED FUNDS — 3.4%
United States — 3.4%
iShares MSCI Japan Index Fund#	420,500		3,641,530
iShares MSCI Pacific ex - Japan Index Fund#	116,400		2,858,784
Vanguard Int’l Equity Index European	403,170		15,578,489
Total Exchange Traded Funds
(cost $26,320,663)			22,078,803
PREFERRED STOCK — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG	34,343		629,970
Fresenius SE	6,549		362,555
Henkel AG & Co KGaA#	14,967		424,939
Porsche Automobil Holding SE#	3,992		258,783
RWE AG	10,128		597,315
Volkswagen AG	8,793		357,253
			2,630,815

Security Description	Shares/ Principal Amount(6)		Market Value (Note 2)(7)
Italy — 0.0%
Unipol Gruppo Finanziario SpA		36,874	$	37,317
Total Preferred Stock
(cost $4,385,649)				2,668,132
FOREIGN CORPORATE BONDS & NOTES — 0.0%
United Kingdom — 0.0%
National Grid Gas Holdings PLC Bonds 4.19% due 12/14/22	GBP	5,000		9,410
National Grid Gas Holdings PLC Bonds 7.00% due 12/16/24	GBP	5,000		7,385
National Grid Gas Holdings PLC Bonds 7.09% due 12/14/09	GBP	5,000		7,729
Total Foreign Corporate Bonds & Notes
(cost $23,031)				24,524
RIGHTS — 0.2%
Australia — 0.0%
CSR, Ltd. Expires 12/10/08		19,343		0
Incitec Pivot, Ltd. Expires 12/04/08		36,527		3,589
				3,589
Belgium — 0.1%
Anheuser - Busch InBev NV Expires 12/09/08†#		36,584		441,403
Fortis Expires 07/04/14		124,598		0
				441,403
Japan — 0.0%
Dowa Mining Co., Ltd. Expires 01/29/10†		14,000		2,132
Spain — 0.0%
Banco Santander SA Expires 11/27/08†#		295,898		184,144
Sweden — 0.0%
Getinge AB Expires 12/18/08†		7,282		1,185
Swedbank AB Expires 12/16/08†		96,400		52,105
				53,290
United Kingdom — 0.0%
Centrica PLC Expires 12/12/08†		263,760		300,737
Standard Chartered PLC Expires 12/17/08		18,968		119,826
				420,563
Total Rights
(cost $1,632,661)				1,105,121
Total Long - Term Investment Securities
(cost $939,865,104)				623,081,403
SHORT - TERM INVESTMENT SECURITIES — 17.4%
Collective Investment Pool — 16.6%
Securities Lending Quality Trust(4)		113,278,937		108,521,222
Time Deposits — 0.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.05% due 12/01/08	$	1,912,000		1,912,000

107

AIG Retirement Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(6)			Market Value (Note 2)
SHORT - TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.5%
United States Treasury Bills
0.02% due 12/18/08@	$	550,000		$	549,995
0.02% due 01/22/09@		2,020,000			2,019,942
0.06% due 01/08/09@		100,000			99,991
0.08% due 01/08/09@		400,000			399,966
0.12% due 12/26/08@		10,000			9,999
0.18% due 12/26/08@		25,000			24,997
0.22% due 12/04/08@		50,000			49,999
					3,154,889
Total Short - Term Investment Securities
(cost $118,345,826)					113,588,111
REPURCHASE AGREEMENT — 0.5%
State Street Bank & Trust Co. Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,049,003 and collateralized by Federal Home Loan Bank, bearing interest at 4.38% due 09/17/10 and having an approximate value of $3,144,534 (cost $3,049,000)		3,049,000			3,049,000
TOTAL INVESTMENTS
(cost $1,061,259,930)(5)		113.3	%		739,718,514
Liabilities in excess of other assets		(13.3	)		(87,003,754	)
NET ASSETS —		100.0	%	$	652,714,760

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

@ The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(1) Fair valued security; see Note 2

(2) To the extent permitted by the Statement of Additional Information, the International Equities Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the International Equities Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
RT Group PLC	04/02/01	10,000	$	56,191	$	154	$	0.02	0.00	%
Yamaichi Securities Co., Ltd.	08/04/93	6,000		478,650		0		0.00	0.00
					$	154			0.00	%

(3) Illiquid security. At November 30, 2008, the aggregate value of these securities was $154, representing 0.0% of net assets.

(4) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(6) Denominated in United States Dollars unless otherwise indicated.

(7) A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $599,086,228 representing 91.8% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR — American Depository Receipt

FDR — Feduciary Depository Receipt

PPS — Price Protected Shares

RNC — Risparmio Non-Convertible Savings Shares

SDR — Swedish Depository Receipt

VVPR — Reduced tax rate shares

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
12 Long	MSCI Singapore Index	Dec 2008	$	322,811	$	332,993	$	10,182
5 Long	Hang Seng Index	Dec 2008		417,898		451,220		33,322
36 Long	OMXS 30 Index	Dec 2008		280,165		285,901		5,736
1 Long	IBEX 35 Index	Dec 2008		108,199		113,117		4,918
7 Long	CAC 40 10 Euro Index	Dec 2008		286,389		289,987		3,598
3 Long	Amsterdam Index	Dec 2008		190,456		192,246		1,790
9 Long	FTSE 100 Index	Dec 2008		685,703		591,940		(93,763	)
2 Long	DAX Index	Dec 2008		385,392		296,326		(89,066	)
1 Long	S&P/MIB Index	Dec 2008		172,104		126,260		(45,844	)
846 Long	MSCI Pan Euro Index	Dec 2008		19,266,125		15,150,516		(4,115,609	)
26 Long	SPI 200 Index	Dec 2008		2,025,391		1,578,773		(446,618	)
7 Long	Nikkei 225 Index	Dec 2008		438,936		298,025		(140,911	)
69 Long	Topix Index	Dec 2008		8,528,465		6,041,756		(2,486,709	)
							$	(7,358,974	)

Currency Legend

GBP—British Pound

See Notes to Financial Statements

108

AIG Retirement Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Sovereign	73.7	%
Repurchase Agreements	4.7
United States Treasury Notes	4.2
United States Treasury Bonds	2.5
Diversified Banking Institutions	1.8
Cosmetics & Toiletries	1.5
U.S. Government Agencies	1.0
Banks — Commercial	0.9
Cellular Telecom	0.7
Sovereign Agency	0.7
Transport — Marine	0.6
Finance — Investment Banker/Broker	0.5
Medical Products	0.4
Special Purpose Entities	0.3
Insurance — Reinsurance	0.3
Aerospace/Defense	0.3
Finance — Credit Card	0.3
Beverages — Non-alcoholic	0.3
Real Estate Operations & Development	0.3
Medical — Drugs	0.3
Import/Export	0.2
Electric — Integrated	0.2
Metal — Diversified	0.2
Diversified Manufacturing Operations	0.2
Beverages — Wine/Spirits	0.1
Diversified Financial Services	0.1
Steel — Producers	0.1
Electric — Generation	0.1
	96.5	%

Country Allocation*

Japan	20.6	%
United States	18.7
Germany	7.4
Brazil	7.2
United Kingdom	5.6
Italy	4.5
Netherlands	3.6
Turkey	3.5
Mexico	2.9
Russia	2.5
Colombia	1.9
Philippines	1.8
France	1.4
Indonesia	1.4
Canada	1.3
Uruguay	1.0
Venezuela	1.0
Austria	0.9
Greece	0.9
Peru	0.8
Belgium	0.8
Switzerland	0.7
Norway	0.7
Spain	0.6
Singapore	0.6
Luxembourg	0.5
Denmark	0.5
Poland	0.4
Sweden	0.4
Ukrainian SSR	0.3
Panama	0.3
Finland	0.3
Cayman Islands	0.3
Hungary	0.3
South Africa	0.3
Australia	0.2
Ireland	0.2
United Arab Emirates	0.1
Argentina	0.1
	96.5	%

Credit Quality Allocation+#

Government — Treasury	7.2	%
Government — Agency	1.9
AAA	25.7
AA	27.3
A	8.5
BBB	14.0
BB	11.4
B	1.7
Not Rated@	2.3
	100.0	%

* Calculated as a percentage of net assets.

@ Represents debt issues that either have no rating or the rating is unavailable from the data source.

+ Source: Standard and Poors.

# Calculated as a percentage of total debt issues, excluding short-term securities.

109

AIG Retirement Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Principal Amount(3)		Market Value (Note 2)
CORPORATE BONDS & NOTES — 5.7%
United States — 5.7%
American Express Credit Corp Senior Notes 1.65% due 11/01/11	JPY	50,000,000	$	446,023
Berkshire Hathaway Finance Corp. Company Guar. Notes 5.00% due 08/15/13*		500,000		496,985
Citigroup, Inc. Senior Notes 5.30% due 10/17/12		700,000		638,920
Florida Power Corp. 1st. Mtg. Bonds 6.40% due 06/15/38		270,000		259,528
General Electric Co. Senior Notes 5.25% due 12/06/17		250,000		229,088
Goldman Sachs Group, Inc. 5.00% due 01/15/11		1,000,000		939,920
J.P. Morgan Chase 3.13% due 12/01/11		1,000,000		1,002,408
Johnson & Johnson 5.15% due 07/15/18		500,000		518,781
Morgan Stanley Notes 4.00% due 01/15/10		500,000		471,549
Procter & Gamble Co. Senior Notes 2.00% due 06/21/10	JPY	200,000,000		2,125,863
Schering - Plough Corp. Notes 5.00% due 10/01/10	EUR	300,000		375,826
Verizon Wireless Notes 7.38% due 11/15/13*		750,000		743,038
Total Corporate Bonds & Notes
(cost $7,957,919)				8,247,929
FOREIGN CORPORATE BONDS & NOTES — 7.9%
Brazil — 0.4%
Independencia International, Ltd. Company Guar. Notes 9.88% due 05/15/15*		680,000		273,783
Marfrig Overseas, Ltd. Company Guar. Bonds 9.63% due 11/16/16		658,000		333,935
				607,718
Canada — 0.3%
Royal Bank of Canada Notes 5.75% due 07/25/11	EUR	350,000		448,328
Cayman Islands — 0.3%
Agile Property Holdings, Ltd. Company Guar. Notes 9.00% due 09/22/13		820,000		403,293
France — 0.2%
BNP Paribas SA Notes 4.75% due 05/28/13	EUR	250,000		324,700
Germany — 1.6%
Bundesschatzanweisungen Bonds 4.00% due 09/10/10	EUR	690,000		904,228
Federal Republic of Germany Bonds 3.25% due 07/04/15	EUR	1,085,000		1,403,593
				2,307,821

Security Description	Principal Amount(3)		Market Value (Note 2)
Ireland — 0.2%
VIP Finance (Vimpelcom) Notes 9.13% due 04/30/18*		560,000	$	246,400
VIP Finance Ireland Ltd. Notes 9.13% due 04/30/18		134,000		59,310
				305,710
Japan — 1.8%
Government of Japan Bonds 2.10% due 03/20/27	JPY	250,000,000		2,625,785
Luxembourg — 0.5%
Coca Cola Enterprises, Inc. Company Guar. Notes 3.13% due 12/15/08	EUR	350,000		444,403
Severstal SA Notes 9.75% due 07/29/13*		280,000		120,400
TNK - BP Finance SA Company Guar. Notes 7.88% due 03/13/18		360,000		151,200
				716,003
Netherlands — 0.6%
Government of the Netherlands Bonds 3.75% due 07/15/14	EUR	340,000		444,936
ING Bank HV Notes 5.25% due 06/05/18	EUR	250,000		330,276
Kazkommerts International BV Company Guar. Notes 8.00% due 11/03/15		320,000		152,240
				927,452
Singapore — 0.6%
PSA International Pte, Ltd. Senior Bonds 5.75% due 06/29/11*		860,000		887,825
United Arab Emirates — 0.1%
Abu Dhabi National Energy Co. Senior Notes 7.25% due 08/01/18*		150,000		119,601
United Kingdom — 1.3%
Allied Domecq Financial Services PLC Company Guar. Notes 6.63% due 04/18/11	GBP	150,000		216,213
Anglian Water Services Financing PLC Senior Notes 4.63% due 10/07/13	EUR	200,000		243,034
BAE Systems PLC Bonds 11.88% due 12/29/08	GBP	320,000		496,493
Barclays Bank PLC 5.75% due 03/08/11	EUR	350,000		443,503
Credit Suisse First Boston International for City of Kiev Ukraine Bonds 8.00% due 11/06/15		570,000		203,091
Vedanta Resources PLC Senior Notes 8.75% due 01/15/14*	EUR	430,000		240,800
				1,843,134
Total Foreign Corporate Bonds & Notes
(cost $14,364,009)				11,517,370

110

AIG Retirement Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount(3)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES — 64.7%
Argentina — 0.1%
Republic of Argentina Notes 1.33% due 12/31/38(1)		447,134	$	78,248
Austria — 0.9%
Republic of Austria Bonds 4.15% due 03/15/37*	EUR	745,000		954,201
Republic of Austria Bonds 6.25% due 07/15/27	EUR	235,000		373,056
				1,327,257
Belgium — 0.8%
Kingdom of Belgium Bonds 4.00% due 03/28/17	EUR	945,000		1,204,277
Brazil — 6.8%
Federal Republic of Brazil Bonds 6.00% due 01/17/17		1,350,000		1,228,500
Federal Republic of Brazil Bonds 7.13% due 01/20/37		570,000		530,100
Federal Republic of Brazil Notes 8.00% due 01/15/18		1,850,000		1,868,500
Federal Republic of Brazil Bonds 8.25% due 01/20/34		1,290,000		1,315,800
Federal Republic of Brazil Notes 8.75% due 02/04/25		1,020,000		1,081,200
Federal Republic of Brazil Bonds 8.88% due 10/14/19		740,000		773,300
Federal Republic of Brazil Notes 11.00% due 08/17/40		2,619,000		3,038,040
				9,835,440
Canada — 1.0%
Government of Canada Bonds 5.25% due 06/01/13	CAD	805,000		728,681
Government of Canada Bonds 8.00% due 06/01/23	CAD	630,000		741,073
				1,469,754
Colombia — 1.9%
Republic of Colombia Notes 7.38% due 01/27/17		530,000		488,925
Republic of Colombia Bonds 7.38% due 09/18/37		1,590,000		1,319,700
Republic of Colombia Bonds 12.00% due 10/22/15	COP	1,768,000,000		744,946
Republic of Columbia Bonds 8.13% due 05/21/24		260,000		243,100
				2,796,671

Security Description	Principal Amount(3)		Market Value (Note 2)
Denmark — 0.5%
Kingdom of Denmark 3.13% due 11/28/11	EUR	520,000	$	659,776
Finland — 0.3%
Government of Finland Bonds 4.38% due 07/04/19	EUR	320,000		425,721
France — 1.2%
Government of France Bonds 3.00% due 10/25/15	EUR	325,000		404,725
Government of France Bonds 4.00% due 04/25/18	EUR	1,030,000		1,344,531
Government of France Bonds 5.50% due 04/25/29	EUR	347		525
				1,749,781
Germany — 5.8%
Federal Republic of Germany Bonds 3.75% due 01/04/15	EUR	490,000		653,235
Federal Republic of Germany Bonds 3.75% due 01/04/17	EUR	1,600,000		2,110,822
Federal Republic of Germany Bonds 3.75% due 01/04/19	EUR	740,000		979,028
Federal Republic of Germany Bonds 4.00% due 01/04/37	EUR	605,000		801,781
Federal Republic of Germany Bonds 4.25% due 01/04/14	EUR	935,000		1,273,162
Federal Republic of Germany Bonds 4.25% due 07/04/14	EUR	260,000		354,883
Federal Republic of Germany Bonds 4.25% due 07/04/39	EUR	610,000		843,666
Federal Republic of Germany Bonds 4.50% due 01/04/13	EUR	195,000		264,790
Federal Republic of Germany 4.75% due 07/04/28	EUR	300,000		422,263
Federal Republic of Germany Bonds 7.50% due 01/04/24	EUR	500,000		812,381
				8,516,011
Greece — 0.9%
Hellenic Republic Government Bonds 4.60% due 07/18/18	EUR	1,050,000		1,306,681
Hungary — 0.3%
Republic of Hungary Bonds 5.75% due 06/11/18	EUR	360,000		387,734
Indonesia — 1.4%
Republic of Indonesia Bonds 6.63% due 02/17/37		1,820,000		1,011,310

111

AIG Retirement Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount(3)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Indonesia (continued)
Republic of Indonesia Bonds 6.88% due 01/17/18		650,000	$	423,737
Republic of Indonesia Bonds 7.50% due 01/15/16		470,000		343,895
Republic of Indonesia Notes 8.50% due 10/12/35		420,000		269,387
				2,048,329
Italy — 3.8%
Italy Buoni Poliennali Del Tesoro Bonds 3.75% due 08/01/21	EUR	295,000		344,212
Italy Buoni Poliennali Del Tesoro Bonds 4.25% due 04/15/13	EUR	375,000		481,936
Italy Buoni Poliennali Del Tesoro Bonds 4.50% due 08/01/18	EUR	2,500,000		3,188,332
Italy Buoni Poliennali Del Tesoro Bonds 4.50% due 03/01/19	EUR	1,150,000		1,464,846
				5,479,326
Japan — 18.8%
Government of Japan Bonds 0.80% due 03/20/13	JPY	650,000,000		6,792,211
Government of Japan Bonds 1.10% due 03/20/11	JPY	265,000,000		2,801,645
Government of Japan Bonds 1.30% due 06/20/12	JPY	300,000,000		3,196,496
Government of Japan Bonds 1.40% due 12/20/14	JPY	270,000,000		2,905,777
Government of Japan Bonds 1.40% due 12/20/15	JPY	231,850,000		2,499,435
Government of Japan Bonds 1.70% due 09/20/17	JPY	200,000,000		2,176,199
Government of Japan Bonds 1.90% due 12/20/10	JPY	46,500,000		499,248
Government of Japan Bonds 2.00% due 03/20/09	JPY	85,000,000		893,367
Government of Japan Bonds 2.00% due 03/20/25	JPY	470,700,000		4,907,024
Government of Japan Government Guar. Bonds 5.00% due 09/21/09	JPY	62,900,000		681,105
				27,352,507
Mexico — 2.9%
United Mexican States Notes 5.63% due 01/15/17		1,500,000		1,335,000
United Mexican States Notes 6.05% due 01/11/40		410,000		315,700

Security Description	Principal Amount(3)		Market Value (Note 2)
Mexico (continued)
United Mexican States Notes 6.75% due 09/27/34		763,000	$	682,885
United Mexican States Notes 7.50% due 04/08/33		440,000		415,272
United Mexican States Notes 8.13% due 12/30/19		840,000		887,292
United Mexican States Bonds 8.30% due 08/15/31		530,000		542,614
				4,178,763
Netherlands — 3.0%
Government of the Netherlands Bonds 4.00% due 07/15/18	EUR	570,000		742,316
Government of the Netherlands Bonds 4.25% due 07/15/13	EUR	2,720,000		3,626,846
				4,369,162
Norway — 0.7%
Kingdom of Norway Bonds 4.25% due 05/19/17	NOK	7,000,000		1,025,063
Panama — 0.3%
Republic of Panama Bonds 6.70% due 01/26/36		400,000		312,000
Republic of Panama Notes 7.25% due 03/15/15		166,000		156,870
				468,870
Peru — 0.8%
Republic of Peru Bonds 6.55% due 03/14/37		465,000		365,025
Republic of Peru Notes 7.35% due 07/21/25		635,000		573,088
Republic of Peru Bonds 8.75% due 11/21/33		280,000		280,000
				1,218,113
Philippines — 1.8%
Republic of Philippines Bonds 7.75% due 01/14/31		560,000		504,000
Republic of Philippines Notes 8.00% due 01/15/16		470,000		437,100
Republic of Philippines Notes 8.88% due 03/17/15		550,000		550,000
Republic of Philippines Senior Notes 9.50% due 02/02/30		640,000		646,400
Republic of Philippines Notes 10.63% due 03/16/25		500,000		535,000
				2,672,500

112

AIG Retirement Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount(3)		Market Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Poland — 0.4%
Republic of Poland Bonds 4.25% due 05/24/11	PLN	1,825,000	$	591,327
Russia — 2.5%
Republic of Georgia Notes 7.50% due 04/15/13		1,200,000		714,000
Russian Federation Bonds 7.50% due 03/31/30(1)		3,557,400		2,952,642
				3,666,642
South Africa — 0.3%
Republic of South Africa Bonds 5.88% due 05/30/22		530,000		386,900
Spain — 0.6%
Kingdom of Spain Bonds 5.75% due 07/30/32	EUR	615,000		938,195
Sweden — 0.4%
Kingdom of Sweden Bonds 4.50% due 08/12/15	SEK	4,260,000		582,680
Switzerland — 0.7%
Government of Switzerland Bonds 4.00% due 06/10/11	CHF	1,225,000		1,074,267
Turkey — 3.5%
Republic of Turkey Notes 6.88% due 03/17/36		905,000		633,500
Republic of Turkey Notes 7.00% due 06/05/20		1,320,000		1,003,200
Republic of Turkey Notes 7.25% due 03/15/15		1,360,000		1,196,800
Republic of Turkey Notes 7.25% due 03/05/38		310,000		234,050
Republic of Turkey Notes 7.38% due 02/05/25		700,000		567,000
Republic of Turkey Notes 8.00% due 02/14/34		387,000		317,340
Republic of Turkey Notes 9.50% due 01/15/14	CHF	1,160,000		1,160,000
				5,111,890
Ukrainian SSR — 0.3%
Republic of Ukraine Bonds 6.75% due 11/14/17*		510,000		214,200
Republic of Ukraine Bonds 6.75% due 11/14/17		610,000		256,200
				470,400

Security Description	Principal Amount(3)		Market Value (Note 2)
Uruguay — 1.0%
Republic of Uruguay Notes 7.63% due 03/21/36		670,000	479,050
Republic of Uruguay Bonds 8.00% due 11/18/22		1,270,000	1,014,730
			1,493,780
Venezuela — 1.0%
Republic of Venezuela Bonds 7.65% due 04/21/25		200,000	91,000
Republic of Venezuela Notes 8.50% due 10/08/14		480,000	276,000
Republic of Venezuela Bonds 9.00% due 05/07/23		600,000	297,000
Republic of Venezuela Bonds 9.25% due 05/07/28		610,000	301,950
Republic of Venezuela Bonds 9.38% due 01/13/34		840,000	432,600
			1,398,550
Total Foreign Government Agencies
(cost $101,769,948)			94,284,615
FOREIGN GOVERNMENT TREASURIES — 5.2%
Australia — 0.2%
New South Wales Treasury Corp. Notes 6.00% due 05/01/12	AUD	475,000	324,574
Italy — 0.7%
Republic of Italy Bonds 9.00% due 11/01/23	EUR	532,912	982,505
United Kingdom — 4.3%
Government of United Kingdom Bonds 4.00% due 09/07/16	GBP	600,000	946,308
Government of United Kingdom Bonds 4.25% due 03/07/36	GBP	1,415,000	2,169,768
Government of United Kingdom Bonds 4.50% due 03/07/19	GBP	830,000	1,302,844
Government of United Kingdom Bonds 4.75% due 09/07/15	GBP	200,000	329,516
Government of United Kingdom Bonds 5.00% due 03/07/12	GBP	300,000	490,016
Government of United Kingdom Bonds 5.75% due 12/07/09	GBP	250	401
Government of United Kingdom Bonds 8.00% due 06/07/21	GBP	478,000	1,018,952
			6,257,805
Total Foreign Government Treasuries
(cost $8,425,945)			7,564,884

113

AIG Retirement Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount(3)		Market Value (Note 2)
U.S. GOVERNMENT AGENCIES — 1.7%
Federal Home Loan Mtg. Corp.
4.13% due 07/14/11		1,500,000	$	1,519,440
4.13% due 09/27/13		1,000,000		1,044,515
Total U.S. Government Agencies
(cost $2,504,585)				2,563,955
U.S. GOVERNMENT TREASURIES — 6.6%
United States Treasury Bonds
1.75% due 01/15/28		522,190		430,480
4.50% due 05/15/38		600,000		709,828
5.50% due 08/15/28		750,000		931,172
6.00% due 02/15/26		600,000		774,844
6.50% due 11/15/26		130,000		177,399
7.88% due 02/15/21		400,000		560,969
United States Treasury Notes
1.38% due 07/15/18		1,014,620		908,640
2.75% due 02/28/13		500,000		526,797
2.75% due 10/31/13		750,000		779,707
3.75% due 11/15/18		600,000		640,406
4.50% due 11/15/15		1,700,000		1,943,047
4.88% due 08/15/16		1,100,000		1,264,743
Total U.S. Government Treasuries
(cost $9,264,395)				9,648,032
Total Long - Term Investment Securities
(cost $144,286,801)				133,826,785

Security Description	Principal Amount(3)		Market Value (Note 2)
REPURCHASE AGREEMENT — 4.7%
State Street Bank & Trust Co. Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $6,841,006 and collateralized by Federal Home Loan Bank, bearing interest at 4.38% due 09/17/10 and having an approximate value of $6,979,205 (cost $6,841,000)	6,841,000		$	6,841,000
TOTAL INVESTMENTS
(cost $151,127,801)(2)	96.5	%		140,667,785
Other assets less liabilities	3.5			5,018,935
NET ASSETS —	100.0	%	$	145,686,720

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $4,297,233 representing 2.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

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

(3) Denominated in United States Dollars unless otherwise indicated.

Open Forward Foreign Currency Contracts
Contract to Deliver	In Exchange For	Delivery Date	Gross Unrealized Appreciation
GBP  800,000	USD 1,287,760	02/06/2008	$	54,573

Currency Legend

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Switzerland Franc

COP—Colombian Peso

EUR—Euro Dollar

GBP—British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

PLN—Polish Zloty

SEK—Swedish Krona

USD—United States Dollar

See Notes to Financial Statements

114

AIG Retirement Company I International Growth I Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	16.9	%
Medical — Drugs	8.1
Banks — Commercial	6.9
Oil Companies — Integrated	5.9
Food — Misc.	3.6
Time Deposits	3.0
Telephone — Integrated	2.8
Soap & Cleaning Preparation	2.8
Chemicals — Diversified	2.3
Food — Retail	2.1
Cellular Telecom	2.1
Electronic Components — Misc.	1.8
Electric — Integrated	1.8
Medical Products	1.6
Insurance — Multi-line	1.6
Brewery	1.5
Industrial Gases	1.4
Gas — Distribution	1.4
Diversified Minerals	1.4
Diversified Operations	1.4
Multimedia	1.3
Tobacco	1.3
Medical — Generic Drugs	1.2
Transport — Rail	1.2
Agricultural Chemicals	1.2
Cosmetics & Toiletries	1.1
Beverages — Wine/Spirits	1.1
Machinery — Electrical	1.1
Office Automation & Equipment	1.1
Insurance — Reinsurance	1.1
Toys	1.1
Auto — Cars/Light Trucks	1.0
Oil Companies — Exploration & Production	1.0
Finance — Other Services	1.0
Transport — Services	1.0
Food — Catering	0.9
Machinery — General Industrial	0.9
Finance — Credit Card	0.9
Satellite Telecom	0.9
Chemicals — Specialty	0.9
Medical — Biomedical/Gene	0.9
Applications Software	0.8
Index Fund	0.8
Retail — Apparel/Shoe	0.8
Human Resources	0.8
Insurance — Life/Health	0.8
Publishing — Books	0.7
Distribution/Wholesale	0.7
Oil — Field Services	0.7
Aerospace/Defense	0.7
Dialysis Centers	0.7
Enterprise Software/Service	0.6
Semiconductor Components — Integrated Circuits	0.6
Computer Services	0.6
Insurance — Property/Casualty	0.6
Entertainment Software	0.5
Diversified Manufacturing Operations	0.5
Gambling (Non-Hotel)	0.5
Television	0.5
Computers	0.5
Retail — Convenience Store	0.4
Telecom Services	0.4
Publishing — Periodicals	0.4
E-Commerce/Services	0.4
Engineering/R&D Services	0.4
Electric Products — Misc.	0.4
Electric — Generation	0.4
Metal — Diversified	0.4
Rubber — Tires	0.4

Wireless Equipment	0.4
Athletic Footwear	0.4
Commercial Services	0.4
Repurchase Agreements	0.4
Electronic Measurement Instruments	0.4
Retail — Jewelry	0.4
Airlines	0.3
Schools	0.3
Broadcast Services/Program	0.3
Water Treatment Systems	0.3
Public Thoroughfares	0.3
Semiconductor Equipment	0.3
Apparel Manufacturers	0.3
Travel Services	0.3
Building & Construction — Misc.	0.3
Real Estate Investment Trusts	0.3
Electronic Components — Semiconductors	0.2
Aerospace/Defense — Equipment	0.2
Finance — Investment Banker/Broker	0.2
Building Products — Cement	0.2
Paper & Related Products	0.2
Investment Management/Advisor Services	0.2
Electronic Connectors	0.2
Retail — Drug Store	0.2
Auto/Truck Parts & Equipment — Original	0.1
Power Converter/Supply Equipment	0.1
Diversified Banking Institutions	0.1
Water	0.1
Building — Residential/Commercial	0.1
Import/Export	0.1
Optical Supplies	0.1
Beverages — Non-alcoholic	0.1
Real Estate Operations & Development	0.1
Miscellaneous Manufacturing	0.1
Photo Equipment & Supplies	0.1
Oil & Gas Drilling	0.1
	116.8	%

Country Allocation*

United States	22.0	%
United Kingdom	20.3
Japan	12.5
Switzerland	12.0
France	10.2
Germany	8.1
Netherlands	4.0
Italy	3.1
Australia	3.0
Spain	2.6
Canada	2.6
Denmark	1.4
Singapore	1.3
Mexico	1.3
Israel	1.2
Finland	1.1
Brazil	1.0
Luxembourg	1.0
Bermuda	1.0
Taiwan	0.9
Greece	0.9
Hong Kong	0.9
India	0.8
Belgium	0.7
Ireland	0.6
China	0.6
Czech Republic	0.4

115

AIG Retirement Company I International Growth I Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)

Country Allocation* (continued)

South Korea	0.4	%
Austria	0.3
Indonesia	0.1
South Africa	0.1
Philippines	0.1
Turkey	0.1
Norway	0.1
Sweden	0.1
	116.8	%

* Calculated as a percentage of net assets

116

AIG Retirement Company I International Growth I Fund

PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)(1)
COMMON STOCK — 94.4%
Australia — 3.0%
BHP Billiton, Ltd.#	180,314	$	3,619,302
Cochlear, Ltd.	33,023		1,196,532
CSL, Ltd.	145,759		3,351,796
QBE Insurance Group, Ltd.	52,463		823,446
Rio Tinto, Ltd.#	50,460		1,554,144
Telstra Corp., Ltd.	491,250		1,309,815
			11,855,035
Austria — 0.3%
Erste Bank der Oesterreichischen Sparkassen AG#	46,690		1,066,030
Belgium — 0.6%
Anheuser-Busch InBev NV#	82,921		1,364,226
KBC Groep NV	23,176		702,920
Umicore	19,780		356,921
			2,424,067
Bermuda — 1.0%
Esprit Holdings, Ltd.	183,900		860,488
Lazard, Ltd., Class A#	27,680		865,277
Li & Fung, Ltd.#	1,055,400		1,920,932
SeaDrill, Ltd.#	24,480		199,419
			3,846,116
Brazil — 0.7%
Redecard SA	222,500		2,565,543
Unibanco - Uniao de Bancos Brasileiros SA ADR	3,950		253,156
			2,818,699
Canada — 2.6%
Canadian National Railway Co. (New York)	35,630		1,254,889
Canadian National Railway Co. (Toronto)	68,093		2,482,569
Canadian Natural Resources, Ltd.	19,030		800,485
EnCana Corp.	29,600		1,385,576
Gildan Activewear, Inc.†#	33,220		564,326
Research In Motion, Ltd.†#	42,620		1,810,072
Shoppers Drug Mart Corp.#	17,700		633,888
Suncor Energy, Inc.	44,278		1,024,390
			9,956,195
China — 0.6%
China Communications Construction Co., Ltd.#	523,000		560,257
China Merchants Bank Co., Ltd.#	1,002,500		1,609,772
			2,170,029
Czech Republic — 0.4%
CEZ A/S	40,780		1,594,547
Denmark — 1.4%
Novo-Nordisk A/S, Class B	94,328		4,819,269
Vestas Wind Systems A/S†	11,570		525,933
			5,345,202
Finland — 1.1%
Fortum Oyj	58,990		1,184,762
Kone Oyj, Class B	43,520		867,018
Nokia Oyj	103,740		1,467,290
Stora Enso Oyj, Class R#	92,140		751,409
			4,270,479
France — 10.2%
Air Liquide	20,696		1,761,639
Alstom	30,280		1,614,801
AXA SA#	281,762		5,393,039
BNP Paribas SA	59,684		3,307,725
Cap Gemini SA	20,372		656,324

Security Description	Shares	Market Value (Note 2)(1)
France (continued)
Compagnie Generale des Etablissements Michelin, Class B#	17,810	$	854,572
Essilor International SA#	10,620		424,892
GDF Suez#	115,340		4,641,106
Groupe Danone#	12,110		697,857
Legrand SA#	71,230		1,130,263
LVMH Moet Henessy Louis Vuitton SA#	53,350		3,039,377
Pernod Ricard SA#	26,902		1,588,597
Schneider Electric SA#	40,760		2,577,223
Suez Environnement SA†	27,305		470,193
Total SA#	161,762		8,486,771
UBISOFT Entertainment SA†	36,468		840,194
Vivendi	78,620		2,228,112
			39,712,685
Germany — 7.4%
Adidas AG	12,020		375,985
Bayer AG	106,380		5,527,664
Deutsche Boerse AG	38,222		2,747,869
Deutsche Telekom AG	115,198		1,603,085
E.ON AG	36,844		1,298,786
Fresenius Medical Care AG	59,306		2,590,964
GEA Group AG	18,062		280,110
K+S AG	19,429		880,749
Linde AG	52,350		3,841,546
Merck KGaA	41,220		3,463,172
Muenchener Rueckversicherungs-Gesellschaft AG	22,420		3,061,930
Puma AG Rudolf Dassler Sport	6,231		1,067,644
Q-Cells AG†#	2,831		95,336
SAP AG	39,050		1,341,535
Siemens AG	12,454		750,845
			28,927,220
Greece — 0.9%
Coca-Cola Hellenic Bottling Co. SA	21,800		339,146
National Bank of Greece SA	132,404		2,528,709
OPAP SA	23,434		581,041
			3,448,896
Hong Kong — 0.9%
China Mobile, Ltd.	40,500		371,265
Hang Seng Bank, Ltd.	44,600		570,706
Hutchison Whampoa, Ltd.	279,000		1,390,851
The Link REIT#	553,000		1,044,041
			3,376,863
India — 0.8%
Infosys Technologies, Ltd. ADR#	114,779		2,886,692
Satyam Computer Services, Ltd. ADR#	23,050		293,426
			3,180,118
Indonesia — 0.1%
Telekomunikasi Indonesia Tbk PT	1,207,500		589,144
Ireland — 0.6%
Anglo Irish Bank Corp. PLC	58,907		63,819
CRH PLC (Dublin)	32,567		704,370
CRH, PLC (Virt-x)	3,529		77,519
Ryanair Holdings PLC ADR†#	51,394		1,349,606
			2,195,314
Israel — 1.2%
Teva Pharmaceutical Industries, Ltd. ADR#	111,739		4,821,538
Italy — 3.1%
ENI SpA	265,746		6,027,793
Finmeccanica SpA	155,210		1,943,686

117

AIG Retirement Company I International Growth I Fund

PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(1)
COMMON STOCK (continued)
Italy (continued)
Intesa Sanpaolo SpA	535,129	$	1,617,574
Saipem SpA	151,663		2,363,478
			11,952,531
Japan — 12.5%
Aeon Credit Service Co., Ltd.	68,300		857,388
Benesse Corp.	29,500		1,248,600
Bridgestone Corp.	36,700		614,687
Canon, Inc.	133,800		3,982,079
Central Japan Railway Co.	120		1,015,835
Denso Corp.	34,600		573,148
FamilyMart Co., Ltd.	42,500		1,731,857
Fanuc, Ltd.#	40,300		2,491,494
Fast Retailing Co., Ltd.#	15,500		1,779,635
Hirose Electric Co., Ltd.#	8,100		735,332
Honda Motor Co., Ltd.	40,900		899,181
Hoya Corp.	156,900		2,258,947
Inpex Holdings, Inc.	272		1,742,356
Japan Steel Works, Ltd.#	104,000		1,069,239
Kao Corp.	97,000		2,779,663
Keyence Corp.#	8,500		1,414,459
Konami Corp.	54,900		1,244,577
Konica Minolta Holdings, Inc.	35,500		261,776
Kurita Water Industries, Ltd.#	48,700		1,152,948
Mitsubishi Corp.	35,000		435,412
Mitsubishi Electric Corp.	90,000		485,508
NGK Insulators, Ltd.#	62,000		661,357
Nidec Corp.#	34,900		1,750,817
Nintendo Co., Ltd.	13,200		4,086,792
Omron Corp.#	32,600		425,191
Rakuten, Inc.#	3,050		1,668,922
Ricoh Co., Ltd.	27,000		281,785
Shin-Etsu Chemical Co., Ltd.	52,200		1,993,684
Shiseido Co., Ltd.	25,000		465,067
Sony Financial Holdings, Inc.	1,002		2,964,350
Sumitomo Mitsui Financial Group, Inc.#	150		550,382
Terumo Corp.	29,800		1,384,188
Tokyo Electron, Ltd.	10,400		284,335
Tokyo Gas Co., Ltd.	157,000		707,426
Toyota Motor Corp.	44,075		1,387,375
Uni-Charm Corp.	17,800		1,229,223
			48,615,015
Luxembourg — 1.0%
Millicom International Cellular SA	11,360		435,429
Reinet Investments SCA†	3,799		31,072
SES FDR	193,135		3,383,306
			3,849,807
Mexico — 1.3%
America Movil SAB de CV, Series L ADR#	83,933		2,517,990
Desarrolladora Homex SAB de CV ADR†#	28,284		455,938
Grupo Modelo SA de CV, Series C	175,900		462,647
Grupo Televisa SA ADR#	81,551		1,211,848
Urbi, Desarrollos Urbanos, SA de CV†	199,400		295,572
			4,943,995
Netherlands — 4.0%
Akzo Nobel NV	14,250		486,793
ASML Holding NV	54,070		824,617
Heineken Holding NV	37,831		979,925
Heineken NV	89,700		2,474,909
Koninklijke Ahold NV	256,640		2,863,765
Koninklijke KPN NV	202,610		2,801,142
TNT NV	143,596		3,006,192
Unilever NV#	16,070		375,643

Security Description	Shares	Market Value (Note 2)(1)
Netherlands (continued)
Wolters Kluwer NV	101,880	$	1,716,335
			15,529,321
Norway — 0.1%
Petroleum Geo - Services ASA†#	72,020		326,412
Philippines — 0.1%
Philippine Long Distance Telephone Co.	10,600		507,760
Singapore — 1.3%
Keppel Corp., Ltd.#	326,000		908,798
Singapore Technologies Engineering, Ltd.#	405,000		634,753
Singapore Telecommunications, Ltd.	674,950		1,133,418
United Overseas Bank, Ltd.#	300,000		2,602,959
			5,279,928
South Africa — 0.1%
MTN Group, Ltd.	50,690		525,427
South Korea — 0.4%
Hyundai Motor Co.	18,490		522,982
Samsung Electronics Co., Ltd. GDR*(OTC US)	17		2,843
Samsung Electronics Co., Ltd. GDR*(London)	5,447		915,230
			1,441,055
Spain — 2.6%
Banco Santander SA#	313,353		2,572,870
Cintra Concesiones de Infraestructuras de Transporte SA (Bonus Shares)	6,663		52,890
Cintra Concesiones de Intraestructuras de Transporte SA#	133,272		1,064,847
Indra Sistemas SA#	86,740		1,773,497
Telefonica SA	233,241		4,735,037
			10,199,141
Sweden — 0.1%
Hennes & Mauritz AB, Class B#	8,660		320,198
Switzerland — 12.0%
ABB, Ltd.†	77,030		995,448
Actelion, Ltd.†#	33,529		1,514,464
Compagnie Financiere Richemont SA	78,709		1,375,315
Credit Suisse Group AG	17,380		510,215
EFG International AG#	25,340		404,854
Givaudan SA#	3,190		2,094,879
Julius Baer Holding AG	104,141		3,440,848
Lonza Group AG#	11,170		924,131
Nestle SA	352,488		12,751,974
Novartis AG	68,986		3,225,168
Roche Holding AG	79,055		11,116,580
SGS SA#	1,210		1,036,637
Sonova Holding AG#	26,295		1,428,207
Swiss Reinsurance	28,691		1,181,915
Syngenta AG	26,013		4,627,561
			46,628,196
Taiwan — 0.9%
HON HAI Precision Industry Co., Ltd.	624,866		1,213,735
Taiwan Semiconductor Manufacturing Co., Ltd.	873,069		1,077,555
Taiwan Semiconductor Manufacturing Co., Ltd. ADR#	194,031		1,387,322
			3,678,612
Turkey — 0.1%
Akbank TAS	173,342		481,830
United Kingdom — 20.2%
Admiral Group PLC	97,717		1,486,753
Aggreko PLC#	56,420		391,454
AMEC PLC	60,640		493,650

118

AIG Retirement Company I International Growth I Fund

PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)(1)
COMMON STOCK (continued)
United Kingdom (continued)
Anglo American PLC	12,125	$	288,889
AstraZeneca PLC	63,570		2,406,603
Autonomy Corp. PLC†#	78,390		1,131,832
Aviva PLC	110,851		688,043
BAE Systems PLC	134,870		742,728
BG Group PLC	305,696		4,385,853
BHP Billiton PLC	41,730		760,526
British American Tobacco PLC	85,574		2,246,745
British Sky Broadcasting Group PLC	289,408		1,976,795
Burberry Group PLC	166,730		531,824
Cadbury PLC	33,580		285,171
Cobham PLC	332,618		914,750
Compass Group PLC	757,759		3,600,747
Diageo PLC	203,660		2,858,950
GlaxoSmithKline PLC	192,839		3,346,919
HSBC Holdings PLC#(Hong Kong)	149,251		1,603,927
HSBC Holdings PLC(Chi-X)	67,380		734,667
Imperial Tobacco Group PLC	116,054		2,903,719
Informa PLC	177,061		557,353
International Power PLC	416,435		1,660,934
Ladbrokes PLC	222,378		641,193
Man Group PLC, Class B	279,494		1,090,488
Next PLC	57,050		979,848
Reckitt Benckiser Group PLC	217,875		9,263,784
Reed Elsevier PLC	344,382		2,868,825
Royal Dutch Shell PLC, Class A	84,510		2,278,504
Scottish and Southern Energy PLC	168,770		2,866,437
Shire PLC	130,722		1,811,740
Smiths Group PLC	96,438		1,248,864
Stagecoach Group PLC	279,530		756,848
Standard Chartered PLC†	140,960		1,846,185
Tesco PLC	1,186,522		5,394,625
The Capita Group PLC	285,866		3,070,899
TUI Travel PLC	326,120		1,068,245
Vodafone Group PLC	2,218,108		4,341,499
William Hill PLC	262,020		774,949
WPP PLC	438,042		2,449,432
			78,751,197
United States — 0.8%
India Fund, Inc.#	43,571		739,836
Synthes, Inc.	19,540		2,271,698
			3,011,534
Total Common Stock
(cost $523,622,918)			367,640,136
PREFERRED STOCK — 1.0%
Brazil — 0.3%
Companhia Vale do Rio Doce, Class A	63,700		677,804
Petroleo Brasileiro SA ADR#	34,097		606,244
			1,284,048
Germany — 0.7%
Henkel AG & Co. KGaA#	53,857		1,529,093
Porsche Automobil Holding SE#	17,913		1,161,218
			2,690,311
Total Preferred Stock
(cost $6,077,836)			3,974,359
EXCHANGE TRADED FUNDS — 0.8%
United States — 0.8%
iShares MSCI Japan Index Fund# (cost $3,916,876)	366,320		3,172,331

Security Description	Shares/ Principal Amount			Market Value (Note 2)(1)
RIGHTS — 0.2%
Belgium — 0.1%
Anheuser-Busch InBev NV†#		33,753		$	407,246
United Kingdom — 0.1%
Standard Chartered PLC†		46,469			293,558
Total Rights
(cost $1,229,758)					700,804
WARRANTS — 0.0%
Reinet Investments SCA Expires 12/12/08 (Strike price $0.00) (cost $272)		10			15
Total Long-Term Investment Securities
(cost $534,847,660)					375,487,645
SHORT-TERM INVESTMENT SECURITIES — 20.0%
Banks-Commercial — 0.1%
HSBC USA, Inc. 0.76% due 12/01/08		688,000			688,000
Collective Investment Pool — 16.9%
Securities Lending Quality Trust(2)		68,697,499			65,812,204
Time Deposits — 3.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08	$	10,958,000			10,958,000
Euro Time Deposit with State Street Bank & Trust Co. 0.05% due 12/01/08		667,000			667,000
					11,625,000
Total Short-Term Investment Securities
(cost $81,010,499)					78,125,204
REPURCHASE AGREEMENT — 0.4%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $1,416,001 and collateralized by Federal Home Loan Bank Notes, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $1,447,731 (cost $1,416,000)		1,416,000			1,416,000
TOTAL INVESTMENTS
(cost $617,274,159)(3)		116.8	%		455,028,849
Liabilities in excess of other assets		(16.8	)		(65,523,191	)
NET ASSETS —		100.0	%	$	389,505,658

† Non-income producing security

# The security or a portion thereof is out on loan.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $918,073 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) A substantial number of the Fund’s holdings were valued using the fair value procedures at November 30, 2008. At November 30, 2008, the aggregate value of these securities was $339,233,839 representing 86.5% of net assets. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned.

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

ADR—American Depository Receipt

FDR—Fiduciary Depository Receipt

GDR—Global Depository Receipt

119

AIG Retirement Company I International Growth I Fund

PORTFOLIO INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Open Forward Foreign Currency Contract
Contract to Deliver	In Exchange For	Delivery Date	Gross Unrealized Depreciation
USD 25,030	PHP 1,223,951	12/4/2008	$	(40	)

Currency Legend

PHP—Philippine Peso

USD—United States Dollar

See Notes to Financial Statements

120

AIG Retirement Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	20.6	%
Oil Companies — Integrated	8.2
Commercial Services — Finance	6.9
Time Deposits	6.0
Wireless Equipment	5.6
Diversified Banking Institutions	4.7
E-Commerce/Products	4.5
Medical Products	4.0
Medical — Drugs	3.5
Enterprise Software/Service	3.4
Web Portals/ISP	3.4
Banks — Super Regional	3.0
Diversified Manufacturing Operations	3.0
Networking Products	2.7
Applications Software	2.6
Telephone — Integrated	2.6
Food — Misc.	2.5
Retail — Drug Store	2.5
Medical — Biomedical/Gene	2.4
Transport — Services	2.2
Consumer Products — Misc.	2.1
Tobacco	2.1
Beverages — Wine/Spirits	1.7
Footwear & Related Apparel	1.7
Oil Companies — Exploration & Production	1.6
Aerospace/Defense	1.5
Oil — Field Services	1.5
Multimedia	1.5
Advertising Agencies	1.5
Medical Instruments	1.3
Beverages — Non-alcoholic	1.2
Banks — Fiduciary	1.1
Cosmetics & Toiletries	1.1
Electric — Integrated	1.0
Investment Management/Advisor Services	1.0
Electronic Components — Semiconductors	1.0
Investment Companies	0.9
Industrial Gases	0.8
Finance — Credit Card	0.8
Aerospace/Defense — Equipment	0.7
Insurance — Life/Health	0.4
	120.8	%

* Calculated as a percentage of net assets

121

AIG Retirement Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 94.2%
Advertising Agencies — 1.5%
Omnicom Group, Inc.#	46,335	$	1,310,817
Aerospace/Defense — 1.5%
Lockheed Martin Corp.	17,884		1,379,035
Aerospace/Defense - Equipment — 0.7%
United Technologies Corp.	13,209		641,033
Applications Software — 2.6%
Microsoft Corp.	117,084		2,367,439
Banks - Fiduciary — 1.1%
State Street Corp.	24,087		1,014,304
Banks - Super Regional — 3.0%
Wells Fargo & Co.#	93,410		2,698,615
Beverages - Non - alcoholic — 1.2%
PepsiCo, Inc.	19,462		1,103,495
Beverages - Wine/Spirits — 1.7%
Diageo PLC(1)	88,924		1,248,302
Diageo PLC ADR	5,504		310,261
			1,558,563
Commercial Services - Finance — 6.9%
Automatic Data Processing, Inc.#	33,321		1,368,160
Bankrate, Inc.†#	71,583		1,966,385
Visa, Inc., Class A#	55,359		2,909,669
			6,244,214
Consumer Products - Misc. — 2.1%
Clorox Co.#	31,959		1,890,694
Cosmetics & Toiletries — 1.1%
Procter & Gamble Co.	15,245		981,016
Diversified Banking Institutions — 4.7%
Bank of America Corp.#	86,334		1,402,928
JPMorgan Chase & Co.	44,008		1,393,293
The Goldman Sachs Group, Inc.#	18,512		1,462,263
			4,258,484
Diversified Manufacturing Operations — 3.0%
General Electric Co.	155,629		2,672,150
E - Commerce/Products — 4.5%
Amazon.com, Inc.†#	69,362		2,961,757
Blue Nile, Inc.†#	46,571		1,111,184
			4,072,941
Electric - Integrated — 1.0%
Exelon Corp.	16,513		928,196
Electronic Components - Semiconductors — 1.0%
Altera Corp.#	59,114		869,567
Enterprise Software/Service — 3.4%
Oracle Corp.†	191,783		3,085,788
Finance - Credit Card — 0.8%
American Express Co.#	29,592		689,790
Food - Misc. — 2.5%
Kraft Foods, Inc., Class A	31,936		868,978
McCormick & Co., Inc.#	47,105		1,402,316
			2,271,294
Footwear & Related Apparel — 1.7%
Timberland Co., Class A†#	153,195		1,554,929

Security Description	Shares	Market Value (Note 2)
Industrial Gases — 0.8%
Air Products & Chemicals, Inc.	15,129	$	722,561
Insurance - Life/Health — 0.4%
Prudential Financial, Inc.	15,774		342,296
Investment Companies — 0.9%
Apollo Global Mgmt LLC Class A*(4)(5)	72,697		799,667
Investment Management/Advisor Services — 1.0%
T. Rowe Price Group, Inc.#	26,867		919,120
Medical Instruments — 1.3%
Medtronic, Inc.	37,712		1,150,970
Medical Products — 4.0%
Baxter International, Inc.	23,164		1,225,375
Johnson & Johnson	39,991		2,342,673
			3,568,048
Medical - Biomedical/Gene — 2.4%
Amgen, Inc.†	37,933		2,106,799
Medical - Drugs — 3.5%
Abbott Laboratories	24,252		1,270,562
Novartis AG ADR	39,277		1,842,877
			3,113,439
Multimedia — 1.5%
FactSet Research Systems, Inc.#	33,365		1,334,600
Networking Products — 2.7%
Cisco Systems, Inc.†	144,827		2,395,439
Oil Companies - Exploration & Production — 1.6%
Apache Corp.	18,390		1,421,547
Oil Companies - Integrated — 8.2%
Chevron Corp.	13,381		1,057,233
ConocoPhillips	27,995		1,470,297
Exxon Mobil Corp.	60,950		4,885,143
			7,412,673
Oil - Field Services — 1.5%
Schlumberger, Ltd.	15,230		772,770
Weatherford International, Ltd.†#	45,621		582,580
			1,355,350
Retail - Drug Store — 2.5%
CVS Caremark Corp.	78,276		2,264,525
Telephone - Integrated — 2.6%
AT&T, Inc.	40,875		1,167,390
Verizon Communications, Inc.	36,209		1,182,224
			2,349,614
Tobacco — 2.1%
Philip Morris International, Inc.	44,021		1,855,925
Transport - Services — 2.2%
Expeditors International of Washington, Inc.#	21,559		720,717
United Parcel Service, Inc., Class B#	21,513		1,239,149
			1,959,866
Web Portals/ISP — 3.4%
Google, Inc., Class A†	10,435		3,057,038
Wireless Equipment — 5.6%
QUALCOMM, Inc.	149,897		5,032,042
Total Long-Term Investment Securities
(cost $107,212,213)			84,753,883

122

AIG Retirement Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
SHORT - TERM INVESTMENT SECURITIES — 26.6%
Collective Investment Pool — 20.6%
Securities Lending Quality Trust(3)		19,358,758		$	18,545,690
Time Deposits — 6.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08	$	5,357,000			5,357,000
Total Short - Term Investment Securities
(cost $24,715,758)					23,902,690
TOTAL INVESTMENTS
(cost $131,927,971)(2)		120.8	%		108,656,573
Liabilities in excess of other assets		(20.8	)		(18,696,976	)
NET ASSETS —		100.0	%	$	89,959,597

# The security or a portion thereof is out on loan (See Note 2)

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $799,667 representing 0.89% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) See Note 4 for cost of investments on a tax basis.

(3) The security is purchased with the cash collateral received from securities loaned (See Note 2)

(4) Illiquid security. At November 30, 2008, the aggregate value of these securities was $799,667, representing 0.9% of net assets.

(5) To the extent permitted by the Statement of Additional Information, the Large Cap Core Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Large Cap Core Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Apollo Global Management Common Stock	08/02/07	33,592	$	806,208
	02/01/08	5,661		100,058
	04/30/08	10,000		150,500
	06/05/08	7,000		108,850
	06/26/08	3,371		50,734
	09/18/08	4,233		57,357
	10/03/08	5,885		76,799
	10/17/08	2,955		32,623		799,667	$	11.00	0.90
		72,697	$	1,383,129	$	799,667			0.89	%

ADR  American Depository Receipt

See Notes to Financial Statements

123

AIG Retirement Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	19.3	%
Computers	7.6
Medical — Biomedical/Gene	7.3
Aerospace/Defense	5.7
Medical Products	5.2
Time Deposits	3.4
Beverages — Non-alcoholic	3.2
Applications Software	3.2
Retail — Discount	2.7
Oil Companies — Exploration & Production	2.7
Electronic Components — Semiconductors	2.6
Enterprise Software/Service	2.6
Cosmetics & Toiletries	2.5
Oil Companies — Integrated	2.4
Repurchase Agreements	2.3
Transport — Rail	2.3
Web Portals/ISP	2.3
Agricultural Chemicals	1.9
Computer Services	1.9
Networking Products	1.8
Engineering/R&D Services	1.6
Retail — Drug Store	1.6
Retail — Restaurants	1.5
Instruments — Scientific	1.3
Electronic Forms	1.2
Oil — Field Services	1.2
Commercial Services — Finance	1.2
Wireless Equipment	1.2
Medical Instruments	1.1
Diversified Banking Institutions	1.1
Aerospace/Defense — Equipment	1.1
Electric Products — Misc.	1.0
Medical — Generic Drugs	1.0
Oil & Gas Drilling	1.0
Diversified Manufacturing Operations	1.0
Insurance — Property/Casualty	1.0
Internet Security	1.0
Beverages — Wine/Spirits	1.0
Disposable Medical Products	0.9
Schools	0.8
Athletic Footwear	0.8
Telephone — Integrated	0.7
Retail — Auto Parts	0.7
Finance — Investment Banker/Broker	0.7
Banks — Fiduciary	0.7
Medical — Drugs	0.6
Retail — Office Supplies	0.6
Insurance Brokers	0.6
Medical — HMO	0.6
Data Processing/Management	0.6
Multimedia	0.6
Medical Labs & Testing Services	0.5
Pharmacy Services	0.5
Investment Management/Advisor Services	0.5
X-Ray Equipment	0.5
Electronics — Military	0.5
Oil Field Machinery & Equipment	0.4
Insurance — Life/Health	0.4
Non-Hazardous Waste Disposal	0.4
Metal — Diversified	0.4
Telecom Equipment — Fiber Optics	0.4
Cellular Telecom	0.3
Banks — Commercial	0.3
Retail — Apparel/Shoe	0.3
Finance — Other Services	0.3
Retail — Regional Department Stores	0.3
Machinery — Construction & Mining	0.2

Retail — Consumer Electronics	0.2
Electronic Measurement Instruments	0.2
E-Commerce/Services	0.2
	119.7	%

* Calculated as a percentage of net assets

124

AIG Retirement Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 94.7%
Aerospace/Defense — 5.7%
Boeing Co.	28,600	$	1,219,218
General Dynamics Corp.	36,962		1,909,827
Lockheed Martin Corp.	109,048		8,408,691
Raytheon Co.	120,045		5,858,196
			17,395,932
Aerospace/Defense - Equipment — 1.1%
United Technologies Corp.	67,866		3,293,537
Agricultural Chemicals — 1.9%
Monsanto Co.	42,837		3,392,691
Syngenta AG(1)	14,236		2,532,501
			5,925,192
Applications Software — 3.2%
Intuit, Inc.†	70,300		1,557,848
Microsoft Corp.	400,889		8,105,976
			9,663,824
Athletic Footwear — 0.8%
NIKE, Inc., Class B#	45,588		2,427,561
Banks - Commercial — 0.3%
Unibanco - Uniao de Bancos Brasileiros SA GDR	16,190		1,037,617
Banks - Fiduciary — 0.7%
The Bank of New York Mellon Corp.	65,971		1,992,984
Beverages - Non-alcoholic — 3.2%
PepsiCo, Inc.	174,667		9,903,619
Beverages - Wine/Spirits — 1.0%
Diageo PLC(1)	210,419		2,953,832
Cellular Telecom — 0.3%
America Movil SAB de CV, Series L ADR#	35,224		1,056,720
Commercial Services - Finance — 1.2%
Mastercard, Inc., Class A#	8,591		1,248,272
Visa, Inc., Class A#	43,900		2,307,384
			3,555,656
Computer Services — 1.9%
Accenture, Ltd., Class A	189,046		5,856,645
Computers — 7.6%
Apple, Inc.†	74,155		6,871,944
Hewlett-Packard Co.	307,529		10,849,623
International Business Machines Corp.	56,668		4,624,109
Research In Motion, Ltd.†	18,800		798,436
			23,144,112
Cosmetics & Toiletries — 2.5%
Procter & Gamble Co.	116,800		7,516,080
Data Processing/Management — 0.6%
Fiserv, Inc.†#	49,900		1,703,586
Disposable Medical Products — 0.9%
C.R. Bard, Inc.	32,151		2,637,346
Diversified Banking Institutions — 1.1%
Bank of America Corp.	75,200		1,222,000
JPMorgan Chase & Co.	41,400		1,310,724
The Goldman Sachs Group, Inc.#	10,400		821,496
			3,354,220
Diversified Manufacturing Operations — 1.0%
Danaher Corp.#	29,400		1,635,816
Dover Corp.#	47,500		1,416,925
			3,052,741

Security Description	Shares	Market Value (Note 2)
E-Commerce/Services — 0.2%
eBay, Inc.†	54,700	$	718,211
Electric Products - Misc. — 1.0%
AMETEK, Inc.	52,317		1,827,433
Emerson Electric Co.	37,700		1,353,053
			3,180,486
Electronic Components - Semiconductors — 2.6%
Broadcom Corp., Class A†#	26,100		399,591
Intel Corp.	301,743		4,164,053
MEMC Electronic Materials, Inc.†	49,922		749,829
Texas Instruments, Inc.	65,900		1,026,063
Xilinx, Inc.#	95,400		1,560,744
			7,900,280
Electronic Forms — 1.2%
Adobe Systems, Inc.†	164,600		3,812,136
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.†	39,000		734,370
Electronics - Military — 0.5%
L-3 Communications Holdings, Inc.	22,100		1,484,457
Engineering/R&D Services — 1.6%
ABB, Ltd.†(1)	158,367		2,046,555
Fluor Corp.	63,758		2,903,539
			4,950,094
Enterprise Software/Service — 2.6%
BMC Software, Inc.†	92,785		2,315,914
Oracle Corp.†	344,472		5,542,554
			7,858,468
Finance - Investment Banker/Broker — 0.7%
The Charles Schwab Corp.#	113,300		2,076,789
Finance - Other Services — 0.3%
CME Group, Inc.	3,675		778,916
Instruments - Scientific — 1.3%
Thermo Fisher Scientific, Inc.†#	110,700		3,949,776
Insurance Brokers — 0.6%
AON Corp.	40,400		1,830,120
Insurance - Life/Health — 0.4%
Unum Group	87,300		1,300,770
Insurance - Property/Casualty — 1.0%
Chubb Corp.#	59,239		3,042,515
Internet Security — 1.0%
McAfee, Inc.†#	26,400		800,712
Symantec Corp.†#	186,100		2,238,783
			3,039,495
Investment Management/Advisor Services — 0.5%
Invesco, Ltd.#	120,300		1,509,765
Machinery - Construction & Mining — 0.2%
Joy Global, Inc.#	32,204		750,031
Medical Instruments — 1.1%
Medtronic, Inc.	70,100		2,139,452
St. Jude Medical, Inc.†	47,700		1,337,031
			3,476,483
Medical Labs & Testing Services — 0.5%
Laboratory Corp. of America Holdings†#	24,600		1,558,656
Medical Products — 5.2%
Baxter International, Inc.	98,158		5,192,558
Cardinal Health, Inc.	23,100		751,212

125

AIG Retirement Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical Products (continued)
Johnson & Johnson	144,128	$	8,443,018
Zimmer Holdings, Inc.†	37,500		1,399,500
			15,786,288
Medical - Biomedical/Gene — 7.3%
Amgen, Inc.†	127,400		7,075,796
Celgene Corp.†	35,000		1,823,500
Genentech, Inc.†	33,000		2,527,800
Genzyme Corp.†#	40,200		2,573,604
Gilead Sciences, Inc.†#	154,000		6,897,660
Life Technologies Corp.†#	54,346		1,418,431
			22,316,791
Medical - Drugs — 0.6%
Abbott Laboratories	37,900		1,985,581
Medical - Generic Drugs — 1.0%
Barr Pharmaceuticals, Inc.†	26,800		1,752,452
Mylan, Inc.†#	149,000		1,402,090
			3,154,542
Medical - HMO — 0.6%
UnitedHealth Group, Inc.	81,100		1,703,911
Metal - Diversified — 0.4%
Freeport-McMoRan Copper & Gold, Inc.#	26,790		642,692
Rio Tinto PLC ADR#	5,529		552,900
			1,195,592
Multimedia — 0.6%
News Corp., Class A	88,062		695,690
Time Warner, Inc.#	109,600		991,880
			1,687,570
Networking Products — 1.8%
Cisco Systems, Inc.†	328,796		5,438,286
Non-Hazardous Waste Disposal — 0.4%
Waste Management, Inc.	44,300		1,293,560
Oil & Gas Drilling — 1.0%
ENSCO International, Inc.#	46,989		1,522,913
Transocean, Inc.†#	23,060		1,542,253
			3,065,166
Oil Companies - Exploration & Production — 2.7%
Apache Corp.	11,400		881,220
Devon Energy Corp.	10,500		759,570
Occidental Petroleum Corp.	67,174		3,636,800
Ultra Petroleum Corp.†	18,300		743,529
XTO Energy, Inc.	60,900		2,328,816
			8,349,935
Oil Companies - Integrated — 2.4%
Exxon Mobil Corp.	76,071		6,097,091
Marathon Oil Corp.	51,914		1,359,108
			7,456,199
Oil Field Machinery & Equipment — 0.4%
National - Oilwell Varco, Inc.†	47,600		1,346,604
Oil-Field Services — 1.2%
Halliburton Co.	41,700		733,920
Schlumberger, Ltd.	49,650		2,519,241
Weatherford International, Ltd.†	27,900		356,283
			3,609,444
Pharmacy Services — 0.5%
Express Scripts, Inc.†	26,297		1,512,340

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Retail - Apparel/Shoe — 0.3%
American Eagle Outfitters, Inc.		94,700		$	909,120
Retail - Auto Parts — 0.7%
AutoZone, Inc.†		19,500			2,129,790
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.#		35,600			737,276
Retail - Discount — 2.7%
Target Corp.#		23,500			793,360
Wal - Mart Stores, Inc.#		135,900			7,594,092
					8,387,452
Retail - Drug Store — 1.6%
CVS Caremark Corp.		168,078			4,862,497
Retail - Office Supplies — 0.6%
Staples, Inc.#		109,200			1,895,712
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.†#		23,500			767,510
Retail - Restaurants — 1.5%
McDonald’s Corp.		75,600			4,441,500
Schools — 0.8%
Apollo Group, Inc., Class A†#		33,591			2,581,132
Telecom Equipment-Fiber Optics — 0.4%
Corning, Inc.		118,600			1,068,586
Telephone - Integrated — 0.7%
AT&T, Inc.		75,600			2,159,136
Transport - Rail — 2.3%
Burlington Northern Santa Fe Corp.		24,200			1,853,962
Norfolk Southern Corp.		37,300			1,845,231
Union Pacific Corp.#		65,800			3,292,632
					6,991,825
Web Portals/ISP — 2.3%
Google, Inc., Class A†		23,477			6,877,822
Wireless Equipment — 1.2%
QUALCOMM, Inc.		104,800			3,518,136
X-Ray Equipment — 0.5%
Hologic, Inc.†#		106,100			1,491,766
Total Long-Term Investment Securities
(cost $359,767,445)					289,144,091
SHORT-TERM INVESTMENT SECURITIES — 22.7%
Collective Investment Pool — 19.3%
Securities Lending Quality Trust(2)		61,596,752			59,009,688
Time Deposits — 3.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08	$	10,351,000			10,351,000
Total Short-Term Investment Securities
(cost $71,947,752)					69,360,688
REPURCHASE AGREEMENT — 2.3%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $7,136,000)		7,136,000			7,136,000
TOTAL INVESTMENTS
(cost $438,851,197)(4)		119.7	%		365,640,779
Liabilities in excess of other assets		(19.7	)		(60,246,062	)
NET ASSETS —		100.0	%	$	305,394,717

126

AIG Retirement Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

See Notes to Financial Statements

127

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	20.2	%
Electric — Integrated	5.8
Real Estate Investment Trusts	5.2
Banks — Commercial	4.2
Oil Companies — Exploration & Production	3.3
Gas — Distribution	2.3
Commercial Paper	2.3
Retail — Apparel/Shoe	2.2
Diversified Manufacturing Operations	2.2
Insurance — Property/Casualty	2.1
Schools	1.9
Chemicals — Specialty	1.5
Insurance — Multi-line	1.5
Savings & Loans/Thrifts	1.4
Data Processing/Management	1.4
Medical — Biomedical/Gene	1.4
Oil & Gas Drilling	1.3
Electronic Measurement Instruments	1.2
Medical Instruments	1.2
Machinery — General Industrial	1.2
Engineering/R&D Services	1.1
Building — Residential/Commercial	1.1
Electronic Components — Semiconductors	1.0
Retail — Discount	1.0
Retail — Auto Parts	1.0
Medical — Drugs	0.9
Food — Misc.	0.9
Commercial Services	0.9
Consulting Services	0.9
Computers — Integrated Systems	0.9
Machinery — Construction & Mining	0.8
Commercial Services — Finance	0.8
Insurance — Life/Health	0.8
Retail — Restaurants	0.8
Insurance — Reinsurance	0.7
Networking Products	0.7
Insurance Brokers	0.7
Internet Security	0.7
Electric Products — Misc.	0.7
Medical — Hospitals	0.7
Oil — Field Services	0.7
Investment Management/Advisor Services	0.7
Chemicals — Diversified	0.7
Transport — Truck	0.7
Containers — Paper/Plastic	0.7
Soap & Cleaning Preparation	0.6
Transport — Marine	0.6
Human Resources	0.6
Electronic Design Automation	0.6
Computer Aided Design	0.6
Telephone — Integrated	0.6
Electronic Parts Distribution	0.6
Non-Hazardous Waste Disposal	0.6
Paper & Related Products	0.6
E-Commerce/Services	0.6
Building Products — Cement	0.5
X-Ray Equipment	0.5
Finance — Investment Banker/Broker	0.5
Aerospace/Defense — Equipment	0.5
Coatings/Paint	0.5
Oil Field Machinery & Equipment	0.5
Enterprise Software/Service	0.5
Retail — Automobile	0.5
Metal Processors & Fabrication	0.5
Steel — Producers	0.5
Machine Tools & Related Products	0.5
U.S. Government Treasuries	0.5
Consumer Products — Misc.	0.5
Auto/Truck Parts & Equipment — Original	0.5
Medical Products	0.5

Beverages — Non-alcoholic	0.5
Research & Development	0.5
Computers — Memory Devices	0.5
Pipelines	0.5
Telecommunication Equipment	0.5
Industrial Gases	0.4
Water	0.4
Coal	0.4
Respiratory Products	0.4
Metal — Iron	0.4
Filtration/Separation Products	0.4
Medical — Generic Drugs	0.4
Distribution/Wholesale	0.4
Food — Meat Products	0.4
Semiconductor Equipment	0.4
Batteries/Battery Systems	0.4
Pharmacy Services	0.4
Hospital Beds/Equipment	0.4
Medical Labs & Testing Services	0.4
Medical Information Systems	0.4
Miscellaneous Manufacturing	0.3
Private Corrections	0.3
Machinery — Farming	0.3
Computer Services	0.3
Retail — Pet Food & Supplies	0.3
Diagnostic Equipment	0.3
Airlines	0.3
Food — Baking	0.3
Semiconductor Components — Integrated Circuits	0.3
Electronic Components — Misc.	0.3
Internet Infrastructure Software	0.3
Transport — Rail	0.3
Publishing — Books	0.3
Motion Pictures & Services	0.3
Diagnostic Kits	0.3
Cosmetics & Toiletries	0.3
Medical — Outpatient/Home Medical	0.3
Textile — Home Furnishings	0.3
Multimedia	0.3
Power Converter/Supply Equipment	0.2
Retail — Catalog Shopping	0.2
Medical Sterilization Products	0.2
Banks — Fiduciary	0.2
Veterinary Diagnostics	0.2
Rental Auto/Equipment	0.2
Computer Software	0.2
Telecom Services	0.2
Agricultural Chemicals	0.2
Funeral Services & Related Items	0.2
Toys	0.2
Building — Heavy Construction	0.2
Repurchase Agreements	0.2
Office Furnishings — Original	0.2
Physical Therapy/Rehabilitation Centers	0.2
Machinery — Print Trade	0.2
Transport — Equipment & Leasing	0.2
Medical — HMO	0.2
E-Marketing/Info	0.2
Machinery — Pumps	0.2
Hazardous Waste Disposal	0.2
Oil Refining & Marketing	0.2
Investment Companies	0.2
Containers — Metal/Glass	0.2
Advertising Sales	0.2
Industrial Automated/Robotic	0.2
Electronic Connectors	0.2
Instruments — Scientific	0.2
Food — Retail	0.2
Retail — Sporting Goods	0.2

128

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)

Industry Allocation* (continued)

Casino Services	0.2	%
Real Estate Management/Services	0.1
Finance — Auto Loans	0.1
Internet Infrastructure Equipment	0.1
Apparel Manufacturers	0.1
Intimate Apparel	0.1
Tobacco	0.1
Vitamins & Nutrition Products	0.1
Racetracks	0.1
Environmental Monitoring & Detection	0.1
Building — Maintance & Services	0.1
Food — Confectionery	0.1
Auction Houses/Art Dealers	0.1
Golf	0.1
Retail — Bookstores	0.1
Retail — Major Department Stores	0.1
Retail — Mail Order	0.1
Decision Support Software	0.1
Building — Mobile Home/Manufactured Housing	0.1
Transactional Software	0.1
Recreational Centers	0.1
Auto — Heavy Duty Trucks	0.1
Footwear & Related Apparel	0.1
Retail — Hair Salons	0.1
Wireless Equipment	0.1
	120.7	%

* Calculated as a percentage of net assets

129

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 97.5%
Advertising Sales — 0.2%
Lamar Advertising Co., Class A†#	171,900	$	2,556,153
Aerospace/Defense - Equipment — 0.5%
Alliant Techsystems, Inc.†#	74,700		6,140,340
BE Aerospace, Inc.†	224,600		1,837,228
			7,977,568
Agricultural Chemicals — 0.2%
Terra Industries, Inc.	231,500		3,405,365
Airlines — 0.3%
AirTran Holdings, Inc.†#	264,600		902,286
Alaska Air Group, Inc.†#	81,600		1,872,720
JetBlue Airways Corp.†#	413,800		2,168,312
			4,943,318
Apparel Manufacturers — 0.1%
Under Armour, Inc., Class A†#	82,600		1,898,974
Auction House/Art Dealers — 0.1%
Sotheby’s#	152,600		1,516,844
Auto - Heavy Duty Trucks — 0.1%
Oshkosh Corp.	169,000		1,183,000
Auto/Truck Parts & Equipment - Original — 0.5%
ArvinMeritor, Inc.#	167,100		660,045
BorgWarner, Inc.	263,500		6,234,410
Modine Manufacturing Co.	73,100		351,611
			7,246,066
Banks - Commercial — 4.2%
Associated Banc - Corp.#	289,000		6,279,970
BancorpSouth, Inc.#	162,400		3,611,776
Bank of Hawaii Corp.#	108,300		4,831,263
Cathay General Bancorp#	112,200		2,302,344
City National Corp.#	91,100		3,997,468
Colonial BancGroup, Inc.#	457,800		1,149,078
Commerce Bancshares, Inc.	149,205		6,536,671
Cullen/Frost Bankers, Inc.	134,000		7,264,140
FirstMerit Corp.#	183,000		4,026,000
Fulton Financial Corp.#	395,600		4,399,072
PacWest Bancorp#	55,500		1,476,300
SVB Financial Group†#	73,700		2,951,685
Synovus Financial Corp.#	635,400		5,286,528
TCF Financial Corp.#	261,300		4,363,710
Webster Financial Corp.	119,000		1,785,000
Westamerica Bancorp.#	65,700		3,492,612
			63,753,617
Banks - Fiduciary — 0.2%
Wilmington Trust Corp.#	152,600		3,691,394
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.†#	131,900		5,727,098
Beverages - Non-alcoholic — 0.5%
Hansen Natural Corp.†#	167,500		4,983,125
PepsiAmericas, Inc.	129,700		2,173,772
			7,156,897
Building & Construction Products - Misc. — 0.0%
Louisiana-Pacific Corp.#	205,800		475,398
Building & Construction - Misc. — 0.0%
Dycom Industries, Inc.†	89,100		529,254
Building Products - Cement — 0.5%
Martin Marietta Materials, Inc.#	93,800		8,220,632

Security Description	Shares	Market Value (Note 2)
Building - Heavy Construction — 0.2%
Granite Construction, Inc.#	74,700	$	3,203,883
Building - Maintance & Services — 0.1%
Rollins, Inc.	93,600		1,621,152
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.#	80,500		1,259,020
Building - Residential/Commercial — 1.1%
Hovnanian Enterprises, Inc., Class A†#	114,700		251,193
M.D.C Holdings, Inc.#	82,900		2,569,900
NVR, Inc.†#	12,400		5,384,700
Ryland Group, Inc.#	96,500		1,637,605
Toll Brothers, Inc.†	295,200		5,883,336
			15,726,734
Casino Hotels — 0.0%
Boyd Gaming Corp.#	129,200		568,480
Casino Services — 0.2%
Scientific Games Corp., Class A†#	147,200		2,209,472
Chemicals - Diversified — 0.7%
FMC Corp.	169,600		7,411,520
Olin Corp.	170,800		2,797,704
			10,209,224
Chemicals - Specialty — 1.5%
Albemarle Corp.	207,300		4,214,409
Ashland, Inc.	149,900		1,431,545
Cabot Corp.	145,600		3,012,464
Chemtura Corp.	548,500		915,995
Cytec Industries, Inc.	107,900		2,377,037
Ferro Corp.#	99,000		636,570
Lubrizol Corp.	153,500		5,390,920
Minerals Technologies, Inc.	42,800		2,009,460
Sensient Technologies Corp.	109,400		2,629,976
			22,618,376
Coal — 0.4%
Arch Coal, Inc.	327,300		5,033,874
Patriot Coal Corp.†#	143,700		1,217,139
			6,251,013
Coatings/Paint — 0.5%
RPM International, Inc.	294,800		3,534,652
Valspar Corp.	226,100		4,436,082
			7,970,734
Commercial Services — 0.9%
Alliance Data Systems Corp.†#	152,500		6,604,775
Quanta Services, Inc.†#	447,200		7,271,472
			13,876,247
Commercial Services - Finance — 0.8%
Deluxe Corp.	116,600		1,226,632
Global Payments, Inc.	180,900		6,543,153
Lender Processing Services, Inc.	189,200		4,173,752
			11,943,537
Computer Aided Design — 0.6%
Ansys, Inc.†	201,600		5,818,176
Parametric Technology Corp.†	261,300		3,020,628
			8,838,804
Computer Services — 0.3%
DST Systems, Inc.†#	97,000		3,667,570
SRA International, Inc.†	96,300		1,446,426
			5,113,996

