form11k0609.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549


 

FORM 11-K



 


(Mark One)

[X]
ANNUAL REPORT PURSUANT TO SECTION 15(d)
 
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2008
 
OR

[  ]
TRANSITION REPORT PURSUANT TO SECTION  15(d)
 
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to


 

 
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
(Full title of the plan)



AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of issuer of the securities held
pursuant to the plan and the address
of its principal executive office)

 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN


TABLE OF CONTENTS

 
 
SIGNATURES
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 2008 and 2007
 
Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2008 and 2007
 
Notes to Financial Statements
 
SUPPLEMENTAL SCHEDULES:
Schedule of Assets (Held at End of Year) as of December 31, 2008
Schedule of Assets (Acquired and Disposed of Within Year) for Plan Year Ended December 31, 2008
 
EXHIBITS:
Exhibit Index
 
Consent of Independent Registered Public Accounting Firm
 
 

 
 


 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefits Finance Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized.






    By:         /s/ Stephan T. Haynes            
Stephan T. Haynes, Secretary






Date:  June 25, 2009



 
 
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of American Electric Power System Retirement Savings Plan:

We have audited the accompanying statements of net assets available for benefits of the American Electric Power System Retirement Savings Plan (the “Plan”) as of December 31, 2008 and 2007, and the related statements of changes in net assets available for benefits for the years then ended.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2008 and 2007, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedules of (1) assets held as of December 31, 2008, and (2) assets acquired and disposed of for the Plan year ended December 31, 2008, are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2008 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.


/s/  Deloitte & Touche LLP
 
Columbus, Ohio
June 25, 2009

 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2008 AND 2007


   
2008
    
2007
  
ASSETS
            
Investments:
            
Participant directed investments
   $ 2,379,889,312     $ 3,127,587,464  
Wrapper Contracts
     1,712,868          
Participant Loans
     60,521,812       58,519,891  
Total Investments
     2,442,123,992       3,186,107,355  
                 
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
   $ 2,442,123,992     $ 3,186,107,355  
                 
Adjustment from fair value to contract value for fully benefit responsive investment contracts
     106,018,835          
                 
NET ASSETS AVAILABLE FOR BENEFITS
   $ 2,548,142,827     $ 3,186,107,355  

See notes to financial statements.

 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE
YEARS ENDED DECEMBER 31, 2008 AND 2007


   
2008
    
2007
  
NET INVESTMENT INCOME (LOSS)
            
Net (Decline) Appreciation in Fair Value of Investments
   $ (737,313,772 )   $ 152,440,809  
Interest
     43,946,885       49,794,619  
Dividends
     18,372,332       23,187,005  
TOTAL
     (674,994,555 )     225,422,433  
                 
CONTRIBUTIONS
                
Participants
     168,414,794       159,162,020  
Employer
     68,725,459       64,382,410  
TOTAL
     237,140,253       223,544,430  
                 
 
DISTRIBUTIONS TO PARTICIPANTS
     (193,748,297 )     (206,175,376 )
                 
ADMINISTRATIVE AND MANAGEMENT FEES
                
Professional Fees
     (571,150 )     (772,380 )
Investment Advisory and Management Fees
     (5,342,141 )     (6,047,575 )
Other Fees
     (448,638 )     (427,355 )
TOTAL
     (6,361,929 )     (7,247,310 )
                 
(DECREASE) INCREASE IN NET ASSETS
     (637,964,528 )     235,544,177  
                 
NET ASSETS AVAILABLE FOR BENEFITS BEGINNING OF YEAR
     3,186,107,355       2,950,563,178  
                 
NET ASSETS AVAILABLE FOR BENEFITS END OF YEAR
   $ 2,548,142,827     $ 3,186,107,355  

See notes to financial statements.

 
 
 
 
AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN        

NOTES TO FINANCIAL STATEMENTS


1.         PLAN DESCRIPTION

The following description of the American Electric Power System Retirement Savings Plan (the Plan) is provided for general information purposes only.  Participants should refer to the Plan documents for more complete information.

The Plan is a defined contribution plan that became effective and commenced operations on January 1, 1978.  The Plan covers eligible regularly-scheduled full-time and part-time employees of the participating subsidiaries of American Electric Power Company, Inc. (“AEP” or the “Company”).  Eligible employees will be automatically enrolled in the plan with a 3% pretax deferral unless they elect to opt out of the automatic enrollment or revise their elections during a 30-day grace period.  The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).  Generally, eligible employees participating in the Plan may make contributions (pre-tax, after-tax or, effective beginning July 1, 2006, designated Roth 401(k) contributions) in 1% increments up to 50% of their eligible pay (within IRS limits).  Participants who are age 50 and older are able to save additional pre-tax or Roth 401(k) amounts as catch up contributions.  The catch-up contribution limit was $5,000 for 2008 and 2007.  The Company contributes to the Plan, on behalf of each participant, an amount equal to 75% of the participant’s contributions up to 6% of the participant’s eligible compensation for each payroll period, subject to certain limitations.  All contributions are deposited to the American Electric Power System Retirement Savings Plan Trust after each pay period.  The Plan, in a manner consistent with the requirements under section 401 et seq., of the Internal Revenue Code, restricts the amount that certain participants who are deemed highly compensated may contribute to the Plan.  Participants are immediately vested in their pre-tax, after-tax, Roth 401(k) and the Company matching contributions, including earnings thereon.

American Electric Power Service Corporation (AEPSC) is the plan administrator (Plan Administrator) and plan sponsor (Plan Sponsor).  AEPSC is a wholly-owned subsidiary of AEP.

JP Morgan Chase Bank N.A. is the custodian and trustee and JP Morgan Retirement Plan Services LLC is the record keeper with respect to the Plan.  The investment options offered by the Plan are a series of separately managed accounts, interests in commingled and collective trusts and self-directed mutual fund brokerage accounts for which JP Morgan affiliates provide custody, trustee, recordkeeping and other services.

The AEP Stock Fund, a Plan investment option, is an Employee Stock Ownership Plan (“ESOP”).  As a result, participants can elect to have dividends generated from their AEP Stock Fund holdings paid out in cash, rather than automatically reinvested in the fund.  The dividend payouts are made periodically, but no less than annually, and are treated as ordinary income for tax purposes.  The 10 percent early withdrawal penalty for individuals under age 59-1/2 does not apply to these dividend payouts.

Participants may transfer the value of their cumulative contributions, in any whole percentage or dollar amount, among investments, and change their investment elections on a daily basis.  Participants may change their payroll contribution elections coinciding with the Company’s payroll periods. Excluding their pre-tax and Roth 401(k) contributions, participants may make an unlimited number of withdrawals of their interest in the Plan, including Company matching contributions, which are immediately vested.  Pre-tax and Roth 401(k) contributions are not eligible for withdrawal by participants until age 59-1/2, except under hardship (as defined by the Plan) or termination of employment.  Individual accounts are maintained for each Plan participant.  Each participant’s account is credited with an allocation of Company contributions, his or her employee contribution, and Plan earnings.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Participants may borrow from their savings plan accounts a minimum of $1,000 but no more than the lesser of $50,000 or 50% of their account balance.  Loan terms range from 12 months to 60 months (or up to 180 months for certain residential loans), or any monthly increment in-between.  Interest rates, fixed for the life of the loan, are calculated by adding 1% to the prime rate, as reported in the Wall Street Journal.  For loans taken before July 1, 2006, the interest rate is in effect as of the first business day of the calendar quarter in which the loan is taken.  For loans taken after July 1, 2006, the interest rate is in effect as of the first business day of the calendar month in which the loan is taken.  Active employees repay principal and interest payments through payroll deductions.

Retirees/surviving spouses may make monthly loan payments using a coupon book or through automatic withdrawal from their bank account.  Participant loans and the accrued interest are collateralized by the account balance, and upon default, the outstanding balance is subject to income taxes and possible tax penalty.

2.         ACCOUNTING POLICIES

As of January 1, 2008, the Plan adopted the provisions of Statement on Financial Accounting Standards (“SFAS”) No. 157 (“SFAS 157”), Fair Value Measurements, for its investments. SFAS 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and expands fair value disclosures. Although the adoption of SFAS 157 did not materially impact the Plan’s financial statements, the Plan is now required to provide additional disclosures as part of its financial statements

The accompanying financial statements are prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America.

