AIG SunAmerica is is making changes to its fund lineup, including mergers and sub-advisor changes.

According to an SEC filing on Friday, the Growth Opportunities Fund, the New Century Fund and the Focused Mid-Cap GrowthPortfilio will, subject to shareholder approval, all organize into the Small-Cap Growth Portfolio. The combined funds will form the Focused Small-Cap Fund, which will drop BAMCO, Inc. as its investment adviser and instead be managed day to day by SunAmerica Asset Management.

The Growth and Income Fund, the Balanced Assets Fund will reorganize into the Focused Growth and Income Portfolio, and will assume the name Growth and Income Combined Fund. The fund, formerly advised by BlackRock, will also be advised by SunAmerica after the proposed reorganization.

In addition, SunAmerica filed last Friday for a shareholder meeting that would seek approval for the Senior Floating Rate Fund and High Yield Bond Fund to enter into asubadvisory agreement with the Wellington Management Company. The vote, slated for September 15, will also seek the related shareholder approval for the operation of the funds in a manager-of-managers structure and enter into subadvisory agreements with unaffiliated subadvisers.

AIG Capital Investments Group served as the funds subadvisor until July 23. The filing noted that AIGGIC was evaluated by the board and independent directors, and the two funds were found to have underperformed their benchmarks and peer group both short-term and long-term.

Boston-based Wellington has served as the interim advisor since the termination of AIGCIG, and as of March 31, 2009 had investment management authority over roughly $396 billion in assets. 

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