130

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Computer Software — 0.2%
Metavante Technologies, Inc.†	203,300	$	3,510,991
Computers — 0.0%
Palm, Inc.†#	245,900		587,701
Computers - Integrated Systems — 0.9%
Diebold, Inc.	149,200		4,177,600
Jack Henry & Associates, Inc.	195,100		3,591,791
NCR Corp.†	370,600		5,625,708
			13,395,099
Computers - Memory Devices — 0.5%
Imation Corp.#	68,200		905,696
Western Digital Corp.†	502,000		6,124,400
			7,030,096
Consulting Services — 0.9%
Gartner, Inc.†#	134,200		2,061,312
Navigant Consulting, Inc.†	105,200		1,989,332
SAIC, Inc.†	436,000		7,760,800
The Corporate Executive Board Co.	77,100		1,777,926
			13,589,370
Consumer Products - Misc. — 0.5%
American Greetings Corp., Class A	102,900		1,185,408
Blyth, Inc.#	54,600		452,634
The Scotts Miracle-Gro Co., Class A	98,200		3,177,752
Tupperware Brands Corp.	140,900		2,771,503
			7,587,297
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A	77,300		2,562,495
Containers - Paper/Plastic — 0.7%
Packaging Corp. of America	234,800		3,505,564
Sonoco Products Co.	225,500		5,660,050
Temple-Inland, Inc.#	240,700		760,612
			9,926,226
Cosmetics & Toiletries — 0.3%
Alberto-Culver Co.	191,900		4,120,093
Data Processing/Management — 1.4%
Acxiom Corp.	152,900		1,148,279
Broadridge Financial Solutions, Inc.	318,100		3,626,340
Dun & Bradstreet Corp.	123,700		9,896,000
Fair Isaac Corp.#	109,900		1,553,986
SEI Investments Co.	303,700		4,695,202
			20,919,807
Decision Support Software — 0.1%
Wind River Systems, Inc.†#	157,100		1,310,214
Diagnostic Equipment — 0.3%
Affymetrix, Inc.†	158,900		435,386
Gen-Probe, Inc.†	122,900		4,528,865
			4,964,251
Diagnostic Kits — 0.3%
Idexx Laboratories, Inc.†#	134,800		4,166,668
Direct Marketing — 0.0%
Harte-Hanks, Inc.#	85,700		511,629
Distribution/Wholesale — 0.4%
Ingram Micro, Inc., Class A†	375,700		4,046,289
Tech Data Corp.†	114,500		1,996,880
			6,043,169

Security Description	Shares	Market Value (Note 2)
Diversified Manufacturing Operations — 2.2%
Carlisle Cos., Inc.#	138,300	$	2,936,109
Crane Co.	109,700		1,625,754
Federal Signal Corp.	107,600		755,352
Harsco Corp.	191,100		4,806,165
Matthews International Corp., Class A	70,100		2,862,183
Pentair, Inc.	224,200		5,573,612
SPX Corp.	122,800		4,582,896
Teleflex, Inc.	90,000		4,264,200
The Brink’s Co.	95,600		2,081,212
Trinity Industries, Inc.#	185,200		2,753,924
			32,241,407
E-Commerce/Services — 0.6%
NetFlix, Inc.†#	98,000		2,252,040
Priceline.com, Inc.†#	88,200		6,085,800
			8,337,840
E-Marketing/Info — 0.2%
Digital River, Inc.†	83,900		1,772,807
ValueClick, Inc.†	196,200		1,210,554
			2,983,361
Electric Products - Misc. — 0.7%
AMETEK, Inc.	241,900		8,449,567
Brinks Home Security Holdings, Inc.†	95,600		1,912,000
			10,361,567
Electric - Integrated — 5.8%
Alliant Energy Corp.	250,000		7,967,500
Black Hills Corp.#	87,100		2,248,051
DPL, Inc.#	257,500		5,361,150
Great Plains Energy, Inc.	268,203		5,039,534
Hawaiian Electric Industries, Inc.#	191,900		5,233,113
IDACORP, Inc.	102,700		3,122,080
MDU Resources Group, Inc.	415,300		8,443,049
Northeast Utilities	352,300		8,208,590
NSTAR#	242,100		8,594,550
NV Energy, Inc.	529,500		5,019,660
OGE Energy Corp.	209,100		5,539,059
PNM Resources, Inc.#	195,400		2,041,930
Puget Energy, Inc.	293,700		7,189,776
SCANA Corp.#	264,900		9,205,275
Westar Energy, Inc.	244,800		4,952,304
			88,165,621
Electronic Components - Misc. — 0.3%
Gentex Corp.#	321,500		2,819,555
Vishay Intertechnology, Inc.†	421,400		1,837,304
			4,656,859
Electronic Components - Semiconductors — 1.0%
Cree, Inc.†#	199,700		3,171,236
Fairchild Semiconductor International, Inc.†	282,800		1,128,372
International Rectifier Corp.†	165,000		1,928,850
Intersil Corp., Class A	280,100		2,537,706
Macrovision Solutions Corp.†#	188,900		2,221,464
Semtech Corp.†	139,700		1,581,404
Silicon Laboratories, Inc.†	108,400		2,272,064
			14,841,096
Electronic Connectors — 0.2%
Thomas & Betts Corp.†	130,600		2,480,094
Electronic Design Automation — 0.6%
Cadence Design Systems, Inc.†	589,100		2,273,926
Mentor Graphics Corp.†	209,200		1,418,376
Synopsys, Inc.†	326,400		5,232,192
			8,924,494

131

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Electronic Measurement Instruments — 1.2%
FLIR Systems, Inc.†#	315,500	$	9,786,810
National Instruments Corp.	128,400		3,095,724
Trimble Navigation, Ltd.†#	274,100		5,580,676
			18,463,210
Electronic Parts Distribution — 0.6%
Arrow Electronics, Inc.†	271,100		3,741,180
Avnet, Inc.†	340,900		4,854,416
			8,595,596
Engineering/R&D Services — 1.1%
KBR, Inc.#	384,800		5,298,696
The Shaw Group, Inc.†#	189,200		3,481,280
URS Corp.†	191,400		7,265,544
			16,045,520
Enterprise Software/Service — 0.5%
Advent Software, Inc.†#	37,600		838,480
ManTech International Corp., Class A†	47,000		2,557,740
Sybase, Inc.†#	182,400		4,494,336
			7,890,556
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#	67,400		1,647,930
Filtration/Separation Products — 0.4%
Donaldson Co., Inc.	178,200		6,098,004
Finance - Auto Loans — 0.1%
AmeriCredit Corp.†#	263,500		1,936,725
Finance - Investment Banker/Broker — 0.5%
Jefferies Group, Inc.#	272,200		3,386,168
Raymond James Financial, Inc.#	217,600		4,780,672
			8,166,840
Financial Guarantee Insurance — 0.0%
PMI Group, Inc.#	156,600		261,522
Food - Baking — 0.3%
Flowers Foods, Inc.#	181,400		4,857,892
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#	58,547		1,519,295
Food - Meat Products — 0.4%
Hormel Foods Corp.	158,800		4,217,728
Smithfield Foods, Inc.†#	265,100		1,805,331
			6,023,059
Food - Misc. — 0.9%
Corn Products International, Inc.	168,800		4,625,120
Lancaster Colony Corp.#	45,401		1,368,840
Ralcorp Holdings, Inc.†	127,500		7,976,400
			13,970,360
Food - Retail — 0.2%
Ruddick Corp.#	88,700		2,426,832
Footwear & Related Apparel — 0.1%
Timberland Co., Class A†	106,800		1,084,020
Funeral Services & Related Items — 0.2%
Service Corp. International	581,900		3,386,658
Gas - Distribution — 2.3%
AGL Resources, Inc.	173,800		5,233,118
Energen Corp.	162,500		5,005,000
National Fuel Gas Co.	184,600		6,005,038
Southern Union Co.	281,100		3,862,314
UGI Corp.	243,200		5,681,152

Security Description	Shares	Market Value (Note 2)
Gas - Distribution (continued)
Vectren Corp.	183,400	$	5,164,544
WGL Holdings, Inc.#	112,900		4,075,690
			35,026,856
Golf — 0.1%
Callaway Golf Co.	146,600		1,476,262
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†	45,300		2,859,789
Home Furnishings — 0.0%
Furniture Brands International, Inc.#	93,900		306,114
Hospital Beds/Equipment — 0.4%
Hill-Rom Holdings, Inc.#	141,600		2,908,464
Kinetic Concepts, Inc.†#	128,300		2,776,412
			5,684,876
Human Resources — 0.6%
Kelly Services, Inc., Class A	62,000		722,300
Korn/Ferry International†	107,900		1,328,249
Manpower, Inc.	180,000		5,666,400
MPS Group, Inc.†	210,400		1,392,848
			9,109,797
Industrial Automated/Robotic — 0.2%
Nordson Corp.#	77,300		2,508,385
Industrial Gases — 0.4%
Airgas, Inc.	187,000		6,685,250
Instruments - Scientific — 0.2%
Varian, Inc.†	66,600		2,437,560
Insurance Brokers — 0.7%
Arthur J. Gallagher & Co.	211,400		5,242,720
Brown & Brown, Inc.	261,400		5,201,860
			10,444,580
Insurance - Life/Health — 0.8%
Protective Life Corp.	158,300		1,475,356
Reinsurance Group America, Inc.	161,400		6,552,840
StanCorp Financial Group, Inc.	110,800		3,690,748
			11,718,944
Insurance - Multi-line — 1.5%
American Financial Group, Inc.	169,600		3,475,104
Hanover Insurance Group, Inc.	115,600		4,660,992
HCC Insurance Holdings, Inc.	259,800		6,055,938
Horace Mann Educators Corp.	88,200		751,464
Old Republic International Corp.	522,300		5,358,798
Unitrin, Inc.#	112,300		2,149,422
			22,451,718
Insurance - Property/Casualty — 2.1%
Fidelity National Financial, Inc., Class A#	478,800		5,903,604
First American Corp.	210,000		5,044,200
Mercury General Corp.#	80,600		3,666,494
Philadelphia Consolidated Holding Co.†	131,300		8,068,385
W.R. Berkley Corp.	317,500		9,026,525
			31,709,208
Insurance - Reinsurance — 0.7%
Everest Re Group, Ltd.	139,900		10,976,554
Internet Infrastructure Equipment — 0.1%
Avocent Corp.†	101,500		1,909,215
Internet Infrastructure Software — 0.3%
F5 Networks, Inc.†#	182,500		4,544,250

132

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Internet Security — 0.7%
McAfee, Inc.†	342,900	$	10,400,157
Intimate Apparel — 0.1%
The Warnaco Group, Inc.†	104,400		1,868,760
Investment Companies — 0.2%
Apollo Investment Corp.#	322,200		2,735,478
Investment Management/Advisor Services — 0.7%
Affiliated Managers Group, Inc.†#	92,600		2,592,800
Eaton Vance Corp.	263,000		5,028,560
Waddell & Reed Financial, Inc., Class A	194,100		2,608,704
			10,230,064
Machine Tools & Related Products — 0.5%
Kennametal, Inc.	173,500		3,244,450
Lincoln Electric Holdings, Inc.#	97,100		4,436,499
			7,680,949
Machinery - Construction & Mining — 0.8%
Bucyrus International, Inc.	169,700		3,314,241
Joy Global, Inc.	244,200		5,687,418
Terex Corp.†	220,300		3,141,478
			12,143,137
Machinery - Farming — 0.3%
AGCO Corp.†#	208,000		5,120,960
Machinery - General Industrial — 1.2%
IDEX Corp.	187,100		4,303,300
Roper Industries, Inc.#	203,200		9,300,464
Wabtec Corp.	109,800		4,237,182
			17,840,946
Machinery - Print Trade — 0.2%
Zebra Technologies Corp., Class A†	147,800		3,127,448
Machinery - Pumps — 0.2%
Graco, Inc.#	136,100		2,920,706
Medical Information Systems — 0.4%
Cerner Corp.†#	153,900		5,537,322
Medical Instruments — 1.2%
Beckman Coulter, Inc.	141,000		6,144,780
Edwards Lifesciences Corp.†	127,500		6,345,675
Techne Corp.	87,700		5,438,277
			17,928,732
Medical Labs & Testing Services — 0.4%
Covance, Inc.†#	142,900		5,584,532
Medical Products — 0.5%
Henry Schein, Inc.†	202,600		7,238,898
Medical Sterilization Products — 0.2%
STERIS Corp.	133,800		3,699,570
Medical - Biomedical/Gene — 1.4%
Bio-Rad Laboratories, Inc., Class A†	43,300		3,211,128
Charles River Laboratories International, Inc.†	153,800		3,506,640
PDL BioPharma, Inc.#	270,400		2,590,432
United Therapeutics Corp.†	51,800		2,840,194
Vertex Pharmaceuticals, Inc.†	337,800		8,306,502
			20,454,896
Medical - Drugs — 0.9%
Endo Pharmaceuticals Holdings, Inc.†	272,600		5,994,474
Medicis Pharmaceutical Corp., Class A#	128,500		1,571,555
Sepracor, Inc.†	246,800		2,902,368
Valeant Pharmaceuticals International†#	184,700		3,597,956
			14,066,353

Security Description	Shares	Market Value (Note 2)
Medical - Generic Drugs — 0.4%
Perrigo Co.#	176,000	$	6,056,160
Medical - HMO — 0.2%
Health Net, Inc.†	243,300		2,192,133
WellCare Health Plans, Inc.†	94,600		847,616
			3,039,749
Medical - Hospitals — 0.7%
Community Health Systems, Inc.†#	217,400		2,839,244
Health Management Associates, Inc., Class A†	552,800		807,088
LifePoint Hospitals, Inc.†#	120,700		2,421,242
Universal Health Services, Inc., Class B	115,300		4,283,395
			10,350,969
Medical - Nursing Homes — 0.0%
Kindred Healthcare, Inc.†	67,700		726,421
Medical - Outpatient/Home Medical — 0.3%
Lincare Holdings, Inc.†#	166,400		3,981,952
Metal Processors & Fabrication — 0.5%
Commercial Metals Co.	259,500		3,108,810
Timken Co.	192,400		2,791,724
Worthington Industries, Inc.#	135,600		1,800,768
			7,701,302
Metal - Iron — 0.4%
Cliffs Natural Resources, Inc.	257,300		6,110,875
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.	153,800		5,143,072
Motion Pictures & Services — 0.3%
DreamWorks Animation SKG, Inc., Class A†	182,400		4,213,440
Multimedia — 0.3%
FactSet Research Systems, Inc.	96,900		3,876,000
Networking Products — 0.7%
3Com Corp.†	916,200		1,841,562
Foundry Networks, Inc.†	333,700		5,169,013
Polycom, Inc.†	192,800		3,630,424
			10,640,999
Non-Hazardous Waste Disposal — 0.6%
Republic Services, Inc.	350,600		8,414,400
Office Furnishings - Original — 0.2%
Herman Miller, Inc.#	126,200		1,856,402
HNI Corp.#	100,200		1,337,670
			3,194,072
Oil & Gas Drilling — 1.3%
Helmerich & Payne, Inc.	238,500		6,048,360
Patterson-UTI Energy, Inc.	354,900		4,432,701
Pride International, Inc.†	392,300		6,359,183
Unit Corp.†	107,100		3,071,628
			19,911,872
Oil Companies - Exploration & Production — 3.3%
Bill Barrett Corp.†	83,800		1,874,606
Cimarex Energy Co.	188,300		5,342,071
Comstock Resources, Inc.†	104,300		4,373,299
Denbury Resources, Inc.†	559,500		5,332,035
Encore Acquisition Co.†	120,900		3,196,596
Equitable Resources, Inc.	296,600		9,897,542
Forest Oil Corp.†#	220,200		3,842,490
Mariner Energy, Inc.†	201,400		2,213,386
Newfield Exploration Co.†	299,600		6,764,968

133

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Plains Exploration & Production Co.†	243,900	$	5,646,285
Quicksilver Resources, Inc.†	256,700		1,599,241
			50,082,519
Oil Field Machinery & Equipment — 0.5%
FMC Technologies, Inc.†	288,800		7,933,336
Oil Refining & Marketing — 0.2%
Frontier Oil Corp.	235,400		2,810,676
Oil-Field Services — 0.7%
Exterran Holdings, Inc.†#	149,100		2,616,705
Helix Energy Solutions Group, Inc.†#	208,200		1,338,726
Oceaneering International, Inc.†	125,500		3,240,410
Superior Energy Services, Inc.†	183,100		3,085,235
			10,281,076
Optical Supplies — 0.0%
Advanced Medical Optics, Inc.†#	118,100		686,161
Paper & Related Products — 0.6%
Potlatch Corp.	89,600		2,390,528
Rayonier, Inc.	178,200		5,951,880
			8,342,408
Pharmacy Services — 0.4%
Omnicare, Inc.#	235,800		5,685,138
Physical Therapy/Rehabilitation Centers — 0.2%
Psychiatric Solutions, Inc.†#	126,200		3,192,860
Pipelines — 0.5%
ONEOK, Inc.	236,700		6,944,778
Power Converter/Supply Equipment — 0.2%
Hubbell, Inc., Class B	127,300		3,806,270
Private Corrections — 0.3%
Corrections Corp. of America†	284,100		5,139,369
Publishing - Books — 0.3%
John Wiley & Sons, Inc., Class A	98,000		3,524,080
Scholastic Corp.#	60,100		917,727
			4,441,807
Racetracks — 0.1%
International Speedway Corp., Class A	64,200		1,665,990
Real Estate Investment Trusts — 5.2%
Alexandria Real Estate Equities, Inc.#	72,800		3,223,584
AMB Property Corp.	222,200		3,826,284
BRE Properties, Inc.#	115,700		3,396,952
Camden Property Trust#	120,500		3,189,635
Cousins Properties, Inc.#	98,900		1,066,142
Duke Realty Corp.#	332,600		2,730,646
Equity One, Inc.#	71,900		1,189,945
Essex Property Trust, Inc.#	58,000		5,015,260
Federal Realty Investment Trust#	133,600		7,727,424
Health Care REIT, Inc.	231,000		8,778,000
Highwoods Properties, Inc.	143,000		3,414,840
Hospitality Properties Trust	212,700		2,437,542
Liberty Property Trust	222,200		4,248,464
Mack-Cali Realty Corp.	149,000		2,826,530
Nationwide Health Properties, Inc.	219,400		4,965,022
Realty Income Corp.#	229,500		4,633,605
Regency Centers Corp.	158,600		5,647,746
The Macerich Co.#	169,200		2,277,432
UDR, Inc.#	307,500		4,652,475
Weingarten Realty Investors, Inc.#	169,300		2,414,218
			77,661,746

Security Description	Shares	Market Value (Note 2)
Real Estate Management/Services — 0.1%
Jones Lang LaSalle, Inc.#	91,600	$	2,182,828
Recreational Centers — 0.1%
Life Time Fitness, Inc.†#	79,100		1,184,127
Rental Auto/Equipment — 0.2%
Rent-A-Center, Inc.†	151,100		2,479,551
United Rentals, Inc.†#	134,500		1,085,415
			3,564,966
Research & Development — 0.5%
Pharmaceutical Product Development, Inc.	270,000		7,111,800
Respiratory Products — 0.4%
ResMed, Inc.†	171,300		6,225,042
Retail - Apparel/Shoe — 2.2%
Aeropostale, Inc.†#	151,600		2,292,192
American Eagle Outfitters, Inc.	466,500		4,478,400
AnnTaylor Stores Corp.†	129,300		580,557
Chico’s FAS, Inc.†#	399,600		1,018,980
Collective Brands, Inc.†#	144,700		1,106,955
Foot Locker, Inc.	351,100		2,362,903
Guess?, Inc.	136,600		1,807,218
Hanesbrands, Inc.†	212,600		2,746,792
J Crew Group, Inc.†#	117,500		1,191,450
Pacific Sunwear of California, Inc.†#	148,700		224,537
Phillips-Van Heusen Corp.	116,600		2,033,504
Ross Stores, Inc.	298,100		7,899,650
Urban Outfitters, Inc.†#	257,900		4,686,043
			32,429,181
Retail - Auto Parts — 1.0%
Advance Auto Parts, Inc.	216,900		6,585,084
O’Reilly Automotive, Inc.†	303,700		7,917,459
			14,502,543
Retail - Automobile — 0.5%
CarMax, Inc.†#	499,300		3,799,673
Copart, Inc.†#	148,300		3,955,161
			7,754,834
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.	83,400		1,316,052
Borders Group, Inc.#	136,900		146,483
			1,462,535
Retail - Catalog Shopping — 0.2%
Coldwater Creek, Inc.†#	106,800		205,056
MSC Industrial Direct Co., Inc., Class A#	102,700		3,554,447
			3,759,503
Retail - Discount — 1.0%
99 Cents Only Stores†#	106,200		1,144,836
BJ’s Wholesale Club, Inc.†#	134,600		4,815,988
Dollar Tree, Inc.†	205,000		8,683,800
			14,644,624
Retail - Hair Salons — 0.1%
Regis Corp.	97,700		1,073,723
Retail - Mail Order — 0.1%
Williams-Sonoma, Inc.#	196,100		1,374,661
Retail - Major Department Stores — 0.1%
Saks, Inc.†#	321,300		1,384,803
Retail - Pet Food & Supplies — 0.3%
PetSmart, Inc.	287,000		5,036,850

134

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants — 0.8%
Bob Evans Farms, Inc.	70,100	$	1,175,577
Brinker International, Inc.	229,500		1,523,880
Chipotle Mexican Grill, Inc., Class A†#	74,800		3,708,584
The Cheesecake Factory, Inc.†	135,300		984,984
Wendy’s/Arby’s Group, Inc., Class A Class A	1,059,500		4,259,190
			11,652,215
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.†#	192,400		2,426,164
Savings & Loans/Thrifts — 1.4%
Astoria Financial Corp.#	182,200		3,363,412
First Niagara Financial Group, Inc.#	265,200		4,113,252
New York Community Bancorp, Inc.#	778,500		10,159,425
Washington Federal, Inc.#	199,000		3,361,110
			20,997,199
Schools — 1.9%
Career Education Corp.†#	166,600		3,078,768
Corinthian Colleges, Inc.†#	193,500		3,111,480
DeVry, Inc.	139,200		8,001,216
ITT Educational Services, Inc.†#	71,300		6,422,704
Strayer Education, Inc.	32,400		7,763,364
			28,377,532
Semiconductor Components - Integrated Circuits — 0.3%
Atmel Corp.†	1,009,900		2,827,720
Integrated Device Technology, Inc.†	384,300		1,986,831
			4,814,551
Semiconductor Equipment — 0.4%
Lam Research Corp.†	284,300		5,742,860
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.	158,800		9,439,072
Steel - Producers — 0.5%
Carpenter Technology Corp.	100,600		1,675,996
Reliance Steel & Aluminum Co.	144,500		2,979,590
Steel Dynamics, Inc.	366,500		3,027,290
			7,682,876
Telecom Services — 0.2%
NeuStar, Inc., Class A†#	178,600		3,420,190
Telecommunication Equipment — 0.5%
ADC Telecommunications, Inc.†#	266,600		1,895,526
ADTRAN, Inc.	126,400		1,794,880
CommScope, Inc.†#	159,266		1,798,113
Plantronics, Inc.	110,900		1,409,539
			6,898,058
Telephone - Integrated — 0.6%
Cincinnati Bell, Inc.†	531,800		920,014
Telephone and Data Systems, Inc.	241,200		7,826,940
			8,746,954
Television — 0.0%
Belo Corp., Class A	198,200		382,526
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†	127,200		3,910,128
Tobacco — 0.1%
Universal Corp.#	57,600		1,841,472

Security Description	Shares/ Principal Amount		Market Value (Note 2)
Toys — 0.2%
Marvel Entertainment, Inc.†#		111,200	$	3,274,840
Transactional Software — 0.1%
ACI Worldwide, Inc†#		78,000		1,224,600
Transport - Equipment & Leasing — 0.2%
GATX Corp.		110,300		3,104,945
Transport - Marine — 0.6%
Alexander & Baldwin, Inc.#		93,800		2,424,730
Overseas Shipholding Group, Inc.#		57,300		2,123,538
Tidewater, Inc.#		116,800		4,611,264
				9,159,532
Transport - Rail — 0.3%
Kansas City Southern†		206,100		4,517,712
Transport - Truck — 0.7%
Con-way, Inc.		103,600		2,897,692
J.B. Hunt Transport Services, Inc.#		185,100		4,962,531
Werner Enterprises, Inc.#		96,400		1,675,432
YRC Worldwide, Inc.†#		129,700		516,206
				10,051,861
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#		191,300		3,644,265
Vitamins & Nutrition Products — 0.1%
NBTY, Inc.†		123,200		1,795,024
Water — 0.4%
Aqua America, Inc.#		305,400		6,624,126
Wireless Equipment — 0.1%
RF Micro Devices, Inc.†#		592,100		787,493
X-Ray Equipment — 0.5%
Hologic, Inc.†#		580,900		8,167,454
Total Long-Term Investment Securities
(cost $2,231,144,522)				1,470,123,066
SHORT-TERM INVESTMENT SECURITIES — 23.0%
Collective Investment Pool — 20.2%
Securities Lending Quality Trust(1)		318,157,001		304,794,407
Commercial Paper — 2.3%
Erste Finance LLC 0.50% due 12/01/08	$	34,000,000		34,000,000
U.S. Government Treasuries — 0.5%
United States Treas Bills 0.02% due 01/22/09(2)		680,000		679,981
0.04% due 02/05/09(2)		1,750,000		1,749,872
0.06% due 01/08/09(2)		500,000		499,968
0.07% due 01/15/09(2)		1,300,000		1,299,886
0.08% due 01/08/09(2)		1,100,000		1,099,907
0.09% due 01/08/09(2)		300,000		299,973
0.10% due 12/26/08(2)		70,000		69,995
0.12% due 12/26/08(2)		145,000		144,988
0.17% due 12/26/08(2)		275,000		274,996
0.18% due 12/26/08(2)		285,000		284,964
0.30% due 12/26/08(2)		70,000		69,986
0.35% due 01/08/09(2)		1,200,000		1,199,956
				7,674,472
Total Short-Term Investment Securities
(cost $359,831,473 )				346,468,879

135

AIG Retirement Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENT — 0.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $3,203,003 and collateralized by Federal Home Loan Bank Notes, bearing interest at 6.63%, due 11/15/10 and having an approximate value of $3,300,975 (Cost $3,203,000)	$	3,203,000		$	3,203,000
TOTAL INVESTMENTS
(cost $2,594,178,995)(3)		120.7	%		1,819,794,945
Liabilities in excess of other assets		(20.7	)		(312,230,842	)
NET ASSETS —		100.0	%	$	1,507,564,103

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2)

(2) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
905 Long	S&P Midcap 400 E-mini Index	December 2008	$	44,720,345	$	46,517,000	$	1,796,655

See Notes to Financial Statements

136

AIG Retirement Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	24.7	%
Oil Companies — Exploration & Production	13.5
Schools	7.5
Time Deposits	5.7
Building Products — Cement	3.4
Transport — Services	3.1
Electronic Components — Semiconductors	2.7
Medical Instruments	2.7
E-Commerce/Services	2.6
Pharmacy Services	2.5
Distribution/Wholesale	2.2
Building — Residential/Commercial	1.9
Engineering/R&D Services	1.8
Applications Software	1.8
Retail — Apparel/Shoe	1.8
Diversified Financial Services	1.6
Internet Application Software	1.6
Commercial Services — Finance	1.6
Commercial Services	1.5
Diversified Operations	1.5
Retail — Restaurants	1.4
Broadcast Services/Program	1.4
Medical — Biomedical/Gene	1.4
Casino Hotels	1.4
Medical — Drugs	1.3
Finance — Investment Banker/Broker	1.3
Wire & Cable Products	1.2
Finance — Credit Card	1.2
Power Converter/Supply Equipment	1.1
Machinery — Pumps	1.1
Electronic Measurement Instruments	1.1
Internet Content — Information/News	1.0
Retail — Regional Department Stores	1.0
Computer Services	1.0
Savings & Loans/Thrifts	1.0
Machinery — General Industrial	0.9
Metal — Iron	0.9
Metal Processors & Fabrication	0.9
Diagnostic Equipment	0.9
Energy — Alternate Sources	0.9
Real Estate Operations & Development	0.9
Metal — Diversified	0.8
Casino Services	0.8
Oil Refining & Marketing	0.8
Chemicals — Diversified	0.8
Computers — Memory Devices	0.8
Internet Infrastructure Software	0.8
Investment Management/Advisor Services	0.7
Transport — Truck	0.7
Medical — Generic Drugs	0.7
Water Treatment Systems	0.7
Machinery — Farming	0.7
Banks — Commercial	0.7
Consulting Services	0.6
Hazardous Waste Disposal	0.6
Patient Monitoring Equipment	0.6
Airport Development/Maintenance	0.6
Apparel Manufacturers	0.6
Cellular Telecom	0.5
Machinery — Construction & Mining	0.5
Banks — Fiduciary	0.5
Insurance — Property/Casualty	0.5
Retail — Auto Parts	0.5
Computers — Integrated Systems	0.5
Web Portals/ISP	0.5
Web Hosting/Design	0.5
Advertising Services	0.5
Human Resources	0.4
E-Commerce/Products	0.4

Agricultural Chemicals	0.4
Textile — Home Furnishings	0.3
	127.0	%

* Calculated as a percentage of net assets

137

AIG Retirement Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 96.6%
Advertising Services — 0.5%
Groupe Aeroplan, Inc.	129,565	$	825,896
Agricultural Chemicals — 0.4%
Intrepid Potash, Inc.†#	33,676		646,579
Airport Development/Maintenance — 0.6%
Grupo Aeroportuario del Pacifico SA de CV ADR#	47,405		1,052,391
Apparel Manufacturers — 0.6%
Under Armour, Inc., Class A†#	45,500		1,046,045
Applications Software — 1.8%
Citrix Systems, Inc.†	52,300		1,394,318
Salesforce.com, Inc.†#	65,072		1,862,361
			3,256,679
Banks - Commercial — 0.7%
TCF Financial Corp.#	72,100		1,204,070
Banks - Fiduciary — 0.5%
Northern Trust Corp.	20,000		917,800
Broadcast Services/Program — 1.4%
Discovery Communications, Inc., Class A†#	48,519		727,785
Discovery Communications, Inc., Class C†	58,109		879,189
Grupo Televisa SA ADR	63,808		948,187
			2,555,161
Building Products - Cement — 3.4%
Eagle Materials, Inc.#	114,400		2,402,400
Martin Marietta Materials, Inc.#	34,735		3,044,176
Texas Industries, Inc.#	21,740		670,896
			6,117,472
Building - Residential/Commercial — 1.9%
Gafisa SA#	63,980		515,679
NVR, Inc.†#	2,345		1,018,316
Pulte Homes, Inc.#	179,400		1,910,610
			3,444,605
Casino Hotels — 1.4%
Wynn Resorts, Ltd.†#	62,401		2,484,808
Casino Services — 0.8%
Bally Technologies, Inc.†#	78,190		1,444,169
Cellular Telecom — 0.5%
NII Holdings, Inc.†	51,116		993,695
Chemicals - Diversified — 0.8%
FMC Corp.	24,800		1,083,760
Rockwood Holdings, Inc.†	37,929		339,085
			1,422,845
Commercial Services — 1.5%
Alliance Data Systems Corp.†#	38,900		1,684,759
Quanta Services, Inc.†#	61,000		991,860
			2,676,619
Commercial Services - Finance — 1.6%
H&R Block, Inc.	60,600		1,159,278
Morningstar, Inc.†#	51,357		1,653,695
			2,812,973
Computer Services — 1.0%
IHS, Inc.†	48,918		1,775,234
Computers - Integrated Systems — 0.5%
Teradata Corp.†	66,391		891,631
Computers - Memory Devices — 0.8%
NetApp, Inc.†	102,800		1,387,800

Security Description	Shares	Market Value (Note 2)
Consulting Services — 0.6%
The Corporate Executive Board Co.	50,577	$	1,166,306
Diagnostic Equipment — 0.9%
Gen-Probe, Inc.†	42,035		1,548,990
Distribution/Wholesale — 2.2%
Fastenal Co.#	46,300		1,783,013
Li & Fung, Ltd.(4)	1,191,071		2,167,867
			3,950,880
Diversified Financial Services — 1.6%
IntercontinentalExchange, Inc.†	38,696		2,848,026
Diversified Operations — 1.5%
Leucadia National Corp.#	135,705		2,653,033
E-Commerce/Products — 0.4%
Amazon.com, Inc.†	17,750		757,925
E-Commerce/Services — 2.6%
Alibaba.com, Ltd.†(4)	1,230,600		680,944
Ctrip.com International, Ltd. ADR#	78,716		1,831,721
Priceline.com, Inc.†#	30,695		2,117,955
			4,630,620
Electronic Components - Semiconductors — 2.7%
Broadcom Corp., Class A†#	105,100		1,609,081
Microsemi Corp.†	113,400		2,210,166
QLogic Corp.†#	100,900		1,071,558
			4,890,805
Electronic Measurement Instruments — 1.1%
FLIR Systems, Inc.†#	65,600		2,034,912
Energy - Alternate Sources — 0.9%
Covanta Holding Corp.†#	77,466		1,545,447
Engineering/R&D Services — 1.8%
Aecom Technology Corp.†	45,702		1,210,646
Fluor Corp.	46,400		2,113,056
			3,323,702
Finance - Credit Card — 1.2%
Redecard SA	192,351		2,217,909
Finance - Investment Banker/Broker — 1.3%
Greenhill & Co., Inc.#	15,808		1,076,525
TD Ameritrade Holding Corp.†	101,300		1,347,290
			2,423,815
Hazardous Waste Disposal — 0.6%
Stericycle, Inc.†	19,200		1,100,160
Human Resources — 0.4%
Monster Worldwide, Inc.†#	69,437		796,442
Insurance - Property/Casualty — 0.5%
Alleghany Corp.†#	3,451		914,515
Internet Application Software — 1.6%
Tencent Holdings, Ltd.(4)	511,000		2,813,355
Internet Content - Information/News — 1.0%
Baidu.com ADR†#	13,833		1,879,628
Internet Infrastructure Software — 0.8%
F5 Networks, Inc.†#	55,700		1,386,930
Investment Management/Advisor Services — 0.7%
Calamos Asset Management, Inc., Class A#	88,956		362,051
T. Rowe Price Group, Inc.#	29,100		995,511
			1,357,562

138

AIG Retirement Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Machinery - Construction & Mining — 0.5%
Bucyrus International, Inc.#	48,800	$	953,064
Machinery - Farming — 0.7%
AGCO Corp.†	49,000		1,206,380
Machinery - General Industrial — 0.9%
The Manitowoc Co., Inc.	205,900		1,622,492
Machinery - Pumps — 1.1%
Flowserve Corp.	40,800		2,053,464
Medical Instruments — 2.7%
Edwards Lifesciences Corp.†	19,800		985,446
Intuitive Surgical, Inc.†#	7,118		943,349
Techne Corp.	46,214		2,865,730
			4,794,525
Medical - Biomedical/Gene — 1.4%
Illumina, Inc.†#	114,928		2,529,565
Medical - Drugs — 1.3%
Cephalon, Inc.†#	33,200		2,439,536
Medical - Generic Drugs — 0.7%
Teva Pharmaceutical Industries, Ltd. ADR	29,500		1,272,925
Metal Processors & Fabrication — 0.9%
Precision Castparts Corp.	25,400		1,592,580
Metal - Diversified — 0.8%
Freeport-McMoRan Copper & Gold, Inc.	63,900		1,532,961
Metal - Iron — 0.9%
Cliffs Natural Resources, Inc.	68,300		1,622,125
Oil Companies - Exploration & Production — 13.5%
Continental Resources, Inc.†#	92,100		1,800,555
PetroHawk Energy Corp.†#	147,095		2,569,750
Plains Exploration & Production Co.†	58,000		1,342,700
Questar Corp.	31,304		1,007,676
Range Resources Corp.	93,050		3,858,783
Southwestern Energy Co.†	265,679		9,131,387
Ultra Petroleum Corp.†	116,460		4,731,770
			24,442,621
Oil Refining & Marketing — 0.8%
Frontier Oil Corp.#	119,900		1,431,606
Patient Monitoring Equipment — 0.6%
Mindray Medical International, Ltd., Class A ADR#	60,721		1,097,836
Pharmacy Services — 2.5%
Express Scripts, Inc.†	33,400		1,920,834
Ironwood Pharmaceutical, Inc.(1)	59,853		718,236
Omnicare, Inc.#	76,000		1,832,360
			4,471,430
Power Converter/Supply Equipment — 1.1%
Sunpower Corp., Class A†#	59,400		2,062,962
Real Estate Operations & Development — 0.9%
Brookfield Asset Management, Inc. Class A	106,782		1,545,136
Retail - Apparel/Shoe — 1.8%
Abercrombie & Fitch Co., Class A#	48,583		939,109
Lululemon Athletica, Inc.†#	50,200		492,964
Urban Outfitters, Inc.†#	99,100		1,800,647
			3,232,720
Retail - Auto Parts — 0.5%
AutoZone, Inc.†	8,200		895,604
Retail - Regional Department Stores — 1.0%
Kohl’s Corp.†	56,100		1,832,226

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Retail - Restaurants — 1.4%
Panera Bread Co., Class A†#		22,000		$	977,680
Starbucks Corp.†		183,036			1,634,511
					2,612,191
Savings & Loans/Thrifts — 1.0%
People’s United Financial, Inc.#		92,700			1,767,789
Schools — 7.5%
Apollo Group, Inc., Class A†#		34,900			2,681,716
DeVry, Inc.		28,200			1,620,936
ITT Educational Services, Inc.†#		32,896			2,963,272
New Oriental Education & Technology Group, Inc. ADR†		31,847			1,643,623
Strayer Education, Inc.#		19,582			4,692,043
					13,601,590
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†		18,238			560,636
Transport - Services — 3.1%
C.H. Robinson Worldwide, Inc.#		46,678			2,384,312
Expeditors International of Washington, Inc.		96,775			3,235,188
					5,619,500
Transport - Truck — 0.7%
J.B. Hunt Transport Services, Inc.#		47,700			1,278,837
Water Treatment Systems — 0.7%
Nalco Holding Co.#		110,533			1,261,181
Web Hosting/Design — 0.5%
Equinix, Inc.†#		18,546			842,174
Web Portals/ISP — 0.5%
Yahoo!, Inc.†		76,600			881,666
Wire & Cable Products — 1.2%
General Cable Corp.†		136,600			2,255,266
Total Long-Term Investment Securities
(cost $242,501,216)					174,510,022
SHORT-TERM INVESTMENT SECURITIES — 30.4%
Collective Investment Pool — 24.7%
Securities Lending Quality Trust(2)		46,619,481			44,661,463
Time Deposits — 5.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08	$	1,747,000			1,747,000
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08		8,588,000			8,588,000
					10,335,000
Total Short-Term Investment Securities
(cost $56,954,481)					54,996,463
TOTAL INVESTMENTS
(cost $299,455,697)(3)		127.0	%		229,506,485
Liabilities in excess of other assets		(27.0	)		(48,815,359	)
NET ASSETS —		100.0	%	$	180,691,126

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) Fair valued security; see Note 2

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

(4) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR American Deposity Receipt

See Notes to Financial Statements

139

AIG Retirement Company I Money Market I Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

U.S. Government Agency	59.4	%
Money Center Banks	16.1
Foreign Banks	5.4
Commercial Banks — Canadian	3.7
Super-Regional Banks — U.S.	3.7
Asset Backed CP/Receivables	3.4
Finance	3.4
Cosmetics-Toiletries	1.3
Asset Backed CP/Multi-Asset	1.2
Diversified Financial Services	1.2
U.S. Government Securities	1.2
	100.0	%
Weighted Average Days to Maturity	68.6

Credit Quality@#

A-1	100.0	%
D	0.0
	100.0	%

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

140

AIG Retirement Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Principal Amount		Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 93.7%
Asset-Backed Commercial Paper — 4.6%
Cancara Asset Securitisation LLC 2.40% due 01/08/09*	$	7,500,000	$	7,481,000
Kitty Hawk Funding Corp. 1.05% due 12/08/08*		7,700,000		7,698,428
Ranger Funding Co. LLC 1.00% due 12/19/08*		5,225,000		5,222,387
Ranger Funding Co. LLC 1.40% due 01/23/09*		7,600,000		7,584,336
Total Asset-Backed Commercial Paper
(amortized cost $27,986,151)				27,986,151
Certificates of Deposit — 14.1%
Bank of America NA 2.25% due 05/11/09		7,650,000		7,650,000
Bank of America NA 2.73% due 01/20/09		7,400,000		7,400,000
Bank of America NA 2.85% due 12/08/08		7,200,000		7,200,000
Barclays Bank PLC 1.84% due 02/11/09		2,900,000		2,896,431
J.P. Morgan Chase Bank 1.35% due 01/20/09		7,600,000		7,600,000
J.P. Morgan Chase Bank 1.40% due 02/20/09		7,600,000		7,600,000
Royal Bank Of Canada 2.50% due 12/22/08		7,400,000		7,400,000
Royal Bank Of Canada 2.66% due 12/08/08		7,600,000		7,602,444
Royal Bank Of Canada 4.61% due 04/16/09		7,650,000		7,652,931
Royal Bank of Scotland 2.89% due 12/29/08		7,300,000		7,300,219
Royal Bank Of Scotland 3.18% due 12/12/08		7,350,000		7,350,080
UBS AG 2.05% due 01/06/09		7,500,000		7,500,000
Total Certificates of Deposit
(amortized cost $85,152,105)				85,152,105
Commercial Paper — 13.5%
Barclays U.S. Funding LLC 2.70% due 12/02/08		7,300,000		7,299,453
General Electric Capital Corp. 2.30% due 12/05/08		7,400,000		7,398,109
General Electric Co. 1.60% due 12/31/08		7,500,000		7,490,000
HSBC Bank USA 2.73% due 12/02/08		7,300,000		7,299,447
HSBC USA, Inc. 1.95% due 02/12/09		7,600,000		7,569,948
J.P. Morgan Chase & Co. 0.50% due 12/01/08		7,600,000		7,600,000
Lloyds Bank PLC 1.90% due 02/17/09		7,600,000		7,598,351
Proctor & Gamble Co. 1.20% due 02/19/09*		7,600,000		7,579,733
Rabobank Nederland NV 2.12% due 01/05/09		7,400,000		7,400,143
Svenska Handelsbank, Inc. 2.70% due 12/03/08		7,300,000		7,298,905
UBS Finance Delaware LLC 0.75% due 12/01/08		7,000,000		7,000,000
Total Commercial Paper
(amortized cost $81,534,089)				81,534,089

Security Description	Principal Amount		Market Value (Note 2)
Corporate Notes — 0.0%
Cheyne Finance LLC 5.20% due 01/07/08†*(1)(2)(3)(4)(5) (amortized cost $50,549)	$	1,955,656	$	50,549
Medium Term Notes — 0.9%
General Electric Capital Corp. 4.25% due 01/05/09 (amortized cost $5,510,589)		5,500,000		5,510,589
U.S. Government Agencies — 59.4%
Federal Home Loan Bank 1.22% due 04/23/09		3,000,000		2,985,700
1.30% due 12/09/08		7,400,000		7,397,862
1.32% due 05/11/09		7,500,000		7,455,725
1.45% due 05/01/09		7,500,000		7,454,385
1.50% due 07/17/09		5,800,000		5,744,900
1.70% due 05/18/09		7,700,000		7,638,913
1.80% due 05/13/09		7,700,000		7,637,245
1.80% due 11/16/09		7,600,000		7,467,000
1.90% due 12/12/08		7,400,000		7,395,704
2.00% due 01/05/09		7,400,000		7,385,611
2.03% due 04/23/09		7,650,000		7,670,077
2.12% due 03/03/09		7,400,000		7,359,909
2.15% due 01/20/09		7,400,000		7,377,903
2.19% due 12/10/08		7,300,000		7,296,003
2.20% due 04/01/09		5,500,000		5,498,409
2.30% due 01/15/09		7,000,000		6,998,918
2.30% due 04/30/09		7,400,000		7,329,083
2.35% due 12/17/08		7,400,000		7,392,271
2.35% due 12/19/08		7,400,000		7,391,305
2.35% due 12/26/08		7,400,000		7,387,924
2.40% due 01/09/09		7,400,000		7,380,760
2.40% due 01/14/09		7,400,000		7,378,293
2.40% due 01/26/09		5,800,000		5,778,347
2.46% due 12/04/08		7,300,000		7,298,504
2.47% due 12/02/08		5,700,000		5,699,609
2.51% due 05/07/09		7,300,000		7,295,801
2.54% due 02/04/09		7,400,000		7,366,063
2.60% due 02/27/09		7,400,000		7,352,969
2.61% due 12/01/08		6,000,000		6,000,000
2.65% due 03/16/09		7,400,000		7,342,804
2.70% due 12/31/08		5,900,000		5,886,725
2.70% due 01/05/09		5,900,000		5,884,513
2.70% due 01/06/09		7,500,000		7,479,750
2.70% due 01/16/09		7,500,000		7,474,125
2.70% due 02/11/09		5,700,000		5,669,220
2.75% due 12/02/08		5,900,000		5,899,549
2.80% due 12/17/08		5,900,000		5,892,658
2.80% due 12/26/08		5,900,000		5,888,528
2.90% due 05/18/09		7,400,000		7,299,853
3.00% due 01/07/09		7,300,000		7,277,492
3.00% due 04/20/09		7,400,000		7,313,667
3.00% due 04/21/09		7,400,000		7,313,050
3.00% due 04/22/09		7,400,000		7,312,433
3.00% due 04/23/09		7,400,000		7,311,817
3.00% due 04/24/09		7,400,000		7,311,200
3.00% due 04/29/09		7,400,000		7,308,117
3.10% due 04/15/09		7,400,000		7,313,975
Federal National Mtg. Assoc.
1.00% due 04/20/09		15,200,000		15,140,889
1.05% due 05/01/09		7,600,000		7,566,528
2.09% due 12/08/08		5,600,000		5,597,724
2.90% due 12/24/08		5,800,000		5,789,254
Total U.S. Government Agencies
(amortized cost $359,089,064)				359,089,064

141

AIG Retirement Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
U.S. Government Treasuries — 1.2%
United States Treasury Bills 1.26% due 07/02/09
(amortized cost $7,444,087)	$	7,500,000		$	7,444,087
Total Short-Term Investment Securities — 93.7%
(amortized cost $566,766,634)					566,766,634
REPURCHASE AGREEMENT — 6.3%
UBS Securities, LLC Joint Repurchase Agreement(6) (amortized cost $38,039,000)		38,039,000			38,039,000
TOTAL INVESTMENTS
(amortized cost $604,805,634)(7)		100.0	%		604,805,634
Other assets less liabilities		0.0			29,676
NET ASSETS —		100.0	%	$	604,835,310

† Non-income producing security.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $35,616,433 representing 5.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At November 30, 2008, the aggregate value of these securities was $50,549, representing 0.0% of net assets.

(2) Security in default

(3) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of November 30, 2008.

(4) Security issued by a structured investment vehicle (“SIV”). These SIV’s may be affected by, among other things, changes in: interest rates, the quality of the underlying assets or the market’s assessment thereof, factors concerning the interest in and structure of the issuer or the originator of the receivables, or the credit worthiness of the entities that provide any credit enhancements.

(5) On August 28, 2007, mark to market losses experienced in the investment portfolio of SIV Portfolio, PLC (“SIV Portfolio”) (formerly Cheyne Finance PLC), the issuer of the underlying notes held by Cheyne Finance LLC, the issuer of the medium term notes (the “Notes”) held by the Portfolio, triggered the appointment of receivers (Deloitte & Touche LLP) (collectively, the “Receiver”). On October 17, 2007, the Receiver determined that SIV Portfolio was, or was about to become, unable to pay its debts as they came due and that an insolvency event had occurred. As a result of this determination, the Notes became immediately due and payable and are in default as a result of non payment. These events, which are based on published reports, materially adversely affected the ability of SIV Portfolio to make interest and principal payments due on the Notes. On April 16, 2008, however, the Receiver made a partial payment of principal and interest due on the Notes. On July 23, 2008, the Receiver concluded the sale of SIV Portfolio’s investment portfolio and a distribution to senior creditors, including the Fund, was made. Furthermore, an additional distribution to senior creditors, including the Fund, was made on August 13, 2008. The market value of the Notes, as of November 30, 2008, represents the Notes’ residual value that may be distributed to the Fund.

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

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

See Notes to Financial Statements

142

AIG Retirement Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	21.1	%
Computers	14.2
Medical — Biomedical/Gene	12.6
Applications Software	8.2
Wireless Equipment	6.4
Electronic Components — Semiconductors	5.0
Web Portals/ISP	4.8
Cable TV	4.3
Enterprise Software/Service	4.1
Networking Products	4.0
Medical — Generic Drugs	2.6
Repurchase Agreements	2.4
Entertainment Software	1.9
E-Commerce/Services	1.8
Transport — Services	1.5
Internet Security	1.4
Semiconductor Equipment	1.3
Pharmacy Services	1.2
Schools	1.2
E-Commerce/Products	1.2
Electronic Forms	1.2
Retail — Discount	1.1
Auto — Heavy Duty Trucks	1.1
Commercial Services — Finance	0.9
Semiconductor Components — Integrated Circuits	0.9
Retail — Restaurants	0.9
Cellular Telecom	0.8
Computers — Memory Devices	0.8
Retail — Office Supplies	0.8
Retail — Bedding	0.7
Data Processing/Management	0.7
U.S. Government Treasuries	0.7
Dental Supplies & Equipment	0.6
Distribution/Wholesale	0.5
Computer Services	0.5
Electronic Components — Misc.	0.5
Chemicals — Specialty	0.5
Medical Instruments	0.5
Hazardous Waste Disposal	0.5
Medical — Drugs	0.5
Casino Hotels	0.5
Retail — Major Department Stores	0.5
Electronic Measurement Instruments	0.4
Linen Supply & Related Items	0.4
Broadcast Services/Program	0.4
Computer Aided Design	0.4
X-Ray Equipment	0.4
Internet Content — Information/News	0.3
Medical Products	0.3
Engineering/R&D Services	0.3
Airlines	0.3
Beverages — Non-alcoholic	0.3
Machinery — Construction & Mining	0.2
Computers — Periphery Equipment	0.2
Retail — Pet Food & Supplies	0.2
Internet Infrastructure Software	0.2
Advertising Sales	0.2
Telecom Services	0.2
Steel — Producers	0.1
Food — Retail	0.1
Telephone — Integrated	0.1
Electronic Design Automation	0.1
Radio	0.1
	122.1	%

* Calculated as a percentage of net assets

143

AIG Retirement Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 97.9%
Advertising Sales — 0.2%
Focus Media Holding, Ltd. ADR†#	5,961	$	44,528
Lamar Advertising Co., Class A†#	3,886		57,785
			102,313
Airlines — 0.3%
Ryanair Holdings PLC ADR†#	6,200		162,812
Applications Software — 8.2%
Check Point Software Technologies, Ltd.†	11,288		232,646
Citrix Systems, Inc.†	11,554		308,030
Infosys Technologies, Ltd. ADR	5,984		150,497
Intuit, Inc.†	21,563		477,836
Microsoft Corp.	167,560		3,388,063
			4,557,072
Auto - Heavy Duty Trucks — 1.1%
PACCAR, Inc.#	21,717		605,253
Beverages - Non-alcoholic — 0.3%
Hansen Natural Corp.†#	4,872		144,942
Broadcast Services/Program — 0.4%
Discovery Communications, Inc., Class A†#	6,335		95,025
Liberty Global, Inc., Class A†#	8,372		121,310
			216,335
Cable TV — 4.3%
Comcast Corp., Class A	76,879		1,333,082
DISH Network Corp., Class A†#	11,646		129,038
The DIRECTV Group, Inc.†#	43,102		948,675
			2,410,795
Casino Hotels — 0.5%
Wynn Resorts, Ltd.†#	6,514		259,387
Cellular Telecom — 0.8%
Leap Wireless International, Inc.†#	3,666		73,320
Millicom International Cellular SA	5,582		213,958
NII Holdings, Inc.†	8,586		166,912
			454,190
Chemicals - Specialty — 0.5%
Sigma-Aldrich Corp.#	6,451		278,103
Commercial Services - Finance — 0.9%
Paychex, Inc.	18,262		516,084
Computer Aided Design — 0.4%
Autodesk, Inc.†	12,499		207,358
Computer Services — 0.5%
Cognizant Technology Solutions Corp., Class A†	15,155		290,976
Computers — 14.2%
Apple, Inc.†	65,887		6,105,748
Dell, Inc.†#	38,417		429,118
Research In Motion, Ltd.†	30,117		1,279,069
Sun Microsystems, Inc.†#	17,466		55,367
			7,869,302
Computers - Memory Devices — 0.8%
NetApp, Inc.†#	18,255		246,443
SanDisk Corp.†#	11,008		88,064
Seagate Technology	25,964		109,308
			443,815
Computers - Periphery Equipment — 0.2%
Logitech International SA†#	9,305		121,430
Data Processing/Management — 0.7%
Fiserv, Inc.†#	10,942		373,560

Security Description	Shares	Market Value (Note 2)
Dental Supplies & Equipment — 0.6%
Dentsply International, Inc.#	7,610	$	198,469
Patterson Cos., Inc.†#	6,210		116,872
			315,341
Distribution/Wholesale — 0.5%
Fastenal Co.#	7,572		291,598
E-Commerce/Products — 1.2%
Amazon.com, Inc.†	15,080		643,916
E-Commerce/Services — 1.8%
eBay, Inc.†#	51,723		679,123
Expedia, Inc.†#	15,030		126,252
IAC/InterActive Corp.†	7,738		114,445
Liberty Media Corp., Series A†#	29,015		76,309
			996,129
Electronic Components - Misc. — 0.5%
Flextronics International, Ltd.†	48,481		113,446
Garmin, Ltd.#	10,251		175,087
			288,533
Electronic Components - Semiconductors — 5.0%
Altera Corp.#	22,561		331,872
Broadcom Corp., Class A†#	21,426		328,032
Intel Corp.	104,977		1,448,683
Microchip Technology, Inc.#	8,162		150,997
NVIDIA Corp.†#	29,144		217,706
Xilinx, Inc.	19,556		319,936
			2,797,226
Electronic Design Automation — 0.1%
Cadence Design Systems, Inc.†#	14,541		56,128
Electronic Forms — 1.2%
Adobe Systems, Inc.†	27,721		642,018
Electronic Measurement Instruments — 0.4%
FLIR Systems, Inc.†#	7,768		240,963
Engineering/R&D Services — 0.3%
Foster Wheeler, Ltd.†#	7,453		165,904
Enterprise Software/Service — 4.1%
CA, Inc.	26,543		446,984
Oracle Corp.†	114,773		1,846,698
			2,293,682
Entertainment Software — 1.9%
Activision Blizzard, Inc.†	62,777		734,491
Electronic Arts, Inc.†	17,139		326,669
			1,061,160
Food - Retail — 0.1%
Whole Foods Market, Inc.#	7,336		77,615
Hazardous Waste Disposal — 0.5%
Stericycle, Inc.†#	4,785		274,181
Internet Content - Information/News — 0.3%
Baidu.com ADR†#	1,407		191,183
Internet Infrastructure Software — 0.2%
Akamai Technologies, Inc.†	8,641		106,025
Internet Security — 1.4%
Symantec Corp.†#	46,787		562,848
VeriSign, Inc.†#	9,714		209,725
			772,573
Linen Supply & Related Items — 0.4%
Cintas Corp.#	9,841		236,381

144

AIG Retirement Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Machinery - Construction & Mining — 0.2%
Joy Global, Inc.#	5,644	$	131,449
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†#	2,069		274,205
Medical Products — 0.3%
Henry Schein, Inc.†#	4,751		169,753
Medical - Biomedical/Gene — 12.6%
Amgen, Inc.†	26,296		1,460,480
Amylin Pharmaceuticals, Inc.†#	7,053		52,263
Biogen Idec, Inc.†	16,825		711,866
Celgene Corp.†	24,051		1,253,057
Genzyme Corp.†	17,960		1,149,799
Gilead Sciences, Inc.†#	48,308		2,163,715
Vertex Pharmaceuticals, Inc.†#	8,383		206,138
			6,997,318
Medical - Drugs — 0.5%
Cephalon, Inc.†#	3,531		259,458
Medical - Generic Drugs — 2.6%
Teva Pharmaceutical Industries, Ltd. ADR#	33,568		1,448,459
Networking Products — 4.0%
Cisco Systems, Inc.†	112,536		1,861,346
Juniper Networks, Inc.†	19,048		331,054
			2,192,400
Pharmacy Services — 1.2%
Express Scripts, Inc.†	11,735		674,880
Radio — 0.1%
Sirius XM Radio, Inc.†#	202,866		42,257
Retail - Bedding — 0.7%
Bed Bath & Beyond, Inc.†#	18,674		378,895
Retail - Discount — 1.1%
Costco Wholesale Corp.#	12,211		628,500
Retail - Major Department Stores — 0.5%
Sears Holdings Corp.†#	7,050		255,563
Retail - Office Supplies — 0.8%
Staples, Inc.#	25,469		442,142
Retail - Pet Food & Supplies — 0.2%
PetSmart, Inc.	6,689		117,392
Retail - Restaurants — 0.9%
Starbucks Corp.†	54,168		483,720
Schools — 1.2%
Apollo Group, Inc., Class A†#	8,545		656,598
Semiconductor Components - Integrated Circuits — 0.9%
Linear Technology Corp.#	15,788		314,970
Marvell Technology Group, Ltd.†	30,741		178,298
			493,268
Semiconductor Equipment — 1.3%
Applied Materials, Inc.	36,999		354,451
KLA-Tencor Corp.#	11,194		210,559
Lam Research Corp.†#	6,907		139,521
			704,531

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Steel - Producers — 0.1%
Steel Dynamics, Inc.#		10,068		$	83,162
Telecom Services — 0.2%
Virgin Media, Inc.#		19,083			90,263
Telephone - Integrated — 0.1%
Level 3 Communications, Inc.†#		81,021			76,184
Transport - Services — 1.5%
C.H. Robinson Worldwide, Inc.#		8,954			457,371
Expeditors International of Washington, Inc.		11,154			372,878
					830,249
Web Portals/ISP — 4.8%
Google, Inc., Class A†		7,757			2,272,491
Yahoo!, Inc.†#		35,522			408,858
					2,681,349
Wireless Equipment — 6.4%
QUALCOMM, Inc.		105,534			3,542,776
X-Ray Equipment — 0.4%
Hologic, Inc.†#		14,368			202,014
Total Long-Term Investment Securities
(cost $67,492,660)					54,321,068
SHORT-TERM INVESTMENT SECURITIES — 21.8%
Collective Investment Pool — 21.1%
Securities Lending Quality Trust(1)		12,225,244			11,711,784
U.S. Government Treasuries — 0.7%
United States Treasury Bills 0.02% due 12/18/08(2)	$	350,000			349,997
Total Short-Term Investment Securities
(cost $12,575,241)					12,061,781
REPURCHASE AGREEMENT — 2.4%
Agreement with State Street Bank & Trust Co., bearing interest at .01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $1,351,001 and collateralized by Federal National Mtg. Assoc. Notes, bearing interest at 5%, due 05/21/13 and having an approximate value of $1,378,650 (cost $1,351,000)		1,351,000			1,351,000
TOTAL INVESTMENTS
(cost $81,418,901)(3)		122.1	%		67,733,849
Liabilities in excess of other assets		(22.1	)		(12,239,938	)
NET ASSETS —		100.0	%	$	55,493,911

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(2) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

ADR American Depository Receipt.

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
70 Long	Nasdaq 100 E-Mini Index	December 2008	$	1,900,725	$	1,660,400	$	(240,325	)

See Notes to Financial Statements

145

AIG Retirement Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.5	%
Computers	15.6
Applications Software	10.8
Networking Products	7.9
Electronic Components — Semiconductors	7.7
Wireless Equipment	6.1
Web Portals/ISP	6.0
Time Deposits	5.0
Semiconductor Components — Integrated Circuits	4.9
Enterprise Software/Service	4.4
Computer Services	3.7
Computers — Memory Devices	3.4
Entertainment Software	3.3
Commercial Services — Finance	3.3
Internet Security	2.6
Semiconductor Equipment	2.2
Toys	2.2
Cable TV	1.6
Telecom Equipment — Fiber Optics	1.2
Electronic Components — Misc.	1.0
Computers — Integrated Systems	1.0
Schools	0.9
Computer Aided Design	0.6
Retail — Computer Equipment	0.6
Registered Investment Companies	0.6
Electronic Parts Distribution	0.5
Web Hosting/Design	0.4
Electronic Forms	0.4
Agricultural Chemicals	0.4
Human Resources	0.3
E-Commerce/Services	0.3
Electronic Design Automation	0.2
Internet Content — Information/News	0.2
Energy — Alternate Sources	0.2
Engineering/R&D Services	0.2
Advertising Sales	0.2
E-Commerce/Products	0.2
Consulting Services	0.2
Internet Application Software	0.1
Casino Services	0.1
Computer Graphics	0.1
Telecommunication Equipment	0.1
Computer Software	0.1
	118.3	%

* Calculated as a percentage of net assets

146

AIG Retirement Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 95.2%
Advertising Sales — 0.2%
Focus Media Holding, Ltd. ADR†#	115,300	$	861,291
Agricultural Chemicals — 0.4%
Monsanto Co.	21,735		1,721,412
Applications Software — 10.8%
Citrix Systems, Inc.†	115,100		3,068,566
Infosys Technologies, Ltd. ADR#	52,200		1,312,830
Intuit, Inc.†	62,600		1,387,216
Microsoft Corp.	1,753,200		35,449,704
Red Hat, Inc.†#	376,642		3,483,938
Salesforce.com, Inc.†#	150,896		4,318,644
Satyam Computer Services, Ltd. ADR#	3,799		48,361
			49,069,259
Cable TV — 1.6%
Comcast Corp., Class A	257,440		4,464,010
The DIRECTV Group, Inc.†#	129,015		2,839,620
			7,303,630
Casino Services — 0.1%
International Game Technology	48,068		514,808
Commercial Services - Finance — 3.3%
Automatic Data Processing, Inc.#	140,000		5,748,400
The Western Union Co.†	501,800		6,658,886
Visa, Inc., Class A#	47,500		2,496,600
			14,903,886
Computer Aided Design — 0.6%
Autodesk, Inc.†#	175,200		2,906,568
Computer Graphics — 0.1%
Monotype Imaging Holdings, Inc.†#	48,000		259,200
Computer Services — 3.7%
Accenture, Ltd., Class A	333,864		10,343,107
Cognizant Technology Solutions Corp., Class A†	222,250		4,267,200
DST Systems, Inc.†#	54,700		2,068,207
			16,678,514
Computer Software — 0.1%
Omniture, Inc.†#	24,000		238,560
Computers — 15.6%
Apple, Inc.†	239,775		22,219,949
Dell, Inc.†	724,535		8,093,056
Hewlett-Packard Co.	587,130		20,713,946
International Business Machines Corp.	119,250		9,730,800
Palm, Inc.†#	291,500		696,685
Research In Motion, Ltd.†#	219,950		9,341,277
			70,795,713
Computers - Integrated Systems — 1.0%
High Tech Computer Corp.(1)	49,200		490,011
Riverbed Technology, Inc.†#	417,220		3,917,696
			4,407,707
Computers - Memory Devices — 3.4%
Data Domain, Inc.†	20,265		329,306
EMC Corp.†#	564,908		5,971,078
NetApp, Inc.†#	551,945		7,451,257
SanDisk Corp.†#	48,700		389,600
Seagate Technology	334,200		1,406,982
			15,548,223
Consulting Services — 0.2%
Genpact, Ltd.†	98,100		777,933

Security Description	Shares	Market Value (Note 2)
E-Commerce/Products — 0.2%
Amazon.com, Inc.†#	18,780	$	801,906
E-Commerce/Services — 0.3%
eBay, Inc.†	96,095		1,261,727
Electronic Components - Misc. — 1.0%
Hon Hai Precision Industry Co., Ltd.(1)	96,614		187,662
Hon Hai Precision Industry Co., Ltd. GDR†*	808,703		2,976,027
Tyco Electronics, Ltd.	96,025		1,582,492
			4,746,181
Electronic Components - Semiconductors — 7.7%
Altera Corp.#	403,683		5,938,177
Broadcom Corp., Class A†	239,641		3,668,904
Intel Corp.	536,540		7,404,252
MEMC Electronic Materials, Inc.†	33,600		504,672
Microchip Technology, Inc.#	105,400		1,949,900
National Semiconductor Corp.#	95,900		1,054,900
NVIDIA Corp.†	58,300		435,501
ON Semiconductor Corp.†#	1,849,105		5,399,386
PMC - Sierra, Inc.†#	363,533		1,457,767
Samsung Electronics Co., Ltd.(1)	3,268		1,080,943
Skyworks Solutions, Inc.†#	404,700		2,181,333
Texas Instruments, Inc.	54,340		846,074
Xilinx, Inc.#	182,317		2,982,706
			34,904,515
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†#	240,300		927,558
Electronic Forms — 0.4%
Adobe Systems, Inc.†	76,886		1,780,680
Electronic Parts Distribution — 0.5%
Avnet, Inc.†	152,480		2,171,315
Energy - Alternate Sources — 0.2%
First Solar, Inc.†#	7,164		894,354
Engineering/R&D Services — 0.2%
ABB, Ltd.†(1)	68,430		884,311
Enterprise Software/Service — 4.4%
BMC Software, Inc.†	130,755		3,263,645
CA, Inc.	150,970		2,542,335
Oracle Corp.†	875,715		14,090,254
			19,896,234
Entertainment Software — 3.3%
Activision Blizzard, Inc.†	295,115		3,452,845
Electronic Arts, Inc.†	604,376		11,519,407
			14,972,252
Human Resources — 0.3%
Manpower, Inc.	43,300		1,363,084
Monster Worldwide, Inc.†#	23,193		266,024
			1,629,108
Internet Application Software — 0.1%
Tencent Holdings, Ltd.#(1)	109,400		602,311
Internet Content - Information/News — 0.2%
Baidu.com ADR†#	6,605		897,487
Internet Security — 2.6%
McAfee, Inc.†#	280,220		8,499,073
VeriSign, Inc.†#	165,700		3,577,463
			12,076,536
Networking Products — 7.9%
Atheros Communications, Inc.†#	81,900		1,195,740
BigBand Networks, Inc.†#	95,900		349,076

147

AIG Retirement Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Networking Products (continued)
Cisco Systems, Inc.†	1,526,372	$	25,246,193
Juniper Networks, Inc.†	469,915		8,167,123
Starent Networks Corp.†#	95,900		954,205
			35,912,337
Oil & Gas Drilling — 0.0%
Diamond Offshore Drilling, Inc.#	570		42,066
Oil-Field Services — 0.0%
Weatherford International, Ltd.†	3,625		46,291
Retail-Computer Equipment — 0.6%
GameStop Corp., Class A†	121,628		2,657,572
Schools — 0.9%
Apollo Group, Inc., Class A†#	26,300		2,020,892
ITT Educational Services, Inc.†#	22,200		1,999,776
			4,020,668
Semiconductor Components - Integrated Circuits — 4.9%
Analog Devices, Inc.	374,217		6,399,111
Linear Technology Corp.#	75,850		1,513,208
Marvell Technology Group, Ltd.†	399,300		2,315,940
Maxim Integrated Products, Inc.	473,274		5,854,399
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	845,486		6,045,225
			22,127,883
Semiconductor Equipment — 2.2%
ASML Holding NV#	160,180		2,455,559
KLA-Tencor Corp.#	96,700		1,818,927
Lam Research Corp.†#	217,735		4,398,247
Varian Semiconductor Equipment Associates, Inc.†#	78,100		1,437,040
			10,109,773
Software Tools — 0.0%
Longtop Financial Technologies, Ltd. ADR†#	11,538		158,071
Telecom Equipment - Fiber Optics — 1.2%
Ciena Corp.†#	267,297		1,977,998
Corning, Inc.	300,900		2,711,109
Finisar Corp.†#	1,248,803		549,473
JDS Uniphase Corp.†#	170,237		463,045
			5,701,625
Telecommunication Equipment — 0.1%
Foxconn International Holdings, Ltd.†(1)	693,500		177,400
Sonus Networks, Inc.†	48,100		74,555
			251,955
Toys — 2.2%
Nintendo Co., Ltd.(1)	31,700		9,814,492
Web Hosting/Design — 0.4%
Equinix, Inc.†#	40,000		1,816,400
Web Portals/ISP — 6.0%
Google, Inc., Class A†	83,361		24,421,438
NetEase.com, Inc. ADR†#	95,420		1,755,728
Yahoo!, Inc.†#	75,490		868,890
			27,046,056
Wireless Equipment — 6.1%
American Tower Corp., Class A†	154,315		4,203,541
Crown Castle International Corp.†#	33,900		476,973
Nokia Oyj ADR	191,700		2,716,389
QUALCOMM, Inc.	602,467		20,224,817
			27,621,720
Total Long-Term Investment Securities
(cost $689,652,962)			431,760,088

Security Description	Shares/ Principal Amount			Market Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 23.1%
Collective Investment Pool — 17.5%
Securities Lending Quality Trust(2)		82,777,766		$	79,301,100
Registered Investment Companies — 0.6%
T. Rowe Price Reserve Investment Fund		2,569,216			2,569,216
Time Deposits — 5.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08	$	1,347,000			1,347,000
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08		21,293,000			21,293,000
					22,640,000
Total Short-Term Investment Securities
(cost $107,986,982)					104,510,316
TOTAL INVESTMENTS
(cost $797,639,944)(3)		118.3	%		536,270,404
Liabilities in excess of other assets		(18.3	)		(83,073,646	)
NET ASSETS —		100.0	%	$	453,196,758

† Non-income producing security

# The security or a portion thereof is out on loan.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $2,976,027 representing 0.65% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(2) The security is purchased with the cash collateral received from securities loaned.