Participants direct the investment of their contributions into various investment options offered by the Plan.  Investments are reported in the Statements of Net Assets Available for Benefits at fair value, except for its benefit responsive investment contracts, which are stated at contract value.

Quoted market prices are used to value investments (including, but not limited to, the shares of AEP common stock held in the AEP Stock Fund), except investments in registered investment companies, collective trust funds or commingled funds, which are stated at estimated fair values based on the value of the underlying securities and assets as provided by the Trustee of the investment.  All participant loan balances are recorded at amortized cost which approximates fair value.

The Managed Income Fund includes investment contracts valued at fair value, which is equal to cost (contributions), plus interest, less withdrawals.  As described in Financial Accounting Standards Board Staff Position, AAG INV-1, Reporting of Fully Benefit-Responsive Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans (FSP AAG INV-1), the Managed Income Fund is included at fair value in participant-directed investments in the statements of net assets available for benefits, and an additional line item is presented representing the adjustment from fair value to contract value.  The statement of changes in net assets available for benefits is presented on a contract value basis.

Purchases and sales of securities have been recorded on a trade-date basis.  Interest income is recorded on an accrual basis.  Dividends are recorded on the ex-dividend date.  These amounts are reinvested by the Trustee in the same funds that generated such income with the exception of the AEP Stock Fund, which pays out or reinvests dividends at the direction of each participant.

Administrative and Management Fees paid to JPMorgan during 2008 and 2007 totaled $3,008,464 and $2,860,390 respectively.  The Plan directly pays for administrative, recordkeeping and management fees.

Distributions are recorded when paid.  There were no material amounts of distributions due to participants who requested distributions from the Plan as of December 31, 2008 and 2007.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets.  Actual results could differ from those estimates.
 
The Plan utilizes various investment instruments, including common stock, bonds, commingled funds and investment contracts.  Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility.  Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.
 
3.         INVESTMENT CONTRACTS

At December 31, 2008, the Managed Income Fund provides a self managed stable value investment option to participants that includes synthetic guaranteed investment contracts (“GIC”) which simulates the performance of a guaranteed investment contract through an issuer’s guarantee of a specific interest rate (the wrapper contract) and a portfolio of financial instruments that are owned by the Plan.  The Plan entered into four synthetic GIC contracts in July 2006.  The synthetic GIC contracts include underlying assets, which are held in a trust owned by the Plan and utilizes benefit-responsive wrapper contracts issued by four banking institutions. The contracts provide that participants execute plan transactions at contract value. Contract value represents contributions made to the fund, plus earnings, less participant withdrawals. The interest rates are reset quarterly based on market rates of other similar investments, the current yield of the underlying investments and the spread between the market value and contract value, but the rate cannot be less than 0%. Certain events such as plan termination or a plan merger initiated by the Plan Sponsor, may limit the ability of the Plan to transact at contract value or may allow for the termination of the wrapper contract at less than contract value. The Plan Sponsor does not believe that any events that may limit the ability of the plan to transact at contract value are probable.  During the year ended December 31, 2008, the credited rate and the average yield based on annualized earnings and interest credited to participants were 4.69% and 4.75%, respectively.  During the year ended December 31, 2007 the credited rate and average yield based on annualized earnings and interest credited to participants were 5.34% and 5.06% respectively.

4.        
INVESTMENTS

The Plan utilizes various investment instruments, including common stock, bonds, commingled funds, managed income funds, and investment contracts.  The financial statements include investments in commingled funds valued at $889 million (35% of net assets) and $1,180 million (37% of net assets) as of December 31, 2008 and 2007, respectively.  Of these balances, $31 million and $54 million were invested as of December 31, 2008 and 2007, respectively, in the JPMorgan Strategic Property Fund a real estate investment fund.  The remaining portion of the commingled funds’ underlying investments were funds invested in equity securities and bonds.  Additionally, the financial statements include investments in a Managed Income Fund valued at $888 million (35% of net assets) and $828 million (26% of net assets) as of December 31, 2008 and 2007, respectively.  This fund invests in bond funds and guaranteed investment contracts whose fair values have been estimated by management in the absence of readily determinable fair values.  Management’s estimates regarding the fair value of these commingled and managed income funds are based on information provided by the fund managers.

5.         INVESTMENTS EXCEEDING 5% OF PLAN NET ASSETS

Investments exceeding five percent of net assets as of December 31, 2008 and 2007 were:

   
2008
    
2007
  
American Electric Power Company, Inc. Common Stock
   $ 267,992,159     $ 343,008,731  
                 
EB Daily Liquidity Aggregate Bond Index Fund
   $ 267,155,971     $ 229,257,540  
                 
EB Daily Liquidity Stock Index Fund
   $ 277,166,824     $ 418,665,678  
                 
EB Daily Liquidity International Stock Index Fund
   $ 164,647,256     $ 226,251,737  
                 
Intermediate Term Bond Fund
   $ 728,654,801     $ 794,926,246  

6.         NET (DECLINE) APPRECIATION OF INVESTMENTS

During 2008 and 2007, the Plan's investments (including investments purchased and sold as well as held during the year) (declined) appreciated in value as follows:

   
Year Ended
  
   
December 31,
  
             
   
2008
    
2007
  
                 
American Electric Power Company, Inc. - Common Stock
   $ (99,973,910 )   $ 36,819,913  
Participant Loans
     104,604       221,394  
Common / Collective Trusts
     (361,388,798 )     81,332,844  
Corporate Stock
     (255,804,906 )     34,238,290  
Fixed Income Securities
     (7,479,660 )     (508,882 )
Registered Investment Companies
     (12,771,102 )     337,250  
Total Net (Decline) Appreciation in Investments
   $ (737,313,772 )   $ 152,440,809  
 
7.         FAIR VALUE MEASUREMENTS

As of January 1, 2008, the Plan adopted the provisions of SFAS 157 for its investments.  The statement defines fair value, establishes a fair value measurement framework and expands fair value disclosures.  In accordance with SFAS 157, assets and liabilities are classified based on the inputs utilized in the fair value measurement.  SFAS 157 provides definitions for two types of inputs: observable and unobservable.  Observable inputs are valuation inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.  Unobservable inputs are valuation inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information in the circumstances.

As defined in SFAS 157, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).  SFAS 157 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.  Unobservable inputs shall be used to measure fair value to the extent that the observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  Level 3 inputs primarily consist of unobservable market data or are valued based on models and/or assumptions.

The following table sets forth by level within the fair value hierarchy the Plan’s assets that were accounted for at fair value on a recurring basis as of December 31, 2008.  As required by SFAS 157, financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.  Management’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels.

   
Level 1
      
Level 2
      
Level 3
      
Total
  
                               
Net Assets Available for Benefits:
                              
Corporate Stock
   $ 345,027,766     $       $       $ 345,027,766  
Corporate Debt
             28,808,270               28,808,270  
Mortgage Backed Securities
             9,848,119               9,848,119  
Government Bonds
             11,441,975               11,441,975  
Common Collective Trust - Equities
             581,443,853               581,443,853  
Common Collective Trust - Debt
             267,155,971               267,155,971  
Common Collective Trust – Strategic Property
                     31,212,837       31,212,837  
Common Collective Trust – Emerging Markets
                     8,764,187       8,764,187  
Cash Equivalents
             19,167,024               19,167,024  
Registered Investment Companies
     33,465,370                       33,465,370  
Stable Value
             779,958,193               779,958,193  
Wrapper Contracts
                     1,712,868       1,712,868  
Company Stock Fund
     270,663,162                       270,663,162  
Participant Loans
                     60,521,812       60,521,812  
Unsettled Trades
     3,226,069       (10,293,484 )             (7,067,415 )
Total Assets
   $ 652,382,367     $ 1,687,529,921     $ 102,211,704     $ 2,442,123,992  

 
The following table sets forth a reconciliation of changes in the fair value of participant loans classified as level 3 in the fair value hierarchy:

   
Strategic Property Fund
    
Emerging Markets Fund
    
Wrapper Contracts
    
Participant Loans
    
Total
  
                               
Balance, beginning of year
   $ 53,073,359     $ 15,647,202     $ 0     $ 58,519,891     $ 127,240,452  
                                         
Realized gains
     2,233,758       820,004       0       0       3,053,762  
                                         
Unrealized gains (losses)
     (4,040,239 )      (6,571,629 )      1,712,868       0       (8,899,000 ) 
Purchases, sales, issuances, and settlements (net)
     (20,054,041 )     (1,131,390 )     0       2,001,921       (19,183,510 )
                                         
Balance, end of year
   $ 31,212,837     $ 8,764,187     $ 1,712,868     $ 60,521,812     $ 102,211,704  

8.         FEDERAL INCOME TAX

The Internal Revenue Service (IRS) has determined that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code (the Code) and recognizes the exempt status of the Plan’s Trust pursuant to Section 501(a) of the Code.  By letter dated October 14, 2008, the IRS made a favorable determination on the Plan as amended by the various amendments described in the letter.

The Plan has been amended subsequent to the issuance of the IRS determination letter.  The Company and Plan management believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Code and that the Plan’s Trust continues to be tax-exempt.  Therefore, no provision for income taxes has been included in the Plan’s financial statements.

9.         PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions to the plan at any time and to terminate the Plan subject to the provisions of ERISA.  In the event of Plan termination, participants remain 100 percent vested in their accounts.

10.       EXEMPT PARTY-IN-INTEREST TRANSACTIONS

Certain transactions involving the Plan and its assets involved parties in interest with respect to the Plan, but those transactions were not prohibited transactions under ERISA because of the applicability of one or more exemptions.  The exempt party-in-interest transactions involving the Plan included the following:  JPMorgan Chase Bank, N.A., has been acting as trustee and custodian under the Plan, while its affiliates have been acting as (a) investment manager for a number of the Plan’s investment options, (b) the Plan’s record keeper and (c) investment advisor or investment manager for a number of plan participants with respect to the amounts held in their Plan accounts.

At December 31, 2008 and 2007, the Plan held 8,052,649 and 7,367,026 shares, respectively, of common stock of American Electric Power Company, Inc., the Plan Sponsor, with a cost basis of $290,548,737 and $266,439,970, respectively.  During the years ended December 31, 2008 and 2007, the Plan recorded dividend income of $12,960,231 and $12,657,548, respectively, related to this investment.

11.       LEGAL ISSUES

In Re AEP ERISA Litigation - In 2002 and 2003, three putative class action lawsuits were filed in Federal District Court, Columbus, Ohio against AEP, certain executives and AEP’s ERISA Plan Administrator alleging violations of ERISA in the selection of AEP Common stock as an investment alternative and in the allocation of assets to AEP Common stock. In these actions, the plaintiffs sought recovery of an unstated amount of compensatory damages, attorney fees and costs. Two of the three actions were dropped voluntarily by the plaintiffs in those cases. In 2006, the court entered judgment in the remaining case, denying the plaintiff’s motion for class certification and dismissing all claims without prejudice. In 2007, the appeals court reversed the trial court’s decision and held that the plaintiff did have standing to pursue his claim. The appeals court remanded the case to the trial court to consider the issue of whether the plaintiff is an adequate representative for the class of plan participants. In September 2008, the trial court denied the plaintiff’s motion for class certification and ordered briefing on whether the plaintiff may maintain an ERISA claim on behalf of the Plan in the absence of class certification.  In March 2009, the court granted a motion to intervene on behalf of an individual seeking to intervene as a new plaintiff.  The outcome of the litigation cannot be determined at this time.

 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN 

SUPPLEMENTAL SCHEDULE OF ASSETS HELD AS OF DECEMBER 31, 2008


Identity of Issuer, Borrower, Lessor or Similar Party
  
Number of
SHARES/UNITS
    
FAIR
VALUE
  
INVESTMENT CONTRACTS:
            
Stable Value Wrapper Contract
  Bank of America
  variable annual yield (2.75% at December 31, 2008) with an indeterminate maturity date
     -     $ 781,528  
Stable Value Wrapper Contract
  ING
  variable annual yield (2.75% at December 31, 2008) with an indeterminate maturity date
     -       450,631  
Stable Value Wrapper Contract
  IXIS
  variable annual yield (2.75% at December 31, 2008) with an indeterminate maturity date
     -       0  
Stable Value Wrapper Contract
  State Street Bank
  variable annual yield (2.75% at December 31, 2008) with an indeterminate maturity date
     -       480,709  
Subtotal Wrapper Contracts
           $ 1,712,868  
                 
Intermediate Bond Fund-
  JPMorgan Chase Bank
     -     $ 728,654,801  
U.S. Treasury Notes
  (4.875%, due at May 31, 2009)
     -       738,820  
U.S. Treasury Notes
  (4.875%, due at June 30, 2009)
     -       567,639  
U.S. Treasury Notes
  (2.000%, due at February 28, 2010)
     -       96,711  
U.S. Treasury Notes
  (2.125%, due at April 30, 2010)
     -       112,630  
U.S. Treasury Notes
  (2.625%, due at May 31, 2010)
     -       257,549  
U.S. Treasury Notes
  (2.375%, due at August 31, 2010)
     -       592,452  
U.S. Treasury Notes
  (2.000%, due at September 30, 2010)
     -       1,389,086  
JPMorgan Chase Bank
  Liquidity Fund
     -       47,548,505  
     Subtotal Stable Value
             779,958,193  
                 
TOTAL – INVESTMENT CONTRACTS
           $ 781,671,061  
ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE
             106,018,835  
TOTAL – INVESTMENT CONTRACTS AT CONTRACT VALUE
           $ 887,689,896  


 
 
 
 

AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN
         
SUPPLEMENTAL SCHEDULE OF ASSETS HELD AS OF DECEMBER 31, 2008 (continued)
 
AEP STOCK FUND:
Number of Shares/Units
Fair Value
American Electric Power Company, Inc. Common Stock $6.50 par value
8,052,649 
Units
$
267,992,159 
JP Morgan Liquid Assets Money Market Fund
2,671,003 
Units
  
2,671,003 
     
$
270,663,162 
         
PARTICIPANT LOANS (interest rate ranging from 5.00% through 9.25% maturing through December 2021)
$
60,521,812 
         
Identity of Issuer, Borrower, Lessor or Similar Party
Number of Shares/Units
Fair Value
Cash Equivalents
        
(VAN 2) JPMORGAN DOMESTIC LIQUIDITY
16,786,260 
Units
$
16,786,260 
CASH – COMMINGLED FUNDS
2,213,300 
Units
2,213,300 
CASH
            167,464
Units
  
167,464 
Total Cash Equivalents
    
$
19,167,024 
         
Common/Collective Trusts
        
ALLIANCE BERNSTEIN Int’l Style Blend
7,273,237 
Units
$
53,676,491 
EB Daily Liquidity Aggregate Bond Index Fund
1,562,727 
Units
267,155,971 
EB Daily Liquidity Stock Index Fund
1,319,088 
Units
277,166,824 
Income - EB Daily Liquidity International Stock Index Fund
1,440,761 
Units
164,647,256 
Income - EB Daily Liquidity Small Cap Stock Index Fund
704,482 
Units
63,967,001 
JPMCB Emerging Markets - Equity Focused
328,247 
Units
8,764,187 
JPMCB Liquidity Fund
11,023,966 
Units
11,023,966 
JPMCB Strategic Property Fund
18,125 
Units
31,212,837 
JPMCB US Real Estate Securities Fund
533,466 
Units
  