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

See Notes to Financial Statements

148

AIG Retirement Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	21.7	%
Consulting Services	7.7
Human Resources	6.0
Electronic Components — Semiconductors	6.0
Medical Instruments	5.0
Transactional Software	4.4
Commercial Services — Finance	4.1
Computer Services	3.6
Printing — Commercial	3.4
Oil Companies — Exploration & Production	3.3
Educational Software	3.3
Insurance — Property/Casualty	3.3
Machinery — General Industrial	3.0
E-Services/Consulting	2.8
Leisure Products	2.4
Diversified Manufacturing Operations	2.3
Telecom Services	2.3
Advertising Services	2.2
Theaters	2.0
Commercial Services	1.9
Computer Software	1.8
Networking Products	1.7
Dental Supplies & Equipment	1.7
Aerospace/Defense	1.4
E-Commerce/Services	1.3
Semiconductor Components — Integrated Circuits	1.3
Ultra Sound Imaging Systems	1.3
Batteries/Battery Systems	1.2
Instruments — Scientific	1.2
Computers — Periphery Equipment	1.1
Machinery — Electrical	1.1
Recreational Vehicles	1.1
Drug Delivery Systems	1.1
E-Commerce/Products	1.0
Enterprise Software/Service	1.0
Banks — Commercial	1.0
Medical — Biomedical/Gene	0.9
Casino Services	0.9
Diagnostic Kits	0.8
Transport — Services	0.8
Finance — Other Services	0.7
Retail — Appliances	0.7
Internet Content — Information/News	0.7
Finance — Investment Banker/Broker	0.6
Lighting Products & Systems	0.6
Medical Information Systems	0.5
Internet Application Software	0.5
Medical — HMO	0.5
Real Estate Management/Services	0.5
Food — Misc.	0.4
Footwear & Related Apparel	0.4
Electric Products — Misc.	0.4
Resorts/Theme Parks	0.4
Schools	0.3
Filtration/Separation Products	0.3
Retail — Restaurants	0.2
Distribution/Wholesale	0.2
	122.3	%

* Calculated as a percentage of net assets

149

AIG Retirement Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 100.6%
Advertising Services — 2.2%
inVentiv Health, Inc.†#	32,660	$	392,900
Marchex, Inc., Class B#	69,047		385,282
			778,182
Aerospace/Defense — 1.4%
Esterline Technologies Corp.†	13,000		479,830
Banks - Commercial — 1.0%
First Commonwealth Financial Corp.#	21,600		259,416
Signature Bank†#	3,062		91,248
			350,664
Batteries/Battery Systems — 1.2%
Greatbatch, Inc.†#	16,700		422,009
Cable TV — 0.0%
LodgeNet Entertainment Corp.†#	24,651		14,544
Casino Services — 0.9%
Shuffle Master, Inc.†#	70,619		302,249
Commercial Services — 1.9%
Live Nation, Inc.†#	57,700		282,153
TeleTech Holdings, Inc.†#	44,220		390,020
			672,173
Commercial Services - Finance — 4.1%
Bankrate, Inc.†#	13,050		358,484
Dollar Financial Corp.†#	27,300		206,934
Global Cash Access Holdings, Inc.†#	105,299		325,374
Wright Express Corp.†	48,093		547,298
			1,438,090
Computer Services — 3.6%
IHS, Inc.†	2,741		99,471
SYKES Enterprises, Inc.†	63,160		1,171,618
			1,271,089
Computer Software — 1.8%
Omniture, Inc.†#	65,400		650,076
Computers - Periphery Equipment — 1.1%
Synaptics, Inc.†#	17,913		393,549
Consulting Services — 7.7%
Forrester Research, Inc.†	17,000		389,640
FTI Consulting, Inc.†#	8,815		483,415
Gartner, Inc.†#	34,671		532,546
Information Services Group Inc†#	76,767		237,978
Navigant Consulting, Inc.†	15,230		287,999
The Advisory Board Co.†#	12,357		309,543
Watson Wyatt Worldwide, Inc., Class A#	11,859		478,155
			2,719,276
Dental Supplies & Equipment — 1.7%
Align Technology, Inc.†#	25,700		179,900
Sirona Dental Systems, Inc.†#	34,529		413,657
			593,557
Diagnostic Kits — 0.8%
Inverness Medical Innovations, Inc.†#	16,366		287,551
Distribution/Wholesale — 0.2%
Houston Wire & Cable Co.#	8,520		66,286
Diversified Manufacturing Operations — 2.3%
Actuant Corp., Class A#	36,000		645,840
Acuity Brands, Inc.#	6,623		178,556
			824,396

Security Description	Shares	Market Value (Note 2)
Drug Delivery Systems — 1.1%
Noven Pharmaceuticals, Inc.†#	32,874	$	376,407
E-Commerce/Products — 1.0%
Shutterfly, Inc.†#	53,292		364,517
E-Commerce/Services — 1.3%
Orbitz Worldwide, Inc.†#	65,386		158,888
Priceline.com, Inc.†#	4,400		303,600
			462,488
E-Services/Consulting — 2.8%
GSI Commerce, Inc.†#	94,290		750,548
Sapient Corp.†	58,800		231,672
			982,220
Educational Software — 3.3%
SkillSoft PLC ADR†#	193,910		1,163,460
Electric Products - Misc. — 0.4%
GrafTech International, Ltd.†	20,500		137,145
Electronic Components - Semiconductors — 6.0%
Intersil Corp., Class A	16,900		153,114
Microsemi Corp.†#	43,399		845,846
PMC - Sierra, Inc.†#	190,300		763,103
Silicon Laboratories, Inc.†	16,600		347,936
			2,109,999
Enterprise Software/Service — 1.0%
Lawson Software, Inc.†#	92,172		361,314
Filtration/Separation Products — 0.3%
Polypore International, Inc.†#	21,156		95,413
Finance - Investment Banker/Broker — 0.6%
Evercore Partners, Inc., Class A#	22,308		223,303
Finance - Other Services — 0.7%
FCStone Group, Inc.†	6,399		21,757
GFI Group, Inc.#	56,200		212,998
			234,755
Food - Misc. — 0.4%
Senomyx, Inc.†#	51,260		153,267
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†#	2,500		149,100
Human Resources — 6.0%
Monster Worldwide, Inc.†#	15,400		176,638
On Assignment, Inc.†	97,297		559,458
Resources Connection, Inc.†#	79,993		1,384,679
			2,120,775
Instruments - Scientific — 1.2%
Varian, Inc.†	11,136		407,578
Insurance - Property/Casualty — 3.3%
First Mercury Financial Corp.†	21,800		265,088
Navigators Group, Inc.†	5,615		304,895
Tower Group, Inc.#	25,950		591,919
			1,161,902
Internet Application Software — 0.5%
DealerTrack Holdings, Inc.†#	15,073		178,615
Internet Content - Information/News — 0.7%
The Knot, Inc.†#	30,695		230,826
Leisure Products — 2.4%
WMS Industries, Inc.†#	34,000		838,100

150

AIG Retirement Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Lighting Products & Systems — 0.6%
Universal Display Corp.†#	27,597	$	201,182
Machinery - Electrical — 1.1%
Regal-Beloit Corp.#	11,600		390,224
Machinery - General Industrial — 3.0%
Chart Industries, Inc.†#	15,000		143,400
Gardner Denver, Inc.†	28,844		713,889
Middleby Corp.†#	6,000		194,220
			1,051,509
Medical Information Systems — 0.5%
Phase Forward, Inc.†	13,483		187,009
Medical Instruments — 5.0%
CardioNet ,Inc.†#	17,599		349,868
ev3, Inc.†#	50,500		252,500
SenoRx, Inc.†	37,222		100,872
Spectranetics Corp.†#	75,221		212,123
Symmetry Medical, Inc.†#	39,051		349,897
Volcano Corp.†#	30,253		493,729
			1,758,989
Medical - Biomedical/Gene — 0.9%
Celera Corp.†	33,066		322,063
Medical - HMO — 0.5%
Coventry Health Care, Inc.†	13,500		168,345
Networking Products — 1.7%
Ixia†	97,533		598,853
Oil Companies - Exploration & Production — 3.3%
Brigham Exploration Co.†#	36,300		109,989
Concho Resources, Inc.†#	20,900		493,031
Goodrich Petroleum Corp.†#	7,900		284,953
Venoco, Inc.†#	19,700		65,798
Whiting Petroleum Corp.†	5,600		214,480
			1,168,251
Printing - Commercial — 3.4%
VistaPrint, Ltd.†#	74,129		1,212,009
Real Estate Management/Services — 0.5%
CB Richard Ellis Group, Inc., Class A†#	36,550		166,668
Recreational Vehicles — 1.1%
Polaris Industries, Inc.#	13,900		379,470
Resort/Theme Parks — 0.4%
Great Wolf Resorts, Inc.†#	111,291		125,759
Retail - Appliances — 0.7%
Hhgregg, Inc.†#	38,800		231,248
Retail - Restaurants — 0.2%
Texas Roadhouse, Inc., Class A†#	14,400		80,496
Schools — 0.3%
Grand Canyon Education, Inc.†	7,621		113,096
Semiconductor Components - Integrated Circuits — 1.3%
Power Integrations, Inc.#	25,248		462,038
Telecom Services — 2.3%
Cbeyond, Inc.†#	40,152		610,712
PAETEC Holding Corp.†#	133,216		193,163
			803,875
Theaters — 2.0%
Cinemark Holdings, Inc.#	31,774		239,258
National CineMedia, Inc.#	56,760		462,027
			701,285

Security Description	Shares		Market Value (Note 2)
Transactional Software — 4.4%
Innerworkings, Inc.†#	59,832		$	335,658
Solera Holdings, Inc.†#	47,514			929,849
Synchronoss Technologies, Inc.†#	42,113			295,633
				1,561,140
Transport - Services — 0.8%
Hub Group, Inc., Class A†#	10,200			272,341
Ultra Sound Imaging Systems — 1.3%
SonoSite, Inc.†	24,346			440,419
Total Long-Term Investment Securities
(cost $58,914,696)				35,410,974
SHORT-TERM INVESTMENT SECURITIES — 21.7%
Collective Investment Pool — 21.7%
Securities Lending Quality Trust (cost $7,996,469)(1)	7,996,469			7,660,617
TOTAL INVESTMENTS
(cost $66,911,165)(2)	122.3	%		43,071,591
Liabilities in excess of other assets	(22.3	)		(7,866,070	)
NET ASSETS —	100.0	%	$	35,205,521

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

ADR American Depository Receipt

See Notes to Financial Statements

151

AIG Retirement Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	23.7	%
Banks — Commercial	9.0
Oil Companies — Exploration & Production	2.8
Enterprise Software/Service	2.7
Transport — Truck	2.7
Medical — Biomedical/Gene	2.5
Medical Products	2.3
Real Estate Investment Trusts	2.3
Time Deposits	2.3
Medical — Drugs	2.2
Telecommunication Equipment	2.1
Insurance — Property/Casualty	1.8
Aerospace/Defense — Equipment	1.7
Oil Field Machinery & Equipment	1.7
Machinery — General Industrial	1.6
Retail — Restaurants	1.5
Commercial Services	1.5
Telephone — Integrated	1.5
Electric — Integrated	1.5
Schools	1.5
Steel Pipe & Tube	1.4
Electronic Components — Semiconductors	1.4
Diversified Manufacturing Operations	1.4
Semiconductor Equipment	1.4
Finance — Investment Banker/Broker	1.3
Medical — Outpatient/Home Medical	1.3
Savings & Loans/Thrifts	1.3
Computer Services	1.2
Cosmetics & Toiletries	1.2
Food — Canned	1.2
Distribution/Wholesale	1.2
Food — Baking	1.1
Commercial Services — Finance	1.1
Non-Hazardous Waste Disposal	1.1
Food — Retail	1.1
Airlines	1.0
Investment Management/Advisor Services	1.0
Medical — Nursing Homes	1.0
Diagnostic Kits	1.0
Internet Application Software	1.0
Oil-Field Services	0.9
Retail — Convenience Store	0.9
Chemicals — Specialty	0.9
Building — Maintance & Services	0.9
Metal Processors & Fabrication	0.9
Wire & Cable Products	0.8
Broadcast Services/Program	0.8
Insurance Brokers	0.8
Instruments — Scientific	0.8
Quarrying	0.8
Tools — Hand Held	0.7
Miscellaneous Manufacturing	0.7
Consumer Products — Misc.	0.7
Retail — Discount	0.7
Aerospace/Defense	0.7
Semiconductor Components — Integrated Circuits	0.7
Chemicals — Diversified	0.7
Auto/Truck Parts & Equipment — Original	0.7
Financial Guarantee Insurance	0.7
Lasers — System/Components	0.7
Telecom Services	0.7
Gas — Distribution	0.7
Electronic Measurement Instruments	0.7
Computer Software	0.6
Computer Aided Design	0.6
Medical Instruments	0.6
Computers — Integrated Systems	0.5
Applications Software	0.5
Heart Monitors	0.5

Apparel Manufacturers	0.5
Electronic Components — Misc.	0.5
Multimedia	0.3
Insurance — Multi-line	0.3
Human Resources	0.3
Registered Investment Companies	0.3
Textile — Apparel	0.3
Medical — HMO	0.3
Therapeutics	0.3
Retail — Pet Food & Supplies	0.2
Decision Support Software	0.2
Hotels/Motels	0.2
Water	0.2
Electronic Security Devices	0.2
Retail — Apparel/Shoe	0.2
Building — Residential/Commercial	0.2
Internet Infrastructure Software	0.2
Internet Security	0.2
Retail — Computer Equipment	0.2
Auto Repair Centers	0.2
Networking Products	0.2
Wireless Equipment	0.2
Retail — Sporting Goods	0.2
Medical Sterilization Products	0.2
Medical — Hospitals	0.2
Machinery — Electrical	0.1
E-Marketing/Info	0.1
Building & Construction Products — Misc.	0.1
Chemicals — Plastics	0.1
Internet Content — Information/News	0.1
Pharmacy Services	0.1
Electric — Distribution	0.1
Auction Houses/Art Dealers	0.1
Publishing — Books	0.1
Disposable Medical Products	0.1
Building Products — Air & Heating	0.1
Rental Auto/Equipment	0.1
Coal	0.1
Filtration/Separation Products	0.1
Retail — Drug Store	0.1
Garden Products	0.1
Audio/Video Products	0.1
Consulting Services	0.1
Respiratory Products	0.1
E-Services/Consulting	0.1
Precious Metals	0.1
Building Products — Wood	0.1
Linen Supply & Related Items	0.1
Printing — Commercial	0.1
Retail — Mail Order	0.1
MRI/Medical Diagnostic Imaging	0.1
Food — Misc.	0.1
Mining	0.1
Transport — Services	0.1
Communications Software	0.1
Power Converter/Supply Equipment	0.1
Diagnostic Equipment	0.1
Building — Mobile Home/Manufactured Housing	0.1
Building Products — Cement	0.1
Agricultural Chemicals	0.1
Telecom Equipment — Fiber Optics	0.1
Computers	0.1
Instruments — Controls	0.1
Building & Construction — Misc.	0.1
Machinery — Pumps	0.1
Seismic Data Collection	0.1
Real Estate Operations & Development	0.1
Energy — Alternate Sources	0.1
Oil Refining & Marketing	0.1
Computers — Periphery Equipment	0.1
	124.3	%

* Calculated as a percentage of net assets

152

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 98.0%
Advanced Materials — 0.0%
Core Molding Technologies, Inc.†	35,700	$	81,753
Aerospace/Defense — 0.7%
Aerovironment, Inc.†#	49,724		1,602,605
TransDigm Group, Inc.†#	2,500		88,750
			1,691,355
Aerospace/Defense - Equipment — 1.7%
AAR Corp.†#	99,418		1,684,141
Curtiss-Wright Corp.#	62,581		2,090,205
Moog, Inc., Class A†	8,600		276,748
			4,051,094
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#	7,700		147,840
Airlines — 1.0%
Allegiant Travel Co.†#	57,115		2,463,941
Apparel Manufacturers — 0.5%
G-III Apparel Group, Ltd.†	18,800		149,084
Volcom, Inc.†#	96,694		974,676
			1,123,760
Applications Software — 0.5%
American Reprographics Co.†	22,400		175,392
Bsquare Corp.†	104,400		258,912
PDF Solutions, Inc.†	19,700		39,794
Progress Software Corp.†	12,167		258,914
Quest Software, Inc.†	21,900		292,365
Red Hat, Inc.†	11,700		108,225
Unica Corp.†	25,500		99,195
			1,232,797
Athletic Equipment — 0.0%
Cybex International, Inc.†	37,100		46,746
Auction House/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.#	14,300		266,981
Audio/Video Products — 0.1%
DTS, Inc.†#	11,800		195,526
Auto Repair Centers — 0.2%
Monro Muffler Brake, Inc.	19,150		390,852
Auto/Truck Parts & Equipment-Original — 0.7%
Fuel Systems Solutions, Inc.†	14,900		515,391
Spartan Motors, Inc.	27,675		82,471
Strattec Security Corp.	2,700		40,500
Titan International, Inc.#	91,600		873,864
TRW Automotive Holdings Corp.†	23,800		84,728
			1,596,954
Banks - Commercial — 9.0%
Bancfirst Corp.	33,902		1,488,637
Bancorp Rhode Island, Inc.	9,000		204,660
Beverly Hills Bancorp, Inc.	40,400		18,180
Camden National Corp.	6,300		177,534
Cardinal Financial Corp.	23,000		122,130
Cascade Bancorp#	13,725		93,330
Cass Information Systems, Inc.	9,790		347,545
Center Bancorp, Inc.	16,170		135,505
Citizens Republic Bancorp#	28,600		67,496
Commerce Bancshares, Inc.#	48,825		2,139,023
Community Trust Bancorp, Inc.#	73,738		2,407,546
Financial Institutions, Inc.	10,500		171,885
First Bancorp	12,600		217,224
First Financial Bankshares, Inc.#	41,550		2,170,988

Security Description	Shares	Market Value (Note 2)
Banks - Commercial (continued)
First Regional Bancorp†	10,600	$	40,386
First South Bancorp, Inc.	12,300		153,750
Glacier Bancorp, Inc.#	25,671		456,430
MB Financial, Inc.#	66,336		1,730,706
Peoples Bancorp, Inc.	32		558
Pinnacle Financial Partners, Inc.†#	18,200		500,500
Preferred Bank#	1,800		10,170
Prosperity Bancshares, Inc.#	14,100		465,441
Provident Bankshares Corp.#	17,600		165,792
Sierra Bancorp	12,200		246,318
Signature Bank†	12,100		360,580
Smithtown Bancorp, Inc.	12,540		250,298
Southside Bancshares, Inc.	10,584		235,494
State Bancorp, Inc.	14,400		172,800
Sterling Bancorp	27,100		352,571
Suffolk Bancorp	10,400		344,240
Synovus Financial Corp.#	14,000		116,480
TCF Financial Corp.#	12,400		207,080
Tennessee Commerce Bancorp, Inc.†	10,400		76,128
Texas Capital Bancshares, Inc.†	119,200		1,913,160
United Security Bancshares	16,665		181,482
Valley National Bancorp#	24,855		480,447
Washington Trust Bancorp, Inc.	14,600		286,452
Washington Trust Bancorp, Inc.*(1)	5,500		102,515
West Bancorp, Inc.	18,344		225,631
Westamerica Bancorp#	9,800		520,968
Western Alliance Bancorp†#	2,800		30,856
Whitney Holding Corp.#	95,100		1,667,103
			21,056,019
Broadcast Services/Program — 0.8%
World Wrestling Entertainment, Inc.#	168,036		1,954,259
Building & Construction Products - Misc. — 0.1%
Builders FirstSource, Inc.†#	12,200		14,274
Gibraltar Industries, Inc.#	7,550		97,395
Interline Brands, Inc.†	15,500		143,220
Simpson Manufacturing Co., Inc.#	2,400		62,400
			317,289
Building & Construction - Misc. — 0.1%
Insituform Technologies, Inc., Class A†#	8,300		134,543
Building Products - Air & Heating — 0.1%
KSW, Inc.	51,660		245,385
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.#	1,700		148,988
Building Products - Wood — 0.1%
Universal Forest Products, Inc.	8,800		185,064
Building - Maintance & Services — 0.9%
ABM Industries, Inc.	121,872		2,055,981
Building - Mobile Home/Manufactured Housing — 0.1%
Skyline Corp.	6,500		149,955
Building - Residential/Commercial — 0.2%
Amrep Corp.†	8,000		229,600
Meritage Homes Corp.†#	14,500		179,800
Standard Pacific Corp.†#	20,300		39,179
			448,579
Cellular Telecom — 0.0%
Virgin Mobile USA, Inc.†#	17,000		17,000
Chemicals - Diversified — 0.7%
FMC Corp.	33,877		1,480,425
Rockwood Holdings, Inc.†	15,400		137,676
			1,618,101

153

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Chemicals - Plastics — 0.1%
Landec Corp.†	44,700	$	310,218
Chemicals - Specialty — 0.9%
Arch Chemicals, Inc.	16,200		467,856
Quaker Chemical Corp.	13,400		171,654
Zep, Inc.	85,978		1,557,062
			2,196,572
Coal — 0.1%
Foundation Coal Holdings, Inc.	6,700		95,609
International Coal Group, Inc.†#	13,500		38,340
Westmoreland Coal Co.†#	8,500		80,580
			214,529
Commercial Services — 1.5%
HMS Holdings Corp.†	15,500		457,250
Quanta Services, Inc.†	8,517		138,486
Team, Inc.†	105,275		2,970,861
			3,566,597
Commercial Services - Finance — 1.1%
Bankrate, Inc.†#	6,400		175,808
Euronet Worldwide, Inc.†#	93,910		801,052
Global Payments, Inc.	15,500		560,635
Heartland Payment Systems, Inc.#	6,800		116,824
PRG-Schultz International, Inc.†	22,500		100,800
Wright Express Corp.†	78,555		893,956
			2,649,075
Communications Software — 0.1%
Digi International, Inc.†	17,400		160,428
Computer Aided Design — 0.6%
Parametric Technology Corp.†	122,200		1,412,632
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†	10,300		55,620
Computer Services — 1.2%
3PAR, Inc.†	2,200		18,150
CACI International, Inc., Class A†#	53,882		2,392,900
Dynamics Resh Corp.†	19,300		117,151
Furmanite Corp.†	46,900		252,322
Tier Technologies, Inc., Class B†	17,914		82,404
			2,862,927
Computer Software — 0.6%
Blackbaud, Inc.#	109,430		1,367,875
Omniture, Inc.†#	14,900		148,106
			1,515,981
Computers — 0.1%
Palm, Inc.†#	58,300		139,337
Computers - Integrated Systems — 0.5%
3D Systems Corp.†	11,700		84,825
Adept Technology, Inc.†	23,000		55,430
Catapult Communications Corp.†#	6,500		35,165
Integral Systems, Inc.†	12,812		307,488
Jack Henry & Associates, Inc.	40,100		738,241
Riverbed Technology, Inc.†	2,000		18,780
			1,239,929
Computers - Memory Devices — 0.0%
Xyratex, Ltd.†	16,600		45,650
Computers - Periphery Equipment — 0.1%
Synaptics, Inc.†#	4,950		108,752

Security Description	Shares	Market Value (Note 2)
Consulting Services — 0.1%
Diamond Management & Technology Consultants, Inc.	38,100	$	169,164
Genpact, Ltd.†	3,000		23,790
			192,954
Consumer Products - Misc. — 0.7%
American Greetings Corp., Class A	14,300		164,736
Russ Berrie & Co., Inc.†	16,600		34,030
Tupperware Brands Corp.#	76,630		1,507,312
			1,706,078
Cosmetics & Toiletries — 1.2%
Alberto-Culver Co.	132,889		2,853,127
Data Processing/Management — 0.0%
Commvault Systems, Inc.†	3,700		37,925
Decision Support Software — 0.2%
DemandTec, Inc.†#	7,800		56,628
Interactive Intelligence, Inc.†	21,900		163,155
SPSS, Inc.†#	7,400		180,856
Wind River Systems, Inc.†	17,700		147,618
			548,257
Diagnostic Equipment — 1.0%
Immucor, Inc.†	6,200		150,474
Diagnostic Kits — 0.9%
Meridian Bioscience, Inc.#	9,500		226,385
Quidel Corp.†	147,199		2,006,322
			2,232,707
Disposable Medical Products — 0.1%
Rochester Medical Corp.†	18,200		246,610
Distribution/Wholesale — 1.2%
Navarre Corp.†	62,000		38,440
Owens & Minor, Inc.	60,118		2,496,701
Pool Corp.#	12,611		217,287
			2,752,428
Diversified Manufacturing Operations — 1.4%
A.O. Smith Corp.	17,500		572,950
Actuant Corp., Class A#	27,300		489,762
Acuity Brands, Inc.#	15,400		415,184
ESCO Technologies, Inc.†	17,000		519,860
GenTek, Inc.†	9,100		167,622
Harsco Corp.	7,000		176,050
Koppers Holdings, Inc.	14,000		299,880
Leggett & Platt, Inc.#	13,600		198,560
LSB Industries, Inc.†	20,800		186,784
Matthews International Corp., Class A	5,700		232,731
			3,259,383
Drug Delivery Systems — 0.0%
Alkermes, Inc.†#	12,200		90,036
E-Commerce/Products — 0.0%
Drugstore.com, Inc.†	38,237		38,237
E-Marketing/Info — 0.1%
comScore, Inc.†#	3,500		32,620
Digital River, Inc.†	13,500		285,255
			317,875
E-Services/Consulting — 0.1%
Keynote Systems, Inc.†	24,600		187,452
Electric - Distribution — 0.1%
EnerNOC, Inc.†#	38,638		276,648

154

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Electric - Integrated — 1.5%
Avista Corp.	66,420	$	1,173,641
Black Hills Corp.	5,400		139,374
Central Vermont Public Service Corp.	10,300		194,567
Cleco Corp.	11,400		268,698
El Paso Electric Co.†	11,500		207,230
NV Energy, Inc.	14,300		135,564
OGE Energy Corp.	15,600		413,244
PNM Resources, Inc.#	25,200		263,340
The Empire District Electric Co.	13,900		243,806
Unisource Energy Corp.	16,700		468,769
			3,508,233
Electronic Components - Misc. — 0.5%
OSI Systems, Inc.†	78,336		1,087,304
Electronic Components - Semiconductors — 1.4%
Advanced Analogic Technologies, Inc.†	15,400		38,654
AuthenTec, Inc.†	65,600		104,960
Cavium Networks, Inc.†#	5,000		54,250
Ceva, Inc.†	28,400		209,876
Conexant Systems, Inc.†	22,760		23,215
Diodes, Inc.†#	23,350		109,045
Kopin Corp.†	4,620		9,702
Leadis Technology, Inc.†	56,800		27,832
Microtune, Inc.†	51,100		117,530
ON Semiconductor Corp.†	3,600		10,512
Pixelworks, Inc.†	17,925		17,208
Rubicon Technology, Inc.†#	6,700		30,552
Semtech Corp.†	200,298		2,267,373
Silicon Laboratories, Inc.†	13,500		282,960
Virage Logic Corp.†	2,000		6,780
Zarlink Semiconductor, Inc.†	52,100		12,478
			3,322,927
Electronic Design Automation — 0.0%
Cadence Design Systems, Inc.†	23,400		90,324
Electronic Measurement Instruments — 0.7%
Analogic Corp.	3,100		121,086
Axsys Technologies, Inc.†	14,600		1,019,226
CyberOptics Corp.†	18,900		110,187
Measurement Specialties, Inc.†	9,200		54,004
National Instruments Corp.	6,600		159,126
Orbotech, Ltd.†	13,400		56,414
			1,520,043
Electronic Security Devices — 0.2%
American Science and Engineering, Inc.#	5,700		432,459
Vicon Industries, Inc.†	21,026		89,360
			521,819
Energy - Alternate Sources — 0.1%
Plug Power, Inc.†	116,900		120,407
Enterprise Software/Service — 2.7%
American Software, Inc., Class A	37,400		152,218
Ariba, Inc.†#	292,449		2,354,214
Omnicell, Inc.†	157,328		1,784,100
Open Text Corp.†	67,070		1,784,733
PROS Holdings, Inc.†	5,200		25,064
RightNow Technologies, Inc.†#	19,000		153,140
Salary.com, Inc.†#	7,500		17,775
			6,271,244
Entertainment Software — 0.0%
Glu Mobile, Inc.†#	6,700		1,675

Security Description	Shares	Market Value (Note 2)
Filtration/Separation Products — 0.1%
CLARCOR, Inc.#	6,300	$	202,293
Finance - Auto Loans — 0.0%
Consumer Portfolio Services, Inc.†	47,000		47,940
Finance - Consumer Loans — 0.0%
Encore Capital Group, Inc.†	400		3,344
Finance - Investment Banker/Broker — 1.3%
KBW, Inc.†#	108,670		2,467,896
Penson Worldwide, Inc.†#	16,800		110,880
Piper Jaffray Cos., Inc.†#	10,600		401,634
			2,980,410
Finance - Mortgage Loan/Banker — 0.0%
Federal Agricultural Mtg. Corp., Class C	9,600		42,528
Finance - Other Services — 0.0%
MarketAxess Holdings, Inc.†#	10,200		65,280
Financial Guarantee Insurance — 0.7%
Assured Guaranty, Ltd.#	141,024		1,585,110
Food - Baking — 1.1%
Flowers Foods, Inc.#	99,300		2,659,254
Food - Canned — 1.2%
Seneca Foods Corp., Class A†	5,800		102,602
Seneca Foods Corp., Class B†	2,700		44,010
Treehouse Foods, Inc.†#	112,151		2,668,072
			2,814,684
Food - Misc. — 0.1%
M&F Worldwide Corp.†	9,100		143,325
Senomyx, Inc.†#	7,100		21,229
			164,554
Food - Retail — 1.1%
Ruddick Corp.#	81,570		2,231,755
Village Super Market, Class A	5,400		264,384
			2,496,139
Garden Products — 0.1%
Toro Co.#	7,000		199,080
Gas - Distribution — 0.7%
Energen Corp.	33,907		1,044,336
Southwest Gas Corp.	18,600		481,740
			1,526,076
Hazardous Waste Disposal — 0.0%
Energy Solutions, Inc.	12,400		56,544
Heart Monitors — 0.5%
Arrhythmia Research Technology, Inc.†	13,800		33,120
Cardiac Science Corp.†	174,900		1,142,097
			1,175,217
Home Furnishings — 0.0%
American Woodmark Corp.#	3,500		57,505
Tempur-Pedic International, Inc.#	4,300		30,057
			87,562
Hotels/Motels — 0.2%
Interstate Hotels & Resorts, Inc.†	23,800		23,800
Red Lion Hotels Corp.†	198,400		515,840
			539,640
Human Resources — 0.3%
Kforce, Inc.†	17,000		115,600
MPS Group, Inc.†	33,300		220,446

155

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Human Resources (continued)
On Assignment, Inc.†	26,200	$	150,650
Resources Connection, Inc.†#	13,600		235,416
			722,112
Independent Power Producers — 0.0%
Synthesis Energy Systems, Inc.†#	4,300		4,214
Industrial Automated/Robotic — 0.0%
Intermec, Inc.†#	7,100		94,288
Instruments - Controls — 0.1%
Woodward Governor Co.	6,500		138,060
Instruments - Scientific — 0.8%
Dionex Corp.†#	28,946		1,484,640
FEI Co.†#	17,500		355,600
			1,840,240
Insurance Brokers — 0.8%
Arthur J. Gallagher & Co.	76,400		1,894,720
eHealth, Inc.†#	4,200		46,074
			1,940,794
Insurance - Multi-line — 0.3%
Citizens, Inc.†	44,200		417,690
HCC Insurance Holdings, Inc.	15,100		351,981
			769,671
Insurance - Property/Casualty — 1.8%
FPIC Insurance Group, Inc.†#	52,361		2,426,409
Hallmark Financial Services, Inc.†	23,100		142,758
Infinity Property & Casualty Corp.	13,700		628,693
Markel Corp.†#	1,500		462,000
Meadowbrook Insurance Group, Inc.	22,200		124,542
Mercer Insurance Group, Inc.	9,700		111,550
SeaBright Insurance Holdings, Inc.†	8,500		89,760
Selective Insurance Group, Inc.	14,200		326,032
			4,311,744
Internet Application Software — 1.0%
CyberSource Corp.†	150,176		1,393,633
eResearch Technology, Inc.†#	146,945		828,770
			2,222,403
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc.†#	11,200		61,600
Internet Content - Information/News — 0.1%
ADAM, Inc.†	36,200		119,460
The Knot, Inc.†#	13,500		101,520
TheStreet.com, Inc.	23,900		81,021
			302,001
Internet Infrastructure Equipment — 0.0%
Network Engines, Inc.†	128,600		47,582
Internet Infrastructure Software — 0.2%
TeleCommunication Systems, Inc., Class A†	52,600		415,540
Internet Security — 0.2%
Actividentity Corp.†	59,000		105,020
Blue Coat Systems, Inc.†	12,000		106,680
Sourcefire, Inc.†#	15,400		89,012
Zix Corp.†	68,000		101,320
			402,032
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.†	30,471		853,188
Cohen & Steers, Inc.#	5,000		57,200

Security Description	Shares	Market Value (Note 2)
Investment Management/Advisor Services (continued)
GAMCO Investors, Inc., Class A#	42,992	$	1,179,271
Pzena Investment Management, Inc., Class A#	3,600		12,744
U.S. Global Investors, Inc., Class A	20,200		101,202
Waddell & Reed Financial, Inc., Class A	8,900		119,616
			2,323,221
Lasers-System/Components — 0.7%
Cymer, Inc.†#	16,300		382,887
Newport Corp.†	10,500		61,005
Rofin-Sinar Technologies, Inc.†#	47,477		1,127,104
			1,570,996
Leisure Products — 0.0%
Brunswick Corp.#	18,700		50,677
GameTech International, Inc.†	30,200		33,824
			84,501
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A	7,900		184,860
Machinery - Electrical — 0.1%
Baldor Electric Co.#	19,600		323,008
Machinery - General Industrial — 1.6%
Applied Industrial Technologies, Inc.#	25,400		484,124
Chart Industries, Inc.†	63,230		604,479
Hirsch International Corp., Class A†	75,700		21,196
IDEX Corp.	10,400		239,200
Kadant, Inc.†	130,919		1,961,166
Middleby Corp.†#	6,600		213,642
Tennant Co.	9,600		231,264
			3,755,071
Machinery - Material Handling — 0.0%
Cascade Corp.#	3,000		81,060
Machinery - Pumps — 0.1%
Graco, Inc.#	6,200		133,052
Medical Imaging Systems — 0.0%
Vital Images, Inc.†#	8,500		99,110
Medical Information Systems — 0.0%
AMICAS, Inc.†	72,600		108,174
Medical Instruments — 0.6%
AngioDynamics, Inc.†	6,400		76,352
Bovie Medical Corp.†	32,900		161,868
CryoLife, Inc.†	34,400		313,040
Edwards Lifesciences Corp.†	7,000		348,390
Micrus Endovascular Corp.†#	6,200		65,720
OrthoLogic Corp.†	192,300		86,535
Stereotaxis, Inc.†#	11,800		56,758
Synergetics USA, Inc.†	31,361		31,047
Vascular Solutions, Inc.†	29,900		216,476
			1,356,186
Medical Products — 2.3%
Cantel Medical Corp.†	21,600		204,120
Haemonetics Corp.†	32,823		1,877,147
Hanger Orthopedic Group, Inc.†	26,100		418,905
Henry Schein, Inc.†	700		25,011
Invacare Corp.#	142,769		2,110,126
NMT Medical, Inc.†	16,200		11,340
Osteotech, Inc.†	46,600		91,336
Span-America Medical Systems, Inc.	12,500		127,500
TomoTherapy, Inc.†#	10,700		24,717
Vnus Medical Technologies, Inc.†	23,800		357,000
Wright Medical Group, Inc.†#	13,600		230,656
			5,477,858

156

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical Sterilization Products — 0.2%
STERIS Corp.	13,200	$	364,980
Medical - Biomedical/Gene — 2.5%
Acorda Therapeutics, Inc.†#	2,100		38,052
Alexion Pharmaceuticals, Inc.†	9,800		329,868
Amylin Pharmaceuticals, Inc.†#	7,500		55,575
Bio-Rad Laboratories, Inc., Class A†	26,854		1,991,493
CombiMatrix Corp.†	20,300		143,115
Cubist Pharmaceuticals, Inc.†#	12,800		314,368
deCODE genetics, Inc.†#	15,700		3,768
Dendreon Corp.†	55,900		272,792
Discovery Laboratories, Inc.†	117,900		116,721
Exelixis, Inc.†#	17,200		53,148
Harvard Bioscience, Inc.†	61,600		125,664
Immunogen, Inc.†	63,900		244,098
Incyte Corp.†#	35,200		117,568
Integra LifeSciences Holdings Corp.†#	3,500		110,215
InterMune, Inc.†#	61,607		709,097
Martek Biosciences Corp.#	3,900		109,005
Maxygen, Inc.†#	7,700		37,730
Myriad Genetics, Inc.†#	7,300		432,744
Regeneron Pharmaceuticals, Inc.†#	6,300		97,398
Seattle Genetics, Inc.†#	5,600		48,496
The Medicines Co.†#	11,900		153,391
Vertex Pharmaceuticals, Inc.†#	8,511		209,285
Vical, Inc.†	48,985		54,373
			5,767,964
Medical - Drugs — 2.2%
Acadia Pharmaceuticals, Inc.†#	4,600		5,888
Cephalon, Inc.†#	4,200		308,616
Indevus Pharmaceuticals, Inc.†	41,900		104,750
MAP Pharmaceuticals, Inc.†#	1,800		8,280
Pharmasset, Inc.†#	7,500		123,525
ViroPharma, Inc.†#	186,814		2,110,998
Vivus, Inc.†#	383,516		2,278,085
XenoPort, Inc.†	7,100		223,224
			5,163,366
Medical - HMO — 0.3%
AMERIGROUP Corp.†	13,300		326,648
Centene Corp.†	16,900		312,650
			639,298
Medical - Hospitals — 0.2%
LifePoint Hospitals, Inc.†#	17,500		351,050
Medical - Nursing Homes — 1.0%
Advocat, Inc.†	13,000		33,540
Skilled Healthcare Group, Inc. Class A†#	209,675		2,268,683
			2,302,223
Medical - Outpatient/Home Medical — 1.3%
Gentiva Health Services, Inc.†	117,427		2,962,683
Metal Processors & Fabrication — 0.9%
Haynes International, Inc.†#	7,600		138,548
RBC Bearings, Inc.†	81,464		1,850,862
			1,989,410
Mining — 0.1%
Allied Nevada Gold Corp.†	19,293		54,985
Lihir Gold, Ltd.†(2)	52,100		78,129
Vista Gold Corp.†	24,300		30,375
			163,489

Security Description	Shares	Market Value (Note 2)
Miscellaneous Manufacturing — 0.7%
AptarGroup, Inc.	51,709	$	1,729,149
MRI/Medical Diagnostic Imaging — 0.1%
Nighthawk Radiology Holdings, Inc.†	4,900		14,210
RadNet, Inc.†	42,600		150,378
			164,588
Multimedia — 0.3%
FactSet Research Systems, Inc.#	13,900		556,000
Meredith Corp.#	12,300		198,522
WPT Enterprises, Inc.†	55,500		20,535
			775,057
Networking Products — 0.2%
Acme Packet, Inc.†#	2,700		10,530
Atheros Communications, Inc.†#	7,300		106,580
BigBand Networks, Inc.†#	7,000		25,480
Ixia†	14,800		90,872
Parkervision, Inc.†	25,300		93,610
Soapstone Networks, Inc.†	28,700		63,140
			390,212
Non-Hazardous Waste Disposal — 1.1%
Waste Connections, Inc.†	88,766		2,505,864
Oil Companies - Exploration & Production — 2.8%
American Oil And Gas, Inc.†	56,800		53,960
Barnwell Industries, Inc.	13,200		46,860
Bill Barrett Corp.†#	20,300		454,111
Brigham Exploration Co.†	50,600		153,318
Comstock Resources, Inc.†	47,788		2,003,751
Concho Resources, Inc.†	17,300		408,107
FieldPoint Petroleum Corp.†	86,200		179,296
Forest Oil Corp.†	11,500		200,675
GeoMet, Inc.†#	26,800		54,940
Mariner Energy, Inc.†	23,131		254,210
Parallel Petroleum Corp.†#	170,983		538,596
Penn Virginia Corp.	59,453		1,785,374
TransGlobe Energy Corp.†	52,300		104,600
Venoco, Inc.†#	119,800		400,132
			6,637,930
Oil Field Machinery & Equipment — 1.7%
Bolt Technology Corp.†	28,200		237,444
Complete Production Services, Inc.†	117,716		964,094
Lufkin Industries, Inc.#	32,800		1,617,368
NATCO Group, Inc., Class A†#	62,506		1,133,234
			3,952,140
Oil Refining & Marketing — 0.1%
Holly Corp.	6,300		114,597
Oil-Field Services — 0.9%
Boots & Coots International Control, Inc.†	75,700		102,952
Key Energy Services, Inc.†	3,300		15,675
Oceaneering International, Inc.†	46,699		1,205,768
SEACOR Holdings, Inc.†#	12,100		800,173
Trico Marine Services, Inc.†	10,745		41,046
Union Drilling, Inc.†	6,500		43,810
			2,209,424
Paper & Related Products — 0.0%
Smurfit-Stone Container Corp.†	20,100		11,457
Patient Monitoring Equipment — 0.0%
Masimo Corp.†#	1,000		27,290

157

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Pharmacy Services — 0.1%
Catalyst Health Solutions, Inc.†	13,300	$	299,250
Physicians Practice Management — 0.0%
Healthways, Inc.†	2,800		22,652
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†	15,300		119,034
SL Industries, Inc.†	5,586		32,678
			151,712
Precious Metals — 0.1%
Franco-Nevada Corp.	13,700		186,738
Printing - Commercial — 0.1%
Consolidated Graphics, Inc.†	600		8,622
Multi-Color Corp.#	11,950		160,130
			168,752
Publishing - Books — 0.1%
Scholastic Corp.#	16,215		247,603
Quarrying — 0.8%
Compass Minerals International, Inc.	31,964		1,789,664
Racetracks — 0.0%
Dover Motorsports, Inc.	58,800		88,200
Radio — 0.0%
Saga Communications, Inc., Class A†	30,400		74,784
Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities, Inc.#	24,000		1,062,720
Anworth Mortgage Asset Corp.	7,100		44,943
Cousins Properties, Inc.#	14,200		153,076
DiamondRock Hospitality Co.	27,700		103,044
EastGroup Properties, Inc.	12,000		386,760
Equity One, Inc.#	19,200		317,760
Essex Property Trust, Inc.#	1,300		112,411
Hatteras Financial Corp.#	5,200		134,004
LaSalle Hotel Properties#	78,927		696,136
Parkway Properties, Inc.#	5,600		76,552
Senior Housing Properties Trust#	63,800		888,734
Universal Health Realty Income Trust	47,280		1,483,174
			5,459,314
Real Estate Operations & Development — 0.1%
Stratus Properties, Inc.†	7,600		121,448
Recreational Vehicles — 0.0%
Polaris Industries, Inc.#	900		24,570
Rental Auto/Equipment — 0.1%
Electro Rent Corp.	6,300		69,489
H&E Equipment Services, Inc.†	25,000		168,250
			237,739
Resort/Theme Parks — 0.0%
Great Wolf Resorts, Inc.†	37,200		42,036
Respiratory Products — 0.1%
ResMed, Inc.†	5,200		188,968
Retail - Apparel/Shoe — 0.2%
American Eagle Outfitters, Inc.	5,400		51,840
AnnTaylor Stores Corp.†#	22,550		101,250
Christopher & Banks Corp.#	14,900		50,213
Hot Topic, Inc.†	23,600		193,992
J Crew Group, Inc.†#	9,200		93,288
			490,583
Retail - Arts & Crafts — 0.0%
A.C. Moore Arts & Crafts, Inc.†	4,900		4,998

Security Description	Shares	Market Value (Note 2)
Retail - Computer Equipment — 0.2%
PC Mall, Inc.†#	108,170	$	398,066
Retail - Convenience Store — 0.9%
The Pantry, Inc.†#	113,938		2,203,561
Retail - Discount — 0.7%
Citi Trends, Inc.†#	137,679		1,693,452
Retail - Drug Store — 0.1%
Allion Healthcare, Inc.†	61,200		199,512
Retail - Jewelry — 0.0%
Zale Corp.†#	8,200		48,626
Retail - Leisure Products — 0.0%
MarineMax, Inc.†#	11,400		31,692
Retail - Mail Order — 0.1%
Sport Supply Group, Inc.	27,600		166,152
Retail - Pet Food & Supplies — 0.2%
PetMed Express, Inc.†	24,100		432,113
PetSmart, Inc.	7,200		126,360
			558,473
Retail - Restaurants — 1.5%
BJ’s Restaurants, Inc.†#	11,600		113,448
Brinker International, Inc.	15,500		102,920
DineEquity, Inc.#	60,230		766,728
Famous Dave’s of America, Inc.†	16,700		48,430
Luby’s, Inc.†	25,300		110,814
Panera Bread Co., Class A†#	8,100		359,964
Papa John’s International, Inc.†#	85,622		1,517,222
PF Chang’s China Bistro, Inc.†#	5,600		104,888
Red Robin Gourmet Burgers, Inc.†#	9,200		112,148
Sonic Corp.†#	24,362		205,859
The Cheesecake Factory, Inc.†	19,500		141,960
			3,584,381
Retail - Sporting Goods — 0.2%
Hibbett Sports, Inc.†#	13,500		192,240
Zumiez, Inc.†#	20,400		176,256
			368,496
Savings & Loans/Thrifts — 1.3%
Abington Bancorp, Inc.	28,640		294,992
American Bancorp of New Jersey	21,400		195,382
Clifton Savings Bancorp, Inc.	28,200		331,068
First Niagara Financial Group, Inc.#	55,000		853,050
NewAlliance Bancshares, Inc.	19,700		271,466
Pacific Premier Bancorp, Inc.†	20,800		76,336
Rainier Pacific Financial Group, Inc.	13,600		23,120
Rome Bancorp, Inc.	19,500		177,645
Sovereign Bancorp, Inc.†	17,000		41,990
Timberland Bancorp, Inc.	881		6,088
United Financial Bancorp, Inc.	20,087		264,746
United Western Bancorp, Inc.	7,612		71,096
Westfield Financial, Inc.	33,500		345,720
			2,952,699
Schools — 1.5%
Capella Education Co.†#	42,172		2,524,416
Corinthian Colleges, Inc.†#	39,800		639,984
Grand Canyon Education, Inc.†	4,800		71,232
Princeton Review, Inc.†	33,100		171,789
			3,407,421
Seismic Data Collection — 0.1%
ION Geophysical Corp.†#	20,700		62,100
T.G.C. Industries, Inc.†	33,405		61,131
			123,231

158

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Semiconductor Components - Integrated Circuits — 0.7%
Emulex Corp.†	14,200	$	101,246
Power Integrations, Inc.#	76,935		1,407,910
Standard Microsystems Corp.†	10,400		158,496
			1,667,652
Semiconductor Equipment — 1.4%
ATMI, Inc.†	95,962		1,143,867
Brooks Automation, Inc.†	11,466		44,259
FormFactor, Inc.†	6,900		93,357
LTX-Credence Corp.†	50,000		18,500
Mattson Technology, Inc.†	20,400		36,720
MKS Instruments, Inc.†	109,455		1,566,301
Novellus Systems, Inc.†#	9,800		121,422
Semitool, Inc.†#	21,300		79,449
Trio Tech International	15,800		33,970
Veeco Instruments, Inc.†	4,900		29,057
			3,166,902
Specified Purpose Acquisitions — 0.0%
Highlands Acquisition Corp.†	11,700		102,960
Steel Pipe & Tube — 1.4%
Northwest Pipe Co.†#	47,800		1,372,816
Valmont Industries, Inc.#	36,101		1,996,385
			3,369,201
Telecom Equipment - Fiber Optics — 0.1%
Finisar Corp.†#	172,195		75,766
KVH Industries, Inc.†	14,357		64,319
			140,085
Telecom Services — 0.7%
Knology, Inc.†#	9,700		55,096
NTELOS Holdings Corp.	49,082		1,090,111
Orbcomm, Inc.†	50,700		93,795
Premiere Global Services, Inc.†	21,600		131,760
TW Telecom, Inc.†#	22,300		170,149
			1,540,911
Telecommunication Equipment — 2.1%
Adtran, Inc.	19,900		282,580
Arris Group, Inc.†#	301,650		2,168,864
Comtech Telecommunications Corp.†#	52,307		2,480,921
Sonus Networks, Inc.†#	53,700		83,235
			5,015,600
Telephone - Integrated — 1.5%
Alaska Communications Systems Group, Inc.#	204,619		1,984,804
Cincinnati Bell, Inc.†#	647,503		1,120,180
HickoryTech Corp.	35,200		204,160
SureWest Communications	17,700		216,117
			3,525,261
Textile - Apparel — 0.3%
Cherokee, Inc.	6,900		111,021
Unifi, Inc.†	114,100		530,565
			641,586
Textile - Products — 0.0%
Culp, Inc.†	46,000		106,260
Therapeutics — 0.3%
BioMarin Pharmaceuticals, Inc.†#	7,900		134,537
Hollis-Eden Pharmaceuticals, Inc.†	40,300		35,867
Inspire Phamaceuticals, Inc.†#	60,300		217,080
Introgen Therapeutics, Inc.†	55,700		16,153
Onyx Pharmaceuticals, Inc.†#	4,200		118,020

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Therapeutics (continued)
Spectrum Pharmaceuticals, Inc.†		48,200		$	67,480
Theravance, Inc.†#		3,800			25,384
					614,521
Tools - Hand Held — 0.7%
Snap-On, Inc.#		48,286			1,740,710
Transactional Software — 0.0%
Bottomline Technologies, Inc.†		12,900			87,720
Transport - Services — 0.1%
UTi Worldwide, Inc.		15,000			160,800
Transport - Truck — 2.7%
Heartland Express, Inc.#		1,465			22,619
Knight Transportation, Inc.#		37,875			596,910
Landstar System, Inc.		61,064			1,962,597
Marten Transport, Ltd.†		180,001			3,393,019
Patriot Transportation Holding, Inc.†		3,300			228,360
					6,203,505
Water — 0.2%
Cascal NV		102,547			453,258
Southwest Water Co.		20,300			85,869
					539,127
Wire & Cable Products — 0.8%
Belden, Inc.#		71,700			1,249,014
General Cable Corp.†#		43,494			718,086
					1,967,100
Wireless Equipment — 0.2%
Aruba Networks, Inc.†#		4,400			10,428
Globecomm Systems, Inc.†		28,200			146,358
Relm Wireless Corp.†		32,200			27,370
SBA Communications Corp., Class A†#		5,400			85,266
Tessco Technologies, Inc.†		10,700			112,564
					381,986
Total Long-Term Investment Securities
(cost $323,331,896)					229,377,040
SHORT-TERM INVESTMENT SECURITIES — 26.3%
Collective Investment Pool — 23.7%
Securities Lending Quality Trust(3)		58,000,576			55,564,552
Registered Investment Companies — 0.3%
T. Rowe Price Reserve Investment Fund		705,119			705,119
Time Deposits — 2.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08	$	5,453,000			5,453,000
Total Short-Term Investment Securities
(cost $64,158,695)					61,722,671
TOTAL INVESTMENTS
(cost $387,490,591)(4)		124.3	%		291,099,711
Liabilities in excess of other assets		(24.3	)		(56,951,504	)
NET ASSETS —		100.0	%	$	234,148,207

159

AIG Retirement Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $102,515 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Fair valued security; see Note 2

(2) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

See Notes to Financial Statements

160

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	20.9	%
Banks — Commercial	8.1
Real Estate Investment Trusts	5.0
Commercial Paper	4.9
Medical — Biomedical/Gene	3.6
Oil Companies — Exploration & Production	2.5
Electric — Integrated	2.2
Insurance — Property/Casualty	1.8
Gas — Distribution	1.7
Savings & Loans/Thrifts	1.6
Insurance — Reinsurance	1.4
Enterprise Software/Service	1.4
Medical Products	1.4
Medical — Drugs	1.3
Diversified Manufacturing Operations	1.3
Electronic Components — Semiconductors	1.3
Networking Products	1.3
Medical Instruments	1.2
Retail — Apparel/Shoe	1.2
Retail — Restaurants	1.2
Food — Misc.	1.1
Finance — Investment Banker/Broker	1.1
Distribution/Wholesale	1.0
Aerospace/Defense — Equipment	0.9
Chemicals — Specialty	0.9
Consulting Services	0.9
Therapeutics	0.9
Airlines	0.9
Computer Services	0.8
Computers — Integrated Systems	0.8
Telecom Services	0.8
Machinery — General Industrial	0.8
Commercial Services — Finance	0.8
Telecommunication Equipment	0.8
Commercial Services	0.8
U.S. Government Treasuries	0.7
Transport — Truck	0.7
Human Resources	0.7
Aerospace/Defense	0.7
Semiconductor Equipment	0.7
Metal Processors & Fabrication	0.7
Medical — HMO	0.6
Repurchase Agreements	0.6
Transport — Marine	0.6
Electronic Components — Misc.	0.6
Semiconductor Components — Integrated Circuits	0.6
Investment Companies	0.5
Medical — Outpatient/Home Medical	0.5
Footwear & Related Apparel	0.5
Consumer Products — Misc.	0.5
Oil Field Machinery & Equipment	0.5
Rental Auto/Equipment	0.5
Internet Application Software	0.5
Applications Software	0.5
Schools	0.5
Apparel Manufacturers	0.4
Chemicals — Diversified	0.4
Wireless Equipment	0.4
Medical Information Systems	0.4
Food — Retail	0.4
Food — Wholesale/Distribution	0.4
Lasers — System/Components	0.4
Instruments — Scientific	0.4
Industrial Automated/Robotic	0.4
Diagnostic Equipment	0.4
Oil-Field Services	0.4
Building — Heavy Construction	0.4
Data Processing/Management	0.4
Building & Construction Products — Misc.	0.4

Physical Therapy/Rehabilitation Centers	0.4
Paper & Related Products	0.4
Water	0.4
Power Converter/Supply Equipment	0.3
Insurance — Life/Health	0.3
Machinery — Electrical	0.3
Oil & Gas Drilling	0.3
Auto/Truck Parts & Equipment — Original	0.3
Identification Systems	0.3
Transactional Software	0.3
Transport — Services	0.3
Office Furnishings — Original	0.3
Non-Hazardous Waste Disposal	0.3
Electric — Transmission	0.3
Food — Baking	0.3
Toys	0.3
Medical — Generic Drugs	0.3
Retail — Convenience Store	0.3
Electronic Measurement Instruments	0.3
Filtration/Separation Products	0.3
Telephone — Integrated	0.3
Instruments — Controls	0.3
Computer Software	0.3
Computers — Memory Devices	0.3
E-Marketing/Info	0.3
Engineering/R&D Services	0.2
Quarrying	0.2
Diversified Operations/Commercial Services	0.2
Building — Residential/Commercial	0.2
Telecom Equipment — Fiber Optics	0.2
Cosmetics & Toiletries	0.2
Retail — Pawn Shops	0.2
Home Furnishings	0.2
Medical — Nursing Homes	0.2
Internet Infrastructure Software	0.2
Computer Aided Design	0.2
Hazardous Waste Disposal	0.2
Diagnostic Kits	0.2
E-Commerce/Products	0.2
Computers — Periphery Equipment	0.2
Containers — Paper/Plastic	0.2
Medical Sterilization Products	0.2
Tobacco	0.2
Finance — Consumer Loans	0.2
Patient Monitoring Equipment	0.2
Drug Delivery Systems	0.2
Building — Maintance & Services	0.2
E-Services/Consulting	0.2
Energy — Alternate Sources	0.2
Research & Development	0.2
Advanced Materials	0.2
E-Commerce/Services	0.2
Wire & Cable Products	0.2
Financial Guarantee Insurance	0.2
Leisure Products	0.2
Decision Support Software	0.2
Printing — Commercial	0.2
Retail — Gardening Products	0.2
Entertainment Software	0.2
Electric Products — Misc.	0.2
Casino Services	0.2
Private Corrections	0.2
Batteries/Battery Systems	0.2
Containers — Metal/Glass	0.2
Web Portals/ISP	0.2
Gold Mining	0.2
Cellular Telecom	0.2
Environmental Consulting & Engineering	0.2
Real Estate Operations & Development	0.2

161

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited) — (continued)

Industry Allocation* (continued)

Insurance — Multi-line	0.2	%
Retail — Discount	0.2
Audio/Video Products	0.2
Broadcast Services/Program	0.1
Building & Construction — Misc.	0.1
Electronic Security Devices	0.1
Coffee	0.1
Steel Pipe & Tube	0.1
Non-Ferrous Metals	0.1
Retail — Petroleum Products	0.1
Alternative Waste Technology	0.1
Internet Security	0.1
Transport — Equipment & Leasing	0.1
Chemicals — Plastics	0.1
Environmental Monitoring & Detection	0.1
Transport — Rail	0.1
Investment Management/Advisor Services	0.1
Retail — Automobile	0.1
Retail — Sporting Goods	0.1
Internet Telephone	0.1
Recreational Vehicles	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Agricultural Operations	0.1
Internet Content — Information/News	0.1
Educational Software	0.1
Linen Supply & Related Items	0.1
Intimate Apparel	0.1
Building Products — Cement	0.1
Internet Infrastructure Equipment	0.1
Satellite Telecom	0.1
Disposable Medical Products	0.1
Machinery — Material Handling	0.1
Communications Software	0.1
Hotels/Motels	0.1
Finance — Other Services	0.1
Electronic Design Automation	0.1
Resorts/Theme Parks	0.1
Miscellaneous Manufacturing	0.1
Coal	0.1
Insurance Brokers	0.1
Food — Canned	0.1
Engines — Internal Combustion	0.1
Pharmacy Services	0.1
Circuit Boards	0.1
Auction Houses/Art Dealers	0.1
Building — Mobile Home/Manufactured Housing	0.1
Oil Refining & Marketing	0.1
Poultry	0.1
Diversified Minerals	0.1
Golf	0.1
Food — Confectionery	0.1
Medical Labs & Testing Services	0.1
Web Hosting/Design	0.1
Dental Supplies & Equipment	0.1
Recreational Centers	0.1
Building Products — Doors & Windows	0.1
Theaters	0.1
Independent Power Producers	0.1
Machinery — Pumps	0.1
Building Products — Air & Heating	0.1
Protection/Safety	0.1
Publishing — Books	0.1
Retail — Perfume & Cosmetics	0.1
Advertising Services	0.1
Internet Connectivity Services	0.1
Racetracks	0.1
Machinery — Farming	0.1
Superconductor Product & Systems	0.1
Vitamins & Nutrition Products	0.1

Multilevel Direct Selling	0.1
Machinery — Construction & Mining	0.1
Finance — Leasing Companies	0.1
Forestry	0.1
Storage/Warehousing	0.1
Gambling (Non-Hotel)	0.1
Internet Incubators	0.1
Retail — Hair Salons	0.1
Retail — Pet Food & Supplies	0.1
Medical Imaging Systems	0.1
Auto Repair Centers	0.1
Seismic Data Collection	0.1
Textile — Apparel	0.1
Office Supplies & Forms	0.1
Internet Financial Services	0.1
MRI/Medical Diagnostic Imaging	0.1
Television	0.1
Precious Metals	0.1
Physicians Practice Management	0.1
	121.6	%

* Calculated as a percentage of net assets

162

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 94.4%
Advanced Materials — 0.2%
Ceradyne, Inc.†	22,184	$	582,552
Hexcel Corp.†	80,814		606,105
			1,188,657
Advertising Services — 0.1%
inVentiv Health, Inc.†	24,689		297,009
Marchex, Inc., Class B#	20,029		111,762
R.H. Donnelley Corp.†#	57,946		31,870
			440,641
Aerospace/Defense — 0.7%
Aerovironment, Inc.†#	8,634		278,274
Cubic Corp.	13,124		346,999
Esterline Technologies Corp.†	23,740		876,243
Herley Industries, Inc.†	11,374		136,488
National Presto Industries, Inc.	3,782		248,137
Teledyne Technologies, Inc.†	29,099		1,182,001
TransDigm Group, Inc.†#	26,911		955,341
			4,023,483
Aerospace/Defense - Equipment — 0.9%
AAR Corp.†#	29,961		507,539
Argon ST, Inc.†	11,024		215,960
Curtiss-Wright Corp.	36,752		1,227,517
Ducommun, Inc.	8,895		148,724
GenCorp, Inc.†#	48,015		137,323
HEICO Corp.#	17,832		572,942
Kaman Corp.	19,918		469,268
LMI Aerospace, Inc.†	7,312		80,286
Moog, Inc., Class A†	34,909		1,123,372
Orbital Sciences Corp.†	47,710		820,612
Triumph Group, Inc.	13,109		448,328
			5,751,871
Agricultural Operations — 0.1%
Alico, Inc.#	3,018		97,934
Andersons, Inc.#	14,239		180,266
Cadiz, Inc.†#	7,758		94,570
Griffin Ld and Nurseries, Inc.	2,813		88,947
Maui Land & Pineapple Co., Inc.†#	3,941		44,257
Tejon Ranch Co.†#	8,281		216,217
			722,191
Airlines — 0.9%
AirTran Holdings, Inc.†#	90,031		307,006
Alaska Air Group, Inc.†#	30,301		695,408
Allegiant Travel Co.†#	11,502		496,196
Hawaiian Holdings, Inc.†	33,472		149,955
JetBlue Airways Corp.†#	145,794		763,960
Republic Airways Holdings, Inc.†	27,115		378,796
Skywest, Inc.	46,749		710,585
UAL Corp.#	103,505		1,164,431
US Airways Group, Inc.†#	92,158		549,262
			5,215,599
Alternative Waste Technology — 0.1%
Calgon Carbon Corp.†#	31,731		405,205
Darling International, Inc.†	63,594		317,970
Rentech, Inc.†#	139,643		89,371
			812,546
Apparel Manufacturers — 0.4%
American Apparel, Inc.†#	28,528		121,244
Carter’s, Inc.†	46,084		871,448
Columbia Sportswear Co.#	10,423		328,846
G-III Apparel Group, Ltd.†#	11,137		88,316

Security Description	Shares	Market Value (Note 2)
Apparel Manufacturers (continued)
Maidenform Brands, Inc.†	18,914	$	175,144
Oxford Industries, Inc.	11,983		71,898
Quiksilver, Inc.†	106,149		148,609
True Religion Apparel, Inc.†#	14,368		180,893
Under Armour, Inc., Class A†#	26,223		602,867
Volcom, Inc.†#	15,301		154,234
			2,743,499
Applications Software — 0.5%
Actuate Corp.†	50,960		134,025
American Reprographics Co.†	27,536		215,607
Callidus Software, Inc†#	25,374		51,763
Deltek, Inc.†#	10,601		50,885
Ebix Com, Inc.†#	5,115		132,606
EPIQ Systems, Inc.†#	29,777		483,578
NetSuite ,Inc.†#	5,987		51,907
OpenTV Corp. Class A†	73,147		84,851
Progress Software Corp.†	34,982		744,417
Quest Software, Inc.†	58,416		779,854
Unica Corp.†#	11,762		45,754
			2,775,247
Athletic Equipment — 0.0%
Nautilus, Inc.†#	19,192		56,424
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A	19,560		246,456
Auction House/Art Dealers — 0.1%
Sotheby’s#	56,729		563,886
Audio/Video Products — 0.2%
Audiovox Corp., Class A†	14,689		85,343
DTS, Inc.†#	13,327		220,828
Tivo, Inc.†#	80,543		404,326
Universal Electronics, Inc.†	11,909		197,690
			908,187
Auto Repair Centers — 0.1%
Midas, Inc.†	11,650		96,462
Monro Muffler Brake, Inc.	12,336		251,778
			348,240
Auto - Heavy Duty Trucks — 0.0%
Force Protection, Inc.†	57,489		228,806
Auto - Truck Trailers — 0.0%
Wabash National Corp.#	25,868		127,529
Auto/Truck Parts & Equipment - Original — 0.3%
American Axle & Manufacturing Holdings, Inc.#	38,797		97,768
Amerigon, Inc.†#	18,647		69,553
ArvinMeritor, Inc.#	56,126		221,698
Dana Holding Corp.†	83,376		79,207
Fuel Systems Solutions, Inc.†	10,182		352,195
Hayes Lemmerz International, Inc.†	85,158		59,611
Lear Corp.†	53,983		127,940
Modine Manufacturing Co.	23,158		111,390
Spartan Motors, Inc.#	27,299		81,351
Superior Industries International, Inc.#	16,814		205,635
Tenneco, Inc.†	39,255		128,756
Titan International, Inc.#	28,892		275,630
Visteon Corp.†#	110,205		82,654
Wonder Auto Technology, Inc.†#	12,377		46,538
			1,939,926
Auto/Truck Parts & Equipment - Replacement — 0.1%
ATC Technology Corp.†	17,887		309,266
Commercial Vehicle Group, Inc.†	18,142		20,319

163

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Dorman Prods, Inc.†	9,240	$	110,141
Exide Technologies†	63,379		285,206
			724,932
Banks - Commercial — 8.1%
1st Source Corp.	12,568		279,135
AMCORE Financial, Inc.#	16,849		61,499
Ameris Bancorp#	11,427		109,242
Ames National Corp.#	5,425		134,052
Arrow Financial Corp.	7,692		222,991
Bancfirst Corp.	6,216		272,945
Banco Latinoamericano de Exportaciones SA	22,977		291,119
BancTrust Financial Group, Inc.#	14,771		184,342
Bank Mutual Corp.	37,876		388,229
Bank of the Ozarks, Inc.#	9,437		256,875
BankFinancial Corp.	16,578		181,198
Banner Corp.#	11,829		122,548
Bryn Mawr Bank Corp#	5,792		117,230
Camden National Corp.#	6,481		182,635
Capital City Bank Group, Inc.#	9,920		293,037
Capitol Bancorp, Ltd.#	12,121		66,665
Cardinal Financial Corp.	20,352		108,069
Cascade Bancorp#	18,755		127,534
Cass Information Systems, Inc.#	5,702		202,421
Cathay General Bancorp#	40,104		822,934
Centerstate Banks of Florida, Inc.#	7,778		128,726
Central Pacific Financial Corp.#	21,872		279,962
Chemical Financial Corp.#	18,873		466,729
Citizens & Northern Corp.	6,266		138,165
Citizens Republic Bancorp#	67,533		159,378
City Bank#	11,526		75,956
City Holding Co.	13,581		481,039
CoBiz Financial, Inc.#	15,877		173,694
Colonial BancGroup, Inc.#	160,816		403,648
Columbia Banking System, Inc.	15,237		153,132
Community Bank Systems, Inc.#	25,194		580,974
Community Trust Bancorp, Inc.	12,626		412,239
Corus Bankshares, Inc.#	31,756		37,790
CVB Financial Corp.#	52,992		595,100
East West Bancorp, Inc.#	51,287		759,048
Encore Bancshares, Inc†	5,421		78,062
Enterprise Financial Services Corp.#	9,313		135,504
F.N.B. Corp.#	70,060		865,942
Farmers Capital Bank Corp.	5,225		124,094
Financial Institutions, Inc.#	9,239		151,242
First BanCorp	12,095		208,518
First BanCorp Puerto Rico#	56,422		617,257
First Bancorp, Inc#	7,297		138,935
First Busey Corp.#	19,636		336,365
First Commonwealth Financial Corp.#	59,162		710,536
First Community Bancshares, Inc.#	7,640		221,789
First Financial Bancorp	29,080		363,500
First Financial Bankshares, Inc.#	17,507		914,741
First Financial Corp.#	9,525		396,811
First Merchants Corp.	13,809		278,528
First Midwest Bancorp, Inc.#	39,402		725,391
First South Bancorp, Inc.#	6,769		84,612
FirstMerit Corp.	66,484		1,462,648
Frontier Financial Corp.#	35,252		100,821
Glacier Bancorp, Inc.#	43,830		779,297
Greene County Bancshares, Inc.#	9,340		152,335
Guaranty Bancorp†#	37,381		74,014
Hancock Holding Co.#	21,007		905,612
Hanmi Financial Corp.#	31,360		73,696
Harleysville National Corp.#	26,412		370,296

Security Description	Shares	Market Value (Note 2)
Banks - Commercial (continued)
Heartland Financial USA, Inc.#	9,687	$	209,142
Heritage Commerce Corp.#	8,730		108,514
Home Bancshares, Inc.#	11,163		294,926
IBERIABANK Corp.#	10,201		537,083
Independent Bank Corp.	12,549		297,286
Integra Bank Corp.#	17,407		44,214
International Bancshares Corp.	42,966		1,009,701
Lakeland Bancorp, Inc.#	16,996		165,711
Lakeland Financial Corp.#	10,303		228,624
MainSource Financial Group, Inc.#	13,766		214,612
MB Financial, Inc.	28,209		735,973
Midwest Banc Holdings, Inc.#	18,700		33,286
Nara BanCorp., Inc.	19,196		208,469
National Penn Bancshares, Inc.#	65,016		999,946
NBT Bancorp, Inc.	25,870		686,072
Old National Bancorp#	54,011		927,909
Old Second Bancorp, Inc.#	11,576		173,408
Oriental Financial Group, Inc.	20,461		128,495
Pacific Capital Bancorp#	36,990		584,442
Pacific Contl Corp.#	8,982		126,646
PacWest Bancorp#	20,574		547,268
Park National Corp.#	8,828		604,630
Peapack Gladstone Financial Corp.#	6,992		216,752
Pennsylvania Commerce Bancorp,, Inc†#	4,363		119,110
Peoples Bancorp, Inc.	7,035		122,690
Pinnacle Financial Partners, Inc.†	17,898		492,195
Premierwest Bancorp#	16,307		110,888
PrivateBancorp, Inc.#	18,124		564,744
Prosperity Bancshares, Inc.	33,015		1,089,825
Provident Bankshares Corp.#	24,504		230,828
Renasant Corp.#	17,646		341,450
Republic Bancorp, Inc., Class A#	7,784		172,416
S&T Bancorp, Inc.#	20,056		681,703
S.Y. Bancorp, Inc.#	10,126		268,238
Sandy Spring Bancorp, Inc.#	12,248		239,693
Santander Bancorp#	3,693		36,487
SCBT Financial Corp.	8,585		291,461
Seacoast Banking Corp. of Florida#	12,479		61,646
Shore Bancshares, Inc.#	7,072		177,436
Sierra Bancorp#	6,257		126,329
Signature Bank†	24,064		717,107
Simmons First National Corp., Class A	10,722		315,012
Smithtown Bancorp, Inc.#	6,626		132,255
Southside Bancshares, Inc.#	10,220		227,395
Southwest Bancorp, Inc.	12,237		174,867
State Bancorp, Inc.	12,057		144,684
StellarOne Corp.#	17,069		281,468
Sterling Bancorp	15,153		197,141
Sterling Bancshares, Inc.	61,603		412,740
Sterling Financial Corp.#	40,133		213,508
Suffolk Bancorp#	7,120		235,672
Sun Bancorp, Inc.†	12,291		96,361
Susquehanna Bancshares, Inc.#	72,425		1,106,654
SVB Financial Group†#	24,602		985,310
Texas Capital Bancshares, Inc.†	24,126		387,222
The South Financial Group, Inc.#	54,490		235,397
Tompkins Trustco, Inc.#	4,875		267,881
Townebank Portsmouth Va#	16,149		361,738
TriCo Bancshares#	11,684		278,196
TrustCo Bank Corp. NY#	63,746		675,070
Trustmark Corp.#	40,046		799,318
UCBH Holdings, Inc.#	87,015		403,750
UMB Financial Corp.	26,168		1,251,092
Umpqua Holding Corp.#	48,374		640,472
Union Bankshares Corp.#	11,356		258,235

164

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
United Bankshares, Inc.#	30,816	$	1,024,632
United Community Banks, Inc.#	31,549		415,816
United Security Bancshares#	7,126		77,602
Univest Corp. of Pennsylvania#	9,754		305,495
W Holding Co., Inc.#	96,121		29,798
Washington Trust Bancorp, Inc.	9,607		188,489
WesBanco, Inc.	21,182		547,131
West Bancorp, Inc.	14,660		180,318
West Coast Bancorp.	13,219		64,773
Westamerica Bancorp#	23,867		1,268,770
Western Alliance Bancorp†#	16,066		177,047
Wilshire Bancorp, Inc.#	16,216		111,242
Wintrust Financial Corp.#	18,640		384,543
Yadkin Valley Financial Corp.#	9,650		145,522
			49,470,797
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.#	42,053		290,586
Batteries/Battery Systems — 0.2%
Advanced Battery Technology†#	37,004		76,228
China BAK Battery, Inc.†#	25,466		63,156
EnerSys†	23,152		197,486
Greatbatch, Inc.†#	17,821		450,337
Medis Technologies, Ltd.†#	26,333		17,643
Ultralife Batteries, Inc.†#	10,578		107,896
Valence Technology, Inc.†#	42,710		84,139
			996,885
Beverages - Non-alcoholic — 0.0%
Coca-Cola Bottling Co.#	3,435		146,194
National Beverage Corp.†	9,057		80,154
			226,348
Brewery — 0.0%
Boston Beer Co., Inc., Class A†#	7,102		227,832
Broadcast Services/Program — 0.1%
CKX, Inc.†	44,320		195,008
Crown Media Holdings, Inc., Class A†#	9,179		19,551
DG Fastchannel, Inc.†#	12,864		215,472
Fisher Communications, Inc.#	5,633		126,179
Global Traffic Network, Inc.†	9,971		69,597
Gray Television, Inc.#	35,971		21,223
RHI Entertainment, Inc.†	12,218		49,972
World Wrestling Entertainment, Inc.#	17,874		207,875
			904,877
Building & Construction Products - Misc. — 0.4%
Builders FirstSource, Inc.†#	13,389		15,665
China Architectral Engr Inc Com†#	15,702		45,536
Drew Industries, Inc.†#	14,015		197,051
Gibraltar Industries, Inc.#	22,645		292,121
Interline Brands, Inc.†	24,454		225,955
Louisiana-Pacific Corp.#	78,781		181,984
NCI Building Systems, Inc.†#	16,623		253,002
Simpson Manufacturing Co., Inc.#	31,350		815,100
Trex Co., Inc.†#	12,790		173,432
			2,199,846
Building & Construction - Misc. — 0.1%
Dycom Industries, Inc.†	29,900		177,606
Insituform Technologies, Inc., Class A†#	23,387		379,103
Layne Christensen Co.†	14,743		332,897
			889,606

Security Description	Shares	Market Value (Note 2)
Building Products - Air & Heating — 0.1%
Aaon, Inc.	11,296	$	215,076
Comfort Systems USA, Inc.	30,658		255,994
			471,070
Building Products - Cement — 0.1%
Texas Industries, Inc.#	18,488		570,540
US Concrete, Inc.†	33,480		107,805
			678,345
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.#	24,359		190,000
Quanex Building Products	31,250		289,375
			479,375
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.	15,819		108,677
Building Products - Wood — 0.0%
Universal Forest Products, Inc.#	13,992		294,252
Building - Heavy Construction — 0.4%
Granite Construction, Inc.#	26,670		1,143,876
Orion Marine Group, Inc.†	18,166		138,970
Perini Corp.†	42,754		818,739
Sterling Construction Co., Inc.†	9,712		159,860
			2,261,445
Building - Maintance & Services — 0.2%
ABM Industries, Inc.	36,828		621,288
Integrated Electrical Services, Inc.†#	6,518		40,672
Rollins, Inc.	33,161		574,349
			1,236,309
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†#	5,448		164,857
Champion Enterprises, Inc.†#	65,429		47,763
Fleetwood Enterprises, Inc.†#	64,236		9,635
Palm Harbor Homes, Inc.†#	8,334		61,755
Skyline Corp.#	5,746		132,560
Winnebago Industries, Inc.#	24,478		143,931
			560,501
Building - Residential/Commercial — 0.2%
Amrep Corp.†#	1,454		41,730
Beazer Homes USA, Inc.†	33,049		59,819
Brookfield Homes Corp.#	7,883		37,365
Hovnanian Enterprises, Inc., Class A†#	39,070		85,563
M/I Homes, Inc.#	11,808		124,456
Meritage Homes Corp.†#	25,849		320,528
Ryland Group, Inc.#	33,850		574,434
Standard-Pacific Corp.†#	105,435		203,490
			1,447,385
Cable TV — 0.0%
Charter Communications, Inc., Class A†#	343,582		65,281
Mediacom Communications Corp., Class A†#	33,149		83,867
Outdoor Channel Holdings, Inc.†#	13,551		82,390
			231,538
Capacitors — 0.0%
KEMET Corp.†#	70,749		29,715
Casino Hotels — 0.0%
Ameristar Casinos, Inc.	21,398		163,909
Monarch Casino & Resort, Inc.†#	9,655		86,895
Riviera Holdings Corp.†#	8,486		35,217
			286,021

165

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Casino Services — 0.2%
Bally Technologies, Inc.†#	44,379	$	819,680
Elixir Gaming Technologies, Inc.†#	57,035		2,852
Shuffle Master, Inc.†	44,563		190,730
			1,013,262
Cellular Telecom — 0.2%
Centennial Communications Corp.†	56,731		438,531
iPCS, Inc.†(2)(3)	14,451		107,660
Syniverse Holdings, Inc.†	41,333		403,823
Virgin Mobile USA, Inc.†#	25,569		25,569
			975,583
Chemicals - Diversified — 0.4%
Aceto Corp.	20,587		181,989
Innophos Holdings, Inc.	8,797		144,975
Innospec, Inc.	19,698		113,461
Olin Corp.	61,164		1,001,866
Rockwood Holdings, Inc.†	32,343		289,146
ShengdaTech, Inc.†#	25,385		101,032
Solutia, Inc.†#	79,512		540,682
Westlake Chemical Corp.#	16,144		272,511
			2,645,662
Chemicals - Fibers — 0.0%
Zoltek Cos., Inc.†#	23,179		186,591
Chemicals - Other — 0.0%
American Vanguard Corp.	15,903		155,213
Chemicals - Plastics — 0.1%
A. Schulman, Inc.	20,947		284,251
Landec Corp.†	19,540		135,608
PolyOne Corp.†	78,570		222,353
Spartech Corp.	25,742		149,303
			791,515
Chemicals - Specialty — 0.9%
Arch Chemicals, Inc.	19,673		568,156
Balchem Corp.	13,957		363,301
Ferro Corp.	34,631		222,677
H.B. Fuller Co.	38,656		685,757
ICO, Inc.†	23,332		104,761
Minerals Technologies, Inc.	15,911		747,021
NewMarket Corp.	10,545		353,047
OM Group, Inc.†#	23,755		468,686
Penford Corp.#	9,461		106,625
Quaker Chemical Corp.	8,650		110,807
Sensient Technologies Corp.	39,251		943,594
Stepan Co.	5,339		245,487
Symyx Technologies, Inc.†#	28,329		113,883
WR Grace & Co.†	56,758		291,169
Zep, Inc.	15,953		288,909
			5,613,880
Circuit Boards — 0.1%
Multi-Fineline Electronix, Inc.†#	7,310		76,316
Park Electrochemical Corp.	17,140		304,749
TTM Technologies, Inc.†#	35,950		183,705
			564,770
Coal — 0.1%
International Coal Group, Inc.†#	98,449		279,595
James River Coal Co.†#	19,180		217,885
National Coal Corp.†	23,233		43,678
Westmoreland Coal Co.†#	8,002		75,859
			617,017

Security Description	Shares	Market Value (Note 2)
Coffee — 0.1%
Farmer Brothers Co.#	5,687	$	134,498
Green Mountain Coffee Roasters, Inc.†#	13,377		486,120
Peet’s Coffee & Tea, Inc.†#	10,372		234,096
			854,714
Collectibles — 0.0%
RC2 Corp.†	14,661		155,846
Commerce — 0.0%
i2 Technologies, Inc.†#	13,193		109,502
Commercial Services — 0.8%
Arbitron, Inc.	21,950		307,958
CoStar Group, Inc.†#	15,493		505,382
DynCorp International, Inc., Class A†	20,838		309,444
ExlService Holdings, Inc.†#	11,951		84,852
First Advantage Corp., Class A†	8,659		108,844
Healthcare Services Group#	34,232		544,289
HMS Holdings Corp.†	19,636		579,262
ICT Group, Inc.†	7,371		24,767
Live Nation, Inc.†#	60,139		294,080
National Resh Corp.#	1,440		38,563
PHH Corp.†	45,603		347,495
Pre-Paid Legal Services, Inc.†#	6,730		269,200
Standard Parking Corp.†	7,323		146,460
Steiner Leisure, Ltd.†	12,352		298,795
Team, Inc.†	15,548		438,764
TeleTech Holdings, Inc.†	32,909		290,257
The Providence Service Corp.†#	10,267		16,838
			4,605,250
Commercial Services - Finance — 0.8%
Advance America Cash Advance Centers, Inc.	35,247		60,272
Bankrate, Inc.†#	10,722		294,533
Cardtronics, Inc.†#	10,129		13,573
CBIZ, Inc.†#	37,692		302,667
Coinstar, Inc.†	22,178		411,624
Deluxe Corp.	40,333		424,303
Dollar Financial Corp.†#	20,412		154,723
Euronet Worldwide, Inc.†#	36,334		309,929
Global Cash Access Holdings, Inc.†	33,790		104,411
Heartland Payment Systems, Inc.#	20,558		353,187
Interactive Data Corp.	30,817		713,722
Jackson Hewitt Tax Service, Inc.	21,486		276,525
Net 1 UEPS Technologies, Inc.†	35,527		362,375
PRG-Schultz International, Inc.†	12,627		56,569
Riskmetrics Group, Inc.†	18,096		270,354
TNS, Inc.†	20,606		176,181
Wright Express Corp.†	31,033		353,156
			4,638,104
Communications Software — 0.1%
Digi International, Inc.†	21,711		200,175
DivX, Inc.†	22,695		109,390
Seachange International, Inc.†	26,002		205,936
Smith Micro Software, Inc.†#	25,620		130,918
			646,419
Computer Aided Design — 0.2%
MSC.Software Corp.†	37,851		283,882
Parametric Technology Corp.†	94,660		1,094,270
			1,378,152
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†	12,688		68,515
Trident Microsystems, Inc.†	51,383		86,324
			154,839

166

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Computer Services — 0.8%
3PAR, Inc.†	22,935	$	189,214
CACI International, Inc., Class A†	24,634		1,093,996
CIBER, Inc.†	45,164		193,754
COMSYS IT Partners, Inc.†	12,257		39,100
Furmanite Corp.†	30,679		165,053
iGate Corp.†	18,428		112,411
Insight Enterprises, Inc.†	36,047		146,711
Manhattan Associates, Inc.†	18,867		289,608
Ness Technologies, Inc.†	29,143		137,263
Perot Systems Corp., Class A†	70,612		881,238
SI International, Inc.†	11,178		341,376
SRA International, Inc.†	34,128		512,603
SYKES Enterprises, Inc.†	25,652		475,845
Syntel, Inc.#	10,862		260,905
Virtusa Corp.†#	7,422		36,813
			4,875,890
Computer Software — 0.3%
Accelrys, Inc.†	22,569		88,019
Avid Technology, Inc.†#	23,335		292,154
Blackbaud, Inc.	35,461		443,262
Double-Take Software, Inc.†	14,549		114,792
Guidance Software, Inc.†#	7,849		26,608
Omniture, Inc.†#	49,721		494,227
Phoenix Technologies, Ltd.†	23,175		77,405
			1,536,467
Computers — 0.0%
Palm, Inc.†#	80,918		193,394
Rackable Systems, Inc.†	24,963		99,602
			292,996
Computers - Integrated Systems — 0.8%
3D Systems Corp.†#	15,018		108,881
Agilysys, Inc.#	19,122		72,472
Cray, Inc.†	27,756		52,181
Echelon Corp.†#	24,977		159,603
Integral Systems, Inc.†	12,907		309,768
Jack Henry & Associates, Inc.	61,142		1,125,624
Maxwell Technologies, Inc.†	15,365		74,981
Mercury Computer Systems, Inc.†	19,161		52,501
MICROS Systems, Inc.†	67,020		1,115,883
MTS Systems Corp.	14,773		384,246
Nci, Inc.†	5,477		157,628
NetScout Systems, Inc.†	24,812		197,256
Radiant Systems, Inc.†	23,290		114,121
Radisys Corp.†#	18,895		113,370
Riverbed Technology, Inc.†	44,783		420,512
Stratasys, Inc.†#	15,038		167,824
Super Micro Computer, Inc.†	18,628		97,052
			4,723,903
Computers - Memory Devices — 0.3%
Data Domain, Inc.†#	27,827		452,189
Hutchinson Technology, Inc.†#	19,861		55,611
Imation Corp.#	25,155		334,058
Isilon Systems, Inc.†#	20,736		67,599
Netezza Corp†	29,901		215,885
Quantum Corp.†	173,105		20,773
Silicon Storage Technology, Inc.†	70,424		213,385
Smart Modular Technologies WWH, Inc.†	37,320		33,588
STEC, Inc.†#	25,857		140,921
			1,534,009

Security Description	Shares	Market Value (Note 2)
Computers - Periphery Equipment — 0.2%
Compellent Technologies Inc†#	11,892	$	127,720
Electronics for Imaging, Inc.†	41,854		408,914
Immersion Corp.†#	25,727		99,563
Rimage Corp.†	8,120		114,654
Synaptics, Inc.†#	27,610		606,592
			1,357,443
Consulting Services — 0.9%
China Direct, Inc.†#	5,745		9,020
CRA International, Inc.†	9,276		269,190
Forrester Research, Inc.†	11,854		271,694
Gartner, Inc.†#	48,098		738,785
Hackett Group, Inc.†	34,681		103,349
Hill International, Inc.†	19,726		108,493
Huron Consulting Group, Inc.†#	16,837		877,208
ICF International, Inc.†	5,597		109,701
LECG Corp.†	21,532		113,258
MAXIMUS, Inc.	15,708		493,231
Navigant Consulting, Inc.†	38,682		731,477
The Advisory Board Co.†	13,341		334,192
Watson Wyatt Worldwide, Inc., Class A	35,167		1,417,933
			5,577,531
Consumer Products - Misc. — 0.5%
American Greetings Corp., Class A	38,286		441,055
Blyth, Inc.	20,573		170,550
Central Garden and Pet Co. Class A†	54,223		226,652
CSS Industries, Inc.	6,594		150,343
Helen of Troy, Ltd.†	23,526		368,417
Prestige Brands Holdings, Inc.†	28,431		222,330
Russ Berrie & Co., Inc.†	14,121		28,948
Spectrum Brands, Inc.†#	33,737		6,410
Tupperware Brands Corp.	50,892		1,001,046
WD-40 Co.	12,743		364,450
			2,980,201
Containers - Metal/Glass — 0.2%
Bway Holding Co.†	6,300		30,303
Silgan Holdings, Inc.	21,238		960,807
			991,110
Containers - Paper/Plastic — 0.2%
AEP Industries, Inc.†	4,563		94,591
Graphic Packaging Holding Co.†#	121,726		200,848
Rock-Tenn Co., Class A	30,976		1,046,059
			1,341,498
Cosmetics & Toiletries — 0.2%
Chattem, Inc.†#	14,070		1,021,060
Columbia Laboratories, Inc.†#	39,433		65,853
Elizabeth Arden, Inc.†	18,819		265,348
Inter Parfums, Inc.	11,839		87,135
			1,439,396
Data Processing/Management — 0.4%
Acxiom Corp.	47,562		357,191
Commvault Systems, Inc.†	36,013		369,133
CSG Systems International, Inc.†	27,487		462,881
Fair Isaac Corp.#	38,800		548,632
FalconStor Software, Inc.†	32,150		93,235
Infogroup, Inc.	27,845		109,431
Pegasystems, Inc.	12,147		143,942
Schawk, Inc.	12,683		173,376
			2,257,821

167

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Decision Support Software — 0.2%
DemandTec, Inc.†	16,534	$	120,037
Interactive Intelligence, Inc.†#	11,699		87,158
QAD, Inc.	10,479		42,649
SPSS, Inc.†#	15,034		367,431
Wind River Systems, Inc.†	56,735		473,170
			1,090,445
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†#	47,161		330,127
Sirona Dental Systems, Inc.†#	14,217		170,320
			500,447
Diagnostic Equipment — 0.4%
Affymetrix, Inc.†#	51,030		139,822
Cepheid, Inc.†#	44,928		610,122
Hansen Medical, Inc.†#	14,363		131,996
Immucor, Inc.†	57,716		1,400,768
			2,282,708
Diagnostic Kits — 0.2%
Inverness Medical Innovations, Inc.	1,421		160,502
Meridian Bioscience, Inc.	32,410		772,330
OraSure Technologies, Inc.†#	39,462		135,749
Quidel Corp.†	21,838		297,652
			1,366,233
Direct Marketing — 0.0%
Harte-Hanks, Inc.#	30,915		184,563
Disposable Medical Products — 0.1%
ICU Medical, Inc.†	8,385		253,646
Medical Action Industries, Inc.†	11,889		102,365
Merit Medical Systems, Inc.†	21,512		312,139
			668,150
Distribution/Wholesale — 1.0%
Beacon Roofing Supply, Inc.†	37,301		440,898
BMP Sunstone Corp†#	19,494		116,964
Brightpoint, Inc.†	41,994		173,015
Chindex International, Inc.†	9,302		55,812
Core-Mark Holding Co., Inc.†#	6,458		129,935
FGX International Holdings†	11,570		118,708
Fossil, Inc.†	36,404		553,341
Houston Wire & Cable Co.#	14,987		116,599
MWI Veterinary Supply, Inc.†	7,679		191,591
Owens & Minor, Inc.	33,889		1,407,410
Pool Corp.#	38,517		663,648
Scansource, Inc.†	20,574		349,964
School Specialty, Inc.†#	15,829		253,581
Titan Machinery ,Inc.†#	6,163		72,045
United Stationers, Inc.†	18,795		597,869
Watsco, Inc.#	18,829		740,733
			5,982,113
Diversified Financial Services — 0.0%
Doral Financial Corp.†	4,533		33,091
Diversified Manufacturing Operations — 1.3%
A.O. Smith Corp.	15,772		516,375
Actuant Corp., Class A	45,118		809,417
Acuity Brands, Inc.#	33,336		898,739
Ameron International Corp.	7,722		416,061
AZZ, Inc.†#	10,217		245,821
Barnes Group, Inc.#	37,976		508,499
Blount International, Inc.†	32,131		290,786
Colfax Corp.†#	18,163		173,638
EnPro Industries, Inc.†	15,886		296,592

Security Description	Shares	Market Value (Note 2)
Diversified Manufacturing Operations (continued)
ESCO Technologies, Inc.†	20,926	$	639,917
Federal Signal Corp.	36,171		253,921
GenTek, Inc.†#	7,553		139,126
Griffon Corp.†	38,419		307,352
Koppers Holdings, Inc.	15,910		340,792
LSB Industries, Inc.†#	14,633		131,404
Lydall, Inc.†	13,972		73,772
Matthews International Corp., Class A	25,505		1,041,369
Park-Ohio Holdings Corp.†	6,881		31,446
Raven Industries, Inc.	13,474		344,261
Standex International Corp.	10,523		221,825
Tredegar Corp.	20,281		318,817
			7,999,930
Diversified Minerals — 0.1%
AMCOL International Corp.#	21,725		437,541
General Moly Inc†#	52,837		60,763
United States Lime & Minerals, Inc.†	1,502		40,299
			538,603
Diversified Operations — 0.0%
Resource America, Inc., Class A#	8,268		34,726
Diversified Operations/Commercial Services — 0.2%
Chemed Corp.#	19,243		784,345
Compass Diversified Trust	17,642		176,596
Viad Corp.	15,871		423,914
Volt Information Sciences, Inc.†#	10,647		64,734
			1,449,589
Drug Delivery Systems — 0.2%
Alkermes, Inc.†	77,325		570,659
Depomed, Inc.†	40,456		62,707
I-Flow Corp.†	18,198		72,428
Nektar Therapeutics†#	71,099		337,720
Noven Pharmaceuticals, Inc.†#	18,089		207,119
			1,250,633
E-Commerce/Products — 0.2%
1-800-FLOWERS.COM, Inc., Class A†	21,998		82,053
Bidz , Inc.†#	4,878		18,585
Blue Nile, Inc.†#	10,100		240,986
Drugstore.com, Inc.†	70,379		70,379
Mercadolibre, Inc.†#	21,459		264,375
NutriSystem, Inc.#	23,253		325,775
Overstock.com, Inc.†#	12,984		136,202
Shutterfly, Inc.†#	16,572		113,352
Stamps.com, Inc.†	12,256		108,588
			1,360,295
E-Commerce/Services — 0.2%
Global Sources, Ltd.†	14,280		92,249
Internet Brands, Inc. Class A Common†#	18,675		117,092
Move, Inc.†	108,088		128,625
NetFlix, Inc.†#	32,440		745,471
Orbitz Worldwide, Inc.†#	30,828		74,912
			1,158,349
E-Marketing/Info — 0.3%
ComScore, Inc.†#	15,141		141,114
Constant Contact, Inc.†#	17,118		238,796
Digital River, Inc.†	30,093		635,865
Liquidity Services, Inc.†#	12,319		90,668
ValueClick, Inc.†	68,387		421,948
			1,528,391

168

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
E-Services/Consulting — 0.2%
GSI Commerce, Inc.†#	19,779	$	157,441
Keynote Systems, Inc.†	11,636		88,666
Perficient, Inc.†	26,931		82,140
Sapient Corp.†	67,331		265,284
Websense, Inc.†	38,018		614,751
			1,208,282
Educational Software — 0.1%
Blackboard, Inc.†#	25,090		617,967
Renaissance Learning, Inc.#	8,088		76,836
			694,803
Electric Products - Misc. — 0.2%
GrafTech International, Ltd.†	96,025		642,407
Graham Corp.	8,358		76,058
Harbin Electric, Inc.†#	6,282		50,130
Littelfuse, Inc.†	16,900		254,176
			1,022,771
Electric - Distribution — 0.0%
EnerNOC, Inc.†#	8,145		58,318
Electric - Integrated — 2.2%
Allete, Inc.	22,056		754,756
Avista Corp.	43,182		763,026
Black Hills Corp.	31,168		804,446
Central Vermont Public Service Corp.	7,254		137,028
CH Energy Group, Inc.#	12,561		549,418
Cleco Corp.	49,343		1,163,014
El Paso Electric Co.†	36,081		650,180
IDACORP, Inc.	36,943		1,123,067
MGE Energy, Inc.	17,736		627,854
Northwestern Corp.	32,829		678,247
Otter Tail Corp.#	30,267		568,717
Pike Electric Corp.†	14,244		173,065
PNM Resources, Inc.	75,339		787,293
Portland General Electric Co.	51,192		937,325
The Empire District Electric Co.	26,827		470,546
U S Geothermal, Inc.†#	52,237		29,253
UIL Holdings Corp.	20,260		603,545
Unisource Energy Corp.	27,812		780,683
Westar Energy, Inc.	86,685		1,753,638
			13,355,101
Electric - Transmission — 0.3%
ITC Holdings Corp.	40,865		1,716,330
Electronic Components - Misc. — 0.6%
Bel Fuse, Inc., Class B	9,984		194,588
Benchmark Electronics, Inc.†	56,824		720,528
CTS Corp.	28,334		156,687
Daktronics, Inc.#	27,619		251,609
LaBarge, Inc.†	10,273		128,413
Methode Electronics, Inc.	32,004		270,754
Microvision, Inc. Wash†#	57,298		71,050
NVE Corp.†	3,908		90,236
OSI Systems, Inc.†	13,251		183,924
Plexus Corp.†	31,626		527,522
Rogers Corp.†	13,976		394,123
Sanmina-SCI Corp.†	405,224		259,343
Stoneridge, Inc.†	12,322		56,804
Technitrol, Inc.	34,474		120,659
			3,426,240
Electronic Components - Semiconductors — 1.3%
Actel Corp.†	21,297		197,210

Security Description	Shares	Market Value (Note 2)
Electronic Components - Semiconductors (continued)
Advanced Analogic Technologies, Inc.†	38,445	$	96,497
Amkor Technology, Inc.†	83,576		183,867
Applied Micro Circuits Corp.†	54,577		201,935
AuthenTec, Inc.†#	21,100		33,760
Bookham, Inc.†	84,859		38,611
Cavium Networks, Inc.†#	23,047		250,060
Ceva, Inc.†	16,959		125,327
Diodes, Inc.†#	24,373		113,822
DSP Group, Inc.†	20,468		117,077
Emcore Corp†#	53,956		105,754
Entropic Communications, Inc.†	7,761		7,761
IXYS Corp.	20,401		148,519
Kopin Corp.†	58,104		122,018
Lattice Semiconductor Corp.†	97,005		147,448
Macrovision Solutions Corp.†#	66,430		781,217
Microsemi Corp.†	64,739		1,261,763
Microtune, Inc.†	45,733		105,186
MIPS Technologies, Inc.†	37,308		50,366
Monolithic Power Systems, Inc.†	20,015		191,543
Netlogic Microsystems, Inc.†#	14,400		268,416
OmniVision Technologies, Inc.†	39,292		235,752
PLX Technology, Inc.†	23,709		49,552
PMC-Sierra, Inc.†	184,218		738,714
Rubicon Technology, Inc.†#	11,159		50,885
Semtech Corp.†	52,001		588,651
Silicon Image, Inc.†	54,539		206,157
SiRF Technology Holdings, Inc.†#	51,088		74,078
Skyworks Solutions, Inc.†	132,679		715,140
Spansion, Inc. Class A†	107,435		26,859
Supertex, Inc.†#	9,347		194,885
Volterra Semiconductor Corp.†	21,351		159,705
Zoran Corp.†	43,630		328,098
			7,916,633
Electronic Design Automation — 0.1%
Cogo Group, Inc.†#	21,695		73,763
Magma Design Automation, Inc.†	37,072		65,988
Mentor Graphics Corp.†	72,160		489,245
			628,996
Electronic Measurement Instruments — 0.3%
Analogic Corp.	10,505		410,325
Axsys Technologies, Inc.†	6,842		477,640
Badger Meter, Inc.#	12,283		385,318
FARO Technologies, Inc.†	12,111		174,277
Measurement Specialties, Inc.†	12,153		71,338
Zygo Corp.†	12,870		85,071
			1,603,969
Electronic Security Devices — 0.1%
American Science and Engineering, Inc.#	7,146		542,167
ICx Technologies, Inc.†#	11,540		90,243
Taser International, Inc.†#	52,716		229,314
			861,724
Energy - Alternate Sources — 0.2%
Akeena Solar, Inc.†#	17,600		36,960
Ascent Solar Technologies, Inc.†#	6,283		23,436
Aventine Renewable Energy Holdings, Inc.†#	24,677		19,742
Clean Energy Fuels Corp.†#	18,358		89,036
Comverge, Inc.†#	18,379		74,619
Ener1, Inc.†#	30,258		243,274
Evergreen Energy, Inc.†#	71,281		27,087
FuelCell Energy, Inc.†#	49,859		217,385
Greenhunter Energy, Inc.	358		0

169

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Energy - Alternate Sources (continued)
Greenhunter Energy, Inc.†#	3,617	$	22,064
GT Solar International, Inc.†	32,560		114,611
Headwaters, Inc.†#	32,262		183,248
Pacific Ethanol, Inc.†#	37,245		24,954
Plug Power, Inc.†#	67,485		69,510
Quantum Fuel Systems Technologies Worldwide, Inc.†	69,507		54,215
			1,200,141
Engineering/R&D Services — 0.2%
EMCOR Group, Inc.†	55,406		873,753
ENGlobal Corp.†	22,798		67,026
Michael Baker Corp.†	6,159		202,631
Stanley, Inc.†#	7,439		237,304
VSE Corp.	3,375		112,590
			1,493,304
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.#	41,745		587,770
Enterprise Software/Service — 1.4%
Advent Software, Inc.†#	14,048		313,270
American Software, Inc., Class A	18,976		77,232
Ariba, Inc.†	68,794		553,792
Concur Technologies, Inc.†#	35,046		962,013
Epicor Software Corp.†#	49,966		204,861
Informatica Corp.†	72,332		1,003,968
JDA Software Group, Inc.†	21,676		285,690
Lawson Software, Inc.†	100,070		392,274
ManTech International Corp., Class A†	17,289		940,867
MedAssets, Inc.†	15,385		195,390
MicroStrategy, Inc., Class A†	6,899		246,156
Omnicell, Inc.†	23,113		262,101
Opnet Technologies, Inc.†	11,100		122,544
PROS Holdings, Inc.†	10,836		52,230
RightNow Technologies, Inc.†	23,417		188,741
Sybase, Inc.†#	65,584		1,615,990
SYNNEX Corp.†#	14,656		153,302
Taleo Corp., Class A†	19,605		126,648
The Ultimate Software Group, Inc.†#	18,843		288,486
Tyler Technologies, Inc.†#	29,568		373,444
			8,358,999
Entertainment Software — 0.2%
Midway Games, Inc.†#	9,680		3,678
Take-Two Interactive Software, Inc.	62,219		755,961
THQ, Inc.†#	56,148		266,142
			1,025,781
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.†	47,969		961,299
Environmental Monitoring & Detection — 0.1%
Met-Pro Corp.	12,668		149,102
Mine Safety Appliances Co.	24,941		609,808
			758,910
Filtration/Separation Products — 0.3%
CLARCOR, Inc.	42,532		1,365,703
Flanders Corp.†#	13,544		74,898
PMFG, Inc.†#	10,924		88,484
Polypore International, Inc.†#	13,420		60,524
			1,589,609
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†#	5,008		65,605

Security Description	Shares	Market Value (Note 2)
Finance - Commercial — 0.0%
Newstar Financial, Inc.†	20,148	$	95,904
Finance - Consumer Loans — 0.2%
Encore Capital Group, Inc.†	11,525		96,349
Nelnet, Inc., Class A	14,732		193,873
Ocwen Financial Corp.†#	29,999		244,492
Portfolio Recovery Associates, Inc.†#	11,843		399,820
The First Marblehead Corp.#	58,217		80,922
World Acceptance Corp.†#	13,773		269,537
			1,284,993
Finance - Credit Card — 0.0%
Advanta Corp., Class B#	32,254		95,149
CompuCredit Corp.†#	13,565		45,443
			140,592
Finance - Investment Banker/Broker — 1.1%
Broadpoint Secs Group, Inc.†#	20,355		52,923
Diamond Hill Invt Group, Inc.#	1,733		97,221
Duff + Phelps Corp New Class A†	8,929		102,684
Evercore Partners, Inc., Class A#	8,300		83,083
FBR Capital Markets Corp.†	23,467		117,335
Friedman Billings Ramsey Group, Inc., Class A†#	124,552		24,910
Greenhill & Co., Inc.#	14,084		959,121
Interactive Brokers Group, Inc., Class A†	32,680		596,083
International Assets Hldg Corp.†	3,556		29,906
KBW, Inc.†#	20,828		473,004
Knight Capital Group, Inc., Class A†	77,072		1,275,542
LaBranche & Co., Inc.†	43,082		211,102
Ladenburg Thalmann Financial Services, Inc.†#	85,923		90,219
optionsXpress Holdings, Inc.	33,670		474,410
Penson Worldwide, Inc.†#	14,160		93,456
Piper Jaffray Cos., Inc.†	14,911		564,978
Sanders Morris Harris Group, Inc.#	16,391		86,217
Stifel Financial Corp.†	19,035		818,695
SWS Group, Inc.	18,421		269,315
Thomas Weisel Partners Group, Inc.†#	16,345		69,793
TradeStation Group, Inc.†	27,068		190,017
			6,680,014
Finance - Leasing Companies — 0.1%
Financial Federal Corp.	21,452		412,307
Finance - Mortgage Loan/Banker — 0.0%
Federal Agricultural Mtg. Corp., Class C#	7,986		35,378
Finance - Other Services — 0.1%
Asset Acceptance Capital Corp.†#	12,565		81,421
BGC Parnters, Inc., Class A	28,289		107,498
FCStone Group, Inc.†#	19,119		65,005
GFI Group, Inc.	55,672		210,997
MarketAxess Holdings, Inc.†	26,102		167,053
			631,974
Financial Guarantee Insurance — 0.2%
Ambac Financial Group, Inc.#	228,917		320,484
Assured Guaranty, Ltd.#	43,478		488,693
PMI Group, Inc.#	68,411		114,246
Primus Guaranty, Ltd.†#	19,619		17,461
Radian Group, Inc.#	67,750		183,602
			1,124,486
Firearms & Ammunition — 0.0%
Smith & Wesson Holding Corp.†#	31,632		65,162
Fisheries — 0.0%
HQ Sustainable Martitime Industries, Inc.†#	5,617		29,939

170

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Food - Baking — 0.3%
Flowers Foods, Inc.#	64,040	$	1,714,991
Food - Canned — 0.1%
Treehouse Foods, Inc.†#	25,296		601,792
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#	20,038		519,986
Food - Dairy Products — 0.0%
American Dairy, Inc.†#	5,982		101,814
Lifeway Foods, Inc.†#	4,066		27,567
			129,381
Food - Misc. — 1.1%
B + G Foods, Inc.	16,930		91,083
Cal-Maine Foods, Inc.#	10,925		275,419
Calavo Growers, Inc.#	8,735		77,043
Chiquita Brands International, Inc.†#	34,198		381,308
Diamond Foods, Inc.	12,508		377,992
Hain Celestial Group, Inc.†#	32,825		516,665
J & J Snack Foods Corp.	10,946		325,534
Lancaster Colony Corp.	16,980		511,947
Lance, Inc.	21,356		417,083
M&F Worldwide Corp.†	9,780		154,035
Ralcorp Holdings, Inc.†	46,345		2,899,343
Seaboard Corp.	284		255,884
Smart Balance, Inc.†#	48,531		283,906
Zhongpin, Inc.†#	15,537		135,017
			6,702,259
Food - Retail — 0.4%
Arden Group, Inc., Class A	966		132,120
Great Atlantic & Pacific Tea Co., Inc.†#	29,708		154,482
Ingles Markets, Inc., Class A	8,914		120,250
Ruddick Corp.	34,433		942,087
Village Super Market, Class A	2,690		131,702
Weis Markets, Inc.	9,290		293,750
Winn-Dixie Stores, Inc.†	43,130		644,793
			2,419,184
Food - Wholesale/Distribution — 0.4%
Fresh Del Monte Produce, Inc.†	33,448		844,227
Nash Finch Co.#	9,973		447,389
Spartan Stores, Inc.	17,211		408,245
United Natural Foods, Inc.†#	34,595		623,056
			2,322,917
Footwear & Related Apparel — 0.5%
CROCS, Inc.†#	70,100		89,027
Deckers Outdoor Corp.†#	10,610		632,780
Iconix Brand Group, Inc.†#	44,802		379,473
Skechers USA, Inc., Class A†	25,241		303,902
Steven Madden, Ltd.†	14,869		254,409
Timberland Co., Class A†	37,702		382,675
Weyco Group, Inc.#	6,105		204,884
Wolverine World Wide, Inc.	40,638		783,094
			3,030,244
Forestry — 0.1%
Deltic Timber Corp.	8,172		391,602
Funeral Services & Related Items — 0.0%
Stewart Enterprises, Inc., Class A#	64,369		205,337
Gambling (Non-Hotel) — 0.1%
Dover Downs Gaming & Entertainment, Inc.#	11,758		42,446
Isle of Capri Casinos, Inc.†#	13,300		44,688

Security Description	Shares	Market Value (Note 2)
Gambling (Non-Hotel) (continued)
Pinnacle Entertainment, Inc.†#	50,503	$	287,867
			375,001
Gas - Distribution — 1.7%
Chesapeake Utilities Corp.	4,713		149,166
Laclede Group, Inc.	17,767		935,966
New Jersey Resources Corp.	35,318		1,418,371
Nicor, Inc.#	37,368		1,523,867
Northwest Natural Gas Co.	22,251		1,111,437
Piedmont Natural Gas, Inc.#	60,878		2,045,501
South Jersey Industries, Inc.	25,043		976,677
Southwest Gas Corp.	36,455		944,185
WGL Holdings, Inc.	41,669		1,504,251
			10,609,421
Gold Mining — 0.2%
Royal Gold, Inc.#	24,630		985,200
Golf — 0.1%
Callaway Golf Co.	52,808		531,777
Hazardous Waste Disposal — 0.2%
American Ecology Corp.	12,409		219,391
Clean Harbors, Inc.†	16,164		1,020,434
Energy Solutions, Inc.	27,968		127,534
			1,367,359
Health Care Cost Containment — 0.0%
Corvel Corp.†	6,753		149,241
Heart Monitors — 0.0%
Cardiac Science Corp.†	16,381		106,968
Home Furnishings — 0.2%
American Woodmark Corp.#	8,911		146,408
Ethan Allen Interiors, Inc.#	20,732		286,309
Furniture Brands International, Inc.#	34,999		114,097
Hooker Furniture Corp.	5,113		34,104
Kimball International, Inc., Class B	22,275		149,020
La-Z-Boy, Inc.#	43,312		142,496
Sealy Corp.#	37,247		112,113
Tempur-Pedic International, Inc.#	58,589		409,537
			1,394,084
Hotels/Motels — 0.1%
Gaylord Entertainment Co.†#	32,657		300,118
Lodgian, Inc.†	13,661		30,054
Marcus Corp.	17,053		219,813
Morgans Hotel Group Co.†#	22,734		90,936
			640,921
Housewares — 0.0%
Libbey, Inc.#	12,304		24,608
Human Resources — 0.7%
Administaff, Inc.	18,154		310,070
AMN Healthcare Services, Inc.†	25,763		229,806
CDI Corp.	11,222		114,801
Cross Country Healthcare, Inc.†#	23,054		200,800
Emergency Medical Services Corp., Class A†#	7,853		266,374
Gevity HR, Inc.	19,637		31,223
Heidrick & Struggles International, Inc.#	13,035		269,825
Hudson Highland Group, Inc.†	21,091		66,226
Kelly Services, Inc., Class A	22,102		257,488
Kenexa Corp.†	18,978		114,627
Kforce, Inc.†	25,817		175,556
Korn/Ferry International†	39,075		481,013
MPS Group, Inc.†	74,789		495,103

171

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Human Resources (continued)
On Assignment, Inc.†	29,831	$	171,528
Resources Connection, Inc.†	36,367		629,513
Spherion Corp.†	46,211		103,975
Successfactors, Inc.†#	20,487		127,019
TrueBlue, Inc.†	37,333		276,638
			4,321,585
Identification Systems — 0.3%
Brady Corp., Class A	41,202		850,821
Checkpoint Systems, Inc.†	30,878		356,950
Cogent, Inc.†	31,245		419,933
L-1 Identity Solutions, Inc.†	50,719		296,199
			1,923,903
Independent Power Producers — 0.1%
Ormat Technologies, Inc.#	15,080		453,908
Synthesis Energy Systems, Inc.†#	21,353		20,926
			474,834
Industrial Audio & Video Products — 0.0%
China Security Surveillance Technology, Inc.†#	23,832		136,557
Sonic Solutions, Inc.†#	18,668		23,895
			160,452
Industrial Automated/Robotic — 0.4%
Cognex Corp.	33,392		455,133
Gerber Scientific, Inc.†	19,938		47,851
Hurco Cos., Inc.†#	5,405		90,642
Intermec, Inc.†#	49,289		654,558
iRobot Corp.†#	15,072		157,352
Nordson Corp.#	27,537		893,575
			2,299,111
Instruments - Controls — 0.3%
Watts Water Technologies, Inc., Class A#	23,298		524,205
Woodward Governor Co.	48,388		1,027,761
			1,551,966
Instruments - Scientific — 0.4%
Dionex Corp.†	14,803		759,246
FEI Co.†#	29,025		589,788
OYO Geospace Corp.†#	3,433		78,135
Varian, Inc.†	23,949		876,533
			2,303,702
Insurance Brokers — 0.1%
Crawford & Co., Class B†#	18,435		207,209
eHealth, Inc.†#	20,992		230,282
Life Partners Holdings, Inc.#	4,991		178,179
			615,670
Insurance - Life/Health — 0.3%
American Equity Investment Life Holding Co.#	45,996		286,095
Delphi Financial Group, Inc., Class A	33,000		399,300
FBL Financial Group, Inc., Class A	10,797		122,762
Independence Holding Co.#	5,464		28,140
Kansas City Life Insurance Co.	3,852		176,383
National Western Life Insurance Co., Class A	1,763		283,825
Presidential Life Corp.	18,248		196,349
The Phoenix Cos., Inc.	91,041		259,467
Universal American Corp.†	33,128		329,292
			2,081,613
Insurance - Multi-line — 0.2%
Citizens, Inc.†#	27,639		261,189
Horace Mann Educators Corp.	34,220		291,554

Security Description	Shares	Market Value (Note 2)
Insurance - Multi-line (continued)
United Fire & Casualty Co.	17,655	$	377,640
			930,383
Insurance - Property/Casualty — 1.8%
American Physicians Capital, Inc.	6,261		240,109
American Safety Insurance Holdings, Ltd.†	8,932		79,763
Amerisafe, Inc.†	13,993		226,687
Amtrust Financial Services, Inc.	13,340		119,260
Baldwin & Lyons, Inc., Class B	7,228		132,634
Castlepoint Holdings, Ltd.	28,169		289,014
CNA Surety Corp.†	14,090		170,630
Donegal Group, Inc., Class A	9,870		155,156
EMC Insurance Group, Inc.#	4,928		121,672
Employers Holdings, Inc.	41,630		678,153
Enstar Group, Ltd.†	4,706		223,676
First Acceptance Corp.†	14,527		49,392
First Mercury Financial Corp.†	12,238		148,814
FPIC Insurance Group, Inc.†	6,300		291,942
Hallmark Financial Services, Inc.†	4,960		30,653
Harleysville Group, Inc.	10,994		414,254
Infinity Property & Casualty Corp.	12,151		557,609
LandAmerica Financial Group, Inc.#	13,038		1,304
Meadowbrook Insurance Group, Inc.	42,007		235,659
National Interstate Corp.#	5,175		86,888
Navigators Group, Inc.†	11,094		602,404
NYMAGIC, Inc.	3,745		58,759
PMA Capital Corp., Class A†	26,763		135,153
ProAssurance Corp.†	26,410		1,441,722
RLI Corp.	15,143		883,140
Safety Insurance Group, Inc.	12,860		451,129
SeaBright Insurance Holdings, Inc.†	17,856		188,559
Selective Insurance Group, Inc.	43,369		995,752
State Auto Financial Corp.	11,926		256,171
Stewart Information Services Corp.	14,379		168,234
Tower Group, Inc.#	15,337		349,837
United America Indemnity, Ltd. Class A†	12,692		163,727
Zenith National Insurance Corp.	30,393		1,002,665
			10,950,521
Insurance - Reinsurance — 1.4%
Argo Group International Holdings, Ltd.†	24,858		786,507
Aspen Insurance Holdings, Ltd.	70,503		1,299,370
Flagstone Reinsurance Holdings, Ltd.	25,369		260,793
Greenlight Capital Re, Ltd. Class A†	22,016		230,287
IPC Holdings, Ltd.	41,016		1,148,448
Maiden Holdings, Ltd.#	41,384		171,744
Max Re Capital, Ltd.	45,478		525,726
Montpelier Re Holdings, Ltd.	76,242		1,049,852
Odyssey Re Holdings Corp.	20,429		919,101
Platinum Underwriters Holdings, Ltd.	40,257		1,237,098
Validus Holdings, Ltd.	52,789		1,226,816
			8,855,742
Internet Application Software — 0.5%
Art Technology Group, Inc.†	108,478		208,278
China Information Sec Tech, Inc.†#	19,302		77,208
CyberSource Corp.†	55,356		513,704
DealerTrack Holdings, Inc.†#	35,908		425,510
eResearch Technology, Inc.†	32,536		183,503
Interwoven, Inc.†	35,934		467,501
RealNetworks, Inc.†	68,872		261,714
S1 Corp.†	36,270		271,299
Vignette Corp.†	20,820		181,134
Vocus, Inc.†	12,172		221,165
			2,811,016

172

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc.†#	40,071	$	220,390
Internap Network Services Corp.†#	42,472		116,373
PC-Tel, Inc.	16,166		97,643
			434,406
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†#	24,279		65,796
Internet Content - Information/News — 0.1%
Dice Hldgs Inc†#	13,249		42,264
HSW International, Inc.†#	23,482		8,219
InfoSpace, Inc.	28,969		226,248
Loopnet, Inc.†#	24,647		158,234
TechTarget, Inc.†#	11,719		53,673
The Knot, Inc.†	23,777		178,803
TheStreet.com, Inc.#	15,337		51,992
			719,433
Internet Financial Services — 0.1%
Online Resources Corp.†	24,278		77,204
Thinkorswim Group, Inc.†	39,404		254,550
			331,754
Internet Incubators — 0.1%
Internet Capital Group, Inc.†	32,603		119,979
Moduslink Global Solutions, Inc.†	41,282		183,292
Safeguard Scientifics, Inc.†#	102,377		71,664
			374,935
Internet Infrastructure Equipment — 0.1%
Avocent Corp.†	35,606		669,749
Internet Infrastructure Software — 0.2%
AsiaInfo Holdings, Inc.†	26,015		286,945
Chordiant Software, Inc.†	25,308		69,597
SupportSoft, Inc.†	38,975		78,340
TeleCommunication Systems, Inc., Class A†#	28,345		223,925
TIBCO Software, Inc.†	150,540		728,614
			1,387,421
Internet Security — 0.1%
Blue Coat Systems, Inc.†#	25,284		224,775
Entrust, Inc.†	51,610		72,770
SonicWALL, Inc.†	44,928		176,118
Sourcefire, Inc.†	16,861		97,457
Vasco Data Security International, Inc.†#	22,626		236,215
			807,335
Internet Telephone — 0.1%
Ibasis, Inc.†#	26,473		36,797
J2 Global Communications, Inc.†	35,546		693,858
			730,655
Intimate Apparel — 0.1%
The Warnaco Group, Inc.†	38,334		686,179
Investment Companies — 0.5%
Ampal American Israel Class A†#	16,574		18,563
Apollo Investment Corp.#	117,035		993,627
Ares Capital Corp.	77,080		383,858
Blackrock Kelso Capital Corp#	10,950		112,238
Capital Southwest Corp.#	2,267		185,101
Fifth Street Finance Corporation	11,237		82,367
Gladstone Capital Corp.	17,764		106,584
Gladstone Investment Corp.	18,599		91,693
Harris & Harris Group, Inc.†#	21,784		87,790
Hercules Technology Growth Capital, Inc.#	23,996		154,774
Kohlberg Capital Corp.	14,577		59,766
MCG Capital Corp.	63,698		47,137

Security Description	Shares	Market Value (Note 2)
Investment Companies (continued)
Medallion Financial Corp.	12,510	$	87,570
MVC Capital, Inc.	20,467		227,388
NGP Capital Resources Co.#	15,193		149,347
Patriot Capital Funding, Inc.	17,439		58,769
PennantPark Investment Corp.	17,748		52,357
Prospect Capital Corp.#	19,425		245,143
			3,144,072
Investment Management/Advisor Services — 0.1%
Calamos Asset Management, Inc., Class A	16,942		68,954
Cohen & Steers, Inc.#	14,126		161,601
Epoch Holding Corp.#	8,499		71,392
GAMCO Investors, Inc., Class A#	6,381		175,031
National Financial Partners Corp.#	33,277		52,910
Pzena Investment Management, Inc., Class A#	5,181		18,341
U.S. Global Investors, Inc., Class A	10,663		53,422
Westwood Holdings Group, Inc.#	4,520		141,476
			743,127
Lasers - System/Components — 0.4%
Coherent, Inc.†	18,645		464,074
Cymer, Inc.†#	24,266		570,008
Electro Scientific Industries, Inc.†	22,838		155,527
II-VI, Inc.†	19,353		389,382
Newport Corp.†	30,320		176,159
Rofin-Sinar Technologies, Inc.†	23,564		559,410
			2,314,560
Leisure Products — 0.2%
Brunswick Corp.#	64,786		175,570
Marine Products Corp.#	8,440		48,867
WMS Industries, Inc.†	35,432		873,399
			1,097,836
Lighting Products & Systems — 0.0%
Orion Energy Systems ,Inc.†#	7,557		29,019
Universal Display Corp.†#	21,347		155,620
			184,639
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A	15,249		356,827
UniFirst Corp.	12,096		335,180
			692,007
Machine Tools & Related Products — 0.0%
K-Tron International, Inc.†	2,039		146,706
Thermadyne Hldgs Corp.†	11,267		73,236
			219,942
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.†	13,758		416,180
Machinery - Electrical — 0.3%
Baldor Electric Co.#	37,114		611,638
Franklin Electric Co., Inc.#	18,442		544,408
Regal-Beloit Corp.	26,092		877,735
			2,033,781
Machinery - Farming — 0.1%
Alamo Group, Inc.	5,215		65,657
Lindsay Corp.#	9,281		361,124
			426,781
Machinery - General Industrial — 0.8%
Albany International Corp., Class A	23,027		354,155
Altra Holdings, Inc.†	22,244		171,279
Applied Industrial Technologies, Inc.	34,070		649,374

173

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Machinery - General Industrial (continued)
Chart Industries, Inc.†	21,497	$	205,511
DXP Enterprises, Inc.†	6,042		79,815
Flow International Corp.†#	31,662		69,023
Intevac, Inc.†	18,273		90,269
Kadant, Inc.†	11,735		175,790
Middleby Corp.†#	13,405		433,920
Robbins & Myers, Inc.	21,948		493,830
Sauer-Danfoss, Inc.	9,349		75,634
Tennant Co.#	12,654		304,835
Twin Disc, Inc.	7,336		48,711
Wabtec Corp.	40,007		1,543,870
			4,696,016
Machinery - Material Handling — 0.1%
Cascade Corp.#	7,639		206,406
Columbus McKinnon Corp.†	15,996		187,473
Key Technology, Inc.†	4,740		74,655
NACCO, Industries, Inc., Class A	5,001		182,536
			651,070
Machinery - Print Trade — 0.0%
Presstek, Inc.†#	23,236		56,928
Machinery - Pumps — 0.1%
Gorman-Rupp Co.#	12,085		333,546
Tecumseh Products Co., Class A†	11,923		140,930
			474,476
Machinery - Thermal Process — 0.0%
Raser Technologies, Inc.†#	37,950		178,365
TurboChef Technologies, Inc.†	19,879		75,143
			253,508
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.	33,535		89,874
Odyssey Marine Exploration, Inc.†#	40,498		133,238
			223,112
Medical Imaging Systems — 0.1%
IRIS International, Inc.†	15,505		198,464
Vital Images, Inc.†#	13,329		155,416
			353,880
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.	42,589		327,935
Athenahealth, Inc.†	16,118		440,505
Computer Programs & Systems, Inc.	7,779		217,656
Eclipsys Corp.†	43,781		574,407
Phase Forward, Inc.†	33,962		471,053
Quality Systems, Inc.#	13,858		416,710
			2,448,266
Medical Instruments — 1.2%
Abaxis, Inc.†#	18,257		242,088
AngioDynamics, Inc.†	20,369		243,002
ArthroCare Corp.†#	20,974		274,340
Bruker BioSciences Corp.†	42,520		199,844
CardioNet ,Inc.†	3,789		75,325
Conceptus, Inc.†#	25,444		374,027
CONMED Corp.†	22,932		539,131
CryoLife, Inc.†	21,155		192,511
Datascope Corp.	11,080		578,487
Dexcom, Inc.†#	22,098		44,196
ev3, Inc.†#	54,987		274,935
Genomic Health, Inc.†#	11,729		217,338
Kensey Nash Corp.†	6,084		112,432

Security Description	Shares	Market Value (Note 2)
Medical Instruments (continued)
Micrus Endovascular Corp.†#	13,099	$	138,849
Natus Medical, Inc.†	23,221		295,139
NuVasive, Inc.†#	29,241		1,007,352
Spectranetics Corp.†	26,655		75,167
Stereotaxis, Inc.†#	22,995		110,606
SurModics, Inc.†#	12,981		295,188
Symmetry Medical, Inc.†	27,603		247,323
Thoratec Corp.†	44,610		1,116,588
Trans1, Inc.†#	10,276		76,351
Vision Sciences, Inc. Del†#	14,170		31,883
Volcano Corp.†	37,678		614,905
			7,377,007
Medical Labs & Testing Services — 0.1%
Bio-Reference Laboratories, Inc.†	9,716		216,569
Genoptix, Inc.†	7,007		222,332
Life Sciences Research, Inc.†	7,355		72,300
			511,201
Medical Laser Systems — 0.0%
Cynosure, Inc. Class A†#	8,048		74,363
Palomar Medical Technologies, Inc.†#	15,371		139,108
			213,471
Medical Products — 1.4%
ABIOMED, Inc.†#	26,067		365,981
Accuray, Inc.†#	30,395		153,495
Alphatec Hldgs, Inc.†#	21,003		41,796
American Medical Systems Holdings, Inc.†#	58,691		516,481
Atrion Corp.#	1,265		121,427
Caliper Life Sciences, Inc.†	40,249		45,481
Cantel Medical Corp.†	10,511		99,329
Cyberonics, Inc.†	20,002		274,627
Exactech, Inc.†	6,404		112,134
Haemonetics Corp.†	21,136		1,208,768
Hanger Orthopedic Group, Inc.†	19,337		310,359
Invacare Corp.#	25,347		374,629
Luminex Corp.†#	32,695		719,617
Mentor Corp.#	26,548		428,750
Metabolix, Inc.†#	15,985		111,735
NxStage Medical, Inc.†#	21,830		54,575
Orthofix International NV†	14,395		172,308
Orthovita, Inc.†	55,770		186,830
PSS World Medical, Inc.†#	50,517		878,491
Synovis Life Technologies, Inc.†	8,666		124,010
TomoTherapy, Inc.†#	34,486		79,663
Vnus Medical Technologies, Inc.†	10,956		164,340
West Pharmaceutical Services, Inc.#	26,471		939,720
Wright Medical Group, Inc.†	29,952		507,986
Zoll Medical Corp.†	16,183		288,219
			8,280,751
Medical Sterilization Products — 0.2%
STERIS Corp.	48,378		1,337,652
Medical - Biomedical/Gene — 3.6%
Acorda Therapeutics, Inc.†#	29,456		533,743
Affymax, Inc.†#	8,829		102,858
Alexion Pharmaceuticals, Inc.†	63,308		2,130,947
Alnylam Pharmaceuticals, Inc.†#	28,461		518,844
AMAG Pharmaceuticals, Inc.†#	13,354		449,763
American Oriental Bioengineering, Inc.†#	51,988		294,772
Arena Pharmaceuticals, Inc.†#	62,203		240,104
ARIAD Pharmaceuticals, Inc.†#	58,499		77,804
Arqule, Inc.†#	34,154		115,782
Bio-Rad Laboratories, Inc., Class A†	15,563		1,154,152

174

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
BioMimetic Therapeutics, Inc.†#	11,169	$	96,053
Cambrex Corp.†	24,499		85,257
Celera Corp.†	64,379		627,051
Cell Genesys, Inc.†	72,328		17,359
Celldex Therapeutics, Inc.†#	12,574		81,605
Clinical Data, Inc.†	8,732		82,954
Cougar Biotechnology, Inc.†#	11,379		275,372
Cubist Pharmaceuticals, Inc.†#	46,181		1,134,205
Cytokinetics, Inc.†	29,444		76,260
Dendreon Corp.†#	71,912		350,931
Discovery Laboratories, Inc.†#	81,446		80,632
Emergent Biosolutions, Inc.†	11,402		257,913
Enzo Biochem, Inc.†#	27,069		137,781
Enzon Pharmaceuticals, Inc.†#	37,681		185,014
Exelixis, Inc.†#	79,403		245,355
Geron Corp.†#	55,908		195,678
GTx, Inc.†#	15,690		231,741
Halozyme Therapeutics, Inc.†#	51,241		190,104
Human Genome Sciences, Inc.†	104,090		180,076
Idera Pharmaceuticals, Inc.†#	17,311		121,696
Immunogen, Inc.†#	42,725		163,210
Immunomedics, Inc.†#	55,042		97,975
Incyte Corp.†#	56,782		189,652
Integra LifeSciences Holdings Corp.†#	14,105		444,166
InterMune, Inc.†#	26,613		306,316
Lexicon Genetics, Inc.†#	67,641		115,666
Ligand Pharmaceuticals, Inc. Class B†#	71,000		146,260
Marshall Edwards, Inc.†#	17,389		17,389
Martek Biosciences Corp.#	27,683		773,740
Maxygen, Inc.†	21,189		103,826
Molecular Insight Pharmaceuticals, Inc.†#	14,892		46,910
Momenta Pharmaceuticals, Inc.†#	20,670		183,963
Myriad Genetics, Inc.†	36,820		2,182,690
Nanosphere, Inc.†#	10,861		54,305
Novavax, Inc.†#	48,876		103,617
Omrix Biopharmaceuticals, Inc.†#	12,039		299,530
OSI Pharmaceuticals, Inc.†#	47,278		1,758,742
PDL BioPharma, Inc.	97,090		930,122
Protalix BioTherapeutics, Inc.†	9,076		10,891
Regeneron Pharmaceuticals, Inc.†	50,451		779,972
Repligen Corp.†	26,160		102,024
Rexahn Pharmaceuticals, Inc.†#	24,595		22,381
RTI Biologics ,Inc.†	45,263		123,115
Sangamo Biosciences, Inc.†#	30,840		75,866
Seattle Genetics, Inc.†#	51,018		441,816
Sequenom, Inc.†#	45,744		764,382
The Medicines Co.†	41,874		539,756
United Therapeutics Corp.†	18,623		1,021,099
XOMA, Ltd.†#	111,432		104,746
			22,175,933
Medical - Drugs — 1.3%
Acadia Pharmaceuticals, Inc.†#	27,805		35,590
Adolor Corp.†#	38,772		73,279
Akorn, Inc.†#	48,025		78,761
Amicus Therapeutics, Inc.†#	4,117		36,641
Ardea Biosciences, Inc.†	10,221		93,318
Array Biopharma, Inc.†#	40,042		151,359
Auxilium Pharmaceuticals, Inc.†#	33,124		721,441
Biodel, Inc.†#	9,047		24,879
Bioform Med Inc Com†#	18,421		24,500
Cadence Pharmaceuticals, Inc.†#	17,027		113,400
China Sky One Med, Inc.†#	6,255		63,864
Cytori Therapeutics, Inc.†#	16,777		37,748
Durect Corp.†	60,359		253,508

Security Description	Shares	Market Value (Note 2)
Medical-Drugs (continued)
Idenix Pharmaceuticals, Inc.†	21,070	$	121,995
Indevus Pharmaceuticals, Inc.†#	65,291		163,227
Javelin Pharmaceuticals. Inc.†#	41,446		33,571
Jazz Pharmaceuticals Inc†#	6,451		9,676
K-V Pharmaceutical Co., Class A†#	25,949		118,846
MAP Pharmaceuticals, Inc.†#	6,581		30,273
Medicis Pharmaceutical Corp., Class A	44,964		549,910
Medivation, Inc.†#	19,870		296,262
Middlebrook Pharmaceuticals, Inc.†#	30,194		40,460
Opko Health, Inc.†	40,423		62,656
Optimer Pharmaceuticals, Inc.†#	21,668		172,261
Orexigen Therapeutics, Inc.†#	16,878		117,977
Pain Therapeutics, Inc.†#	25,661		225,304
Pharmasset, Inc.†	12,603		207,571
PharMerica Corp.†#	24,027		399,329
Pozen, Inc.†#	21,938		149,398
Progenics Pharmaceuticals, Inc.†#	22,431		207,935
Rigel Pharmaceuticals, Inc.†#	27,598		204,777
Salix Pharmaceuticals, Ltd.†#	36,190		293,139
Savient Pharmaceuticals, Inc.†#	45,678		169,009
Sucampo Pharmaceuticals, Inc. Class A†#	7,698		47,189
Synta Pharmaceuticals Corp.†#	14,095		74,703
Targacept, Inc.†	15,270		37,411
Valeant Pharmaceuticals International†#	57,042		1,111,178
ViroPharma, Inc.†#	56,169		634,710
Vivus, Inc.†#	52,768		313,442
XenoPort, Inc.†	20,393		641,156
Zymogenetics, Inc.†#	31,423		85,156
			8,226,809
Medical - Generic Drugs — 0.3%
Acura Pharmaceuticals, Inc.†#	6,874		53,480
Alpharma, Inc., Class A†#	35,181		1,270,034
Caraco Pharmaceutical Laboratories, Ltd†	9,202		39,937
Par Pharmaceutical Cos., Inc.†	25,788		300,688
			1,664,139
Medical - HMO — 0.6%
AMERIGROUP Corp.†	43,798		1,075,679
Centene Corp.†	34,994		647,389
Healthspring, Inc.†	39,685		579,004
Magellan Health Services, Inc.†	33,226		1,091,474
Molina Healthcare, Inc.†#	12,234		289,824
Triple-S Management Corp., Class B†#	11,948		130,233
			3,813,603
Medical - Hospitals — 0.0%
MedCath Corp.†	13,401		98,899
Medical - Nursing Homes — 0.2%
Assisted Living Concepts, Inc. Class A†	46,210		215,801
Ensign Group, Inc.	7,006		102,428
Kindred Healthcare, Inc.†	23,594		253,164
National Healthcare Corp.#	7,149		324,493
Skilled Healthcare Group, Inc. Class A†	14,736		159,443
Sun Healthcare Group, Inc.†	33,545		336,121
			1,391,450
Medical - Outpatient/Home Medical — 0.5%
Air Methods Corp.†#	9,038		143,252
Almost Family, Inc.†#	5,362		235,714
Amedisys, Inc.†#	21,710		844,302
Amsurg Corp.†	25,138		501,000
Gentiva Health Services, Inc.†	19,984		504,196
LHC Group, Inc.†	12,330		411,576

175

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical - Outpatient/Home Medical (continued)
Odyssey HealthCare, Inc.†	27,584	$	225,361
Res-Care, Inc.†	18,839		245,849
			3,111,250
Metal Processors & Fabrication — 0.6%
Ampco-Pittsburgh Corp.	6,969		116,034
CIRCOR International, Inc.	13,118		286,366
Dynamic Materials Corp.#	10,616		168,794
Haynes International, Inc.†	10,032		182,883
Kaydon Corp.	22,201		684,901
Ladish Co,. Inc.†	12,264		203,215
LB Foster Co., Class A†	9,294		296,200
Mueller Industries, Inc.	29,615		690,030
NN, Inc.	13,356		18,698
RBC Bearings, Inc.†	16,937		384,809
Sun Hydraulics Corp.	9,819		149,445
Worthington Industries, Inc.#	51,423		682,897
			3,864,272
Metal Products - Distribution — 0.0%
A.M. Castle & Co.	13,900		126,212
Lawson Products, Inc.	3,524		80,453
			206,665
Metal - Aluminum — 0.0%
Kaiser Aluminum Corp.	12,138		256,233
Metal - Diversified — 0.0%
Hecla Mining Co.†#	94,994		220,386
Mining — 0.0%
Allied Nevada Gold Corp.†	37,921		108,075
Miscellaneous Manufacturing — 0.1%
American Railcar Industries, Inc.#	7,859		67,587
China Fire & Security Group, Inc.†	11,791		81,240
Freightcar America, Inc.#	8,487		184,507
Movado Group, Inc.	13,403		180,941
NL Industries, Inc.#	5,731		65,677
Reddy Ice Holdings, Inc.	15,048		18,058
Trimas Corp.†#	12,326		21,694
			619,704
MRI/Medical Diagnostic Imaging — 0.1%
Alliance Imaging, Inc.†	21,494		168,083
Nighthawk Radiology Holdings, Inc.†#	19,590		56,811
RadNet, Inc.†#	17,967		63,424
Virtual Radiologic Corp.†#	5,884		42,659
			330,977
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A	39,221		422,018
Multimedia — 0.0%
Entravision Communications Corp., Class A†	50,114		38,588
Journal Communications, Inc., Class A	35,556		84,267
Martha Stewart Living Omnimedia, Inc., Class A†#	21,308		71,169
Media General, Inc., Class A#	19,256		37,164
			231,188
Music — 0.0%
Steinway Musical Instruments, Inc.†	5,776		102,928
Networking Products — 1.3%
3Com Corp.†	326,561		656,388
Acme Packet, Inc.†#	22,887		89,259
Adaptec, Inc.†	91,829		258,039
Anixter International, Inc.†#	24,205		663,217

Security Description	Shares	Market Value (Note 2)
Networking Products (continued)
Atheros Communications, Inc.†#	48,258	$	704,567
BigBand Networks, Inc.†#	27,684		100,770
Black Box Corp.	13,536		331,361
Extreme Networks, Inc.†	81,168		170,453
Foundry Networks, Inc.†	120,637		1,868,667
Hypercom Corp.†	44,976		35,531
Infinera Corp.†#	74,141		723,616
Ixia†	35,916		220,524
Netgear, Inc.†	26,615		322,041
Parkervision, Inc.†#	19,357		71,621
Polycom, Inc.†	72,255		1,360,562
Starent Networks Corp.†#	25,049		249,238
Switch & Data Facilities Co., Inc.†#	17,284		90,050
			7,915,904
Non-Ferrous Metals — 0.1%
Brush Engineered Materials, Inc.†	17,177		198,910
Horsehead Hldg Corp†	29,414		91,183
RTI International Metals, Inc.†#	16,864		202,705
Uranium Resources, Inc.†#	41,449		21,139
USEC, Inc.†#	85,497		329,164
			843,101
Non-Hazardous Waste Disposal — 0.3%
Casella Waste Systems, Inc., Class A†	18,962		95,000
Waste Connections, Inc.†	55,011		1,552,960
Waste Services, Inc.†#	20,002		126,213
			1,774,173
Office Furnishings - Original — 0.3%
Herman Miller, Inc.	45,739		672,821
HNI Corp.#	35,596		475,206
Interface, Inc. Class A	44,893		248,707
Knoll, Inc.	38,436		413,956
			1,810,690
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†	45,624		41,974
Ennis, Inc.	21,666		220,343
The Standard Register Co.	12,472		69,968
			332,285
Oil & Gas Drilling — 0.3%
Atlas America, Inc.	29,062		435,639
Bronco Drilling Co., Inc.†#	22,129		141,183
Grey Wolf, Inc.†#	150,648		825,551
Parker Drilling Co.†	87,678		268,295
Pioneer Drilling Co.†	36,915		270,956
			1,941,624
Oil Companies - Exploration & Production — 2.5%
Abraxas Petroleum Corp.†	35,362		43,849
American Oil And Gas, Inc.†#	30,899		29,354
APCO Argentina, Inc.#	3,224		91,884
Approach Resource, Inc.†	7,567		65,757
Arena Resources, Inc.†	30,717		813,079
ATP Oil & Gas Corp.†#	23,403		156,332
Berry Petroleum Co., Class A	35,955		421,033
Bill Barrett Corp.†	29,128		651,593
BMB Munai, Inc.†#	33,666		40,063
BPZ Resources, Inc.†#	46,465		286,224
Brigham Exploration Co.†#	34,185		103,581
Callon Petroleum Co.†	17,648		43,238
Cano Pete, Inc.†#	39,838		23,106
Carrizo Oil & Gas, Inc.†#	21,381		442,587
Clayton Williams Energy, Inc.†	4,547		208,798

176

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Comstock Resources, Inc.†	37,455	$	1,570,488
Concho Resources, Inc.†	45,125		1,064,499
Contango Oil & Gas Co.†	10,347		543,631
Delta Petroleum Corp.†#	48,391		276,313
Double Eagle Pete & Mng, Co.†#	6,874		46,606
Endeavour International Corp.†#	95,771		60,336
Energy Partners, Ltd.†	26,881		90,858
Energy XXI Bermuda Limtited	100,975		112,082
EXCO Resources, Inc.†	121,391		931,069
FX Energy, Inc.†#	33,950		120,522
Gasco Energy, Inc.†#	78,945		48,946
GeoGlobal Resources, Inc.†#	31,993		57,587
GeoMet, Inc.†	15,547		31,871
Georesources Inc.†	5,114		39,378
GMX Resources, Inc.†#	12,998		373,432
Goodrich Petroleum Corp.†#	17,752		640,315
Gran Tierra Energy, Inc.†#	179,833		490,944
Gulfport Energy Corp.†#	22,089		109,341
Harvest Natural Resources, Inc.†#	29,708		191,022
Houston Amern Energy Corp.#	12,559		32,277
McMoRan Exploration Co.†#	49,905		561,431
Meridian Resource Corp.†	65,339		61,419
Northern Oil And Gas, Inc.†	17,964		75,269
Oilsands Quest, Inc.†#	147,903		162,693
Panhandle Rlty, Co.#	6,164		142,697
Parallel Petroleum Corp.†	34,854		109,790
Penn Virginia Corp.	33,996		1,020,900
Petroleum Development Corp.†	12,508		240,154
Petroquest Energy, Inc.†#	32,787		229,837
PrimeEnergy Corp.†#	777		42,113
Quest Resource Corp.†#	23,207		7,658
RAM Energy Resources, Inc.†#	39,201		44,689
Rex Energy Corp†	14,119		86,126
Rosetta Resources, Inc.†	43,322		326,215
Stone Energy Corp.†	26,677		443,372
Swift Energy Co.†#	25,722		549,679
Toreador Resources Corp.†#	14,241		72,487
Tri-Valley Corp.†#	18,882		62,499
TXCO Resources, Inc.†#	29,520		88,560
Vaalco Energy, Inc.†	49,790		313,677
Venoco, Inc.†	17,054		56,960
Warren Resources, Inc.†	42,990		143,157
			15,093,377
Oil Companies - Integrated — 0.0%
Delek US Holdings, Inc.	11,165		61,408
PetroCorp, Inc.(1)(3)	2,364		0
			61,408
Oil Field Machinery & Equipment — 0.5%
Bolt Technology Corp.†#	7,259		61,121
CARBO Ceramics, Inc.#	16,414		786,231
Complete Production Services, Inc.†	37,313		305,593
Dril-Quip, Inc.†	24,635		484,817
Flotek Industries, Inc.†#	19,087		57,452
Gulf Island Fabrication, Inc.	10,250		147,702
Lufkin Industries, Inc.	11,766		580,181
Mitcham Industries, Inc.†	8,252		35,401
NATCO Group, Inc., Class A†	15,260		276,664
Natural Gas Svcs Group, Inc.†	10,182		104,875
T-3 Energy Services, Inc.†	10,508		138,180
			2,978,217
Oil Refining & Marketing — 0.1%
Alon USA Energy, Inc.#	9,108		89,349

Security Description	Shares	Market Value (Note 2)
Oil Refining & Marketing (continued)
Cheniere Energy, Inc.†#	40,892	$	128,401
CVR Energy, Inc.†	19,373		67,806
Sulphco, Inc.†#	44,849		71,758
Western Refining, Inc.#	25,150		190,637
			547,951
Oil - Field Services — 0.4%
Allis-Chalmers Energy, Inc.†#	23,600		148,916
Basic Energy Services, Inc.†	31,949		366,775
Cal Dive International, Inc.†#	37,231		227,481
Hornbeck Offshore Services, Inc.†#	17,924		302,557
Matrix Service Co.†	19,459		148,667
Newpark Resources, Inc.†#	75,677		348,114
RPC, Inc.#	24,425		210,055
Superior Well Services, Inc.†#	13,906		142,537
Trico Marine Services, Inc.†#	10,682		40,805
Union Drilling, Inc.†	11,828		79,721
Willbros Group, Inc.†#	30,542		252,582
			2,268,210
Optical Recognition Equipment — 0.0%
Digimarc Corporation†#	4,868		43,812
Paper & Related Products — 0.4%
AbitibiBowater, Inc.†#	44,782		30,900
Boise ,Inc.†#	30,067		15,034
Buckeye Technologies, Inc.†	33,016		148,902
Glatfelter	34,759		330,906
KapStone Paper and Packaging Corp.†#	15,100		66,893
Mercer International, Inc.†#	25,358		58,323
Neenah Paper, Inc.	12,290		100,532
Potlatch Corp.	32,084		856,001
Schweitzer-Mauduit International, Inc.	11,143		205,477
Verso Paper Corp.#	11,793		15,095
Wausau Paper Corp.#	33,011		339,683
Xerium Technologies, Inc.†#	17,471		20,790
			2,188,536
Pastoral & Agricultural — 0.0%
AgFeed Industries, Inc.†#	16,720		32,771
Patient Monitoring Equipment — 0.2%
Insulet Corp.†#	15,447		75,536
Masimo Corp.†	37,664		1,027,850
Somanetics Corp.†	10,120		177,505
			1,280,891
Pharmacy Services — 0.1%
Catalyst Health Solutions, Inc.†	25,927		583,358
Physical Therapy/Rehabilitation Centers — 0.4%
Healthsouth Corp.†#	70,769		696,367
Psychiatric Solutions, Inc.†#	45,673		1,155,527
RehabCare Group, Inc.†	15,200		221,160
U.S. Physical Therapy, Inc.†	9,993		120,915
			2,193,969
Physicians Practice Management — 0.1%
Healthways, Inc.†	26,101		211,157
IPC The Hospitalist Co. ,Inc.†	5,137		89,641
			300,798
Pipelines — 0.0%
Crosstex Energy, Inc.#	31,530		130,850
Platinum — 0.0%
Stillwater Mining Co.†#	33,293		104,207

177

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Pollution Control — 0.0%
Fuel Tech, Inc.†#	15,911	$	140,653
Poultry — 0.1%
Pilgrim’s Pride Corp.#	37,990		43,688
Sanderson Farms, Inc.#	16,077		501,281
			544,969
Power Converter/Supply Equipment — 0.3%
Advanced Energy Industries, Inc.†	27,602		214,743
Beacon Power Corp.†#	74,703		48,557
Capstone Turbine Corp.†#	122,637		105,468
Energy Conversion Devices, Inc.†#	36,972		1,034,476
Evergreen Solar, Inc.†#	109,246		298,242
Powell Industries, Inc.†	6,237		148,815
Power-One, Inc.†#	62,846		78,557
PowerSecure International, Inc.†#	14,251		65,840
Vicor Corp.#	16,343		94,626
			2,089,324
Precious Metals — 0.1%
Coeur d’Alene Mines Corp.†#	464,035		315,544
Printing - Commercial — 0.2%
Bowne & Co., Inc.	17,994		64,058
Cenveo, Inc.†#	40,451		152,096
Consolidated Graphics, Inc.†	8,391		120,579
Multi-Color Corp.#	7,430		99,562
Valassis Communications, Inc.†	40,472		59,898
VistaPrint, Ltd.†#	35,919		587,276
			1,083,469
Private Corrections — 0.2%
Cornell Cos., Inc.†	9,358		220,849
Geo Group, Inc.†	40,918		789,717
			1,010,566
Protection/Safety — 0.1%
Landauer, Inc.	7,246		416,065
Protection One, Inc.†#	5,223		31,338
			447,403
Publishing - Books — 0.1%
Courier Corp.#	8,793		160,297
Scholastic Corp.	18,690		285,396
			445,693
Publishing - Newspapers — 0.0%
AH Belo Corp.	17,250		34,845
Dolan Media Co.†#	21,445		92,428
Lee Enterprises, Inc.#	37,820		39,333
McClatchy Co., Class A#	47,914		93,432
			260,038
Publishing - Periodicals — 0.0%
Idearc, Inc.#	124,149		14,898
Playboy Enterprises, Inc., Class B†#	17,965		22,456
Primedia, Inc.#	21,218		21,430
Value Line, Inc.	1,135		36,434
			95,218
Quarrying — 0.2%
Compass Minerals International, Inc.	26,593		1,488,942
Racetracks — 0.1%
Churchill Downs, Inc.	7,108		249,206
Dover Motorsports, Inc.	12,769		19,154

Security Description	Shares	Market Value (Note 2)
Racetracks (continued)
Speedway Motorsports, Inc.	11,469	$	158,616
			426,976
Radio — 0.0%
Citadel Broadcasting Corp.†#	152,624		27,472
Cox Radio, Inc., Class A†#	16,789		97,376
Cumulus Media, Inc., Class A†#	22,216		19,550
Entercom Communications Corp., Class A#	21,628		23,575
			167,973
Real Estate Investment Trusts — 5.0%
Acadia Realty Trust	25,223		352,618
Agree Reality Corp.	6,568		89,785
Alexander’s, Inc.	1,599		340,267
American Campus Communities, Inc.	34,392		770,037
American Capital Agency Corp.#	8,418		167,855
Anthracite Capital, Inc.#	49,501		149,493
Anworth Mortgage Asset Corp.	69,472		439,758
Arbor Realty Trust, Inc.#	11,952		32,629
Ashford Hospitality Trust, Inc.#	100,851		157,328
Associated Estates Realty Corp.	12,210		106,960
BioMed Realty Trust, Inc.	58,395		544,241
Capital Lease Funding, Inc.#	30,646		64,050
Capital Trust, Inc., Class A#	14,005		70,025
Capstead Mortage Corp.	47,500		498,275
Care Investment Trust, Inc.#	11,182		96,724
Cedar Shopping Centers, Inc.	28,529		134,086
Chimera Investment Corp.	28,413		84,671
Cogdell Spencer, Inc.	8,887		71,096
Colonial Properties Trust#	36,749		208,367
Corporate Office Properties Trust#	31,623		939,519
Cousins Properties, Inc.#	34,429		371,145
DCT Industrial Trust, Inc.	144,629		647,938
DiamondRock Hospitality Co.	71,921		267,546
Dupont Fabros Technology, Inc.	10,035		21,475
EastGroup Properties, Inc.	20,966		675,734
Education Realty Trust, Inc.	19,418		86,798
Entertainment Properties Trust	25,798		632,825
Equity Lifestyle Properties, Inc.	16,345		565,537
Equity One, Inc.#	27,121		448,853
Extra Space Storage, Inc.	63,732		564,028
FelCor Lodging Trust, Inc.	52,983		89,541
First Industrial Realty Trust, Inc.#	37,317		322,792
First Potomac Reality Trust	17,869		143,488
Franklin Street Properties Corp.#	46,456		589,062
Getty Realty Corp.	12,781		239,132
Glimcher Realty Trust#	24,696		57,542
Gramercy Capital Corp.#	35,069		39,979
Hatteras Financial Corp.#	9,675		249,325
Healthcare Realty Trust, Inc.	50,174		962,337
Hersha Hospitality Trust	40,549		142,732
Highwoods Properties, Inc.	54,657		1,305,209
Home Properties, Inc.#	25,764		1,004,796
Inland Real Estate Corp.#	48,295		539,455
Investors Real Estate Trust#	44,747		439,863
Jer Investors Trust, Inc.#	19,156		25,861
Kite Realty Group Trust	17,058		66,697
LaSalle Hotel Properties#	30,686		270,650
Lexington Corporate Properties Trust	43,580		211,363
LTC Properties, Inc.	19,421		378,321
Maguire Properties, Inc.#	32,212		61,203
Medical Properties Trust, Inc.#	51,103		318,372
MFA Mtg. Investments, Inc.	160,492		993,445
Mid-America Apartment Communities, Inc.	21,219		785,740
Mission West Properties	12,781		96,369

178

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Monmouth Real Estate Invt Corp.	16,656	$	114,760
National Health Investors, Inc.	18,743		422,655
National Retail Properties, Inc.	61,866		829,623
Newcastle Investment Corp.#	44,460		79,583
NorthStar Realty Finance Corp.#	41,310		140,454
Omega Healthcare Investors, Inc.	69,790		924,020
One Librty Properties, Inc.	6,726		65,108
Parkway Properties, Inc.#	12,870		175,933
Pennsylvania Real Estate Investment Trust#	26,528		119,376
Post Properties, Inc.#	35,541		557,283
PS Business Parks, Inc.	12,646		602,708
RAIT Investment Trust#	52,194		123,700
Ramco-Gershenson Properties Trust	13,255		65,347
Realty Income Corp.#	83,882		1,693,578
Redwood Trust, Inc.#	24,880		324,684
Resource Capital Corp.#	17,911		54,449
Saul Centers, Inc.	7,995		281,424
Senior Housing Properties Trust	94,384		1,314,769
Sovran Self Storage, Inc.	18,406		499,907
Strategic Hotels & Resorts, Inc.#	62,672		62,672
Sun Communities, Inc.	11,588		126,889
Sunstone Hotel Investors, Inc.	43,242		206,264
Tanger Factory Outlet Centers, Inc.#	26,567		973,415
U-Store-It Trust	36,059		198,324
Universal Health Realty Income Trust	8,997		282,236
Urstadt Biddle Properties, Inc., Class A	15,279		240,491
Washington Real Estate Investment Trust	40,477		1,071,426
Winthrop Realty Trust	46,892		109,727
			30,593,742
Real Estate Management/Services — 0.0%
Grubb & Ellis Co.#	29,238		38,886
United Capital Corp.†#	1,502		29,710
			68,596
Real Estate Operations & Development — 0.2%
Avatar Holdings, Inc.†#	5,135		149,120
Consolidated-Tomoka Land Co.#	4,564		156,773
Forestar Real Estate Group, Inc.†	30,003		138,914
Fx Real Estate & Entertainment Com†#	8,701		2,958
Hilltop Holdings, Inc.†	37,944		369,954
Meruelo Maddux Properties, Inc.†	36,069		16,953
Stratus Properties, Inc.†#	5,223		83,464
Thomas Properties Group, Inc.	20,089		40,580
			958,716
Recreational Centers — 0.1%
Life Time Fitness, Inc.†#	29,333		439,115
Town Sports International Holdings, Inc.†#	14,735		41,700
			480,815
Recreational Vehicles — 0.1%
Polaris Industries, Inc.#	26,689		728,610
Recycling — 0.0%
Metalico, Inc.†#	20,372		51,134
Rental Auto/Equipment — 0.5%
Aaron Rents, Inc.	36,757		971,488
Dollar Thrifty Automotive Group, Inc.†#	18,197		22,564
Electro Rent Corp.	18,141		200,095
H&E Equipment Services, Inc.†	13,770		92,672
McGrath RentCorp	18,258		328,279
Rent-A-Center, Inc.†	54,413		892,917
RSC Holdings, Inc.†#	40,074		326,203
			2,834,218

Security Description	Shares	Market Value (Note 2)
Research & Development — 0.2%
Albany Molecular Research, Inc.†	19,722	$	187,162
Exponent, Inc.†	12,414		378,875
Kendle International, Inc.†#	10,937		223,880
Parexel International Corp.†	45,668		379,958
PharmaNet Development Group, Inc.†#	16,279		19,698
			1,189,573
Resorts/Theme Parks — 0.1%
Bluegreen Corp.†#	10,809		33,616
Great Wolf Resorts, Inc.†	22,672		25,619
Six Flags, Inc.†#	61,269		14,705
Vail Resorts, Inc.†#	25,222		548,578
			622,518
Retail - Apparel/Shoe — 1.2%
Aeropostale, Inc.†#	55,017		831,857
Bebe Stores, Inc.	32,333		199,818
Brown Shoe Co., Inc.#	35,646		201,043
Buckle, Inc.#	19,539		368,506
Cache, Inc.†	9,494		19,463
Casual Male Retail Group, Inc.†#	31,388		20,088
Cato Corp., Class A	21,013		293,341
Charlotte Russe Holding, Inc.†	17,564		87,820
Charming Shoppes, Inc.†#	95,408		143,112
Chico’s FAS, Inc.†	137,854		351,528
Christopher & Banks Corp.	29,702		100,096
Collective Brands, Inc.†	51,055		390,571
Dress Barn, Inc.†#	34,449		269,736
DSW, Inc., Class A†#	11,286		113,424
Genesco, Inc.†#	14,842		199,773
Gymboree Corp.†	23,977		603,022
Hot Topic, Inc.†	32,064		263,566
J Crew Group, Inc.†#	33,982		344,578
Jos. A. Bank Clothiers, Inc.†#	14,073		275,127
Kenneth Cole Productions, Inc. Class A#	7,584		66,360
Lululemon Athletica, Inc.†#	15,170		148,969
Men’s Wearhouse, Inc.#	41,251		438,911
New York & Co., Inc.†	19,555		36,763
Pacific Sunwear of California, Inc.†	59,772		90,256
Shoe Carnival, Inc.†	7,470		70,069
Stage Stores, Inc.	32,278		186,567
Stein Mart, Inc.†#	21,267		33,177
Syms Corp.†#	5,591		51,996
Talbots, Inc.#	20,584		48,990
The Children’s Place Retail Stores, Inc.†#	18,629		436,850
The Finish Line, Inc., Class A	32,182		170,886
Tween Brands, Inc.†	20,891		80,221
Wet Seal, Inc., Class A†	77,546		217,904
			7,154,388
Retail - Appliances — 0.0%
Conn’s, Inc.†#	8,246		50,795
Hhgregg, Inc.†#	10,511		62,646
			113,441
Retail - Auto Parts — 0.0%
PEP Boys - Manny Moe & Jack#	35,543		159,944
Retail - Automobile — 0.1%
America’s Car-Mart, Inc.†#	8,455		78,970
Asbury Automotive Group, Inc.	26,892		135,267
Group 1 Automotive, Inc.#	19,532		204,891
Rush Enterprises, Inc., Class A†	28,298		248,456
Sonic Automotive, Inc.#	21,962		70,717
			738,301

179

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Retail - Bookstores — 0.0%
Borders Group, Inc.	50,959	$	54,526
Retail - Building Products — 0.0%
Lumber Liquidators, Inc.†#	7,908		74,968
Retail - Catalog Shopping — 0.0%
Aristotle Corp.†#	1,013		3,738
Coldwater Creek, Inc.†#	47,938		92,041
			95,779
Retail - Computer Equipment — 0.0%
PC Connection, Inc.†	7,992		40,999
PC Mall, Inc.†#	9,315		34,279
Systemax, Inc.#	9,287		90,827
			166,105
Retail - Consumer Electronics — 0.0%
Rex Stores Corp.†	7,018		69,829
Retail - Convenience Store — 0.3%
Casey’s General Stores, Inc.	41,644		1,234,745
Susser Holdings Corp.†#	6,554		79,565
The Pantry, Inc.†#	17,180		332,261
			1,646,571
Retail - Discount — 0.2%
99 Cents Only Stores†#	36,625		394,817
Citi Trends, Inc.†#	12,020		147,846
Fred’s, Inc.#	30,740		353,510
Tuesday Morning Corp.†	25,498		28,558
			924,731
Retail - Fabric Store — 0.0%
Jo-Ann Stores, Inc.†#	19,503		270,702
Retail - Gardening Products — 0.2%
Tractor Supply Co.†#	27,269		1,046,584
Retail - Hair Salons — 0.1%
Regis Corp.	34,009		373,759
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.#	14,924		126,705
Pier 1 Imports, Inc.†#	75,001		66,751
			193,456
Retail - Jewelry — 0.0%
Fuqi Intl, Inc.†#	8,214		51,091
Zale Corp.†#	27,930		165,625
			216,716
Retail - Leisure Products — 0.0%
MarineMax, Inc.†#	13,771		38,283
Retail - Misc./Diversified — 0.0%
Gaiam, Inc.†#	15,132		77,778
Pricesmart, Inc.	12,153		166,010
			243,788
Retail - Pawn Shops — 0.2%
Cash America International, Inc.	23,643		638,598
Ezcorp, Inc., Class A†	32,361		533,633
First Cash Financial Services, Inc.†	14,672		226,242
			1,398,473
Retail - Perfume & Cosmetics — 0.1%
Sally Beauty Holdings Inc.†#	73,272		318,733
Ulta Salon Cosmetics & Fragrance, Inc.†	17,095		122,742
			441,475

Security Description	Shares	Market Value (Note 2)
Retail - Pet Food & Supplies — 0.1%
PetMed Express, Inc.†#	19,990	$	358,421
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.	22,483		816,133
Retail - Pubs — 0.0%
Rick’s Cabaret International, Inc.†#	5,501		24,479
Retail - Regional Department Stores — 0.0%
Dillard’s, Inc., Class A#	48,054		175,878
Retail Ventures, Inc.†#	24,343		30,185
			206,063
Retail - Restaurants — 1.2%
AFC Enterprises, Inc.†#	21,251		85,642
BJ’s Restaurants, Inc.†#	14,657		143,345
Bob Evans Farms, Inc.	26,108		437,831
Buffalo Wild Wings, Inc.†#	14,041		322,381
California Pizza Kitchen, Inc.†	17,734		137,439
CBRL Group, Inc.#	16,913		326,928
CEC Entertainment, Inc.†	15,615		268,734
CKE Restaurants, Inc.	40,151		289,087
Denny’s Corp.†	80,009		148,817
DineEquity, Inc.#	14,655		186,558
Domino’s Pizza, Inc.†	33,037		127,523
Einstein Noah Rest Group, Inc.†	3,701		18,468
Jack in the Box, Inc.†	47,765		835,887
Krispy Kreme Doughnuts, Inc.†#	47,411		119,476
Landry’s Restaurants, Inc.#	9,819		113,802
Luby’s, Inc.†	18,165		79,563
O’Charley’s, Inc.	15,257		32,345
Papa John’s International, Inc.†	18,411		326,243
PF Chang’s China Bistro, Inc.†#	18,757		351,319
Red Robin Gourmet Burgers, Inc.†#	14,184		172,903
Ruby Tuesday, Inc.†#	43,561		50,095
Ruth’s Chris Steak House, Inc.†#	16,927		25,221
Sonic Corp.†#	47,281		399,524
Texas Roadhouse, Inc., Class A†#	44,106		246,553
The Cheesecake Factory, Inc.†	53,190		387,223
The Steak n Shake Co.†#	24,183		106,889
Wendy’s/Arby’s Group, Inc., Class A	337,647		1,357,341
			7,097,137
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.#	18,389		69,694
Cabela’s Inc., Class A†#	33,085		206,781
Hibbett Sports, Inc.†#	21,886		311,657
Zumiez, Inc.†#	16,540		142,906
			731,038
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†#	13,987		62,242
Retail - Video Rentals — 0.0%
Blockbuster, Inc., Class A†#	149,052		177,372
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†	18,796		51,125
Emeritus Corp.†#	16,582		113,089
Five Star Quality Care, Inc.†#	26,802		37,791
Sunrise Senior Living, Inc.†#	37,807		28,734
			230,739
Rubber - Tires — 0.0%
Cooper Tire & Rubber Co.	44,205		211,742
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.	23,843		144,965