10,962,315 
Total Common/Collective Trusts
    
$
888,576,848 
         
Corporate Stocks
        
ABM INDUSTRIES INC COM STK USD0.01
5,925 
Units
$
112,871 
AMR CORP COM STK USD1
72,200 
Units
770,374 
AARON RENTS INC COM VTG USD0.5
7,300 
Units
194,450 
ABBOTT LABORATORIES COM STK NPV
76,200 
Units
4,066,794 
ABERCROMBIE & FITCH CO CLASS'A'COM STK USD0.01
7,105 
Units
163,912 
ACXIOM CORP COM STK USD0.10
18,005 
Units
146,021 
AEROPOSTALE INC COM STK USD0.01
   21,700 
Units
349,370 
AFFILIATED COMPUTER SERVICES INC CLASS'A'COM STK
   14,300 
Units
657,085 
AFFILIATED MANAGERS GROUP INC COM STK USD0.01
  10,295 
Units
431,566 
AIR METHODS CORP COM STK USD0.06
    8,100 
Units
129,519 
AIR PRODUCTS & CHEMICALS INC COM STK USD1
  6,900 
Units
349,899 
ALEXANDRIA REAL ESTATE EQUITIES INC COM STK
1,100 
Units
67,254 
ALLIANCE DATA SYSTEM COM STK USD0.01
21,900 
Units
1,019,007 
ALLIANCE HEALTHCARE SERVICES INC COM STK USD0.01
10,005 
Units
79,740 
ALLIANZ SE ADR EACH REP 1/10 ORD SH
        75,700 
Units
819,831 
ALLSTATE CORP COM STK USD0.01
        44,300 
Units
1,467,299 
ALTERA CORP COM STK USD0.001
        38,400 
Units
641,664 
AMAZON COM INC COM STK USD0.01
        60,200 
Units
3,087,056 
AMEREN CORP COM STK USD0.01
        16,400 
Units
545,464 
AMGEN INC COM STK USD0.0001
        25,700 
Units
1,484,175 
AMPHENOL CORP CLASS'A'COM STK USD0.001
        45,100 
Units
1,082,233 
ANNALY CAPITAL MANAGEMENT INC CLASS'A'COM STK
        13,790 
Units
225,742 
ANNTAYLOR STORES CORP COM STK USD0.0068
         6,300 
Units
36,351 
ANWORTH MORTGAGE ASSET CORP COM STK USD0.01
        47,440 
Units
317,374 
APOGEE ENTERPRISES INC COM STK USD0.33 1/3
         4,300 
Units
44,548 
APPLE INC COM STK NPV
        29,100 
Units
2,483,685 
APTARGROUP INC COM STK USD0.01
        19,900 
Units
701,276 
ARROW ELECTRONICS INC COM STK USD1
        37,275 
Units
702,261 
ASBURY AUTOMOTIVE GROUP INC COM STK USD0.01
        21,710 
Units
99,215 
ASCENT MEDIA CORPORATION SER'A'USD0.01
         2,905 
Units
63,445 
ASHLAND INC COM STK USD1
         7,095 
Units
74,568 
ASTRAZENECA ADR EACH REP 1 ORD USD0.25(MGT)
        37,100 
Units
1,522,213 
ATMEL CORP COM STK USD0.001
      163,900 
Units
513,007 
ATWOOD OCEANICS INC COM STK USD1
        60,600 
Units
925,968 
AUTODESK INC COM STK NPV
        12,500 
Units
245,625 
AUTOLIV INC COM STK USD1
        28,300 
Units
607,318 
AUTOMATIC DATA PROCESSING INC COM STK USD0.10
        16,700 
Units
662,489 
AUTOZONE INC COM STK USD0.01
         3,500 
Units
488,145 
AVNET INC COM STK USD1
        44,720 
Units
814,351 
AVON PRODUCTS INC COM STK USD0.25
        16,200 
Units
389,286 
BJ SERVICES COM STK USD0.10
        62,000 
Units
726,640 
BP AMOCO P.L.C ADR-EACH CNV INTO 6 ORD USD0.25
        24,600 
Units
1,149,804 
BMC SOFTWARE INC COM STK USD0.01
        28,700 
Units
772,317 
BALL CORP COM STK NPV
         8,500 
Units
353,515 
BANK OF HAWAII CORP COM STK USD2
         10,400 
Units
469,768 
BAXTER INTERNATIONAL INC COM STK USD1
         67,700 
Units
3,645,645 
BECKMAN COULTER INC COM STK USD0.10
         21,846 
Units
959,913 
BEL FUSE INC CLASS'B'SHS USD0.1
          4,000 
Units
84,800 
BELDEN INC COM STK USD0.01
         15,470 
Units
323,787 
BELO CORP CLASS'A'COM STK USD1.67
         21,100 
Units
32,916 
BERKSHIRE HILLS BANCORP INC COM STK USD0.01
          1,500 
Units
46,290 
BIO RAD LABORATORIES INC CLASS'A'COM STK USD0.0001
          1,100 
Units
82,841 
BLACK BOX CORP COM STK USD0.001
          4,700 
Units
123,046 
BLOCK(H & R) INC COM STK NPV
         32,985 
Units
754,367 
BORG-WARNER INC COM STK USD0.01
         47,295 
Units
1,029,612 
BOSTON PRIVATE FINANCIAL HLDGS INC COM STK USD1
         24,400 
Units
166,896 
BRADY CORP 'A'NON.V USD0.01
          5,410 
Units
129,570 
BRISTOW GROUP INC COM STK USD0.01
         13,805 
Units
369,836 
BROCADE COMM USD0.001
         44,465 
Units
124,502 
BROOKS AUTOMATION INC
         59,400 
Units
345,114 
BROWN & BROWN INC COM STK USD0.10
          3,700 
Units
77,330 
BROWN SHOE CO INC COM STK USD3.75
         19,345 
Units
165,206 
BUCKLE COM STK USD0.05
         38,950 
Units
849,889 
BUCYRUS INTERNATIONAL INC COM STK USD0.01
         25,400 
Units
470,408 
CAE INC COM NPV
       112,700 
Units
748,328 
CEC ENTERTAINMENT COM STK USD0.10
          6,000 
Units
145,500 
CIGNA CORP COM STK USD0.25
         33,237 
Units
560,043 
CVS CAREMARK CORP COM STK USD0.01
         89,600 
Units
2,575,104 
CABOT CORP COM STK USD1
          2,400 
Units
36,720 
CACI INTL INC CLASS A COM
          3,900 
Units
175,851 
CAMBREX CORP COM STK USD0.10
          9,700 
Units
44,814 
CARNIVAL CORP COM STK USD0.01(PAIRED STOCK)
         18,900 
Units
459,648 
CELGENE CORP COM STK USD0.01
         47,600 
Units
2,631,328 
CEPHALON INC COM STK USD0.01
          9,900 
Units
762,696 
CHARLES RIVER LABORATORIES COM STK USD0.01
         19,420 
Units
508,804 
CHARMING SHOPPES INC COM STK USD0.10
         39,975 
Units
97,539 
CHECKPOINT SYSTEMS COM STK USD0.10
          5,100 
Units
50,184 
CHEVRON CORP COM STK USD0.75
         15,300 
Units
1,131,741 
CHICAGO BRIDGE & IRON CO N.V. EUR0.01 (REG)
         20,800 
Units
209,040 
CHICO'S FAS INC COM STK USD0.01
         51,000 
Units
213,180 
CHUBB CORP COM STK USD1
         16,400 
Units
841,284 
CIMAREX ENERGY CO COM STK USD0.01
             700 
Units
18,746 
CINCINNATI BELL NC USD0.01
       237,100 
Units
457,603 
CITIZENS REPUBLIC BANCORP INC COM STK NPV
         21,669 
Units
64,574 
CITY HLDG CO COM STK USD2.50
          1,300 
Units
45,214 
CLARCOR INC COM STK USD1
          4,300 
Units
142,674 
COGNEX CORP COM STK USD0.002
         40,500 
Units
599,400 
COGNIZANT TECHNOLOGY SOLUTIONS CORP COM STK
         40,700 
Units
735,042 
COLGATE-PALMOLIVE CO COM STK USD1
         53,400 
Units
3,660,036 
COMERICA INC COM STK USD5
         26,000 
Units
524,680 
COMM TR BANCORPCOM USD5
          1,700 
Units
62,985 
COMPUTER SCIENCES CORP COM STK USD1
         19,900 
Units
699,286 
COMSTOCK RESOURCES INC COM STK USD0.50