180

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Satellite Telecom — 0.1%
GeoEye, Inc.†	15,157	$	302,988
Globalstar, Inc.†	35,327		7,419
Hughes Communications, Inc.†	6,045		105,787
ICO Global Communications Holdings, Ltd.†#	87,207		148,252
Loral Space & Communications, Inc.†	9,824		83,013
Terrestar Corp.†	48,970		21,057
			668,516
Savings & Loans/Thrifts — 1.6%
Abington Bancorp, Inc.#	17,519		180,446
Anchor BanCorp Wisconsin, Inc.#	16,034		46,980
Beneficial Mutual Bancorp Inc†	27,580		324,065
Berkshire Hills Bancorp, Inc.	8,823		255,867
Brookline Bancorp, Inc.	49,034		553,594
Brooklyn Fed Bancorp, Inc.	2,852		39,072
Clifton Savings Bancorp, Inc.#	8,832		103,688
Danvers Bancorp#	12,657		161,250
Dime Community Bancshares	19,825		267,439
Downey Financial Corp.#	17,057		495
Essa Bancorp, Inc.#	12,120		163,256
First Financial Holdings, Inc.	8,350		185,286
First Financial Northwest	19,250		173,827
First Niagara Financial Group, Inc.	90,411		1,402,275
First Place Financial Corp.	14,297		61,620
FirstFed Financial Corp.†#	11,528		43,461
Flagstar Bancorp, Inc.#	43,812		31,107
Flushing Financial Corp.	18,037		246,385
Fox Chase Bancorp, Inc.†	5,199		61,920
Guaranty Financial Group, Inc.†#	31,371		84,702
Home Federal Bancorp, Inc.	5,536		58,183
Investors Bancorp, Inc.†	37,116		519,624
Kearny Financial Corp.#	14,933		190,694
Meridian Interstate Bancorp, Inc.†#	8,854		81,280
NASB Financial, Inc.#	2,876		83,490
NewAlliance Bancshares, Inc.	91,472		1,260,484
Northfield Bancorp Inc New†	16,568		194,840
Northwest Bancorp, Inc.#	14,369		307,928
OceanFirst Financial Corp.	7,445		111,079
Oritani Financial Corp.†#	10,930		184,389
Provident Financial Services, Inc.	48,067		720,524
Provident New York Bancorp, Inc.#	33,778		410,403
Rockville Financial, Inc.#	7,483		99,225
Roma Financial Corp.#	7,384		108,692
United Community Financial Corp.	22,795		42,855
United Financial Bancorp, Inc.	12,842		169,258
ViewPoint Financial Group	9,304		148,771
Waterstone Financial, Inc.†#	5,843		27,754
Westfield Financial, Inc.	23,573		243,273
WSFS Financial Corp.	4,542		198,758
			9,548,239
Schools — 0.5%
American Public Education, Inc.†	8,484		335,627
Capella Education Co.†#	11,231		672,287
Corinthian Colleges, Inc.†#	69,364		1,115,373
K12 ,Inc.†#	5,283		96,415
Learning Tree International, Inc.†#	7,531		88,188
Lincoln Educational Services Corp.†	3,595		49,431
Princeton Review, Inc.†#	11,251		58,393
Universal Technical Institute, Inc.†	18,134		348,717
			2,764,431
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†	6,511		133,931
Geokinetics, Inc.†	4,026		14,977

Security Description	Shares	Market Value (Note 2)
Seismic Data Collection (continued)
ION Geophysical Corp.†#	66,281	$	198,843
			347,751
Semiconductor Components - Integrated Circuits — 0.6%
Anadigics, Inc.†#	52,712		65,363
Cirrus Logic, Inc.†	54,663		230,678
Emulex Corp.†	71,086		506,843
Exar Corp.†	31,453		211,993
Hitte Microwave Corp.†	15,493		452,706
Micrel, Inc.	41,830		309,542
Pericom Semiconductor Corp.†	18,583		100,534
Power Integrations, Inc.#	25,608		468,626
Sigma Designs, Inc.†#	22,354		208,563
Standard Microsystems Corp.†	17,128		261,031
Techwell, Inc.†	12,926		71,739
Transmeta Corp.†#	10,236		183,736
TriQuint Semiconductor, Inc.†	120,742		311,514
			3,382,868
Semiconductor Equipment — 0.7%
Asyst Technologies, Inc.†	41,860		18,418
ATMI, Inc.†	24,337		290,097
Axcelis Technologies, Inc.†	86,292		50,912
Brooks Automation, Inc.†	53,480		206,433
Cabot Microelectronics Corp.†	18,616		461,118
Cohu, Inc.	19,426		217,571
Entegris, Inc.†	96,204		133,724
FormFactor, Inc.†#	39,375		532,744
Kulicke and Soffa Industries, Inc.†	45,080		63,563
LTX-Credence Corp.†#	127,740		47,264
Mattson Technology, Inc.†	41,578		74,840
MKS Instruments, Inc.†	41,970		600,591
Photronics, Inc.†	35,283		15,877
Rudolph Technologies, Inc.†	25,746		84,962
Semitool, Inc.†#	18,997		70,859
Tessera Technologies, Inc.†	38,578		709,064
Ultra Clean Holdings, Inc.†	16,368		34,536
Ultratech, Inc.†	17,557		220,340
Veeco Instruments, Inc.†	26,844		159,185
			3,992,098
Silver Mining — 0.0%
Apex Silver Mines, Ltd.†#	49,641		40,209
Software Tools — 0.0%
ArcSight ,Inc.†	5,798		31,889
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A#	92,142		567,595
Northwest Pipe Co.†	7,700		221,144
Omega Flex, Inc.#	2,621		65,525
			854,264
Steel - Producers — 0.0%
General Stl Hldgs, Inc.†#	9,067		30,374
Olympic Steel, Inc.	7,611		133,193
			163,567
Steel - Specialty — 0.0%
China Precision Stl, Inc.†	14,459		19,664
Sutor Technology Group, Ltd.†#	6,426		12,145
Universal Stainless & Alloy Products, Inc.†	5,642		68,833
			100,642
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†#	29,166		378,866

181

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Sugar — 0.0%
Imperial Sugar Co.#	10,027		$140,679
Superconductor Product & Systems — 0.1%
American Superconductor Corp.†#	32,582		426,498
Telecom Equipment - Fiber Optics — 0.2%
Avanex Corp.†	11,321		12,906
Finisar Corp.†#	332,416		146,263
Harmonic, Inc.†	74,867		385,565
IPG Photonics Corp.†#	16,187		219,981
MRV Communications, Inc.†#	132,401		80,765
Oplink Communications, Inc.†	17,458		131,808
Sycamore Networks, Inc.†	151,830		466,118
			1,443,406
Telecom Services — 0.8%
Cbeyond, Inc.†#	17,063		259,528
Consolidated Communications Holdings, Inc.#	19,514		198,653
Fairpoint Communications, Inc.#	67,870		237,545
FiberTower Corp.†	101,338		55,736
Global Crossing Ltd†#	22,031		168,978
Harris Stratex Networks, Inc.†	21,473		107,150
Hungarian Telephone & Cable†#	4,053		37,693
Iowa Telecommunications Services, Inc.#	26,948		412,035
Knology, Inc.†#	23,898		135,741
MasTec, Inc.†	32,489		208,254
Neutral Tandem, Inc.†	14,027		206,337
NTELOS Holdings Corp.	25,176		559,159
Orbcomm, Inc.†#	26,630		49,265
PAETEC Holding Corp.†#	104,083		150,920
Premiere Global Services, Inc.†	48,977		298,760
RCN Corp.†	31,706		221,308
SAVVIS, Inc.†#	31,651		249,093
TW Telecom, Inc.†#	118,179		901,706
USA Mobility, Inc.†	19,642		214,098
Vonage Holdings Corp.†#	43,260		45,423
			4,717,382
Telecommunication Equipment — 0.8%
Adtran, Inc.	45,314		643,459
Anaren, Inc.†	12,309		132,076
Applied Signal Technology, Inc.	8,880		139,327
Arris Group, Inc.†	97,150		698,508
Comtech Telecommunications Corp.†	19,719		935,272
CPI International, Inc.†	8,011		74,823
OpNext, Inc.†	16,063		33,250
Plantronics, Inc.	39,056		496,402
Preformed Line Products Co.	2,274		88,186
ShoreTel, Inc.†#	36,475		161,219
Sonus Networks, Inc.†#	157,332		243,865
Symmetricom, Inc.†	38,732		161,900
Tekelec†#	52,387		641,741
UTStarcom, Inc.†#	93,049		176,793
			4,626,821
Telephone - Integrated — 0.3%
Alaska Communications Systems Group, Inc.#	33,409		324,067
Atlantic Tele-Network, Inc.	7,967		182,763
Cincinnati Bell, Inc.†	189,772		328,306
General Communication, Inc., Class A†#	32,882		257,466
IDT Corp., Class B†#	45,541		19,583
Shenandoah Telecom Co.	18,420		457,921
			1,570,106
Television — 0.1%
Belo Corp., Class A	75,070		144,885

Security Description	Shares	Market Value (Note 2)
Television (continued)
Lin TV Corp., Class A†#	22,525	$	33,337
Sinclair Broadcast Group, Inc., Class A	44,131		139,454
			317,676
Textile - Apparel — 0.1%
Cherokee, Inc.#	6,345		102,091
Perry Ellis International, Inc.†	10,262		55,620
Unifi, Inc.†#	38,022		176,802
			334,513
Theaters — 0.1%
Cinemark Holdings, Inc.#	25,142		189,319
National CineMedia, Inc.	35,436		288,449
			477,768
Therapeutics — 0.9%
Alexza Pharmaceuticals, Inc.†#	20,085		36,153
Allos Therapeutics, Inc.†#	39,618		285,249
CV Therapeutics, Inc.†	47,578		431,057
Cypress Bioscience, Inc.†#	31,619		169,478
Dyax Corp.†#	46,838		121,779
Inspire Phamaceuticals, Inc.†#	35,556		128,002
Isis Pharmaceuticals, Inc.†#	73,749		845,901
Mannkind Corp.†#	43,402		136,716
Medarex, Inc.†#	102,396		517,100
Nabi Biopharmaceuticals†#	43,649		174,159
Neurocrine Biosciences, Inc.†#	32,364		100,652
NPS Pharmaceuticals, Inc.†	35,449		217,657
Onyx Pharmaceuticals, Inc.†#	45,581		1,280,826
Osiris Therapeutics, Inc.†#	12,576		239,321
Questcor Pharmaceuticals, Inc.†#	41,658		356,176
Star Scientific, Inc.†#	55,497		169,821
Theravance, Inc.†#	39,545		264,161
			5,474,208
Tobacco — 0.2%
Alliance One International, Inc.†	74,883		232,137
Universal Corp.	20,653		660,277
Vector Group, Ltd.#	27,762		398,662
			1,291,076
Toys — 0.3%
JAKKS Pacific, Inc.†#	21,573		386,156
Leapfrog Enterprises, Inc.†	27,747		120,422
Marvel Entertainment, Inc.†	40,244		1,185,186
			1,691,764
Transactional Software — 0.3%
ACI Worldwide, Inc†#	28,946		454,452
Bottomline Technologies, Inc.†	18,491		125,739
Innerworkings, Inc.†#	26,626		149,372
Solera Holdings, Inc.†	42,208		826,010
Synchronoss Technologies, Inc.†#	18,484		129,758
VeriFone Holdings, Inc.†#	54,328		223,288
			1,908,619
Transport - Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†	11,193		171,253
Transport - Equipment & Leasing — 0.1%
Aircastle, Ltd.	39,308		213,836
AMERCO†	7,138		264,463
Greenbrier Cos., Inc.	13,786		104,360
TAL International Group, Inc.#	12,236		138,144
Textainer Group Holding Ltd	8,060		81,648
			802,451

182

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Transport - Marine — 0.6%
American Commercial Lines, Inc.†#	30,081	$	134,462
Arlington Tankers, Ltd.#	10,706		102,456
Cai Intl, Inc.†	6,196		31,042
DHT Maritime, Inc.#	33,047		176,801
Eagle Bulk Shipping, Inc.#	35,453		153,512
Genco Shipping & Trading, Ltd.#	18,489		168,435
General Maritime Corp.#	22,476		291,289
Golar LNG, Ltd.#	29,756		192,521
Gulfmark Offshore, Inc.†	17,917		507,051
Horizon Lines, Inc. Class A#	25,201		100,804
International Shipholding Corp.†	5,100		112,200
Knightsbridge Tankers, Ltd.#	14,404		214,188
Nordic American Tanker Shipping#	27,838		813,705
Ship Finance International, Ltd.#	33,004		392,418
TBS International, Ltd., Class A†#	8,826		41,482
Teekay Tankers, Ltd. Class A#	11,372		124,182
Ultrapetrol Bahamas, Ltd.†#	21,056		84,013
			3,640,561
Transport - Rail — 0.1%
Genesee & Wyoming, Inc., Class A†	24,781		752,847
Transport - Services — 0.3%
Bristow Group, Inc.†#	19,032		430,694
Dynamex, Inc.†	7,745		141,501
Hub Group, Inc., Class A†	30,028		801,748
Pacer International, Inc.	29,220		283,142
PHI, Inc.†	11,490		141,901
Universal Truckload Services, Inc.†#	5,014		90,453
			1,889,439
Transport - Truck — 0.7%
Arkansas Best Corp.#	18,028		478,643
Celadon Group, Inc.†	18,406		141,910
Forward Air Corp.#	22,875		528,870
Heartland Express, Inc.#	44,995		694,723
Knight Transportation, Inc.#	46,227		728,538
Marten Transport, Ltd.†	12,870		242,600
Old Dominion Freight Lines, Inc.†	22,202		528,408
Patriot Transportation Holding, Inc.†#	1,337		92,520
Saia, Inc.†	11,329		100,941
Werner Enterprises, Inc.#	34,230		594,917
YRC Worldwide, Inc.†#	48,092		191,406
			4,323,476
Travel Services — 0.0%
Ambassadors Group, Inc.#	16,078		145,667
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†#	12,952		234,302
Veterinary Diagnostics — 0.0%
Neogen Corp.†#	12,136		274,152
Vitamins & Nutrition Products — 0.1%
Mannatech, Inc.#	13,262		29,839
Omega Protein Corp.†	15,467		64,343
Schiff Nutrition Intl, Inc.†	7,858		47,777
Synutra International, Inc.†#	8,734		103,934
USANA Health Sciences, Inc.†#	5,881		178,606
			424,499
Water — 0.4%
American States Water Co.	13,527		473,851
California Water Service Group#	15,595		662,787

Security Description	Shares	Market Value (Note 2)
Water (continued)
Connecticut Water Service, Inc.#	5,868	$	146,348
Consolidated Water Co., Inc.#	9,576		102,463
Middlesex Water Co.	9,399		161,663
PICO Holdings, Inc.†#	12,455		282,604
SJW Corp.	9,828		275,184
Southwest Water Co.#	16,934		71,631
			2,176,531
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†#	14,541		101,932
Web Hosting/Design — 0.1%
NIC, Inc.	33,596		155,549
Rackspace Hosting, Inc.†	18,230		125,787
Terremark Worldwide, Inc.†#	44,520		161,608
Web.Com Group Inc.†#	23,274		58,883
			501,827
Web Portals/ISP — 0.2%
EarthLink, Inc.†	88,104		586,773
United Online, Inc.	60,802		403,117
			989,890
Wire & Cable Products — 0.2%
Belden, Inc.#	36,853		641,979
Coleman Cable, Inc.†#	6,674		35,706
Encore Wire Corp.#	15,360		260,506
Fushi Copperweld, Inc.†#	12,143		46,143
Insteel Industries, Inc.	14,718		143,648
			1,127,982
Wireless Equipment — 0.4%
Airvana Inc†#	20,306		95,845
Aruba Networks, Inc.†#	44,045		104,387
EMS Technologies, Inc.†	13,137		318,047
Globecomm Systems, Inc.†	16,985		88,152
InterDigital, Inc.†	36,556		969,465
Nextwave Wireless, Inc.†#	40,809		4,897
Novatel Wireless, Inc.†#	26,693		102,234
Powerwave Technologies, Inc.†#	110,686		53,129
RF Micro Devices, Inc.†#	221,588		294,712
ViaSat, Inc.†	19,544		418,828
			2,449,696
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†	14,938		101,130
Total Common Stock
(cost $933,960,692)			578,047,403
RIGHTS — 0.0%
Medical - Biomedical/Gene — 0.0%
OSI Pharmaceuticals, Inc.† Expires 06/08/12 (cost $0)	1,002		0
WARRANTS — 0.0%
Finance - Other Services — 0.0%
Imperial Credit Industries, Inc.† Expires 01/31/08 (Strike price $2.15)(1)(2)(3) (cost $0)	255		0
EXCHANGE TRADED FUNDS — 0.0%
Registered Investment Companies — 0.0%
Kayne Anderson Energy Development Fund# (cost $213,523)	8,466		81,528

183

AIG Retirement Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
CORPORATE BONDS & NOTES — 0.0%
Metal Processors & Fabrication — 0.0%
Mueller Industries, Inc. Sub. Notes 6.00% due 11/01/14 (cost $152,000)	$	152,000		$	120,840
Total Long-Term Investment Securities
(cost $934,326,215)					578,249,771
SHORT-TERM INVESTMENT SECURITIES — 26.6%
Collective Investment Pool — 20.9%
Securities Lending Quality Trust(4)		133,611,482			127,999,800
Commercial Paper — 4.9%
Erste Finance LLC 0.50% due 12/01/08		30,000,000			30,000,000
U.S. Government Treasuries — 0.8%
United States Treasury Bills
0.02% due 12/18/08(5)		600,000			599,994
0.02% due 01/22/09(5)		270,000			269,992
0.06% due 01/08/09(5)		230,000			229,986
0.07% due 01/15/09(5)		120,000			119,990
0.12% due 12/26/08(5)		1,000,000			999,917
0.18% due 12/26/08(5)		275,000			274,965
0.24% due 12/04/08(5)		1,600,000			1,599,968
0.30% due 12/26/08(5)		225,000			224,953
0.35% due 01/08/09(5)		85,000			84,997
					4,404,762
Total Short-Term Investment Securities
(cost $168,016,244)					162,404,562
REPURCHASE AGREEMENT — 0.6%
Agreement with State Street Bank & Trust Co., bearing interest at .01%, dated 11/30/08, to be repurchased 12/01/08 in the amount of $3,812,003 and collateralized by Federal Home Loan Bank Notes, bearing interest at 5.25%, due 05/21/09 and having an approximate value of $3,927,000 (cost $3,812,000)		3,812,000		$	3,812,000
TOTAL INVESTMENTS
(cost $1,106,154,459)(6)		121.6	%		744,466,333
Liabilities in excess of other assets		(21.6	)		(132,216,967	)
NET ASSETS —		100.0	%	$	612,249,366

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) Fair valued security; see Note 2

(2) To the extent permitted by the Statement of Additional Information, the Small Cap Index Fund may invest in restricted securities. The Fund has no right to demand registration of these securities. The securities are valued pursuant to Note 2. Restricted securities held by a Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2008, the Small Cap Index Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount/ Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
Imperial Credit Industry (Warrant) Expires 01/31/08 (Strike price $2.15)	02/02/06	225	$	0	$	0	$	0.00	0.00	%
iPCS, Inc. (Common Stock)	06/30/06	10,503		554,200
	08/29/06	811		42,172
	11/28/06	481		25,488
	02/13/07	676		35,988
	08/01/07	585		18,881
	10/12/07	560		20,936
	06/27/08	835		24,607
						107,660	$	7.45	0.00
		14,451	$	722,272	$	107,660			0.02	%

(3) Illiquid security. At November 30, 2008, the aggregate value of these securities was $107,660, representing 0.0% of net assets.

(4) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(5) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
822 Long	Russell 2000 Index……	December 2008	$	43,615,520	$	38,855,940	$	(4,759,580	)

See Notes to Financial Statements

184

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	21.1	%
Banks — Commercial	8.9
Electric — Integrated	4.7
Insurance — Property/Casualty	3.5
Time Deposits	3.5
Metal Processors & Fabrication	3.1
Insurance — Reinsurance	3.0
Oil Companies — Exploration & Production	2.6
Human Resources	2.6
Consumer Products — Misc.	2.2
Finance — Investment Banker/Broker	2.2
Paper & Related Products	2.1
Real Estate Investment Trusts	2.1
Computers — Memory Devices	2.1
Retail — Apparel/Shoe	2.1
Retail — Convenience Store	1.8
Gas — Distribution	1.8
Retail — Restaurants	1.7
Machinery — General Industrial	1.6
Diversified Operations/Commercial Services	1.5
Networking Products	1.5
Savings & Loans/Thrifts	1.5
Insurance Brokers	1.5
Transport — Truck	1.4
Electronic Components — Semiconductors	1.3
Semiconductor Components — Integrated Circuits	1.3
Electronic Components — Misc.	1.2
Medical — HMO	1.1
Food — Retail	1.1
Building Products — Doors & Windows	1.0
Wire & Cable Products	1.0
Insurance — Life/Health	1.0
Semiconductor Equipment	1.0
Transport — Marine	0.9
Footwear & Related Apparel	0.9
Airlines	0.9
Enterprise Software/Service	0.9
Chemicals — Specialty	0.8
Repurchase Agreements	0.8
Distribution/Wholesale	0.8
Food — Wholesale/Distribution	0.8
Telecom Equipment — Fiber Optics	0.7
E-Commerce/Services	0.7
Web Portals/ISP	0.7
Internet Infrastructure Software	0.7
Oil & Gas Drilling	0.6
Diversified Manufacturing Operations	0.6
Office Furnishings — Original	0.6
Investment Companies	0.6
Telecommunication Equipment	0.6
Chemicals — Plastics	0.6
Auto/Truck Parts & Equipment — Original	0.5
Office Supplies & Forms	0.5
Retail — Home Furnishings	0.5
Insurance — Multi-line	0.5
Chemicals — Diversified	0.5
Computers — Periphery Equipment	0.5
Building — Mobile Home/Manufactured Housing	0.5
Medical Laser Systems	0.4
Aerospace/Defense — Equipment	0.4
Data Processing/Management	0.4
Tobacco	0.4
Funeral Services & Related Items	0.4
Non-Ferrous Metals	0.4
Financial Guarantee Insurance	0.4
Computer Services	0.4
Cellular Telecom	0.4
Publishing — Books	0.4
Industrial Gases	0.4

Aerospace/Defense	0.4
Food — Misc.	0.4
Machinery — Electrical	0.4
Food — Canned	0.3
Lasers — System/Components	0.3
Containers — Metal/Glass	0.3
Computer Graphics	0.3
Finance — Leasing Companies	0.3
Coatings/Paint	0.3
Computers — Integrated Systems	0.3
Recreational Vehicles	0.3
Cosmetics & Toiletries	0.3
Commercial Services — Finance	0.3
Athletic Equipment	0.3
Investment Management/Advisor Services	0.3
E-Commerce/Products	0.3
Multimedia	0.3
Circuit Boards	0.3
Apparel Manufacturers	0.3
Building Products — Wood	0.3
Wireless Equipment	0.2
Retail — Office Supplies	0.2
Software Tools	0.2
Tools — Hand Held	0.2
Electronic Measurement Instruments	0.2
Applications Software	0.2
Medical — Biomedical/Gene	0.2
Batteries/Battery Systems	0.2
Finance — Credit Card	0.2
Building — Residential/Commercial	0.2
Oil-Field Services	0.1
Textile — Apparel	0.1
Retail — Jewelry	0.1
Athletic Footwear	0.1
Retail — Automobile	0.1
Internet Infrastructure Equipment	0.1
Telecom Services	0.1
Retail — Catalog Shopping	0.1
Index Fund — Small Cap	0.1
Publishing — Newspapers	0.1
Textile — Products	0.1
Disposable Medical Products	0.1
Electronic Design Automation	0.1
Oil Field Machinery & Equipment	0.1
Medical Products	0.1
Travel Services	0.1
Commercial Services	0.1
Medical — Generic Drugs	0.1
Retail — Discount	0.1
	121.4	%

* Calculated as a percentage of net assets

185

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 95.9%
Aerospace/Defense — 0.4%
Teledyne Technologies, Inc.†	13,070	$	530,903
Aerospace/Defense - Equipment — 0.4%
GenCorp, Inc.†#	110,615		316,359
Innovative Solutions and Support, Inc.#	69,632		284,795
			601,154
Airlines — 0.9%
Copa Holdings SA, Class A	20,000		443,400
Skywest, Inc.	53,110		807,272
			1,250,672
Apparel Manufacturers — 0.3%
American Apparel, Inc.†#	54,850		233,113
Delta Apparel, Inc.†	20,376		88,024
Oxford Industries, Inc.#	10,101		60,606
			381,743
Applications Software — 0.2%
Corel Corp.†	67,901		281,789
Athletic Equipment — 0.3%
Nautilus, Inc.†#	138,746		407,913
Athletic Footwear — 0.1%
K-Swiss, Inc., Class A	15,326		193,108
Auto/Truck Parts & Equipment - Original — 0.5%
American Axle & Manufacturing Holdings, Inc.#	111,250		280,350
ArvinMeritor, Inc.#	59,600		235,420
Modine Manufacturing Co.#	31,585		151,924
Superior Industries International, Inc.#	7,097		86,796
			754,490
Banks - Commercial — 8.9%
BancorpSouth, Inc.#	49,234		1,094,964
BOK Financial Corp.#	9,130		423,541
Citizens Republic Bancorp.#	47,180		111,345
City Holding Co.	16,830		596,119
Colonial BancGroup, Inc.#	92,790		232,903
Columbia Banking System, Inc.#	25,250		253,762
East West Bancorp, Inc.#	34,510		510,748
First Citizens BancShares, Inc., Class A	25,705		3,612,838
First Horizon National Corp.#	39,860		426,103
Hanmi Financial Corp.#	68,250		160,387
IBERIABANK Corp.#	8,388		441,628
PacWest Bancorp#	10,270		273,182
Provident Bankshares Corp.#	71,550		674,001
Renasant Corp.	48,972		947,608
Sterling Bancshares, Inc.#	113,954		763,492
Synovus Financial Corp.#	37,840		314,829
The South Financial Group, Inc.	21,140		91,325
UMB Financial Corp.#	29,430		1,407,048
Webster Financial Corp.#	35,000		525,000
Whitney Holding Corp.#	4,360		76,431
			12,937,254
Batteries/Battery Systems — 0.2%
EnerSys†#	31,260		266,648
Building Products - Doors & Windows — 1.0%
Apogee Enterprises, Inc.#	56,143		437,915
Quanex Building Products	116,183		1,075,855
			1,513,770
Building Products - Wood — 0.3%
Universal Forest Products, Inc.#	17,950		377,488

Security Description	Shares	Market Value (Note 2)
Building - Mobile Home/Manufactured Housing — 0.5%
Cavco Industries, Inc.†#	21,585	$	653,162
Building - Residential/Commercial — 0.2%
M/I Homes, Inc.#	23,200		244,528
Cellular Telecom — 0.4%
Centennial Communications Corp.†	70,980		548,675
Chemicals - Diversified — 0.5%
Innospec, Inc.#	23,710		136,570
Olin Corp.	33,730		552,497
			689,067
Chemicals - Plastics — 0.6%
A. Schulman, Inc.	52,452		711,774
Spartech Corp.	14,920		86,536
			798,310
Chemicals - Specialty — 0.8%
American Pacific Corp.†#(2)	29,799		302,162
Arch Chemicals, Inc.	27,078		782,013
Omnova Solutions, Inc.†	136,318		144,497
			1,228,672
Circuit Boards — 0.3%
Park Electrochemical Corp.	5,478		97,399
TTM Technologies, Inc.†#	58,400		298,424
			395,823
Coatings/Paint — 0.3%
RPM International, Inc.	36,580		438,594
Commercial Services — 0.1%
Ticketmaster, Inc.†#	21,904		87,397
Commercial Services - Finance — 0.3%
Deluxe Corp.	38,790		408,071
Tree.com, Inc.†#	1		2
			408,073
Computer Graphics — 0.3%
Monotype Imaging Holdings, Inc.†#	68,771		371,364
Trident Microsystems, Inc.†#	50,587		84,986
			456,350
Computer Services — 0.4%
CACI International, Inc., Class A†#	12,420		551,572
Computers - Integrated Systems — 0.3%
BancTec, Inc.*(1)(2)	123,100		437,005
Computers - Memory Devices — 2.1%
Imation Corp.#	210,224		2,791,775
Quantum Corp.†#	483,660		58,039
Silicon Graphics, Inc.†#	18,480		49,896
Smart Modular Technologies WWH, Inc.†#	171,096		153,986
			3,053,696
Computers - Periphery Equipment — 0.5%
Electronics for Imaging, Inc.†	67,269		657,218
Consumer Products - Misc. — 2.2%
Blyth, Inc.#	176,610		1,464,097
Helen of Troy, Ltd.†	7,939		124,325
Prestige Brands Holdings, Inc.†	115,362		902,131
Tupperware Brands Corp.	11,324		222,743
WD-40 Co.#	15,431		441,326
			3,154,622

186

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Containers - Metal/Glass — 0.3%
Greif, Inc., Class A	14,810	$	490,951
Cosmetics & Toiletries — 0.3%
Elizabeth Arden, Inc.†	29,960		422,436
Data Processing/Management — 0.4%
CSG Systems International, Inc.†	35,060		590,410
Disposable Medical Products — 0.1%
ICU Medical, Inc.†	5,008		151,492
Distribution/Wholesale — 0.8%
Owens & Minor, Inc.	12,590		522,863
School Specialty, Inc.†#	16,670		267,053
WESCO International, Inc.†	22,730		336,177
			1,126,093
Diversified Manufacturing Operations — 0.6%
Acuity Brands, Inc.#	8,184		220,641
Crane Co.	16,915		250,680
EnPro Industries, Inc.†#	22,855		426,703
			898,024
Diversified Operations/Commercial Services — 1.5%
Viad Corp.	83,998		2,243,587
E-Commerce/Products — 0.3%
Stamps.com, Inc.†#	45,440		402,598
E-Commerce/Services — 0.7%
IAC/InterActive Corp.†#	72,426		1,071,181
Electric - Integrated — 4.7%
Allete, Inc.#	80,772		2,764,018
Black Hills Corp.	21,942		566,323
El Paso Electric Co.†	77,676		1,399,722
UIL Holdings Corp.#	18,780		559,456
Unisource Energy Corp.	25,690		721,118
Westar Energy, Inc.	40,090		811,021
			6,821,658
Electronic Components - Misc. — 1.2%
AVX Corp.#	73,840		645,362
Benchmark Electronics, Inc.†	68,593		869,759
Celestica ,Inc.†#	14,226		70,988
Technitrol, Inc.	26,522		92,827
Vishay Intertechnology, Inc.†	30,587		133,359
			1,812,295
Electronic Components - Semiconductors — 1.3%
DSP Group, Inc.†	72,612		415,341
Lattice Semiconductor Corp.†#	297,974		452,920
Mellanox Tecnologies Ltd†	48,200		356,680
Zoran Corp.†#	95,999		721,913
			1,946,854
Electronic Design Automation — 0.1%
Mentor Graphics Corp.†#	21,131		143,268
Electronic Measurement Instruments — 0.2%
Orbotech, Ltd.†	70,800		298,068
Energy - Alternate Sources — 0.0%
BioFuel Energy Corp.†#	48,892		20,046
Enterprise Software/Service — 0.9%
Lawson Software, Inc.†#	106,758		418,491
Novell, Inc.†	180,361		820,643
			1,239,134

Security Description	Shares	Market Value (Note 2)
Finance - Credit Card — 0.2%
Advanta Corp., Class B#	89,640	$	264,438
Finance - Investment Banker/Broker — 2.2%
Investment Technology Group, Inc.†#	43,016		719,658
Knight Capital Group, Inc., Class A†#	61,912		1,024,643
SWS Group, Inc.	49,960		730,415
TradeStation Group, Inc.†#	94,740		665,075
			3,139,791
Finance - Leasing Companies — 0.3%
Financial Federal Corp.#	23,450		450,709
Finance - Mortgage Loan/Banker — 0.0%
Deerfield Capital Corp.#	17,639		49,389
Financial Guarantee Insurance — 0.4%
Assured Guaranty, Ltd.#	29,869		335,728
MGIC Investment Corp.#	85,920		233,702
			569,430
Food - Canned — 0.3%
Treehouse Foods, Inc.†#	21,345		507,798
Food - Misc. — 0.4%
American Italian Pasta Co.† Class A#	35,782		518,839
Food - Retail — 1.1%
Ruddick Corp.#	34,390		940,911
Weis Markets, Inc.	20,360		643,783
			1,584,694
Food - Wholesale/Distribution — 0.8%
Spartan Stores, Inc.#	46,320		1,098,710
Footwear & Related Apparel — 0.9%
Iconix Brand Group, Inc.†#	66,030		559,274
Steven Madden, Ltd.†	29,610		506,627
Timberland Co., Class A†#	24,220		245,833
			1,311,734
Funeral Services & Related Items — 0.4%
Hillenbrand, Inc.	36,660		583,627
Gas - Distribution — 1.8%
Atmos Energy Corp.	36,136		900,871
Energen Corp.	13,000		400,400
Laclede Group, Inc.	7,880		415,118
Southwest Gas Corp.	36,770		952,343
			2,668,732
Health Care Cost Containment — 0.0%
Hooper Holmes, Inc.†	282,580		67,819
Human Resources — 2.6%
Administaff, Inc.	2,529		43,195
AMN Healthcare Services, Inc.†	107,199		956,215
Gevity HR, Inc.#	131,586		209,222
Heidrick & Struggles International, Inc.#	47,531		983,892
Kenexa Corp.†#	19,527		117,943
Korn/Ferry International†#	55,841		687,403
Monster Worldwide, Inc.†#	69,154		793,196
			3,791,066
Industrial Gases — 0.4%
Airgas, Inc.	14,880		531,960
Insurance Brokers — 1.5%
Willis Group Holdings, Ltd.	93,894		2,166,135

187

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Insurance - Life/Health — 1.0%
American Equity Investment Life Holding Co.#	94,490	$	587,728
FBL Financial Group, Inc., Class A#	11,585		131,721
Presidential Life Corp.#	53,450		575,122
The Phoenix Cos., Inc.	58,426		166,514
			1,461,085
Insurance - Multi-line — 0.5%
Hanover Insurance Group, Inc.	17,730		714,874
Insurance - Property/Casualty — 3.5%
Arch Capital Group, Ltd.†	7,030		476,564
Infinity Property & Casualty Corp.	18,000		826,020
Navigators Group, Inc.†	14,590		792,237
Safety Insurance Group, Inc.	27,410		961,543
Selective Insurance Group, Inc.	50,138		1,151,168
Stewart Information Services Corp.	79,361		928,524
			5,136,056
Insurance - Reinsurance — 3.0%
Endurance Specialty Holdings, Ltd.#	95,227		2,563,511
IPC Holdings, Ltd.	65,852		1,843,856
			4,407,367
Internet Infrastructure Equipment — 0.1%
Avocent Corp.†#	10,046		188,965
Internet Infrastructure Software — 0.7%
Chordiant Software, Inc.†	102,516		281,919
F5 Networks, Inc.†#	17,750		441,975
TIBCO Software, Inc.†#	49,536		239,754
			963,648
Internet Security — 0.0%
SonicWALL, Inc.†#	6,706		26,288
Investment Companies — 0.6%
Apollo Investment Corp.#	13,032		110,642
Hercules Technology Growth Capital, Inc.#	78,678		507,473
KKR Financial Holdings, LLC#	32,420		31,772
Kohlberg Capital Corp.#	48,402		198,448
			848,335
Investment Management/Advisor Services — 0.3%
Eaton Vance Corp.#	6,460		123,515
Westwood Holdings Group, Inc.#(2)	8,937		279,728
			403,243
Lasers - System/Components — 0.3%
Coherent, Inc.†#	20,043		498,870
Machinery - Electrical — 0.4%
Franklin Electric Co., Inc.#	17,432		514,593
Machinery - General Industrial — 1.6%
Applied Industrial Technologies, Inc.#	20,160		384,249
Chart Industries, Inc.†	20,730		198,179
Kadant, Inc.†(2)	83,684		1,253,586
Middleby Corp.†#	15,640		506,267
			2,342,281
Medical Laser Systems — 0.4%
Cutera, Inc.†	70,670		628,256
Medical Products — 0.1%
Syneron Medical, Ltd.†	13,745		100,476
Medical - Biomedical/Gene — 0.2%
Cambrex Corp.†	77,512		269,742
Medical - Generic Drugs — 0.1%
Par Pharmaceutical Cos., Inc.†	7,189		83,824

Security Description	Shares	Market Value (Note 2)
Medical - HMO — 1.1%
AMERIGROUP Corp.†	33,550	$	823,988
Healthspring, Inc.†	55,530		810,183
			1,634,171
Metal Processors & Fabrication — 3.1%
CIRCOR International, Inc.	5,633		122,968
Commercial Metals Co.	13,936		166,953
Haynes International, Inc.†#	10,830		197,431
Mueller Industries, Inc.	170,158		3,964,682
			4,452,034
Multimedia — 0.3%
Journal Communications, Inc., Class A#	169,821		402,476
Networking Products — 1.5%
Adaptec, Inc.†	274,975		772,680
Foundry Networks, Inc.†	17,620		272,934
Ixia†	64,070		393,390
Netgear, Inc.†	66,413		803,597
			2,242,601
Non-Ferrous Metals — 0.4%
USEC, Inc.†	148,210		570,608
Office Furnishings - Original — 0.6%
Interface, Inc. Class A	42,105		233,262
Knoll, Inc.	57,900		623,583
			856,845
Office Supplies & Forms — 0.5%
ACCO Brands Corp.†#	135,629		124,779
Ennis, Inc.#	60,572		616,017
			740,796
Oil & Gas Drilling — 0.6%
Atwood Oceanics, Inc.†	50,798		919,444
Oil Companies - Exploration & Production — 2.6%
Approach Resources, Inc.†	19,880		172,757
Cabot Oil & Gas Corp.	9,470		283,816
Forest Oil Corp.†#	6,607		115,292
Mariner Energy, Inc.†#	101,972		1,120,672
Rosetta Resources, Inc.†	29,196		219,846
St. Mary Land & Exploration Co.	21,809		438,579
Stone Energy Corp.†#	44,078		732,577
Swift Energy Co.†#	15,340		327,816
Whiting Petroleum Corp.†	10,711		410,231
			3,821,586
Oil Field Machinery & Equipment — 0.1%
WSP Holdings, Ltd. ARD†#	30,300		122,412
Oil-Field Services — 0.1%
Global Industries, Ltd.†#	69,429		204,816
Paper & Related Products — 2.1%
Glatfelter	53,926		513,375
Neenah Paper, Inc.#	84,904		694,515
Schweitzer-Mauduit International, Inc.#	56,723		1,045,972
Wausau Paper Corp.	83,120		855,305
			3,109,167
Publishing - Books — 0.4%
Courier Corp.#	29,832		543,837
Publishing - Newspapers — 0.1%
AH Belo Corp.#	75,861		153,239

188

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts — 2.1%
Arbor Realty Trust, Inc.#	44,280	$	120,884
Capital Trust, Inc., Class A#	19,550		97,750
DiamondRock Hospitality Co.	48,550		180,606
Entertainment Properties Trust#	17,662		433,249
Getty Realty Corp.	41,340		773,471
Hersha Hospitality Trust	81,670		287,478
MFA Mtg. Investments, Inc.	134,860		834,784
NorthStar Realty Finance Corp.#	53,205		180,897
Pennsylvania Real Estate Investment Trust#	34,860		156,870
			3,065,989
Recreational Vehicles — 0.3%
Arctic Cat, Inc.#	70,670		427,553
Retail - Apparel/Shoe — 2.1%
AnnTaylor Stores Corp.†#	24,774		111,235
Brown Shoe Co., Inc.#	49,960		281,774
Christopher & Banks Corp.#	50,501		170,188
Foot Locker, Inc.	33,908		228,201
Genesco, Inc.†#	42,847		576,721
Jos. A. Bank Clothiers, Inc.†#	27,050		528,828
Kenneth Cole Productions, Inc. Class A#	55,047		481,661
Men’s Wearhouse, Inc.#	12,296		130,829
Phillips-Van Heusen Corp.	17,140		298,922
Stage Stores, Inc.	30,115		174,065
			2,982,424
Retail - Automobile — 0.1%
Sonic Automotive, Inc.#	59,130		190,399
Retail - Catalog Shopping — 0.1%
Coldwater Creek, Inc.†#	90,930		174,586
Retail - Convenience Store — 1.8%
Casey’s General Stores, Inc.	90,459		2,682,109
Retail - Discount — 0.1%
HSN, Inc.†#	20,631		77,160
Retail - Home Furnishings — 0.5%
Haverty Furniture Cos., Inc.#	64,720		549,473
Pier 1 Imports, Inc.†#	196,330		174,733
			724,206
Retail - Jewelry — 0.1%
Zale Corp.†#	33,350		197,765
Retail - Office Supplies — 0.2%
OfficeMax, Inc.#	63,020		343,459
Retail - Restaurants — 1.7%
DineEquity, Inc.#	17,304		220,280
Ruby Tuesday, Inc.†#	252,251		290,089
The Cheesecake Factory, Inc.†#	30,173		219,659
Wendy’s/Arby’s Group, Inc., Class A#	417,672		1,679,041
			2,409,069
Savings & Loans/Thrifts — 1.5%
NewAlliance Bancshares, Inc.#	157,850		2,175,173
Semiconductor Components - Integrated Circuits — 1.3%
Anadigics, Inc.†#	41,140		51,014
Emulex Corp.†	46,780		333,541
Exar Corp.†#	96,560		650,814
Micrel, Inc.#	53,570		396,418
Standard Microsystems Corp.†	25,754		392,491
			1,824,278

Security Description	Shares	Market Value (Note 2)
Semiconductor Equipment — 1.0%
ATMI, Inc.†	44,644	$	532,157
Cabot Microelectronics Corp.†	25,173		623,535
Cohu, Inc.#	6,265		70,168
GSI Group, Inc.†	44,654		47,780
Ultra Clean Holdings, Inc.†#	81,395		171,743
			1,445,383
Software Tools — 0.2%
Borland Software Corp.†#	254,744		331,167
Telecom Equipment - Fiber Optics — 0.7%
Ciena Corp.†#	57,886		428,356
Oplink Communications, Inc.†	58,980		445,299
Sycamore Networks, Inc.†	67,611		207,566
			1,081,221
Telecom Services — 0.1%
NTELOS Holdings Corp.	7,890		175,237
Telecommunication Equipment — 0.6%
Arris Group, Inc.†	75,252		541,062
CommScope, Inc.†#	23,120		261,025
			802,087
Textile - Apparel — 0.1%
Perry Ellis International, Inc.†	37,520		203,358
Textile - Products — 0.1%
Dixie Group, Inc.†#(2)	50,309		151,933
Tobacco — 0.4%
Universal Corp.#	18,337		586,234
Tools - Hand Held — 0.2%
Snap - on, Inc.#	8,320		299,936
Transport - Marine — 0.9%
Gulfmark Offshore, Inc.†	15,810		447,423
TBS International, Ltd., Class A†#	23,171		108,904
Tidewater, Inc.#	19,290		761,569
			1,317,896
Transport - Truck — 1.4%
Arkansas Best Corp.#	74,629		1,981,400
Travel Services — 0.1%
Interval Leisure Group, Inc.†	17,576		93,153
Web Portals/ISP — 0.7%
EarthLink, Inc.†#	84,340		561,705
United Online, Inc.	75,840		502,819
			1,064,524
Wire & Cable Products — 1.0%
Belden, Inc.#	65,243		1,136,533
General Cable Corp.†#	19,732		325,775
			1,462,308
Wireless Equipment — 0.2%
Novatel Wireless, Inc.†#	93,730		358,986
Total Common Stock
(cost $236,397,700)			139,273,590
CALL OPTION - PURCHASED — 0.0%
Machinery - General Industrial — 0.0%
Chart Industries, Inc. Dec 08 (Strike price $40)
(cost $19,648)	46		465

189

AIG Retirement Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Market Value (Note 2)
EXCHANGE TRADED FUNDS — 0.1%
Index Fund - Small Cap — 0.1%
iShares Russell 2000 Index Fund# (cost $225,252)		3,514		$	165,896
Total Long-Term Investment Securities
(cost $236,642,600)					139,439,951
SHORT-TERM INVESTMENT SECURITIES — 24.6%
Collective Investment Pool — 21.1%
Securities Lending Quality Trust(3)		32,021,642			30,676,733
Time Deposits — 3.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.15% due 12/01/08	$	5,091,000			5,091,000
Total Short-Term Investment Securities
(cost $37,112,642)					35,767,733
REPURCHASE AGREEMENT — 0.8%
Agreement with Banc of America Securities LLC, bearing interest at 0.28% dated 11/28/08 to be repurchased 12/01/08 in the amount of $1,164,027 and collateralized by Federal Home Loan Bank Notes, bearing interest at 1.90%, due 03/20/09 and having an approximate value of $1,188,755 (cost $1,164,000)		1,164,000			1,164,000
TOTAL INVESTMENTS
(cost $274,919,242)(4)		121.4	%		176,371,684
Liabilities in excess of other assets		(21.4	)		(31,135,257	)
NET ASSETS —		100.0	%	$	145,236,427

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2008, the aggregate value of these securities was $437,005 representing 0.3% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Fair valued security; see Note 2

(2) Illiquid security. At November 30, 2008, the aggregate value of these securities was $2,424,414 representing 1.7% of net assets.

(3) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

ADR—American Depository Receipt

Open call option contracts written at November 30, 2008 for the Small Cap Special Value Fund were as follows:
Issue	Contract Month	Strike Price		Number of Contracts	Premiums Received		Market Value at November 30, 2008		Unrealized Appreciation (Depreciation)
Chart Industries, Inc.	Dec-08	$	45.00	93	$	20,624	$	465	$	20,159

See Notes to Financial Statements

190

AIG Retirement Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Collective Investment Pool	21.6	%
Medical — Biomedical/Gene	5.4
Time Deposits	4.8
Schools	4.7
Oil Companies — Exploration & Production	4.2
Medical Products	3.2
Banks — Commercial	3.0
Electronic Components — Semiconductors	2.8
Internet Infrastructure Software	2.4
Commercial Services	2.3
Finance — Investment Banker/Broker	2.2
Medical — Drugs	2.1
Consulting Services	2.0
Telecommunication Equipment	1.9
Physical Therapy/Rehabilitation Centers	1.9
Diagnostic Kits	1.9
Cosmetics & Toiletries	1.9
Transport — Truck	1.9
Food — Misc.	1.7
Enterprise Software/Service	1.5
Cellular Telecom	1.5
Retail — Apparel/Shoe	1.5
Electronic Measurement Instruments	1.4
Racetracks	1.4
Computer Services	1.4
Web Hosting/Design	1.2
Semiconductor Components — Integrated Circuits	1.2
Medical Information Systems	1.2
Retail — Catalog Shopping	1.2
Machinery — General Industrial	1.2
Semiconductor Equipment	1.1
Diagnostic Equipment	1.1
Computer Aided Design	1.1
Oil — Field Services	1.1
Medical Instruments	1.0
Insurance — Multi-line	1.0
Respiratory Products	0.9
E-Marketing/Info	0.9
Toys	0.9
X-Ray Equipment	0.9
Wire & Cable Products	0.9
Commercial Services — Finance	0.8
Savings & Loans/Thrifts	0.8
Retail — Restaurants	0.8
Aerospace/Defense — Equipment	0.8
Non-Hazardous Waste Disposal	0.7
Educational Software	0.7
Hazardous Waste Disposal	0.7
Medical — Outpatient/Home Medical	0.7
Retail — Petroleum Products	0.6
Food — Canned	0.6
Medical Labs & Testing Services	0.6
Retail — Pawn Shops	0.6
Web Portals/ISP	0.6
Patient Monitoring Equipment	0.6
Food — Baking	0.6
Oil & Gas Drilling	0.6
Wireless Equipment	0.6
Retail — Computer Equipment	0.6
Agricultural Chemicals	0.6
Consumer Products — Misc.	0.5
E-Commerce/Services	0.5
Medical — Nursing Homes	0.5
E-Commerce/Products	0.5
Index Fund — Small Cap	0.5
Advanced Materials	0.5
Internet Application Software	0.5
Engineering/R&D Services	0.4
Oil Field Machinery & Equipment	0.4

Printing — Commercial	0.4
Insurance — Property/Casualty	0.4
Beverages — Non-alcoholic	0.4
Footwear & Related Apparel	0.4
Metal Processors & Fabrication	0.4
Theaters	0.4
Therapeutics	0.4
Batteries/Battery Systems	0.4
Containers — Metal/Glass	0.4
Steel — Producers	0.4
Intimate Apparel	0.3
Seismic Data Collection	0.3
Quarrying	0.3
Investment Management/Advisor Services	0.3
Distribution/Wholesale	0.3
Electric — Integrated	0.3
Chemicals — Specialty	0.3
Networking Products	0.3
Veterinary Diagnostics	0.2
Electronic Components — Misc.	0.2
Transport — Air Freight	0.2
Power Converter/Supply Equipment	0.2
Filtration/Separation Products	0.2
Telecom Services	0.1
Internet Security	0.1
Physicians Practice Management	0.1
	122.1	%

* Calculated as a percentage of net assets

191

AIG Retirement Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 95.2%
Advanced Materials — 0.5%
Hexcel Corp.†#	42,400	$	318,000
Aerospace/Defense - Equipment — 0.8%
Argon ST, Inc.†	26,534		519,801
Agricultural Chemicals — 0.6%
CF Industries Holdings, Inc.#	7,231		380,568
Banks - Commercial — 3.0%
Associated Banc - Corp.#	37,539		815,723
First Horizon National Corp.#	28,800		307,872
PrivateBancorp, Inc.#	28,020		873,103
			1,996,698
Batteries/Battery Systems — 0.4%
EnerSys†#	29,353		250,381
Beverages - Non - alcoholic — 0.4%
Hansen Natural Corp.†#	9,400		279,650
Cellular Telecom — 1.5%
NII Holdings, Inc.†#	28,848		560,805
Syniverse Holdings, Inc.†	45,049		440,129
			1,000,934
Chemicals - Specialty — 0.3%
Cytec Industries, Inc.	8,100		178,443
Commercial Services — 2.3%
HMS Holdings Corp.†	13,000		383,500
Quanta Services, Inc.†	34,800		565,848
Steiner Leisure, Ltd.†	9,700		234,643
Team, Inc.†#	12,900		364,038
			1,548,029
Commercial Services - Finance — 0.8%
Bankrate, Inc.†#	14,932		410,182
TNS, Inc.†	18,200		155,610
			565,792
Computer Aided Design — 1.1%
Ansys, Inc.†#	25,260		729,004
Computer Services — 1.4%
LivePerson, Inc.†#	82,900		121,863
Syntel, Inc.#	33,548		805,823
			927,686
Computers - Integrated Systems — 0.0%
MICROS Systems, Inc.†	1		17
Consulting Services — 2.0%
FTI Consulting, Inc.†#	11,554		633,621
Watson Wyatt Worldwide, Inc., Class A	18,281		737,090
			1,370,711
Consumer Products - Misc. — 0.5%
The Scotts Miracle - Gro Co., Class A	11,338		366,898
Containers - Metal/Glass — 0.4%
Silgan Holdings, Inc.	5,500		248,820
Cosmetics & Toiletries — 1.9%
Alberto - Culver Co.	36,704		788,035
Chattem, Inc.†#	6,700		486,219
			1,274,254
Diagnostic Equipment — 1.1%
Cepheid, Inc.†	24,400		331,352
Immucor, Inc.†	17,000		412,590
			743,942

Security Description	Shares	Market Value (Note 2)
Diagnostic Kits — 1.9%
Meridian Bioscience, Inc.	21,100	$	502,813
Qiagen NV†#	49,141		792,644
			1,295,457
Distribution/Wholesale — 0.3%
LKQ Corp.†#	17,900		186,518
E - Commerce/Products — 0.5%
Blue Nile, Inc.†#	14,600		348,356
E - Commerce/Services — 0.5%
Priceline.com, Inc.†	5,097		351,693
E - Marketing/Info — 0.9%
comScore, Inc.†	25,665		239,198
Constant Contact, Inc.†#	26,430		368,698
			607,896
Educational Software — 0.7%
Blackboard, Inc.†#	19,700		485,211
Electric - Integrated — 0.3%
Pike Electric Corp.†	14,909		181,144
Electronic Components - Misc. — 0.2%
Benchmark Electronics, Inc.†	12,700		161,036
Electronic Components - Semiconductors — 2.8%
Cavium Networks, Inc.†#	28,400		308,140
Mellanox Tecnologies Ltd†	36,700		271,580
Monolithic Power Systems, Inc.†#	50,126		479,706
Netlogic Microsystems, Inc.†#	46,226		861,652
			1,921,078
Electronic Measurement Instruments — 1.4%
FLIR Systems, Inc.†#	30,728		953,183
Engineering/R&D Services — 0.4%
Stanley, Inc.†	9,530		304,007
Enterprise Software/Service — 1.5%
Concur Technologies, Inc.†#	20,700		568,215
Taleo Corp., Class A†	10,760		69,510
The Ultimate Software Group, Inc.†#	25,200		385,812
			1,023,537
Filtration/Separation Products — 0.2%
Polypore International, Inc.†#	23,789		107,288
Finance - Investment Banker/Broker — 2.2%
Greenhill & Co., Inc.#	7,283		495,972
KBW, Inc.†#	13,974		317,350
Stifel Financial Corp.†#	15,649		673,063
			1,486,385
Food - Baking — 0.6%
Flowers Foods, Inc.#	14,600		390,988
Food - Canned — 0.6%
Treehouse Foods, Inc.†#	16,900		402,051
Food - Misc. — 1.7%
Hain Celestial Group, Inc.†#	21,664		340,991
Ralcorp Holdings, Inc.†	13,459		841,995
			1,182,986
Footwear & Related Apparel — 0.4%
Iconix Brand Group, Inc.†#	32,800		277,816
Hazardous Waste Disposal — 0.7%
Clean Harbors, Inc.†	7,500		473,475

192

AIG Retirement Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Insurance - Multi - line — 1.0%
HCC Insurance Holdings, Inc.#	28,056	$	653,985
Insurance - Property/Casualty — 0.4%
ProAssurance Corp.†	5,300		289,327
Internet Application Software — 0.5%
Vocus, Inc.†	17,100		310,707
Internet Infrastructure Software — 2.4%
F5 Networks, Inc.†#	56,800		1,414,320
SupportSoft, Inc.†#	98,991		198,972
			1,613,292
Internet Security — 0.1%
SonicWALL, Inc.†#	22,700		88,984
Intimate Apparel — 0.3%
The Warnaco Group, Inc.†	11,235		201,106
Investment Management/Advisor Services — 0.3%
Waddell & Reed Financial, Inc., Class A	14,000		188,160
Machinery - General Industrial — 1.2%
Roper Industries, Inc.	17,054		780,562
Medical Information Systems — 1.2%
Eclipsys Corp.†#	15,400		202,048
Quality Systems, Inc.#	20,269		609,489
			811,537
Medical Instruments — 1.0%
NuVasive, Inc.†#	9,800		337,610
Thoratec Corp.†#	12,900		322,887
			660,497
Medical Labs & Testing Services — 0.6%
ICON PLC ADR†#	18,866		399,771
Medical Products — 3.2%
Haemonetics Corp.†	5,100		291,669
Hospira, Inc.†#	15,980		479,879
Varian Medical Systems, Inc.†#	20,569		830,165
Wright Medical Group, Inc.†	16,600		281,536
Zoll Medical Corp.†	14,200		252,902
			2,136,151
Medical - Biomedical/Gene — 5.4%
Alexion Pharmaceuticals, Inc.†#	10,900		366,894
AMAG Pharmaceuticals, Inc.†#	13,340		449,291
Cubist Pharmaceuticals, Inc.†#	13,700		336,472
Illumina, Inc.†#	23,100		508,431
Integra LifeSciences Holdings Corp.†	8,100		255,069
Life Technologies Corp.†#	18,134		473,297
Myriad Genetics, Inc.†#	3,100		183,768
OSI Pharmaceuticals, Inc.†#	11,494		427,577
Sequenom, Inc.†#	27,800		464,538
United Therapeutics Corp.†#	2,900		159,007
			3,624,344
Medical - Drugs — 2.1%
Cephalon, Inc.†#	14,242		1,046,502
Shire PLC ADR	8,448		346,368
			1,392,870
Medical - Nursing Homes — 0.5%
Sun Healthcare Group, Inc.†	35,090		351,602
Medical - Outpatient/Home Medical — 0.7%
Amedisys, Inc.†#	11,800		458,902

Security Description	Shares	Market Value (Note 2)
Metal Processors & Fabrication — 0.4%
RBC Bearings, Inc.†	12,200	$	277,184
Networking Products — 0.3%
Switch & Data Facilities Co., Inc.†#	33,700		175,577
Non - Hazardous Waste Disposal — 0.7%
Waste Connections, Inc.†	17,300		488,379
Oil & Gas Drilling — 0.6%
Atwood Oceanics, Inc.†#	21,518		389,476
Oil Companies - Exploration & Production — 4.2%
Cabot Oil & Gas Corp.	13,007		389,820
Continental Resources, Inc.†#	22,816		446,053
Denbury Resources, Inc.†#	31,421		299,442
PetroHawk Energy Corp.†	35,300		616,691
Petroquest Energy, Inc.†#	30,800		215,908
Southwestern Energy Co.†	25,343		871,039
			2,838,953
Oil Field Machinery & Equipment — 0.4%
Dril - Quip, Inc.†	6,100		120,048
NATCO Group, Inc., Class A†	10,000		181,300
			301,348
Oil - Field Services — 1.1%
Core Laboratories NV#	4,600		306,406
Matrix Service Co.†#	21,224		162,151
Oceaneering International, Inc.†	9,600		247,872
			716,429
Patient Monitoring Equipment — 0.6%
Masimo Corp.†#	14,362		391,939
Physical Therapy/Rehabilitation Centers — 1.9%
Psychiatric Solutions, Inc.†#	51,853		1,311,881
Physicians Practice Management — 0.1%
Pediatrix Medical Group, Inc.†	2,200		68,464
Power Converter/Supply Equipment — 0.2%
Advanced Energy Industries, Inc.†	16,100		125,258
Printing - Commercial — 0.4%
VistaPrint, Ltd.†#	18,217		297,848
Quarrying — 0.3%
Compass Minerals International, Inc.	3,405		190,646
Racetracks — 1.4%
Penn National Gaming, Inc.†	44,562		944,714
Respiratory Products — 0.9%
ResMed, Inc.†	17,614		640,093
Retail - Apparel/Shoe — 1.5%
Aeropostale, Inc.†#	31,453		475,569
Hanesbrands, Inc.†#	40,486		523,079
			998,648
Retail - Catalog Shopping — 1.2%
MSC Industrial Direct Co., Inc., Class A#	23,232		804,059
Retail - Computer Equipment — 0.6%
GameStop Corp., Class A†#	17,430		380,845
Retail - Pawn Shops — 0.6%
Cash America International, Inc.#	14,671		396,264
Retail - Petroleum Products — 0.6%
World Fuel Services Corp.	11,566		419,846
Retail - Restaurants — 0.8%
Buffalo Wild Wings, Inc.†#	23,386		536,943

193

AIG Retirement Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Savings & Loans/Thrifts — 0.8%
NewAlliance Bancshares, Inc.#	40,087	$	552,399
Schools — 4.7%
Capella Education Co.†#	25,213		1,509,250
Strayer Education, Inc.#	7,055		1,690,449
			3,199,699
Seismic Data Collection — 0.3%
ION Geophysical Corp.†	64,375		193,125
Semiconductor Components - Integrated Circuits — 1.2%
Power Integrations, Inc.#	44,470		813,801
Semiconductor Equipment — 1.1%
ATMI, Inc.†	17,214		205,191
FormFactor, Inc.†#	16,600		224,598
Tessera Technologies, Inc.†	19,000		349,220
			779,009
Steel - Producers — 0.4%
Steel Dynamics, Inc.#	30,118		248,775
Telecom Services — 0.1%
Neutral Tandem, Inc.†	7,178		105,588
Telecommunication Equipment — 1.9%
Adtran, Inc.	11,500		163,300
Comtech Telecommunications Corp.†#	8,000		379,440
Nice Systems, Ltd. ADR†	34,736		774,613
			1,317,353
Theaters — 0.4%
National CineMedia, Inc.#	33,000		268,620
Therapeutics — 0.4%
BioMarin Pharmaceuticals, Inc.†#	15,400		262,262
Toys — 0.9%
Marvel Entertainment, Inc.†	20,100		591,945
Transport - Air Freight — 0.2%
Atlas Air Worldwide Holdings, Inc.†#	8,800		134,640
Transport - Truck — 1.9%
Forward Air Corp.#	19,000		439,280
Heartland Express, Inc.#	20,500		316,520
Landstar System, Inc.#	15,485		497,688
			1,253,488
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#	9,100		173,355
Web Hosting/Design — 1.2%
Equinix, Inc.†#	8,100		367,821
NIC, Inc.	100,664		466,074
			833,895
Web Portals/ISP — 0.6%
SINA Corp.†#	12,698		392,368
Wire & Cable Products — 0.9%
General Cable Corp.†#	35,002		577,883
Wireless Equipment — 0.6%
SBA Communications Corp., Class A†	24,300		383,697
X - Ray Equipment — 0.9%
Hologic, Inc.†#	41,152		578,597
Total Common Stock
(cost $84,664,104)			64,156,823

Security Description	Shares/ Principal Amount			Market Value (Note 2)
EXCHANGE TRADED FUNDS — 0.5%
Index Fund - Small Cap — 0.5%
iShares Russell 2000 Index Fund# (cost $502,056)		7,013		$	331,084
Total Long - Term Investment Securities
(cost $85,166,160)					64,487,907
SHORT - TERM INVESTMENT SECURITIES — 26.4%
Collective Investment Pool — 21.6%
Securities Lending Quality Trust(1)		15,177,623			14,540,163
Time Deposits — 4.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.10% due 12/01/08	$	3,236,000			3,236,000
Total Short - Term Investment Securities
(cost $18,413,623)					17,776,163
TOTAL INVESTMENTS
(cost $103,579,783)(2)		122.1	%		82,264,070
Liabilities in excess of other assets		(22.1	)		(14,893,598	)
NET ASSETS —		100.0	%	$	67,370,472

† Non-income producing security

# The security or a portion thereof is out on loan (See Note 2)

(1) The security is purchased with the cash collateral received from securities loaned (see Note 2).

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

ADR—American Depository Receipt

See Notes to Financial Statements

194

AIG Retirement Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	8.8	%
Collective Investment Pool	6.7
Medical — Drugs	5.4
Diversified Manufacturing Operations	4.1
Computers	3.8
Electric — Integrated	3.8
Telephone — Integrated	3.6
Diversified Banking Institutions	3.5
Medical Products	3.2
Cosmetics & Toiletries	3.0
Banks — Super Regional	2.9
Oil Companies — Exploration & Production	2.7
Beverages — Non-alcoholic	2.4
Retail — Discount	2.2
Applications Software	2.2
Medical — Biomedical/Gene	2.0
Tobacco	1.9
Electronic Components — Semiconductors	1.7
Aerospace/Defense	1.5
Multimedia	1.4
Food — Misc.	1.4
Networking Products	1.3
Oil — Field Services	1.3
Transport — Services	1.2
Retail — Restaurants	1.1
Web Portals/ISP	1.1
Commercial Paper	1.0
Transport — Rail	1.0
Enterprise Software/Service	1.0
Wireless Equipment	1.0
Retail — Building Products	0.9
Commercial Services — Finance	0.8
Retail — Drug Store	0.8
Cable TV	0.8
Medical — HMO	0.8
Insurance — Multi-line	0.8
Banks — Fiduciary	0.8
Real Estate Investment Trusts	0.8
Medical Instruments	0.7
Chemicals — Diversified	0.7
Insurance — Property/Casualty	0.7
Finance — Investment Banker/Broker	0.7
Aerospace/Defense — Equipment	0.6
Insurance — Life/Health	0.6
Agricultural Chemicals	0.6
Oil & Gas Drilling	0.5
Banks — Commercial	0.5
Consumer Products — Misc.	0.5
Pharmacy Services	0.4
Investment Management/Advisor Services	0.4
Finance — Credit Card	0.4
Food — Retail	0.4
Electric Products — Misc.	0.4
Industrial Gases	0.4
Computers — Memory Devices	0.4
Insurance Brokers	0.3
Machinery — Construction & Mining	0.3
Pipelines	0.3
Finance — Other Services	0.3
Instruments — Scientific	0.3
Gas — Distribution	0.3
Athletic Footwear	0.3
Semiconductor Equipment	0.2
Non — Hazardous Waste Disposal	0.2
Agricultural Operations	0.2
Chemicals — Specialty	0.2
Medical — Wholesale Drug Distribution	0.2
Savings & Loans/Thrifts	0.2
Oil Field Machinery & Equipment	0.2
E-Commerce/Services	0.2
Distribution/Wholesale	0.2
Retail — Major Department Stores	0.2

Steel — Producers	0.2
Oil Refining & Marketing	0.2
Telecom Equipment — Fiber Optics	0.2
Gold Mining	0.2
U.S. Government Treasuries	0.2
Machinery — Farming	0.2
Repurchase Agreements	0.2
Medical Labs & Testing Services	0.2
Internet Security	0.2
Food — Wholesale/Distribution	0.2
Forestry	0.2
Computer Services	0.2
E-Commerce/Products	0.2
Engineering/R&D Services	0.2
Apparel Manufacturers	0.2
Retail — Regional Department Stores	0.2
Coal	0.2
Retail — Office Supplies	0.2
Retail — Apparel/Shoe	0.2
Medical — Generic Drugs	0.2
Electronic Forms	0.2
Food — Confectionery	0.1
Office Automation & Equipment	0.1
Advertising Agencies	0.1
Auto/Truck Parts & Equipment — Original	0.1
Auto — Heavy Duty Trucks	0.1
Health Care Cost Containment	0.1
Semiconductor Components — Integrated Circuits	0.1
Auto — Cars/Light Trucks	0.1
Metal — Diversified	0.1
Cruise Lines	0.1
Electronic Components — Misc.	0.1
Hotels/Motels	0.1
Data Processing/Management	0.1
Metal — Aluminum	0.1
Metal Processors & Fabrication	0.1
Containers — Paper/Plastic	0.1
Toys	0.1
Retail — Consumer Electronics	0.1
Schools	0.1
Disposable Medical Products	0.1
Electronics — Military	0.1
Paper & Related Products	0.1
Building — Residential/Commercial	0.1
Tools — Hand Held	0.1
Beverages — Wine/Spirits	0.1
Electronic Measurement Instruments	0.1
Brewery	0.1
Quarrying	0.1
Airlines	0.1
Telecommunication Equipment	0.1
Entertainment Software	0.1
Coatings/Paint	0.1
Dental Supplies & Equipment	0.1
Diversified Financial Services	0.1
Retail — Bedding	0.1
Dialysis Centers	0.1
Publishing — Newspapers	0.1
Engines — Internal Combustion	0.1
Electric — Generation	0.1
Hazardous Waste Disposal	0.1
Human Resources	0.1
Telecom Services	0.1
Industrial Automated/Robotic	0.1
Television	0.1
Finance — Consumer Loans	0.1
Retail — Auto Parts	0.1
Electronic Connectors	0.1
Motorcycle/Motor Scooter	0.1
	106.7	%

* Calculated as a percentage of net assets

195

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 98.6%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.†#	152,000	$	621,680
Omnicom Group, Inc.	101,700		2,877,093
			3,498,773
Aerospace/Defense — 1.5%
Boeing Co.	236,200		10,069,206
General Dynamics Corp.	126,700		6,546,589
Lockheed Martin Corp.	106,200		8,189,082
Northrop Grumman Corp.	107,700		4,410,315
Raytheon Co.	133,000		6,490,400
Rockwell Collins, Inc.	50,900		1,734,672
			37,440,264
Aerospace/Defense - Equipment — 0.6%
Goodrich Corp.	39,900		1,342,635
United Technologies Corp.	307,700		14,932,681
			16,275,316
Agricultural Chemicals — 0.6%
CF Industries Holdings, Inc.	18,000		947,340
Monsanto Co.	175,500		13,899,600
			14,846,940
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.	205,500		5,626,590
Airlines — 0.1%
Southwest Airlines Co.	234,200		2,025,830
Apparel Manufacturers — 0.2%
Coach, Inc.†#	107,500		1,924,250
Jones Apparel Group, Inc.	26,600		136,458
Polo Ralph Lauren Corp.#	18,100		781,920
VF Corp.	27,800		1,453,662
			4,296,290
Appliances — 0.0%
Whirlpool Corp.#	23,700		933,306
Applications Software — 2.2%
Citrix Systems, Inc.†	58,200		1,551,612
Compuware Corp.†	81,300		516,255
Intuit, Inc.†	102,400		2,269,184
Microsoft Corp.	2,505,100		50,653,122
Salesforce.com, Inc.†	33,200		950,184
			55,940,357
Athletic Footwear — 0.3%
NIKE, Inc., Class B#	125,200		6,666,900
Audio/Video Products — 0.0%
Harman International Industries, Inc.#	18,700		281,435
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co.†#	721,500		1,940,835
General Motors Corp.#	194,700		1,020,228
			2,961,063
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.#	115,900		3,230,133
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc.	189,400		3,344,804
Banks - Commercial — 0.5%
BB&T Corp.#	175,300		5,253,741
First Horizon National Corp.#	64,400		688,436
M&T Bank Corp.#	24,600		1,580,550
Marshall & Ilsley Corp.#	82,800		1,279,260

Security Description	Shares	Market Value (Note 2)
Banks - Commercial (continued)
Regions Financial Corp.	221,700	$	2,259,123
Zions Bancorp.#	36,600		1,167,174
			12,228,284
Banks - Fiduciary — 0.8%
Northern Trust Corp.	70,500		3,235,245
State Street Corp.	137,700		5,798,547
The Bank of New York Mellon Corp.	365,600		11,044,776
			20,078,568
Banks - Super Regional — 2.9%
Capital One Financial Corp.#	119,900		4,125,759
Comerica, Inc.#	48,000		1,082,400
Fifth Third Bancorp#	184,300		1,761,908
Huntington Bancshares, Inc.#	116,800		934,400
KeyCorp#	157,800		1,480,164
National City Corp.#	667,700		1,342,077
PNC Financial Services Group, Inc.#	110,500		5,831,085
SunTrust Banks, Inc.#	112,800		3,579,144
US Bancorp	555,800		14,995,484
Wachovia Corp.#	688,800		3,871,056
Wells Fargo & Co.	1,185,700		34,254,873
			73,258,350
Beverages - Non-alcoholic — 2.4%
Coca-Cola Enterprises, Inc.	101,200		929,016
Dr. Pepper Snapple Group, Inc.†	80,900		1,305,726
Pepsi Bottling Group, Inc.	43,600		788,724
PepsiCo, Inc.	499,500		28,321,650
The Coca-Cola Co.	634,200		29,724,954
			61,070,070
Beverages - Wine/Spirits — 0.1%
Brown-Forman Corp., Class B	31,300		1,373,757
Constellation Brands, Inc., Class A†	61,800		788,568
			2,162,325
Brewery — 0.1%
Molson Coors Brewing Co., Class B	48,100		2,139,007
Building Products - Wood — 0.0%
Masco Corp.#	114,900		1,100,742
Building - Residential/Commercial — 0.1%
Centex Corp.	39,400		360,904
D.R. Horton, Inc.	87,900		603,873
KB Home#	24,000		279,120
Lennar Corp., Class A#	45,100		320,661
Pulte Homes, Inc.#	68,200		726,330
			2,290,888
Cable TV — 0.8%
Comcast Corp., Class A	931,000		16,143,540
Scripps Networks Interactive, Inc., Class A#	28,700		797,573
The DIRECTV Group, Inc.†#	174,300		3,836,343
			20,777,456
Casino Hotels — 0.0%
Wynn Resorts, Ltd.†#	19,600		780,472
Casino Services — 0.0%
International Game Technology	98,800		1,058,148
Chemicals - Diversified — 0.7%
E.I. du Pont de Nemours & Co.	287,800		7,212,268
PPG Industries, Inc.	52,400		2,301,408
Rohm & Haas Co.#	39,500		2,702,195
The Dow Chemical Co.	295,100		5,474,105
			17,689,976

196

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Chemicals - Specialty — 0.2%
Eastman Chemical Co.#	23,200	$	763,280
Ecolab, Inc.	56,000		2,149,840
International Flavors & Fragrances, Inc.	25,100		766,554
Sigma-Aldrich Corp.#	40,200		1,733,022
			5,412,696
Coal — 0.2%
CONSOL Energy, Inc.	58,400		1,691,848
Massey Energy Co.	27,000		421,740
Peabody Energy Corp.	86,800		2,033,724
			4,147,312
Coatings/Paint — 0.1%
The Sherwin-Williams Co.#	31,500		1,856,295
Commercial Services — 0.0%
Convergys Corp.†	38,900		244,681
Commercial Services - Finance — 0.8%
Automatic Data Processing, Inc.	162,300		6,664,038
Equifax, Inc.	40,900		1,040,905
H&R Block, Inc.	104,700		2,002,911
Mastercard, Inc., Class A	23,100		3,356,430
Moody’s Corp.#	63,000		1,367,730
Paychex, Inc.	102,400		2,893,824
The Western Union Co.	232,600		3,086,602
Total Systems Services, Inc.	63,100		900,437
			21,312,877
Computer Aided Design — 0.0%
Autodesk, Inc.†	71,800		1,191,162
Computer Services — 0.2%
Affiliated Computer Services, Inc., Class A†	31,000		1,253,950
Cognizant Technology Solutions Corp., Class A†	93,000		1,785,600
Computer Sciences Corp.†	48,300		1,345,638
			4,385,188
Computers — 3.8%
Apple, Inc.†	282,600		26,188,542
Dell, Inc.†	556,100		6,211,637
Hewlett-Packard Co.	781,400		27,567,792
International Business Machines Corp.	432,300		35,275,680
Sun Microsystems, Inc.†	240,200		761,434
			96,005,085
Computers - Integrated Systems — 0.0%
Teradata Corp.†	56,900		764,167
Computers - Memory Devices — 0.4%
EMC Corp.†	660,600		6,982,542
NetApp, Inc.†#	104,500		1,410,750
SanDisk Corp.†	71,800		574,400
			8,967,692
Computers - Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†#	25,000		654,500
Consumer Products - Misc. — 0.5%
Clorox Co.	44,100		2,608,956
Fortune Brands, Inc.	47,800		1,806,840
Kimberly-Clark Corp.	132,500		7,657,175
			12,072,971
Containers - Metal/Glass — 0.0%
Ball Corp.	30,800		1,122,660