          1,700 
Units
80,325 
COMTECH TELECOMMUNICATIONS COM STK USD0.10
          9,600 
Units
439,872 
COOPER TIRE & RUBBER CO COM STK USD1
          9,600 
Units
59,136 
CORN PRODUCTS INTERNATIONAL INC COM STK USD0.01
          2,500 
Units
72,125 
COVANCE INC COM STK USD0.01
          3,900 
Units
179,517 
COVENTRY HEALTHCARE INC COM STK USD0.01
         61,980 
Units
922,262 
CREDIT SUISSE GROUP ADR-EACH REPR 1 ORD(DT
         29,600 
Units
836,496 
CROWN MEDIA HOLDINGS CLASS'A'COM STK USD0.01
         41,400 
Units
117,990 
CUBIST PHARMACEUTI COM USD0.001
         13,900 
Units
335,824 
CUMMINS INC COM STK USD2.50
         57,800 
Units
1,544,994 
CYTEC INDUSTRIES INC COM STK USD0.01
          5,185 
Units
110,026 
DTE ENERGY CO COM STK NPV
         14,700 
Units
532,882 
DARDEN RESTAURANTS INC COM STK NPV
         20,749 
Units
584,707 
DELPHI FINANCIAL GROUP INC CLASS'A'COM STK USD0.01
          9,000 
Units
165,960 
DIAMONDROCK HOSPIT COM USD0.01
         13,900 
Units
70,473 
DIEBOLD INC COM STK USD1.25
         18,100 
Units
508,429 
WALT DISNEY(HLDG)CO DISNEY COM STK USD0.01
       103,800 
Units
2,390,537 
DOLLAR TREE INC COM STK USD0.01
         11,100 
Units
463,980 
DOMTAR CORPORATION COM STK USD0.01
         17,465 
Units
29,167 
DONNELLEY(R.R.)& SONS CO COM STK USD1.25
         50,100 
Units
680,358 
DOVER CORP COM STK USD1
          6,100 
Units
200,812 
DRIL QUIP INC COM STK USD0.01
          7,285 
Units
149,415 
DU PONT(E.I.)DE NEMOURS & CO COM STK USD0.30
         13,500 
Units
341,550 
DUKE REALTY CORP COM STK USD0.01
         76,554 
Units
839,032 
EARTHLINK INC COM STK USD0.01
         26,520 
Units
179,275 
EASTMAN CHEMICAL CO COM STK USD0.01
         10,900 
Units
350,435 
EATON CORP COM USD0.50
         22,341 
Units
1,110,571 
EDISON INTERNATIONAL COM STK NPV
         16,700 
Units
541,581 
EL PASO ELECTRIC CO COM STK NPV
         14,800 
Units
267,732 
ELECTRONICS FOR IMAGING INC COM STK USD0.01
         11,935 
Units
114,099 
EMULEX CORP COM STK USD0.10
         43,330 
Units
302,443 
EQUIFAX INC COM STK USD1.25
         33,380 
Units
885,238 
FLIR SYSTEMS INC COM STK USD0.01
         35,054 
Units
1,075,457 
FAIRCHILD SEMICONDUCTOR INTL INC
         19,900 
Units
97,311 
FAMILY DOLLAR STORES INC COM STK USD0.10
          4,900 
Units
128,356 
FEDERATED INVESTORS INC COM STK CLASS'B'USD0.01
          6,820 
Units
115,667 
FERRO CORP COM STK USD1
          9,200 
Units
64,860 
FIRST AMERICAN CORP COM STK USD1
         15,875 
Units
462,121 
FIRST MIDWEST BANCORP COM STK USD0.01
          3,100 
Units
62,605 
FISERV INC COM STK USD0.01
         18,100 
Units
658,297 
FLUSHING FINANCIAL CORP COM STK USD0.01
         41,800 
Units
499,928 
FOOT LOCKER INC COM STK USD0.01
         29,540 
Units
216,824 
FORRESTER RESEARCH INC COM STK USD0.01
          3,200 
Units
90,272 
FRANKLIN RESOURCES INC COM STK USD0.10
         13,100 
Units
838,269 
FULLER(H.B.)CO COM STK USD1
         12,400 
Units
199,764 
G & K SERVICES INC CLASS'A'COM STK USD0.50
          7,615 
Units
153,975 
GAP INC COM STK USD0.05
         33,900 
Units
453,921 
GARDNER DENVER INC COM STK USD0.01
          6,085 
Units
142,024 
GENCORP INC COM STK USD0.10
         65,400 
Units
240,672 
GENENTECH INC COM STK USD0.02
         57,400 
Units
4,759,034 
GENERAL CABLE CORP COM STK USD0.01
         30,300 
Units
536,007 
GENERAL DYNAMICS CORP COM STK USD1
         11,400 
Units
656,526 
GENERAL MILLS INC COM STK USD0.1
         25,900 
Units
1,573,425 
GENZYME CORP COM STK USD0.01
         11,500 
Units
763,255 
GILEAD SCIENCES INC COM STK USD0.001
       176,400 
Units
9,021,096 
GOODRICH CORP COM STK USD5
         31,700 
Units
1,181,459 
GRACO INC COM STK USD1
         36,000 
Units
854,280 
GRANITE CONSTRUCTION COM STK USD0.01
          6,475 
Units
285,289 
GREIF INC COM STK CLASS'A' NPV
          2,400 
Units
81,144 
GRIFFON CORP COM STK USD0.25
         18,221 
Units
170,002 
GROUP 1 AUTOMOTIVE INC COM STK NPV
          5,275 
Units
56,812 
GUESS INC COM STK USD0.01
         33,100 
Units
511,355 
GYMBOREE CORP COM STK USD0.001
         41,435 
Units
1,081,039 
HCC INSURANCE HLDG COM STK USD1
         21,400 
Units
575,125 
HANOVER INSURANCE GROUP INC COM STK USD0.01
         10,395 
Units
446,673 
HARMONIC INC COM STK USD0.001
       157,400 
Units
883,014 
HARRIS CORP COM STK USD1
         11,405 
Units
433,960 
HARSCO CORP COM STK USD1.25
         27,700 
Units
766,736 
HARTE-HANKS INC COM STK USD1
         13,500 
Units
84,240 
HARTFORD FINANCIAL SERVICES GRP INC COM STK
         13,600 
Units
246,352 
HASBRO INC COM STK USD0.50
         15,500 
Units
452,135 
HEIDRICK & STRUGGLES COM STK USD0.01
         25,930 
Units
558,532 
HELMERICH & PAYNE INC COM STK USD0.10
         44,400 
Units
1,010,100 
HERCULES OFFSHORE INC COM STK NPV
       115,700 
Units
549,575 
HEWLETT-PACKARD CO COM STK USD0.01
       122,700 
Units
4,462,719 
HEXCEL CORP COM STK USD0.01
         57,000 
Units
421,230 
HORACE MANN EDUCATORS CORP COM STK USD0.001
          7,415 
Units
68,144 
HORNBECK OFFSHORE SERVICES INC COM STK USD0.01
          7,021 
Units
114,723 
HOSPIRA INC COM STK USD0.01
         10,500 
Units
281,610 
HUB GROUP INC CLASS'A'COM SHS USD0.01
         31,500 
Units
835,695 
HUMANA INC COM STK USD0.166
         63,900 
Units
2,382,192 
HUNTINGTON BANCSHARES INC COM STK NPV
       119,400 
Units
929,709 
IMS HEALTH INC COM STK USD0.01
         33,900 
Units
513,924 
IBERIABANK CORP COM STK USD1
          3,000 
Units
145,020 
IDACORP INC COM STK NPV
          8,200 
Units
241,490 
INDEPENDENT BANK CORP(MASS) COM STK USD0.01
          2,500 
Units
65,850 
INFOSYS TECHNOLOGIES ADR EACH REPR 1ORD INR5
         46,700 
Units
1,147,419 
ING GROEP N.V. ADR-EACH REPR 1 ORD(SPONS)
         74,800 
Units
830,280 
INGRAM MICRO INC CLASS'A'COM STK USD0.01
         22,050 
Units
295,250 
INTEGRATED DEVICE TECHNOLOGY INC COM STK USD0.001
         62,100 
Units
348,381 
INTERMEC INC COM STK USD0.01
         48,700 
Units
646,736 
INTERNATIONAL BUS MACH CORP COM STK USD0.20
          8,000 
Units
673,280 
INTERNATIONAL FLAVORS & FRAGRANCES COM STK
         11,600 
Units
347,202 
INTERNATIONAL SPEEDWAY CORP CLASS'A'COM STK
         11,910 
Units
342,174 
INTUIT INC COM STK USD0.01
         28,100 
Units
668,499 
INVACARE CORP COM STK NPV
          5,415 
Units
84,108 
ION GEOPHYSICAL CORPORATION COM STK USD0.01
         84,900 
Units
291,207 
ISIS PHARMACEUTICAL COM STK USD0.001
         62,000 
Units
879,160 
JACK IN THE BOX INC COM STK USD0.01
          8,900 
Units
196,601 
JACKSON HEWITT TAX SERVICE INC COM STK USD0.01
         17,810 
Units
282,645 
JARDEN CORP COM STK NPV
          5,155 
Units
59,283 
JOHNSON & JOHNSON COM STK USD1
         25,400 
Units
1,519,682 
JOHNSON CONTROLS INC COM STK USD0.01388
         31,200 
Units
570,921 
JOURNAL COMMUNICATIONS INC COM STK USD0.01
         11,400 
Units
27,930 
KENNAMETAL INC CAP STK USD1.25
          7,400 
Units
164,206 
KFORCE INC COM STK USD0.01
          5,092 
Units
39,107 
KINDRED HEALTHCARE INC COM STK USD0.25
         21,345 
Units
277,912 
KNOLL INC COM STK USD1
         25,540 
Units
230,371 
LSI CORPORATION COM STK USD0.01
       123,700 
Units
406,973 
L3 COMMUNICATIONS HLDGS INC COM STK USD0.01
          9,008 
Units
664,610 
LAM RESEARCH CORP COM STK USD0.001
         34,000 
Units
723,520 
LANCE INC COM STK USD0.833
          6,200 
Units
142,228 
LANDSTAR SYSTEMS INC COM STK USD0.01
          6,770 
Units
260,171 
LEGGETT & PLATT INC COM STK USD0.01
         27,200 
Units
419,968 
LENNOX INTERNATIONAL INC COM STK USD0.01
          9,055 
Units
293,654 
LEXMARK INTERNATIONAL INC CLASS'A'COM STK USD0.01
          4,500 
Units
121,050 
LIN TV CORP COM STK USD0.01
         86,100 
Units
93,849 
LINCARE HLDGS INC COM STK USD0.01
         18,745 
Units
504,803 
LINCOLN NATIONAL CORP COM STK USD1.25
         80,600 
Units
1,518,504 
LIVE NATION INC COM STK USD0.01
         22,885 
Units
131,360 
LOCKHEED MARTIN CORP COM STK USD1
         29,200 
Units
2,455,136 
LODGENET INTERATIVE CORP
         70,400 
Units
49,280 
LUBRIZOL CORP COM STK NPV
         10,100 
Units
367,539 
MDC HLDGS INC COM STK USD0.01
          3,940 
Units
119,382 
MPS GROUP INC COM STK USD0.01
         19,025 
Units
143,258 
MACERICH CO COM STK USD0.01
          5,782 
Units
105,001 
MACK CALI REALTY CORP COM STK USD0.01
          2,500 
Units
61,250 
MANITOWOC CO INC COM STK USD0.01
         11,175 
Units
96,776 
MARATHON OIL CORP COM STK USD1
         42,800 
Units
1,171,008 
MASSEY ENERGY COM COM STK USD0.625
          6,195 
Units
85,429 
MAXIMUS INC COM STK NPV
          7,216 
Units
253,354 
MCAFEE INC COM STK USD0.01
          9,990 
Units
345,354 
MCDONALD'S CORP COM STK USD0.01
          7,500 
Units
466,425 
MEADWESTVACO CORPORATION COM NPV
         31,700 
Units
354,723 
MEDAREX INC COM STK USD0.01
         86,700 
Units
483,786 
MENS WEARHOUSE INC COM STK USD0.01
          8,425 
Units
114,075 
MERCK & CO INC COM STK USD0.01
               - 
Units
21,888 
METTLER TOLEDO COM STK USD0.01
          4,400 
Units
296,560 
MICROSOFT CORP COM STK USD0.00000625
       116,400 
Units
2,262,816 
MICROSTRATEGY INC.
          1,600 
Units
59,408 
MICROCHIP TECHNOLOGY COM STK USD0.001
         21,500 
Units
419,895 
MILLER(HERMAN) INC COM STK USD0.20
      44,500 
Units
584,816 
MINERALS TECHNOLOGIES INC COM STK USD0.10
          1,900 
Units
77,710 
MONRO MUFFLER BRAKE INC COM STK USD0.01
          3,300 
Units
84,150 
MONSTER WORLDWIDE INC COM STK USD0.001
          8,200 
Units
99,138 
MOODYS CORP COM STK USD1
          9,000 
Units
180,810 
MOOG INC CLASS'A'(LIM.V)USD1
          4,500 
Units
164,565 
MUELLER INDUSTRIES INC COM STK USD0.01
          5,220 
Units
130,918 
MYERS INDUSTRIES INC COM STK NPV
          6,200 
Units
49,972 
MYLAN INC COM STK USD0.50
         67,000 
Units
662,630 
NBTY INC COM STK USD0.008
         11,398 
Units
178,379 
NATIONAL OILWELL VARCO INC COM STK USD0.01
         20,000 
Units
488,800 
NATIONAL PENN BANCSHARES COM STK NPV
          3,900 
Units
56,589 
NATIONWIDE HEALTH PROPERTIES INC COM STK USD0.10
             412 
Units
11,833 
NAVIGATORS GROUP INC COM STK USD0.10
             900 
Units
49,419 
NEW YORK TIMES CO COM CLASS'A'STK USD0.10
         34,900 
Units
255,817 
NIKE INC CLASS'B'COM STK NPV
         47,100 
Units
2,413,475 
NOBLE ENERGY INC COM STK USD3.33 1/3
         12,800 
Units
630,016 
NORTHWEST NATURAL GAS CO COM STK USD3.167
          3,900 
Units
172,497 
NOVELLUS SYSTEMS INC COM STK NPV
         46,900 
Units
578,746 
NUCOR CORP COM STK USD0.40
          7,600 
Units
353,780 
OSI PHARMACEUTICALS INC COM STK USD0.01
         29,300 
Units
1,144,165 
OCCIDENTAL PETROLEUM CORP COM USD0.20
         36,200 
Units
2,183,702 
OCEANEERING INTERNATIONAL INC COM STK USD0.25
          4,200 
Units
122,388 
OLD DOMINION FREIGHT LINE INC COM STK USD0.10
          4,000 
Units
113,840 
OMNICARE INC COM STK USD1
      20,870 
Units
579,351 
OMNIVISION TECHNOLOGIES INC COM STK USD0.001
    16,935 
Units
88,909 
O'REILLY AUTOMOTIVE INC COM STK USD0.01
   27,500 
Units
845,350 
OSHKOSH CORPORATION
     84,515 
Units
751,338 
OVERSEAS SHIPHOLDING GROUP INC COM STK USD1
    14,000 
Units
589,540 
OXFORD INDUSTRIES INC COM STK USD1
          3,000 
Units
26,310 
PHH CORP COM STK NPV
         26,630 
Units
339,000 
PPG INDUSTRIES INC COM STK USD1.666
          8,000 
Units
339,440 
PACTIV CORP COM STK USD0.01
         40,900 
Units
1,017,592 
PALL CORP COM STK USD0.10
         41,800 
Units
1,188,374 
PALM INC COM STK USD0.001
         75,000 
Units
230,250 
PANTRY INC COM STK USD0.01
          3,900 
Units
83,655 
PARAMETRIC TECHNOLOGY CORP NEW COM STK USD0.01
         12,800 
Units
161,920 
PARKER-HANNIFIN CORP COM STK USD0.50
         13,450 
Units
572,163 
PAYCHEX INC COM STK USD0.01
         23,500 
Units
617,580 
PEPSICO INC CAP STK USD0.0166
         62,300 
Units
3,438,649 
PERINI CORP COM STK USD1
          6,140 
Units
143,553 
PEROT SYSTEMS CLASS'A'COM STK USD0.01
       131,800 
Units
1,801,706 
PFIZER INC COM STK USD0.05
         86,900 
Units
1,538,999 
PHILIP MORRIS INTERNATIONAL INC NPV
         34,500 
Units
1,520,319 
PINNACLE WEST CAPITAL CORP COM STK USD2.50
         27,600 
Units
886,788 
PITNEY BOWES INC COM STK USD1
         22,400 
Units
570,752 
PRECISION CASTPARTS CORP COM NPV
         39,900 
Units
2,373,252 
PRICELINE.COM INC COM STK USD0.008
         15,000 
Units
1,104,750 
PROGRESS ENERGY INC COM STK NPV
         13,400 
Units
533,990 
PROGRESS SOFTWARE CORP COM STK USD0.01
          5,200 
Units
100,152 
PROSPERITY BANCSHARES INC COM STK USD1
          4,200 
Units
124,856 
PRUDENTIAL FINANCIAL INC COM STK USD0.01
      28,300 
Units
856,358 
PUBLIC SERVICE ENTERPRISE GROUP INC COM STK NPV
       19,100 
Units
557,147 
PUGET ENERGY INC COM STK NPV
       13,215 
Units
360,373 
PULTE HOMES INC COM STK USD0.01
       30,520 
Units
334,804 
QUALCOMM INC COM STK USD0.0001
       117,500 
Units
4,228,825 
QUESTAR CORP COM STK NPV
         16,500 
Units
539,385 
QWEST COMMUNICATIONS INTL INC COM STK USD0.01
       151,300 
Units
550,732 
RC2 CORP COM STK USD0.01
         10,700 
Units
114,169 
RF MICRO DEVICES INC COM STK NPV
       140,800 
Units
109,824 
RAMCO-GERSHENSON PROPERTIES TRUST SBI USD0.01
          7,600 
Units
48,726 
RAYMOND JAMES FINANCIAL INC COM STK USD0.01
         11,000 
Units
189,640 
RAYONIER INC COM STK NPV
          5,100 
Units
159,885 
RAYTHEON CO COM STK USD0.01
         35,000 
Units
1,796,200 
REDWOOD TRUST INC COM STK USD0.01
          4,270 
Units
66,868 
REGENCY CENTERS CORP COM STK USD0.01
          2,300 
Units
107,410 
REGIS CORP COM STK USD0.05
          7,580 
Units
110,137 
REINSURANCE GROUP OF AMERICA USD0.01
          8,435 
Units
361,187 
RELIANCE STEEL & ALUMINIUM COM STK NPV
         14,400 
Units
288,886 
REPUBLIC SERVICES INC COM STK USD0.01
         10,500 
Units
262,290 
RESEARCH IN MOTION COM NPV
         55,500 
Units
2,252,190 
ROBERT HALF INTERNATIONAL INC COM STK USD1
         30,400 
Units
632,928 
ROCK-TENN CO CLASS'A'COM STK USD0.01
          2,635 
Units
90,064 
ROCKWELL COLLINS INC COM STK USD0.01
         17,000 
Units
664,530 
ROSS STORES INC COM STK USD0.01
         15,100 
Units
450,358 
ROWAN COS INC COM STK USD0.125
         23,900 
Units
380,010 
ROYAL DUTCH SHELL ADR EACH REPR 2'A'SHS
         20,000 
Units
1,058,800 
RUDDICK CORP COM STK USD1
         11,200 
Units
311,024 
RYDER SYSTEM INC COM STK USD0.50
          1,000 
Units
38,780 
S & T BANCORP INC COM STK USD2.50
          2,100 
Units
75,201 
SY BANCORP INC COM STK NPV
          1,400 
Units
38,738 
ST.JUDE MEDICAL INC COM STK USD0.10
         24,300 
Units
800,928 
ST MARY LAND & EXPLORATION COM STK USD0.01
         20,700 
Units
420,417 
SARA LEE CORP COM STK USD0.01
         46,400 
Units
459,360 
SCHLUMBERGER COM STK USD0.01
         51,500 
Units
2,191,776 
SCHOLASTIC CORP COM STK USD0.01
          1,700 
Units
23,086 
SCHWAB(CHARLES)CORP COM STK USD0.01
       228,100 
Units
3,688,377 
SCOTTS MIRACLE-GRO CO CLASS'A'COM STK NPV
          9,905 
Units
294,377 
SEABRIGHT INSURANCE HLDGS INC COM STK USD0.01
          4,200 
Units
49,308 
SEACHANGE INTERNATIONAL INC COM STK USD0.01
         82,600 
Units
595,546 
SEATTLE GENETICS INC COM STK USD0.01
         59,600 
Units
532,824 
SERVICE CORPORATION INTERNATIONAL COM STK USD1
         37,485 
Units
186,300 
SHERWIN-WILLIAMS CO COM STK USD1
          8,200 
Units
489,950 
SIMON PROPERTY GROUP INC COM STK USD0.0001
         13,300 
Units
706,629 
SINCLAIR BROADCAST GROUP INC CLASS'A'COM STK
         60,000 
Units
198,000 
SKECHERS USA INC CLASS'A'COM STK USD0.001
         15,435 
Units
197,877 
SKYWEST INC COM STK NPV
          3,000 
Units
55,920 
SMUCKER(J.M.)CO COM STK NPV
          4,200 
Units
182,112 
SONOCO PRODUCTS CO COM STK NPV
         23,800 
Units
551,208 
SOTHEBYS INC CLASS'A'LIM.V COM STK USD0.10
         31,000 
Units
275,590 
SOUTHWESTERN ENERGY CO COM STK USD0.10
         56,200 
Units
1,628,114 
SPARTAN STORES INC COM STK USD0.01
          5,100 
Units
118,575 
STANCORP FINANCIAL GROUP COM STK NPV
          3,000 
Units
125,310 
STANDEX INTERNATIONAL CORP COM STK USD1.5
          9,100 
Units
180,544 
STATE AUTO FINANCIAL CORP COM STK NPV
          5,425 
Units
163,076 
STEEL DYNAMICS INC COM STK USD0.01
         29,600 
Units
333,888 
STEELCASE INC COM STK NPV
         40,600 
Units
231,420 
STIFEL FINANCIAL CORP COM STK USD0.15
          2,650 
Units
121,503 
SUN COMMUNITIES INC COM STK USD0.01
         10,300 
Units
144,200 
SUN MICROSYSTEMS INC COM STK USD0.001
         29,365 
Units
112,174 
SUPERVALU INC COM STK USD1
         45,300 
Units
661,380 
SWIFT ENERGY CO COM STK USD0.01
          3,600 
Units
60,516 
SYBASE INC COM STK USD0.001
         15,774 
Units
390,722 
SYKES ENTERPRISES INC COM STK USD0.01
          6,900 
Units
131,928 
SYMANTEC CORP COM STK USD0.01
         50,300 
Units
680,056 
TCF FINANCIAL COM STK USD0.01
         35,100 
Units
479,466 
TJX COS INC COM STK USD1
         23,200 
Units
477,224 
TANGER FACTORY OUTLET CENTERS COM STK USD0.01
          1,100 
Units
41,382 
TAUBMAN CENTRES INC COM STK USD0.01
          1,500 
Units
38,813 
TECHNITROL INC COM STK USD0.125
         28,780 
Units
102,673 
TERADYNE INC COM STK USD0.125
         15,115 
Units
63,785 
TEREX CORP COM STK USD0.01
         55,500 
Units
961,260 
TERRA INDUSTRIES COM STK NPV
         29,800 
Units
496,766 
TEVA PHARMACEUTICAL INDUSTRIES ADR EACH CNV INTO 1
         78,000 
Units
3,320,460 
THERMO FISHER SCIENTIFIC INC COM STK USD1
         64,200 
Units
2,187,294 
THOMAS & BETTS CORP COM STK USD0.10
         37,200 
Units
893,544 
THOR INDUSTRIES COM STK USD0.10
         14,490 
Units
191,993 
TORO CO COM STK USD1
          7,765 
Units
257,410 
TRIMBLE NAVIGATION COM STK NPV
         21,500 
Units
464,615 
TUPPERWARE BRANDS CORP COM STK USD0.01
          7,115 
Units
163,076 
URS CORP COM STK USD0.01
          8,400 
Units
342,468 
ULTRA PETROLEUM CORP COM NPV
         18,400 
Units
634,984 
UNIFI INC COM STK USD0.10
         95,000 
Units
267,900 
UNION PACIFIC CORP COM STK USD2.50
          9,200 
Units
442,244 
UNITED BANKSHARES INC COM STK USD2.50
          4,400 
Units
147,444 
UNITED RENTALS INC COM STK USD0.01
         90,006 
Units
820,855 
UNITED STATES CELLULAR CORP COM STK USD1
         19,900 
Units
860,476 
UNITED STATES STEEL CORP COM STK USD1
         12,700 
Units
472,440 
UNITED STATIONERS INC COM STK USD0.10
          8,200 
Units
274,618 
UNITRIN COM STK USD0.10
         12,450 
Units
198,453 
UNIVERSAL CORP COM STK NPV
          3,035 
Units
90,655 
VF CORP COM STK NPV
          9,100 
Units
498,407 
VALSPAR CORP COM STK USD0.50
    41,800 
Units
762,432 
VISHAY INTL USD0.10
         89,900 
Units
307,458 
WADDELL & REED FINANCIAL INC CLASS'A'COM STK
         35,300 
Units
552,445 
WAL-MART STORES INC COM STK USD0.10
         76,000 
Units
4,278,610 
WARNACO GROUP INC CLS'A'COM STK USD0.01
          2,785 
Units
54,670 
WASHINGTON FEDERAL INC COM STK USD1
         15,815 
Units
237,383 
WATERS CORP COM STK USD0.01
         14,300 
Units
524,095 
WATSON WYATT WORLDWIDE INC CLASS'A'COM STK USD0.01
          6,145 
Units
294,315 
WEBSTER FINANCIAL CORP COM STK USD0.01
         13,765 
Units
189,682 
WERNER ENTERPRISES INC COM STK USD0.01
         25,600 
Units
443,904 
WESTAMERICA BANCORP COM STK NPV
          1,900 
Units
97,185 
WESTERN UNION COMPANY (THE) COM STK USD0.01
     55,700 
Units
798,738 
WHIRLPOOL CORP COM STK USD1
    10,200 
Units
421,770 
WHITING PETROLEUM CORP COM STK USD0.001
          8,020 
Units
268,349 
WORLD FUEL SERVICES CORP COM STK USD0.01
          6,065 
Units
224,632 
WYETH COM USD0.333
         98,600 
Units
3,698,486 
XEROX CORP COM STK USD1
         72,900 
Units
584,345 
YUM BRANDS INC COM STK NPV
          5,200 
Units
163,800 
CADBURY PLC ADR EACH REPR 4 ORD
         14,700 
Units
524,349 
AMERISOURCEBERGEN CORP COM STK NPV
         51,970 
Units
1,853,250 
AMERICAN EAGLE OUTFITTER COM STK USD0.01
          9,915 
Units
93,796 
INVENTIV HEALTH INC COM STK USD0.001
          8,200 
Units
94,628 
USEC INC COM STK USD0.10
         83,800 
Units
376,262 
TOTAL S A SPONSORED ADR(CNV 1/2 SHS EUR10)
         20,200 
Units
1,117,060 
TRAVELERS COS INC/THE
         19,000 
Units
858,800 
BARCLAYS ADR-EACH REP 4 ORD STK GBP0.25(JPM)
         78,764 
Units
771,887 
AFC ENTERPRISES INC COM STK USD0.001
          7,700 
Units
36,113 
ACUITY BRANDS INC COM STK USD0.01
          7,130 
Units
248,908 
ADOBE SYSTEMS INC COM STK USD0.0001
       115,800 
Units
2,465,382 
ADVANCE AUTO PARTS INC COM STK USD0.0001
         17,185 
Units
579,306 
AETNA INC NEW COM STK USD0.001
         51,900 
Units
1,479,150 
AKAMAI TECHNOLOGIES COM STK USD0.01
         58,700 
Units
885,783 
ALLEGHENY TECHNOLOGIES INC COM STK USD0.10
          6,645 
Units
169,647 
ALTRIA GROUP INC COM STK USD0.333
         99,000 
Units
1,525,852 
AMERIPRISE FINANCIAL INC COM STK USD0.01
         50,900 
Units
1,189,024 
APARTMENT INVESTMENT & MANAGEMENT COM STK USD0.01
         13,999 
Units
190,806 
APOLLO INVESTMENT CORP COM STK USD0.001
         16,860 
Units
156,967 
APPROACH RESOURCES INC COM STK USD0.01
          8,095 
Units
59,174 
ARES CAPITAL CORP COM STK USD0.001
         13,425 
Units
90,619 
ARRIS GROUP INC COM STK USD0.01
         70,700 
Units
562,065 
ASSURANT INC COM STK USD0.01
         41,020 
Units
1,230,600 
BJS WHOLESALE CLUB INC COM STK USD0.01
         13,400 
Units
459,084 
BILL BARRETT CORP COM NPV
         14,500 
Units
306,385 
CRA INTERNATIONAL INC COM
          3,100 
Units
83,483 
CABLEVISION SYSTEMS CORP NY GROUP COM STK USD0.01
         62,200 
Units
1,047,448 
CAMECO CORP COM NPV
         74,800 
Units
1,293,972 
CAPITALSOURCE INC COM STK USD0.01
         38,095 
Units
177,904 
CAPSTEAD MTGE.CORP COM STK USD0.01
         38,715 
Units
430,898 
CENTENNIAL COMMUNICATIONS CORP CLASS'A'COM STK
       139,300 
Units
1,122,758 
CENTENE CORP(DEL) COM STK USD0.001
          8,490 
Units
167,338 
CIBER INC COM STK USD0.01
         23,100 
Units
111,111 
CISCO SYSTEMS INC COM STK USD0.001
       227,800 
Units
3,713,140 
CLIFFS NATURAL RESOURCES INC
         12,500 
Units
320,125 
CONCHO RESOURCES INC COM STK USD0.001
         11,295 
Units
257,752 
CONOCOPHILLIPS COM STK USD1.25
         21,000 
Units
1,087,800 
CONSOL ENERGY INC COM STK USD0.01
          8,000 
Units
228,640 
CORPORATE EXECUTIVE BOARD CO COM STK USD0.01
          6,640 
Units
146,478 
COSTCO WHOLESALE CORP COM STK USD0.005
         41,600 
Units
2,184,000 
DAVITA INC COM STK USD0.001
          9,970 
Units
494,213 
DIRECTV GROUP INC COM STK USD0.01
         20,400 
Units
467,364 
DISCOVERY COMMUNICATIONS INC CLS 'A' USD0.01
         62,050 
Units
878,628 
DISCOVERY COMMUNICATIONS INC CLS 'C' USD0.01
         29,050 
Units
388,980 
DYNCORP INTERNATIONAL INC COM STK USD0.01
          2,500 
Units
37,925 
ENI ADR EACH REP 2 ORD (MGT)
         23,300 
Units
1,114,206 
EDUCATION REALTY TRUST INC COM STK USD0.01
          4,864 
Units
25,390 
ENERGEN CORP COM STK USD0.01
         12,000 
Units
351,960 
ENERSYS COM USD0.01
         12,865 
Units
141,515 
ENTEGRIS INC COM STK USD0.01
         28,755 
Units
62,973 
ENTERGY CORP COM STK USD0.01
          6,300 
Units
523,719 
EXPEDIA INC COM STK USD0.001
         27,895 
Units
229,855 
EXXON MOBIL CORP COM STK NPV
         14,600 
Units
1,165,518 
FACET BIOTECH CORP USD0.01
         14,700 
Units
140,973 
FIDELITY NATIONAL FINANCIAL INC CLASS 'A' COM STK
         20,810 
Units
369,378 
FIRST CITIZENS BANCSHARES INC NRTH CLASS'A'SHS
          1,505 
Units
230,378 
FLOWSERVE CORP COM STK USD1.25
         14,800 
Units
765,750 
FREEPORT-MCMORAN COPPER & GOLD INC COM STK USD0.10
         13,900 
Units
339,716 
GAMESTOP CORPORATION NEW CLASS 'A' COM USD0.001
         52,294 
Units
1,132,688 
GLAXOSMITHKLINE ADR EACH REPR 2 ORD GBP0.25
         41,502 
Units
1,568,953 
GLOBAL PAYMENTS INC COM STK USD0.001
          4,700 
Un