Security Description	Shares	Market Value (Note 2)
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.	31,800	$	859,236
Pactiv Corp.†	41,800		1,044,582
Sealed Air Corp.	50,400		797,832
			2,701,650
Cosmetics & Toiletries — 3.0%
Avon Products, Inc.	135,800		2,865,380
Colgate-Palmolive Co.	161,400		10,502,298
Procter & Gamble Co.	955,700		61,499,295
The Estee Lauder Cos., Inc., Class A#	36,600		1,021,140
			75,888,113
Cruise Lines — 0.1%
Carnival Corp.	139,400		2,927,400
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc.	60,500		1,039,390
Fiserv, Inc.†	52,300		1,785,522
			2,824,912
Dental Supplies & Equipment — 0.1%
Dentsply International, Inc.	47,400		1,236,192
Patterson Cos., Inc.†#	29,100		547,662
			1,783,854
Dialysis Centers — 0.1%
DaVita, Inc.†	33,300		1,673,325
Disposable Medical Products — 0.1%
C.R. Bard, Inc.	31,700		2,600,351
Distribution/Wholesale — 0.2%
Fastenal Co.#	41,200		1,586,612
Genuine Parts Co.	51,600		2,020,140
WW Grainger, Inc.#	20,700		1,460,799
			5,067,551
Diversified Banking Institutions — 3.5%
Bank of America Corp.#	1,600,000		26,000,000
Citigroup, Inc.#	1,737,300		14,402,217
JPMorgan Chase & Co.	1,175,300		37,209,998
The Goldman Sachs Group, Inc.	138,600		10,948,014
			88,560,229
Diversified Financial Services — 0.1%
IntercontinentalExchange, Inc.†	24,100		1,773,760
Diversified Manufacturing Operations — 4.1%
3M Co.	223,000		14,925,390
Cooper Industries, Ltd., Class A	55,500		1,339,770
Danaher Corp.#	81,400		4,529,096
Dover Corp.	59,900		1,786,817
Eaton Corp.	53,000		2,456,020
General Electric Co.	3,348,600		57,495,462
Honeywell International, Inc.	237,500		6,616,750
Illinois Tool Works, Inc.#	127,600		4,353,712
Ingersoll-Rand Co., Ltd., Class A	101,600		1,593,088
ITT Corp.	58,000		2,427,880
Leggett & Platt, Inc.#	51,300		748,980
Parker Hannifin Corp.	53,500		2,197,780
Textron, Inc.	79,300		1,207,739
Tyco International, Ltd.	151,500		3,166,350
			104,844,834
Diversified Operations — 0.0%
Leucadia National Corp.#	56,500		1,104,575

197

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
E-Commerce/Products — 0.2%
Amazon.com, Inc.†#	101,900	$	4,351,130
E-Commerce/Services — 0.2%
eBay, Inc.†	348,500		4,575,805
Expedia, Inc.†	66,800		561,120
			5,136,925
Electric Products - Misc. — 0.4%
Emerson Electric Co.	247,600		8,886,364
Molex, Inc.#	45,500		618,800
			9,505,164
Electric - Generation — 0.1%
The AES Corp.†	214,600		1,650,274
Electric - Integrated — 3.8%
Allegheny Energy, Inc.	53,900		1,899,975
Ameren Corp.	67,100		2,387,418
American Electric Power Co., Inc.	128,300		4,014,507
CMS Energy Corp.#	71,900		730,504
Consolidated Edison, Inc.#	87,200		3,522,008
Constellation Energy Group, Inc.	56,900		1,392,343
Dominion Resources, Inc.	185,000		6,811,700
DTE Energy Co.	52,000		1,933,880
Duke Energy Corp.	403,600		6,280,016
Edison International	103,900		3,470,260
Entergy Corp.	61,100		5,199,610
Exelon Corp.	209,700		11,787,237
FirstEnergy Corp.	97,300		5,699,834
FPL Group, Inc.	130,300		6,353,428
Integrys Energy Group, Inc.	24,400		1,077,992
Pepco Holdings, Inc.	68,800		1,237,712
PG&E Corp.	114,400		4,351,776
Pinnacle West Capital Corp.	32,100		975,840
PPL Corp.#	119,500		4,049,855
Progress Energy, Inc.	83,600		3,318,084
Public Service Enterprise Group, Inc.	162,200		5,011,980
Southern Co.	245,700		8,923,824
TECO Energy, Inc.#	67,900		882,700
Wisconsin Energy Corp.	37,300		1,621,058
Xcel Energy, Inc.	142,300		2,676,663
			95,610,204
Electronic Components - Misc. — 0.1%
Jabil Circuit, Inc.	67,000		440,860
Tyco Electronics, Ltd.	150,700		2,483,536
			2,924,396
Electronic Components - Semiconductors — 1.7%
Advanced Micro Devices, Inc.†#	193,700		457,132
Altera Corp.	96,000		1,412,160
Broadcom Corp., Class A†	140,800		2,155,648
Intel Corp.	1,793,700		24,753,060
LSI Corp.†	205,300		550,204
MEMC Electronic Materials, Inc.†	72,100		1,082,942
Microchip Technology, Inc.#	58,700		1,085,950
Micron Technology, Inc.†#	242,800		665,272
National Semiconductor Corp.	62,200		684,200
NVIDIA Corp.†	177,600		1,326,672
QLogic Corp.†	41,900		444,978
Texas Instruments, Inc.	418,200		6,511,374
Xilinx, Inc.#	88,200		1,442,952
			42,572,544
Electronic Connectors — 0.1%
Amphenol Corp., Class A	56,400		1,309,608

Security Description	Shares	Market Value (Note 2)
Electronic Forms — 0.2%
Adobe Systems, Inc.†	169,200	$	3,918,672
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†	114,100		2,148,503
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.	38,700		2,599,479
Engineering/R&D Services — 0.2%
Fluor Corp.	57,100		2,600,334
Jacobs Engineering Group, Inc.†	39,100		1,750,507
			4,350,841
Engines - Internal Combustion — 0.1%
Cummins, Inc.	64,700		1,655,026
Enterprise Software/Service — 1.0%
BMC Software, Inc.†	60,600		1,512,576
CA, Inc.	125,700		2,116,788
Novell, Inc.†	110,200		501,410
Oracle Corp.†	1,250,200		20,115,718
			24,246,492
Entertainment Software — 0.1%
Electronic Arts, Inc.†	101,700		1,938,402
Filtration/Separation Products — 0.0%
Pall Corp.	38,200		1,050,882
Finance - Commercial — 0.0%
CIT Group, Inc.#	91,000		303,940
Finance - Consumer Loans — 0.1%
SLM Corp.†#	149,100		1,373,211
Finance - Credit Card — 0.4%
American Express Co.	369,900		8,622,369
Discover Financial Services	152,900		1,564,167
			10,186,536
Finance - Investment Banker/Broker — 0.7%
E*TRADE Financial Corp.†#	171,400		231,390
Merrill Lynch & Co., Inc.	488,600		6,459,292
Morgan Stanley	353,800		5,218,550
The Charles Schwab Corp.	297,600		5,455,008
			17,364,240
Finance - Other Services — 0.3%
CME Group, Inc.#	21,400		4,535,730
NYSE Euronext	84,900		2,021,469
The NASDAQ OMX Group†#	43,400		933,100
			7,490,299
Financial Guarantee Insurance — 0.0%
MBIA, Inc.#	62,400		365,040
Food - Confectionery — 0.1%
The Hershey Co.#	52,900		1,904,400
The J.M. Smucker Co.	37,600		1,705,912
			3,610,312
Food - Dairy Products — 0.0%
Dean Foods Co.†	48,600		707,616
Food - Meat Products — 0.0%
Tyson Foods, Inc., Class A	95,700		642,147
Food - Misc. — 1.4%
Campbell Soup Co.#	67,600		2,166,580
ConAgra Foods, Inc.	144,500		2,131,375
General Mills, Inc.	107,300		6,778,141
H.J. Heinz Co.	99,600		3,868,464

198

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Food - Misc. (continued)
Kellogg Co.	79,900	$	3,470,057
Kraft Foods, Inc., Class A	484,300		13,177,803
McCormick & Co., Inc.	41,100		1,223,547
Sara Lee Corp.	225,400		2,069,172
			34,885,139
Food - Retail — 0.4%
Safeway, Inc.	138,900		3,028,020
SUPERVALU, Inc.	67,800		807,498
The Kroger Co.	208,900		5,778,174
Whole Foods Market, Inc.#	44,800		473,984
			10,087,676
Food - Wholesale/Distribution — 0.2%
Sysco Corp.	192,100		4,504,745
Forestry — 0.2%
Plum Creek Timber Co., Inc.#	54,600		1,943,214
Weyerhaeuser Co.	67,400		2,535,588
			4,478,802
Gas - Distribution — 0.3%
CenterPoint Energy, Inc.	109,100		1,410,663
Nicor, Inc.#	14,400		587,232
NiSource, Inc.	87,500		1,054,375
Sempra Energy	78,600		3,668,262
			6,720,532
Gold Mining — 0.2%
Newmont Mining Corp.	145,700		4,902,805
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†	27,200		1,558,560
Health Care Cost Containment — 0.1%
McKesson Corp.	88,000		3,074,720
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.	88,400		1,181,024
Hotels/Motels — 0.1%
Marriott International, Inc., Class A	94,300		1,583,297
Starwood Hotels & Resorts Worldwide, Inc.#	59,600		1,004,856
Wyndham Worldwide Corp.	56,600		270,548
			2,858,701
Human Resources — 0.1%
Monster Worldwide, Inc.†#	39,600		454,212
Robert Half International, Inc.#	49,700		1,038,233
			1,492,445
Independent Power Producers — 0.0%
Dynegy, Inc., Class A†	161,300		359,699
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.	46,400		1,445,360
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.	67,600		3,228,576
Praxair, Inc.	100,500		5,934,525
			9,163,101
Instruments - Scientific — 0.3%
PerkinElmer, Inc.	38,100		688,086
Thermo Fisher Scientific, Inc.†	133,700		4,770,416
Waters Corp.†	31,600		1,302,868
			6,761,370

Security Description	Shares	Market Value (Note 2)
Insurance Brokers — 0.3%
AON Corp.	88,600	$	4,013,580
Marsh & McLennan Cos., Inc.	163,600		4,171,800
			8,185,380
Insurance - Life/Health — 0.6%
AFLAC, Inc.	151,900		7,032,970
Lincoln National Corp.	81,900		1,124,487
Principal Financial Group, Inc.	82,700		1,142,087
Prudential Financial, Inc.	136,200		2,955,540
Torchmark Corp.#	27,800		1,004,970
Unum Group	110,200		1,641,980
			14,902,034
Insurance - Multi-line — 0.8%
Allstate Corp.	172,800		4,396,032
American International Group, Inc.(1)#	857,900		1,724,379
Assurant, Inc.	37,800		822,906
Cincinnati Financial Corp.	51,800		1,514,632
Genworth Financial, Inc., Class A	138,200		200,390
Hartford Financial Services Group, Inc.#	96,100		812,045
Loews Corp.	115,500		3,163,545
MetLife, Inc.	243,000		6,988,680
XL Capital, Ltd., Class A#	105,600		531,168
			20,153,777
Insurance - Property/Casualty — 0.7%
Chubb Corp.	115,000		5,906,400
The Progressive Corp.	215,500		3,236,810
The Travelers Cos., Inc.	188,500		8,228,025
			17,371,235
Internet Infrastructure Software — 0.0%
Akamai Technologies, Inc.†	54,000		662,580
Internet Security — 0.2%
Symantec Corp.†	267,700		3,220,431
VeriSign, Inc.†#	61,600		1,329,944
			4,550,375
Investment Companies — 0.0%
American Capital, Ltd.#	66,000		279,840
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.	69,200		1,277,432
Federated Investors, Inc., Class B	28,000		555,800
Franklin Resources, Inc.	48,600		2,952,450
Invesco, Ltd.#	123,400		1,548,670
Janus Capital Group, Inc.#	51,000		415,650
Legg Mason, Inc.#	45,200		814,504
T. Rowe Price Group, Inc.#	82,600		2,825,746
			10,390,252
Linen Supply & Related Items — 0.0%
Cintas Corp.	42,200		1,013,644
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.	194,200		7,960,258
Machinery - Farming — 0.2%
Deere & Co.	136,200		4,741,122
Machinery - General Industrial — 0.0%
The Manitowoc Co., Inc.#	41,600		327,808
Machinery - Pumps — 0.0%
Flowserve Corp.	18,300		921,039
Medical Information Systems — 0.0%
IMS Health, Inc.	58,000		762,700

199

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 0.7%
Boston Scientific Corp.†	478,800	$	2,954,196
Intuitive Surgical, Inc.†	12,400		1,643,372
Medtronic, Inc.	360,000		10,987,200
St. Jude Medical, Inc.†	109,000		3,055,270
			18,640,038
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings†#	35,500		2,249,280
Quest Diagnostics, Inc.	50,400		2,347,128
			4,596,408
Medical Products — 3.2%
Baxter International, Inc.	200,300		10,595,870
Becton Dickinson & Co.	77,700		4,936,281
Covidien, Ltd.	160,100		5,899,685
Hospira, Inc.†	50,900		1,528,527
Johnson & Johnson	891,600		52,229,928
Stryker Corp.	78,900		3,070,788
Varian Medical Systems, Inc.†	39,800		1,606,328
Zimmer Holdings, Inc.†	71,900		2,683,308
			82,550,715
Medical - Biomedical/Gene — 2.0%
Amgen, Inc.†	337,600		18,750,304
Biogen Idec, Inc.†	92,600		3,917,906
Celgene Corp.†	145,100		7,559,710
Genzyme Corp.†	85,700		5,486,514
Gilead Sciences, Inc.†#	293,500		13,145,865
Life Technologies Corp.†	80,013		2,088,328
Millipore Corp.†#	17,600		891,616
			51,840,243
Medical - Drugs — 5.4%
Abbott Laboratories	491,800		25,765,402
Allergan, Inc.	98,100		3,696,408
Bristol-Myers Squibb Co.	631,600		13,074,120
Cephalon, Inc.†#	21,700		1,594,516
Eli Lilly & Co.	319,200		10,900,680
Forest Laboratories, Inc.†	97,300		2,352,714
King Pharmaceuticals, Inc.†	78,600		755,346
Merck & Co., Inc.	683,500		18,263,120
Pfizer, Inc.	2,150,700		35,336,001
Schering-Plough Corp.	518,600		8,717,666
Wyeth	425,400		15,318,654
			135,774,627
Medical - Generic Drugs — 0.2%
Barr Pharmaceuticals, Inc.†	34,700		2,269,033
Mylan, Inc.†#	97,100		913,711
Watson Pharmaceuticals, Inc.†	33,300		790,875
			3,973,619
Medical - HMO — 0.8%
Aetna, Inc.	150,500		3,283,910
CIGNA Corp.	87,700		1,062,047
Coventry Health Care, Inc.†	47,300		589,831
Humana, Inc.†	53,900		1,629,397
UnitedHealth Group, Inc.	388,500		8,162,385
WellPoint, Inc.†	163,100		5,806,360
			20,533,930
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†#	132,300		160,083
Medical - Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.	50,600		1,586,310
Cardinal Health, Inc.	114,600		3,726,792
			5,313,102

Security Description	Shares	Market Value (Note 2)
Metal Processors & Fabrication — 0.1%
Precision Castparts Corp.	44,500	$	2,790,150
Metal - Aluminum — 0.1%
Alcoa, Inc.#	259,500		2,792,220
Metal - Diversified — 0.1%
Freeport-McMoRan Copper & Gold, Inc.	122,500		2,938,775
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.#	75,100		1,277,451
Multimedia — 1.4%
Meredith Corp.#	11,500		185,610
News Corp., Class A	732,500		5,786,750
The McGraw-Hill Cos., Inc.	101,300		2,532,500
The Walt Disney Co.†	598,700		13,482,724
Time Warner, Inc.	1,143,100		10,345,055
Viacom, Inc., Class B†	198,100		3,153,752
			35,486,391
Networking Products — 1.3%
Cisco Systems, Inc.†	1,884,600		31,171,284
Juniper Networks, Inc.†	173,400		3,013,692
			34,184,976
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.#	27,200		229,840
Non-Hazardous Waste Disposal — 0.2%
Allied Waste Industries, Inc.†	108,100		1,160,994
Waste Management, Inc.	156,500		4,569,800
			5,730,794
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.	66,300		1,638,273
Xerox Corp.	278,300		1,945,317
			3,583,590
Office Supplies & Forms — 0.0%
Avery Dennison Corp.	34,000		1,057,400
Oil & Gas Drilling — 0.5%
ENSCO International, Inc.	45,700		1,481,137
Nabors Industries, Ltd.†#	89,400		1,296,300
Noble Corp.	85,900		2,301,261
Rowan Cos., Inc.	36,100		626,335
Transocean, Inc.†	101,800		6,808,384
			12,513,417
Oil Companies - Exploration & Production — 2.7%
Anadarko Petroleum Corp.	149,500		6,136,975
Apache Corp.	106,700		8,247,910
Cabot Oil & Gas Corp.	33,000		989,010
Chesapeake Energy Corp.#	166,300		2,857,034
Devon Energy Corp.	141,000		10,199,940
EOG Resources, Inc.	79,400		6,750,588
Noble Energy, Inc.	55,100		2,880,628
Occidental Petroleum Corp.	260,700		14,114,298
Pioneer Natural Resources Co.	38,200		767,056
Questar Corp.	55,300		1,780,107
Range Resources Corp.	49,500		2,052,765
Southwestern Energy Co.†	109,500		3,763,515
XTO Energy, Inc.	175,300		6,703,472
			67,243,298
Oil Companies - Integrated — 8.8%
Chevron Corp.	655,500		51,791,055
ConocoPhillips	484,900		25,466,948
Exxon Mobil Corp.	1,657,100		132,816,565

200

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated (continued)
Hess Corp.	90,300	$	4,879,812
Marathon Oil Corp.	225,100		5,893,118
Murphy Oil Corp.	60,800		2,678,240
			223,525,738
Oil Field Machinery & Equipment — 0.2%
Cameron International Corp.†	69,400		1,464,340
National-Oilwell Varco, Inc.†	133,200		3,768,228
			5,232,568
Oil Refining & Marketing — 0.2%
Sunoco, Inc.#	37,300		1,482,302
Tesoro Corp.#	44,000		404,360
Valero Energy Corp.	166,900		3,062,615
			4,949,277
Oil-Field Services — 1.3%
Baker Hughes, Inc.	98,300		3,423,789
BJ Services Co.	93,800		1,124,662
Halliburton Co.	279,800		4,924,480
Schlumberger, Ltd.	382,700		19,418,198
Smith International, Inc.	68,900		2,014,636
Weatherford International, Ltd.†	217,200		2,773,644
			33,679,409
Paper & Related Products — 0.1%
International Paper Co.	136,400		1,698,180
MeadWestvaco Corp.	54,500		635,470
			2,333,650
Pharmacy Services — 0.4%
Express Scripts, Inc.†	78,700		4,526,037
Medco Health Solutions, Inc.†	161,300		6,774,600
			11,300,637
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.#	85,600		647,992
Pipelines — 0.3%
El Paso Corp.	223,700		1,653,143
Spectra Energy Corp.	196,200		3,190,212
Williams Cos., Inc.	183,900		2,982,858
			7,826,213
Printing - Commercial — 0.0%
R.R. Donnelley & Sons Co.	67,000		854,920
Publishing - Newspapers — 0.1%
Gannett Co., Inc.#	72,800		634,088
The New York Times Co., Class A#	37,200		280,488
The Washington Post Co., Class B	1,900		752,210
			1,666,786
Quarrying — 0.1%
Vulcan Materials Co.#	35,000		2,099,300
Real Estate Investment Trusts — 0.8%
Apartment Investment & Management Co., Class A#	27,300		313,131
AvalonBay Communities, Inc.	24,600		1,492,482
Boston Properties, Inc.#	38,200		2,039,880
Developers Diversified Realty Corp.#	38,400		184,320
Equity Residential	86,400		2,629,152
HCP, Inc.#	80,300		1,659,801
Host Hotels & Resorts, Inc.#	165,700		1,246,064
Kimco Realty Corp.#	72,400		1,024,460
ProLogis#	83,700		320,571
Public Storage	40,000		2,795,600

Security Description	Shares	Market Value (Note 2)
Real Estate Investment Trusts (continued)
Simon Property Group, Inc.#	71,800	$	3,410,500
Vornado Realty Trust	43,700		2,335,765
			19,451,726
Real Estate Management/Services — 0.0%
CB Richard Ellis Group, Inc., Class A†#	68,500		312,360
Retail - Apparel/Shoe — 0.2%
Abercrombie & Fitch Co., Class A#	27,800		537,374
Limited Brands, Inc.#	91,000		847,210
Liz Claiborne, Inc.	30,200		86,070
Nordstrom, Inc.#	50,900		578,733
The Gap, Inc.	149,800		1,950,396
			3,999,783
Retail - Auto Parts — 0.1%
AutoZone, Inc.†	12,200		1,332,484
Retail - Automobile — 0.0%
AutoNation, Inc.†#	34,400		293,776
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†	83,100		1,686,099
Retail - Building Products — 0.9%
Home Depot, Inc.	541,900		12,523,309
Lowe’s Cos., Inc.	467,600		9,660,616
			22,183,925
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†	52,100		1,138,385
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.	107,800		2,232,538
RadioShack Corp.	41,800		411,730
			2,644,268
Retail - Discount — 2.2%
Big Lots, Inc.†#	26,200		459,024
Costco Wholesale Corp.	138,700		7,138,889
Family Dollar Stores, Inc.#	44,600		1,238,988
Target Corp.	240,800		8,129,408
Wal-Mart Stores, Inc.	715,400		39,976,552
			56,942,861
Retail - Drug Store — 0.8%
CVS Caremark Corp.#	457,900		13,247,047
Walgreen Co.	315,800		7,812,892
			21,059,939
Retail - Jewelry — 0.0%
Tiffany & Co.#	39,600		783,684
Retail - Major Department Stores — 0.2%
J.C. Penney Co., Inc.	70,900		1,346,391
Sears Holdings Corp.†#	18,100		656,125
TJX Cos., Inc.	133,800		3,053,316
			5,055,832
Retail - Office Supplies — 0.2%
Office Depot, Inc.†	87,700		172,769
Staples, Inc.	226,900		3,938,984
			4,111,753
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.†	97,200		3,174,552
Macy’s, Inc.	134,200		995,764
			4,170,316

201

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants — 1.1%
Darden Restaurants, Inc.	44,800	$	819,392
McDonald’s Corp.	358,800		21,079,500
Starbucks Corp.†	233,100		2,081,583
Yum! Brands, Inc.	149,500		4,027,530
			28,008,005
Rubber - Tires — 0.0%
The Goodyear Tire & Rubber Co.†	76,900		494,467
Savings & Loans/Thrifts — 0.2%
Hudson City Bancorp, Inc.	165,800		2,770,518
People’s United Financial, Inc.	110,700		2,111,049
Sovereign Bancorp, Inc.†#	173,400		428,298
			5,309,865
Schools — 0.1%
Apollo Group, Inc., Class A†	33,900		2,604,876
Semiconductor Components - Integrated Circuits — 0.1%
Analog Devices, Inc.	92,700		1,585,170
Linear Technology Corp.#	70,700		1,410,465
			2,995,635
Semiconductor Equipment — 0.2%
Applied Materials, Inc.	428,000		4,100,240
KLA-Tencor Corp.#	55,300		1,040,193
Novellus Systems, Inc.†#	31,600		391,524
Teradyne, Inc.†	53,900		204,281
			5,736,238
Steel - Producers — 0.2%
AK Steel Holding Corp.#	35,800		282,104
Nucor Corp.	101,000		3,603,680
United States Steel Corp.	37,500		1,140,000
			5,025,784
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.#	32,000		734,400
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†#	28,800		213,120
Corning, Inc.	503,400		4,535,634
JDS Uniphase Corp.†	68,400		186,048
			4,934,802
Telecom Services — 0.1%
Embarq Corp.	45,500		1,485,120
Telecommunication Equipment — 0.1%
Harris Corp.	42,800		1,492,864
Tellabs, Inc.†	126,800		528,756
			2,021,620
Telephone - Integrated — 3.6%
AT&T, Inc.	1,880,100		53,695,656
CenturyTel, Inc.#	32,700		868,512
Frontier Communications Corp.#	100,800		878,976
Qwest Communications International, Inc.#	473,600		1,515,520
Sprint Nextel Corp.†	910,600		2,540,574
Verizon Communications, Inc.	908,600		29,665,790
Windstream Corp.	140,300		1,243,058
			90,408,086
Television — 0.1%
CBS Corp., Class B	216,900		1,444,554

Security Description	Shares/ Principal Amount		Market Value (Note 2)
Tobacco — 1.9%
Altria Group, Inc.		657,100	$	10,566,168
Lorillard, Inc.#		55,500		3,353,865
Philip Morris International, Inc.		657,600		27,724,416
Reynolds American, Inc.#		54,200		2,226,536
UST, Inc.		47,100		3,238,125
				47,109,110
Tools - Hand Held — 0.1%
Black & Decker Corp.#		19,100		810,604
Snap-on, Inc.		18,300		659,715
The Stanley Works		25,100		797,929
				2,268,248
Toys — 0.1%
Hasbro, Inc.#		40,100		1,074,680
Mattel, Inc.		115,000		1,572,050
				2,646,730
Transport - Rail — 1.0%
Burlington Northern Santa Fe Corp.		90,100		6,902,561
CSX Corp.		130,100		4,844,924
Norfolk Southern Corp.		119,700		5,921,559
Union Pacific Corp.		162,400		8,126,496
				25,795,540
Transport - Services — 1.2%
C.H. Robinson Worldwide, Inc.#		54,200		2,768,536
Expeditors International of Washington, Inc.		68,000		2,273,240
FedEx Corp.		99,300		7,015,545
Ryder System, Inc.		18,000		646,380
United Parcel Service, Inc., Class B		321,600		18,524,160
				31,227,861
Web Portals/ISP — 1.1%
Google, Inc., Class A†		76,200		22,323,552
Yahoo!, Inc.†		442,100		5,088,571
				27,412,123
Wireless Equipment — 1.0%
American Tower Corp., Class A†		125,700		3,424,068
Motorola, Inc.		722,800		3,115,268
QUALCOMM, Inc.		523,500		17,573,895
				24,113,231
Total Long-Term Investment Securities
(cost $2,654,368,368)				2,498,869,776
SHORT-TERM INVESTMENT SECURITIES — 7.9%
Collective Investment Pool — 6.7%
Securities Lending Quality Trust(2)		177,772,810		170,306,352
Commercial Paper — 1.0%
Erste Finance LLC 0.50% due 12/01/08	$	26,000,000		26,000,000
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.02% due 12/18/08(3)		200,000		199,998
0.02% due 01/22/09(3)		1,500,000		1,499,957
0.06% due 01/08/09(3)		2,200,000		2,199,861
0.80% due 01/08/09(3)		1,000,000		999,915
				4,899,731
Total Short-Term Investment Securities
(cost $208,672,541)				201,206,083

202

AIG Retirement Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited) — (continued)

Security Description	Principal Amount			Market Value (Note 2)
REPURCHASE AGREEMENT — 0.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $4,626,004 and collateralized by Federal Home Loan Bank Bonds, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $4,768,691 (cost $4,626,000)	$	4,626,000		$	4,626,000
TOTAL INVESTMENTS
(cost $2,867,666,909)(4)		106.7	%		2,704,701,859
Other assets less liabilities		(6.7	)		(169,475,920	)
NET ASSETS —		100.0	%	$	2,535,225,939

† Non-income producing security

# The security or a portion thereof is out on loan

(1) Security represents an investment in an affliated company; see Note 3

(2) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

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

Open Futures Contracts
Number of Contracts	Description	Expiration Date	Value at Trade Date		Value as of November 30, 2008		Unrealized Appreciation (Depreciation)
188 Long	S&P 500 Index	December 2008	$	42,136,092	$	42,079,100	$	(56,992	)

See Notes to Financial Statements

203

AIG Retirement Company I Value Fund

PORTFOLIO PROFILE — November 30, 2008 (Unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	8.3	%
Medical — Drugs	8.1
Electric — Integrated	7.0
Diversified Banking Institutions	6.2
Oil Companies — Integrated	5.6
Beverages — Non-alcoholic	5.2
Wireless Equipment	4.8
Repurchase Agreements	4.8
Chemicals — Specialty	4.7
Insurance — Reinsurance	4.5
Semiconductor Equipment	4.5
Banks — Commercial	4.2
Finance — Consumer Loans	3.4
Medical — HMO	3.2
Diversified Manufacturing Operations	2.7
Computers	2.3
Finance — Investment Banker/Broker	2.2
Tobacco	2.2
Broadcast Services/Program	2.0
Multimedia	1.8
Auto — Heavy Duty Trucks	1.8
Telephone — Integrated	1.4
Cable TV	1.3
Aerospace/Defense — Equipment	1.1
Machinery — Construction & Mining	1.0
Transport — Services	1.0
Instruments — Scientific	0.9
Agricultural Chemicals	0.9
Theaters	0.9
Transport — Equipment & Leasing	0.8
Investment Management/Advisor Services	0.2
	99.0	%

* Calculated as a percentage of net assets

204

AIG Retirement Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2008 (Unaudited)

Security Description	Shares	Market Value (Note 2)
COMMON STOCK — 91.8%
Aerospace/Defense - Equipment — 1.1%
Goodrich Corp.	51,878	$	1,745,695
Agricultural Chemicals — 0.9%
The Mosaic Co.	47,430		1,439,501
Auto - Heavy Duty Trucks — 1.8%
Navistar International Corp.†	128,454		2,806,720
Banks - Commercial — 4.2%
Julius Baer Holding AG(1)	201,767		6,666,439
Beverages - Non-alcoholic — 5.2%
PepsiCo, Inc.	52,661		2,985,879
The Coca-Cola Co.	113,743		5,331,134
			8,317,013
Broadcast Services/Program — 2.0%
Liberty Global, Inc., Class C†	227,994		3,214,715
Cable TV — 1.3%
Time Warner Cable, Inc.† Class A	105,368		2,138,970
Chemicals - Specialty — 4.7%
Eastman Chemical Co.	14,550		478,695
Lubrizol Corp.	198,933		6,986,527
			7,465,222
Computers — 2.3%
Research In Motion, Ltd.†	85,693		3,639,382
Diversified Banking Institutions — 6.2%
Bank of America Corp.	223,467		3,631,339
JPMorgan Chase & Co.	197,875		6,264,722
			9,896,061
Diversified Manufacturing Operations — 2.7%
Siemens AG ADR	29,379		1,753,926
Tyco International, Ltd.	120,130		2,510,717
			4,264,643
Electric - Integrated — 7.0%
Exelon Corp.	66,529		3,739,595
FirstEnergy Corp.	90,596		5,307,114
PPL Corp.	60,462		2,049,057
			11,095,766
Finance - Consumer Loans — 3.4%
SLM Corp.†	593,388		5,465,103
Finance - Investment Banker/Broker — 2.2%
Credit Suisse Group AG ADR	67,800		2,007,558
Morgan Stanley	104,110		1,535,623
			3,543,181
Instruments - Scientific — 0.9%
Thermo Fisher Scientific, Inc.†	41,218		1,470,658
Insurance - Reinsurance — 4.5%
Everest Re Group, Ltd.	91,173		7,153,434
Investment Management/Advisor Services — 0.2%
National Financial Partners Corp.	155,519		247,275
Machinery - Construction & Mining — 1.0%
Joy Global, Inc.	71,180		1,657,782
Medical - Drugs — 8.1%
Abbott Laboratories	139,900		7,329,361
Schering-Plough Corp.	331,278		5,568,783
			12,898,144

Security Description	Shares/ Principal Amount			Market Value (Note 2)
Medical - HMO — 3.2%
Aetna, Inc.		103,790		$	2,264,698
WellPoint, Inc.†		78,000			2,776,800
					5,041,498
Multimedia — 1.8%
News Corp., Class A		368,720			2,912,888
Oil Companies - Exploration & Production — 8.3%
Devon Energy Corp.		118,971			8,606,362
EOG Resources, Inc.		54,540			4,636,991
					13,243,353
Oil Companies - Integrated — 3.2%
Hess Corp.		93,720			5,064,629
Semiconductor Equipment — 4.5%
Lam Research Corp.†		171,265			3,459,553
Varian Semiconductor Equipment Associates, Inc.†		199,718			3,674,811
					7,134,364
Telephone - Integrated — 1.4%
AT&T, Inc.		79,014			2,256,640
Theaters — 0.9%
Cinemark Holdings, Inc.		182,003			1,370,483
Tobacco — 2.2%
Philip Morris International, Inc.		83,692			3,528,455
Transport - Equipment & Leasing — 0.8%
Aircastle, Ltd.		245,310			1,334,486
Transport - Services — 1.0%
United Parcel Service, Inc., Class B		28,640			1,649,664
Wireless Equipment — 4.8%
QUALCOMM, Inc.		230,303			7,731,272
Total Common Stock
(cost $213,928,858)					146,393,436
PREFERRED STOCK — 2.4%
Oil Companies - Integrated — 2.4%
Petroleo Brasileiro SA ADR (cost $7,595,855)		212,040			3,770,071
Total Long-Term Investment Securities
(cost $221,524,713)					150,163,507
REPURCHASE AGREEMENT — 4.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/28/08, to be repurchased 12/01/08 in the amount of $7,691,006 and collateralized by Federal Home Loan Bank Bonds, bearing interest at 4.38%, due 09/17/10 and having an approximate value of $7,845,768 (cost $7,691,000)	$	7,691,000			7,691,000
TOTAL INVESTMENTS
(cost $229,215,713)(2)		99.0	%		157,854,507
Other assets less liabilities		1.0			1,560,441
NET ASSETS —		100.0	%	$	159,414,948

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2008. See Note 2 regarding fair value pricing procedures for foreign equity securities.

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

ADR — American Depository Receipt

See Notes to Financial Statements

205

AIG Retirement Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			CORE VALUE FUND			FOREIGN VALUE FUND			GLOBAL EQUITY FUND
ASSETS:
Long-term investment securities, at market value (unaffiliated)*†	$	90,563,131		$	269,645,708		$	16,295,201		$	106,269,751		$	205,220,729		$	104,517,764		$	515,917,971		$	201,487,580
Long-term investment securities, at market value (affiliated)*†		–			–			–			–			–			–			–			–
Short-term investment securities, at market value (unaffiliated)*		11,314,986			49,330,724			192,000			8,801,756			41,180,458			1,523,000			98,104,192			36,394,830
Repurchase agreements (cost equals market value)		8,488,000			–			–			3,543,000			482,000			–			–			6,189,000
Total Investments		110,366,117			318,976,432			16,487,201			118,614,507			246,883,187			106,040,764			614,022,163			244,071,410
Cash		67,357			–			782			948			1,178			113,762			50,920			444
Foreign cash*		–			7			–			–			–			–			2,038,595			331,689
Receivable for–
Fund shares sold		20,764			580,020			5,090			9,631			34,741			28,128			847,867			42,168
Dividends and interest		663,022			325,771			63,261			1,081,153			758,565			452,780			1,639,755			1,005,642
Investments sold		311,541			1,138,521			21,093			418,903			–			58,290			–			–
Prepaid expenses and other assets		25,358			6,716			3,416			8,308			12,185			5,350			8,379			21,324
Due from investment adviser for expense reimbursements/fee waivers		–			10,197			22,899			–			25,245			11,245			–			–
Variation margin on futures contracts		159,737			–			–			–			–			13,195			–			–
Collateral received for securities loaned		–			–			–			–			1,252,869			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–			12,563,157
TOTAL ASSETS		111,613,896			321,037,664			16,603,742			120,133,450			248,967,970			106,723,514			618,607,679			258,035,834
LIABILITIES:
Payable for–
Fund shares reacquired		31,096			64,270			6,606			66,905			29,532			56,864			52,648			42,052
Investments purchased		235,626			1,538,121			45,149			522,158			116,250			–			–			4,173,120
Investment advisory and management fees		45,447			165,249			9,347			45,489			134,524			66,946			305,729			133,342
Administrative service fee		6,364			15,459			935			6,369			11,771			6,086			30,570			11,523
Transfer agent fees and expenses		445			813			364			337			452			445			364			496
Directors’ fees and expenses		55,306			16,950			4,174			45,447			213,919			76,847			64,278			32,875
Other accrued expenses		54,714			32,076			36,984			47,559			58,097			39,392			245,773			842,772
Line of credit		–			–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			–			–			–			–			–
Collateral upon return of securities loaned		–			47,989,824			–			9,187,637			44,238,733			–			81,986,631			36,868,663
Due to custodian		–			–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–			15,646,878
TOTAL LIABILITIES		428,998			49,822,762			103,559			9,921,901			44,803,278			246,580			82,685,993			57,751,721
NET ASSETS	$	111,184,898		$	271,214,902		$	16,500,183		$	110,211,549		$	204,164,692		$	106,476,934		$	535,921,686		$	200,284,113
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	132,811		$	440,168		$	23,644		$	122,625		$	233,097		$	150,205		$	777,435		$	315,827
Additional paid-in capital		136,550,626			418,566,195			24,413,548			115,740,456			427,354,259			150,031,080			860,423,296			344,327,632
Accumulated undistributed net investment income (loss)		6,608,772			946,875			443,897			11,948,414			5,024,222			5,151,435			39,337,515			6,105,286
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(6,189,495	)		(43,031,183	)		(1,259,152	)		(8,666,554	)		(145,068,144	)		(6,643,673	)		59,265,642			(41,390,118	)
Unrealized appreciation (depreciation) on investments		(26,429,797	)		(105,711,829	)		(7,121,754	)		(8,933,392	)		(83,378,742	)		(41,927,320	)		(423,876,433	)		(105,993,810	)
Unrealized appreciation (depreciation) on futures contracts and written options contracts		511,981			–			–			–			–			(284,793	)		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			4,676			–			–			–			–			(5,769	)		(3,080,704	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
NET ASSETS	$	111,184,898		$	271,214,902		$	16,500,183		$	110,211,549		$	204,164,692		$	106,476,934		$	535,921,686		$	200,284,113
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		13,281,117			44,016,797			2,364,407			12,262,533			23,309,711			15,020,519			77,743,534			31,582,714
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.37		$	6.16		$	6.98		$	8.99		$	8.76		$	7.09		$	6.89		$	6.34
*  Cost
Long-term investment securities (unaffiliated)	$	116,992,928		$	373,341,964		$	23,416,955		$	114,817,262		$	286,794,065		$	146,445,084		$	936,350,965		$	305,932,906
Long-term investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Short-term investment securities	$	11,314,986		$	51,346,297		$	192,000		$	9,187,637		$	42,985,864		$	1,523,000		$	101,547,631		$	37,943,314
Foreign cash	$	–		$	7		$	–		$	–		$	–		$	–		$	2,083,761		$	343,955
#  Proceeds from securities sold short	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
† Including securities on loan	$	–		$	46,953,636		$	–		$	9,035,454		$	43,674,762		$	–		$	77,281,201		$	35,938,078

See Notes to Financial Statements

206

AIG Retirement Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
ASSETS:
Long-term investment securities, at market value (unaffiliated)*†	$	157,083,032		$	281,378,569		$	295,551,317		$	132,755,889		$	550,743,434		$	72,691,384		$	134,963,309		$	142,764,174
Long-term investment securities, at market value (affiliated)*†		–			–			–			–			–			–			–			–
Short-term investment securities, at market value (unaffiliated)*		13,270,000			31,597,024			40,300,753			35,614,152			100,840,552			13,296,424			1,566,941			3,543,000
Repurchase agreements (cost equals market value)		–			3,134,000			–			77,826,000			–			2,881,000			–			–
Total Investments		170,353,032			316,109,593			335,852,070			246,196,041			651,583,986			88,868,808			136,530,250			146,307,174
Cash		496			637			207,767			15,141			2,814			178			–			35,149
Foreign cash*		130,097			392,264			16,047,660			–			111,760			–			70,914			–
Receivable for–
Fund shares sold		2,711,916			173,247			116,740			272,636			84,710			47,995			105,655			190,452
Dividends and interest		397,111			1,108,498			2,923,540			1,120,941			915,557			321,628			87,552			821,564
Investments sold		297,143			81,305			90,184			–			4,449,901			4,613,877			1,185,525			–
Prepaid expenses and other assets		19			48,598			5,489			7,095			13,000			42,893			7,956			3,105
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–			4,424			–			12,858
Variation margin on futures contracts		–			114,245			–			–			–			–			–			–
Collateral received for securities loaned		–			178,279			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			29,108,569			–			161,162			–			–			–
TOTAL ASSETS		173,889,814			318,206,666			384,352,019			247,611,854			657,322,890			93,899,803			137,987,852			147,370,302
LIABILITIES:
Payable for–
Fund shares reacquired		3,655,769			539,160			97,812			44,591			61,593			24,953			9,756			170,384
Investments purchased		4,375,196			–			104,613			–			5,166,384			4,276,174			457,972			–
Investment advisory and management fees		86,090			122,229			145,953			84,530			365,078			46,929			111,339			62,492
Administrative service fee		8,035			17,112			20,434			11,834			32,060			4,380			7,794			8,749
Transfer agent fees and expenses		2,145			340			364			327			528			445			290			444
Directors’ fees and expenses		14,180			117,580			34,096			55,495			189,838			58,834			44,153			2,983
Other accrued expenses		151,281			115,764			139,176			32,274			131,340			31,597			49,261			56,412
Line of credit		–			–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			–			–			–			–			–
Collateral upon return of securities loaned		–			26,448,725			27,127,542			37,175,524			100,425,420			13,879,357			–			–
Due to custodian		–			–			–			–			–			–			74			–
Call and put options written, at value@		–						–			–			–			–			6,010,207			–
Unrealized depreciation on forward foreign currency contracts		–			–			1,253,168			–			–			–			–			–
TOTAL LIABILITIES		8,292,696			27,360,910			28,923,158			37,404,575			106,372,241			18,322,669			6,690,846			301,464
NET ASSETS	$	165,597,118		$	290,845,756		$	355,428,861		$	210,207,279		$	550,950,649		$	75,577,134		$	131,297,006		$	147,068,838
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	277,921		$	246,041		$	366,938		$	190,996		$	807,755		$	74,517		$	181,814		$	166,911
Additional paid-in capital		212,490,868			495,321,549			407,073,746			199,173,333			1,030,323,384			114,462,313			163,089,620			169,483,626
Accumulated undistributed net investment income (loss)		1,148,321			13,177,061			30,941,757			7,605,699			1,363,820			3,136,363			(858,180	)		6,625,116
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(9,181,583	)		(72,782,228	)		4,350,987			(3,064,695	)		(287,091,067	)		(18,666,982	)		11,315,180			(2,071,193	)
Unrealized appreciation (depreciation) on investments		(39,128,375	)		(145,321,333	)		(115,231,906	)		6,301,946			(194,612,366	)		(23,429,077	)		(39,801,563	)		(27,135,622	)
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			213,018			–			–			–			–			(2,627,968	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(10,034	)		(8,352	)		27,927,339			–			159,123			–			(1,897	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
NET ASSETS	$	165,597,118		$	290,845,756		$	355,428,861		$	210,207,279		$	550,950,649		$	75,577,134		$	131,297,006		$	147,068,838
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		27,792,119			24,604,053			36,693,821			19,099,605			80,775,475			7,451,737			18,181,421			16,691,096
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	5.96		$	11.82		$	9.69		$	11.01		$	6.82		$	10.14		$	7.22		$	8.81
*   Cost
Long-term investment securities (unaffiliated)	$	196,211,407		$	425,596,543		$	409,396,021		$	124,892,571		$	741,137,932		$	95,537,528		$	174,764,872		$	169,899,796
Long-term investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Short-term investment securities	$	13,270,000		$	32,700,383		$	41,687,955		$	37,175,524		$	105,058,420		$	13,879,357		$	1,566,941		$	3,543,000
Foreign cash	$	133,863		$	389,079		$	15,534,281		$	–		$	109,926		$	–		$	70,914		$	–
#  Proceeds from securities sold short	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	3,382,239		$	–
†  Including securities on loan	$	–		$	26,111,202		$	26,382,836		$	36,714,439		$	98,367,687		$	13,736,005		$	–		$	–

See Notes to Financial Statements

207

AIG Retirement Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)

	INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND
ASSETS:
Long-term investment securities, at market value (unaffiliated)*†	$	623,081,403		$	133,826,785		$	375,487,645		$	84,753,883		$	289,144,091		$	1,470,123,066		$	174,510,022		$	–
Long-term investment securities, at market value (affiliated)*†		–			–			–			–			–			–			–			–
Short-term investment securities, at market value (unaffiliated)*		113,588,111			–			78,125,204			23,902,690			69,360,688			346,468,879			54,996,463			566,766,634
Repurchase agreements (cost equals market value)		3,049,000			6,841,000			1,416,000			–			7,136,000			3,203,000			–			38,039,000
Total Investments		739,718,514			140,667,785			455,028,849			108,656,573			365,640,779			1,819,794,945			229,506,485			604,805,634
Cash		41,979			241			4,084			448			744			–			866			564
Foreign cash*		11,800,109			1,430,166			3,227,963			65,472			771,368			–			–			–
Receivable for–
Fund shares sold		808,726			69,583			782,296			566,720			42,574			4,227,475			57,000			659,154
Dividends and interest		2,824,129			2,138,532			1,194,365			166,149			492,871			3,008,386			84,413			613,436
Investments sold		14,890,908			6,158,529			2,100,894			–			394,106			358,209			466,950			–
Prepaid expenses and other assets		14,539			6,212			9,869			10,618			7,239			44,803			25,581			78,869
Due from investment adviser for expense reimbursements/fee waivers		–			–			54,797			7,202			–			–			–			3,321
Variation margin on futures contracts		304,954			–			–			–			–			702,310			–			–
Collateral received for securities loaned		373,862			–			–			–			–			27,019			808			–
Unrealized appreciation on forward foreign currency contracts		–			54,573			–			–			–			–			–			–
TOTAL ASSETS		770,777,720			150,525,621			462,403,117			109,473,182			367,349,681			1,828,163,147			230,142,103			606,160,978
LIABILITIES:
Payable for–
Fund shares reacquired		260,818			135,317			49,594			60,179			66,883			231,293			19,979			900,236
Investments purchased		3,497,015			4,515,400			3,534,441			–			–			801,040			2,629,958			–
Investment advisory and management fees		174,988			59,644			300,154			49,024			162,794			347,858			104,326			198,203
Administrative service fee		37,490			8,350			22,546			4,903			17,806			85,893			10,433			34,677
Transfer agent fees and expenses		1,896			198			762			364			380			2,119			424			2,017
Directors’ fees and expenses		113,685			48,059			143,343			10,008			44,835			507,725			18,543			154,525
Other accrued expenses		324,269			71,933			149,080			30,349			65,514			367,159			47,025			36,010
Line of credit		–			–			–			–			–			–			–			–
Variation margin on futures contracts		–			–			–			–			–			–			–			–
Collateral upon return of securities loaned		113,652,799			–			68,697,499			19,358,758			61,596,752			318,184,020			46,620,289			–
Due to custodian		–			–			–			–			–			71,937			–			–
Call and put options written, at value@		–			–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			40			–			–			–			–			–
TOTAL LIABILITIES		118,062,960			4,838,901			72,897,459			19,513,585			61,954,964			320,599,044			49,450,977			1,325,668
NET ASSETS	$	652,714,760		$	145,686,720		$	389,505,658		$	89,959,597		$	305,394,717		$	1,507,564,103		$	180,691,126		$	604,835,310
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,140,581		$	132,518		$	534,618		$	120,646		$	391,068		$	1,083,039		$	226,789		$	6,066,566
Additional paid-in capital		932,739,419			155,164,330			603,938,213			111,894,684			398,305,663			2,021,025,434			275,266,593			600,590,067
Accumulated undistributed net investment income (loss)		38,912,656			7,096,455			14,072,004			1,250,151			2,485,372			47,813,495			1,182,648			–
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		7,555,825			(6,164,512	)		(66,693,066	)		(35,688	)		(22,572,651	)		210,229,530			(26,035,677	)		(1,821,323	)
Unrealized appreciation (depreciation) on investments		(321,541,416	)		(10,460,016	)		(162,245,310	)		(23,271,398	)		(73,210,418	)		(774,384,050	)		(69,949,212	)		–
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(7,358,974	)		–			–			–			–			1,796,655			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		1,266,669			(82,055	)		(100,801	)		1,202			(4,317	)		–			(15	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
NET ASSETS	$	652,714,760		$	145,686,720		$	389,505,658		$	89,959,597		$	305,394,717		$	1,507,564,103		$	180,691,126		$	604,835,310
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		114,058,076			13,251,847			53,461,763			12,064,560			39,106,763			108,303,857			22,678,897			606,656,633
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	5.72		$	10.99		$	7.29		$	7.46		$	7.81		$	13.92		$	7.97		$	1.00
*   Cost
Long-term investment securities (unaffiliated)	$	939,865,104		$	144,286,801		$	534,847,660		$	107,212,213		$	359,767,445		$	2,231,144,522		$	242,501,216		$	–
Long-term investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Short-term investment securities	$	118,345,826		$	–		$	81,010,499		$	24,715,758		$	71,947,752		$	359,831,473		$	56,954,481		$	566,766,634
Foreign cash	$	11,734,326		$	1,467,750		$	3,345,095		$	64,270		$	773,502		$	–		$	–		$	–
#  Proceeds from securities sold short	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	108,040,364		$	–		$	66,025,378		$	19,014,229		$	60,816,475		$	313,147,201		$	45,768,192		$	–

See Notes to Financial Statements

208

AIG Retirement Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2008 (Unaudited) — (continued)

	NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
ASSETS:
Long-term investment securities, at market value (unaffiliated)*†	$	54,321,068		$	431,760,088		$	35,410,974		$	229,377,040		$	578,249,771		$	139,439,951		$	64,487,907		$	2,497,145,397		$	150,163,507
Long-term investment securities, at market value (affiliated)*†		–			–			–			–			–			–			–			1,724,379			–
Short-term investment securities, at market value (unaffiliated)*		12,061,781			104,510,316			7,660,617			61,722,671			162,404,562			35,767,733			17,776,163			201,206,083			–
Repurchase agreements (cost equals market value)		1,351,000			–			–			–			3,812,000			1,164,000			–			4,626,000			7,691,000
Total Investments		67,733,849			536,270,404			43,071,591			291,099,711			744,446,333			176,371,684			82,264,070			2,704,701,859			157,854,507
Cash		80			–			–			–			28,031			6,347			–			472			618
Foreign cash*		–			331,615			–			–			–			–			–			–			1,126
Receivable for–
Fund shares sold		49,282			183,538			38,009			52,125			543,056			72,081			60,354			3,145,772			67,194
Dividends and interest		59,784			750,900			18,109			176,900			841,179			276,173			19,266			8,334,307			283,234
Investments sold		–			3,731,307			246,873			1,434,836			4,911			1,197,292			532,656			1,858,628			1,716,338
Prepaid expenses and other assets		5,293			33,295			3,483			12,411			15,022			17,228			19,145			146,505			5,077
Due from investment adviser for expense reimbursements/fee waivers		13,369			–			13,141			27,256			–			5,786			52,161			–			12,585
Variation margin on futures contracts		–			–			–			–			590,810			–			–			429,100			–
Collateral received for securities loaned		–			–			–			470,368			267,869			39,937			–			1,111,523			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–			–			–
TOTAL ASSETS		67,861,657			541,301,059			43,391,206			293,273,607			746,757,211			177,986,528			82,947,652			2,719,728,166			159,940,679
LIABILITIES:
Payable for–
Fund shares reacquired		14,565			50,834			2,104			44,809			89,149			52,052			6,674			2,255,280			300,848
Investments purchased		21,490			4,347,110			49,414			67,763			–			461,951			121,660			804,354			55,282
Investment advisory and management fees		18,690			345,226			24,508			174,845			167,114			90,330			47,754			561,771			102,517
Administrative service fee		3,271			26,867			2,018			13,609			35,285			8,431			3,933			145,788			9,200
Transfer agent fees and expenses		1,343			1,400			364			472			1,465			364			364			2,458			671
Directors’ fees and expenses		26,158			350,882			5,693			196,023			170,729			27,294			13,373			1,291,723			17,078
Other accrued expenses		45,705			117,284			39,778			105,018			164,752			47,635			46,720			556,520			40,135
Line of credit		–			–			65,337			–			–			–			–			–			–
Variation margin on futures contracts		11,280			–			–			–			–			–			–			–			–
Collateral upon return of securities loaned		12,225,244			82,777,766			7,996,469			58,470,944			133,879,351			32,061,579			15,177,623			178,884,333			–
Due to custodian		–			86,932			–			51,917			–			–			159,079			–			–
Call and put options written, at value@		–			–			–			–			–			465			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–			–			–
TOTAL LIABILITIES		12,367,746			88,104,301			8,185,685			59,125,400			134,507,845			32,750,101			15,577,180			184,502,227			525,731
NET ASSETS	$	55,493,911		$	453,196,758		$	35,205,521		$	234,148,207		$	612,249,366		$	145,236,427		$	67,370,472		$	2,535,225,939		$	159,414,948
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	170,611		$	589,587		$	54,179		$	369,326		$	614,363		$	242,873		$	111,898		$	1,136,487		$	242,453
Additional paid-in capital		70,959,222			2,262,192,335			59,442,907			350,347,997			885,137,665			263,541,507			117,287,841			2,188,610,096			266,591,933
Accumulated undistributed net investment income (loss)		310,992			(87,253	)		97,182			1,866,336			22,536,579			4,950,948			356,724			115,573,087			2,967,976
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(2,021,538	)		(1,548,141,976	)		(549,173	)		(22,044,572	)		70,408,465			(24,971,502	)		(29,070,278	)		392,928,311			(39,026,078	)
Unrealized appreciation (depreciation) on investments		(13,685,052	)		(261,369,540	)		(23,839,574	)		(96,390,880	)		(361,688,126	)		(98,547,558	)		(21,315,713	)		(162,965,050	)		(71,361,206	)
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(240,324	)		–			–			–			(4,759,580	)		20,159			–			(56,992	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			13,605			–			–			–			–			–			–			(130	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–			–
NET ASSETS	$	55,493,911		$	453,196,758		$	35,205,521		$	234,148,207		$	612,249,366		$	145,236,427		$	67,370,472		$	2,535,225,939		$	159,414,948
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		17,061,098			58,958,661			5,417,901			36,932,621			61,436,289			24,287,343			11,189,822			113,648,743			24,245,269
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	3.25		$	7.69		$	6.50		$	6.34		$	9.97		$	5.98		$	6.02		$	22.31		$	6.58
*   Cost
Long-term investment securities (unaffiliated)	$	67,492,660		$	689,652,962		$	58,914,696		$	323,331,896		$	934,326,215		$	236,642,600		$	85,166,160		$	2,618,008,282		$	221,524,713
Long-term investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	36,360,086		$	–
Short-term investment securities	$	12,575,241		$	107,986,982		$	7,996,469		$	64,158,695		$	168,016,244		$	37,112,642		$	18,413,623		$	208,672,541		$	–
Foreign cash	$	–		$	339,270		$	–		$	–		$	–		$	–		$	–		$	–		$	1,160
#  Proceeds from securities sold short	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	20,624		$	–		$	–		$	–
† Including securities on loan	$	11,767,451		$	79,680,221		$	7,790,329		$	57,732,871		$	128,987,677		$	31,166,255		$	14,954,867		$	177,242,539		$	–

See Notes to Financial Statements

209

AIG Retirement Company I

STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			CORE VALUE FUND			FOREIGN VALUE FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	981,869		$	1,780,708		$	350,439		$	–		$	3,018,287		$	2,195,538		$	12,042,867		$	3,700,192
Dividends (affiliated)		–			–			–			–			–			–			–			–
Securities lending income		–			92,801			–			23,707			117,001			–			834,243			219,751
Interest (unaffiliated)		1,620,877			42,089			1,087			3,517,566			6,468			5,293			115,738			130,183
Total investment income*		2,602,746			1,915,598			351,526			3,541,273			3,141,756			2,200,831			12,992,848			4,050,126
EXPENSES:
Investment advisory and management fees		340,367			1,338,138			74,874			301,004			1,119,219			560,901			2,517,649			1,209,081
Administrative service fee		47,651			125,558			7,487			42,141			98,888			50,991			258,878			105,877
Transfer agent fees and expenses		515			698			361			592			721			515			361			478
Registration fees		–			–			–			–			–			–			–			–
Custodian fees		46,505			30,044			14,426			28,981			26,267			28,149			597,489			79,494
Reports to shareholders		15,129			36,261			2,449			12,953			35,965			17,733			95,547			37,220
Audit and tax fees		11,195			11,216			22,564			12,375			11,216			11,216			21,415			21,415
Legal fees		4,399			4,888			5,001			4,321			5,283			4,239			5,650			5,220
Directors’ fees and expenses		2,853			7,659			152			1,773			7,517			3,602			22,467			8,875
Interest expense		–			–			–			–			913			182			–			390
Other expenses		2,083			175			5,131			1,264			2,650			2,538			2,368			1,876
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		470,697			1,554,637			132,445			405,404			1,308,639			680,066			3,521,824			1,469,926
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(30,005	)		(41,527	)		–			(125,905	)		(75,458	)		–			–
Fees paid indirectly (Note 7)		(5,963	)		(7,367	)		(484	)		–			(5,099	)		–			–			(37,228	)
Net expenses		464,734			1,517,265			90,434			405,404			1,177,635			604,608			3,521,824			1,432,698
Net investment income (loss)		2,138,012			398,333			261,092			3,135,869			1,964,121			1,596,223			9,471,024			2,617,428
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(7,202,777	)		(38,764,407	)		(913,235	)		(5,295,421	)		(29,299,492	)		(12,168,058	)		(489,780	)		(54,345,661	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		441,004			–			–			–			59,017			(254,679	)		–			(3,309,472	)
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(1,627	)		–			–			–			(104	)		(1,156,497	)		(3,338,865	)
Net realized gain (loss) on investments and foreign currencies		(6,761,773	)		(38,766,034	)		(913,235	)		(5,295,421	)		(29,240,475	)		(12,422,841	)		(1,646,277	)		(60,993,998	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(27,679,740	)		(143,138,419	)		(7,918,499	)		(4,895,968	)		(96,528,724	)		(46,547,697	)		(425,049,041	)		(112,495,338	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		288,716			–			–			–			(18,003	)		(307,209	)		–			(282,165	)
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(361,450	)		6,891			–			–			–			–			94,332			(3,914,674	)
Change in unrealized appreciation (depreciation) on securities sold short		–			–			–			–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			54,483			–
Net unrealized gain (loss) on investments and foreign currencies		(27,752,474	)		(143,131,528	)		(7,918,499	)		(4,895,968	)		(96,546,727	)		(46,854,906	)		(424,900,226	)		(116,692,177	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(34,514,247	)		(181,897,562	)		(8,831,734	)		(10,191,389	)		(125,787,202	)		(59,277,747	)		(426,546,503	)		(177,686,175	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(32,376,235	)	$	(181,499,229	)	$	(8,570,642	)	$	(7,055,520	)	$	(123,823,081	)	$	(57,681,524	)	$	(417,075,479	)	$	(175,068,747	)
*   Net of foreign withholding taxes on interest and dividends of	$	120		$	7,474		$	–		$	222		$	5,714		$	9,902		$	1,365,056		$	158,763
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	14,682		$	–

See Notes to Financial Statements

210

AIG Retirement Company I

STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,327,408		$	5,162,695		$	2,997,356		$	–	$	4,827,700		$	1,418,552		$	365,655		$	75,469
Dividends (affiliated)		–			–			–			–		–			–			–			–
Securities lending income		–			65,464			257,804			159,424		388,734			43,316			–			–
Interest (unaffiliated)		32,014			123,460			4,213,997			3,202,828		20,010			24,958			39,847			4,850,620
Total investment income*		1,359,422			5,351,619			7,469,157			3,362,252		5,236,444			1,486,826			405,502			4,926,089
EXPENSES:
Investment advisory and management fees		228,481			1,122,163			1,082,711			459,133		3,030,883			394,725			893,241			415,412
Administrative service fee		21,325			157,103			151,579			64,279		272,612			36,841			62,527			58,158
Transfer agent fees and expenses		890			692			361			1,254		611			515			515			305
Registration fees		–			–			–			–		–			–			–			–
Custodian fees		68,075			212,666			184,977			13,081		105,442			8,360			38,508			9,131
Reports to shareholders		–			52,206			44,454			15,785		91,410			12,324			18,009			26,120
Audit and tax fees		49,285			11,303			21,415			12,375		11,515			11,216			11,216			21,449
Legal fees		301			4,681			5,169			4,766		3,933			4,606			4,384			5,348
Directors’ fees and expenses		–			12,320			10,978			2,831		22,072			2,135			3,707			14,632
Interest expense		–			122			6			–		549			–			–			–
Other expenses		3,757			2,120			1,889			928		2,971			1,127			1,630			824
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		372,114			1,575,376			1,503,539			574,432		3,541,998			471,849			1,033,737			551,379
Fees waived and expenses reimbursed by investment adviser (Note 3)		(82,707	)		–			–			–		–			(24,493	)		–			(12,858	)
Fees paid indirectly (Note 7)		–			(36,338	)		–			–		–			(12,821	)		(6,045	)		–
Net expenses		289,407			1,539,038			1,503,539			574,432		3,541,998			434,535			1,027,692			538,521
Net investment income (loss)		1,070,015			3,812,581			5,965,618			2,787,820		1,694,446			1,052,291			(622,190	)		4,387,568
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(9,060,436	)		(77,449,375	)		(5,032,722	)		1,279,811		(109,638,688	)		(22,409,383	)		(3,321,227	)		(1,214,287	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			(7,425,745	)		–			–		–			–			130,899			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(227,899	)		(414,998	)		170,318			–		1,864,742			–			13,633			–
Net realized gain (loss) on investments and foreign currencies		(9,288,335	)		(85,290,118	)		(4,862,404	)		1,279,811		(107,773,946	)		(22,409,383	)		(3,176,695	)		(1,214,287	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(40,114,409	)		(148,467,718	)		(146,982,698	)		6,382,212		(257,419,752	)		(25,167,464	)		(54,704,953	)		(24,353,667	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			(87,332	)		–			–		–			–			(3,340,202	)		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(9,427	)		22,827			27,449,339			–		86,213			–			(528	)		–
Change in unrealized appreciation (depreciation) on securities sold short		–			–			–			–		–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(40,123,836	)		(148,532,223	)		(119,533,359	)		6,382,212		(257,333,539	)		(25,167,464	)		(58,045,683	)		(24,353,667	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(49,412,171	)		(233,822,341	)		(124,395,763	)		7,662,023		(365,107,485	)		(47,576,847	)		(61,222,378	)		(25,567,954	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(48,342,156	)	$	(230,009,760	)	$	(118,430,145	)	$	10,449,843	$	(363,413,039	)	$	(46,524,556	)	$	(61,844,568	)	$	(21,180,386	)
*   Net of foreign withholding taxes on interest and dividends of	$	53,233		$	180,322		$	303,935		$	–	$	29,211		$	900		$	9,566		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–	$	–		$	–		$	–		$	–

See Notes to Financial Statements

211

AIG Retirement Company I

STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)

	INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	10,484,140		$	–		$	6,439,380		$	760,911		$	2,430,280		$	17,983,183		$	664,871		$	–
Dividends (affiliated)		–			–			–			–			–			–			–			–
Securities lending income		1,119,571			–			622,122			125,456			130,036			3,193,447			477,400			–
Interest (unaffiliated)		180,452			4,103,953			93,901			14,123			100,908			312,425			109,065			7,086,203
Total investment income*		11,784,163			4,103,953			7,155,403			900,490			2,661,224			21,489,055			1,251,336			7,086,203
EXPENSES:
Investment advisory and management fees		1,349,267			425,764			2,575,396			296,166			1,354,756			2,959,470			961,691			1,191,080
Administrative service fee		307,603			59,607			197,211			29,617			148,176			758,460			97,323			208,439
Transfer agent fees and expenses		5,590			268			524			361			561			6,059			529			7,167
Registration fees		–			–			–			–			–			–			–			13,255
Custodian fees		437,308			60,596			244,986			11,745			34,548			106,499			34,391			21,009
Reports to shareholders		101,746			15,973			65,880			8,280			49,294			243,358			33,593			58,931
Audit and tax fees		21,115			32,418			21,115			18,709			11,515			11,321			14,339			14,331
Legal fees		4,381			4,625			4,764			4,323			5,059			11,268			5,589			33,965
Directors’ fees and expenses		26,127			15,822			16,266			680			11,741			64,082			6,591			17,203
Interest expense		571			54			1,917			159			–			–			139			–
Other expenses		4,352			1,110			2,841			1,539			2,043			13,108			2,148			26,366
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		2,258,060			616,237			3,130,900			371,579			1,617,693			4,173,625			1,156,333			1,591,746
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			(285,423	)		(11,949	)		–			–			–			(5,919	)
Fees paid indirectly (Note 7)		–			–			(1,331	)		(11,798	)		(5,693	)		–			(34,216	)		–
Net expenses		2,258,060			616,237			2,844,146			347,832			1,612,000			4,173,625			1,122,117			1,585,827
Net investment income (loss)		9,526,103			3,487,716			4,311,257			552,658			1,049,224			17,315,430			129,219			5,500,376
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		(87,355,937	)		(9,815,234	)		(47,156,024	)		(4,576,685	)		(28,174,929	)		52,320,232			(52,389,650	)		(1,886,876	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		(5,033,467	)		–			–			–			–			(25,582,550	)		–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(345,707	)		289,621			(223,674	)		(17,215	)		40,694			–			(18,374	)		–
Net realized gain (loss) on investments and foreign currencies		(92,735,111	)		(9,525,613	)		(47,379,698	)		(4,593,900	)		(28,134,235	)		26,737,682			(52,408,024	)		(1,886,876	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(413,598,849	)		(14,214,612	)		(277,326,025	)		(27,299,338	)		(160,298,514	)		(1,137,081,221	)		(114,797,483	)		–
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(11,157,344	)		–			–			–			–			(758,109	)		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(40,600	)		(71,331	)		(133,817	)		1,031			(4,152	)		–			3,047			–
Change in unrealized appreciation (depreciation) on securities sold short		–			–			–			–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(424,796,793	)		(14,285,943	)		(277,459,842	)		(27,298,307	)		(160,302,666	)		(1,137,839,330	)		(114,794,436	)		–
Net realized and unrealized gain (loss) on investments and foreign currencies		(517,531,904	)		(23,811,556	)		(324,839,540	)		(31,892,207	)		(188,436,901	)		(1,111,101,648	)		(167,202,460	)		(1,886,876	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(508,005,801	)	$	(20,323,840	)	$	(320,528,283	)	$	(31,339,549	)	$	(187,387,677	)	$	(1,093,786,218	)	$	(167,073,241	)	$	3,613,500
*   Net of foreign withholding taxes on interest and dividends of	$	613,613		$	4,295		$	334,974		$	–		$	3,575		$	–		$	6,590		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

212

AIG Retirement Company I

STATEMENTS OF OPERATIONS — November 30, 2008 (Unaudited) — (continued)

	NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	183,130		$	2,737,828		$	76,403		$	1,620,432		$	6,863,228		$	2,254,143		$	203,218		$	42,014,754		$	2,000,482
Dividends (affiliated)		–			–			–			–			–			–			–			393,230			–
Securities lending income		94,334			498,279			80,011			389,840			2,118,672			349,533			298,587			1,045,963			–
Interest (unaffiliated)		22,305			310,849			2,578			47,651			218,847			48,330			15,816			270,702			55,379
Total investment income*		299,769			3,546,956			158,992			2,057,923			9,200,747			2,652,006			517,621			43,724,649			2,055,861
EXPENSES:
Investment advisory and management fees		159,290			3,119,627			221,725			1,468,168			1,317,910			781,858			412,999			4,487,155			898,909
Administrative service fee		27,876			246,725			18,260			115,812			298,823			72,973			34,012			1,229,349			80,814
Transfer agent fees and expenses		4,179			4,462			361			495			4,807			361			361			7,436			588
Registration fees		–			–			–			–			–			–			–			–			–
Custodian fees		9,704			87,040			22,087			88,129			113,647			50,914			47,084			182,436			23,645
Reports to shareholders		8,951			100,729			7,016			42,247			90,832			25,434			41,219			411,131			25,128
Audit and tax fees		19,466			11,321			11,515			11,216			11,303			11,515			12,203			11,283			11,515
Legal fees		4,779			3,522			2,547			4,353			5,225			5,553			4,159			–			4,371
Directors’ fees and expenses		1,244			20,294			413			8,433			23,336			5,545			1,967			108,053			4,696
Interest expense		–			16			644			125			–			182			–			2,308			1,285
Other expenses		14,123			2,876			1,351			4,141			4,352			2,489			1,570			48,069			950
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		249,612			3,596,612			285,919			1,743,119			1,870,235			956,824			555,574			6,487,220			1,051,901
Fees waived and expenses reimbursed by investment adviser (Note 3)		(30,587	)		–			(25,708	)		(171,388	)		–			(18,593	)		(69,694	)		–			(70,584	)
Fees paid indirectly (Note 7)		–			(32,432	)		(1,445	)		(5,081	)		–			(31,160	)		(30,517	)		–			–
Net expenses		219,025			3,564,180			258,766			1,566,650			1,870,235			907,071			455,363			6,487,220			981,317
Net investment income (loss)		80,744			(17,224	)		(99,774	)		491,273			7,330,512			1,744,935			62,258			37,237,429			1,074,544
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		97,820			(86,014,246	)		(4,781,760	)		(1,764,382	)		20,439,270			(22,078,542	)		(9,633,027	)		106,473,567			(33,493,903	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–			(209,303	)		–
Net realized gain (loss) on futures contracts and written options contracts		(1,144,420	)		32,615			–			–			(3,581,966	)		17,836			–			(22,921,098	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(85,125	)		–			319			–			–			–			–			(22,286	)
Net realized gain (loss) on investments and foreign currencies		(1,046,600	)		(86,066,756	)		(4,781,760	)		(1,764,063	)		16,857,304			(22,060,706	)		(9,633,027	)		83,343,166			(33,516,189	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(39,434,010	)		(323,705,024	)		(21,274,094	)		(131,637,798	)		(379,250,902	)		(74,262,963	)		(36,767,698	)		(1,574,763,486	)		(80,328,748	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–			(31,302,706	)		–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(630,793	)		–			–			–			(5,523,714	)		20,159			–			18,270			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(16,334	)		–			–			–			–			–			–			572
Change in unrealized appreciation (depreciation) on securities sold short		–			–			–			–			–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(40,064,803	)		(323,721,358	)		(21,274,094	)		(131,637,798	)		(384,774,616	)		(74,242,804	)		(36,767,698	)		(1,606,047,922	)		(80,328,176	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(41,111,403	)		(409,788,114	)		(26,055,854	)		(133,401,861	)		(367,917,312	)		(96,303,510	)		(46,400,725	)		(1,522,704,756	)		(113,844,365	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(41,030,659	)	$	(409,805,338	)	$	(26,155,628	)	$	(132,910,588	)	$	(360,586,800	)	$	(94,558,575	)	$	(46,338,467	)	$	(1,485,467,327	)	$	(112,769,821	)
*   Net of foreign withholding taxes on interest and dividends of	$	1,662		$	153,312		$	–		$	3,726		$	1,652		$	–		$	1,062		$	–		$	(15,134	)
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

213

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND						CAPITAL CONSERVATION FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,138,012		$	4,512,009		$	398,333		$	567,509		$	261,092		$	479,752		$	3,135,869		$	8,829,313
Net realized gain (loss) on investments and foreign currencies		(6,761,773	)		1,115,272			(38,766,034	)		(1,157,770	)		(913,235	)		699			(5,295,421	)		(2,409,708	)
Net unrealized gain (loss) on investments and foreign currencies		(27,752,474	)		(12,153,748	)		(143,131,528	)		14,450,432			(7,918,499	)		(4,361,432	)		(4,895,968	)		(2,745,898	)
Net increase (decrease) in net assets resulting from operations		(32,376,235	)		(6,526,467	)		(181,499,229	)		13,860,171			(8,570,642	)		(3,880,981	)		(7,055,520	)		3,673,707
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(4,850,592	)		–			(304,931	)		–			(468,004	)		–			(10,132,103	)
Net realized gain on securities		–			(9,627,408	)		–			(518,942	)		–			(1,061,702	)		–			–
Total distributions to shareholders		–			(14,478,000	)		–			(823,873	)		–			(1,529,706	)		–			(10,132,103	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(12,698,915	)		169,631			34,285,070			292,040,945			(1,079,729	)		(1,085,104	)		(10,427,815	)		(43,136,810	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(45,075,150	)		(20,834,836	)		(147,214,159	)		305,077,243			(9,650,371	)		(6,495,791	)		(17,483,335	)		(49,595,206	)
NET ASSETS:
Beginning of period		156,260,048			177,094,884			418,429,061			113,351,818			26,150,554			32,646,345			127,694,884			177,290,090
End of period†	$	111,184,898		$	156,260,048		$	271,214,902		$	418,429,061		$	16,500,183		$	26,150,554		$	110,211,549		$	127,694,884
†  Includes accumulated undistributed net investment income (loss)	$	6,608,772		$	4,470,760		$	946,875		$	548,542		$	443,897		$	182,805		$	11,948,414		$	8,812,545

See Notes to Financial Statements

214

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						CORE VALUE FUND						FOREIGN VALUE FUND						GLOBAL EQUITY FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,964,121		$	3,281,659		$	1,596,223		$	3,626,818		$	9,471,024		$	29,261,128		$	2,617,428		$	6,012,210
Net realized gain (loss) on investments and foreign currencies		(29,240,475	)		1,633,285			(12,422,841	)		6,799,545			(1,646,277	)		61,576,451			(60,993,998	)		19,156,277
Net unrealized gain (loss) on investments and foreign currencies		(96,546,727	)		(43,879,273	)		(46,854,906	)		(41,336,655	)		(424,900,226	)		(122,338,910	)		(116,692,177	)		(69,204,971	)
Net increase (decrease) in net assets resulting from operations		(123,823,081	)		(38,964,329	)		(57,681,524	)		(30,910,292	)		(417,075,479	)		(31,501,331	)		(175,068,747	)		(44,036,484	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(3,867,556	)		–			(3,800,245	)		–			(9,099,335	)		–			(7,786,321	)
Net realized gain on securities		–			–			–			(7,127,844	)		–			(31,801,409	)		–			(22,111,834	)
Total distributions to shareholders		–			(3,867,556	)		–			(10,928,089	)		–			(40,900,744	)		–			(29,898,155	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(22,007,267	)		(60,320,423	)		(15,538,841	)		(26,175,081	)		6,063,217			(25,644,410	)		(20,073,532	)		(3,280,793	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(145,830,348	)		(103,152,308	)		(73,220,365	)		(68,013,462	)		(411,012,262	)		(98,046,485	)		(195,142,279	)		(77,215,432	)
NET ASSETS:
Beginning of period		349,995,040			453,147,348			179,697,299			247,710,761			946,933,948			1,044,980,433			395,426,392			472,641,824
End of period†	$	204,164,692		$	349,995,040		$	106,476,934		$	179,697,299		$	535,921,686		$	946,933,948		$	200,284,113		$	395,426,392
†  Includes accumulated undistributed net investment income (loss)	$	5,024,222		$	3,060,101		$	5,151,435		$	3,555,212		$	39,337,515		$	29,866,491		$	6,105,286		$	3,487,858

See Notes to Financial Statements

215

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GLOBAL REAL ESTATE FUND					GLOBAL SOCIAL AWARENESS FUND						GLOBAL STRATEGY FUND						GOVERNMENT SECURITIES FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Period Ended March 10*-May 31, 2008		For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)		For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,070,015		$	55,148	$	3,812,581		$	9,085,898		$	5,965,618		$	15,751,459		$	2,787,820	$	4,855,030
Net realized gain (loss) on investments and foreign currencies		(9,288,335	)		129,910		(85,290,118	)		15,856,131			(4,862,404	)		19,042,792			1,279,811		592,831
Net unrealized gain (loss) on investments and foreign currencies		(40,123,836	)		985,427		(148,532,223	)		(42,378,345	)		(119,533,359	)		(32,247,594	)		6,382,212		1,012,893
Net increase (decrease) in net assets resulting from operations		(48,342,156	)		1,170,485		(230,009,760	)		(17,436,316	)		(118,430,145	)		2,546,657			10,449,843		6,460,754
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			–		–			(5,496,328	)		–			(7,140,085	)		–		(4,668,688	)
Net realized gain on securities		–			–		–			(46,803,168	)		–			(7,778,495	)		–		–
Total distributions to shareholders		–			–		–			(52,299,496	)		–			(14,918,580	)		–		(4,668,688	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		184,808,106			27,960,683		(44,627,758	)		167,059,826			(22,115,984	)		(1,538,108	)		28,115,943		66,366,198
TOTAL INCREASE (DECREASE) IN NET ASSETS		136,465,950			29,131,168		(274,637,518	)		97,324,014			(140,546,129	)		(13,910,031	)		38,565,786		68,158,264
NET ASSETS:
Beginning of period		29,131,168			–		565,483,274			468,159,260			495,974,990			509,885,021			171,641,493		103,483,229
End of period†	$	165,597,118		$	29,131,168	$	290,845,756		$	565,483,274		$	355,428,861		$	495,974,990		$	210,207,279	$	171,641,493
†  Includes accumulated undistributed net investment income (loss)	$	1,148,321		$	78,306	$	13,177,061		$	9,364,480		$	30,941,757		$	24,976,139		$	7,605,699	$	4,817,879

* Commencement of operations.

See Notes to Financial Statements

216

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND						INFLATION PROTECTED FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,694,446		$	2,200,862		$	1,052,291		$	2,148,074		$	(622,190	)	$	(1,234,317	)	$	4,387,568		$	2,597,503
Net realized gain (loss) on investments and foreign currencies		(107,773,946	)		163,441,813			(22,409,383	)		4,484,192			(3,176,695	)		19,080,327			(1,214,287	)		(304,842	)
Net unrealized gain (loss) on investments and foreign currencies		(257,333,539	)		(81,835,417	)		(25,167,464	)		(11,745,306	)		(58,045,683	)		(18,467,998	)		(24,353,667	)		(2,302,551	)
Net increase (decrease) in net assets resulting from operations		(363,413,039	)		83,807,258			(46,524,556	)		(5,113,040	)		(61,844,568	)		(621,988	)		(21,180,386	)		(9,890	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			–			–			(1,732,536	)		–			–			–			(661,802	)
Net realized gain on securities		–			–			–			(6,185,584	)		–			(17,447,281	)		–			–
Total distributions to shareholders		–			–			–			(7,918,120	)		–			(17,447,281	)		–			(661,802	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(49,003,913	)		(145,940,715	)		(7,554,847	)		(6,595,197	)		(5,226,739	)		19,993,692			9,174,787			144,024,306
TOTAL INCREASE (DECREASE) IN NET ASSETS		(412,416,952	)		(62,133,457	)		(54,079,403	)		(19,626,357	)		(67,071,307	)		1,924,423			(12,005,599	)		143,352,614
NET ASSETS:
Beginning of period		963,367,601			1,025,501,058			129,656,537			149,282,894			198,368,313			196,443,890			159,074,437			15,721,823
End of period†	$	550,950,649		$	963,367,601		$	75,577,134		$	129,656,537		$	131,297,006		$	198,368,313		$	147,068,838		$	159,074,437
†  Includes accumulated undistributed net investment income (loss)	$	1,363,820		$	(330,626	)	$	3,136,363		$	2,084,072		$	(858,180	)	$	(235,990	)	$	6,625,116		$	2,237,548

See Notes to Financial Statements

217

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH I FUND						LARGE CAP CORE FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	9,526,103		$	31,568,388		$	3,487,716		$	5,971,409		$	4,311,257		$	10,512,291		$	552,658		$	701,679
Net realized gain (loss) on investments and foreign currencies		(92,735,111	)		108,526,590			(9,525,613	)		3,869,792			(47,379,698	)		38,577,153			(4,593,900	)		5,274,556
Net unrealized gain (loss) on investments and foreign currencies		(424,796,793	)		(186,160,079	)		(14,285,943	)		1,713,016			(277,459,842	)		(30,727,515	)		(27,298,307	)		(8,599,407	)
Net increase (decrease) in net assets resulting from operations		(508,005,801	)		(46,065,101	)		(20,323,840	)		11,554,217			(320,528,283	)		18,361,929			(31,339,549	)		(2,623,172	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(27,305,340	)		–			(6,982,316	)		–			(6,162,164	)		–			(514,741	)
Net realized gain on securities		–			(22,846,524	)		–			(948,633	)		–			–			–			(2,756,507	)
Total distributions to shareholders		–			(50,151,864	)		–			(7,930,949	)		–			(6,162,164	)		–			(3,271,248	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		57,870,207			102,021,475			(13,180,632	)		39,791,308			(16,223,723	)		45,784,022			36,454,842			2,552,569
TOTAL INCREASE (DECREASE) IN NET ASSETS		(450,135,594	)		5,804,510			(33,504,472	)		43,414,576			(336,752,006	)		57,983,787			5,115,293			(3,341,851	)
NET ASSETS:
Beginning of period		1,102,850,354			1,097,045,844			179,191,192			135,776,616			726,257,664			668,273,877			84,844,304			88,186,155
End of period†	$	652,714,760		$	1,102,850,354		$	145,686,720		$	179,191,192		$	389,505,658		$	726,257,664		$	89,959,597		$	84,844,304
†  Includes accumulated undistributed net investment income (loss)	$	38,912,656		$	29,386,553		$	7,096,455		$	3,608,739		$	14,072,004		$	9,760,747		$	1,250,151		$	697,493

See Notes to Financial Statements

218

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND						MONEY MARKET I FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,049,224		$	1,489,103		$	17,315,430		$	30,676,749		$	129,219		$	132,918		$	5,500,376		$	20,476,669
Net realized gain (loss) on investments and foreign currencies		(28,134,235	)		7,772,330			26,737,682			202,709,153			(52,408,024	)		29,213,077			(1,886,876	)		65,553
Net unrealized gain (loss) on investments and foreign currencies		(160,302,666	)		(5,560,795	)		(1,137,839,330	)		(349,456,861	)		(114,794,436	)		(2,297,512	)		–			–
Net increase (decrease) in net assets resulting from operations		(187,387,677	)		3,700,638			(1,093,786,218	)		(116,070,959	)		(167,073,241	)		27,048,483			3,613,500			20,542,222
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,208,448	)		–			(34,703,346	)		–			–			(5,500,376	)		(20,476,669	)
Net realized gain on securities		–			–			–			(194,031,697	)		–			(8,629,895	)		–			–
Total distributions to shareholders		–			(1,208,448	)		–			(228,735,043	)		–			(8,629,895	)		(5,500,376	)		(20,476,669	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(26,511,531	)		(70,072,976	)		(74,847,638	)		(50,991,328	)		(19,530,395	)		19,240,750			34,287,781			56,016,740
TOTAL INCREASE (DECREASE) IN NET ASSETS		(213,899,208	)		(67,580,786	)		(1,168,633,856	)		(395,797,330	)		(186,603,636	)		37,659,338			32,400,905			56,082,293
NET ASSETS:
Beginning of period		519,293,925			586,874,711			2,676,197,959			3,071,995,289			367,294,762			329,635,424			572,434,405			516,352,112
End of period†	$	305,394,717		$	519,293,925		$	1,507,564,103		$	2,676,197,959		$	180,691,126		$	367,294,762		$	604,835,310		$	572,434,405
†  Includes accumulated undistributed net investment income (loss)	$	2,485,372		$	1,436,148		$	47,813,495		$	30,498,065		$	1,182,648		$	1,053,429		$	–		$	–

See Notes to Financial Statements

219

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	NASDAQ-100® INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND						SMALL CAP FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	80,744		$	245,875		$	(17,224	)	$	(905,146	)	$	(99,774	)	$	(300,687	)	$	491,273		$	1,378,562
Net realized gain (loss) on investments and foreign currencies		(1,046,600	)		1,438,470			(86,066,756	)		85,772,797			(4,781,760	)		4,598,757			(1,764,063	)		(18,772,610	)
Net unrealized gain (loss) on investments and foreign currencies		(40,064,803	)		2,152,486			(323,721,358	)		(37,789,117	)		(21,274,094	)		(8,138,532	)		(131,637,798	)		(64,296,168	)
Net increase (decrease) in net assets resulting from operations		(41,030,659	)		3,836,831			(409,805,338	)		47,078,534			(26,155,628	)		(3,840,462	)		(132,910,588	)		(81,690,216	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(73,271	)		–			–			–			–			–			(162,397	)
Net realized gain on securities		–			–			–			–			–			(12,217	)		–			(52,950,679	)
Total distributions to shareholders		–			(73,271	)		–			–			–			(12,217	)		–			(53,113,076	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(1,744,140	)		10,858,101			(45,588,215	)		(104,138,221	)		(3,672,219	)		16,974,823			(24,247,677	)		(27,209,578	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(42,774,799	)		14,621,661			(455,393,553	)		(57,059,687	)		(29,827,847	)		13,122,144			(157,158,265	)		(162,012,870	)
NET ASSETS:
Beginning of period		98,268,710			83,647,049			908,590,311			965,649,998			65,033,368			51,911,224			391,306,472			553,319,342
End of period†	$	55,493,911		$	98,268,710		$	453,196,758		$	908,590,311		$	35,205,521		$	65,033,368		$	234,148,207		$	391,306,472
†  Includes accumulated undistributed net investment income (loss)	$	310,992		$	230,248		$	(87,253	)	$	(70,029	)	$	97,182		$	196,456		$	1,866,336		$	1,375,063

See Notes to Financial Statements

220

AIG Retirement Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND						STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008			For the Six Months Ended November 30, 2008 (Unaudited)			For the Year Ended May 31, 2008
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,330,512		$	14,853,313		$	1,744,935		$	3,351,793		$	62,258		$	(418,255	)	$	37,237,429		$	79,495,086		$	1,074,544		$	1,909,164
Net realized gain (loss) on investments and foreign currencies		16,857,304			62,481,129			(22,060,706	)		(664,046	)		(9,633,027	)		(18,756,350	)		83,343,166			334,763,881			(33,516,189	)		(5,307,517	)
Net unrealized gain (loss) on investments and foreign currencies		(384,774,616	)		(221,171,583	)		(74,242,804	)		(67,781,274	)		(36,767,698	)		(2,252,605	)		(1,606,047,922	)		(795,566,871	)		(80,328,176	)		(2,467,230	)
Net increase (decrease) in net assets resulting from operations		(360,586,800	)		(143,837,141	)		(94,558,575	)		(65,093,527	)		(46,338,467	)		(21,427,210	)		(1,485,467,327	)		(381,307,904	)		(112,769,821	)		(5,865,583	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(12,975,068	)		–			(2,324,948	)		–			–			–			(79,526,270	)		–			(385,589	)
Net realized gain on securities		–			(89,670,382	)		–			(16,582,738	)		–			–			–			(246,852,747	)		–			(7,681,476	)
Total distributions to shareholders		–			(102,645,450	)		–			(18,907,686	)		–			–			–			(326,379,017	)		–			(8,067,065	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(17,562,184	)		18,053,475			(16,971,721	)		(46,049,506	)		(4,918,599	)		(22,890,760	)		(290,390,089	)		(298,151,405	)		(5,160,982	)		201,538,002
TOTAL INCREASE (DECREASE) IN NET ASSETS		(378,148,984	)		(228,429,116	)		(111,530,296	)		(130,050,719	)		(51,257,066	)		(44,317,970	)		(1,775,857,416	)		(1,005,838,326	)		(117,930,803	)		187,605,354
NET ASSETS:
Beginning of period		990,398,350			1,218,827,466			256,766,723			386,817,442			118,627,538			162,945,508			4,311,083,355			5,316,921,681			277,345,751			89,740,397
End of period†	$	612,249,366		$	990,398,350		$	145,236,427		$	256,766,723		$	67,370,472		$	118,627,538		$	2,535,225,939		$	4,311,083,355		$	159,414,948		$	277,345,751
†  Includes accumulated undistributed net investment income (loss)	$	22,536,579		$	15,206,067		$	4,950,948		$	3,206,013		$	356,724		$	294,466		$	115,573,087		$	78,335,658		$	2,967,976		$	1,893,432

See Notes to Financial Statements

221

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 — Organization

AIG Retirement Company I, formerly known as VALIC Company I, (the “Series” or “ARC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 33 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund Blue Chip Growth Fund Broad Cap Value Income Fund Capital Conservation Fund Core Equity Fund Core Value Fund Foreign Value Fund Global Equity Fund Global Real Estate Fund (formally Real Estate Fund) Global Social Awareness Fund Global Strategy Fund Government Securities Fund Growth Fund Growth & Income Fund Health Sciences Fund Inflation Protected Fund International Equities Fund International Growth I Fund International Government Bond Fund Large Cap Core Fund Large Capital Growth Fund Mid Cap Index Fund Mid Cap Strategic Growth Fund Money Market I Fund Nasdaq-100^® Index Fund Science & Technology Fund Small Cap Aggressive Growth Fund Small Cap Fund Small Cap Index Fund Small Cap Special Values Fund Small-Mid Growth Fund Stock Index Fund Value Fund

Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100^® Index Fund, Inflation Protected Fund, Health Sciences Fund and Global Real Estate Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that may contain the obligation to indemnify others. The Funds maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements:

A. Security Valuation

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange, securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, a fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of securities. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If the Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the New York Stock Exchange. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day.

Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the

222

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

broadest and most representative market, that may be either a securities exchange or the over-the-counter market. Investments in open end and closed end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open end and closed end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

For the Money Market I Fund, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board. In addition, in accordance with positions taken by the SEC or its staff, effective November 3, 2008, for shadow pricing purposes the Money Market I Fund valued certain portfolio securities with remaining maturities of 60 days or less at amortized cost instead of at the market-based value through January 12, 2009.

Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of our funds.

B. Options, Futures, and Forward Currency Contracts

Options. An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. The premium paid by a Fund for the purchase of a call or a put option is included in the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current market value of the option. When a Fund writes a call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as a liability and is subsequently marked to market to reflect the current market value of the option written. If an option which the Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option.

During the period ended November 30, 2008 the following Funds had options written:

	Written Options
	Core Equity Fund					Health Sciences Fund					Small Cap Special Value Fund
	Number of Contracts		Premiums Received			Number of Contracts		Premiums Received			Number of Contracts	Premiums Received
Options outstanding as of May 31, 2008	147		$	62,103		9,003		$	4,831,042		—	$	—
Options written						7,159			3,203,906		93		20,624
Options terminated in closing purchase transactions	(147	)		(62,103	)	(8,487	)		(3,552,880	)	—		—
Options exercised						(1,285	)		(994,558	)	—		—
Options expired						(526	)		(105,271	)	—		—
Options outstanding as of November 30, 2008	—			—		5,864		$	3,382,239		93	$	20,624

Futures Contracts. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (“the broker”). A Fund’s activity in futures contracts is used primarily for hedging purposes and from time to time for income enhancement. Futures contracts are conducted through regulated exchanges that minimize counter-party credit risks. A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. Futures contracts involve elements of risk in excess of the amount reflected in the Statement of Assets and Liabilities. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward contracts involve elements of risk in excess of the amount reflected in the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward contract.

223

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

C. Repurchase Agreements

The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

As of November 30, 2008, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:

Fund	Percentage Ownership		Principal Amount
Government Securities	24.28	%	$	47,826,000
Growth & Income	1.46	%		2,881,000
Large Capital Growth	3.62	%		7,136,000

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

State Street Bank & Trust Co. Repurchase Agreement, dated November 28, 2008, bearing interest at a rate of 0.03% per annum, with a principal amount of $196,998,000, a repurchase price of $196,998,493, and maturity date of December 1, 2008. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate		Maturity Date	Principal Amount		Market Value
U.S. Treasury Bill	0.04	%	02/26/09	$	192,040,000	$	192,020,796
U.S. Treasury Bill	0.09	%	03/26/09		7,165,000		7,162,851
U.S. Treasury Bill	0.39	%	05/07/09		1,760,000		1,757,008

As of November 30, 2008, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:

Fund	Percentage Ownership		Principal Amount
Government Securities	15.00	%	$	30,000,000
Money Market I	19.02	%		38,039,000

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

UBS Securities, LLC, dated November 28, 2008, bearing interest at a rate of 0.20% per annum, with a principal amount of $200,000,000, a repurchase price of $200,003,333 and maturity date of December 1, 2008. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate		Maturity Date	Principal Amount		Market Value
U.S. Treasury Inflation Index Bonds	4.25	%	01/15/10	$	157,618,200	$	204,000,053

D. Mortgage-Backed Dollar Rolls

Certain Funds may enter into dollar roll transactions using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. During the year ended November 30, 2008, none of the funds entered into dollar roll transactions.

Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may or may not exceed transaction costs.

E. Foreign Currency Translation

The books and records of ARC I are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

ARC I does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, ARC I does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of fund securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and changes in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rate.

224

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

F. Investment Securities Loaned

To realize additional income, a Fund may lend Fund securities with a value of up to 33 ¹/3% of its total assets. Any such loans will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, letters of credit, or other collateral as deemed appropriate. The Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the Custodian to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be less than the value of the securities on loan. Each Fund receives income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral.

G. Short Sales

All Funds, except for the Foreign Value Fund, Money Market I Fund and Small Cap Special Values Fund, may engage in “short sales against the box.” This technique involves selling either a security that a Fund owns, or a security equivalent in kind and amount to the security sold short. A Fund may enter into a short sale against the box to hedge against anticipated declines in the market price of that security. The Asset Allocation Fund, Capital Conservation Fund and Global Real Estate Fund may also engage in “naked” short sales. To complete such transactions, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay to the lender any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Until the Fund replaces a borrowed security, the Fund will maintain daily a segregated account, containing cash or liquid securities, at such a level that (i) the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short and (ii) the amount deposited in the segregated account plus the amount deposited with the broker as collateral will not be less than the market value of the security at the time it was sold short. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Fund bears the risk of potential inability of the broker to meet their obligation to perform. As of November 30, 2008, there were no securities sold short in the Funds.

H. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders

Security transactions are recorded on a trade date basis. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and capital gains distributions received are recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Interest income is accrued daily except when collection is not expected. For financial statement purposes, ARC I amortizes all premiums and accretes all discounts on fixed income securities. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends and capital gains at various rates. India, Thailand and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund. Common expenses incurred by ARC I are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.

Dividends from net investment income, if any, are normally declared and paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications.

Each Fund intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Fund is considered a separate entity for tax purposes.

The funds file U.S. federal and certain state income tax returns. With few exceptions, the funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2005.

I. New Accounting Pronouncements

In March 2008, the Financial Accounting Standards (FASB) issued FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities. The standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity’s financial position and financial performance. It is effective for financial statements issued for fiscal years beginning after November 15, 2008. Management is currently in the process of determining the impact of the standard on the Fund’s disclosures in the financial statements.

225

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

In September 2006, the FASB issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, quoted prices in inactive markets, etc.)

Level 3 — Significant unobservable inputs (include the Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2008:

	Asset Allocation Fund				Blue Chip Growth Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	60,242,918	$	511,981	$	266,549,654	$	—
Level 2 — Other Significant Observable Inputs		49,688,389		—		52,426,778		—
Level 3 — Significant Unobservable Inputs		434,810		—		—		—
Total	$	110,366,117	$	511,981	$	318,976,432	$	—
	Broad Cap Value Income Fund				Capital Conservation Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	16,295,201	$	—	$	19,391,423	$	—
Level 2 — Other Significant Observable Inputs		192,000		—		98,458,684		—
Level 3 — Significant Unobservable Inputs		—		—		764,400		—
Total	$	16,487,201	$	—	$	118,614,507	$	—
	Core Equity Fund				Core Value Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	205,220,729	$	—	$	104,517,764	$	(284,793	)
Level 2 — Other Significant Observable Inputs		41,662,458		—		1,523,000		—
Level 3 — Significant Unobservable Inputs		—		—		—		—
Total	$	246,883,187	$	—	$	106,040,764	$	(284,793	)
	Foreign Value Fund				Global Equity Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	52,136,425	$	—	$	125,599,775	$	(3,083,721	)
Level 2 — Other Significant Observable Inputs		561,885,738		—		118,471,635		—
Level 3 — Significant Unobservable Inputs		—		—		—		—
Total	$	614,022,163	$	—	$	244,071,410	$	(3,083,721	)
	Global Real Estate Fund				Global Social Awareness Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	80,231,105	$	—	$	144,889,697	$	213,018
Level 2 — Other Significant Observable Inputs		90,121,927		—		171,219,896		—
Level 3 — Significant Unobservable Inputs		—		—		0		—
Total	$	170,353,032	$	—	$	316,109,593	$	213,018
	Global Strategy Fund				Government Securities Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*		Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	93,207,563	$	27,855,401	$	66,819,666	$	—
Level 2 — Other Significant Observable Inputs		242,644,507		—		179,376,375		—
Level 3 — Significant Unobservable Inputs		—		—		—		—
Total	$	335,852,070	$	27,855,401	$	246,196,041	$	—

226

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Growth Fund					Growth & Income Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	510,312,194	$	161,162		$	72,691,384	$	—
Level 2 — Other Significant Observable Inputs		141,271,792		—			16,177,424		—
Level 3 — Significant Unobservable Inputs		—		—			0		—
Total	$	651,583,986	$	161,162		$	88,868,808	$	—
	Health Sciences Fund					Inflation Protected Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	122,573,845	$	(2,627,968	)	$	87,342,485	$	—
Level 2 — Other Significant Observable Inputs		13,834,091		—			50,600,189		—
Level 3 — Significant Unobservable Inputs		122,314		—			8,364,500		—
Total	$	136,530,250	$	(2,627,968	)	$	146,307,174	$	—
	International Equities Fund					International Government Bond Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	23,967,046	$	(7,358,974	)	$	9,648,032	$	54,573
Level 2 — Other Significant Observable Inputs		715,747,863		—			131,019,753		—
Level 3 — Significant Unobservable Inputs		3,605		—			—		—
Total	$	739,718,514	$	(7,358,974	)	$	140,667,785	$	54,573
	International Growth I Fund					Large Cap Core Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	36,253,806	$	(40	)	$	83,505,581	$	—
Level 2 — Other Significant Observable Inputs		418,775,043		—			25,150,992		—
Level 3 — Significant Unobservable Inputs		—		—			—		—
Total	$	455,028,849	$	(40	)	$	108,656,573	$	—
	Large Capital Growth Fund					Mid Cap Index Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	281,611,203	$	—		$	1,470,123,066	$	1,796,655
Level 2 — Other Significant Observable Inputs		84,029,576		—			349,671,879		—
Level 3 — Significant Unobservable Inputs		—		—			—		—
Total	$	365,640,779	$	—		$	1,819,794,945	$	1,796,655
	Mid Cap Strategic Growth Fund					Money Market Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	168,129,620	$	—		$	—	$	—
Level 2 — Other Significant Observable Inputs		60,658,629		—			604,805,634		—
Level 3 — Significant Unobservable Inputs		718,236		—			—		—
Total	$	229,506,485	$	—		$	604,805,634	$	—
	NASDAQ-100 Index Fund					Science & Technology Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	54,321,068	$	(240,325	)	$	418,522,958	$	—
Level 2 — Other Significant Observable Inputs		13,412,781		—			117,747,446		—
Level 3 — Significant Unobservable Inputs		—		—			—		—
Total	$	67,733,849	$	(240,325	)	$	536,270,404	$	—

227

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Small Cap Aggressive Growth Fund					Small Cap Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	35,410,974	$	—		$	229,196,396	$	—
Level 2 — Other Significant Observable Inputs		7,660,617		—			61,903,315		—
Level 3 — Significant Unobservable Inputs		—		—			—		—
Total	$	43,071,591	$	—		$	291,099,711	$	—
	Small Cap Index Fund					Small Cap Special Values Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	578,128,931	$	(4,759,580	)	$	139,002,946	$	20,159
Level 2 — Other Significant Observable Inputs		166,337,402		—			36,931,733		—
Level 3 — Significant Unobservable Inputs		0		—			437,005		—
Total	$	744,466,333	$	(4,759,580	)	$	176,371,684	$	20,159
	Small-Mid Growth Fund					Stock Index Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	64,487,907	$	—		$	2,498,869,776	$	(56,992	)
Level 2 — Other Significant Observable Inputs		17,776,163		—			205,832,083		—
Level 3 — Significant Unobservable Inputs		—		—			—		—
Total	$	82,264,070	$	—		$	2,704,701,859	$	(56,992	)
	Value Fund
Valuation Inputs	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	143,497,068	$	—
Level 2 — Other Significant Observable Inputs		14,357,439		—
Level 3 — Significant Unobservable Inputs		—		—
Total	$	157,854,507	$	—

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

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Asset Allocation					Capital Conservation
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	0		$	—	$	0		$	—
Accrued discounts/premiums		129			—		—			—
Realized gain (loss)		101			—		—			—
Change in unrealized appreciation (depreciation)		(78,368	)		—		(143,570	)		—
Net purchases (sales)		(10,805	)		—		1,000			—
Transfers in and/or out of Level 3		523,753			—		906,970			—
Balance as of 11/30/2008	$	434,810		$	—	$	764,400		$	—
	Foreign Value					Global Social Awareness
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	—		$	—	$	0		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		(1,511,880	)		—		—			—
Net purchases (sales)		—			—		—			—
Transfers in and/or out of Level 3		1,511,880			—		—			—
Balance as of 11/30/2008	$	—		$	—	$	0		$	—

228

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Global Strategy Fund					Growth Fund
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	—		$	—	$	496,044		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		(368,679	)		—		(42,073	)		—
Net purchases (sales)		1,447,608			—		186,369			—
Transfers in and/or out of Level 3		(1,078,929	)		—		(640,340	)		—
Balance as of 11/30/2008	$	—		$	—	$	—		$	—
	Growth & Income Fund					Health Sciences Fund
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	0		$	—	$	—		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		—			—		(13,591	)		—
Net purchases (sales)		—			—		135,905			—
Transfers in and/or out of Level 3		—			—		—			—
Balance as of 11/30/2008	$	0		$	—	$	122,314		$	—
	Inflation Protected Fund					International Equities Fund
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	—		$	—	$	990		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		(1,603,000	)		—		(212,410	)		—
Net purchases (sales)		—			—		7,215			—
Transfers in and/or out of Level 3		9,967,500			—		207,810			—
Balance as of 11/30/2008	$	8,364,500		$	—	$	3,605		$	—
	International Growth Fund					Mid Cap Strategic Growth Fund
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	3,024,613		$	—	$	—		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		300,654			—		—			—
Change in unrealized appreciation (depreciation)		(1,201,696	)		—		—			—
Net purchases (sales)		(319,183	)		—		718,236			—
Transfers in and/or out of Level 3		(1,804,388	)		—		—			—
Balance as of 11/30/2008	$	—		$	—	$	718,236		$	—
	Small Cap Index Fund					Small Cap Special Values Fund
	Investments in Securities			Other Financial Instruments*		Investments in Securities			Other Financial Instruments*
Balance as of 5/31/2008	$	0		$	—	$	0		$	—
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		23			—		—			—
Net purchases (sales)		56,750			—		—			—
Transfers in and/or out of Level 3		(56,773	)		—		437,005			—
Balance as of 11/30/2008	$	0		$	—	$	437,005		$	—

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

229

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to ARC I. Certain officers and directors of ARC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from ARC I a monthly fee based on each fund’s average daily net asset value at the following annual rates.

International Equities Fund	0.35% on the first $500 million;
	0.25% on the assets over $500 million
Mid Cap Index Fund	0.35% on the first $500 million;
Small Cap Index Fund	0.25% on $500 million to $3 billion
Stock Index Fund	0.20% on $3 billion to $5 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund*	0.75% on the first $250 million;
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund	0.80% on the first $250 million;
	0.75% on the next $250 million
	0.70% on $500 million to $1 billion
	0.65% on assets over $1 billion
Growth & Income Fund	0.75%
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million;
	0.85% on the next $250 million
	0.80% on $500 million to $1 billion
	0.75% on assets over $1 billion
Health Sciences Fund	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million;
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth I Fund	0.95% on the first $250 million;
	0.90% on the next $250 million
	0.85% on $500 million to $1 billion
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million;
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million;
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund	0.50%
Global Social Awareness Fund
Global Strategy Fund
Capital Conservation Fund	0.50% on the first $250 million;
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on $500 million to $1 billion
	0.35% on assets over $1 billion
Money Market I Fund	0.40%
Nasdaq-100® Index Fund
Core Value Fund	0.77% on the first $250 million;
	0.72% on the next $250 million
	0.67% on $500 million to $1 billion
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million;
	0.73% on the next $250 million
	0.68% on $500 million to $1 billion
	0.63% on assets over $1 billion

230

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on $500 million to $1 billion
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on $500 million to $1 billion
	0.58% on assets over $1 billion
Global Equity Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on $500 million to $1 billion
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund	0.83% on the first $250 million
	0.78% on the next $250 million
	0.73% on $500 million to $1 billion
	0.68% on assets over $1 billion
Global Real Estate Fund	0.75% on the first $250 million;
	0.70% on the next $250 million
	0.65% on assets over $500 million

* Prior to October 1, 2008, the management fee for Blue Chip Growth Fund was 0.75% of net assets.

VALIC contractually agreed to waive fees and/or reimburse expenses, if necessary, at or below the following percentages of each Fund’s average net assets through September 30, 2009. Annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund #	Maximum Expense Limitation
Blue Chip Growth	0.85	%
Broad Cap Value Income	0.85	%
Core Equity*	0.80	%
Core Value	0.83	%
Global Real Estate	0.95	%
Growth	0.95	%
Growth & Income	0.85	%
Inflation Protected	0.65	%
International Growth I	1.01	%
Large Cap Core	0.85	%
Large Capital Growth	0.80	%
Mid Cap Strategic Growth	0.85	%
Money Market I	0.55	%
NASDAQ-100® Index	0.55	%
Small Cap Aggressive Growth*	0.99	%
Small Cap	0.95	%
Small Cap Special Values	0.90	%
Small-Mid Growth	1.00	%
Value	0.85	%

* Effective October 1, 2008, the expense limitations for the Core Equity Fund and Small Cap Aggressive Fund were changed from 0.85% and 1.00%, respectively, to 0.80% and 0.99%.

# Effective October 1, 2008, the expense limitation for the Foreign Value Fund, Global Equity Fund and the Global Strategy Fund were removed.

231

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

For the period ended November 30, 2008, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Blue Chip Growth	$	30,005
Broad Cap Value Income		41,527
Core Equity		125,905
Core Value		75,458
Global Real Estate		82,707
Growth & Income		24,493
Inflation Protected		12,858
International Growth I		285,423
Large Cap Core		11,949
Money Market I		5,919
NASDAQ-100 Index		30,587
Small Cap Aggressive Growth		25,708
Small Cap		171,388
Small Cap Special Values		18,593
Small-Mid Growth		69,694
Value		70,584

VALIC has entered into sub-advisory agreements with the following:

AIG Global Investment Corp. (“AIGGIC”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Government Securities Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Global Social Awareness Fund and Stock Index Fund.

AIG SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the Growth & Income Fund, Money Market I Fund, and a portion of the Large Capital Growth Fund.

American Century Investment Management, Inc. and American Century Global Investment Management, Inc. (collectively, “American Century”)—subadviser for the Core Value Fund, the Growth Fund, and a portion of the International Growth I Fund.

Barrow, Hanley, Mewhinney & Strauss, Inc.—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund.

Brazos Capital Management, LP (“Brazos Capital”)—subadviser for a portion of the Mid Cap Strategic Growth Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Evergreen Investment Management Company, LLC—subadviser for the Large Cap Core Fund, the Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for a portion of the Global Real Estate Fund.

Invesco Aim Capital Management, Inc.—subadviser for a portion of the Large Capital Growth Fund, a portion of the International Growth I Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Growth I Fund.

Morgan Stanley Investment Management, Inc. (d/b/a/”Van Kampen”)—subadviser for a portion of the Mid Cap Strategic Growth Fund.

OppenheimerFunds, Inc.—subadviser for the Value Fund.

Putnam Investment Management, LLC—subadviser for the Global Equity Fund and a portion of the Small Cap Special Values Fund.

RCM Capital Management, LLC—subadviser for a portion of the Science & Technology Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund and for a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Wellington Management Company, LLP—subadviser for a portion of the Science & Technology Fund.

Wells Capital Management, Inc.—subadviser for the Small Cap Aggressive Growth Fund.

The subadvisers are compensated for their services by VALIC.

ARC I, on behalf of each Fund has entered into an Administrative Services Agreement with SunAmerica. SunAmerica receives from each Fund an annual fee of 0.07% based on the average daily net assets of the Fund. Under the agreement, SunAmerica will provide certain accounting and administrative services to ARC I. During the period ended November 30, 2008, the Series accrued $5,492,975 for accounting and administrative services.

ARC I, on behalf of each Fund has entered into a Transfer Agency and Services Agreement with VALIC. Under this agreement, VALIC provides services which include the issuance and redemption of shares, payment of dividends between the Series and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. For the period ended November 30, 2008, the Series accrued $53,493 in transfer agency and services fees.

232

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

On January 23, 2001, the Board of Directors ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in up to six different investment options that are specified in the plan as selected by the directors. For the period ended November 30, 2008, ARC I has deferred $10,397 of director compensation.

On January 23, 2001, the Board of Directors approved a retirement plan for its independent directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. ARC I is responsible for the payment of the retirement benefits, as well as all expenses of administration of the plan. Generally, benefits vested under the Retirement Plan are payable for a ten-year period. In the event of a Director’s death prior to complete distribution of benefits, the Director’s beneficiary or estate will be entitled to receive installments or a discounted lump-sum payment of the remaining benefits. The following amounts for the retirement plan liability are included in the payable for Directors’ fees and expenses line on the Statement of Assets and Liabilities and the amounts for the retirement plan expenses are included in the Directors’ fees and expenses line on the Statement of Operations:

Fund	Retirement Plan Liability as of November 30, 2008		Retirement Plan Expense		Retirement Plan Payments
			For the period ended November 30, 2008
Asset Allocation	$	51,815	$	222	$	7,971
Blue Chip Growth		16,401		112		934
Broad Cap Value Income		2,076		38		232
Capital Conservation		43,416		271		3,738
Core Equity		206,371		595		30,794
Core Value		72,624		310		6,358
Foreign Value		59,164		1,064		6,790
Global Equity		29,807		556		3,435
Global Real Estate		262		—		—
Global Social Awareness		111,938		545		18,113
Global Strategy		31,544		572		3,583
Government Securities		53,028		145		5,291
Growth		187,757		1,405		17,744
Growth & Income		55,430		189		8,847
Health Sciences		41,390		244		3,254
Inflation Protected		14,483		12,443		165
International Equities		106,580		1,241		15,619
International Government Bond		58,212		12,911		5,749
International Growth I		136,700		752		12,570
Large Cap Core		8,831		155		1,026
Large Capital Growth		41,812		766		4,677
Mid Cap Index		485,118		3,409		63,446
Mid Cap Strategic Growth		17,503		419		2,718
Money Market I		145,003		631		19,572
Nasdaq-100 Index		23,885		108		1,737
Science & Technology		336,388		1,274		60,493
Small Cap Aggressive Growth		4,200		68		441
Small Cap		188,566		740		16,641
Small Cap Index		162,388		1,432		21,036
Small Cap Special Values		24,690		487		2,950
Small-Mid Growth		11,799		223		1,383
Stock Index		1,237,238		6,581		183,759
Value		16,336		141		1,385

At November 30, 2008, VALIC, AIG Annuity Insurance Company (“AIGAIC”), and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC		AIGAIC	AGL
Asset Allocation	99.99	%	—	*
Blue Chip Growth	99.97	%	—	*
Broad Cap Value Income	100.00	%	—	—
Capital Conservation	100.00	%	—	—
Core Equity	100.00	%	—	—
Core Value	99.97	%	—	*
Foreign Value	100.00	%	—	—

233

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	VALIC		AIGAIC	AGL
Global Equity	100.00	%	—	—
Global Real Estate	100.00	%	—	—
Global Social Awareness	99.45	%	—	—
Global Strategy	100.00	%	—	—
Government Securities	97.18	%	*	—
Growth & Income	95.32	%	*	—
Growth	100.00	%	—	—
Health Sciences	99.95	%	—	*
Inflation Protected	100.00	%	—	—
International Equities	97.32	%	*	*
International Government Bond	100.00	%	—	—
International Growth I	100.00	%	—	—
Large Cap Core	100.00	%	—	—
Large Capital Growth	100.00	%	—	—
Mid Cap Index	98.39	%	—	*
Mid Cap Strategic Growth	100.00	%	—	—
Money Market I	84.42	%	*	15.29%
Nasdaq-100® Index	95.30	%	—	*
Science & Technology	99.77	%	*	*
Small Cap Aggressive Growth	100.00	%	—	—
Small Cap	100.00	%	—	—
Small Cap Index	99.12	%	—	*
Small-Mid Growth	100.00	%	—	—
Small Cap Special Values	100.00	%	—	—
Stock Index	96.19	%	*	*
Value	100.00	%	—	—

* Less than 5% ownership.

As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended November 30, 2008, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:

Fund	Security	Income		Market Value at 5/31/08		Purchases		Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value at 11/30/08
Stock Index	American International Group, Inc.	$	393,230	$	34,092,000	$	25,678	$	881,290	$	(209,303	)	$	(31,302,706	)	$	1,724,379

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

	Core Equity		Global Real Estate		International Growth I		Large Cap Core		Small Cap Special Values		Small-Mid Growth
JP Morgan Securities (Asia Pacific) Ltd.	$	—	$	—	$	2,326	$	—	$	—	$	—
J.P. Morgan Securities, Inc.		—		—		10,101		—		—		—
J.P. Morgan Securities, Ltd.		—		—		10,502		—		—		—
Merrill Lynch & Co., Inc.		3,411		—		—		—		—		—
Wachovia Securities LLC		—		—		—		—		1,039		2,601
Wachovia Capital Markets LLC		—		—		—		1,386		—		—
Bear Stearns Securities Corp.		—		—		500		—		—		—
Cazenove & Co.		—		—		8,084		—		—		—
Goldman Sachs & Co.		—		1,085		—		—		—		—
Goldman Sachs International		—		8,225		—		—		—		—

On September 22, 2008, American International Group, Inc. (“AIG”), the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor, SunAmerica, the subadviser to certain Funds and the Funds’ administrator, AIGGIC, subadviser to certain Funds, and Brazos Capital, the subadviser to the Mid Cap Strategic Growth Fund, entered into a revolving credit facility (the “Credit Facility”) and a Guarantee and Pledge Agreement with the Federal Reserve Bank of New York under the terms of which AIG will issue a new series of perpetual, non-redeemable Convertible Participating Serial Preferred Stock (the “Preferred Stock”) to a trust that will hold the Preferred Stock for the benefit of the United States Treasury. On October 3, 2008, AIG announced that it plans to retain its U.S. property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations, and that it is exploring divestiture opportunities for its remaining high-quality businesses and assets.

234

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Note 4 — Investment Activity

The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended November 30, 2008, were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	49,959,848	$	45,295,234	$	4,724,725	$	26,228,559
Blue Chip Growth		130,710,753		96,990,361		—		—
Broad Cap Value Income		2,742,034		3,311,410		—		—
Capital Conservation		26,611,631		48,125,277		25,706,305		12,812,654
Core Equity		112,739,577		130,318,171		—		—
Core Value		31,212,877		45,480,412		—		—
Foreign Value		94,376,798		69,305,454		—		—
Global Equity		156,240,050		157,976,124		—		—
Global Real Estate		202,621,549		16,576,546		—		—
Global Social Awareness		241,533,996		273,013,600		—		—
Global Strategy		47,954,279		50,028,352		—		—
Government Securities		—		30,693,750		144,200,597		151,750,267
Growth		462,556,677		502,595,342		—		—
Growth & Income		91,019,381		95,889,463		—		—
Health Sciences		46,034,780		51,842,881		—		—
Inflation Protected		2,955,000		3,060,000		42,327,656		21,145,054
International Equities		423,824,522		349,074,217		—		—
International Government Bond		117,254,640		120,979,656		55,491,203		54,232,535
International Growth I		213,801,021		214,455,197		—		—
Large Cap Core		54,417,378		20,408,774		—		—
Large Capital Growth		98,204,660		128,879,076		—		—
Mid Cap Index		272,649,429		310,208,551		—		—
Mid Cap Strategic Growth		406,400,373		418,275,966		—		—
NASDAQ-100® Index		2,062,963		2,642,319		—		—
Science & Technology		424,029,294		447,349,684		—		—
Small Cap Aggressive Growth		19,766,155		23,229,776		—		—
Small Cap		62,405,319		83,212,249		—		—
Small Cap Index		150,698,813		170,983,828		—		—
Small Cap Special Values		57,666,727		68,071,030		—		—
Small-Mid Growth		40,918,030		45,096,453		—		—
Stock Index		147,303,983		413,919,494		—		—
Value		185,348,448		178,294,198		—		—

Note 5 — Federal Income Taxes

The following tables detail the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2008.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	137,705,260	$	1,965,190	$	29,304,333	$	(27,339,143	)
Blue Chip Growth		426,018,769		1,347,788		108,390,125		(107,042,337	)
Broad Cap Value Income		23,631,908		424,699		7,569,406		(7,144,707	)
Capital Conservation		127,560,080		1,654,142		10,599,715		(8,945,573	)
Core Equity		335,916,858		2,699,953		91,733,624		(89,033,671	)
Core Value		149,081,836		4,989,146		48,030,218		(43,041,072	)
Foreign Value		1,036,680,999		5,242,755		427,901,591		(422,658,836	)
Global Equity		350,172,485		2,932,179		109,033,254		(106,101,075	)
Global Real Estate		209,687,941		452,986		39,787,895		(39,334,909	)
Global Social Awareness		468,097,630		1,605,936		153,593,973		(151,988,037	)

235

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Strategy	$	450,901,579	$	6,267,295	$	121,316,804	$	(115,049,509	)
Government Securities		239,824,203		8,592,387		2,220,549		6,371,838
Growth		849,387,637		6,715,695		204,519,346		(197,803,651	)
Growth & Income		115,395,448		1,098,956		27,625,596		(26,526,640	)
Health Sciences		177,864,384		7,825,755		49,159,889		(41,334,134	)
Inflation Protected		173,769,532		56,661		27,519,019		(27,462,358	)
International Equities		1,072,200,815		8,663,258		341,145,559		(332,482,301	)
International Government Bond*		151,728,944		5,476,781		16,537,940		(11,061,159	)
International Growth I		619,092,178		2,825,057		166,888,386		(164,063,329	)
Large Cap Core		132,648,131		867,997		24,859,555		(23,991,558	)
Large Capital Growth		440,095,805		6,060,514		80,515,540		(74,455,026	)
Mid Cap Index		2,610,539,291		78,262,499		869,006,845		(790,744,346	)
Mid Cap Strategic Growth		300,817,860		10,308,370		81,619,745		(71,311,375	)
Money Market I		604,805,634		—		—		—
NASDAQ-100® Index		82,693,139		8,607,991		23,567,281		(14,959,290	)
Science & Technology		826,809,831		1,155,883		291,695,310		(290,539,427	)
Small Cap Aggressive Growth		67,472,973		799,249		25,200,631		(24,401,382	)
Small Cap		388,613,056		13,332,802		110,846,147		(97,513,345	)
Small Cap Index		1,110,459,892		43,635,385		409,628,944		(365,993,559	)
Small Cap Special Values		277,438,776		3,765,565		104,832,657		(101,067,092	)
Small-Mid Growth		103,744,102		3,134,717		24,614,749		(21,480,032	)
Stock Index		2,914,909,087		587,520,633		797,727,861		(210,207,228	)
Value		233,685,502		333,397		76,164,392		(75,830,995	)

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2008.

The tax basis distributable earnings at May 31, 2008 and the tax character of distributions paid during the year ended May 31, 2008 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2008
Fund	Ordinary Income		Long-term Gains/Capital and Other Losses			Unrealized Appreciation (Depreciation)†			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	6,900,268	$	3,551,397		$	702,047		$	8,778,112	$	5,699,888
Blue Chip Growth		535,857		260,752			36,093,867			304,931		518,942
Broad Cap Value Income		185,125		536			773,792			1,169,822		359,884
Capital Conservation		8,863,045		(1,189,617	)		(4,049,605	)		10,132,103		—
Core Equity		2,839,799		(105,774,251	)		7,513,056			3,867,556		—
Core Value		3,829,178		6,721,872			3,506,625			5,501,935		5,426,154
Foreign Value		28,954,350		60,664,948			2,216,736			40,789,613		111,131
Global Equity		15,583,729		10,192,350			6,718,749			28,846,005		1,052,150
Global Real Estate		375,205		16,652			778,894			—		—
Global Social Awareness		21,187,709		22,535,717			(3,551,498	)		34,956,644		17,342,852
Global Strategy		27,373,827		7,593,756			32,183,784			14,176,509		742,071
Government Securities		4,762,754		(4,293,839	)		(10,374	)		4,668,688		—
Growth		131,104		(175,318,415	)		59,665,152			—		—
Growth & Income		5,827,545		3,477,387			(1,359,176	)		1,732,536		6,185,584
Health Sciences		4,173,967		11,883,328			14,081,686			6,189,880		11,257,401
Inflation Protected		2,240,182		(530,170	)		(3,108,691	)		661,802		—
International Equities		33,691,918		107,153,712			86,119,311			30,414,894		19,736,970
International Government Bond*		9,556,986		(1,032,887	)		(9,624,093	)		7,009,978		920,971
International Growth I		9,678,332		(17,227,966	)		113,292,607			6,162,164		—
Large Cap Core		1,569,168		4,417,865			3,307,951			2,980,630		290,618
Large Capital Growth		1,066,057		9,264,508			85,843,324			1,208,448		—
Mid Cap Index		32,390,610		201,074,113			346,336,874			45,379,086		183,355,957
Mid Cap Strategic Growth		13,586,081		15,242,415			43,483,046			7,823,997		805,898
Money Market I		234,653		—			—			20,476,669		—

236

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2008
Fund	Ordinary Income		Long-term Gains/Capital and Other Losses			Unrealized Appreciation (Depreciation)†			Ordinary Income		Long-Term Capital Gains
NASDAQ-100® Index	$	198,287	$	917,340		$	24,474,719		$	73,271	$	—
Science & Technology		—		(1,432,569,747	)		33,195,536			—		—
Small Cap Aggressive Growth		4,122,385		873,638			(3,127,288	)		737		11,480
Small Cap		1,289,123		16,130,807			34,124,452			2,645,971		50,467,105
Small Cap Index		15,672,292		58,341,622			13,257,343			26,112,424		76,533,026
Small Cap Special Values		2,739,043		6,098,837			(26,804,130	)		18,791,885		115,801
Small-Mid Growth		1,888,118		1,329,698			15,287,666			—		—
Stock Index		79,633,574		356,903,943			1,395,858,965			82,922,105		243,456,912
Value		2,155,884		2,587,864			4,497,111			6,061,032		2,006,033

* The Distributable Earnings for International Government Bond Fund are for the tax year ended September 30, 2008.

† Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2008, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, and are available to offset future capital gains, if any:

	Capital Loss Carryforward
Fund	2009		2010		2011		2012		2013		2014		2015		2016
Blue Chip Growth*	$	1,336,605	$	957,898	$	154,910	$	—	$	—	$	—	$	—	$	—
Capital Conservation		—		—		—		—		50,164		374,523		241,747		523,183
Core Equity		—		—		73,134,761		32,639,490		—		—		—		—
Government Securities		—		—		—		785,289		1,300,788		—		2,207,762		—
Growth		22,746,303		102,053,141		1,573,371		—		—		1,130,162		47,815,438		—
Inflation Protected		—		—		—		—		—		17,841		478,150		34,179
International Growth I		—		—		17,227,965		—		—		—		—		—
Science & Technology		—		856,100,578		404,504,281		171,964,888		—		—		—		—

* The capital loss carryforward includes $2,449,413 of capital losses from the acquisition of VC I Growth Fund on August 27, 2004. These losses may be subject to annual limitations pursuant to Section 382(b)(1) of the Internal Revenue Code.

Note 6 — Capital Share Transactions

Transactions in capital shares of each Fund were as follows:

	Asset Allocation										Blue Chip Growth
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	908,305		$	8,692,674		1,900,288		$	21,623,035		8,369,649		$	68,675,859		32,442,911		$	326,303,745
Reinvested dividends	—			—		1,322,192			14,478,000		—			—		75,446			823,873
Shares redeemed	(2,253,507	)		(21,391,589	)	(3,162,970	)		(35,931,404	)	(4,055,618	)		(34,390,789	)	(3,310,269	)		(35,086,673	)
Net increase (decrease)	(1,345,202	)	$	(12,698,915	)	59,510		$	169,631		4,314,031		$	34,285,070		29,208,088		$	292,040,945
	Broad Cap Value Income										Capital Conservation
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	176,281		$	1,541,334		475,679		$	5,507,295		869,391		$	8,111,240		3,466,578		$	34,040,365
Reinvested dividends	—			—		138,435			1,529,706		—			—		1,063,180			10,132,103
Shares redeemed	(293,036	)		(2,621,063	)	(714,671	)		(8,122,105	)	(1,996,077	)		(18,539,055	)	(9,037,790	)		(87,309,278	)
Net increase (decrease)	(116,755	)	$	(1,079,729	)	(100,557	)	$	(1,085,104	)	(1,126,686	)	$	(10,427,815	)	(4,508,032	)	$	(43,136,810	)

237

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Core Equity										Core Value
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	826,878		$	9,728,299		1,924,610		$	27,610,481		723,045		$	6,574,256		2,264,931		$	26,208,811
Reinvested dividends	—			—		267,651			3,867,556		—			—		979,219			10,928,089
Shares redeemed	(2,791,936	)		(31,735,566	)	(6,400,993	)		(91,798,460	)	(2,557,065	)		(22,113,097	)	(5,473,096	)		(63,311,981	)
Net increase (decrease)	(1,965,058	)	$	(22,007,267	)	(4,208,732	)	$	(60,320,423	)	(1,834,020	)	$	(15,538,841	)	(2,228,946	)	$	(26,175,081	)
	Foreign Value										Global Equity
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	7,686,534		$	69,443,678		14,507,285		$	186,954,307		1,766,939		$	16,365,720		6,947,104		$	85,214,621
Reinvested dividends	—			—		3,212,941			40,900,744		—			—		2,460,753			29,898,155
Shares redeemed	(6,261,490	)		(63,380,461	)	(20,483,249	)		(253,499,461	)	(4,054,251	)		(36,439,252	)	(9,735,531	)		(118,393,569	)
Net increase (decrease)	1,425,044		$	6,063,217		(2,763,023	)	$	(25,644,410	)	(2,287,312	)	$	(20,073,532	)	(327,674	)	$	(3,280,793	)
	Global Real Estate										Global Social Awareness
	For the period ended November 30, 2008 (Unaudited)					For the period March 10, 2008 to May 31, 2008*					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	29,423,257		$	219,249,042		2,600,299		$	27,973,838		2,334,242		$	39,090,692		9,858,590		$	195,302,765
Reinvested dividends	—			—		—			—		—			—		2,598,087			52,299,496
Shares redeemed	(4,230,260	)		(34,440,936	)	(1,177	)		(13,155	)	(5,713,551	)		(83,718,450	)	(3,781,642	)		(80,542,435	)
Net increase (decrease)	25,192,997		$	184,808,106		2,599,122		$	27,960,683		(3,379,309	)	$	(44,627,758	)	8,675,035		$	167,059,826
	Global Strategy										Government Securities
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	2,578,097		$	29,903,104		6,417,633		$	81,975,758		9,189,558		$	98,262,486		10,181,880		$	107,539,893
Reinvested dividends	—			—		1,176,544			14,918,580		—			—		451,081			4,668,688
Shares redeemed	(4,722,333	)		(52,019,088	)	(7,744,579	)		(98,432,446	)	(6,561,827	)		(70,146,543	)	(4,382,084	)		(45,842,383	)
Net increase (decrease)	(2,144,236	)	$	(22,115,984	)	(150,402	)	$	(1,538,108	)	2,627,731		$	28,115,943		6,250,877		$	66,366,198
	Growth										Growth & Income
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	2,565,583		$	23,955,084		10,261,891		$	109,053,511		459,223		$	6,247,609		999,410		$	16,979,544
Reinvested dividends	—			—		—			—		—			—		483,993			7,918,120
Shares redeemed	(8,048,998	)		(72,958,997	)	(23,986,782	)		(254,994,226	)	(1,041,425	)		(13,802,456	)	(1,871,166	)		(31,492,861	)
Net increase (decrease)	(5,483,415	)	$	(49,003,913	)	(13,724,891	)	$	(145,940,715	)	(582,202	)	$	(7,554,847	)	(387,763	)	$	(6,595,197	)
	Health Sciences										Inflation Protected
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,681,988		$	16,156,071		3,627,961		$	40,576,252		3,933,756		$	38,781,991		14,982,959		$	151,362,582
Reinvested dividends	—			—		1,563,376			17,447,281		—			—		66,781			661,802
Shares redeemed	(2,282,385	)		(21,382,810	)	(3,444,790	)		(38,029,841	)	(3,129,161	)		(29,607,204	)	(802,840	)		(8,000,078	)
Net increase (decrease)	(600,397	)	$	(5,226,739	)	1,746,547		$	19,993,692		804,595		$	9,174,787		14,246,900		$	144,024,306

238

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	International Equities										International Government Bond
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	17,927,903		$	137,481,677		32,040,671		$	342,203,522		2,139,014		$	25,608,072		5,591,999		$	69,515,008
Reinvested dividends	—			—		4,767,288			50,151,864		—			—		663,678			7,930,949
Shares redeemed	(10,182,775	)		(79,611,470	)	(27,658,526	)		(290,333,911	)	(3,344,396	)		(38,788,704	)	(3,062,392	)		(37,654,649	)
Net increase (decrease)	7,745,128		$	57,870,207		9,149,433		$	102,021,475		(1,205,382	)	$	(13,180,632	)	3,193,285		$	39,791,308
	International Growth I										Large Cap Core
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	5,573,090		$	55,650,825		12,587,538		$	162,489,359		6,084,858		$	54,384,198		3,339,848		$	36,056,406
Reinvested dividends	—			—		476,579			6,162,164		—			—		291,036			3,271,248
Shares redeemed	(7,337,681	)		(71,874,548	)	(9,603,201	)		(122,867,501	)	(1,889,159	)		(17,929,356	)	(3,167,022	)		(36,775,085	)
Net increase (decrease)	(1,764,591	)	$	(16,223,723	)	3,460,916		$	45,784,022		4,195,699		$	36,454,842		463,862		$	2,552,569
	Large Capital Growth										Mid Cap Index
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,366,669		$	14,331,386		4,376,297		$	54,098,054		6,166,647		$	118,699,817		15,190,786		$	370,059,930
Reinvested dividends	—			—		93,751			1,208,448		—			—		9,919,126			228,735,043
Shares redeemed	(3,984,084	)		(40,842,917	)	(10,140,112	)		(125,379,478	)	(9,912,754	)		(193,547,455	)	(28,476,523	)		(649,786,301	)
Net increase (decrease)	(2,617,415	)	$	(26,511,531	)	(5,670,064	)	$	(70,072,976	)	(3,746,107	)	$	(74,847,638	)	(3,366,611	)	$	(50,991,328	)
	Mid Cap Strategic Growth										Money Market I
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,517,049		$	17,791,361		5,765,650		$	84,799,150		201,168,376		$	201,168,376		553,256,088		$	553,256,088
Reinvested dividends	—			—		568,130			8,629,895		5,500,376			5,500,376		20,476,669			20,476,669
Shares redeemed	(3,276,423	)		(37,321,756	)	(5,212,657	)		(74,188,295	)	(172,380,971	)		(172,380,971	)	(517,716,017	)		(517,716,017	)
Net increase (decrease)	(1,759,374	)	$	(19,530,395	)	1,121,123		$	19,240,750		34,287,781		$	34,287,781		56,016,740		$	56,016,740
	NASDAQ-100 Index										Science & Technology
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	2,727,564		$	12,242,201		7,450,217		$	41,296,905		2,236,522		$	25,501,159		7,146,908		$	99,035,248
Reinvested dividends	—			—		12,810			73,271		—			—		—			—
Shares redeemed	(3,137,313	)		(13,986,341	)	(5,669,998	)		(30,512,075	)	(6,338,652	)		(71,089,374	)	(14,715,993	)		(203,173,469	)
Net increase (decrease)	(409,749	)	$	(1,744,140	)	1,793,029		$	10,858,101		(4,102,130	)	$	(45,588,215	)	(7,569,085	)	$	(104,138,221	)
	Small Cap Aggressive										Small Cap
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	512,180		$	4,702,015		3,074,763		$	35,641,772		1,482,731		$	12,866,785		2,870,282		$	32,007,011
Reinvested dividends	—			—		1,043			12,217		—			—		5,311,308			53,113,076
Shares redeemed	(916,907	)		(8,374,234	)	(1,687,453	)		(18,679,166	)	(4,402,494	)		(37,114,462	)	(10,192,318	)		(112,329,665	)
Net increase (decrease)	(404,727	)	$	(3,672,219	)	1,388,353		$	16,974,823		(2,919,763	)	$	(24,247,677	)	(2,010,728	)	$	(27,209,578	)

239

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Small Cap Index										Small Cap Special Values
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	4,548,286		$	61,597,861		11,933,522		$	205,079,039		1,368,449		$	11,256,255		2,824,391		$	30,212,035
Reinvested dividends	—			—		6,367,584			102,645,450		—			—		1,941,241			18,907,686
Shares redeemed	(5,802,291	)		(79,160,045	)	(18,396,433	)		(289,671,014	)	(3,460,106	)		(28,227,976	)	(9,033,381	)		(95,169,227	)
Net increase (decrease)	(1,254,005	)	$	(17,562,184	)	(95,327	)	$	18,053,475		(2,091,657	)	$	(16,971,721	)	(4,267,749	)	$	(46,049,506	)
	Small-Mid Growth										Stock Index
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008					For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	670,490		$	5,617,338		1,484,002		$	15,362,253		6,566,124		$	194,097,924		13,966,588		$	513,405,995
Reinvested dividends	—			—		—			—		—			—		9,116,732			326,379,017
Shares redeemed	(1,283,427	)		(10,535,937	)	(3,667,970	)		(38,253,013	)	(17,517,688	)		(484,488,013	)	(32,058,611	)		(1,137,936,417	)
Net increase (decrease)	(612,937	)	$	(4,918,599	)	(2,183,968	)	$	(22,890,760	)	(10,951,564	)	$	(290,390,089	)	(8,975,291	)	$	(298,151,405	)
	Value
	For the period ended November 30, 2008 (Unaudited)					For the year ended May 31, 2008
	Shares		Amount			Shares		Amount
Shares sold	4,625,018		$	41,121,591		20,584,725		$	225,887,278
Reinvested dividends	—			—		704,547			8,067,065
Shares redeemed	(5,578,883	)		(46,282,573	)	(2,780,842	)		(32,416,341	)
Net increase (decrease)	(953,865	)	$	(5,160,982	)	18,508,430		$	201,538,002

* Commencement of Operations

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the Fund’s expenses have been reduced. For the period ended November 30, 2008, the amount of expense reductions received by each fund, used to offset the Fund’s non-affiliated expenses, were as follows:

Fund	Expense Reductions
Asset Allocation	$	5,963
Blue Chip Growth		7,367
Broad Cap Value Income		484
Core Equity		5,099
Global Equity .		37,228
Global Social Awareness		36,338
Growth & Income		12,821
Health Sciences		6,045
International Growth I		1,331
Large Cap Core		11,798
Large Capital Growth		5,693
Mid Cap Strategic Growth		34,216
Science & Technology		32,432
Small Cap Aggressive Growth		1,445
Small Cap		5,081
Small Cap Special Values		31,160
Small-Mid Growth		30,517

240

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Note 8 — Investment Concentration

Capital Conservation Fund, Government Securities Fund, and Inflation Protected Fund invest in U.S. Government sponsored securities. No assurance can be given that the U.S. Government will provide support to such U.S. Government sponsored agencies or instrumentalities in the future since it is not required to do so by law. As a result of each Fund’s concentration in such investments, it may be subject to risks associated with U.S. Government securities. At the end of the period, the Funds had 39.8%, 26.8%, and 4.2%, respectively, of their net assets invested in such securities.

Some of the Funds may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the International Equities Fund , International Growth I Fund, Foreign Value Fund, Global Strategy Fund, Global Social Awareness Fund and the International Government Bond Fund. The International Equities Fund had 19.9% and 22.1% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The International Growth I Fund had 20.2% and 12.4% of its net assets invested in equity securities domiciled in the United Kingdom and Japan. The Foreign Value had 22.5% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Strategy Fund had 9.3% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Social Awareness Fund had 11.3% of its net assets invested in equity securities domiciled in the Japan. The International Government Bond Fund had 20.6% of its net assets invested in securities domiciled in Japan.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely effect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Nasdaq-100^® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100^® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which effect those sectors emphasized by the Index.

The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate. The Fund could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, Fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If the Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. As of November 30, 2008, the Global Real Estate Fund had 54.1% of its net assets invested in Real Estate Investment Trusts.

Note 9 — Lines of Credit

The Series and AIG Retirement Company I, formerly known as VALIC Company I, have established an $85 million committed and $40 million uncommitted line of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the Federal Funds Rate plus 50 basis points on the committed line and State Street’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 10 basis points per annum for the daily unused portion of the committed line of credit, which is included in other expenses on the Statement of Operations. Borrowings under the line of credit will commence when the Fund’s shortfall exceeds $100,000. For the period ended November 30, 2008, the following funds had borrowings:

Fund	Days Outstanding	Interest Charges		Average Debt Utilized		Weighted Average Interest
Core Equity	71	$	913	$	289,887	2.06	%
Core Value	16		182		228,553	1.85	%
Global Equity	8		390		821,178	1.86	%
Global Social Awareness	5		122		1,031,635	0.85	%
Global Strategy	1		6		154,499	1.50	%
Growth	21		549		516,236	2.94	%
International Equities	13		571		613,605	2.58	%
International Govt Bond	1		54		772,926	2.50	%
International Growth I	38		1,917		853,531	2.68	%
Large Cap Core	10		159		221,881	2.58	%
Mid Cap Strategic Growth	6		139		317,928	2.68	%
Science & Technology	2		16		169,858	1.66	%
Small Cap	9		125		211,565	2.53	%
Small Cap Aggressive Growth	27		644		342,664	2.33	%
Small Cap Special Values	22		182		132,363	2.17	%
Stock Index	5		2,308		7,199,147	2.33	%
Value	15		1,285		869,885	2.10	%

241

AIG Retirement Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

As of November 30, 2008, the following fund had an outstanding borrowing:

Fund	Amount
Small Cap Aggressive Growth	$	65,337

Note 10 — Interfund Lending Agreement

Pursuant to exemptive relief granted by the Securities and Exchange Commission, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and loan money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the period ended November 30, 2008, none of the Funds participated in the program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to purchase or sell securities from certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Directors of the Series. The procedures have been designed to ensure that any purchase or sale of securities by a fund from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price. For the period November 30, 2008, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
Core Equity	$	5,688,440	$	2,505,669	$	(145,674	)
Core Value		204,135		17,397		4,271
Growth		5,356,128		2,856,446		404,361
International Growth I		26,612		14,040		(4,399	)
Large Capital Growth		152,148		605,162		15,857
Mid Cap Strategic Growth		492,929		104,027		(158,413	)
Small Cap		—		1,564,557		220,541

Note 12 — Other Matters

On October 6, 2008, the Board of Directors (the “Board”) of AIG Retirement Company I (“ARC I”) approved the participation of the Money Market I Fund in the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”) through the initial termination date of the Program which was December 18, 2008. On November 24, 2008 the U.S. Department of Treasury (“Treasury”) announced an extension of the Program until April 30, 2009, and on December 4, 2008, the Board of ARC I approved the continued participation of the Money Market I Fund in the Program. The Program’s guarantee only applies to shareholders of the Money Market I Fund as of the close of business on September 19, 2008. Subject to certain conditions and limitations, the per share amount held by shareholders of the Money Market I Fund as of the close of business on September 19, 2008 are guaranteed against loss in the event the per share net asset value falls below $0.995 ( a “Guarantee Event”) and the Money Market I Fund subsequently liquidates. Participation in the Program for the initial term, required a payment to the Treasury in the amount of 0.015% of the net asset value of the Money Market I Fund as of the close of business on September 19, 2008. Continued participation in the Program from December 19, 2008 until April 30, 2009 required an additional payment to the Treasury in the amount of 0.022% of the net asset value of the Money Market I Fund as of the close of business on September 19, 2008. The cost to participate in the Program was borne by the Money Market I Fund. The total guaranteed payments that may be made by the Treasury under the Program, for all money market funds participating in the Program, is dependent upon the availability of assets in the Treasury’s Exchange Stabilization Fund, which is currently valued at approximately $50 billion. The Secretary of the Treasury may elect to extend the Program beyond April 30, 2009 through the close of business on September 18, 2009. If the Program is extended further, the Board will consider whether to continue to participate in the Program. If a Guarantee Event occurs after the Program expires, or, if sooner, after the Money Market I Fund ceases to participate in the Program, neither the Money Market I Fund nor any shareholder will be entitled to any payment under the Program. Please refer to the Money Market I Fund’s prospectus for additional information about the Program.

242

AIG Retirement Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2008(k)			Year Ended May 31,															Six Months Ended November 30, 2008(k)			Year Ended May 31,
				2008			2007			2006			2005			2004						2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	10.68		$	12.16		$	12.01		$	12.28		$	12.12		$	11.21		$	10.54		$	10.80		$	8.92		$	8.32		$	7.89		$	6.79
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.31			0.34			0.33			0.27			0.17			0.01			0.03			0.03			0.03			0.04			(0.00	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.46	)		(0.75	)		1.71			0.31			0.61			1.07			(4.39	)		(0.23	)		1.87			0.58			0.42			1.10
Total income (loss) from investment operations		(2.31	)		(0.44	)		2.05			0.64			0.88			1.24			(4.38	)		(0.20	)		1.90			0.61			0.46			1.10
Distributions from:
Net investment income		–			(0.35	)		(0.21	)		(0.16	)		(0.27	)		(0.19	)		–			(0.02	)		(0.02	)		(0.01	)		(0.03	)		–
Net realized gain on securities		–			(0.69	)		(1.69	)		(0.75	)		(0.45	)		(0.14	)		–			(0.04	)		–			–			–			–
Total distributions		–			(1.04	)		(1.90	)		(0.91	)		(0.72	)		(0.33	)		–			(0.06	)		(0.02	)		(0.01	)		(0.03	)		–
Net asset value at end of period	$	8.37		$	10.68		$	12.16		$	12.01		$	12.28		$	12.12		$	6.16		$	10.54		$	10.80		$	8.92		$	8.32		$	7.89
TOTAL RETURN(a)		(21.63	)%		(3.84	)%(h)		18.14	%		5.36	%(e)		7.31	%		11.08	%(e)		(41.56	)%		(1.84	)%(i)		21.30	%		7.35	%(f)		5.81	%		16.20	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.69	%(j)		0.69	%		0.70	%		0.72	%		0.65	%		0.68	%		0.85	%(j)		0.87	%		0.96	%		1.01	%		1.08	%		1.07	%
Ratio of expenses to average net assets(c)		0.69	%(j)		0.69	%		0.70	%		0.72	%		0.65	%		0.68	%		0.87	%(j)		0.91	%		0.99	%		1.02	%		1.10	%		1.07	%
Ratio of expense reductions to average net assets		0.01	%(j)		0.00	%		0.00	%		–			–			–			0.00	%(j)		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		3.13	%(j)		2.71	%		2.87	%		2.67	%		2.18	%		1.47	%		0.22	%(j)		0.31	%		0.35	%		0.35	%		0.47	%		(0.02	)%
Ratio of net investment income (loss) to average net assets(c)		3.13	%(j)		2.71	%		2.87	%		2.67	%		2.18	%		1.47	%		0.20	%(j)		0.27	%		0.32	%		0.34	%		0.45	%		(0.02	)%
Portfolio turnover rate		44	%		124	%		129	%		148	%		107	%(g)		79	%(g)		27	%		20	%		25	%		30	%		42	%		30	%
Number of shares outstanding at end of period (000’s)		13,281			14,626			14,567			13,666			15,256			15,869			44,017			39,703			10,495			7,325			5,847			5,116
Net assets at end of period (000’s)	$	111,185		$	156,260		$	177,095		$	164,117		$	187,309		$	192,301		$	271,215		$	418,429		$	113,352		$	65,366		$	48,638		$	40,369

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(g) Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005		2004
Asset Allocation Fund	104	%	75	%

^(h) The Fund’s performance was increased by 0.17% from a reimbursement by an affiliate.

⁽ⁱ⁾ The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate.

^(j) Annualized.

^(k) Unaudited.

243

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund												Capital Conservation Fund
	Six Months Ended November 30, 2008(h)			Year Ended May 31,						December 5, 2005* to May 31, 2006			Six Months Ended November 30, 2008(h)			Year Ended May 31,
				2008			2007									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	10.54		$	12.65		$	10.21		$	10.00		$	9.54		$	9.91		$	9.45		$	9.66		$	9.53		$	10.04
Income (loss) from investment operations:
Net investment income (loss)(e)		0.11			0.19			0.17			0.05			0.25			0.52			0.48			0.41			0.37			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		(3.67	)		(1.69	)		2.38			0.18			(0.80	)		(0.31	)		0.13			(0.41	)		0.19			(0.37	)
Total income (loss) from investment operations		(3.56	)		(1.50	)		2.55			0.23			(0.55	)		0.21			0.61			–			0.56			(0.09	)
Distributions from:
Net investment income		–			(0.19	)		(0.11	)		(0.02	)		–			(0.58	)		(0.15	)		(0.21	)		(0.38	)		(0.31	)
Net realized gain on securities		–			(0.42	)		–			–			–			–			–			–			(0.05	)		(0.11	)
Total distributions		–			(0.61	)		(0.11	)		(0.02	)		–			(0.58	)		(0.15	)		(0.21	)		(0.43	)		(0.42	)
Net asset value at end of period	$	6.98		$	10.54		$	12.65		$	10.21		$	8.99		$	9.54		$	9.91		$	9.45		$	9.66		$	9.53
TOTAL RETURN(a)		(33.78	)%		(12.08	)%		25.09	%		2.28	%		(5.77	)%		2.09	%		6.46	%		(0.02	)%		5.99	%		(0.82	)%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.85	%(b)		0.85	%		0.85	%		0.85	%(b)		0.67	%(b)		0.68	%		0.67	%		0.70	%		0.70	%		0.68	%
Ratio of expenses to average net assets(d)		1.24	%(b)		1.03	%		1.05	%		3.41	%(b)		0.67	%(b)		0.68	%		0.67	%		0.70	%		0.70	%		0.68	%
Ratio of expense reductions to average net assets		0.00	%(b)		0.01	%		–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(c)		2.44	%(b)		1.65	%		1.50	%		2.40	%(b)		5.21	%(b)		5.27	%		4.89	%		4.65	%		3.83	%		2.89	%
Ratio of net investment income (loss) to average net assets(d)		2.05	%(b)		1.47	%		1.30	%		(0.16	)%(b)		5.21	%(b)		5.27	%		4.89	%		4.65	%		3.83	%		2.89	%
Portfolio turnover rate		13	%		21	%		27	%		194	%		46	%		136	%		203	%		174	%		205	%(g)		182	%(g)
Number of shares outstanding at end of period (000’s)		2,364			2,481			2,582			2,663			12,263			13,389			17,897			22,200			8,997			8,167
Net assets at end of period (000’s)	$	16,500		$	26,151		$	32,646		$	27,203		$	110,212		$	127,695		$	177,290		$	209,742		$	86,903		$	77,836

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(g) Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005		2004
Capital Conservation Fund	198	%	171	%

^(h) Unaudited.

244

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Core Value Fund
	Six Months Ended November 30, 2008(i)			Year Ended May 31,															Six Months Ended November 30, 2008(i)			Year Ended May 31,
				2008			2007			2006			2005			2004						2 008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	13.85		$	15.37		$	13.00		$	12.37		$	11.77		$	10.12		$	10.66		$	12.98		$	10.41		$	9.87		$	9.07		$	7.73
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.12			0.12			0.13			0.16			0.10			0.10			0.20			0.19			0.17			0.20			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(5.17	)		(1.50	)		2.35			0.56			0.60			1.65			(3.67	)		(1.89	)		2.47			0.46			0.80			1.34
Total income (loss) from investment operations		(5.09	)		(1.38	)		2.47			0.69			0.76			1.75			(3.57	)		(1.69	)		2.66			0.63			1.00			1.47
Distributions from:
Net investment income		–			(0.14	)		(0.10	)		(0.06	)		(0.16	)		(0.10	)		–			(0.22	)		(0.09	)		(0.09	)		(0.20	)		(0.13	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.41	)		–			–			–			–
Total distributions		–			(0.14	)		(0.10	)		(0.06	)		(0.16	)		(0.10	)		–			(0.63	)		(0.09	)		(0.09	)		(0.20	)		(0.13	)
Net asset value at end of period	$	8.76		$	13.85		$	15.37		$	13.00		$	12.37		$	11.77		$	7.09		$	10.66		$	12.98		$	10.41		$	9.87		$	9.07
TOTAL RETURN(a)		(36.75	)%		(9.00	)%(f)		19.02	%(e)		5.62	%		6.48	%		17.36	%		(33.49	)%		(13.28	)%(g)		25.67	%		6.44	%		11.07	%		19.16	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.84	%(h)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.83	%(h)		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.93	%(h)		0.91	%		0.90	%		0.90	%		0.93	%		0.95	%		0.93	%(h)		0.92	%		0.92	%		0.92	%		0.91	%		0.91	%
Ratio of expense reductions to average net assets		0.00	%(h)		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.39	%(h)		0.84	%		0.85	%		1.03	%		1.30	%		0.88	%		2.19	%(h)		1.75	%		1.61	%		1.67	%		2.05	%		1.50	%
Ratio of net investment income (loss) to average net assets(c)		1.30	%(h)		0.78	%		0.79	%		0.99	%		1.22	%		0.79	%		2.09	%(h)		1.65	%		1.51	%		1.58	%		1.97	%		1.43	%
Portfolio turnover rate		40	%		69	%		110	%		39	%		31	%		28	%		21	%		37	%		30	%		109	%		72	%		71	%
Number of shares outstanding at end of period (000’s)		23,310			25,275			29,484			36,132			43,687			51,118			15,021			16,855			19,083			22,207			23,445			25,344
Net assets at end of period (000’s)	$	204,165		$	349,995		$	453,147		$	469,770		$	540,620		$	601,756		$	106,477		$	179,697		$	247,711		$	231,228		$	231,351		$	229,928

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance was increased by 0.66% from a reimbursement by an affiliate.

^(g) The Fund’s performance was increased by 0.16% from a reimbursement by an affiliate.

^(h) Annualized.

⁽ⁱ⁾ Unaudited.

245

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund												Global Equity Fund												Global Real Estate Fund
	Six Months Ended November 30, 2008(f)			Year Ended May 31,						December 5, 2005* to May 31, 2006			Six Months Ended November 30, 2008(f)			Year Ended May 31,						December 5, 2005* to May 31, 2006			Six Months Ended November 30, 2008(f)			March 10, 2008* to May 31, 2008
				2008			2007									2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.41		$	13.21		$	10.76		$	10.00		$	11.67		$	13.82		$	10.74		$	10.00		$	11.21		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(e)		0.12			0.36			0.25			0.02			0.08			0.18			0.17			0.06			0.10			0.04
Net realized and unrealized gain (loss) on investments and foreign currencies		(5.64	)		(0.67	)		2.33			0.74			(5.41	)		(1.44	)		3.06			0.69			(5.35	)		1.17
Total income (loss) from investment operations		(5.52	)		(0.31	)		2.58			0.76			(5.33	)		(1.26	)		3.23			0.75			(5.25	)		1.21
Distributions from:
Net investment income		–			(0.11	)		(0.13	)		0.00			–			(0.23	)		(0.15	)		(0.01	)		–			–
Net realized gain on securities		–			(0.38	)		0.00			–			–			(0.66	)		(0.00	)		–			–			–
Total distributions		–			(0.49	)		(0.13	)		0.00			–			(0.89	)		(0.15	)		(0.01	)		–			–
Net asset value at end of period	$	6.89		$	12.41		$	13.21		$	10.76		$	6.34		$	11.67		$	13.82		$	10.74		$	5.96		$	11.21
TOTAL RETURN(a)		(44.48	)%		(2.44	)%		24.08	%		7.63	%		(45.67	)%		(9.39	)%		30.35	%		7.48	%		(46.83	)%		12.10	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.95	%(b)		0.86	%		0.86	%		0.84	%(b)		0.97	%(b)		0.97	%		0.95	%		0.98	%(b)		0.95	%(b)		0.95	%(b)
Ratio of expenses to average net assets(d)		0.95	%(b)		0.86	%		0.86	%		1.65	%(b)		0.97	%(b)		0.97	%		0.95	%		2.16	%(b)		1.22	%(b)		5.04	%(b)
Ratio of expense reductions to average net assets		–			–			–			–			0.02	%(b)		0.01	%		0.01	%		–			–			–
Ratio of net investment income (loss) to average net assets(c)		2.56	%(b)		2.82	%		2.17	%		5.06	%(b)		1.71	%(b)		1.38	%		1.41	%		10.48	%(b)		3.51	%(b)		2.22	%(b)
Ratio of net investment income (loss) to average net assets(d)		2.56	%(b)		2.82	%		2.17	%		4.24	%(b)		1.71	%(b)		1.38	%		1.41	%		9.30	%(b)		3.24	%(b)		(1.87	)%(b)
Portfolio turnover rate		9	%		34	%		31	%		0	%		53	%		93	%		86	%		3	%		26	%		11	%
Number of shares outstanding at end of period (000’s)		77,744			76,318			79,082			65,474			31,583			33,870			34,198			38,389			27,792			2,599
Net assets at end of period (000’s)	$	535,922		$	946,934		$	1,044,980		$	704,398		$	200,284		$	395,426		$	472,642		$	412,275		$	165,597		$	29,131

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) Unaudited.

246

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Social Awareness Fund																		Global Strategy Fund
	Six Months Ended November 30, 2008(h)			Year Ended May 31,															Six Months Ended November 30, 2008(h)			Year Ended May 31,						December 5, 2005* to May 31, 2006
				2008			2007			2006			2005			2004						2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	20.21		$	24.25		$	20.82		$	19.38		$	18.28		$	15.73		$	12.77		$	13.08		$	10.92		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(e)		0.14			0.41			0.30			0.26			0.27			0.16			0.16			0.41			0.31			0.03
Net realized and unrealized gain (loss) on investments and foreign currencies		(8.53	)		(1.71	)		4.25			1.30			1.09			2.55			(3.24	)		(0.33	)		2.05			0.90
Total income (loss) from investment operations		(8.39	)		(1.30	)		4.55			1.56			1.36			2.71			(3.08	)		0.08			2.36			0.93
Distributions from:
Net investment income		–			(0.29	)		(0.16	)		(0.12	)		(0.26	)		(0.16	)		–			(0.19	)		(0.16	)		(0.01	)
Net realized gain on securities		–			(2.45	)		(0.96	)		–			–			–			–			(0.20	)		(0.04	)		–
Total distributions		–			(2.74	)		(1.12	)		(0.12	)		(0.26	)		(0.16	)		–			(0.39	)		(0.20	)		(0.01	)
Net asset value at end of period	$	11.82		$	20.21		$	24.25		$	20.82		$	19.38		$	18.28		$	9.69		$	12.77		$	13.08		$	10.92
TOTAL RETURN(a)		(41.51	)%		(5.35	)%(g)		22.35	%		8.09	%		7.47	%		17.27	%		(24.12	)%		0.63	%		21.86	%		9.30	%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.70	%(b)		0.65	%		0.62	%		0.63	%		0.63	%		0.63	%		0.69	%(b)		0.73	%		0.71	%		0.72	%(b)
Ratio of expenses to average net assets(d)		0.70	%(b)		0.65	%		0.62	%		0.63	%		0.63	%		0.63	%		0.69	%(b)		0.73	%		0.71	%		1.57	%(b)
Ratio of expense reductions to average net assets		0.02	%(b)		0.01	%		0.02	%		–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(c)		1.68	%(b)		1.95	%		1.31	%		1.30	%		1.42	%		0.89	%		2.75	%(b)		3.17	%		2.60	%		3.80	%(b)
Ratio of net investment income (loss) to average net assets(d)		1.68	%(b)		1.95	%		1.31	%		1.30	%		1.42	%		0.89	%		2.75	%(b)		3.17	%		2.60	%		2.94	%(b)
Portfolio turnover rate		56	%		165	%		153	%		139	%		53	%		79	%		12	%		25	%		31	%		1	%
Number of shares outstanding at end of period (000’s)		24,604			27,983			19,308			18,349			20,461			21,814			36,694			38,838			38,988			37,843
Net assets at end of period (000’s)	$	290,846		$	565,483		$	468,159		$	382,067		$	396,563		$	398,820		$	355,429		$	495,975		$	509,885		$	413,319

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(g) The Fund’s performance was increased by 0.12% from a reimbursement by an affiliate.

^(h) Unaudited.

247

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund																		Growth Fund
	Six Months Ended November 30, 2008(h)			Year Ended May 31,															Six Months Ended November 30, 2008(h)			Year Ended May 31,						December 5, 2005* to May 31, 2006
				2008			2007			2006			2005			2004						2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	10.42		$	10.12		$	9.86		$	10.14		$	9.82		$	11.24		$	11.17		$	10.26		$	9.22		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.16			0.40			0.43			0.37			0.31			0.27			0.02			0.02			(0.01	)		0.01	(e)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.43			0.36			0.07			(0.46	)		0.33			(0.65	)		(4.37	)		0.89			1.05			(0.79	)
Total income (loss) from investment operations		0.59			0.76			0.50			(0.09	)		0.64			(0.38	)		(4.35	)		0.91			1.04			(0.78	)
Distributions from:
Net investment income		–			(0.46	)		(0.24	)		(0.19	)		(0.32	)		(0.29	)		–			–			0.00			–
Net realized gain on securities		–			–			–			–			–			(0.75	)		–			–			–			–
Total distributions		–			(0.46	)		(0.24	)		(0.19	)		(0.32	)		(1.04	)		–			–			0.00			–
Net asset value at end of period	$	11.01		$	10.42		$	10.12		$	9.86		$	10.14		$	9.82		$	6.82		$	11.17		$	10.26		$	9.22
TOTAL RETURN(a)		5.66	%		7.54	%		5.12	%		(0.94	)%		6.54	%(e)		(3.40	)%		(38.94	)%		8.87	%		11.29	%		(7.80	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.63	%(g)		0.66	%		0.67	%		0.65	%		0.66	%		0.65	%		0.91	%(g)		0.95	%		0.94	%		0.93	%(g)
Ratio of expenses to average net assets(c)		0.63	%(g)		0.66	%		0.67	%		0.65	%		0.66	%		0.65	%		0.91	%(g)		0.95	%		0.94	%		1.39	%(g)
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		3.04	%(g)		3.92	%		4.22	%		3.68	%		3.03	%		2.59	%		0.44	%(g)		0.22	%		(0.09	)%		1.55	%(g)
Ratio of net investment income (loss) to average net assets(c)		3.04	%(g)		3.92	%		4.22	%		3.68	%		3.03	%		2.59	%		0.44	%(g)		0.22	%		(0.09	)%		1.09	%(g)
Portfolio turnover rate		95	%		67	%		141	%		99	%		216	%(f)		169	%(f)		59	%		203	%		103	%		38	%
Number of shares outstanding at end of period (000’s)		19,100			16,472			10,221			11,775			13,361			14,904			80,775			86,259			99,984			127,742
Net assets at end of period (000’s)	$	210,207		$	171,641		$	103,483		$	116,084		$	135,549		$	146,347		$	550,951		$	963,368		$	1,025,501		$	1,177,556

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005		2004
Government Securities Fund	216	%	169	%

^(g) Annualized.

^(h) Unaudited.

248

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth & Income Fund																		Health Sciences Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,															Six Months Ended November 30, 2008(g)			Year Ended May 31,
				2008			2007			2006			2005			2004						2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	16.14		$	17.73		$	14.70		$	14.02		$	12.87		$	11.32		$	10.56		$	11.53		$	10.64		$	9.49		$	10.06		$	7.98
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.26			0.19			0.15			0.19			0.07			(0.03	)		(0.07	)		(0.06	)		(0.08	)		(0.08	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(6.14	)		(0.85	)		2.95			0.60			1.15			1.55			(3.31	)		0.13			2.37			1.70			(0.02	)		2.15
Total income (loss) from investment operations		(6.00	)		(0.59	)		3.14			0.75			1.34			1.62			(3.34	)		0.06			2.31			1.62			(0.10	)		2.08
Distributions from:
Net investment income		–			(0.22	)		(0.11	)		(0.07	)		(0.19	)		(0.07	)		–			–			–			–			–			–
Net realized gain on securities		–			(0.78	)		–			–			–			–			–			(1.03	)		(1.42	)		(0.47	)		(0.47	)		–
Total distributions		–			(1.00	)		(0.11	)		(0.07	)		(0.19	)		(0.07	)		–			(1.03	)		(1.42	)		(0.47	)		(0.47	)		–
Net asset value at end of period	$	10.14		$	16.14		$	17.73		$	14.70		$	14.02		$	12.87		$	7.22		$	10.56		$	11.53		$	10.64		$	9.49		$	10.06
TOTAL RETURN(a)		(37.17	)%		(3.44	)%(e)		21.40	%		5.36	%		10.47	%		14.33	%		(31.63	)%		0.05	%		23.19	%		16.94	%		(1.23	)%		26.07	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%(f)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		1.16	%(f)		1.17	%		1.17	%		1.16	%		1.17	%		1.15	%
Ratio of expenses to average net assets(c)		0.90	%(f)		0.89	%		0.89	%		0.89	%		0.90	%		0.89	%		1.16	%(f)		1.17	%		1.17	%		1.16	%		1.17	%		1.15	%
Ratio of expense reductions to average net assets		0.02	%(f)		0.03	%		0.02	%		–			–			–			0.01	%(f)		0.00	%		0.01	%		0.01	%		0.01	%		0.03	%
Ratio of net investment income (loss) to average net assets(b)		1.98	%(f)		1.53	%		1.18	%		1.04	%		1.41	%		0.55	%		(0.70	)%(f)		(0.63	)%		(0.57	)%		(0.76	)%		(0.80	)%		(0.77	)%
Ratio of net investment income (loss) to average net assets(c)		1.93	%(f)		1.49	%		1.13	%		1.00	%		1.35	%		0.51	%		(0.70	)%(f)		(0.63	)%		(0.57	)%		(0.76	)%		(0.80	)%		(0.77	)%
Portfolio turnover rate		90	%		238	%		169	%		148	%		74	%		168	%		25	%		44	%		47	%		54	%		49	%		41	%
Number of shares outstanding at end of period (000’s)		7,452			8,034			8,422			9,858			12,102			13,963			18,181			18,782			17,035			17,026			15,856			15,312
Net assets at end of period (000’s)	$	75,577		$	129,657		$	149,283		$	144,880		$	169,724		$	179,737		$	131,297		$	198,368		$	196,444		$	181,078		$	150,541		$	154,050

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance was increased by 0.17% from a reimbursement by an affiliate.

^(f) Annualized.

^(g) Unaudited.

249

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Inflation Protected Fund															International Equities Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,									December 20, 2004* to May 31, 2005			Six Months Ended November 30, 2008(g)			Year Ended May 31,
				2008			2007			2006									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	10.01		$	9.59		$	9.60		$	10.17		$	10.00		$	10.37		$	11.29		$	9.79		$	7.56		$	6.80		$	5.50
Income (loss) from investment operations:
Net investment income (loss)(d)		0.26			0.49			0.39			0.43			0.20			0.09			0.31			0.25			0.19			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.46	)		0.29			(0.07	)		(0.68	)		0.10			(4.74	)		(0.75	)		2.02			2.09			0.73			1.29
Total income (loss) from investment operations		(1.20	)		0.78			0.32			(0.25	)		0.30			(4.65	)		(0.44	)		2.27			2.28			0.89			1.41
Distributions from:
Net investment income		–			(0.36	)		(0.33	)		(0.32	)		(0.13	)		–			(0.26	)		(0.16	)		(0.05	)		(0.13	)		(0.11	)
Net realized gain on securities		–			–			–			0.00			–			–			(0.22	)		(0.61	)		–			–			–
Total distributions		–			(0.36	)		(0.33	)		(0.32	)		(0.13	)		–			(0.48	)		(0.77	)		(0.05	)		(0.13	)		(0.11	)
Net asset value at end of period	$	8.81		$	10.01		$	9.59		$	9.60		$	10.17		$	5.72		$	10.37		$	11.29		$	9.79		$	7.56		$	6.80
TOTAL RETURN(a)		(11.99	)%		8.22	%		3.35	%		(2.44	)%		3.00	%		(44.84	)%		(3.91	)%		24.05	%		30.32	%		13.10	%(e)		25.78	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%(f)		0.65	%		0.65	%		0.65	%		0.65	%(f)		0.51	%(f)		0.51	%		0.50	%		0.56	%		0.67	%		0.61	%
Ratio of expenses to average net assets(c)		0.66	%(f)		0.73	%		1.05	%		1.02	%		2.27	%(f)		0.51	%(f)		0.51	%		0.50	%		0.56	%		0.67	%		0.61	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		5.28	%(f)		5.59	%		4.00	%		4.45	%		4.67	%(f)		2.17	%(f)		2.87	%		2.45	%		2.19	%		2.17	%		1.96	%
Ratio of net investment income (loss) to average net assets(c)		5.27	%(f)		5.51	%		3.61	%		4.08	%		3.05	%(f)		2.17	%(f)		2.87	%		2.45	%		2.19	%		2.17	%		1.96	%
Portfolio turnover rate		16	%		70	%		37	%		13	%		39	%		41	%		104	%		47	%		98	%		68	%		12	%
Number of shares outstanding at end of period (000’s)		16,691			15,887			1,640			1,668			1,069			114,058			106,313			97,164			83,906			65,340			29,964
Net assets at end of period (000’s)	$	147,069		$	159,074		$	15,722		$	16,016		$	10,873		$	652,715		$	1,102,850		$	1,097,046		$	821,577		$	493,945		$	203,768

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) Annualized.

^(g) Unaudited.

250

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Government Bond Fund
	Six Months Ended November 30, 2008(h)			Year Ended May 31,
				2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	12.39		$	12.05		$	12.08		$	13.04		$	13.40		$	13.83
Income (loss) from investment operations:
Net investment income (loss)(d)		0.24			0.49			0.49			0.48			0.50			0.55
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.64	)		0.57			0.42			(0.17	)		1.08			(0.25	)
Total income (loss) from investment operations		(1.40	)		1.06			0.91			0.31			1.58			0.30
Distributions from:
Net investment income		–			(0.63	)		(0.52	)		(0.28	)		(0.76	)		(0.52	)
Net realized gain on securities		–			(0.09	)		(0.42	)		(0.99	)		(1.18	)		(0.21	)
Total distributions		–			(0.72	)		(0.94	)		(1.27	)		(1.94	)		(0.73	)
Net asset value at end of period	$	10.99		$	12.39		$	12.05		$	12.08		$	13.04		$	13.40
TOTAL RETURN(a)		(11.30	)%		8.94	%		7.60	%(e)		2.65	%(e)		12.30	%		2.10	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.72	%(g)		0.68	%		0.70	%		0.71	%		0.69	%		0.72	%
Ratio of expenses to average net assets(c)		0.72	%(g)		0.68	%		0.70	%		0.71	%		0.69	%		0.72	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		4.10	%(g)		4.07	%		4.04	%		3.81	%		3.77	%		3.95	%
Ratio of net investment income (loss) to average net assets(c)		4.10	%(g)		4.07	%		4.04	%		3.81	%		3.77	%		3.95	%
Portfolio turnover rate		109	%		183	%		164	%		198	%		136	%(f)		119	%(f)
Number of shares outstanding at end of period (000’s)		13,252			14,457			11,264			11,377			11,362			10,753
Net assets at end of period (000’s)	$	145,687		$	179,191		$	135,777		$	137,405		$	148,171		$	144,083

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f) Portfolio turnover includes paydowns on securities. Previously, portfolio turnover was calculated prior to including paydowns on securities and was as follows:

	2005		2004
International Government Bond Fund	136	%	119	%

^(g) Annualized.

^(h) Unaudited.

251

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth I Fund																		Large Cap Core Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,															Six Months Ended November 30, 2008(g)			Year Ended May 31,						December 5, 2005* to May 31, 2006
				2008			2007			2006			2005			2004						2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	13.15		$	12.91		$	10.30		$	8.07		$	7.38		$	6.07		$	10.78		$	11.91		$	10.10		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(e)		0.08			0.20			0.14			0.16			0.08			0.06			0.06			0.11			0.13			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		(5.94	)		0.16			2.65			2.12			0.69			1.31			(3.38	)		(0.65	)		1.78			0.09
Total income (loss) from investment operations		(5.86	)		0.36			2.79			2.28			0.77			1.37			(3.32	)		(0.54	)		1.91			0.11
Distributions from:
Net investment income		–			(0.12	)		(0.18	)		(0.05	)		(0.08	)		(0.06	)		–			(0.09	)		(0.10	)		(0.01	)
Net realized gain on securities		–			–			–			–			–			–			–			(0.50	)		–			–
Total distributions		–			(0.12	)		(0.18	)		(0.05	)		(0.08	)		(0.06	)		–			(0.59	)		(0.10	)		(0.01	)
Net asset value at end of period	$	7.29		$	13.15		$	12.91		$	10.30		$	8.07		$	7.38		$	7.46		$	10.78		$	11.91		$	10.10
TOTAL RETURN(a)		(44.56	)%		2.78	%		27.31	%		28.35	%		10.46	%		22.57	%		(30.80	)%		(4.73	)%		19.01	%		1.10	%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		1.01	%(b)		1.01	%		1.01	%		1.01	%		1.03	%		1.06	%		0.85	%(b)		0.85	%		0.85	%		0.85	%(b)
Ratio of expenses to average net assets(d)		1.11	%(b)		1.11	%		1.11	%		1.19	%		1.29	%		1.28	%		0.88	%(b)		1.00	%		0.91	%		2.43	%(b)
Ratio of expense reductions to average net assets		0.00	%(b)		0.00	%		0.00	%		–			–			–			0.03	%(b)		0.02	%		0.01	%		–
Ratio of net investment income (loss) to averagenet assets(c)		1.53	%(b)		1.56	%		1.19	%		1.71	%		0.99	%		0.83	%		1.28	%(b)		0.96	%		1.15	%		3.49	%(b)
Ratio of net investment income (loss) to averagenet assets(d)		1.43	%(b)		1.46	%		1.09	%		1.53	%		0.73	%		0.61	%		1.25	%(b)		0.81	%		1.09	%		1.90	%(b)
Portfolio turnover rate		38	%		64	%		74	%		97	%		94	%		164	%		25	%		62	%		24	%		2	%
Number of shares outstanding at end of period (000’s)		53,462			55,226			51,765			48,065			46,352			52,010			12,065			7,869			7,405			17,431
Net assets at end of period (000’s)	$	389,506		$	726,258		$	668,274		$	495,181		$	374,189		$	383,924		$	89,960		$	84,844		$	88,186		$	176,038

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(g) Unaudited.

252

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Six Months Ended November 30, 2008(h)			Year Ended May 31,									December 20, 2004* to May 31, 2005			Six Months Ended November 30, 2008(h)			Year Ended May 31,
				2008			2007			2006									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	12.45		$	12.38		$	10.43		$	9.85		$	10.00		$	23.88		$	26.62		$	23.72		$	21.46		$	19.41		$	15.62
Income (loss) from investment operations:
Net investment income (loss)(e)		0.03			0.03			0.05			0.01			0.01			0.16			0.26			0.30			0.25			0.19			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.67	)		0.07			1.93			0.59			(0.16	)		(10.12	)		(1.05	)		4.38			3.00			2.42			3.94
Total income (loss) from investment operations		(4.64	)		0.10			1.98			0.60			(0.15	)		(9.96	)		(0.79	)		4.68			3.25			2.61			4.08
Distributions from:
Net investment income		–			(0.03	)		(0.03	)		(0.02	)		0.00			–			(0.30	)		(0.12	)		(0.11	)		(0.19	)		(0.15	)
Net realized gain on securities		–			–			–			–			–			–			(1.65	)		(1.66	)		(0.88	)		(0.37	)		(0.14	)
Total distributions		–			(0.03	)		(0.03	)		(0.02	)		0.00			–			(1.95	)		(1.78	)		(0.99	)		(0.56	)		(0.29	)
Net asset value at end of period	$	7.81		$	12.45		$	12.38		$	10.43		$	9.85		$	13.92		$	23.88		$	26.62		$	23.72		$	21.46		$	19.41
TOTAL RETURN(a)		(37.27	)%		0.78	%(g)		18.97	%		6.08	%		(1.49	)%		(41.71	)%		(2.73	)%		20.77	%		15.35	%(f)		13.50	%		26.22	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.76	%(b)		0.78	%		0.76	%		0.79	%		0.85	%(b)		0.39	%(b)		0.38	%		0.38	%		0.39	%		0.40	%		0.41	%
Ratio of expenses to average net assets(d)		0.76	%(b)		0.78	%		0.76	%		1.33	%		2.73	%(b)		0.39	%(b)		0.38	%		0.38	%		0.39	%		0.40	%		0.41	%
Ratio of expense reductions to average net assets		0.00	%(b)		0.01	%		0.01	%		–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(c)		0.49	%(b)		0.27	%		0.42	%		0.30	%		0.29	%(b)		1.60	%(b)		1.08	%		1.27	%		1.09	%		0.95	%		0.80	%
Ratio of net investment income (loss) to average net assets(d)		0.49	%(b)		0.27	%		0.42	%		(0.24	)%		(1.59	)%(b)		1.60	%(b)		1.08	%		1.27	%		1.09	%		0.95	%		0.80	%
Portfolio turnover rate		24	%		49	%		78	%		404	%		45	%		13	%		21	%		14	%		19	%		14	%		11	%
Number of shares outstanding at end of period (000’s)		39,107			41,724			47,394			58,300			1,000			108,304			112,050			115,417			101,116			89,704			80,118
Net assets at end of period (000’s)	$	305,395		$	519,294		$	586,875		$	608,299		$	9,849		$	1,507,564		$	2,676,198		$	3,071,995		$	2,398,610		$	1,925,334		$	1,554,815

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(g) The fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(h) Unaudited.

253

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Money Market I Fund
	Six Months Ended November 30, 2008(f)			Year Ended May 31,									December 20, 2004* to May 31, 2005			Six Months Ended November 30, 2008(f)			Year Ended May 31,
				2008			2007			2006									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	15.03		$	14.14		$	11.76		$	9.97		$	10.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.01			0.00			0.02			(0.02	)		0.01			0.04			0.05			0.04			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		(7.07	)		1.23			2.39			1.77			(0.01	)		–			–			–			–			–			–
Total income (loss) from investment operations		(7.06	)		1.24			2.39			1.79			(0.03	)		0.01			0.04			0.05			0.04			0.01			0.01
Distributions from:
Net investment income		–			–			(0.01	)		–			0.00			(0.01	)		(0.04	)		(0.05	)		(0.04	)		(0.01	)		(0.01	)
Net realized gain on securities		–			(0.35	)		–			–			–			–			–			–			–			–			–
Total distributions		–			(0.35	)		(0.01	)		–			0.00			(0.01	)		(0.04	)		(0.05	)		(0.04	)		(0.01	)		(0.01	)
Net asset value at end of period	$	7.97		$	15.03		$	14.14		$	11.76		$	9.97		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(46.97	)%		8.71	%		20.30	%		17.95	%		(0.28	)%		0.93	%		3.82	%		4.90	%		3.61	%		1.46	%		0.51	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.83	%(e)		0.84	%		0.83	%		0.84	%		0.85	%(e)		0.53	%(e)		0.51	%		0.52	%		0.53	%		0.57	%		0.60	%
Ratio of expenses to average net assets(c)		0.83	%(e)		0.84	%		0.83	%		1.39	%		2.68	%(e)		0.53	%(e)		0.51	%		0.52	%		0.56	%		0.61	%		0.64	%
Ratio of expense reductions to average net assets		0.02	%(e)		0.01	%		0.00	%		–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.07	%(e)		0.03	%		0.00	%		0.60	%		(0.37	)%(e)		1.85	%(e)		3.72	%		4.80	%		3.56	%		1.43	%		0.51	%
Ratio of net investment income (loss) to average net assets(c)		0.07	%(e)		0.03	%		0.00	%		0.05	%		(2.20	)%(e)		1.85	%(e)		3.72	%		4.80	%		3.54	%		1.40	%		0.47	%
Portfolio turnover rate		153	%		151	%		242	%		486	%		72	%		N/A			N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		22,679			24,438			23,317			30,660			1,000			606,657			572,369			516,352			442,628			407,934			453,707
Net assets at end of period (000’s)	$	180,691		$	367,295		$	329,635		$	360,613		$	9,976		$	604,835		$	572,434		$	516,352		$	442,628		$	407,933		$	453,707

* Date Fund commenced operations

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) Unaudited.

254

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Nasdaq-100® Index Fund
	Six Months Ended November 30, 2008(f)			Year Ended May 31,
				2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	5.62		$	5.34		$	4.38		$	4.28		$	4.11		$	3.36
Income (loss) from investment operations:
Net investment income (loss)(d)		0.00			0.01			0.00			0.00			0.03			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.37	)		0.27			0.96			0.10			0.17			0.76
Total income (loss) from investment operations		(2.37	)		0.28			0.96			0.10			0.20			0.75
Distributions from:
Net investment income		–			–			(0.00	)		(0.00	)		(0.03	)		–
Net realized gain on securities		–			–			–			–			–			–
Total distributions		–			–			(0.00	)		–			(0.03	)		–
Net asset value at end of period	$	3.25		$	5.62		$	5.34		$	4.38		$	4.28		$	4.11
TOTAL RETURN(a)		(42.17	)%		5.32	%		22.01	%		2.36	%		4.81	%		22.32	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.55	%(e)		0.56	%		0.63	%		0.61	%		0.65	%		0.63	%
Ratio of expenses to average net assets(c)		0.63	%(e)		0.60	%		0.63	%		0.61	%		0.65	%		0.63	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.20	%(e)		0.27	%		0.08	%		0.07	%		0.73	%		(0.32	)%
Ratio of net investment income (loss) to average net assets(c)		0.13	%(e)		0.23	%		0.08	%		0.07	%		0.73	%		(0.32	)%
Portfolio turnover rate		3	%		8	%		5	%		14	%		8	%		14	%
Number of shares outstanding at end of period (000’s)		17,061			17,471			15,678			18,856			21,147			22,672
Net assets at end of period (000’s)	$	55,494		$	98,269		$	83,647		$	82,519		$	90,520		$	93,089

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) Unaudited.

255

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund
	Six Months Ended November 30, 2008(f)			Year Ended May 31,
				2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	14.41		$	13.67		$	11.50		$	11.27		$	11.08		$	9.14
Income (loss) from investment operations:
Net investment income (loss)(d)		–			(0.01	)		(0.05	)		(0.05	)		(0.00	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(6.72	)		0.75			2.22			0.28			0.19			2.01
Total income (loss) from investment operations		(6.72	)		0.74			2.17			0.23			0.19			1.94
Distributions from:
Net investment income		–			–			–			–			–			–
Net realized gain on securities		–			–			–			–			–			–
Total distributions		–			–			–			–			–			–
Net asset value at end of period	$	7.69		$	14.41		$	13.67		$	11.50		$	11.27		$	11.08
TOTAL RETURN(a)		(46.63	)%		5.41	%		18.87	%		2.04	%		1.71	%		21.23	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.02	%(e)		1.00	%		1.03	%		1.01	%		1.03	%		1.01	%
Ratio of expenses to average net assets(c)		1.02	%(e)		1.00	%		1.03	%		1.01	%		1.03	%		1.02	%
Ratio of expense reductions to average net assets		0.01	%(e)		0.01	%		0.02	%		0.02	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.01	)%(e)		(0.11	)%		(0.39	)%		(0.42	)%		(0.02	)%		(0.68	)%
Ratio of net investment income (loss) to average net assets(c)		(0.01	)%(e)		(0.11	)%		(0.39	)%		(0.42	)%		(0.02	)%		(0.69	)%
Portfolio turnover rate		63	%		145	%		163	%		117	%		56	%		56	%
Number of shares outstanding at end of period (000’s)		58,959			63,061			70,630			89,433			107,429			126,963
Net assets at end of period (000’s)	$	453,197		$	908,590		$	965,650		$	1,028,643		$	1,210,236		$	1,406,766

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) Unaudited.

256

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Aggressive Growth Fund												Small Cap Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,						December 5, 2005* to May 31, 2006			Six Months Ended November 30, 2008(g)			Year Ended May 31,
				2008			2007									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	11.17		$	11.71		$	10.22		$	10.00		$	9.82		$	13.22		$	12.64		$	11.01		$	9.75		$	7.67
Income (loss) from investment operations:
Net investment income (loss)(e)		(0.02	)		(0.05	)		(0.08	)		(0.01	)		0.01			0.04			0.01			0.00			(0.02	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.65	)		(0.49	)		1.58			0.23			(3.49	)		(2.04	)		1.58			1.63			1.28			2.12
Total income (loss) from investment operations		(4.67	)		(0.54	)		1.50			0.22			(3.48	)		(2.00	)		1.59			1.63			1.26			2.08
Distributions from:
Net investment income		–			–			–			–			–			–			–			–			–			–
Net realized gain on securities		–			–			(0.01	)		–			–			(1.40	)		(1.01	)		–			–			–
Total distributions		–			–			(0.01	)		–			–			(1.40	)		(1.01	)		–			–			–
Net asset value at end of period	$	6.50		$	11.17		$	11.71		$	10.22		$	6.34		$	9.82		$	13.22		$	12.64		$	11.01		$	9.75
TOTAL RETURN(a)		(41.81	)%		(4.59	)%		14.70	%		2.20	%		(35.44	)%		(15.29	)%		13.29	%		14.80	%		12.92	%(f)		27.12	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		1.00	%(b)		1.00	%		1.00	%		1.00	%(b)		0.95	%(b)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets(d)		1.10	%(b)		1.14	%		1.15	%		3.18	%(b)		1.05	%(b)		1.05	%		1.02	%		1.02	%		1.05	%		1.04	%
Ratio of expense reductions to average net assets		0.01	%(b)		0.03	%		0.02	%		–			0.00	%(b)		0.00	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(c)		(0.39	)%(b)		(0.52	)%		(0.83	)%		(0.80	)%(b)		0.29	%(b)		0.31	%		0.04	%		(0.02	)%		(0.17	)%		(0.39	)%
Ratio of net investment income (loss) to average net assets(d)		(0.49	)%(b)		(0.66	)%		(0.98	)%		(2.98	)%(b)		0.19	%(b)		0.21	%		(0.03	)%		(0.09	)%		(0.27	)%		(0.48	)%
Portfolio turnover rate		38	%		98	%		192	%		28	%		19	%		119	%		87	%		83	%		119	%		66	%
Number of shares outstanding at end of period (000’s)		5,418			5,823			4,434			6,032			36,933			39,852			41,863			48,356			55,101			62,391
Net assets at end of period (000’s)	$	35,206		$	65,033		$	51,911		$	61,659		$	234,148		$	391,306		$	553,319		$	611,356		$	606,923		$	608,133

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was decreased by less than 0.01% from losses on the disposal of investments in violation of investment restrictions.

^(g) Unaudited.

257

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund																		Small Cap Special Values Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,															Six Months Ended November 30, 2008(g)			Year Ended May 31,						December 5, 2005* to May 31, 2006
				2008			2007			2006			2005			2004						2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	15.80		$	19.41		$	17.24		$	15.16		$	13.97		$	10.86		$	9.73		$	12.62		$	10.59		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.23			0.21			0.15			0.11			0.08			0.07			0.12			0.13			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		(5.95	)		(2.27	)		2.93			2.51			1.21			3.13			(3.82	)		(2.31	)		2.01			0.58
Total income (loss) from investment operations		(5.83	)		(2.04	)		3.14			2.66			1.32			3.21			(3.75	)		(2.19	)		2.14			0.60
Distributions from:
Net investment income		–			(0.20	)		(0.07	)		(0.07	)		(0.13	)		(0.10	)		–			(0.09	)		(0.06	)		(0.01	)
Net realized gain on securities		–			(1.37	)		(0.90	)		(0.51	)		–			–			–			(0.61	)		(0.05	)		–
Total distributions		–			(1.57	)		(0.97	)		(0.58	)		(0.13	)		(0.10	)		–			(0.70	)		(0.11	)		(0.01	)
Net asset value at end of period	$	9.97		$	15.80		$	19.41		$	17.24		$	15.16		$	13.97		$	5.98		$	9.73		$	12.62		$	10.59
TOTAL RETURN(a)		(36.90	)%		(10.71	)%		18.66	%		17.84	%		9.46	%		29.62	%		(38.54	)%		(17.39	)%		20.30	%		6.02	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.44	%(f)		0.42	%		0.43	%		0.45	%		0.46	%		0.48	%		0.90	%(f)		0.90	%		0.90	%		0.90	%(f)
Ratio of expenses to average net assets(c)		0.44	%(f)		0.42	%		0.43	%		0.45	%		0.46	%		0.48	%		0.92	%(f)		0.92	%		0.90	%		2.30	%(f)
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.03	%(f)		0.03	%		0.02	%		–
Ratio of net investment income (loss) to average net assets(b)		1.72	%(f)		1.34	%		1.20	%		0.90	%		0.78	%		0.65	%		1.64	%(f)		1.09	%		1.10	%		2.91	%(f)
Ratio of net investment income (loss) to average net assets(c)		1.72	%(f)		1.34	%		1.20	%		0.90	%		0.78	%		0.65	%		1.63	%(f)		1.07	%		1.10	%		1.51	%(f)
Portfolio turnover rate		18	%		20	%		18	%		22	%		18	%		15	%		29	%		51	%		64	%		132	%
Number of shares outstanding at end of period (000’s)		61,436			62,690			62,786			57,051			45,300			34,417			24,287			26,379			30,647			35,239
Net assets at end of period (000’s)	$	612,249		$	990,398		$	1,218,827		$	983,742		$	686,567		$	480,867		$	145,236		$	256,767		$	386,817		$	373,291

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f) Annualized.

^(g) Unaudited.

258

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small-Mid Growth Fund												Stock Index Fund
	Six Months Ended November 30, 2008(f)			Year Ended May 31,						December 5, 2005* to May 31, 2006			Six Months Ended November 30, 2008(f)			Year Ended May 31,
				2008			2007									2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	10.05		$	11.65		$	10.33		$	10.00		$	34.60		$	39.80		$	33.87		$	32.17		$	30.74		$	26.51
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			(0.03	)		(0.02	)		0.00			0.31			0.60			0.58			0.53			0.54			0.39
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.04	)		(1.57	)		1.34			0.33			(12.60	)		(3.30	)		6.86			2.11			1.88			4.33
Total income (loss) from investment operations		(4.03	)		(1.60	)		1.32			0.33			(12.29	)		(2.70	)		7.44			2.64			2.42			4.72
Distributions from:
Net investment income		–			–			–			–			–			(0.61	)		(0.31	)		(0.25	)		(0.54	)		(0.39	)
Net realized gain on securities		–			–			–			–			–			(1.89	)		(1.20	)		(0.69	)		(0.45	)		(0.10	)
Total distributions		–			–			–			–			–			(2.50	)		(1.51	)		(0.94	)		(0.99	)		(0.49	)
Net asset value at end of period	$	6.02		$	10.05		$	11.65		$	10.33		$	22.31		$	34.60		$	39.80		$	33.87		$	32.17		$	30.74
TOTAL RETURN(a)		(40.10	)%		(13.73	)%		12.78	%		3.30	%		(35.52	)%		(6.98	)%		22.37	%		8.27	%		7.89	%		17.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%(e)		1.00	%		1.00	%		1.00	%(e)		0.37	%(e)		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%
Ratio of expenses to average net assets(c)		1.14	%(e)		1.03	%		1.01	%		2.49	%(e)		0.37	%(e)		0.35	%		0.35	%		0.36	%		0.38	%		0.38	%
Ratio of expense reductions to average net assets		0.06	%(e)		0.01	%		0.01	%		–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.07	%(e)		(0.33	)%		(0.20	)%		(0.49	)%(e)		2.12	%(e)		1.64	%		1.58	%		1.57	%		1.72	%		1.33	%
Ratio of net investment income (loss) to average net assets(c)		(0.08	)%(e)		(0.36	)%		(0.21	)%		(1.98	)%(e)		2.12	%(e)		1.64	%		1.58	%		1.57	%		1.72	%		1.33	%
Portfolio turnover rate		43	%		196	%		83	%		277	%		4	%		5	%		4	%		7	%		5	%		3	%
Number of shares outstanding at end of period (000’s)		11,190			11,803			13,987			18,720			113,649			124,600			133,576			140,078			138,996			137,616
Net assets at end of period (000’s)	$	67,370		$	118,628		$	162,946		$	193,337		$	2,535,226		$	4,311,083		$	5,316,922		$	4,744,289		$	4,471,146		$	4,230,395

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) Unaudited.

259

AIG Retirement Company I

FINANCIAL HIGHLIGHTS — (continued)

	Value Fund
	Six Months Ended November 30, 2008(g)			Year Ended May 31,
				2008			2007			2006			2005			2004
PER SHARE DATA
Net asset value at beginning of period	$	11.01		$	13.41		$	12.19		$	11.15		$	9.99		$	8.62
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.15			0.08			0.14			0.06			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.47	)		(1.65	)		3.10			1.07			1.42			1.38
Total income (loss) from investment operations		(4.43	)		(1.50	)		3.18			1.21			1.48			1.46
Distributions from:
Net investment income		–			(0.04	)		(0.24	)		(0.05	)		(0.01	)		(0.09	)
Net realized gain on securities		–			(0.86	)		(1.72	)		(0.12	)		(0.31	)		–
Total distributions		–			(0.90	)		(1.96	)		(0.17	)		(0.32	)		(0.09	)
Net asset value at end of period	$	6.58		$	11.01		$	13.41		$	12.19		$	11.15		$	9.99
TOTAL RETURN(a)		(40.24	)%		(11.44	)%		28.42	%		10.92	%(e)		14.83	%(e)		17.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%(f)		0.88	%		1.03	%		0.92	%		1.28	%		1.32	%
Ratio of expenses to average net assets(c)		0.91	%(f)		0.93	%		1.03	%		0.92	%		1.39	%		1.32	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.93	%(f)		1.39	%		0.65	%		1.29	%		0.60	%		0.89	%
Ratio of net investment income (loss) to average net assets(c)		0.87	%(f)		1.34	%		0.64	%		1.29	%		0.49	%		0.89	%
Portfolio turnover rate		80	%		142	%		116	%		76	%		144	%		36	%
Number of shares outstanding at end of period (000’s)		24,245			25,199			6,691			16,214			2,053			1,448
Net assets at end of period (000’s)	$	159,415		$	277,346		$	89,740		$	197,648		$	22,890		$	14,472

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) Annualized.

^(g) Unaudited.

260

AIG Retirement Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

At a meeting held on July 14-15, 2008, the Board of Directors (the “Board”), including the Directors that are not interested persons of ARC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each Fund the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and ARC I (the “Advisory Agreement”) and the investment sub-advisory agreements between VALIC and each of the following sub-advisers (collectively, the “Sub-advisory Agreements”): AIG Global Investment Corp. (“AIGGIC”); AIG SunAmerica Asset Management Corp. (“SunAmerica”); American Century Global Investment Management, Inc. (“American Century Global”); American Century Investment Management, Inc. (“American Century”); Barrow, Hanley, Mewhinney & Strauss, Inc. (“Barrow Hanley”); BlackRock Investment Management, LLC (“BlackRock”); Brazos Capital Management, L.P. (“Brazos Capital”); Bridgeway Capital Management, Inc. (“Bridgeway Capital”); Evergreen Investment Management Company, LLC (“Evergreen”); Franklin Advisers, Inc. (“Franklin”); Invesco Aim Capital Management, Inc. (“Invesco Aim”); Massachusetts Financial Services Company (“MFS”); Morgan Stanley Investment Management, Inc. d/b/a Van Kampen (“Van Kampen”); OppenheimerFunds, Inc. (“Oppenheimer”); Putnam Investment Management, LLC (“Putnam”); RCM Capital Management, LLC (“RCM”); T. Rowe Price Associates, Inc. (“T. Rowe Price”); Templeton Global Advisors, Limited (“Templeton Global”) Templeton Investment Counsel, LLC (“Templeton Investment”); Wellington Management Company, LLP (“Wellington Management”); and Wells Capital Management Incorporated (“Wells Capital”) (collectively referred to as the “Sub-advisers”). The Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.”

In addition, at a meeting held on October 20-21, 2008, the Board, including a majority of the Independent Directors, approved new investments sub-advisory agreements between VALIC and Evergreen (the “New Sub-advisory Agreements”). The New Sub-advisory Agreements were required as a result of the acquisition of Wachovia Corp. (“Wachovia”), Evergreen’s parent company, by Wells Fargo & Company, Inc. (“Wells Fargo”) (the “Transaction”). The Board considered that the investment sub-advisory agreement in effect between VALIC and Evergreen (the “Prior Sub-advisory Agreement”) would terminate upon the effective date of a change in control relating to the Transaction. The Board was apprised of the details and timeline of the Transaction. The first part of the Transaction was the issuance of Wachovia preferred stock to Wells Fargo, representing 39.9% of the voting interest in Wachovia, which was scheduled to occur on October 20, 2008. Pending receipt of regulatory and shareholder approval and satisfaction of other closing duties, Wells Fargo would then purchase 100% of the stock of Wachovia in the second part of the Transaction, which was scheduled to close on December 31, 2008. Because the issuance of preferred stock would likely constitute a change of control of Evergreen and the subsequent merger of Wachovia into Wells Fargo might also be deemed a change in control, it was determined to treat each step in the Transaction as a separate change in control. As a result, the Board approved two New Sub-advisory Agreements between VALIC and Evergreen. The initial New Sub-advisory Agreement was effective as of the date of the preferred share issuance to Wells Fargo and would be considered to terminate automatically upon the closing of the Transaction, at which time the second New Sub-advisory Agreement would go into effect.

In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (3) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers; (4) whether the Funds will benefit from possible economies of scale from engaging the sub-advisers; (5) the profitability of VALIC and the Sub-advisers; (6) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of the Funds, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Sub-Advisor Expense Group/Universe”), as selected an independent third-party provider of investment company data; and (7) the terms of the Advisory Contracts.

The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in executive sessions held at a special meeting held in June 2008 and the regular meeting held in July 2008, during which such independent counsel provided guidance to the Independent Directors.

Nature, Extent and Quality of Services. The Board considered the nature, quality and extent of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their familiarity with VALIC’s management through Board meetings, discussions and reports during the preceding year and through their long history of service to the Funds. The Board considered that VALIC is responsible for the management of the day-to-day operations of the Funds, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of the Funds is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Funds’ prospectus and statement of additional information.

The Board noted that VALIC personnel meet on a periodic basis to discuss the performance of the Funds, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. In addition, it was considered that VALIC works to develop marketing strategies to promote an identity for the Funds separate and apart from the insurance products and the employer-sponsored retirement plans. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Investment Advisory Agreement with respect to each Fund.

With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Funds it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-advisers investment and compliance personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser (or each Sub-adviser’s parent company). The Board also reviewed each Sub-adviser’s brokerage practices.

With respect to the new Sub-advisory Agreement between VALIC and Evergreen, the Board considered information provided by management and presentations made by Evergreen representatives at the October meeting. It was noted that the personnel responsible for managing the day-to-day investments of the Funds were not expected to change

261

AIG Retirement Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

as a result of the transaction and that the Transaction would not have a material effect on Evergreen’s ability to continue to manage the Funds. In considering approval of the New Sub-advisory Agreements, the Board took into account information and materials that the Board had received and considered in connection with its recent approval of the renewal of the Prior Sub-advisory Agreement in July, 2008. That approval followed a lengthy process during which the Board considered a variety of factors, including, for example, the experience and qualification of Evergreen’s personnel, the Funds’ performance and expenses, and Evergreen’s compliance program. In addition to these considerations, at the October 2008 meeting the Board took into account the financial condition of Evergreen, its current parent company, Wachovia, and its future parent company, Wells Fargo. It was specifically noted that Evergreen did not anticipate any personnel changes and expected very little impact to its advisory clients as a result of the change of ownership. The Directors also considered representations from Evergreen representatives that the proposed merger of Wachovia with Wells Fargo would likely substantially improve the financial condition of Evergreen’s parent company, increase the capital available to support its operations, and ensure that Evergreen and its affiliates would have the resources to continue to provide the same level and quality of services to the Funds as under the Prior Sub-advisory Agreement.

The Board reviewed VALIC’s and the administrator’s, SunAmerica, an affiliate, compliance program and personnel. It also considered VALIC’s and each Sub-adviser’s regulatory history, including information whether it was currently involved in any regulatory actions or investigations as well as material litigation. The Board concluded that there was no information provided to the Board that would have a material adverse effect on VALIC’s or the Sub-advisers’ ability to provide services to the Funds.

The Board concluded that the scope and quality of the advisory services provided by VALIC and Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Subadvisor Expense Group and, in some cases as noted below, the Subadvisor Expense Universe. It was noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Subadvisor Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of the certain Sub-advisers to certain of the Funds with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of several Funds as noted below.

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board at the July 2008 meeting, among other fee and expense data, is summarized below. It was noted that expense ratio data included in the independent third-party reports was based on the semi-annual report for the period ended November 30, 2007. With respect to the new Sub-advisory Agreement between VALIC and Evergreen, the Board noted that the sub-advisory fees payable to Evergreen by VALIC under the New Sub-advisory Agreement would remain the same as the sub-advisory fees payable under the prior Sub-advisory Agreement.

The Board received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. It was noted that performance information provided by the independent third party at the June/July 2008 meetings was for the period ended April 30, 2008 and that benchmark information presented by management was through the period May 31, 2008.

• Asset Allocation Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s actual sub-advisory fee was below the median of its Subadvisor Expense Universe.

The Board considered that the Fund’s performance was below the median of its Performance Group/Universe for the one-, three- and five-year periods, and was below the Lipper VUF Mixed-Asset Target Allocation Moderate Index for such periods. The Board also noted that the Fund equaled or slightly outperformed its custom blended benchmark for the three- and five-year periods but trailed the benchmark for the one-year period (S&P 500^® Index: 55%; Lehman Brothers Aggregate Bond Index: 35%; and T-Bill 3-Month Index: 10%). The Board took into account management’s discussion of the Fund’s performance. The Board concluded that the Fund’s performance has been satisfactory.

• Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered that management proposed the addition of breakpoints to its management fee and that the Fund’s contractual advisory fees and total expenses, on a post-reduction basis, would be in line with the medians of its Expense Group and Expense Universe. The Board considered that the advisory fee reduction would become effective October 1, 2008. It was additionally noted that the Fund’s expense limitation was reduced to 0.85% effective October 1, 2007 and was not fully reflected in Lipper’s figures. In addition, the Board noted that the Fund’s actual sub-advisory fees were in line with the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund’s performance was above the medians of its Performance Group for the one-, three- and five-year periods and that the Fund slightly outperformed its Performance Universe for the three-year period but underperformed such median for the three- and five-year periods. In addition, the Board noted that the Fund underperformed the Lipper Index for the one-, three- and five-year period. The Board considered that the Fund outperformed its benchmark, the S&P 500^® Index, for the one- and three-year periods but slightly trailed the index for the five-year period. The Board concluded that the Fund’s performance has been satisfactory.

• Broad Cap Value Income Fund (sub-advised by Barrow Hanley). The Board considered that the Fund’s actual advisory fees were at or slightly above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly below the median of its Expense Group/Universe. The Board noted that management would continue to limit the Fund’s total expenses to 0.85%. Furthermore, the Board considered that the Fund’s sub-advisory fee was above the median of its Subadvisor Expense Group/Universe.

The Board considered that the Fund underperformed the median of its Performance Universe and the Lipper VUF Multi-Cap Value Index for the one-year period but outperformed the median of its Performance Group for the one-year period. The Board noted that the Fund slightly outperformed its benchmark, the Russell 1000^® Value

262

AIG Retirement Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

Index, for the one-year period. The Board took into account management’s discussion of Fund performance and its continued close monitoring of the Fund. The Board concluded that the Fund’s performance has been satisfactory.

• Capital Conservation Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were in line with the medians of its Expense Group/Universe and that its total expenses were slightly above the medians of its Expense Group/Universe. The Board noted that the Fund’s sub-advisory fees were above the median of the Subadvisor Expense Universe. The Board also took into account management’s discussion of the Fund’s expenses.

The Board considered that the Fund’s performance was slightly below the medians of its Performance Group/Universe and the Lipper VUF A-Rated Corporate Index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark, the Lehman Brothers Aggregate Bond Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including proposed changes to its investment strategy, and concluded that performance is being addressed.

• Core Equity Fund (sub-advised by BlackRock). The Board considered that management lowered the expense limitation on the Fund’s total expenses from 0.85% to 0.80% of average annual net assets effective October 1, 2008. The Board noted that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were in line with the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund underperformed the medians of its Performance Group/Universe and the Lipper VUF Large Cap Core Index for the one-, three- and five-year periods. It was noted that BlackRock began managing the Fund in March 2007 and that Fund performance for the three- and five-year periods represented the management of the Fund’s previous sub-advisers. The Board considered that the Fund underperformed the Russell 1000^® Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance and its plan to address such underperformance and concluded that the underperformance was being addressed.

• Core Value Fund (sub-advised by American Century). The Board considered that the Fund’s actual advisory fees were slightly above the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund’s performance trailed the medians of its Performance Group/Universe for the three- and five-year periods and that during the one-year period it trailed the median of its Performance Group but exceeded the median of its Performance Universe. In addition, the Board also considered that the Fund outperformed the Lipper VUF Multi-Cap Value Index for the one-year period and trailed the Index for the three- and five-year periods. Finally, the Board considered that the Fund underperformed its blended benchmark, the S&P 500^® Index (50%) and the Russell 1000^® Value Index (50%), for the one-, three- and five-year periods. The Directors noted the changes made to the Fund’s investment strategy within the past three years and concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Foreign Value Fund (sub-advised by Templeton Global). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. Furthermore, the Board considered that the Fund’s sub-advisory fee was at the median of its Subadvisor Expense Universe.

The Board considered that the Fund outperformed its Expense Universe and the Lipper VUF International Value Index and slightly outperformed its benchmark, the MSCI Europe, Australasia, Far East (EAFE) Index, for the one-year period. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance is satisfactory.

• Global Equity Fund (sub-advised by Putnam). The Board considered that the Fund’s actual advisory fees were in line with the median of its Expense Group and above the median of its Expense Universe. In addition, it noted that the Fund’s total expenses were in line with the medians of its Expense Group/Universe and that its sub-advisory fees were in line with the median of its Subadvisor Expense Universe.

The Board considered that the Fund trailed the median of its Performance Group/Universe and the Lipper VUF Global Growth Index for the one-year period. The Board also noted that the Fund had trailed its benchmark, the MSCI World Index, for the one-year period but that the Fund’s more recent performance has improved versus the benchmark. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance is being addressed.

• Global Social Awareness Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund’s performance trailed the median of its Performance Universe and the Lipper VUF Global Core Index for the one-, three- and five-year periods. In addition, it was noted that the Fund’s performance was at the median of its Performance Group for the one-year period and trailed the median for the three- and five-year periods. It was noted that the Fund’s investment strategy changed effective October 1, 2007 and the new Performance Universe and Lipper Index in which the Fund was placed are not representative of how the Fund was managed prior to this change. The Board also noted management’s discussion of the Fund’s performance since the investment strategy change. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Global Strategy Fund (sub-advised by Franklin and Templeton Investment). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s subadvisory fees were at the median of the Fund’s Expense Group. The Board also noted that there were an insufficient number of other portfolios in the Fund’s Subadvisor Expense Group Universe to create a meaningful comparison of the Fund’s sub-advisory fees.

263

AIG Retirement Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board considered that the Fund’s performance was in line with the median of its Performance Universe for the one-year period and that there was no appropriate Lipper Index to compare the Fund. In addition, it was noted that the Fund outperformed its benchmark, the MSCI All-Country World Index, for the one-year period. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Government Securities Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were in line with the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board considered that the Fund’s sub-advisory fee was above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund outperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods and that it was in line with the medians for the five-year period. In addition, it noted that the Fund outperformed the Lipper VUF General U.S. Government Index for the one- and three-year periods and was in line with the Index for the five-year period. It was additionally noted that a new portfolio manager assumed responsibility for managing the Fund effective March 1, 2007. The Board also considered that the Fund slightly trailed its benchmark, the Lehman Brothers U.S. Government Bond Index, for the one- three- and five-year periods. The Board noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Growth & Income Fund (sub-advised by SunAmerica). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Large Cap Core Index for the one-year period and trailed the medians and Index for the three- and five-year periods. The Board also considered that the Fund outperformed its benchmark, the S&P 500^® Index for the one-year period and trailed the index for the three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including the steps taken to address such performance and its recent improvement over the past two years, as well as management’s continued monitoring of the Fund. The Board concluded that the Fund’s longer-term performance is being addressed.

• Growth Fund (formerly, VALIC Ultra Fund; sub-advised by American Century and American Century Global). The Board considered that the Fund’s current advisory fees were above the median of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group. The Board noted that the Fund’s management fee reductions effective on December 10, 2007 would lower total expenses below the median of its Expense Universe. The Board also noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also took into account management’s discussion of the Fund’s expenses.

The Board noted that the Fund outperformed the Lipper VUF Multi-Cap Growth Index for the one-year period but trailed the Index for the three-year period. In addition, it was noted that the Fund outperformed its Performance Group for one- and three-year periods and outperformed its Performance Universe for the one-year period and underperformed for the three-year period. The Board noted that the Fund outperformed its benchmark, the Russell 1000^® Growth Index for the one-year period. The Board considered that the Fund was restructured in December 2007 during which the existing investment management team was replaced with three new investment management teams. The Directors took into account the Fund’s recent improvement in performance and lower management fees and concluded that management was addressing the Fund’s performance.

• Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees.

The Board considered that the Fund’s performance exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Health/Bio Index and its benchmark, the S&P 500^® Healthcare Index, for the one-, three- and five-year periods. The Directors concluded that the Fund’s performance has been satisfactory.

• Inflation Protected Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and total expenses were below the median of its Expense Group/Universe. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees.

The Board noted that the Fund trailed the medians of its Performance Group/Universe for the one- and three-year period and that the Fund outperformed the Lipper VUF General US Government Bond Index. In addition, the Board considered that Fund trailed its benchmark, the Lehman Brothers U.S. Treasury Inflation Protected Securities Index, for the one- and three-year periods but that recent performance versus the benchmark has improved. The Board took into account management’s discussion of the Fund’s peer group. The Directors also noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund and concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• International Equities Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were at the median of its Expense Group and below the median of its Expense Universe and that the Fund’s total expenses were below the median of its Expense Universe and above the median of its Expense Group. The Board noted the relatively small number of funds included in the Expense Group. It was noted that there were too few comparable funds in its Subadvisor Expense Group/Universe to provide a meaningful comparison of the Fund’s sub-advisory fees.

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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board considered that the Fund trailed the medians of its Performance Group/Universe and the Lipper VUF International Core Index for the one-, three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance including changes previously made to the Fund’s investment strategy, as well as its continued monitoring of the Fund, and other plans to address performance, and concluded that the Fund’s performance is being addressed.

• International Government Bond Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. In addition, it was noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Universe.

The Board considered that the Fund was at or above the median of its Performance Group for the one-, three- and five-year periods and was below the median of its Performance Universe for such periods. In addition, it was noted that the Fund underperformed the Lipper Global Income Index for the one- and three- year periods but outperformed the index for the five-year period. Finally, the Board noted that the Fund underperformed its blended benchmark for the one-, three- and five-year periods (JP Morgan Emerging Markets Bond Index Plus: 30% and the JP Morgan Government Bond Index Plus: 70%). Management reported that recent Fund performance versus the benchmark has improved. The Board concluded that the Fund’s performance was satisfactory.

• International Growth I Fund (sub-advised by American Century Global, Invesco Aim and MFS). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. It also considered that the Fund’s total expenses were slightly above the medians of its Expense Group but below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted VALIC’s current undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund’s performance exceeded the median of its Performance Group/Universe and outperformed its benchmark, the MSCI EAFE Index, for the one- and three-year periods but trailed the medians and the benchmark for the five-year period. In addition, the Fund outperformed Lipper VUF International Growth Index, for the one-year period but trailed the indices for the three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance including its continued monitoring of the Fund and concluded that the Fund’s performance is satisfactory in light of all factors considered.

• Large Cap Core Fund (sub-advised by Evergreen). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. In addition, the Board also noted that the Fund’s total expenses were above the median of it Expense Group and below the median of its Expense Universe. The Board considered that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement.

The Board considered that the Fund was at or above the medians of its Performance Group/Universe for the one- and three-year periods and that the Fund outperformed the Lipper VUF Large Cap Core Index for the one-year period and trailed the index for the three-year period. The Board considered that the Fund outperformed its benchmark, the S&P 500^® Index, for the one-year period. The Directors noted management’s discussion of the Fund’s improving performance as well as its continued monitoring of the Fund and concluded that Fund’s performance is satisfactory in light of all factors considered.

• Large Capital Growth Fund (sub-advised by SunAmerica and Invesco Aim). The Board considered that the Fund’s actual advisory fees and total expenses were at or below the medians of its Expense Group/Universe. In addition, the Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund exceeded the median of its Performance Group for the one- and three-year period and that it exceeded its Performance Universe for the one-year period and trailed the median for the three-year period. It was also noted that the Fund trailed the Lipper VUF Large Cap Growth Index for the one- and three-year periods. It additionally noted that the Fund outperformed its benchmark, the Russell 1000 Growth Index, for the one-year period and slightly trailed the index for the three-year period. The Board concluded that the Fund’s performance was satisfactory in light of all factors considered.

• Mid Cap Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe. The Board also noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Universe.

The Board considered that the Fund’s performance was within a range of 0.02% above or below or at the median of its Performance Group for the one-, three- and five-year periods and above the medians of its Performance Universe for such periods. The Board also considered that the Fund outperformed the Lipper VUF Mid Cap Core Index for the one- and three-year periods and trailed the index for the five-year period. The Board also considered the Fund’s tracking error versus its benchmark. Finally, the Board considered that the Fund slightly trailed its benchmark, the S&P MidCap 400 Index for the one-, three- and five-year periods. The Directors noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund, and concluded that the Fund’s performance is satisfactory in light of all factors considered.

• Mid Cap Strategic Growth Fund (sub-advised by Brazos Capital and Van Kampen). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group but below the median of its Expense Universe. The Board also noted that the Fund’s sub-advisory fees were below the median of its Subadvisor Expense Group and above the median of its Sub-advisory Expense Universe.

The Board considered that the Fund exceeded the medians of its Performance Group/Universe and the Lipper VUF Mid Cap Growth Index for the one- and three-year periods and outperformed its benchmark, the Russell Midcap^® Growth Index, for such periods. The Directors noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund, and concluded that the Fund’s performance is satisfactory in light of all factors considered.

• Money Market I Fund (sub-advised by SunAmerica). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group and at the median of its Expense Universe. The Board also noted that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board considered that the Fund’s sub-advisory fees were at or above the medians of its Subadvisor Expense Group/Universe. The Board noted the relatively small range among the expense ratios of the funds in the Fund’s peer group.

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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board considered that the Fund’s performance was slightly below the median of its Performance Group/Universe and the Lipper VUF Money Market Index for the one-, three- and five-year periods. In addition, it was reported that the Fund slightly outperformed its benchmark, the T-Bill 3 Month Index, for the one- and three-year periods but slightly underperformed the benchmark for the five-year period. The Board took into account the relatively small range in performance returns among the Performance Group/Universe and Indices. The Board also considered management’s discussion of the Fund’s performance. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Nasdaq-100^® Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were slightly below its Expense Group and above the median of its Expense Universe and that the Fund’s total expenses were above the medians of its Expense Group/Universe. The Board considered that, effective October 1, 2007, the Fund’s expense limitation was lowered and that the total expense data for this Fund does not yet fully reflect this reduction. The Board also considered management’s discussion of the Fund’s expenses and of the appropriateness of the peer group chosen for the Fund. The Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund’s performance exceeded the median of its Performance Universe and outperformed the Lipper Multi-Cap Growth for the one-, three- and five-year periods. The Board noted that the Fund slightly underperformed its benchmark, the Nasdaq-100^® Index for the one-, three- and five-year periods. The Board also considered the Fund’s tracking error versus its benchmark. The Board considered management’s discussions of the Fund’s performance, including the peer group in which the Fund was included, and concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Science & Technology Fund (sub-advised by RCM, T. Rowe Price and Wellington Management). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s sub-advisory fees were above the median of its Subadvisor Expense Group/Universe. The Board noted management’s discussion of the Fund’s expenses.

The Board considered that the Fund was at or above the medians of its Performance Group/Universe for the one-year period and below the medians for the three- and five-year periods. The Board also noted that the Fund underperformed the Lipper VUF Science & Technology Index for the one-, three- and five-year periods. Finally, the Board noted that the Fund outperformed its benchmark, the S&P 500 Information Technology Index, for the one-, three- and five year periods. The Board considered that the Fund was restructured in 2007 and that Fund performance has improved since that time. The Board considered management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Small Cap Aggressive Growth Fund (sub-advised by Wells Capital). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group and below the median of its Expense Universe and that the Fund’s total expenses were below the median of its Expense Group/Universe. The Board noted that the Fund’s current sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund outperformed the median of its Performance Group/Universe and its benchmark, the Russell 2000^® Growth Index, for the one-year period and trailed the Lipper VUF Small Cap Growth Index for the one-year period. The Board noted that the Wells Capital assumed sub-advisory duties from Credit Suisse Asset Management, LLC in November 2006. The Board considered management’s discussion of the Fund’s performance by Wells Capital and concluded that the Fund’s performance has been addressed.

• Small Cap Fund (sub-advised by Bridgeway Capital, Invesco Aim and T. Rowe Price). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe and that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s current sub-advisory fees were slightly below the median of its Subadvisor Expense Group but above the median of its Subadvisor Expense Universe. The Board noted the replacement of American Century and Franklin Portfolio with Invesco Aim that took place on March 10, 2008 and VALIC’s undertakings to maintain expense limitations for the Fund.

The Board considered that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Core Index and its benchmark, the Russell 2000^® Index, for the one-, three- and five-year periods. The Directors took into account management’s discussion of the Fund’s performance and the recent sub-adviser changes, as well as further plans to address the Fund’s performance, and concluded that action is being taken with respect to Fund performance.

• Small Cap Index Fund (sub-advised by AIGGIC). The Board considered that the actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fee was below the median of its Subadvisor Expense Universe.

The Board considered that the Fund exceeded the median of its Performance Group for the one-year period but trailed the median for the three- and five-year periods. It also noted that the Fund’s performance exceeded the median of its Performance Universe for the one-, three- and five-year periods. In addition, the Fund outperformed the Lipper VUF Small Cap Core Index for the three- and five-year periods but underperformed the index for the one-year period. The Board also considered the Fund’s tracking error versus its benchmark. Finally, the Board noted that the Fund slightly underperformed its benchmark, the Russell 2000^® Index, for the one-, three- and five-year periods. The Board took into account the relatively small range in performance returns among the Performance Group/Universe. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Small Cap Special Values Fund (sub-advised by Evergreen and Putnam). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement.

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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board noted that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Value Index and its benchmark, the Russell 2000 Value Index, for the one-year period. The Directors took into account management’s discussion of the Fund’s performance and its plans for the Fund and concluded that performance is being addressed.

• Small-Mid Growth Fund (sub-advised by Evergreen). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group/Universe and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were at the median of its Subadvisor Expense Group and below the median of its Subadvisor Expense Universe. The Board considered that Evergreen’s sub-advisory fees under each of the New Sub-advisory Agreements are identical to the sub-advisory fees under the Prior Sub-advisory Agreement.

The Board noted that the Fund’s performance trailed the medians of its Performance Group/Universe and underperformed the Lipper VUF Small Cap Growth Index and its benchmark, the Russell 2000^® Growth Index, for the one-year period. The Directors took into account management’s discussion of the Fund’s performance, the changes to the Fund’s investment strategy and portfolio management team managing the Fund made effective March 10, 2008, and its continued monitoring of the Fund and concluded that management is taking appropriate action with respect to the Fund.

• Stock Index Fund (sub-advised by AIGGIC). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe and that the Fund’s total expenses were slightly above the median of its Expense Group and below the median of its Expense Universe. In addition, the Board noted that the Fund’s sub-advisory fees were below the median of its Expense Group.

The Board considered that the Fund’s performance was within a range of 0.07% below the Lipper VUF S&P 500 Index and its benchmark, the S&P 500^® Index for the one-, three- and five-year periods and that the dispersion between the performance of funds in its Performance Group/Universe was relatively small. The Board also considered the Fund’s tracking error versus its benchmark. The Board took into account the relatively small range in performance returns among the Performance Group/Universe and the Indices. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.

• Value Fund (sub-advised by Oppenheimer). The Board considered that the Fund’s actual advisory fees and total expenses were above the medians of its Expense Group/Universe. The Board noted that management lowered the Fund’s expense limitation to 0.85% as of October 1, 2007 and that the reduction is not fully reflected in the Fund’s total expense data. The Board also noted that the Fund’s sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe.

The Board considered that the Fund’s performance exceeded the medians of its Performance Group/Universe and outperformed the Lipper VUF Multi-Cap Value Index for the one-, three- and five-year periods. It was additionally noted that the Fund outperformed the Russell 1000^® Value Index for the one- and three-year periods, which cover the period for which Oppenheimer has served as sub-adviser (June 21, 2004. The Board concluded that the Fund’s performance has been satisfactory.

The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Cost of Services and Indirect Benefits. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average daily net assets of the respective Fund.

It was noted that VALIC reviewed a number of factors in determining appropriate fee levels for the Funds as well as the fee VALIC pays each Sub-adviser. Such factors include review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) clone fund analysis; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC will receive benefits in addition to the advisory fee to be paid by the Funds which include transfer agency fees paid or to be paid by the Funds. The Board considered that ARC I pays VALIC a fee for the provision of record keeping and shareholder services to contract owners and participants, which is provided at cost. Such payment is allocated to each Fund based on the number of accounts serviced. Finally, it was noted that the Funds pay SunAmerica, an annual fee of approximately 0.07% based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value.

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, it was noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC.

Profitability. In considering the profitability to VALIC and its affiliates in connection with its relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC, as adviser and transfer agent. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board determined that VALIC’s and its affiliates’ profitability is reasonable.

In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length. With respect to the New Sub-advisory Agreements between VALIC and Evergreen, the Board noted that the Sub-advisory fees would not be changing from the Sub-advisory fee under the Prior Sub-advisory Agreement.

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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

For each of the above reasons, the Directors determined that the profitability to the unaffiliated Sub-advisers from their relationship with the Funds was not a material factor in their deliberations.

Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers contain breakpoints. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure. The Board noted that most of the Fund’s advisory fee structures contained breakpoints. The Board concluded that VALIC’s advisory fee rates with respect to the Funds and the Funds’ sub-advisory fee rates reflect the economies of scale inherent in providing investment advice to Funds in their respective asset category and asset size and that no changes to the advisory fee structure were necessary.

For similar reasons as stated above with respect to the unaffiliated Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements and, additionally, it was noted that most of the Funds have breakpoints at the sub-advisory fee level.

Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

With respect to the sub-advisory agreements between VALIC and Evergreen, the Board reviewed the terms of the New Sub-advisory Agreements, including the duties and responsibilities undertaken by Evergreen. It was noted that the terms of the New Sub-advisory Agreements will not differ from the terms of the Prior Sub-advisory Agreement except for effective date and the term of the New Sub-advisory Agreements. The Board concluded that the terms of the New Sub-advisory Agreements were reasonable.

Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel, regulatory history, including information whether it was currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Fund and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Funds and their respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

William F. Devin

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

John W. Lancaster

Kenneth J. Lavery

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

225 Franklin Street

Boston, Massachusetts 02110

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

AIG Global Investment Corp.

70 Pine Street

New York, NY 10270

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, New Jersey 07311

American Century Investment Management, Inc./

American Century Global Investment

Management, Inc.

4500 Main Street

Kansas City, Missouri 64111

Barrow, Hanley, Mewhinney & Strauss, Inc.

2200 Ross Avenue, 31st Floor

Dallas, Texas 75201-2761

BlackRock Investment Management, LLC

800 Scudders Mill Rd.

Plainsboro, NJ 08536

Brazos Capital Management, LP

5949 Sherry Lane, Suite 1600

Dallas, Texas 75225

Bridgeway Capital Management, Inc.

5615 Kirby Drive

Suite 518

Houston, TX 77005-2448

Evergreen Investment Management Company, LLC

200 Berkeley Street

Boston, MA 02116-5034

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, LP

32 Old Ship

New York, NY 10005

Invesco Aim Capital Management, Inc.

11 Greenway Plaza

Houston, TX 77046

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

OppenheimerFunds, Inc.

Two World Financial Center

225 Liberty Street, 11th Floor

New York, New York 10281-1008

Putnam Investment Management, LLC

One Post Office Square

Boston, MA 02109

RCM Capital Management, LLC

4 Embarcadero Center

San Francisco, California 94111

Templeton Global Advisors Ltd.,

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

Broward Financial Centre, Suite 2100

Ft. Lauderdale, Florida 33394

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, Maryland 21202

Morgan Stanley Investment Management, Inc.

d/b/a

Van Kampen

525 Fifth Avenue

New York, New York 10036

Wellington Management Company, LLP

75 State Street

Boston, Massachusetts 02109

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, California 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

Evelyn M. Curran,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Nori L. Gabert,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Cynthia A. Skrehot,

Vice President and Chief Compliance Officer

Donna Handel,

Vice President and Assistant Treasurer

Diedre L. Shepherd,

Assistant Treasurer

Mark Matthes,

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

269

AIG Retirement Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

ARC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. ARC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON AIG RETIREMENT COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that ARC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in ARC I’s Statement of Additional Information, may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON AIG RETIREMENT COMPANY I PORTFOLIO SECURITIES

Information regarding how ARC I voted proxies relating to securities held in the ARC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in ARC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

270

Money Market I Fund

Money Market II Fund

(the “Funds”)

Supplement to the Prospectuses

Participation in the Extension of the U.S. Department of the Treasury’s Temporary Guarantee Program for Money Market Funds

On November 24, 2008, the U.S. Department of the Treasury (“Treasury”) announced an extension of the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”) until April 30, 2009. On December 4, 2008, the Boards of Directors/Trustees (the “Board”) of the AIG Retirement Company I and AIG Retirement Company II approved the continued participation of the Funds in the Program. The Program’s guarantee only applies to shareholders of the Funds as of the close of business on September 19, 2008.

Subject to certain conditions and limitations, share amounts held by investors in the Funds as of the close of business on September 19, 2008 are guaranteed against loss under the Program in the event the per share net asset value falls below $0.995 (a “Guarantee Event”) and the Fund subsequently liquidates. Upon declaration of a Guarantee Event, a Fund will be required to suspend redemptions, cease sales, and cease declaration and payment of dividends. The Program guarantee only covers the amount a shareholder held in the Funds as of the close of business on September 19, 2008 or the amount a shareholder holds if and when a Guarantee Event occurs, whichever is less. A shareholder who has continuously maintained an account with a Fund since September 19, 2008 would receive a payment for each protected share equal to the shortfall between the amount received in the liquidation and $1.00 per share in the case of a Guarantee Event. The Program is subject to an overall limit of approximately $50 billion for all money market funds participating in the Program.

The extension of the Program begins on December 19, 2008 and continues through April 30, 2009. Continued participation in the Program until April 30, 2009 requires an additional payment to the U.S. Department of the Treasury in the amount of 0.022% of the net asset value of the Money Market I Fund and 0.015% of the net asset value of the Money Market II Fund as of the close of business on September 19, 2008. The cost to participate in the extension of the Program will be borne by each Fund, subject to the expense limitations currently in effect for certain of the Funds.

The Secretary of the Treasury may elect to extend the Program beyond April 30, 2009 through the close of business on September 18, 2009, although, as of the date of this Supplement, no decision has been made to extend the Program beyond April 30, 2009. If the Program is extended further, the Board will consider whether to continue to participate in the Program. If a Guarantee Event occurs after the Program expires, or, if sooner, after a Fund ceases to participate in the Program, neither that Fund nor any shareholder will be entitled to any payment under the Program.

More information about the Program is available at http://www.ustreas.gov.

Date: December 5, 2008

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

271

AIG Retirement Company I

SUPPLEMENT TO PROSPECTUS

Supplement to Prospectus dated October 1, 2008

Asset Allocation Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – AIG Global Investment Corp.,” references to Michael Kloss are deleted in their entirety. The following disclosure is added to reflect the addition of Jose R. Aragon as a portfolio manager to the Fund:

Mr. Aragon joined AIG Investments in 2003 and is currently a Vice President and a Portfolio Manager for AIG Investments’ asset allocation products. Prior to assuming this role, Mr. Aragon managed AIG Investments’ multi-strategy hedge fund and was a Quantitative Analyst in the AIG Investments structured equity group.

Capital Conservation Fund. The Fund no longer invests in high-yield fixed income securities (junk bonds). The “Investment Strategy” section of the Fund’s Fact Sheet is amended to remove references to the Fund’s ability to invest in such instruments. In addition, the “Investment Risks” section is amended to delete “Lower Rated Fixed Income Securities Risk.”

In the section titled “About ARC I’s Management – Investment Sub-Advisers – AIG Global Investment Corp.,” the paragraph regarding the management of the Capital Conservation Fund is deleted and replaced in its entirety with the following:

Investment decisions for the Capital Conservation Fund are made by a team including Dana G. Burns, Raphael Davis, Robert Vanden Assem and Michele Varvaro. Mr. Burns is Vice President of Investment Grade Fixed Income and Portfolio Manager. Mr. Burns joined AIG Investments in 2007 and has over 10 years of investment experience. Prior to joining AIG Investments, Mr. Burns was Vice President and co-manager of the Fixed Income Separately Managed Account team at Morgan Stanley. Mr. Davis is Managing Director of U.S. Fixed Income for AIG Investments. Mr. Davis is responsible for trading and portfolio management of AIG’s agency MBS pass-through and CMO portfolios. Mr. Davis joined AIG Investments with the acquisition of AGIM in 2001. During his seven years at AGIM, Mr. Davis was responsible for the trading and management of American General Investment Management’s MBS, asset-backed securities, and money-market portfolios. Mr. Vanden Assem joined AIG Investments in 2001 and is responsible for the portfolio management of AIG Investments’ high grade total rate of return portfolio, long/short portfolios and affiliated accounts. Prior to joining AIG Investments, Mr. Vanden Assem was with Morgan Stanley Dean Witter Advisors where he worked as a portfolio manager for the MSDW Strategist and Variable Strategist mutual funds as well as other institutional and individual fixed income assets. Ms. Varvaro is an Assistant MBS Portfolio Manager in the Securitized Products group, of U.S. Fixed Income for AIG Investments. Ms. Varvaro is responsible for assisting the lead portfolio manager, Raphael Davis in the day-to-day management of AIG’s agency and MBS pass-through and CMO portfolios for both the general and total return portfolios. Ms. Varvaro joined AIG Investments in 2005. Prior to joining AIG Investments, Ms. Varvaro was an Institutional Fixed Income Sales Associate at Merrill Lynch where she advised and sold short-term fixed income securities to money managers of institutional corporations.

Science & Technology Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – T. Rowe Price Associates, Inc.,” the paragraph regarding the management of the Science & Technology Fund is deleted and replaced in its entirety with the following:

T. Rowe Price is responsible for sub-advising a portion of the Science & Technology Fund. This portion is managed by an investment advisory committee to be chaired by Kennard W. Allen. Mr. Allen will replace Michael F. Sola, CFA as committee chairman effective January 1, 2009. The committee chairman has day-to-day responsibility for managing the Fund and works with the committee in developing and executing the Fund’s investment program. Mr. Allen previously served as a member of the investment advisory committee. He joined T. Rowe Price in 2000 and his investment experience dates from 1999.

Value Fund. In the section titled “About ARC I’s Management – Investment Sub-Advisers – OppenheimerFunds, Inc.,” the paragraph regarding the management of the Value Fund is deleted and replaced in its entirety with the following:

Effective January 1, 2009, Mitch Williams and John Damian assumed primary responsibility for the day-to-day management of the Value Fund’s investments. Mr. Williams, CFA, has been a Vice President of Oppenheimer since July 2006 and was previously a Senior Research Analyst from April 2002. Mr. Damian has been a Vice President of Oppenheimer since September 2001.

Date: December 31, 2008

AIG RETIREMENT ONLINE

Account Access

You must establish a
Personal Identification
Number (PIN) before
using the automated
account services. You can also access
AIG Retirement’s toll-free
automated phone line
at 800.448.2542 to obtain
24-hour access to your account. Manage your account on the Web through AIG Retirement Online! Enjoy quick, easy and secure access — now or anytime. Go to www.aigretirement.com and click on Access Your Account in the “Links to Login” section. You’ll find these powerful features: •   View your account portfolio including values, graphs and charts •   View, download or print account, transaction confirmation and tax statements •   View current and historical fund performance and unit values •   View personal performance for your account •   View or download transaction history •   View your financial advisor’s contact information •   Update or reset your Personal Identification Number (PIN) and security information •   Change your contact information such as telephone, address or e-mail •   Update your Investor Profile •   Initiate account transactions including: >    Allocation changes >    Transfer money among investment options >    Rebalance account to your desired allocation mix >    Change contributions •   Model loans •   Set up the ability to view your account on your phone •   Request forms for a variety of services •   Display information from other accounts in addition to AIG Retirement accounts using the Account Aggregation Feature •   Enroll in the electronic document delivery service Start exploring AIG Retirement Online today by establishing a Personal Identification Number (PIN)! To set up a PIN through AIG Retirement Online: •   Go to www.aigretirement.com •   Click on Access Your Account in the “Links to Login” section •   Click “I am a new user” •   Enter the information required to establish a new PIN •   Click “I Agree” to accept AIG Retirement’s access agreement (required) •   Verify and/or update your address, e-mail and telephone number •   Click “Continue” to update your record and proceed to the Client Summary screen Your PIN setup is complete when the Client Summary screen appears. You can also access AIG Retirement’s toll-free automated phone line at 800.448.2542 to obtain 24-hour access to your account.

AIG Retirement Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID WILLIARD, OH PERMIT NO. 12

AR 4873 VER 11/08

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)      Not applicable

(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AIG Retirement Company I
By:	/s/ Evelyn M. Curran
	Evelyn M. Curran
	President

Date: February 6, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Evelyn M. Curran
	Evelyn M. Curran
	President

Date: February 6, 2009

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 6, 2009

EX-99.CERT.302

Exhibit 99.CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Evelyn M. Curran, certify that:

1. I have reviewed this report on Form N-CSR of AIG Retirement Company I;

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 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, 2009

/s/ Evelyn M. Curran

Evelyn M. Curran

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-CSR of AIG Retirement Company I;

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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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 of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 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, 2009

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer

EX-99.CERT.906

EXHIBIT 99.906.CERT

CERTIFICATIONS PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

Evelyn M Curran, President, and Gregory R. Kingston, Treasurer of AIG Retirement Company I (the “registrant”), each certify to the best of his or her knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: January 20, 2009

/s/ Evelyn M. Curran

Evelyn M. Curran

President

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer