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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
Kurt W. Bernlohr
President
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 831-6133
Date of fiscal year end: May 31
Date of reporting period: November 30, 2010
Table of Contents
Item 1. Reports to Stockholders
VALIC Company I, Semi-Annual Report at November 30, 2010.
Table of Contents
VALIC Company I
Semiannual Report, November 30, 2010
SAVING :INVESTING :PLANNING
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VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2010 (Unaudited)
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Table of Contents
PRESIDENT’S LETTER
Dear Valued Investor:
We are pleased to provide you with the following Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ending November 30, 2010. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
Although the six-months of the reporting period saw substantial volatility, most markets ultimately realized solid returns, and many US corporations reported positive earnings surprises. The total return for the S&P 500® Index*, widely regarded as the best single gauge of the U.S. equity market, was 9.5% for the six-month period. The bond market also fared well with the Barclays Capital U.S. Aggregate Bond Index**, a broad measure of the bond market, returning 3.85% for the period. The MSCI EAFE Index (gross)***, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, posted a strong 12.55% return as many component European nations rebounded from spring lows.
While financial markets and economic data trended mostly positive throughout the period, intermittent periods of market turmoil continued to remind investors of the recent financial crisis. This turmoil stemmed from varied global sources such as conflicting Chinese economic data releases, the announcement of an Australian resource excise tax, and the economic woes of various periphery European Union countries, on top of domestic concerns over the US economic outlook. Further highlighting this global interconnectivity, while developed markets countries were doing everything possible to kick-start their economies, the faster growing emerging markets countries generally flourished, benefitting from the cheap capital flowing from developed countries in search of better investment returns.
The recent volatility in financial markets strengthens our belief that investors usually benefit by a well-diversified portfolio, invested across asset classes, investment styles and geographic borders. It also highlights the need for investors to regularly reassess their risk tolerance, understand their investments and identify their financial goals. Your financial advisor can help you with these tasks so you can move toward your goals with understanding and confidence.
As always, we appreciate your continued confidence in our ability to help you meet your investment goals.
Sincerely,
Kurt W. Bernlohr, President
VALIC Company I
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that is composed of securities from Barclays Capital Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. |
*** | The Morgan Stanley Capital International (MSCI), Europe, Australasia, Far East (EAFE) Index (gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of May 27, 2010, the index consisted of 22 developed market country indices. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits. |
Past performance of an index does not guarantee the future performance of any investment.
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EXPENSE EXAMPLE — November 30, 2010 (Unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC 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, 2010 and held until November 30, 2010. Shares of VC 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 VC 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, 2010” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2010” column and the “Expense Ratio as of November 30, 2010” 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, 2010” 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, 2010” column and the “Expense Ratio as of November 30, 2010” 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, 2010” 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.
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VALIC Company I
EXPENSE EXAMPLE — November 30, 2010 (Unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2010 | Ending Account Value Using Actual Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Beginning Account Value at June 1, 2010 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Expense Ratio as of November 30, 2010* | |||||||||||||||||||||
Asset Allocation@ | $ | 1,000.00 | $ | 1,090.62 | $ | 4.09 | $ | 1,000.00 | $ | 1,021.16 | $ | 3.95 | 0.78 | % | ||||||||||||||
Blue Chip Growth#@ | $ | 1,000.00 | $ | 1,140.25 | $ | 4.56 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Broad Cap Value Income#@ | $ | 1,000.00 | $ | 1,067.89 | $ | 4.41 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,046.91 | $ | 3.44 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Core Equity#@ | $ | 1,000.00 | $ | 1,065.92 | $ | 4.14 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,093.96 | $ | 4.36 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Foreign Value@ | $ | 1,000.00 | $ | 1,114.99 | $ | 4.40 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Global Equity | $ | 1,000.00 | $ | 1,132.27 | $ | 5.40 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Global Real Estate@ | $ | 1,000.00 | $ | 1,138.44 | $ | 4.93 | $ | 1,000.00 | $ | 1,020.46 | $ | 4.66 | 0.92 | % | ||||||||||||||
Global Social Awareness@ | $ | 1,000.00 | $ | 1,113.85 | $ | 3.60 | $ | 1,000.00 | $ | 1,021.66 | $ | 3.45 | 0.68 | % | ||||||||||||||
Global Strategy@ | $ | 1,000.00 | $ | 1,091.36 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,025.30 | $ | 3.30 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,136.96 | $ | 4.34 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Growth & Income#@ | $ | 1,000.00 | $ | 1,092.56 | $ | 4.46 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences@ | $ | 1,000.00 | $ | 1,082.69 | $ | 6.21 | $ | 1,000.00 | $ | 1,019.10 | $ | 6.02 | 1.19 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,059.00 | $ | 3.25 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
International Equities | $ | 1,000.00 | $ | 1,135.69 | $ | 2.57 | $ | 1,000.00 | $ | 1,022.66 | $ | 2.43 | 0.48 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,080.54 | $ | 3.44 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % | ||||||||||||||
International Growth I#@ | $ | 1,000.00 | $ | 1,160.40 | $ | 5.47 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core@ | $ | 1,000.00 | $ | 1,125.93 | $ | 4.53 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Large Capital Growth@ | $ | 1,000.00 | $ | 1,135.66 | $ | 4.12 | $ | 1,000.00 | $ | 1,021.21 | $ | 3.90 | 0.77 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,124.28 | $ | 2.08 | $ | 1,000.00 | $ | 1,023.11 | $ | 1.98 | 0.39 | % | ||||||||||||||
Mid Cap Strategic Growth@ | $ | 1,000.00 | $ | 1,182.46 | $ | 4.65 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Money Market I# | $ | 1,000.00 | $ | 1,000.05 | $ | 1.30 | $ | 1,000.00 | $ | 1,023.76 | $ | 1.32 | 0.26 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,145.13 | $ | 2.85 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology@ | $ | 1,000.00 | $ | 1,175.56 | $ | 5.56 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.16 | 1.02 | % | ||||||||||||||
Small Cap Aggressive Growth#@ | $ | 1,000.00 | $ | 1,100.61 | $ | 5.21 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap#@ | $ | 1,000.00 | $ | 1,117.93 | $ | 4.94 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,103.70 | $ | 2.37 | $ | 1,000.00 | $ | 1,022.81 | $ | 2.28 | 0.45 | % | ||||||||||||||
Small Cap Special Values#@ | $ | 1,000.00 | $ | 1,068.07 | $ | 4.67 | $ | 1,000.00 | $ | 1,020.56 | $ | 4.56 | 0.90 | % | ||||||||||||||
Small-Mid Growth#@ | $ | 1,000.00 | $ | 1,155.74 | $ | 5.40 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.06 | 1.00 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,093.02 | $ | 1.99 | $ | 1,000.00 | $ | 1,023.16 | $ | 1.93 | 0.38 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,085.75 | $ | 4.44 | $ | 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, 2010” 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, 2010 | Ending Account Value Using Actual Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Beginning Account Value at June 1, 2010 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Expense Ratio as of November 30, 2010* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,090.62 | $ | 4.09 | $ | 1,000.00 | $ | 1,021.16 | $ | 3.95 | 0.78 | % | ||||||||||||||
Blue Chip Growth# | $ | 1,000.00 | $ | 1,140.25 | $ | 4.56 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,067.89 | $ | 4.35 | $ | 1,000.00 | $ | 1,020.86 | $ | 4.26 | 0.84 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,065.92 | $ | 4.14 | $ | 1,000.00 | $ | 1,021.06 | $ | 4.05 | 0.80 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,114.99 | $ | 4.40 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,138.44 | $ | 4.93 | $ | 1,000.00 | $ | 1,020.46 | $ | 4.66 | 0.92 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,113.85 | $ | 3.50 | $ | 1,000.00 | $ | 1,021.76 | $ | 3.35 | 0.66 | % |
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VALIC Company I
EXPENSE EXAMPLE — November 30, 2010 (Unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2010 | Ending Account Value Using Actual Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Beginning Account Value at June 1, 2010 | Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2010 | Expenses Paid During the Six Months Ended November 30, 2010* | Expense Ratio as of November 30, 2010* | |||||||||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,091.36 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,092.56 | $ | 4.46 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences | $ | 1,000.00 | $ | 1,082.69 | $ | 6.21 | $ | 1,000.00 | $ | 1,019.10 | $ | 6.02 | 1.19 | % | ||||||||||||||
International Growth I# | $ | 1,000.00 | $ | 1,160.40 | $ | 5.47 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,125.93 | $ | 4.42 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,135.66 | $ | 4.07 | $ | 1,000.00 | $ | 1,021.26 | $ | 3.85 | 0.76 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,182.46 | $ | 4.54 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,175.56 | $ | 5.51 | $ | 1,000.00 | $ | 1,020.00 | $ | 5.11 | 1.01 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,100.61 | $ | 5.00 | $ | 1,000.00 | $ | 1,020.31 | $ | 4.81 | 0.95 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,117.93 | $ | 4.94 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Special Values# | $ | 1,000.00 | $ | 1,068.07 | $ | 4.61 | $ | 1,000.00 | $ | 1,020.61 | $ | 4.51 | 0.89 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,155.74 | $ | 5.35 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2010 — (Unaudited)
Industry Allocation*
Exchange — Traded Funds | 9.6 | % | ||
Federal Home Loan Mtg. Corp. | 7.9 | |||
Diversified Financial Services | 6.1 | |||
Federal National Mtg. Assoc. | 3.7 | |||
Diversified Banking Institutions | 3.6 | |||
Oil Companies — Integrated | 3.3 | |||
Banks — Super Regional | 2.3 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Computers | 2.1 | |||
Diversified Manufacturing Operations | 2.1 | |||
Electric — Integrated | 1.8 | |||
Repurchase Agreements | 1.8 | |||
United States Treasury Notes | 1.7 | |||
Wireless Equipment | 1.6 | |||
Medical — Drugs | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Aerospace/Defense | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Banks — Commercial | 1.4 | |||
Real Estate Investment Trusts | 1.3 | |||
Metal — Copper | 1.1 | |||
Medical Products | 1.0 | |||
Applications Software | 1.0 | |||
Computer Services | 1.0 | |||
Medical — Hospitals | 1.0 | |||
Pipelines | 1.0 | |||
Oil — Field Services | 0.9 | |||
Cosmetics & Toiletries | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Multimedia | 0.9 | |||
Food — Misc. | 0.9 | |||
Retail — Regional Department Stores | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Networking Products | 0.8 | |||
Insurance — Multi — line | 0.8 | |||
Chemicals — Diversified | 0.7 | |||
Transport — Services | 0.7 | |||
Retail — Building Products | 0.7 | |||
Web Portals/ISP | 0.7 | |||
Retail — Restaurants | 0.6 | |||
Engineering/R&D Services | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Metal — Iron | 0.5 | |||
Medical — HMO | 0.5 | |||
Hazardous Waste Disposal | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Advertising Agencies | 0.5 | |||
Finance — Auto Loans | 0.5 | |||
Tobacco | 0.5 | |||
Food — Wholesale/Distribution | 0.4 | |||
Special Purpose Entities | 0.4 | |||
Retail — Discount | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Airlines | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Chemicals — Plastics | 0.4 | |||
Medical — Generic Drugs | 0.4 | |||
Computers — Memory Devices | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Medical Labs & Testing Services | 0.3 |
Banks — Fiduciary | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Beverages — Non — alcoholic | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Paper & Related Products | 0.3 | |||
United States Treasury Bonds | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Telecom Services | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Food — Retail | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Time Deposits | 0.2 | |||
Food — Confectionery | 0.2 | |||
Transport — Rail | 0.2 | |||
Medical Instruments | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Coal | 0.2 | |||
Data Processing/Management | 0.2 | |||
Television | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Gold Mining | 0.2 | |||
Independent Power Producers | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Commercial Services | 0.2 | |||
Oil Refining & Marketing | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Banks — Money Center | 0.1 | |||
Schools | 0.1 | |||
Casino Hotels | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Finance — Other Services | 0.1 | |||
Electric — Generation | 0.1 | |||
Gas — Distribution | 0.1 | |||
Pharmacy Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Satellite Telecom | 0.1 | |||
Electric — Distribution | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Finance — Commercial | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Hotels/Motels | 0.1 | |||
Sovereign | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Transport — Truck | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Food — Meat Products | 0.1 | |||
Appliances | 0.1 |
5
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Gas — Transportation | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Human Resources | 0.1 | |||
Steel — Producers | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
6
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 51.2% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Ceradyne, Inc.† | 195 | $ | 5,152 | |||||
Advertising Agencies — 0.4% |
| |||||||
Omnicom Group, Inc. | 10,992 | 499,476 | ||||||
The Interpublic Group of Cos., Inc.† | 1,289 | 13,728 | ||||||
513,204 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
Aerovironment, Inc.† | 320 | 7,904 | ||||||
Cubic Corp. | 211 | 9,628 | ||||||
Esterline Technologies Corp.† | 640 | 37,683 | ||||||
General Dynamics Corp. | 301 | 19,893 | ||||||
National Presto Industries, Inc. | 111 | 12,887 | ||||||
Northrop Grumman Corp. | 4,305 | 265,532 | ||||||
Raytheon Co. | 5,814 | 268,898 | ||||||
Teledyne Technologies, Inc.† | 771 | 31,010 | ||||||
The Boeing Co. | 17,320 | 1,104,496 | ||||||
1,757,931 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
AAR Corp.† | 304 | 7,466 | ||||||
Curtiss - Wright Corp. | 567 | 17,617 | ||||||
GenCorp, Inc.† | 1,247 | 6,123 | ||||||
Kaman Corp. | 390 | 10,986 | ||||||
Moog, Inc., Class A† | 349 | 12,864 | ||||||
Orbital Sciences Corp.† | 444 | 7,237 | ||||||
Triumph Group, Inc. | 350 | 29,446 | ||||||
United Technologies Corp. | 5,901 | 444,168 | ||||||
535,907 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Monsanto Co. | 1,215 | 72,803 | ||||||
Agricultural Operations — 0.0% |
| |||||||
The Andersons, Inc. | 391 | 12,637 | ||||||
Airlines — 0.0% |
| |||||||
Allegiant Travel Co. | 331 | 16,527 | ||||||
Skywest, Inc. | 920 | 14,895 | ||||||
31,422 | ||||||||
Alternative Waste Technology — 0.0% |
| |||||||
Calgon Carbon Corp.† | 432 | 6,035 | ||||||
Darling International, Inc.† | 634 | 7,342 | ||||||
13,377 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Carter’s, Inc.† | 457 | 14,469 | ||||||
Coach, Inc. | 530 | 29,966 | ||||||
Maidenform Brands, Inc.† | 177 | 4,857 | ||||||
Oxford Industries, Inc. | 296 | 7,311 | ||||||
Polo Ralph Lauren Corp. | 1,077 | 117,651 | ||||||
Quiksilver, Inc.† | 2,755 | 11,847 | ||||||
True Religion Apparel, Inc.† | 542 | 12,157 | ||||||
VF Corp. | 600 | 49,728 | ||||||
Volcom, Inc. | 363 | 6,534 | ||||||
254,520 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp. | 905 | 66,065 | ||||||
Applications Software — 1.0% |
| |||||||
Citrix Systems, Inc.† | 380 | 25,240 | ||||||
Ebix, Inc.† | 421 | 8,736 | ||||||
EPIQ Systems, Inc. | 723 | 9,211 | ||||||
Intuit, Inc.† | 4,252 | 190,872 | ||||||
Microsoft Corp. | 42,086 | 1,060,988 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
Progress Software Corp.† | 921 | $ | 35,523 | |||||
1,330,570 | ||||||||
Athletic Footwear — 0.0% |
| |||||||
K-Swiss, Inc., Class A† | 577 | 7,224 | ||||||
NIKE, Inc., Class B | 498 | 42,893 | ||||||
50,117 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
Audiovox Corp., Class A† | 306 | 2,096 | ||||||
DTS, Inc.† | 239 | 11,219 | ||||||
Harman International Industries, Inc.† | 434 | 18,918 | ||||||
Universal Electronics, Inc.† | 236 | 6,485 | ||||||
38,718 | ||||||||
Auto Repair Centers — 0.0% |
| |||||||
Midas, Inc.† | 303 | 2,363 | ||||||
Monro Muffler Brake, Inc. | 315 | 15,574 | ||||||
17,937 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ford Motor Co.† | 6,279 | 100,087 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 3,240 | 174,506 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Spartan Motors, Inc. | 699 | 3,698 | ||||||
Superior Industries International, Inc. | 494 | 9,603 | ||||||
13,301 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Standard Motor Products, Inc. | 417 | 5,246 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Bank Mutual Corp. | 606 | 2,776 | ||||||
Bank of the Ozarks, Inc. | 278 | 10,533 | ||||||
City Holding Co. | 120 | 3,848 | ||||||
Columbia Banking System, Inc. | 553 | 9,644 | ||||||
Community Bank System, Inc. | 480 | 11,558 | ||||||
East West Bancorp, Inc. | 3,148 | 54,586 | ||||||
First BanCorp. Puerto Rico† | 4,732 | 1,136 | ||||||
First Commonwealth Financial Corp. | 1,284 | 7,961 | ||||||
First Financial Bancorp | 446 | 7,368 | ||||||
First Financial Bankshares, Inc. | 350 | 16,930 | ||||||
First Midwest Bancorp, Inc. | 569 | 5,332 | ||||||
Glacier Bancorp, Inc. | 1,530 | 20,395 | ||||||
Hancock Holding Co. | 227 | 7,151 | ||||||
Hanmi Financial Corp.† | 1,861 | 1,709 | ||||||
Home Bancshares, Inc. | 272 | 5,630 | ||||||
Independent Bank Corp. | 451 | 10,955 | ||||||
Lloyds Banking Group PLC†(13) | 105,984 | 99,816 | ||||||
Nara Bancorp., Inc.† | 565 | 4,610 | ||||||
National Penn Bancshares, Inc. | 1,775 | 11,910 | ||||||
NBT Bancorp, Inc. | 518 | 11,500 | ||||||
Old National Bancorp | 1,854 | 19,115 | ||||||
Pinnacle Financial Partners, Inc.† | 493 | 4,846 | ||||||
PrivateBancorp, Inc. | 1,245 | 15,139 | ||||||
Regions Financial Corp. | 13,064 | 70,284 | ||||||
S&T Bancorp, Inc. | 379 | 7,436 | ||||||
Signature Bank† | 864 | 37,973 | ||||||
Simmons First National Corp., Class A | 249 | 7,234 | ||||||
Sterling Bancorp | 356 | 3,343 | ||||||
Sterling Bancshares, Inc. | 2,168 | 12,867 | ||||||
Susquehanna Bancshares, Inc. | 2,759 | 22,210 | ||||||
Tompkins Financial Corp. | 104 | 3,989 | ||||||
Trustco Bank Corp. NY | 592 | 3,321 |
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
UMB Financial Corp. | 438 | $ | 16,337 | |||||
Umpqua Holdings Corp. | 2,436 | 25,797 | ||||||
United Bankshares, Inc. | 503 | 13,184 | ||||||
United Community Banks, Inc.† | 725 | 1,109 | ||||||
Whitney Holding Corp. | 2,056 | 19,306 | ||||||
Wilshire Bancorp, Inc. | 150 | 1,062 | ||||||
Wintrust Financial Corp. | 239 | 6,847 | ||||||
Zions Bancorporation | 1,733 | 33,707 | ||||||
630,454 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
Boston Private Financial Holdings, Inc. | 1,617 | 8,683 | ||||||
State Street Corp. | 6,730 | 290,736 | ||||||
299,419 | ||||||||
Banks - Super Regional — 1.6% |
| |||||||
Capital One Financial Corp. | 5,906 | 219,880 | ||||||
Fifth Third Bancorp | 10,706 | 127,937 | ||||||
KeyCorp | 12,931 | 97,370 | ||||||
PNC Financial Services Group, Inc. | 6,646 | 357,887 | ||||||
SunTrust Banks, Inc. | 691 | 16,142 | ||||||
US Bancorp | 10,761 | 255,897 | ||||||
Wells Fargo & Co. | 38,203 | 1,039,504 | ||||||
2,114,617 | ||||||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Dr Pepper Snapple Group, Inc. | 4,445 | 162,821 | ||||||
The Coca - Cola Co. | 4,349 | 274,726 | ||||||
437,547 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Constellation Brands, Inc., Class A† | 9,104 | 187,633 | ||||||
Brewery — 0.0% |
| |||||||
Boston Beer Co., Inc., Class A† | 199 | 16,254 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
DG FastChannel, Inc.† | 361 | 9,108 | ||||||
Discovery Communications, Inc., Class A† | 2,831 | 115,448 | ||||||
124,556 | ||||||||
Building & Construction Products-Misc. — 0.0% |
| |||||||
Drew Industries, Inc.† | 290 | 5,858 | ||||||
Gibraltar Industries, Inc.† | 644 | 6,549 | ||||||
NCI Building Systems, Inc.† | 273 | 2,842 | ||||||
Quanex Building Products Corp. | 800 | 13,232 | ||||||
Simpson Manufacturing Co., Inc. | 648 | 16,764 | ||||||
45,245 | ||||||||
Building & Construction-Misc. — 0.0% |
| |||||||
Dycom Industries, Inc.† | 461 | 6,095 | ||||||
Insituform Technologies, Inc., Class A† | 302 | 6,686 | ||||||
12,781 | ||||||||
Building Products - Air & Heating — 0.0% |
| |||||||
AAON, Inc. | 153 | 3,924 | ||||||
Comfort Systems USA, Inc. | 585 | 6,523 | ||||||
10,447 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Eagle Materials, Inc. | 340 | 8,453 | ||||||
Texas Industries, Inc. | 346 | 13,037 | ||||||
21,490 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 597 | $ | 6,716 | |||||
Building Products - Wood — 0.0% |
| |||||||
Universal Forest Products, Inc. | 275 | 8,987 | ||||||
Building - Heavy Construction — 0.0% |
| |||||||
Orion Marine Group, Inc.† | 572 | 7,688 | ||||||
Building - Maintance & Services — 0.0% |
| |||||||
ABM Industries, Inc. | 1,000 | 23,030 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Skyline Corp. | 53 | 1,006 | ||||||
Winnebago Industries, Inc.† | 224 | 2,347 | ||||||
3,353 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 4,519 | 45,371 | ||||||
M/I Homes, Inc.† | 394 | 4,543 | ||||||
Meritage Homes Corp.† | 247 | 4,685 | ||||||
Pulte Group, Inc.† | 1,857 | 11,625 | ||||||
Standard Pacific Corp.† | 2,109 | 7,508 | ||||||
73,732 | ||||||||
Cable/Satellite TV — 0.5% |
| |||||||
Comcast Corp., Class A | 18,790 | 375,800 | ||||||
DIRECTV, Class A† | 3,016 | 125,254 | ||||||
Time Warner Cable, Inc. | 2,529 | 155,635 | ||||||
656,689 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Monarch Casino & Resort, Inc.† | 240 | 2,882 | ||||||
Wynn Resorts, Ltd. | 236 | 23,860 | ||||||
26,742 | ||||||||
Casino Services — 0.0% |
| |||||||
Shuffle Master, Inc.† | 1,141 | 12,243 | ||||||
Cellular Telecom — 0.0% |
| |||||||
Sprint Nextel Corp.† | 5,479 | 20,711 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
E.I. du Pont de Nemours & Co. | 2,382 | 111,930 | ||||||
PPG Industries, Inc. | 4,005 | 312,230 | ||||||
The Dow Chemical Co. | 542 | 16,900 | ||||||
441,060 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 164 | 1,118 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. | 670 | 13,567 | ||||||
PolyOne Corp.† | 1,234 | 15,376 | ||||||
28,943 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Arch Chemicals, Inc. | 408 | 14,166 | ||||||
Balchem Corp. | 218 | 6,749 | ||||||
Eastman Chemical Co. | 947 | 73,686 | ||||||
Ecolab, Inc. | 6,604 | 315,737 | ||||||
H.B. Fuller Co. | 1,042 | 21,851 | ||||||
OM Group, Inc.† | 443 | 16,657 | ||||||
Penford Corp.† | 182 | 1,086 | ||||||
Quaker Chemical Corp. | 154 | 5,849 | ||||||
Stepan Co. | 60 | 4,233 | ||||||
Zep, Inc. | 341 | 6,189 | ||||||
466,203 | ||||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Circuit Boards — 0.0% | ||||||||
Park Electrochemical Corp. | 439 | $ | 12,028 | |||||
TTM Technologies, Inc.† | 332 | 4,401 | ||||||
16,429 | ||||||||
Coal — 0.1% | ||||||||
Peabody Energy Corp. | 1,146 | 67,396 | ||||||
Coffee — 0.0% | ||||||||
Peet’s Coffee & Tea, Inc.† | 274 | 10,448 | ||||||
Collectibles — 0.0% | ||||||||
RC2 Corp.† | 166 | 3,677 | ||||||
Commercial Services — 0.1% | ||||||||
Arbitron, Inc. | 206 | 6,019 | ||||||
Healthcare Services Group, Inc. | 1,398 | 22,270 | ||||||
HMS Holdings Corp.† | 420 | 26,464 | ||||||
Live Nation Entertainment, Inc.† | 3,174 | 34,152 | ||||||
Medifast, Inc.† | 285 | 6,943 | ||||||
Pre - Paid Legal Services, Inc.† | 145 | 9,379 | ||||||
StarTek, Inc.† | 253 | 1,080 | ||||||
TeleTech Holdings, Inc.† | 227 | 4,304 | ||||||
110,611 | ||||||||
Commercial Services - Finance — 0.3% | ||||||||
Equifax, Inc. | 1,789 | 61,917 | ||||||
H&R Block, Inc. | 1,976 | 24,878 | ||||||
Heartland Payment Systems, Inc. | 810 | 12,790 | ||||||
Mastercard, Inc., Class A | 441 | 104,530 | ||||||
Moody’s Corp. | 3,022 | 81,080 | ||||||
Rewards Network, Inc.† | 68 | 935 | ||||||
Wright Express Corp.† | 814 | 35,059 | ||||||
321,189 | ||||||||
Communications Software — 0.0% | ||||||||
Digi International, Inc.† | 532 | 5,107 | ||||||
Smith Micro Software, Inc.† | 642 | 9,592 | ||||||
14,699 | ||||||||
Computer Aided Design — 0.0% | ||||||||
Autodesk, Inc.† | 744 | 26,256 | ||||||
Computer Services — 0.8% | ||||||||
CACI International, Inc., Class A† | 645 | 32,463 | ||||||
CIBER, Inc.† | 1,477 | 4,963 | ||||||
Computer Sciences Corp. | 392 | 17,495 | ||||||
iGate Corp. | 446 | 8,920 | ||||||
Insight Enterprises, Inc.† | 356 | 4,489 | ||||||
International Business Machines Corp. | 6,664 | 942,689 | ||||||
Manhattan Associates, Inc.† | 317 | 9,855 | ||||||
SYKES Enterprises, Inc.† | 547 | 10,065 | ||||||
1,030,939 | ||||||||
Computer Software — 0.0% | ||||||||
Avid Technology, Inc.† | 223 | 3,474 | ||||||
Blackbaud, Inc. | 932 | 23,589 | ||||||
27,063 | ||||||||
Computers — 2.1% | ||||||||
Apple, Inc.† | 7,266 | 2,260,816 | ||||||
Hewlett - Packard Co. | 11,853 | 496,996 | ||||||
2,757,812 | ||||||||
Computers - Integrated Systems — 0.1% | ||||||||
Agilysys, Inc.† | 416 | 2,134 | ||||||
Integral Systems, Inc.† | 135 | 1,231 | ||||||
Mercury Computer Systems, Inc.† | 325 | 5,788 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems (continued) | ||||||||
MTS Systems Corp. | 345 | $ | 13,221 | |||||
NCI, Inc., Class A† | 124 | 2,724 | ||||||
Netscout Systems, Inc.† | 267 | 5,898 | ||||||
Radiant Systems, Inc.† | 248 | 4,477 | ||||||
Radisys Corp.† | 186 | 1,680 | ||||||
Stratasys, Inc.† | 437 | 14,779 | ||||||
Super Micro Computer, Inc.† | 378 | 3,893 | ||||||
55,825 | ||||||||
Computers - Memory Devices — 0.4% | ||||||||
EMC Corp.† | 7,836 | 168,396 | ||||||
Hutchinson Technology, Inc.† | 497 | 1,541 | ||||||
NetApp, Inc.† | 4,456 | 226,944 | ||||||
SanDisk Corp.† | 1,482 | 66,097 | ||||||
462,978 | ||||||||
Computers - Periphery Equipment — 0.0% | ||||||||
Compellent Technologies, Inc.† | 179 | 4,654 | ||||||
Synaptics, Inc.† | 265 | 7,552 | ||||||
12,206 | ||||||||
Consulting Services — 0.0% | ||||||||
Forrester Research, Inc. | 113 | 3,916 | ||||||
MAXIMUS, Inc. | 133 | 8,073 | ||||||
11,989 | ||||||||
Consumer Products - Misc. — 0.0% | ||||||||
Blyth, Inc. | 42 | 1,872 | ||||||
Central Garden and Pet Co., Class A† | 435 | 4,063 | ||||||
Helen of Troy, Ltd.† | 236 | 5,574 | ||||||
Kid Brands, Inc.† | 458 | 4,310 | ||||||
WD - 40 Co. | 257 | 10,046 | ||||||
25,865 | ||||||||
Containers - Metal/Glass — 0.1% | ||||||||
Ball Corp. | 1,186 | 78,134 | ||||||
Owens - Illinois, Inc.† | 2,050 | 55,104 | ||||||
133,238 | ||||||||
Cosmetics & Toiletries — 0.9% | ||||||||
Avon Products, Inc. | 772 | 22,048 | ||||||
Colgate - Palmolive Co. | 9,010 | 689,716 | ||||||
Procter & Gamble Co. | 8,220 | 501,995 | ||||||
1,213,759 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CommVault Systems, Inc.† | 332 | 9,671 | ||||||
CSG Systems International, Inc.† | 725 | 13,645 | ||||||
Fiserv, Inc.† | 1,320 | 72,996 | ||||||
96,312 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Interactive Intelligence, Inc.† | 279 | 7,544 | ||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 1,442 | 25,221 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Affymetrix, Inc.† | 1,063 | 4,422 | ||||||
Diagnostic Kits — 0.0% |
| |||||||
Meridian Bioscience, Inc. | 864 | 19,198 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
ICU Medical, Inc.† | 152 | 5,571 | ||||||
Merit Medical Systems, Inc.† | 600 | 9,144 | ||||||
14,715 | ||||||||
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Distribution/Wholesale — 0.1% |
| |||||||
Brightpoint, Inc.† | 1,487 | $ | 12,193 | |||||
Genuine Parts Co. | 1,725 | 83,041 | ||||||
MWI Veterinary Supply, Inc.† | 169 | 10,326 | ||||||
Pool Corp. | 1,055 | 22,355 | ||||||
Scansource, Inc.† | 568 | 16,569 | ||||||
School Specialty, Inc.† | 263 | 3,322 | ||||||
United Stationers, Inc.† | 180 | 11,425 | ||||||
159,231 | ||||||||
Diversified Banking Institutions — 1.8% |
| |||||||
Bank of America Corp. | 34,851 | 381,619 | ||||||
Citigroup, Inc.† | 56,242 | 236,216 | ||||||
JPMorgan Chase & Co. | 19,448 | 726,966 | ||||||
The Goldman Sachs Group, Inc. | 6,680 | 1,043,015 | ||||||
2,387,816 | ||||||||
Diversified Manufacturing Operations — 2.0% |
| |||||||
3M Co. | 1,803 | 151,416 | ||||||
A.O. Smith Corp. | 480 | 18,917 | ||||||
Actuant Corp., Class A | 1,445 | 34,145 | ||||||
AZZ, Inc. | 193 | 7,193 | ||||||
Barnes Group, Inc. | 350 | 6,681 | ||||||
Dover Corp. | 13,465 | 738,017 | ||||||
Eaton Corp. | 5,379 | 518,536 | ||||||
EnPro Industries, Inc.† | 437 | 16,016 | ||||||
ESCO Technologies, Inc. | 563 | 19,750 | ||||||
Federal Signal Corp. | 1,324 | 8,487 | ||||||
General Electric Co. | 34,708 | 549,428 | ||||||
Griffon Corp.† | 356 | 4,315 | ||||||
Illinois Tool Works, Inc. | 5,219 | 248,581 | ||||||
ITT Corp. | 826 | 37,996 | ||||||
Leggett & Platt, Inc. | 891 | 18,444 | ||||||
LSB Industries, Inc.† | 346 | 7,979 | ||||||
Lydall, Inc.† | 363 | 2,624 | ||||||
Parker Hannifin Corp. | 877 | 70,362 | ||||||
Standex International Corp. | 96 | 2,870 | ||||||
Tredegar Corp. | 326 | 6,073 | ||||||
Tyco International, Ltd. | 3,819 | 144,702 | ||||||
2,612,532 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
AMCOL International Corp. | 385 | 10,753 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Chemed Corp. | 175 | 10,665 | ||||||
Viad Corp. | 323 | 7,671 | ||||||
Volt Information Sciences, Inc.† | 91 | 608 | ||||||
18,944 | ||||||||
E - Commerce/Products — 0.0% |
| |||||||
Blue Nile, Inc.† | 192 | 9,494 | ||||||
NutriSystem, Inc. | 364 | 7,524 | ||||||
Stamps.com, Inc. | 91 | 1,198 | ||||||
18,216 | ||||||||
E - Commerce/Services — 0.1% |
| |||||||
Expedia, Inc. | 4,101 | 107,980 | ||||||
United Online, Inc. | 672 | 4,277 | ||||||
112,257 | ||||||||
E - Marketing/Info — 0.0% |
| |||||||
comScore, Inc.† | 194 | 4,268 | ||||||
Liquidity Services, Inc.† | 264 | 4,084 | ||||||
8,352 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E - Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 468 | $ | 5,279 | |||||
Websense, Inc.† | 557 | 11,547 | ||||||
16,826 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
Littelfuse, Inc. | 470 | 21,747 | ||||||
Molex, Inc. | 6,575 | 136,760 | ||||||
158,507 | ||||||||
Electric - Integrated — 1.2% |
| |||||||
Allete, Inc. | 660 | 23,318 | ||||||
Avista Corp. | 426 | 9,104 | ||||||
Central Vermont Public Service Corp. | 202 | 4,081 | ||||||
CH Energy Group, Inc. | 122 | 5,690 | ||||||
CMS Energy Corp. | 15,047 | 270,395 | ||||||
Constellation Energy Group, Inc. | 1,520 | 43,107 | ||||||
Dominion Resources, Inc. | 3,826 | 158,894 | ||||||
Duke Energy Corp. | 9,057 | 158,950 | ||||||
El Paso Electric Co.† | 636 | 16,752 | ||||||
Exelon Corp. | 12,114 | 476,928 | ||||||
Northeast Utilities | 3,983 | 123,871 | ||||||
NorthWestern Corp. | 558 | 16,076 | ||||||
Pepco Holdings, Inc. | 8,660 | 158,911 | ||||||
Public Service Enterprise Group, Inc. | 3,234 | 99,704 | ||||||
UIL Holdings Corp. | 1,074 | 31,543 | ||||||
Unisource Energy Corp. | 773 | 27,187 | ||||||
1,624,511 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Bel Fuse, Inc., Class B | 249 | 5,590 | ||||||
Benchmark Electronics, Inc.† | 479 | 7,698 | ||||||
CTS Corp. | 504 | 5,186 | ||||||
Daktronics, Inc. | 746 | 10,056 | ||||||
Methode Electronics, Inc. | 783 | 7,994 | ||||||
OSI Systems, Inc.† | 392 | 13,669 | ||||||
Plexus Corp.† | 859 | 23,309 | ||||||
Pulse Electronics Corp. | 623 | 2,554 | ||||||
Rogers Corp.† | 337 | 11,118 | ||||||
87,174 | ||||||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Altera Corp. | 5,606 | 196,715 | ||||||
Ceva, Inc.† | 322 | 7,470 | ||||||
Diodes, Inc.† | 476 | 11,757 | ||||||
DSP Group, Inc.† | 497 | 3,802 | ||||||
Intel Corp. | 30,097 | 635,649 | ||||||
Kopin Corp.† | 1,074 | 4,318 | ||||||
LSI Corp.† | 7,626 | 43,773 | ||||||
Microsemi Corp.† | 1,767 | 39,121 | ||||||
Monolithic Power Systems, Inc.† | 281 | 4,533 | ||||||
National Semiconductor Corp. | 6,160 | 82,236 | ||||||
QLogic Corp.† | 3,837 | 68,644 | ||||||
Supertex, Inc.† | 100 | 2,501 | ||||||
Texas Instruments, Inc. | 13,538 | 430,508 | ||||||
Volterra Semiconductor Corp.† | 572 | 12,881 | ||||||
1,543,908 | ||||||||
Electronic Measurement Instruments — 0.0% |
| |||||||
Analogic Corp. | 99 | 4,601 | ||||||
Badger Meter, Inc. | 319 | 13,532 | ||||||
FARO Technologies, Inc.† | 124 | 3,220 | ||||||
Keithley Instruments, Inc. | 279 | 6,018 | ||||||
27,371 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Electronic Security Devices — 0.0% |
| |||||||
American Science and Engineering, Inc. | 138 | $ | 11,126 | |||||
LoJack Corp.† | 393 | 1,937 | ||||||
13,063 | ||||||||
Electronics - Military — 0.0% |
| |||||||
L-3 Communications Holdings, Inc. | 359 | 25,248 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
Headwaters, Inc.† | 1,031 | 4,011 | ||||||
Engineering/R&D Services — 0.6% |
| |||||||
EMCOR Group, Inc.† | 1,411 | 37,815 | ||||||
Exponent, Inc.† | 107 | 3,736 | ||||||
Foster Wheeler AG† | 26,078 | 730,184 | ||||||
771,735 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 387 | 6,738 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
BMC Software, Inc.† | 422 | 18,737 | ||||||
CA, Inc. | 1,056 | 24,172 | ||||||
Concur Technologies, Inc.† | 347 | 17,770 | ||||||
Epicor Software Corp.† | 983 | 9,201 | ||||||
JDA Software Group, Inc.† | 588 | 15,526 | ||||||
MicroStrategy, Inc., Class A† | 68 | 5,885 | ||||||
Omnicell, Inc.† | 251 | 3,363 | ||||||
Oracle Corp. | 5,431 | 146,854 | ||||||
RightNow Technologies, Inc.† | 360 | 9,119 | ||||||
SYNNEX Corp.† | 500 | 14,330 | ||||||
Taleo Corp., Class A† | 308 | 9,456 | ||||||
Tyler Technologies, Inc.† | 419 | 8,552 | ||||||
282,965 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Take-Two Interactive Software, Inc.† | 1,808 | 20,006 | ||||||
THQ, Inc.† | 521 | 2,657 | ||||||
22,663 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc.† | 475 | 10,977 | ||||||
Filtration/Separation Products — 0.0% |
| |||||||
CLARCOR, Inc. | 389 | 15,836 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Portfolio Recovery Associates, Inc.† | 363 | 23,003 | ||||||
World Acceptance Corp.† | 333 | 14,672 | ||||||
37,675 | ||||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Co. | 2,990 | 129,228 | ||||||
Discover Financial Services | 5,275 | 96,427 | ||||||
225,655 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Interactive Brokers Group, Inc., Class A | 898 | 16,469 | ||||||
Investment Technology Group, Inc.† | 328 | 4,822 | ||||||
LaBranche & Co., Inc.† | 490 | 1,480 | ||||||
optionsXpress Holdings, Inc.† | 627 | 10,841 | ||||||
Piper Jaffray Cos., Inc.† | 119 | 3,566 | ||||||
Stifel Financial Corp.† | 762 | 39,495 | ||||||
SWS Group, Inc. | 416 | 2,163 | ||||||
TradeStation Group, Inc.† | 311 | 1,978 | ||||||
80,814 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services — 0.1% |
| |||||||
IntercontinentalExchange, Inc.† | 527 | $ | 59,393 | |||||
NASDAQ OMX Group, Inc.† | 3,351 | 71,912 | ||||||
131,305 | ||||||||
Firearms & Ammunition — 0.0% |
| |||||||
Sturm Ruger & Co., Inc. | 148 | 2,368 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 141 | 3,354 | ||||||
TreeHouse Foods, Inc.† | 556 | 27,622 | ||||||
30,976 | ||||||||
Food - Confectionery — 0.2% |
| |||||||
The Hershey Co. | 5,064 | 236,995 | ||||||
Food - Meat Products — 0.1% |
| |||||||
Tyson Foods, Inc., Class A | 4,198 | 66,454 | ||||||
Food - Misc. — 0.8% |
| |||||||
Cal - Maine Foods, Inc. | 172 | 5,274 | ||||||
Campbell Soup Co. | 5,519 | 187,094 | ||||||
ConAgra Foods, Inc. | 6,161 | 132,338 | ||||||
Diamond Foods, Inc. | 304 | 14,148 | ||||||
General Mills, Inc. | 4,422 | 156,229 | ||||||
J & J Snack Foods Corp. | 110 | 5,033 | ||||||
Kraft Foods, Inc., Class A | 10,475 | 316,869 | ||||||
Lance, Inc. | 690 | 16,153 | ||||||
Sara Lee Corp. | 9,000 | 135,000 | ||||||
The Hain Celestial Group, Inc.† | 661 | 17,523 | ||||||
985,661 | ||||||||
Food - Retail — 0.2% |
| |||||||
Great Atlantic & Pacific Tea Co., Inc.† | 198 | 594 | ||||||
Safeway, Inc. | 6,133 | 140,998 | ||||||
SUPERVALU, Inc. | 8,006 | 72,374 | ||||||
213,966 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 179 | 4,133 | ||||||
Nash Finch Co. | 262 | 9,681 | ||||||
Spartan Stores, Inc. | 174 | 2,847 | ||||||
Sysco Corp. | 17,579 | 510,142 | ||||||
United Natural Foods, Inc.† | 363 | 13,591 | ||||||
540,394 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
CROCS, Inc.† | 1,843 | 32,335 | ||||||
Iconix Brand Group, Inc.† | 1,538 | 28,730 | ||||||
Skechers U.S.A., Inc., Class A† | 718 | 16,579 | ||||||
Steven Madden, Ltd.† | 489 | 22,127 | ||||||
Wolverine World Wide, Inc. | 1,038 | 32,438 | ||||||
132,209 | ||||||||
Forestry — 0.0% |
| |||||||
Deltic Timber Corp. | 116 | 6,033 | ||||||
Weyerhaeuser Co. | 1,681 | 28,056 | ||||||
34,089 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Hillenbrand, Inc. | 1,325 | 25,586 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Pinnacle Entertainment, Inc.† | 868 | 11,562 | ||||||
Garden Products — 0.0% |
| |||||||
Toro Co. | 241 | 14,029 | ||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Gas - Distribution — 0.1% |
| |||||||
New Jersey Resources Corp. | 877 | $ | 37,808 | |||||
Northwest Natural Gas Co. | 204 | 9,959 | ||||||
Piedmont Natural Gas Co., Inc. | 1,534 | 45,376 | ||||||
South Jersey Industries, Inc. | 453 | 23,189 | ||||||
Southwest Gas Corp. | 708 | 24,801 | ||||||
The Laclede Group, Inc. | 332 | 11,736 | ||||||
152,869 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 1,217 | 71,596 | ||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 495 | 3,792 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Stericycle, Inc.† | 8,339 | 616,252 | ||||||
Health Care Cost Containment — 0.0% |
| |||||||
Corvel Corp.† | 100 | 4,569 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc. | 2,679 | 44,927 | ||||||
Home Furnishings — 0.0% |
| |||||||
Ethan Allen Interiors, Inc. | 611 | 10,075 | ||||||
La-Z-Boy, Inc.† | 399 | 3,005 | ||||||
13,080 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Marcus Corp. | 460 | 5,961 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 269 | 15,290 | ||||||
Wyndham Worldwide Corp. | 2,065 | 59,369 | ||||||
80,620 | ||||||||
Human Resources — 0.1% |
| |||||||
Administaff, Inc. | 479 | 13,551 | ||||||
AMN Healthcare Services, Inc.† | 300 | 1,680 | ||||||
CDI Corp. | 100 | 1,715 | ||||||
Cross Country Healthcare, Inc.† | 239 | 1,835 | ||||||
Heidrick & Struggles International, Inc. | 249 | 5,172 | ||||||
Kelly Services, Inc., Class A† | 601 | 10,743 | ||||||
On Assignment, Inc.† | 776 | 5,331 | ||||||
SFN Group, Inc.† | 1,120 | 9,598 | ||||||
TrueBlue, Inc.† | 716 | 11,800 | ||||||
61,425 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 1,119 | 34,610 | ||||||
Checkpoint Systems, Inc.† | 304 | 5,454 | ||||||
40,064 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
Mirant Corp.† | 155 | 1,538 | ||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Sonic Solutions, Inc.† | 692 | 6,906 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Cognex Corp. | 844 | 23,598 | ||||||
Gerber Scientific, Inc.† | 193 | 1,397 | ||||||
Intermec, Inc.† | 1,053 | 11,910 | ||||||
36,905 | ||||||||
Instruments - Controls — 0.0% |
| |||||||
Watts Water Technologies, Inc., Class A | 224 | 7,291 | ||||||
Instruments - Scientific — 0.1% |
| |||||||
Dionex Corp.† | 134 | 12,217 | ||||||
FEI Co.† | 812 | 19,326 |
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Scientific (continued) |
| |||||||
Thermo Fisher Scientific, Inc.† | 2,796 | $ | 142,204 | |||||
173,747 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
eHealth, Inc.† | 327 | 4,921 | ||||||
Insurance - Life/Health — 0.5% |
| |||||||
Aflac, Inc. | 3,941 | 202,962 | ||||||
Delphi Financial Group, Inc., Class A | 896 | 23,009 | ||||||
Presidential Life Corp. | 294 | 2,725 | ||||||
Principal Financial Group, Inc. | 379 | 10,324 | ||||||
Prudential Financial, Inc. | 6,316 | 320,095 | ||||||
Torchmark Corp. | 1,783 | 102,469 | ||||||
Unum Group | 737 | 15,838 | ||||||
677,422 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 1,808 | 63,768 | ||||||
Hartford Financial Services Group, Inc. | 11,900 | 264,894 | ||||||
Horace Mann Educators Corp. | 560 | 9,145 | ||||||
United Fire & Casualty Co. | 454 | 9,416 | ||||||
347,223 | ||||||||
Insurance - Property/Casualty — 0.9% |
| |||||||
AMERISAFE, Inc.† | 285 | 5,270 | ||||||
Chubb Corp. | 2,386 | 136,026 | ||||||
Employers Holdings, Inc. | 316 | 5,103 | ||||||
Infinity Property & Casualty Corp. | 269 | 15,529 | ||||||
ProAssurance Corp.† | 677 | 40,099 | ||||||
RLI Corp. | 199 | 11,538 | ||||||
Safety Insurance Group, Inc. | 319 | 14,932 | ||||||
Selective Insurance Group, Inc. | 817 | 13,481 | ||||||
Stewart Information Services Corp. | 391 | 4,160 | ||||||
The Navigators Group, Inc.† | 266 | 13,164 | ||||||
The Progressive Corp. | 7,005 | 142,482 | ||||||
Tower Group, Inc. | 918 | 23,611 | ||||||
Travelers Cos., Inc. | 14,570 | 786,634 | ||||||
1,212,029 | ||||||||
Insurance - Reinsurance — 0.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 7,639 | 608,675 | ||||||
Internet Application Software — 0.0% |
| |||||||
DealerTrack Holdings, Inc.† | 557 | 10,639 | ||||||
eResearchTechnology, Inc.† | 331 | 1,857 | ||||||
12,496 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC - Tel, Inc.† | 401 | 2,518 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
The Knot, Inc.† | 645 | 6,031 | ||||||
Internet Infrastructure Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 268 | 13,987 | ||||||
Internet Security — 0.1% |
| |||||||
Blue Coat Systems, Inc.† | 328 | 8,725 | ||||||
Sourcefire, Inc.† | 428 | 11,611 | ||||||
VeriSign, Inc.† | 2,968 | 101,832 | ||||||
122,168 | ||||||||
Internet Telephone — 0.0% |
| |||||||
j2 Global Communications, Inc.† | 350 | 9,373 | ||||||
Investment Management/Advisor Services — 0.3% |
| |||||||
Ameriprise Financial, Inc. | 2,208 | 114,463 | ||||||
Federated Investors, Inc., Class B | 1,129 | 26,769 |
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Investment Management/Advisor Services (continued) |
| |||||||
Franklin Resources, Inc. | 1,398 | $ | 159,498 | |||||
Legg Mason, Inc. | 2,186 | 71,307 | ||||||
National Financial Partners Corp.† | 623 | 7,326 | ||||||
379,363 | ||||||||
Lasers - System/Components — 0.0% |
| |||||||
Cymer, Inc.† | 227 | 8,642 | ||||||
Electro Scientific Industries, Inc.† | 183 | 2,734 | ||||||
II-VI, Inc.† | 374 | 15,270 | ||||||
Newport Corp.† | 282 | 4,097 | ||||||
Rofin - Sinar Technologies, Inc.† | 436 | 12,518 | ||||||
43,261 | ||||||||
Leisure Products — 0.0% |
| |||||||
Brunswick Corp. | 1,885 | 30,066 | ||||||
Multimedia Games, Inc.† | 587 | 2,536 | ||||||
32,602 | ||||||||
Linen Supply & Related Items — 0.0% |
| |||||||
G&K Services, Inc., Class A | 143 | 3,967 | ||||||
UniFirst Corp. | 113 | 5,793 | ||||||
9,760 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc.† | 423 | 12,669 | ||||||
Caterpillar, Inc. | 1,268 | 107,273 | ||||||
119,942 | ||||||||
Machinery - Farming — 0.0% |
| |||||||
Deere & Co. | 131 | 9,786 | ||||||
Lindsay Corp. | 266 | 15,704 | ||||||
25,490 | ||||||||
Machinery - General Industrial — 0.0% |
| |||||||
Albany International Corp., Class A | 371 | 7,828 | ||||||
Applied Industrial Technologies, Inc. | 290 | 8,665 | ||||||
Intevac, Inc.† | 331 | 4,403 | ||||||
Robbins & Myers, Inc. | 701 | 21,738 | ||||||
42,634 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Cascade Corp. | 130 | 4,748 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 1,382 | 145,746 | ||||||
Medical Information Systems — 0.0% |
| |||||||
Computer Programs & Systems, Inc. | 84 | 3,922 | ||||||
Quality Systems, Inc. | 269 | 17,348 | ||||||
21,270 | ||||||||
Medical Instruments — 0.1% |
| |||||||
Abaxis, Inc.† | 475 | 12,825 | ||||||
CONMED Corp.† | 613 | 13,186 | ||||||
CryoLife, Inc.† | 217 | 1,224 | ||||||
Integra LifeSciences Holdings Corp.† | 161 | 6,982 | ||||||
Kensey Nash Corp.† | 190 | 5,157 | ||||||
Natus Medical, Inc.† | 492 | 6,327 | ||||||
SurModics, Inc.† | 370 | 3,422 | ||||||
Symmetry Medical, Inc.† | 276 | 2,255 | ||||||
51,378 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Bio - Reference Laboratories, Inc.† | 188 | 3,942 | ||||||
Genoptix, Inc.† | 374 | 6,384 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) |
| |||||||
Laboratory Corp. of America Holdings† | 5,191 | $ | 425,818 | |||||
436,144 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
LCA - Vision, Inc.† | 398 | 2,062 | ||||||
Palomar Medical Technologies, Inc.† | 243 | 3,025 | ||||||
5,087 | ||||||||
Medical Products — 0.9% |
| |||||||
American Medical Systems Holdings, Inc.† | 584 | 10,471 | ||||||
Cantel Medical Corp. | 269 | 5,431 | ||||||
Cyberonics, Inc.† | 338 | 9,082 | ||||||
Greatbatch, Inc.† | 371 | 8,129 | ||||||
Haemonetics Corp.† | 351 | 20,635 | ||||||
Hanger Orthopedic Group, Inc.† | 249 | 4,776 | ||||||
Invacare Corp. | 689 | 18,596 | ||||||
Johnson & Johnson | 10,495 | 645,967 | ||||||
PSS World Medical, Inc.† | 879 | 18,107 | ||||||
Stryker Corp. | 1,874 | 93,869 | ||||||
The Cooper Cos., Inc. | 358 | 19,153 | ||||||
Varian Medical Systems, Inc.† | 1,109 | 73,006 | ||||||
West Pharmaceutical Services, Inc. | 527 | 19,984 | ||||||
Zimmer Holdings, Inc.† | 4,402 | 216,843 | ||||||
Zoll Medical Corp.† | 458 | 15,306 | ||||||
1,179,355 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Amgen, Inc.† | 885 | 46,631 | ||||||
Arqule, Inc.† | 286 | 1,553 | ||||||
Biogen Idec, Inc.† | 1,643 | 105,103 | ||||||
Cambrex Corp.† | 226 | 965 | ||||||
Celgene Corp.† | 2,419 | 143,640 | ||||||
Cubist Pharmaceuticals, Inc.† | 454 | 9,856 | ||||||
Emergent Biosolutions, Inc.† | 165 | 3,023 | ||||||
Enzo Biochem, Inc.† | 258 | 1,135 | ||||||
Gilead Sciences, Inc.† | 2,123 | 77,489 | ||||||
Life Technologies Corp.† | 3,575 | 178,053 | ||||||
Martek Biosciences Corp.† | 257 | 5,654 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,528 | 44,037 | ||||||
617,139 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Abbott Laboratories | 19,521 | 907,922 | ||||||
Allergan, Inc. | 3,543 | 234,795 | ||||||
Bristol - Myers Squibb Co. | 12,000 | 302,880 | ||||||
Cephalon, Inc.† | 906 | 57,522 | ||||||
Eli Lilly & Co. | 1,868 | 62,877 | ||||||
Hi - Tech Pharmacal Co., Inc.† | 132 | 3,139 | ||||||
King Pharmaceuticals, Inc.† | 9,844 | 139,292 | ||||||
Merck & Co., Inc. | 3,287 | 113,303 | ||||||
Pfizer, Inc. | 9,606 | 156,482 | ||||||
PharMerica Corp.† | 236 | 2,563 | ||||||
Salix Pharmaceuticals, Ltd.† | 445 | 19,869 | ||||||
Savient Pharmaceuticals, Inc.† | 1,438 | 16,983 | ||||||
Viropharma, Inc.† | 599 | 9,254 | ||||||
2,026,881 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Mylan, Inc.† | 24,915 | 487,462 | ||||||
Par Pharmaceutical Cos., Inc.† | 270 | 9,701 | ||||||
497,163 | ||||||||
Medical - HMO — 0.4% |
| |||||||
Aetna, Inc. | 2,649 | 78,463 | ||||||
AMERIGROUP Corp.† | 392 | 16,868 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - HMO (continued) |
| |||||||
Centene Corp.† | 1,047 | $ | 24,343 | |||||
Healthspring, Inc.† | 1,217 | 32,652 | ||||||
Humana, Inc.† | 1,747 | 97,902 | ||||||
Magellan Health Services, Inc.† | 257 | 12,516 | ||||||
Molina Healthcare, Inc.† | 355 | 9,013 | ||||||
UnitedHealth Group, Inc. | 8,183 | 298,843 | ||||||
570,600 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
MedCath Corp.† | 436 | 5,502 | ||||||
Tenet Healthcare Corp.† | 17,561 | 71,649 | ||||||
77,151 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
The Ensign Group, Inc. | 278 | 5,980 | ||||||
Medical - Outpatient/Home Medical — 0.0% |
| |||||||
Air Methods Corp.† | 85 | 4,184 | ||||||
Almost Family, Inc.† | 63 | 2,233 | ||||||
Amedisys, Inc.† | 222 | 6,300 | ||||||
Amsurg Corp.† | 502 | 9,227 | ||||||
Gentiva Health Services, Inc.† | 492 | 11,306 | ||||||
LHC Group, Inc.† | 246 | 6,507 | ||||||
39,757 | ||||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
AmerisourceBergen Corp. | 5,908 | 182,262 | ||||||
Cardinal Health, Inc. | 3,651 | 129,902 | ||||||
McKesson Corp. | 2,683 | 171,444 | ||||||
483,608 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
CIRCOR International, Inc. | 131 | 5,175 | ||||||
Kaydon Corp. | 712 | 24,906 | ||||||
Mueller Industries, Inc. | 804 | 24,514 | ||||||
RTI International Metals, Inc.† | 485 | 13,759 | ||||||
68,354 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.† | 357 | 5,405 | ||||||
Lawson Products, Inc. | 85 | 1,709 | ||||||
Olympic Steel, Inc. | 195 | 4,103 | ||||||
11,217 | ||||||||
Metal - Aluminum — 0.0% |
| |||||||
Century Aluminum Co.† | 735 | 10,176 | ||||||
Kaiser Aluminum Corp. | 315 | 14,774 | ||||||
24,950 | ||||||||
Metal - Copper — 1.1% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 14,877 | 1,507,338 | ||||||
Metal - Iron — 0.5% |
| |||||||
Cliffs Natural Resources, Inc. | 9,717 | 664,060 | ||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||
John Bean Technologies Corp. | 347 | 6,402 | ||||||
Movado Group, Inc.† | 225 | 2,700 | ||||||
9,102 | ||||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley - Davidson, Inc. | 602 | 18,831 | ||||||
Multimedia — 0.4% |
| |||||||
EW Scripps Co., Class A† | 491 | 4,434 | ||||||
News Corp., Class A | 18,088 | 246,720 | ||||||
The McGraw - Hill Cos., Inc. | 2,705 | 93,295 |
Security Description | Shares | Value (Note 2) | ||||||
Multimedia (continued) |
| |||||||
Viacom, Inc., Class B | 3,172 | $ | 119,997 | |||||
464,446 | ||||||||
Networking Products — 0.8% |
| |||||||
Anixter International, Inc. | 597 | 33,354 | ||||||
Black Box Corp. | 245 | 8,778 | ||||||
Cisco Systems, Inc.† | 21,793 | 417,554 | ||||||
Juniper Networks, Inc.† | 14,789 | 503,122 | ||||||
LogMeIn, Inc.† | 248 | 10,860 | ||||||
Netgear, Inc.† | 272 | 8,644 | ||||||
982,312 | ||||||||
Non - Ferrous Metals — 0.0% |
| |||||||
Brush Engineered Materials, Inc.† | 322 | 11,334 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 4,476 | 98,203 | ||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. Class A | 489 | 7,061 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 3,318 | 124,558 | ||||||
The Standard Register Co. | 205 | 609 | ||||||
125,167 | ||||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Helmerich & Payne, Inc. | 3,147 | 142,748 | ||||||
Nabors Industries, Ltd.† | 6,510 | 143,806 | ||||||
Pioneer Drilling Co.† | 417 | 2,856 | ||||||
Seahawk Drilling, Inc.† | 91 | 740 | ||||||
290,150 | ||||||||
Oil Companies - Exploration & Production — 1.7% |
| |||||||
Anadarko Petroleum Corp. | 22,529 | 1,445,461 | ||||||
Apache Corp. | 3,229 | 347,570 | ||||||
Contango Oil & Gas Co.† | 199 | 11,096 | ||||||
Gulfport Energy Corp.† | 423 | 7,885 | ||||||
Occidental Petroleum Corp. | 2,317 | 204,290 | ||||||
Penn Virginia Corp. | 969 | 15,368 | ||||||
Petroleum Development Corp.† | 402 | 14,319 | ||||||
Petroquest Energy, Inc.† | 1,183 | 8,198 | ||||||
QEP Resources, Inc. | 3,265 | 114,699 | ||||||
SM Energy Co. | 1,343 | 66,734 | ||||||
Stone Energy Corp.† | 1,033 | 21,342 | ||||||
Swift Energy Co.† | 886 | 32,330 | ||||||
2,289,292 | ||||||||
Oil Companies - Integrated — 2.9% |
| |||||||
Chevron Corp. | 9,728 | 787,676 | ||||||
ConocoPhillips | 22,968 | 1,381,985 | ||||||
Exxon Mobil Corp. | 22,656 | 1,575,951 | ||||||
Hess Corp. | 1,374 | 96,249 | ||||||
3,841,861 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Gulf Island Fabrication, Inc. | 305 | 8,162 | ||||||
Lufkin Industries, Inc. | 637 | 32,251 | ||||||
National Oilwell Varco, Inc. | 2,331 | 142,867 | ||||||
183,280 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Holly Corp. | 940 | 33,784 | ||||||
Sunoco, Inc. | 3,207 | 128,729 | ||||||
162,513 | ||||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil - Field Services — 0.9% |
| |||||||
Basic Energy Services, Inc.† | 492 | $ | 7,134 | |||||
CARBO Ceramics, Inc. | 146 | 14,184 | ||||||
Halliburton Co. | 20,753 | 785,293 | ||||||
Hornbeck Offshore Services, Inc.† | 495 | 10,915 | ||||||
Matrix Service Co.† | 560 | 5,561 | ||||||
Oil States International, Inc.† | 1,069 | 63,424 | ||||||
Schlumberger, Ltd. | 3,619 | 279,893 | ||||||
SEACOR Holdings, Inc.† | 451 | 49,159 | ||||||
Tetra Technologies, Inc.† | 1,619 | 17,809 | ||||||
1,233,372 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Buckeye Technologies, Inc. | 837 | 16,673 | ||||||
Clearwater Paper Corp.† | 166 | 13,363 | ||||||
International Paper Co. | 2,115 | 52,811 | ||||||
KapStone Paper and Packaging Corp.† | 587 | 8,641 | ||||||
MeadWestvaco Corp. | 3,996 | 99,261 | ||||||
Neenah Paper, Inc. | 210 | 3,868 | ||||||
Schweitzer - Mauduit International, Inc. | 288 | 18,089 | ||||||
Wausau Paper Corp. | 663 | 5,112 | ||||||
217,818 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
Catalyst Health Solutions, Inc.† | 829 | 35,581 | ||||||
Express Scripts, Inc.† | 1,339 | 69,749 | ||||||
Medco Health Solutions, Inc.† | 723 | 44,334 | ||||||
149,664 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
RehabCare Group, Inc.† | 530 | 10,722 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 477 | 4,603 | ||||||
IPC The Hospitalist Co., Inc.† | 125 | 4,053 | ||||||
8,656 | ||||||||
Pipelines — 0.3% |
| |||||||
Oneok, Inc. | 3,262 | 166,721 | ||||||
The Williams Cos., Inc. | 7,209 | 164,437 | ||||||
331,158 | ||||||||
Poultry — 0.0% |
| |||||||
Sanderson Farms, Inc. | 411 | 18,191 | ||||||
Power Converter/Supply Equipment — 0.0% |
| |||||||
Advanced Energy Industries, Inc.† | 500 | 5,840 | ||||||
Powell Industries, Inc.† | 131 | 4,608 | ||||||
Vicor Corp. | 151 | 2,534 | ||||||
12,982 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
Consolidated Graphics, Inc.† | 146 | 6,944 | ||||||
Private Corrections — 0.0% |
| |||||||
The Geo Group, Inc.† | 496 | 11,954 | ||||||
Protection/Safety — 0.0% |
| |||||||
Landauer, Inc. | 200 | 13,122 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
The Dolan Co.† | 234 | 3,206 | ||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
Acadia Realty Trust | 854 | 15,594 | ||||||
Apartment Investment & Management Co., Class A | 7,292 | 175,883 | ||||||
BioMed Realty Trust, Inc. | 2,735 | 48,218 | ||||||
Cedar Shopping Centers, Inc. | 993 | 6,018 | ||||||
Colonial Properties Trust | 654 | 11,772 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
DiamondRock Hospitality Co.† | 1,188 | $ | 12,510 | |||||
Digital Realty Trust, Inc. | 9,730 | 511,020 | ||||||
EastGroup Properties, Inc. | 574 | 22,885 | ||||||
Entertainment Properties Trust | 358 | 16,575 | ||||||
Extra Space Storage, Inc. | 1,171 | 18,759 | ||||||
Franklin Street Properties Corp. | 1,475 | 18,924 | ||||||
Healthcare Realty Trust, Inc. | 489 | 10,093 | ||||||
Home Properties, Inc. | 798 | 42,765 | ||||||
Inland Real Estate Corp. | 1,584 | 13,464 | ||||||
Kilroy Realty Corp. | 1,114 | 38,010 | ||||||
Kite Realty Group Trust | 907 | 4,553 | ||||||
LaSalle Hotel Properties | 1,485 | 35,343 | ||||||
Lexington Realty Trust | 2,458 | 19,295 | ||||||
LTC Properties, Inc. | 198 | 5,344 | ||||||
Medical Properties Trust, Inc. | 1,596 | 16,726 | ||||||
Mid-America Apartment Communities, Inc. | 698 | 42,836 | ||||||
National Retail Properties, Inc. | 1,117 | 29,053 | ||||||
Parkway Properties, Inc. | 169 | 2,685 | ||||||
Pennsylvania Real Estate Investment Trust | 1,177 | 15,807 | ||||||
Post Properties, Inc. | 1,036 | 35,297 | ||||||
PS Business Parks, Inc. | 398 | 20,624 | ||||||
Public Storage | 2,561 | 247,393 | ||||||
Sovran Self Storage, Inc. | 396 | 14,268 | ||||||
Tanger Factory Outlet Centers | 570 | 27,349 | ||||||
Universal Health Realty Income Trust | 188 | 6,593 | ||||||
Urstadt Biddle Properties, Inc., Class A | 178 | 3,275 | ||||||
Ventas, Inc. | 1,266 | 64,908 | ||||||
1,553,839 | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Forestar Group, Inc.† | 468 | 8,433 | ||||||
Recreational Vehicles — 0.0% | ||||||||
Arctic Cat, Inc.† | 221 | 3,295 | ||||||
Research & Development — 0.0% | ||||||||
Kendle International, Inc.† | 115 | 1,036 | ||||||
Parexel International Corp.† | 950 | 16,682 | ||||||
17,718 | ||||||||
Retail-Apparel/Shoe — 0.2% | ||||||||
Brown Shoe Co., Inc. | 933 | 13,267 | ||||||
Christopher & Banks Corp. | 275 | 1,466 | ||||||
Gap, Inc. | 5,138 | 109,748 | ||||||
Genesco, Inc.† | 322 | 12,384 | ||||||
HOT Topic, Inc. | 948 | 5,811 | ||||||
JOS. A. Bank Clothiers, Inc.† | 376 | 16,935 | ||||||
Liz Claiborne, Inc.† | 2,010 | 14,693 | ||||||
Ross Stores, Inc. | 639 | 41,458 | ||||||
Stein Mart, Inc. | 207 | 2,049 | ||||||
The Buckle, Inc. | 201 | 7,668 | ||||||
The Cato Corp., Class A | 467 | 13,333 | ||||||
The Children’s Place Retail Stores, Inc.† | 339 | 17,598 | ||||||
The Finish Line, Inc., Class A | 1,157 | 20,653 | ||||||
The Men’s Wearhouse, Inc. | 1,121 | 31,971 | ||||||
309,034 | ||||||||
Retail-Auto Parts — 0.0% | ||||||||
The Pep Boys-Manny, Moe & Jack | 1,117 | 13,840 | ||||||
Retail-Automobile — 0.0% | ||||||||
Group 1 Automotive, Inc. | 358 | 13,865 | ||||||
Lithia Motors, Inc., Class A | 461 | 5,975 | ||||||
Sonic Automotive, Inc., Class A† | 468 | 5,794 | ||||||
25,634 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Bedding — 0.0% | ||||||||
Bed Bath & Beyond, Inc.† | 911 | $ | 39,847 | |||||
Retail - Building Products — 0.7% | ||||||||
Home Depot, Inc. | 24,256 | 732,774 | ||||||
Lowe’s Cos., Inc. | 5,552 | 126,030 | ||||||
Lumber Liquidators Holdings, Inc.† | 496 | 11,676 | ||||||
870,480 | ||||||||
Retail - Consumer Electronics — 0.1% | ||||||||
Best Buy Co., Inc. | 1,468 | 62,713 | ||||||
Retail - Convenience Store — 0.0% | ||||||||
Casey’s General Stores, Inc. | 805 | 31,995 | ||||||
Retail - Discount — 0.4% | ||||||||
Big Lots, Inc.† | 554 | 16,980 | ||||||
Fred’s, Inc. Class A | 302 | 3,862 | ||||||
HSN, Inc.† | 296 | 8,392 | ||||||
Target Corp. | 4,521 | 257,426 | ||||||
Tuesday Morning Corp.† | 569 | 2,959 | ||||||
Wal-Mart Stores, Inc. | 4,560 | 246,650 | ||||||
536,269 | ||||||||
Retail - Drug Store — 0.2% | ||||||||
CVS Caremark Corp. | 6,532 | 202,492 | ||||||
Walgreen Co. | 1,510 | 52,623 | ||||||
255,115 | ||||||||
Retail - Fabric Store — 0.0% | ||||||||
Jo-Ann Stores, Inc.† | 575 | 27,853 | ||||||
Retail - Home Furnishings — 0.0% | ||||||||
Haverty Furniture Cos., Inc. | 395 | 4,744 | ||||||
Kirkland’s, Inc.† | 230 | 2,748 | ||||||
7,492 | ||||||||
Retail - Jewelry — 0.0% | ||||||||
Zale Corp.† | 492 | 1,466 | ||||||
Retail - Leisure Products — 0.0% | ||||||||
MarineMax, Inc.† | 471 | 3,594 | ||||||
Retail - Major Department Stores — 0.2% | ||||||||
Nordstrom, Inc. | 771 | 32,999 | ||||||
TJX Cos., Inc. | 3,976 | 181,345 | ||||||
214,344 | ||||||||
Retail-Office Supplies — 0.1% | ||||||||
OfficeMax, Inc.† | 654 | 11,177 | ||||||
Staples, Inc. | 5,744 | 126,425 | ||||||
137,602 | ||||||||
Retail-Pawn Shops — 0.0% | ||||||||
Cash America International, Inc. | 226 | 8,181 | ||||||
EzCorp, Inc., Class A† | 1,047 | 26,342 | ||||||
First Cash Financial Services, Inc.† | 488 | 14,050 | ||||||
48,573 | ||||||||
Retail-Pet Food & Supplies — 0.0% | ||||||||
PetMed Express, Inc. | 488 | 8,652 | ||||||
Retail-Petroleum Products — 0.0% | ||||||||
World Fuel Services Corp. | 859 | 25,856 | ||||||
Retail-Regional Department Stores — 0.8% |
| |||||||
Kohl’s Corp.† | 8,129 | 458,638 | ||||||
Macy’s, Inc. | 23,587 | 605,714 | ||||||
Stage Stores, Inc. | 802 | 12,135 | ||||||
1,076,487 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants — 0.6% |
| |||||||
Biglari Holdings, Inc.† | 17 | $ | 6,601 | |||||
BJ’s Restaurants, Inc.† | 326 | 11,948 | ||||||
Buffalo Wild Wings, Inc.† | 387 | 18,766 | ||||||
California Pizza Kitchen, Inc.† | 523 | 8,844 | ||||||
CEC Entertainment, Inc.† | 458 | 17,184 | ||||||
Cracker Barrel Old Country Store, Inc. | 181 | 9,531 | ||||||
DineEquity, Inc.† | 119 | 6,357 | ||||||
Jack in the Box, Inc.† | 424 | 8,529 | ||||||
McDonald’s Corp. | 6,349 | 497,127 | ||||||
O’Charley’s, Inc.† | 145 | 1,003 | ||||||
Papa John’s International, Inc.† | 158 | 4,046 | ||||||
PF Chang’s China Bistro, Inc. | 344 | 17,386 | ||||||
Red Robin Gourmet Burgers, Inc.† | 235 | 4,355 | ||||||
Ruby Tuesday, Inc.† | 982 | 12,560 | ||||||
Ruth’s Hospitality Group, Inc.† | 423 | 2,090 | ||||||
Sonic Corp.† | 1,311 | 12,271 | ||||||
Starbucks Corp. | 3,612 | 110,527 | ||||||
Texas Roadhouse, Inc.† | 816 | 13,945 | ||||||
763,070 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp. | 464 | 6,403 | ||||||
Cabela’s Inc.† | 574 | 12,771 | ||||||
Hibbett Sports, Inc.† | 358 | 12,262 | ||||||
Zumiez, Inc.† | 443 | 14,092 | ||||||
45,528 | ||||||||
Retail - Video Rentals — 0.0% |
| |||||||
Coinstar, Inc.† | 460 | 29,642 | ||||||
Rubber - Tires — 0.0% |
| |||||||
The Goodyear Tire & Rubber Co.† | 4,596 | 43,938 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 531 | 5,098 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
Brookline Bancorp, Inc. | 791 | 7,776 | ||||||
Dime Community Bancshares | 212 | 2,894 | ||||||
Provident Financial Services, Inc. | 798 | 10,996 | ||||||
21,666 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 142 | 4,852 | ||||||
Apollo Group, Inc., Class A† | 1,234 | 41,956 | ||||||
Capella Education Co.† | 356 | 19,505 | ||||||
DeVry, Inc. | 2,217 | 95,198 | ||||||
Universal Technical Institute, Inc. | 160 | 3,314 | ||||||
164,825 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
ION Geophysical Corp.† | 2,041 | 14,675 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Analog Devices, Inc. | 3,792 | 134,843 | ||||||
Cypress Semiconductor Corp.† | 2,276 | 35,665 | ||||||
Exar Corp.† | 340 | 2,278 | ||||||
Hittite Microwave Corp.† | 519 | 29,708 | ||||||
Micrel, Inc. | 697 | 8,629 | ||||||
Pericom Semiconductor Corp.† | 317 | 3,167 | ||||||
Power Integrations, Inc. | 428 | 17,244 | ||||||
Sigma Designs, Inc.† | 395 | 4,740 | ||||||
Standard Microsystems Corp.† | 309 | 8,420 | ||||||
TriQuint Semiconductor, Inc.† | 2,338 | 27,846 | ||||||
272,540 | ||||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 9,303 | $ | 115,636 | |||||
ATMI, Inc.† | 670 | 12,026 | ||||||
Brooks Automation, Inc.† | 1,392 | 10,092 | ||||||
Cabot Microelectronics Corp.† | 179 | 7,065 | ||||||
Cohu, Inc. | 182 | 2,635 | ||||||
Kulicke & Soffa Industries, Inc.† | 1,498 | 9,932 | ||||||
Lam Research Corp.† | 17,128 | 776,412 | ||||||
MKS Instruments, Inc.† | 386 | 7,863 | ||||||
Novellus Systems, Inc.† | 1,211 | 36,512 | ||||||
Rudolph Technologies, Inc.† | 667 | 4,976 | ||||||
Teradyne, Inc.† | 1,333 | 15,809 | ||||||
Tessera Technologies, Inc.† | 693 | 13,798 | ||||||
Ultratech, Inc.† | 186 | 3,417 | ||||||
Varian Semiconductor Equipment Associates, Inc.† | 1,592 | 50,196 | ||||||
Veeco Instruments, Inc.† | 642 | 28,235 | ||||||
1,094,604 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc.† | 280 | 5,060 | ||||||
Telecom Equipment-Fiber Optics — 0.0% |
| |||||||
Harmonic, Inc.† | 2,072 | 14,007 | ||||||
Oplink Communications, Inc.† | 323 | 5,584 | ||||||
19,591 | ||||||||
Telecom Services — 0.0% |
| |||||||
Cbeyond, Inc.† | 237 | 3,124 | ||||||
Neutral Tandem, Inc.† | 528 | 7,587 | ||||||
NTELOS Holdings Corp. | 380 | 6,453 | ||||||
USA Mobility, Inc. | 170 | 2,893 | ||||||
20,057 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
Applied Signal Technology, Inc. | 285 | 9,365 | ||||||
Arris Group, Inc.† | 962 | 9,630 | ||||||
Comtech Telecommunications Corp. | 218 | 6,466 | ||||||
Harris Corp. | 2,465 | 109,051 | ||||||
Network Equipment Technologies, Inc.† | 231 | 938 | ||||||
Nortel Networks Corp.† | 62 | 1 | ||||||
Symmetricom, Inc.† | 933 | 6,204 | ||||||
Tekelec† | 1,456 | 17,982 | ||||||
Tellabs, Inc. | 15,015 | 94,745 | ||||||
Tollgrade Communications, Inc.† | 161 | 1,378 | ||||||
255,760 | ||||||||
Telephone - Integrated — 1.3% |
| |||||||
AT&T, Inc. | 38,531 | 1,070,777 | ||||||
Atlantic Tele-Network, Inc. | 139 | 4,766 | ||||||
General Communication, Inc., Class A† | 301 | 3,392 | ||||||
Verizon Communications, Inc. | 18,319 | 586,391 | ||||||
1,665,326 | ||||||||
Television — 0.1% | ||||||||
CBS Corp., Class B | 6,762 | 113,872 | ||||||
Textile - Apparel — 0.0% | ||||||||
Perry Ellis International, Inc.† | 213 | 5,796 | ||||||
Tobacco — 0.5% | ||||||||
Alliance One International, Inc.† | 687 | 2,666 | ||||||
Altria Group, Inc. | 7,530 | 180,720 | ||||||
Lorillard, Inc. | 1,550 | 123,349 | ||||||
Philip Morris International, Inc. | 5,281 | 300,436 | ||||||
607,171 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Toys — 0.0% | ||||||||
Jakks Pacific, Inc.† | 215 | $ | 4,139 | |||||
Transactional Software — 0.0% | ||||||||
Bottomline Technologies, Inc.† | 486 | 9,200 | ||||||
Synchronoss Technologies, Inc.† | 369 | 9,590 | ||||||
18,790 | ||||||||
Transport - Rail — 0.1% | ||||||||
CSX Corp. | 1,686 | 102,526 | ||||||
Union Pacific Corp. | 251 | 22,617 | ||||||
125,143 | ||||||||
Transport - Services — 0.5% | ||||||||
Bristow Group, Inc.† | 278 | 12,207 | ||||||
FedEx Corp. | 739 | 67,338 | ||||||
Hub Group, Inc., Class A† | 802 | 26,169 | ||||||
Ryder System, Inc. | 1,519 | 65,484 | ||||||
United Parcel Service, Inc., Class B | 7,593 | 532,497 | ||||||
703,695 | ||||||||
Transport - Truck — 0.1% | ||||||||
Arkansas Best Corp. | 195 | 4,804 | ||||||
Forward Air Corp. | 617 | 16,980 | ||||||
Heartland Express, Inc. | 749 | 11,572 | ||||||
Knight Transportation, Inc. | 476 | 9,177 | ||||||
Old Dominion Freight Line, Inc.† | 892 | 25,761 | ||||||
68,294 | ||||||||
Travel Services — 0.0% | ||||||||
Interval Leisure Group, Inc.† | 860 | 14,250 | ||||||
Veterinary Diagnostics — 0.0% | ||||||||
Neogen Corp.† | 483 | 17,943 | ||||||
Water — 0.0% | ||||||||
American States Water Co. | 396 | 14,486 | ||||||
Web Portals/ISP — 0.7% | ||||||||
Google, Inc., Class A† | 1,531 | 850,792 | ||||||
InfoSpace, Inc.† | 507 | 3,914 | ||||||
854,706 | ||||||||
Wire & Cable Products — 0.0% | ||||||||
Belden, Inc. | 360 | 11,981 | ||||||
Encore Wire Corp. | 404 | 9,203 | ||||||
21,184 | ||||||||
Wireless Equipment — 1.5% | ||||||||
American Tower Corp., Class A† | 19,113 | 966,544 | ||||||
EMS Technologies, Inc.† | 325 | 6,042 | ||||||
Motorola, Inc.† | 22,565 | 172,848 | ||||||
Novatel Wireless, Inc.† | 243 | 2,384 | ||||||
QUALCOMM, Inc. | 18,135 | 847,630 | ||||||
Viasat, Inc.† | 863 | 35,693 | ||||||
2,031,141 | ||||||||
Total Common Stock | ||||||||
(cost $61,748,014) | 68,077,185 | |||||||
EXCHANGE - TRADED FUNDS — 9.6% | ||||||||
iShares MSCI Emerging Markets Index Fund | 136,880 | 6,128,117 | ||||||
iShares S&P SmallCap 600 Index Fund | 2,995 | 191,380 | ||||||
SPDR Gold Trust† | 2,047 | 277,205 | ||||||
SPDR S&P 500 ETF Trust, Series 1 | 643 | 76,183 | ||||||
Vanguard Emerging Markets ETF | 133,320 | 6,071,393 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $11,394,073) | 12,744,278 | |||||||
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
PREFERRED STOCK — 0.8% | ||||||||
Banks - Super Regional — 0.1% | ||||||||
US Bancorp FRS | 111 | $ | 84,915 | |||||
Wachovia Capital Trust IX | 3,100 | 76,973 | ||||||
161,888 | ||||||||
Diversified Banking Institutions — 0.3% | ||||||||
Ally Financial, Inc. | 47 | 41,962 | ||||||
HSBC Holdings PLC | 3,240 | 87,286 | ||||||
The Goldman Sachs Group, Inc. | 12,000 | 288,840 | ||||||
418,088 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
General Electric Capital Corp. | 5,900 | 149,565 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
JPMorgan Chase Capital XXIX | 6,120 | 157,284 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Home Loan Mtg. Corp. FRS | 2,200 | 1,188 | ||||||
Special Purpose Entity — 0.2% | ||||||||
Structured Repackaged Asset-Backed Trust Securities FRS | 7,600 | 167,200 | ||||||
Total Preferred Stock | ||||||||
(cost $1,088,289) | 1,055,213 | |||||||
WARRANTS — 0.0% | ||||||||
Publishing - Periodicals — 0.0% | ||||||||
Reader’s Digest Association, Inc. | 143 | 0 | ||||||
Television — 0.0% |
| |||||||
Ion Media Networks, Inc.†(6) | 9 | 450 | ||||||
Total Warrants | ||||||||
(cost $148) | 450 | |||||||
ASSET BACKED SECURITIES — 5.1% |
| |||||||
Diversified Financial Services — 5.1% |
| |||||||
Banc of America Large Loan, Inc. | $ | 500,000 | 484,258 | |||||
Banc of America Large Loan, Inc. VRS | 100,000 | 95,823 | ||||||
Bank of America Commercial Mtg., Inc. | 500,000 | 485,221 | ||||||
Bank One Issuance Trust | 215,000 | 228,208 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 229,000 | 234,455 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 500,000 | 383,824 | ||||||
Dominos Pizza Master Issuer LLC | 255,000 | 261,375 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Entergy Arkansas Restoration Funding LLC | $ | 200,000 | $ | 200,548 | ||||
GMAC Mortgage Corp Loan Trust | 495,784 | 491,320 | ||||||
LB-UBS Commercial Mtg. Trust VRS | 500,000 | 465,596 | ||||||
Morgan Stanley Capital I VRS | 100,000 | 91,670 | ||||||
Morgan Stanley Capital I VRS | 600,000 | 571,724 | ||||||
Morgan Stanley Capital I VRS | 600,000 | 595,381 | ||||||
Morgan Stanley Reremic Trust VRS | 1,100,000 | 1,081,277 | ||||||
Sierra Receivables Funding Co. | 192,724 | 193,091 | ||||||
Sonic Capital LLC | 251,544 | 257,833 | ||||||
Soundview Home Equity Loan Trust FRS | 703,526 | 639,528 | ||||||
Total Asset Backed Securities | ||||||||
(cost $6,403,452) | 6,761,132 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Telecom Services — 0.0% |
| |||||||
ICO North America, Inc. | 20,000 | 19,000 | ||||||
U.S. CORPORATE BONDS & NOTES — 15.7% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 115,000 | 123,769 | ||||||
Advertising Services — 0.0% |
| |||||||
Visant Corp. | 37,000 | 38,203 | ||||||
Aerospace/Defense — 0.1% |
| |||||||
Northrop Grumman Corp. | 147,000 | 142,363 | ||||||
Spirit Aerosystems, Inc. | 19,000 | 19,760 | ||||||
162,123 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Incitec Pivot Finance LLC | 9,000 | 9,391 | ||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | $ | 434,000 | $ | 470,890 | ||||
United AirLines, Inc. Pass Through Certs. | 23,793 | 27,541 | ||||||
498,431 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Navistar International Corp. | 300,000 | 321,750 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Cooper-Standard Automotive, Inc. | 280,000 | 298,550 | ||||||
Lear Corp. | 14,000 | 14,980 | ||||||
Lear Corp. | 334,000 | 364,060 | ||||||
677,590 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
Branch Banking & Trust Co. FRS | 56,000 | 50,460 | ||||||
CIT Group, Inc. | 36,140 | 35,237 | ||||||
Credit Suisse New York | 149,000 | 162,523 | ||||||
KeyBank NA | 26,000 | 29,620 | ||||||
Regions Bank | 57,000 | 54,934 | ||||||
Regions Financial Corp. | 74,000 | 69,005 | ||||||
US Bank NA FRS | 60,000 | 61,954 | ||||||
463,733 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
State Street Capital Trust IV, Ltd. FRS | 202,000 | 150,280 | ||||||
Banks - Money Center — 0.0% |
| |||||||
Chase Capital III, Ltd. FRS | 72,000 | 55,923 | ||||||
Banks - Super Regional — 0.6% |
| |||||||
BAC Capital Trust XIII, Ltd. FRS | 178,000 | 110,711 | ||||||
BAC Capital Trust XV, Ltd. FRS | 50,000 | 31,144 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Super Regional (continued) |
| |||||||
JPMorgan Chase Bank NA | $ | 53,000 | $ | 59,261 | ||||
PNC Preferred Funding Trust II FRS | 70,000 | 51,377 | ||||||
SunTrust Banks, Inc. | 45,000 | 48,100 | ||||||
SunTrust Banks, Inc. | 13,000 | 12,665 | ||||||
USB Capital IX, Ltd. FRS | 39,000 | 30,420 | ||||||
Wachovia Capital Trust III, Ltd. FRS | 208,000 | 174,720 | ||||||
Wachovia Corp. FRS | 85,000 | 78,118 | ||||||
Wells Fargo & Co. FRS | 101,000 | 96,964 | ||||||
Wells Fargo & Co. FRS | 50,000 | 52,500 | ||||||
745,980 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Constellation Brands, Inc. | 21,000 | 22,575 | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Clear Channel Communications, Inc. | 23,000 | 17,250 | ||||||
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. | 38,000 | 39,615 | ||||||
56,865 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
CRH America, Inc. | 30,000 | 29,983 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Beazer Homes USA, Inc. | 25,000 | 23,562 | ||||||
K. Hovnanian Enterprises, Inc. | 20,000 | 20,225 | ||||||
Standard Pacific Corp. | 305,000 | 314,150 | ||||||
357,937 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
COX Communications, Inc. | 40,000 | 44,135 |
19
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV (continued) |
| |||||||
CSC Holdings LLC | $ | 33,000 | $ | 37,702 | ||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 60,000 | 62,100 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | 60,000 | 66,900 | ||||||
Echostar DBS Corp. | 52,000 | 53,430 | ||||||
Echostar DBS Corp. | 9,000 | 9,551 | ||||||
Insight Communications Co., Inc. | 50,000 | 54,250 | ||||||
Time Warner Cable, Inc. | 64,000 | 73,101 | ||||||
401,169 | ||||||||
Capacitors — 0.0% |
| |||||||
Kemet Corp. | 25,000 | 27,500 | ||||||
Casino Hotels — 0.1% |
| |||||||
Harrah’s Operating Co., Inc. | 32,000 | 34,880 | ||||||
MGM Mirage, Inc. | 20,000 | 19,050 | ||||||
MGM Mirage, Inc. | 43,000 | 48,590 | ||||||
Turning Stone Resort Casino Enterprise | 31,000 | 31,639 | ||||||
134,159 | ||||||||
Casino Services — 0.0% |
| |||||||
Chukchansi Economic Development Authority | 26,000 | 16,933 | ||||||
Cellular Telecom — 0.0% |
| |||||||
Nextel Communications, Inc. | 21,000 | 20,265 | ||||||
Chemicals-Diversified — 0.4% |
| |||||||
Dow Chemical Co. | 60,000 | 58,376 | ||||||
Dow Chemical Co. | 108,000 | 105,342 | ||||||
PPG Industries, Inc. | 17,000 | 16,485 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals-Diversified (continued) |
| |||||||
PPG Industries, Inc. | $ | 73,000 | $ | 70,098 | ||||
PPG Industries, Inc. | 33,000 | 32,999 | ||||||
Rohm & Haas Co. | 96,000 | 110,207 | ||||||
Solutia, Inc. | 35,000 | 37,713 | ||||||
Union Carbide Corp. | 39,000 | 38,571 | ||||||
469,791 | ||||||||
Chemicals - Plastics — 0.4% |
| |||||||
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC | 460,000 | 473,800 | ||||||
Chemicals - Specialty — 0.0% |
| |||||||
Huntsman International LLC | 40,000 | 42,400 | ||||||
Coal — 0.1% |
| |||||||
Arch Coal, Inc. | 32,000 | 35,120 | ||||||
Consol Energy, Inc. | 32,000 | 34,640 | ||||||
Foresight Energy LLC / Foresight Energy Corp. | 30,000 | 31,800 | ||||||
Patriot Coal Corp. | 35,000 | 35,000 | ||||||
136,560 | ||||||||
Commercial Services — 0.1% |
| |||||||
Ceridian Corp. | 60,000 | 57,750 | ||||||
Commercial Services - Finance — 0.0% |
| |||||||
Moody’s Corp. | 50,000 | 50,730 | ||||||
Computer Services — 0.2% |
| |||||||
Affiliated Computer Services, Inc. | 45,000 | 48,812 | ||||||
Compucom Systems, Inc. | 12,000 | 12,900 | ||||||
International Business Machines Corp. | 120,000 | 141,978 | ||||||
203,690 | ||||||||
20
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Computers - Memory Devices — 0.0% |
| |||||||
Spansion LLC | $ | 25,000 | $ | 25,469 | ||||
Consumer Products-Misc. — 0.0% |
| |||||||
American Achievement Corp. | 25,000 | 24,750 | ||||||
Reynolds Group Issuer, Inc. | 20,000 | 20,350 | ||||||
45,100 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Ball Corp. | 21,000 | 22,838 | ||||||
Crown Cork & Seal Co., Inc. | 24,000 | 24,720 | ||||||
47,558 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Berry Plastics Corp. | 15,000 | 14,400 | ||||||
Graphic Packaging International, Inc. | 27,000 | 29,295 | ||||||
43,695 | ||||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
Revlon Consumer Products Corp. | 30,000 | 31,500 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Fiserv, Inc. | 105,000 | 105,280 | ||||||
Decision Support Software — 0.0% |
| |||||||
PGS Solutions | 27,000 | 24,368 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc. | 25,000 | 24,781 | ||||||
Direct Marketing — 0.0% |
| |||||||
Affinity Group, Inc. | 43,000 | 42,570 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
American Tire Distributors, Inc. | 40,000 | 42,300 | ||||||
McJunkin Red Man Corp. | 55,000 | 50,050 | ||||||
92,350 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 1.5% |
| |||||||
Ally Financial, Inc. | $ | 24,000 | $ | 25,260 | ||||
Bank of America Corp. | 1,000 | 991 | ||||||
Bank of America Corp. FRS | 100,000 | 99,910 | ||||||
Citigroup, Inc. | 246,000 | 253,024 | ||||||
Citigroup, Inc. | 60,000 | 65,626 | ||||||
Citigroup, Inc. | 65,000 | 60,887 | ||||||
Goldman Sachs Group, Inc. | 66,000 | 69,492 | ||||||
Goldman Sachs Group, Inc. | 76,000 | 82,472 | ||||||
JP Morgan Chase & Co. FRS | 578,000 | 570,152 | ||||||
JP Morgan Chase & Co. FRS | 65,000 | 69,154 | ||||||
JP Morgan Chase Capital XXIII FRS | 23,000 | 16,603 | ||||||
JPMorgan Chase & Co. | 114,000 | 111,336 | ||||||
JPMorgan Chase & Co. | 257,000 | 251,141 | ||||||
Morgan Stanley | 211,000 | 222,687 | ||||||
Morgan Stanley | 90,000 | 95,047 | ||||||
Nationsbank Corp. | 24,000 | 25,069 | ||||||
2,018,851 | ||||||||
Diversified Financial Services — 0.9% | ||||||||
Citigroup Capital XXI FRS | 874,000 | 908,960 | ||||||
General Electric Capital Corp. | 116,000 | 112,421 | ||||||
General Electric Capital Corp. | 100,000 | 101,438 | ||||||
1,122,819 | ||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Manufacturing Operations — 0.1% | ||||||||
General Electric Co. | $ | 97,000 | $ | 106,147 | ||||
E-Commerce/Services — 0.1% | ||||||||
Expedia, Inc. | 81,000 | 82,012 | ||||||
Electric - Distribution — 0.1% | ||||||||
Oglethorpe Power Corp. | 110,000 | 109,201 | ||||||
Electric - Generation — 0.1% | ||||||||
AES Corp. | 74,000 | 76,960 | ||||||
Allegheny Energy Supply Co. LLC | 79,000 | 76,996 | ||||||
153,956 | ||||||||
Electric - Integrated — 0.6% | ||||||||
Ameren Energy Generating Co. | 56,000 | 55,624 | ||||||
CenterPoint Energy Houston Electric LLC | 58,000 | 67,535 | ||||||
Cleco Power LLC | 57,000 | 57,604 | ||||||
Dominion Resources, Inc. | 99,000 | 111,309 | ||||||
Energy East Corp. | 42,000 | 44,639 | ||||||
Entergy Arkansas, Inc. | 33,000 | 32,599 | ||||||
Exelon Generation Co. LLC | 126,000 | 122,378 | ||||||
Great Plains Energy, Inc. | 55,000 | 55,784 | ||||||
Kentucky Utilities Co. | 55,000 | 55,689 | ||||||
Mirant Americas Generation LLC | 22,000 | 21,285 | ||||||
Mirant Mid - Atlantic LLC | 47,410 | 51,203 | ||||||
Southern Energy, Inc. | 125,000 | 0 | ||||||
Teco Finance, Inc. | 32,000 | 37,251 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
Teco Finance, Inc. | $ | 20,000 | $ | 21,792 | ||||
Texas Competitive Electric Holdings Co. LLC | 57,000 | 33,915 | ||||||
768,607 | ||||||||
Electronic Components - Misc. — 0.1% | ||||||||
Jabil Circuit, Inc. | 134,000 | 131,655 | ||||||
Jabil Circuit, Inc. | 2,000 | 2,235 | ||||||
Jabil Circuit, Inc. | 39,000 | 44,460 | ||||||
178,350 | ||||||||
Electronic Components - Semiconductors — 0.2% | ||||||||
Broadcom Corp. | 54,000 | 53,982 | ||||||
Broadcom Corp. | 54,000 | 53,813 | ||||||
Freescale Semiconductor, Inc. | 20,000 | 20,100 | ||||||
Freescale Semiconductor, Inc. | 21,000 | 21,997 | ||||||
Freescale Semiconductor, Inc. | 13,000 | 14,008 | ||||||
National Semiconductor Corp. | 45,000 | 46,811 | ||||||
210,711 | ||||||||
Electronic Measurement Instruments — 0.1% | ||||||||
Agilent Technologies, Inc. | 68,000 | 77,773 | ||||||
Energy - Alternate Sources — 0.3% | ||||||||
Headwaters, Inc. | 405,000 | 435,881 | ||||||
Enterprise Software/Service — 0.1% | ||||||||
Mantech International Corp. | 70,000 | 72,450 | ||||||
Finance - Auto Loans — 0.5% | ||||||||
Ford Motor Credit Co. LLC | 510,000 | 560,310 | ||||||
Ford Motor Credit Co. LLC | 61,000 | 75,565 | ||||||
635,875 | ||||||||
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Commercial — 0.1% | ||||||||
Caterpillar Financial Services Corp. | $ | 20,000 | $ | 21,358 | ||||
Textron Financial Corp. | 77,000 | 80,426 | ||||||
101,784 | ||||||||
Finance - Credit Card — 0.0% | ||||||||
Capital One Capital III | 33,000 | 33,000 | ||||||
Finance - Investment Banker/Broker — 0.2% | ||||||||
Jefferies Group, Inc. | 70,000 | 69,241 | ||||||
Lehman Brothers Holdings Capital Trust VII FRS | 45,000 | 4 | ||||||
Lehman Brothers Holdings, Inc. | 44,000 | 9,515 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
Merrill Lynch & Co., Inc. | 67,000 | 68,751 | ||||||
Merrill Lynch & Co., Inc. | 76,000 | 81,472 | ||||||
228,997 | ||||||||
Finance - Other Services — 0.0% | ||||||||
SquareTwo Financial Corp. | 25,000 | 24,063 | ||||||
Financial Guarantee Insurance — 0.0% | ||||||||
Assured Guaranty Municipal Holdings, Inc. FRS | 25,000 | 18,375 | ||||||
Firearms & Ammunition — 0.0% | ||||||||
Freedom Group, Inc. | 32,000 | 33,120 | ||||||
Food - Misc. — 0.1% | ||||||||
Kraft Foods, Inc. | 52,000 | 59,759 | ||||||
Food - Retail — 0.0% | ||||||||
Ahold Finance USA LLC | 45,000 | 50,977 | ||||||
Funeral Services & Related Items — 0.1% | ||||||||
Carriage Services, Inc. | 27,000 | 26,831 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Funeral Services & Related Items (continued) | ||||||||
Service Corp. International | $ | 52,000 | $ | 54,600 | ||||
81,431 | ||||||||
Gambling (Non - Hotel) — 0.1% | ||||||||
Downstream Development Authority | 97,000 | 93,362 | ||||||
Gas - Transportation — 0.1% | ||||||||
Sabine Pass LNG LP | 70,000 | 64,575 | ||||||
Hazardous Waste Disposal — 0.0% | ||||||||
Clean Harbors, Inc. | 32,000 | 33,760 | ||||||
Home Furnishings — 0.0% | ||||||||
Norcraft Cos., LP/Norcraft Finance Corp. | 30,000 | 31,800 | ||||||
Independent Power Producers — 0.1% | ||||||||
Calpine Corp. | 25,000 | 25,250 | ||||||
Calpine Corp. | 145,000 | 0 | ||||||
Dynegy-Roseton/Danskammer | 58,000 | 54,230 | ||||||
GenOn Escrow Corp. | 15,000 | 14,250 | ||||||
GenOn Escrow Corp. | 15,000 | 14,288 | ||||||
NRG Energy, Inc. | 59,000 | 59,147 | ||||||
167,165 | ||||||||
Insurance - Life/Health — 0.3% | ||||||||
Jefferson-Pilot Corp. | 41,000 | 43,220 | ||||||
Nationwide Financial Services, Inc. | 55,000 | 58,274 | ||||||
Protective Life Corp. | 180,000 | 193,407 | ||||||
Prudential Financial, Inc. | 95,000 | 94,190 | ||||||
389,091 | ||||||||
Insurance - Multi-line — 0.3% | ||||||||
Genworth Financial, Inc. | 54,000 | 53,554 |
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Multi-line (continued) | ||||||||
Hartford Financial Services Group, Inc. | $ | 61,000 | $ | 64,195 | ||||
Hartford Financial Services Group, Inc. FRS | 55,000 | 58,025 | ||||||
MetLife, Inc. | 40,000 | 46,934 | ||||||
Metropolitan Life Global Funding I | 90,000 | 92,508 | ||||||
Nationwide Mutual Insurance Co. | 23,000 | 26,677 | ||||||
341,893 | ||||||||
Insurance - Mutual — 0.2% | ||||||||
Liberty Mutual Group, Inc. | 60,000 | 62,894 | ||||||
Liberty Mutual Group, Inc. | 60,000 | 53,208 | ||||||
Liberty Mutual Group, Inc. | 137,000 | 135,630 | ||||||
251,732 | ||||||||
Machinery - Farming — 0.0% | ||||||||
Case New Holland, Inc. | 33,000 | 36,383 | ||||||
CNH America LLC | 4,000 | 4,320 | ||||||
40,703 | ||||||||
Medical Instruments — 0.1% | ||||||||
Accellent, Inc. | 165,000 | 166,650 | ||||||
Medical Labs & Testing Services — 0.0% | ||||||||
Laboratory Corp. of America Holdings | 56,000 | 56,870 | ||||||
Medical Products — 0.1% | ||||||||
Becton Dickinson and Co. | 76,000 | 93,531 | ||||||
Universal Hospital Services, Inc. | 70,000 | 71,750 | ||||||
165,281 | ||||||||
Medical - Biomedical/Gene — 0.0% | ||||||||
Bio-Rad Laboratories, Inc. | 30,000 | 32,775 | ||||||
Medical - Drugs — 0.1% | ||||||||
Schering-Plough Corp. | 88,000 | 105,434 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - HMO — 0.1% | ||||||||
Aetna, Inc. | $ | 77,000 | $ | 87,946 | ||||
Medical - Hospitals — 0.9% | ||||||||
Capella Healthcare, Inc. | 41,000 | 43,204 | ||||||
HCA, Inc. | 53,000 | 42,002 | ||||||
HCA, Inc. | 905,000 | 986,450 | ||||||
Select Medical Corp. | 45,000 | 44,775 | ||||||
Tenet Healthcare Corp. | 35,000 | 37,275 | ||||||
1,153,706 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Radnet Management, Inc. | 30,000 | 27,600 | ||||||
Multimedia — 0.5% |
| |||||||
Historic TW, Inc. | 60,000 | 66,765 | ||||||
NBC Universal, Inc. | 90,000 | 89,591 | ||||||
NBC Universal, Inc. | 105,000 | 107,227 | ||||||
NBC Universal, Inc. | 68,000 | 72,517 | ||||||
News America, Inc. | 105,000 | 110,828 | ||||||
Time Warner Cos., Inc. | 133,000 | 152,211 | ||||||
599,139 | ||||||||
Music — 0.0% |
| |||||||
WMG Acquisition Corp. | 30,000 | 31,275 | ||||||
Non - Hazardous Waste Disposal — 0.2% |
| |||||||
Allied Waste North America, Inc. | 46,000 | 48,818 | ||||||
Republic Services, Inc. | 90,000 | 98,847 | ||||||
Republic Services, Inc. | 95,000 | 98,455 |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Non - Hazardous Waste Disposal (continued) |
| |||||||
Waste Management, Inc. | $ | 44,000 | $ | 47,693 | ||||
293,813 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Pride International, Inc. | 88,000 | 93,280 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Apache Corp. | 48,000 | 47,506 | ||||||
ATP Oil & Gas Corp. | 25,000 | 22,312 | ||||||
Carrizo Oil & Gas, Inc. | 40,000 | 39,800 | ||||||
Chesapeake Energy Corp. | 25,000 | 26,250 | ||||||
EOG Resources, Inc. | 90,000 | 90,033 | ||||||
Hilcorp Energy I LP | 29,000 | 29,797 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 15,000 | 15,375 | ||||||
Kerr - McGee Corp. | 39,000 | 42,672 | ||||||
Linn Energy LLC/Linn Energy Finance Corp. | 55,000 | 58,300 | ||||||
Pioneer Natural Resources Co. | 8,000 | 8,484 | ||||||
Pioneer Natural Resources Co. | 13,000 | 14,503 | ||||||
QEP Resources, Inc. | 25,000 | 26,375 | ||||||
421,407 | ||||||||
Oil Companies - Integrated — 0.0% |
| |||||||
Hess Corp. | 54,000 | 53,995 | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Reliance Holdings USA, Inc. | 38,000 | 36,133 | ||||||
Oil - Field Services — 0.0% |
| |||||||
Basic Energy Services, Inc. | 25,000 | 27,625 | ||||||
Exterran Holdings, Inc. | 15,000 | 15,000 | ||||||
42,625 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Paper & Related Products — 0.1% | ||||||||
Georgia - Pacific LLC | $ | 37,000 | $ | 36,607 | ||||
Georgia - Pacific LLC | 45,000 | 50,625 | ||||||
87,232 | ||||||||
Photo Equipment & Supplies — 0.0% | ||||||||
Eastman Kodak Co. | 20,000 | 19,600 | ||||||
Physicians Practice Management — 0.1% | ||||||||
US Oncology, Inc. | 49,000 | 59,045 | ||||||
Pipelines — 0.6% | ||||||||
Copano Energy LLC / Copano Energy Finance Corp. | 55,000 | 55,000 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 48,000 | 48,120 | ||||||
El Paso Pipeline Partners Operating Co. LLC | 134,000 | 143,713 | ||||||
Energy Transfer Equity LP | 36,000 | 37,260 | ||||||
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. | 25,000 | 26,875 | ||||||
Plains All American Pipeline LP | 120,000 | 130,676 | ||||||
Plains All American Pipeline LP | 60,000 | 68,931 | ||||||
Regency Energy Partners LP/Regency Energy Finance Corp. | 40,000 | 43,900 | ||||||
Rockies Express Pipeline LLC | 60,000 | 59,501 | ||||||
Williams Partners LP | 168,000 | 173,507 | ||||||
787,483 | ||||||||
Printing - Commercial — 0.0% | ||||||||
Valassis Communications, Inc. | 32,000 | 33,520 | ||||||
Publishing - Books — 0.0% | ||||||||
TL Acquisitions, Inc. | 35,000 | 35,000 | ||||||
Real Estate Investment Trusts — 0.1% | ||||||||
Brandywine Operating Partnership LP | 36,000 | 36,602 |
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts (continued) | ||||||||
DuPont Fabros Technology LP | $ | 30,000 | $ | 32,475 | ||||
Federal Realty Investors Trust | 30,000 | 33,016 | ||||||
102,093 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
First Industrial LP | 25,000 | 22,376 | ||||||
Regency Centers LP | 51,000 | 50,647 | ||||||
73,023 | ||||||||
Recycling — 0.0% | ||||||||
Aleris International, Inc. | 60,000 | 126 | ||||||
Rental Auto/Equipment — 0.0% | ||||||||
RSC Equipment Rental, Inc. | 17,000 | 17,510 | ||||||
United Rentals North America, Inc. | 25,000 | 24,688 | ||||||
42,198 | ||||||||
Retail - Drug Store — 0.2% | ||||||||
CVS Caremark Corp. | 135,000 | 150,570 | ||||||
Rite Aid Corp. | 60,000 | 62,250 | ||||||
212,820 | ||||||||
Retail - Propane Distribution — 0.0% | ||||||||
Inergy LP/Inergy Finance Corp. | 30,000 | 31,200 | ||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Macy’s Retail Holdings, Inc. | 16,000 | 16,080 | ||||||
Macy’s Retail Holdings, Inc. | 35,000 | 35,175 | ||||||
51,255 | ||||||||
Retail - Restaurants — 0.0% |
| |||||||
Wendy’s/Arby’s Restaurants LLC | 47,000 | 51,230 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Toys R Us Property Co II LLC | 38,000 | 40,375 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
Amsouth Bank NA | 40,000 | 37,400 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Geokinetics Holdings USA, Inc. | $ | 30,000 | $ | 27,525 | ||||
Special Purpose Entities — 0.1% |
| |||||||
Goldman Sachs Capital I | 128,000 | 119,403 | ||||||
Goldman Sachs Capital III FRS | 76,000 | 52,630 | ||||||
172,033 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Ryerson, Inc. | 30,000 | 30,787 | ||||||
Steel Dynamics, Inc. | 28,000 | 29,470 | ||||||
60,257 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 15,000 | 15,356 | ||||||
Telecom Services — 0.2% |
| |||||||
PAETEC Holding Corp | 35,000 | 36,575 | ||||||
Qwest Corp. | 55,000 | 62,287 | ||||||
Qwest Corp. | 106,000 | 115,275 | ||||||
SBA Telecommunications, Inc. | 20,000 | 21,900 | ||||||
236,037 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp. | 30,000 | 29,829 | ||||||
Harris Corp. | 55,000 | 54,699 | ||||||
84,528 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Cincinnati Bell, Inc. | 15,000 | 14,700 | ||||||
Frontier Communications Corp. | 10,000 | 11,000 | ||||||
Frontier Communications Corp. | 10,000 | 11,000 | ||||||
Qwest Communications International, Inc. | 23,000 | 24,438 |
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated (continued) |
| |||||||
Sprint Capital Corp. | $ | 45,000 | $ | 38,250 | ||||
Sprint Capital Corp. | 42,000 | 41,580 | ||||||
Verizon Virginia, Inc. | 30,000 | 31,954 | ||||||
172,922 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp. | 55,000 | 52,404 | ||||||
Umbrella Acquisition, Inc. | 31,803 | 33,632 | ||||||
Young Broadcasting, Inc. | 30,000 | 0 | ||||||
86,036 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Atlas Air, Inc. | 47,803 | 45,533 | ||||||
Atlas Air, Inc. | 19,004 | 16,343 | ||||||
61,876 | ||||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
GATX Corp. | 50,000 | 50,379 | ||||||
Transport - Rail — 0.1% |
| |||||||
CSX Corp. | 108,000 | 105,886 | ||||||
Transport - Services — 0.1% |
| |||||||
Bristow Group, Inc. | 45,000 | 47,250 | ||||||
Ryder System, Inc. | 47,000 | 47,660 | ||||||
94,910 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Equinix, Inc. | 287,000 | 300,632 | ||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola, Inc. | 143,000 | 152,462 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $20,606,095) | 20,902,539 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 2.1% |
| |||||||
Banks - Commercial — 0.5% |
| |||||||
Barclays Bank PLC FRS | $ | 105,000 | $ | 94,500 | ||||
Barclays Bank PLC | 60,000 | 63,099 | ||||||
Barclays Bank PLC FRS | 56,000 | 53,200 | ||||||
BNP Paribas | 60,000 | 64,137 | ||||||
Groupe BPCE FRS | 102,000 | 70,676 | ||||||
Nordea Bank AB FRS | 36,000 | 38,142 | ||||||
Rabobank Nederland NV | 58,000 | 57,225 | ||||||
Royal Bank of Scotland PLC | 80,000 | 80,473 | ||||||
Westpac Banking Corp. FRS | 180,000 | 110,700 | ||||||
632,152 | ||||||||
Banks - Money Center — 0.1% |
| |||||||
Lloyds TSB Bank PLC | 130,000 | 119,858 | ||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Credit Agricole SA FRS | 25,000 | 21,750 | ||||||
Diversified Minerals — 0.0% |
| |||||||
BHP Billiton Finance USA, Ltd. | 46,000 | 52,629 | ||||||
Forestry — 0.0% |
| |||||||
Tembec Industries, Inc. | 10,000 | 10,200 | ||||||
Gold Mining — 0.1% |
| |||||||
Gold Fields Orogen Holding BVI, Ltd. | 112,000 | 108,670 | ||||||
Insurance - Multi-line — 0.2% |
| |||||||
Aegon NV FRS | 75,000 | 45,818 | ||||||
Catlin Insurance Co., Ltd. FRS | 45,000 | 40,050 | ||||||
XL Capital, Ltd. | 92,000 | 97,015 |
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
XL Capital, Ltd. | $ | 60,000 | $ | 60,912 | ||||
243,795 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Validus Holdings, Ltd. | 60,000 | 64,778 | ||||||
Metal - Diversified — 0.0% |
| |||||||
Xstrata Canada Corp. | 56,000 | 60,325 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Transocean, Inc. | 73,000 | 76,108 | ||||||
Oil Companies - Exploration & Production — 0.1% | ||||||||
EnCana Corp. | 25,000 | 27,740 | ||||||
Nexen, Inc. | 47,000 | 47,122 | ||||||
OPTI Canada, Inc. | 48,000 | 33,000 | ||||||
107,862 | ||||||||
Oil Companies - Integrated — 0.4% | ||||||||
BP Capital Markets PLC | 82,000 | 82,490 | ||||||
BP Capital Markets PLC | 120,000 | 124,929 | ||||||
Norsk Hydro A/S | 178,000 | 220,005 | ||||||
Total Capital SA | 90,000 | 89,497 | ||||||
516,921 | ||||||||
Paper & Related Products — 0.0% | ||||||||
PE Paper Escrow GmbH | 27,000 | 31,421 | ||||||
Pipelines — 0.1% | ||||||||
TransCanada Pipelines, Ltd. FRS | 94,000 | 92,840 | ||||||
Satellite Telecom — 0.1% | ||||||||
Intelsat Intermediate Holding Co., Ltd. | 111,000 | 114,330 | ||||||
Special Purpose Entities — 0.1% | ||||||||
ConocoPhillips Canada Funding Co. I | 85,000 | 99,357 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Special Purpose Entities (continued) | ||||||||
SMFG Preferred Capital, Ltd. FRS | $ | 101,000 | $ | 99,864 | ||||
199,221 | ||||||||
SupraNational Banks — 0.0% | ||||||||
Asian Development Bank | 39,000 | 45,176 | ||||||
Telecom Services — 0.0% | ||||||||
Wind Acquisition Finance SA | 30,000 | 29,550 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Telecom Italia Capital SA | 97,000 | 102,869 | ||||||
Telefonica Emisiones SAU FRS | 60,000 | 58,931 | ||||||
Telefonos de Mexico SAB de CV | 61,000 | 67,653 | ||||||
229,453 | ||||||||
Transport - Services — 0.1% |
| |||||||
Asciano Finance, Ltd. | 102,000 | 100,928 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $2,810,236) | 2,857,967 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.1% |
| |||||||
Sovereign — 0.1% |
| |||||||
Federal Republic of Brazil | 72,000 | 74,340 | ||||||
MUNICIPAL BONDS & NOTES — 0.0% | ||||||||
Municipal Bonds — 0.0% | ||||||||
Texas State Transportation Commission | 25,000 | 24,824 | ||||||
U.S. GOVERNMENT AGENCIES — 11.7% |
| |||||||
Federal Home Loan Mtg. Corp. — 7.9% |
| |||||||
4.50% due 01/01/39 | 88,247 | 91,723 | ||||||
4.50% due 12/01/39 | 1,284,049 | 1,343,454 | ||||||
5.00% due 10/01/33 | 15,871 | 16,870 | ||||||
5.00% due 07/01/35 | 72,533 | 76,959 | ||||||
5.00% due 01/01/37 | 135,137 | 143,045 | ||||||
5.00% due 03/01/38 | 168,532 | 178,341 | ||||||
5.00% due December TBA | 750,000 | 792,773 | ||||||
5.50% due 01/01/36 | 1,076,092 | 1,161,629 | ||||||
5.50% due 08/01/37 | 20,276 | 21,748 | ||||||
5.50% due 09/01/37 | 244,486 | 262,239 | ||||||
5.50% due 10/01/37 | 337,421 | 361,922 | ||||||
5.50% due 01/01/38 | 87,797 | 94,337 | ||||||
5.50% due 07/01/38 | 100,680 | 107,991 | ||||||
5.50% due 01/01/40 | 2,966,278 | 3,196,381 | ||||||
6.00% due 08/01/36 | 268,788 | 293,254 | ||||||
6.00% due 02/01/39 | 920,101 | 998,732 | ||||||
6.00% due 04/01/40 | 981,863 | 1,065,773 | ||||||
6.50% due 12/01/28 | 142,834 | 159,688 | ||||||
6.50% due 11/01/33 | 9,692 | 10,942 | ||||||
6.50% due 05/01/36 | 2,855 | 3,174 |
28 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
7.00% due 06/01/32 | $ | 49,301 | $ | 56,615 | ||||
7.50% due 04/01/31 | 68,904 | 79,839 | ||||||
8.00% due 04/01/30 | 10,007 | 11,702 | ||||||
8.00% due 07/01/30 | 99 | 116 | ||||||
8.00% due 12/01/30 | 29,217 | 34,168 | ||||||
10,563,415 | ||||||||
Federal National Mtg. Assoc. — 3.7% |
| |||||||
2.13% due 01/25/13 | 72,000 | 72,178 | ||||||
4.50% due 01/01/25 | 1,331,002 | 1,418,806 | ||||||
4.50% due 01/01/39 | 121,630 | 126,744 | ||||||
5.00% due 03/15/16 | 74,000 | 85,836 | ||||||
5.00% due 11/01/33 | 17,436 | 18,579 | ||||||
5.00% due 07/01/40 | 1,922,972 | 2,040,609 | ||||||
5.50% due 03/01/18 | 15,892 | 17,305 | ||||||
5.50% due 11/01/22 | 90,299 | 98,168 | ||||||
5.50% due 05/01/34 | 300,717 | 325,514 | ||||||
6.00% due 05/01/17 | 57,281 | 62,734 | ||||||
6.00% due 12/01/33 | 147,402 | 162,555 | ||||||
6.00% due 10/01/36 | 82,620 | 90,158 | ||||||
6.50% due 02/01/17 | 39,830 | 43,591 | ||||||
6.50% due 08/01/31 | 51,961 | 58,722 | ||||||
6.50% due 07/01/32 | 79,764 | 90,142 | ||||||
6.50% due 07/01/36 | 103,696 | 115,438 | ||||||
7.00% due 09/01/31 | 36,363 | 41,535 | ||||||
7.50% due 06/01/15 | 11,515 | 12,634 | ||||||
4,881,248 | ||||||||
Government National Mtg. Assoc. — 0.1% | ||||||||
6.00% due 02/15/29 | 3,918 | 4,365 | ||||||
6.00% due 04/15/29 | 22,595 | 25,170 | ||||||
6.00% due 06/15/29 | 22,959 | 25,575 | ||||||
6.50% due 02/15/29 | 63,771 | 73,277 | ||||||
128,387 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $15,173,086) | 15,573,050 | |||||||
U.S. GOVERNMENT TREASURIES — 1.9% | ||||||||
United States Treasury Bonds — 0.2% | ||||||||
2.13% due 02/15/40 | 133,402 | 148,149 | ||||||
3.88% due 08/15/40 | 44,000 | 42,274 | ||||||
4.38% due 05/15/40 | 150,000 | 157,125 | ||||||
347,548 | ||||||||
United States Treasury Notes — 1.7% | ||||||||
1.25% due 09/30/15 | 465,000 | 461,694 | ||||||
2.13% due 11/30/14 | 136,000 | 141,525 | ||||||
2.63% due 08/15/20 | 600,000 | 593,250 | ||||||
3.00% due 02/28/17 | 162,000 | 172,429 | ||||||
3.50% due 05/15/20 | 800,000 | 854,000 | ||||||
2,222,898 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $2,605,933) | 2,570,446 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $121,950,927) | 130,660,424 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 0.2% | ||||||||
Time Deposits — 0.2% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | 249,000 | 249,000 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 1.8% | ||||||||
Agreement with State Street | ||||||||
(cost $2,372,000) | $ | 2,372,000 | $ | 2,372,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $124,571,927)(12) | 100.2 | % | 133,281,424 | |||||
Liabilities in excess of other assets | (0.2 | ) | (323,597 | ) | ||||
NET ASSETS | 100.0 | % | $ | 132,957,827 | ||||
† | 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, 2010, the aggregate value of these securities was $6,894,939 representing 5.2% 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) | Commercial Mortgage Backed Security |
(3) | Collateralized Mortgage Obligation |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Asset Allocation Fund held the following restricted securities: |
Name | Acqui- sition Date | Principal Amount | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
ICO North America, Inc. | 08/15/05 | $ | 20,000 | $ | 20,000 | $ | 19,000 | $ | 95.00 | 0.00 | % | |||||||||||||
(5) | Income may be received in cash or additional bonds at the discretion of the issuer. |
(6) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(7) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $503,384 representing 0.4% of net assets. |
(8) | Perpetual maturity — maturity date reflects the next call date. |
(9) | Bond in default |
(10) | Company has filed Chapter 11 bankruptcy protection. |
(11) | Bond is in default and did not pay principal at maturity. |
(12) | See Note 5 for cost of investments on a tax basis. |
(13) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $99,816 representing 0.1% of net assets. Securities are classified as Level 2 disclosure based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
TBA- | Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement date. |
FRS — Floating Rate Security
VRS — Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
29 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 67,977,369 | $ | 99,816 | # | $ | — | $ | 68,077,185 | |||||||
Exchange Traded Funds | 12,744,278 | — | — | 12,744,278 | ||||||||||||
Preferred Stock | 1,055,213 | — | — | 1,055,213 | ||||||||||||
Warrants | — | — | 450 | 450 | ||||||||||||
Asset Backed Securities | — | 6,276,874 | 484,258 | 6,761,132 | ||||||||||||
Convertible Bonds & Notes | — | — | 19,000 | 19,000 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 20,786,433 | 116,106 | 20,902,539 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 2,857,967 | — | 2,857,967 | ||||||||||||
Foreign Government Agencies | — | 74,340 | — | 74,340 | ||||||||||||
Municipal Bonds & Notes | — | 24,824 | — | 24,824 | ||||||||||||
U.S. Government Agencies | — | 15,573,050 | — | 15,573,050 | ||||||||||||
U.S. Government Treasuries | — | 2,570,446 | — | 2,570,446 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposit | — | 249,000 | — | 249,000 | ||||||||||||
Repurchase Agreement | — | 2,372,000 | — | 2,372,000 | ||||||||||||
Total | $ | 81,776,860 | $ | 50,884,750 | $ | 619,814 | $ | 133,281,424 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $99,816 representing 0.1% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Warrants | Asset Backed Securities | Convertible Bonds & Notes | U.S. Corporate Bonds & Notes | |||||||||||||
Balance as of 5/31/2010 | $ | 0 | $ | — | $ | 16,000 | $ | 226,880 | ||||||||
Accrued discounts/premiums | — | — | — | — | ||||||||||||
Realized gain (loss) | — | — | — | 1,555 | ||||||||||||
Change in unrealized appreciation (depreciation)(1) | 450 | 4,844 | 3,000 | 9,939 | ||||||||||||
Net purchases (sales) | 0 | 479,414 | — | (176,498 | ) | |||||||||||
Transfers in and/or out of Level 3(2) | — | — | — | 54,230 | ||||||||||||
Balance as of 11/30/2010 | $ | 450 | $ | 484,258 | $ | 19,000 | $ | 116,106 | ||||||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Warrants | Asset Backed Securities | Convertible Bonds & Notes | U.S. Corporate Bonds & Notes | |||||||||||
$450 | $ | 4,844 | $ | 3,000 | $ | 9,939 | ||||||||
(2) | The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period. |
See Notes to Financial Statements
30
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Computers | 7.3 | % | ||
Collective Investment Pool | 6.5 | |||
Web Portals/ISP | 5.2 | |||
E-Commerce/Products | 4.8 | |||
Diversified Manufacturing Operations | 4.7 | |||
Investment Management/Advisor Services | 3.6 | |||
Wireless Equipment | 3.5 | |||
Commercial Services — Finance | 3.3 | |||
Oil — Field Services | 3.0 | |||
Retail — Restaurants | 2.7 | |||
Electronic Components — Semiconductors | 2.7 | |||
Hotels/Motels | 2.4 | |||
Industrial Gases | 2.2 | |||
E-Commerce/Services | 2.1 | |||
Pharmacy Services | 2.0 | |||
Diversified Banking Institutions | 2.0 | |||
Transport — Services | 1.9 | |||
Oil Field Machinery & Equipment | 1.7 | |||
Multimedia | 1.7 | |||
Distribution/Wholesale | 1.6 | |||
Internet Content — Information/News | 1.6 | |||
Networking Products | 1.6 | |||
Medical — Biomedical/Gene | 1.5 | |||
Finance — Credit Card | 1.4 | |||
Metal Processors & Fabrication | 1.4 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Apparel Manufacturers | 1.4 | |||
Banks — Super Regional | 1.3 | |||
Medical — Wholesale Drug Distribution | 1.2 | |||
Medical — Drugs | 1.2 | |||
Computer Services | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Finance — Other Services | 1.2 | |||
Transport — Rail | 1.2 | |||
Internet Application Software | 1.1 | |||
Casino Hotels | 1.1 | |||
Athletic Footwear | 1.1 | |||
Cruise Lines | 1.0 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Broadcast Services/Program | 0.8 | |||
Computers — Memory Devices | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Banks — Fiduciary | 0.8 | |||
Coal | 0.8 | |||
Retail — Bedding | 0.8 | |||
Registered Investment Companies | 0.7 | |||
Retail — Building Products | 0.7 | |||
Industrial Automated/Robotic | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Medical Products | 0.7 | |||
Cosmetics & Toiletries | 0.6 | |||
Advertising Agencies | 0.6 | |||
Data Processing/Management | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Internet Infrastructure Software | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Applications Software | 0.4 | |||
Oil Companies — Integrated | 0.4 | |||
Metal — Copper | 0.3 | |||
Machinery — Farming | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Medical Instruments | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Toys | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Computer Aided Design | 0.2 |
Finance — Investment Banker/Broker | 0.2 | |||
Retail — Discount | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Medical Information Systems | 0.2 | |||
Retail — Automobile | 0.1 | |||
106.5 | % | |||
* | Calculated as a percentage of net assets |
31
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.3% |
| |||||||
Advertising Agencies — 0.6% |
| |||||||
Omnicom Group, Inc. | 51,500 | $ | 2,340,160 | |||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
United Technologies Corp. | 46,800 | 3,522,636 | ||||||
Agricultural Chemicals — 0.7% |
| |||||||
Monsanto Co. | 3,900 | 233,688 | ||||||
The Mosaic Co. | 37,200 | 2,515,836 | ||||||
2,749,524 | ||||||||
Apparel Manufacturers — 1.4% |
| |||||||
Coach, Inc. | 66,800 | 3,776,872 | ||||||
Polo Ralph Lauren Corp. | 15,600 | 1,704,144 | ||||||
5,481,016 | ||||||||
Applications Software — 0.4% |
| |||||||
Intuit, Inc.† | 22,900 | 1,027,981 | ||||||
Microsoft Corp. | 330 | 8,319 | ||||||
Salesforce.com, Inc.†# | 3,400 | 473,348 | ||||||
1,509,648 | ||||||||
Athletic Footwear — 1.1% |
| |||||||
NIKE, Inc., Class B# | 49,800 | 4,289,274 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
General Motors Co.†# | 34,200 | 1,169,640 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Johnson Controls, Inc. | 56,600 | 2,062,504 | ||||||
Banks - Fiduciary — 0.8% |
| |||||||
Northern Trust Corp. | 36,900 | 1,856,070 | ||||||
State Street Corp. | 30,700 | 1,326,240 | ||||||
The Bank of New York Mellon Corp. | 2,800 | 75,572 | ||||||
3,257,882 | ||||||||
Banks - Super Regional — 1.3% |
| |||||||
PNC Financial Services Group, Inc. | 1,500 | 80,775 | ||||||
US Bancorp | 105,600 | 2,511,168 | ||||||
Wells Fargo & Co. | 92,800 | 2,525,088 | ||||||
5,117,031 | ||||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
PepsiCo, Inc. | 29,340 | 1,896,244 | ||||||
The Coca-Cola Co. | 400 | 25,268 | ||||||
1,921,512 | ||||||||
Brewery — 0.0% |
| |||||||
Anheuser-Busch InBev NV(1) | 1,800 | 98,592 | ||||||
Broadcast Services/Program — 0.8% |
| |||||||
Discovery Communications, Inc., Class C† | 95,450 | 3,389,429 | ||||||
Casino Hotels — 1.1% |
| |||||||
Las Vegas Sands Corp.†# | 64,900 | 3,250,192 | ||||||
Wynn Resorts, Ltd. | 11,100 | 1,122,210 | ||||||
4,372,402 | ||||||||
Coal — 0.8% |
| |||||||
Peabody Energy Corp. | 53,600 | 3,152,216 | ||||||
Coatings/Paint — 0.0% |
| |||||||
The Sherwin-Williams Co. | 400 | 29,668 | ||||||
Commercial Services-Finance — 3.3% |
| |||||||
Automatic Data Processing, Inc. | 3,900 | 173,823 | ||||||
Mastercard, Inc., Class A | 23,300 | 5,522,799 | ||||||
The Western Union Co. | 97,600 | 1,721,664 | ||||||
Visa, Inc., Class A | 79,200 | 5,848,920 | ||||||
13,267,206 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Aided Design — 0.2% |
| |||||||
Autodesk, Inc.† | 25,100 | $ | 885,779 | |||||
Computer Services — 1.2% |
| |||||||
Accenture PLC, Class A | 69,600 | 3,015,072 | ||||||
International Business Machines Corp. | 12,300 | 1,739,958 | ||||||
4,755,030 | ||||||||
Computers — 7.3% |
| |||||||
Apple, Inc.† | 94,500 | 29,403,675 | ||||||
Hewlett-Packard Co. | 100 | 4,193 | ||||||
29,407,868 | ||||||||
Computers - Memory Devices — 0.8% |
| |||||||
EMC Corp.† | 132,100 | 2,838,829 | ||||||
NetApp, Inc.† | 10,000 | 509,300 | ||||||
3,348,129 | ||||||||
Cosmetics & Toiletries — 0.6% |
| |||||||
The Procter & Gamble Co. | 38,976 | 2,380,264 | ||||||
Cruise Lines — 1.0% |
| |||||||
Carnival Corp. | 100,100 | 4,135,131 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fiserv, Inc.† | 40,100 | 2,217,530 | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Fastenal Co.# | 75,600 | 4,046,112 | ||||||
WW Grainger, Inc.# | 17,900 | 2,236,247 | ||||||
6,282,359 | ||||||||
Diversified Banking Institutions — 2.0% |
| |||||||
Credit Suisse Group AG(1) | 9,000 | 332,747 | ||||||
JPMorgan Chase & Co. | 122,100 | 4,564,098 | ||||||
The Goldman Sachs Group, Inc. | 19,100 | 2,982,274 | ||||||
7,879,119 | ||||||||
Diversified Manufacturing Operations — 4.7% |
| |||||||
3M Co. | 53,300 | 4,476,134 | ||||||
Danaher Corp. | 298,480 | 12,909,260 | ||||||
Eaton Corp. | 3,900 | 375,960 | ||||||
Honeywell International, Inc. | 21,200 | 1,053,852 | ||||||
Illinois Tool Works, Inc. | 2,500 | 119,075 | ||||||
18,934,281 | ||||||||
E-Commerce/Products — 4.8% |
| |||||||
Amazon.com, Inc.† | 110,500 | 19,381,700 | ||||||
E-Commerce/Services — 2.1% |
| |||||||
eBay, Inc.† | 72,940 | 2,124,742 | ||||||
Liberty Media Corp. - Interactive, Class A† | 176,400 | 2,727,144 | ||||||
priceline.com, Inc.† | 9,100 | 3,585,855 | ||||||
8,437,741 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
Emerson Electric Co. | 85,000 | 4,680,950 | ||||||
Electronic Components - Semiconductors — 2.7% |
| |||||||
Altera Corp.# | 67,000 | 2,351,030 | ||||||
Broadcom Corp., Class A | 114,900 | 5,111,901 | ||||||
Intel Corp. | 3,900 | 82,368 | ||||||
Xilinx, Inc.# | 117,130 | 3,176,566 | ||||||
10,721,865 | ||||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.†# | 900 | 110,565 | ||||||
Engineering/R&D Services — 0.2% |
| |||||||
McDermott International, Inc.† | 38,300 | 702,039 | ||||||
32 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Cummins, Inc. | 400 | $ | 38,848 | |||||
Finance - Credit Card — 1.4% |
| |||||||
American Express Co. | 134,000 | 5,791,480 | ||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
TD Ameritrade Holding Corp.# | 13,000 | 217,620 | ||||||
The Charles Schwab Corp. | 44,300 | 665,829 | ||||||
883,449 | ||||||||
Finance - Other Services — 1.2% |
| |||||||
CME Group, Inc. | 200 | 57,612 | ||||||
IntercontinentalExchange, Inc.† | 30,900 | 3,482,430 | ||||||
NYSE Euronext | 40,900 | 1,117,388 | ||||||
4,657,430 | ||||||||
Food - Misc. — 0.0% |
| |||||||
General Mills, Inc. | 900 | 31,797 | ||||||
Food - Retail — 0.0% |
| |||||||
Whole Foods Market, Inc.† | 1,500 | 70,830 | ||||||
Hotels/Motels — 2.4% |
| |||||||
Marriott International, Inc., Class A# | 151,190 | 5,928,160 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 61,500 | 3,495,660 | ||||||
9,423,820 | ||||||||
Industrial Automated/Robotic — 0.7% |
| |||||||
Rockwell Automation, Inc. | 42,500 | 2,810,100 | ||||||
Industrial Gases — 2.2% |
| |||||||
Air Products & Chemicals, Inc. | 13,800 | 1,189,836 | ||||||
Praxair, Inc. | 83,700 | 7,704,585 | ||||||
8,894,421 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Thermo Fisher Scientific, Inc.† | 400 | 20,344 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 18,500 | 937,580 | ||||||
Internet Application Software — 1.1% |
| |||||||
Tencent Holdings, Ltd.(1) | 205,800 | 4,532,609 | ||||||
Internet Content - Information/News — 1.6% |
| |||||||
Baidu, Inc. ADR† | 59,700 | 6,279,843 | ||||||
Internet Infrastructure Software — 0.5% |
| |||||||
Akamai Technologies, Inc.† | 34,800 | 1,816,212 | ||||||
Investment Management/Advisor Services — 3.6% |
| |||||||
Ameriprise Financial, Inc. | 50,540 | 2,619,994 | ||||||
Franklin Resources, Inc. | 79,700 | 9,092,973 | ||||||
Invesco, Ltd. | 128,700 | 2,797,938 | ||||||
14,510,905 | ||||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Joy Global, Inc. | 400 | 30,528 | ||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 18,500 | 1,381,950 | ||||||
Machinery - General Industrial — 0.0% |
| |||||||
Roper Industries, Inc. | 400 | 28,964 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.†# | 6,700 | 588,662 | ||||||
Medical Instruments — 0.3% |
| |||||||
Edwards Lifesciences Corp.† | 300 | 19,908 | ||||||
Intuitive Surgical, Inc.† | 1,100 | 286,319 | ||||||
St. Jude Medical, Inc.† | 18,520 | 716,539 | ||||||
1,022,766 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 0.7% |
| |||||||
Stryker Corp. | 51,900 | $ | 2,599,671 | |||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Amgen, Inc.† | 1,800 | 94,842 | ||||||
Celgene Corp.† | 91,300 | 5,421,394 | ||||||
Life Technologies Corp.† | 400 | 19,922 | ||||||
Vertex Pharmaceuticals, Inc.†# | 13,200 | 437,316 | ||||||
5,973,474 | ||||||||
Medical - Drugs — 1.2% |
| |||||||
Allergan, Inc. | 54,600 | 3,618,342 | ||||||
Shire PLC ADR | 16,200 | 1,139,508 | ||||||
4,757,850 | ||||||||
Medical - Wholesale Drug Distribution — 1.2% |
| |||||||
Cardinal Health, Inc. | 18,600 | 661,788 | ||||||
McKesson Corp. | 67,000 | 4,281,300 | ||||||
4,943,088 | ||||||||
Metal Processors & Fabrication — 1.4% |
| |||||||
Precision Castparts Corp. | 41,600 | 5,743,712 | ||||||
Metal - Copper — 0.3% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 13,700 | 1,388,084 | ||||||
Multimedia — 1.7% |
| |||||||
The McGraw-Hill Cos., Inc. | 400 | 13,796 | ||||||
The Walt Disney Co. | 139,000 | 5,074,890 | ||||||
Time Warner, Inc. | 56,800 | 1,675,032 | ||||||
6,763,718 | ||||||||
Networking Products — 1.6% |
| |||||||
Juniper Networks, Inc.† | 182,870 | 6,221,237 | ||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Concho Resources, Inc.† | 9,400 | 777,850 | ||||||
EOG Resources, Inc. | 34,000 | 3,024,300 | ||||||
Occidental Petroleum Corp. | 12,300 | 1,084,491 | ||||||
Range Resources Corp. | 9,600 | 403,104 | ||||||
Ultra Petroleum Corp.† | 6,100 | 286,639 | ||||||
5,576,384 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Exxon Mobil Corp. | 1,900 | 132,164 | ||||||
Suncor Energy, Inc. | 38,100 | 1,280,541 | ||||||
1,412,705 | ||||||||
Oil Field Machinery & Equipment — 1.7% |
| |||||||
Cameron International Corp.† | 70,500 | 3,391,755 | ||||||
FMC Technologies, Inc.† | 39,700 | 3,344,328 | ||||||
National Oilwell Varco, Inc. | 1,500 | 91,935 | ||||||
6,828,018 | ||||||||
Oil-Field Services — 3.0% |
| |||||||
Halliburton Co. | 25,400 | 961,136 | ||||||
Schlumberger, Ltd. | 144,600 | 11,183,364 | ||||||
12,144,500 | ||||||||
Pharmacy Services — 2.0% |
| |||||||
Express Scripts, Inc.† | 150,400 | 7,834,336 | ||||||
Medco Health Solutions, Inc.† | 2,500 | 153,300 | ||||||
7,987,636 | ||||||||
Retail - Auto Parts — 0.9% |
| |||||||
O’Reilly Automotive, Inc.†# | 56,600 | 3,406,188 | ||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.†# | 15,000 | 493,500 | ||||||
33 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Bedding — 0.8% |
| |||||||
Bed Bath & Beyond, Inc.† | 70,500 | $ | 3,083,670 | |||||
Retail - Building Products — 0.7% |
| |||||||
Lowe’s Cos., Inc. | 129,600 | 2,941,920 | ||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 3,900 | 263,679 | ||||||
Dollar Tree, Inc.† | 10,050 | 552,247 | ||||||
Target Corp. | 400 | 22,776 | ||||||
838,702 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 400 | 24,840 | ||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Kohl’s Corp.† | 57,900 | 3,266,718 | ||||||
Retail - Restaurants — 2.7% |
| |||||||
McDonald’s Corp. | 54,700 | 4,283,010 | ||||||
Starbucks Corp. | 215,000 | 6,579,000 | ||||||
10,862,010 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Marvell Technology Group, Ltd.† | 187,100 | 3,609,159 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 95,200 | 1,681,232 | ||||||
Tools - Hand Held — 0.3% |
| |||||||
Stanley Black & Decker, Inc. | 16,600 | 988,198 | ||||||
Toys — 0.2% |
| |||||||
Mattel, Inc.# | 38,100 | 984,504 | ||||||
Transport - Rail — 1.2% |
| |||||||
CSX Corp. | 3,500 | 212,835 | ||||||
Union Pacific Corp. | 49,100 | 4,424,401 | ||||||
4,637,236 | ||||||||
Transport - Services — 1.9% |
| |||||||
Expeditors International of Washington, Inc. | 78,400 | 4,147,360 | ||||||
FedEx Corp. | 37,800 | 3,444,336 | ||||||
7,591,696 | ||||||||
Web Portals/ISP — 5.2% |
| |||||||
Google, Inc., Class A† | 37,700 | 20,950,267 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Wireless Equipment — 3.5% |
| |||||||
American Tower Corp., Class A† | 128,500 | $ | 6,498,245 | |||||
QUALCOMM, Inc. | 158,320 | 7,399,877 | ||||||
13,898,122 | ||||||||
Total Long - Term Investment Securities |
| |||||||
(cost $297,993,447) | 397,341,267 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 7.2% |
| |||||||
Collective Investment Pool — 6.5% |
| |||||||
Securities Lending Quality Trust(2)(3) | 25,968,727 | 25,893,807 | ||||||
Registered Investment Companies — 0.7% |
| |||||||
T. Rowe Price Reserve Investment Fund | 3,047,727 | 3,047,727 | ||||||
Total Short - Term Investment Securities |
| |||||||
(cost $29,016,454) | 28,941,534 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $327,009,901)(4) | 106.5 | % | 426,282,801 | |||||
Liabilities in excess of other assets | (6.5 | ) | (25,907,738 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 400,375,063 | ||||
† | 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, 2010. The aggregate value of these securities was $4,963,948 representing 1.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | At November 30, 2010, the Fund had loaned securities with a total value of $27,461,101. This was secured by collateral of $25,968,727, which was received in cash and subsequently invested in short-term investments currently value at $25,893,807 as reported in the portfolio of investments. The remaining collateral of $2,181,854 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||||||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||||||
Federal Home Loan Bank | 0.45% to 1.63% | 07/08/11 to 11/28/11 | ||||||
Federal Home Loan Mtg. Assoc. | 1.00% | 06/29/12 | ||||||
Federal National Mtg. Assoc. | zero coupon to 1.00% | 07/11/2011 to 07/27/2012 | ||||||
United States Treasury Notes/Bonds | 0.88% to 3.88% | 02/28/11 to 08/15/40 |
(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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Computers | $ | 29,407,868 | $ | — | $ | — | $ | 29,407,868 | ||||||||
Web Portals | 20,950,267 | — | — | 20,950,267 | ||||||||||||
Other Industries* | 342,019,184 | 4,963,948 | # | — | 346,983,132 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 25,893,807 | — | 25,893,807 | ||||||||||||
Registered Investment Companies | — | 3,047,727 | — | 3,047,727 | ||||||||||||
Total | $ | 392,377,319 | $ | 33,905,482 | $ | — | $ | 426,282,801 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $4,963,948 representing 1.2% of net assets; see Note 2. |
See Notes to Financial Statements
34
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Banks — Super Regional | 7.0 | % | ||
Diversified Manufacturing Operations | 6.2 | |||
Tobacco | 5.9 | |||
Oil Companies — Integrated | 4.9 | |||
Medical — HMO | 4.9 | |||
Electric — Integrated | 4.4 | |||
Diversified Banking Institutions | 3.1 | |||
Time Deposits | 3.0 | |||
Medical — Drugs | 3.0 | |||
Electronic Components — Semiconductors | 2.8 | |||
Cruise Lines | 2.7 | |||
Tools — Hand Held | 2.6 | |||
Pipelines | 2.4 | |||
Telephone — Integrated | 2.1 | |||
Medical Products | 2.1 | |||
Electric Products — Misc. | 2.1 | |||
Computer Services | 2.1 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Finance — Credit Card | 1.8 | |||
Finance — Consumer Loans | 1.7 | |||
Applications Software | 1.5 | |||
Electronics — Military | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Chemicals — Diversified | 1.3 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Retail — Discount | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Insurance — Multi-line | 1.2 | |||
Oil & Gas Drilling | 1.2 | |||
Insurance Brokers | 1.2 | |||
Computers | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Office Automation & Equipment | 1.0 | |||
Banks — Fiduciary | 1.0 | |||
Gas — Distribution | 1.0 | |||
Pharmacy Services | 1.0 | |||
Commercial Services | 0.9 | |||
Savings & Loans/Thrifts | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Casino Services | 0.9 | |||
Retail — Drug Store | 0.8 | |||
Medical — Wholesale Drug Distribution | 0.8 | |||
Beverages — Wine/Spirits | 0.8 | |||
Retail — Building Products | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Real Estate Investment Trusts | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Retail — Auto Parts | 0.7 | |||
Data Processing/Management | 0.6 | |||
Cellular Telecom | 0.6 | |||
Transport — Services | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Medical Instruments | 0.5 | |||
Home Decoration Products | 0.4 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
35
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCK — 97.1% | ||||||||
Aerospace/Defense — 1.4% | ||||||||
Raytheon Co. | 6,800 | $ | 314,500 | |||||
Aerospace/Defense - Equipment — 1.3% | ||||||||
Goodrich Corp. | 3,400 | 291,618 | ||||||
Apparel Manufacturers — 1.1% | ||||||||
Hanesbrands, Inc.† | 9,100 | 247,065 | ||||||
Applications Software — 1.5% | ||||||||
Microsoft Corp. | 12,900 | 325,209 | ||||||
Banks - Fiduciary — 1.0% | ||||||||
State Street Corp. | 5,200 | 224,640 | ||||||
Banks - Super Regional — 7.0% | ||||||||
Capital One Financial Corp. | 14,600 | 543,558 | ||||||
Fifth Third Bancorp | 15,000 | 179,250 | ||||||
PNC Financial Services Group, Inc. | 9,900 | 533,115 | ||||||
Wells Fargo & Co. | 11,600 | 315,636 | ||||||
1,571,559 | ||||||||
Beverages - Wine/Spirits — 0.8% | ||||||||
Diageo PLC ADR | 2,400 | 171,984 | ||||||
Casino Services — 0.9% | ||||||||
International Game Technology | 12,500 | 193,500 | ||||||
Cellular Telecom — 0.6% | ||||||||
Vodafone Group PLC ADR | 5,700 | 142,842 | ||||||
Chemicals - Diversified — 1.3% | ||||||||
E.I. du Pont de Nemours & Co. | 6,400 | 300,736 | ||||||
Commercial Services — 0.9% | ||||||||
Alliance Data Systems Corp.† | 3,300 | 208,164 | ||||||
Computer Services — 2.1% | ||||||||
Computer Sciences Corp. | 2,800 | 124,964 | ||||||
International Business Machines Corp. | 2,400 | 339,504 | ||||||
464,468 | ||||||||
Computers — 1.1% | ||||||||
Hewlett-Packard Co. | 5,900 | 247,387 | ||||||
Cruise Lines — 2.7% | ||||||||
Carnival Corp. | 8,600 | 355,266 | ||||||
Royal Caribbean Cruises, Ltd.† | 6,000 | 241,500 | ||||||
596,766 | ||||||||
Data Processing/Management — 0.6% | ||||||||
Dun & Bradstreet Corp. | 1,900 | 143,146 | ||||||
Diversified Banking Institutions — 3.1% | ||||||||
Bank of America Corp. | 17,851 | 195,468 | ||||||
Citigroup, Inc.† | 54,800 | 230,160 | ||||||
JPMorgan Chase & Co. | 7,400 | 276,612 | ||||||
702,240 | ||||||||
Diversified Manufacturing Operations — 6.2% | ||||||||
Eaton Corp. | 2,700 | 260,280 | ||||||
General Electric Co. | 10,800 | 170,964 | ||||||
Honeywell International, Inc. | 6,400 | 318,144 | ||||||
Illinois Tool Works, Inc. | 7,200 | 342,936 | ||||||
ITT Corp. | 3,600 | 165,600 | ||||||
SPX Corp. | 2,100 | 137,928 | ||||||
1,395,852 | ||||||||
Electric Products - Misc. — 2.1% | ||||||||
Emerson Electric Co. | 4,400 | 242,308 | ||||||
Molex, Inc. | 10,900 | 226,720 | ||||||
469,028 | ||||||||
Security Description | Shares | Value | ||||||
Electric - Integrated — 4.4% | ||||||||
Dominion Resources, Inc. | 5,300 | $ | 220,109 | |||||
Entergy Corp. | 2,800 | 199,472 | ||||||
MDU Resources Group, Inc. | 7,850 | 160,454 | ||||||
Pinnacle West Capital Corp. | 4,600 | 185,932 | ||||||
Xcel Energy, Inc. | 8,900 | 209,150 | ||||||
975,117 | ||||||||
Electronic Components - Semiconductors — 2.8% | ||||||||
Intel Corp. | 12,000 | 253,440 | ||||||
Microchip Technology, Inc. | 6,300 | 211,743 | ||||||
Texas Instruments, Inc. | 5,050 | 160,590 | ||||||
625,773 | ||||||||
Electronics - Military — 1.4% | ||||||||
L-3 Communications Holdings, Inc. | 4,500 | 316,485 | ||||||
Finance - Consumer Loans — 1.7% | ||||||||
SLM Corp.† | 33,000 | 381,150 | ||||||
Finance - Credit Card — 1.8% | ||||||||
American Express Co. | 9,100 | 393,302 | ||||||
Food - Wholesale/Distribution — 0.6% | ||||||||
Sysco Corp. | 4,500 | 130,590 | ||||||
Gas - Distribution — 1.0% | ||||||||
CenterPoint Energy, Inc. | 14,100 | 220,383 | ||||||
Home Decoration Products — 0.4% | ||||||||
Newell Rubbermaid, Inc. | 5,300 | 88,881 | ||||||
Insurance Brokers — 1.2% | ||||||||
Willis Group Holdings PLC | 8,100 | 257,823 | ||||||
Insurance - Multi-line — 1.2% | ||||||||
The Allstate Corp. | 4,700 | 136,817 | ||||||
XL Group PLC | 7,120 | 139,979 | ||||||
276,796 | ||||||||
Insurance - Property/Casualty — 0.6% | ||||||||
Chubb Corp. | 2,400 | 136,824 | ||||||
Insurance - Reinsurance — 0.7% | ||||||||
Axis Capital Holdings, Ltd. | 4,200 | 148,428 | ||||||
Investment Management/Advisor Services — 0.9% | ||||||||
Ameriprise Financial, Inc. | 3,900 | 202,176 | ||||||
Medical Instruments — 0.5% | ||||||||
Medtronic, Inc. | 3,600 | 120,708 | ||||||
Medical Labs & Testing Services — 0.7% | ||||||||
Quest Diagnostics, Inc. | 3,200 | 157,824 | ||||||
Medical Products — 2.1% | ||||||||
Baxter International, Inc. | 4,700 | 228,185 | ||||||
Johnson & Johnson | 4,000 | 246,200 | ||||||
474,385 | ||||||||
Medical - Drugs — 3.0% | ||||||||
Bristol-Myers Squibb Co. | 12,500 | 315,500 | ||||||
Pfizer, Inc. | 21,831 | 355,627 | ||||||
671,127 | ||||||||
Medical - HMO — 4.9% | ||||||||
CIGNA Corp. | 5,700 | 209,817 | ||||||
Coventry Health Care, Inc.† | 11,400 | 288,648 | ||||||
UnitedHealth Group, Inc. | 7,700 | 281,204 | ||||||
WellPoint, Inc.† | 5,500 | 306,570 | ||||||
1,086,239 | ||||||||
36 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Wholesale Drug Distribution — 0.8% | ||||||||
Cardinal Health, Inc. | 4,900 | $ | 174,342 | |||||
Office Automation & Equipment — 1.0% | ||||||||
Xerox Corp. | 20,100 | 230,346 | ||||||
Oil & Gas Drilling — 1.2% | ||||||||
Seadrill, Ltd. | 8,400 | 261,156 | ||||||
Oil Companies - Exploration & Production — 2.0% | ||||||||
Occidental Petroleum Corp. | 5,150 | 454,076 | ||||||
Oil Companies - Integrated — 4.9% | ||||||||
BP PLC ADR | 4,700 | 188,000 | ||||||
ConocoPhillips | 6,800 | 409,156 | ||||||
Marathon Oil Corp. | 7,800 | 261,066 | ||||||
Murphy Oil Corp. | 3,600 | 243,072 | ||||||
1,101,294 | ||||||||
Pharmacy Services — 1.0% | ||||||||
Omnicare, Inc. | 9,400 | 216,764 | ||||||
Pipelines — 2.4% | ||||||||
El Paso Corp. | 8,100 | 109,269 | ||||||
Oneok, Inc. | 800 | 40,888 | ||||||
Spectra Energy Corp. | 16,150 | 383,885 | ||||||
534,042 | ||||||||
Real Estate Investment Trusts — 0.7% | ||||||||
Annaly Capital Management, Inc. | 8,600 | 156,434 | ||||||
Retail - Apparel/Shoe — 1.3% | ||||||||
Limited Brands, Inc. | 8,300 | 279,461 | ||||||
Retail - Auto Parts — 0.7% | ||||||||
Advance Auto Parts, Inc. | 2,200 | 145,178 | ||||||
Retail - Building Products — 0.7% | ||||||||
Home Depot, Inc. | 5,500 | 166,155 | ||||||
Retail - Discount — 1.3% | ||||||||
Family Dollar Stores, Inc. | 5,600 | 281,120 | ||||||
Retail - Drug Store — 0.8% | ||||||||
Walgreen Co. | 5,400 | 188,190 | ||||||
Security Description | Shares/ Principal | Value | ||||||
Savings & Loans/Thrifts — 0.9% | ||||||||
New York Community Bancorp, Inc. | 12,200 | $ | 204,960 | |||||
Semiconductor Equipment — 0.6% | ||||||||
Applied Materials, Inc. | 10,500 | 130,515 | ||||||
Telephone - Integrated — 2.1% | ||||||||
AT&T, Inc. | 8,750 | 243,163 | ||||||
Verizon Communications, Inc. | 7,400 | 236,874 | ||||||
480,037 | ||||||||
Tobacco — 5.9% | ||||||||
Altria Group, Inc. | 8,700 | 208,800 | ||||||
Imperial Tobacco Group PLC ADR | 5,800 | 341,272 | ||||||
Lorillard, Inc. | 2,300 | 183,034 | ||||||
Philip Morris International, Inc. | 6,900 | 392,541 | ||||||
Reynolds American, Inc. | 6,200 | 191,828 | ||||||
1,317,475 | ||||||||
Tools - Hand Held — 2.6% | ||||||||
Stanley Black & Decker, Inc. | 9,800 | 583,394 | ||||||
Transport - Services — 0.6% | ||||||||
Ryder System, Inc. | 3,300 | 142,263 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $21,150,022) | 21,721,917 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% | ||||||||
Time Deposits — 3.0% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 685,000 | 685,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $21,835,022)(1) | 100.1 | % | 22,406,917 | |||||
Liabilities in excess of other assets | (0.1 | ) | (28,248 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 22,378,669 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks - Super Regional | $ | 1,571,559 | $ | — | $ | — | $ | 1,571,559 | ||||||||
Diversified Manufacturing Operations | 1,395,852 | — | — | 1,395,852 | ||||||||||||
Tobacco | 1,317,475 | — | — | 1,317,475 | ||||||||||||
Other Industries* | 17,437,031 | — | — | 17,437,031 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 685,000 | — | 685,000 | ||||||||||||
Total | $ | 21,721,917 | $ | 685,000 | $ | — | $ | 22,406,917 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
37
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2010 — (Unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 21.9 | % | ||
United States Treasury Notes | 18.1 | |||
Federal Home Loan Mtg. Corp. | 13.6 | |||
Diversified Financial Services | 12.4 | |||
United States Treasury Bonds | 4.3 | |||
Collective Investment Pool | 3.0 | |||
Diversified Banking Institutions | 2.9 | |||
Banks — Commercial | 2.4 | |||
Repurchase Agreements | 1.7 | |||
Government National Mtg. Assoc. | 1.6 | |||
Banks — Super Regional | 1.6 | |||
Electric — Integrated | 1.5 | |||
Multimedia | 1.2 | |||
Special Purpose Entities | 1.1 | |||
Oil Companies — Integrated | 1.0 | |||
Pipelines | 1.0 | |||
Chemicals — Diversified | 0.9 | |||
Insurance — Multi — line | 0.9 | |||
Insurance — Life/Health | 0.8 | |||
Federal Home Loan Bank | 0.7 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Telephone — Integrated | 0.6 | |||
Cable/Satellite TV | 0.5 | |||
Telecom Services | 0.4 | |||
Non — Hazardous Waste Disposal | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Electronic Components — Semiconductors | 0.3 | |||
Oil & Gas Drilling | 0.4 | |||
Aerospace/Defense | 0.3 | |||
Transport — Rail | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Electronic Components — Misc. | 0.3 | |||
Banks — Money Center | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Computer Services | 0.2 | |||
Wireless Equipment | 0.2 | |||
Gold Mining | 0.2 | |||
Electric — Distribution | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Food — Misc. | 0.2 | |||
Data Processing/Management | 0.2 | |||
Medical Products | 0.2 | |||
Medical — HMO | 0.2 | |||
Medical — Drugs | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Electric — Generation | 0.2 | |||
E — Commerce/Services | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Sovereign | 0.1 | |||
Metal — Diversified | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Diversified Minerals | 0.1 | |||
Direct Marketing | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Television | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Food — Retail | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
SupraNational Banks | 0.1 | |||
Finance — Commercial | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Cellular Telecom | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Building Products — Cement | 0.1 |
Paper & Related Products | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Municipal Bonds | 0.1 | |||
103.2% | ||||
* | Calculated as a percentage of net assets |
Credit Quality+#
Government — Agency | 39.0 | % | ||
Government — Treasury | 23.2 | |||
AAA | 1.5 | |||
AA | 4.8 | |||
A | 10.5 | |||
BBB | 17.4 | |||
BB | 1.5 | |||
B | 0.1 | |||
C | 0.1 | |||
Not Rated@ | 1.9 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unvailable from te source. |
+ | Source: Standard and Poors |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
38
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 12.0% | ||||||||
Diversified Financial Services — 12.0% | ||||||||
Banc of America Commercial Mtg., Inc. VRS | $ | 1,250,000 | $ | 1,142,494 | ||||
Banc of America Large Loan, Inc. VRS | 1,200,000 | 1,149,878 | ||||||
Banc of America Large Loan, Inc. VRS | 1,000,000 | 975,255 | ||||||
Bank of America Commercial Mtg., Inc. | 500,000 | 485,221 | ||||||
Bank One Issuance Trust | 205,000 | 217,593 | ||||||
Bear Stearns Asset Backed Securities Trust FRS | 1,628,607 | 1,465,124 | ||||||
Citibank Credit Card Issuance Trust | 1,000,000 | 1,152,358 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 750,000 | 575,736 | ||||||
Commercial Mtg. Pass Through Certs. VRS | 500,000 | 511,910 | ||||||
Dominos Pizza Master Issuer LLC | 239,000 | 244,975 | ||||||
Entergy Arkansas Restoration Funding LLC | 500,000 | 501,371 | ||||||
Extended Stay America Trust | 1,000,000 | 991,067 | ||||||
GS Mtg. Securities Corp. II | 1,000,000 | 963,417 | ||||||
LB-UBS Commercial Mtg. Trust VRS | 500,000 | 465,596 | ||||||
Merrill Lynch Mtg. Trust VRS | 1,000,000 | 1,014,929 | ||||||
Merrill Lynch/Countrywide Commercial Mtg. Trust VRS | 400,000 | 381,744 | ||||||
Morgan Stanley Capital I VRS | 400,000 | 366,680 | ||||||
Morgan Stanley Capital I VRS | 500,000 | 469,436 | ||||||
Morgan Stanley Capital I VRS | 1,200,000 | 1,190,761 | ||||||
Morgan Stanley Reremic Trust VRS | 1,000,000 | 982,979 | ||||||
Saxon Asset Securities Trust FRS | 1,481,739 | 1,220,027 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) | ||||||||
Sierra Receivables Funding Co. | $ | 674,536 | $ | 675,817 | ||||
Sonic Capital LLC | 233,742 | 239,586 | ||||||
Total Asset Backed Securities | ||||||||
(cost $17,040,961) | 17,383,954 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% | ||||||||
Telecom Services — 0.0% | ||||||||
ICO North America, Inc. | 33,000 | 31,350 | ||||||
U.S. CORPORATE BONDS & NOTES — 20.4% | ||||||||
Aerospace/Defense — 0.3% | ||||||||
Northrop Grumman Corp. | 476,000 | 460,985 | ||||||
Agricultural Chemicals — 0.0% | ||||||||
Incitec Pivot Finance LLC | 29,000 | 30,261 | ||||||
Banks-Commercial — 1.1% | ||||||||
Branch Banking & Trust Co. FRS | 168,000 | 151,381 | ||||||
Credit Suisse New York | 517,000 | 563,923 | ||||||
KeyBank NA | 46,000 | 52,405 | ||||||
Regions Bank | 177,000 | 170,584 | ||||||
Regions Financial Corp. | 185,000 | 172,512 | ||||||
US Bank NA FRS | 150,000 | 154,886 | ||||||
Wachovia Bank NA | 282,000 | 314,808 | ||||||
1,580,499 | ||||||||
Banks-Fiduciary — 0.3% | ||||||||
State Street Capital Trust IV Ltd. FRS | 509,000 | 378,675 | ||||||
Banks-Money Center — 0.1% | ||||||||
Chase Capital III Ltd. FRS | 103,000 | 80,001 | ||||||
Banks-Super Regional — 1.4% | ||||||||
BAC Capital Trust XV Ltd. FRS | 155,000 | 96,547 |
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Banks-Super Regional (continued) | ||||||||
JPMorgan Chase Bank NA | $ | 170,000 | $ | 190,081 | ||||
PNC Preferred Funding Trust II FRS | 130,000 | 95,414 | ||||||
SunTrust Banks, Inc. | 135,000 | 144,301 | ||||||
SunTrust Banks, Inc. | 30,000 | 29,227 | ||||||
USB Capital IX Ltd. FRS | 105,000 | 81,900 | ||||||
Wachovia Capital Trust III Ltd. FRS | 435,000 | 365,400 | ||||||
Wachovia Corp. FRS | 280,000 | 257,331 | ||||||
Wells Fargo & Co. FRS | 330,000 | 316,814 | ||||||
Wells Fargo & Co. FRS | 165,000 | 173,250 | ||||||
Wells Fargo Bank NA | 290,000 | 267,806 | ||||||
2,018,071 | ||||||||
Building Products-Cement — 0.1% | ||||||||
CRH America, Inc. Company | 93,000 | 92,948 | ||||||
Cable/Satellite TV — 0.5% | ||||||||
COX Communications, Inc. | 120,000 | 132,404 | ||||||
DIRECTV Holdings LLC/DIRECTV | 150,000 | 155,250 | ||||||
DIRECTV Holdings LLC/DIRECTV | 150,000 | 167,250 | ||||||
Time Warner Cable, Inc. | 199,000 | 227,297 | ||||||
682,201 | ||||||||
Chemicals-Diversified — 0.9% | ||||||||
Dow Chemical Co. | 184,000 | 179,021 | ||||||
Dow Chemical Co. | 336,000 | 327,730 | ||||||
PPG Industries, Inc. | 51,000 | 49,456 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals-Diversified (continued) | ||||||||
PPG Industries, Inc. | $ | 226,000 | $ | 217,017 | ||||
PPG Industries, Inc. | 105,000 | 104,995 | ||||||
Rohm & Haas Co. | 304,000 | 348,990 | ||||||
Union Carbide Corp. | 108,000 | 106,812 | ||||||
1,334,021 | ||||||||
Commercial Services-Finance — 0.1% | ||||||||
Moody’s Corp. | 155,000 | 157,263 | ||||||
Computer Services — 0.2% | ||||||||
International Business Machines Corp. | 310,000 | 366,777 | ||||||
Data Processing/Management — 0.2% | ||||||||
Fiserv, Inc. | 295,000 | 295,786 | ||||||
Direct Marketing — 0.1% | ||||||||
Affinity Group, Inc. | 170,000 | 168,300 | ||||||
Diversified Banking Institutions — 2.8% | ||||||||
Bank of America Corp. | 2,000 | 1,983 | ||||||
Citigroup, Inc. | 666,000 | 685,016 | ||||||
Citigroup, Inc. | 150,000 | 164,064 | ||||||
Citigroup, Inc. | 150,000 | 140,508 | ||||||
Goldman Sachs Group, Inc. | 186,000 | 195,842 | ||||||
Goldman Sachs Group, Inc. | 185,000 | 200,754 | ||||||
JP Morgan Chase & Co. FRS | 122,000 | 120,344 | ||||||
JP Morgan Chase & Co. FRS | 160,000 | 170,224 | ||||||
JP Morgan Chase Capital XXIII Ltd. FRS | 73,000 | 52,697 | ||||||
JPMorgan Chase & Co. | 354,000 | 345,728 |
40
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) | ||||||||
JPMorgan Chase & Co. | $ | 847,000 | $ | 827,691 | ||||
Morgan Stanley | 229,000 | 237,925 | ||||||
Morgan Stanley | 627,000 | 661,728 | ||||||
Morgan Stanley | 210,000 | 221,776 | ||||||
Nationsbank Corp. | 44,000 | 45,960 | ||||||
4,072,240 | ||||||||
Diversified Financial Services — 0.4% | ||||||||
General Electric Capital Corp. | 360,000 | 348,892 | ||||||
General Electric Capital Corp. | 244,000 | 247,510 | ||||||
596,402 | ||||||||
Diversified Manufacturing Operations — 0.1% | ||||||||
General Electric Co. | 195,000 | 213,388 | ||||||
E-Commerce/Services — 0.1% | ||||||||
Expedia, Inc. Company | 215,000 | 217,687 | ||||||
Electric-Distribution — 0.2% | ||||||||
Oglethorpe Power Corp. | 350,000 | 347,458 | ||||||
Electric-Generation — 0.2% | ||||||||
Allegheny Energy Supply Co. LLC | 262,000 | 255,353 | ||||||
Electric-Integrated — 1.5% | ||||||||
Ameren Energy Generating Co. | 189,000 | 187,732 | ||||||
CenterPoint Energy Houston Electric LLC | 174,000 | 202,606 | ||||||
Cleco Power LLC | 182,000 | 183,929 | ||||||
Dominion Resources, Inc. | 326,000 | 366,531 | ||||||
Energy East | 136,000 | 144,546 | ||||||
Entergy Arkansas, Inc. | 101,000 | 99,773 | ||||||
Exelon Generation Co. LLC | 408,000 | 396,273 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric-Integrated (continued) | ||||||||
Great Plains Energy, Inc. | $ | 155,000 | $ | 157,208 | ||||
Kentucky Utilities Co. | 175,000 | 177,191 | ||||||
Southern California Edison Co. | 75,000 | 82,256 | ||||||
Southern Energy, Inc. | 175,000 | 0 | ||||||
Teco Finance, Inc. Company | 96,000 | 111,752 | ||||||
Teco Finance, Inc. Company | 68,000 | 74,092 | ||||||
2,183,889 | ||||||||
Electronic Components-Misc. — 0.3% | ||||||||
Jabil Circuit, Inc. | 428,000 | 420,510 | ||||||
Electronic Components-Semiconductors — 0.3% | ||||||||
Broadcom Corp. | 168,000 | 167,944 | ||||||
Broadcom Corp. | 168,000 | 167,418 | ||||||
National Semiconductor Corp. | 143,000 | 148,755 | ||||||
484,117 | ||||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Agilent Technologies, Inc. | 224,000 | 256,192 | ||||||
Finance-Commercial — 0.1% | ||||||||
Textron Financial Corp. | 121,000 | 126,383 | ||||||
Finance-Credit Card — 0.1% | ||||||||
Capital One Capital III Ltd. | 105,000 | 105,000 | ||||||
Finance-Investment Banker/Broker — 0.4% | ||||||||
Jefferies Group, Inc. | 210,000 | 207,725 | ||||||
Lehman Brothers Holdings Capital | 78,000 | 8 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 19,246 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Finance-Investment Banker/Broker (continued) | ||||||||
Lehman Brothers Holdings, Inc. | $ | 112,000 | $ | 11 | ||||
Merrill Lynch & Co., Inc. | 176,000 | 180,599 | ||||||
Merrill Lynch & Co., Inc. | 201,000 | 215,471 | ||||||
623,069 | ||||||||
Food-Misc. — 0.2% | ||||||||
Kraft Foods, Inc. | 267,000 | 306,840 | ||||||
Food-Retail — 0.1% | ||||||||
Ahold Finance USA LLC | 146,000 | 165,393 | ||||||
Independent Power Producers — 0.0% | ||||||||
Calpine Corp. | 630,000 | 0 | ||||||
Insurance-Life/Health — 0.8% | ||||||||
Jefferson-Pilot Corp. | 139,000 | 146,525 | ||||||
Nationwide Financial Services, Inc. | 187,000 | 198,133 | ||||||
Protective Life Corp. | 432,000 | 464,177 | ||||||
Prudential Financial, Inc. | 295,000 | 292,484 | ||||||
1,101,319 | ||||||||
Insurance-Multi-line — 0.6% | ||||||||
Genworth Financial, Inc. | 168,000 | 166,614 | ||||||
Hartford Financial Services Group, Inc. | 171,000 | 179,955 | ||||||
MetLife, Inc. | 125,000 | 146,668 | ||||||
Metropolitan Life Global Funding I | 280,000 | 287,802 | ||||||
Nationwide Mutual Insurance Co. | 69,000 | 80,033 | ||||||
861,072 | ||||||||
Insurance-Mutual — 0.2% | ||||||||
Liberty Mutual Group, Inc. | 150,000 | 157,235 | ||||||
Liberty Mutual Group, Inc. | 183,000 | 162,285 | ||||||
319,520 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Labs & Testing Services — 0.1% | ||||||||
Laboratory Corp. of America Holdings | $ | 173,000 | $ | 175,689 | ||||
Medical Products — 0.2% | ||||||||
Becton Dickinson and Co. | 234,000 | 287,978 | ||||||
Medical-Drugs — 0.2% | ||||||||
Schering-Plough Corp Company | 221,000 | 264,782 | ||||||
Medical-HMO — 0.2% | ||||||||
Aetna, Inc. | 238,000 | 271,834 | ||||||
Multimedia — 1.2% | ||||||||
Historic TW, Inc. Company Guar. Notes 6.63% due 05/15/29 | 160,000 | 178,040 | ||||||
NBC Universal, Inc. Senior Notes 2.88% due 04/01/16* | 280,000 | 278,726 | ||||||
NBC Universal, Inc. Senior Notes 5.95% due 04/01/41* | 340,000 | 347,211 | ||||||
NBC Universal, Inc. Senior Notes 6.40% due 04/30/40* | 156,000 | 166,363 | ||||||
News America, Inc. Company Guar. Notes 6.20% due 12/15/34# | 335,000 | 353,594 | ||||||
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/28 | 307,000 | 351,345 | ||||||
1,947,113 | ||||||||
Non-Hazardous Waste Disposal — 0.4% | ||||||||
Allied Waste North America, Inc. Company Guar. Notes 7.13% due 05/15/16 | 184,000 | 195,270 | ||||||
Republic Services, Inc. Company Guar. Notes 5.25% due 11/15/21 | 249,000 | 273,476 | ||||||
Waste Management, Inc. Company Guar. Notes 6.13% due 11/30/39 | 146,000 | 158,254 | ||||||
627,000 | ||||||||
Oil & Gas Drilling — 0.2% | ||||||||
Pride International, Inc. Senior Notes 6.88% due 08/15/20 | 236,000 | 250,160 | ||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Oil Companies-Exploration & Production — 0.4% | ||||||||
Apache Corp. Senior Notes 3.63% due 02/01/21 | $ | 147,000 | $ | 145,486 | ||||
EOG Resources, Inc. Senior Notes 4.10% due 02/01/21 | 280,000 | 280,103 | ||||||
Kerr-McGee Corp. Company Guar. Notes 6.95% due 07/01/24 | 129,000 | 141,144 | ||||||
566,733 | ||||||||
Oil Companies-Integrated — 0.1% | ||||||||
Hess Corp. | 148,000 | 147,985 | ||||||
Oil Refining & Marketing — 0.1% | ||||||||
Reliance Holdings USA, Inc. 4.50% due 10/19/20*# | 118,000 | 112,201 | ||||||
Paper & Related Products — 0.1% | ||||||||
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/20* | 81,000 | 80,140 | ||||||
Pipelines — 0.8% | ||||||||
Plains All American Pipeline LP Company Guar. Notes 5.63% due 12/15/13 | 280,000 | 304,912 | ||||||
Plains All American Pipeline LP Company Guar. Notes 6.50% due 05/01/18 | 197,000 | 226,322 | ||||||
Rockies Express Pipeline LLC Senior Notes 5.63% due 04/15/20* | 192,000 | 190,403 | ||||||
Williams Partners LP Senior Notes 7.50% due 06/15/11 | 415,000 | 428,603 | ||||||
1,150,240 | ||||||||
Publishing-Newspapers — 0.1% | ||||||||
Gannett Co, Inc. | 77,000 | 77,577 | ||||||
Real Estate Investment Trusts — 0.1% | ||||||||
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17 | 84,000 | 85,405 | ||||||
Federal Realty Investors Trust Senior Notes 5.90% due 04/01/20 | 73,000 | 80,339 | ||||||
165,744 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
Regency Centers LP Company Guar. Notes 4.80% due 04/15/21# | 168,000 | 166,837 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Retail-Drug Store — 0.3% | ||||||||
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27 | $ | 380,000 | $ | 423,827 | ||||
Savings & Loans/Thrifts — 0.1% | ||||||||
Amsouth Bank NA | 135,000 | 126,225 | ||||||
Special Purpose Entities — 0.3% | ||||||||
Goldman Sachs Capital I Company Guar. Notes 6.35% due 02/15/34# | 312,000 | 291,044 | ||||||
Goldman Sachs Capital III FRS Company Guar. Notes 1.07% due 09/01/12 (6) | 204,000 | 141,270 | ||||||
432,314 | ||||||||
Telecom Services — 0.4% | ||||||||
Qwest Corp. Senior Notes 7.50% due 10/01/14 | 250,000 | 283,125 | ||||||
Qwest Corp. Senior Notes 8.88% due 03/15/12 | 320,000 | 348,000 | ||||||
631,125 | ||||||||
Telecommunication Equipment — 0.2% | ||||||||
Harris Corp. Notes 4.40% due 12/15/20 | 93,000 | 92,469 | ||||||
Harris Corp. Senior Notes 6.15% due 12/15/40 | 170,000 | 169,072 | ||||||
261,541 | ||||||||
Telephone-Integrated — 0.1% | ||||||||
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13 | 100,000 | 106,514 | ||||||
Television — 0.1% | ||||||||
CBS Corp. Company Guar. Notes 5.90% due 10/15/40 | 175,000 | 166,739 | ||||||
Transport-Equipment & Leasing — 0.1% | ||||||||
GATX Corp. Senior Notes 3.50% due 07/15/16# | 155,000 | 156,174 | ||||||
Transport-Rail — 0.3% | ||||||||
CSX Corp. Senior Notes 3.70% due 10/30/20 | 336,000 | 329,424 | ||||||
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/25 | 108,000 | 116,827 | ||||||
446,251 | ||||||||
43
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Transport-Services — 0.1% | ||||||||
Ryder System, Inc. Notes 3.60% due 03/01/16 | $ | 125,000 | $ | 126,756 | ||||
Wireless Equipment — 0.2% | ||||||||
Motorola, Inc. Senior Notes 6.50% due 09/01/25 | 336,000 | 358,232 | ||||||
Total U.S. CORPORATE BONDS & NOTES | ||||||||
(cost $29,420,890) | 29,557,497 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.5% | ||||||||
Banks-Commercial — 1.3% | ||||||||
Barclays Bank PLC FRS Jr. Sub. Bonds 5.93% due 12/15/16* (6) | 231,000 | 207,900 | ||||||
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17* | 150,000 | 157,747 | ||||||
Barclays Bank PLC FRS Jr. Sub. Notes 6.86% due 06/15/32* (6) | 137,000 | 130,150 | ||||||
BNP Paribas Bank Guar. Notes 4.80% due 06/24/15* | 150,000 | 160,341 | ||||||
Groupe BPCE FRS Notes 2.78% due 12/30/10 (6) | 196,000 | 135,809 | ||||||
ING Bank NV Senior Notes 2.00% due 10/18/13* | 185,000 | 184,469 | ||||||
Nordea Bank AB FRS Jr. Sub. Bonds 8.38% due 03/25/15 (6) | 120,000 | 127,140 | ||||||
Rabobank Nederland NV Company Guar. Notes 2.13% due 10/13/15 | 192,000 | 189,435 | ||||||
Royal Bank of Scotland PLC Bank Guar. Notes 3.95% due 09/21/15 | 224,000 | 225,325 | ||||||
Westpac Banking Corp. FRS Jr. Sub. Notes 0.65% due 03/31/11 (6) | 580,000 | 356,700 | ||||||
1,875,016 | ||||||||
Banks-Money Center — 0.2% | ||||||||
Lloyds TSB Bank PLC Company Guar. Notes 6.50% due 09/14/20* | 366,000 | 337,445 | ||||||
Cellular Telecom — 0.1% | ||||||||
Telefonica Moviles Chile SA Senior Notes 2.88% due 11/09/15* | 113,000 | 110,662 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.1% | ||||||||
Credit Agricole SA FRS Jr. Sub. Bonds 6.64% due 05/31/17* (6) | $ | 83,000 | $ | 72,210 | ||||
Natixis Sub. | 100,000 | 85,158 | ||||||
157,368 | ||||||||
Diversified Minerals — 0.1% | ||||||||
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26 | 151,000 | 172,762 | ||||||
Gold Mining — 0.2% | ||||||||
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/20* | 364,000 | 353,178 | ||||||
Insurance-Multi-line — 0.3% | ||||||||
Aegon NV FRS Sub. Notes 2.63% due 07/15/14 (6) | 154,000 | 94,079 | ||||||
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14 | 156,000 | 164,504 | ||||||
XL Capital, Ltd. | 101,000 | 102,536 | ||||||
361,119 | ||||||||
Insurance-Reinsurance — 0.1% | ||||||||
Validus Holdings, Ltd. | 187,000 | 201,891 | ||||||
Metal-Diversified — 0.1% | ||||||||
Xstrata Canada Corp. | 189,000 | 203,597 | ||||||
Oil & Gas Drilling — 0.2% | ||||||||
Transocean, Inc. Company | 206,000 | 214,771 | ||||||
Oil Companies-Exploration & Production — 0.1% | ||||||||
EnCana Corp. | 50,000 | 55,480 | ||||||
Nexen, Inc. | 155,000 | 155,403 | ||||||
210,883 | ||||||||
Oil Companies-Integrated — 0.9% | ||||||||
BP Capital Markets PLC | 271,000 | 272,622 | ||||||
BP Capital Markets PLC | 295,000 | 307,116 | ||||||
Norsk Hydro A/S | 418,000 | 516,641 | ||||||
Total Capital SA | 277,000 | 275,451 | ||||||
1,371,830 | ||||||||
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Pipelines — 0.2% | ||||||||
TransCanada Pipelines, Ltd. FRS | $ | 259,000 | $ | 255,804 | ||||
Special Purpose Entities — 0.8% | ||||||||
ConocoPhillips Canada Funding Co. I | 280,000 | 327,293 | ||||||
IPIC GMTN, Ltd. | 327,000 | 319,291 | ||||||
SMFG Preferred Capital, Ltd. FRS | 453,000 | 447,904 | ||||||
1,094,488 | ||||||||
SupraNational Banks — 0.1% | ||||||||
Asian Development Bank | 125,000 | 144,796 | ||||||
Telephone-Integrated — 0.5% | ||||||||
Telecom Italia Capital SA | 329,000 | 348,905 | ||||||
Telefonica Emisiones SAU FRS | 145,000 | 142,416 | ||||||
Telefonos de Mexico SAB de CV | 152,000 | 168,578 | ||||||
659,899 | ||||||||
Transport-Services — 0.2% | ||||||||
Asciano Finance, Ltd. | 317,000 | 313,668 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $7,880,508) | 8,039,177 | |||||||
FOREIGN GOVERNMENT AGENCIES — 0.1% | ||||||||
Sovereign — 0.1% | ||||||||
Federal Republic of Brazil | 204,000 | 210,630 | ||||||
MUNICIPAL BONDS & NOTE — 0.1% | ||||||||
Municipal Bonds— 0.1% | ||||||||
Texas State Transportation Commission | ||||||||
5.18% due 04/01/30 (Cost $75,000) | 75,000 | 74,473 | ||||||
U.S. GOVERNMENT AGENCIES — 37.8% | ||||||||
Federal Home Loan Bank — 0.7% | ||||||||
3.63% due 08/15/11 | 750,000 | 767,214 | ||||||
5.50% due 07/15/36 | 250,000 | 290,456 | ||||||
1,057,670 | ||||||||
Federal Home Loan Mtg. Corp. — 13.6% | ||||||||
4.00% due 03/01/40 | 1,152,951 | 1,171,086 | ||||||
4.50% due 01/01/39 | 343,182 | 356,700 | ||||||
4.50% due 06/01/40 | 2,447,533 | 2,559,236 | ||||||
5.00% due 10/01/33 | 14,138 | 15,027 | ||||||
5.00% due 07/01/35 | 227,962 | 241,872 | ||||||
5.00% due 05/01/36 | 1,514,157 | 1,602,763 | ||||||
5.00% due 11/01/36 | 123,231 | 130,443 | ||||||
5.00% due 03/01/38 | 527,113 | 557,793 | ||||||
5.00% due 06/01/39 | 1,525,307 | 1,624,098 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
5.25% due 07/18/11 | $ | 4,000,000 | $ | 4,124,708 | ||||
5.50% due 11/01/18 | 243,828 | 265,853 | ||||||
5.50% due 02/01/35 | 759,100 | 817,067 | ||||||
5.50% due 07/01/36 | 1,081,454 | 1,162,010 | ||||||
5.50% due 07/01/37 | 201,847 | 216,504 | ||||||
5.50% due 09/01/37 | 52,500 | 56,313 | ||||||
5.50% due 10/01/37 | 57,384 | 61,551 | ||||||
5.50% due 01/01/38 | 658,480 | 707,529 | ||||||
5.50% due 07/01/38 | 223,460 | 239,686 | ||||||
6.00% due 10/01/33 | 431,100 | 474,408 | ||||||
6.00% due 07/01/36 | 606,374 | 659,710 | ||||||
6.00% due 11/01/37 | 307,038 | 333,277 | ||||||
6.00% due December TBA | 750,000 | 813,164 | ||||||
6.50% due 02/01/35 | 27,388 | 30,785 | ||||||
6.50% due 01/01/36 | 62,877 | 70,989 | ||||||
6.50% due 03/01/36 | 191,384 | 212,727 | ||||||
6.75% due 09/15/29# | 500,000 | 656,012 | ||||||
6.75% due 03/15/31 | 250,000 | 334,267 | ||||||
7.00% due 11/01/16 | 26,150 | 28,371 | ||||||
7.00% due 07/01/32 | 19,650 | 22,565 | ||||||
7.50% due 04/01/31 | 75,658 | 87,666 | ||||||
8.00% due 01/01/29 | 7,342 | 8,597 | ||||||
8.00% due 12/01/29 | 5,405 | 6,318 | ||||||
8.00% due 12/01/30 | 33,123 | 38,736 | ||||||
8.00% due 01/01/31 | 230 | 269 | ||||||
19,688,100 | ||||||||
Federal National Mtg. Assoc. — 21.9% | ||||||||
2.13% due 01/25/13 | 243,000 | 243,600 | ||||||
4.00% due 07/01/40 | 304,160 | 309,848 | ||||||
4.00% due 08/01/40 | 114,966 | 116,900 | ||||||
4.00% due 09/01/40 | 1,417,515 | 1,441,361 | ||||||
4.00% due 10/01/40 | 1,246,724 | 1,267,697 | ||||||
4.38% due 07/17/13 | 2,000,000 | 2,181,244 | ||||||
4.50% due 11/01/22 | 1,271,564 | 1,351,474 | ||||||
4.50% due 01/01/39 | 451,209 | 470,181 | ||||||
4.50% due 04/01/40 | 1,243,970 | 1,300,938 | ||||||
4.50% due 05/01/40 | 4,216,774 | 4,409,883 | ||||||
4.50% due 08/01/40 | 1,974,865 | 2,057,899 | ||||||
5.00% due 03/15/16 | 1,140,000 | 1,322,335 | ||||||
5.00% due 05/11/17# | 500,000 | 580,637 | ||||||
5.00% due 10/01/33 | 38,084 | 40,580 | ||||||
5.00% due 03/01/34 | 397,037 | 422,566 | ||||||
5.00% due 01/01/37 | 247,650 | 262,877 | ||||||
5.00% due 05/01/39 | 2,734,603 | 2,922,400 | ||||||
5.00% due 07/01/39 | 5,249,636 | 5,610,150 | ||||||
5.50% due 11/01/22 | 182,334 | 198,225 | ||||||
5.50% due 04/01/33 | 551,706 | 597,370 | ||||||
5.50% due 12/01/33 | 405,219 | 438,632 | ||||||
5.50% due 05/01/34 | 277,393 | 300,266 | ||||||
5.50% due 12/01/35 | 574,301 | 619,862 | ||||||
6.00% due 03/01/16 | 874 | 956 | ||||||
6.00% due 12/01/16 | 31,472 | 34,409 | ||||||
6.00% due 11/01/17 | 88,476 | 96,898 | ||||||
6.00% due 12/01/20 | 251,481 | 274,947 | ||||||
6.00% due 12/01/33 | 334,540 | 368,932 | ||||||
6.00% due 10/01/36 | 82,833 | 90,390 | ||||||
6.00% due 05/01/38 | 1,141,020 | 1,242,632 | ||||||
6.50% due 03/01/17 | 51,288 | 56,291 | ||||||
6.50% due 08/01/31 | 30,202 | 34,132 | ||||||
6.50% due 07/01/32 | 212,966 | 240,676 | ||||||
6.50% due 07/01/36 | 167,745 | 186,740 | ||||||
6.50% due 10/01/37 | 430,564 | 478,109 | ||||||
7.00% due 09/01/31 | 143,939 | 164,414 | ||||||
7.50% due 08/01/15 | 435 | 477 | ||||||
31,736,928 | ||||||||
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
Security Description | | Value | ||||||
Government National Mtg. Assoc. — 1.6% | ||||||||
5.00% due 04/15/40 | $ | 1,951,228 | $ | 2,108,546 | ||||
6.00% due 03/15/29 | 23,478 | 26,154 | ||||||
6.00% due 04/15/29 | 15,485 | 17,250 | ||||||
6.50% due 07/15/32 | 62,692 | 71,547 | ||||||
6.50% due 09/15/32 | 117,654 | 134,272 | ||||||
2,357,769 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $53,023,539) | 54,840,467 | |||||||
U.S. GOVERNMENT TREASURIES — 22.4% | ||||||||
United States Treasury Bonds — 4.3% | ||||||||
2.13% due 02/15/40 | 412,333 | 457,915 | ||||||
3.50% due 02/15/39# | 238,000 | 213,902 | ||||||
3.88% due 08/15/40# | 140,000 | 134,509 | ||||||
4.25% due 05/15/39# | 267,000 | 274,134 | ||||||
4.38% due 02/15/38 | 983,000 | 1,035,990 | ||||||
4.38% due 11/15/39 | 1,234,000 | 1,292,807 | ||||||
4.38% due 05/15/40# | 224,000 | 234,640 | ||||||
4.50% due 05/15/38# | 120,000 | 128,963 | ||||||
4.50% due 08/15/39# | 972,000 | 1,039,888 | ||||||
4.75% due 02/15/37 | 587,000 | 658,174 | ||||||
5.00% due 05/15/37 | 159,000 | 185,086 | ||||||
5.25% due 11/15/28 | 369,000 | 443,146 | ||||||
8.13% due 08/15/19 | 92,000 | 132,998 | ||||||
6,232,152 | ||||||||
United States Treasury Notes — 18.1% | ||||||||
1.25% due 09/30/15# | 202,000 | 200,564 | ||||||
1.50% due 12/31/13 | 475,000 | 485,947 | ||||||
1.75% due 07/31/15 | 95,000 | 96,729 | ||||||
2.00% due 11/30/13# | 870,000 | 902,965 | ||||||
2.00% due 01/15/14 TIPS(13) | 548,527 | 589,281 | ||||||
2.13% due 11/30/14 | 448,000 | 466,200 | ||||||
2.38% due 08/31/14 | 5,960,000 | 6,259,860 | ||||||
2.38% due 09/30/14# | 76,000 | 79,836 | ||||||
2.38% due 02/28/15 | 112,000 | 117,495 | ||||||
2.75% due 02/15/19 | 860,000 | 880,626 | ||||||
3.00% due 02/28/17 | 556,000 | 591,792 | ||||||
3.13% due 05/15/19 | 11,000 | 11,534 | ||||||
3.38% due 07/31/13 | 393,000 | 422,076 | ||||||
3.38% due 11/15/19# | 623,000 | 661,743 | ||||||
3.50% due 05/15/20 | 310,000 | 330,925 | ||||||
3.63% due 08/15/19 | 52,000 | 56,432 | ||||||
3.63% due 02/15/20 | 1,586,000 | 1,713,748 | ||||||
3.75% due 11/15/18# | 1,355,000 | 1,494,946 | ||||||
3.88% due 05/15/18# | 5,459,000 | 6,080,387 | ||||||
4.00% due 08/15/18# | 1,403,000 | 1,575,305 | ||||||
4.25% due 08/15/15 | 813,000 | 921,357 | ||||||
4.50% due 02/28/11# | 2,250,000 | 2,273,731 | ||||||
26,213,479 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $31,393,660) | 32,445,631 | |||||||
Security Description | | Shares/ Principal | | | Value (Note 2) | | ||
COMMON STOCK — 0.0% | ||||||||
Banks-Commercial — 0.0% | ||||||||
Lloyds Banking Group PLC†(12) | 49,459 | $ | 46,580 | |||||
Independent Power Producers — 0.0% | ||||||||
Mirant Corp.# | 217 | 2,153 | ||||||
Total Common Stock | ||||||||
(cost $30,299) | 48,733 | |||||||
PREFERRED STOCK — 0.2% | ||||||||
Banks-Super Regional — 0.2% | ||||||||
US Bancorp | ||||||||
7.19%# (cost $249,880) | 367 | 280,755 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $139,364,772) | 142,912,667 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% | ||||||||
Collective Investment Pool — 3.0% | ||||||||
Securities Lending Quality Trust(8)(9) | ||||||||
(cost $4,415,603) | 4,415,603 | 4,402,864 | ||||||
REPURCHASE AGREEMENT — 1.7% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $2,386,001 and collateralized by $2,290,000 of United States Treasury Notes, bearing interest at 3.13%, due 04/30/17 and having an approximate value of $2,461,292 | ||||||||
(cost $2,386,000) | $ | 2,386,000 | 2,386,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $146,166,375) (11) | 103.2 | % | 149,701,531 | |||||
Liabilities in excess of other assets | (3.2 | ) | (4,678,487 | ) | ||||
NET ASSETS | 100.0 | % | $ | 145,023,044 | ||||
* | 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, 2010, the aggregate value of these securities was $11,028,189 representing 7.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (See Note 2) |
(1) | Commercial Mortgage Backed Security |
46
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Capital Conservation Fund held the following restricted securities: |
Name | Acquisition Date | Principal Amount | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
ICO North America, Inc. | ||||||||||||||||||||||||
7.50% due 08/15/09 | 08/11/05 | $ | 30,000 | $ | 30,000 | |||||||||||||||||||
02/15/08 | 1,000 | 1,000 | ||||||||||||||||||||||
09/11/08 | 1,000 | 1,000 | ||||||||||||||||||||||
02/15/09 | 1,000 | 1,000 | ||||||||||||||||||||||
$ | 33,000 | $ | 33,000 | $ | 31,350 | $ | 95.00 | 0.02 | % | |||||||||||||||
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $31,350 representing 0.0% of net assets. |
(5) | Company has filed for Chapter 11 bankruptcy protection. |
(6) | Perpetual maturity—maturity date reflects the next call date. |
(7) | Bond in default |
(8) | At November 30, 2010, the Fund had loaned securities with a total value of $7,015,129. This was secured by collateral of $4,415,603, which was received in cash and subsequently invested in short-term investments currently valued at $4,402,864 as reported in the portfolio of investments. The remaining collateral of $2,727,371 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund's assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||||
Federal Home Loan Mtg. Corp. | 0.00% to 104.78% | 10/15/16 to 10/15/40 | ||||
Federal National Mtg. Assoc. | 4.00% to 6.00% | 02/01/14 to 11/01/40 | ||||
Government National Mtg. Assoc. | 0.41% to 33.24% | 10/16/34 to 03/20/40 |
(9) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(10) | Bond is in default and did not pay principal at maturity. |
(11) | See Note 5 for cost of investments on a tax basis. |
(12) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $46,580 representing 0.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(13) | Principal amount of security is adjusted for inflation. |
TBA- Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal and maturity date will be determined upon settlement date.
TIPS-Treasury Inflation Protected Security
FRS- Floating Rate Security
VRS- Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 17,383,954 | $ | — | $ | 17,383,954 | ||||||||
Convertible Bonds & Notes | — | — | 31,350 | 31,350 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 29,557,497 | 0 | 29,557,497 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 8,039,177 | — | 8,039,177 | ||||||||||||
Foreign Government Agencies | — | 210,630 | — | 210,630 | ||||||||||||
Municipal Bonds & Notes | — | 74,473 | — | 74,473 | ||||||||||||
U.S. Government Agencies | — | 54,840,467 | — | 54,840,467 | ||||||||||||
U.S. Government Treasuries | — | 32,445,631 | — | 32,445,631 | ||||||||||||
Common Stock | 2,153 | 46,580 | # | — | 48,733 | |||||||||||
Preferred Stock | 280,755 | — | — | 280,755 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 4,402,864 | — | 4,402,864 | ||||||||||||
Repurchase Agreement | — | 2,386,000 | — | 2,386,000 | ||||||||||||
Total | $ | 282,908 | $ | 149,387,273 | $ | 31,350 | $ | 149,701,531 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $46,580 representing 0.0% of net assets; see Note 2. |
47
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Convertible Bonds & Notes | U.S. Corporate Bonds & Notes | |||||||
Balance as of 5/31/2010 | $ | 26,400 | $ | 0 | ||||
Accrued discounts/premiums | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation)(1) | 4,950 | — | ||||||
Net purchases (sales) | — | — | ||||||
Transfers in and/or out of Level 3 | — | — | ||||||
Balance as of 11/30/2010 | $ | 31,350 | $ | 0 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Convertible Bonds & Notes | U.S. Corporate Bonds & Notes | |||||||
$4,950 | $ | — | ||||||
See Notes to Financial Statements
48
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.3 | % | ||
Oil Companies — Integrated | 5.6 | |||
Medical — Drugs | 5.6 | |||
Diversified Manufacturing Operations | 5.2 | |||
Electronic Components — Semiconductors | 4.8 | |||
Telephone — Integrated | 3.4 | |||
Medical — HMO | 3.3 | |||
Diversified Banking Institutions | 3.2 | |||
Cable/Satellite TV | 3.0 | |||
Computers — Memory Devices | 3.0 | |||
Multimedia | 2.7 | |||
Computers | 2.5 | |||
Banks — Super Regional | 2.3 | |||
Food — Misc. | 2.3 | |||
Retail — Apparel/Shoe | 2.2 | |||
Cellular Telecom | 2.0 | |||
Engineering/R&D Services | 2.0 | |||
Oil & Gas Drilling | 2.0 | |||
Medical Products | 1.9 | |||
Aerospace/Defense | 1.7 | |||
Electric — Integrated | 1.7 | |||
Retail — Discount | 1.6 | |||
Insurance — Multi-line | 1.3 | |||
Food — Retail | 1.3 | |||
Tobacco | 1.2 | |||
Computer Services | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Wireless Equipment | 1.2 | |||
Medical — Hospitals | 1.1 | |||
Auto — Cars/Light Trucks | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Applications Software | 1.1 | |||
Insurance — Life/Health | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Insurance — Property/Casualty | 0.9 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Consumer Products — Misc. | 0.8 | |||
Retail — Major Department Stores | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Schools | 0.8 | |||
Internet Security | 0.7 | |||
Medical — Wholesale Drug Distribution | 0.7 | |||
Retail — Regional Department Stores | 0.7 | |||
Paper & Related Products | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Retail — Auto Parts | 0.7 | |||
Motorcycle/Motor Scooter | 0.7 | |||
Coatings/Paint | 0.7 | |||
Metal — Aluminum | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Steel — Producers | 0.7 | |||
Beverages — Non-alcoholic | 0.6 | |||
Retail — Computer Equipment | 0.6 | |||
Gas — Distribution | 0.6 | |||
Coal | 0.6 | |||
Telecommunication Equipment | 0.6 | |||
Banks — Fiduciary | 0.5 | |||
Containers — Metal/Glass | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Office Supplies & Forms | 0.5 | |||
Commercial Services — Finance | 0.4 | |||
Oil — Field Services | 0.4 | |||
Banks — Commercial | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Building — Heavy Construction | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Repurchase Agreement | 0.3 |
Retail — Jewelry | 0.3 | |||
Funeral Services & Related Items | 0.3 | |||
Web Portals/ISP | 0.3 | |||
Independent Power Producers | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Finance — Other Services | 0.2 | |||
Telecom Services | 0.2 | |||
Machinery — Farming | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Television | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Investment Companies | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
113.3 | % | |||
* | Calculated as a percentage of net assets |
49
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.7% |
| |||||||
Aerospace/Defense — 1.7% |
| |||||||
Northrop Grumman Corp. | 17,210 | $ | 1,061,513 | |||||
Raytheon Co. | 60,220 | 2,785,175 | ||||||
3,846,688 | ||||||||
Applications Software — 1.1% |
| |||||||
Microsoft Corp. | 93,550 | 2,358,396 | ||||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
Ford Motor Co.†# | 132,000 | 2,104,080 | ||||||
General Motors Co.†# | 11,700 | 400,140 | ||||||
2,504,220 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
Regions Financial Corp. | 178,000 | 957,640 | ||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 44,611 | 1,204,051 | ||||||
Banks - Super Regional — 2.3% |
| |||||||
Capital One Financial Corp. | 43,000 | 1,600,890 | ||||||
Fifth Third Bancorp | 135,000 | 1,613,250 | ||||||
US Bancorp | 17,770 | 422,570 | ||||||
Wells Fargo & Co. | 56,190 | 1,528,930 | ||||||
5,165,640 | ||||||||
Beverages - Non-alcoholic — 0.6% |
| |||||||
Dr Pepper Snapple Group, Inc. | 39,000 | 1,428,570 | ||||||
Building - Heavy Construction — 0.3% |
| |||||||
Chicago Bridge & Iron Co., NV† | 27,000 | 764,370 | ||||||
Cable/Satellite TV — 3.0% |
| |||||||
Comcast Corp., Class A | 107,000 | 2,140,000 | ||||||
Comcast Corp., Special Class A | 56,760 | 1,076,737 | ||||||
DIRECTV, Class A† | 46,000 | 1,910,380 | ||||||
DISH Network Corp., Class A† | 12,000 | 220,680 | ||||||
Time Warner Cable, Inc. | 22,000 | 1,353,880 | ||||||
6,701,677 | ||||||||
Cellular Telecom — 2.0% |
| |||||||
NII Holdings, Inc.† | 36,000 | 1,395,360 | ||||||
Sprint Nextel Corp.†# | 798,550 | 3,018,519 | ||||||
4,413,879 | ||||||||
Chemicals - Diversified — 0.5% |
| |||||||
E.I. du Pont de Nemours & Co. | 23,100 | 1,085,469 | ||||||
Chemicals - Specialty — 0.7% |
| |||||||
Albemarle Corp. | 29,000 | 1,568,610 | ||||||
Coal — 0.6% |
| |||||||
Peabody Energy Corp. | 21,920 | 1,289,115 | ||||||
Coatings/Paint — 0.7% |
| |||||||
Valspar Corp. | 45,000 | 1,486,800 | ||||||
Commercial Services - Finance — 0.4% |
| |||||||
Western Union Co.# | 55,650 | 981,666 | ||||||
Computer Services — 1.2% |
| |||||||
International Business Machines Corp. | 19,000 | 2,687,740 | ||||||
Computers — 2.5% |
| |||||||
Apple, Inc.† | 6,000 | 1,866,900 | ||||||
Dell, Inc.† | 132,000 | 1,745,040 | ||||||
Hewlett - Packard Co. | 45,090 | 1,890,624 | ||||||
5,502,564 | ||||||||
Computers - Memory Devices — 3.0% |
| |||||||
EMC Corp.† | 93,000 | 1,998,570 | ||||||
SanDisk Corp.† | 36,000 | 1,605,600 |
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices (continued) |
| |||||||
Seagate Technology PLC† | 113,000 | $ | 1,515,330 | |||||
Western Digital Corp.† | 47,000 | 1,574,500 | ||||||
6,694,000 | ||||||||
Consumer Products - Misc. — 0.8% |
| |||||||
Kimberly - Clark Corp. | 27,450 | 1,698,880 | ||||||
Containers - Metal/Glass — 0.5% |
| |||||||
Crown Holdings, Inc.† | 36,000 | 1,117,080 | ||||||
Cosmetics & Toiletries — 0.3% |
| |||||||
Procter & Gamble Co. | 12,000 | 732,840 | ||||||
Diversified Banking Institutions — 3.2% |
| |||||||
Bank of America Corp. | 83,940 | 919,143 | ||||||
Citigroup, Inc.† | 370,890 | 1,557,738 | ||||||
JPMorgan Chase & Co. | 73,180 | 2,735,468 | ||||||
Morgan Stanley | 74,260 | 1,816,400 | ||||||
7,028,749 | ||||||||
Diversified Manufacturing Operations — 5.2% |
| |||||||
General Electric Co. | 333,290 | 5,275,981 | ||||||
Honeywell International, Inc. | 62,120 | 3,087,985 | ||||||
Textron, Inc.# | 71,000 | 1,587,560 | ||||||
Tyco International, Ltd. | 40,660 | 1,540,607 | ||||||
11,492,133 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Expedia, Inc. | 59,000 | 1,553,470 | ||||||
Electric - Integrated — 1.7% |
| |||||||
Dominion Resources, Inc. | 25,620 | 1,063,999 | ||||||
NV Energy, Inc. | 110,000 | 1,505,900 | ||||||
Southern Co. | 29,370 | 1,107,836 | ||||||
3,677,735 | ||||||||
Electronic Components - Semiconductors — 4.8% |
| |||||||
Advanced Micro Devices, Inc.† | 197,000 | 1,436,130 | ||||||
Altera Corp.# | 48,000 | 1,684,320 | ||||||
Intel Corp. | 168,610 | 3,561,043 | ||||||
LSI Corp.† | 424,290 | 2,435,425 | ||||||
Microchip Technology, Inc.# | 46,000 | 1,546,060 | ||||||
10,662,978 | ||||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Covanta Holding Corp.# | 24,000 | 377,280 | ||||||
Engineering/R&D Services — 2.0% |
| |||||||
Fluor Corp.# | 20,580 | 1,190,141 | ||||||
Jacobs Engineering Group, Inc.†# | 7,900 | 304,150 | ||||||
KBR, Inc. | 52,000 | 1,408,160 | ||||||
Shaw Group, Inc.† | 41,000 | 1,314,050 | ||||||
URS Corp.† | 4,000 | 158,160 | ||||||
4,374,661 | ||||||||
Enterprise Software/Service — 0.7% |
| |||||||
CA, Inc. | 68,000 | 1,556,520 | ||||||
Finance - Other Services — 0.2% |
| |||||||
NASDAQ OMX Group, Inc.† | 20,000 | 429,200 | ||||||
Food - Misc. — 2.3% |
| |||||||
General Mills, Inc. | 16,260 | 574,466 | ||||||
H.J. Heinz Co. | 25,000 | 1,206,750 | ||||||
Kraft Foods, Inc., Class A | 51,996 | 1,572,879 | ||||||
Unilever NV | 59,990 | 1,702,516 | ||||||
5,056,611 | ||||||||
50 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Food - Retail — 1.3% | ||||||||
Kroger Co. | 51,960 | $ | 1,223,658 | |||||
Safeway, Inc.# | 69,000 | 1,586,310 | ||||||
2,809,968 | ||||||||
Funeral Services & Related Items — 0.3% | ||||||||
Service Corp. International | 74,000 | 596,440 | ||||||
Gas - Distribution — 0.6% | ||||||||
NiSource, Inc.# | 80,000 | 1,338,400 | ||||||
Independent Power Producers — 0.2% | ||||||||
NRG Energy, Inc.†# | 28,000 | 542,640 | ||||||
Insurance - Life/Health — 1.0% | ||||||||
Prudential Financial, Inc. | 44,110 | 2,235,495 | ||||||
Insurance - Multi-line — 1.3% | ||||||||
ACE, Ltd. | 19,440 | 1,137,629 | ||||||
Genworth Financial, Inc., Class A† | 16,000 | 186,560 | ||||||
Hartford Financial Services Group, Inc.# | 23,300 | 518,658 | ||||||
MetLife, Inc. | 26,890 | 1,025,853 | ||||||
2,868,700 | ||||||||
Insurance - Property/Casualty — 0.9% | ||||||||
Travelers Cos., Inc. | 35,370 | 1,909,626 | ||||||
Insurance - Reinsurance — 0.1% | ||||||||
Berkshire Hathaway, Inc., Class B† | 3,000 | 239,040 | ||||||
Internet Security — 0.7% | ||||||||
Symantec Corp.† | 96,000 | 1,612,800 | ||||||
Investment Companies — 0.1% | ||||||||
Ares Capital Corp. | 15,000 | 246,450 | ||||||
Investment Management/Advisor Services — 0.2% | ||||||||
Ameriprise Financial, Inc. | 10,000 | 518,400 | ||||||
Machinery - Farming — 0.2% | ||||||||
Deere & Co. | 5,440 | 406,368 | ||||||
Medical Products — 1.9% | ||||||||
Baxter International, Inc. | 13,000 | 631,150 | ||||||
Johnson & Johnson | 58,100 | 3,576,055 | ||||||
4,207,205 | ||||||||
Medical - Biomedical/Gene — 1.2% | ||||||||
Amgen, Inc.† | 50,200 | 2,645,038 | ||||||
Medical - Drugs — 5.6% | ||||||||
Abbott Laboratories | 47,000 | 2,185,970 | ||||||
Bristol - Myers Squibb Co. | 88,620 | 2,236,769 | ||||||
Cephalon, Inc.† | 17,000 | 1,079,330 | ||||||
Eli Lilly & Co. | 74,280 | 2,500,265 | ||||||
Forest Laboratories, Inc.† | 49,000 | 1,562,610 | ||||||
Merck & Co., Inc. | 44,084 | 1,519,576 | ||||||
Pfizer, Inc. | 81,112 | 1,321,314 | ||||||
12,405,834 | ||||||||
Medical - HMO — 3.3% | ||||||||
Aetna, Inc. | 52,000 | 1,540,240 | ||||||
CIGNA Corp. | 7,000 | 257,670 | ||||||
Health Net, Inc.† | 53,000 | 1,431,000 | ||||||
UnitedHealth Group, Inc. | 67,550 | 2,466,926 | ||||||
WellPoint, Inc.† | 30,000 | 1,672,200 | ||||||
7,368,036 | ||||||||
Medical - Hospitals — 1.1% | ||||||||
Health Management Associates, Inc., Class A† | 162,000 | 1,443,420 | ||||||
Tenet Healthcare Corp.†# | 262,000 | 1,068,960 | ||||||
2,512,380 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Outpatient/Home Medical — 0.1% | ||||||||
Lincare Holdings, Inc.# | 10,000 | $ | 257,500 | |||||
Medical - Wholesale Drug Distribution — 0.7% | ||||||||
AmerisourceBergen Corp. | 52,000 | 1,604,200 | ||||||
Metal - Aluminum — 0.7% | ||||||||
Alcoa, Inc.# | 111,900 | 1,468,128 | ||||||
Motorcycle/Motor Scooter — 0.7% | ||||||||
Harley - Davidson, Inc.# | 48,000 | 1,501,440 | ||||||
Multimedia — 2.7% | ||||||||
News Corp., Class A | 137,000 | 1,868,680 | ||||||
Time Warner, Inc. | 49,866 | 1,470,548 | ||||||
Viacom, Inc., Class B# | 47,560 | 1,799,195 | ||||||
Walt Disney Co. | 22,320 | 814,903 | ||||||
5,953,326 | ||||||||
Office Automation & Equipment — 0.4% | ||||||||
Xerox Corp. | 75,950 | 870,387 | ||||||
Office Supplies & Forms — 0.5% | ||||||||
Avery Dennison Corp. | 27,000 | 1,013,580 | ||||||
Oil & Gas Drilling — 2.0% | ||||||||
Nabors Industries, Ltd.† | 70,000 | 1,546,300 | ||||||
Noble Corp. | 38,740 | 1,314,061 | ||||||
Rowan Cos., Inc.† | 49,000 | 1,477,350 | ||||||
4,337,711 | ||||||||
Oil Companies - Exploration & Production — 1.0% | ||||||||
Devon Energy Corp. | 19,650 | 1,386,701 | ||||||
Whiting Petroleum Corp.† | 7,000 | 770,350 | ||||||
2,157,051 | ||||||||
Oil Companies - Integrated — 5.6% | ||||||||
Chevron Corp. | 15,380 | 1,245,319 | ||||||
Exxon Mobil Corp. | 81,250 | 5,651,750 | ||||||
Hess Corp. | 18,350 | 1,285,418 | ||||||
Marathon Oil Corp. | 77,450 | 2,592,251 | ||||||
Murphy Oil Corp. | 25,000 | 1,688,000 | ||||||
12,462,738 | ||||||||
Oil Refining & Marketing — 0.8% | ||||||||
Valero Energy Corp. | 86,000 | 1,675,280 | ||||||
Oil - Field Services — 0.4% | ||||||||
Halliburton Co. | 25,410 | 961,514 | ||||||
Paper & Related Products — 0.7% | ||||||||
International Paper Co. | 63,000 | 1,573,110 | ||||||
Pipelines — 0.0% | ||||||||
El Paso Corp. | 1,000 | 13,490 | ||||||
Publishing - Newspapers — 0.2% | ||||||||
Gannett Co., Inc.# | 27,000 | 353,970 | ||||||
Retail - Apparel/Shoe — 2.2% | ||||||||
Gap, Inc. | 76,000 | 1,623,360 | ||||||
Limited Brands, Inc.# | 48,000 | 1,616,160 | ||||||
Ross Stores, Inc. | 24,000 | 1,557,120 | ||||||
4,796,640 | ||||||||
Retail - Auto Parts — 0.7% |
| |||||||
Advance Auto Parts, Inc. | 23,000 | 1,517,770 | ||||||
Retail - Computer Equipment — 0.6% |
| |||||||
GameStop Corp., Class A†# | 70,000 | 1,394,400 | ||||||
Retail - Discount — 1.6% |
| |||||||
Dollar Tree, Inc.† | 28,000 | 1,538,600 | ||||||
Family Dollar Stores, Inc. | 8,000 | 401,600 |
51 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Discount (continued) |
| |||||||
Target Corp. | 29,000 | $ | 1,651,260 | |||||
3,591,460 | ||||||||
Retail - Jewelry — 0.3% |
| |||||||
Signet Jewelers, Ltd.† | 16,000 | 637,280 | ||||||
Retail - Major Department Stores — 0.8% |
| |||||||
TJX Cos., Inc. | 37,000 | 1,687,570 | ||||||
Retail - Regional Department Stores — 0.7% |
| |||||||
Macy’s, Inc. | 62,000 | 1,592,160 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
Brinker International, Inc.# | 71,000 | 1,451,240 | ||||||
Schools — 0.8% |
| |||||||
Apollo Group, Inc., Class A† | 6,000 | 204,000 | ||||||
ITT Educational Services, Inc.†# | 25,000 | 1,462,250 | ||||||
1,666,250 | ||||||||
Semiconductor Equipment — 1.1% |
| |||||||
Applied Materials, Inc. | 135,000 | 1,678,050 | ||||||
Lam Research Corp.† | 5,050 | 228,917 | ||||||
Teradyne, Inc.†# | 44,000 | 521,840 | ||||||
2,428,807 | ||||||||
Steel - Producers — 0.7% |
| |||||||
Nucor Corp. | 20,600 | 777,444 | ||||||
United States Steel Corp.# | 13,510 | 656,721 | ||||||
1,434,165 | ||||||||
Telecom Equipment - Fiber Optics — 0.8% |
| |||||||
Corning, Inc. | 100,000 | 1,766,000 | ||||||
Telecom Services — 0.2% |
| |||||||
Amdocs, Ltd.† | 16,000 | 416,000 | ||||||
Telecommunication Equipment — 0.6% |
| |||||||
Tellabs, Inc.# | 197,000 | 1,243,070 | ||||||
Telephone - Integrated — 3.4% |
| |||||||
AT&T, Inc. | 47,330 | 1,315,301 | ||||||
Qwest Communications International, Inc.# | 382,930 | 2,680,510 |
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
Telephone and Data Systems, Inc. | 8,000 | $ | 285,440 | |||||
Verizon Communications, Inc. | 100,870 | 3,228,848 | ||||||
7,510,099 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 18,000 | 303,120 | ||||||
Tobacco — 1.2% |
| |||||||
Philip Morris International, Inc. | 48,000 | 2,730,720 | ||||||
Web Portals/ISP — 0.3% |
| |||||||
Google, Inc., Class A† | 1,000 | 555,710 | ||||||
Wireless Equipment — 1.2% | ||||||||
Motorola, Inc.† | 334,500 | 2,562,270 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $205,210,086) | 220,350,208 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 13.3% |
| |||||||
Collective Investment Pool — 13.3% |
| |||||||
Securities Lending Quality Trust(1) | ||||||||
(cost $29,482,624) | 29,482,624 | 29,397,566 | ||||||
REPURCHASE AGREEMENT — 0.3% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $710,000 and collateralized by $730,000 of United States Treasury Notes, bearing interest at 1.00% due 04/30/12 and having approximate value of $737,008 (cost $710,000) | $ | 710,000 | 710,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $235,402,710)(2) | 113.3 | % | 250,457,774 | |||||
Liabilities in excess of other assets | (13.3 | ) | (29,317,113 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 221,140,661 | ||||
† | 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. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Diversified Manufacturing Operations | $ | 11,492,133 | $ | — | $ | — | $ | 11,492,133 | ||||||||
Medical - Drugs | 12,405,834 | — | — | 12,405,834 | ||||||||||||
Oil Companies - Integrated | 12,462,738 | — | — | 12,462,738 | ||||||||||||
Other Industries* | 183,989,503 | — | — | 183,989,503 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 29,397,566 | — | 29,397,566 | ||||||||||||
Repurchase Agreement | — | 710,000 | — | 710,000 | ||||||||||||
Total | $ | 220,350,208 | $ | 30,107,566 | $ | — | $ | 250,457,774 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
52
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Aerospace/Defense | 7.2 | % | ||
Oil Companies — Integrated | 7.0 | |||
Medical — Drugs | 7.0 | |||
Telephone — Integrated | 6.9 | |||
Tobacco | 6.1 | |||
Electric — Integrated | 4.1 | |||
Food — Misc. | 3.6 | |||
Chemicals — Diversified | 2.8 | |||
Consumer Products — Misc. | 2.4 | |||
Retail — Restaurants | 2.3 | |||
Multimedia | 2.3 | |||
Banks — Commercial | 2.3 | |||
Diversified Banking Institutions | 2.3 | |||
Time Deposits | 2.1 | |||
Diversified Manufacturing Operations | 2.0 | |||
Banks — Super Regional | 1.9 | |||
Electronic Components — Semiconductors | 1.8 | |||
Medical Products | 1.8 | |||
Diversified Minerals | 1.8 | |||
Insurance — Property/Casualty | 1.7 | |||
Applications Software | 1.6 | |||
Machinery — Farming | 1.4 | |||
Machinery — Construction & Mining | 1.4 | |||
Commercial Services — Finance | 1.3 | |||
Cosmetics & Toiletries | 1.2 | |||
Schools | 1.2 | |||
Medical — Outpatient/Home Medical | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Transport — Rail | 1.2 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Computer Services | 1.1 | |||
Data Processing/Management | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Pipelines | 1.0 |
Beverages — Non-alcoholic | 0.9 | |||
Industrial Gases | 0.8 | |||
Retail — Discount | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Computers | 0.6 | |||
Vitamins & Nutrition Products | 0.6 | |||
Beverages — Wine/Spirits | 0.6 | |||
Metal —Diversified | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Transport — Services | 0.5 | |||
Gold Mining | 0.5 | |||
Cellular Telecom | 0.4 | |||
Retail — Building Products | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Containers — Paper/Plastic | 0.4 | |||
Water | 0.4 | |||
Metal — Copper | 0.4 | |||
Toys | 0.4 | |||
Coal | 0.3 | |||
Paper & Related Products | 0.3 | |||
Oil — Field Services | 0.3 | |||
Gas — Distribution | 0.3 | |||
Non-Ferrous Metals | 0.3 | |||
Forestry | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Telecom Services | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Steel — Producers | 0.2 | |||
Electric — Transmission | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
53
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.6% |
| |||||||
Aerospace/Defense — 7.2% |
| |||||||
General Dynamics Corp. | 40,552 | $ | 2,680,082 | |||||
Lockheed Martin Corp. | 23,984 | 1,631,871 | ||||||
Northrop Grumman Corp. | 43,142 | 2,660,998 | ||||||
Raytheon Co. | 67,411 | 3,117,759 | ||||||
Rockwell Collins, Inc. | 4,200 | 235,452 | ||||||
10,326,162 | ||||||||
Aerospace/Defense - Equipment — 1.2% |
| |||||||
United Technologies Corp. | 21,800 | 1,640,886 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
VF Corp. | 11,600 | 961,408 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 89,693 | 2,261,161 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Johnson Controls, Inc. | 9,000 | 327,960 | ||||||
Banks - Commercial — 2.3% |
| |||||||
Bank of Nova Scotia | 21,400 | 1,109,452 | ||||||
National Bank of Canada | 17,400 | 1,149,886 | ||||||
Royal Bank of Canada | 7,400 | 396,113 | ||||||
Toronto-Dominion Bank | 8,800 | 640,273 | ||||||
3,295,724 | ||||||||
Banks - Fiduciary — 0.2% |
| |||||||
The Bank of New York Mellon Corp. | 9,900 | 267,201 | ||||||
Banks - Super Regional — 1.9% |
| |||||||
US Bancorp | 41,500 | 986,870 | ||||||
Wells Fargo & Co. | 63,500 | 1,727,835 | ||||||
2,714,705 | ||||||||
Beverages - Non-alcoholic — 0.9% |
| |||||||
The Coca-Cola Co. | 20,400 | 1,288,668 | ||||||
Beverages - Wine/Spirits — 0.6% |
| |||||||
Diageo PLC(1) | 49,135 | 873,716 | ||||||
Cable/Satellite TV — 0.4% |
| |||||||
Comcast Corp., Special Class A | 32,200 | 610,834 | ||||||
Cellular Telecom — 0.4% |
| |||||||
Rogers Communications, Inc., Class B | 5,000 | 176,757 | ||||||
Vodafone Group PLC ADR | 18,300 | 458,598 | ||||||
635,355 | ||||||||
Chemicals - Diversified — 2.8% |
| |||||||
E.I. du Pont de Nemours & Co. | 71,489 | 3,359,268 | ||||||
Olin Corp. | 22,300 | 407,421 | ||||||
The Dow Chemical Co. | 8,500 | 265,030 | ||||||
4,031,719 | ||||||||
Coal — 0.3% |
| |||||||
CONSOL Energy, Inc. | 4,800 | 201,408 | ||||||
Peabody Energy Corp. | 4,100 | 241,121 | ||||||
442,529 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
H&R Block, Inc. | 146,760 | 1,847,708 | ||||||
Computer Services — 1.1% |
| |||||||
International Business Machines Corp. | 11,400 | 1,612,644 | ||||||
Computers — 0.6% |
| |||||||
Hewlett - Packard Co. | 21,500 | 901,495 | ||||||
Consumer Products - Misc. — 2.4% |
| |||||||
Clorox Co. | 42,374 | 2,619,137 | ||||||
Kimberly - Clark Corp. | 13,300 | 823,137 | ||||||
3,442,274 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Paper/Plastic — 0.4% |
| |||||||
Packaging Corp. of America | 9,800 | $ | 251,370 | |||||
Temple-Inland, Inc. | 14,700 | 308,259 | ||||||
559,629 | ||||||||
Cosmetics & Toiletries — 1.2% |
| |||||||
Avon Products, Inc. | 14,000 | 399,840 | ||||||
The Procter & Gamble Co. | 22,600 | 1,380,182 | ||||||
1,780,022 | ||||||||
Data Processing/Management — 1.1% |
| |||||||
Broadridge Financial Solutions, Inc. | 76,843 | 1,582,197 | ||||||
Diversified Banking Institutions — 2.3% |
| |||||||
Bank of America Corp. | 78,800 | 862,860 | ||||||
JPMorgan Chase & Co. | 63,100 | 2,358,678 | ||||||
3,221,538 | ||||||||
Diversified Manufacturing Operations — 2.0% |
| |||||||
3M Co. | 12,100 | 1,016,158 | ||||||
General Electric Co. | 88,000 | 1,393,040 | ||||||
Honeywell International, Inc. | 9,400 | 467,274 | ||||||
2,876,472 | ||||||||
Diversified Minerals — 1.8% |
| |||||||
BHP Billiton, Ltd.(1) | 61,018 | 2,508,310 | ||||||
Electric - Integrated — 4.1% |
| |||||||
American Electric Power Co., Inc. | 13,500 | 480,600 | ||||||
Consolidated Edison, Inc. | 4,900 | 237,013 | ||||||
Dominion Resources, Inc. | 19,400 | 805,682 | ||||||
Duke Energy Corp. | 21,100 | 370,305 | ||||||
Entergy Corp. | 7,400 | 527,176 | ||||||
Exelon Corp. | 6,700 | 263,779 | ||||||
FirstEnergy Corp. | 4,900 | 172,039 | ||||||
NextEra Energy, Inc. | 11,100 | 561,882 | ||||||
Northeast Utilities | 10,700 | 332,770 | ||||||
PG&E Corp. | 5,600 | 262,808 | ||||||
PPL Corp. | 10,900 | 276,969 | ||||||
Public Service Enterprise Group, Inc. | 20,500 | 632,015 | ||||||
Southern Co. | 16,300 | 614,836 | ||||||
Wisconsin Energy Corp. | 5,500 | 331,210 | ||||||
5,869,084 | ||||||||
Electric - Transmission — 0.1% |
| |||||||
ITC Holdings Corp. | 3,200 | 193,760 | ||||||
Electronic Components - Misc. — 1.1% |
| |||||||
Garmin, Ltd. | 54,171 | 1,568,792 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Intel Corp. | 123,803 | 2,614,719 | ||||||
Food - Misc. — 3.6% |
| |||||||
General Mills, Inc. | 24,800 | 876,184 | ||||||
H.J. Heinz Co. | 14,700 | 709,569 | ||||||
Kraft Foods, Inc., Class A | 76,991 | 2,328,978 | ||||||
Unilever NV | 43,000 | 1,220,340 | ||||||
5,135,071 | ||||||||
Forestry — 0.2% |
| |||||||
Weyerhaeuser Co. | 20,768 | 346,618 | ||||||
Gas - Distribution — 0.3% |
| |||||||
AGL Resources, Inc. | 2,800 | 102,844 | ||||||
Sempra Energy | 6,500 | 325,585 | ||||||
428,429 | ||||||||
54 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMEN STOCK (continued) | ||||||||
Gold Mining — 0.5% |
| |||||||
Barrick Gold Corp. | 13,000 | $ | 670,040 | |||||
Industrial Automated/Robotic — 0.2% |
| |||||||
Rockwell Automation, Inc. | 5,100 | 337,212 | ||||||
Industrial Gases — 0.8% |
| |||||||
Air Products & Chemicals, Inc. | 4,000 | 344,880 | ||||||
Praxair, Inc. | 8,000 | 736,400 | ||||||
1,081,280 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Prudential Financial, Inc. | 14,400 | 729,792 | ||||||
Insurance - Property/Casualty — 1.7% |
| |||||||
Chubb Corp. | 18,000 | 1,026,180 | ||||||
The Travelers Cos., Inc. | 27,100 | 1,463,129 | ||||||
2,489,309 | ||||||||
Machinery - Construction & Mining — 1.4% |
| |||||||
Caterpillar, Inc. | 24,000 | 2,030,400 | ||||||
Machinery - Farming — 1.4% |
| |||||||
Deere & Co. | 27,400 | 2,046,780 | ||||||
Medical Products — 1.8% |
| |||||||
Johnson & Johnson | 41,051 | 2,526,689 | ||||||
Medical - Drugs — 7.0% |
| |||||||
Abbott Laboratories | 15,900 | 739,509 | ||||||
Bristol-Myers Squibb Co. | 88,427 | 2,231,897 | ||||||
Eli Lilly & Co. | 48,263 | 1,624,533 | ||||||
Merck & Co., Inc. | 78,791 | 2,715,926 | ||||||
Pfizer, Inc. | 162,604 | 2,648,819 | ||||||
9,960,684 | ||||||||
Medical - Outpatient/Home Medical — 1.2% |
| |||||||
Lincare Holdings, Inc. | 66,000 | 1,699,500 | ||||||
Metal - Copper — 0.4% |
| |||||||
Southern Copper Corp. | 12,400 | 519,932 | ||||||
Metal - Diversified — 0.6% |
| |||||||
Rio Tinto, Ltd.(1) | 10,948 | 859,542 | ||||||
Multimedia — 2.3% |
| |||||||
Meredith Corp. | 49,954 | 1,679,453 | ||||||
The McGraw - Hill Cos., Inc. | 47,036 | 1,622,272 | ||||||
3,301,725 | ||||||||
Non - Ferrous Metals — 0.3% |
| |||||||
Cameco Corp. | 9,700 | 351,130 | ||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
EQT Corp. | 14,400 | 582,768 | ||||||
Occidental Petroleum Corp. | 12,400 | 1,093,308 | ||||||
1,676,076 | ||||||||
Oil Companies - Integrated — 7.0% |
| |||||||
Chevron Corp. | 53,571 | 4,337,644 | ||||||
ConocoPhillips | 15,600 | 938,652 | ||||||
Exxon Mobil Corp. | 30,700 | 2,135,492 | ||||||
Marathon Oil Corp. | 23,700 | 793,239 | ||||||
Murphy Oil Corp. | 2,100 | 141,792 | ||||||
Total SA ADR | 35,300 | 1,721,581 | ||||||
10,068,400 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil-Field Services — 0.3% |
| |||||||
Schlumberger, Ltd. | 5,600 | $ | 433,104 | |||||
Paper & Related Products — 0.3% |
| |||||||
MeadWestvaco Corp. | 17,600 | 437,184 | ||||||
Pipelines — 1.0% |
| |||||||
Enbridge, Inc. | 18,700 | 1,040,883 | ||||||
Spectra Energy Corp. | 18,400 | 437,368 | ||||||
1,478,251 | ||||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Limited Brands, Inc. | 22,300 | 750,841 | ||||||
Retail - Building Products — 0.4% |
| |||||||
Home Depot, Inc. | 20,800 | 628,368 | ||||||
Retail - Discount — 0.7% |
| |||||||
Wal-Mart Stores, Inc. | 17,800 | 962,802 | ||||||
Retail - Restaurants — 2.3% |
| |||||||
McDonald’s Corp. | 42,597 | 3,335,345 | ||||||
Schools — 1.2% |
| |||||||
Strayer Education, Inc. | 12,985 | 1,764,272 | ||||||
Steel - Producers — 0.2% |
| |||||||
BlueScope Steel, Ltd.(1) | 140,369 | 258,866 | ||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 9,700 | 328,636 | ||||||
Telephone - Integrated — 6.9% |
| |||||||
AT&T, Inc. | 114,224 | 3,174,285 | ||||||
CenturyLink, Inc. | 51,291 | 2,205,000 | ||||||
Frontier Communications Corp. | 6,817 | 62,035 | ||||||
Qwest Communications International, Inc. | 192,800 | 1,349,600 | ||||||
Verizon Communications, Inc. | 84,589 | 2,707,694 | ||||||
Windstream Corp. | 27,900 | 363,816 | ||||||
9,862,430 | ||||||||
Tobacco — 6.1% |
| |||||||
Altria Group, Inc. | 82,200 | 1,972,800 | ||||||
Lorillard, Inc. | 24,105 | 1,918,276 | ||||||
Philip Morris International, Inc. | 56,277 | 3,201,599 | ||||||
Reynolds American, Inc. | 51,946 | 1,607,209 | ||||||
8,699,884 | ||||||||
Toys — 0.4% |
| |||||||
Mattel, Inc. | 20,000 | 516,800 | ||||||
Transport - Rail — 1.2% |
| |||||||
Canadian National Railway Co. | 16,500 | 1,055,175 | ||||||
Union Pacific Corp. | 6,500 | 585,715 | ||||||
1,640,890 | ||||||||
Transport - Services — 0.5% |
| |||||||
United Parcel Service, Inc., Class B | 10,400 | 729,352 | ||||||
Vitamins & Nutrition Products — 0.6% | ||||||||
Mead Johnson Nutrition Co. | 14,700 | 875,679 | ||||||
Water — 0.4% |
| |||||||
American Water Works Co., Inc. | 22,200 | 544,122 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $130,233,814) | 139,762,107 | |||||||
55 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES — 2.1% | ||||||||
Time Deposits — 2.1% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 3,049,000 | $ | 3,049,000 | ||||
REPURCHASE AGREEMENT — 0.2% | ||||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(2) | 278,000 | 278,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $133,560,814)(3) | 99.9 | % | 143,089,107 | |||||
Other assets less liabilities | 0.1 | 84,557 | ||||||
NET ASSETS — | 100.0 | % | $ | 143,173,664 | ||||
(1) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $4,500,434 representing 3.1% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | See Note 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Aerospace/Defense | $ | 10,326,162 | $ | — | $ | — | $ | 10,326,162 | ||||||||
Medical Drugs | 9,960,684 | — | — | 9,960,684 | ||||||||||||
Oil Companies - Integrated | 10,068,400 | — | — | 10,068,400 | ||||||||||||
Telephone - Integrated | 9,862,430 | — | — | 9,862,430 | ||||||||||||
Tobacco | 8,699,884 | — | — | 8,699,884 | ||||||||||||
Other Industries* | 86,344,113 | 4,500,434 | # | — | 90,844,547 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 3,049,000 | — | 3,049,000 | ||||||||||||
Repurchase Agreement | — | 278,000 | — | 278,000 | ||||||||||||
Total | $ | 135,261,673 | $ | 7,827,434 | $ | — | $ | 143,089,107 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $4,500,434 representing 3.1% of net assets; see Note 2. |
See Notes to Financial Statements
56
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Medical — Drugs | 9.5 | % | ||
Oil Companies-Integrated | 5.9 | |||
Insurance — Multi-line | 5.5 | |||
Telecom Services | 5.3 | |||
Telephone — Integrated | 5.2 | |||
Cellular Telecom | 5.0 | |||
Electric — Integrated | 3.1 | |||
Semiconductor Components — Integrated Circuits | 3.1 | |||
Insurance — Reinsurance | 3.1 | |||
Collective Investment Pool | 2.7 | |||
Multimedia | 2.6 | |||
Human Resources | 2.5 | |||
Diversified Banking Institutions | 2.4 | |||
Oil Companies — Exploration & Production | 2.3 | |||
Electronic Components — Semiconductors | 2.3 | |||
Diversified Financial Services | 2.3 | |||
U.S. Government Agencies | 2.2 | |||
Insurance — Life/Health | 1.9 | |||
Toys | 1.8 | |||
Diversified Manufacturing Operations | 1.8 | |||
Retail — Building Products | 1.7 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Diversified Operations/Commercial Services | 1.6 | |||
Enterprise Software/Service | 1.6 | |||
Electronic Components — Misc. | 1.4 | |||
Computers | 1.4 | |||
Insurance — Property/Casualty | 1.2 | |||
Food — Misc. | 1.1 | |||
Retail — Restaurants | 1.0 | |||
Wireless Equipment | 1.0 | |||
Retail — Automobile | 1.0 | |||
Banks — Commercial | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Real Estate Operations & Development | 0.9 | |||
Publishing — Books | 0.8 | |||
Diversified Minerals | 0.8 | |||
Building — Heavy Construction | 0.8 | |||
Food — Retail | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Diversified Operations | 0.8 | |||
Building Products — Air & Heating | 0.8 | |||
Building & Construction — Misc. | 0.7 | |||
Building Products — Cement | 0.7 | |||
Computers — Periphery Equipment | 0.6 | |||
Containers — Metal/Glass | 0.6 | |||
Food — Wholesale/Distribution | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Transport — Services | 0.5 | |||
Applications Software | 0.5 | |||
Security Services | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Oil Refining & Marketing | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Athletic Footwear | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Medical — Biomedical/Gene | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Time Deposits | 0.1 | |||
Internet Security | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
101.9% | ||||
Country Allocation*
United Kingdom | 20.4 | % | ||
France | 10.6 | |||
Germany | 8.0 | |||
Switzerland | 8.0 | |||
Japan | 5.5 | |||
Taiwan | 5.1 | |||
United States | 5.0 | |||
Netherlands | 4.7 | |||
Norway | 4.7 | |||
South Korea | 4.6 | |||
Singapore | 4.0 | |||
Spain | 3.1 | |||
Australia | 2.9 | |||
Hong Kong | 2.3 | |||
Canada | 1.7 | |||
Italy | 1.7 | |||
China | 1.4 | |||
Bermuda | 1.4 | |||
Sweden | 1.3 | |||
Russia | 1.2 | |||
Ireland | 1.0 | |||
Austria | 0.9 | |||
Brazil | 0.8 | |||
Jersey | 0.6 | |||
Turkey | 0.6 | |||
India | 0.4 | |||
101.9% | ||||
* | Calculated as a percentage of net assets |
57
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.1% | ||||||||
Australia — 2.9% | ||||||||
Billabong International, Ltd.#(1) | 871,720 | $ | 7,036,450 | |||||
Brambles, Ltd.(1) | 2,286,184 | 14,892,148 | ||||||
Downer EDI, Ltd.(1) | 941,308 | 4,210,630 | ||||||
26,139,228 | ||||||||
Austria — 0.9% | ||||||||
Telekom Austria AG(1) | 601,270 | 8,358,397 | ||||||
Bermuda — 1.4% | ||||||||
Invesco, Ltd. | 155,154 | 3,373,048 | ||||||
PartnerRe, Ltd.# | 71,130 | 5,512,575 | ||||||
Yue Yuen Industrial Holdings, Ltd.(1) | 1,002,172 | 3,586,170 | ||||||
12,471,793 | ||||||||
Canada — 1.7% | ||||||||
Talisman Energy, Inc. | 534,640 | 10,265,213 | ||||||
Valeant Pharmaceuticals International, Inc. | 218,030 | 5,651,725 | ||||||
15,916,938 | ||||||||
China — 1.4% | ||||||||
China Telecom Corp., Ltd.(1) | 23,869,823 | 11,963,005 | ||||||
Shanghai Electric Group Co., Ltd.(1) | 880,968 | 599,845 | ||||||
12,562,850 | ||||||||
France — 10.6% | ||||||||
AXA SA(1) | 891,082 | 12,795,976 | ||||||
BNP Paribas(1) | 67,290 | 3,977,553 | ||||||
France Telecom SA(1) | 1,116,855 | 22,601,244 | ||||||
GDF Suez#(1) | 172,090 | 5,702,661 | ||||||
Sanofi-Aventis SA(1) | 463,910 | 28,029,986 | ||||||
Total SA(1) | 279,300 | 13,517,036 | ||||||
Vivendi SA(1) | 404,500 | 9,866,181 | ||||||
96,490,637 | ||||||||
Germany — 8.0% | ||||||||
Celesio AG(1) | 217,330 | 5,114,869 | ||||||
Deutsche Post AG(1) | 288,380 | 4,627,568 | ||||||
E.ON AG(1) | 445,220 | 12,772,311 | ||||||
Merck KGaA(1) | 142,680 | 11,136,119 | ||||||
Muenchener Rueckversicherungs AG(1) | 64,090 | 8,900,687 | ||||||
SAP AG(1) | 313,440 | 14,622,817 | ||||||
Siemens AG(1) | 147,695 | 16,156,507 | ||||||
73,330,878 | ||||||||
Hong Kong — 2.3% | ||||||||
Cheung Kong Holdings, Ltd.(1) | 564,488 | 8,315,010 | ||||||
China Mobile, Ltd.(1) | 598,000 | 5,958,912 | ||||||
Hutchison Whampoa, Ltd.(1) | 700,341 | 6,972,863 | ||||||
21,246,785 | ||||||||
India — 0.4% | ||||||||
Reliance Industries, Ltd. GDR*(1) | 94,320 | 4,095,499 | ||||||
Ireland — 1.0% | ||||||||
CRH PLC(1) | 352,760 | 6,125,844 | ||||||
Elan Corp. PLC ADR†# | 579,430 | 2,984,065 | ||||||
9,109,909 | ||||||||
Italy — 1.7% | ||||||||
Autogrill SpA†(1) | 730,314 | 9,331,643 | ||||||
UniCredit SpA(1) | 3,376,754 | 6,528,365 | ||||||
15,860,008 | ||||||||
Japan — 5.5% | ||||||||
Nintendo Co., Ltd.(1) | 60,996 | $ | 16,567,425 | |||||
NKSJ Holdings, Inc.†(1) | 1,593,000 | 10,660,308 | ||||||
Toyota Motor Corp.(1) | 320,900 | 12,438,839 |
Security Description | Shares | Value (Note 2) | ||||||
Trend Micro, Inc.(1) | 42,600 | 1,315,962 | ||||||
USS Co., Ltd.(1) | 124,250 | 8,951,438 | ||||||
49,933,972 | ||||||||
Jersey — 0.6% | ||||||||
Informa PLC(1) | 943,060 | 5,796,950 | ||||||
Netherlands — 4.7% | ||||||||
ING Groep NV CVA†(1) | 3,172,164 | 28,037,716 | ||||||
Koninklijke Philips Electronics NV(1) | 111,750 | 3,014,779 | ||||||
Randstad Holding NV†(1) | 93,820 | 4,290,693 | ||||||
Reed Elsevier NV(1) | 654,324 | 7,651,357 | ||||||
42,994,545 | ||||||||
Norway — 4.7% | ||||||||
Aker Solutions ASA#(1) | 490,840 | 7,253,798 | ||||||
Statoil ASA#(1) | 892,330 | 17,672,618 | ||||||
Telenor ASA(1) | 1,244,458 | 17,876,896 | ||||||
42,803,312 | ||||||||
Russia — 1.2% | ||||||||
Gazprom OAO ADR (OTC US)# | 383,700 | 8,464,422 | ||||||
Gazprom OAO ADR (London)(1) | 126,800 | 2,817,223 | ||||||
11,281,645 | ||||||||
Singapore — 4.0% | ||||||||
Flextronics International, Ltd.† | 1,326,280 | 9,615,530 | ||||||
Singapore Telecommunications, Ltd.(1) | 5,864,999 | 13,754,179 | ||||||
Singapore Telecommunications, Ltd. - 10(1) | 1,931,000 | 4,516,719 | ||||||
United Overseas Bank, Ltd.(1) | 620,387 | 8,684,611 | ||||||
36,571,039 | ||||||||
South Korea — 4.6% | ||||||||
KB Financial Group, Inc.(1) | 449,203 | 20,852,876 | ||||||
Samsung Electronics Co., Ltd.(1) | 29,787 | 21,184,577 | ||||||
42,037,453 | ||||||||
Spain — 3.1% | ||||||||
Gamesa Corp. Tecnologica SA†#(1) | 317,442 | 2,115,832 | ||||||
Iberdrola SA#(1) | 1,431,933 | 9,852,716 | ||||||
Telefonica SA(1) | 770,656 | 16,400,597 | ||||||
Telefonica SA ADR | 279 | 17,856 | ||||||
28,387,001 | ||||||||
Sweden — 1.3% | ||||||||
Niscayah Group AB(1) | 1,261,925 | 2,270,580 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 905,170 | 9,331,514 | ||||||
11,602,094 | ||||||||
Switzerland — 8.0% | ||||||||
ACE, Ltd. | 158,910 | 9,299,413 | ||||||
Adecco SA(1) | 127,930 | 7,295,450 | ||||||
Basilea Pharmaceutica AG†(1) | 33,210 | 2,168,782 | ||||||
Lonza Group AG(1) | 43,330 | 3,341,812 | ||||||
Nestle SA(1) | 192,850 | 10,477,695 | ||||||
Novartis AG(1) | 98,620 | 5,248,198 | ||||||
Roche Holding AG(1) | 131,100 | 17,992,788 | ||||||
Swiss Reinsurance Co., Ltd.(1) | 294,940 | 13,612,629 | ||||||
UBS AG†(1) | 212,579 | 3,180,208 | ||||||
72,616,975 | ||||||||
COMMON STOCK (continued) | ||||||||
Taiwan — 5.1% | ||||||||
Compal Electronics, Inc.(1) | 10,137,528 | $ | 12,540,516 | |||||
Lite-On Technology Corp.(1) | 4,336,095 | 5,617,586 | ||||||
Siliconware Precision Industries Co.(1) | 6,543,000 | 6,770,911 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 10,327,862 | 21,443,206 | ||||||
46,372,219 | ||||||||
58 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares |
Value | ||||||
Turkey — 0.6% | ||||||||
Turkcell Iletisim Hizmet AS ADR | 303,040 | 5,163,802 | ||||||
United Kingdom — 20.4% | ||||||||
Aviva PLC(1) | 3,091,298 | 17,030,655 | ||||||
BAE Systems PLC(1) | 1,618,250 | 8,321,200 | ||||||
BP PLC(1) | 1,509,312 | 10,034,540 | ||||||
BP PLC ADR | 180 | 7,200 | ||||||
Carillion PLC(1) | 1,256,480 | 6,501,098 | ||||||
G4S PLC(1) | 1,192,930 | 4,412,322 | ||||||
GlaxoSmithKline PLC(1) | 812,341 | 15,383,419 | ||||||
Hays PLC(1) | 6,300,480 | 10,595,256 | ||||||
HSBC Holdings PLC(1) | 810,775 | 8,169,884 | ||||||
Kingfisher PLC(1) | 4,296,585 | 15,691,667 | ||||||
Marks & Spencer Group PLC(1) | 678,710 | 3,932,535 | ||||||
Pearson PLC(1) | 603,877 | 8,692,439 | ||||||
Premier Foods PLC†(1) | 20,777,609 | 5,243,066 | ||||||
Rexam PLC(1) | 1,196,170 | 5,606,523 | ||||||
Royal Dutch Shell PLC, Class A(1) | 167,235 | 5,032,501 | ||||||
Royal Dutch Shell PLC, Class B(1) | 268,205 | 7,954,019 | ||||||
SIG PLC†(1) | 4,032,874 | 6,961,254 | ||||||
Tesco PLC(1) | 1,115,350 | 7,185,907 | ||||||
The Sage Group PLC(1) | 1,150,510 | 4,611,149 | ||||||
Vodafone Group PLC(1) | 13,909,547 | 34,758,863 | ||||||
186,125,497 | ||||||||
Total Common Stock | ||||||||
(cost $915,178,038) | 877,269,426 | |||||||
PREFERRED STOCK — 0.8% | ||||||||
Brazil — 0.8% | ||||||||
Vale SA ADR | ||||||||
(cost $3,582,029) | 263,264 | 7,474,065 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $918,760,067) | 884,743,491 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.0% | ||||||||
Collective Investment Pool — 2.7% | ||||||||
Securities Lending Quality Trust(3) | 24,517,348 | $ | 24,446,616 | |||||
Time Deposits — 0.1% | ||||||||
Euro Time Deposit with State Street | $ | 1,349,000 | 1,349,000 | |||||
U.S. Government Agencies — 2.2% | ||||||||
Federal Home Loan Bank | 19,900,000 | 19,900,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $45,766,348) | 45,695,616 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $964,526,415)(2) | 101.9 | % | 930,439,107 | |||||
Liabilities in excess of other assets | (1.9 | ) | (17,514,892 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 912,924,215 | ||||
† | 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, 2010, the aggregate value of these securities was $4,095,499 representing 0.4% 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, 2010. The aggregate value of these securities was $816,914,577 representing 89.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | See Note 5 for cost of investments on a tax basis. |
(3) | The security is purchased with cash collateral received from securities loaned (see Note 2). |
ADR | — American Depository Receipt |
CVA | — Certification Van Aandelen (Dutch Cert.) |
GDR | — Global Depository Receipt |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
France | $ | — | $ | 96,490,637 | # | $ | — | $ | 96,490,637 | |||||||
Germany | — | 73,330,878 | # | — | 73,330,878 | |||||||||||
Japan | — | 49,933,972 | # | — | 49,933,972 | |||||||||||
Switzerland | 9,299,413 | 63,317,562 | # | — | 72,616,975 | |||||||||||
Taiwan | — | 46,372,219 | # | — | 46,372,219 | |||||||||||
United Kingdom | 7,200 | 186,118,297 | # | — | 186,125,497 | |||||||||||
Other Countries* | 51,048,236 | 301,351,012 | # | — | 352,399,248 | |||||||||||
Preferred Stock | 7,474,065 | — | — | 7,474,065 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 24,446,616 | — | | 24,446,616 | | ||||||||||
Time Deposit | — | 1,349,000 | — | 1,349,000 | ||||||||||||
U.S. Government Agencies | — | 19,900,000 | — | 19,900,000 | ||||||||||||
Total | $ | 67,828,914 | $ | 862,610,193 | $ | — | $ | 930,439,107 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $816,914,577 representing 89.5% of net assets; see Note 2. |
See Notes to Financial Statements
59
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 8.2 | % | ||
Banks — Commercial | 4.6 | |||
Coal | 3.2 | |||
Auto — Cars/Light Trucks | 3.3 | |||
Medical — Drugs | 3.2 | |||
Oil Companies — Integrated | 3.1 | |||
Diversified Banking Institutions | 3.1 | |||
Telephone — Integrated | 2.9 | |||
Agricultural Chemicals | 2.9 | |||
Electric — Integrated | 2.8 | |||
Oil Companies — Exploration & Production | 2.7 | |||
Airlines | 2.1 | |||
Medical Products | 2.1 | |||
Banks — Super Regional | 1.8 | |||
Import/Export | 1.7 | |||
Chemicals — Diversified | 1.6 | |||
Machinery — Construction & Mining | 1.6 | |||
Computers | 1.6 | |||
Transport — Services | 1.7 | |||
Time Deposits | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Brewery | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Multimedia | 1.4 | |||
Food — Misc. | 1.4 | |||
Cellular Telecom | 1.3 | |||
Computer Services | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Pipelines | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Cosmetics & Toiletries | 1.2 | |||
Real Estate Operations & Development | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Finance — Other Services | 1.1 | |||
Real Estate Investment Trusts | 1.2 | |||
Metal — Copper | 1.1 | |||
Diversified Operations | 1.1 | |||
Diversified Minerals | 1.1 | |||
Human Resources | 1.0 | |||
Gold Mining | 1.0 | |||
Containers — Paper/Plastic | 1.0 | |||
Investment Management/Advisor Services | 0.9 | |||
Web Portals/ISP | 0.8 | |||
Tobacco | 0.8 | |||
Computers — Memory Devices | 0.8 | |||
Office Automation & Equipment | 0.7 | |||
Applications Software | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Medical — HMO | 0.7 | |||
Networking Products | 0.7 | |||
Broadcast Services/Program | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Paper & Related Products | 0.6 | |||
Athletic Footwear | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Transport — Truck | 0.6 | |||
Rubber — Tires | 0.6 | |||
Food — Retail | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
E — Commerce/Services | 0.5 | |||
Tools — Hand Held | 0.5 | |||
Retail — Regional Department Stores | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Hotels/Motels | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Non — Ferrous Metals | 0.5 | |||
Retail — Discount | 0.4 |
Aerospace/Defense — Equipment | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Transactional Software | 0.4 | |||
Agricultural Operations | 0.4 | |||
Dialysis Centers | 0.4 | |||
Food — Confectionery | 0.4 | |||
Telecom Services | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Instruments — Scientific | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Gambling (Non-Hotel) | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Medical Instruments | 0.3 | |||
Wireless Equipment | 0.3 | |||
Retail — Major Department Stores | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
105.8 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 51.7 | % | ||
United Kingdom | 8.0 | |||
Japan | 7.7 | |||
Germany | 6.7 | |||
Canada | 4.1 | |||
Switzerland | 2.4 | |||
South Korea | 2.2 | |||
Hong Kong | 2.1 | |||
Brazil | 1.8 | |||
Ireland | 1.0 | |||
Spain | 1.4 | |||
Netherlands | 1.3 | |||
Mexico | 1.2 | |||
Norway | 1.2 | |||
Thailand | 1.1 | |||
Sweden | 1.1 | |||
South Africa | 1.1 | |||
France | 1.0 | |||
Malaysia | 1.0 | |||
China | 0.9 | |||
Indonesia | 0.9 | |||
Cayman Islands | 0.8 | |||
Denmark | 0.8 | |||
Bermuda | 0.8 | |||
Belgium | 0.7 | |||
Finland | 0.7 | |||
Jersey | 0.5 | |||
Italy | 0.3 | |||
Gibraltar | 0.3 | |||
Austria | 0.3 | |||
Singapore | 0.3 | |||
Taiwan | 0.2 | |||
British Virgin Islands | 0.1 | |||
Bahamas | 0.1 | |||
105.8 | % | |||
* | Calculated as a percentage of net assets |
60
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.1% |
| |||||||
Austria — 0.3% |
| |||||||
Erste Group Bank AG(1) | 17,300 | $ | 677,964 | |||||
Bahamas — 0.1% |
| |||||||
Petrominerales, Ltd. | 4,600 | 135,327 | ||||||
Belgium — 0.7% |
| |||||||
Anheuser - Busch InBev NV(1) | 28,800 | 1,577,468 | ||||||
Bermuda — 0.8% |
| |||||||
Bunge, Ltd. | 16,200 | 985,284 | ||||||
VimpelCom, Ltd. ADR | 57,600 | 902,592 | ||||||
1,887,876 | ||||||||
Brazil — 1.8% |
| |||||||
Banco Bradesco SA | 43,900 | 859,514 | ||||||
Banco Santander Brasil SA ADR | 39,300 | 512,865 | ||||||
BM&FBOVESPA SA | 183,500 | 1,396,638 | ||||||
Cia de Concessoes Rodoviarias | 26,700 | 727,998 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 130,200 | 788,976 | ||||||
4,285,991 | ||||||||
British Virgin Islands — 0.1% |
| |||||||
Mail.ru Group, Ltd. GDR*† | 4,900 | 200,900 | ||||||
Canada — 4.1% |
| |||||||
Agrium, Inc. | 24,000 | 1,925,520 | ||||||
Barrick Gold Corp. | 21,700 | 1,118,452 | ||||||
Canadian Natural Resources, Ltd. | 29,700 | 1,142,519 | ||||||
Enbridge, Inc. | 18,800 | 1,046,449 | ||||||
Pacific Rubiales Energy Corp. | 34,900 | 1,087,916 | ||||||
The Toronto - Dominion Bank | 12,900 | 938,581 | ||||||
TransCanada Corp. | 52,300 | 1,844,294 | ||||||
Viterra, Inc.† | 80,200 | 715,632 | ||||||
9,819,363 | ||||||||
Cayman Islands — 0.8% |
| |||||||
Longtop Financial Technologies, Ltd. ADR† | 25,000 | 989,000 | ||||||
Want Want China Holdings, Ltd.(1) | 1,129,500 | 965,506 | ||||||
1,954,506 | ||||||||
China — 0.9% |
| |||||||
China Construction Bank Corp.(1) | 1,347,100 | 1,214,876 | ||||||
China Merchants Bank Co., Ltd.(1) | 415,400 | 1,067,557 | ||||||
2,282,433 | ||||||||
Denmark — 0.8% |
| |||||||
Carlsberg A/S(1) | 11,300 | 1,067,744 | ||||||
Pandora A/S† | 16,400 | 856,822 | ||||||
1,924,566 | ||||||||
Finland — 0.7% |
| |||||||
Fortum Oyj(1) | 35,700 | 941,650 | ||||||
Nokia Oyj ADR# | 67,600 | 623,948 | ||||||
1,565,598 | ||||||||
France — 1.0% |
| |||||||
BNP Paribas(1) | 16,520 | 976,507 | ||||||
PPR(1) | 3,800 | 603,512 | ||||||
Unibail - Rodamco SE(1) | 5,400 | 938,304 | ||||||
2,518,323 | ||||||||
Germany — 5.8% |
| |||||||
Bayer AG(1) | 6,400 | 464,739 | ||||||
Bayerische Motoren Werke AG(1) | 17,700 | 1,331,229 | ||||||
Deutsche Boerse AG(1) | 9,700 | 586,724 | ||||||
Deutsche Lufthansa AG†(1) | 92,500 | 1,968,485 | ||||||
Deutsche Post AG(1) | 88,800 | 1,424,953 | ||||||
Deutsche Telekom AG(1) | 92,300 | 1,182,402 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Fresenius Medical Care AG & Co. KGaA(1) | 16,900 | $ | 975,448 | |||||
Kabel Deutschland Holding AG†(1) | 29,800 | 1,387,858 | ||||||
Merck KGaA(1) | 6,100 | 476,103 | ||||||
Metro AG(1) | 18,100 | 1,298,308 | ||||||
SAP AG ADR# | 31,200 | 1,464,216 | ||||||
Siemens AG(1) | 12,700 | 1,389,266 | ||||||
13,949,731 | ||||||||
Gibraltar — 0.3% |
| |||||||
PartyGaming PLC†#(1) | 201,700 | 734,713 | ||||||
Hong Kong — 2.1% |
| |||||||
Cheung Kong Holdings, Ltd.(1) | 100,000 | 1,473,018 | ||||||
China Resources Enterprise, Ltd.(1) | 205,500 | 861,816 | ||||||
CNOOC, Ltd. ADR# | 5,800 | 1,248,740 | ||||||
Hong Kong Exchanges and Clearing, Ltd.(1) | 33,700 | 766,027 | ||||||
Wing Hang Bank, Ltd.(1) | 55,800 | 730,294 | ||||||
5,079,895 | ||||||||
Indonesia — 0.9% |
| |||||||
Adaro Energy Tbk PT(1) | 5,234,400 | 1,344,775 | ||||||
Bank Mandiri Tbk PT(1) | 1,173,400 | 831,108 | ||||||
2,175,883 | ||||||||
Ireland — 1.0% |
| |||||||
Accenture PLC, Class A | 22,400 | 970,368 | ||||||
Covidien PLC | 34,100 | 1,434,587 | ||||||
2,404,955 | ||||||||
Italy — 0.3% |
| |||||||
Intesa Sanpaolo SpA(1) | 292,100 | 759,364 | ||||||
Japan — 7.7% |
| |||||||
Bridgestone Corp.(1) | 79,300 | 1,461,230 | ||||||
Canon, Inc.(1) | 37,000 | 1,740,590 | ||||||
Honda Motor Co., Ltd.(1) | 61,800 | 2,237,113 | ||||||
ITOCHU Corp.(1) | 268,200 | 2,487,078 | ||||||
Japan Tobacco, Inc.(1) | 550 | 1,863,059 | ||||||
JTEKT Corp.(1) | 133,300 | 1,476,674 | ||||||
Komatsu, Ltd.(1) | 97,600 | 2,703,545 | ||||||
Marubeni Corp.(1) | 262,600 | 1,703,981 | ||||||
Nomura Holdings, Inc.(1) | 74,100 | 426,803 | ||||||
Sumitomo Heavy Industries, Ltd.(1) | 213,800 | 1,313,260 | ||||||
Tokio Marine Holdings, Inc.(1) | 40,600 | 1,146,026 | ||||||
18,559,359 | ||||||||
Jersey — 0.5% |
| |||||||
WPP PLC(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 112,600 | 1,245,177 | ||||||
Malaysia — 1.0% |
| |||||||
CIMB Group Holdings Berhad(1) | 413,000 | 1,099,469 | ||||||
Tenaga Nasional Bhd(1) | 526,000 | 1,410,119 | ||||||
2,509,588 | ||||||||
Mexico — 1.2% |
| |||||||
Fomento Economico Mexicano SAB de CV ADR | 18,300 | 1,034,865 | ||||||
Grupo Mexico SA de CV, Class B | 328,100 | 1,114,560 | ||||||
Grupo Modelo SAB de CV# | 132,600 | 778,532 | ||||||
2,927,957 | ||||||||
Netherlands — 1.3% |
| |||||||
Aegon NV†(1) | 96,600 | 530,254 | ||||||
Corio NV(1) | 10,300 | 592,914 | ||||||
ING Groep NV†(1) | 45,600 | 403,044 | ||||||
LyondellBasell Industries NV, Class A† | 51,800 | 1,513,078 | ||||||
3,039,290 | ||||||||
61 |
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Norway — 1.2% |
| |||||||
Yara International ASA(1) | 59,100 | $ | 2,810,525 | |||||
Singapore — 0.3% |
| |||||||
CapitaLand, Ltd.#(1) | 222,400 | 607,548 | ||||||
South Africa — 1.1% |
| |||||||
Bidvest Group, Ltd.(1) | 78,100 | 1,660,038 | ||||||
Naspers, Ltd.(1) | 18,200 | 907,866 | ||||||
2,567,904 | ||||||||
South Korea — 2.2% |
| |||||||
Hyundai Engineering & Construction Co. Ltd.(1) | 18,900 | 1,028,778 | ||||||
Kia Motors Corp.(1) | 27,700 | 1,167,570 | ||||||
KT Corp. ADR# | 40,200 | 817,668 | ||||||
LG Display Co., Ltd.(1) | 29,500 | 1,003,515 | ||||||
Samsung Electronics Co., Ltd.(1) | 1,700 | 1,209,043 | ||||||
5,226,574 | ||||||||
Spain — 1.4% |
| |||||||
Banco Santander SA(1) | 76,100 | 721,355 | ||||||
Inditex SA#(1) | 11,700 | 881,483 | ||||||
Telefonica SA#(1) | 84,200 | 1,791,889 | ||||||
3,394,727 | ||||||||
Sweden — 1.1% |
| |||||||
Nordea Bank AB(1) | 116,300 | 1,157,635 | ||||||
Svenska Cellulosa AB, Class B(1) | 106,400 | 1,550,265 | ||||||
2,707,900 | ||||||||
Switzerland — 2.4% |
| |||||||
ACE, Ltd. | 12,100 | 708,092 | ||||||
Adecco SA(1) | 21,900 | 1,248,889 | ||||||
Nestle SA(1) | 40,800 | 2,216,697 | ||||||
Novartis AG(1) | 21,300 | 1,133,508 | ||||||
Roche Holding AG(1) | 4,100 | 562,704 | ||||||
5,869,890 | ||||||||
Taiwan — 0.2% |
| |||||||
Siliconware Precision Industries Co. ADR# | 104,400 | 536,616 | ||||||
Thailand — 1.1% |
| |||||||
Bangkok Bank Public Co., Ltd.(1) | 137,600 | 668,991 | ||||||
Banpu PCL(1) | 81,900 | 2,058,607 | ||||||
2,727,598 | ||||||||
United Kingdom — 8.0% |
| |||||||
Afren PLC†(1) | 662,100 | 1,293,642 | ||||||
Barclays PLC(1) | 298,600 | 1,199,855 | ||||||
GlaxoSmithKline PLC(1) | 58,700 | 1,111,611 | ||||||
HSBC Holdings PLC(1) | 168,600 | 1,698,499 | ||||||
Intercontinental Hotels Group PLC(1) | 64,700 | 1,146,894 | ||||||
Invensys PLC(1) | 402,500 | 2,013,761 | ||||||
Kazakhmys PLC(1) | 78,400 | 1,687,692 | ||||||
Royal Dutch Shell PLC, Class A | 118,800 | 3,576,864 | ||||||
Tullow Oil PLC(1) | 71,000 | 1,265,668 | ||||||
Vodafone Group PLC ADR | 70,800 | 1,774,248 | ||||||
Xstrata PLC(1) | 125,400 | 2,515,760 | ||||||
19,284,494 | ||||||||
United States — 41.9% |
| |||||||
Abbott Laboratories | 25,000 | 1,162,750 | ||||||
Aetna, Inc. | 9,400 | 278,428 | ||||||
Allergan, Inc. | 18,100 | 1,199,487 | ||||||
American Electric Power Co., Inc. | 49,500 | 1,762,200 | ||||||
Ameriprise Financial, Inc. | 17,100 | 886,464 | ||||||
AMR Corp.†# | 126,600 | 1,083,696 | ||||||
Apple, Inc.† | 9,600 | 2,987,040 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Applied Materials, Inc. | 69,700 | $ | 866,371 | |||||
Arch Coal, Inc. | 73,300 | 2,140,360 | ||||||
AT&T, Inc. | 68,800 | 1,911,952 | ||||||
Avon Products, Inc. | 37,400 | 1,068,144 | ||||||
Baxter International, Inc. | 29,200 | 1,417,660 | ||||||
Bemis Co., Inc. | 39,800 | 1,250,516 | ||||||
Boston Scientific Corp.†# | 97,700 | 627,234 | ||||||
Celgene Corp.† | 8,200 | 486,916 | ||||||
Cisco Systems, Inc.† | 83,400 | 1,597,944 | ||||||
Citigroup, Inc.† | 220,700 | 926,940 | ||||||
Colgate - Palmolive Co. | 23,600 | 1,806,580 | ||||||
Comerica, Inc.# | 30,700 | 1,120,243 | ||||||
ConAgra Foods, Inc. | 54,000 | 1,159,920 | ||||||
ConocoPhillips | 46,100 | 2,773,837 | ||||||
Corning, Inc. | 65,100 | 1,149,666 | ||||||
CVS Caremark Corp. | 25,200 | 781,200 | ||||||
Darden Restaurants, Inc. | 27,100 | 1,326,545 | ||||||
Delta Air Lines, Inc.†# | 78,100 | 1,068,408 | ||||||
eBay, Inc.† | 44,300 | 1,290,459 | ||||||
Edison International | 36,300 | 1,340,922 | ||||||
EMC Corp.† | 86,400 | 1,856,736 | ||||||
Entergy Corp. | 17,700 | 1,260,948 | ||||||
Federal Realty Investment Trust# | 15,600 | 1,207,284 | ||||||
Freeport - McMoRan Copper & Gold, Inc. | 10,100 | 1,023,332 | ||||||
Fresh Market, Inc.† | 3,700 | 134,125 | ||||||
General Motors Co.†# | 24,900 | 851,580 | ||||||
Genzyme Corp.† | 11,900 | 847,518 | ||||||
Goodrich Corp. | 12,000 | 1,029,240 | ||||||
Google, Inc., Class A† | 3,200 | 1,778,272 | ||||||
Henry Schein, Inc.†# | 14,600 | 838,478 | ||||||
Hewlett - Packard Co. | 24,500 | 1,027,285 | ||||||
Huntsman Corp. | 132,200 | 2,045,134 | ||||||
Intel Corp. | 43,200 | 912,384 | ||||||
International Business Machines Corp. | 15,900 | 2,249,214 | ||||||
J.B. Hunt Transport Services, Inc. | 40,400 | 1,474,600 | ||||||
JetBlue Airways Corp.†# | 152,300 | 1,034,117 | ||||||
Johnson & Johnson | 13,700 | 843,235 | ||||||
Joy Global, Inc. | 17,200 | 1,312,704 | ||||||
JPMorgan Chase & Co. | 36,400 | 1,360,632 | ||||||
KeyCorp | 86,200 | 649,086 | ||||||
Kohl’s Corp.† | 21,800 | 1,229,956 | ||||||
Liberty Global, Inc., Class A†# | 45,300 | 1,597,278 | ||||||
Lincoln National Corp. | 29,900 | 714,012 | ||||||
Manpower, Inc. | 22,200 | 1,250,304 | ||||||
Microsoft Corp. | 68,800 | 1,734,448 | ||||||
Newmont Mining Corp. | 22,300 | 1,311,909 | ||||||
News Corp., Class A | 90,100 | 1,228,964 | ||||||
NII Holdings, Inc.† | 23,000 | 891,480 | ||||||
NIKE, Inc., Class B# | 17,300 | 1,490,049 | ||||||
Occidental Petroleum Corp. | 17,000 | 1,498,890 | ||||||
Oracle Corp. | 50,100 | 1,354,704 | ||||||
Peabody Energy Corp. | 38,300 | 2,252,423 | ||||||
PepsiCo, Inc. | 33,100 | 2,139,253 | ||||||
Pfizer, Inc. | 111,300 | 1,813,077 | ||||||
Quest Diagnostics, Inc. | 2,000 | 98,640 | ||||||
Qwest Communications International, Inc.# | 170,900 | 1,196,300 | ||||||
Rowan Cos., Inc.† | 16,500 | 497,475 | ||||||
Sonoco Products Co. | 35,300 | 1,156,428 | ||||||
Sprint Nextel Corp.†# | 157,800 | 596,484 | ||||||
Stanley Black & Decker, Inc. | 21,546 | 1,282,633 | ||||||
Stryker Corp. | 7,300 | 365,657 | ||||||
T. Rowe Price Group, Inc.# | 22,300 | 1,300,759 | ||||||
Target Corp. | 18,800 | 1,070,472 | ||||||
Texas Instruments, Inc. | 45,100 | 1,434,180 | ||||||
The Goldman Sachs Group, Inc. | 7,500 | 1,171,050 |
62 |
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
The Mosaic Co. | 31,100 | $ | 2,103,293 | |||||
Thermo Fisher Scientific, Inc.† | 15,800 | 803,588 | ||||||
United Parcel Service, Inc., Class B | 26,600 | 1,865,458 | ||||||
UnitedHealth Group, Inc. | 24,100 | 880,132 | ||||||
Urban Outfitters, Inc.†# | 18,000 | 680,220 | ||||||
US Bancorp | 52,200 | 1,241,316 | ||||||
WellPoint, Inc.† | 8,400 | 468,216 | ||||||
Wells Fargo & Co. | 46,700 | 1,270,707 | ||||||
Yum! Brands, Inc. | 31,200 | 1,562,496 | ||||||
100,760,037 | ||||||||
Total Common Stock |
| |||||||
(cost $214,701,745) | 228,710,040 | |||||||
PREFERRED STOCK — 0.9% |
| |||||||
Germany — 0.9% |
| |||||||
Volkswagen AG(1) | ||||||||
(cost $1,117,402) | 12,740 | 2,047,788 | ||||||
RIGHTS — 0.0% |
| |||||||
China — 0.0% |
| |||||||
China Construction Bank Corp. Expires12/08/10† | ||||||||
(cost $0) | 94,297 | 31,331 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $215,819,147) | 230,789,159 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 9.8% |
| |||||||
Collective Investment Pool — 8.2% |
| |||||||
Securities Lending Quality Trust(2) | 19,871,439 | 19,814,110 | ||||||
Time Deposits — 1.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | $ | 3,758,000 | 3,758,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $23,629,439) | 23,572,110 | |||||||
TOTAL INVESTMENTS — |
| |||||||
(cost $239,448,586)(3) | 105.8 | % | 254,361,269 | |||||
Liabilities in excess of other assets | (5.8 | ) | (13,866,892 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 240,494,377 | ||||
† | 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, 2010, the aggregate value of these securities was $200,900 representing 0.1% 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, 2010. The aggregate value of these securities was $94,226,130 representing 39.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing 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 Receipt
GDR—Global Depository Receipt
63
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
BNP Paribas SA | PLN | 7,320,000 | USD | 2,552,924 | 01/19/2011 | $ | 199,441 | $ | — | |||||||||||||||||||
Citibank N.A. | DKK | 5,081,000 | USD | 955,326 | 01/19/2011 | 70,420 | — | |||||||||||||||||||||
HKD | 3,290,000 | USD | 424,243 | 01/19/2011 | 407 | — | ||||||||||||||||||||||
JPY | 604,738,000 | USD | 7,512,180 | 01/19/2011 | 281,198 | — | ||||||||||||||||||||||
NZD | 683,000 | USD | 518,260 | 01/19/2011 | 12,339 | — | ||||||||||||||||||||||
SGD | 7,836,000 | USD | 6,053,583 | 01/19/2011 | 119,197 | — | ||||||||||||||||||||||
USD | 5,638,513 | AUD | 5,661,000 | 01/19/2011 | — | (244,527 | ) | |||||||||||||||||||||
USD | 4,456,404 | CAD | 4,513,000 | 01/19/2011 | — | (64,324 | ) | |||||||||||||||||||||
USD | 183,592 | DKK | 985,000 | 01/19/2011 | — | (12,045 | ) | |||||||||||||||||||||
USD | 4,197,060 | EUR | 3,087,000 | 01/19/2011 | — | (190,659 | ) | |||||||||||||||||||||
USD | 3,003,277 | HKD | 23,286,000 | 01/19/2011 | — | (3,443 | ) | |||||||||||||||||||||
USD | 7,452,453 | JPY | 604,738,000 | 01/19/2011 | — | (221,471 | ) | |||||||||||||||||||||
USD | 511,129 | NZD | 683,000 | 01/19/2011 | — | (5,208 | ) | |||||||||||||||||||||
USD | 2,610,696 | PLN | 7,320,000 | 01/19/2011 | — | (257,213 | ) | |||||||||||||||||||||
USD | 263,751 | ZAR | 1,847,000 | 01/19/2011 | — | (5,239 | ) | |||||||||||||||||||||
483,561 | (1,004,129 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG London | AUD | 1,886,000 | USD | 1,832,966 | 01/19/2011 | 35,923 | — | |||||||||||||||||||||
HKD | 19,996,000 | USD | 2,581,178 | 01/19/2011 | 5,180 | — | ||||||||||||||||||||||
USD | 3,055,894 | CHF | 2,926,000 | 01/19/2011 | — | (138,068 | ) | |||||||||||||||||||||
USD | 1,374,121 | ZAR | 9,570,000 | 01/19/2011 | — | (34,677 | ) | |||||||||||||||||||||
41,103 | (172,745 | ) | ||||||||||||||||||||||||||
Goldman Sachs & Co. | BRL | 2,604,481 | USD | 1,520,421 | 12/2/2010 | 1,419 | — | |||||||||||||||||||||
USD | 1,528,900 | BRL | 2,604,481 | 12/2/2010 | — | (9,898 | ) | |||||||||||||||||||||
1,419 | (9,898 | ) | ||||||||||||||||||||||||||
Goldman Sachs Capital Markets, LP | ZAR | 11,417,000 | USD | 1,611,433 | 01/19/2011 | 13,477 | — | |||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | EUR | 7,705,000 | USD | 10,758,553 | 01/19/2011 | 758,774 | — | |||||||||||||||||||||
NOK | 12,303,000 | USD | 2,119,480 | 01/19/2011 | 143,542 | — | ||||||||||||||||||||||
USD | 4,695,290 | GBP | 2,956,000 | 01/19/2011 | — | (98,800 | ) | |||||||||||||||||||||
USD | 871,767 | MXN | 10,960,000 | 01/19/2011 | 2,493 | — | ||||||||||||||||||||||
USD | 6,043,731 | SGD | 7,836,000 | 01/19/2011 | — | (109,346 | ) | |||||||||||||||||||||
904,809 | (208,146 | ) | ||||||||||||||||||||||||||
Royal Bank Of Scotland PLC | MXN | 10,960,000 | USD | 882,291 | 01/19/2011 | 8,031 | — | |||||||||||||||||||||
UBS AG | CAD | 4,513,000 | USD | 4,417,624 | 01/19/2011 | 25,544 | — | |||||||||||||||||||||
CHF | 2,926,000 | USD | 2,977,132 | 01/19/2011 | 59,306 | — | ||||||||||||||||||||||
GBP | 2,956,000 | USD | 4,732,408 | 01/19/2011 | 135,919 | — | ||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||
220,769 | — | |||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 1,872,610 | $ | (1,394,918 | ) | |||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canada Dollar
CHF—Swiss Franc
DKK—Danish Krone
EUR—Euro Dollar
GBP—British Pound
HKD—Hong Kong Dollar
JPY—Japanese Yen
MXN—Mexican Peso
NOK—Norwegian Krone
NZD—New Zealand Dollar
PLN—Polixh Zloty
SGD—Singapore Dollar
USD—United States Dollar
ZAR—South African Rand
64
Table of Contents
VALIC Company I Global Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Germany | $ | 1,464,216 | $ | 12,485,515 | # | $ | — | $ | 13,949,731 | |||||||
Japan | — | 18,559,359 | # | — | 18,559,359 | |||||||||||
United Kingdom | 5,351,112 | 13,933,382 | # | — | 19,284,494 | |||||||||||
United States | 100,760,037 | — | — | 100,760,037 | ||||||||||||
Other Countries* | 28,956,333 | 47,200,086 | # | — | 76,156,419 | |||||||||||
Preferred Stock | — | 2,047,788 | # | — | 2,047,788 | |||||||||||
Rights | 31,331 | — | — | 31,331 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 19,814,110 | — | 19,814,110 | ||||||||||||
Time Deposits | — | 3,758,000 | — | 3,758,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 1,872,610 | 1,872,610 | |||||||||||||
Total | $ | 136,563,029 | $ | 119,670,850 | $ | — | $ | 256,233,879 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 1,394,918 | $ | — | $ | 1,394,918 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $94,226,130 representing 39.2% of net assets; see Note 2. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
65
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Real Estate Investment Trusts | 70.7 | % | ||
Real Estate Operations & Development | 17.1 | |||
Real Estate Management/Services | 5.5 | |||
Time Deposits | 2.6 | |||
Hotels/Motels | 1.6 | |||
Diversified Operations | 1.2 | |||
Diversified Financial Services | 0.9 | |||
Investment Companies | 0.6 | |||
Storage/Warehousing | 0.2 | |||
Building & Construction-Misc. | 0.1 | |||
100.5% | ||||
Country Allocation*
United States | 52.8 | % | ||
Japan | 8.0 | |||
Hong Kong | 7.5 | |||
Australia | 7.4 | |||
United Kingdom | 4.3 | |||
Singapore | 4.1 | |||
France | 3.9 | |||
Canada | 3.5 | |||
Bermuda | 2.8 | |||
Cayman Islands | 1.8 | |||
Norway | 0.7 | |||
Luxembourg | 0.6 | |||
Switzerland | 0.6 | |||
Jersey | 0.6 | |||
Poland | 0.5 | |||
Sweden | 0.4 | |||
Brazil | 0.4 | |||
Netherlands | 0.3 | |||
Spain | 0.3 | |||
100.5% | ||||
* | Calculated as a percentage of net assets |
66
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.4% |
| |||||||
Australia — 7.3% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 0 | |||||
CFS Retail Property Trust(3) | 824,258 | 1,413,010 | ||||||
Challenger Diversified Property Group(3) | 1,376,667 | 679,009 | ||||||
Charter Hall Group(3) | 244,696 | 588,057 | ||||||
Charter Hall Office REIT(3) | 676,953 | 1,837,501 | ||||||
Commonwealth Property Office Fund(3) | 3,155,143 | 2,479,554 | ||||||
GPT Group(3) | 628,885 | 1,669,495 | ||||||
ING Office Fund(3) | 4,660,589 | 2,609,066 | ||||||
Stockland(3) | 543,929 | 1,906,224 | ||||||
Valad Property Group†(3) | 345,407 | 376,655 | ||||||
Westfield Group†(3) | 509,414 | 5,923,217 | ||||||
Westfield Retail Trust†(2) | 126,179 | 332,592 | ||||||
19,814,380 | ||||||||
Bermuda — 2.8% |
| |||||||
Hong Kong Land Holdings, Ltd.(3) | 813,000 | 5,509,775 | ||||||
Kerry Properties, Ltd.(3) | 446,500 | 2,236,268 | ||||||
7,746,043 | ||||||||
Brazil — 0.4% |
| |||||||
BR Malls Participacoes SA | 8,500 | 83,781 | ||||||
BR Properties SA | 35,400 | 402,601 | ||||||
Iguatemi Empresa de Shopping Centers SA | 6,900 | 171,031 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 12,200 | 270,384 | ||||||
PDG Realty SA Empreendimentos e Participacoes | 13,600 | 82,412 | ||||||
1,010,209 | ||||||||
Canada — 3.5% |
| |||||||
Allied Properties Real Estate Investment Trust | 123,400 | 2,659,011 | ||||||
Chartwell Seniors Housing Real Estate Investment Trust | 77,000 | 603,819 | ||||||
Dundee Real Estate Investment Trust | 34,300 | 994,368 | ||||||
H&R Real Estate Investment Trust | 18,400 | 354,897 | ||||||
Homburg Canada Real Estate Investment Trust | 127,800 | 1,360,727 | ||||||
InnVest Real Estate Investment Trust | 326,800 | 2,101,096 | ||||||
Transglobe Apartment Real Estate Investment Trust | 144,600 | 1,490,300 | ||||||
9,564,218 | ||||||||
Cayman Islands — 1.8% |
| |||||||
China Resources Land, Ltd.(3) | 1,024,000 | 1,837,241 | ||||||
KWG Property Holding, Ltd.(3) | 2,146,000 | 1,595,582 | ||||||
Renhe Commercial Holdings Co., Ltd.(3) | 960,000 | 173,110 | ||||||
Shimao Property Holdings, Ltd.(3) | 798,000 | 1,202,012 | ||||||
4,807,945 | ||||||||
France — 3.9% |
| |||||||
Klepierre(3) | 59,453 | 1,875,542 | ||||||
Nexity SA(3) | 48,167 | 1,966,173 | ||||||
Societe Immobiliere de Location pour l’Industrie et le Commerce(3) | 16,786 | 1,895,915 | ||||||
Unibail-Rodamco SE(3) | 27,980 | 4,861,804 | ||||||
10,599,434 | ||||||||
Hong Kong — 7.5% |
| |||||||
China Overseas Land & Investment, Ltd.(3) | 452,000 | 866,564 | ||||||
Henderson Land Development Co., Ltd.(3) | 707,000 | 4,967,797 | ||||||
Hysan Development Co., Ltd.(3) | 278,148 | 1,145,617 | ||||||
Sun Hung Kai Properties, Ltd.(3) | 620,504 | 10,179,989 | ||||||
Wharf Holdings, Ltd.(3) | 498,000 | 3,320,634 | ||||||
20,480,601 | ||||||||
Japan — 8.0% |
| |||||||
BLife Investment Corp.(3) | 179 | 1,146,433 | ||||||
Frontier Real Estate Investment Corp.(3) | 89 | 754,894 | ||||||
Goldcrest Co., Ltd.(3) | 32,710 | 700,068 | ||||||
Mitsubishi Estate Co., Ltd.(3) | 428,000 | 7,221,682 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Mitsui Fudosan Co., Ltd.(3) | 203,000 | $ | 3,595,090 | |||||
Nippon Building Fund, Inc.(3) | 282 | 2,749,903 | ||||||
Nomura Real Estate Office Fund, Inc.(3) | 228 | 1,447,760 | ||||||
Sumitomo Realty & Development Co., Ltd.(3) | 124,000 | 2,670,186 | ||||||
United Urban Investment Corp.(3) | 1,308 | 1,511,366 | ||||||
21,797,382 | ||||||||
Jersey — 0.6% |
| |||||||
Atrium European Real Estate, Ltd.(3) | 302,139 | 1,533,359 | ||||||
Luxembourg — 0.6% |
| |||||||
ProLogis European Properties†(3) | 283,747 | 1,686,505 | ||||||
Netherlands — 0.3% |
| |||||||
Vastned Offices/Industrial NV(3) | 63,113 | 879,189 | ||||||
Norway — 0.7% |
| |||||||
Norwegian Property ASA†(3) | 1,209,675 | 1,813,803 | ||||||
Poland — 0.5% |
| |||||||
Globe Trade Centre SA†(3) | 178,438 | 1,365,940 | ||||||
Singapore — 4.1% |
| |||||||
Ascendas Real Estate Investment Trust(3) | 224,600 | 354,075 | ||||||
Cache Logistics Trust(3) | 1,411,000 | 1,030,946 | ||||||
Cambridge Industrial Trust(3) | 3,216,752 | 1,302,680 | ||||||
CapitaLand, Ltd.(3) | 1,293,000 | 3,532,192 | ||||||
CapitaMall Trust(3) | 240,000 | 334,315 | ||||||
CDL Hospitality Trusts(3) | 1,078,000 | 1,682,802 | ||||||
Global Logistic Properties, Ltd.† | 1,816,000 | 3,053,372 | ||||||
11,290,382 | ||||||||
Spain — 0.3% |
| |||||||
Sol Melia SA(3) | 110,693 | 872,009 | ||||||
Sweden — 0.4% |
| |||||||
Hufvudstaden AB(3) | 126,355 | 1,216,761 | ||||||
Switzerland — 0.6% |
| |||||||
PSP Swiss Property AG†(3) | 23,856 | 1,675,894 | ||||||
United Kingdom — 4.3% |
| |||||||
Big Yellow Group PLC(3) | 23,688 | 117,509 | ||||||
Derwent London PLC(3) | 66,936 | 1,489,869 | ||||||
Great Portland Estates PLC(3) | 262,140 | 1,345,678 | ||||||
Hammerson PLC(3) | 515,962 | 3,153,712 | ||||||
Intercontinental Hotels Group PLC(3) | 56,167 | 995,636 | ||||||
Land Securities Group PLC(3) | 167,500 | 1,637,422 | ||||||
Metric Property Investments PLC†(3) | 813,204 | 1,312,559 | ||||||
Safestore Holdings PLC(3) | 347,370 | 656,075 | ||||||
Songbird Estates PLC†(3) | 421,436 | 885,060 | ||||||
Unite Group PLC†(3) | 29,384 | 85,502 | ||||||
11,679,022 | ||||||||
United States — 48.8% |
| |||||||
Acadia Realty Trust | 78,542 | 1,434,177 | ||||||
Alexandria Real Estate Equities, Inc. | 43,300 | 2,890,275 | ||||||
AvalonBay Communities, Inc. | 25,116 | 2,771,048 | ||||||
BioMed Realty Trust, Inc. | 122,741 | 2,163,924 | ||||||
Boston Properties, Inc. | 46,060 | 3,859,828 | ||||||
Camden Property Trust | 108,752 | 5,553,965 | ||||||
CBL & Associates Properties, Inc. | 109,624 | 1,808,796 | ||||||
Corporate Office Properties Trust | 33,000 | 1,119,030 | ||||||
DCT Industrial Trust, Inc. | 147,800 | 730,132 | ||||||
DiamondRock Hospitality Co.† | 147,300 | 1,551,069 | ||||||
Digital Realty Trust, Inc. | 93,587 | 4,915,189 | ||||||
Equity Residential | 76,446 | 3,820,771 | ||||||
Essex Property Trust, Inc. | 39,900 | 4,422,516 | ||||||
Health Care REIT, Inc. | 139,343 | 6,448,794 | ||||||
Hersha Hospitality Trust | 101,300 | 620,969 |
67 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
Highwoods Properties, Inc. | 90,000 | $ | 2,745,900 | |||||
Home Properties, Inc. | 33,500 | 1,795,265 | ||||||
Host Hotels & Resorts, Inc. | 439,277 | 7,239,285 | ||||||
Kilroy Realty Corp. | 56,366 | 1,923,208 | ||||||
Kimco Realty Corp. | 293,800 | 4,894,708 | ||||||
LaSalle Hotel Properties | 49,700 | 1,182,860 | ||||||
Liberty Property Trust | 128,500 | 4,027,190 | ||||||
Marriott International, Inc., Class A | 36,765 | 1,441,556 | ||||||
Mid-America Apartment Communities, Inc. | 20,200 | 1,239,674 | ||||||
National Retail Properties, Inc. | 101,600 | 2,642,616 | ||||||
Nationwide Health Properties, Inc. | 87,000 | 3,136,350 | ||||||
Omega Healthcare Investors, Inc. | 39,700 | 838,067 | ||||||
Piedmont Office Realty Trust, Inc. | 94,986 | 1,889,271 | ||||||
ProLogis | 472,379 | 6,145,651 | ||||||
Regency Centers Corp. | 127,470 | 5,190,578 | ||||||
Retail Opportunity Investments Corp. | 83,642 | 822,201 | ||||||
Senior Housing Properties Trust | 179,000 | 3,997,070 | ||||||
Simon Property Group, Inc. | 153,639 | 15,133,441 | ||||||
SL Green Realty Corp. | 52,269 | 3,418,393 | ||||||
Sovran Self Storage, Inc. | 31,489 | 1,134,549 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 19,019 | 1,081,040 | ||||||
The Macerich Co. | 109,954 | 5,095,268 | ||||||
UDR, Inc. | 111,100 | 2,477,530 | ||||||
Ventas, Inc. | 25,762 | 1,320,818 | ||||||
Vornado Realty Trust | 79,689 | 6,501,029 | ||||||
Washington Real Estate Investment Trust | 55,800 | 1,711,944 | ||||||
133,135,945 | ||||||||
Total Common Stock | ||||||||
(cost $221,825,349) | 262,969,021 | |||||||
PREFERRED STOCK — 0.5% |
| |||||||
United States — 0.5% |
| |||||||
CBL & Associates Properties, Inc. | 14,000 | 331,940 | ||||||
DuPont Fabros Technology, Inc. | 6,000 | 149,580 | ||||||
SL Green Realty Corp. | 39,000 | 975,000 | ||||||
Total Preferred Stock | ||||||||
(cost $1,392,405) | 1,456,520 | |||||||
ASSET BACKED SECURITIES — 0.9% |
| |||||||
United States — 0.9% |
| |||||||
Banc of America Large Loan, Inc. FRS | $ | 200,000 | 185,408 | |||||
Banc of America Large Loan, Inc. FRS | 300,000 | 268,609 | ||||||
Banc of America Large Loan, Inc. FRS | 325,000 | 290,152 | ||||||
Bear Stearns Commercial Mtg. Securities VRS | 350,000 | 326,475 | ||||||
Citigroup Commercial Mtg. Trust | 246,166 | 222,119 | ||||||
Credit Suisse First Boston Mtg. Securities Corp. FRS | 300,000 | 281,974 | ||||||
Credit Suisse Mtg. Capital Certificates FRS | 300,000 | 267,039 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) |
| |||||||
LB-UBS Commercial Mtg. Trust VRS | $ | 182,500 | $ | 170,911 | ||||
Merrill Lynch Floating Trust FRS | 250,000 | 208,109 | ||||||
Morgan Stanley Capital I VRS | 80,000 | 77,404 | ||||||
Wachovia Bank Commercial Mtg. Trust FRS | 150,000 | 130,313 | ||||||
Total Asset Backed Securities | ||||||||
(cost $2,349,138) | 2,428,513 | |||||||
WARRANTS — 0.1% |
| |||||||
Austalia — 0.1% |
| |||||||
Commonwealth Property Office Fund | 210,342 | 165,323 | ||||||
Hong Kong — 0.0% |
| |||||||
Henderson Land Development Co., Ltd. | 166,600 | 54,710 | ||||||
Total Warrants | ||||||||
(cost $0) | 220,033 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $225,566,892) | 267,074,087 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
Time Deposits — 2.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | ||||||||
(cost $7,101,000) | 7,101,000 | 7,101,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $232,667,892)(5) | 100.5 | % | 274,175,087 | |||||
Liabilities in excess of other assets | (0.5 | ) | (1,325,650 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 272,849,437 | ||||
† | 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, 2010, the aggregate value of these securities was $1,853,723 representing 0.7% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $115,872,685 representing 42.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(4) | Commercial Mortgage Backed Security |
(5) | See Note 5 for cost of investments on a tax basis. |
FRS — Floating Rate Security
VRS — Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
68 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Currency Legend
AUD — Australian Dollar
HKD — Hong Kong Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | 82,380 | $ | 19,399,824 | # | $ | 332,592 | $ | 19,814,796 | |||||||
Hong Kong | — | 20,480,601 | # | — | 20,480,601 | |||||||||||
Japan | — | 21,797,382 | # | — | 21,797,382 | |||||||||||
United States | 133,135,945 | — | — | 133,135,945 | ||||||||||||
Other Countries* | 13,627,799 | 54,112,914 | # | — | 67,740,713 | |||||||||||
Preferred Stock | 1,456,520 | — | — | 1,456,520 | ||||||||||||
Asset Backed Securities | — | 2,428,513 | — | 2,428,513 | ||||||||||||
Warrants | 220,033 | — | — | 220,033 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposit | — | 7,101,000 | — | 7,101,000 | ||||||||||||
Total | $ | 148,522,677 | $ | 125,320,234 | $ | 332,592 | $ | 274,175,503 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $115,790,721 representing 42.4% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 0 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation)(1) | (19,015 | ) | ||
Net purchases (sales) | 351,607 | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 332,592 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Common Stock | |||||
$(19,015 | ) | ||||
See Notes to Financial Statements
69
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Diversified Banking Institutions | 6.2 | % | ||
Medical — Drugs | 5.5 | |||
Banks — Commercial | 4.6 | |||
Collective Investment Pool | 3.3 | |||
Oil Companies — Integrated | 3.1 | |||
Computers | 3.1 | |||
Telephone — Integrated | 2.7 | |||
Multimedia | 2.9 | |||
Oil Companies — Exploration & Production | 2.9 | |||
Insurance — Life/Health | 2.2 | |||
Food — Misc. | 2.0 | |||
Insurance — Multi-line | 2.0 | |||
Diversified Minerals | 1.9 | |||
Computer Services | 1.9 | |||
Electric — Integrated | 1.8 | |||
Machinery — Construction & Mining | 1.7 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Beverages — Non-alcoholic | 1.7 | |||
Applications Software | 1.6 | |||
Insurance — Property/Casualty | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Oil — Field Services | 1.4 | |||
Transport — Rail | 1.4 | |||
Retail — Restaurants | 1.2 | |||
Web Portals/ISP | 1.2 | |||
Food — Retail | 1.1 | |||
Banks — Super Regional | 1.2 | |||
Retail — Discount | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Pipelines | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Chemicals — Diversified | 1.2 | |||
Real Estate Investment Trusts | 0.9 | |||
Retail — Major Department Stores | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Networking Products | 0.8 | |||
Computers — Memory Devices | 0.8 | |||
Retail — Drug Store | 0.8 | |||
Medical — HMO | 0.7 | |||
Food — Wholesale/Distribution | 0.7 | |||
Metal — Copper | 0.7 | |||
Gold Mining | 0.8 | |||
Athletic Footwear | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Retail — Building Products | 0.7 | |||
Wireless Equipment | 0.7 | |||
Chemicals — Specialty | 0.6 | |||
Diversified Manufacturing Operations | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Gas — Distribution | 0.8 | |||
Real Estate Operations & Development | 0.6 | |||
Medical Products | 0.7 | |||
Building & Construction — Misc. | 0.6 | |||
Photo Equipment & Supplies | 0.6 | |||
Building — Heavy Construction | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Diversified Operations | 0.5 | |||
Optical Supplies | 0.5 | |||
Cellular Telecom | 0.6 | |||
Machinery — Farming | 0.5 | |||
Industrial Gases | 0.5 | |||
Oil Field Machinery & Equipment | 0.5 | |||
Paper & Related Products | 0.5 | |||
Auto — Heavy Duty Trucks | 0.4 | |||
Medical Instruments | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Electronic Components — Misc. | 0.4 |
Food — Confectionery | 0.4 | |||
Silver Mining | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Diversified Operations/Commercial Services | 0.4 | |||
Audio/Video Products | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Food — Baking | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Dialysis Centers | 0.3 | |||
Gas — Transportation | 0.3 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Engines — Internal Combustion | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Steel — Producers | 0.1 | |||
Investment Management/Advisor Services | 0.2 | |||
Therapeutics | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Cruise Lines | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Electronic Components — Semiconductors | 0.2 | |||
Investment Companies | 0.3 | |||
Machinery — Pumps | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Mining | 0.2 | |||
Pharmacy Services | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Toys | 0.2 | |||
Transport — Marine | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Building Products — Cement | 0.1 | |||
Office Automation & Equipment | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Finance — Other Services | 0.2 | |||
Containers — Metal/Glass | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Metal Processors & Fabrication | 0.2 | |||
Oil Refining & Marketing | 0.1 | |||
Printing — Commercial | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Electric — Distribution | 0.1 | |||
Commercial Services | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Security Services | 0.1 | |||
Textile — Products | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Metal — Diversified | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Non — Ferrous Metals | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Metal — Iron | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Schools | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Water | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Retail — Automobile | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
103.2 | % | |||
* | Calculated as a percentage of net assets |
70
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Country Allocation*
United States | 50.1 | % | ||
Japan | 11.2 | |||
United Kingdom | 8.0 | |||
Canada | 5.9 | |||
Australia | 4.2 | |||
France | 4.0 | |||
Germany | 3.8 | |||
Switzerland | 3.7 | |||
Sweden | 1.6 | |||
Italy | 1.5 | |||
Spain | 1.5 | |||
Hong Kong | 1.1 | |||
Netherlands Antilles | 1.1 | |||
Ireland | 0.9 | |||
Belgium | 0.8 | |||
Netherlands | 0.7 | |||
Jersey | 0.6 | |||
Norway | 0.6 | |||
Israel | 0.4 | |||
Bermuda | 0.3 | |||
Greece | 0.3 | |||
Denmark | 0.3 | |||
Finland | 0.3 | |||
Portugal | 0.2 | |||
Luxembourg | 0.1 | |||
103.2 | % | |||
* | Calculated as a percentage of net assets |
71
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.9% |
| |||||||
Australia — 4.2% |
| |||||||
AGL Energy, Ltd.(1) | 6,585 | $ | 96,872 | |||||
Alumina, Ltd.(1) | 48,659 | 92,477 | ||||||
Amcor, Ltd.(1) | 30,054 | 185,387 | ||||||
AMP, Ltd.(1) | 61,574 | 297,432 | ||||||
Asciano, Ltd.†(1) | 36,361 | 56,328 | ||||||
ASX, Ltd.(1) | 40 | 1,447 | ||||||
Australia and New Zealand Banking Group, Ltd.(1) | 42,833 | 928,166 | ||||||
AXA Asia Pacific Holdings, Ltd.(1) | 9,657 | 57,058 | ||||||
BGP Holdings PLC†(4)(5) | 60,919 | 0 | ||||||
BHP Billiton, Ltd.(1) | 41,192 | 1,693,308 | ||||||
BlueScope Steel, Ltd.(1) | 55,000 | 101,430 | ||||||
Boral, Ltd.(1) | 9,319 | 40,087 | ||||||
Brambles, Ltd.(1) | 19,966 | 130,058 | ||||||
Commonwealth Bank of Australia(1) | 24,659 | 1,138,552 | ||||||
Computershare, Ltd.(1) | 10,187 | 95,697 | ||||||
CSL, Ltd.(1) | 9,831 | 328,434 | ||||||
CSR, Ltd.(1) | 32,722 | 53,310 | ||||||
Fortescue Metals Group, Ltd.†(1) | 25,992 | 156,847 | ||||||
Goodman Group(1) | 41,329 | 25,301 | ||||||
GPT Group(1) | 10,789 | 28,641 | ||||||
Incitec Pivot, Ltd.(1) | 21,309 | 76,139 | ||||||
Insurance Australia Group, Ltd.(1) | 19,452 | 69,894 | ||||||
Macquarie Group, Ltd.(1) | 6,320 | 214,707 | ||||||
MAP Group(1) | 35,727 | 103,937 | ||||||
Mirvac Group(1) | 25,173 | 30,737 | ||||||
National Australia Bank, Ltd.(1) | 36,323 | 814,229 | ||||||
Newcrest Mining, Ltd.(1) | 6,502 | 246,648 | ||||||
Orica, Ltd.(1) | 8,507 | 203,291 | ||||||
Origin Energy, Ltd.(1) | 19,658 | 295,652 | ||||||
Qantas Airways, Ltd.†(1) | 10,390 | 26,132 | ||||||
QBE Insurance Group, Ltd.(1) | 21,833 | 351,673 | ||||||
Santos, Ltd.(1) | 17,598 | 209,617 | ||||||
Sims Metal Management, Ltd.(1) | 5,442 | 92,096 | ||||||
Sonic Healthcare, Ltd.(1) | 2,645 | 29,856 | ||||||
SP AusNet(1) | 237,655 | 204,876 | ||||||
Stockland(1) | 38,351 | 134,403 | ||||||
Suncorp-Metway, Ltd.(1) | 24,705 | 213,395 | ||||||
Telstra Corp., Ltd.(1) | 24,658 | 66,268 | ||||||
Transurban Group(1) | 18,970 | 94,407 | ||||||
Wesfarmers, Ltd.(1) | 6,485 | 194,963 | ||||||
Wesfarmers, Ltd. PPS(1) | 8,554 | 259,516 | ||||||
Westfield Group(1) | 39,836 | 463,194 | ||||||
Westpac Banking Corp.(1) | 48,731 | 995,428 | ||||||
Woodside Petroleum, Ltd.(1) | 9,419 | 377,952 | ||||||
11,275,842 | ||||||||
Belgium — 0.8% |
| |||||||
Ageas(1) | 116,233 | 265,341 | ||||||
Belgacom SA(1) | 21,872 | 739,743 | ||||||
Dexia SA†(1) | 181,999 | 668,024 | ||||||
Groupe Bruxelles Lambert SA(1) | 7,455 | 584,229 | ||||||
2,257,337 | ||||||||
Bermuda — 0.3% |
| |||||||
Cheung Kong Infrastructure Holdings, Ltd.(1) | 85,000 | 377,764 | ||||||
Esprit Holdings, Ltd.(1) | 15,000 | 71,869 | ||||||
Kerry Properties, Ltd.(1) | 3,000 | 15,025 | ||||||
Li & Fung, Ltd.(1) | 54,000 | 336,281 | ||||||
Mongolia Energy Co., Ltd.†(1) | 59,000 | 19,099 | ||||||
Noble Group, Ltd.(1) | 45,000 | 69,629 | ||||||
NWS Holdings, Ltd.(1) | 31,500 | 50,471 | ||||||
940,138 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Canada — 5.9% |
| |||||||
Agnico-Eagle Mines, Ltd. | 2,000 | $ | 161,863 | |||||
Agrium, Inc. | 2,600 | 208,319 | ||||||
Alimentation Couche-Tard, Inc., Class B | 5,300 | 133,358 | ||||||
Bank of Montreal | 6,700 | 392,908 | ||||||
Bank of Nova Scotia | 15,600 | 808,759 | ||||||
Barrick Gold Corp. | 15,100 | 778,278 | ||||||
BCE, Inc. | 1,200 | 40,575 | ||||||
Brookfield Asset Management, Inc., Class A | 6,900 | 201,848 | ||||||
Brookfield Properties Corp. | 4,700 | 76,139 | ||||||
Canadian Imperial Bank of Commerce | 5,100 | 392,728 | ||||||
Canadian Natural Resources, Ltd. | 20,200 | 777,067 | ||||||
Canadian Oil Sands Trust | 5,700 | 154,972 | ||||||
Canadian Pacific Railway, Ltd. | 2,300 | 146,866 | ||||||
Canadian Tire Corp., Ltd., Class A | 800 | 49,510 | ||||||
Canadian Utilities, Ltd., Class A | 3,300 | 166,519 | ||||||
Crescent Point Energy Corp. | 2,000 | 80,795 | ||||||
Eldorado Gold Corp. | 7,200 | 125,617 | ||||||
Empire Co., Ltd., Class A | 900 | 50,131 | ||||||
EnCana Corp. | 9,000 | 249,252 | ||||||
Fairfax Financial Holdings, Ltd. | 200 | 77,456 | ||||||
First Quantum Minerals, Ltd. | 1,700 | 151,030 | ||||||
Fortis, Inc. | 17,900 | 559,729 | ||||||
George Weston Ltd. | 1,900 | 145,015 | ||||||
Gildan Activewear, Inc.† | 1,500 | 45,210 | ||||||
Goldcorp, Inc. | 11,400 | 517,389 | ||||||
Great-West Lifeco, Inc. | 3,600 | 90,302 | ||||||
IAMGOLD Corp. | 4,300 | 70,539 | ||||||
Imperial Oil, Ltd. | 8,300 | 301,826 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 800 | 27,003 | ||||||
Inmet Mining Corp. | 1,500 | 90,478 | ||||||
Ivanhoe Mines Ltd.† | 2,400 | 57,864 | ||||||
Kinross Gold Corp. | 9,800 | 170,501 | ||||||
Loblaw Cos., Ltd. | 3,100 | 123,783 | ||||||
Magna International, Inc. | 2,600 | 124,080 | ||||||
Manulife Financial Corp. | 26,900 | 374,197 | ||||||
National Bank of Canada | 2,200 | 145,388 | ||||||
Nexen, Inc. | 7,300 | 152,677 | ||||||
Pacific Rubiales Energy Corp. | 3,700 | 115,338 | ||||||
Pan American Silver Corp. | 2,700 | 100,814 | ||||||
Penn West Energy Trust | 3,300 | 71,590 | ||||||
Petrobank Energy & Resources, Ltd.† | 1,700 | 66,937 | ||||||
Potash Corp. of Saskatchewan, Inc. | 4,700 | 676,282 | ||||||
Power Corp. of Canada | 5,800 | 154,188 | ||||||
Power Financial Corp. | 3,400 | 99,759 | ||||||
Provident Energy Trust | 10,100 | 74,775 | ||||||
Research In Motion, Ltd.† | 6,500 | 400,492 | ||||||
Rogers Communications, Inc., Class B | 6,000 | 212,109 | ||||||
Royal Bank of Canada | 22,300 | 1,193,692 | ||||||
Saputo, Inc. | 600 | 21,865 | ||||||
Shaw Communications, Inc., Class B | 2,900 | 58,110 | ||||||
Shoppers Drug Mart Corp. | 12,000 | 442,219 | ||||||
Silver Wheaton Corp.† | 5,900 | 217,827 | ||||||
Sino-Forest Corp.† | 2,600 | 56,328 | ||||||
Sun Life Financial, Inc. | 9,200 | 248,249 | ||||||
Suncor Energy, Inc. | 30,200 | 1,014,365 | ||||||
Talisman Energy, Inc. | 22,700 | 435,845 | ||||||
Teck Resources, Ltd., Class B | 9,600 | 477,031 | ||||||
TELUS Corp. | 1,400 | 63,553 | ||||||
The Toronto-Dominion Bank | 12,600 | 916,754 | ||||||
Thomson Corp. | 5,800 | 211,310 | ||||||
Tim Hortons, Inc. | 1,400 | 55,234 | ||||||
TransAlta Corp. | 6,300 | 128,633 | ||||||
Viterra, Inc.† | 8,600 | 76,739 | ||||||
Yamana Gold, Inc. | 9,600 | 112,033 | ||||||
Yellow Media, Inc. | 4,000 | 24,003 | ||||||
15,946,045 | ||||||||
72
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Denmark — 0.3% |
| |||||||
Danske Bank A/S†(1) | 36,052 | $ | 893,969 | |||||
Finland — 0.3% |
| |||||||
Kesko Oyj, Class B(1) | 6,870 | 315,238 | ||||||
Stora Enso Oyj, Class R(1) | 49,582 | 426,429 | ||||||
741,667 | ||||||||
France — 4.0% |
| |||||||
AXA SA(1) | 61,396 | 881,649 | ||||||
BNP Paribas(1) | 21,837 | 1,290,798 | ||||||
Casino Guichard Perrachon SA(1) | 9,242 | 813,398 | ||||||
Credit Agricole SA(1) | 60,615 | 741,811 | ||||||
Danone SA(1) | 19,736 | 1,155,642 | ||||||
France Telecom SA(1) | 55,720 | 1,127,578 | ||||||
L’Oreal SA(1) | 9,567 | 1,016,977 | ||||||
Legrand SA(1) | 21,697 | 829,038 | ||||||
PPR(1) | 6,004 | 953,548 | ||||||
Sanofi-Aventis SA(1) | 603 | 36,434 | ||||||
Societe BIC SA(1) | 1,007 | 81,447 | ||||||
Societe Generale(1) | 20,998 | 971,779 | ||||||
Vivendi SA(1) | 41,887 | 1,021,668 | ||||||
10,921,767 | ||||||||
Germany — 3.2% |
| |||||||
Allianz SE(1) | 11,707 | 1,284,320 | ||||||
BASF SE(1) | 20,958 | 1,566,666 | ||||||
Bayerische Motoren Werke AG(1) | 14,866 | 1,118,082 | ||||||
Beiersdorf AG(1) | 1,949 | 113,140 | ||||||
Commerzbank AG†(1) | 102,217 | 744,177 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 14,506 | 837,269 | ||||||
Fresenius SE(1) | 8,843 | 757,591 | ||||||
Hochtief AG(1) | 3,030 | 224,338 | ||||||
Linde AG(1) | 7,618 | 1,063,888 | ||||||
Metro AG(1) | 12,531 | 898,845 | ||||||
8,608,316 | ||||||||
Greece — 0.3% |
| |||||||
Coca-Cola Hellenic Bottling Co. SA(1) | 32,749 | 834,926 | ||||||
Public Power Corp. SA(1) | 7,102 | 98,761 | ||||||
933,687 | ||||||||
Hong Kong — 1.1% |
| |||||||
BOC Hong Kong Holdings, Ltd.(1) | 17,500 | 59,797 | ||||||
Hang Lung Properties, Ltd.(1) | 48,000 | 222,170 | ||||||
Hang Seng Bank, Ltd.(1) | 2,900 | 47,476 | ||||||
Henderson Land Development Co., Ltd.(1) | 32,000 | 224,851 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 77,000 | 187,634 | ||||||
Hong Kong Exchanges and Clearing, Ltd.(1) | 18,400 | 418,246 | ||||||
Hongkong Electric Holdings, Ltd.(1) | 97,000 | 621,754 | ||||||
New World Development, Ltd.(1) | 31,000 | 61,086 | ||||||
Sino Land Co., Ltd.(1) | 42,000 | 88,509 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 15,000 | 246,090 | ||||||
Swire Pacific, Ltd., Class A(1) | 26,000 | 398,460 | ||||||
The Link REIT(1) | 11,000 | 34,306 | ||||||
Wharf Holdings, Ltd.(1) | 44,000 | 293,389 | ||||||
2,903,768 | ||||||||
Ireland — 0.9% |
| |||||||
Accenture PLC, Class A | 32,408 | 1,403,915 | ||||||
Bank of Ireland†(1) | 135,485 | 56,125 | ||||||
CRH PLC(1) | 19,942 | 347,000 | ||||||
James Hardie Industries SE†(1) | 8,316 | 42,920 | ||||||
Warner Chilcott PLC, Class A | 31,056 | 590,375 | ||||||
2,440,335 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Israel — 0.4% |
| |||||||
Bank Hapoalim B.M.†(1) | 12,100 | $ | 56,665 | |||||
Bank Leumi Le-Israel(1) | 7,400 | 34,779 | ||||||
Bezeq Israeli Telecommunication Corp., Ltd.(1) | 5,600 | 14,969 | ||||||
Delek Group, Ltd.(1) | 300 | 78,887 | ||||||
Discount Investment Corp.(1) | 4,700 | 93,469 | ||||||
Israel Chemicals, Ltd.(1) | 6,600 | 95,291 | ||||||
Israel Discount Bank, Ltd.†(1) | 11,900 | 25,923 | ||||||
NICE Systems, Ltd.†(1) | 800 | 24,451 | ||||||
Ormat Industries, Ltd.(1) | 3,100 | 23,756 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 11,600 | 582,165 | ||||||
1,030,355 | ||||||||
Italy — 1.5% |
| |||||||
A2A SpA(1) | 517,585 | 662,821 | ||||||
ENI SpA(1) | 65,074 | 1,308,409 | ||||||
Snam Rete Gas SpA(1) | 171,520 | 814,642 | ||||||
Telecom Italia SpA(1) | 684,128 | 841,986 | ||||||
Telecom Italia SpA RSP(1) | 360,084 | 376,606 | ||||||
UniCredit SpA(1) | 72,461 | 140,091 | ||||||
4,144,555 | ||||||||
Japan — 11.2% |
| |||||||
Advantest Corp.(1) | 3,200 | 65,343 | ||||||
Aeon Co., Ltd.(1) | 31,900 | 389,197 | ||||||
Aisin Seiki Co., Ltd.(1) | 5,100 | 165,343 | ||||||
Ajinomoto Co., Inc.(1) | 23,000 | 227,016 | ||||||
Alfresa Holdings Corp.(1) | 900 | 37,319 | ||||||
All Nippon Airways Co., Ltd.†(1) | 16,000 | 56,514 | ||||||
Amada Co., Ltd.(1) | 3,000 | 20,506 | ||||||
Asahi Glass Co., Ltd.(1) | 29,000 | 322,527 | ||||||
Astellas Pharma, Inc.(1) | 10,400 | 372,827 | ||||||
Casio Computer Co., Ltd.(1) | 600 | 4,481 | ||||||
Central Japan Railway Co.(1) | 52 | 400,826 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 2,300 | 41,528 | ||||||
Coca-Cola West Co., Ltd.(1) | 9,200 | 153,068 | ||||||
Cosmo Oil Co., Ltd.(1) | 41,000 | 115,830 | ||||||
Credit Saison Co., Ltd.(1) | 2,600 | 41,292 | ||||||
Dai Nippon Printing Co., Ltd.(1) | 21,000 | 264,499 | ||||||
Daido Steel Co., Ltd.(1) | 8,000 | 42,923 | ||||||
Daihatsu Motor Co., Ltd.(1) | 30,000 | 420,868 | ||||||
Daiichi Sankyo Co., Ltd.(1) | 11,600 | 250,236 | ||||||
Daito Trust Construction Co., Ltd.(1) | 500 | 30,893 | ||||||
Daiwa House Industry Co., Ltd.(1) | 6,000 | 67,482 | ||||||
Daiwa Securities Group, Inc.(1) | 29,000 | 131,689 | ||||||
Dena Co., Ltd.(1) | 950 | 27,699 | ||||||
Denso Corp.(1) | 14,700 | 480,087 | ||||||
Dentsu, Inc.(1) | 3,600 | 97,140 | ||||||
Dowa Holdings Co., Ltd.(1) | 17,000 | 100,764 | ||||||
East Japan Railway Co.(1) | 9,100 | 543,004 | ||||||
Eisai Co., Ltd.(1) | 2,700 | 92,886 | ||||||
Elpida Memory, Inc.†(1) | 2,000 | 23,829 | ||||||
FANUC Corp.(1) | 3,100 | 444,172 | ||||||
Fast Retailing Co., Ltd.(1) | 1,400 | 221,503 | ||||||
Fuji Electric Holdings Co., Ltd.(1) | 18,000 | 48,183 | ||||||
FUJIFILM Holdings Corp.(1) | 14,400 | 482,420 | ||||||
Furukawa Electric Co., Ltd.(1) | 15,000 | 63,993 | ||||||
GS Yuasa Corp.(1) | 10,000 | 67,040 | ||||||
Hankyu Hanshin Holdings, Inc.(1) | 53,000 | 240,660 | ||||||
Hino Motors, Ltd.(1) | 7,000 | 34,548 | ||||||
Hirose Electric Co., Ltd.(1) | 200 | 19,765 | ||||||
Hitachi Chemical Co., Ltd.(1) | 900 | 16,681 | ||||||
Hitachi Construction Machinery Co., Ltd.(1) | 3,900 | 88,922 | ||||||
Hitachi Metals, Ltd.(1) | 8,000 | 91,691 | ||||||
Honda Motor Co., Ltd.(1) | 33,900 | 1,227,154 |
73 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Ibiden Co., Ltd.(1) | 2,600 | $ | 71,463 | |||||
Idemitsu Kosan Co., Ltd.(1) | 1,300 | 120,895 | ||||||
Inpex Corp.(1) | 28 | 144,045 | ||||||
Isetan Mitsukoshi Holdings, Ltd.(1) | 1,300 | 14,898 | ||||||
Isuzu Motors, Ltd.(1) | 85,000 | 378,883 | ||||||
Ito En, Ltd.(1) | 7,200 | 116,061 | ||||||
Japan Prime Realty Investment Corp.(1) | 4 | 10,138 | ||||||
Japan Real Estate Investment Corp.(1) | 2 | 19,265 | ||||||
JGC Corp.(1) | 10,000 | 193,711 | ||||||
JS Group Corp.(1) | 9,600 | 177,237 | ||||||
JSR Corp.(1) | 4,000 | 67,925 | ||||||
JTEKT Corp.(1) | 6,700 | 74,221 | ||||||
Jupiter Telecommunications Co., Ltd.(1) | 93 | 94,661 | ||||||
Kao Corp.(1) | 13,900 | 348,646 | ||||||
KDDI Corp.(1) | 39 | 222,572 | ||||||
Keyence Corp.(1) | 1,100 | 277,623 | ||||||
Kinden Corp.(1) | 4,000 | 34,414 | ||||||
Kintetsu Corp.(1) | 32,000 | 95,594 | ||||||
Koito Manufacturing Co., Ltd.(1) | 1,000 | 14,342 | ||||||
Konica Minolta Holdings, Inc.(1) | 82,000 | 842,616 | ||||||
Kubota Corp.(1) | 39,000 | 353,269 | ||||||
Kuraray Co., Ltd.(1) | 3,500 | 48,308 | ||||||
Kurita Water Industries, Ltd.(1) | 3,000 | 85,903 | ||||||
Kyocera Corp.(1) | 4,800 | 489,860 | ||||||
Mabuchi Motor Co., Ltd.(1) | 500 | 24,009 | ||||||
Makita Corp.(1) | 2,400 | 86,756 | ||||||
Maruichi Steel Tube, Ltd.(1) | 2,900 | 55,465 | ||||||
Mazda Motor Corp.(1) | 106,000 | 295,143 | ||||||
Medipal Holdings Corp.(1) | 3,200 | 34,380 | ||||||
MEIJI Holdings Co., Ltd.(1) | 2,000 | 86,991 | ||||||
Mitsubishi Chemical Holdings Corp.(1) | 28,000 | 160,939 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 26,000 | 438,700 | ||||||
Mitsubishi Logistics Corp.(1) | 1,000 | 12,679 | ||||||
Mitsubishi Materials Corp.†(1) | 55,000 | 170,231 | ||||||
Mitsubishi Motors Corp.†(1) | 253,000 | 341,624 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 204,800 | 969,128 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.(1) | 580 | 21,208 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 22,000 | 389,616 | ||||||
Mitsui Mining & Smelting Co., Ltd.(1) | 49,000 | 148,732 | ||||||
Mitsui O.S.K. Lines, Ltd.(1) | 35,000 | 240,493 | ||||||
Mitsumi Electric Co., Ltd.(1) | 1,400 | 25,397 | ||||||
Mizuho Financial Group, Inc.(1) | 207,100 | 326,373 | ||||||
MS&AD Insurance Group Holdings(1) | 10,200 | 233,903 | ||||||
Murata Manufacturing Co., Ltd.(1) | 5,200 | 317,535 | ||||||
NGK Insulators, Ltd.(1) | 8,000 | 119,024 | ||||||
NHK Spring Co., Ltd.(1) | 3,000 | 30,185 | ||||||
Nidec Corp.(1) | 2,500 | 250,349 | ||||||
Nikon Corp.(1) | 7,000 | 136,229 | ||||||
Nippon Building Fund, Inc.(1) | 4 | 39,006 | ||||||
Nippon Electric Glass Co., Ltd.(1) | 8,000 | 112,332 | ||||||
Nippon Express Co., Ltd.(1) | 1,000 | 3,991 | ||||||
Nippon Meat Packers, Inc.(1) | 3,000 | 35,885 | ||||||
Nippon Sheet Glass Co., Ltd.(1) | 27,000 | 63,239 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 13,100 | 592,723 | ||||||
Nippon Yusen K.K.(1) | 47,000 | 205,000 | ||||||
Nisshin Seifun Group, Inc.(1) | 3,000 | 36,351 | ||||||
Nisshin Steel Co., Ltd.(1) | 28,000 | 51,195 | ||||||
Nissin Foods Holdings Co., Ltd.(1) | 2,300 | 79,236 | ||||||
Nitori Holdings Co., Ltd.(1) | 450 | 39,608 | ||||||
Nitto Denko Corp.(1) | 3,400 | 141,191 | ||||||
NKSJ Holdings, Inc.†(1) | 12,000 | 80,304 | ||||||
NOK Corp.(1) | 900 | 16,993 | ||||||
Nomura Holdings, Inc.(1) | 72,700 | 418,739 | ||||||
Nomura Real Estate Office Fund, Inc.(1) | 2 | 12,700 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Nomura Research Institute, Ltd.(1) | 2,200 | $ | 44,277 | |||||
NSK, Ltd.(1) | 15,000 | 126,552 | ||||||
NTN Corp.(1) | 13,000 | 59,189 | ||||||
NTT Data Corp.(1) | 54 | 175,069 | ||||||
NTT DoCoMo, Inc.(1) | 336 | 546,503 | ||||||
Obayashi Corp.(1) | 14,000 | 57,893 | ||||||
Odakyu Electric Railway Co., Ltd.(1) | 15,000 | 136,760 | ||||||
Olympus Corp.(1) | 3,300 | 92,871 | ||||||
Omron Corp.(1) | 1,500 | 36,997 | ||||||
Oracle Corp.(1) | 2,400 | 105,818 | ||||||
Oriental Land Co., Ltd.(1) | 1,900 | 172,092 | ||||||
ORIX Corp.(1) | 1,410 | 120,473 | ||||||
Osaka Gas Co., Ltd.(1) | 44,000 | 164,563 | ||||||
Panasonic Corp.(1) | 43,100 | 617,719 | ||||||
Panasonic Electric Works Co., Ltd.(1) | 24,000 | 311,043 | ||||||
Rakuten, Inc.(1) | 207 | 158,548 | ||||||
Resona Holdings, Inc.(1) | 2,600 | 15,867 | ||||||
Rinnai Corp.(1) | 200 | 11,615 | ||||||
Rohm Co., Ltd.(1) | 2,500 | 150,642 | ||||||
Secom Co., Ltd.(1) | 6,600 | 293,783 | ||||||
Sekisui Chemical Co., Ltd.(1) | 4,000 | 27,485 | ||||||
Sekisui House, Ltd.(1) | 8,000 | 76,000 | ||||||
Sharp Corp.(1) | 28,000 | 269,352 | ||||||
Shimamura Co., Ltd.(1) | 100 | 9,129 | ||||||
Shimano, Inc.(1) | 200 | 9,627 | ||||||
Shimizu Corp.(1) | 34,000 | 136,514 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 8,500 | 415,446 | ||||||
Shinsei Bank, Ltd.†(1) | 10,000 | 8,723 | ||||||
Shionogi & Co., Ltd.(1) | 1,900 | 34,611 | ||||||
Shiseido Co., Ltd.(1) | 7,300 | 152,570 | ||||||
Showa Shell Sekiyu K.K.(1) | 10,900 | 90,656 | ||||||
SMC Corp.(1) | 3,000 | 476,806 | ||||||
Softbank Corp.(1) | 10,400 | 360,402 | ||||||
Sony Financial Holdings, Inc.(1) | 4 | 14,429 | ||||||
Square Enix Holdings Co., Ltd.(1) | 2,300 | 44,001 | ||||||
Stanley Electric Co., Ltd.(1) | 1,900 | 33,967 | ||||||
Sumco Corp.†(1) | 1,800 | 28,522 | ||||||
Sumitomo Chemical Co., Ltd.(1) | 36,000 | 154,440 | ||||||
Sumitomo Electric Industries, Ltd.(1) | 13,100 | 171,417 | ||||||
Sumitomo Metal Industries, Ltd.(1) | 119,000 | 288,675 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 17,900 | 549,503 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 7,000 | 150,736 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 3,700 | 37,473 | ||||||
Suzuken Co., Ltd.(1) | 300 | 8,765 | ||||||
Sysmex Corp.(1) | 200 | 12,733 | ||||||
T&D Holdings, Inc.(1) | 2,750 | 62,474 | ||||||
Taisei Corp.(1) | 32,000 | 72,272 | ||||||
Taiyo Nippon Sanso Corp.(1) | 2,000 | 15,702 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 15,800 | 734,432 | ||||||
TDK Corp.(1) | 1,900 | 122,383 | ||||||
Terumo Corp.(1) | 3,500 | 186,331 | ||||||
The Dai-ichi Life Insurance Co., Ltd.(1) | 135 | 193,509 | ||||||
The Shizuoka Bank, Ltd.(1) | 2,000 | 16,805 | ||||||
The Sumitomo Trust & Banking Co., Ltd.(1) | 14,000 | 74,279 | ||||||
THK Co., Ltd.(1) | 1,300 | 26,954 | ||||||
Tobu Railway Co., Ltd.(1) | 1,000 | 5,423 | ||||||
Tokyo Electron, Ltd.(1) | 4,600 | 288,602 | ||||||
Tokyo Gas Co., Ltd.(1) | 74,000 | 322,482 | ||||||
Tokyo Steel Manufacturing Co., Ltd.(1) | 3,500 | 35,425 | ||||||
Tokyo Tatemono Co., Ltd.(1) | 6,000 | 23,519 | ||||||
Tokyu Corp.(1) | 12,000 | 52,927 | ||||||
Tokyu Land Corp.(1) | 5,000 | 22,406 | ||||||
TonenGeneral Sekiyu K.K.(1) | 15,000 | 147,872 | ||||||
Toppan Printing Co., Ltd.(1) | 2,000 | 16,730 |
74
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Japan (continued) |
| |||||||
Toray Industries, Inc.(1) | 34,000 | $ | 189,735 | |||||
TOTO, Ltd.(1) | 2,000 | 13,336 | ||||||
Toyo Seikan Kaisha, Ltd.(1) | 1,800 | 32,394 | ||||||
Toyoda Gosei Co., Ltd.(1) | 1,300 | 29,628 | ||||||
Toyota Boshoku Corp.(1) | 1,600 | 27,968 | ||||||
Toyota Industries Corp.(1) | 8,000 | 235,843 | ||||||
Trend Micro, Inc.(1) | 2,200 | 67,961 | ||||||
Ube Industries, Ltd.(1) | 7,000 | 17,757 | ||||||
Unicharm Corp.(1) | 3,300 | 128,946 | ||||||
UNY Co., Ltd.(1) | 4,600 | 41,612 | ||||||
Ushio, Inc.(1) | 4,800 | 82,713 | ||||||
USS Co., Ltd.(1) | 1,720 | 123,915 | ||||||
West Japan Railway Co.(1) | 50 | 175,235 | ||||||
Yahoo! Japan Corp.(1) | 395 | 141,601 | ||||||
Yakult Honsha Co., Ltd.(1) | 3,600 | 102,168 | ||||||
Yamada Denki Co., Ltd.(1) | �� | 1,860 | 118,049 | |||||
Yamaha Motor Co., Ltd.†(1) | 12,400 | 177,814 | ||||||
Yamato Holdings Co., Ltd.(1) | 9,200 | 116,425 | ||||||
Yamato Kogyo Co., Ltd.(1) | 4,100 | 117,833 | ||||||
Yaskawa Electric Corp.(1) | 3,000 | 25,992 | ||||||
30,522,188 | ||||||||
Jersey — 0.6% |
| |||||||
Petrofac, Ltd.(1) | 33,409 | 722,197 | ||||||
Shire PLC(1) | 39,888 | 933,485 | ||||||
1,655,682 | ||||||||
Luxembourg — 0.1% |
| |||||||
Millicom International Cellular SA SDR(1) | 1,791 | 155,399 | ||||||
Netherlands — 0.7% |
| |||||||
ASML Holding NV(1) | 29,480 | 952,449 | ||||||
Koninklijke Ahold NV(1) | 73,511 | 888,067 | ||||||
1,840,516 | ||||||||
Netherlands Antilles — 1.1% |
| |||||||
Schlumberger, Ltd. | 37,445 | 2,895,996 | ||||||
New Zealand — 0.0% |
| |||||||
Contact Energy, Ltd.†(1) | 14,042 | 61,839 | ||||||
Norway — 0.6% |
| |||||||
Orkla ASA(1) | 72,000 | 603,573 | ||||||
Statoil ASA(1) | 51,600 | 1,021,939 | ||||||
1,625,512 | ||||||||
Portugal — 0.2% |
| |||||||
Galp Energia SGPS SA(1) | 39,389 | 660,264 | ||||||
Spain — 1.5% |
| |||||||
Abertis Infraestructuras SA(1) | 46,660 | 744,046 | ||||||
Acciona SA(1) | 10,297 | 666,945 | ||||||
ACS Actividades de Construccion y Servicios SA(1) | 17,827 | 783,750 | ||||||
Ferrovial SA(1) | 80,150 | 759,849 | ||||||
Inditex SA(1) | 2,754 | 207,487 | ||||||
Repsol YPF SA(1) | 37,377 | 903,293 | ||||||
4,065,370 | ||||||||
Sweden — 1.6% |
| |||||||
Assa Abloy AB, Class B(1) | 3,212 | 86,175 | ||||||
Atlas Copco AB, Class A(1) | 45,193 | 997,213 | ||||||
Atlas Copco AB, Class B(1) | 31,455 | 618,198 | ||||||
Nordea Bank AB(1) | 109,825 | 1,093,184 | ||||||
Svenska Cellulosa AB, Class B(1) | 59,863 | 872,214 | ||||||
Svenska Handelsbanken AB, Class A(1) | 20,378 | 608,564 | ||||||
4,275,548 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Switzerland — 3.7% | ||||||||
ACE, Ltd. | 23,719 | $ | 1,388,036 | |||||
Alcon, Inc.# | 8,799 | 1,383,643 | ||||||
Aryzta AG†(1) | 19,755 | 838,735 | ||||||
Baloise Holding AG(1) | 3,924 | 334,487 | ||||||
Cie Financiere Richemont SA(1) | 20,911 | 1,126,670 | ||||||
Credit Suisse Group AG(1) | 31,186 | 1,153,004 | ||||||
Novartis AG(1) | 37,629 | 2,002,479 | ||||||
Roche Holding AG(1) | 2,596 | 356,287 | ||||||
Swisscom AG(1) | 2,210 | 901,271 | ||||||
UBS AG†(1) | 44,539 | 666,309 | ||||||
10,150,921 | ||||||||
United Kingdom — 8.0% | ||||||||
Aggreko PLC(1) | 13,200 | 300,541 | ||||||
Anglo American PLC(1) | 32,570 | 1,427,239 | ||||||
Antofagasta PLC(1) | 40,170 | 820,614 | ||||||
ARM Holdings PLC(1) | 8,900 | 55,219 | ||||||
Associated British Foods PLC(1) | 52,322 | 863,272 | ||||||
AstraZeneca PLC(1) | 33,094 | 1,541,367 | ||||||
Autonomy Corp. PLC†(1) | 6,960 | 144,518 | ||||||
Aviva PLC(1) | 158,873 | 875,267 | ||||||
Balfour Beatty PLC(1) | 81,605 | 347,316 | ||||||
BG Group PLC(1) | 78,626 | 1,423,291 | ||||||
BHP Billiton PLC(1) | 46,276 | 1,642,437 | ||||||
British Sky Broadcasting Group PLC(1) | 84,019 | 942,041 | ||||||
BT Group PLC(1) | 409,931 | 1,083,110 | ||||||
Bunzl PLC(1) | 73,401 | 801,125 | ||||||
Carnival PLC(1) | 14,131 | 576,050 | ||||||
Fresnillo PLC(1) | 38,156 | 836,545 | ||||||
GlaxoSmithKline PLC(1) | 100,195 | 1,897,407 | ||||||
HSBC Holdings PLC(1) | 276,745 | 2,787,967 | ||||||
International Power PLC(1) | 22,112 | 140,066 | ||||||
Legal & General Group PLC(1) | 549,240 | 782,268 | ||||||
Marks & Spencer Group PLC(1) | 124,495 | 721,340 | ||||||
Old Mutual PLC(1) | 30,305 | 55,808 | ||||||
Pearson PLC(1) | 52,261 | 752,265 | ||||||
Reckitt Benckiser Group PLC(1) | 3,166 | 167,393 | ||||||
Rexam PLC(1) | 80,305 | 376,395 | ||||||
Royal Bank of Scotland Group PLC†(1) | 175,174 | 102,311 | ||||||
United Utilities Group PLC(1) | 14,512 | 134,585 | ||||||
21,597,757 | ||||||||
United States — 46.4% | ||||||||
Abbott Laboratories | 49,603 | 2,307,036 | ||||||
Aflac, Inc. | 32,621 | 1,679,982 | ||||||
Air Products & Chemicals, Inc. | 3,220 | 277,628 | ||||||
Allergan, Inc. | 25,266 | 1,674,378 | ||||||
Altera Corp.# | 8,783 | 308,195 | ||||||
American Express Co. | 43,491 | 1,879,681 | ||||||
AmerisourceBergen Corp. | 12,798 | 394,818 | ||||||
Amgen, Inc.† | 30,830 | 1,624,433 | ||||||
Analog Devices, Inc.# | 27,655 | 983,412 | ||||||
Annaly Capital Management, Inc.# | 39,301 | 714,885 | ||||||
Apache Corp. | 18,761 | 2,019,434 | ||||||
Apollo Group, Inc., Class A† | 4,500 | 153,000 | ||||||
Apple, Inc.† | 16,306 | 5,073,612 | ||||||
Applied Materials, Inc. | 115,778 | 1,439,121 | ||||||
Bank of America Corp. | 246,373 | 2,697,784 | ||||||
Bristol-Myers Squibb Co.# | 79,216 | 1,999,412 | ||||||
Capital One Financial Corp. | 36,815 | 1,370,622 | ||||||
Cardinal Health, Inc. | 2,770 | 98,557 | ||||||
Caterpillar, Inc.# | 26,158 | 2,212,967 | ||||||
Celgene Corp.† | 5,967 | 354,320 | ||||||
CenterPoint Energy, Inc. | 63,222 | 988,160 |
75 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
United States (continued) |
| |||||||
CenturyLink, Inc.# | 18,553 | $ | 797,593 | |||||
Chubb Corp.# | 21,565 | 1,229,421 | ||||||
Cisco Systems, Inc.† | 113,778 | 2,179,986 | ||||||
Citigroup, Inc.† | 389,315 | 1,635,123 | ||||||
Colgate-Palmolive Co. | 25,310 | 1,937,481 | ||||||
ConAgra Foods, Inc. | 32,904 | 706,778 | ||||||
Costco Wholesale Corp. | 10,294 | 695,977 | ||||||
Cummins, Inc.# | 6,870 | 667,214 | ||||||
CVS Caremark Corp. | 37,691 | 1,168,421 | ||||||
Danaher Corp. | 41,607 | 1,799,503 | ||||||
Deere & Co. | 13,488 | 1,007,554 | ||||||
Devon Energy Corp. | 27,147 | 1,915,764 | ||||||
DIRECTV, Class A† | 5,306 | 220,358 | ||||||
Ecolab, Inc. | 30,421 | 1,454,428 | ||||||
EMC Corp.† | 75,022 | 1,612,223 | ||||||
Endo Pharmaceuticals Holdings, Inc.† | 19,219 | 692,076 | ||||||
EOG Resources, Inc. | 1,909 | 169,806 | ||||||
Express Scripts, Inc.† | 9,261 | 482,405 | ||||||
Flowserve Corp.# | 5,098 | 537,635 | ||||||
Forest Laboratories, Inc.† | 3,303 | 105,333 | ||||||
Franklin Resources, Inc. | 5,208 | 594,181 | ||||||
General Mills, Inc. | 45,990 | 1,624,827 | ||||||
Google, Inc., Class A† | 5,548 | 3,083,079 | ||||||
Hess Corp. | 24,906 | 1,744,665 | ||||||
Hewlett-Packard Co. | 61,529 | 2,579,911 | ||||||
International Business Machines Corp. | 26,217 | 3,708,657 | ||||||
Intuit, Inc.†# | 10,289 | 461,873 | ||||||
Joy Global, Inc.# | 9,565 | 730,001 | ||||||
JPMorgan Chase & Co. | 87,485 | 3,270,189 | ||||||
Kimberly-Clark Corp.# | 29,691 | 1,837,576 | ||||||
Lowe’s Cos., Inc. | 84,584 | 1,920,057 | ||||||
Lubrizol Corp.# | 3,844 | 401,929 | ||||||
Mastercard, Inc., Class A | 430 | 101,923 | ||||||
Mattel, Inc.# | 18,096 | 467,601 | ||||||
McDonald’s Corp. | 32,675 | 2,558,452 | ||||||
Medtronic, Inc. | 36,123 | 1,211,204 | ||||||
MetLife, Inc. | 18,715 | 713,977 | ||||||
Microsoft Corp. | 153,148 | 3,860,861 | ||||||
National Oilwell Varco, Inc. | 21,432 | 1,313,567 | ||||||
NetApp, Inc.† | 7,155 | 364,404 | ||||||
News Corp., Class A | 132,832 | 1,811,828 | ||||||
NIKE, Inc., Class B# | 22,723 | 1,957,132 | ||||||
Norfolk Southern Corp. | 29,087 | 1,750,165 | ||||||
Northeast Utilities# | 38,509 | 1,197,630 | ||||||
Oneok, Inc. | 21,634 | 1,105,714 | ||||||
PACCAR, Inc.# | 22,257 | 1,198,762 | ||||||
Pepco Holdings, Inc.# | 83,102 | 1,524,922 | ||||||
Pitney Bowes, Inc.# | 19,512 | 428,093 | ||||||
PNC Financial Services Group, Inc. | 33,089 | 1,781,843 | ||||||
Prudential Financial, Inc. | 33,091 | 1,677,052 | ||||||
Public Storage | 9,262 | 894,709 | ||||||
QUALCOMM, Inc. | 40,799 | 1,906,945 | ||||||
Qwest Communications International, Inc.# | 62,988 | 440,916 | ||||||
R.R. Donnelley & Sons Co. | 4,079 | 64,285 | ||||||
Safeway, Inc.# | 18,658 | 428,947 | ||||||
Southern Copper Corp. | 22,340 | 936,716 | ||||||
Sprint Nextel Corp.†# | 122,621 | 463,507 | ||||||
Staples, Inc. | 29,345 | 645,883 | ||||||
Starbucks Corp. | 22,535 | 689,571 | ||||||
State Street Corp. | 9,844 | 425,261 | ||||||
Sysco Corp. | 58,137 | 1,687,136 | ||||||
Target Corp. | 35,985 | 2,048,986 | ||||||
The Allstate Corp. | 17,183 | 500,197 | ||||||
The Coca-Cola Co. | 53,872 | 3,403,094 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) |
| |||||||
The Hershey Co.# | 23,176 | $ | 1,084,637 | |||||
The Travelers Cos., Inc. | 33,353 | 1,800,728 | ||||||
The Walt Disney Co. | 65,942 | 2,407,542 | ||||||
The Williams Cos., Inc. | 72,618 | 1,656,417 | ||||||
Time Warner Cable, Inc.# | 23,951 | 1,473,945 | ||||||
TJX Cos., Inc. | 14,137 | 644,789 | ||||||
UnitedHealth Group, Inc. | 55,603 | 2,030,622 | ||||||
Viacom, Inc., Class B | 35,670 | 1,349,396 | ||||||
Walgreen Co. | 12,761 | 444,721 | ||||||
Whiting Petroleum Corp.† | 2,802 | 308,360 | ||||||
125,985,901 | ||||||||
Total Common Stock | ||||||||
(cost $267,436,563) | 268,530,674 | |||||||
PREFERRED STOCK — 0.6% |
| |||||||
Germany — 0.6% |
| |||||||
Bayerische Motoren Werke AG(1) | 16,756 | 801,803 | ||||||
Fresenius SE(1) | 8,737 | 753,754 | ||||||
Total Preferred Stock | ||||||||
(cost $1,281,484) | 1,555,557 | |||||||
WARRANTS — 0.0% |
| |||||||
Henderson Land Development Co., Ltd.† | 10,200 | 3,350 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $268,718,047) | 270,089,581 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 3.7% |
| |||||||
Collective Investment Pool — 3.3% |
| |||||||
Securities Lending Quality Trust(2) | 8,923,724 | 8,897,979 | ||||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | ||||||||
0.11% due 12/02/10@ | $ | 200,000 | 199,999 | |||||
0.12% due 12/02/10@ | 400,000 | 399,999 | ||||||
0.13% due 12/02/10@ | 600,000 | 599,998 | ||||||
1,199,996 | ||||||||
Total Short - Term Investment Securities | ||||||||
(cost $10,123,720) | 10,097,975 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $278,841,767)(3) | 103.2 | % | 280,187,556 | |||||
Liabilities in excess of other assets | (3.2 | ) | (8,561,487 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 271,626,069 | ||||
† | 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) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $120,492,320 representing 44.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing 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. |
(4) | Fair Valued security. Securities are classified as Level 3 disclosures based on securities valuation inputs; see Note 2. |
(5) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $0 representing 0.0% of net asset. |
PPS—Price Protected Shares
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
Currency Legend
HKD—Hong Kong Dollar
76 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
26 | Long | S&P 500 E-Mini Index | December 2010 | $ | 1,506,700 | $ | 1,533,480 | $ | 26,780 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Canada | $ | 15,946,045 | $ | — | $ | — | $ | 15,946,045 | ||||||||
Japan | — | 30,522,188 | # | — | 30,522,188 | |||||||||||
United Kingdom | — | 21,597,757 | # | — | 21,597,757 | |||||||||||
United States | 125,985,901 | — | — | 125,985,901 | ||||||||||||
Other Countries* | 7,661,965 | 66,816,818 | # | 0 | 74,478,783 | |||||||||||
Preferred Stock | — | 1,555,557 | # | — | 1,555,557 | |||||||||||
Warrants | 3,350 | — | — | 3,350 | ||||||||||||
Short Term Investment Securities | ||||||||||||||||
Collective Investment Pool | — | 8,897,979 | — | 8,897,979 | ||||||||||||
U.S. Government Treasuries | — | 1,199,996 | — | 1,199,996 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Appreciation | 26,780 | — | — | 26,780 | ||||||||||||
Total | $ | 149,624,041 | $ | 130,590,295 | $ | 0 | $ | 280,214,336 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $120,492,320 representing 44.4% of net assets; see Note 2. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||||
Balance as of 5/31/2010 | $ | 0 | ||||
Accrued discounts/premiums | — | |||||
Realized gain (loss) | — | |||||
Change in unrealized appreciation (depreciation) | — | |||||
Net purchases (sales) | — | |||||
Transfers in and/or out of Level 3 | — | |||||
Balance as of 11/30/2010 | $ | 0 | ||||
See Notes to Financial Statements
77
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Sovereign | 37.1 | % | ||
U.S. Government Agencies | 7.6 | |||
Medical-Drugs | 4.2 | |||
Oil Companies-Integrated | 3.8 | |||
Collective Investment Pool | 3.2 | |||
Multimedia | 2.5 | |||
Telecom Services | 2.1 | |||
Telephone-Integrated | 1.9 | |||
Cable/Satellite TV | 1.7 | |||
Insurance-Multi-line | 1.7 | |||
Diversified Manufacturing Operations | 1.7 | |||
Insurance-Reinsurance | 1.5 | |||
Applications Software | 1.5 | |||
Banks-Commercial | 1.5 | |||
Cellular Telecom | 1.3 | |||
Electric-Integrated | 1.3 | |||
U.S. Municipal Bonds & Notes | 1.2 | |||
Oil Companies-Exploration & Production | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Auto-Cars/Light Trucks | 1.1 | |||
Medical-Biomedical/Gene | 1.0 | |||
Electronic Components-Semiconductors | 1.0 | |||
Insurance-Property/Casualty | 1.0 | |||
Diversified Banking Institutions | 1.0 | |||
Foreign Government Treasuries | 0.8 | |||
Transport-Services | 0.8 | |||
Diversified Minerals | 0.7 | |||
Retail-Drug Store | 0.7 | |||
Medical-Generic Drugs | 0.7 | |||
Food-Retail | 0.7 | |||
Banks-Fiduciary | 0.7 | |||
SupraNational Banks | 0.7 | |||
Import/Export | 0.7 | |||
Insurance-Life/Health | 0.6 | |||
Food-Misc. | 0.6 | |||
Networking Products | 0.6 | |||
Internet Security | 0.6 | |||
Retail-Discount | 0.6 | |||
Computer Services | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Retail-Building Products | 0.5 | |||
Semiconductor Components-Integrated Circuits | 0.5 | |||
Toys | 0.5 | |||
Photo Equipment & Supplies | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Security Services | 0.5 | |||
Electronic Components-Misc. | 0.4 | |||
Retail-Major Department Stores | 0.4 | |||
Publishing-Books | 0.4 | |||
Building Products-Cement | 0.4 | |||
Rubber-Tires | 0.3 | |||
Human Resources | 0.3 | |||
Insurance Brokers | 0.3 | |||
Real Estate Operations & Development | 0.3 | |||
Oil-Field Services | 0.3 | |||
Machinery-General Industrial | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Medical-Hospitals | 0.3 | |||
Chemicals-Specialty | 0.3 | |||
Medical Products | 0.2 | |||
Therapeutics | 0.2 | |||
Computers-Integrated Systems | 0.1 | |||
101.4 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 27.9 | % | ||
South Korea | 8.6 | |||
United Kingdom | 7.2 | |||
Mexico | 5.1 | |||
Brazil | 4.4 | |||
Germany | 4.1 | |||
Indonesia | 3.9 | |||
Poland | 3.9 | |||
France | 3.8 | |||
Switzerland | 3.2 | |||
Sweden | 3.0 | |||
Japan | 2.8 | |||
Australia | 2.6 | |||
Norway | 1.9 | |||
Russia | 1.9 | |||
Singapore | 1.6 | |||
South Africa | 1.5 | |||
Netherlands | 1.3 | |||
Ireland | 1.1 | |||
Hungary | 1.1 | |||
Israel | 1.1 | |||
Lithuania | 0.9 | |||
Spain | 0.8 | |||
Malaysia | 0.7 | |||
SupraNational | 0.7 | |||
China | 0.6 | |||
Argentina | 0.6 | |||
Italy | 0.6 | |||
Taiwan | 0.5 | |||
Venezuela | 0.5 | |||
Qatar | 0.4 | |||
Egypt | 0.4 | |||
United Arab Emirates | 0.4 | |||
Vietnam | 0.4 | |||
Canada | 0.4 | |||
Austria | 0.4 | |||
Bermuda | 0.3 | |||
Hong Kong | 0.3 | |||
Jersey | 0.3 | |||
Turkey | 0.2 | |||
101.4 | % | |||
* | Calculated as a percentage of net assets |
78
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 49.3% | ||||||||
Austria — 0.4% | ||||||||
Telekom Austria AG(1) | 120,080 | $ | 1,669,261 | |||||
Bermuda — 0.3% | ||||||||
PartnerRe, Ltd.# | 20,510 | 1,589,525 | ||||||
Canada — 0.4% | ||||||||
Talisman Energy, Inc. | 97,000 | 1,862,423 | ||||||
China — 0.6% | ||||||||
China Telecom Corp., Ltd.(1) | 5,678,000 | 2,845,683 | ||||||
France — 3.8% | ||||||||
Alstom SA(1) | 30,680 | 1,265,351 | ||||||
AXA SA(1) | 167,595 | 2,406,671 | ||||||
Compagnie Generale des Etablissements Michelin, | 23,920 | 1,617,448 | ||||||
France Telecom SA ADR | 153,242 | 3,127,669 | ||||||
GDF Suez(1) | 24,180 | 801,269 | ||||||
Ipsen SA(1) | 4,310 | 128,710 | ||||||
Sanofi-Aventis SA(1) | 51,572 | 3,116,041 | ||||||
Total SA(1) | 66,840 | 3,234,797 | ||||||
Vivendi SA(1) | 74,974 | 1,828,695 | ||||||
17,526,651 | ||||||||
Germany — 4.1% | ||||||||
Bayerische Motoren Werke AG(1) | 29,415 | 2,212,322 | ||||||
Deutsche Post AG (Sweden)(1) | 98,537 | 1,581,201 | ||||||
E.ON AG(1) | 63,567 | 1,823,587 | ||||||
Merck KGaA(1) | 19,110 | 1,491,528 | ||||||
Muenchener Rueckversicherungs AG(1) | 21,820 | 3,030,317 | ||||||
Rhoen-Klinikum AG(1) | 56,666 | 1,191,144 | ||||||
SAP AG ADR# | 69,600 | 3,266,328 | ||||||
Siemens AG ADR | 39,400 | 4,326,120 | ||||||
18,922,547 | ||||||||
Hong Kong — 0.3% | ||||||||
Cheung Kong Holdings, Ltd.(1) | 96,324 | 1,418,870 | ||||||
Ireland — 1.1% | ||||||||
Accenture PLC, Class A | 59,280 | 2,568,010 | ||||||
Covidien PLC | 25,291 | 1,063,992 | ||||||
CRH PLC (London)(1) | 95,561 | 1,659,462 | ||||||
5,291,464 | ||||||||
Israel — 0.7% | ||||||||
Check Point Software Technologies, Ltd.†# | 73,229 | 3,139,327 | ||||||
Italy — 0.6% | ||||||||
ENI SpA(1) | 73,669 | 1,481,224 | ||||||
Intesa Sanpaolo SpA(1) | 401,765 | 1,044,457 | ||||||
2,525,681 | ||||||||
Japan — 2.8% | ||||||||
ITOCHU Corp.(1) | 326,400 | 3,026,780 | ||||||
Konica Minolta Holdings, Inc.(1) | 217,500 | 2,234,987 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 116,000 | 548,920 | ||||||
Nintendo Co., Ltd.(1) | 8,524 | 2,315,246 | ||||||
Nissan Motor Co., Ltd.(1) | 68,700 | 644,471 | ||||||
NKSJ Holdings, Inc.†(1) | 277,000 | 1,853,676 | ||||||
Toyota Motor Co. ADR | 29,300 | 2,276,317 | ||||||
12,900,397 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Jersey — 0.3% | ||||||||
Wolseley PLC†(1) | 46,383 | $ | 1,239,863 | |||||
Netherlands — 1.3% | ||||||||
ING Groep NV†(1) | 268,341 | 2,371,778 | ||||||
Koninklijke Philips Electronics NV(1) | 70,726 | 1,908,038 | ||||||
Reed Elsevier NV(1) | 155,953 | 1,823,641 | ||||||
6,103,457 | ||||||||
Norway — 1.3% | ||||||||
Statoil ASA(1) | 145,160 | 2,874,897 | ||||||
Telenor ASA(1) | 212,512 | 3,052,779 | ||||||
5,927,676 | ||||||||
Russia — 0.2% | ||||||||
Gazprom OAO ADR | 47,700 | 1,052,262 | ||||||
Singapore — 1.6% | ||||||||
DBS Group Holdings, Ltd.(1) | 329,095 | 3,486,112 | ||||||
Singapore Telecommunications, Ltd.(1) | 1,667,000 | 3,909,330 | ||||||
7,395,442 | ||||||||
South Africa — 0.3% | ||||||||
Sasol, Ltd. ADR | 29,100 | 1,299,897 | ||||||
South Korea — 1.4% | ||||||||
KB Financial Group, Inc. ADR | 39,580 | 1,822,263 | ||||||
Samsung Electronics Co., Ltd.(1) | 6,747 | 4,798,481 | ||||||
6,620,744 | ||||||||
Spain — 0.8% | ||||||||
Telefonica SA ADR | 56,803 | 3,635,392 | ||||||
Switzerland — 3.2% | ||||||||
ACE, Ltd. | 57,657 | 3,374,088 | ||||||
Adecco SA(1) | 26,910 | 1,534,594 | ||||||
Basilea Pharmaceutica AG†(1) | 2,030 | 132,569 | ||||||
Lonza Group AG(1) | 15,340 | 1,183,092 | ||||||
Novartis AG(1) | 30,850 | 1,641,725 | ||||||
Roche Holding AG(1) | 19,160 | 2,629,610 | ||||||
Swiss Reinsurance Co., Ltd.(1) | 52,790 | 2,436,464 | ||||||
Tyco International, Ltd. | 50,931 | 1,929,775 | ||||||
14,861,917 | ||||||||
Taiwan — 0.5% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 1,175,914 | 2,441,489 | ||||||
Turkey — 0.2% | ||||||||
Turkcell Iletisim Hizmet AS ADR | 65,220 | 1,111,349 | ||||||
United Kingdom — 7.2% | ||||||||
Aviva PLC(1) | 533,210 | 2,937,574 | ||||||
BAE Systems PLC(1) | 411,019 | 2,113,500 | ||||||
BP PLC(1) | 364,085 | 2,420,590 | ||||||
British Sky Broadcasting Group PLC(1) | 133,728 | 1,499,390 | ||||||
G4S PLC(1) | 569,643 | 2,106,954 | ||||||
GlaxoSmithKline PLC(1) | 147,206 | 2,787,661 | ||||||
HSBC Holdings PLC(1) | 171,053 | 1,723,639 | ||||||
Kingfisher PLC(1) | 285,880 | 1,044,069 | ||||||
Marks & Spencer Group PLC(1) | 323,360 | 1,873,590 | ||||||
Pearson PLC(1) | 118,479 | 1,705,432 | ||||||
Royal Dutch Shell PLC, Class B(1) | 97,886 | 2,902,955 | ||||||
Tesco PLC(1) | 480,690 | 3,096,959 | ||||||
Unilever PLC(1) | 101,385 | 2,800,979 | ||||||
Vodafone Group PLC ADR | 163,547 | 4,098,488 | ||||||
33,111,780 | ||||||||
79 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
United States — 15.9% | ||||||||
Amgen, Inc.† | 66,240 | $ | 3,490,186 | |||||
AON Corp. | 37,700 | 1,512,524 | ||||||
Baker Hughes, Inc. | 25,510 | 1,330,602 | ||||||
Bank of New York Mellon Corp. | 113,580 | 3,065,524 | ||||||
Biogen Idec, Inc.† | 10,060 | 643,538 | ||||||
Brocade Communications Systems, Inc.† | 104,940 | 522,601 | ||||||
Chesapeake Energy Corp. | 118,420 | 2,501,030 | ||||||
Cisco Systems, Inc.† | 141,870 | 2,718,229 | ||||||
Comcast Corp., Special Class A | 171,115 | 3,246,052 | ||||||
CVS Caremark Corp. | 109,840 | 3,405,040 | ||||||
General Electric Co. | 109,610 | 1,735,126 | ||||||
Home Depot, Inc. | 46,950 | 1,418,359 | ||||||
Isis Pharmaceuticals, Inc.†# | 40,300 | 380,230 | ||||||
JPMorgan Chase & Co. | 62,120 | 2,322,046 | ||||||
Merck & Co., Inc. | 100,530 | 3,465,269 | ||||||
Microsoft Corp. | 144,404 | 3,640,425 | ||||||
News Corp., Class A | 160,567 | 2,190,134 | ||||||
Onyx Pharmaceuticals, Inc.†# | 16,930 | 498,588 | ||||||
Oracle Corp. | 70,850 | 1,915,784 | ||||||
Pfizer, Inc. | 223,479 | 3,640,473 | ||||||
PG&E Corp. | 64,820 | 3,042,003 | ||||||
Quest Diagnostics, Inc. | 50,660 | 2,498,551 | ||||||
Regeneron Pharmaceuticals, Inc.†# | 20,570 | 592,827 | ||||||
Sprint Nextel Corp.† | 265,440 | 1,003,363 | ||||||
Symantec Corp.† | 155,550 | 2,613,240 | ||||||
Target Corp. | 45,523 | 2,592,080 | ||||||
The Progressive Corp. | 137,590 | 2,798,581 | ||||||
Time Warner Cable, Inc. | 56,018 | 3,447,348 | ||||||
Time Warner, Inc. | 64,972 | 1,916,024 | ||||||
United Parcel Service, Inc., Class B | 35,370 | 2,480,498 | ||||||
Viacom, Inc., Class B | 64,100 | 2,424,903 | ||||||
Walt Disney Co. | 37,070 | 1,353,426 | ||||||
Watson Pharmaceuticals, Inc.† | 66,670 | 3,249,496 | ||||||
73,654,100 | ||||||||
Total Common Stock | ||||||||
(cost $246,069,569) | 228,147,197 | |||||||
PREFERRED STOCK — 1.3% | ||||||||
Brazil — 1.3% | ||||||||
Petroleo Brasileiro SA ADR | 90,190 | 2,640,763 | ||||||
Vale SA, Class A ADR | 125,110 | 3,551,873 | ||||||
Total Preferred Stock | ||||||||
(cost $3,993,205) | 6,192,636 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.2% | ||||||||
Venezuela — 0.2% | ||||||||
Petroleos de Venezuela SA | 1,160,000 | 1,090,400 | ||||||
Security Description | Principal Amount(5) | Value (Note 2) | ||||||||||
FOREIGN GOVERNMENT AGENCIES — 37.8% | ||||||||||||
Argentina — 0.6% | ||||||||||||
Republic of Argentina FRS | $ | 11,593,000 | $ | 2,689,576 | ||||||||
Australia — 2.6% | ||||||||||||
New South Wales Treasury Corp. | AUD | 2,575,000 | 2,446,089 | |||||||||
New South Wales Treasury Corp. | AUD | 2,510,000 | 2,435,152 | |||||||||
Queensland Treasury Corp. | AUD | 2,040,000 | 1,967,346 | |||||||||
Queensland Treasury Corp. | AUD | 2,545,000 | 2,488,145 | |||||||||
Queensland Treasury Corp. | AUD | 1,050,000 | 1,024,249 | |||||||||
Western Australia Treasury Corp. | AUD | 1,600,000 | 1,540,961 | |||||||||
11,901,942 | ||||||||||||
Brazil — 3.1% | ||||||||||||
Brazil Nota do Tesouro Nacional | BRL | 2,625,000 | 2,971,290 | |||||||||
Brazil Nota do Tesouro Nacional | BRL | 4,750,000 | 5,623,886 | |||||||||
Brazil Nota do Tesouro Nacional | BRL | 1,995,000 | 1,185,745 | |||||||||
Brazil Nota do Tesouro Nacional | BRL | 2,950,000 | 1,688,375 | |||||||||
Brazil Nota do Tesouro Nacional | BRL | 5,200,000 | 2,863,536 | |||||||||
14,332,832 | ||||||||||||
Hungary — 1.1% | ||||||||||||
Republic of Hungary | EUR | 135,000 | 150,519 | |||||||||
Republic of Hungary | EUR | 495,000 | 541,336 | |||||||||
Republic of Hungary | EUR | 685,000 | 809,149 | |||||||||
Republic of Hungary | EUR | 2,165,000 | 2,725,971 | |||||||||
Republic of Hungary | 910,000 | 886,145 | ||||||||||
5,113,120 | ||||||||||||
80 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||||||||
Indonesia — 3.9% | ||||||||||||
Republic of Indonesia | $ | 100,000 | $ | 127,000 | ||||||||
Republic of Indonesia | 1,128,000 | 1,432,560 | ||||||||||
Republic of Indonesia | 100,000 | 136,500 | ||||||||||
Republic of Indonesia | IDR | 2,780,000,000 | 337,803 | |||||||||
Republic of Indonesia | IDR | 7,720,000,000 | 933,185 | |||||||||
Republic of Indonesia | IDR | 6,235,000,000 | 760,796 | |||||||||
Republic of Indonesia | IDR | 1,280,000,000 | 164,550 | |||||||||
Republic of Indonesia | IDR | 1,640,000,000 | 203,726 | |||||||||
Republic of Indonesia | IDR | 39,900,000,000 | 5,202,569 | |||||||||
Republic of Indonesia | IDR | 21,782,000,000 | 2,988,353 | |||||||||
Republic of Indonesia | 1,120,000 | 1,705,200 | ||||||||||
Republic of Indonesia | IDR | 15,947,000,000 | 2,405,127 | |||||||||
Republic of Indonesia | IDR | 8,530,000,000 | 1,284,058 | |||||||||
Republic of Indonesia | IDR | 4,200,000,000 | 569,161 | |||||||||
18,250,588 | ||||||||||||
Lithuania — 0.9% | ||||||||||||
Republic of Lithuania | 3,560,000 | 3,969,400 | ||||||||||
Malaysia — 0.7% | ||||||||||||
Government of Malaysia | MYR | 6,960,000 | 2,214,126 | |||||||||
Government of Malaysia | MYR | 900,000 | 285,426 | |||||||||
Government of Malaysia | MYR | 3,115,000 | 1,000,261 | |||||||||
3,499,813 | ||||||||||||
Mexico — 5.1% | ||||||||||||
United Mexican States | MXN | 19,000,000 | 1,638,920 |
Security Description | Principal Amount(5) | Value (Note 2) | ||||||||||
Mexico (continued) | ||||||||||||
United Mexican States | MXN | 32,400,000 | $ | 2,777,922 | ||||||||
United Mexican States | MXN | 53,000,000 | 4,594,649 | |||||||||
United Mexican States | MXN | 4,600,000 | 396,165 | |||||||||
United Mexican States | MXN | 6,370,000 | 554,368 | |||||||||
United Mexican States | MXN | 109,200,000 | 11,121,615 | |||||||||
United Mexican States | MXN | 23,800,000 | 2,384,861 | |||||||||
23,468,500 | ||||||||||||
Norway — 0.6% | ||||||||||||
Kingdom of Norway | NOK | 16,000,000 | 2,618,568 | |||||||||
Kingdom of Norway | NOK | 2,050,000 | 363,578 | |||||||||
2,982,146 | ||||||||||||
Poland — 3.9% | ||||||||||||
Government of Poland | PLN | 6,430,000 | 1,973,680 | |||||||||
Government of Poland | PLN | 25,030,000 | 8,088,349 | |||||||||
Government of Poland | PLN | 5,380,000 | 1,763,530 | |||||||||
Government of Poland | PLN | 1,590,000 | 497,176 | |||||||||
Government of Poland | PLN | 8,685,000 | 2,885,046 | |||||||||
Government of Poland | 2,620,000 | 2,908,635 | ||||||||||
18,116,416 | ||||||||||||
Qatar — 0.4% | ||||||||||||
State of Qatar | 1,630,000 | 1,911,175 | ||||||||||
Russia — 1.7% | ||||||||||||
Russian Federation | 6,780,520 | 7,814,549 | ||||||||||
South Africa — 1.2% | ||||||||||||
Republic of South Africa | EUR | 275,000 | 370,707 | |||||||||
Republic of South Africa | EUR | 500,000 | 681,477 |
81 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||||||
FOREIGN GOVERNMENT AGENCIES (continued) | ||||||||||||
South Africa (continued) | ||||||||||||
Republic of South Africa | $ | 700,000 | $ | 781,375 | ||||||||
Republic of South Africa | 120,000 | 136,800 | ||||||||||
Republic of South Africa | 2,910,000 | 3,477,450 | ||||||||||
5,447,809 | ||||||||||||
South Korea — 7.2% | ||||||||||||
KDICB Redemption Fund | KRW | 1,104,000,000 | 972,144 | |||||||||
Republic of South Korea | KRW | 4,888,000,000 | 4,347,934 | |||||||||
Republic of South Korea | KRW | 7,323,970,000 | 6,407,861 | |||||||||
Republic of South Korea | KRW | 9,333,650,000 | 8,202,221 | |||||||||
Republic of South Korea | KRW | 80,000,000 | 72,491 | |||||||||
Republic of South Korea | KRW | 6,755,000,000 | 6,039,153 | |||||||||
Republic of South Korea | KRW | 622,970,000 | 561,248 | |||||||||
Republic of South Korea | KRW | 2,476,640,000 | 2,167,194 | |||||||||
Republic of South Korea | KRW | 1,881,000,000 | 1,623,390 | |||||||||
Republic of South Korea | 2,470,000 | 3,029,062 | ||||||||||
33,422,698 | ||||||||||||
SupraNational — 0.7% | ||||||||||||
Corporacion Andina de Fomento | 1,340,000 | 1,625,617 | ||||||||||
European Investment Bank | NOK | 8,500,000 | 1,418,427 | |||||||||
3,044,044 | ||||||||||||
Sweden — 3.0% | ||||||||||||
Kingdom of Sweden | SEK | 68,205,000 | 9,804,738 | |||||||||
Kingdom of Sweden | SEK | 27,480,000 | 4,183,864 | |||||||||
13,988,602 | ||||||||||||
United Arab Emirates — 0.4% | ||||||||||||
Emirate of Abu Dhabi | 1,600,000 | 1,892,707 | ||||||||||
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||||||
Venezuela — 0.3% | ||||||||||||
Republic of Venezuela | $ | 1,415,000 | $ | 1,291,187 | ||||||||
Vietnam — 0.4% | ||||||||||||
Republic of Vietnam | 1,695,000 | 1,889,442 | ||||||||||
Total Foreign Government Agencies | ||||||||||||
(cost $155,415,474) | 175,026,546 | |||||||||||
MUNICIPAL BONDS & NOTES — 1.2% | ||||||||||||
United States — 1.2% | ||||||||||||
Bay Area Toll Authority California Revenue | 1,000,000 | 1,009,360 | ||||||||||
California State | 3,140,000 | 3,303,437 | ||||||||||
Los Angeles California Community College | 185,000 | 184,341 | ||||||||||
Los Angeles Unified School District | 225,000 | 239,085 | ||||||||||
State of California | 685,000 | 709,688 | ||||||||||
Total Municipal Bonds & Notes | ||||||||||||
(cost $5,329,328) | 5,445,911 | |||||||||||
Total Long-Term Investment Securities | ||||||||||||
(cost $411,875,764) | 415,902,690 | |||||||||||
SHORT-TERM INVESTMENT SECURITIES — 11.6% | ||||||||||||
Collective Investment Pool — 3.2% | ||||||||||||
Securities Lending Quality Trust(3)(4) | ||||||||||||
(cost $15,067,731) | 15,067,731 | 15,024,260 | ||||||||||
Foreign Government Treasuries — 0.8% | ||||||||||||
Egypt Treasury Bills | ||||||||||||
9.58% due 08/09/11 | EGP | 125,000 | 20,172 | |||||||||
10.03% due 03/22/11 | EGP | 250,000 | 42,014 | |||||||||
10.25% due 06/07/11 | EGP | 125,000 | 20,544 | |||||||||
10.31% due 12/07/10 | EGP | 1,475,000 | 254,349 | |||||||||
10.33% due 11/08/11 | EGP | 725,000 | 114,059 | |||||||||
10.34% due 08/09/11 | EGP | 450,000 | 72,621 | |||||||||
10.35% due 12/21/10 | EGP | 125,000 | 21,475 | |||||||||
10.37% due 06/07/11 | EGP | 450,000 | 73,960 | |||||||||
10.42% due 07/12/11 | EGP | 450,000 | 73,220 | |||||||||
10.44% due 03/08/11 | EGP | 200,000 | 33,739 | |||||||||
10.55% due 12/21/10 | EGP | 225,000 | 38,655 | |||||||||
10.69% due 02/08/11 | EGP | 1,675,000 | 284,542 | |||||||||
10.74% due 02/08/11 | EGP | 1,425,000 | 242,073 | |||||||||
10.87% due 02/08/11 | EGP | 1,775,000 | 301,529 | |||||||||
10.92% due 02/08/11 | EGP | 1,775,000 | 301,529 | |||||||||
1,894,481 | ||||||||||||
Israel Treasury Bills | ||||||||||||
2.14% due 07/06/11 | ILS | 2,090,600 | 560,846 | |||||||||
2.14% due 08/03/11 | ILS | 1,977,000 | 529,295 | |||||||||
2.15% due 07/06/11 | ILS | 1,899,400 | 509,552 | |||||||||
1,599,693 | ||||||||||||
82 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(5) | Value (Note 2) | ||||||||||
FOREIGN GOVERNMENT TREASURIES (continued) | ||||||||||||
Total Foreign Government Treasuries | ||||||||||||
(cost $3,527,672) | 3,494,174 | |||||||||||
U.S. Government Agencies — 7.6% | ||||||||||||
Federal Home Loan Bank | ||||||||||||
0.10% due 12/01/10 | 11,075,000 | 11,075,000 | ||||||||||
0.24% due 12/01/10 | 21,600,000 | 21,600,000 | ||||||||||
32,675,000 | ||||||||||||
Federal Farm Credit Bank | $ | 2,360,000 | $ | 2,360,000 | ||||||||
Total U.S. Government Agencies | ||||||||||||
(cost $35,035,000) | 35,035,000 | |||||||||||
Total Short-Term Investment Securities | ||||||||||||
(cost $53,630,403) | 53,553,434 | |||||||||||
TOTAL INVESTMENTS — | ||||||||||||
(cost $465,506,167)(6) | 101.4 | % | 469,456,124 | |||||||||
Liabilities in excess of other assets | (1.4 | ) | (6,350,165 | ) | ||||||||
NET ASSETS — | 100.0 | % | $ | 463,105,959 | ||||||||
# | The security or a portion thereof is out on loan. |
† | 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, 2010, the aggregate value of these securities was $20,751,533 representing 4.5% 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, 2010. The aggregate value of these securities was $112,949,872 representing 24.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. Rate shown reflects the increased rate. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | At November 30, 2010, the Fund had loaned securities with a total value of $14,559,560. This was secured by collateral of $15,067,731, which was received in cash and subsequently invested in short-term investments currently value at $15,024,260 as reported in the portfolio of investments. The remaining collateral of $8,792 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. |
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||
Federal Home Loan Bank | 0.45% to 1.63% | 07/08/11 to 11/28/11 | ||
Federal Home Loan Mtg. Corp. | 1.00% | 06/29/12 | ||
Federal National Mortgage Assoc. | zero coupon to 1.00% | 07/11/2011 to 07/27/2012 | ||
United States Treasury Notes/Bonds | 0.88% to 3.88% | 02/28/11 to 08/15/40 |
(5) | Denominated in United States Dollars unless otherwise indicated. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depository Receipt
FRS — Floating Rate Security
The rates shown on FRS are the current interest rates as of November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America Securities LLC | EUR | 2,577,855 | SEK | 23,782,000 | 9/22/2011 | $ | 5,241 | $ | – | |||||||||||||||||||
Barclays Investments, Inc. | EUR | 462,350 | USD | 670,870 | 1/14/2011 | 70,805 | – | |||||||||||||||||||||
EUR | 375,660 | USD | 538,828 | 1/19/2011 | 51,285 | – | ||||||||||||||||||||||
EUR | 1,640,000 | USD | 2,238,067 | 2/9/2011 | 109,838 | – | ||||||||||||||||||||||
EUR | 1,399,000 | USD | 1,911,734 | 2/10/2011 | 96,260 | – | ||||||||||||||||||||||
EUR | 846,089 | NOK | 6,799,000 | 8/25/2011 | – | (16,124 | ) | |||||||||||||||||||||
EUR | 204,400 | USD | 258,668 | 8/25/2011 | – | (6,417 | ) | |||||||||||||||||||||
USD | 928,021 | AUD | 1,064,000 | 12/10/2010 | 90,817 | – |
83
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 144,329 | CLP | 77,400,000 | 2/11/2011 | $ | 13,528 | $ | – | ||||||||||||||||||||
432,533 | (22,541 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 1,203,000 | USD | 1,730,155 | 1/10/2011 | 168,804 | – | |||||||||||||||||||||
EUR | 375,660 | USD | 543,796 | 1/13/2011 | 56,240 | – | ||||||||||||||||||||||
EUR | 2,172,000 | USD | 2,980,733 | 2/8/2011 | 162,112 | – | ||||||||||||||||||||||
MXN | 8,343,000 | USD | 614,314 | 12/2/2010 | – | (53,954 | ) | |||||||||||||||||||||
USD | 624,233 | CLP | 327,410,000 | 2/25/2011 | 42,844 | – | ||||||||||||||||||||||
USD | 305,638 | CLP | 159,543,000 | 4/28/2011 | 17,667 | – | ||||||||||||||||||||||
USD | 145,461 | CLP | 79,240,000 | 5/31/2011 | 14,648 | – | ||||||||||||||||||||||
USD | 52,869 | INR | 2,552,000 | 7/18/2011 | 1,076 | – | ||||||||||||||||||||||
USD | 204,486 | PHP | 9,044,000 | 10/11/2011 | – | (576 | ) | |||||||||||||||||||||
463,391 | (54,530 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | AUD | 2,129,500 | USD | 2,045,172 | 12/1/2010 | 4,046 | – | |||||||||||||||||||||
EUR | 2,243,000 | USD | 3,205,942 | 1/11/2011 | 294,808 | – | ||||||||||||||||||||||
EUR | 1,812,588 | NOK | 15,082,000 | 2/9/2011 | 67,580 | – | ||||||||||||||||||||||
EUR | 411,000 | USD | 561,960 | 2/10/2011 | 28,608 | – | ||||||||||||||||||||||
EUR | 849,000 | USD | 1,166,475 | 2/18/2011 | 64,782 | – | ||||||||||||||||||||||
EUR | 361,590 | MYR | 1,491,000 | 7/18/2011 | – | (4,591 | ) | |||||||||||||||||||||
EUR | 401,152 | MYR | 1,683,000 | 7/20/2011 | 3,847 | – | ||||||||||||||||||||||
EUR | 515,708 | MYR | 2,164,000 | 7/25/2011 | 4,895 | – | ||||||||||||||||||||||
EUR | 731,689 | SEK | 6,934,000 | 7/27/2011 | 29,208 | – | ||||||||||||||||||||||
EUR | 137,755 | USD | 185,757 | 11/18/2011 | 7,155 | – | ||||||||||||||||||||||
EUR | 190,735 | USD | 254,774 | 11/28/2011 | 7,491 | – | ||||||||||||||||||||||
NZD | 1,481,419 | USD | 1,019,587 | 1/28/2011 | – | (76,966 | ) | |||||||||||||||||||||
USD | 1,856,924 | AUD | 2,129,500 | 12/1/2010 | 184,201 | – | ||||||||||||||||||||||
USD | 748,081 | AUD | 853,000 | 12/9/2010 | 68,813 | – | ||||||||||||||||||||||
USD | 928,446 | AUD | 1,064,000 | 12/10/2010 | 90,391 | – | ||||||||||||||||||||||
USD | 3,883,566 | ILS | 14,495,800 | 1/7/2011 | 54,864 | – | ||||||||||||||||||||||
USD | 165,478 | PHP | 7,703,000 | 1/18/2011 | 9,411 | – | ||||||||||||||||||||||
USD | 103,124 | PHP | 4,819,000 | 1/19/2011 | 6,285 | – | ||||||||||||||||||||||
USD | 634,991 | CLP | 319,210,000 | 1/27/2011 | 16,844 | – | ||||||||||||||||||||||
USD | 1,450,439 | CLP | 734,720,000 | 1/28/2011 | 49,729 | – | ||||||||||||||||||||||
USD | 1,039,616 | NZD | 1,481,419 | 1/28/2011 | 56,937 | – | ||||||||||||||||||||||
USD | 854,942 | CLP | 443,230,000 | 1/31/2011 | 49,787 | – | ||||||||||||||||||||||
USD | 2,201,943 | CNY | 14,622,000 | 2/1/2011 | – | (8,458 | ) | |||||||||||||||||||||
USD | 144,253 | CLP | 77,500,000 | 2/10/2011 | 13,819 | – | ||||||||||||||||||||||
USD | 283,084 | CLP | 151,620,000 | 2/11/2011 | 26,143 | – | ||||||||||||||||||||||
USD | 144,392 | CLP | 76,600,000 | 2/14/2011 | 11,799 | – | ||||||||||||||||||||||
USD | 1,026,140 | MYR | 3,542,747 | 2/14/2011 | 87,329 | – | ||||||||||||||||||||||
USD | 66,730 | CLP | 34,900,000 | 2/18/2011 | 4,412 | – | ||||||||||||||||||||||
USD | 491,262 | CLP | 257,590,000 | 2/22/2011 | 33,675 | – | ||||||||||||||||||||||
USD | 200,268 | CLP | 104,700,000 | 2/25/2011 | 13,052 | – | ||||||||||||||||||||||
USD | 357,544 | CLP | 186,960,000 | 2/28/2011 | 23,292 | – | ||||||||||||||||||||||
USD | 580,688 | CLP | 303,700,000 | 3/1/2011 | 37,902 | – | ||||||||||||||||||||||
USD | 76,938 | CLP | 40,200,000 | 3/2/2011 | 4,938 | – | ||||||||||||||||||||||
USD | 363,881 | CLP | 190,310,000 | 3/4/2011 | 23,654 | - | ||||||||||||||||||||||
USD | 739,376 | CLP | 373,200,000 | 3/10/2011 | 20,182 | – | ||||||||||||||||||||||
USD | 721,946 | CLP | 372,560,000 | 3/15/2011 | 35,973 | – | ||||||||||||||||||||||
USD | 341,366 | CLP | 179,490,000 | 3/31/2011 | 23,263 | – | ||||||||||||||||||||||
USD | 363,238 | CLP | 190,700,000 | 4/4/2011 | 24,026 | – | ||||||||||||||||||||||
USD | 472,160 | INR | 21,429,000 | 4/11/2011 | – | (14,217 | ) | |||||||||||||||||||||
USD | 1,012,338 | INR | 45,950,000 | 4/12/2011 | – | (30,496 | ) | |||||||||||||||||||||
USD | 233,965 | INR | 10,622,000 | 4/19/2011 | – | (7,195 | ) | |||||||||||||||||||||
USD | 475,160 | INR | 21,520,000 | 4/26/2011 | – | (16,124 | ) | |||||||||||||||||||||
USD | 146,704 | CLP | 77,900,000 | 5/10/2011 | 10,989 | – | ||||||||||||||||||||||
USD | 519,186 | CLP | 280,490,000 | 5/19/2011 | 48,160 | – | ||||||||||||||||||||||
USD | 207,273 | CLP | 113,140,000 | 5/27/2011 | 21,413 | – | ||||||||||||||||||||||
USD | 613,573 | INR | 29,157,000 | 6/1/2011 | 5,613 | – | ||||||||||||||||||||||
USD | 444,290 | INR | 21,477,000 | 6/7/2011 | 11,522 | – | ||||||||||||||||||||||
USD | 120,969 | INR | 5,815,000 | 6/10/2011 | 2,408 | – | ||||||||||||||||||||||
USD | 305,307 | INR | 14,554,000 | 6/16/2011 | 3,304 | – | ||||||||||||||||||||||
USD | 278,471 | INR | 13,258,000 | 6/20/2011 | 2,550 | – | ||||||||||||||||||||||
USD | 322,801 | INR | 15,233,000 | 6/24/2011 | – | (46 | ) | |||||||||||||||||||||
USD | 208,536 | INR | 10,114,000 | 7/11/2011 | 5,403 | – | ||||||||||||||||||||||
USD | 105,688 | INR | 5,110,000 | 7/12/2011 | 2,392 | – | ||||||||||||||||||||||
USD | 281,840 | MYR | 912,824 | 7/12/2011 | 2,589 | – | ||||||||||||||||||||||
USD | 1,094,450 | MYR | 3,540,000 | 7/13/2011 | 8,528 | – | ||||||||||||||||||||||
USD | 500,231 | MYR | 1,621,000 | 7/18/2011 | 4,694 | – | ||||||||||||||||||||||
USD | 786,310 | MYR | 2,557,000 | 7/20/2011 | 10,083 | – | ||||||||||||||||||||||
USD | 955,880 | MYR | 3,109,000 | 7/25/2011 | 12,170 | – |
84
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 322,799 | INR | 15,617,000 | 8/24/2011 | $ | 6,130 | $ | – | ||||||||||||||||||||
USD | 226,916 | INR | 11,044,000 | 9/1/2011 | 5,514 | – | ||||||||||||||||||||||
USD | 1,450,460 | ILS | 5,519,000 | 9/7/2011 | 42,565 | – | ||||||||||||||||||||||
USD | 511,645 | PHP | 23,022,000 | 10/4/2011 | 7,509 | – | ||||||||||||||||||||||
USD | 614,653 | PHP | 27,526,000 | 10/5/2011 | 6,053 | – | ||||||||||||||||||||||
USD | 1,500,165 | ILS | 5,469,000 | 10/6/2011 | – | (21,877 | ) | |||||||||||||||||||||
USD | 507,935 | PHP | 22,596,000 | 10/7/2011 | 1,575 | – | ||||||||||||||||||||||
USD | 408,343 | PHP | 18,081,000 | 10/11/2011 | – | (680 | ) | |||||||||||||||||||||
USD | 122,180 | PHP | 5,384,000 | 10/12/2011 | – | (793 | ) | |||||||||||||||||||||
USD | 125,623 | MYR | 394,093 | 10/13/2011 | – | (3,357 | ) | |||||||||||||||||||||
USD | 110,763 | PHP | 4,878,000 | 10/19/2011 | – | (803 | ) | |||||||||||||||||||||
USD | 439,348 | PHP | 19,500,000 | 10/21/2011 | 200 | – | ||||||||||||||||||||||
USD | 171,367 | INR | 7,960,000 | 10/26/2011 | – | (4,722 | ) | |||||||||||||||||||||
USD | 428,918 | PHP | 18,920,000 | 10/26/2011 | – | (2,497 | ) | |||||||||||||||||||||
USD | 361,725 | INR | 16,813,000 | 10/27/2011 | – | (9,774 | ) | |||||||||||||||||||||
USD | 326,103 | PHP | 14,323,000 | 10/28/2011 | – | (3,306 | ) | |||||||||||||||||||||
USD | 51,138 | PHP | 2,200,000 | 11/4/2011 | – | (1,565 | ) | |||||||||||||||||||||
USD | 104,525 | PHP | 4,500,000 | 11/14/2011 | – | (3,151 | ) | |||||||||||||||||||||
USD | 1,953,816 | AUD | 2,129,500 | 12/1/2011 | – | (2,826 | ) | |||||||||||||||||||||
1,704,505 | (213,444 | ) | ||||||||||||||||||||||||||
HSBC Securities, Inc. | EUR | 328,084 | CNY | 3,265,000 | 12/6/2010 | 63,843 | – | |||||||||||||||||||||
EUR | 355,000 | USD | 485,480 | 2/8/2011 | 24,794 | – | ||||||||||||||||||||||
EUR | 1,230,000 | USD | 1,682,148 | 2/9/2011 | 85,976 | – | ||||||||||||||||||||||
EUR | 539,000 | USD | 749,318 | 10/17/2011 | 50,419 | – | ||||||||||||||||||||||
EUR | 538,000 | USD | 754,653 | 10/18/2011 | 57,053 | – | ||||||||||||||||||||||
EUR | 724,000 | USD | 1,011,138 | 10/19/2011 | 72,364 | – | ||||||||||||||||||||||
NZD | 110,442 | USD | 74,317 | 2/14/2011 | – | (7,322 | ) | |||||||||||||||||||||
USD | 391,212 | CNY | 2,591,000 | 12/6/2010 | – | (2,597 | ) | |||||||||||||||||||||
USD | 663,289 | CNY | 4,410,209 | 12/14/2010 | – | (1,866 | ) | |||||||||||||||||||||
USD | 666,206 | CNY | 4,427,271 | 12/15/2010 | – | (2,231 | ) | |||||||||||||||||||||
USD | 729,822 | MYR | 2,508,772 | 12/22/2010 | 61,245 | – | ||||||||||||||||||||||
USD | 356,120 | MYR | 1,224,911 | 12/23/2010 | 30,096 | – | ||||||||||||||||||||||
USD | 402,355 | MYR | 1,385,872 | 12/28/2010 | 34,479 | – | ||||||||||||||||||||||
USD | 146,034 | PHP | 6,830,000 | 1/14/2011 | 9,044 | – | ||||||||||||||||||||||
USD | 289,325 | PHP | 13,506,000 | 1/18/2011 | 17,316 | – | ||||||||||||||||||||||
USD | 405,167 | PHP | 17,658,000 | 1/26/2011 | – | (4,308 | ) | |||||||||||||||||||||
USD | 1,888,000 | KRW | 2,228,406,400 | 2/9/2011 | 27,612 | – | ||||||||||||||||||||||
USD | 77,807 | NZD | 110,442 | 2/14/2011 | 3,832 | – | ||||||||||||||||||||||
USD | 259,287 | MYR | 892,000 | 2/17/2011 | 21,011 | – | ||||||||||||||||||||||
USD | 699,997 | INR | 33,693,000 | 6/3/2011 | 15,359 | – | ||||||||||||||||||||||
USD | 120,365 | INR | 5,733,000 | 6/8/2011 | 1,296 | – | ||||||||||||||||||||||
USD | 301,069 | INR | 14,470,000 | 6/13/2011 | 5,851 | – | ||||||||||||||||||||||
USD | 215,323 | INR | 10,230,000 | 6/27/2011 | 1,366 | – | ||||||||||||||||||||||
USD | 272,178 | MYR | 883,000 | 7/29/2011 | 2,701 | – | ||||||||||||||||||||||
USD | 559,858 | MYR | 1,800,000 | 8/8/2011 | 177 | – | ||||||||||||||||||||||
USD | 373,113 | INR | 18,021,000 | 8/24/2011 | 6,448 | – | ||||||||||||||||||||||
USD | 84,099 | PHP | 3,800,000 | 9/30/2011 | 1,601 | – | ||||||||||||||||||||||
USD | 68,603 | PHP | 3,100,000 | 10/3/2011 | 1,305 | – | ||||||||||||||||||||||
USD | 409,777 | PHP | 18,467,000 | 10/4/2011 | 6,661 | – | ||||||||||||||||||||||
USD | 615,130 | PHP | 27,532,000 | 10/5/2011 | 5,711 | – | ||||||||||||||||||||||
USD | 408,465 | PHP | 18,115,000 | 10/11/2011 | – | (35 | ) | |||||||||||||||||||||
USD | 202,207 | PHP | 8,977,000 | 10/13/2011 | 182 | – | ||||||||||||||||||||||
USD | 400,209 | PHP | 17,658,000 | 10/19/2011 | – | (2,162 | ) | |||||||||||||||||||||
USD | 175,717 | INR | 8,148,000 | 10/26/2011 | – | (5,136 | ) | |||||||||||||||||||||
USD | 399,756 | PHP | 17,658,000 | 10/26/2011 | – | (1,778 | ) | |||||||||||||||||||||
USD | 262,557 | INR | 12,138,000 | 10/27/2011 | – | (8,469 | ) | |||||||||||||||||||||
USD | 76,748 | PHP | 3,370,000 | 10/27/2011 | – | (796 | ) | |||||||||||||||||||||
USD | 51,025 | PHP | 2,240,000 | 10/28/2011 | – | (542 | ) | |||||||||||||||||||||
USD | 99,613 | PHP | 4,380,000 | 10/31/2011 | – | (909 | ) | |||||||||||||||||||||
607,742 | (38,151 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | EUR | 548,072 | USD | 793,349 | 1/13/2011 | 82,026 | – | |||||||||||||||||||||
EUR | 1,064,000 | USD | 1,447,678 | 2/16/2011 | 66,978 | – | ||||||||||||||||||||||
EUR | 517,939 | MYR | 2,164,000 | 7/27/2011 | 1,933 | – | ||||||||||||||||||||||
EUR | 636,635 | USD | 803,812 | 8/29/2011 | – | (21,823 | ) | |||||||||||||||||||||
USD | 330,657 | CNY | 2,198,867 | 12/13/2010 | – | (878 | ) | |||||||||||||||||||||
USD | 713,092 | MYR | 2,432,356 | 12/16/2010 | 54,162 | – | ||||||||||||||||||||||
USD | 462,329 | MYR | 1,576,495 | 12/17/2010 | 34,925 | – | ||||||||||||||||||||||
USD | 550,806 | MYR | 1,886,510 | 12/21/2010 | 44,086 | – | ||||||||||||||||||||||
USD | 915,157 | PHP | 42,561,000 | 1/13/2011 | 51,223 | – | ||||||||||||||||||||||
USD | 412,703 | PHP | 19,234,000 | 1/19/2011 | 23,981 | – |
85
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 190,211 | CLP | 96,770,000 | 1/28/2011 | $ | 7,376 | $ | – | ||||||||||||||||||||
USD | 242,745 | INR | 11,460,000 | 2/4/2011 | 4,299 | – | ||||||||||||||||||||||
USD | 133,588 | CLP | 70,000,000 | 2/18/2011 | 9,105 | – | ||||||||||||||||||||||
USD | 226,895 | CLP | 118,700,000 | 2/22/2011 | 15,001 | – | ||||||||||||||||||||||
USD | 61,217 | CLP | 32,200,000 | 2/28/2011 | 4,375 | – | ||||||||||||||||||||||
USD | 136,795 | CLP | 70,600,000 | 3/21/2011 | 6,754 | – | ||||||||||||||||||||||
USD | 681,927 | INR | 30,864,000 | 4/13/2011 | – | (22,518 | ) | |||||||||||||||||||||
USD | 669,377 | INR | 30,296,000 | 4/15/2011 | – | (22,264 | ) | |||||||||||||||||||||
USD | 332,981 | INR | 15,134,000 | 4/19/2011 | – | (9,884 | ) | |||||||||||||||||||||
USD | 227,029 | MYR | 740,795 | 4/19/2011 | 4,906 | – | ||||||||||||||||||||||
USD | 653,734 | MYR | 2,123,000 | 4/22/2011 | 10,838 | – | ||||||||||||||||||||||
USD | 188,442 | CLP | 98,979,000 | 4/27/2011 | 12,152 | – | ||||||||||||||||||||||
USD | 67,741 | INR | 3,070,000 | 4/27/2011 | – | (2,264 | ) | |||||||||||||||||||||
USD | 336,099 | INR | 15,232,000 | 4/28/2011 | – | (11,270 | ) | |||||||||||||||||||||
USD | 336,578 | INR | 15,247,000 | 4/29/2011 | – | (11,470 | ) | |||||||||||||||||||||
USD | 211,137 | INR | 10,067,000 | 6/22/2011 | 2,204 | – | ||||||||||||||||||||||
USD | 1,717,505 | MYR | 5,625,000 | 6/29/2011 | 36,460 | – | ||||||||||||||||||||||
USD | 335,195 | INR | 16,267,000 | 7/12/2011 | 8,864 | – | ||||||||||||||||||||||
USD | 52,782 | INR | 2,552,000 | 7/20/2011 | 1,153 | – | ||||||||||||||||||||||
USD | 1,007,210 | MYR | 3,269,000 | 7/27/2011 | 10,547 | – | ||||||||||||||||||||||
USD | 62,627 | MYR | 200,000 | 8/29/2011 | – | (473 | ) | |||||||||||||||||||||
USD | 162,452 | PHP | 7,272,000 | 10/6/2011 | 1,526 | – | ||||||||||||||||||||||
USD | 203,639 | PHP | 9,021,000 | 10/11/2011 | – | (247 | ) | |||||||||||||||||||||
USD | 495,791 | PHP | 21,971,000 | 10/13/2011 | – | (448 | ) | |||||||||||||||||||||
USD | 286,990 | PHP | 12,598,000 | 10/17/2011 | – | (2,992 | ) | |||||||||||||||||||||
USD | 220,680 | PHP | 9,792,000 | 10/21/2011 | 40 | – | ||||||||||||||||||||||
USD | 214,639 | PHP | 9,466,000 | 10/26/2011 | – | (1,293 | ) | |||||||||||||||||||||
494,914 | (107,824 | ) | ||||||||||||||||||||||||||
Merrill Lynch | USD | 144,253 | CLP | 77,500,000 | 2/10/2011 | 13,819 | – | |||||||||||||||||||||
USD | 133,472 | CLP | 70,400,000 | 2/23/2011 | 9,984 | – | ||||||||||||||||||||||
USD | 74,385 | CLP | 39,000,000 | 3/1/2011 | 5,052 | – | ||||||||||||||||||||||
28,855 | – | |||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 204,426 | NOK | 1,696,440 | 11/25/2011 | 3,603 | – | |||||||||||||||||||||
EUR | 313,913 | NOK | 2,610,000 | 11/28/2011 | 6,268 | – | ||||||||||||||||||||||
USD | 921,000 | AUD | 1,105,921 | 2/8/2011 | 130,129 | – | ||||||||||||||||||||||
USD | 288,685 | CLP | 152,700,000 | 2/16/2011 | 22,633 | – | ||||||||||||||||||||||
USD | 696,882 | CLP | 365,600,000 | 2/22/2011 | 48,165 | – | ||||||||||||||||||||||
USD | 133,473 | CLP | 69,900,000 | 2/24/2011 | 8,954 | – | ||||||||||||||||||||||
USD | 285,698 | CLP | 149,380,000 | 2/25/2011 | 18,654 | – | ||||||||||||||||||||||
USD | 307,722 | CLP | 161,400,000 | 3/1/2011 | 21,026 | – | ||||||||||||||||||||||
USD | 147,368 | CLP | 76,300,000 | 3/15/2011 | 7,853 | – | ||||||||||||||||||||||
USD | 1,150,000 | ILS | 4,318,135 | 3/29/2011 | 22,027 | – | ||||||||||||||||||||||
USD | 629,307 | CLP | 330,550,000 | �� | 4/25/2011 | 40,711 | – | |||||||||||||||||||||
330,023 | – | |||||||||||||||||||||||||||
UBS AG | EUR | 297,971 | NOK | 2,570,000 | 12/1/2010 | 26,914 | – | |||||||||||||||||||||
EUR | 195,111 | USD | 293,539 | 12/7/2010 | 40,279 | – | ||||||||||||||||||||||
EUR | 2,118,000 | USD | 3,028,422 | 1/11/2011 | 279,522 | – | ||||||||||||||||||||||
EUR | 866,907 | USD | 1,258,038 | 1/13/2011 | 132,911 | – | ||||||||||||||||||||||
EUR | 664,629 | USD | 935,133 | 1/25/2011 | 72,580 | – | ||||||||||||||||||||||
EUR | 177,000 | USD | 247,853 | 1/31/2011 | 18,149 | – | ||||||||||||||||||||||
EUR | 906,268 | NOK | 7,552,200 | 2/8/2011 | 35,675 | – | ||||||||||||||||||||||
EUR | 1,629,000 | USD | 2,236,373 | 2/8/2011 | 122,407 | – | ||||||||||||||||||||||
EUR | 1,268,778 | NOK | 10,555,600 | 2/9/2011 | 47,060 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,663,895 | 2/11/2011 | 93,695 | – | ||||||||||||||||||||||
EUR | 1,064,000 | USD | 1,446,934 | 2/16/2011 | 66,233 | – | ||||||||||||||||||||||
EUR | 849,000 | USD | 1,166,365 | 2/18/2011 | 64,671 | – | ||||||||||||||||||||||
EUR | 729,000 | USD | 982,036 | 4/13/2011 | 36,181 | – | ||||||||||||||||||||||
EUR | 732,501 | SEK | 6,934,000 | 7/15/2011 | 28,529 | – | ||||||||||||||||||||||
EUR | 843,025 | NOK | 6,799,000 | 8/22/2011 | – | (12,026 | ) | |||||||||||||||||||||
EUR | 843,810 | NOK | 6,799,000 | 8/23/2011 | – | (13,085 | ) | |||||||||||||||||||||
EUR | 946,362 | SEK | 9,000,000 | 8/26/2011 | 41,026 | – | ||||||||||||||||||||||
EUR | 1,333,312 | USD | 1,687,200 | 8/26/2011 | – | (41,960 | ) | |||||||||||||||||||||
EUR | 675,228 | NOK | 5,605,000 | 11/7/2011 | 12,829 | – | ||||||||||||||||||||||
EUR | 701,089 | USD | 949,696 | 11/17/2011 | 40,716 | – | ||||||||||||||||||||||
EUR | 1,023,317 | NOK | 8,451,000 | 11/28/2011 | 11,366 | – | ||||||||||||||||||||||
EUR | 311,515 | NOK | 2,570,000 | 12/1/2011 | 2,992 | – | ||||||||||||||||||||||
NOK | 2,570,000 | EUR | 316,230 | 12/1/2010 | – | (3,213 | ) |
86
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 921,000 | AUD | 1,105,616 | 2/8/2011 | $ | 129,839 | $ | – | ||||||||||||||||||||
1,303,574 | (70,284 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 5,370,778 | $ | (506,774 | ) | |||||||||||||||||||||||
Currency Legend
AUD—Australian Dollar
BRL—Brazilian Real
CLP—Chilean Peso
CNY—Yuan Renminbi
EGP—Egyptian Pound
EUR—Euro Dollar
IDR—Indonesian Rupiah
ILS—Israeli New Shekel
INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PHP—Philippine Peso
PLN—Polish Zloty
SEK—Swedish Krona
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
United Kingdom | $ | 4,098,488 | $ | 29,013,292 | # | $ | — | $ | 33,111,780 | |||||||
United States | 73,654,100 | — | — | 73,654,100 | ||||||||||||
Other Countries* | 37,444,737 | 83,936,580 | # | — | 121,381,317 | |||||||||||
Preferred Stock | 6,192,636 | — | — | 6,192,636 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 1,090,400 | — | 1,090,400 | ||||||||||||
Foreign Government Agencies | — | 175,026,546 | — | 175,026,546 | ||||||||||||
Municipal Bonds & Notes | — | 5,445,911 | — | 5,445,911 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 15,024,260 | — | 15,024,260 | ||||||||||||
Foreign Government Treasuries | — | 3,494,174 | — | 3,494,174 | ||||||||||||
U.S. Government Agencies | — | 35,035,000 | — | 35,035,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | $ | — | $ | 5,370,778 | $ | — | $ | 5,370,778 | ||||||||
Total | $ | 121,389,961 | $ | 353,436,941 | $ | — | $ | 474,826,902 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 506,774 | $ | — | $ | 506,774 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $112,949,872 representing 24.4% of net assets; see Note 2. |
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
87
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
United States Treasury Notes | 34.1 | % | ||
Repurchase Agreements | 19.2 | |||
United States Treasury Bonds | 17.7 | |||
Collective Investment Pool | 10.0 | |||
Government National Mtg. Assoc. | 9.1 | |||
Federal Home Loan Mtg. Corp. | 7.0 | |||
Federal Home Loan Bank | 5.4 | |||
Federal National Mtg. Assoc. | 4.3 | |||
Federal Farm Credit Bank | 2.8 | |||
109.6 | % | |||
Credit Quality†#
Government — Treasury | 64.5 | % | ||
Government — Agency | 33.3 | |||
A | 2.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
† | Source: Standard and Poors |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
88
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES — 28.6% |
| |||||||
Federal Farm Credit Bank — 2.8% |
| |||||||
4.88% due 12/16/15 | $ | 2,000,000 | $ | 2,299,802 | ||||
4.88% due 01/17/17# | 1,000,000 | 1,153,336 | ||||||
3,453,138 | ||||||||
Federal Home Loan Bank — 5.4% |
| |||||||
4.75% due 09/11/15 | 1,000,000 | 1,144,039 | ||||||
4.88% due 11/27/13 | 2,000,000 | 2,236,560 | ||||||
5.38% due 08/19/11 | 2,000,000 | 2,071,296 | ||||||
5.38% due 06/14/13 | 1,000,000 | 1,115,723 | ||||||
6,567,618 | ||||||||
Federal Home Loan Mtg. Corp. — 7.0% |
| |||||||
4.50% due 09/01/19 | 420,667 | 447,042 | ||||||
4.75% due 11/17/15# | 3,000,000 | 3,439,077 | ||||||
5.00% due 12/14/18 | 1,000,000 | 1,107,170 | ||||||
5.00% due 10/01/34 | 278,579 | 295,751 | ||||||
5.50% due 12/01/36 | 219,430 | 235,775 | ||||||
5.75% due 01/15/12# | 2,000,000 | 2,115,828 | ||||||
6.00% due 11/01/33 | 472,281 | 519,726 | ||||||
6.50% due 02/01/32 | 178,816 | 201,886 | ||||||
7.50% due 09/01/16 | 72,960 | 79,975 | ||||||
8.00% due 02/01/30 | 4,428 | 5,178 | ||||||
8.00% due 08/01/30 | 1,004 | 1,174 | ||||||
8.00% due 06/01/31 | 5,454 | 6,378 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
5.35% due 12/01/35 | 93,109 | 99,339 | ||||||
8,554,299 | ||||||||
Federal National Mtg. Assoc. — 4.3% |
| |||||||
5.00% due 02/16/12# | 752,000 | 792,456 | ||||||
5.00% due 02/01/19 | 433,891 | 466,103 | ||||||
5.00% due 12/01/36 | 548,800 | 582,716 | ||||||
5.25% due 08/01/12 | 1,000,000 | 1,072,685 | ||||||
5.50% due 12/01/33 | 249,354 | 269,915 | ||||||
5.50% due 10/01/34 | 442,262 | 478,177 | ||||||
6.00% due 05/15/11 | 1,000,000 | 1,026,409 | ||||||
6.00% due 06/01/35 | 172,129 | 188,372 | ||||||
6.50% due 02/01/17 | 49,232 | 54,035 | ||||||
6.50% due 07/01/32 | 38,941 | 44,007 | ||||||
7.00% due 09/01/31 | 75,578 | 86,329 | ||||||
11.50% due 09/01/19 | 67 | 73 | ||||||
12.00% due 01/15/16 | 53 | 60 | ||||||
12.50% due 09/20/15 | 72 | 83 | ||||||
13.00% due 11/15/15 | 114 | 131 | ||||||
14.50% due 11/15/14 | 80 | 89 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
2.52% due 02/01/35 | 18,983 | 19,615 | ||||||
4.84% due 11/01/34 | 59,594 | 62,661 | ||||||
5.30% due 01/01/36 | 31,751 | 33,019 | ||||||
5,176,935 | ||||||||
Government National Mtg. Assoc. — 9.1% |
| |||||||
4.50% due 03/15/38 | 453,032 | 476,905 | ||||||
4.50% due 03/15/39 | 73,658 | 77,494 | ||||||
4.50% due 05/15/39 | 2,225,796 | 2,341,695 | ||||||
4.50% due 06/15/39 | 1,668,081 | 1,754,938 | ||||||
4.50% due 07/15/39 | 1,412,540 | 1,486,778 | ||||||
4.50% due 09/15/39 | 26,467 | 27,845 | ||||||
4.50% due 12/15/39 | 285,579 | 301,074 | ||||||
4.50% due 04/15/40 | 883,817 | 929,838 | ||||||
4.50% due 06/15/40 | 2,351,864 | 2,474,939 | ||||||
4.50% due 08/15/40 | 411,556 | 432,986 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) |
| |||||||
5.00% due 09/15/35 | $ | 15,790 | $ | 16,959 | ||||
5.00% due 02/15/36 | 496,344 | 532,794 | ||||||
5.00% due 05/15/36 | 70,460 | 75,634 | ||||||
6.00% due 01/15/32 | 86,131 | 95,945 | ||||||
6.50% due 08/15/31 | 72,815 | 83,396 | ||||||
7.50% due 02/15/29 | 7,855 | 9,093 | ||||||
7.50% due 07/15/30 | 499 | 578 | ||||||
7.50% due 01/15/31 | 7,064 | 8,205 | ||||||
7.50% due 02/15/31 | 6,512 | 7,563 | ||||||
11,134,659 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $32,680,458) | 34,886,649 | |||||||
U.S. GOVERNMENT TREASURIES — 51.8% |
| |||||||
United States Treasury Bonds — 17.7% |
| |||||||
zero coupon due 08/15/24 STRIPS | 2,040,000 | 1,218,594 | ||||||
2.00% due 01/15/26 TIPS(1) | 2,179,089 | 2,399,722 | ||||||
3.88% due 08/15/40# | 10,000,000 | 9,607,810 | ||||||
4.38% due 05/15/40# | 8,000,000 | 8,380,000 | ||||||
21,606,126 | ||||||||
United States Treasury Notes — 34.1% |
| |||||||
1.25% due 10/31/15# | 6,000,000 | 5,947,500 | ||||||
1.75% due 07/31/15 | 19,000,000 | 19,345,800 | ||||||
2.63% due 08/15/20# | 13,000,000 | 12,853,750 | ||||||
4.00% due 02/15/15 | 1,000,000 | 1,116,484 | ||||||
4.25% due 08/15/13 | 1,000,000 | 1,097,500 | ||||||
4.25% due 08/15/15 | 1,000,000 | 1,133,281 | ||||||
41,494,315 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $63,627,483) | 63,100,441 | |||||||
Total Long - Term Investment Securities |
| |||||||
(cost $96,307,941) | 97,987,090 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 10.0% |
| |||||||
Collective Investment Pool — 10.0% |
| |||||||
Securities Lending Quality Trust(2)(3) |
| |||||||
(cost $12,159,853) | 12,159,853 | 12,124,772 | ||||||
REPURCHASE AGREEMENT — 19.2% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(4) | ||||||||
(cost $23,359,000) | 23,359,000 | 23,359,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $131,826,794)(5) | 109.6 | % | 133,470,862 | |||||
Liabilities in excess of other assets | (9.6 | ) | (11,647,833 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 121,823,029 | ||||
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Principal amount of security is adjusted for inflation. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | At November 30, 2010, the Fund had loaned securities with a total value of $13,156,759. This was secured by collateral of $12,159,853, which was received in cash and subsequently invested in short-term investments currently value at $12,124,772 as reported in the portfolio of investments. The remaining collateral of $1,169,168 was received in the form of short-term pooled securities, which the Fund cannot sell or |
89 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||
Federal Home Loan Mtg. Corp. | zero coupon to 87.33% | 10/15/16 to 10/15/40 | ||
Federal National Mtg. Assoc. | zero coupon to 104.79% | 02/01/14 to 11/01/40 | ||
Government National Mtg. Assoc. | 0.41% to 33.24% | 07/17/33 to 03/20/40 |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
STRIPS—Separate Trading of Registered Interest and Principal Securities
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
U.S. Government Agencies: | ||||||||||||||||
Federal Farm Credit Bank | $ | — | $ | 3,453,138 | $ | — | $ | 3,453,138 | ||||||||
Federal Home Loan Bank | — | 6,567,618 | — | 6,567,618 | ||||||||||||
Federal Home Loan Mtg Corp. | — | 8,554,299 | — | 8,554,299 | ||||||||||||
Federal National Mtg. Assoc. | — | 5,176,935 | — | 5,176,935 | ||||||||||||
Government National Mtg. Assoc. | — | 11,134,659 | — | 11,134,659 | ||||||||||||
U.S. Government Treasuries | — | 63,100,441 | — | 63,100,441 | ||||||||||||
Short Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 12,124,772 | — | 12,124,772 | ||||||||||||
Repurchase Agreement | — | 23,359,000 | — | 23,359,000 | ||||||||||||
Total | $ | �� — | $ | 133,470,862 | $ | — | $ | 133,470,862 | ||||||||
See Notes to Financial Statements
90
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 9.2 | % | ||
Computers | 4.8 | |||
Oil Companies — Integrated | 4.6 | |||
Diversified Manufacturing Operations | 4.2 | |||
Applications Software | 3.7 | |||
Oil — Field Services | 3.1 | |||
Computer Services | 2.8 | |||
Wireless Equipment | 2.8 | |||
Retail — Discount | 2.8 | |||
Beverages — Non-alcoholic | 2.8 | |||
Web Portals/ISP | 2.6 | |||
Computers — Memory Devices | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Medical — Drugs | 2.3 | |||
Enterprise Software/Service | 2.2 | |||
Pharmacy Services | 2.0 | |||
Retail — Restaurants | 2.0 | |||
Transport — Services | 1.9 | |||
Chemicals — Diversified | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Medical — Biomedical/Gene | 1.6 | |||
Machinery — Construction & Mining | 1.5 | |||
Retail — Apparel/Shoe | 1.4 | |||
Food — Misc. | 1.4 | |||
Cosmetics & Toiletries | 1.3 | |||
Auto/Truck Parts & Equipment — Original | 1.3 | |||
Finance — Credit Card | 1.3 | |||
Medical Products | 1.3 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Metal — Copper | 1.2 | |||
Commercial Services — Finance | 1.1 | |||
Retail — Building Products | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Industrial Automated/Robotic | 1.0 | |||
Internet Infrastructure Software | 1.0 | |||
Multimedia | 0.9 | |||
Time Deposits | 0.9 | |||
Networking Products | 0.9 | |||
Transport — Rail | 0.8 | |||
E-Commerce/Services | 0.8 | |||
Diversified Banking Institutions | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Medical Instruments | 0.7 | |||
Machinery — Farming | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Hotels/Motels | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Banks — Commercial | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Internet Security | 0.6 | |||
Retail — Mail Order | 0.5 | |||
Food — Confectionery | 0.5 | |||
Diversified Minerals | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Software Tools | 0.5 | |||
E-Commerce/Products | 0.5 | |||
Metal — Iron | 0.5 | |||
Retail — Regional Department Stores | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Casino Hotels | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Banks — Super Regional | 0.4 |
Tobacco | 0.4 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Vitamins & Nutrition Products | 0.3 | |||
Medical — HMO | 0.3 | |||
Gold Mining | 0.3 | |||
Instruments — Scientific | 0.3 | |||
Paper & Related Products | 0.3 | |||
Human Resources | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Cable/Satellite TV | 0.2 | |||
Finance — Other Services | 0.2 | |||
Appliances | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Optical Supplies | 0.2 | |||
Industrial Gases | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Food — Retail | 0.2 | |||
Brewery | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Entertainment Software | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Food — Catering | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Transactional Software | 0.1 | |||
Garden Products | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Data Processing/Management | 0.1 | |||
Cellular Telecom | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Building Products — Cement | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Food — Meat Products | 0.1 | |||
Dialysis Centers | 0.1 | |||
Coal | 0.1 | |||
Diversified Operations | 0.1 | |||
Electronics — Military | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Schools | 0.1 | |||
109.1 | % | |||
* | Calculated as a percentage of net assets |
91
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.0% | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Rockwell Collins, Inc. | 39,981 | $ | 2,241,335 | |||||
The Boeing Co. | 16,965 | 1,081,858 | ||||||
3,323,193 | ||||||||
Aerospace/Defense - Equipment — 0.2% | ||||||||
United Technologies Corp. | 20,197 | 1,520,228 | ||||||
Apparel Manufacturers — 0.2% | ||||||||
Coach, Inc. | 19,113 | 1,080,649 | ||||||
VF Corp. | 2,757 | 228,500 | ||||||
1,309,149 | ||||||||
Appliances — 0.2% | ||||||||
Whirlpool Corp. | 21,766 | 1,588,918 | ||||||
Applications Software — 3.7% | ||||||||
Citrix Systems, Inc.† | 55,472 | 3,684,450 | ||||||
Intuit, Inc.† | 110,686 | 4,968,694 | ||||||
Microsoft Corp. | 466,237 | 11,753,835 | ||||||
Quest Software, Inc.# | 54,889 | 1,388,692 | ||||||
Red Hat, Inc.† | 35,980 | 1,565,130 | ||||||
Salesforce.com, Inc.†# | 22,900 | 3,188,138 | ||||||
26,548,939 | ||||||||
Auto - Cars/Light Trucks — 1.2% | ||||||||
Bayerische Motoren Werke AG(1) | 8,410 | 632,522 | ||||||
Ford Motor Co.†# | 385,245 | 6,140,805 | ||||||
Hyundai Motor Co.(1) | 12,870 | 1,908,745 | ||||||
8,682,072 | ||||||||
Auto - Heavy Duty Trucks — 0.3% | ||||||||
PACCAR, Inc.# | 43,935 | 2,366,339 | ||||||
Auto/Truck Parts & Equipment - | ||||||||
BorgWarner, Inc.†# | 127,929 | 7,719,236 | ||||||
Magna International, Inc., Class A#(3) | 11,780 | 561,199 | ||||||
TRW Automotive Holdings Corp. | 24,456 | 1,161,415 | ||||||
9,441,850 | ||||||||
Banks - Commercial — 0.6% | ||||||||
Banco Santander Brasil SA ADR | 73,080 | 953,694 | ||||||
Bank Mandiri Tbk PT(1) | 864,500 | 612,317 | ||||||
Erste Group Bank AG(1) | 11,090 | 434,603 | ||||||
Industrial & Commercial Bank of China(1) | 1,001,000 | 776,770 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 43,050 | 597,201 | ||||||
Turkiye Garanti Bankasi AS(1) | 107,420 | 596,401 | ||||||
3,970,986 | ||||||||
Banks - Super Regional — 0.4% | ||||||||
Fifth Third Bancorp | 48,520 | 579,814 | ||||||
PNC Financial Services Group, Inc. | 16,432 | 884,863 | ||||||
SunTrust Banks, Inc. | 7,148 | 166,977 | ||||||
Wells Fargo & Co. | 38,159 | 1,038,307 | ||||||
2,669,961 | ||||||||
Beverages - Non-alcoholic — 2.8% | ||||||||
Coca-Cola Enterprises, Inc. | 10,113 | 244,229 | ||||||
Dr Pepper Snapple Group, Inc. | 2,055 | 75,275 | ||||||
Hansen Natural Corp.† | 23,827 | 1,268,073 | ||||||
PepsiCo, Inc. | 51,886 | 3,353,392 | ||||||
The Coca-Cola Co. | 236,302 | 14,927,197 | ||||||
19,868,166 | ||||||||
Beverages - Wine/Spirits — 0.1% | ||||||||
Pernod-Ricard SA(1) | 5,460 | 444,861 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.2% | ||||||||
Anheuser-Busch InBev NV(1) | 15,780 | $ | 864,321 | |||||
Carlsberg A/S(1) | 4,320 | 408,200 | ||||||
1,272,521 | ||||||||
Broadcast Services/Program — 0.6% | ||||||||
Discovery Communications, Inc., Class A†# | 9,950 | 405,761 | ||||||
Liberty Global, Inc., Class A†# | 16,010 | 564,513 | ||||||
Scripps Networks Interactive Inc., Class A | 69,760 | 3,554,272 | ||||||
4,524,546 | ||||||||
Building Products - Cement — 0.1% | ||||||||
Holcim, Ltd.(1) | 9,380 | 604,606 | ||||||
Cable/Satellite TV — 0.2% | ||||||||
DIRECTV, Class A† | 43,282 | 1,797,501 | ||||||
Casino Hotels — 0.4% | ||||||||
Las Vegas Sands Corp.†# | 48,088 | 2,408,247 | ||||||
Wynn Resorts, Ltd. | 7,658 | 774,224 | ||||||
3,182,471 | ||||||||
Cellular Telecom — 0.1% | ||||||||
China Unicom (Hong Kong), Ltd.(1) | 522,000 | 701,015 | ||||||
Chemicals - Diversified — 1.9% | ||||||||
E.I. du Pont de Nemours & Co. | 122,635 | 5,762,619 | ||||||
PPG Industries, Inc. | 100,201 | 7,811,670 | ||||||
13,574,289 | ||||||||
Chemicals - Specialty — 0.7% | ||||||||
Cytec Industries, Inc. | 1,801 | 86,142 | ||||||
Lubrizol Corp. | 9,899 | 1,035,039 | ||||||
Sigma-Aldrich Corp.# | 57,894 | 3,660,059 | ||||||
4,781,240 | ||||||||
Coal — 0.1% | ||||||||
Walter Energy, Inc. | 5,165 | 530,136 | ||||||
Commercial Services — 0.0% | ||||||||
Intertek Group PLC(1) | 3,257 | 91,933 | ||||||
Commercial Services - Finance — 1.1% | ||||||||
Mastercard, Inc., Class A | 25,439 | 6,029,806 | ||||||
Verisk Analytics, Inc., Class A† | 34,932 | 1,057,392 | ||||||
Visa, Inc., Class A | 9,418 | 695,519 | ||||||
Western Union Co. | 7,922 | 139,744 | ||||||
7,922,461 | ||||||||
Computer Services — 2.8% | ||||||||
Accenture PLC, Class A | 161,876 | 7,012,468 | ||||||
Infosys Technologies, Ltd. ADR | 8,740 | 578,151 | ||||||
International Business Machines Corp. | 87,852 | 12,427,544 | ||||||
20,018,163 | ||||||||
Computers — 4.8% | ||||||||
Apple, Inc.† | 107,278 | 33,379,550 | ||||||
Hewlett-Packard Co. | 19,221 | 805,937 | ||||||
Research In Motion, Ltd.† | 5,271 | 326,011 | ||||||
34,511,498 | ||||||||
Computers - Integrated Systems — 0.2% | ||||||||
Riverbed Technology, Inc.† | 37,097 | 1,257,959 | ||||||
Computers - Memory Devices — 2.4% | ||||||||
EMC Corp.† | 529,493 | 11,378,805 | ||||||
NetApp, Inc.† | 95,132 | 4,845,073 | ||||||
SanDisk Corp.† | 12,324 | 549,650 | ||||||
16,773,528 | ||||||||
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Consumer Products - Misc. — 0.1% | ||||||||
The Scotts Miracle-Gro Co., Class A | 19,513 | $ | 974,869 | |||||
Containers - Metal/Glass — 0.0% | ||||||||
Ball Corp. | 1,028 | 67,725 | ||||||
Cosmetics & Toiletries — 1.3% | ||||||||
Colgate-Palmolive Co. | 16,666 | 1,275,782 | ||||||
Procter & Gamble Co. | 67,667 | 4,132,424 | ||||||
The Estee Lauder Cos., Inc., Class A | 55,401 | 4,150,643 | ||||||
9,558,849 | ||||||||
Data Processing/Management — 0.1% | ||||||||
CommVault Systems, Inc.† | 25,996 | 757,263 | ||||||
Dental Supplies & Equipment — 0.3% | ||||||||
DENTSPLY International, Inc. | 25,222 | 779,864 | ||||||
Sirona Dental Systems, Inc.†# | 28,512 | 1,077,469 | ||||||
1,857,333 | ||||||||
Diagnostic Equipment — 0.2% | ||||||||
Gen-Probe, Inc.†# | 23,865 | 1,237,639 | ||||||
Dialysis Centers — 0.1% | ||||||||
Fresenius Medical Care AG & Co. KGaA(1) | 9,910 | 571,994 | ||||||
Distribution/Wholesale — 0.1% | ||||||||
Li & Fung, Ltd.(1) | 60,000 | 373,645 | ||||||
Diversified Banking Institutions — 0.8% | ||||||||
Barclays PLC(1) | 368,400 | 1,480,330 | ||||||
HSBC Holdings PLC(1) | 111,890 | 1,127,195 | ||||||
JPMorgan Chase & Co. | 12,280 | 459,027 | ||||||
The Goldman Sachs Group, Inc. | 16,043 | 2,504,954 | ||||||
5,571,506 | ||||||||
Diversified Manufacturing Operations — 4.2% | ||||||||
3M Co. | 20,723 | 1,740,317 | ||||||
Danaher Corp. | 46,520 | 2,011,990 | ||||||
Eaton Corp. | 87,485 | 8,433,554 | ||||||
Honeywell International, Inc. | 107,231 | 5,330,453 | ||||||
Illinois Tool Works, Inc. | 137,596 | 6,553,697 | ||||||
Parker Hannifin Corp. | 13,172 | 1,056,790 | ||||||
Textron, Inc.# | 201,374 | 4,502,723 | ||||||
29,629,524 | ||||||||
Diversified Minerals — 0.5% | ||||||||
BHP Billiton, Ltd.(1) | 61,751 | 2,538,441 | ||||||
Xstrata PLC(1) | 63,990 | 1,283,760 | ||||||
3,822,201 | ||||||||
Diversified Operations — 0.1% | ||||||||
LVMH Moet Hennessy Louis Vuitton SA#(1) | 3,400 | 515,492 | ||||||
E-Commerce/Products — 0.5% | ||||||||
Amazon.com, Inc.† | 20,679 | 3,627,097 | ||||||
E-Commerce/Services — 0.8% | ||||||||
Ctrip.com International, Ltd. ADR† | 15,660 | 686,221 | ||||||
Netflix, Inc.†# | 18,458 | 3,800,502 | ||||||
priceline.com, Inc.† | 160 | 63,048 | ||||||
Rakuten, Inc.#(1) | 1,706 | 1,306,684 | ||||||
5,856,455 | ||||||||
Electric Products - Misc. — 0.8% | ||||||||
Emerson Electric Co. | 100,025 | 5,508,377 | ||||||
Electronic Components - Misc. — 0.5% | ||||||||
Jabil Circuit, Inc. | 182,193 | 2,752,936 | ||||||
Tyco Electronics, Ltd. | 31,395 | 955,036 | ||||||
3,707,972 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 2.3% | ||||||||
ARM Holdings PLC(1) | 72,320 | $ | 448,701 | |||||
Broadcom Corp., Class A | 170,326 | 7,577,804 | ||||||
Cree, Inc.† | 12,048 | 785,289 | ||||||
Intel Corp. | 134,526 | 2,841,189 | ||||||
Rambus, Inc.†# | 38,362 | 767,623 | ||||||
Texas Instruments, Inc. | 133,500 | 4,245,300 | ||||||
16,665,906 | ||||||||
Electronics - Military — 0.1% | ||||||||
Safran SA(1) | 14,420 | 451,525 | ||||||
Engineering/R&D Services — 0.1% | ||||||||
ABB, Ltd.†(1) | 35,290 | 683,344 | ||||||
Enterprise Software/Service — 2.2% | ||||||||
Oracle Corp. | 570,058 | 15,414,368 | ||||||
Entertainment Software — 0.2% | ||||||||
Electronic Arts, Inc.† | 77,377 | 1,153,691 | ||||||
Filtration/Separation Products — 0.0% | ||||||||
Pall Corp. | 1,702 | 77,050 | ||||||
Finance - Credit Card — 1.3% | ||||||||
American Express Co. | 217,081 | 9,382,241 | ||||||
Finance - Investment Banker/Broker — 0.3% | ||||||||
The Charles Schwab Corp. | 121,889 | 1,831,992 | ||||||
Finance - Leasing Companies — 0.1% | ||||||||
ORIX Corp.#(1) | 11,680 | 997,962 | ||||||
Finance - Other Services — 0.2% | ||||||||
IntercontinentalExchange, Inc.†# | 14,362 | 1,618,597 | ||||||
Food - Catering — 0.2% | ||||||||
Compass Group PLC(1) | 131,173 | 1,132,673 | ||||||
Food - Confectionery — 0.5% | ||||||||
The Hershey Co. | 82,578 | 3,864,650 | ||||||
Food - Meat Products — 0.1% | ||||||||
Tyson Foods, Inc., Class A | 36,423 | 576,576 | ||||||
Food - Misc. — 1.4% | ||||||||
Corn Products International, Inc. | 18,305 | 789,311 | ||||||
Danone(1) | 34,050 | 1,993,799 | ||||||
General Mills, Inc. | 63,285 | 2,235,859 | ||||||
Kellogg Co. | 67,413 | 3,318,742 | ||||||
Nestle SA(1) | 25,040 | 1,360,443 | ||||||
9,698,154 | ||||||||
Food - Retail — 0.2% | ||||||||
Jeronimo Martins SGPS SA(1) | 9,160 | 129,526 | ||||||
Whole Foods Market, Inc.† | 24,557 | 1,159,581 | ||||||
1,289,107 | ||||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
Sysco Corp. | 28,790 | 835,486 | ||||||
Footwear & Related Apparel — 0.1% | ||||||||
Deckers Outdoor Corp.†# | 12,688 | 975,707 | ||||||
Garden Products — 0.1% | ||||||||
Toro Co.# | 18,743 | 1,091,030 | ||||||
Gold Mining — 0.3% | ||||||||
Newmont Mining Corp. | 36,762 | 2,162,708 | ||||||
Hotel/Motels — 0.7% | ||||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 83,359 | 4,738,126 | ||||||
Human Resources — 0.3% | ||||||||
Adecco SA(1) | 25,050 | 1,428,523 | ||||||
The Capita Group PLC(1) | 64,440 | 653,336 | ||||||
2,081,859 | ||||||||
93 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Industrial Automated/Robotic — 1.0% | ||||||||
Rockwell Automation, Inc. | 106,126 | $ | 7,017,051 | |||||
Industrial Gases — 0.2% | ||||||||
Air Products & Chemicals, Inc. | 17,070 | 1,471,775 | ||||||
Instruments - Scientific — 0.3% | ||||||||
Thermo Fisher Scientific, Inc.† | 42,226 | 2,147,614 | ||||||
Insurance - Life/Health — 0.7% | ||||||||
Aflac, Inc. | 91,753 | 4,725,279 | ||||||
Insurance - Property/Casualty — 0.5% | ||||||||
Admiral Group PLC(1) | 36,090 | 857,217 | ||||||
Chubb Corp. | 19,934 | 1,136,437 | ||||||
Travelers Cos., Inc. | 25,533 | 1,378,527 | ||||||
3,372,181 | ||||||||
Internet Content - Information/News — 0.2% | ||||||||
Baidu, Inc. ADR† | 10,680 | 1,123,429 | ||||||
Internet Infrastructure Software — 1.0% | ||||||||
Akamai Technologies, Inc.† | 30,854 | 1,610,270 | ||||||
F5 Networks, Inc.†# | 40,432 | 5,332,172 | ||||||
6,942,442 | ||||||||
Internet Security — 0.6% | ||||||||
Symantec Corp.† | 253,218 | 4,254,062 | ||||||
Investment Management/Advisor Services — 0.4% | ||||||||
BlackRock, Inc. | 16,700 | 2,722,100 | ||||||
Legg Mason, Inc. | 488 | 15,919 | ||||||
2,738,019 | ||||||||
Machinery - Construction & Mining — 1.5% | ||||||||
Atlas Copco AB, Class A(1) | 41,100 | 906,899 | ||||||
Caterpillar, Inc. | 65,037 | 5,502,130 | ||||||
Joy Global, Inc. | 31,706 | 2,419,802 | ||||||
Komatsu, Ltd.(1) | 63,600 | 1,761,736 | ||||||
10,590,567 | ||||||||
Machinery - Farming — 0.7% | ||||||||
Deere & Co. | 66,322 | 4,954,253 | ||||||
Medical Information Systems — 0.0% | ||||||||
Cerner Corp.†# | 2,620 | 230,193 | ||||||
Medical Instruments — 0.7% | ||||||||
Bruker Corp.# | 58,016 | 894,607 | ||||||
Edwards Lifesciences Corp.† | 25,476 | 1,690,587 | ||||||
Intuitive Surgical, Inc.† | 9,451 | 2,460,001 | ||||||
5,045,195 | ||||||||
Medical Products — 1.3% | ||||||||
Covidien PLC | 160,012 | 6,731,705 | ||||||
Sonova Holding AG(1) | 3,880 | 484,372 | ||||||
Zimmer Holdings, Inc.† | 38,359 | 1,889,564 | ||||||
9,105,641 | ||||||||
Medical - Biomedical/Gene — 1.6% | ||||||||
Alexion Pharmaceuticals, Inc.†# | 15,341 | 1,172,820 | ||||||
Amgen, Inc.† | 43,793 | 2,307,453 | ||||||
Biogen Idec, Inc.† | 16,713 | 1,069,131 | ||||||
Celgene Corp.† | 13,680 | 812,318 | ||||||
Gilead Sciences, Inc.† | 93,336 | 3,406,764 | ||||||
Human Genome Sciences, Inc.†# | 45,454 | 1,114,987 | ||||||
Illumina, Inc.†# | 21,995 | 1,322,339 | ||||||
United Therapeutics Corp.† | 6,267 | 394,382 | ||||||
11,600,194 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 2.3% | ||||||||
Abbott Laboratories | 148,018 | $ | 6,884,317 | |||||
Allergan, Inc. | 94,169 | 6,240,580 | ||||||
Eli Lilly & Co. | 12,675 | 426,641 | ||||||
Novartis AG(1) | 11,430 | 608,263 | ||||||
Novo Nordisk A/S, Class B(1) | 22,005 | 2,180,359 | ||||||
16,340,160 | ||||||||
Medical - Generic Drugs — 0.2% | ||||||||
Perrigo Co.# | 17,975 | 1,082,814 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 7,750 | 387,810 | ||||||
1,470,624 | ||||||||
Medical - HMO — 0.3% | ||||||||
Aetna, Inc. | 22,678 | 671,722 | ||||||
Humana, Inc.† | 16,813 | 942,201 | ||||||
Magellan Health Services, Inc.† | 12,027 | 585,715 | ||||||
2,199,638 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% | ||||||||
Cardinal Health, Inc. | 31,058 | 1,105,044 | ||||||
McKesson Corp. | 13,907 | 888,657 | ||||||
1,993,701 | ||||||||
Metal Processors & Fabrication — 0.4% | ||||||||
Precision Castparts Corp. | 10,570 | 1,459,400 | ||||||
Timken Co. | 30,696 | 1,337,118 | ||||||
2,796,518 | ||||||||
Metal-Copper — 1.2% | ||||||||
Antofagasta PLC(1) | 42,670 | 871,686 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 74,910 | 7,589,881 | ||||||
8,461,567 | ||||||||
Metal - Iron — 0.5% | ||||||||
Cliffs Natural Resources, Inc. | 52,176 | 3,565,708 | ||||||
Motorcycle/Motor Scooter — 0.1% | ||||||||
Harley-Davidson, Inc.# | 24,570 | 768,550 | ||||||
Multilevel Direct Selling — 0.0% | ||||||||
Nu Skin Enterprises, Inc., Class A# | 8,666 | 273,932 | ||||||
Multimedia — 0.9% | ||||||||
FactSet Research Systems, Inc.# | 694 | 61,537 | ||||||
The McGraw-Hill Cos., Inc. | 1,890 | 65,186 | ||||||
Walt Disney Co. | 178,066 | 6,501,190 | ||||||
6,627,913 | ||||||||
Networking Products — 0.9% | ||||||||
Cisco Systems, Inc.† | 327,747 | 6,279,632 | ||||||
Oil Companies - Exploration & Production — 1.8% | ||||||||
Apache Corp. | 7,160 | 770,702 | ||||||
Cimarex Energy Co. | 29,260 | 2,356,600 | ||||||
CNOOC, Ltd.(1) | 156,000 | 337,037 | ||||||
Occidental Petroleum Corp. | 81,664 | 7,200,315 | ||||||
Southwestern Energy Co.† | 45,566 | 1,649,489 | ||||||
Whiting Petroleum Corp.† | 3,535 | 389,027 | ||||||
12,703,170 | ||||||||
Oil Companies - Integrated — 4.6% | ||||||||
BG Group PLC(1) | 74,900 | 1,355,843 | ||||||
Chevron Corp. | 14,368 | 1,163,377 | ||||||
ConocoPhillips | 54,145 | 3,257,905 | ||||||
Exxon Mobil Corp. | 391,338 | 27,221,471 | ||||||
32,998,596 | ||||||||
94 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Field Machinery & Equipment — 0.1% | ||||||||
Complete Production Services, Inc. | 12,923 | $ | 367,659 | |||||
Oil - Field Services — 3.1% | ||||||||
Halliburton Co. | 130,095 | 4,922,795 | ||||||
Oceaneering International, Inc. | 11,147 | 770,258 | ||||||
Petrofac, Ltd.(1) | 20,700 | 447,469 | ||||||
Saipem SpA(1) | 36,046 | 1,498,959 | ||||||
Schlumberger, Ltd. | 190,747 | 14,752,373 | ||||||
22,391,854 | ||||||||
Optical Supplies — 0.2% | ||||||||
Alcon, Inc. | 5,942 | 934,379 | ||||||
Cie Generale d’Optique Essilor International SA(1) | 9,060 | 566,030 | ||||||
1,500,409 | ||||||||
Paper & Related Products — 0.3% | ||||||||
Domtar Corp. | 14,149 | 1,074,192 | ||||||
Rayonier, Inc. | 20,025 | 1,020,474 | ||||||
2,094,666 | ||||||||
Patient Monitoring Equipment — 0.1% | ||||||||
Masimo Corp.# | 26,552 | 819,395 | ||||||
Pharmacy Services — 2.0% | ||||||||
Express Scripts, Inc.† | 223,411 | 11,637,479 | ||||||
Medco Health Solutions, Inc.† | 47,849 | 2,934,101 | ||||||
14,571,580 | ||||||||
Recreational Vehicles — 0.2% | ||||||||
Polaris Industries, Inc.# | 15,368 | 1,117,100 | ||||||
Retail - Apparel/Shoe — 1.4% | ||||||||
American Eagle Outfitters, Inc. | 173,344 | 2,860,176 | ||||||
Limited Brands, Inc.# | 170,791 | 5,750,533 | ||||||
Lululemon Athletica, Inc.†# | 2,066 | 110,779 | ||||||
Ross Stores, Inc. | 18,783 | 1,218,641 | ||||||
9,940,129 | ||||||||
Retail - Auto Parts — 0.1% | ||||||||
Advance Auto Parts, Inc. | 6,641 | 438,240 | ||||||
Retail - Building Products — 1.1% | ||||||||
Home Depot, Inc. | 258,315 | 7,803,696 | ||||||
Retail - Discount — 2.8% | ||||||||
Costco Wholesale Corp. | 111,252 | 7,521,748 | ||||||
Dollar Tree, Inc.† | 26,085 | 1,433,371 | ||||||
Target Corp. | 131,333 | 7,478,101 | ||||||
Wal-Mart Stores, Inc. | 63,946 | 3,458,839 | ||||||
19,892,059 | ||||||||
Retail - Home Furnishings — 0.0% | ||||||||
Nitori Holdings Co., Ltd.(1) | 3,700 | 325,670 | ||||||
Retail - Jewelry — 0.1% | ||||||||
The Swatch Group AG, Class B(1) | 2,080 | 834,924 | ||||||
Retail - Mail Order — 0.5% | ||||||||
Williams-Sonoma, Inc.# | 116,204 | 3,866,107 | ||||||
Retail - Major Department Stores — 0.2% | ||||||||
TJX Cos., Inc. | 24,896 | 1,135,507 | ||||||
Retail - Misc./Diversified — 0.1% | ||||||||
Wesfarmers, Ltd.(1) | 27,400 | 823,743 | ||||||
Retail - Office Supplies — 0.3% | ||||||||
OfficeMax, Inc.†# | 108,926 | 1,861,545 | ||||||
Retail - Perfume & Cosmetics — 0.1% | ||||||||
Ulta Salon Cosmetics & Fragrance, Inc.†# | 31,876 | 1,114,066 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Pet Food & Supplies — 0.1% | ||||||||
PetSmart, Inc. | 22,195 | $ | 840,303 | |||||
Retail - Regional Department Stores — 0.5% | ||||||||
Kohl’s Corp.† | 62,750 | 3,540,355 | ||||||
Retail - Restaurants — 2.0% | ||||||||
Chipotle Mexican Grill, Inc.†# | 13,313 | 3,441,277 | ||||||
McDonald’s Corp. | 88,802 | 6,953,197 | ||||||
Panera Bread Co., Class A# | 2,182 | 218,724 | ||||||
Starbucks Corp. | 75,358 | 2,305,955 | ||||||
The Cheesecake Factory, Inc.# | 33,768 | 1,076,186 | ||||||
13,995,339 | ||||||||
Schools — 0.1% | ||||||||
ITT Educational Services, Inc.†# | 6,213 | 363,398 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% | ||||||||
Analog Devices, Inc. | 13,246 | 471,028 | ||||||
Atmel Corp.† | 2,427 | 25,216 | ||||||
Cypress Semiconductor Corp.† | 19,620 | 307,445 | ||||||
Linear Technology Corp.# | 168,640 | 5,497,664 | ||||||
Marvell Technology Group, Ltd.† | 38,354 | 739,849 | ||||||
7,041,202 | ||||||||
Semiconductor Equipment — 0.3% | ||||||||
ASML Holding NV | 23,870 | 778,878 | ||||||
Teradyne, Inc.†# | 93,300 | 1,106,538 | ||||||
1,885,416 | ||||||||
Soap & Cleaning Preparation — 0.2% | ||||||||
Reckitt Benckiser Group PLC(1) | 26,737 | 1,413,642 | ||||||
Software Tools — 0.5% | ||||||||
VMware, Inc., Class A†# | 44,508 | 3,628,292 | ||||||
Tobacco — 0.4% | ||||||||
Philip Morris International, Inc. | 46,118 | 2,623,653 | ||||||
Transactional Software — 0.1% | ||||||||
VeriFone Systems, Inc.† | 31,657 | 1,100,081 | ||||||
Transport - Equipment & Leasing — 0.1% | ||||||||
AMERCO†# | 6,158 | 596,956 | ||||||
Transport - Rail — 0.8% | ||||||||
QR National, Ltd.† | 123,640 | 331,825 | ||||||
Union Pacific Corp. | 63,270 | 5,701,260 | ||||||
6,033,085 | ||||||||
Transport - Services — 1.9% | ||||||||
Expeditors International of Washington, Inc. | 32,510 | 1,719,779 | ||||||
United Parcel Service, Inc., Class B | 171,514 | 12,028,277 | ||||||
13,748,056 | ||||||||
Vitamins & Nutrition Products — 0.3% | ||||||||
Herbalife, Ltd. | 16,130 | 1,107,002 | ||||||
Mead Johnson Nutrition Co. | 20,031 | 1,193,247 | ||||||
2,300,249 | ||||||||
Web Hosting/Design — 0.1% | ||||||||
Equinix, Inc.†# | 7,470 | 579,672 | ||||||
Web Portals/ISP — 2.6% | ||||||||
Google, Inc., Class A† | 32,790 | 18,221,731 | ||||||
Wireless Equipment — 2.8% | ||||||||
American Tower Corp., Class A† | 35,834 | 1,812,126 | ||||||
Crown Castle International Corp.† | 153,567 | 6,379,173 | ||||||
QUALCOMM, Inc. | 250,143 | 11,691,684 | ||||||
RF Micro Devices, Inc.†# | 12,931 | 90,646 | ||||||
19,973,629 | ||||||||
Total Common Stock | ||||||||
(cost $593,652,409) | 704,220,234 | |||||||
95 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
RIGHTS — 0.0% | ||||||||
Industrial & Commercial Bank of China Expires | 45,045 | $ | 14,792 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $593,652,410) | 704,235,026 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.1% | ||||||||
Collective Investment Pool — 9.2% | ||||||||
Securities Lending Quality Trust(2) | 65,860,665 | 65,670,656 | ||||||
Time Deposits — 0.9% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co 0.01% due 12/01/10. | $ | 6,283,000 | 6,283,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $72,143,665) | 71,953,656 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $665,796,075)(4) | 109.1 | % | 776,188,682 | |||||
Liabilities in excess of other assets | (9.1 | ) | (64,577,341 | ) | ||||
NET ASSETS | 100.0 | % | $ | 711,611,341 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
(1) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $42,424,717 representing 6.0% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(3) | Illiquid security, at November 30, 2010, the aggregate value of these securities was $575,991 representing 0.1% of net assets. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
Open Forward Foreign Currency Contracts | ||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
UBS AG | DKK 8,188,611 | USD 1,469,020 | 12/30/2010 | $ | 42,880 | $ | — | |||||||||||||
Currency Legend
DKK—Danish Krone
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 661,795,517 | $ | 42,424,717 | # | $ | — | $ | 704,220,234 | |||||||
Rights | 14,792 | — | — | 14,792 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 65,670,656 | — | 65,670,656 | ||||||||||||
Time Deposits | — | 6,283,000 | — | 6,283,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 42,880 | — | 42,880 | ||||||||||||
Total | $ | 661,810,309 | $ | 114,421,253 | $ | — | $ | 776,231,562 | ||||||||
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $42,424,717 representing 6.0% of net assets; see Note 2. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
96
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Diversified Banking Institutions | 5.9 | % | ||
Collective Investment Pool | 5.8 | |||
Oil Companies — Integrated | 4.3 | |||
Computers | 4.0 | |||
Oil Companies — Exploration & Production | 3.8 | |||
Medical — Drugs | 3.6 | |||
Repurchase Agreements | 3.1 | |||
Diversified Manufacturing Operations | 3.0 | |||
Electronic Components — Semiconductors | 2.7 | |||
Cosmetics & Toiletries | 2.6 | |||
Retail — Discount | 2.6 | |||
Multimedia | 2.5 | |||
Retail — Apparel/Shoe | 2.4 | |||
Banks — Super Regional | 2.3 | |||
Aerospace/Defense | 2.2 | |||
E-Commerce/Products | 2.0 | |||
Beverages — Non-alcoholic | 2.0 | |||
Applications Software | 2.0 | |||
Aerospace/Defense — Equipment | 2.0 | |||
Web Portals/ISP | 1.8 | |||
Finance — Credit Card | 1.8 | |||
Medical Products | 1.8 | |||
Medical — Biomedical/Gene | 1.7 | |||
Wireless Equipment | 1.6 | |||
Networking Products | 1.5 | |||
Machinery — Construction & Mining | 1.5 | |||
Retail — Drug Store | 1.5 | |||
Enterprise Software/Service | 1.5 | |||
Medical — Generic Drugs | 1.5 | |||
Telephone — Integrated | 1.4 | |||
Computer Services | 1.3 | |||
Oil — Field Services | 1.3 | |||
Electric Products — Misc. | 1.2 | |||
Medical — Wholesale Drug Distribution | 1.2 | |||
Auto — Cars/Light Trucks | 1.1 | |||
Food — Misc. | 1.0 | |||
Commercial Services — Finance | 1.0 | |||
Coal | 1.0 | |||
Transport — Rail | 0.9 | |||
Medical — HMO | 0.8 | |||
Pharmacy Services | 0.8 | |||
Retail — Building Products | 0.8 | |||
Casino Hotels | 0.7 | |||
Instruments — Scientific | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Computers — Memory Devices | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Oil Field Machinery & Equipment | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Industrial Gases | 0.6 | |||
Oil & Gas Drilling | 0.5 | |||
Metal — Copper | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Hotels/Motels | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Paper & Related Products | 0.5 | |||
Steel — Specialty | 0.5 | |||
Medical Instruments | 0.5 | |||
Tobacco | 0.5 | |||
Transport — Services | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Television | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Steel — Producers | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Web Hosting/Design | 0.4 |
Commercial Services | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
X-Ray Equipment | 0.3 | |||
E-Commerce/Services | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Electronic Forms | 0.1 | |||
105.1 | % | |||
* | Calculated as a percentage of net assets. |
97
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.2% |
| |||||||
Aerospace/Defense — 2.2% |
| |||||||
General Dynamics Corp. | 9,075 | $ | 599,767 | |||||
The Boeing Co. | 19,761 | 1,260,159 | ||||||
1,859,926 | ||||||||
Aerospace/Defense - Equipment — 2.0% |
| |||||||
United Technologies Corp.# | 21,622 | 1,627,488 | ||||||
Agricultural Chemicals — 0.4% |
| |||||||
Monsanto Co. | 5,300 | 317,576 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Coach, Inc.# | 4,200 | 237,468 | ||||||
Applications Software — 2.0% |
| |||||||
Microsoft Corp. | 55,070 | 1,388,315 | ||||||
Salesforce.com, Inc.†# | 1,900 | 264,518 | ||||||
1,652,833 | ||||||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
Ford Motor Co.†# | 18,300 | 291,702 | ||||||
General Motors Co.†# | 17,800 | 608,760 | ||||||
900,462 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 15,548 | 419,641 | ||||||
Banks - Super Regional — 2.3% |
| |||||||
US Bancorp | 30,420 | 723,388 | ||||||
Wells Fargo & Co. | 44,498 | 1,210,790 | ||||||
1,934,178 | ||||||||
Beverages - Non - alcoholic — 2.0% |
| |||||||
PepsiCo, Inc.# | 25,834 | 1,669,651 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Comcast Corp., Class A | 24,101 | 482,020 | ||||||
Casino Hotels — 0.7% |
| |||||||
Las Vegas Sands Corp.†# | 12,400 | 620,992 | ||||||
Chemicals - Specialty — 0.5% |
| |||||||
Ashland, Inc.# | 8,518 | 433,396 | ||||||
Coal — 1.0% |
| |||||||
CONSOL Energy, Inc.# | 10,411 | 436,846 | ||||||
Peabody Energy Corp. | 6,000 | 352,860 | ||||||
789,706 | ||||||||
Commercial Services — 0.4% |
| |||||||
Iron Mountain, Inc.# | 13,600 | 302,056 | ||||||
Commercial Services - Finance — 1.0% |
| |||||||
Visa, Inc., Class A# | 11,200 | 827,120 | ||||||
Computer Services — 1.3% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 5,000 | 324,900 | ||||||
International Business Machines Corp. | 5,553 | 785,527 | ||||||
1,110,427 | ||||||||
Computers — 4.0% |
| |||||||
Apple, Inc.† | 8,500 | 2,644,775 | ||||||
Hewlett - Packard Co. | 16,851 | 706,562 | ||||||
3,351,337 | ||||||||
Computers - Memory Devices — 0.6% |
| |||||||
EMC Corp.†# | 23,700 | 509,313 | ||||||
Cosmetics & Toiletries — 2.6% |
| |||||||
Avon Products, Inc.# | 17,000 | 485,520 | ||||||
Procter & Gamble Co. | 27,585 | 1,684,616 | ||||||
2,170,136 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 5.9% |
| |||||||
Bank of America Corp. | 57,105 | $ | 625,300 | |||||
Citigroup, Inc.† | 242,034 | 1,016,543 | ||||||
JPMorgan Chase & Co. | 43,484 | 1,625,432 | ||||||
Morgan Stanley# | 28,255 | 691,117 | ||||||
The Goldman Sachs Group, Inc. | 6,207 | 969,161 | ||||||
4,927,553 | ||||||||
Diversified Manufacturing Operations — 3.0% |
| |||||||
3M Co. | 5,867 | 492,711 | ||||||
Danaher Corp.# | 12,900 | 557,925 | ||||||
Eaton Corp. | 4,111 | 396,300 | ||||||
General Electric Co. | 55,291 | 875,257 | ||||||
Honeywell International, Inc. | 3,800 | 188,898 | ||||||
2,511,091 | ||||||||
E - Commerce/Products — 2.0% |
| |||||||
Amazon.com, Inc.†# | 7,200 | 1,262,880 | ||||||
MercadoLibre, Inc.†# | 6,600 | 419,892 | ||||||
1,682,772 | ||||||||
E - Commerce/Services — 0.2% |
| |||||||
priceline.com, Inc.† | 500 | 197,025 | ||||||
Electric Products - Misc. — 1.2% |
| |||||||
AMETEK, Inc.# | 9,400 | 556,198 | ||||||
Emerson Electric Co.# | 8,300 | 457,081 | ||||||
1,013,279 | ||||||||
Electronic Components - Semiconductors — 2.7% |
| |||||||
Avago Technologies, Ltd.†# | 14,200 | 370,762 | ||||||
Broadcom Corp., Class A# | 11,900 | 529,431 | ||||||
Cree, Inc.†# | 3,700 | 241,166 | ||||||
Intel Corp. | 51,314 | 1,083,752 | ||||||
2,225,111 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.† | 3,300 | 91,509 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc.† | 8,700 | 304,674 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Cummins, Inc. | 3,500 | 339,920 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
Oracle Corp. | 45,152 | 1,220,910 | ||||||
Finance - Credit Card — 1.8% |
| |||||||
American Express Co. | 23,075 | 997,302 | ||||||
Discover Financial Services | 27,986 | 511,584 | ||||||
1,508,886 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
The Charles Schwab Corp.# | 13,100 | 196,893 | ||||||
Food - Misc. — 1.0% |
| |||||||
Kraft Foods, Inc., Class A | 28,230 | 853,957 | ||||||
Hotel/Motels — 0.5% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 7,600 | 431,984 | ||||||
Industrial Gases — 0.6% |
| |||||||
Praxair, Inc. | 5,096 | 469,087 | ||||||
Instruments - Scientific — 0.7% |
| |||||||
Thermo Fisher Scientific, Inc.† | 11,300 | 574,718 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Lincoln National Corp. | 21,283 | 508,238 | ||||||
Internet Content - Information/News — 0.4% |
| |||||||
Baidu, Inc. ADR† | 3,000 | 315,570 | ||||||
98 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Invesco, Ltd. | 19,900 | $ | 432,626 | |||||
Machinery - Construction & Mining — 1.5% |
| |||||||
Caterpillar, Inc.# | 9,500 | 803,700 | ||||||
Terex Corp.†# | 17,900 | 434,612 | ||||||
1,238,312 | ||||||||
Medical Instruments — 0.5% |
| |||||||
St. Jude Medical, Inc.†# | 10,300 | 398,507 | ||||||
Medical Products — 1.8% |
| |||||||
Covidien PLC | 19,952 | 839,380 | ||||||
Johnson & Johnson# | 9,945 | 612,115 | ||||||
1,451,495 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
Alexion Pharmaceuticals, Inc.†# | 3,500 | 267,575 | ||||||
Amgen, Inc.† | 3,200 | 168,608 | ||||||
Celgene Corp.† | 9,400 | 558,172 | ||||||
Gilead Sciences, Inc.† | 11,300 | 412,450 | ||||||
1,406,805 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
Abbott Laboratories | 16,001 | 744,207 | ||||||
Allergan, Inc. | 5,900 | 390,993 | ||||||
Merck & Co., Inc. | 23,796 | 820,248 | ||||||
Pfizer, Inc. | 63,274 | 1,030,733 | ||||||
2,986,181 | ||||||||
Medical - Generic Drugs — 1.5% |
| |||||||
Mylan, Inc.†# | 47,100 | 921,511 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 5,800 | 290,232 | ||||||
1,211,743 | ||||||||
Medical - HMO — 0.8% |
| |||||||
UnitedHealth Group, Inc. | 18,062 | 659,624 | ||||||
Medical - Wholesale Drug Distribution — 1.2% |
| |||||||
AmerisourceBergen Corp. | 9,400 | 289,990 | ||||||
McKesson Corp. | 10,464 | 668,650 | ||||||
958,640 | ||||||||
Metal - Copper — 0.5% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 4,300 | 435,676 | ||||||
Multimedia — 2.5% |
| |||||||
Time Warner, Inc. | 20,922 | 616,990 | ||||||
Viacom, Inc., Class B | 27,879 | 1,054,662 | ||||||
Walt Disney Co. | 11,739 | 428,591 | ||||||
2,100,243 | ||||||||
Networking Products — 1.5% |
| |||||||
Cisco Systems, Inc.† | 66,350 | 1,271,266 | ||||||
Oil & Gas Drilling — 0.5% |
| |||||||
Noble Corp. | 12,898 | 437,500 | ||||||
Oil Companies - Exploration & Production — 3.8% |
| |||||||
Apache Corp. | 6,980 | 751,327 | ||||||
Devon Energy Corp. | 6,814 | 480,864 | ||||||
Occidental Petroleum Corp. | 10,600 | 934,602 | ||||||
Southwestern Energy Co.† | 27,268 | 987,102 | ||||||
3,153,895 | ||||||||
Oil Companies - Integrated — 4.3% |
| |||||||
Chevron Corp. | 12,922 | 1,046,294 | ||||||
ConocoPhillips | 13,380 | 805,075 | ||||||
Exxon Mobil Corp. | 18,300 | 1,272,948 | ||||||
Marathon Oil Corp. | 13,725 | 459,376 | ||||||
3,583,693 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 0.6% |
| |||||||
National Oilwell Varco, Inc. | 7,951 | $ | 487,317 | |||||
Oil - Field Services — 1.3% |
| |||||||
Schlumberger, Ltd. | 14,100 | 1,090,494 | ||||||
Paper & Related Products — 0.5% |
| |||||||
International Paper Co. | 16,632 | 415,301 | ||||||
Pharmacy Services — 0.8% |
| |||||||
Express Scripts, Inc.†# | 12,626 | 657,688 | ||||||
Retail - Apparel/Shoe — 2.4% |
| |||||||
Abercrombie & Fitch Co., Class A# | 4,845 | 243,461 | ||||||
Gap, Inc.# | 41,672 | 890,114 | ||||||
Guess?, Inc.# | 5,100 | 240,975 | ||||||
Limited Brands, Inc.# | 6,500 | 218,855 | ||||||
Urban Outfitters, Inc.†# | 9,600 | 362,784 | ||||||
1,956,189 | ||||||||
Retail - Building Products — 0.8% |
| |||||||
Lowe’s Cos., Inc. | 28,602 | 649,265 | ||||||
Retail - Discount — 2.6% |
| |||||||
Target Corp. | 19,672 | 1,120,124 | ||||||
Wal - Mart Stores, Inc. | 18,974 | 1,026,303 | ||||||
2,146,427 | ||||||||
Retail - Drug Store — 1.5% |
| |||||||
CVS Caremark Corp.# | 39,893 | 1,236,683 | ||||||
Retail - Office Supplies — 0.3% |
| |||||||
Staples, Inc.# | 10,100 | 222,301 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Macy’s, Inc.# | 9,100 | 233,688 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
McDonald’s Corp. | 6,900 | 540,270 | ||||||
Semiconductor Equipment — 0.4% |
| |||||||
ASML Holding NV | 10,709 | 349,435 | ||||||
Steel - Producers — 0.4% |
| |||||||
United States Steel Corp.# | 6,301 | 306,292 | ||||||
Steel - Specialty — 0.5% |
| |||||||
Allegheny Technologies, Inc.# | 7,900 | 408,430 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 17,100 | 301,986 | ||||||
Telephone - Integrated — 1.4% |
| |||||||
AT&T, Inc. | 24,514 | 681,244 | ||||||
Verizon Communications, Inc. | 14,513 | 464,561 | ||||||
1,145,805 | ||||||||
Television — 0.4% |
| |||||||
CBS Corp., Class B | 20,000 | 336,800 | ||||||
Tobacco — 0.5% |
| |||||||
Philip Morris International, Inc. | 6,978 | 396,978 | ||||||
Transport - Rail — 0.9% |
| |||||||
Union Pacific Corp. | 8,200 | 738,902 | ||||||
Transport - Services — 0.5% |
| |||||||
FedEx Corp.# | 4,200 | 382,704 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
Equinix, Inc.†# | 3,900 | 302,640 | ||||||
Web Portals/ISP — 1.8% |
| |||||||
Google, Inc., Class A† | 2,400 | 1,333,704 | ||||||
Yahoo!, Inc.†# | 12,600 | 198,702 | ||||||
1,532,406 | ||||||||
99 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Wireless Equipment — 1.6% |
| |||||||
American Tower Corp., Class A†# | 6,800 | $ | 343,876 | |||||
QUALCOMM, Inc.# | 20,200 | 944,148 | ||||||
1,288,024 | ||||||||
X - Ray Equipment — 0.3% |
| |||||||
Hologic, Inc.†# | 13,300 | 218,120 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $75,434,045) | 79,659,254 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 5.8% | ||||||||
Collective Investment Pool — 5.8% | ||||||||
Securities Lending Quality Trust | 4,834,763 | 4,820,815 | ||||||
REPURCHASE AGREEMENT — 3.1% | ||||||||
State Street Bank & Trust Co., | $ | 2,568,000 | 2,568,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $82,836,808)(4) | 105.1 | % | 87,048,069 | |||||
Liabilities in excess of other assets | (5.1 | ) | (4,221,186 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 82,826,883 | ||||
† | 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. |
(2) | At November 30, 2010, the Fund had loaned securities with a total value of $4,720,226. This was secured by collateral of $4,834,763, which was received in cash and subsequently invested in short-term investments currently valued at $4,820,815 as reported in the portfolio of investments. The remaining collateral of $3,500 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||
Federal Home Loan Bank | 0.45% to 1.00% | 07/08/11 to 11/28/11 | ||
Federal Home Loan Mtg. Corp. | 1.00% | 06/29/12 | ||
Federal National Mtg. Assoc. | zero coupon to 1.00% | 07/11/11 to 07/27/12 | ||
United States Treasury Notes/Bonds | .88% to 3.88% | 02/28/11 to 08/15/40 |
(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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Diversified Banking Instituitions | $ | 4,927,553 | $ | — | $ | — | $ | 4,927,553 | ||||||||
Other Industries* | 74,731,701 | — | — | 74,731,701 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 4,820,815 | — | 4,820,815 | ||||||||||||
Repurchase Agreement | — | 2,568,000 | — | 2,568,000 | ||||||||||||
Total | $ | 79,659,254 | $ | 7,388,815 | $ | — | $ | 87,048,069 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
100
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — November 30, 2010 — (Unaudited)
Industry Allocation*
Medical-Biomedical/Gene | 30.2 | % | ||
Medical-Drugs | 17.0 | |||
Medical Products | 9.5 | |||
Medical-HMO | 7.8 | |||
Therapeutics | 4.8 | |||
Medical Instruments | 4.8 | |||
Pharmacy Services | 3.9 | |||
Medical-Hospitals | 3.5 | |||
Medical-Generic Drugs | 3.4 | |||
Medical-Wholesale Drug Distribution | 3.2 | |||
Instruments-Scientific | 1.6 | |||
Medical Labs & Testing Services | 1.5 | |||
Medical Information Systems | 1.3 | |||
Diagnostic Kits | 1.1 | |||
Heart Monitors | 1.1 | |||
Dialysis Centers | 1.1 | |||
Dental Supplies & Equipment | 1.0 | |||
Drug Delivery Systems | 0.9 | |||
Agricultural Chemicals | 0.8 | |||
Applications Software | 0.7 | |||
Retail-Drug Store | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Disposable Medical Products | 0.5 | |||
Physicians Practice Management | 0.4 | |||
Chemicals-Diversified | 0.3 | |||
Patient Monitoring Equipment | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Medical Laser Systems | 0.2 | |||
Insurance-Life/Health | 0.1 | |||
Consulting Services | 0.1 | |||
Computer Software | 0.1 | |||
102.5% | ||||
* | Calculated as a percentage of net assets |
101
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 101.9% | ||||||||
Agricultural Chemicals — 0.8% | ||||||||
Monsanto Co. | 23,800 | $ | 1,426,096 | |||||
Applications Software — 0.7% | ||||||||
Nuance Communications, Inc.† | 65,900 | 1,164,782 | ||||||
Chemicals-Diversified — 0.3% | ||||||||
Bayer AG(1) | 6,000 | 435,693 | ||||||
Computer Software — 0.1% | ||||||||
DynaVox, Inc., Class A† | 23,174 | 91,306 | ||||||
Consulting Services — 0.1% | ||||||||
MAXIMUS, Inc. | 2,300 | 139,610 | ||||||
Dental Supplies & Equipment — 1.0% | ||||||||
DENTSPLY International, Inc. | 56,700 | 1,753,164 | ||||||
Diagnostic Kits — 1.1% | ||||||||
IDEXX Laboratories, Inc.† | 31,200 | 2,003,352 | ||||||
Dialysis Centers — 1.1% | ||||||||
DaVita, Inc.† | 21,800 | 1,584,860 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 4,508 | 260,196 | ||||||
1,845,056 | ||||||||
Disposable Medical Products — 0.5% | ||||||||
C.R. Bard, Inc. | 11,100 | 941,835 | ||||||
Drug Delivery Systems — 0.9% | ||||||||
Alkermes, Inc.† | 157,900 | 1,654,792 | ||||||
E-Commerce/Products — 0.2% | ||||||||
Drugstore.com, Inc.† | 188,100 | 323,532 | ||||||
Heart Monitors — 1.1% | ||||||||
HeartWare International, Inc.† | 20,812 | 1,913,872 | ||||||
Instruments-Scientific — 1.6% | ||||||||
Thermo Fisher Scientific, Inc.† | 22,700 | 1,154,522 | ||||||
Waters Corp.† | 21,000 | 1,614,270 | ||||||
2,768,792 | ||||||||
Insurance-Life/Health — 0.1% | ||||||||
Odontoprev SA | 15,400 | 228,135 | ||||||
Medical Information Systems — 1.3% | ||||||||
Allscripts Healthcare Solutions, Inc.† | 23,000 | 403,650 | ||||||
athenahealth, Inc.† | 7,700 | 315,777 | ||||||
Cerner Corp.† | 12,700 | 1,115,822 | ||||||
Computer Programs & Systems, Inc. | 10,456 | 488,191 | ||||||
2,323,440 | ||||||||
Medical Instruments — 4.8% | ||||||||
Arthrocare Corp.† | 26,500 | 802,420 | ||||||
Beckman Coulter, Inc. | 300 | 16,413 | ||||||
Boston Scientific Corp.† | 62,500 | 401,250 | ||||||
Bruker Corp.† | 21,200 | 326,904 | ||||||
Conceptus, Inc.† | 76,200 | 1,002,030 | ||||||
Edwards Lifesciences Corp.† | 39,800 | 2,641,128 | ||||||
Intuitive Surgical, Inc.† | 4,760 | 1,238,980 | ||||||
St. Jude Medical, Inc.† | 42,100 | 1,628,849 | ||||||
Thoratec Corp.† | 9,600 | 244,368 | ||||||
8,302,342 | ||||||||
Medical Labs & Testing Services — 1.5% | ||||||||
Covance, Inc.† | 37,900 | 1,702,089 | ||||||
Fleury SA | 36,700 | 488,021 | ||||||
Laboratory Corp. of America Holdings† | 5,700 | 467,571 | ||||||
2,657,681 | ||||||||
Medical Laser Systems — 0.2% | ||||||||
LCA-Vision, Inc.† | 53,600 | 277,648 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 9.5% | ||||||||
Baxter International, Inc. | 63,144 | $ | 3,065,641 | |||||
China Medical System Holdings, Ltd.†(1) | 303,200 | 222,660 | ||||||
Covidien PLC | 65,800 | 2,768,206 | ||||||
EnteroMedics, Inc.† | 33,650 | 57,205 | ||||||
Fresenius SE(1) | 11,136 | 954,036 | ||||||
Henry Schein, Inc.† | 42,900 | 2,463,747 | ||||||
Nobel Biocare Holding AG(1) | 32,773 | 546,248 | ||||||
PSS World Medical, Inc.† | 11,700 | 241,020 | ||||||
Sonova Holding AG(1) | 1,516 | 189,255 | ||||||
Stryker Corp. | 68,800 | 3,446,192 | ||||||
Wright Medical Group, Inc.† | 67,600 | 891,644 | ||||||
Zimmer Holdings, Inc.† | 35,100 | 1,729,026 | ||||||
16,574,880 | ||||||||
Medical-Biomedical/Gene — 30.2% | ||||||||
Acorda Therapeutics, Inc.† | 34,675 | 913,686 | ||||||
Aegerion Pharmaceuticals, Inc.† | 11,600 | 118,320 | ||||||
Alexion Pharmaceuticals, Inc.† | 138,220 | 10,566,919 | ||||||
AMAG Pharmaceuticals, Inc.† | 26,000 | 407,940 | ||||||
Amgen, Inc.† | 59,575 | 3,139,007 | ||||||
Amylin Pharmaceuticals, Inc.† | 38,900 | 498,503 | ||||||
Arqule, Inc.† | 21,200 | 115,116 | ||||||
Basilea Pharmaceutica AG†(1) | 1,848 | 120,684 | ||||||
Biocon, Ltd.(1) | 23,900 | 204,003 | ||||||
BioCryst Pharmaceuticals, Inc.† | 28,000 | 138,320 | ||||||
Biogen Idec, Inc.† | 6,600 | 422,202 | ||||||
Celgene Corp.† | 79,940 | 4,746,837 | ||||||
Cubist Pharmaceuticals, Inc.† | 51,100 | 1,109,381 | ||||||
Dendreon Corp.† | 25,200 | 900,648 | ||||||
Dyadic International, Inc.† | 35,800 | 70,884 | ||||||
Exelixis, Inc.† | 159,200 | 921,768 | ||||||
Genzyme Corp.† | 5,800 | 413,076 | ||||||
Gilead Sciences, Inc.† | 166,800 | 6,088,200 | ||||||
Halozyme Therapeutics, Inc.† | 20,000 | 138,400 | ||||||
Human Genome Sciences, Inc.† | 116,000 | 2,845,480 | ||||||
Illumina, Inc.† | 60,600 | 3,643,272 | ||||||
Incyte Corp., Ltd.† | 289,200 | 4,196,292 | ||||||
Intercell AG†(1) | 12,122 | 259,657 | ||||||
InterMune, Inc.† | 34,100 | 428,296 | ||||||
Lexicon Pharmaceuticals, Inc.† | 59,200 | 80,512 | ||||||
Life Technologies Corp.† | 16,808 | 837,122 | ||||||
Micromet, Inc.† | 49,800 | 361,548 | ||||||
Momenta Pharmaceuticals, Inc.† | 20,900 | 318,725 | ||||||
Newron Pharmaceuticals SpA†(1) | 9,000 | 49,256 | ||||||
Pacific Biosciences of California, Inc.†(2)(3) | 9,708 | 116,199 | ||||||
Regeneron Pharmaceuticals, Inc.† | 55,500 | 1,599,510 | ||||||
Seattle Genetics, Inc.† | 63,000 | 951,300 | ||||||
Sinovac Biotech, Ltd.† | 48,300 | 234,255 | ||||||
The Medicines Co.† | 220,600 | 2,907,508 | ||||||
Vertex Pharmaceuticals, Inc.† | 75,594 | 2,504,429 | ||||||
Vical, Inc.† | 114,800 | 225,008 | ||||||
52,592,263 | ||||||||
Medical-Drugs — 17.0% | ||||||||
Abbott Laboratories | 1,800 | 83,718 | ||||||
Achillion Pharmaceuticals, Inc.† | 39,400 | 112,684 | ||||||
Actelion, Ltd.†(1) | 3,600 | 188,902 | ||||||
Allergan, Inc. | 14,100 | 934,407 | ||||||
Anacor Pharmaceuticals, Inc.† | 49,300 | 246,500 | ||||||
Array Biopharma, Inc.† | 12,000 | 38,520 | ||||||
Auxilium Pharmaceuticals, Inc.† | 14,400 | 272,592 | ||||||
Biovitrum AB†(1) | 76,400 | 417,062 | ||||||
Cadence Pharmaceuticals, Inc.† | 67,500 | 483,975 | ||||||
Cardiome Pharma Corp.† | 58,400 | 282,072 | ||||||
Cephalon, Inc.† | 53,100 | 3,371,319 |
102 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical-Drugs (continued) | ||||||||
Chugai Pharmaceutical Co., Ltd.(1) | 60,700 | $ | 1,095,981 | |||||
Daiichi Sankyo Co., Ltd.(1) | 14,700 | 317,109 | ||||||
Dr. Reddy’s Laboratories, Ltd. ADR | 11,600 | 452,168 | ||||||
Elan Corp. PLC ADR† | 185,900 | 957,385 | ||||||
Eli Lilly & Co. | 100 | 3,366 | ||||||
Eurand NV† | 24,884 | 272,978 | ||||||
Forest Laboratories, Inc.† | 2,900 | 92,481 | ||||||
Genomma Lab Internacional SA de CV† | 95,000 | 222,119 | ||||||
GlaxoSmithKline Pharmaceuticals, Ltd.(1) | 3,996 | 185,941 | ||||||
GlaxoSmithKline PLC(1) | 20,600 | 390,105 | ||||||
Hikma Pharmaceuticals PLC(1) | 31,600 | 374,923 | ||||||
Idenix Pharmaceuticals, Inc.† | 196,200 | 747,522 | ||||||
Infinity Pharmaceuticals, Inc.† | 35,850 | 225,497 | ||||||
Ironwood Pharmaceuticals, Inc.† | 7,700 | 82,313 | ||||||
Lijun International Pharmaceutical Holding, Ltd.(1) | 190,000 | 63,484 | ||||||
MAP Pharmaceuticals, Inc.† | 30,600 | 439,722 | ||||||
Merck & Co., Inc. | 144,004 | 4,963,818 | ||||||
Novo Nordisk A/S, Class B(1) | 7,346 | 727,876 | ||||||
Optimer Pharmaceuticals, Inc.† | 21,000 | 198,870 | ||||||
Orexigen Therapeutics, Inc.† | 23,100 | 120,351 | ||||||
Pfizer, Inc. | 50,966 | 830,236 | ||||||
Pharmasset, Inc.† | 30,000 | 1,299,600 | ||||||
Poniard Pharmaceuticals, Inc.† | 96,100 | 34,884 | ||||||
Rigel Pharmaceuticals, Inc.† | 19,800 | 158,004 | ||||||
Roche Holding AG(1) | 13,169 | 1,807,376 | ||||||
Salix Pharmaceuticals, Ltd.† | 22,400 | 1,000,160 | ||||||
Shire PLC(1) | 26,700 | 624,851 | ||||||
Shire PLC ADR | 11,832 | 832,263 | ||||||
Sun Pharmaceuticals Industries, Ltd.(1) | 23,000 | 227,124 | ||||||
Targacept, Inc.† | 4,100 | 86,920 | ||||||
UCB SA | 13,749 | 446,886 | ||||||
Valeant Pharmaceuticals International, Inc. | 131,233 | 3,394,998 | ||||||
Vectura Group PLC†(1) | 138,600 | 148,488 | ||||||
XenoPort, Inc.† | 43,600 | 337,900 | ||||||
29,595,450 | ||||||||
Medical-Generic Drugs — 3.4% | ||||||||
Par Pharmaceutical Cos., Inc.† | 3,800 | 136,534 | ||||||
Sawai Pharmaceutical Co., Ltd.(1) | 13,500 | 1,151,575 | ||||||
Simcere Pharmaceutical Group ADR† | 37,400 | 466,752 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 64,335 | 3,219,323 | ||||||
Towa Pharmaceutical Co., Ltd.(1) | 16,100 | 899,330 | ||||||
5,873,514 | ||||||||
Medical-HMO — 7.8% | ||||||||
AMERIGROUP Corp.† | 62,200 | 2,676,466 | �� | |||||
Amil Participacoes SA | 9,500 | 92,806 | ||||||
Centene Corp.† | 82,500 | 1,918,125 | ||||||
CIGNA Corp. | 37,500 | 1,380,375 | ||||||
Healthspring, Inc.† | 16,800 | 450,744 | ||||||
Triple-S Management Corp., Class B† | 34,757 | 667,682 | ||||||
UnitedHealth Group, Inc. | 66,300 | 2,421,276 | ||||||
WellCare Health Plans, Inc.† | 38,200 | 1,075,330 | ||||||
WellPoint, Inc.† | 51,200 | 2,853,888 | ||||||
13,536,692 | ||||||||
Medical-Hospitals — 3.5% | ||||||||
Bangkok Dusit Medical Services PCL(4) | 563,700 | 713,249 | ||||||
Community Health Systems, Inc.† | 56,200 | 1,790,532 | ||||||
Health Management Associates, Inc., Class A† | 114,900 | 1,023,759 | ||||||
Select Medical Holdings Corp.† | 500 | 3,095 | ||||||
Tenet Healthcare Corp.† | 168,500 | 687,480 | ||||||
Universal Health Services, Inc., Class B | 45,900 | 1,887,408 | ||||||
6,105,523 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical-Wholesale Drug Distribution — 3.2% | ||||||||
A&D Pharma Holding NV GDR | 56,700 | $ | 426,877 | |||||
AmerisourceBergen Corp. | 44,000 | 1,357,400 | ||||||
McKesson Corp. | 47,000 | 3,003,300 | ||||||
Profarma Distribuidora de Produtos Farmaceuticos SA | 71,700 | 616,806 | ||||||
Sinopharm Group Co., Ltd.(1) | 56,800 | 207,158 | ||||||
5,611,541 | ||||||||
Patient Monitoring Equipment — 0.2% | ||||||||
Mindray Medical International, Ltd. ADR | 14,800 | 388,500 | ||||||
Pharmacy Services — 3.9% | ||||||||
Catalyst Health Solutions, Inc.† | 31,314 | 1,343,997 | ||||||
Express Scripts, Inc.† | 55,000 | 2,864,950 | ||||||
SXC Health Solutions Corp.† | 67,400 | 2,584,790 | ||||||
6,793,737 | ||||||||
Physicians Practice Management — 0.4% | ||||||||
Healthways, Inc.† | 12,453 | 120,171 | ||||||
Mednax, Inc.† | 9,600 | 587,520 | ||||||
707,691 | ||||||||
Retail-Drug Store — 0.6% | ||||||||
CVS Caremark Corp. | 35,549 | 1,102,019 | ||||||
Therapeutics — 4.8% | ||||||||
Alexza Pharmaceuticals, Inc.† | 43,600 | 39,401 | ||||||
Allos Therapeutics, Inc.† | 49,300 | 200,158 | ||||||
AVANIR Pharmaceuticals Inc., Class A† | 389,100 | 1,665,348 | ||||||
BioMarin Pharmaceutical, Inc.† | 117,400 | 3,179,193 | ||||||
Neurocrine Biosciences, Inc.† | 91,335 | 664,919 | ||||||
Onyx Pharmaceuticals, Inc.† | 27,200 | 801,040 | ||||||
Pharmacyclics, Inc.† | 88,400 | 479,128 | ||||||
Theravance, Inc.† | 51,700 | 1,291,466 | ||||||
Transition Therapeutics, Inc.† | 4,522 | 11,321 | ||||||
Warner Chilcott PLC, Class A | 4,000 | 76,040 | ||||||
8,408,014 | ||||||||
Total Common Stock | ||||||||
(cost $162,787,115) | 177,540,952 | |||||||
WARRANTS† — 0.0% | ||||||||
Medical Products — 0.0% | ||||||||
EnteroMedics, Inc. | 82,200 | $ | 0 | |||||
Medical-Drugs — 0.0% | ||||||||
Alexza Pharmaceuticals, Inc. | 13,050 | 7,253 | ||||||
Cadence Pharmaceuticals, Inc. | 9,484 | 22,045 | ||||||
Poniard Pharmacueticals, Inc. | 61,566 | 0 | ||||||
Poniard Pharmacueticals, Inc. | 5,994 | 0 | ||||||
29,298 | ||||||||
Therapeutics — 0.0% | ||||||||
Favrille, Inc. | 15,435 | 0 | ||||||
Total Warrants | ||||||||
(cost $15,021) | 29,298 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $162,802,136) | 177,570,250 | |||||||
103 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% | ||||||||
Registered Investment Companies — 0.6% | ||||||||
T. Rowe Price Reserve Investment Fund | 997,237 | 997,237 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $163,799,373)(6) | 102.5 | % | 178,567,487 | |||||
Liabilities in excess of other assets | (2.5 | ) | (4,375,659 | ) | ||||
NET ASSETS | 100.0 | % | $ | 174,191,828 | ||||
† | Non-income producing security |
(1) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $12,068,972 representing 6.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 1 regarding fair value pricing for foreign equity securities. |
(2) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $145,497 representing 0.10% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Health Sciences Fund held the following restricted securities: |
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Alexza Pharma | 10/5/2009 | 13,050 | $ | 1,631 | $ | 7,253 | $ | 0.56 | 0.00 | % | ||||||||||||||
Cadence Pharma | 2/18/2009 | 9,484 | 1,186 | 22,045 | 2.32 | 0.01 | % | |||||||||||||||||
Entero | 2/23/2009 | 82,200 | 10,275 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
Favrille, Inc. | 3/10/2006 | 15,435 | 1,929 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
Pacific Bio | 7/11/2008 | 9,708 | 135,905 | 116,199 | 11.97 | 0.07 | % | |||||||||||||||||
Poniard Pharma | 2/1/2006 | 5,994 | 0 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
Expires 04/26/11 | 4/26/2006 | 61,566 | 0 | 0 | 0.00 | 0.00 | % | |||||||||||||||||
$ | 145,497 | 0.08 | % | |||||||||||||||||||||
(4) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(5) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depository Receipt |
GDR—Global | Depository Receipt |
104
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Open call option contracts written at November 30, 2010 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. Of Contracts | Premiums Received | Value at November 30, 2010 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | $ | 35.00 | 21 | $ | 4,662 | $ | 840 | $ | 3,822 | ||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 40.00 | 21 | 2,667 | 525 | 2,142 | ||||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 50.00 | 39 | 8,853 | 975 | 7,878 | ||||||||||||||||||
Allergan, Inc. | Apr-11 | 80.00 | 19 | 4,055 | 1,235 | 2,820 | ||||||||||||||||||
Allergan, Inc. | Jan-12 | 80.00 | 19 | 6,973 | 5,415 | 1,558 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 70.00 | 96 | 30,660 | 2,016 | 28,644 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 75.00 | 59 | 12,827 | 531 | 12,296 | ||||||||||||||||||
Celgene Corp. | Jan-12 | 75.00 | 77 | 20,944 | 21,098 | (154 | ) | |||||||||||||||||
Cephalon, Inc. | Jan-11 | 65.00 | 19 | 5,263 | 4,085 | 1,178 | ||||||||||||||||||
Cephalon, Inc. | Jan-11 | 75.00 | 77 | 13,051 | 1,540 | 11,511 | ||||||||||||||||||
Community Health Systems, Inc. | Jan-11 | 40.00 | 77 | 9,394 | 1,155 | 8,239 | ||||||||||||||||||
CVS Caremark Corp. | Jan-11 | 40.00 | 20 | 2,564 | 60 | 2,504 | ||||||||||||||||||
DaVita, Inc. | Jan-11 | 65.00 | 19 | 5,073 | 16,530 | (11,457 | ) | |||||||||||||||||
Dendreon Corp. | Jan-11 | 60.00 | 39 | 18,837 | 429 | 18,408 | ||||||||||||||||||
Dendreon Corp. | Jan-11 | 65.00 | 18 | 9,351 | 180 | 9,171 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 55.00 | 58 | 6,496 | 6,264 | 232 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 60.00 | 18 | 4,619 | 414 | 4,205 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 40.00 | 58 | 7,076 | 2,378 | 4,698 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 50.00 | 40 | 14,880 | 240 | 14,640 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 55.00 | 80 | 21,759 | 240 | 21,519 | ||||||||||||||||||
Human Genome Sciences, Inc. | Apr-11 | 31.00 | 159 | 27,157 | 27,825 | (668 | ) | |||||||||||||||||
InterMune, Inc. | Jan-11 | 60.00 | 56 | 33,431 | 280 | 33,151 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-11 | 380.00 | 6 | 11,398 | 450 | 10,948 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-11 | 400.00 | 8 | 19,176 | 280 | 18,896 | ||||||||||||||||||
Mindray Medical International, Ltd. ADR | Jan-11 | 30.00 | 95 | 15,390 | 4,750 | 10,640 | ||||||||||||||||||
Momenta Pharmaceuticals, Inc. | Jan-11 | 30.00 | 19 | 7,163 | 475 | 6,688 | ||||||||||||||||||
Pfizer, Inc. | Jan-11 | 20.00 | 121 | 11,737 | 242 | 11,495 | ||||||||||||||||||
St. Jude Medical, Inc. | Jan-11 | 45.00 | 80 | 19,905 | 1,200 | 18,705 | ||||||||||||||||||
Stryker Corp. | Jan-11 | 50.00 | 77 | 13,137 | 15,400 | (2,263 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-11 | 57.50 | 13 | 1,313 | 169 | 1,144 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-11 | 65.00 | 13 | 3,731 | 65 | 3,666 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-11 | 70.00 | 59 | 13,579 | 177 | 13,402 | ||||||||||||||||||
WellPoint, Inc. | Jan-11 | 90.00 | 16 | 3,472 | 128 | 3,344 | ||||||||||||||||||
1,596 | $ | 390,593 | $ | 117,591 | $ | 273,002 | ||||||||||||||||||
Open put option contracts written at November 30, 2010 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Abbott Laboratories | Jan-11 | 55.00 | 19 | 11,628 | 17,290 | (5,662 | ) | |||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 25.00 | 22 | 13,830 | 3,300 | 10,530 | ||||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 30.00 | 3 | 1,894 | 1,350 | 544 | ||||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 35.00 | 47 | 32,878 | 43,240 | (10,362 | ) | |||||||||||||||||
Acorda Therapeutics, Inc. | Jan-11 | 40.00 | 39 | 30,991 | 60,450 | (29,459 | ) | |||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-11 | 45.00 | 8 | 6,004 | 360 | 5,644 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-11 | 50.00 | 5 | 4,135 | 275 | 3,860 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | Jan-11 | 60.00 | 73 | 71,861 | 2,555 | 69,306 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | May-11 | 60.00 | 39 | 25,224 | 7,020 | 18,204 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | May-11 | 70.00 | 15 | 12,737 | 7,200 | 5,537 | ||||||||||||||||||
Alexion Pharmaceuticals, Inc. | May-11 | 75.00 | 27 | 25,774 | 16,470 | 9,304 | ||||||||||||||||||
Allergan, Inc. | Jan-11 | 60.00 | 44 | 48,267 | 4,180 | 44,087 | ||||||||||||||||||
Allergan, Inc. | Jan-11 | 65.00 | 6 | 5,562 | 1,440 | 4,122 | ||||||||||||||||||
AMAG Pharmaceuticals, Inc. | Jan-11 | 40.00 | 1 | 707 | 2,450 | (1,743 | ) | |||||||||||||||||
AMAG Pharmaceuticals, Inc. | Jan-11 | 45.00 | 12 | 14,590 | 35,760 | (21,170 | ) | |||||||||||||||||
AMAG Pharmaceuticals, Inc. | Jan-11 | 50.00 | 21 | 26,610 | 73,080 | (46,470 | ) | |||||||||||||||||
AMAG Pharmaceuticals, Inc. | Jan-12 | 20.00 | 30 | 12,817 | 20,400 | (7,583 | ) | |||||||||||||||||
AMERIGROUP Corp. | Mar-11 | 50.00 | 38 | 32,185 | 33,060 | (875 | ) | |||||||||||||||||
AmerisourceBergen Corp. | Jan-11 | 35.00 | 46 | 30,602 | 23,000 | 7,602 | ||||||||||||||||||
Amgen, Inc. | Jan-11 | 55.00 | 19 | 11,763 | 7,600 | 4,163 | ||||||||||||||||||
Amgen, Inc. | Jan-11 | 57.50 | 7 | 5,494 | 4,095 | 1,399 | ||||||||||||||||||
Amgen, Inc. | Jan-11 | 60.00 | 15 | 13,090 | 11,925 | 1,165 | ||||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-11 | 15.00 | 38 | 15,845 | 9,348 | 6,497 | ||||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-11 | 20.00 | 36 | 22,641 | 26,100 | (3,459 | ) | |||||||||||||||||
Amylin Pharmaceuticals, Inc. | Jan-12 | 25.00 | 21 | 14,381 | 27,615 | (13,234 | ) | |||||||||||||||||
Auxilium Pharmaceuticals, Inc. | Jan-11 | 30.00 | 8 | 5,660 | 9,200 | (3,540 | ) | |||||||||||||||||
Baxter International, Inc. | Jan-11 | 50.00 | 50 | 24,650 | 13,650 | 11,000 | ||||||||||||||||||
Baxter International, Inc. | Jan-11 | 55.00 | 30 | 24,270 | 21,000 | 3,270 | ||||||||||||||||||
BioCryst Pharmaceuticals, Inc. | Jan-11 | 12.50 | 40 | 24,036 | 32,200 | (8,164 | ) |
105
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Open put option contracts written at November 30, 2010 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. Of Contracts | Premiums Received | Value at November 30, 2010 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Biogen Idec, Inc. | Jan-11 | $ | 50.00 | 22 | $ | 15,750 | $ | 440 | $ | 15,310 | ||||||||||||||
Biogen Idec, Inc. | Jan-11 | 55.00 | 15 | 11,055 | 825 | 10,230 | ||||||||||||||||||
Biogen Idec, Inc. | Jan-11 | 60.00 | 6 | 5,562 | 840 | 4,722 | ||||||||||||||||||
Boston Scientific Corp. | Jan-11 | 12.50 | 27 | 9,682 | 17,820 | (8,138 | ) | |||||||||||||||||
Cardinal Health, Inc. | Jan-11 | 40.00 | 23 | 20,447 | 11,270 | 9,177 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 55.00 | 3 | 2,691 | 360 | 2,331 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 60.00 | 20 | 26,579 | 6,100 | 20,479 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 65.00 | 19 | 26,470 | 12,255 | 14,215 | ||||||||||||||||||
Celgene Corp. | Jan-11 | 70.00 | 52 | 80,003 | 56,940 | 23,063 | ||||||||||||||||||
Cephalon, Inc. | Jan-11 | 55.00 | 8 | 5,816 | 360 | 5,456 | ||||||||||||||||||
Cephalon, Inc. | Jan-11 | 65.00 | 38 | 22,012 | 13,300 | 8,712 | ||||||||||||||||||
Cerner Corp. | Jan-11 | 75.00 | 62 | 76,695 | 3,720 | 72,975 | ||||||||||||||||||
Cerner Corp. | Jan-11 | 80.00 | 41 | 69,781 | 4,715 | 65,066 | ||||||||||||||||||
Cerner Corp. | Jan-11 | 90.00 | 41 | 56,207 | 18,860 | 37,347 | ||||||||||||||||||
Cerner Corp. | Jan-11 | 95.00 | 30 | 53,179 | 25,500 | 27,679 | ||||||||||||||||||
Cerner Corp. | Jan-11 | 100.00 | 40 | 85,211 | 53,200 | 32,011 | ||||||||||||||||||
CIGNA Corp. | Jan-11 | 40.00 | 77 | 58,623 | 29,645 | 28,978 | ||||||||||||||||||
Cubist Pharmaceuticals, Inc. | Jan-11 | 17.50 | 41 | 12,491 | 1,025 | 11,466 | ||||||||||||||||||
Cubist Pharmaceuticals, Inc. | Jan-12 | 25.00 | 1 | 497 | 610 | (113 | ) | |||||||||||||||||
CVS Caremark Corp. | Jan-11 | 30.00 | 8 | 3,496 | 680 | 2,816 | ||||||||||||||||||
CVS Caremark Corp. | Jan-11 | 35.00 | 8 | 5,896 | 3,400 | 2,496 | ||||||||||||||||||
CVS Caremark Corp. | Jan-11 | 40.00 | 47 | 43,080 | 52,640 | (9,560 | ) | |||||||||||||||||
DaVita, Inc. | Apr-11 | 65.00 | 23 | 14,542 | 4,140 | 10,402 | ||||||||||||||||||
DaVita, Inc. | Jan-11 | 65.00 | 58 | 38,070 | 3,480 | 34,590 | ||||||||||||||||||
DaVita, Inc. | Jan-11 | 70.00 | 8 | 7,656 | 1,200 | 6,456 | ||||||||||||||||||
Dendreon Corp. | Jan-11 | 25.00 | 19 | 15,143 | 494 | 14,649 | ||||||||||||||||||
Dendreon Corp. | Jan-11 | 50.00 | 34 | 29,265 | 49,980 | (20,715 | ) | |||||||||||||||||
Dendreon Corp. | Jan-11 | 55.00 | 38 | 44,555 | 74,670 | (30,115 | ) | |||||||||||||||||
Dendreon Corp. | Jan-11 | 60.00 | 66 | 87,347 | 162,360 | (75,013 | ) | |||||||||||||||||
Dendreon Corp. | Jan-12 | 60.00 | 27 | 47,665 | 73,575 | (25,910 | ) | |||||||||||||||||
Edwards Lifesciences Corp. | Feb-11 | 60.00 | 45 | 36,123 | 6,975 | 29,148 | ||||||||||||||||||
Edwards Lifesciences Corp. | Feb-11 | 65.00 | 31 | 29,771 | 9,920 | 19,851 | ||||||||||||||||||
Elan Corp. PLC ADR | Jan-11 | 10.00 | 64 | 22,630 | 32,640 | (10,010 | ) | |||||||||||||||||
Eli Lilly & Co. | Jan-11 | 40.00 | 46 | 34,724 | 29,440 | 5,284 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 40.00 | 40 | 29,645 | 720 | 28,925 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 42.50 | 16 | 10,581 | 416 | 10,165 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 45.00 | 24 | 15,700 | 1,056 | 14,644 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 47.50 | 40 | 31,015 | 3,080 | 27,935 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 50.00 | 28 | 17,203 | 3,892 | 13,311 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 52.50 | 50 | 35,480 | 12,200 | 23,280 | ||||||||||||||||||
Express Scripts, Inc. | Jan-11 | 55.00 | 89 | 65,168 | 35,600 | 29,568 | ||||||||||||||||||
Forest Laboratories, Inc. | Jan-11 | 35.00 | 167 | 106,618 | 61,790 | 44,828 | ||||||||||||||||||
Genzyme Corp. | Jan-11 | 75.00 | 27 | 20,333 | 14,175 | 6,158 | ||||||||||||||||||
Genzyme Corp. | Apr-11 | 75.00 | 19 | 11,723 | 12,445 | (722 | ) | |||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 35.00 | 19 | 8,911 | 1,748 | 7,163 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 40.00 | 8 | 4,184 | 3,120 | 1,064 | ||||||||||||||||||
Gilead Sciences, Inc. | Jan-11 | 45.00 | 23 | 16,641 | 19,665 | (3,024 | ) | |||||||||||||||||
Gilead Sciences, Inc. | May-11 | 44.00 | 34 | 18,759 | 27,880 | (9,121 | ) | |||||||||||||||||
Henry Schein, Inc. | Apr-11 | 55.00 | 19 | 5,956 | 5,605 | 351 | ||||||||||||||||||
Henry Schein, Inc. | Apr-11 | 60.00 | 21 | 10,317 | 11,130 | (813 | ) | |||||||||||||||||
Human Genome Sciences, Inc. | Jan-11 | 20.00 | 19 | 19,895 | 1,900 | 17,995 | ||||||||||||||||||
Humana, Inc. | Jan-12 | 60.00 | 115 | 136,405 | 112,700 | 23,705 | ||||||||||||||||||
Illumina, Inc. | Jan-11 | 35.00 | 40 | 35,879 | 600 | 35,279 | ||||||||||||||||||
Illumina, Inc. | Jan-11 | 45.00 | 40 | 40,069 | 400 | 39,669 | ||||||||||||||||||
Illumina, Inc. | Jan-11 | 50.00 | 10 | 10,910 | 300 | 10,610 | ||||||||||||||||||
Illumina, Inc. | Mar-11 | 50.00 | 58 | 41,030 | 8,700 | 32,330 | ||||||||||||||||||
Illumina, Inc. | Jan-12 | 60.00 | 27 | 29,359 | 25,380 | 3,979 | ||||||||||||||||||
InterMune, Inc. | Jan-11 | 45.00 | 26 | 32,321 | 84,890 | (52,569 | ) | |||||||||||||||||
InterMune, Inc. | Jan-11 | 50.00 | 29 | 43,024 | 109,330 | (66,306 | ) | |||||||||||||||||
InterMune, Inc. | Apr-11 | 15.00 | 88 | 59,534 | 54,560 | 4,974 | ||||||||||||||||||
Intuitive Surgical, Inc. | Jan-11 | 320.00 | 8 | 31,935 | 49,760 | (17,825 | ) | |||||||||||||||||
Intuitive Surgical, Inc. | Jan-11 | 370.00 | 4 | 23,588 | 44,240 | (20,652 | ) | |||||||||||||||||
Intuitive Surgical, Inc. | Jan-11 | 310.00 | 4 | 16,588 | 21,160 | (4,572 | ) | |||||||||||||||||
Intuitive Surgical, Inc. | Jan-12 | 260.00 | 4 | 19,473 | 18,320 | 1,153 | ||||||||||||||||||
Johnson & Johnson | Jan-11 | 65.00 | 84 | 102,225 | 31,080 | 71,145 | ||||||||||||||||||
Johnson & Johnson | Jan-11 | 70.00 | 46 | 68,197 | 39,100 | 29,097 | ||||||||||||||||||
King Pharmaceuticals, Inc. | Jan-11 | 15.00 | 16 | 6,512 | 1,600 | 4,912 |
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PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Open put option contracts written at November 30, 2010 for the Health Sciences Fund were as follows: | ||||||||||||||||||||||||
Issue | Expiration Month | Strike Price | No. Of Contracts | Premiums Received | Value at November 30, 2010 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
Laboratory Corp. of America Holdings | May-11 | $ | 85.00 | 19 | $ | 13,022 | $ | 12,540 | $ | 482 | ||||||||||||||
Life Technologies Corp. | Jan-12 | 50.00 | 15 | 14,725 | 10,350 | 4,375 | ||||||||||||||||||
McKesson Corp. | Jan-11 | 80.00 | 14 | 16,400 | 25,200 | (8,800 | ) | |||||||||||||||||
McKesson Corp. | Jan-12 | 80.00 | 37 | 62,508 | 68,080 | (5,572 | ) | |||||||||||||||||
Medco Health Solutions, Inc. | Jan-11 | 60.00 | 20 | 16,480 | 4,100 | 12,380 | ||||||||||||||||||
Medtronic, Inc. | Jan-12 | 35.00 | 40 | 25,680 | 22,200 | 3,480 | ||||||||||||||||||
Momenta Pharmaceuticals, Inc. | Jan-11 | 17.50 | 17 | 8,999 | 5,610 | 3,389 | ||||||||||||||||||
Momenta Pharmaceuticals, Inc. | Jan-11 | 25.00 | 41 | 25,025 | 43,050 | (18,025 | ) | |||||||||||||||||
Monsanto Co. | Jan-11 | 55.00 | 22 | 21,934 | 3,718 | 18,216 | ||||||||||||||||||
Monsanto Co. | Jan-11 | 60.00 | 48 | 52,515 | 17,520 | 34,995 | ||||||||||||||||||
Monsanto Co. | Jan-11 | 65.00 | 55 | 58,940 | 37,400 | 21,540 | ||||||||||||||||||
Monsanto Co. | Apr-11 | 60.00 | 33 | 34,584 | 19,470 | 15,114 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 62.50 | 48 | 63,757 | 55,200 | 8,557 | ||||||||||||||||||
Monsanto Co. | Jan-12 | 65.00 | 37 | 44,489 | 48,285 | (3,796 | ) | |||||||||||||||||
Monsanto Co. | Jan-12 | 70.00 | 40 | 55,271 | 65,600 | (10,329 | ) | |||||||||||||||||
Mylan, Inc. | Jan-12 | 22.50 | 1 | 467 | 445 | 22 | ||||||||||||||||||
Nuance Communications, Inc. | Jan-11 | 20.00 | 40 | 24,879 | 15,600 | 9,279 | ||||||||||||||||||
Onyx Pharmaceuticals, Inc. | Jan-11 | 30.00 | 48 | 35,855 | 11,520 | 24,335 | ||||||||||||||||||
Pfizer, Inc. | Jan-11 | 20.00 | 329 | 154,859 | 123,375 | 31,484 | ||||||||||||||||||
Pfizer, Inc. | Jan-11 | 22.50 | 343 | 181,969 | 214,375 | (32,406 | ) | |||||||||||||||||
Pfizer, Inc. | Jan-11 | 25.00 | 335 | 264,119 | 293,125 | (29,006 | ) | |||||||||||||||||
Pharmasset, Inc. | May-11 | 35.00 | 6 | 4,182 | 1,500 | 2,682 | ||||||||||||||||||
Quest Diagnostics, Inc. | Jan-11 | 55.00 | 21 | 16,832 | 13,020 | 3,812 | ||||||||||||||||||
Quest Diagnostics, Inc. | Jan-11 | 60.00 | 24 | 15,968 | 26,400 | (10,432 | ) | |||||||||||||||||
Salix Pharmaceuticals, Ltd. | Jan-11 | 35.00 | 15 | 19,455 | 825 | 18,630 | ||||||||||||||||||
Salix Pharmaceuticals, Ltd. | Jan-11 | 50.00 | 46 | 49,078 | 32,200 | 16,878 | ||||||||||||||||||
Sanofi Aventis ADR | Mar-11 | 35.00 | 39 | 22,113 | 19,890 | 2,223 | ||||||||||||||||||
Savient Pharmaceuticals, Inc. | Jan-11 | 15.00 | 39 | 20,167 | 14,235 | 5,932 | ||||||||||||||||||
St. Jude Medical, Inc. | Jan-11 | 35.00 | 41 | 22,291 | 1,845 | 20,446 | ||||||||||||||||||
St. Jude Medical, Inc. | Jan-11 | 40.00 | 58 | 25,735 | 13,340 | 12,395 | ||||||||||||||||||
Stryker Corp. | Jan-11 | 50.00 | 8 | 4,856 | 1,640 | 3,216 | ||||||||||||||||||
Stryker Corp. | Jan-11 | �� | 55.00 | 8 | 5,256 | 4,400 | 856 | |||||||||||||||||
Stryker Corp. | Jan-11 | 65.00 | 76 | 67,279 | 129,960 | (62,681 | ) | |||||||||||||||||
SXC Health Solutions Corp. | Jan-11 | 37.50 | 16 | 10,060 | 2,960 | 7,100 | ||||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-11 | 65.00 | 9 | 8,073 | 13,590 | (5,517 | ) | |||||||||||||||||
Teva Pharmaceutical Industries, Ltd. ADR | Jan-11 | 70.00 | 1 | 1,047 | 2,200 | (1,153 | ) | |||||||||||||||||
The Medicines Co. | Apr-11 | 18.00 | 74 | 32,928 | 40,700 | (7,772 | ) | |||||||||||||||||
The Medicines Co. | Jan-11 | 12.50 | 38 | 10,102 | 2,850 | 7,252 | ||||||||||||||||||
Thermo Fisher Scientific, Inc. | Mar-11 | 50.00 | 31 | 20,038 | 8,525 | 11,513 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-11 | 35.00 | 38 | 29,905 | 4,370 | 25,535 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 35.00 | 42 | 36,183 | 18,480 | 17,703 | ||||||||||||||||||
UnitedHealth Group, Inc. | Jan-12 | 40.00 | 22 | 19,096 | 15,840 | 3,256 | ||||||||||||||||||
Universal Health Services, Inc., Class B | Jan-11 | 40.00 | 21 | 13,547 | 3,360 | 10,187 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-11 | 60.00 | 97 | 97,187 | 7,275 | 89,912 | ||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Jan-12 | 65.00 | 23 | 26,262 | 12,650 | 13,612 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-11 | 40.00 | 13 | 14,911 | 9,750 | 5,161 | ||||||||||||||||||
Vertex Pharmaceuticals, Inc. | Jan-11 | 45.00 | 20 | 27,312 | 24,800 | 2,512 | ||||||||||||||||||
Walgreen Co. | Jan-11 | 45.00 | 59 | 53,954 | 61,655 | (7,701 | ) | |||||||||||||||||
Walgreen Co. | Jan-11 | 50.00 | 20 | 26,789 | 30,700 | (3,911 | ) | |||||||||||||||||
Warner Chilcott PLC, Class A | Apr-11 | 25.00 | 60 | 28,320 | 37,800 | (9,480 | ) | |||||||||||||||||
Waters Corp. | Feb-11 | 65.00 | 12 | 9,204 | 1,020 | 8,184 | ||||||||||||||||||
WellCare Health Plans, Inc. | Jan-11 | 35.00 | 40 | 41,079 | 30,000 | 11,079 | ||||||||||||||||||
WellPoint, Inc. | Jan-11 | 55.00 | 31 | 18,926 | 7,502 | 11,424 | ||||||||||||||||||
WellPoint, Inc. | Jan-11 | 60.00 | 15 | 15,023 | 8,175 | 6,848 | ||||||||||||||||||
Zimmer Holdings, Inc. | Jan-11 | 60.00 | 50 | 34,770 | 64,000 | (29,230 | ) | |||||||||||||||||
Zimmer Holdings, Inc. | Jun-11 | 50.00 | 19 | 10,025 | 8,550 | 1,475 | ||||||||||||||||||
5,803 | $ | 4,828,448 | $ | 3,870,304 | $ | 958,144 | ||||||||||||||||||
107
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Medical Products | $ | 14,662,681 | $ | 1,912,199 | # | $ | — | $ | 16,574,880 | |||||||
Medical - Biomedical/Gene | 51,842,464 | 749,799 | # | — | 52,592,263 | |||||||||||
Medical - Drugs | 23,026,228 | 6,569,222 | # | — | 29,595,450 | |||||||||||
Medical - HMO | 13,536,692 | — | — | 13,536,692 | ||||||||||||
Other Industries* | 61,574,466 | 3,667,201 | # | — | 65,241,667 | |||||||||||
Warrants | — | 22,045 | 7,254 | 29,298 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | — | 997,237 | — | 997,237 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Call Option Contracts Written - Appreciation | 287,544 | — | — | 287,544 | ||||||||||||
Put Option Contracts Written - Appreciation | 1,710,854 | — | — | 1,710,854 | ||||||||||||
Total | $ | 166,640,929 | $ | 13,917,703 | $ | 7,254 | $ | 180,565,885 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Call Option Contracts Written - Depreciation | 14,542 | — | — | 14,542 | ||||||||||||
Put Option Contracts Written - Depreciation | 752,710 | 752,710 | ||||||||||||||
Total | $ | 767,252 | $ | — | $ | — | $ | 767,252 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $12,068,972 representing 6.9% of net assets; see Note 2. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Convertible Preferred Stock | Warrants | |||||||
Balance as of 5/31/2010 | $ | 135,905 | $ | 28,566 | ||||
Accrued discounts/premiums | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation)(1) | — | (21,312 | ) | |||||
Net purchases (sales) | (135,905 | ) | — | |||||
Transfers in and/or out of Level 3 | — | — | ||||||
Balance as of 11/30/2010 | $ | — | $ | 7,254 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Convertible Preferred Stock | Warrants | |||||
$ — | $ | 7,254 | ||||
See Notes to Financial Statements
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — November 30, 2010 — (Unaudited)
Industry Allocation* | ||||
United States Treasury Bonds | 41.1 | % | ||
United States Treasury Notes | 13.8 | |||
Sovereign | 8.6 | |||
Banks-Commercial | 7.9 | |||
Diversified Banking Institutions | 6.8 | |||
Banks-Super Regional | 4.5 | |||
Insurance-Life/Health | 4.1 | |||
Finance-Investment Banker/Broker | 3.3 | |||
Insurance-Multi-line | 2.6 | |||
Special Purpose Entities | 2.2 | |||
Diversified Financial Services | 1.0 | |||
Time Deposits | 0.6 | |||
Gold Mining | 0.5 | |||
Banks-Fiduciary | 0.4 | |||
Finance-Consumer Loans | 0.4 | |||
Telephone-Integrated | 0.4 | |||
Electric-Integrated | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Paper & Related Products | 0.2 | |||
Oil & Gas Drilling | 0.1 | |||
Oil Companies-Exploration & Production | 0.1 | |||
Oil Companies-Integrated | 0.1 | |||
99.5 | % | |||
Credit Quality†# | ||||
Government — Treasury | 61.9 | % | ||
AAA | 8.1 | |||
AA | 12.5 | |||
A | 9.7 | |||
BBB | 4.0 | |||
BB | 1.7 | |||
Not Rated@ | 2.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Standard and Poors |
# | Calculated as percentage of total debt issues, excluding short-term securities. |
109
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited)
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 29.8% |
| |||||||
Banks-Commercial — 5.3% |
| |||||||
BNP Paribas LLC FRS | $ | 674,000 | $ | 660,520 | ||||
BNP Paribas US FRS | 3,000,000 | 3,022,500 | ||||||
Branch Banking & Trust Co. FRS | 3,000,000 | 2,703,237 | ||||||
Manufacturers & Traders Trust Co. FRS | 1,206,000 | 1,191,036 | ||||||
National City Bank FRS | 1,000,000 | 899,968 | ||||||
Regions Financial Corp. | 1,000,000 | 935,000 | ||||||
State Street Bank & Trust Co. FRS | 2,400,000 | 2,318,362 | ||||||
SunTrust Bank FRS | 2,000,000 | 1,848,476 | ||||||
13,579,099 | ||||||||
Banks-Fiduciary — 0.4% |
| |||||||
State Street Capital Trust IV FRS | 1,500,000 | 1,115,938 | ||||||
Banks-Money Center — 0.0% |
| |||||||
RBS Capital Trust II FRS | 50,000 | 32,750 | ||||||
Banks-Super Regional — 4.4% |
| |||||||
Bank of America NA FRS | 2,000,000 | 1,727,072 | ||||||
Fifth Third Capital Trust IV FRS | 1,000,000 | 930,000 | ||||||
PNC Capital Trust C FRS | 1,000,000 | 767,054 | ||||||
PNC Funding Corp. FRS | 500,000 | 492,077 | ||||||
USB Capital IX FRS | 1,000,000 | 780,000 | ||||||
Wachovia Corp. FRS | 800,000 | 798,612 | ||||||
Wachovia Corp. FRS | 1,000,000 | 919,038 | ||||||
Wachovia Corp. FRS | 3,000,000 | 2,825,685 | ||||||
Wells Fargo Bank FRS | 2,000,000 | 1,846,936 | ||||||
11,086,474 | ||||||||
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
Diversified Banking Institutions — 5.3% |
| |||||||
Citigroup, Inc. FRS | $ | 1,475,000 | $ | 1,387,481 | ||||
JP Morgan Chase Capital XXIII FRS | 496,000 | 358,049 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,050,000 | ||||||
Morgan Stanley FRS | 2,000,000 | 1,871,520 | ||||||
Morgan Stanley FRS | 1,000,000 | 1,031,827 | ||||||
Morgan Stanley FRS | 150,000 | 149,882 | ||||||
Morgan Stanley FRS | 1,150,000 | 1,179,486 | ||||||
The Goldman Sachs Group, Inc. FRS | 5,000,000 | 4,938,000 | ||||||
The Goldman Sachs Group, Inc. FRS | 500,000 | 475,294 | ||||||
13,441,539 | ||||||||
Diversified Financial Services — 1.0% |
| |||||||
General Electric Capital Corp. FRS | 1,500,000 | 1,475,662 | ||||||
General Electric Capital Corp. FRS | 1,000,000 | 970,691 | ||||||
2,446,353 | ||||||||
Electric-Integrated — 0.4% |
| |||||||
WPS Resources Corp. FRS | 1,000,000 | 970,000 | ||||||
Finance-Investment Banker/Broker — 3.3% |
| |||||||
Citigroup Funding, Inc. FRS | 5,000,000 | 4,870,000 | ||||||
Citigroup Funding, Inc. FRS | 3,000,000 | 3,099,000 | ||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 86,000 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 124,270 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 205,000 | ||||||
8,384,270 | ||||||||
110
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance-Life/Health — 4.1% |
| |||||||
John Hancock Life Insurance Co. FRS | $ | 1,000,000 | $ | 994,210 | ||||
Pacific Life Global Funding FRS | 300,000 | 296,514 | ||||||
Principal Life Income Funding Trusts FRS | 4,390,000 | 4,447,904 | ||||||
Principal Life Income Funding Trusts FRS | 2,464,000 | 2,469,002 | ||||||
Protective Life Secured Trusts FRS | 170,000 | 168,921 | ||||||
Prudential Financial, Inc. FRS | 2,000,000 | 2,033,000 | ||||||
10,409,551 | ||||||||
Insurance-Multi-line — 2.6% |
| |||||||
ING Capital Funding Trust III FRS | 1,000,000 | 910,000 | ||||||
Monumental Global Funding III FRS | 5,000,000 | 5,636,387 | ||||||
6,546,387 | ||||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Pride International, Inc. | 275,000 | 291,500 | ||||||
Oil Companies-Exploration & Production — 0.1% |
| |||||||
Apache Corp. | 250,000 | 247,425 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Reliance Holdings USA, Inc. | 1,000,000 | 950,857 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Georgia-Pacific LLC | 500,000 | 494,691 | ||||||
Special Purpose Entities — 2.2% |
| |||||||
BankBoston Capital Trust III FRS | 1,000,000 | 703,613 | ||||||
Genworth Global Funding Trusts FRS | 1,000,000 | 978,751 | ||||||
Glen Meadow Pass-Through Trust FRS | 2,000,000 | 1,685,000 | ||||||
Goldman Sachs Capital I | 1,000,000 | 932,833 | ||||||
Goldman Sachs Capital III FRS | 500,000 | 346,250 | ||||||
Strats-Daimler Chrysler FRS | 1,000,000 | 1,020,000 | ||||||
5,666,447 | ||||||||
Total U.S. CORPORATE BONDS & NOTES |
| |||||||
(cost $75,813,958) | 75,663,281 | |||||||
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 4.7% |
| |||||||
Banks-Commercial — 2.6% |
| |||||||
Barclays Bank PLC FRS | $ | 3,000,000 | $ | 3,047,100 | ||||
Barclays Bank PLC FRS | 2,000,000 | 1,973,400 | ||||||
Barclays Bank PLC FRS | 1,000,000 | 995,000 | ||||||
Den Norske Creditbank FRS | 1,000,000 | 582,550 | ||||||
6,598,050 | ||||||||
Diversified Banking Institutions — 1.1% |
| |||||||
Natixis FRS | 1,000,000 | 851,583 | ||||||
UBS AG FRS | 2,000,000 | 1,912,000 | ||||||
2,763,583 | ||||||||
Gold Mining — 0.5% |
| |||||||
Gold Fields Orogen Holding BVI, Ltd. | 1,450,000 | 1,406,889 | ||||||
Oil Companies-Integrated — 0.1% |
| |||||||
BP Capital Markets PLC | 160,000 | 160,957 | ||||||
Telephone-Integrated — 0.4% | ||||||||
Telefonica Emisiones SAU FRS | 1,000,000 | 982,181 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $12,099,672) | 11,911,660 | |||||||
FOREIGN GOVERNMENT AGENCIES — 8.6% |
| |||||||
Sovereign — 8.6% |
| |||||||
Government of Australia | AUD | 1,250,000 | 1,164,805 | |||||
Government of Australia | AU | D 12,000,000 | 12,344,979 | |||||
Government of Canada | CAD | 2,527,975 | 2,718,260 | |||||
Government of Canada | CAD | 4,221,150 | 5,551,621 | |||||
Total Foreign Government Agencies | �� | |||||||
(cost $19,950,820) | 21,779,665 | |||||||
U.S. GOVERNMENT TREASURIES — 54.9% |
| |||||||
United States Treasury Bonds — 41.1% |
| |||||||
1.38% due 01/15/20 TIPS(7) | 6,060,720 | 6,462,715 | ||||||
1.75% due 01/15/28 TIPS(7) | 16,578,453 | 17,596,470 | ||||||
1.88% due 07/15/19 TIPS(7) | 1,534,545 | 1,708,260 | ||||||
2.00% due 01/15/26 TIPS(7) | 8,815,406 | 9,707,965 | ||||||
2.13% due 02/15/40 TIPS(7) | 4,446,728 | 4,938,300 | ||||||
2.38% due 01/15/25 TIPS(7) | 3,476,490 | 3,999,865 | ||||||
2.50% due 01/15/29 TIPS(7) | 8,647,900 | 10,213,308 |
111 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
Security Description | Principal Amount/ Shares(6) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Bonds (continued) |
| |||||||
2.63% due 07/15/17 TIPS(7) | $ | 8,431,520 | $ | 9,783,860 | ||||
3.63% due 04/15/28 TIPS(7) | 12,154,770 | 16,277,899 | ||||||
3.88% due 04/15/29 TIPS(7) | 16,941,308 | 23,593,414 | ||||||
104,282,056 | ||||||||
United States Treasury Notes — 13.8% |
| |||||||
1.38% due 07/15/18 TIPS(7) | 8,508,864 | 9,156,338 | ||||||
1.63% due 01/15/15 TIPS(7) | 3,100,159 | 3,328,796 | ||||||
1.88% due 07/15/15 TIPS(7) | 12,353,000 | 13,498,543 | ||||||
2.00% due 07/15/14 TIPS(7) | 2,317,660 | 2,512,306 | ||||||
2.00% due 01/15/16 TIPS(7) | 1,100,550 | 1,215,162 | ||||||
3.38% due 01/15/12 TIPS(7) | 4,920,680 | 5,125,582 | ||||||
34,836,727 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $124,666,763) | 139,118,783 | |||||||
PREFERRED STOCK — 0.9% |
| |||||||
Banks-Super Regional — 0.1% |
| |||||||
US Bancorp FRS | 500 | 382,500 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
The Goldman Sachs Group, Inc. | 40,000 | 962,800 | ||||||
Finance-Consumer Loans — 0.4% |
| |||||||
SLM Corp. FRS | 53,000 | 989,510 | ||||||
Total Preferred Stock | ||||||||
(cost $2,346,625) | 2,334,810 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $234,877,838) | 250,808,199 | |||||||
Security Description | Principal Amount(6) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Time Deposits — 0.6% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | ||||||||
0.01% due 12/01/10 (cost $1,599,000) | $ | 1,599,000 | $ | 1,599,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $236,476,838)(8) | 99.5 | % | 252,407,199 | |||||
Other assets less liabilities | 0.5 | 1,167,535 | ||||||
NET ASSETS | 100.0 | % | $ | 253,574,734 | ||||
* | 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, 2010, the aggregate value of these securities was $12,485,338 representing 4.9% 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) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $12,971,500 representing 5.1% of net assets. |
(4) | Bond in default |
(5) | Company has filed for Chapter 11 bankruptcy protection. |
(6) | In United States dollars unless otherwise indicated. |
(7) | Principal amount of security is adjusted for inflation. |
(8) | See Note 5 for cost of investments on a tax basis. |
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
Currency Legend
AUD—Australian Dollar
CAD—Canadian Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
U.S. Corporate Bonds & Notes | $ | — | $ | 57,683,781 | $ | 17,979,500 | $ | 75,663,281 | ||||||||
Foreign Corporate Bonds & Notes | — | 4,979,160 | 6,932,500 | 11,911,660 | ||||||||||||
Foreign Government Agencies | — | 21,779,665 | — | 21,779,665 | ||||||||||||
U.S. Government Treasuries | — | 139,118,783 | — | 139,118,783 | ||||||||||||
Preferred Stock | 2,334,810 | — | — | 2,334,810 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Time Deposits | — | 1,599,000 | — | 1,599,000 | ||||||||||||
Total | $ | 2,334,810 | $ | 225,160,389 | $ | 24,912,000 | $ | 252,407,199 | ||||||||
112
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited) — (continued)
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 5/31/2010 | $ | 9,668,750 | $ | 6,733,800 | ||||
Accrued discounts/premiums | 884 | (4,823 | ) | |||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation (depreciation)(1) | 407,366 | 203,523 | ||||||
Net purchases (sales) | 3,032,500 | — | ||||||
Transfers in and/or out of Level 3 | 4,870,000 | — | ||||||
Balance as of 11/30/2010 | $ | 17,979,500 | $ | 6,932,500 | ||||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | 407,366 | $ | 203,523 | |||||
See Notes to Financial Statements
113
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Exchange — Traded Funds | 9.4 | % | ||
Banks — Commercial | 7.3 | |||
Collective Investment Pool | 5.2 | |||
Diversified Banking Institutions | 5.1 | |||
Oil Companies — Integrated | 4.7 | |||
Medical — Drugs | 4.5 | |||
Auto — Cars/Light Trucks | 3.6 | |||
Telephone — Integrated | 3.4 | |||
Diversified Minerals | 3.3 | |||
Electric — Integrated | 3.1 | |||
Chemicals — Diversified | 2.7 | |||
Food — Misc. | 2.4 | |||
Repurchase Agreements | 2.1 | |||
Insurance — Multi - line | 1.9 | |||
Brewery | 1.9 | |||
Food — Retail | 1.7 | |||
Real Estate Operations & Development | 1.4 | |||
Cellular Telecom | 1.1 | |||
Insurance — Life/Health | 1.1 | |||
Industrial Gases | 1.0 | |||
Import/Export | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Transport — Rail | 1.0 | |||
Real Estate Investment Trusts | 0.9 | |||
Metal — Diversified | 0.9 | |||
Diversified Manufacturing Operations | 0.8 | |||
Diversified Operations | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Tobacco | 0.8 | |||
Telecom Services | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Machinery — Construction & Mining | 0.7 | |||
Medical Products | 0.7 | |||
Retail — Major Department Stores | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Retail — Misc./Diversified | 0.7 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Steel — Producers | 0.6 | |||
Audio/Video Products | 0.6 | |||
Multimedia | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Office Automation & Equipment | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Building Products — Cement | 0.5 | |||
Transport — Services | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Finance — Other Services | 0.5 | |||
Wireless Equipment | 0.5 | |||
Investment Companies | 0.4 | |||
Gas — Distribution | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Oil — Field Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Transport — Marine | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Photo Equipment & Supplies | 0.4 | |||
Building & Construction — Misc. | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Athletic Footwear | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Gold Mining | 0.3 | |||
Metal — Copper | 0.3 | |||
Cruise Lines | 0.3 | |||
Diversified Operations/Commercial Services | 0.3 | |||
Industrial Automated/Robotic | 0.3 |
Electronics — Military | 0.3 | |||
Casino Hotels | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Machinery — General Industrial | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Commercial Services | 0.2 | |||
Silver Mining | 0.2 | |||
Food — Baking | 0.2 | |||
Food — Catering | 0.2 | |||
Toys | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Paper & Related Products | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Computer Services | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Textile — Products | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Time Deposits | 0.2 | |||
Security Services | 0.2 | |||
Beverages — Non - alcoholic | 0.2 | |||
Rubber — Tires | 0.1 | |||
Airlines | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Electric — Transmission | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Human Resources | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Dialysis Centers | 0.1 | |||
Agricultural Operations | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Hotels/Motels | 0.1 | |||
Television | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Satellite Telecom | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Printing — Commercial | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Mining | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Machinery — Farming | 0.1 | |||
Transport — Truck | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Metal — Iron | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Electric — Distribution | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Appliances | 0.1 | |||
Optical Supplies | 0.1 |
114
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Web Portals/ISP | 0.1 | % | ||
Resorts/Theme Parks | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
104.90 | % | |||
Country Allocation*
Japan | 19.4 | % | ||
United Kingdom | 17.7 | |||
United States | 17.4 | |||
France | 9.0 | |||
Australia | 8.3 | |||
Germany | 8.1 | |||
Switzerland | 5.7 | |||
Sweden | 2.5 | |||
Hong Kong | 2.4 | |||
Spain | 2.4 | |||
Netherlands | 2.2 | |||
Italy | 2.0 | |||
Singapore | 1.6 | |||
Belgium | 1.1 | |||
Jersey | 0.9 | |||
Israel | 0.8 | |||
Denmark | 0.7 | |||
Finland | 0.7 | |||
Bermuda | 0.5 | |||
Norway | 0.3 | |||
Portugal | 0.3 | |||
Luxembourg | 0.2 | |||
Cayman Islands | 0.2 | |||
Greece | 0.1 | |||
Austria | 0.1 | |||
Ireland | 0.1 | |||
New Zealand | 0.1 | |||
Isle of Man | 0.1 | |||
104.9 | % | |||
* | Calculated as a percentage of net assets |
115
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCK — 87.6% | ||||||||
Australia — 8.3% | ||||||||
AGL Energy, Ltd.(1) | 34,762 | $ | 511,383 | |||||
Alumina, Ltd.(1) | 204,186 | 388,057 | ||||||
Amcor, Ltd.(1) | 99,879 | 616,099 | ||||||
AMP, Ltd.(1) | 187,177 | 904,154 | ||||||
Aristocrat Leisure, Ltd.#(1) | 312 | 776 | ||||||
Asciano, Ltd.†(1) | 503,727 | 780,341 | ||||||
ASX, Ltd.(1) | 14,763 | 534,140 | ||||||
Australia and New Zealand Banking Group, Ltd.(1) | 212,519 | 4,605,162 | ||||||
AXA Asia Pacific Holdings, Ltd.(1) | 92,367 | 545,750 | ||||||
Bendigo and Adelaide Bank, Ltd.(1) | 30,496 | 288,321 | ||||||
BGP Holdings PLC(2)(3) | 835,027 | 0 | ||||||
BHP Billiton, Ltd.(1) | 278,936 | 11,466,417 | ||||||
Billabong International, Ltd.#(1) | 18,099 | 146,094 | ||||||
BlueScope Steel, Ltd.(1) | 158,905 | 293,049 | ||||||
Boral, Ltd.(1) | 62,491 | 268,814 | ||||||
Brambles, Ltd.(1) | 118,897 | 774,492 | ||||||
Caltex Australia, Ltd.(1) | 11,187 | 140,856 | ||||||
CFS Retail Property Trust#(1) | 140,333 | 240,570 | ||||||
Coca - Cola Amatil, Ltd.(1) | 44,331 | 473,307 | ||||||
Cochlear, Ltd.(1) | 4,716 | 353,383 | ||||||
Commonwealth Bank of Australia(1) | 128,740 | 5,944,168 | ||||||
Computershare, Ltd.(1) | 37,109 | 348,605 | ||||||
Crown, Ltd.(1) | 35,844 | 281,004 | ||||||
CSL, Ltd.(1) | 45,765 | 1,528,915 | ||||||
CSR, Ltd.(1) | 121,805 | 198,441 | ||||||
Dexus Property Group(1) | 362,773 | 270,747 | ||||||
Energy Resources of Australia, Ltd.(1) | 1,001 | 11,366 | ||||||
Fairfax Media, Ltd.#(1) | 179,292 | 234,872 | ||||||
Fortescue Metals Group, Ltd.†(1) | 102,910 | 621,003 | ||||||
Foster’s Group, Ltd.(1) | 157,309 | 851,847 | ||||||
Goodman Fielder, Ltd.(1) | 112,538 | 148,057 | ||||||
Goodman Group(1) | 515,269 | 315,444 | ||||||
GPT Group(1) | 142,639 | 378,662 | ||||||
Harvey Norman Holdings, Ltd.(1) | 41,135 | 117,869 | ||||||
Incitec Pivot, Ltd.(1) | �� | 135,202 | 483,088 | |||||
Insurance Australia Group, Ltd.(1) | 189,286 | 680,130 | ||||||
Leighton Holdings, Ltd.#(1) | 11,554 | 348,019 | ||||||
Lend Lease Group(1) | 42,192 | 305,937 | ||||||
MacArthur Coal, Ltd.(1) | 15,000 | 171,767 | ||||||
Macquarie Group, Ltd.(1) | 29,287 | 994,955 | ||||||
MAP Group(1) | 23,267 | 67,688 | ||||||
Metcash, Ltd.(1) | 59,325 | 237,105 | ||||||
Mirvac Group(1) | 273,003 | 333,342 | ||||||
National Australia Bank, Ltd.(1) | 177,539 | 3,979,778 | ||||||
Newcrest Mining, Ltd.(1) | 63,448 | 2,406,847 | ||||||
Nufarm, Ltd.†(1) | 2 | 9 | ||||||
OneSteel, Ltd.(1) | 114,661 | 273,961 | ||||||
Orica, Ltd.(1) | 29,565 | 706,510 | ||||||
Origin Energy, Ltd.(1) | 72,715 | 1,093,619 | ||||||
OZ Minerals, Ltd.(1) | 252,613 | 370,558 | ||||||
Paladin Energy, Ltd.†#(1) | 57,071 | 267,509 | ||||||
Qantas Airways, Ltd.†(1) | 92,743 | 233,263 | ||||||
QBE Insurance Group, Ltd.(1) | 91,290 | 1,470,445 | ||||||
QR National, Ltd.† | 136,700 | 366,875 | ||||||
Ramsay Health Care, Ltd. | 10,600 | 158,497 | ||||||
Rio Tinto, Ltd.#(1) | 36,120 | 2,835,828 | ||||||
Santos, Ltd.(1) | 70,250 | 836,778 | ||||||
Sims Metal Management, Ltd.(1) | 13,840 | 234,217 | ||||||
Sonic Healthcare, Ltd.(1) | 32,208 | 363,554 | ||||||
SP AusNet(1) | 85,717 | 73,894 | ||||||
Stockland(1) | 191,893 | 672,498 | ||||||
Suncorp - Metway, Ltd.(1) | 113,396 | 979,486 | ||||||
TABCORP Holdings, Ltd.(1) | 53,397 | 362,815 | ||||||
Tatts Group, Ltd.(1) | 95,040 | 225,594 |
Security Description | Shares | Value | ||||||
Australia (continued) | ||||||||
Telstra Corp., Ltd.(1) | 363,631 | $ | 977,249 | |||||
Toll Holdings, Ltd.(1) | 54,716 | 325,087 | ||||||
Transurban Group#(1) | 101,740 | 506,325 | ||||||
Wesfarmers, Ltd.(1) | 83,728 | 2,517,166 | ||||||
Wesfarmers, Ltd. PPS(1) | 12,147 | 368,523 | ||||||
Westfield Group†(1) | 178,217 | 2,072,220 | ||||||
Westpac Banking Corp.(1) | 248,893 | 5,084,136 | ||||||
Woodside Petroleum, Ltd.(1) | 52,202 | 2,094,687 | ||||||
Woolworths, Ltd.(1) | 102,067 | 2,621,525 | ||||||
WorleyParsons, Ltd.(1) | 15,935 | 383,576 | ||||||
73,067,225 | ||||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG(1) | 9,536 | 373,703 | ||||||
Immofinanz AG†(1) | 28,300 | 100,404 | ||||||
OMV AG(1) | 4,280 | 143,756 | ||||||
Raiffeisen Bank International AG#(1) | 1,544 | 75,835 | ||||||
Telekom Austria AG(1) | 9,479 | 131,770 | ||||||
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A#(1) | 2,154 | 67,804 | ||||||
Vienna Insurance Group(1) | 1,096 | 51,005 | ||||||
Voestalpine AG(1) | 3,135 | 127,120 | ||||||
1,071,397 | ||||||||
Belgium — 1.1% | ||||||||
Ageas(1) | 266,329 | 607,986 | ||||||
Anheuser - Busch InBev NV(1) | 85,223 | 4,667,936 | ||||||
Bekaert SA(1) | 1,000 | 94,978 | ||||||
Belgacom SA#(1) | 13,715 | 463,862 | ||||||
Colruyt SA#(1) | 2,152 | 107,498 | ||||||
Compagnie Nationale a Portefeuille(1) | 825 | 39,400 | ||||||
Delhaize Group SA(1) | 12,722 | 869,864 | ||||||
Dexia SA†#(1) | 149,018 | 546,968 | ||||||
Groupe Bruxelles Lambert SA(1) | 13,123 | 1,028,415 | ||||||
KBC Groep NV†(1) | 4,595 | 161,044 | ||||||
Mobistar SA(1) | 2,146 | 124,853 | ||||||
Solvay SA(1) | 1,692 | 163,460 | ||||||
UCB SA#(1) | 2,878 | 93,018 | ||||||
Umicore(1) | 3,253 | 154,268 | ||||||
9,123,550 | ||||||||
Bermuda — 0.5% | ||||||||
Cheung Kong Infrastructure Holdings, Ltd.(1) | 52,000 | 231,102 | ||||||
Esprit Holdings, Ltd.(1) | 105,100 | 503,565 | ||||||
Kerry Properties, Ltd.(1) | 67,000 | 335,566 | ||||||
Li & Fung, Ltd.(1) | 196,000 | 1,220,574 | ||||||
Mongolia Energy Corp., Ltd.†(1) | 351,000 | 113,623 | ||||||
Noble Group, Ltd.(1) | 265,000 | 410,037 | ||||||
NWS Holdings, Ltd.(1) | 136,000 | 217,908 | ||||||
Orient Overseas International, Ltd.(1) | 21,000 | 203,086 | ||||||
Seadrill, Ltd.#(1) | 8,000 | 244,755 | ||||||
Shangri - La Asia, Ltd.(1) | 124,000 | 311,401 | ||||||
Yue Yuen Industrial Holdings, Ltd.(1) | 71,500 | 255,856 | ||||||
4,047,473 | ||||||||
Cayman Islands — 0.2% | ||||||||
ASM Pacific Technology, Ltd.(1) | 18,600 | 176,438 | ||||||
Foxconn International Holdings, Ltd.†(1) | 219,000 | 152,808 | ||||||
Lifestyle International Holdings, Ltd.(1) | 58,500 | 147,865 | ||||||
Sands China Ltd†(1) | 216,000 | 461,405 | ||||||
Wynn Macau, Ltd.(1) | 145,000 | 291,759 | ||||||
1,230,275 | ||||||||
116 |
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Cyprus — 0.0% | ||||||||
Bank of Cyprus Public Co., Ltd.(1) | 78,449 | $ | 293,857 | |||||
Denmark — 0.7% | ||||||||
AP Moller - Maersk A/S, Series A(1) | 116 | 919,934 | ||||||
AP Moller - Maersk A/S, Series B(1) | 46 | 373,123 | ||||||
Carlsberg A/S(1) | 30,857 | 2,915,698 | ||||||
Coloplast A/S(1) | 650 | 86,545 | ||||||
Danske Bank A/S†(1) | 13,384 | 331,879 | ||||||
DSV A/S(1) | 5,967 | 117,415 | ||||||
Novo Nordisk A/S, Class B(1) | 12,429 | 1,231,524 | ||||||
Novozymes A/S(1) | 1,316 | 171,646 | ||||||
Tryg A/S#(1) | 787 | 33,919 | ||||||
Vestas Wind Systems A/S†#(1) | 5,812 | 165,765 | ||||||
William Demant Holding A/S†#(1) | 673 | 46,871 | ||||||
6,394,319 | ||||||||
Finland — 0.7% | ||||||||
Elisa Oyj(1) | 3,796 | 74,918 | ||||||
Fortum Oyj(1) | 37,942 | 1,000,787 | ||||||
Kesko Oyj, Class B(1) | 1,908 | 87,551 | ||||||
Kone Oyj, Class B(1) | 4,442 | 232,430 | ||||||
Metso Oyj(1) | 3,646 | 187,637 | ||||||
Neste Oil Oyj(1) | 3,658 | 51,447 | ||||||
Nokia Oyj(1) | 222,830 | 2,061,340 | ||||||
Nokian Renkaat Oyj#(1) | 3,085 | 99,070 | ||||||
Orion Oyj(1) | 13,628 | 276,479 | ||||||
Outokumpu Oyj(1) | 3,823 | 62,669 | ||||||
Pohjola Bank PLC(1) | 3,942 | 44,704 | ||||||
Rautaruukki Oyj(1) | 2,402 | 43,553 | ||||||
Sampo Oyj, Class A(1) | 11,987 | 293,198 | ||||||
Sanoma Oyj(1) | 2,296 | 46,299 | ||||||
Stora Enso Oyj, Class R(1) | 49,450 | 425,293 | ||||||
UPM - Kymmene Oyj(1) | 46,409 | 688,782 | ||||||
Wartsila Oyj(1) | 2,251 | 155,899 | ||||||
5,832,056 | ||||||||
France — 9.0% | ||||||||
Accor SA(1) | 4,219 | 178,261 | ||||||
Aeroports de Paris(1) | 847 | 64,856 | ||||||
Air France - KLM†(1) | 3,855 | 67,322 | ||||||
Air Liquide SA(1) | 37,468 | 4,384,246 | ||||||
Alcatel-Lucent†(1) | 153,208 | 416,891 | ||||||
Alstom SA(1) | 5,869 | 242,058 | ||||||
Atos Origin SA†(1) | 31,194 | 1,272,758 | ||||||
AXA SA(1) | 248,976 | 3,575,306 | ||||||
BioMerieux#(1) | 1,013 | 90,138 | ||||||
BNP Paribas(1) | 104,190 | 6,158,734 | ||||||
Bouygues SA(1) | 6,584 | 263,196 | ||||||
Bureau Veritas SA(1) | 4,729 | 344,291 | ||||||
Cap Gemini SA(1) | 4,198 | 176,923 | ||||||
Carrefour SA(1) | 93,963 | 4,249,643 | ||||||
Casino Guichard Perrachon SA(1) | 7,046 | 620,126 | ||||||
Christian Dior SA#(1) | 25,569 | 3,540,536 | ||||||
Cie Generale d’Optique Essilor International SA(1) | 5,964 | 372,605 | ||||||
Cie Generale de Geophysique - Veritas†(1) | 32,209 | 745,112 | ||||||
CNP Assurances(1) | 4,238 | 67,906 | ||||||
Compagnie de St. Gobain(1) | 71,825 | 3,214,682 | ||||||
Compagnie Generale des Etablissements Michelin, Class B(1) | 5,201 | 351,687 | ||||||
Credit Agricole SA(1) | 194,147 | 2,375,987 | ||||||
Danone(1) | 84,046 | 4,921,316 | ||||||
Dassault Systemes SA(1) | 1,689 | 115,400 | ||||||
Edenred†(1) | 4,700 | 104,581 | ||||||
EDF SA#(1) | 7,631 | 318,778 | ||||||
Eiffage SA#(1) | 1,156 | 50,782 |
Security Description | Shares | Value | ||||||
France (continued) | ||||||||
Eramet(1) | 150 | $ | 46,406 | |||||
Eurazeo(1) | 827 | 56,198 | ||||||
Eutelsat Communications#(1) | 17,643 | 593,905 | ||||||
Fonciere Des Regions(1) | 717 | 65,099 | ||||||
France Telecom SA(1) | 248,346 | 5,025,656 | ||||||
GDF Suez#(1) | 48,055 | 1,592,430 | ||||||
GDF Suez VVPR†(1) | 12,852 | 17 | ||||||
Gecina SA(1) | 536 | 55,992 | ||||||
Groupe Eurotunnel SA(1) | 13,600 | 116,342 | ||||||
Hermes International(1) | 311 | 58,904 | ||||||
ICADE(1) | 663 | 62,101 | ||||||
Iliad SA(1) | 464 | 46,473 | ||||||
Imerys SA(1) | 1,130 | 64,605 | ||||||
Ipsen SA(1) | 4,929 | 147,195 | ||||||
JCDecaux SA†(1) | 1,895 | 47,576 | ||||||
Klepierre(1) | 2,706 | 85,365 | ||||||
L’Oreal SA(1) | 11,502 | 1,222,668 | ||||||
Lafarge SA(1) | 12,116 | 661,534 | ||||||
Lagardere SCA(1) | 3,367 | 124,318 | ||||||
Legrand SA(1) | 61,643 | 2,355,366 | ||||||
LVMH Moet Hennessy Louis Vuitton SA#(1) | 7,221 | 1,094,814 | ||||||
Metropole Television SA(1) | 1,985 | 43,070 | ||||||
Natixis†(1) | 24,893 | 109,532 | ||||||
Neopost SA#(1) | 891 | 78,543 | ||||||
PagesJaunes Groupe#(1) | 3,892 | 34,480 | ||||||
Pernod - Ricard SA#(1) | 5,845 | 476,229 | ||||||
Peugeot SA†(1) | 4,341 | 161,754 | ||||||
PPR(1) | 19,623 | 3,116,501 | ||||||
Publicis Groupe SA(1) | 3,525 | 157,482 | ||||||
Renault SA†(1) | 5,667 | 296,944 | ||||||
Safran SA(1) | 71,511 | 2,239,182 | ||||||
Sanofi - Aventis SA(1) | 31,871 | 1,925,683 | ||||||
Schneider Electric SA(1) | 7,167 | 1,005,301 | ||||||
SCOR SE(1) | 4,753 | 110,882 | ||||||
Societe BIC SA(1) | 7,134 | 577,005 | ||||||
Societe Generale(1) | 33,386 | 1,545,091 | ||||||
Societe Television Francaise 1(1) | 3,349 | 48,696 | ||||||
Sodexo(1) | 2,690 | 169,504 | ||||||
Suez Environnement SA(1) | 7,685 | 136,795 | ||||||
Technip SA(1) | 2,808 | 217,872 | ||||||
Thales SA(1) | 2,555 | 89,652 | ||||||
Total SA(1) | 214,448 | 10,378,451 | ||||||
Unibail - Rodamco SE(1) | 2,697 | 468,631 | ||||||
Vallourec SA(1) | 3,266 | 309,970 | ||||||
Veolia Environnement SA(1) | 10,261 | 269,997 | ||||||
Vinci SA(1) | 12,970 | 629,186 | ||||||
Vivendi SA(1) | 109,578 | 2,672,723 | ||||||
79,076,241 | ||||||||
Germany — 7.9% | ||||||||
Adidas AG(1) | 44,560 | 2,797,594 | ||||||
Allianz SE(1) | 58,267 | 6,392,201 | ||||||
Axel Springer AG | 450 | 62,822 | ||||||
BASF SE(1) | 99,687 | 7,451,865 | ||||||
Bayer AG(1) | 98,013 | 7,117,260 | ||||||
Bayerische Motoren Werke AG(1) | 61,550 | 4,629,216 | ||||||
Beiersdorf AG(1) | 2,876 | 166,952 | ||||||
Brenntag AG†(1) | 850 | 75,035 | ||||||
Celesio AG(1) | 2,295 | 54,013 | ||||||
Commerzbank AG†#(1) | 54,462 | 396,503 | ||||||
Continental AG†(1) | 3,300 | 256,275 | ||||||
Daimler AG†(1) | 93,869 | 6,077,522 | ||||||
Deutsche Bank AG(1) | 66,920 | 3,179,932 | ||||||
Deutsche Boerse AG(1) | 5,752 | 347,922 |
117
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Germany (continued) | ||||||||
Deutsche Lufthansa AG†(1) | 6,533 | $ | 139,028 | |||||
Deutsche Post AG(1) | 135,845 | 2,179,874 | ||||||
Deutsche Telekom AG(1) | 386,125 | 4,946,424 | ||||||
E.ON AG(1) | 156,585 | 4,492,054 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 1,048 | 61,542 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 18,765 | 1,083,094 | ||||||
Fresenius SE(1) | 5,145 | 440,779 | ||||||
GEA Group AG(1) | 4,720 | 113,627 | ||||||
Hannover Rueckversicherung AG(1) | 1,721 | 80,107 | ||||||
HeidelbergCement AG(1) | 4,012 | 218,251 | ||||||
Henkel AG & Co. KGaA(1) | 56,571 | 2,864,408 | ||||||
Hochtief AG(1) | 12,152 | 899,723 | ||||||
Infineon Technologies AG†(1) | 31,007 | 276,204 | ||||||
K+S AG(1) | 4,096 | 273,740 | ||||||
Kabel Deutschland Holding AG†(1) | 1,600 | 74,516 | ||||||
Lanxess AG(1) | 2,450 | 172,872 | ||||||
Linde AG(1) | 28,491 | 3,978,895 | ||||||
MAN SE(1) | 3,116 | 366,362 | ||||||
Merck KGaA(1) | 1,844 | 143,924 | ||||||
Metro AG(1) | 3,699 | 265,328 | ||||||
Muenchener Rueckversicherungs AG(1) | 5,554 | 771,328 | ||||||
Puma AG Rudolf Dassler Sport(1) | 151 | 44,884 | ||||||
RWE AG(1) | 12,349 | 768,619 | ||||||
Salzgitter AG(1) | 1,200 | 77,272 | ||||||
SAP AG(1) | 25,311 | 1,180,826 | ||||||
Siemens AG(1) | 33,738 | 3,690,634 | ||||||
Suedzucker AG(1) | 2,040 | 43,623 | ||||||
ThyssenKrupp AG(1) | 9,859 | 377,110 | ||||||
TUI AG†(1) | 3,947 | 41,600 | ||||||
United Internet AG(1) | 3,598 | 50,871 | ||||||
Volkswagen AG#(1) | 842 | 113,798 | ||||||
Wacker Chemie AG(1) | 446 | 76,405 | ||||||
69,312,834 | ||||||||
Greece — 0.1% | ||||||||
Alpha Bank A.E.†(1) | 39,422 | 219,653 | ||||||
Coca - Cola Hellenic Bottling Co. SA(1) | 9,971 | 254,208 | ||||||
EFG Eurobank Ergasias SA†(1) | 9,220 | 46,142 | ||||||
Hellenic Petroleum SA(1) | 17,457 | 126,022 | ||||||
Hellenic Telecommunications Organization SA(1) | 6,992 | 63,511 | ||||||
National Bank of Greece SA†(1) | 27,279 | 229,788 | ||||||
OPAP SA(1) | 6,371 | 102,508 | ||||||
Piraeus Bank SA†#(1) | 8 | 29 | ||||||
Public Power Corp. SA(1) | 9,877 | 137,350 | ||||||
1,179,211 | ||||||||
Guernsey — 0.0% | ||||||||
Resolution, Ltd.(1) | 41,398 | 136,038 | ||||||
Hong Kong — 2.4% | ||||||||
Bank of East Asia, Ltd.(1) | 109,600 | 463,465 | ||||||
BOC Hong Kong Holdings, Ltd.(1) | 328,000 | 1,120,767 | ||||||
Cathay Pacific Airways, Ltd.(1) | 112,000 | 325,281 | ||||||
Cheung Kong Holdings, Ltd.(1) | 120,000 | 1,767,622 | ||||||
CLP Holdings, Ltd.(1) | 170,000 | 1,394,646 | ||||||
Hang Lung Group, Ltd.(1) | 72,000 | 462,782 | ||||||
Hang Lung Properties, Ltd.(1) | 212,000 | 981,253 | ||||||
Hang Seng Bank, Ltd.(1) | 70,000 | 1,145,974 | ||||||
Henderson Land Development Co., Ltd.(1) | 98,000 | 688,606 | ||||||
Hong Kong & China Gas Co., Ltd.(1) | 385,000 | 938,169 | ||||||
Hong Kong Exchanges and Clearing, Ltd.(1) | 88,400 | 2,009,399 | ||||||
Hongkong Electric Holdings, Ltd.(1) | 126,000 | 807,639 | ||||||
Hopewell Holdings, Ltd.(1) | 58,500 | 182,107 | ||||||
Hutchison Whampoa, Ltd.(1) | 183,000 | 1,822,018 | ||||||
Hysan Development Co., Ltd.(1) | 59,000 | 243,005 |
Security Description | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
MTR Corp.(1) | 139,500 | $ | 512,210 | |||||
New World Development, Ltd.(1) | 232,000 | 457,161 | ||||||
PCCW, Ltd.(1) | 278,000 | 109,529 | ||||||
Sino Land Co., Ltd.(1) | 234,000 | 493,123 | ||||||
SJM Holdings, Ltd. | 143,000 | 224,304 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 121,000 | 1,985,126 | ||||||
Swire Pacific, Ltd., Class A(1) | 67,000 | 1,026,800 | ||||||
Television Broadcasts, Ltd.(1) | 6,000 | 29,540 | ||||||
The Link REIT(1) | 192,500 | 600,349 | ||||||
Wharf Holdings, Ltd.(1) | 120,000 | 800,153 | ||||||
Wheelock & Co., Ltd.(1) | 85,000 | 302,844 | ||||||
Wing Hang Bank, Ltd.(1) | 17,500 | 229,035 | ||||||
21,122,907 | ||||||||
Ireland — 0.1% | ||||||||
Anglo Irish Bank Corp., Ltd.†(2) | 31,152 | 0 | ||||||
Bank of Ireland†(1) | 216,916 | 89,858 | ||||||
CRH PLC (Dublin)(1) | 28,152 | 489,858 | ||||||
Elan Corp. PLC†(1) | 14,181 | 73,069 | ||||||
James Hardie Industries SE(1) | 38,836 | 200,439 | ||||||
Kerry Group PLC(1) | 4,000 | 128,533 | ||||||
Ryanair Holdings PLC(1) | 5,885 | 29,474 | ||||||
Ryanair Holdings PLC ADR | 934 | 28,515 | ||||||
1,039,746 | ||||||||
Isle of Man — 0.1% | ||||||||
Genting Singapore PLC†(1) | 504,000 | 760,222 | ||||||
Israel — 0.8% | ||||||||
Bank Hapoalim BM†(1) | 83,300 | 390,098 | ||||||
Bank Leumi Le - Israel B.M.(1) | 99,000 | 465,290 | ||||||
Bezeq Israeli Telecommunication Corp., Ltd.(1) | 146,200 | 390,781 | ||||||
Cellcom Israel, Ltd.(1) | 4,200 | 138,920 | ||||||
Delek Group, Ltd.(1) | 300 | 78,887 | ||||||
Elbit Systems, Ltd.(1) | 2,000 | 94,337 | ||||||
Israel Chemicals, Ltd.(1) | 37,200 | 537,096 | ||||||
Israel Discount Bank, Ltd.†(1) | 61,800 | 134,626 | ||||||
Makhteshim - Agan Industries, Ltd.†(1) | 19,300 | 79,677 | ||||||
Mizrahi Tefahot Bank, Ltd.(1) | 10,300 | 104,264 | ||||||
NICE Systems, Ltd.†(1) | 5,300 | 161,988 | ||||||
Partner Communications Co., Ltd.(1) | 7,200 | 147,688 | ||||||
Teva Pharmaceutical Industries, Ltd.(1) | 78,600 | 3,944,672 | ||||||
The Israel Corp., Ltd.†(1) | 200 | 212,470 | ||||||
6,880,794 | ||||||||
Italy — 2.0% | ||||||||
A2A SpA(1) | 2,145,755 | 2,747,861 | ||||||
Assicurazioni Generali SpA(1) | 34,377 | 601,925 | ||||||
Atlantia SpA(1) | 6,851 | 134,172 | ||||||
Autogrill SpA†(1) | 3,432 | 43,853 | ||||||
Banca Carige SpA#(1) | 16,960 | 33,070 | ||||||
Banca Monte dei Paschi di Siena SpA†#(1) | 63,295 | 67,895 | ||||||
Banca Popolare di Milano Scarl(1) | 91,787 | 315,491 | ||||||
Banco Popolare SC#(1) | 18,275 | 75,442 | ||||||
Enel Green Power SpA† | 44,200 | 87,208 | ||||||
Enel SpA(1) | 194,081 | 911,448 | ||||||
ENI SpA(1) | 76,779 | 1,543,756 | ||||||
Exor SpA#(1) | 1,922 | 50,630 | ||||||
Fiat SpA(1) | 22,553 | 373,041 | ||||||
Finmeccanica SpA(1) | 132,567 | 1,497,236 | ||||||
Intesa Sanpaolo SpA(1) | 1,387,426 | 3,606,851 | ||||||
Intesa Sanpaolo SpA RSP(1) | 270,910 | 579,404 | ||||||
Luxottica Group SpA(1) | 3,316 | 87,822 | ||||||
Mediaset SpA(1) | 85,202 | 471,260 | ||||||
Mediobanca SpA#(1) | 13,513 | 111,126 |
118
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Italy (continued) | ||||||||
Mediolanum SpA#(1) | 45,790 | $ | 181,013 | |||||
Parmalat SpA(1) | 49,315 | 122,614 | ||||||
Pirelli & C. SpA#(1) | 40,812 | 310,014 | ||||||
Prelios SpA†#(1) | 7,323 | 3,693 | ||||||
Prysmian SpA(1) | 5,162 | 82,153 | ||||||
Saipem SpA(1) | 7,809 | 324,734 | ||||||
Snam Rete Gas SpA(1) | 40,752 | 193,553 | ||||||
Telecom Italia SpA(1) | 1,183,396 | 1,456,458 | ||||||
Telecom Italia SpA RSP(1) | 171,933 | 179,822 | ||||||
Terna Rete Elettrica Nazionale SpA(1) | 37,163 | 152,279 | ||||||
UniCredit SpA(1) | 397,755 | 768,990 | ||||||
Unione di Banche Italiane SCPA(1) | 17,325 | 143,498 | ||||||
17,258,312 | ||||||||
Japan — 19.4% | ||||||||
ABC - Mart, Inc.#(1) | 1,600 | 54,157 | ||||||
ADEKA Corp.(1) | 3,100 | 31,080 | ||||||
Advantest Corp.#(1) | 11,000 | 224,618 | ||||||
Aeon Co., Ltd.#(1) | 41,500 | 506,321 | ||||||
Aeon Credit Service Co., Ltd.(1) | 5,100 | 65,818 | ||||||
Aeon Mall Co., Ltd.#(1) | 5,600 | 124,537 | ||||||
Air Water, Inc.(1) | 10,000 | 118,422 | ||||||
Aisin Seiki Co., Ltd.(1) | 13,200 | 427,947 | ||||||
Ajinomoto Co., Inc.(1) | 51,000 | 503,383 | ||||||
Alfresa Holdings Corp.#(1) | 2,700 | 111,956 | ||||||
All Nippon Airways Co., Ltd.†(1) | 80,000 | 282,570 | ||||||
Amada Co., Ltd.(1) | 25,000 | 170,887 | ||||||
Aozora Bank, Ltd.(1) | 31,000 | 52,972 | ||||||
Asahi Breweries, Ltd.(1) | 26,700 | 520,065 | ||||||
Asahi Glass Co., Ltd.(1) | 70,000 | 778,513 | ||||||
Asahi Kasei Corp.(1) | 87,000 | 517,740 | ||||||
Asics Corp.(1) | 10,000 | 109,821 | ||||||
Astellas Pharma, Inc.(1) | 33,400 | 1,197,349 | ||||||
Bank of Kyoto, Ltd.(1) | 22,000 | 194,275 | ||||||
Benesse Holdings, Inc.(1) | 4,800 | 219,579 | ||||||
Bridgestone Corp.(1) | 52,500 | 967,397 | ||||||
Brother Industries, Ltd.(1) | 16,300 | 231,406 | ||||||
Canon Marketing Japan, Inc.(1) | 3,800 | 53,382 | ||||||
Canon, Inc.(1) | 78,300 | 3,683,465 | ||||||
Casio Computer Co., Ltd.#(1) | 16,400 | 122,487 | ||||||
Central Japan Railway Co.(1) | 120 | 924,983 | ||||||
Chiyoda Corp.#(1) | 10,800 | 93,826 | ||||||
Chubu Electric Power Co., Inc.#(1) | 44,800 | 1,058,867 | ||||||
Chugai Pharmaceutical Co., Ltd.(1) | 15,500 | 279,863 | ||||||
Chuo Mitsui Trust Holdings, Inc.(1) | 69,000 | 243,232 | ||||||
Citizen Holdings Co., Ltd.(1) | 16,900 | 101,979 | ||||||
Coca - Cola West Co., Ltd.(1) | 3,600 | 59,896 | ||||||
Cosmo Oil Co., Ltd.(1) | 41,000 | 115,830 | ||||||
Credit Saison Co., Ltd.(1) | 20,800 | 330,337 | ||||||
Dai Nippon Printing Co., Ltd.#(1) | 42,000 | 528,998 | ||||||
Daicel Chemical Industries, Ltd.#(1) | 19,000 | 129,417 | ||||||
Daido Steel Co., Ltd.(1) | 20,000 | 107,308 | ||||||
Daihatsu Motor Co., Ltd.(1) | 27,000 | 378,781 | ||||||
Daiichi Sankyo Co., Ltd.(1) | 46,500 | 1,003,100 | ||||||
Daikin Industries, Ltd.(1) | 16,200 | 581,741 | ||||||
Dainippon Sumitomo Pharma Co., Ltd.#(1) | 11,000 | 94,771 | ||||||
Daito Trust Construction Co., Ltd.(1) | 5,300 | 327,462 | ||||||
Daiwa House Industry Co., Ltd.(1) | 48,000 | 539,856 | ||||||
Daiwa Securities Group, Inc.(1) | 115,000 | 522,215 | ||||||
Dena Co., Ltd.(1) | 5,540 | 161,531 | ||||||
Denki Kagaku Kogyo K.K.(1) | 33,000 | 146,700 | ||||||
Denso Corp.(1) | 33,600 | 1,097,342 | ||||||
Dentsu, Inc.(1) | 11,500 | 310,310 |
Security Description | Shares | Value | ||||||
Japan (continued) | ||||||||
Dowa Holdings Co., Ltd.(1) | 16,000 | $ | 94,837 | |||||
East Japan Railway Co.(1) | 27,500 | 1,640,946 | ||||||
Eisai Co., Ltd.#(1) | 17,400 | 598,600 | ||||||
Electric Power Development Co., Ltd.(1) | 8,100 | 247,198 | ||||||
Elpida Memory, Inc.†#(1) | 12,600 | 150,124 | ||||||
Exedy Corp.(1) | 6,900 | 213,307 | ||||||
FamilyMart Co., Ltd.(1) | 4,400 | 149,740 | ||||||
FANUC Corp.(1) | 16,700 | 2,392,800 | ||||||
Fast Retailing Co., Ltd.#(1) | 3,700 | 585,402 | ||||||
FCC Co., Ltd.#(1) | 1,800 | 39,555 | ||||||
Fuji Electric Holdings Co., Ltd.(1) | 39,000 | 104,396 | ||||||
Fuji Heavy Industries, Ltd.(1) | 70,000 | 518,632 | ||||||
Fuji Media Holdings, Inc.(1) | 56 | 78,360 | ||||||
Fuji Oil Co., Ltd.(1) | 2,100 | 28,506 | ||||||
FUJIFILM Holdings Corp.(1) | 32,000 | 1,072,045 | ||||||
Fujitsu, Ltd.(1) | 129,000 | 827,796 | ||||||
Fukuoka Financial Group, Inc.(1) | 53,000 | 203,936 | ||||||
Furukawa Electric Co., Ltd.#(1) | 44,000 | 187,714 | ||||||
Gree, Inc. | 6,000 | 73,127 | ||||||
GS Yuasa Corp.#(1) | 26,000 | 174,303 | ||||||
Gunma Bank, Ltd.(1) | 27,000 | 134,862 | ||||||
Hakuhodo DY Holdings, Inc.(1) | 1,510 | 75,628 | ||||||
Hamamatsu Photonics K.K.(1) | 5,000 | 164,249 | ||||||
Hankyu Hanshin Holdings, Inc.#(1) | 79,000 | 358,720 | ||||||
Hino Motors, Ltd.(1) | 18,000 | 88,839 | ||||||
Hirose Electric Co., Ltd.(1) | 2,200 | 217,411 | ||||||
Hisamitsu Pharmaceutical Co., Inc.#(1) | 4,600 | 183,039 | ||||||
Hitachi Chemical Co., Ltd.(1) | 7,200 | 133,448 | ||||||
Hitachi Construction Machinery Co., Ltd.#(1) | 6,700 | 152,763 | ||||||
Hitachi High - Technologies Corp.(1) | 4,800 | 99,937 | ||||||
Hitachi Metals, Ltd.#(1) | 23,000 | 263,611 | ||||||
Hitachi, Ltd.(1) | 390,000 | 1,845,433 | ||||||
Hokkaido Electric Power Co., Inc.(1) | 12,600 | 249,627 | ||||||
Hokuhoku Financial Group, Inc.(1) | 87,000 | 159,060 | ||||||
Hokuriku Electric Power Co.#(1) | 12,200 | 294,860 | ||||||
Honda Motor Co., Ltd.(1) | 122,800 | 4,445,266 | ||||||
Hoya Corp.(1) | 30,100 | 710,042 | ||||||
Ibiden Co., Ltd.(1) | 8,900 | 244,622 | ||||||
Idemitsu Kosan Co., Ltd.(1) | 2,400 | 223,190 | ||||||
IHI Corp.(1) | 91,000 | 188,126 | ||||||
Inpex Corp.(1) | 153 | 787,105 | ||||||
Isetan Mitsukoshi Holdings, Ltd.(1) | 25,900 | 296,810 | ||||||
Isuzu Motors, Ltd.(1) | 129,000 | 575,010 | ||||||
Ito En, Ltd.(1) | 3,500 | 56,419 | ||||||
ITOCHU Corp.(1) | 104,000 | 964,415 | ||||||
ITOCHU Techno - Solutions Corp.(1) | 4,000 | 144,111 | ||||||
J Front Retailing Co., Ltd.(1) | 63,000 | 350,822 | ||||||
Japan Petroleum Exploration Co.(1) | 1,800 | 62,938 | ||||||
Japan Prime Realty Investment Corp.(1) | 47 | 119,124 | ||||||
Japan Real Estate Investment Corp.(1) | 34 | 327,504 | ||||||
Japan Retail Fund Investment Corp.(1) | 111 | 178,662 | ||||||
Japan Tobacco, Inc.(1) | 421 | 1,426,087 | ||||||
JFE Holdings, Inc.(1) | 33,500 | 1,065,276 | ||||||
JGC Corp.(1) | 14,000 | 271,196 | ||||||
JS Group Corp.(1) | 20,700 | 382,168 | ||||||
JSR Corp.(1) | 12,400 | 210,569 | ||||||
JTEKT Corp.(1) | 15,400 | 170,598 | ||||||
Jupiter Telecommunications Co., Ltd.(1) | 168 | 171,001 | ||||||
JX Holdings, Inc.(1) | 155,000 | 959,461 | ||||||
Kajima Corp.(1) | 58,000 | 144,854 | ||||||
Kamigumi Co., Ltd.(1) | 16,000 | 123,319 | ||||||
Kaneka Corp.(1) | 21,000 | 124,992 | ||||||
Kansai Paint Co., Ltd.(1) | 31,000 | 283,383 | ||||||
Kao Corp.(1) | 37,300 | 935,576 |
119
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Japan (continued) | ||||||||
Kawasaki Heavy Industries, Ltd.(1) | 98,000 | $ | 303,312 | |||||
Kawasaki Kisen Kaisha, Ltd.(1) | 48,000 | 200,188 | ||||||
KDDI Corp.(1) | 201 | 1,147,100 | ||||||
Keikyu Corp.#(1) | 32,000 | 281,426 | ||||||
Keio Corp.(1) | 40,000 | 270,531 | ||||||
Keisei Electric Railway Co., Ltd.(1) | 19,000 | 124,645 | ||||||
Keyence Corp.(1) | 2,900 | 731,915 | ||||||
Kikkoman Corp.(1) | 11,000 | 118,433 | ||||||
Kinden Corp.(1) | 9,000 | 77,433 | ||||||
Kintetsu Corp.#(1) | 112,000 | 334,579 | ||||||
Kirin Holdings Co., Ltd.(1) | 58,000 | 808,129 | ||||||
Kobe Steel, Ltd.(1) | 172,000 | 390,524 | ||||||
Koito Manufacturing Co., Ltd.(1) | 7,000 | 100,393 | ||||||
Komatsu, Ltd.(1) | 74,500 | 2,063,669 | ||||||
Konami Corp.#(1) | 6,000 | 112,066 | ||||||
Konica Minolta Holdings, Inc.(1) | 33,000 | 339,102 | ||||||
Kubota Corp.#(1) | 80,000 | 724,653 | ||||||
Kuraray Co., Ltd.(1) | 36,100 | 498,259 | ||||||
Kurita Water Industries, Ltd.(1) | 7,800 | 223,349 | ||||||
Kyocera Corp.(1) | 13,600 | 1,387,937 | ||||||
Kyowa Hakko Kirin Co., Ltd.(1) | 18,000 | 181,110 | ||||||
Kyushu Electric Power Co., Inc.(1) | 26,200 | 581,052 | ||||||
Lawson, Inc.(1) | 4,200 | 186,036 | ||||||
Lintec Corp.(1) | 3,400 | 79,430 | ||||||
Mabuchi Motor Co., Ltd.(1) | 1,700 | 81,632 | ||||||
Makino Milling Machine Co., Ltd.†(1) | 11,000 | 80,975 | ||||||
Makita Corp.(1) | 7,700 | 278,343 | ||||||
Marubeni Corp.(1) | 114,000 | 739,733 | ||||||
Marui Group Co., Ltd.(1) | 32,500 | 262,691 | ||||||
Maruichi Steel Tube, Ltd.(1) | 3,000 | 57,378 | ||||||
Matsui Securities Co., Ltd.#(1) | 7,900 | 49,280 | ||||||
Mazda Motor Corp.(1) | 105,000 | 292,359 | ||||||
McDonald’s Holdings Co. Japan, Ltd.(1) | 4,600 | 114,383 | ||||||
Medipal Holdings Corp.(1) | 9,500 | 102,064 | ||||||
MEIJI Holdings Co., Ltd.(1) | 5,000 | 217,478 | ||||||
Minebea Co., Ltd.(1) | 23,000 | 136,329 | ||||||
Miraca Holdings, Inc.(1) | 4,000 | 141,340 | ||||||
Mitsubishi Chemical Holdings Corp.#(1) | 88,500 | 508,681 | ||||||
Mitsubishi Corp.(1) | 107,600 | 2,720,816 | ||||||
Mitsubishi Electric Corp.(1) | 170,000 | 1,684,104 | ||||||
Mitsubishi Estate Co., Ltd.(1) | 82,000 | 1,383,593 | ||||||
Mitsubishi Gas Chemical Co., Inc.(1) | 27,000 | 165,222 | ||||||
Mitsubishi Heavy Industries, Ltd.(1) | 210,000 | 755,333 | ||||||
Mitsubishi Logistics Corp.#(1) | 8,000 | 101,432 | ||||||
Mitsubishi Materials Corp.†#(1) | 90,000 | 278,560 | ||||||
Mitsubishi Motors Corp.†#(1) | 268,000 | 361,879 | ||||||
Mitsubishi Tanabe Pharma Corp.(1) | 26,000 | 409,186 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 991,300 | 4,690,901 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd.(1) | 4,020 | 146,996 | ||||||
Mitsui & Co., Ltd.(1) | 140,900 | 2,200,697 | ||||||
Mitsui Chemicals, Inc.(1) | 60,000 | 183,551 | ||||||
Mitsui Engineering & Shipbuilding Co., Ltd.#(1) | 49,000 | 113,009 | ||||||
Mitsui Fudosan Co., Ltd.(1) | 67,000 | 1,186,557 | ||||||
Mitsui Mining & Smelting Co., Ltd.(1) | 40,000 | 121,414 | ||||||
Mitsui O.S.K. Lines, Ltd.#(1) | 79,000 | 542,826 | ||||||
Mitsumi Electric Co., Ltd.(1) | 5,000 | 90,705 | ||||||
Mizuho Financial Group, Inc.(1) | 1,573,500 | 2,479,711 | ||||||
Mizuho Securities Co., Ltd.(1) | 37,000 | 86,662 | ||||||
Mizuho Trust & Banking Co., Ltd.†#(1) | 98,000 | 87,830 | ||||||
MS&AD Insurance Group Holdings(1) | 37,200 | 853,058 | ||||||
Murata Manufacturing Co., Ltd.(1) | 14,000 | 854,901 | ||||||
Nabtesco Corp.(1) | 10,900 | 201,243 | ||||||
Namco Bandai Holdings, Inc.(1) | 13,000 | 125,263 | ||||||
NEC Corp.#(1) | 164,000 | 452,708 |
Security Description | Shares | Value | ||||||
Japan (continued) | ||||||||
NGK Insulators, Ltd.(1) | 17,000 | $ | 252,925 | |||||
NGK Spark Plug Co., Ltd.(1) | 11,000 | 158,265 | ||||||
NHK Spring Co., Ltd.(1) | 10,000 | 100,617 | ||||||
Nidec Copal Corp.(1) | 6,100 | 100,737 | ||||||
Nidec Corp.#(1) | 10,300 | 1,031,436 | ||||||
Nikon Corp.#(1) | 22,200 | 432,040 | ||||||
Nintendo Co., Ltd.(1) | 7,100 | 1,928,466 | ||||||
Nippon Building Fund, Inc.(1) | 36 | 351,051 | ||||||
Nippon Electric Glass Co., Ltd.(1) | 37,000 | 519,534 | ||||||
Nippon Express Co., Ltd.(1) | 59,000 | 235,482 | ||||||
Nippon Meat Packers, Inc.(1) | 13,000 | 155,500 | ||||||
Nippon Paper Group, Inc.#(1) | 9,800 | 232,801 | ||||||
Nippon Sheet Glass Co., Ltd.(1) | 62,000 | 145,214 | ||||||
Nippon Steel Corp.(1) | 353,000 | 1,168,471 | ||||||
Nippon Telegraph & Telephone Corp.(1) | 35,900 | 1,624,332 | ||||||
Nippon Yusen K.K.(1) | 146,000 | 636,809 | ||||||
Nissan Chemical Industries, Ltd.(1) | 10,000 | 119,979 | ||||||
Nissan Motor Co., Ltd.(1) | 171,800 | 1,611,646 | ||||||
Nisshin Seifun Group, Inc.(1) | 13,000 | 157,522 | ||||||
Nisshin Steel Co., Ltd.#(1) | 45,000 | 82,277 | ||||||
Nisshinbo Holdings, Inc.(1) | 9,000 | 92,708 | ||||||
Nissin Foods Holdings Co., Ltd.#(1) | 4,500 | 155,027 | ||||||
Nitori Holdings Co., Ltd.(1) | 4,250 | 374,080 | ||||||
Nitto Denko Corp.(1) | 11,400 | 473,405 | ||||||
NKSJ Holdings, Inc.†(1) | 98,000 | 655,813 | ||||||
NOK Corp.(1) | 7,200 | 135,944 | ||||||
Nomura Holdings, Inc.(1) | 254,100 | 1,463,571 | ||||||
Nomura Real Estate Holdings, Inc.(1) | 6,100 | 89,443 | ||||||
Nomura Real Estate Office Fund, Inc.(1) | 19 | 120,647 | ||||||
Nomura Research Institute, Ltd.(1) | 9,300 | 187,169 | ||||||
NSK, Ltd.#(1) | 42,000 | 354,346 | ||||||
NTN Corp.(1) | 33,000 | 150,250 | ||||||
NTT Data Corp.(1) | 128 | 414,977 | ||||||
NTT DoCoMo, Inc.(1) | 1,290 | 2,098,182 | ||||||
NTT Urban Development Corp.(1) | 74 | 65,083 | ||||||
Obayashi Corp.(1) | 45,000 | 186,086 | ||||||
Obic Co., Ltd.(1) | 450 | 81,172 | ||||||
Odakyu Electric Railway Co., Ltd.#(1) | 43,000 | 392,044 | ||||||
OJI Paper Co., Ltd.(1) | 59,000 | 269,316 | ||||||
Olympus Corp.(1) | 15,000 | 422,142 | ||||||
Omron Corp.(1) | 21,100 | 520,431 | ||||||
Ono Pharmaceutical Co., Ltd.#(1) | 5,800 | 256,195 | ||||||
Oracle Corp.#(1) | 2,600 | 114,636 | ||||||
Oriental Land Co., Ltd.#(1) | 4,600 | 416,644 | ||||||
ORIX Corp.#(1) | 9,750 | 833,059 | ||||||
Osaka Gas Co., Ltd.(1) | 205,000 | 766,713 | ||||||
Otsuka Corp.#(1) | 1,000 | 64,408 | ||||||
Panasonic Corp.(1) | 135,600 | 1,943,451 | ||||||
Rakuten, Inc.#(1) | 543 | 415,902 | ||||||
Resona Holdings, Inc.#(1) | 42,000 | 256,313 | ||||||
Ricoh Co., Ltd.(1) | 46,000 | 649,208 | ||||||
Rinnai Corp.#(1) | 4,000 | 232,296 | ||||||
Rohm Co., Ltd.(1) | 6,800 | 409,746 | ||||||
Sankyo Co., Ltd.(1) | 3,700 | 195,863 | ||||||
Santen Pharmaceutical Co., Ltd.(1) | 5,100 | 175,313 | ||||||
Sapporo Hokuyo Holdings, Inc.(1) | 22,100 | 91,481 | ||||||
Sapporo Holdings, Ltd.#(1) | 18,000 | 72,405 | ||||||
SBI Holdings, Inc.(1) | 1,378 | 187,726 | ||||||
Secom Co., Ltd.(1) | 14,500 | 645,432 | ||||||
Sega Sammy Holdings, Inc.#(1) | 13,700 | 230,829 | ||||||
Seiko Epson Corp.(1) | 9,000 | 147,327 | ||||||
Sekisui Chemical Co., Ltd.(1) | 30,000 | 206,136 | ||||||
Sekisui House, Ltd.(1) | 58,000 | 551,003 | ||||||
Senshu Ikeda Holdings, Inc.(1) | 40,600 | 55,253 |
120
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VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Japan (continued) | ||||||||
Seven & I Holdings Co., Ltd.(1) | 57,800 | $ | 1,412,463 | |||||
Seven Bank, Ltd.#(1) | 38 | 68,606 | ||||||
Sharp Corp.#(1) | 69,000 | 663,760 | ||||||
Shikoku Electric Power Co., Inc.#(1) | 12,100 | 351,896 | ||||||
Shimadzu Corp.(1) | 16,000 | 118,289 | ||||||
Shimamura Co., Ltd.(1) | 1,500 | 136,939 | ||||||
Shimano, Inc.#(1) | 4,600 | 221,410 | ||||||
Shimizu Corp.(1) | 41,000 | 164,619 | ||||||
Shin - Etsu Chemical Co., Ltd.(1) | 28,400 | 1,388,077 | ||||||
Shinko Electric Industries Co., Ltd.(1) | 4,400 | 49,006 | ||||||
Shinsei Bank, Ltd.†#(1) | 60,000 | 52,341 | ||||||
Shionogi & Co., Ltd.(1) | 20,600 | 375,258 | ||||||
Shiseido Co., Ltd.(1) | 31,200 | 652,081 | ||||||
Showa Denko K.K.(1) | 98,000 | 200,259 | ||||||
Showa Shell Sekiyu K.K.(1) | 12,200 | 101,468 | ||||||
SMC Corp.(1) | 4,600 | 731,103 | ||||||
Softbank Corp.(1) | 64,600 | 2,238,649 | ||||||
Sojitz Corp.(1) | 86,500 | 166,655 | ||||||
Sony Corp.(1) | 69,400 | 2,462,487 | ||||||
Sony Financial Holdings, Inc.#(1) | 60 | 216,431 | ||||||
Square Enix Holdings Co., Ltd.#(1) | 4,100 | 78,437 | ||||||
Stanley Electric Co., Ltd.(1) | 10,100 | 180,562 | ||||||
Sumco Corp.†#(1) | 8,000 | 126,766 | ||||||
Sumitomo Chemical Co., Ltd.(1) | 109,000 | 467,611 | ||||||
Sumitomo Corp.#(1) | 96,300 | 1,256,670 | ||||||
Sumitomo Electric Industries, Ltd.(1) | 52,100 | 681,743 | ||||||
Sumitomo Heavy Industries, Ltd.(1) | 38,000 | 233,414 | ||||||
Sumitomo Metal Industries, Ltd.(1) | 232,000 | 562,795 | ||||||
Sumitomo Metal Mining Co., Ltd.#(1) | 44,000 | 684,078 | ||||||
Sumitomo Mitsui Financial Group, Inc.(1) | 105,500 | 3,238,691 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 27,000 | 581,412 | ||||||
Sumitomo Rubber Industries, Ltd.(1) | 15,300 | 154,954 | ||||||
Suruga Bank, Ltd.(1) | 14,000 | 119,753 | ||||||
Suzuken Co., Ltd.(1) | 4,500 | 131,475 | ||||||
Suzuki Motor Corp.(1) | 23,300 | 563,549 | ||||||
Sysmex Corp.#(1) | 2,300 | 146,434 | ||||||
T&D Holdings, Inc.#(1) | 18,850 | 428,228 | ||||||
Taisei Corp.(1) | 71,000 | 160,354 | ||||||
Taisho Pharmaceutical Co., Ltd.(1) | 9,000 | 187,050 | ||||||
Taiyo Nippon Sanso Corp.(1) | 18,000 | 141,319 | ||||||
Takashimaya Co., Ltd.(1) | 18,000 | 150,353 | ||||||
Takeda Pharmaceutical Co., Ltd.(1) | 57,600 | 2,677,422 | ||||||
TDK Corp.(1) | 9,400 | 605,476 | ||||||
Teijin, Ltd.(1) | 65,000 | 262,540 | ||||||
Terumo Corp.#(1) | 11,700 | 622,876 | ||||||
The 77 Bank, Ltd.(1) | 24,000 | 114,429 | ||||||
The Bank of Yokohama, Ltd.(1) | 106,000 | 513,000 | ||||||
The Chiba Bank, Ltd.(1) | 69,000 | 401,546 | ||||||
The Chugoku Bank, Ltd.(1) | 12,000 | 136,366 | ||||||
The Chugoku Electric Power Co.#(1) | 20,500 | 408,140 | ||||||
The Dai - ichi Life Insurance Co., Ltd.(1) | 553 | 792,669 | ||||||
The Hachijuni Bank, Ltd.(1) | 30,000 | 155,223 | ||||||
The Hiroshima Bank, Ltd.#(1) | 35,000 | 139,689 | ||||||
The Iyo Bank, Ltd.(1) | 16,000 | 113,758 | ||||||
The Japan Steel Works, Ltd.(1) | 22,000 | 214,566 | ||||||
The Joyo Bank, Ltd.(1) | 45,000 | 189,818 | ||||||
The Kansai Electric Power Co., Inc.(1) | 51,900 | 1,247,773 | ||||||
The Nishi - Nippon City Bank, Ltd.(1) | 47,000 | 129,736 | ||||||
The Shizuoka Bank, Ltd.(1) | 41,000 | 344,496 | ||||||
The Sumitomo Trust & Banking Co., Ltd.(1) | 98,000 | 519,954 | ||||||
THK Co., Ltd.(1) | 8,300 | 172,090 | ||||||
Tobu Railway Co., Ltd.#(1) | 56,000 | 303,665 | ||||||
Toho Co., Ltd.#(1) | 7,200 | 105,479 | ||||||
Toho Gas Co., Ltd.(1) | 29,000 | 137,104 |
Security Description | Shares | Value | ||||||
Japan (continued) | ||||||||
Tohoku Electric Power Co., Inc.(1) | 29,500 | $ | 641,897 | |||||
Tokio Marine Holdings, Inc.(1) | 59,400 | 1,676,698 | ||||||
Tokuyama Corp.(1) | 22,000 | 108,838 | ||||||
Tokyo Electric Power Co., Inc.(1) | 104,600 | 2,435,922 | ||||||
Tokyo Electron, Ltd.(1) | 14,200 | 890,901 | ||||||
Tokyo Gas Co., Ltd.(1) | 249,000 | 1,085,108 | ||||||
Tokyo Steel Manufacturing Co., Ltd.#(1) | 6,500 | 65,789 | ||||||
Tokyo Tatemono Co., Ltd.#(1) | 27,000 | 105,834 | ||||||
Tokyu Corp.(1) | 79,000 | 348,438 | ||||||
Tokyu Land Corp.(1) | 31,000 | 138,919 | ||||||
TonenGeneral Sekiyu K.K.(1) | 20,000 | 197,163 | ||||||
Toppan Printing Co., Ltd.(1) | 39,000 | 326,234 | ||||||
Toray Industries, Inc.(1) | 125,000 | 697,554 | ||||||
Toshiba Corp.(1) | 278,000 | 1,448,412 | ||||||
Tosoh Corp.#(1) | 33,000 | 92,673 | ||||||
TOTO, Ltd.(1) | 18,000 | 120,025 | ||||||
Toyo Seikan Kaisha, Ltd.(1) | 10,500 | 188,966 | ||||||
Toyo Suisan Kaisha, Ltd.(1) | 7,000 | 147,718 | ||||||
Toyoda Gosei Co., Ltd.(1) | 4,200 | 95,722 | ||||||
Toyota Boshoku Corp.#(1) | 4,200 | 73,416 | ||||||
Toyota Industries Corp.(1) | 12,400 | 365,557 | ||||||
Toyota Motor Corp.(1) | 190,600 | 7,388,104 | ||||||
Toyota Tsusho Corp.(1) | 14,700 | 238,732 | ||||||
Trend Micro, Inc.(1) | 6,800 | 210,060 | ||||||
Tsumura & Co.#(1) | 5,600 | 171,975 | ||||||
Ube Industries, Ltd.(1) | 66,000 | 167,424 | ||||||
Unicharm Corp.#(1) | 12,400 | 484,525 | ||||||
UNY Co., Ltd.(1) | 13,000 | 117,599 | ||||||
Ushio, Inc.(1) | 7,200 | 124,070 | ||||||
USS Co., Ltd.(1) | 1,480 | 106,625 | ||||||
West Japan Railway Co.(1) | 117 | 410,049 | ||||||
Yahoo! Japan Corp.#(1) | 1,004 | 359,917 | ||||||
Yakult Honsha Co., Ltd.#(1) | 6,700 | 190,145 | ||||||
Yamada Denki Co., Ltd.(1) | 5,680 | 360,494 | ||||||
Yamaguchi Financial Group, Inc.(1) | 15,000 | 133,716 | ||||||
Yamaha Corp.(1) | 10,900 | 128,040 | ||||||
Yamaha Motor Co., Ltd.†(1) | 18,100 | 259,550 | ||||||
Yamaichi Securities Co., Ltd. ADR†#(2)(3)(4) | 6,000 | 0 | ||||||
Yamato Holdings Co., Ltd.(1) | 27,500 | 348,008 | ||||||
Yamato Kogyo Co., Ltd.(1) | 2,800 | 80,471 | ||||||
Yamazaki Baking Co., Ltd.#(1) | 8,000 | 93,186 | ||||||
Yaskawa Electric Corp.#(1) | 16,000 | 138,624 | ||||||
Yokogawa Electric Corp.(1) | 14,800 | 101,727 | ||||||
170,644,407 | ||||||||
Jersey — 0.9% | ||||||||
Experian PLC(1) | 29,237 | 334,343 | ||||||
Petrofac, Ltd.(1) | 111,350 | 2,407,036 | ||||||
Randgold Resources, Ltd.(1) | 3,874 | 363,114 | ||||||
Shire PLC(1) | 177,234 | 4,147,745 | ||||||
Wolseley PLC†(1) | 8,114 | 216,895 | ||||||
WPP PLC(1) | 37,030 | 409,493 | ||||||
7,878,626 | ||||||||
Luxembourg — 0.2% | ||||||||
ArcelorMittal#(1) | 25,315 | 797,010 | ||||||
Millicom International Cellular SA SDR(1) | 3,359 | 291,449 | ||||||
SES SA FDR(1) | 8,551 | 197,846 | ||||||
Tenaris SA(1) | 13,934 | 295,064 | ||||||
1,581,369 | ||||||||
Mauritius — 0.0% | ||||||||
Golden Agri - Resources, Ltd.(1) | 584,000 | 320,197 | ||||||
121
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Netherlands — 2.2% | ||||||||
Aegon NV†(1) | 44,579 | $ | 244,702 | |||||
Akzo Nobel NV(1) | 26,449 | 1,419,793 | ||||||
ASML Holding NV(1) | 85,134 | 2,750,536 | ||||||
Corio NV(1) | 1,688 | 97,169 | ||||||
Delta Lloyd NV(1) | 10,258 | 183,644 | ||||||
European Aeronautic Defence and Space Co. NV†(1) | 11,642 | 260,945 | ||||||
Fugro NV(1) | 1,910 | 128,593 | ||||||
Heineken Holding NV(1) | 53,063 | 2,134,701 | ||||||
Heineken NV(1) | 60,659 | 2,809,608 | ||||||
ING Groep NV†(1) | 112,945 | 998,284 | ||||||
Koninklijke Ahold NV(1) | 266,229 | 3,216,240 | ||||||
Koninklijke Boskalis Westminster NV(1) | 1,970 | 84,376 | ||||||
Koninklijke DSM NV(1) | 16,551 | 807,843 | ||||||
Koninklijke KPN NV(1) | 46,168 | 658,874 | ||||||
Koninklijke Philips Electronics NV(1) | 29,070 | 784,247 | ||||||
Koninklijke Vopak NV(1) | 6,061 | 279,030 | ||||||
Qiagen NV†(1) | 6,631 | 120,740 | ||||||
Randstad Holding NV†(1) | 3,145 | 143,831 | ||||||
Reed Elsevier NV(1) | 19,616 | 229,380 | ||||||
SBM Offshore NV(1) | 4,783 | 95,263 | ||||||
STMicroelectronics NV(1) | 18,181 | 162,861 | ||||||
TNT NV(1) | 11,101 | 264,272 | ||||||
Unilever NV(1) | 48,040 | 1,354,379 | ||||||
Wolters Kluwer NV(1) | 8,521 | 168,855 | ||||||
19,398,166 | ||||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport, Ltd.(1) | 48,756 | 75,323 | ||||||
Contact Energy, Ltd.†(1) | 25,606 | 112,765 | ||||||
Fletcher Building, Ltd.(1) | 55,448 | 327,036 | ||||||
Sky City Entertainment Group, Ltd.(1) | 51,417 | 119,492 | ||||||
Telecom Corp. of New Zealand, Ltd.(1) | 177,568 | 285,225 | ||||||
919,841 | ||||||||
Norway — 0.3% | ||||||||
Aker Solutions ASA(1) | 25,800 | 381,281 | ||||||
DnB NOR ASA(1) | 28,800 | 352,382 | ||||||
Norsk Hydro ASA(1) | 25,400 | 149,160 | ||||||
Orkla ASA#(1) | 22,000 | 184,425 | ||||||
Renewable Energy Corp. ASA†#(1) | 15,000 | 37,202 | ||||||
Statoil ASA#(1) | 32,900 | 651,585 | ||||||
Telenor ASA(1) | 52,234 | 750,352 | ||||||
Yara International ASA#(1) | 5,400 | 256,799 | ||||||
2,763,186 | ||||||||
Portugal — 0.3% | ||||||||
Banco Comercial Portugues SA(1) | 84,442 | 64,553 | ||||||
Banco Espirito Santo SA(1) | 14,979 | 54,256 | ||||||
Brisa Auto - Estradas de Portugal SA(1) | 5,541 | 35,506 | ||||||
Cimpor Cimentos de Portugal SGPS SA(1) | 6,045 | 33,958 | ||||||
EDP - Energias de Portugal SA(1) | 56,307 | 180,199 | ||||||
Galp Energia SGPS SA#(1) | 90,720 | 1,520,708 | ||||||
Jeronimo Martins SGPS SA(1) | 23,782 | 336,286 | ||||||
Portugal Telecom SGPS SA(1) | 16,626 | 211,042 | ||||||
2,436,508 | ||||||||
Singapore — 1.6% | ||||||||
Ascendas Real Estate Investment Trust(1) | 116,000 | 182,870 | ||||||
CapitaLand, Ltd.(1) | 209,000 | 570,942 | ||||||
CapitaMall Trust(1) | 172,000 | 239,592 | ||||||
CapitaMalls Asia, Ltd.(1) | 112,000 | 167,231 | ||||||
City Developments, Ltd.(1) | 44,000 | 421,312 | ||||||
ComfortDelgro Corp., Ltd.(1) | 148,000 | 170,029 | ||||||
COSCO Corp. Singapore, Ltd.#(1) | 90,000 | 137,419 |
Security Description | Shares | Value | ||||||
Singapore (continued) | ||||||||
DBS Group Holdings, Ltd.(1) | 147,000 | $ | 1,557,175 | |||||
Fraser and Neave, Ltd.(1) | 81,000 | 368,935 | ||||||
Global Logistic Properties, Ltd.† | 129,000 | 216,897 | ||||||
Jardine Cycle & Carriage, Ltd.(1) | 9,000 | 252,370 | ||||||
Keppel Corp., Ltd.(1) | 108,000 | 870,835 | ||||||
Keppel Land, Ltd.(1) | 56,000 | 201,254 | ||||||
Neptune Orient Lines, Ltd.†#(1) | 81,000 | 132,760 | ||||||
Olam International, Ltd.(1) | 108,000 | 249,162 | ||||||
Oversea-Chinese Banking Corp., Ltd.(1) | 208,000 | 1,565,332 | ||||||
SembCorp Industries, Ltd.(1) | 84,000 | 306,860 | ||||||
SembCorp Marine, Ltd.(1) | 72,000 | 265,804 | ||||||
Singapore Airlines, Ltd.(1) | 45,000 | 525,010 | ||||||
Singapore Exchange, Ltd.#(1) | 76,000 | 495,607 | ||||||
Singapore Press Holdings, Ltd.#(1) | 124,000 | 393,583 | ||||||
Singapore Technologies Engineering, Ltd.(1) | 137,000 | 338,451 | ||||||
Singapore Telecommunications, Ltd.(1) | 671,000 | 1,573,582 | ||||||
StarHub, Ltd.(1) | 48,000 | 95,662 | ||||||
United Overseas Bank, Ltd.(1) | 104,000 | 1,455,865 | ||||||
UOL Group, Ltd.(1) | 30,000 | 102,642 | ||||||
Wilmar International, Ltd.#(1) | 166,000 | 755,938 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd.(1) | 111,000 | 151,434 | ||||||
13,764,553 | ||||||||
Spain — 2.4% | ||||||||
Abertis Infraestructuras SA(1) | 91,623 | 1,461,032 | ||||||
Acciona SA#(1) | 24,540 | 1,589,476 | ||||||
Acerinox SA#(1) | 2,990 | 42,782 | ||||||
ACS Actividades de Construccion y Servicios SA#(1) | 4,040 | 177,615 | ||||||
Amadeus IT Holding SA† | 5,900 | 113,346 | ||||||
Banco Bilbao Vizcaya Argentaria SA(1) | 182,293 | 1,672,819 | ||||||
Banco de Sabadell SA†#(1) | 30,595 | 118,941 | ||||||
Banco de Valencia SA#(1) | 6,612 | 27,830 | ||||||
Banco Popular Espanol SA#(1) | 24,725 | 126,032 | ||||||
Banco Santander SA(1) | 555,658 | 5,267,108 | ||||||
Bankinter SA#(1) | 107,204 | 541,531 | ||||||
Criteria CaixaCorp SA#(1) | 23,988 | 117,727 | ||||||
EDP Renovaveis SA†(1) | 6,714 | 32,363 | ||||||
Enagas(1) | 5,109 | 94,353 | ||||||
Ferrovial SA#(1) | 44,453 | 421,429 | ||||||
Fomento de Construcciones y Contratas SA#(1) | 1,176 | 26,732 | ||||||
Gamesa Corp. Tecnologica SA†#(1) | 7 | 47 | ||||||
Gas Natural SDG SA(1) | 9,517 | 128,524 | ||||||
Gestevision Telecinco SA#(1) | 4,942 | 46,873 | ||||||
Grifols SA#(1) | 4,152 | 47,919 | ||||||
Iberdrola Renovables SA(1) | 24,105 | 70,833 | ||||||
Iberdrola SA#(1) | 532,406 | 3,663,332 | ||||||
Iberia Lineas Aereas de Espana SA†(1) | 13,597 | 54,380 | ||||||
Inditex SA(1) | 6,432 | 484,589 | ||||||
Indra Sistemas SA#(1) | 2,706 | 43,281 | ||||||
Mapfre SA#(1) | 22,528 | 57,184 | ||||||
Red Electrica Corp. SA(1) | 3,088 | 135,182 | ||||||
Repsol YPF SA(1) | 21,589 | 521,743 | ||||||
Telefonica SA(1) | 183,936 | 3,914,406 | ||||||
Zardoya Otis SA#(1) | 4,098 | 57,895 | ||||||
21,057,304 | ||||||||
Sweden — 2.5% | ||||||||
Alfa Laval AB(1) | 9,633 | 169,055 | ||||||
Assa Abloy AB, Class B(1) | 8,904 | 238,886 | ||||||
Atlas Copco AB, Class A(1) | 196,490 | 4,335,681 | ||||||
Atlas Copco AB, Class B(1) | 11,134 | 218,821 | ||||||
Boliden AB(1) | 7,800 | 133,958 | ||||||
Electrolux AB, Class B(1) | 20,160 | 478,588 | ||||||
Getinge AB, Class B(1) | 5,711 | 119,849 |
122 |
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
Sweden (continued) | ||||||||
Hennes & Mauritz AB, Class B(1) | 30,154 | $ | 1,018,357 | |||||
Hexagon AB#(1) | 7,500 | 142,013 | ||||||
Holmen AB(1) | 1,507 | 44,762 | ||||||
Husqvarna AB, Class B#(1) | 79,292 | 550,868 | ||||||
Industrivarden AB | 3,500 | 51,658 | ||||||
Investor AB, Class B(1) | 135,176 | 2,618,210 | ||||||
Kinnevik Investment AB(1) | 13,584 | 268,187 | ||||||
Modern Times Group AB, Class B(1) | 1,438 | 104,963 | ||||||
Nordea Bank AB(1) | 271,725 | 2,704,714 | ||||||
Ratos AB Series B(1) | 16,000 | 533,947 | ||||||
Sandvik AB(1) | 29,734 | 502,709 | ||||||
Scania AB, Class B(1) | 9,130 | 186,755 | ||||||
Securitas AB, Class B(1) | 8,934 | 94,992 | ||||||
Skandinaviska Enskilda Banken AB, Class A(1) | 40,245 | 291,906 | ||||||
Skanska AB, Class B(1) | 17,256 | 306,555 | ||||||
SKF AB, Class B(1) | 11,118 | 296,770 | ||||||
SSAB AB, Class A(1) | 5,152 | 69,597 | ||||||
SSAB AB, Class B(1) | 25 | 293 | ||||||
Svenska Cellulosa AB, Class B(1) | 16,349 | 238,208 | ||||||
Svenska Handelsbanken AB, Class A(1) | 14,426 | 430,815 | ||||||
Swedbank AB, Class A†(1) | 20,379 | 257,647 | ||||||
Swedish Match AB(1) | 6,591 | 184,294 | ||||||
Tele2 AB, Class B(1) | 33,441 | 668,669 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 119,948 | 1,236,559 | ||||||
TeliaSonera AB(1) | 407,498 | 3,139,180 | ||||||
Volvo AB, Class B†(1) | 40,624 | 589,326 | ||||||
22,226,792 | ||||||||
Switzerland — 5.7% | ||||||||
ABB, Ltd.†(1) | 80,549 | 1,559,725 | ||||||
Actelion, Ltd.†(1) | 2,909 | 152,643 | ||||||
Adecco SA(1) | 3,510 | 200,164 | ||||||
Aryzta AG†(1) | 46,695 | 1,982,523 | ||||||
Baloise Holding AG(1) | 33,235 | 2,832,994 | ||||||
Cie Financiere Richemont SA(1) | 18,114 | 975,970 | ||||||
Credit Suisse Group AG(1) | 153,887 | 5,689,485 | ||||||
GAM Holding AG†(1) | 5,896 | 86,662 | ||||||
Geberit AG(1) | 1,111 | 224,537 | ||||||
Givaudan SA(1) | 237 | 237,448 | ||||||
Holcim, Ltd.(1) | 37,945 | 2,445,816 | ||||||
Julius Baer Group, Ltd.(1) | 5,896 | 223,858 | ||||||
Kuehne & Nagel International AG(1) | 1,541 | 197,355 | ||||||
Lindt & Spruengli AG(1) | 3 | 87,240 | ||||||
Lindt & Spruengli AG (Participation Certificate)(1) | 25 | 68,064 | ||||||
Logitech International SA†(1) | 5,194 | 99,489 | ||||||
Lonza Group AG(1) | 27,371 | 2,110,979 | ||||||
Nestle SA(1) | 211,680 | 11,500,744 | ||||||
Nobel Biocare Holding AG(1) | 42,294 | 704,941 | ||||||
Novartis AG(1) | 108,335 | 5,765,195 | ||||||
Pargesa Holding SA(1) | 1,614 | 121,355 | ||||||
Roche Holding AG(1) | 30,752 | 4,220,551 | ||||||
Schindler Holding AG(1) | 614 | 70,215 | ||||||
Schindler Holding AG (Participation Certificate)(1) | 1,387 | 156,618 | ||||||
SGS SA(1) | 162 | 264,988 | ||||||
Sika AG(1) | 50 | 99,595 | ||||||
Sonova Holding AG(1) | 5,315 | 663,515 | ||||||
Straumann Holding AG#(1) | 746 | 156,898 | ||||||
Swiss Life Holding AG†(1) | 870 | 96,842 | ||||||
Swiss Reinsurance Co., Ltd.(1) | 10,373 | 478,754 | ||||||
Swisscom AG(1) | 3,762 | 1,534,200 | ||||||
Syngenta AG(1) | 2,790 | 774,401 | ||||||
The Swatch Group AG(1) | 1,239 | 89,733 | ||||||
The Swatch Group AG, Class B(1) | 908 | 364,477 | ||||||
Transocean, Ltd.† | 9,450 | 648,737 |
Security Description | Shares | Value | ||||||
Switzerland (continued) | ||||||||
UBS AG†(1) | 147,284 | $ | 2,203,387 | |||||
Zurich Financial Services AG(1) | 4,291 | 954,794 | ||||||
50,044,892 | ||||||||
United Kingdom — 17.7% | ||||||||
3i Group PLC(1) | 27,689 | 128,702 | ||||||
Admiral Group PLC(1) | 33,188 | 788,288 | ||||||
Aggreko PLC(1) | 69,891 | 1,591,296 | ||||||
AMEC PLC(1) | 9,445 | 159,024 | ||||||
Anglo American PLC(1) | 151,755 | 6,650,002 | ||||||
Antofagasta PLC(1) | 119,312 | 2,437,369 | ||||||
ARM Holdings PLC(1) | 82,448 | 511,539 | ||||||
Associated British Foods PLC(1) | 68,903 | 1,136,846 | ||||||
AstraZeneca PLC(1) | 168,904 | 7,866,773 | ||||||
Autonomy Corp. PLC†(1) | 59,653 | 1,238,638 | ||||||
Aviva PLC(1) | 490,651 | 2,703,107 | ||||||
Babcock International Group PLC(1) | 49,450 | 400,803 | ||||||
BAE Systems PLC(1) | 610,679 | 3,140,171 | ||||||
Balfour Beatty PLC(1) | 182,969 | 778,728 | ||||||
Barclays PLC(1) | 1,225,882 | 4,925,923 | ||||||
BG Group PLC(1) | 199,135 | 3,604,751 | ||||||
BHP Billiton PLC(1) | 189,437 | 6,723,534 | ||||||
BP PLC(1) | 1,187,927 | 7,897,838 | ||||||
British Airways PLC†#(1) | 16,458 | 65,536 | ||||||
British American Tobacco PLC(1) | 126,181 | 4,572,900 | ||||||
British Land Co. PLC(1) | 90,216 | 674,352 | ||||||
British Sky Broadcasting Group PLC(1) | 267,719 | 3,001,728 | ||||||
BT Group PLC(1) | 1,312,945 | 3,469,033 | ||||||
Bunzl PLC(1) | 139,920 | 1,527,137 | ||||||
Burberry Group PLC(1) | 31,777 | 492,142 | ||||||
Cable & Wireless Worldwide PLC(1) | 74,923 | 71,830 | ||||||
Cairn Energy PLC†(1) | 39,912 | 239,724 | ||||||
Capital Shopping Centres Group PLC#(1) | 15,283 | 92,999 | ||||||
Carnival PLC#(1) | 62,069 | 2,530,243 | ||||||
Centrica PLC(1) | 151,888 | 725,215 | ||||||
Cobham PLC(1) | 381,879 | 1,141,209 | ||||||
Compass Group PLC(1) | 238,317 | 2,057,857 | ||||||
Diageo PLC(1) | 73,875 | 1,313,642 | ||||||
Essar Energy PLC† | 9,600 | 77,947 | ||||||
Eurasian Natural Resources Corp. PLC(1) | 7,348 | 100,290 | ||||||
FirstGroup PLC(1) | 13,727 | 77,217 | ||||||
Fresnillo PLC(1) | 95,089 | 2,084,764 | ||||||
G4S PLC(1) | 127,183 | 470,415 | ||||||
GlaxoSmithKline PLC(1) | 304,948 | 5,774,844 | ||||||
Hammerson PLC(1) | 20,189 | 123,401 | ||||||
Home Retail Group PLC(1) | 24,436 | 76,584 | ||||||
HSBC Holdings PLC(1) | 1,093,115 | 11,012,189 | ||||||
ICAP PLC(1) | 15,855 | 117,060 | ||||||
Imperial Tobacco Group PLC(1) | 30,021 | 880,503 | ||||||
Inmarsat PLC(1) | 12,485 | 125,994 | ||||||
Intercontinental Hotels Group PLC(1) | 8,230 | 145,888 | ||||||
International Power PLC(1) | 43,459 | 275,286 | ||||||
Intertek Group PLC(1) | 4,500 | 127,019 | ||||||
Invensys PLC(1) | 246,078 | 1,231,161 | ||||||
Investec PLC(1) | 190,438 | 1,472,963 | ||||||
ITV PLC†(1) | 105,416 | 109,185 | ||||||
J Sainsbury PLC(1) | 34,563 | 191,122 | ||||||
Johnson Matthey PLC(1) | 6,125 | 169,851 | ||||||
Kazakhmys PLC(1) | 6,109 | 131,507 | ||||||
Kingfisher PLC(1) | 67,386 | 246,102 | ||||||
Land Securities Group PLC(1) | 73,081 | 714,415 | ||||||
Legal & General Group PLC(1) | 1,600,847 | 2,280,044 | ||||||
Lloyds Banking Group PLC†(1) | 4,430,458 | 4,172,618 | ||||||
London Stock Exchange Group PLC(1) | 4,581 | 54,015 |
123
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCK (continued) | ||||||||
United Kingdom (continued) | ||||||||
Lonmin PLC†(1) | 4,710 | $ | 123,918 | |||||
Man Group PLC, Class B(1) | 94,248 | 388,026 | ||||||
Marks & Spencer Group PLC(1) | 244,469 | 1,416,486 | ||||||
National Grid PLC(1) | 141,693 | 1,251,319 | ||||||
Next PLC(1) | 5,382 | 168,526 | ||||||
Old Mutual PLC(1) | 160,212 | 295,040 | ||||||
Pearson PLC(1) | 124,979 | 1,798,996 | ||||||
Prudential PLC(1) | 72,442 | 641,234 | ||||||
Reckitt Benckiser Group PLC(1) | 18,180 | 961,215 | ||||||
Reed Elsevier PLC(1) | 34,629 | 274,088 | ||||||
Rexam PLC(1) | 157,544 | 738,419 | ||||||
Rio Tinto PLC(1) | 83,589 | 5,296,248 | ||||||
Rolls-Royce Group PLC†(1) | 54,664 | 518,226 | ||||||
Rolls-Royce Group PLC, Class C (Entitlement Shares)† | 3,483,584 | 5,419 | ||||||
Royal Bank of Scotland Group PLC†(1) | 512,719 | 299,456 | ||||||
Royal Dutch Shell PLC, Class A#(1) | 358,608 | 10,791,372 | ||||||
Royal Dutch Shell PLC, Class B(1) | 102,083 | 3,027,423 | ||||||
RSA Insurance Group PLC(1) | 98,308 | 183,556 | ||||||
SABMiller PLC(1) | 28,018 | 886,153 | ||||||
Schroders PLC(1) | 3,188 | 79,092 | ||||||
Scottish & Southern Energy PLC(1) | 27,214 | 474,536 | ||||||
Segro PLC(1) | 21,157 | 89,892 | ||||||
Serco Group PLC(1) | 14,059 | 118,589 | ||||||
Severn Trent PLC(1) | 6,762 | 152,015 | ||||||
Smith & Nephew PLC(1) | 25,358 | 229,647 | ||||||
Smiths Group PLC(1) | 159,821 | 2,826,923 | ||||||
Standard Chartered PLC(1) | 78,731 | 2,118,201 | ||||||
Standard Life PLC(1) | 64,478 | 201,647 | ||||||
Tesco PLC(1) | 236,656 | 1,524,712 | ||||||
The Capita Group PLC(1) | 82,891 | 840,404 | ||||||
The Sage Group PLC(1) | 37,539 | 150,453 | ||||||
The Weir Group PLC(1) | 6,200 | 167,898 | ||||||
Thomas Cook Group PLC(1) | 24,489 | 70,931 | ||||||
TUI Travel PLC#(1) | 15,950 | 52,341 | ||||||
Tullow Oil PLC(1) | 26,166 | 466,443 | ||||||
Unilever PLC(1) | 37,846 | 1,045,577 | ||||||
United Utilities Group PLC(1) | 29,545 | 274,002 | ||||||
Vedanta Resources PLC#(1) | 3,402 | 104,926 | ||||||
Vodafone Group PLC(1) | 2,771,179 | 6,924,958 | ||||||
Whitbread PLC(1) | 5,022 | 131,891 | ||||||
WM Morrison Supermarkets PLC(1) | 60,535 | 256,029 | ||||||
Xstrata PLC(1) | 73,521 | 1,474,969 | ||||||
155,742,459 | ||||||||
United States — 0.3% | ||||||||
Synthes, Inc.(1) | 22,995 | 2,813,176 | ||||||
Total Common Stock | ||||||||
(cost $793,647,895) | 769,417,933 | |||||||
EXCHANGE-TRADED FUNDS — 9.4% | ||||||||
United States — 9.4% | ||||||||
iShares MSCI Emerging Markets Index Fund | 906,620 | 40,589,377 | ||||||
Vanguard Emerging Markets ETF | 917,140 | 41,766,556 | ||||||
Total EXCHANGE-TRADED FUNDS | ||||||||
(cost $71,882,855) | 82,355,933 | |||||||
PREFERRED STOCK — 0.2% | ||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG(1) | 1,489 | 71,251 | ||||||
Fresenius SE(1) | 4,106 | 354,231 | ||||||
Henkel AG & Co. KGaA(1) | 10,961 | 672,306 | ||||||
Porsche Automobil Holding SE#(1) | 2,497 | 187,802 | ||||||
ProSiebenSat.1Media AG | 2,250 | 59,259 | ||||||
RWE AG(1) | 1,113 | 64,614 |
Security Description | Shares/ Principal Amount(8) | Value | ||||||
Germany (continued) | ||||||||
Volkswagen AG(1) | 5,017 | $ | 806,417 | |||||
Total Preferred Stock | ||||||||
(cost $1,869,870) | 2,215,880 | |||||||
RIGHTS — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Gestevision Telecinco SA†# | 3,037 | 2,090 | ||||||
Sweden — 0.0% | ||||||||
Hexagon AB†# | 5,400 | 15,150 | ||||||
Total Rights | ||||||||
(cost $11,545) | 17,240 | |||||||
WARRANTS† — 0.0% | ||||||||
France — 0.0% | ||||||||
Fonciere Des Regions | 2,420 | 1,351 | ||||||
Hong Kong — 0.0% | ||||||||
Henderson Land Development Co., Ltd. | 16,000 | 5,254 | ||||||
Italy — 0.0% | ||||||||
Mediobanca SpA | 18,811 | 291 | ||||||
Unione di Banche Italiane SCPA | 53,999 | 301 | ||||||
592 | ||||||||
Total Warrants | ||||||||
(cost $0) | 7,197 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.0% | ||||||||
United Kingdom — 0.0% | ||||||||
National Grid Gas PLC | GBP | 5,000 | 13,068 | |||||
National Grid Gas PLC | GBP | 5,000 | 9,312 | |||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $15,235) | 22,380 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $867,427,400) | 854,036,563 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.6% | ||||||||
Collective Investment Pool — 5.2% | ||||||||
Securities Lending Quality Trust(5)(6) | 46,095,596 | 45,962,609 | ||||||
Time Deposits — 0.2% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 1,225,000 | 1,225,000 | |||||
U.S. Government Treasuries — 0.2% | ||||||||
United States Treasury Bills | 2,000,000 | 1,999,995 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $49,320,590) | 49,187,604 | |||||||
124 |
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(8) | Value | ||||||
REPURCHASE AGREEMENT — 2.1% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $18,822,005 and collateralized by $19,205,000 of United States Treasury Notes, bearing interest at 1.00% due 04/30/12 and having approximate value of $19,389,358 | $ | 18,822,000 | $ | 18,822,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $935,569,990)(7) | 104.9 | % | 922,046,167 | |||||
Liabilities in excess of other assets | (4.9 | ) | (43,470,485 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 878,575,682 | ||||
# | 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) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $769,459,202 representing 87.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(3) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public |
offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the International Equities Fund held the following restricted securities: |
Name | Acqui- | Shares | Acqui- sition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||
Yamaichi Securities Co., Ltd. | 08/04/93 | 6,000 | 478,650 | $ | 0 | $ | 0.00 | 0.00 | % | |||||||||||||
$ | — | 0.00 | % | |||||||||||||||||||
(5) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(6) | At November 30, 2010, the Fund had loaned securities with a total value of $43,707,278. This was secured by collateral of $46,095,656, which was received in cash and subsequently invested in short-term investments currently value at $45,962,609 as reported in the portfolio of investments. The remaining collateral of $97,861 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||||||
United States Treasury Notes/Bonds | 0.38% to 6.75% | 08/31/11 to 08/15/40 |
(7) | See Note 5 for cost of investments on a tax basis. |
(8) | Denominated in United States Dollars unless otherwise indicated. |
ADR—American Depository Receipt
FDR—Federal Depository Receipt
PPS—Price Protected Shares
RSP—Risparmio Savings Shares
SDR—Swedish Depository Receipt
VVPR—Reduced tax rate shares
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
101 | Long | Emini MSCI EAFE | December 2010 | $ | 8,179,747 | $ | 7,744,680 | $ | (435,067 | ) | ||||||||||||
62 | Long | SPI 200 Index | December 2010 | 6,979,611 | 6,827,977 | (151,634 | ) | |||||||||||||||
63 | Long | Nikkei 225 Index | December 2010 | 2,869,650 | 3,132,675 | 263,025 | ||||||||||||||||
$ | (323,676 | ) | ||||||||||||||||||||
Currency Legend
EUR—Euro Dollar
GBP—British Pound
HKD—Hong Kong Dollar
125
Table of Contents
VALIC Company I International Equities Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | 525,372 | $ | 72,541,853 | # | $ | 0 | $ | 73,067,225 | |||||||
France | — | 79,076,241 | # | — | 79,076,241 | |||||||||||
Germany | 62,822 | 69,250,012 | # | — | 69,312,834 | |||||||||||
Japan | 73,127 | 170,571,280 | # | 0 | 170,644,407 | |||||||||||
Switzerland | 648,737 | 49,396,155 | # | — | 50,044,892 | |||||||||||
United Kingdom | 83,366 | 155,659,093 | # | — | 155,742,459 | |||||||||||
Other Countries* | 721,928 | 170,807,947 | # | 0 | 171,529,875 | |||||||||||
Exchange Traded Funds | 82,355,933 | — | — | 82,355,933 | ||||||||||||
Preferred Stock | 59,259 | 2,156,621 | # | — | 2,215,880 | |||||||||||
Rights | 17,240 | — | — | 17,240 | ||||||||||||
Warrants | 7,197 | — | — | 7,197 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 22,380 | — | 22,380 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 45,962,609 | — | 45,962,609 | ||||||||||||
Time Deposit | — | 1,225,000 | — | 1,225,000 | ||||||||||||
U.S. Government Treasuries | — | 1,999,995 | — | 1,999,995 | ||||||||||||
Repurchase Agreement | — | 18,822,000 | — | 18,822,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Appreciation | 263,025 | — | — | 263,025 | ||||||||||||
Total | $ | 84,818,006 | $ | 837,491,186 | $ | 0 | $ | 922,309,192 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 586,701 | $ | — | $ | — | $ | 586,701 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $769,459,202 representing 87.6% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 383 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation)(1) | (383 | ) | ||
Net purchases (sales) | — | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Common Stock | ||||
$ (383) | ||||
See Notes to Financial Statements
126
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Sovereign | 69.3 | % | ||
United States Treasury Notes | 7.7 | |||
Banks — Commercial | 5.0 | |||
United States Treasury Bonds | 2.7 | |||
Repurchase Agreements | 1.6 | |||
Transport — Marine | 0.7 | |||
Special Purpose Entities | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Building & Construction Products — Misc. | 0.5 | |||
Gold Mining | 0.5 | |||
Steel — Producers | 0.5 | |||
Finance — Other Services | 0.5 | |||
Finance — Auto Loans | 0.5 | |||
Telephone — Integrated | 0.4 | |||
Finance — Credit Card | 0.4 | |||
Import/Export | 0.4 | |||
Regional Authority | 0.4 | |||
Banks — Special Purpose | 0.3 | |||
Building Products — Cement | 0.3 | |||
SupraNational Banks | 0.3 | |||
Real Estate Operations & Development | 0.4 | |||
Diversified Financial Services | 0.3 | |||
Diversified Banking Institutions | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Investment Companies | 0.3 | |||
Food — Retail | 0.3 | |||
Electric — Integrated | 0.3 | |||
Sovereign Agency | 0.3 | |||
Aerospace/Defense | 0.2 | |||
Retail — Discount | 0.2 | |||
Forestry | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Coal | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Petrochemicals | 0.2 | |||
Electric — Generation | 0.2 | |||
Diamonds/Precious Stones | 0.1 | |||
Oil Refining & Marketing | 0.2 | |||
Beverages — Wine/Spirits | 0.1 | |||
Food — Misc. | 0.1 | |||
97.8 | % | |||
Country Allocation*
Japan | 18.1 | % | ||
United States | 13.9 | |||
Brazil | 5.5 | |||
United Kingdom | 4.2 | |||
Turkey | 4.1 | |||
Mexico | 3.8 | |||
Italy | 3.7 | |||
Russia | 3.2 | |||
France | 3.0 | |||
Venezuela | 3.0 | |||
Germany | 2.7 | |||
Peru | 2.6 | |||
Canada | 2.1 | |||
Argentina | 1.7 | |||
Indonesia | 1.6 | |||
Colombia | 1.6 | |||
Philippines | 1.5 | |||
Netherlands | 1.5 | |||
Finland | 1.4 | |||
Spain | 1.3 | |||
Singapore | 1.1 | |||
Ireland | 1.1 | |||
Hungary | 1.1 | |||
Ukrainian SSR | 1.0 | |||
New Zealand | 1.0 | |||
Cayman Islands | 1.0 | |||
Belgium | 0.9 | |||
Australia | 0.8 | |||
British Virgin Islands | 0.7 | |||
Poland | 0.7 | |||
Luxembourg | 0.6 | |||
Georgia | 0.6 | |||
Austria | 0.6 | |||
Malaysia | 0.6 | |||
Sweden | 0.6 | |||
Bermuda | 0.5 | |||
Thailand | 0.5 | |||
Norway | 0.4 | |||
Switzerland | 0.4 | |||
South Africa | 0.4 | |||
SupraNational | 0.3 | |||
Denmark | 0.3 | |||
Portugal | 0.3 | |||
United Arab Emirates | 0.3 | |||
Greece | 0.2 | |||
Sri Lanka | 0.2 | |||
Dominica | 0.2 | |||
Kazakhstan | 0.2 | |||
India | 0.2 | |||
Dominican Republic | 0.2 | |||
Bahrain | 0.1 | |||
El Salvador | 0.1 | |||
Jersey | 0.1 | |||
97.8 | % | |||
Credit Quality Allocation+#
Government — Treasury | 10.9 | % | ||
AAA | 15.4 | |||
AA | 23.6 | |||
A | 8.7 | |||
BBB | 20.7 | |||
BB | 12.1 | |||
B | 6.0 | |||
Not Rated@ | 2.6 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating or the rating is unavailable from the data source. |
+ | Source: Standard and Poors. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
127
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES — 16.3% |
| |||||||
Australia — 0.4% |
| |||||||
Commonwealth Bank of Australia | 100,000 | $ | 105,352 | |||||
Macquarie Bank, Ltd. | EUR | 400,000 | 469,911 | |||||
575,263 | ||||||||
Bermuda — 0.4% |
| |||||||
Alliance Oil Co., Ltd. | 300,000 | 311,250 | ||||||
Qtel International Finance, Ltd. | 350,000 | 337,181 | ||||||
648,431 | ||||||||
Brazil — 1.1% |
| |||||||
Banco ABC Brasil SA | 290,000 | 295,800 | ||||||
Banco Cruzeiro do Sul SA | 300,000 | 300,773 | ||||||
Brazilian Government International Bond | 790,000 | 840,165 | ||||||
Telemar Norte Leste SA | 300,000 | 297,750 | ||||||
1,734,488 | ||||||||
British Virgin Islands — 0.7% |
| |||||||
Gerdau Trade, Inc. | 310,000 | 314,740 | ||||||
Gold Fields Orogen Holding BVI, Ltd. | 320,000 | 310,486 | ||||||
Gold Fields Orogen Holding BVI, Ltd. | 500,000 | 491,517 | ||||||
1,116,743 | ||||||||
Canada — 0.5% |
| |||||||
Bank of Montreal | 250,000 | 256,968 | ||||||
Bank of Nova Scotia | 400,000 | 399,390 | ||||||
Sino - Forest Corp. | 118,000 | 117,474 | ||||||
773,832 | ||||||||
Cayman Islands — 1.0% |
| |||||||
Braskem Finance, Ltd. | 280,000 | 291,200 | ||||||
China Forestry Holdings, Ltd. | 255,000 | 247,106 | ||||||
Country Garden Holdings Co. | 400,000 | 415,000 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Cayman Islands (continued) |
| |||||||
Marfrig Overseas, Ltd. | 295,000 | $ | 303,850 | |||||
Minerva Overseas II, Ltd. | 270,000 | 282,658 | ||||||
1,539,814 | ||||||||
Denmark — 0.3% |
| |||||||
FIH Erhvervsbank A/S | EUR | 350,000 | 460,456 | |||||
Dominica — 0.2% |
| |||||||
AES Andres Dominicana / Itabo Dominicana | 265,000 | 270,300 | ||||||
France — 1.2% |
| |||||||
Dexia Credit Local SA | 550,000 | 556,833 | ||||||
Groupe Auchan SA | EUR | 350,000 | 444,609 | |||||
RCI Banque SA | EUR | 350,000 | 455,809 | |||||
Societe Generale | EUR | 400,000 | 512,584 | |||||
1,969,835 | ||||||||
Germany — 0.3% |
| |||||||
Rearden G Holdings EINS GmbH | 225,000 | 239,625 | ||||||
Volkswagen Bank GmbH | EUR | 210,000 | 274,547 | |||||
514,172 | ||||||||
India — 0.2% | ||||||||
ICICI Bank, Ltd. | 260,000 | 257,324 | ||||||
Ireland — 1.1% |
| |||||||
Alfa Bank OJSC Via Alfa Bond | 460,000 | 461,531 | ||||||
BOM Capital PLC | 300,000 | 303,750 | ||||||
Irish Life & Permanent PLC | EUR | 217,000 | 240,533 | |||||
SCF Capital, Ltd. | 265,000 | 252,971 | ||||||
Vnesheconombank Via VEB Finance, Ltd. | 555,000 | 548,373 | ||||||
1,807,158 | ||||||||
Jersey — 0.1% |
| |||||||
Atlantic Finance, Ltd. | 120,000 | 125,700 | ||||||
128 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
Kazakhstan — 0.2% |
| |||||||
KazMunayGas National Co. | 265,000 | $ | 259,369 | |||||
Luxembourg — 0.6% |
| |||||||
ALROSA Finance SA | 255,000 | 259,443 | ||||||
Gazprom Via Gaz Capital SA | 250,000 | 304,063 | ||||||
Severstal OAO Via Steel Capital SA | 480,000 | 471,176 | ||||||
1,034,682 | ||||||||
Mexico — 0.5% |
| |||||||
Corp GEO SAB de CV | 140,000 | 159,950 | ||||||
Desarrolladora Homex SAB de CV | 350,000 | 399,000 | ||||||
Urbi Desarrollos Urbanos SAB de CV | 245,000 | 280,525 | ||||||
839,475 | ||||||||
Netherlands — 1.0% |
| |||||||
DTEK Finance BV | 190,000 | 196,650 | ||||||
Indo Integrated Energy II BV | 270,000 | 299,700 | ||||||
Rabobank Nederland NV | 700,000 | 755,543 | ||||||
Schlumberger Finance BV | EUR | 250,000 | 324,934 | |||||
1,576,827 | ||||||||
New Zealand — 1.0% |
| |||||||
ANZ National (International) Ltd. | 700,000 | 731,500 | ||||||
Westpac Securities New Zealand, Ltd. | 800,000 | 862,554 | ||||||
1,594,054 | ||||||||
Peru — 0.1% | ||||||||
Banco Internacional del Peru SAA | 170,000 | 166,600 | ||||||
Portugal — 0.3% |
| |||||||
BANIF SGPS SA | EUR | 350,000 | 442,727 | |||||
Singapore — 0.5% |
| |||||||
PSA International Pte, Ltd. | 860,000 | 882,205 | ||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Spain — 0.4% |
| |||||||
BBVA Senior Finance SAU | EUR | 300,000 | $ | 382,739 | ||||
CEAMI Guaranteed Bonds I | EUR | 200,000 | 256,618 | |||||
639,357 | ||||||||
SupraNational — 0.3% | ||||||||
European Investment Bank | EUR | 400,000 | 546,937 | |||||
Thailand — 0.5% |
| |||||||
Bangkok Bank PCL | 480,000 | 468,001 | ||||||
Bangkok Bank PCL | 300,000 | 292,501 | ||||||
760,502 | ||||||||
Turkey — 0.2% | ||||||||
Akbank TAS | 255,000 | 254,107 | ||||||
United Arab Emirates — 0.3% |
| |||||||
Dubai Electricity & Water Authority | 475,000 | 439,375 | ||||||
United Kingdom — 1.2% |
| |||||||
Allied Domecq Financial Services, Ltd. | GBP | 150,000 | 236,369 | |||||
Barclays Bank PLC | EUR | 350,000 | 458,089 | |||||
Biz Finance PLC for Ukreximbank | 260,000 | 260,975 | ||||||
Royal Bank of Scotland PLC | 400,000 | 406,732 | ||||||
Royal Bank of Scotland PLC | 300,000 | 305,470 | ||||||
Smiths Group PLC | EUR | 228,000 | 293,899 | |||||
1,961,534 | ||||||||
United States — 1.7% | ||||||||
American Express Credit Corp | JPY | 50,000,000 | 597,972 | |||||
American Honda Finance Corp. | EUR | 200,000 | 273,904 | |||||
Campbell Soup Co. | 200,000 | 206,167 | ||||||
Cemex Finance LLC | 315,000 | 314,436 |
129 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
CORPORATE BONDS & NOTES (continued) |
| |||||||
United States (continued) | ||||||||
Colgate-Palmolive Co. | 300,000 | $ | 319,727 | |||||
Northrop Grumman Corp. | 400,000 | 392,841 | ||||||
Reliance Holdings USA, Inc. | 250,000 | 237,714 | ||||||
Wal-Mart Stores, Inc. | 400,000 | 390,274 | ||||||
2,733,035 | ||||||||
Total Corporate Bonds & Notes | ||||||||
(cost $25,650,054) | 25,924,302 | |||||||
GOVERNMENT AGENCIES — 62.6% | ||||||||
Argentina — 1.7% | ||||||||
Republic of Argentina | 1,372,134 | 583,157 | ||||||
Republic of Argentina | 1,030,000 | 937,300 | ||||||
Republic of Argentina | 1,405,600 | 1,250,984 | ||||||
2,771,441 | ||||||||
Australia — 0.4% |
| |||||||
New South Wales Treasury Corp. | AUD | 600,000 | 582,496 | |||||
Austria — 0.6% |
| |||||||
Republic of Austria | EUR | 400,000 | 536,121 | |||||
Republic of Austria | EUR | 300,000 | 396,059 | |||||
932,180 | ||||||||
Bahrain — 0.1% | ||||||||
Kingdom of Bahrain | 235,000 | 240,924 | ||||||
Belgium — 0.9% |
| |||||||
Kingdom of Belgium | EUR | 945,000 | 1,261,298 | |||||
Kingdom of Belgium | EUR | 100,000 | 127,975 | |||||
1,389,273 | ||||||||
Bermuda — 0.1% | ||||||||
Government of Bermuda | 155,000 | 166,044 | ||||||
Brazil — 4.4% |
| |||||||
Federal Republic of Brazil | 1,782,000 | 1,839,915 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Brazil (continued) | ||||||||
Federal Republic of Brazil | 700,000 | $ | 862,750 | |||||
Federal Republic of Brazil | 441,667 | 526,687 | ||||||
Federal Republic of Brazil | 810,000 | 1,113,750 | ||||||
Federal Republic of Brazil | 850,000 | 1,215,500 | ||||||
Federal Republic of Brazil | BRL | 1,500,000 | 900,210 | |||||
Federal Republic of Brazil | BRL | 820,000 | 564,330 | |||||
7,023,142 | ||||||||
Canada — 1.6% | ||||||||
Government of Canada | CAD | 850,000 | 828,463 | |||||
Government of Canada | CAD | 1,100,000 | 1,072,408 | |||||
Government of Canada | CAD | 500,000 | 609,035 | |||||
2,509,906 | ||||||||
Colombia — 1.6% | ||||||||
Republic of Colombia | 540,000 | 575,100 | ||||||
Republic of Colombia | 464,000 | 570,720 | ||||||
Republic of Colombia | 840,000 | 1,041,600 | ||||||
Republic of Colombia | 260,000 | 338,000 | ||||||
2,525,420 | ||||||||
Dominican Republic — 0.2% |
| |||||||
Dominican Republic | 230,000 | 253,023 | ||||||
El Salvador — 0.1% | ||||||||
Republic of El Salvador | 200,000 | 228,000 | ||||||
Finland — 1.4% |
| |||||||
Government of Finland | EUR | 100,000 | 137,444 | |||||
Government of Finland | EUR | 1,160,000 | 1,558,048 | |||||
Government of Finland | EUR | 320,000 | 464,266 | |||||
2,159,758 | ||||||||
130 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
France — 1.8% |
| |||||||
Government of France | EUR | 1,000,000 | $ | 1,364,693 | ||||
Government of France | EUR | 775,000 | 1,062,898 | |||||
Government of France | EUR | 350,000 | 495,297 | |||||
Government of France | EUR | 347 | 567 | |||||
2,923,455 | ||||||||
Georgia — 0.6% | ||||||||
Republic of Georgia | 950,000 | 978,500 | ||||||
Germany — 2.4% |
| |||||||
Federal Republic of Germany | EUR | 100,000 | 134,443 | |||||
Federal Republic of Germany | EUR | 850,000 | 1,070,210 | |||||
Federal Republic of Germany | EUR | 300,000 | 400,268 | |||||
Federal Republic of Germany | EUR | 100,000 | 138,952 | |||||
Federal Republic of Germany | EUR | 750,000 | 1,067,825 | |||||
Federal Republic of Germany | EUR | 605,000 | 895,022 | |||||
Federal Republic of Germany | EUR | 100,000 | 156,689 | |||||
3,863,409 | ||||||||
Greece — 0.2% | ||||||||
Hellenic Republic Government | EUR | 300,000 | 383,048 | |||||
Hungary — 1.1% |
| |||||||
Republic of Hungary | HUF | �� 125,000,000 | 540,036 | |||||
Republic of Hungary | 168,000 | 162,120 | ||||||
Republic of Hungary | HUF | 120,000,000 | 506,200 | |||||
Republic of Hungary | HUF | 120,000,000 | 551,268 | |||||
1,759,624 | ||||||||
Indonesia — 1.6% | ||||||||
Republic of Indonesia | 925,000 | 1,051,725 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Indonesia (continued) |
| |||||||
Republic of Indonesia | 670,000 | $ | 914,550 | |||||
Republic of Indonesia | 390,000 | 593,288 | ||||||
2,559,563 | ||||||||
Japan — 18.1% | ||||||||
Government of Japan | JPY | 170,000,000 | 2,031,733 | |||||
Government of Japan | JPY | 32,400,000 | 386,465 | |||||
Government of Japan | JPY | 80,000,000 | 952,867 | |||||
Government of Japan | JPY | 219,000,000 | 2,629,062 | |||||
Government of Japan | JPY | 360,000,000 | 4,358,938 | |||||
Government of Japan | JPY | 155,000,000 | 1,818,664 | |||||
Government of Japan | JPY | 190,000,000 | 2,312,236 | |||||
Government of Japan | JPY | 40,000,000 | 493,434 | |||||
Government of Japan | JPY | 34,000,000 | 422,495 | |||||
Government of Japan | JPY | 17,850,000 | 222,891 | |||||
Government of Japan | JPY | 133,000,000 | 1,611,234 | |||||
Government of Japan | JPY | 190,000,000 | 2,376,903 | |||||
Government of Japan | JPY | 6,000,000 | 76,321 | |||||
Government of Japan | JPY | 228,000,000 | 2,902,198 | |||||
Government of Japan | JPY | 134,700,000 | 1,679,435 | |||||
Government of Japan | JPY | 160,000,000 | 1,874,596 | |||||
Government of Japan | JPY | 160,000,000 | 1,993,410 | |||||
Government of Japan | JPY | 48,000,000 | 588,418 | |||||
28,731,300 | ||||||||
131
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Malaysia — 0.6% |
| |||||||
Federation of Malaysia | MYR | 2,900,000 | $ | 931,347 | ||||
Mexico — 3.3% |
| |||||||
United Mexican States | 1,424,000 | 1,537,920 | ||||||
United Mexican States | 514,000 | 589,815 | ||||||
United Mexican States | 590,000 | 626,875 | ||||||
United Mexican States | MXN | 7,130,000 | 596,064 | |||||
United Mexican States | 440,000 | 552,200 | ||||||
United Mexican States | 440,000 | 579,700 | ||||||
United Mexican States | 610,000 | 834,175 | ||||||
5,316,749 | ||||||||
Netherlands — 0.5% |
| |||||||
Government of the Netherlands | EUR | 550,000 | 780,623 | |||||
Norway — 0.4% |
| |||||||
Kingdom of Norway | NOK | 3,900,000 | 638,276 | |||||
Peru — 2.5% |
| |||||||
Republic of Peru | 520,000 | 512,067 | ||||||
Republic of Peru | 1,025,000 | 1,168,500 | ||||||
Republic of Peru | 821,000 | 1,009,830 | ||||||
Republic of Peru | PEN | 2,305,000 | 930,712 | |||||
Republic of Peru | 280,000 | 398,300 | ||||||
4,019,409 | ||||||||
Philippines — 1.5% |
| |||||||
Republic of the Philippines | 505,000 | 601,581 | ||||||
Republic of the Philippines | 560,000 | 705,600 | ||||||
Republic of the Philippines | 340,000 | 506,600 | ||||||
Republic of the Philippines | 400,000 | 628,000 | ||||||
2,441,781 | ||||||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Poland — 0.7% |
| |||||||
Government of Poland | PLN | 1,900,000 | $ | 578,409 | ||||
Government of Poland | PLN1,400,000 | 458,911 | ||||||
1,037,320 | ||||||||
Russia — 3.2% |
| |||||||
Russian Federation | 600,000 | 598,200 | ||||||
Russian Federation | 2,376,225 | 2,735,748 | ||||||
Russian Federation | 970,000 | 1,683,920 | ||||||
5,017,868 | ||||||||
Singapore — 0.6% |
| |||||||
Republic of Singapore | SGD | 620,000 | 491,099 | |||||
Republic of Singapore | SGD | 660,000 | 541,226 | |||||
1,032,325 | ||||||||
South Africa — 0.4% |
| |||||||
Republic of South Africa | 530,000 | 586,975 | ||||||
Spain — 0.9% |
| |||||||
Kingdom of Spain | EUR | 350,000 | 421,779 | |||||
Kingdom of Spain | EUR | 350,000 | 428,610 | |||||
Kingdom of Spain | EUR | 300,000 | 307,253 | |||||
Kingdom of Spain | EUR | 180,000 | 220,885 | |||||
1,378,527 | ||||||||
Sri Lanka — 0.2% |
| |||||||
Republic of Sri Lanka | 310,000 | 319,300 | ||||||
Sweden — 0.6% |
| |||||||
Kingdom of Sweden | SEK | 3,100,000 | 471,979 | |||||
Kingdom of Sweden | SEK | 2,700,000 | 441,929 | |||||
913,908 | ||||||||
Switzerland — 0.4% |
| |||||||
Swiss Confederation | CHF | 570,000 | 605,803 | |||||
132
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
GOVERNMENT AGENCIES (continued) |
| |||||||
Turkey — 3.9% |
| |||||||
Republic of Turkey | 680,000 | $ | 768,400 | |||||
Republic of Turkey | 1,065,000 | 1,224,750 | ||||||
Republic of Turkey | 950,000 | 1,123,375 | ||||||
Republic of Turkey | 520,000 | 603,200 | ||||||
Republic of Turkey | 700,000 | 850,500 | ||||||
Republic of Turkey | 970,000 | 1,185,825 | ||||||
Republic of Turkey | 387,000 | 503,100 | ||||||
6,259,150 | ||||||||
Ukrainian SSR — 1.0% |
| |||||||
Republic of Ukraine | 1,690,000 | 1,639,300 | ||||||
Venezuela — 3.0% |
| |||||||
Republic of Venezuela | 710,000 | 473,925 | ||||||
Republic of Venezuela | 450,000 | 256,500 | ||||||
Republic of Venezuela | 675,000 | 550,125 | ||||||
Republic of Venezuela | 3,095,000 | 2,096,863 | ||||||
Republic of Venezuela | 650,000 | 409,500 | ||||||
Republic of Venezuela | 1,480,000 | 943,500 | ||||||
4,730,413 | ||||||||
Total Government Agencies | ||||||||
(cost $94,543,439) | 99,629,580 | |||||||
GOVERNMENT TREASURIES — 17.3% |
| |||||||
Italy — 3.7% |
| |||||||
Republic of Italy | EUR | 600,000 | 774,538 | |||||
Republic of Italy | EUR | 300,000 | 371,229 | |||||
Republic of Italy | EUR | 1,200,000 | 1,533,377 | |||||
Republic of Italy | EUR | 330,000 | 436,401 | |||||
Republic of Italy | EUR | 275,000 | 358,906 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 1,200,000 | $ | 1,476,662 | ||||
Republic of Italy | EUR | 532,912 | 959,467 | |||||
5,910,580 | ||||||||
United Kingdom — 3.0% |
| |||||||
Government of United Kingdom | GBP | 1,175,000 | 1,836,152 | |||||
Government of United Kingdom | GBP | 395,000 | 688,960 | |||||
Government of United Kingdom | GBP | 930,000 | 1,545,918 | |||||
Government of United Kingdom | GBP | 328,000 | 722,732 | |||||
4,793,762 | ||||||||
United States — 10.6% |
| |||||||
United States Treasury Bonds | 521,335 | 553,348 | ||||||
4.38% due 11/15/39 | 700,000 | 733,359 | ||||||
5.38% due 02/15/31 | 700,000 | 854,547 | ||||||
5.50% due 08/15/28 | 1,250,000 | 1,542,187 | ||||||
7.88% due 02/15/21 | 400,000 | 581,500 | ||||||
United States Treasury Notes | 750,000 | 753,838 | ||||||
1.13% due 12/15/12 | 400,000 | 405,125 | ||||||
1.25% due 09/30/15 | 600,000 | 595,735 | ||||||
1.50% due 07/15/12 | 1,400,000 | 1,425,375 | ||||||
1.75% due 04/15/13 | 500,000 | 514,100 | ||||||
2.25% due 01/31/15 | 380,000 | 396,892 | ||||||
2.38% due 08/31/14 | 1,650,000 | 1,733,015 | ||||||
2.38% due 09/30/14 | 700,000 | 735,328 | ||||||
2.63% due 08/15/20 | 2,950,000 | 2,916,812 | ||||||
3.00% due 08/31/16 | 700,000 | 748,891 | ||||||
3.63% due 08/15/19 | 1,340,000 | 1,454,214 | ||||||
4.50% due 11/15/15 | 700,000 | 803,250 | ||||||
16,747,516 | ||||||||
Total Government Treasuries | ||||||||
(cost $27,559,250) | 27,451,858 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $147,752,743) | 153,005,740 | |||||||
REPURCHASE AGREEMENT — 1.6% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $2,547,001 and collateralized by $2,575,000 of United States Treasury Notes, bearing interest at 1.00% due 04/30/12 and having approximate value of $2,599,720 | 2,547,000 | 2,547,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $150,299,743)(2) | 97.8 | % | 155,552,740 | |||||
Other assets less liabilities | 2.2 | 3,558,210 | ||||||
NET ASSETS — | 100.0 | % | $ | 159,110,950 | ||||
133 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
* | 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, 2010, the aggregate value of these securities was $17,206,578 representing 10.8% 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 | ||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
UBS London | JPY | 50,000,000 | USD | 593,718 | 12/2/2010 | $ | – | $ | (3,725 | ) | ||||||||||||
JPY | 42,000,000 | USD | 516,453 | 12/6/2010 | 14,571 | – | ||||||||||||||||
USD | 591,204 | JPY | 50,000,000 | 12/2/2010 | 6,239 | – | ||||||||||||||||
$ | 20,810 | $ | (3,725 | ) | ||||||||||||||||||
Currency Legend
AUD—Australian Dollar
BRL—Brazillian Real
CAD—Canadian Dollar
CHF—Switzerland Franc
EUR—Euro Dollar
GBP—British Pound
HUF—Hungary Forint
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysia Ringgits
NOK—Norwegian Krone
PEN—Peru Nuevos Soles
PLN—Polish Zloty
SEK—Swedish Krona
SGD—Singapore Dollars
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 25,924,302 | $ | — | $ | 25,924,302 | ||||||||
Government Agencies | — | 99,629,580 | — | 99,629,580 | ||||||||||||
Government Treasuries | — | 27,451,858 | — | 27,451,858 | ||||||||||||
Repurchase Agreement | — | 2,547,000 | — | 2,547,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Appreciation | — | 20,810 | — | 20,810 | ||||||||||||
Total | $ | — | $ | 155,573,550 | $ | — | $ | 155,573,550 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Forward Foreign Currency Contracts - Depreciation | $ | — | $ | 3,725 | $ | — | $ | 3,725 | ||||||||
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
134
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Banks — Commercial | 6.3 | % | ||
Collective Investment Pool | 5.9 | |||
Diversified Banking Institutions | 5.3 | |||
Medical — Drugs | 4.2 | |||
Oil Companies — Integrated | 4.1 | |||
Food — Misc. | 3.9 | |||
Auto — Cars/Light Trucks | 3.0 | |||
Diversified Minerals | 2.7 | |||
Cellular Telecom | 2.5 | |||
Diversified Operations | 2.5 | |||
Food — Retail | 2.4 | |||
Chemicals — Diversified | 2.0 | |||
Time Deposits | 2.0 | |||
Industrial Gases | 2.0 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Brewery | 1.7 | |||
Telephone — Integrated | 1.5 | |||
Soap & Cleaning Preparation | 1.5 | |||
Machinery — Construction & Mining | 1.5 | |||
Power Converter/Supply Equipment | 1.4 | |||
Medical Products | 1.4 | |||
Electronic Components — Misc. | 1.3 | |||
Oil — Field Services | 1.3 | |||
Office Automation & Equipment | 1.3 | |||
Transport — Rail | 1.2 | |||
Distribution/Wholesale | 1.2 | |||
Tobacco | 1.2 | |||
Retail — Jewelry | 1.1 | |||
Industrial Automated/Robotic | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Insurance — Multi — line | 1.0 | |||
Electronic Components — Semiconductors | 1.1 | |||
Electric Products — Misc. | 1.0 | |||
Electric — Integrated | 1.0 | |||
Diversified Manufacturing Operations | 0.9 | |||
Food — Catering | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Multimedia | 0.8 | |||
Computers | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Computer Services | 0.8 | |||
Athletic Footwear | 0.8 | |||
Repurchase Agreements | 0.8 | |||
Medical — Generic Drugs | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Human Resources | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Dialysis Centers | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Import/Export | 0.6 | |||
Telecom Services | 0.5 | |||
Real Estate Operations & Development | 0.6 | |||
Transport — Services | 0.5 | |||
Metal — Copper | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Airlines | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Publishing — Books | 0.4 | |||
Electronics — Military | 0.4 | |||
E — Commerce/Services | 0.4 | |||
Advertising Services | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
Finance — Other Services | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Wireless Equipment | 0.4 |
Hotels/Motels | 0.4 | |||
Publishing — Periodicals | 0.4 | |||
Web Portals/ISP | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Cruise Lines | 0.3 | |||
Gas — Distribution | 0.3 | |||
Filtration/Separation Products | 0.4 | |||
Engineering/R&D Services | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Precious Metals | 0.3 | |||
Commercial Services | 0.3 | |||
Retail — Consumer Electronics | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Medical — Biomedical/Gene | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Retail — Building Products | 0.2 | |||
Machinery — Farming | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Paper & Related Products | 0.2 | |||
Building Products — Cement | 0.2 | |||
Beverages — Non — alcoholic | 0.2 | |||
Casino Hotels | 0.2 | |||
Advertising Sales | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Satellite Telecom | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Investment Companies | 0.1 | |||
Gambling (Non — Hotel) | 0.2 | |||
Rubber — Tires | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Optical Supplies | 0.1 | |||
Electric — Transmission | 0.1 | |||
Electronic Connectors | 0.1 | |||
Finance — Credit Card | 0.1 | |||
105.8 | % | |||
* | Calculated as a percentage of net assets |
135
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Country Allocation*
United Kingdom | 19.0 | % | ||
Japan | 11.4 | |||
United States | 9.8 | |||
Switzerland | 9.7 | |||
France | 8.9 | |||
Germany | 8.4 | |||
Netherlands | 4.0 | |||
Australia | 3.5 | |||
Sweden | 2.6 | |||
Canada | 2.4 | |||
Taiwan | 2.2 | |||
Bermuda | 1.8 | |||
South Korea | 1.8 | |||
Brazil | 1.7 | |||
Hong Kong | 1.7 | |||
Singapore | 1.3 | |||
Spain | 1.3 | |||
India | 1.1 | |||
Denmark | 1.1 | |||
Belgium | 1.1 | |||
Mexico | 1.1 | |||
Cayman Islands | 1.0 | |||
Jersey | 1.0 | |||
Ireland | 0.9 | |||
China | 0.8 | |||
Italy | 0.8 | |||
Russia | 0.8 | |||
Israel | 0.8 | |||
Norway | 0.8 | |||
Finland | 0.6 | |||
Poland | 0.5 | |||
Turkey | 0.5 | |||
Indonesia | 0.4 | |||
Philippines | 0.3 | |||
Austria | 0.3 | |||
South Africa | 0.2 | |||
Luxembourg | 0.2 | |||
105.8 | % | |||
136
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.9% |
| |||||||
Australia — 3.5% |
| |||||||
BHP Billiton, Ltd.(1) | 203,788 | $ | 8,377,255 | |||||
Cochlear, Ltd.(1) | 26,872 | 2,013,592 | ||||||
CSL, Ltd.(1) | 40,427 | 1,350,583 | ||||||
QBE Insurance Group, Ltd.(1) | 61,470 | 990,122 | ||||||
Wesfarmers, Ltd.(1) | 91,178 | 2,741,140 | ||||||
Westpac Banking Corp.(1) | 30,400 | 620,981 | ||||||
Woolworths, Ltd.(1) | 36,985 | 949,936 | ||||||
WorleyParsons, Ltd.(1) | 75,749 | 1,823,377 | ||||||
18,866,986 | ||||||||
Austria — 0.3% |
| |||||||
Erste Group Bank AG(1) | 38,435 | 1,506,217 | ||||||
Belgium — 1.1% |
| |||||||
Anheuser-Busch InBev NV(1) | 75,244 | 4,121,355 | ||||||
Umicore(1) | 34,340 | 1,628,513 | ||||||
5,749,868 | ||||||||
Bermuda — 1.8% |
| |||||||
Esprit Holdings, Ltd.(1) | 255,000 | 1,221,779 | ||||||
Li & Fung, Ltd.(1) | 903,400 | 5,625,850 | ||||||
Seadrill, Ltd.(1) | 46,950 | 1,436,408 | ||||||
Signet Jewelers, Ltd.† | 26,580 | 1,058,682 | ||||||
VimpelCom, Ltd. ADR | 46,706 | 731,883 | ||||||
10,074,602 | ||||||||
Brazil — 1.1% |
| |||||||
Banco Santander Brasil SA ADR | 250,952 | 3,274,924 | ||||||
Vale SA, Class A | 94,700 | 2,651,114 | ||||||
5,926,038 | ||||||||
Canada — 2.4% |
| |||||||
Bombardier, Inc., Class B | 27,200 | 124,534 | ||||||
Canadian National Railway Co. (Toronto) | 44,578 | 2,847,816 | ||||||
Canadian National Railway Co. (New York) | 62,390 | 3,989,840 | ||||||
Canadian Natural Resources, Ltd. | 31,686 | 1,218,918 | ||||||
Cenovus Energy, Inc. | 40,092 | 1,153,297 | ||||||
EnCana Corp.# | 29,955 | 829,595 | ||||||
Fairfax Financial Holdings, Ltd.# | 2,857 | 1,106,452 | ||||||
Suncor Energy, Inc.# | 36,968 | 1,241,690 | ||||||
Talisman Energy, Inc. | 40,420 | 776,073 | ||||||
13,288,215 | ||||||||
Cayman Islands — 1.0% |
| |||||||
Baidu, Inc. ADR† | 21,750 | 2,287,883 | ||||||
Ctrip.com International, Ltd. ADR† | 26,720 | 1,170,870 | ||||||
Focus Media Holding, Ltd. ADR† | 38,919 | 907,980 | ||||||
Wynn Macau, Ltd.(1) | 487,876 | 981,671 | ||||||
5,348,404 | ||||||||
China — 0.8% |
| |||||||
Industrial & Commercial Bank of China, Class H(1) | 4,956,000 | 3,845,828 | ||||||
ZTE Corp., Class H(1) | 214,000 | 785,449 | ||||||
4,631,277 | ||||||||
Denmark — 1.1% |
| |||||||
Carlsberg A/S, Class B(1) | 10,530 | 994,986 | ||||||
Novo Nordisk A/S, Class B(1) | 51,350 | 5,088,001 | ||||||
6,082,987 | ||||||||
Finland — 0.6% |
| |||||||
Fortum Oyj(1) | 84,140 | 2,219,340 | ||||||
Kone Oyj, Class B(1) | 22,640 | 1,184,651 | ||||||
3,403,991 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
France — 8.9% |
| |||||||
Accor SA(1) | 49,278 | $ | 2,082,094 | |||||
Air Liquide SA(1) | 45,158 | 5,284,077 | ||||||
AXA SA(1) | 82,977 | 1,191,553 | ||||||
BNP Paribas(1) | 67,058 | 3,963,839 | ||||||
Cie Generale d’Optique Essilor International SA(1) | 8,170 | 510,426 | ||||||
Compagnie Generale des Etablissements Michelin, Class B(1) | 9,755 | 659,624 | ||||||
Danone SA(1) | 91,507 | 5,358,195 | ||||||
Eutelsat Communications#(1) | 24,636 | 829,306 | ||||||
Legrand SA(1) | 32,830 | 1,254,427 | ||||||
LVMH Moet Hennessy Louis Vuitton SA#(1) | 52,907 | 8,021,512 | ||||||
Pernod-Ricard SA#(1) | 35,624 | 2,902,512 | ||||||
Publicis Groupe SA(1) | 51,433 | 2,297,807 | ||||||
Safran SA(1) | 74,740 | 2,340,290 | ||||||
Schneider Electric SA(1) | 54,028 | 7,578,404 | ||||||
Total SA(1) | 87,811 | 4,249,712 | ||||||
48,523,778 | ||||||||
Germany — 8.4% |
| |||||||
Adidas AG(1) | 47,524 | 2,983,682 | ||||||
Allianz SE(1) | 22,170 | 2,432,167 | ||||||
BASF SE(1) | 35,250 | 2,635,030 | ||||||
Bayer AG(1) | 55,020 | 3,995,303 | ||||||
Bayerische Motoren Werke AG(1) | 61,900 | 4,655,540 | ||||||
Beiersdorf AG(1) | 39,216 | 2,276,492 | ||||||
Daimler AG†(1) | 35,910 | 2,324,983 | ||||||
Deutsche Boerse AG(1) | 36,480 | 2,206,568 | ||||||
Fresenius Medical Care AG & Co. KGaA(1) | 58,802 | 3,393,982 | ||||||
Linde AG(1) | 39,663 | 5,539,115 | ||||||
MAN SE(1) | 11,681 | 1,373,388 | ||||||
Merck KGaA(1) | 18,762 | 1,464,367 | ||||||
Metro AG(1) | 27,090 | 1,943,158 | ||||||
Puma AG Rudolf Dassler Sport(1) | 4,367 | 1,298,079 | ||||||
SAP AG(1) | 80,361 | 3,749,056 | ||||||
Siemens AG(1) | 30,750 | 3,363,774 | ||||||
45,634,684 | ||||||||
Hong Kong — 1.7% |
| |||||||
China Unicom Hong Kong, Ltd.(1) | 694,000 | 932,001 | ||||||
China Unicom Hong Kong, Ltd. ADR | 101,412 | 1,362,977 | ||||||
CNOOC, Ltd.(1) | 979,000 | 2,115,121 | ||||||
Hutchison Whampoa, Ltd.(1) | 161,000 | 1,602,977 | ||||||
Lenovo Group, Ltd.#(1) | 2,192,000 | 1,453,520 | ||||||
Sun Hung Kai Properties, Ltd.(1) | 71,000 | 1,164,826 | ||||||
The Link REIT(1) | 207,500 | 647,130 | ||||||
9,278,552 | ||||||||
India — 1.1% |
| |||||||
ICICI Bank, Ltd. ADR | 37,880 | 1,895,515 | ||||||
Infosys Technologies, Ltd. ADR# | 64,835 | 4,288,835 | ||||||
6,184,350 | ||||||||
Indonesia — 0.4% |
| |||||||
Bank Mandiri Tbk PT(1) | 988,500 | 700,146 | ||||||
Bank Rakyat Indonesia Persero Tbk PT(1) | 825,000 | 957,522 | ||||||
United Tractors Tbk PT(1) | 267,000 | 678,828 | ||||||
2,336,496 | ||||||||
Ireland — 0.9% |
| |||||||
Anglo Irish Bank Corp., Ltd.†(3) | 58,907 | 0 | ||||||
Ryanair Holdings PLC ADR | 56,603 | 1,728,089 | ||||||
WPP PLC(1) | 300,621 | 3,324,391 | ||||||
5,052,480 | ||||||||
137 |
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Israel — 0.8% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 85,040 | $ | 4,255,402 | |||||
Italy — 0.8% |
| |||||||
Saipem SpA(1) | 111,213 | 4,624,751 | ||||||
Japan — 11.4% |
| |||||||
Aeon Credit Service Co., Ltd.#(1) | 29,000 | 374,261 | ||||||
Canon, Inc.#(1) | 147,100 | 6,920,023 | ||||||
Denso Corp.(1) | 72,700 | 2,374,307 | ||||||
FANUC, Ltd.(1) | 42,600 | 6,103,789 | ||||||
Fujitsu, Ltd.(1) | 181,000 | 1,161,481 | ||||||
Hirose Electric Co., Ltd.(1) | 3,800 | 375,529 | ||||||
Hoya Corp.(1) | 104,200 | 2,458,019 | ||||||
Inpex Corp.(1) | 391 | 2,011,491 | ||||||
Keyence Corp.#(1) | 5,300 | 1,337,639 | ||||||
Komatsu, Ltd.(1) | 154,500 | 4,279,689 | ||||||
Konica Minolta Holdings, Inc.(1) | 69,000 | 709,030 | ||||||
Lawson, Inc.(1) | 38,300 | 1,696,471 | ||||||
Mitsubishi Corp.(1) | 129,500 | 3,274,587 | ||||||
Mitsubishi UFJ Financial Group, Inc.(1) | 375,500 | 1,776,892 | ||||||
Murata Manufacturing Co., Ltd.(1) | 12,700 | 775,517 | ||||||
Nidec Corp.#(1) | 43,000 | 4,305,996 | ||||||
Nissan Motor Co., Ltd.(1) | 288,200 | 2,703,588 | ||||||
Nitori Holdings Co., Ltd.(1) | 19,850 | 1,747,173 | ||||||
Nomura Holdings, Inc.(1) | 141,300 | 813,863 | ||||||
ORIX Corp.#(1) | 22,360 | 1,910,482 | ||||||
Rakuten, Inc.#(1) | 1,475 | 1,129,753 | ||||||
Shin-Etsu Chemical Co., Ltd.(1) | 49,800 | 2,434,023 | ||||||
Softbank Corp.(1) | 99,500 | 3,448,074 | ||||||
Sumitomo Realty & Development Co., Ltd.(1) | 91,000 | 1,959,572 | ||||||
Toyota Motor Corp.(1) | 33,675 | 1,305,322 | ||||||
Unicharm Corp.#(1) | 49,100 | 1,918,561 | ||||||
Yahoo! Japan Corp.#(1) | 2,663 | 954,641 | ||||||
Yamada Denki Co., Ltd.#(1) | 24,030 | 1,525,118 | ||||||
61,784,891 | ||||||||
Jersey — 1.0% |
| |||||||
Petrofac, Ltd.(1) | 73,200 | 1,582,353 | ||||||
Shire PLC(1) | 114,796 | 2,686,531 | ||||||
Wolseley PLC†(1) | 38,180 | 1,020,589 | ||||||
5,289,473 | ||||||||
Luxembourg — 0.2% |
| |||||||
Millicom International Cellular SA | 11,615 | 1,007,950 | ||||||
Mexico — 1.1% |
| |||||||
America Movil SAB de CV, Series L ADR | 58,967 | 3,329,277 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 17,571 | 993,640 | ||||||
Grupo Televisa SA ADR | 60,712 | 1,414,589 | ||||||
5,737,506 | ||||||||
Netherlands — 4.0% |
| |||||||
Akzo Nobel NV(1) | 42,617 | 2,287,698 | ||||||
ASML Holding NV(1) | 41,230 | 1,332,072 | ||||||
CNH Global NV† | 28,510 | 1,180,884 | ||||||
Heineken NV(1) | 81,837 | 3,790,532 | ||||||
ING Groep NV CVA†(1) | 257,018 | 2,271,698 | ||||||
Koninklijke Ahold NV(1) | 112,231 | 1,355,832 | ||||||
Koninklijke KPN NV(1) | 94,766 | 1,352,426 | ||||||
Randstad Holding NV†(1) | 34,834 | 1,593,072 | ||||||
TNT NV(1) | 54,299 | 1,292,649 | ||||||
Unilever NV CVA(1) | 107,153 | 3,020,936 | ||||||
Wolters Kluwer NV(1) | 101,853 | 2,018,359 | ||||||
21,496,158 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Norway — 0.8% |
| |||||||
Petroleum Geo-Services ASA†(1) | 67,440 | $ | 817,432 | |||||
Telenor ASA(1) | 88,670 | 1,273,763 | ||||||
Yara International ASA(1) | 45,320 | 2,155,212 | ||||||
4,246,407 | ||||||||
Philippines — 0.3% |
| |||||||
Philippine Long Distance Telephone Co.(1) | 28,050 | 1,529,615 | ||||||
Poland — 0.5% |
| |||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 207,077 | 2,872,625 | ||||||
Russia — 0.8% |
| |||||||
Gazprom OAO ADR(1) | 63,943 | 1,420,676 | ||||||
Magnit OJSC GDR | 42,380 | 1,118,832 | ||||||
Sberbank of Russia, Class S(1) | 541,130 | 1,719,938 | ||||||
4,259,446 | ||||||||
Singapore — 1.3% |
| |||||||
Keppel Corp., Ltd.(1) | 452,000 | 3,644,604 | ||||||
Singapore Telecommunications, Ltd.(1) | 509,950 | 1,195,898 | ||||||
United Overseas Bank, Ltd.(1) | 171,760 | 2,404,417 | ||||||
7,244,919 | ||||||||
South Africa — 0.2% |
| |||||||
MTN Group, Ltd.(1) | 72,009 | 1,230,509 | ||||||
South Korea — 1.8% |
| |||||||
Hyundai Mobis(1) | 9,741 | 2,307,383 | ||||||
Hyundai Motor Co.(1) | 19,013 | 2,819,812 | ||||||
NHN Corp†(1) | 6,169 | 1,043,018 | ||||||
Samsung Electronics Co., Ltd.(1) | 2,320 | 1,649,989 | ||||||
Samsung Electronics Co., Ltd. GDR(1) | 5,153 | 1,808,999 | ||||||
Samsung Electronics Co., Ltd. GDR†* | 306 | 107,100 | ||||||
9,736,301 | ||||||||
Spain — 1.3% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA(1)(2) | 66,956 | 614,424 | ||||||
Banco Santander SA(1) | 229,549 | 2,175,906 | ||||||
Inditex SA(1) | 24,920 | 1,877,483 | ||||||
Red Electrica Corp. SA(1) | 11,507 | 503,737 | ||||||
Telefonica SA(1) | 84,420 | 1,796,571 | ||||||
6,968,121 | ||||||||
Sweden — 2.6% |
| |||||||
Alfa Laval AB(1) | 105,960 | 1,859,553 | ||||||
Atlas Copco AB, Class A(1) | 132,230 | 2,917,742 | ||||||
Kinnevik Investment AB, Class B(1) | 35,810 | 706,992 | ||||||
Svenska Cellulosa AB, Class B(1) | 75,187 | 1,095,487 | ||||||
Swedbank AB, Class A†(1) | 185,590 | 2,346,368 | ||||||
Telefonaktiebolaget LM Ericsson, Class B(1) | 210,186 | 2,166,835 | ||||||
Volvo AB, Class B†(1) | 192,540 | 2,793,148 | ||||||
13,886,125 | ||||||||
Switzerland — 9.7% |
| |||||||
Adecco SA(1) | 15,950 | 909,579 | ||||||
Cie Financiere Richemont SA(1) | 43,974 | 2,369,289 | ||||||
Givaudan SA(1) | 3,725 | 3,732,042 | ||||||
Holcim, Ltd.(1) | 16,550 | 1,066,761 | ||||||
Julius Baer Group, Ltd.(1) | 99,438 | 3,775,448 | ||||||
Kuehne & Nagel International AG(1) | 13,920 | 1,782,724 | ||||||
Nestle SA(1) | 229,024 | 12,443,057 | ||||||
Novartis AG(1) | 102,391 | 5,448,877 | ||||||
Roche Holding AG(1) | 59,594 | 8,178,964 | ||||||
SGS SA(1) | 960 | 1,570,302 | ||||||
Sonova Holding AG(1) | 18,833 | 2,351,078 | ||||||
Swiss Reinsurance Co., Ltd.(1) | 19,663 | 907,524 |
138 |
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Switzerland (continued) |
| |||||||
Syngenta AG(1) | 5,388 | $ | 1,495,510 | |||||
The Swatch Group AG, Class B(1) | 7,260 | 2,914,207 | ||||||
UBS AG†(1) | 244,556 | 3,658,588 | ||||||
52,603,950 | ||||||||
Taiwan — 2.2% |
| |||||||
AU Optronics Corp.†(1) | 1,305,000 | 1,300,697 | ||||||
Hon Hai Precision Industry Co., Ltd.(1) | 738,040 | 2,619,733 | ||||||
HTC Corp.(1) | 113,400 | 3,135,607 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.(1) | 861,269 | 1,788,209 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 280,000 | 3,010,000 | ||||||
11,854,246 | ||||||||
Turkey — 0.5% |
| |||||||
Akbank TAS(1) | 226,948 | 1,283,955 | ||||||
Turkiye Garanti Bankasi AS(1) | 263,890 | 1,465,130 | ||||||
2,749,085 | ||||||||
United Kingdom — 19.0% |
| |||||||
Admiral Group PLC(1) | 85,765 | 2,037,107 | ||||||
Antofagasta PLC(1) | 142,998 | 2,921,239 | ||||||
ARM Holdings PLC(1) | 337,380 | 2,093,233 | ||||||
Barclays PLC(1) | 895,639 | 3,598,918 | ||||||
BG Group PLC(1) | 407,446 | 7,375,606 | ||||||
British Airways PLC†#(1) | 213,650 | 850,754 | ||||||
British American Tobacco PLC(1) | 106,883 | 3,873,525 | ||||||
Burberry Group PLC(1) | 141,660 | 2,193,942 | ||||||
Carnival PLC(1) | 46,650 | 1,901,687 | ||||||
Centrica PLC(1) | 392,406 | 1,873,610 | ||||||
Compass Group PLC(1) | 566,296 | 4,889,941 | ||||||
Diageo PLC(1) | 179,583 | 3,193,337 | ||||||
Hays PLC(1) | 429,246 | 721,845 | ||||||
HSBC Holdings PLC (Hong Kong)(1) | 492,140 | 4,959,115 | ||||||
HSBC Holdings PLC (London)(1) | 440,370 | 4,436,347 | ||||||
Imperial Tobacco Group PLC(1) | 89,335 | 2,620,159 | ||||||
Informa PLC(1) | 206,865 | 1,271,590 | ||||||
International Power PLC(1) | 486,378 | 3,080,903 | ||||||
Kingfisher PLC(1) | 343,947 | 1,256,138 | ||||||
Ladbrokes PLC(1) | 164,343 | 315,794 | ||||||
Lloyds Banking Group PLC†(1) | 893,730 | 841,718 | ||||||
Next PLC(1) | 43,301 | 1,355,877 | ||||||
Reckitt Benckiser Group PLC(1) | 152,606 | 8,068,602 | ||||||
Reed Elsevier PLC(1) | 301,163 | 2,383,699 | ||||||
Rolls-Royce Group PLC, Class C(2)† | 9,272,192 | 14,423 | ||||||
Royal Dutch Shell PLC, Class A#(1) | 66,398 | 1,998,075 | ||||||
Royal Dutch Shell PLC, Class B(1) | 160,072 | 4,747,173 | ||||||
Schroders PLC(1) | 103,565 | 2,569,361 | ||||||
Smith & Nephew PLC(1) | 62,356 | 564,708 | ||||||
Smiths Group PLC(1) | 85,148 | 1,506,103 | ||||||
Standard Chartered PLC(1) | 183,903 | 4,947,779 | ||||||
Tesco PLC(1) | 1,065,243 | 6,863,080 | ||||||
The Capita Group PLC(1) | 62,788 | 636,587 | ||||||
Tullow Oil PLC(1) | 48,398 | 862,757 | ||||||
Vodafone Group PLC(1) | 2,434,519 | 6,083,671 | ||||||
William Hill PLC(1) | 154,004 | 372,986 | ||||||
Xstrata PLC(1) | 191,890 | 3,849,674 | ||||||
103,131,063 | ||||||||
United States — 0.5% |
| |||||||
Synthes, Inc.(1) | 21,269 | 2,602,020 | ||||||
Total Common Stock |
| |||||||
(cost $472,456,315) | 520,999,488 | |||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
PREFERRED STOCK — 0.6% |
| |||||||
Brazil — 0.6% |
| |||||||
Banco Bradesco SA ADR# | 111,843 | $ | 2,243,571 | |||||
Petroleo Brasileiro SA ADR | 39,701 | 1,162,445 | ||||||
Total Preferred Stock |
| |||||||
(cost $2,669,485) | 3,406,016 | |||||||
RIGHTS† — 0.0% |
| |||||||
China — 0.0% |
| |||||||
Industrial & Commercial Bank of China, Class H | 253,755 | 83,331 | ||||||
(cost $0) | 253,755 | 83,331 | ||||||
REGISTERED INVESTMENT COMPANIES — 0.1% | ||||||||
United States — 0.1% | ||||||||
India Fund, Inc. | 19,994 | 711,386 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $475,589,538) | 525,200,221 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 8.4% |
| |||||||
Certificates of Deposit — 0.5% |
| |||||||
BNP Paribas Finance, Inc. | $ | 2,690,000 | 2,690,000 | |||||
Collective Investment Pool — 5.9% |
| |||||||
Securities Lending Quality Trust(4) | 32,158,416 | 32,065,639 | ||||||
Time Deposits — 2.0% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | 10,953,000 | 10,953,000 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $45,801,416) | 45,708,639 | |||||||
REPURCHASE AGREEMENT — 0.8% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01% dated 11/30/10, to be repurchased 12/01/10 in the amount of $4,256,001 collateralized by $4,300,000 of United States Treasury Notes bearing interest at 1.00% due 04/30/12 and having approximate value of $4,341,280 | 4,256,000 | 4,256,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $525,646,954)(5) | 105.8 | % | 575,164,860 | |||||
Liabilities in excess of other assets | (5.8 | ) | (31,756,781 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 543,408,079 | ||||
† | 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, 2010, the aggregate value of these securities was $107,100 representing 0.0% 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, 2010. The aggregate value of these securities was $469,920,423 representing 86.5% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $712,178 representing 0.1% of net assets. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(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. |
ADR — American Depository Receipt
CVA — Certification Van Aandelen (Dutch Cert.)
GDR — Global Depository Receipt
139 |
Table of Contents
VALIC Company I International Growth I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
France | $ | — | $ | 48,523,778 | # | $ | — | $ | 48,523,778 | |||||||
Germany | — | 45,634,684 | # | — | 45,634,684 | |||||||||||
Japan | — | 61,784,891 | # | — | 61,784,891 | |||||||||||
Switzerland | — | 52,603,950 | # | — | 52,603,950 | |||||||||||
United Kingdom | 14,423 | 103,116,640 | # | — | 103,131,063 | |||||||||||
Other Countries* | 51,064,641 | 158,256,481 | # | 0 | 209,321,122 | |||||||||||
Preferred Stock | 3,406,016 | — | — | 3,406,016 | ||||||||||||
Rights | 83,331 | — | — | 83,331 | ||||||||||||
Exchange Traded Funds | 711,386 | — | — | 711,386 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Certificate of Deposit | — | 2,690,000 | — | 2,690,000 | ||||||||||||
Collective Investment Pool | — | 32,065,639 | — | 32,065,639 | ||||||||||||
Time Deposit | — | 10,953,000 | — | 10,953,000 | ||||||||||||
Repurchase Agreement | — | 4,256,000 | — | 4,256,000 | ||||||||||||
Total | $ | 55,279,797 | $ | 519,885,063 | $ | 0 | $ | 575,164,860 | ||||||||
* | Sum of all other countries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by country, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $469,920,423 representing 86.5% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 724 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation)(1) | (724 | ) | ||
Net purchases (sales) | — | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 0 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Common Stock | ||||
$ | (724 | ) | ||
See Notes to Financial Statements
140
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 9.3 | % | ||
Medical — Drugs | 7.9 | |||
Diversified Banking Institutions | 7.8 | |||
Oil Companies — Exploration & Production | 5.8 | |||
Oil Companies — Integrated | 5.5 | |||
Wireless Equipment | 5.2 | |||
Commercial Services — Finance | 5.1 | |||
E-Commerce/Products | 5.1 | |||
Television | 3.8 | |||
Retail — Building Products | 3.2 | |||
E-Commerce/Services | 2.9 | |||
Footwear & Related Apparel | 2.8 | |||
Medical — Biomedical/Gene | 2.8 | |||
Banks — Fiduciary | 2.6 | |||
Oil — Field Services | 2.5 | |||
Web Portals/ISP | 2.5 | |||
Office Supplies & Forms | 2.1 | |||
Toys | 2.1 | |||
Advertising Agencies | 2.0 | |||
Industrial Gases | 1.9 | |||
Human Resources | 1.9 | |||
Diversified Manufacturing Operations | 1.9 | |||
Beverages — Wine/Spirits | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Consumer Products — Misc. | 1.5 | |||
Transport — Services | 1.4 | |||
Tobacco | 1.4 | |||
Medical Instruments | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Investment Management/Advisor Services | 1.3 | |||
Finance — Credit Card | 1.3 | |||
Aerospace/Defense | 1.2 | |||
Multimedia | 1.1 | |||
Medical Products | 1.1 | |||
Beverages — Non-alcoholic | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Networking Products | 1.0 | |||
Time Deposits | 1.0 | |||
Cosmetics & Toiletries | 1.0 | |||
Racetracks | 0.9 | |||
Food — Misc. | 0.8 | |||
Investment Companies | 0.4 | |||
109.8 | % | |||
* | Calculated as a percentage of net assets |
141
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCK — 99.5% |
| |||||||
Advertising Agencies — 2.0% |
| |||||||
Omnicom Group, Inc. | 58,728 | $ | 2,668,600 | |||||
Aerospace/Defense — 1.2% |
| |||||||
The Boeing Co. | 24,632 | 1,570,783 | ||||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
United Technologies Corp. | 18,140 | 1,365,398 | ||||||
Banks - Fiduciary — 2.6% |
| |||||||
State Street Corp. | 79,367 | 3,428,654 | ||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
PepsiCo, Inc. | 21,287 | 1,375,779 | ||||||
Beverages - Wine/Spirits — 1.6% |
| |||||||
Diageo PLC(6) | 117,973 | 2,097,791 | ||||||
Commercial Services - Finance — 5.1% |
| |||||||
Moody’s Corp.# | 209,015 | 5,607,872 | ||||||
Visa, Inc., Class A | 14,890 | 1,099,627 | ||||||
6,707,499 | ||||||||
Consumer Products - Misc. — 1.5% |
| |||||||
Clorox Co. | 31,407 | 1,941,267 | ||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
The Procter & Gamble Co. | 21,026 | 1,284,058 | ||||||
Diversified Banking Institutions — 7.8% |
| |||||||
Bank of America Corp. | 354,430 | 3,881,008 | ||||||
JPMorgan Chase & Co. | 84,444 | 3,156,517 | ||||||
The Goldman Sachs Group, Inc. | 19,886 | 3,105,000 | ||||||
10,142,525 | ||||||||
Diversified Manufacturing Operations — 1.9% |
| |||||||
General Electric Co. | 153,251 | 2,425,963 | ||||||
E-Commerce/Products — 5.1% |
| |||||||
Amazon.com, Inc.†# | 22,205 | 3,894,757 | ||||||
Blue Nile, Inc.†# | 55,359 | 2,737,503 | ||||||
6,632,260 | ||||||||
E-Commerce/Services — 2.9% |
| |||||||
Ancestry.com, Inc.† | 130,536 | 3,730,719 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
Oracle Corp. | 74,310 | 2,009,342 | ||||||
Finance - Credit Card — 1.3% |
| |||||||
American Express Co. | 38,073 | 1,645,515 | ||||||
Food - Misc. — 0.8% |
| |||||||
McCormick & Co., Inc.# | 24,190 | 1,064,602 | ||||||
Footwear & Related Apparel — 2.8% |
| |||||||
The Timberland Co., Class A†# | 149,551 | 3,705,874 | ||||||
Human Resources — 1.9% |
| |||||||
Robert Half International, Inc.# | 87,885 | 2,436,172 | ||||||
Industrial Gases — 1.9% |
| |||||||
Air Products & Chemicals, Inc. | 29,438 | 2,538,144 | ||||||
Insurance - Life/Health — 1.3% |
| |||||||
Prudential Financial, Inc.# | 33,068 | 1,675,886 | ||||||
Investment Companies — 0.4% |
| |||||||
Apollo Global Mgmt LLC, Class A†*(1)(2) | 72,697 | 508,879 | ||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
T. Rowe Price Group, Inc.# | 28,504 | 1,662,638 | ||||||
Medical Instruments — 1.3% |
| |||||||
Medtronic, Inc. | 51,164 | 1,715,529 | ||||||
Security Description | Shares/ Principal Amount | Value | ||||||
Medical Products — 1.1% |
| |||||||
Johnson & Johnson# | 22,705 | $ | 1,397,493 | |||||
Medical - Biomedical/Gene — 2.8% |
| |||||||
Amgen, Inc.† | 70,083 | 3,692,673 | ||||||
Medical - Drugs — 7.9% |
| |||||||
Merck & Co., Inc. | 131,276 | 4,525,084 | ||||||
Novartis AG ADR# | 48,677 | 2,599,838 | ||||||
Pfizer, Inc. | 200,252 | 3,262,105 | ||||||
10,387,027 | ||||||||
Multimedia — 1.1% |
| |||||||
FactSet Research Systems, Inc.# | 16,441 | 1,457,824 | ||||||
Networking Products — 1.0% |
| |||||||
Cisco Systems, Inc.† | 69,613 | 1,333,785 | ||||||
Office Supplies & Forms — 2.1% |
| |||||||
Avery Dennison Corp.# | 74,826 | 2,808,968 | ||||||
Oil Companies - Exploration & Production — 5.8% |
| |||||||
Apache Corp. | 25,759 | 2,772,699 | ||||||
Occidental Petroleum Corp. | 28,336 | 2,498,385 | ||||||
Ultra Petroleum Corp.†# | 48,290 | 2,269,147 | ||||||
7,540,231 | ||||||||
Oil Companies - Integrated — 5.5% |
| |||||||
Chevron Corp. | 41,175 | 3,333,940 | ||||||
Exxon Mobil Corp. | 55,819 | 3,882,769 | ||||||
7,216,709 | ||||||||
Oil - Field Services — 2.5% |
| |||||||
Schlumberger, Ltd. | 41,732 | 3,227,553 | ||||||
Racetracks — 0.9% |
| |||||||
International Speedway Corp., Class A# | 50,769 | 1,202,718 | ||||||
Retail - Building Products — 3.2% |
| |||||||
Home Depot, Inc.# | 136,729 | 4,130,583 | ||||||
Television — 3.8% |
| |||||||
CBS Corp., Class B# | 292,416 | 4,924,285 | ||||||
Tobacco — 1.4% |
| |||||||
Philip Morris International, Inc. | 31,091 | 1,768,767 | ||||||
Toys — 2.1% |
| |||||||
Nintendo Co., Ltd.(6) | 9,900 | 2,688,988 | ||||||
Transport - Services — 1.4% |
| |||||||
United Parcel Service, Inc., Class B | 26,128 | 1,832,357 | ||||||
Web Portals/ISP — 2.5% |
| |||||||
Google, Inc., Class A† | 5,804 | 3,225,341 | ||||||
Wireless Equipment — 5.2% |
| |||||||
QUALCOMM, Inc. | 146,765 | 6,859,796 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $113,483,443) | 130,028,975 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 10.3% |
| |||||||
Collective Investment Pool — 9.3% |
| |||||||
Securities Lending Quality Trust(3)(4) | 12,217,734 | 12,182,486 | ||||||
Time Deposits — 1.0% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/31/10 | $ | 1,322,000 | 1,322,000 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $13,539,734) | 13,504,486 | |||||||
142 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $127,023,177)(5) | 109.8 | % | $ | 143,533,461 | ||||
Liabilities in excess of other assets | (9.8 | ) | (12,851,781 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 130,681,680 | ||||
† | 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, 2010, the aggregate value of these securities was $508,879 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $508,879 representing 0.4% of net assets. |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Large Cap Core Fund held the following restricted securities: |
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Apollo | 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 | ||||||||||||||||||||||
72,697 | $ | 1,383,129 | $ | 508,879 | $ | 7.00 | 0.4 | % | ||||||||||||||||
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | At November 30, 2010, the Fund had loaned securities with a total value of $13,927,614. This was secured by collateral of $12,217,734, which was received in cash and subsequently invested in short-term investments currently value at $12,182,486 as reported in the portfolio of investments. The remaining collateral of $2,019,508 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Bonds/Notes | 3.50%-6.38% | 02/15/18 to 08/15/39 |
(5) | See Note 5 for cost of investments on a tax basis. |
(6) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $4,786,779 representing 3.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Commercial Services - Finance | $ | 6,707,499 | $ | — | $ | — | $ | 6,707,499 | ||||||||
Diversified Banking Institutions | 10,142,525 | — | — | 10,142,525 | ||||||||||||
E-Commerce/Products | 6,632,260 | — | — | 6,632,260 | ||||||||||||
Medical-Drugs | 10,387,027 | — | — | 10,387,027 | ||||||||||||
Oil Companies - Exploration & Production | 7,540,231 | — | — | 7,540,231 | ||||||||||||
Oil Companies - Integrated | 7,216,709 | — | — | 7,216,709 | ||||||||||||
Other Industries* | 76,615,945 | 4,786,779 | # | — | 81,402,724 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 12,182,486 | — | 12,182,486 | ||||||||||||
Time Deposits | — | 1,322,000 | — | 1,322,000 | ||||||||||||
Total | $ | 125,242,196 | $ | 18,291,265 | $ | — | $ | 143,533,461 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $4,786,779 representing 3.7% of net assets; see Note 2. |
See Notes to Financial Statements
143
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Computers | 7.3 | % | ||
Collective Investment Pool | 4.6 | |||
Oil — Field Services | 4.5 | |||
Agricultural Chemicals | 3.7 | |||
Medical — Biomedical/Gene | 3.4 | |||
Retail — Apparel/Shoe | 3.3 | |||
Electronic Components — Semiconductors | 3.3 | |||
Web Portals/ISP | 3.1 | |||
Wireless Equipment | 2.9 | |||
E-Commerce/Products | 2.7 | |||
Applications Software | 2.5 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Commercial Services — Finance | �� | 2.4 | ||
Aerospace/Defense — Equipment | 2.2 | |||
Diversified Banking Institutions | 2.1 | |||
Computers — Memory Devices | 2.1 | |||
Enterprise Software/Service | 2.1 | |||
Retail — Discount | 2.0 | |||
Transport — Rail | 1.9 | |||
Investment Management/Advisor Services | 1.8 | |||
Medical Products | 1.8 | |||
Diversified Manufacturing Operations | 1.7 | |||
Beverages — Non-alcoholic | 1.7 | |||
Pharmacy Services | 1.5 | |||
Coal | 1.4 | |||
Networking Products | 1.4 | |||
Computer Services | 1.4 | |||
Oil Field Machinery & Equipment | 1.4 | |||
Internet Content — Information/News | 1.3 | |||
Casino Hotels | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Electric Products — Misc. | 1.2 | |||
Multimedia | 1.2 | |||
Medical — Generic Drugs | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Transport — Services | 1.1 | |||
Gold Mining | 1.0 | |||
Time Deposits | 1.0 | |||
Cosmetics & Toiletries | 1.0 | |||
Cable/Satellite TV | 0.9 | |||
Vitamins & Nutrition Products | 0.9 | |||
Hotels/Motels | 0.9 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Machinery — Construction & Mining | 0.9 | |||
Engines — Internal Combustion | 0.8 | |||
Machinery — Farming | 0.7 | |||
Medical — Drugs | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Instruments — Scientific | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Banks — Super Regional | 0.5 | |||
Industrial Gases | 0.5 | |||
Metal — Copper | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Cellular Telecom | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Medical — HMO | 0.5 | |||
Retail — Drug Store | 0.5 | |||
Medical Instruments | 0.5 | |||
Airlines | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Agricultural Operations | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Web Hosting/Design | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Commercial Services | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.3 |
Retail — Jewelry | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Retail — Office Supplies | 0.3 | |||
X-Ray Equipment | 0.3 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Steel — Specialty | 0.2 | |||
Electronic Components — Misc. | 0.1 | |||
Electronic Forms | 0.1 | |||
104.6 | % | |||
* | Calculated as a percentage of net assets |
144
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.9% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
The Boeing Co. | 22,200 | $ | 1,415,694 | |||||
Aerospace/Defense - Equipment — 2.2% |
| |||||||
Goodrich Corp. | 56,921 | 4,882,114 | ||||||
United Technologies Corp. | 42,400 | 3,191,448 | ||||||
8,073,562 | ||||||||
Agricultural Chemicals — 3.7% |
| |||||||
Monsanto Co. | 124,621 | 7,467,290 | ||||||
Potash Corp. of Saskatchewan, Inc. | 34,131 | 4,906,331 | ||||||
The Mosaic Co. | 20,328 | 1,374,783 | ||||||
13,748,404 | ||||||||
Agricultural Operations — 0.4% |
| |||||||
Bunge, Ltd. | 23,805 | 1,447,820 | ||||||
Airlines — 0.4% |
| |||||||
United Continental Holdings, Inc.†# | 58,748 | 1,626,145 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Coach, Inc. | 18,600 | 1,051,644 | ||||||
Applications Software — 2.5% |
| |||||||
Citrix Systems, Inc.† | 31,418 | 2,086,784 | ||||||
Microsoft Corp. | 103,100 | 2,599,151 | ||||||
Red Hat, Inc.† | 34,672 | 1,508,232 | ||||||
Salesforce.com, Inc.† | 23,182 | 3,227,398 | ||||||
9,421,565 | ||||||||
Auto - Cars/Light Trucks — 0.9% |
| |||||||
Ford Motor Co.†# | 154,143 | 2,457,039 | ||||||
General Motors Co.†# | 26,500 | 906,300 | ||||||
3,363,339 | ||||||||
Banks - Super Regional — 0.5% |
| |||||||
Comerica, Inc. | 25,156 | 917,942 | ||||||
Wells Fargo & Co. | 42,400 | 1,153,704 | ||||||
2,071,646 | ||||||||
Beverages - Non-alcoholic — 1.7% |
| |||||||
PepsiCo, Inc. | 97,601 | 6,307,953 | ||||||
Cable/Satellite TV — 0.9% |
| |||||||
Comcast Corp., Class A | 176,744 | 3,534,880 | ||||||
Casino Hotels — 1.3% |
| |||||||
Las Vegas Sands Corp.†# | 99,963 | 5,006,147 | ||||||
Cellular Telecom — 0.5% |
| |||||||
America Movil SAB de CV, Series L ADR | 34,264 | 1,934,545 | ||||||
Coal — 1.4% |
| |||||||
Peabody Energy Corp. | 91,786 | 5,397,935 | ||||||
Commercial Services — 0.4% |
| |||||||
Iron Mountain, Inc. | 60,300 | 1,339,263 | ||||||
Commercial Services-Finance — 2.4% |
| |||||||
Visa, Inc., Class A | 123,852 | 9,146,470 | ||||||
Computer Services — 1.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A† | 55,446 | 3,602,881 | ||||||
International Business Machines Corp. | 11,400 | 1,612,644 | ||||||
5,215,525 | ||||||||
Computers — 7.3% |
| |||||||
Apple, Inc.† | 83,951 | 26,121,354 | ||||||
Hewlett-Packard Co. | 32,500 | 1,362,725 | ||||||
27,484,079 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 2.1% |
| |||||||
EMC Corp.† | 305,627 | $ | 6,567,924 | |||||
Western Digital Corp.† | 44,293 | 1,483,816 | ||||||
8,051,740 | ||||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
The Procter & Gamble Co. | 58,700 | 3,584,809 | ||||||
Distribution/Wholesale — 0.5% |
| |||||||
WW Grainger, Inc.# | 15,451 | 1,930,293 | ||||||
Diversified Banking Institutions — 2.1% |
| |||||||
Citigroup, Inc.† | 200,000 | 840,000 | ||||||
JPMorgan Chase & Co. | 99,187 | 3,707,610 | ||||||
Morgan Stanley | 52,200 | 1,276,812 | ||||||
The Goldman Sachs Group, Inc. | 14,400 | 2,248,416 | ||||||
8,072,838 | ||||||||
Diversified Manufacturing Operations — 1.7% |
| |||||||
Danaher Corp. | 57,300 | 2,478,225 | ||||||
Honeywell International, Inc. | 35,976 | 1,788,367 | ||||||
Ingersoll-Rand PLC# | 54,824 | 2,247,784 | ||||||
6,514,376 | ||||||||
E-Commerce/Products — 2.7% |
| |||||||
Amazon.com, Inc.† | 46,316 | 8,123,826 | ||||||
MercadoLibre, Inc.† | 29,100 | 1,851,342 | ||||||
9,975,168 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Netflix, Inc.† | 8,247 | 1,698,057 | ||||||
priceline.com, Inc.† | 2,000 | 788,100 | ||||||
2,486,157 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
AMETEK, Inc. | 41,717 | 2,468,395 | ||||||
Emerson Electric Co. | 36,900 | 2,032,083 | ||||||
4,500,478 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Tyco Electronics, Ltd. | 15,008 | 456,543 | ||||||
Electronic Components - Semiconductors — 3.3% |
| |||||||
Avago Technologies, Ltd. | 62,946 | 1,643,520 | ||||||
Broadcom Corp., Class A | 98,623 | 4,387,737 | ||||||
Cree, Inc.† | 16,300 | 1,062,434 | ||||||
Intel Corp. | 93,400 | 1,972,608 | ||||||
Rovi Corp.† | 26,269 | 1,449,261 | ||||||
Xilinx, Inc.# | 71,942 | 1,951,067 | ||||||
12,466,627 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.† | 14,600 | 404,858 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc.† | 38,400 | 1,344,768 | ||||||
Engines - Internal Combustion — 0.8% |
| |||||||
Cummins, Inc. | 29,281 | 2,843,771 | ||||||
Enterprise Software/Service — 2.1% |
| |||||||
Oracle Corp. | 287,358 | 7,770,160 | ||||||
Finance - Credit Card — 0.7% |
| |||||||
American Express Co. | 60,556 | 2,617,230 | ||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
The Charles Schwab Corp. | 57,900 | 870,237 | ||||||
Gold Mining — 1.0% |
| |||||||
Barrick Gold Corp.# | 75,562 | 3,902,777 | ||||||
145
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Hotel/Motels — 0.9% |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. | 59,483 | $ | 3,381,014 | |||||
Industrial Gases — 0.5% |
| |||||||
Praxair, Inc. | 22,457 | 2,067,167 | ||||||
Instruments - Scientific — 0.7% | ||||||||
Thermo Fisher Scientific, Inc.† | 49,830 | 2,534,354 | ||||||
Internet Content - Information/News — 1.3% |
| |||||||
Baidu, Inc. ADR† | 48,119 | 5,061,638 | ||||||
Investment Management/Advisor Services — 1.8% |
| |||||||
Ameriprise Financial, Inc. | 50,260 | 2,605,478 | ||||||
Franklin Resources, Inc. | 20,383 | 2,325,497 | ||||||
Invesco, Ltd. | 88,200 | 1,917,468 | ||||||
6,848,443 | ||||||||
Machinery - Construction & Mining — 0.9% |
| |||||||
Caterpillar, Inc. | 15,600 | 1,319,760 | ||||||
Terex Corp.†# | 79,100 | 1,920,548 | ||||||
3,240,308 | ||||||||
Machinery - Farming — 0.7% |
| |||||||
Deere & Co. | 37,690 | 2,815,443 | ||||||
Medical Instruments — 0.5% |
| |||||||
St. Jude Medical, Inc.† | 45,400 | 1,756,526 | ||||||
Medical Products — 1.8% |
| |||||||
Baxter International, Inc. | 27,371 | 1,328,862 | ||||||
Covidien PLC | 64,800 | 2,726,136 | ||||||
Hospira, Inc.† | 47,594 | 2,677,639 | ||||||
6,732,637 | ||||||||
Medical - Biomedical/Gene — 3.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 15,700 | 1,200,265 | ||||||
Amgen, Inc.† | 14,000 | 737,660 | ||||||
Celgene Corp.† | 41,800 | 2,482,084 | ||||||
Dendreon Corp.†# | 44,042 | 1,574,061 | ||||||
Gilead Sciences, Inc.† | 142,631 | 5,206,031 | ||||||
United Therapeutics Corp.† | 24,135 | 1,518,816 | ||||||
12,718,917 | ||||||||
Medical - Drugs — 0.7% |
| |||||||
Abbott Laboratories | 22,850 | 1,062,754 | ||||||
Allergan, Inc. | 26,100 | 1,729,647 | ||||||
2,792,401 | ||||||||
Medical - Generic Drugs — 1.1% |
| |||||||
Mylan, Inc.† | 84,800 | 1,659,112 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 50,133 | 2,508,655 | ||||||
4,167,767 | ||||||||
Medical - HMO — 0.5% |
| |||||||
UnitedHealth Group, Inc. | 51,016 | 1,863,104 | ||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AmerisourceBergen Corp. | 41,600 | 1,283,360 | ||||||
Metal - Copper — 0.5% |
| |||||||
Freeport-McMoRan Copper & Gold, Inc. | 19,200 | 1,945,344 | ||||||
Multimedia — 1.2% |
| |||||||
The Walt Disney Co. | 39,300 | 1,434,843 | ||||||
Time Warner, Inc. | 28,200 | 831,618 | ||||||
Viacom, Inc., Class B | 55,900 | 2,114,697 | ||||||
4,381,158 | ||||||||
Networking Products — 1.4% |
| |||||||
Cisco Systems, Inc.† | 274,028 | 5,250,377 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Transocean, Ltd.† | 21,549 | $ | 1,444,429 | |||||
Oil Companies - Exploration & Production — 2.5% |
| |||||||
Apache Corp. | 11,500 | 1,237,860 | ||||||
EOG Resources, Inc. | 26,906 | 2,393,289 | ||||||
Occidental Petroleum Corp. | 46,800 | 4,126,356 | ||||||
Southwestern Energy Co.† | 40,100 | 1,451,620 | ||||||
9,209,125 | ||||||||
Oil Companies - Integrated — 0.5% |
| |||||||
Exxon Mobil Corp. | 27,900 | 1,940,724 | ||||||
Oil Field Machinery & Equipment — 1.4% |
| |||||||
Cameron International Corp.† | 42,893 | 2,063,582 | ||||||
National Oilwell Varco, Inc. | 50,081 | 3,069,465 | ||||||
5,133,047 | ||||||||
Oil - Field Services — 4.5% |
| |||||||
Halliburton Co. | 113,544 | 4,296,505 | ||||||
Schlumberger, Ltd. | 128,645 | 9,949,404 | ||||||
Weatherford International, Ltd.† | 127,887 | 2,610,174 | ||||||
16,856,083 | ||||||||
Pharmacy Services — 1.5% |
| |||||||
Express Scripts, Inc.† | 56,110 | 2,922,770 | ||||||
Medco Health Solutions, Inc.† | 42,686 | 2,617,505 | ||||||
5,540,275 | ||||||||
Retail - Apparel/Shoe — 3.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 21,320 | 1,071,330 | ||||||
Guess?, Inc. | 22,500 | 1,063,125 | ||||||
Limited Brands, Inc.# | 136,835 | 4,607,234 | ||||||
Ross Stores, Inc. | 64,445 | 4,181,192 | ||||||
Urban Outfitters, Inc.†# | 42,700 | 1,613,633 | ||||||
12,536,514 | ||||||||
Retail - Discount — 2.0% |
| |||||||
Dollar Tree, Inc.† | 30,600 | 1,681,470 | ||||||
Target Corp. | 50,200 | 2,858,388 | ||||||
Wal-Mart Stores, Inc. | 51,800 | 2,801,862 | ||||||
7,341,720 | ||||||||
Retail - Drug Store — 0.5% |
| |||||||
CVS Caremark Corp. | 56,878 | 1,763,218 | ||||||
Retail - Jewelry — 0.3% |
| |||||||
Tiffany & Co.# | 18,063 | 1,121,712 | ||||||
Retail - Office Supplies — 0.3% |
| |||||||
Staples, Inc. | 44,700 | 983,847 | ||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Macy’s, Inc. | 40,300 | 1,034,904 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
McDonald’s Corp. | 63,434 | 4,966,882 | ||||||
Semiconductor Equipment — 0.4% |
| |||||||
ASML Holding NV | 47,551 | 1,551,589 | ||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc. | 13,000 | 672,100 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Corning, Inc. | 75,600 | 1,335,096 | ||||||
Transport - Rail — 1.9% |
| |||||||
Union Pacific Corp. | 78,252 | 7,051,288 | ||||||
146 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Transport - Services — 1.1% |
| |||||||
C.H. Robinson Worldwide, Inc. | 30,691 | $ | 2,262,234 | |||||
FedEx Corp. | 18,800 | 1,713,056 | ||||||
3,975,290 | ||||||||
Vitamins & Nutrition Products — 0.9% |
| |||||||
Mead Johnson Nutrition Co. | 58,503 | 3,485,024 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
Equinix, Inc.† | 17,378 | 1,348,533 | ||||||
Web Portals/ISP — 3.1% |
| |||||||
Google, Inc., Class A† | 19,553 | 10,865,798 | ||||||
Yahoo!, Inc.† | 56,000 | 883,120 | ||||||
11,748,918 | ||||||||
Wireless Equipment — 2.9% |
| |||||||
American Tower Corp., Class A† | 82,044 | 4,148,965 | ||||||
QUALCOMM, Inc. | 140,988 | 6,589,779 | ||||||
10,738,744 | ||||||||
X-Ray Equipment — 0.3% |
| |||||||
Hologic, Inc.† | 58,700 | 962,679 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $307,785,721) | 366,961,145 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES — 5.6% |
| |||||||
Collective Investment Pool — 4.6% |
| |||||||
Securities Lending Quality Trust(1) | 17,281,561 | $ | 17,231,703 | |||||
Time Deposits — 1.0% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 3,874,000 | 3,874,000 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $21,155,561) | 21,105,703 | |||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(2) | 4,037,000 | 4,037,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $332,978,282)(3) | 104.6 | % | 392,103,848 | |||||
Liabilities in excess of other assets | (4.6 | ) | (17,135,848 | ) | ||||
NET ASSETS — | 100.0 | % $ | 374,968,000 | |||||
† | 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 2 for details of Joint Repurchase Agreements. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Computers | $ | 27,484,079 | $ | — | $ | — | $ | 27,484,079 | ||||||||
Other Industries* | 339,477,066 | — | — | 339,477,066 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 17,231,703 | — | 17,231,703 | ||||||||||||
Time Deposits | — | 3,874,000 | — | 3,874,000 | ||||||||||||
Repurchase Agreement | — | 4,037,000 | — | 4,037,000 | ||||||||||||
Total | $ | 366,961,145 | $ | 25,142,703 | $ | — | $ | 392,103,848 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
147
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2010 — (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.0 | % | ||
Real Estate Investment Trusts | 7.1 | |||
Electric — Integrated | 3.4 | |||
Banks — Commercial | 3.0 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Gas — Distribution | 2.5 | |||
Electronic Components — Semiconductors | 2.4 | |||
Retail — Apparel/Shoe | 2.4 | |||
Chemicals — Specialty | 2.3 | |||
Diversified Manufacturing Operations | 1.8 | |||
Machinery — Construction & Mining | 1.7 | |||
Retail — Restaurants | 1.6 | |||
Computers — Integrated Systems | 1.4 | |||
Medical Instruments | 1.4 | |||
Insurance — Property/Casualty | 1.4 | |||
Savings & Loans/Thrifts | 1.3 | |||
Internet Infrastructure Software | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Engineering/R&D Services | 1.2 | |||
Distribution/Wholesale | 1.2 | |||
Oil & Gas Drilling | 1.1 | |||
Insurance — Reinsurance | 1.1 | |||
Medical — Hospitals | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Electronic Parts Distribution | 1.0 | |||
Containers — Paper/Plastic | 1.0 | |||
Retail — Discount | 1.0 | |||
Consulting Services | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Oil — Field Services | 0.9 | |||
Repurchase Agreements | 0.9 | |||
E-Commerce/Services | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Steel — Producers | 0.8 | |||
Telecommunication Equipment | 0.7 | |||
Transport — Truck | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Food — Misc. | 0.7 | |||
Transport — Marine | 0.7 | |||
Medical Products | 0.7 | |||
Electronic Design Automation | 0.7 | |||
Insurance — Multi-line | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Computer Aided Design | 0.6 | |||
Instruments — Controls | 0.6 | |||
Web Hosting/Design | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Consumer Products — Misc. | 0.6 | |||
Coal | 0.6 | |||
Coatings/Paint | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Medical — Drugs | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Insurance Brokers | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Human Resources | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Schools | 0.5 | |||
Hospital Beds/Equipment | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Data Processing/Management | 0.5 | |||
Batteries/Battery Systems | 0.5 |
Commercial Services | 0.5 | |||
Transport — Rail | 0.5 | |||
Respiratory Products | 0.5 | |||
Soap & Cleaning Preparation | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Retail — Pet Food & Supplies | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Telecom Services | 0.4 | |||
Airlines | 0.4 | |||
Coffee | 0.4 | |||
X-Ray Equipment | 0.4 | |||
Transactional Software | 0.4 | |||
Machinery — Farming | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Multimedia | 0.4 | |||
Paper & Related Products | 0.4 | |||
Decision Support Software | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Building Products — Cement | 0.4 | |||
Medical — HMO | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Telephone — Integrated | 0.4 | |||
Diagnostic Kits | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Medical Information Systems | 0.3 | |||
Cosmetics & Toiletries | 0.3 | |||
Networking Products | 0.3 | |||
Retail — Gardening Products | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Research & Development | 0.3 | |||
Water | 0.3 | |||
Textile — Home Furnishings | 0.3 | |||
Food — Meat Products | 0.3 | |||
Physicians Practice Management | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Retail — Catalog Shopping | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Pharmacy Services | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Auction Houses/Art Dealers | 0.2 | |||
Private Corrections | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Casino Services | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Publishing — Books | 0.2 | |||
Web Portals/ISP | 0.2 | |||
Leisure Products | 0.2 | |||
Retail — Automobile | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Intimate Apparel | 0.2 | |||
Computer Services | 0.2 | |||
Electronic Connectors | 0.2 | |||
Motion Pictures & Services | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Cellular Telecom | 0.2 | |||
Advertising Sales | 0.2 | |||
Machinery — Print Trade | 0.2 | |||
Investment Companies | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Building Products — Air & Heating | 0.2 |
148
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Food — Baking | 0.2 | % | ||
Funeral Services & Related Items | 0.2 | |||
Wireless Equipment | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Recreational Centers | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Food — Retail | 0.1 | |||
Applications Software | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Building — Maintance & Services | 0.1 | |||
Printing — Commercial | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Tobacco | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Racetracks | 0.1 | |||
Food — Confectionery | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Retail — Bookstores | 0.1 | |||
113.0 | % | |||
* | Calculated as a percentage of net assets |
149
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 — (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.0% | ||||||||
Advertising Sales — 0.2% | ||||||||
Lamar Advertising Co., Class A†# | 126,000 | $ | 4,630,500 | |||||
Aerospace/Defense - Equipment — 0.6% | ||||||||
Alliant Techsystems, Inc.† | 73,100 | 5,402,821 | ||||||
BE Aerospace, Inc.† | 225,300 | 7,998,150 | ||||||
13,400,971 | ||||||||
Agricultural Chemicals — 0.1% | ||||||||
Intrepid Potash, Inc.†# | 97,600 | 2,991,440 | ||||||
Airlines — 0.4% | ||||||||
AirTran Holdings, Inc.†# | 298,200 | 2,218,608 | ||||||
Alaska Air Group, Inc.† | 78,900 | 4,339,500 | ||||||
JetBlue Airways Corp.†# | 443,600 | 3,012,044 | ||||||
9,570,152 | ||||||||
Apparel Manufacturers — 0.4% | ||||||||
Hanesbrands, Inc.†# | 210,700 | 5,720,505 | ||||||
Under Armour, Inc., Class A# | 77,300 | 4,462,529 | ||||||
10,183,034 | ||||||||
Applications Software — 0.1% | ||||||||
Quest Software, Inc.† | 135,200 | 3,420,560 | ||||||
Auction House/Art Dealers — 0.2% | ||||||||
Sotheby’s | 147,600 | 5,920,236 | ||||||
Auto - Heavy Duty Trucks — 0.2% | ||||||||
Oshkosh Corp.† | 199,400 | 5,722,780 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
BorgWarner, Inc.† | 251,100 | 15,151,374 | ||||||
Banks - Commercial — 3.0% | ||||||||
Associated Banc - Corp.# | 380,900 | 4,873,615 | ||||||
BancorpSouth, Inc.# | 161,800 | 2,079,130 | ||||||
Bank of Hawaii Corp. | 106,300 | 4,602,790 | ||||||
Cathay General Bancorp# | 172,900 | 2,335,879 | ||||||
City National Corp.# | 102,100 | 5,484,812 | ||||||
Commerce Bancshares, Inc. | 163,400 | 6,135,670 | ||||||
Cullen/Frost Bankers, Inc.# | 133,600 | 7,152,944 | ||||||
FirstMerit Corp.# | 239,600 | 4,175,030 | ||||||
Fulton Financial Corp.# | 437,800 | 3,786,970 | ||||||
International Bancshares Corp.# | 116,600 | 2,005,520 | ||||||
PacWest Bancorp.# | 69,300 | 1,178,100 | ||||||
Prosperity Bancshares, Inc.# | 102,700 | 3,341,858 | ||||||
SVB Financial Group†# | 92,400 | 4,151,532 | ||||||
Synovus Financial Corp.# | 1,728,800 | 3,509,464 | ||||||
TCF Financial Corp.# | 279,000 | 3,797,190 | ||||||
Trustmark Corp.# | 125,200 | 2,671,768 | ||||||
Valley National Bancorp.# | 354,800 | 4,505,960 | ||||||
Webster Financial Corp. | 145,200 | 2,395,800 | ||||||
Westamerica Bancorporation# | 64,200 | 3,138,096 | ||||||
71,322,128 | ||||||||
Banks - Fiduciary — 0.0% | ||||||||
Wilmington Trust Corp. | 201,600 | 790,272 | ||||||
Batteries/Battery Systems — 0.5% | ||||||||
Energizer Holdings, Inc.† | 154,600 | 10,882,294 | ||||||
Beverages - Non - alcoholic — 0.3% | ||||||||
Hansen Natural Corp.† | 151,400 | 8,057,508 | ||||||
Building & Construction Products - Misc. — 0.1% | ||||||||
Louisiana - Pacific Corp.†# | 284,500 | 2,332,900 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Lennox International, Inc. | 100,700 | 4,429,793 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Cement — 0.4% | ||||||||
Martin Marietta Materials, Inc.# | 100,200 | $ | 8,470,908 | |||||
Building - Heavy Construction — 0.1% | ||||||||
Granite Construction, Inc.# | 75,100 | 1,905,287 | ||||||
Building - Maintance & Services — 0.1% | ||||||||
Rollins, Inc.# | 93,300 | 2,520,966 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% | ||||||||
Thor Industries, Inc.# | 93,300 | 2,755,149 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
KB Home | 159,000 | 1,796,700 | ||||||
MDC Holdings, Inc.# | 83,000 | 2,072,510 | ||||||
NVR, Inc.†# | 12,900 | 7,997,742 | ||||||
Ryland Group, Inc.# | 97,100 | 1,415,718 | ||||||
Toll Brothers, Inc.† | 317,800 | 5,704,510 | ||||||
18,987,180 | ||||||||
Casino Hotels — 0.0% | ||||||||
Boyd Gaming Corp.† | 123,400 | 1,103,196 | ||||||
Casino Services — 0.2% | ||||||||
Bally Technologies, Inc.†# | 118,800 | 4,653,396 | ||||||
Scientific Games Corp., Class A† | 138,900 | 1,118,145 | ||||||
5,771,541 | ||||||||
Cellular Telecom — 0.2% | ||||||||
Syniverse Holdings, Inc.† | 152,800 | 4,669,568 | ||||||
Chemicals - Diversified — 0.1% | ||||||||
Olin Corp.# | 174,400 | 3,186,288 | ||||||
Chemicals - Specialty — 2.3% | ||||||||
Albemarle Corp. | 201,000 | 10,872,090 | ||||||
Ashland, Inc. | 173,400 | 8,822,592 | ||||||
Cabot Corp. | 143,900 | 5,151,620 | ||||||
Cytec Industries, Inc. | 108,000 | 5,165,640 | ||||||
Lubrizol Corp. | 148,600 | 15,537,616 | ||||||
Minerals Technologies, Inc.# | 40,900 | 2,488,356 | ||||||
NewMarket Corp.# | 21,900 | 2,755,020 | ||||||
Sensient Technologies Corp.# | 109,400 | 3,716,318 | ||||||
54,509,252 | ||||||||
Coal — 0.6% | ||||||||
Arch Coal, Inc. | 357,800 | 10,447,760 | ||||||
Patriot Coal Corp.†# | 176,300 | 2,852,534 | ||||||
13,300,294 | ||||||||
Coatings/Paint — 0.6% | ||||||||
RPM International, Inc. | 286,300 | 5,863,424 | ||||||
Valspar Corp.# | 216,900 | 7,166,376 | ||||||
13,029,800 | ||||||||
Coffee — 0.4% | ||||||||
Green Mountain Coffee Roasters, Inc.† | 253,700 | 9,407,196 | ||||||
Commercial Services — 0.5% | ||||||||
Alliance Data Systems Corp.†# | 115,900 | 7,310,972 | ||||||
Convergys Corp.† | 273,200 | 3,521,548 | ||||||
10,832,520 | ||||||||
Commercial Services - Finance — 0.9% | ||||||||
Global Payments, Inc. | 175,500 | 7,293,780 | ||||||
Lender Processing Services, Inc. | 205,000 | 6,307,850 | ||||||
SEI Investments Co. | 323,800 | 7,311,404 | ||||||
20,913,034 | ||||||||
150 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Computer Aided Design — 0.6% | ||||||||
ANSYS, Inc.† | 200,200 | $ | 9,709,700 | |||||
Parametric Technology Corp.† | 254,000 | 5,440,680 | ||||||
15,150,380 | ||||||||
Computer Services — 0.2% | ||||||||
DST Systems, Inc. | 79,300 | 3,398,798 | ||||||
SRA International, Inc., Class A† | 94,000 | 1,844,280 | ||||||
5,243,078 | ||||||||
Computers - Integrated Systems — 1.4% | ||||||||
Diebold, Inc. | 144,700 | 4,546,474 | ||||||
Jack Henry & Associates, Inc.# | 189,200 | 5,172,728 | ||||||
MICROS Systems, Inc.† | 176,400 | 7,712,208 | ||||||
NCR Corp.† | 353,400 | 5,085,426 | ||||||
Riverbed Technology, Inc.† | 313,100 | 10,617,221 | ||||||
33,134,057 | ||||||||
Consulting Services — 0.9% | ||||||||
CoreLogic, Inc. | 229,300 | 4,175,553 | ||||||
FTI Consulting, Inc.† | 103,100 | 3,674,484 | ||||||
Gartner, Inc.†# | 159,500 | 5,131,115 | ||||||
Navigant Consulting, Inc.†# | 110,300 | 917,696 | ||||||
The Corporate Executive Board Co.# | 75,500 | 2,619,095 | ||||||
Towers Watson & Co., Class A | 99,700 | 5,004,940 | ||||||
21,522,883 | ||||||||
Consumer Products - Misc. — 0.6% | ||||||||
American Greetings Corp., Class A# | 88,100 | 1,768,167 | ||||||
The Scotts Miracle - Gro Co., Class A | 101,700 | 5,080,932 | ||||||
Tupperware Brands Corp. | 138,900 | 6,456,072 | ||||||
13,305,171 | ||||||||
Containers - Metal/Glass — 0.3% | ||||||||
Greif, Inc., Class A | 68,500 | 4,003,140 | ||||||
Silgan Holdings, Inc.# | 107,200 | 3,670,528 | ||||||
7,673,668 | ||||||||
Containers - Paper/Plastic — 1.0% | ||||||||
Packaging Corp. of America | 228,200 | 5,853,330 | ||||||
Rock - Tenn Co., Class A# | 85,800 | 4,640,922 | ||||||
Sonoco Products Co. | 221,700 | 7,262,892 | ||||||
Temple - Inland, Inc. | 237,300 | 4,976,181 | ||||||
22,733,325 | ||||||||
Cosmetics & Toiletries — 0.3% | ||||||||
Alberto - Culver Co. | 189,000 | 7,030,800 | ||||||
Data Processing/Management — 0.5% | ||||||||
Acxiom Corp.†# | 176,200 | 2,997,162 | ||||||
Broadridge Financial Solutions, Inc. | 279,100 | 5,746,669 | ||||||
Fair Isaac Corp.# | 91,900 | 2,145,865 | ||||||
10,889,696 | ||||||||
Decision Support Software — 0.4% | ||||||||
MSCI, Inc., Class A† | 259,400 | 8,835,164 | ||||||
Diagnostic Equipment — 0.4% | ||||||||
Gen - Probe, Inc.† | 107,200 | 5,559,392 | ||||||
Immucor, Inc.†# | 154,100 | 2,830,817 | ||||||
8,390,209 | ||||||||
Diagnostic Kits — 0.3% | ||||||||
IDEXX Laboratories, Inc.†# | 127,100 | 8,161,091 | ||||||
Direct Marketing — 0.0% | ||||||||
Harte - Hanks, Inc. | 85,500 | 1,063,620 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale — 1.2% | ||||||||
Fossil, Inc.† | 116,800 | $ | 7,901,520 | |||||
Ingram Micro, Inc., Class A | 345,100 | 6,160,035 | ||||||
LKQ Corp.† | 315,300 | 6,802,597 | ||||||
Owens & Minor, Inc.# | 139,500 | 3,940,875 | ||||||
Watsco, Inc. | 61,400 | 3,700,578 | ||||||
28,505,605 | ||||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
Acuity Brands, Inc.# | 95,900 | 5,165,174 | ||||||
Carlisle Cos., Inc. | 134,300 | 4,918,066 | ||||||
Crane Co. | 102,400 | 3,837,952 | ||||||
Harsco Corp. | 177,200 | 4,263,432 | ||||||
Matthews International Corp., Class A# | 65,600 | 2,130,688 | ||||||
Pentair, Inc. | 217,400 | 7,152,460 | ||||||
SPX Corp. | 110,100 | 7,231,368 | ||||||
The Brink’s Co. | 103,300 | 2,534,982 | ||||||
Trinity Industries, Inc.# | 175,600 | 4,021,240 | ||||||
41,255,362 | ||||||||
E - Commerce/Services — 0.8% | ||||||||
Netflix, Inc.† | 95,700 | 19,704,630 | ||||||
E - Marketing/Info — 0.3% | ||||||||
Digital River, Inc.† | 87,300 | 3,214,386 | ||||||
ValueClick, Inc.†# | 180,200 | 2,800,308 | ||||||
6,014,694 | ||||||||
Electric Products - Misc. — 0.6% | ||||||||
AMETEK, Inc. | 234,500 | 13,875,365 | ||||||
Electric - Integrated — 3.4% | ||||||||
Alliant Energy Corp. | 244,000 | 8,859,640 | ||||||
Black Hills Corp.# | 86,300 | 2,619,205 | ||||||
Cleco Corp. | 133,700 | 4,055,121 | ||||||
DPL, Inc. | 261,900 | 6,633,927 | ||||||
Great Plains Energy, Inc. | 298,500 | 5,567,025 | ||||||
Hawaiian Electric Industries, Inc.# | 206,300 | 4,515,907 | ||||||
IDACORP, Inc.# | 106,100 | 3,853,552 | ||||||
MDU Resources Group, Inc. | 414,400 | 8,470,336 | ||||||
NSTAR# | 228,100 | 9,443,340 | ||||||
NV Energy, Inc. | 517,800 | 7,088,682 | ||||||
OGE Energy Corp. | 214,400 | 9,542,944 | ||||||
PNM Resources, Inc. | 190,900 | 2,286,982 | ||||||
Westar Energy, Inc.# | 244,000 | 6,078,040 | ||||||
79,014,701 | ||||||||
Electronic Components - Misc. — 0.5% | ||||||||
Gentex Corp. | 308,200 | 6,469,118 | ||||||
Vishay Intertechnology, Inc.† | 390,800 | 5,572,808 | ||||||
12,041,926 | ||||||||
Electronic Components - Semiconductors — 2.4% |
| |||||||
Cree, Inc.†# | 238,000 | 15,512,840 | ||||||
Fairchild Semiconductor International, Inc.† | 274,700 | 3,859,535 | ||||||
International Rectifier Corp.† | 154,900 | 4,392,964 | ||||||
Intersil Corp., Class A# | 272,700 | 3,476,925 | ||||||
Rovi Corp.† | 227,200 | 12,534,624 | ||||||
Semtech Corp.†# | 136,800 | 3,199,752 | ||||||
Silicon Laboratories, Inc.†# | 98,300 | 4,175,784 | ||||||
Skyworks Solutions, Inc.† | 393,400 | 10,012,030 | ||||||
57,164,454 | ||||||||
Electronic Connectors — 0.2% | ||||||||
Thomas & Betts Corp.† | 115,100 | 5,116,195 | ||||||
151 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Electronic Design Automation — 0.7% | ||||||||
Cadence Design Systems, Inc.† | 586,300 | $ | 4,608,318 | |||||
Mentor Graphics Corp.†# | 240,700 | 2,706,672 | ||||||
Synopsys, Inc.† | 327,200 | 8,405,768 | ||||||
15,720,758 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Itron, Inc.† | 88,900 | 5,046,853 | ||||||
National Instruments Corp. | 129,500 | 4,418,540 | ||||||
Trimble Navigation, Ltd.† | 262,400 | 9,771,776 | ||||||
19,237,169 | ||||||||
Electronic Parts Distribution — 1.0% | ||||||||
Arrow Electronics, Inc.† | 259,500 | 8,047,095 | ||||||
Avnet, Inc.† | 334,400 | 10,249,360 | ||||||
Tech Data Corp.† | 102,600 | 4,521,582 | ||||||
22,818,037 | ||||||||
Engineering/R&D Services — 1.2% | ||||||||
Aecom Technology Corp.† | 255,800 | 6,589,408 | ||||||
KBR, Inc. | 344,100 | 9,318,228 | ||||||
The Shaw Group, Inc.† | 186,000 | 5,961,300 | ||||||
URS Corp.† | 184,500 | 7,295,130 | ||||||
29,164,066 | ||||||||
Enterprise Software/Service — 0.5% | ||||||||
Advent Software, Inc.† | 34,900 | 1,800,142 | ||||||
Informatica Corp.† | 203,800 | 8,412,864 | ||||||
ManTech International Corp., Class A†# | 49,500 | 1,976,040 | ||||||
12,189,046 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co.# | 67,900 | 1,956,878 | ||||||
Filtration/Separation Products — 0.4% | ||||||||
Donaldson Co., Inc. | 168,200 | 9,131,578 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Greenhill & Co., Inc. | 55,800 | 4,181,652 | ||||||
Jefferies Group, Inc.# | 272,200 | 6,573,630 | ||||||
Raymond James Financial, Inc. | 219,300 | 6,289,524 | ||||||
17,044,806 | ||||||||
Food - Baking — 0.2% | ||||||||
Flowers Foods, Inc.# | 168,000 | 4,401,600 | ||||||
Food - Confectionery — 0.1% | ||||||||
Tootsie Roll Industries, Inc.# | 53,900 | 1,435,896 | ||||||
Food - Meat Products — 0.3% | ||||||||
Smithfield Foods, Inc.†# | 365,600 | 6,438,216 | ||||||
Food - Misc. — 0.7% | ||||||||
Corn Products International, Inc. | 165,700 | 7,144,984 | ||||||
Lancaster Colony Corp.# | 42,700 | 2,223,389 | ||||||
RalCorp Holdings, Inc.† | 120,900 | 7,486,128 | ||||||
16,854,501 | ||||||||
Food - Retail — 0.1% | ||||||||
Ruddick Corp.# | 93,600 | 3,440,736 | ||||||
Footwear & Related Apparel — 0.4% | ||||||||
Deckers Outdoor Corp.† | 85,200 | 6,551,880 | ||||||
The Timberland Co., Class A†# | 88,700 | 2,197,986 | ||||||
8,749,866 | ||||||||
Funeral Services & Related Items — 0.2% | ||||||||
Service Corp. International | 543,500 | 4,380,610 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution — 2.5% | ||||||||
AGL Resources, Inc. | 171,600 | $ | 6,302,868 | |||||
Atmos Energy Corp. | 198,500 | 5,968,895 | ||||||
Energen Corp. | 158,300 | 6,897,131 | ||||||
National Fuel Gas Co. | 180,500 | 11,436,480 | ||||||
Questar Corp. | 386,600 | 6,421,426 | ||||||
Southern Union Co. | 274,100 | 6,471,501 | ||||||
UGI Corp. | 242,100 | 7,183,107 | ||||||
Vectren Corp. | 179,200 | 4,641,280 | ||||||
WGL Holdings, Inc.# | 112,000 | 4,061,120 | ||||||
59,383,808 | ||||||||
Hazardous Waste Disposal — 0.2% | ||||||||
Clean Harbors, Inc.���# | 50,400 | 3,732,120 | ||||||
Hospital Beds/Equipment — 0.5% | ||||||||
Hill - Rom Holdings, Inc. | 139,800 | 5,533,284 | ||||||
Kinetic Concepts, Inc.† | 137,600 | 5,464,096 | ||||||
10,997,380 | ||||||||
Human Resources — 0.5% | ||||||||
Korn/Ferry International†# | 101,900 | 1,764,908 | ||||||
Manpower, Inc. | 181,100 | 10,199,552 | ||||||
11,964,460 | ||||||||
Independent Power Producers — 0.0% | ||||||||
Dynegy, Inc.†# | 225,800 | 1,149,322 | ||||||
Industrial Automated/Robotic — 0.3% | ||||||||
Nordson Corp.# | 74,800 | 5,941,364 | ||||||
Instruments - Controls — 0.6% | ||||||||
Mettler - Toledo International, Inc.† | 73,600 | 10,685,248 | ||||||
Woodward Governor Co.# | 129,100 | 4,357,125 | ||||||
15,042,373 | ||||||||
Insurance Brokers — 0.5% | ||||||||
Arthur J. Gallagher & Co.# | 231,700 | 6,506,136 | ||||||
Brown & Brown, Inc. | 256,700 | 5,870,729 | ||||||
12,376,865 | ||||||||
Insurance - Life/Health — 0.4% | ||||||||
Protective Life Corp. | 188,600 | 4,435,872 | ||||||
StanCorp Financial Group, Inc. | 102,900 | 4,280,640 | ||||||
8,716,512 | ||||||||
Insurance - Multi - line — 0.6% | ||||||||
American Financial Group, Inc. | 174,300 | 5,363,211 | ||||||
Old Republic International Corp.# | 569,900 | 7,214,934 | ||||||
Unitrin, Inc. | 110,500 | 2,614,430 | ||||||
15,192,575 | ||||||||
Insurance - Property/Casualty — 1.4% | ||||||||
Fidelity National Financial, Inc., Class A | 501,600 | 6,771,600 | ||||||
First American Financial Corp. | 229,300 | 3,249,181 | ||||||
HCC Insurance Holdings, Inc. | 253,700 | 7,123,896 | ||||||
Mercury General Corp.# | 78,400 | 3,366,496 | ||||||
The Hanover Insurance Group, Inc. | 98,900 | 4,478,192 | ||||||
WR Berkley Corp. | 268,000 | 7,152,920 | ||||||
32,142,285 | ||||||||
Insurance - Reinsurance — 1.1% | ||||||||
Everest Re Group, Ltd. | 123,900 | 10,344,411 | ||||||
Reinsurance Group of America, Inc. | 161,100 | 8,043,723 | ||||||
Transatlantic Holdings, Inc. | 140,400 | 7,104,240 | ||||||
25,492,374 | ||||||||
152
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Internet Infrastructure Software — 1.3% | ||||||||
F5 Networks, Inc.† | 177,200 | $ | 23,369,136 | |||||
TIBCO Software, Inc.† | 361,000 | 7,090,040 | ||||||
30,459,176 | ||||||||
Intimate Apparel — 0.2% | ||||||||
The Warnaco Group, Inc.† | 98,100 | 5,282,685 | ||||||
Investment Companies — 0.2% | ||||||||
Apollo Investment Corp. | 428,200 | 4,521,792 | ||||||
Investment Management/Advisor Services — 1.0% | ||||||||
Affiliated Managers Group, Inc.†# | 112,500 | 9,833,625 | ||||||
Eaton Vance Corp.# | 260,200 | 7,733,144 | ||||||
Waddell & Reed Financial, Inc., Class A | 188,200 | 5,796,560 | ||||||
23,363,329 | ||||||||
Leisure Products — 0.2% | ||||||||
WMS Industries, Inc.† | 127,900 | 5,672,365 | ||||||
Machine Tools & Related Products — 0.5% | ||||||||
Kennametal, Inc. | 180,500 | 6,104,510 | ||||||
Lincoln Electric Holdings, Inc. | 93,400 | 5,759,044 | ||||||
11,863,554 | ||||||||
Machinery - Construction & Mining — 1.7% | ||||||||
Bucyrus International, Inc. | 178,400 | 15,906,144 | ||||||
Joy Global, Inc. | 227,400 | 17,355,168 | ||||||
Terex Corp.†# | 239,400 | 5,812,632 | ||||||
39,073,944 | ||||||||
Machinery - Electrical — 0.5% | ||||||||
Baldor Electric Co. | 103,500 | 6,552,585 | ||||||
Regal - Beloit Corp. | 84,900 | 5,178,900 | ||||||
11,731,485 | ||||||||
Machinery - Farming — 0.4% | ||||||||
AGCO Corp.† | 204,900 | 9,249,186 | ||||||
Machinery - General Industrial — 0.8% | ||||||||
Gardner Denver, Inc. | 115,200 | 7,539,840 | ||||||
IDEX Corp. | 179,400 | 6,722,118 | ||||||
Wabtec Corp. | 105,500 | 4,877,265 | ||||||
19,139,223 | ||||||||
Machinery - Print Trade — 0.2% | ||||||||
Zebra Technologies Corp., Class A† | 124,800 | 4,547,712 | ||||||
Machinery - Pumps — 0.2% | ||||||||
Graco, Inc.# | 132,700 | 4,771,892 | ||||||
Medical Information Systems — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.† | 419,900 | 7,369,245 | ||||||
Medical Instruments — 1.4% | ||||||||
Beckman Coulter, Inc. | 152,500 | 8,343,275 | ||||||
Edwards Lifesciences Corp.† | 249,600 | 16,563,456 | ||||||
Techne Corp. | 81,600 | 4,901,712 | ||||||
Thoratec Corp.†# | 128,700 | 3,276,058 | ||||||
33,084,501 | ||||||||
Medical Labs & Testing Services — 0.3% | ||||||||
Covance, Inc.†# | 142,600 | 6,404,166 | ||||||
Medical Products — 0.7% | ||||||||
Henry Schein, Inc.† | 201,500 | 11,572,145 | ||||||
Teleflex, Inc. | 87,900 | 4,389,726 | ||||||
15,961,871 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Sterilization Products — 0.2% | ||||||||
STERIS Corp.# | 131,200 | $ | 4,514,592 | |||||
Medical - Biomedical/Gene — 1.3% | ||||||||
Bio-Rad Laboratories, Inc., Class A† | 42,700 | 3,986,045 | ||||||
Charles River Laboratories International, Inc.†# | 127,100 | 4,149,815 | ||||||
United Therapeutics Corp.† | 109,400 | 6,884,542 | ||||||
Vertex Pharmaceuticals, Inc.†# | 446,700 | 14,799,171 | ||||||
29,819,573 | ||||||||
Medical - Drugs — 0.5% | ||||||||
Endo Pharmaceuticals Holdings, Inc.† | 254,200 | 9,153,742 | ||||||
Medicis Pharmaceutical Corp., Class A | 132,500 | 3,491,375 | ||||||
12,645,117 | ||||||||
Medical - Generic Drugs — 0.5% | ||||||||
Perrigo Co.# | 181,700 | 10,945,608 | ||||||
Medical - HMO — 0.4% | ||||||||
Health Net, Inc.† | 214,500 | 5,791,500 | ||||||
WellCare Health Plans, Inc.† | 93,600 | 2,634,840 | ||||||
8,426,340 | ||||||||
Medical - Hospitals — 1.0% | ||||||||
Community Health Systems, Inc.† | 207,900 | 6,623,694 | ||||||
Health Management Associates, Inc., Class A† | 551,900 | 4,917,429 | ||||||
LifePoint Hospitals, Inc.† | 119,400 | 4,324,668 | ||||||
Universal Health Services, Inc., Class B | 214,100 | 8,803,792 | ||||||
24,669,583 | ||||||||
Medical - Nursing Homes — 0.1% | ||||||||
Kindred Healthcare, Inc.† | 86,900 | 1,402,566 | ||||||
Medical - Outpatient/Home Medical — 0.2% | ||||||||
Lincare Holdings, Inc.# | 216,000 | 5,562,000 | ||||||
Metal Processors & Fabrication — 0.6% | ||||||||
Commercial Metals Co. | 251,700 | 3,868,629 | ||||||
Timken Co. | 176,800 | 7,701,408 | ||||||
Worthington Industries, Inc.# | 126,200 | 2,021,724 | ||||||
13,591,761 | ||||||||
Miscellaneous Manufacturing — 0.3% | ||||||||
Aptargroup, Inc. | 148,600 | 6,786,562 | ||||||
Motion Pictures & Services — 0.2% | ||||||||
DreamWorks Animation SKG, Inc., Class A† | 157,700 | 4,887,123 | ||||||
Multimedia — 0.4% | ||||||||
FactSet Research Systems, Inc. | 102,000 | 9,044,340 | ||||||
Networking Products — 0.3% | ||||||||
Polycom, Inc.† | 187,800 | 6,949,539 | ||||||
Non - Hazardous Waste Disposal — 0.3% | ||||||||
Waste Connections, Inc.# | 255,300 | 6,637,800 | ||||||
Office Furnishings - Original — 0.2% | ||||||||
Herman Miller, Inc.# | 125,700 | 2,707,578 | ||||||
HNI Corp. | 99,200 | 2,642,688 | ||||||
5,350,266 | ||||||||
Oil & Gas Drilling — 1.1% | ||||||||
Atwood Oceanics, Inc.† | 123,400 | 4,393,040 | ||||||
Patterson - UTI Energy, Inc. | 339,500 | 6,701,730 | ||||||
Pride International, Inc.† | 386,800 | 12,029,480 | ||||||
Unit Corp.† | 87,400 | 3,493,378 | ||||||
26,617,628 | ||||||||
153
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies - Exploration & Production — 2.6% |
| |||||||
Bill Barrett Corp.†# | 101,200 | $ | 3,891,140 | |||||
Cimarex Energy Co. | 185,200 | 14,916,008 | ||||||
Comstock Resources, Inc.†# | 104,200 | 2,552,900 | ||||||
Forest Oil Corp.† | 249,600 | 8,541,312 | ||||||
Newfield Exploration Co.† | 294,200 | 19,661,386 | ||||||
Plains Exploration & Production Co.† | 308,500 | 8,841,610 | ||||||
Quicksilver Resources, Inc.† | 258,900 | 3,681,558 | ||||||
62,085,914 | ||||||||
Oil Field Machinery & Equipment — 0.2% | ||||||||
Dril - Quip, Inc.† | 75,400 | 5,838,976 | ||||||
Oil Refining & Marketing — 0.2% | ||||||||
Frontier Oil Corp. | 232,700 | 3,613,831 | ||||||
Oil - Field Services — 0.9% | ||||||||
Exterran Holdings, Inc.†# | 139,200 | 3,155,664 | ||||||
Helix Energy Solutions Group, Inc.† | 232,200 | 3,257,766 | ||||||
Oceaneering International, Inc.† | 119,200 | 8,236,720 | ||||||
Superior Energy Services, Inc.† | 173,500 | 5,793,165 | ||||||
20,443,315 | ||||||||
Paper & Related Products — 0.4% | ||||||||
Rayonier, Inc. | 176,700 | 9,004,632 | ||||||
Patient Monitoring Equipment — 0.2% | ||||||||
Masimo Corp.† | 129,500 | 3,996,370 | ||||||
Pharmacy Services — 0.3% | ||||||||
Omnicare, Inc. | 260,200 | 6,000,212 | ||||||
Physicians Practice Management — 0.3% | ||||||||
Mednax, Inc.† | 104,900 | 6,419,880 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc., Class B | 132,000 | 7,465,920 | ||||||
Printing - Commercial — 0.1% | ||||||||
Deluxe Corp.# | 113,100 | 2,396,589 | ||||||
Private Corrections — 0.2% | ||||||||
Corrections Corp. of America† | 243,300 | 5,875,695 | ||||||
Publishing - Books — 0.2% | ||||||||
John Wiley & Sons, Inc., Class A | 102,200 | 4,241,300 | ||||||
Scholastic Corp. | 52,400 | 1,472,440 | ||||||
5,713,740 | ||||||||
Racetracks — 0.1% | ||||||||
International Speedway Corp., Class A | 64,500 | 1,528,005 | ||||||
Real Estate Investment Trusts — 7.1% | ||||||||
Alexandria Real Estate Equities, Inc.# | 120,000 | 8,010,000 | ||||||
AMB Property Corp. | 370,600 | 10,814,108 | ||||||
BRE Properties, Inc. | 141,000 | 6,072,870 | ||||||
Camden Property Trust | 147,500 | 7,532,825 | ||||||
Corporate Office Properties Trust# | 144,900 | 4,913,559 | ||||||
Cousins Properties, Inc. | 226,000 | 1,676,920 | ||||||
Duke Realty Corp. | 554,000 | 6,166,020 | ||||||
Equity One, Inc.# | 91,700 | 1,587,327 | ||||||
Essex Property Trust, Inc.# | 66,800 | 7,404,112 | ||||||
Federal Realty Investment Trust# | 135,300 | 10,470,867 | ||||||
Highwoods Properties, Inc.# | 157,700 | 4,811,427 | ||||||
Hospitality Properties Trust | 271,700 | 6,010,004 | ||||||
Liberty Property Trust | 250,500 | 7,850,670 | ||||||
Mack - Cali Realty Corp. | 174,900 | 5,553,075 | ||||||
Nationwide Health Properties, Inc. | 272,500 | 9,823,625 | ||||||
Omega Healthcare Investors, Inc. | 208,700 | 4,405,657 | ||||||
Potlatch Corp.# | 88,100 | 2,791,008 | ||||||
Realty Income Corp.# | 242,000 | 8,240,100 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Regency Centers Corp.# | 180,300 | $ | 7,341,816 | |||||
Senior Housing Properties Trust | 280,600 | 6,265,798 | ||||||
SL Green Realty Corp.# | 172,200 | 11,261,880 | ||||||
The Macerich Co.# | 286,500 | 13,276,410 | ||||||
UDR, Inc.# | 395,000 | 8,808,500 | ||||||
Weingarten Realty Investors# | 265,100 | 6,282,870 | ||||||
167,371,448 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Jones Lang LaSalle, Inc. | 93,900 | 7,495,098 | ||||||
Recreational Centers — 0.2% | ||||||||
Life Time Fitness, Inc.†# | 92,200 | 3,636,368 | ||||||
Recreational Vehicles — 0.2% | ||||||||
Polaris Industries, Inc. | 73,200 | 5,320,908 | ||||||
Rental Auto/Equipment — 0.4% | ||||||||
Aaron’s, Inc.# | 160,500 | 3,203,580 | ||||||
Rent-A-Center, Inc.# | 145,300 | 4,045,152 | ||||||
United Rentals, Inc.†# | 133,300 | 2,615,346 | ||||||
9,864,078 | ||||||||
Research & Development — 0.3% | ||||||||
Pharmaceutical Product Development, Inc. | 261,700 | 6,521,564 | ||||||
Respiratory Products — 0.5% | ||||||||
ResMed, Inc.†# | 333,300 | 10,648,935 | ||||||
Retail - Apparel/Shoe — 2.4% | ||||||||
Aeropostale, Inc.† | 203,600 | 5,503,308 | ||||||
American Eagle Outfitters, Inc. | 430,600 | 7,104,900 | ||||||
AnnTaylor Stores Corp.†# | 130,000 | 3,498,300 | ||||||
Chico’s FAS, Inc. | 394,600 | 4,754,930 | ||||||
Collective Brands, Inc.†# | 141,800 | 2,395,002 | ||||||
Foot Locker, Inc. | 342,800 | 6,468,636 | ||||||
Guess?, Inc.# | 139,500 | 6,591,375 | ||||||
J Crew Group, Inc.†# | 140,400 | 6,138,288 | ||||||
Phillips - Van Heusen Corp. | 146,000 | 9,904,640 | ||||||
The Dress Barn, Inc.† | 152,200 | 3,759,340 | ||||||
56,118,719 | ||||||||
Retail - Auto Parts — 0.5% | ||||||||
Advance Auto Parts, Inc. | 185,600 | 12,247,744 | ||||||
Retail - Automobile — 0.2% | ||||||||
Copart, Inc.† | 157,900 | 5,602,292 | ||||||
Retail - Bookstores — 0.1% | ||||||||
Barnes & Noble, Inc. | 85,900 | 1,204,318 | ||||||
Retail - Catalog Shopping — 0.3% | ||||||||
Coldwater Creek, Inc.†# | 132,200 | 446,836 | ||||||
MSC Industrial Direct Co., Inc., Class A | 98,100 | 5,899,734 | ||||||
6,346,570 | ||||||||
Retail - Discount — 1.0% | ||||||||
99 Cents Only Stores† | 102,900 | 1,616,559 | ||||||
BJ’s Wholesale Club, Inc.† | 120,200 | 5,506,362 | ||||||
Dollar Tree, Inc.† | 279,600 | 15,364,020 | ||||||
22,486,941 | ||||||||
Retail - Gardening Products — 0.3% | ||||||||
Tractor Supply Co. | 159,900 | 6,790,953 | ||||||
Retail - Hair Salons — 0.1% | ||||||||
Regis Corp.# | 126,700 | 2,257,794 | ||||||
Retail - Mail Order — 0.3% | ||||||||
Williams - Sonoma, Inc.# | 238,200 | 7,924,914 | ||||||
154 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
Saks, Inc.†# | 354,400 | $ | 3,948,016 | |||||
Retail - Pet Food & Supplies — 0.4% | ||||||||
PetSmart, Inc. | 261,100 | 9,885,246 | ||||||
Retail - Restaurants — 1.6% | ||||||||
Bob Evans Farms, Inc.# | 66,900 | 2,083,266 | ||||||
Brinker International, Inc. | 203,300 | 4,155,452 | ||||||
Chipotle Mexican Grill, Inc.†# | 68,500 | 17,706,565 | ||||||
Panera Bread Co., Class A†# | 68,500 | 6,866,440 | ||||||
The Cheesecake Factory, Inc.†# | 131,000 | 4,174,970 | ||||||
Wendy’s/Arby’s Group, Inc., Class A | 709,300 | 3,383,361 | ||||||
38,370,054 | ||||||||
Retail - Sporting Goods — 0.3% | ||||||||
Dick’s Sporting Goods, Inc.† | 193,900 | 6,633,319 | ||||||
Savings & Loans/Thrifts — 1.3% | ||||||||
Astoria Financial Corp.# | 181,100 | 2,180,444 | ||||||
First Niagara Financial Group, Inc.# | 460,400 | 5,702,054 | ||||||
New York Community Bancorp, Inc.# | 959,100 | 16,112,880 | ||||||
NewAlliance Bancshares, Inc. | 231,400 | 3,086,876 | ||||||
Washington Federal, Inc. | 247,700 | 3,656,052 | ||||||
30,738,306 | ||||||||
Schools — 0.5% | ||||||||
Career Education Corp.†# | 145,000 | 2,579,550 | ||||||
Corinthian Colleges, Inc.†# | 194,200 | 802,046 | ||||||
ITT Educational Services, Inc.†# | 60,700 | 3,550,343 | ||||||
Strayer Education, Inc.# | 30,600 | 4,157,622 | ||||||
11,089,561 | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% | ||||||||
Atmel Corp.† | 1,016,400 | 10,560,396 | ||||||
Integrated Device Technology, Inc.† | 349,200 | 2,245,356 | ||||||
12,805,752 | ||||||||
Semiconductor Equipment — 0.5% | ||||||||
Lam Research Corp.† | 273,400 | 12,393,222 | ||||||
Soap & Cleaning Preparation — 0.4% | ||||||||
Church & Dwight Co., Inc. | 156,400 | 10,205,100 | ||||||
Steel Pipe & Tube — 0.2% | ||||||||
Valmont Industries, Inc.# | 47,000 | 3,800,420 | ||||||
Steel - Producers — 0.8% | ||||||||
Carpenter Technology Corp. | 96,800 | 3,530,296 | ||||||
Reliance Steel & Aluminum Co. | 163,500 | 7,267,575 | ||||||
Steel Dynamics, Inc. | 477,500 | 7,611,350 | ||||||
18,409,221 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% | ||||||||
Ciena Corp.†# | 206,100 | 3,122,415 | ||||||
Telecom Services — 0.4% | ||||||||
NeuStar, Inc., Class A† | 165,200 | 4,268,768 | ||||||
tw telecom, Inc.† | 333,800 | 5,501,024 | ||||||
9,769,792 | ||||||||
Telecommunication Equipment — 0.7% | ||||||||
ADC Telecommunications, Inc.†# | 213,700 | 2,718,264 | ||||||
ADTRAN, Inc.# | 137,900 | 4,294,206 | ||||||
CommScope, Inc.† | 208,600 | 6,593,846 | ||||||
Plantronics, Inc.# | 105,000 | 3,755,850 | ||||||
17,362,166 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated — 0.4% | ||||||||
Cincinnati Bell, Inc.† | 443,900 | $ | 1,083,116 | |||||
Telephone and Data Systems, Inc. | 203,600 | 7,264,448 | ||||||
8,347,564 | ||||||||
Textile - Home Furnishings — 0.3% |
| |||||||
Mohawk Industries, Inc.†# | 123,900 | 6,509,706 | ||||||
Tobacco — 0.1% | ||||||||
Universal Corp.# | 53,200 | 2,176,412 | ||||||
Transactional Software — 0.4% | ||||||||
ACI Worldwide, Inc†# | 73,500 | 1,866,165 | ||||||
Solera Holdings, Inc. | 154,300 | 7,406,400 | ||||||
9,272,565 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp.# | 102,000 | 3,383,340 | ||||||
Transport - Marine — 0.7% | ||||||||
Alexander & Baldwin, Inc. | 90,700 | 3,182,663 | ||||||
Kirby Corp.†# | 118,800 | 5,306,796 | ||||||
Overseas Shipholding Group, Inc. | 59,000 | 2,063,230 | ||||||
Tidewater, Inc.# | 113,200 | 5,556,988 | ||||||
16,109,677 | ||||||||
Transport - Rail — 0.5% | ||||||||
Kansas City Southern† | 225,800 | 10,689,372 | ||||||
Transport - Truck — 0.7% | ||||||||
Con - way, Inc. | 119,900 | 4,052,620 | ||||||
J.B. Hunt Transport Services, Inc. | 195,500 | 7,135,750 | ||||||
Landstar System, Inc. | 109,700 | 3,943,715 | ||||||
Werner Enterprises, Inc.# | 97,600 | 2,106,208 | ||||||
17,238,293 | ||||||||
Veterinary Diagnostics — 0.2% | ||||||||
VCA Antech, Inc.†# | 189,300 | 4,135,259 | ||||||
Water — 0.3% | ||||||||
Aqua America, Inc.# | 302,300 | 6,514,565 | ||||||
Web Hosting/Design — 0.6% | ||||||||
Equinix, Inc.† | 100,400 | 7,791,040 | ||||||
Rackspace Hosting, Inc.†# | 211,900 | 6,181,123 | ||||||
13,972,163 | ||||||||
Web Portals/ISP — 0.2% | ||||||||
AOL, Inc.† | 235,100 | 5,684,718 | ||||||
Wireless Equipment — 0.2% | ||||||||
RF Micro Devices, Inc.†# | 601,100 | 4,213,711 | ||||||
X - Ray Equipment — 0.4% | ||||||||
Hologic, Inc.† | 570,700 | 9,359,481 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,178,636,337) | 2,329,797,059 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.1% | ||||||||
Collective Investment Pool — 13.0% |
| |||||||
Securities Lending Quality Trust(1)(2) | 307,489,970 | 306,602,861 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 2,720,000 | 2,719,842 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $310,209,812) | 309,322,703 | |||||||
155 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 0.9% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(4) | $ | 20,421,000 | $ | 20,421,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,509,267,149)(5) | 113.0 | % | 2,659,540,762 | |||||
Liabilities in excess of other assets | (13.0 | ) | (305,208,272 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 2,354,332,490 | ||||
† | 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) | At November 30, 2010, the Fund had loaned securities with a total value of $297,773,251. This was secured by collateral of $307,489,970, which was received in cash and subsequently invested in short-term investments currently valued at $306,602,861 as reported in the portfolio of investments. The remaining collateral of $222,186 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Notes/Bonds | 3.50% to 5.37% | 02/15/18 to 08/15/39 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
290 | Long | S&P Midcap 400 E-mini Index | December 2010 | $ | 24,496,219 | $ | 24,705,100 | $ | 208,881 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Real Estate Investment Trusts | $ | 167,371,448 | $ | — | $ | — | $ | 167,371,448 | ||||||||
Other Industries* | 2,162,425,611 | — | — | 2,162,425,611 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 306,602,861 | — | 306,602,861 | ||||||||||||
U.S. Government Treasuries | — | 2,719,842 | — | 2,719,842 | ||||||||||||
Repurchase Agreement | — | 20,421,000 | — | 20,421,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Appreciation | 208,881 | — | — | 208,881 | ||||||||||||
Total | $ | 2,330,005,940 | $ | 329,743,703 | $ | — | $ | 2,659,749,643 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
156
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.3 | % | ||
Time Deposits | 7.1 | |||
E-Commerce/Services | 6.0 | |||
Applications Software | 4.7 | |||
Electronic Components-Semiconductors | 3.7 | |||
Medical — Biomedical/Gene | 3.7 | |||
Commercial Services | 2.8 | |||
Chemicals — Diversified | 2.6 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Commercial Services — Finance | 2.3 | |||
Retail — Restaurants | 2.3 | |||
Electric Products — Misc. | 2.3 | |||
Vitamins & Nutrition Products | 2.2 | |||
Transport — Services | 2.2 | |||
Multimedia | 2.0 | |||
Hazardous Waste Disposal | 1.9 | |||
Investment Management/Advisor Services | 1.9 | |||
Retail — Discount | 1.8 | |||
Distribution/Wholesale | 1.8 | |||
Casino Hotels | 1.8 | |||
Computers — Integrated Systems | 1.6 | |||
Medical — Drugs | 1.6 | |||
Internet Infrastructure Software | 1.6 | |||
Medical Instruments | 1.5 | |||
Transactional Software | 1.4 | |||
Decision Support Software | 1.3 | |||
Energy — Alternate Sources | 1.2 | |||
Oil — Field Services | 1.2 | |||
Apparel Manufacturers | 1.2 | |||
Machinery — Electrical | 1.2 | |||
Industrial Audio & Video Products | 1.1 | |||
Oil Field Machinery & Equipment | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Aerospace/Defense — Equipment | 1.0 | |||
Agricultural Chemicals | 0.9 | |||
Wireless Equipment | 0.9 | |||
Diagnostic Equipment | 0.9 | |||
Real Estate Investment Trusts | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Diversified Operations | 0.9 | |||
Retail — Fabric Store | 0.9 | |||
Chemicals — Specialty | 0.9 | |||
Schools | 0.9 | |||
Water Treatment Systems | 0.9 | |||
Computer Services | 0.9 | |||
Consulting Services | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Finance — Other Services | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Banks — Commercial | 0.8 | |||
Building Products — Cement | 0.8 | |||
Drug Delivery Systems | 0.8 | |||
Cellular Telecom | 0.8 | |||
Retail — Computer Equipment | 0.8 | |||
Diagnostic Kits | 0.8 | |||
Retail — Mail Order | 0.7 | |||
Data Processing/Management | 0.7 | |||
Transport — Truck | 0.7 | |||
Computer Aided Design | 0.7 | |||
Non — Hazardous Waste Disposal | 0.7 | |||
Advertising Services | 0.6 | |||
Broadcast Services/Program | 0.5 | |||
Telecom Services | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Metal — Diversified | 0.5 | |||
Real Estate Operations & Development | 0.5 | |||
Diversified Minerals | 0.4 | |||
Retail — Major Department Stores | 0.3 |
Auto — Cars/Light Trucks | 0.2 | |||
Internet Gambling | 0.2 | |||
112.4 | % | |||
* | Calculated as a percentage of net assets |
157
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 91.8% |
| |||||||
Advertising Services — 0.6% | ||||||||
Groupe Aeroplan, Inc. | 132,179 | $ | 1,663,585 | |||||
Aerospace/Defense - Equipment — 1.0% |
| |||||||
BE Aerospace, Inc.† | 79,900 | 2,836,450 | ||||||
Agricultural Chemicals — 0.9% |
| |||||||
Intrepid Potash, Inc.†# | 90,845 | 2,784,399 | ||||||
Apparel Manufacturers — 1.2% |
| |||||||
Coach, Inc. | 63,500 | 3,590,290 | ||||||
Applications Software — 4.7% |
| |||||||
Citrix Systems, Inc.† | 52,904 | 3,513,884 | ||||||
Red Hat, Inc.† | 71,014 | 3,089,109 | ||||||
Salesforce.com, Inc.† | 52,880 | 7,361,953 | ||||||
13,964,946 | ||||||||
Auto/Truck Parts & Equipment - Original — 1.0% |
| |||||||
ArvinMeritor, Inc.†# | 166,400 | 2,970,240 | ||||||
Banks - Commercial — 0.8% |
| |||||||
CapitalSource, Inc. | 365,300 | 2,359,838 | ||||||
Broadcast Services/Program — 0.5% |
| |||||||
Discovery Communications, Inc., Class C† | 44,889 | 1,594,008 | ||||||
Building Products - Cement — 0.8% |
| |||||||
Martin Marietta Materials, Inc.# | 26,903 | 2,274,380 | ||||||
Building - Residential/Commercial — 0.5% |
| |||||||
NVR, Inc.† | 2,524 | 1,564,830 | ||||||
Casino Hotels — 1.8% |
| |||||||
Wynn Resorts, Ltd. | 51,435 | 5,200,078 | ||||||
Cellular Telecom — 0.8% |
| |||||||
Millicom International Cellular SA | 26,031 | 2,258,970 | ||||||
Chemicals - Diversified — 2.6% |
| |||||||
Rockwood Holdings, Inc.† | 150,885 | 5,759,280 | ||||||
Solutia, Inc.† | 96,400 | 2,061,032 | ||||||
7,820,312 | ||||||||
Chemicals - Specialty — 0.9% |
| |||||||
Ferro Corp.† | 182,500 | 2,604,275 | ||||||
Commercial Services — 2.8% |
| |||||||
Edenred†(1) | 203,684 | 4,532,234 | ||||||
Intertek Group PLC(1) | 129,948 | 3,667,961 | ||||||
8,200,195 | ||||||||
Commercial Services - Finance — 2.3% |
| |||||||
Moody’s Corp.# | 27,786 | 745,498 | ||||||
Morningstar, Inc.†# | 46,697 | 2,353,996 | ||||||
Verisk Analytics, Inc., Class A† | 123,847 | 3,748,849 | ||||||
6,848,343 | ||||||||
Computer Aided Design — 0.7% |
| |||||||
Autodesk, Inc.† | 61,404 | 2,166,947 | ||||||
Computer Services — 0.9% |
| |||||||
IHS, Inc., Class A† | 34,971 | 2,529,103 | ||||||
Computers - Integrated Systems — 1.6% |
| |||||||
Teradata Corp.† | 116,785 | 4,798,696 | ||||||
Consulting Services — 0.8% |
| |||||||
Gartner, Inc.† | 77,679 | 2,498,933 | ||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Natura Cosmeticos SA | 92,966 | 2,498,468 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Pegasystems, Inc.# | 70,883 | 2,193,829 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Decision Support Software — 1.3% |
| |||||||
MSCI, Inc., Class A† | 109,242 | $ | 3,720,783 | |||||
Diagnostic Equipment — 0.9% |
| |||||||
Gen - Probe, Inc.†# | 52,429 | 2,718,968 | ||||||
Diagnostic Kits — 0.8% |
| |||||||
IDEXX Laboratories, Inc.† | 34,445 | 2,211,713 | ||||||
Distribution/Wholesale — 1.8% |
| |||||||
Fastenal Co. | 43,085 | 2,305,909 | ||||||
Fossil, Inc.† | 44,700 | 3,023,955 | ||||||
5,329,864 | ||||||||
Diversified Minerals — 0.4% |
| |||||||
Lynas Corp., Ltd.†(1) | 700,900 | 1,052,303 | ||||||
Diversified Operations — 0.9% |
| |||||||
Leucadia National Corp. | 102,392 | 2,658,096 | ||||||
Drug Delivery Systems — 0.8% |
| |||||||
Nektar Therapeutics†# | 179,500 | 2,274,265 | ||||||
E-Commerce/Services — 6.0% |
| |||||||
Alibaba.com, Ltd.†(1) | 953,100 | 1,581,684 | ||||||
Ctrip.com International, Ltd. ADR† | 109,559 | 4,800,875 | ||||||
Netflix, Inc.† | 25,011 | 5,149,765 | ||||||
priceline.com, Inc.† | 15,513 | 6,112,898 | ||||||
17,645,222 | ||||||||
Electric Products - Misc. — 2.3% |
| |||||||
AMETEK, Inc. | 78,000 | 4,615,260 | ||||||
GrafTech International, Ltd.† | 111,800 | 2,191,280 | ||||||
6,806,540 | ||||||||
Electronic Components - Semiconductors — 3.7% |
| |||||||
ARM Holdings PLC ADR | 84,385 | 1,582,219 | ||||||
Cree, Inc.†# | 33,100 | 2,157,458 | ||||||
Renesola, Ltd. ADR†# | 108,600 | 893,778 | ||||||
Rovi Corp.† | 116,910 | 6,449,924 | ||||||
11,083,379 | ||||||||
Energy - Alternate Sources — 1.2% |
| |||||||
Covanta Holding Corp.# | 141,739 | 2,228,137 | ||||||
First Solar, Inc.†# | 11,547 | 1,418,549 | ||||||
3,646,686 | ||||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Greenhill & Co., Inc. | 32,503 | 2,435,775 | ||||||
Finance - Other Services — 0.8% |
| |||||||
IntercontinentalExchange, Inc.† | 21,773 | 2,453,817 | ||||||
Hazardous Waste Disposal — 1.9% |
| |||||||
Stericycle, Inc.†# | 74,793 | 5,527,203 | ||||||
Industrial Audio & Video Products — 1.1% |
| |||||||
Dolby Laboratories, Inc., Class A† | 51,700 | 3,272,093 | ||||||
Internet Gambling — 0.2% |
| |||||||
Betfair Group PLC† | 34,972 | 707,163 | ||||||
Internet Infrastructure Software — 1.6% |
| |||||||
Akamai Technologies, Inc.† | 88,754 | 4,632,071 | ||||||
Investment Management/Advisor Services — 1.9% |
| |||||||
Ameriprise Financial, Inc. | 62,100 | 3,219,264 | ||||||
Calamos Asset Management, Inc., Class A | 32,513 | 387,880 | ||||||
T. Rowe Price Group, Inc. | 32,576 | 1,900,158 | ||||||
5,507,302 | ||||||||
Machinery - Electrical — 1.2% |
| |||||||
Schindler Holding AG(1) | 31,411 | 3,546,896 | ||||||
158
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical Instruments — 1.5% |
| |||||||
Intuitive Surgical, Inc.† | 8,949 | $ | 2,329,335 | |||||
Techne Corp. | 35,794 | 2,150,146 | ||||||
4,479,481 | ||||||||
Medical - Biomedical/Gene — 3.7% |
| |||||||
Dendreon Corp.†# | 84,900 | 3,034,326 | ||||||
Illumina, Inc.†# | 133,415 | 8,020,910 | ||||||
11,055,236 | ||||||||
Medical - Drugs — 1.6% |
| |||||||
Ironwood Pharmaceuticals, Inc.† | 124,508 | 1,330,991 | ||||||
Salix Pharmaceuticals, Ltd.†# | 75,200 | 3,357,680 | ||||||
4,688,671 | ||||||||
Metal - Diversified — 0.5% |
| |||||||
Molycorp, Inc.†# | 53,845 | 1,562,582 | ||||||
Multimedia — 2.0% |
| |||||||
FactSet Research Systems, Inc.# | 29,962 | 2,656,731 | ||||||
Naspers, Ltd(1) | 62,548 | 3,120,064 | ||||||
5,776,795 | ||||||||
Non - Hazardous Waste Disposal — 0.7% |
| |||||||
Republic Services, Inc. | 71,700 | 2,017,638 | ||||||
Oil Companies - Exploration & Production — 2.5% |
| |||||||
Petrohawk Energy Corp.† | 35,131 | 626,386 | ||||||
Range Resources Corp. | 62,008 | 2,603,716 | ||||||
Ultra Petroleum Corp.† | 90,201 | 4,238,545 | ||||||
7,468,647 | ||||||||
Oil Field Machinery & Equipment — 1.0% |
| |||||||
FMC Technologies, Inc.† | 35,400 | 2,982,096 | ||||||
Oil-Field Services — 1.2% |
| |||||||
Oil States International, Inc.† | 61,000 | 3,619,130 | ||||||
Real Estate Investment Trusts — 0.9% |
| |||||||
Digital Realty Trust, Inc.# | 51,200 | 2,689,024 | ||||||
Real Estate Operations & Development — 0.5% |
| |||||||
Gafisa SA ADR | 99,109 | 1,423,205 | ||||||
Retail - Auto Parts — 0.9% |
| |||||||
O’Reilly Automotive, Inc.† | 44,500 | 2,678,010 | ||||||
Retail - Computer Equipment — 0.8% |
| |||||||
GameStop Corp., Class A†# | 111,400 | 2,219,088 | ||||||
Retail - Discount — 1.8% |
| |||||||
Dollar Tree, Inc.† | 97,074 | 5,334,216 | ||||||
Retail - Fabric Store — 0.9% |
| |||||||
Jo-Ann Stores, Inc.†# | 54,400 | 2,635,136 | ||||||
Retail-Mail Order — 0.7% |
| |||||||
Williams-Sonoma, Inc. | 66,200 | 2,202,474 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Sears Holdings Corp.†# | 13,156 | 861,718 | ||||||
Retail - Restaurants — 2.3% |
| |||||||
Chipotle Mexican Grill, Inc.†# | 26,408 | 6,826,204 | ||||||
Schools — 0.9% |
| |||||||
New Oriental Education & Technology Group, Inc. ADR†# | 24,373 | 2,578,663 | ||||||
Telecom Services — 0.5% |
| |||||||
NeuStar, Inc., Class A† | 61,152 | 1,580,168 | ||||||
Transactional Software — 1.4% |
| |||||||
Solera Holdings, Inc. | 84,142 | 4,038,816 | ||||||
Security Description | Shares/ Prinicipal Amount | Value (Note 2) | ||||||
Transport - Services — 2.2% |
| |||||||
C.H. Robinson Worldwide, Inc. | 35,625 | $ | 2,625,919 | |||||
Expeditors International of Washington, Inc. | 73,908 | 3,909,733 | ||||||
6,535,652 | ||||||||
Transport - Truck — 0.7% |
| |||||||
J.B. Hunt Transport Services, Inc. | 59,500 | 2,171,750 | ||||||
Vitamins & Nutrition Products — 2.2% |
| |||||||
Herbalife, Ltd. | 36,100 | 2,477,543 | ||||||
Mead Johnson Nutrition Co. | 68,840 | 4,100,799 | ||||||
6,578,342 | ||||||||
Water Treatment Systems — 0.9% |
| |||||||
Nalco Holding Co. | 87,480 | 2,573,662 | ||||||
Wireless Equipment — 0.9% |
| |||||||
RF Micro Devices, Inc.† | 394,000 | 2,761,940 | ||||||
Total Common Stock |
| |||||||
(cost $227,701,603) | 271,789,598 | |||||||
PREFERRED STOCK — 0.2% |
| |||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Better Place LLC(2)(3)(5) | 262,477 | 787,431 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $228,489,034) | 272,577,029 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 20.4% |
| |||||||
Collective Investment Pool — 13.3% |
| |||||||
Securities Lending Quality Trust(4)(7) | 39,439,214 | 39,325,432 | ||||||
Time Deposits — 7.1% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | $ | 21,006,000 | 21,006,000 | |||||
Total Short-Term Investment Securities |
| |||||||
(cost $60,445,214) | 60,331,432 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $288,934,248)(6) | 112.4 | % | 332,908,461 | |||||
Liabilities in excess of other assets | (12.4 | ) | (36,817,736 | ) | ||||
NET ASSETS | 100.0 | % | $ | 296,090,725 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
(1) | Security was valued using fair value procedures at November 30, 2010. The aggregate value of these securities was $17,501,142 representing 5.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities |
159 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
for which secondary markets exist. As of November 30, 2010, the Mid Cap Strategic Growth Fund held the following restricted securities: |
Name | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Better Place LLC Preferred Stock | 01/25/10 | 262,477 | $ | 787,431 | $ | 787,431 | $ | 3.00 | 0.2 | % | ||||||||||||||
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; See Note 2. |
(4) | The security is purchased with the cash collateral received from securities loaned. |
(5) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $787,431 representing 0.2% of net assets. |
(6) | See Note 5 for cost on investments on a tax basis. |
(7) | At November 30, 2010, the Fund had loaned securities with a total value of $39,202,205. This was secured by collateral of $39,439,214, which was received in cash and subsequently invested in short-term investments currently valued at $39,325,432 as reported in the portfolio of investments. The remaining collateral of $1,937 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||||||
United States Treasury Notes/Bonds | 4.38% to 6.38 | % | 08/15/27 to 11/15/39 |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
E-Commerce/Services | $ | 16,063,538 | $ | 1,581,684 | # | $ | — | $ | 17,645,222 | |||||||
Other Industries* | 238,224,918 | 15,919,458 | # | — | 254,144,376 | |||||||||||
Preferred Stock | — | — | 787,431 | 787,431 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 39,325,432 | — | 39,325,432 | ||||||||||||
Time Deposits | — | 21,006,000 | — | 21,006,000 | ||||||||||||
Total | $ | 254,288,456 | $ | 77,832,574 | $ | 787,431 | $ | 332,908,461 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $17,501,142 representing 5.9% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 787,431 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Net purchases (sales) | — | |||
Transfers in and/or (out) of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 787,431 | ||
See Notes to Financial Statements
160
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
U.S. Government Agencies | 50.0 | % | ||
Foreign Bank | 14.6 | |||
U.S. Government Treasuries | 8.5 | |||
Repurchase Agreement | 7.3 | |||
Super — Regional Banks — US | 4.2 | |||
Commercial Banks — Canadian | 4.0 | |||
Diversified Financial Services | 3.6 | |||
Money Center Banks | 2.7 | |||
Domestic Bank | 2.7 | |||
Finance | 2.1 | |||
Finance — Investment Banker/Broker | 0.3 | |||
100.0 | % | |||
Weighted Average Days to Maturity | 54.2 |
Credit Quality@#
A-1 | 100.0 | % | ||
* | Calculated as a percentage of net assets. |
@ | Source: Standard & Poors. |
# | Calculated as a percentage of total debt issues. |
161
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 92.7% |
| |||||||
Certificates of Deposit — 18.4% | ||||||||
Barclays Bank PLC | $ | 10,600,000 | $ | 10,600,000 | ||||
BNP Paribas | 8,500,000 | 8,500,000 | ||||||
Deutsche Bank AG | 8,600,000 | 8,600,000 | ||||||
Deutsche Bank AG | 8,750,000 | 8,750,000 | ||||||
Nordea Bank Finland | 8,300,000 | 8,300,000 | ||||||
Rabobank Nederland NV | 9,000,000 | 9,000,261 | ||||||
Royal Bank of Canada FRS | 10,650,000 | 10,650,426 | ||||||
Royal Bank of Canada FRS | 9,180,000 | 9,180,000 | ||||||
Svenska Handelsbanken | 8,300,000 | 8,300,000 | ||||||
Svenska Handelsbanken | 8,800,000 | 8,800,000 | ||||||
Total Certificates of Deposit | ||||||||
(amortized cost $90,680,687) | 90,680,687 | |||||||
Commercial Paper — 9.6% | ||||||||
Bank of America Corp. | 5,250,000 | 5,250,000 | ||||||
Bank of America Corp. | 5,200,000 | 5,198,736 | ||||||
BNP Paribas Finance, Inc. | 10,500,000 | 10,500,000 | ||||||
Citigroup Funding, Inc. | 8,750,000 | 8,745,304 | ||||||
UBS Finance Delaware LLC | 8,750,000 | 8,749,694 | ||||||
Wells Fargo & Co. | 9,000,000 | 9,000,000 | ||||||
Total Commercial Paper | ||||||||
(amortized cost $47,443,734) | 47,443,734 | |||||||
Medium Term Notes — 3.1% | ||||||||
Bank of America NA | 750,000 | 750,677 | ||||||
General Electric Capital Corp. FRS | 7,300,000 | 7,301,349 | ||||||
General Electric Capital Corp. | 1,920,000 | 1,922,734 | ||||||
General Electric Capital Corp. | 1,000,000 | 1,004,411 | ||||||
Wachovia Bank NA FRS | 4,380,000 | 4,379,993 | ||||||
Total Medium Term Notes | ||||||||
(amortized cost $15,359,164) | 15,359,164 | |||||||
U.S. Corporate Bonds & Notes — 3.1% | ||||||||
Bank of America NA FRS | 9,850,000 | 9,850,000 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Corporate Bonds & Notes (continued) | ||||||||
JPMorgan Chase & Co. FRS | $ | 2,000,000 | $ | 2,000,000 | ||||
JPMorgan Chase & Co. | 2,093,000 | 2,093,000 | ||||||
Morgan Stanley | 1,320,000 | 1,320,000 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(amortized cost $15,263,000) | 15,263,000 | |||||||
U.S. Government Agencies — 50.0% | ||||||||
Federal Farm Credit Bank | ||||||||
0.23% due 08/11/11 | 4,300,000 | 4,293,050 | ||||||
Federal Farm Credit Bank FRS | ||||||||
0.26% due 12/27/10 | 8,000,000 | 7,999,940 | ||||||
Federal Home Loan Bank | ||||||||
0.17% due 01/26/11 | 8,850,000 | 8,847,660 | ||||||
0.18% due 12/22/10 | 7,000,000 | 6,999,265 | ||||||
0.18% due 02/24/11 | 7,500,000 | 7,496,812 | ||||||
0.19% due 05/12/11 | 8,800,000 | 8,799,146 | ||||||
0.20% due 12/29/10 | 7,500,000 | 7,498,792 | ||||||
0.20% due 01/21/11 | 3,550,000 | 3,548,994 | ||||||
0.25% due 12/27/10 | 8,820,000 | 8,818,407 | ||||||
0.25% due 12/28/10 | 5,310,000 | 5,309,944 | ||||||
0.26% due 01/25/11 | 1,450,000 | 1,450,123 | ||||||
0.28% due 12/15/10 | 7,080,000 | 7,079,229 | ||||||
0.39% due 02/25/11 | 3,710,000 | 3,706,544 | ||||||
0.40% due 11/25/11 | 8,800,000 | 8,800,000 | ||||||
0.40% due 11/28/11 | 8,800,000 | 8,800,000 | ||||||
0.41% due 03/17/11 | 5,610,000 | 5,603,227 | ||||||
Federal Home Loan Bank FRS | ||||||||
0.16% due 08/01/11 | 7,000,000 | 6,998,507 | ||||||
0.16% due 08/01/11 | 1,550,000 | 1,549,007 | ||||||
0.16% due 08/12/11 | 10,700,000 | 10,695,487 | ||||||
0.16% due 02/17/12 | 4,200,000 | 4,197,359 | ||||||
0.20% due 09/15/11 | 2,380,000 | 2,379,370 | ||||||
0.20% due 09/23/11 | 10,500,000 | 10,499,157 | ||||||
0.22% due 12/03/10 | 7,600,000 | 7,599,975 | ||||||
Federal Home Loan Mtg. Corp. | ||||||||
0.17% due 01/10/11 | 7,511,000 | 7,509,623 | ||||||
0.17% due 01/24/11 | 3,550,000 | 3,549,095 | ||||||
0.18% due 01/07/11 | 7,200,000 | 7,198,668 | ||||||
0.19% due 04/01/11 | 7,500,000 | 7,495,210 | ||||||
0.19% due 04/18/11 | 3,450,000 | 3,447,487 | ||||||
0.20% due 12/01/10 | 2,690,000 | 2,690,000 | ||||||
0.20% due 05/24/11 | 1,750,000 | 1,748,291 | ||||||
0.20% due 06/21/11 | 3,450,000 | 3,446,128 | ||||||
0.20% due 06/22/11 | 1,750,000 | 1,748,026 | ||||||
0.22% due 01/11/11 | 5,250,000 | 5,248,685 | ||||||
0.25% due 06/01/11 | 2,750,000 | 2,746,524 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
0.15% due 02/01/11 | 750,000 | 749,940 | ||||||
0.27% due 01/14/11 | 580,000 | 580,060 | ||||||
0.34% due 01/28/11 | 360,000 | 360,084 | ||||||
0.34% due 04/07/11 | 8,000,000 | 7,999,722 | ||||||
Federal National Mtg. Assoc. | ||||||||
0.18% due 01/12/11 | 5,480,000 | 5,478,849 | ||||||
0.18% due 02/14/11 | 5,650,000 | 5,647,881 | ||||||
0.18% due 02/15/11 | 6,000,000 | 5,997,720 | ||||||
0.20% due 01/19/11 | 7,300,000 | 7,298,013 | ||||||
0.24% due 12/08/10 | 1,786,000 | 1,785,917 | ||||||
0.25% due 12/20/10 | 8,850,000 | 8,848,832 | ||||||
0.28% due 03/01/11 | 5,310,000 | 5,306,283 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $245,851,033) | 245,851,033 | |||||||
162 |
Table of Contents
VALIC Company I Money Market I Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) | ||||||||
U.S. Government Treasuries — 8.5% | ||||||||
United States Treasury Bills | ||||||||
0.17% due 04/21/11 | $ | 9,820,000 | $ | 9,813,461 | ||||
0.19% due 03/10/11 | 7,320,000 | 7,316,276 | ||||||
0.19% due 03/17/11 | 3,000,000 | 2,998,322 | ||||||
0.21% due 06/02/11 | 5,500,000 | 5,494,129 | ||||||
0.22% due 12/16/10 | 9,260,000 | 9,259,151 | ||||||
0.23% due 09/22/11 | 7,000,000 | 6,987,094 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $41,868,433) | 41,868,433 | |||||||
Total Short-Term Investment Securities — 92.7% | ||||||||
(amortized cost $456,466,051) | 456,466,051 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 7.3% | ||||||||
UBS Securities LLC Joint Repurchase Agreement(1) | $ | 35,915,000 | $ | 35,915,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $492,381,051) (2) | 100.0 | % | 492,381,051 | |||||
Liabilities in excess of other assets | 0.0 | (185,728 | ) | |||||
NET ASSETS | 100.0 | % | $ | 492,195,323 | ||||
(1) | See Note 2 for details of Joint Repurchase Agreements. |
(2) | See Note 5 for cost of investments on a tax basis. |
FDIC—Federal Deposit Insurance Corp.
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2010.
The dates shown on debt obligations are the original maturity dates.
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Certificates of Deposit | $ | — | $ | 90,680,687 | $ | — | $ | 90,680,687 | ||||||||
Commercial Paper | — | 47,443,734 | — | 47,443,734 | ||||||||||||
Medium Term Notes | — | 15,359,164 | — | 15,359,164 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 15,263,000 | — | 15,263,000 | ||||||||||||
U.S. Government Agencies | — | 245,851,033 | — | 245,851,033 | ||||||||||||
U.S. Government Treasuries | — | 41,868,433 | — | 41,868,433 | ||||||||||||
Repurchase Agreement | — | 35,915,000 | — | 35,915,000 | ||||||||||||
Total | $ | — | $ | 492,381,051 | $ | — | $ | 492,381,051 | ||||||||
See Notes to Financial Statements
163
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Computers | 21.9 | % | ||
Collective Investment Pool | 7.4 | |||
Medical — Biomedical/Gene | 7.2 | |||
Applications Software | 5.8 | |||
Electronic Components — Semiconductors | 4.8 | |||
Web Portals/ISP | 4.7 | |||
Wireless Equipment | 4.5 | |||
Enterprise Software/Service | 3.8 | |||
E-Commerce/Services | 3.2 | |||
Cable/Satellite TV | 2.9 | |||
Repurchase Agreements | 2.9 | |||
E-Commerce/Products | 2.6 | |||
Medical — Generic Drugs | 2.3 | |||
Networking Products | 1.9 | |||
Computers — Memory Devices | 1.8 | |||
Cellular Telecom | 1.7 | |||
Retail — Restaurants | 1.6 | |||
Internet Content — Information/News | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Computer Services | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Pharmacy Services | 1.3 | |||
Transport — Services | 1.1 | |||
Auto — Heavy Duty Trucks | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Internet Security | 1.0 | |||
Multimedia | 1.0 | |||
Entertainment Software | 0.9 | |||
Retail — Discount | 0.8 | |||
Retail — Bedding | 0.8 | |||
Retail — Apparel/Shoe | 0.7 | |||
Electronic Forms | 0.7 | |||
Casino Hotels | 0.7 | |||
Electronic Components — Misc. | 0.6 | |||
Retail — Office Supplies | 0.5 | |||
Toys | 0.5 | |||
Data Processing/Management | 0.5 | |||
Medical Instruments | 0.5 | |||
Energy — Alternate Sources | 0.5 | |||
Telecom Services | 0.4 | |||
Computer Aided Design | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Medical Information Systems | 0.4 | |||
U.S. Government Treasuries | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Medical Products | 0.3 | |||
Schools | 0.2 | |||
Linen Supply & Related Items | 0.2 | |||
Therapeutics | 0.2 | |||
Medical — Drugs | 0.2 | |||
Transport — Truck | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
107.2 | % | |||
* | Calculated as a percentage of net assets |
164
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 96.6% | ||||||||
Applications Software — 5.8% | ||||||||
Check Point Software Technologies, Ltd.† | 11,702 | $ | 501,665 | |||||
Citrix Systems, Inc.† | 12,673 | 841,741 | ||||||
Intuit, Inc.† | 22,578 | 1,013,526 | ||||||
Microsoft Corp. | 169,936 | 4,284,086 | ||||||
6,641,018 | ||||||||
Auto - Heavy Duty Trucks — 1.1% | ||||||||
PACCAR, Inc.# | 23,315 | 1,255,746 | ||||||
Cable/Satellite TV — 2.9% | ||||||||
Comcast Corp., Class A | 82,650 | 1,653,000 | ||||||
DIRECTV, Class A† | 36,014 | 1,495,662 | ||||||
DISH Network Corp., Class A† | 12,331 | 226,767 | ||||||
3,375,429 | ||||||||
Casino Hotels — 0.7% | ||||||||
Wynn Resorts, Ltd. | 7,683 | 776,751 | ||||||
Cellular Telecom — 1.7% | ||||||||
Millicom International Cellular SA | 6,010 | 521,548 | ||||||
NII Holdings, Inc.† | 9,339 | 361,979 | ||||||
Vodafone Group PLC ADR | 40,365 | 1,011,547 | ||||||
1,895,074 | ||||||||
Chemicals - Specialty — 0.4% | ||||||||
Sigma - Aldrich Corp.# | 6,649 | 420,350 | ||||||
Commercial Services - Finance — 1.3% | ||||||||
Automatic Data Processing, Inc. | 19,840 | 884,269 | ||||||
Paychex, Inc.# | 19,567 | 558,442 | ||||||
1,442,711 | ||||||||
Computer Aided Design — 0.4% | ||||||||
Autodesk, Inc.† | 13,508 | 476,697 | ||||||
Computer Services — 1.3% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 16,732 | 1,087,245 | ||||||
Infosys Technologies, Ltd. ADR | 6,247 | 413,239 | ||||||
1,500,484 | ||||||||
Computers — 21.9% | ||||||||
Apple, Inc.† | 72,706 | 22,622,472 | ||||||
Dell, Inc.† | 40,822 | 539,667 | ||||||
Research In Motion, Ltd.† | 30,137 | 1,863,973 | ||||||
25,026,112 | ||||||||
Computers - Memory Devices — 1.8% | ||||||||
NetApp, Inc.†# | 21,305 | 1,085,064 | ||||||
SanDisk Corp.† | 13,517 | 602,858 | ||||||
Seagate Technology PLC† | 26,844 | 359,978 | ||||||
2,047,900 | ||||||||
Computers - Periphery Equipment — 0.2% | ||||||||
Logitech International SA†# | 9,800 | 189,336 | ||||||
Data Processing/Management — 0.5% | ||||||||
Fiserv, Inc.† | 10,714 | 592,484 | ||||||
Dental Supplies & Equipment — 0.4% | ||||||||
DENTSPLY International, Inc.# | 7,823 | 241,887 | ||||||
Patterson Cos., Inc.# | 6,785 | 201,718 | ||||||
443,605 | ||||||||
Diagnostic Kits — 0.2% | ||||||||
QIAGEN NV†# | 13,438 | 245,915 | ||||||
Distribution/Wholesale — 0.4% | ||||||||
Fastenal Co.# | 8,042 | 430,408 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 2.6% | ||||||||
Amazon.com, Inc.† | 16,966 | $ | 2,975,836 | |||||
E-Commerce/Services — 3.2% | ||||||||
eBay, Inc.† | 55,839 | 1,626,590 | ||||||
Expedia, Inc.# | 15,950 | 419,963 | ||||||
Liberty Media Corp. - Interactive, Class A† | 31,295 | 483,821 | ||||||
priceline.com, Inc.† | 2,921 | 1,151,020 | ||||||
3,681,394 | ||||||||
Electronic Components - Misc. — 0.6% | ||||||||
Flextronics International, Ltd.† | 48,622 | 352,510 | ||||||
Garmin, Ltd.# | 10,299 | 298,259 | ||||||
650,769 | ||||||||
Electronic Components - Semiconductors — 4.8% |
| |||||||
Altera Corp.# | 24,655 | 865,144 | ||||||
Broadcom Corp., Class A | 23,338 | 1,038,308 | ||||||
Intel Corp. | 111,251 | 2,349,621 | ||||||
Microchip Technology, Inc.# | 8,820 | 296,440 | ||||||
NVIDIA Corp.† | 32,162 | 437,403 | ||||||
Xilinx, Inc.# | 19,592 | 531,335 | ||||||
5,518,251 | ||||||||
Electronic Forms — 0.7% | ||||||||
Adobe Systems, Inc.† | 29,371 | 814,458 | ||||||
Electronic Measurement Instruments — 0.2% | ||||||||
FLIR Systems, Inc.†# | 9,442 | 253,093 | ||||||
Energy - Alternate Sources — 0.5% | ||||||||
First Solar, Inc.†# | 4,275 | 525,184 | ||||||
Engineering/R&D Services — 0.2% | ||||||||
Foster Wheeler AG† | 7,601 | 212,828 | ||||||
Enterprise Software/Service — 3.8% | ||||||||
BMC Software, Inc.† | 11,850 | 526,140 | ||||||
CA, Inc. | 28,278 | 647,284 | ||||||
Oracle Corp. | 119,583 | 3,233,524 | ||||||
4,406,948 | ||||||||
Entertainment Software — 0.9% | ||||||||
Activision Blizzard, Inc. | 62,384 | 732,388 | ||||||
Electronic Arts, Inc.† | 18,999 | 283,275 | ||||||
1,015,663 | ||||||||
Hazardous Waste Disposal — 0.3% | ||||||||
Stericycle, Inc.†# | 5,113 | 377,851 | ||||||
Internet Content - Information/News — 1.4% | ||||||||
Baidu, Inc. ADR† | 15,644 | 1,645,592 | ||||||
Internet Security — 1.0% | ||||||||
Symantec Corp.† | 47,096 | 791,213 | ||||||
VeriSign, Inc.†# | 9,368 | 321,416 | ||||||
1,112,629 | ||||||||
Linen Supply & Related Items — 0.2% | ||||||||
Cintas Corp.# | 10,465 | 279,886 | ||||||
Machinery - Construction & Mining — 0.4% | ||||||||
Joy Global, Inc. | 5,782 | 441,282 | ||||||
Medical Information Systems — 0.4% | ||||||||
Cerner Corp.†# | 4,688 | 411,888 | ||||||
Medical Instruments — 0.5% | ||||||||
Intuitive Surgical, Inc.†# | 2,243 | 583,830 | ||||||
Medical Products — 0.3% | ||||||||
Henry Schein, Inc.†# | 5,206 | 298,981 | ||||||
165 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Biomedical/Gene — 7.2% | ||||||||
Amgen, Inc.† | 25,491 | $ | 1,343,121 | |||||
Biogen Idec, Inc.† | 15,005 | 959,870 | ||||||
Celgene Corp.† | 25,994 | 1,543,524 | ||||||
Genzyme Corp.†# | 18,229 | 1,298,269 | ||||||
Gilead Sciences, Inc.† | 47,124 | 1,720,026 | ||||||
Illumina, Inc.†# | 6,961 | 418,495 | ||||||
Life Technologies Corp.† | 10,586 | 527,236 | ||||||
Vertex Pharmaceuticals, Inc.†# | 12,104 | 401,005 | ||||||
8,211,546 | ||||||||
Medical - Drugs — 0.2% | ||||||||
Cephalon, Inc.†# | 4,179 | 265,325 | ||||||
Medical - Generic Drugs — 2.3% | ||||||||
Mylan, Inc.† | 25,230 | 493,625 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 41,793 | 2,091,322 | ||||||
2,584,947 | ||||||||
Multimedia — 1.0% | ||||||||
News Corp., Class A | 81,303 | 1,108,973 | ||||||
Networking Products — 1.9% | ||||||||
Cisco Systems, Inc.† | 116,424 | 2,230,684 | ||||||
Pharmacy Services — 1.3% | ||||||||
Express Scripts, Inc.† | 27,618 | 1,438,622 | ||||||
Retail - Apparel/Shoe — 0.7% | ||||||||
Ross Stores, Inc.# | 7,046 | 457,145 | ||||||
Urban Outfitters, Inc.†# | 9,490 | 358,627 | ||||||
815,772 | ||||||||
Retail - Auto Parts — 0.4% | ||||||||
O’Reilly Automotive, Inc.† | 7,893 | 475,001 | ||||||
Retail - Bedding — 0.8% | ||||||||
Bed Bath & Beyond, Inc.† | 20,249 | 885,691 | ||||||
Retail - Discount — 0.8% | ||||||||
Costco Wholesale Corp. | 13,198 | 892,317 | ||||||
Retail - Major Department Stores — 0.4% | ||||||||
Sears Holdings Corp.†# | 6,603 | 432,496 | ||||||
Retail - Office Supplies — 0.5% | ||||||||
Staples, Inc. | 27,984 | 615,928 | ||||||
Retail - Restaurants — 1.6% | ||||||||
Starbucks Corp. | 58,716 | 1,796,710 | ||||||
Schools — 0.2% | ||||||||
Apollo Group, Inc., Class A† | 8,508 | 289,272 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% | ||||||||
Linear Technology Corp.# | 17,117 | 558,014 | ||||||
Marvell Technology Group, Ltd.† | 35,392 | 682,712 | ||||||
Maxim Integrated Products, Inc.# | 16,752 | 389,484 | ||||||
1,630,210 | ||||||||
Semiconductor Equipment — 1.1% | ||||||||
Applied Materials, Inc. | 39,629 | 492,589 | ||||||
KLA - Tencor Corp. | 11,605 | 425,555 | ||||||
Lam Research Corp.† | 7,316 | 331,634 | ||||||
1,249,778 | ||||||||
Telecom Services — 0.4% | ||||||||
Virgin Media, Inc.# | 19,372 | 493,599 | ||||||
Therapeutics — 0.2% | ||||||||
Warner Chilcott PLC, Class A# | 14,340 | 272,603 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Toys — 0.5% | ||||||||
Mattel, Inc.# | 23,473 | $ | 606,542 | |||||
Transport - Services — 1.1% | ||||||||
C.H. Robinson Worldwide, Inc. | 9,354 | 689,483 | ||||||
Expeditors International of Washington, Inc. | 11,886 | 628,770 | ||||||
1,318,253 | ||||||||
Transport - Truck — 0.2% | ||||||||
J.B. Hunt Transport Services, Inc. | 7,032 | 256,668 | ||||||
Web Portals/ISP — 4.7% | ||||||||
Google, Inc., Class A† | 8,555 | 4,754,099 | ||||||
Yahoo!, Inc.† | 36,982 | 583,206 | ||||||
5,337,305 | ||||||||
Wireless Equipment — 4.5% | ||||||||
QUALCOMM, Inc. | 110,466 | 5,163,181 | ||||||
X-Ray Equipment — 0.2% | ||||||||
Hologic, Inc.†# | 15,548 | 254,987 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $75,627,042) | 110,592,793 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.7% | ||||||||
Collective Investment Pool — 7.4% | ||||||||
Securities Lending Quality Trust(1)(2) | 8,446,525 | 8,422,156 | ||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | $ | 400,000 | 399,977 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $8,846,501) | 8,822,133 | |||||||
REPURCHASE AGREEMENT — 2.9% |
| |||||||
Repurchase Agreement — 2.9% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement(4) | 3,358,000 | 3,358,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $87,831,543)(5) | 107.2 | % | 122,772,926 | |||||
Liabilities in excess of other assets | (7.2 | ) | (8,293,804 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 114,479,122 | ||||
† | 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) | At November 30, 2010, the Fund had loaned securities with a total value of $8,268,581. This was secured by collateral of $8,446,525, which was received in cash and subsequently invested in short-term investments currently value at $8,422,156 as reported in the portfolio of investments. The remaining collateral of $77,063 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||
Federal Home Loan Bank | 0.45% to 1.00% | 07/28/11 to 11/28/11 | ||
Federal Home Loan Mtg. Corp. | 1.00% | 06/29/12 | ||
Federal National Mtg. Assoc. | 1.00% | 07/27/12 | ||
United States Treasury Notes/Bonds | 0.88% to 4.75% | 03/31/11 to 02/15/17 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 2 for details of Joint Repurchase Agreements. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
166 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
92 | Long | Nasdaq 100 E-mini Index | December 2010 | $ | 3,638,763 | $ | 3,895,280 | $ | 256,517 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Applications Software | $ | 6,641,018 | $ | — | $ | — | $ | 6,641,018 | ||||||||
Computers | 25,026,112 | — | — | 25,026,112 | ||||||||||||
Medical - Biomedical/Gene | 8,211,546 | — | — | 8,211,546 | ||||||||||||
Other Industries* | 70,714,117 | — | — | 70,714,117 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 8,422,156 | — | 8,422,156 | ||||||||||||
U.S. Government Treasuries | — | 399,977 | — | 399,977 | ||||||||||||
Repurchase Agreement | — | 3,358,000 | — | 3,358,000 | ||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Future Contracts - Appreciation | 256,517 | — | — | 256,517 | ||||||||||||
Total | $ | 110,849,310 | $ | 12,180,133 | $ | — | $ | 123,029,443 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
167
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 12.5 | % | ||
Computers | 11.5 | |||
Applications Software | 10.5 | |||
Collective Investment Pool | 8.1 | |||
Web Portals/ISP | 6.9 | |||
Enterprise Software/Service | 5.2 | |||
Computer Services | 4.2 | |||
Semiconductor Components — Integrated Circuits | 3.2 | |||
E-Commerce/Services | 3.1 | |||
Wireless Equipment | 2.9 | |||
Internet Infrastructure Software | 2.8 | |||
Semiconductor Equipment | 2.4 | |||
Computers — Integrated Systems | 2.3 | |||
Commercial Services — Finance | 2.0 | |||
Electronic Components — Misc. | 1.7 | |||
Networking Products | 1.7 | |||
Telecommunication Equipment | 1.6 | |||
E-Commerce/Products | 1.6 | |||
Internet Security | 1.5 | |||
Time Deposits | 1.4 | |||
Internet Content — Information/News | 1.3 | |||
Registered Investment Companies | 1.2 | |||
Telecom Equipment — Fiber Optics | 1.2 | |||
Exchange-Traded Funds | 1.0 | |||
Web Hosting/Design | 1.0 | |||
Human Resources | 1.0 | |||
Electric Products — Misc. | 0.8 | |||
Entertainment Software | 0.8 | |||
Consulting Services | 0.7 | |||
Commercial Services | 0.7 | |||
Computers — Memory Devices | 0.7 | |||
Toys | 0.7 | |||
Equity Certificates | 0.6 | |||
Internet Application Software | 0.6 | |||
Computers — Periphery Equipment | 0.6 | |||
E-Services/Consulting | 0.6 | |||
Energy — Alternate Sources | 0.5 | |||
Transactional Software | 0.5 | |||
Medical Products | 0.5 | |||
Electronic Forms | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Electronic Connectors | 0.5 | |||
Computer Aided Design | 0.5 | |||
Electronic Measurement Instruments | 0.4 | |||
Educational Software | 0.4 | |||
Electronic Design Automation | 0.3 | |||
Multimedia | 0.3 | |||
Medical — Drugs | 0.3 | |||
Industrial Audio & Video Products | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Medical Instruments | 0.2 | |||
Audio/Video Products | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Data Processing/Management | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Cellular Telecom | 0.1 | |||
Schools | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Computer Graphics | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Electric — Distribution | 0.1 | |||
108.2 | % | |||
* | Calculated as a percentage of net assets |
168
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 95.7% |
| |||||||
Agricultural Chemicals — 0.2% |
| |||||||
Monsanto Co. | 22,900 | $ | 1,372,168 | |||||
Applications Software — 10.5% |
| |||||||
Check Point Software Technologies, Ltd.† | 35,400 | 1,517,598 | ||||||
Citrix Systems, Inc.† | 125,410 | 8,329,732 | ||||||
Intuit, Inc.† | 209,500 | 9,404,455 | ||||||
Microsoft Corp. | 1,403,135 | 35,373,033 | ||||||
Red Hat, Inc.† | 327,932 | 14,265,042 | ||||||
Salesforce.com, Inc.†# | 103,645 | 14,429,457 | ||||||
83,319,317 | ||||||||
Audio/Video Products — 0.2% |
| |||||||
Skyworth Digital Holdings, Ltd.#(1) | 2,939,989 | 1,547,174 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Byd Co., Ltd., Class H(1) | 65,660 | 392,683 | ||||||
Tesla Motors, Inc.†# | 1,549 | 54,726 | ||||||
447,409 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Johnson Controls, Inc. | 11,380 | 414,687 | ||||||
B2B/E-Commerce — 0.0% |
| |||||||
ChinaCache International Holdings, Ltd. ADR†# | 6,450 | 178,665 | ||||||
Cellular Telecom — 0.1% |
| |||||||
China Unicom Hong Kong, Ltd.(1) | 802,000 | 1,077,038 | ||||||
Chemicals - Diversified — 0.0% |
| |||||||
Wacker Chemie AG(1) | 2,285 | 391,448 | ||||||
Commercial Services — 0.7% |
| |||||||
Alliance Data Systems Corp.†# | 77,948 | 4,916,960 | ||||||
ExlService Holdings, Inc.† | 46,886 | 969,134 | ||||||
5,886,094 | ||||||||
Commercial Services - Finance — 2.0% |
| |||||||
Automatic Data Processing, Inc. | 140,100 | 6,244,257 | ||||||
The Western Union Co. | 399,530 | 7,047,709 | ||||||
Visa, Inc., Class A | 36,396 | 2,687,845 | ||||||
15,979,811 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
Autodesk, Inc.† | 106,100 | 3,744,269 | ||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc.† | 45,000 | 504,000 | ||||||
Computer Services — 4.2% |
| |||||||
Accenture PLC, Class A | 258,509 | 11,198,610 | ||||||
Cognizant Technology Solutions Corp., Class A† | 74,265 | 4,825,740 | ||||||
International Business Machines Corp. | 105,744 | 14,958,546 | ||||||
VanceInfo Technologies, Inc. ADR† | 62,630 | 2,355,514 | ||||||
33,338,410 | ||||||||
Computers — 11.5% |
| |||||||
Acer, Inc. GDR | 127,277 | 1,890,064 | ||||||
Apple, Inc.† | 233,056 | 72,515,374 | ||||||
Dell, Inc.† | 560,500 | 7,409,810 | ||||||
Hewlett - Packard Co. | 201,700 | 8,457,281 | ||||||
HTC Corp. GDR† | 6,964 | 771,959 | ||||||
91,044,488 | ||||||||
Computers - Integrated Systems — 2.3% |
| |||||||
Riverbed Technology, Inc.† | 394,660 | 13,382,921 | ||||||
Teradata Corp.† | 116,102 | 4,770,631 | ||||||
18,153,552 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 0.7% |
| |||||||
EMC Corp.† | 51,600 | $ | 1,108,884 | |||||
NetApp, Inc.† | 28,759 | 1,464,696 | ||||||
SanDisk Corp.† | 42,200 | 1,882,120 | ||||||
Spansion, Inc., Class A† | 50,962 | 1,007,519 | ||||||
5,463,219 | ||||||||
Computers - Periphery Equipment — 0.6% |
| |||||||
Smart Technologies, Inc., Class A† | 35,365 | 349,406 | ||||||
Synaptics, Inc.† | 160,600 | 4,577,100 | ||||||
4,926,506 | ||||||||
Consulting Services — 0.7% |
| |||||||
Genpact, Ltd.† | 288,102 | 4,010,380 | ||||||
Huron Consulting Group, Inc.†# | 83,855 | 1,904,347 | ||||||
5,914,727 | ||||||||
Data Processing/Management — 0.2% |
| |||||||
CommVault Systems, Inc.† | 51,700 | 1,506,021 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Digital China Holdings, Ltd.(1) | 834,090 | 1,697,453 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Cooper Industries PLC | 22,990 | 1,252,955 | ||||||
E-Commerce/Products — 1.6% |
| |||||||
Amazon.com, Inc.† | 72,995 | 12,803,323 | ||||||
E-Commerce/Services — 3.1% |
| |||||||
Ctrip.com International, Ltd. ADR† | 35,735 | 1,565,908 | ||||||
eBay, Inc.† | 65,880 | 1,919,084 | ||||||
Liberty Media Corp. - Interactive, Class A† | 225,500 | 3,486,230 | ||||||
Netflix, Inc.†# | 70,420 | 14,499,478 | ||||||
priceline.com, Inc.† | 8,720 | 3,436,116 | ||||||
24,906,816 | ||||||||
E-Services/Consulting — 0.6% |
| |||||||
Sapient Corp. | 370,484 | 4,419,874 | ||||||
Educational Software — 0.4% |
| |||||||
Blackboard, Inc.†# | 71,000 | 2,950,050 | ||||||
Electric Products - Misc. — 0.8% |
| |||||||
Hitachi, Ltd.(1) | 1,301,000 | 6,156,177 | ||||||
Nidec Corp.(1) | 5,600 | 560,781 | ||||||
6,716,958 | ||||||||
Electronic Components - Misc. — 1.7% |
| |||||||
AAC Acoustic Technologies Holdings, Inc.(1) | 1,348,000 | 3,718,273 | ||||||
HON HAI Precision Industry Co., Ltd. GDR†* | 232,700 | 1,663,805 | ||||||
LG Display Co., Ltd. ADR# | 249,755 | 4,255,825 | ||||||
Nippon Electric Glass Co., Ltd.(1) | 293,000 | 4,114,150 | ||||||
13,752,053 | ||||||||
Electronic Components - Semiconductors — 12.5% |
| |||||||
Advanced Micro Devices, Inc.† | 654,500 | 4,771,305 | ||||||
Avago Technologies, Ltd.# | 72,890 | 1,903,158 | ||||||
Broadcom Corp., Class A | 298,490 | 13,279,820 | ||||||
Cavium Networks, Inc.†# | 53,290 | 1,960,805 | ||||||
Cree, Inc.† | 146,870 | 9,572,987 | ||||||
Epistar Corp. GDR†*(2) | 2,963 | 50,303 | ||||||
Intel Corp. | 657,600 | 13,888,512 | ||||||
LSI Corp.† | 553,100 | 3,174,794 | ||||||
MEMC Electronic Materials, Inc.†# | 215,800 | 2,496,806 | ||||||
Micron Technology, Inc.†# | 685,700 | 4,978,182 | ||||||
National Semiconductor Corp. | 640,200 | 8,546,670 | ||||||
NVIDIA Corp.† | 483,100 | 6,570,160 | ||||||
ON Semiconductor Corp.† | 1,395,810 | 11,382,830 | ||||||
Rovi Corp.† | 32,303 | 1,782,156 | ||||||
Samsung Electronics Co., Ltd.(1) | 2,350 | 1,671,325 |
169 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Skyworks Solutions, Inc.†# | 213,368 | $ | 5,430,216 | |||||
Texas Instruments, Inc. | 246,800 | 7,848,240 | ||||||
99,308,269 | ||||||||
Electronic Connectors — 0.5% |
| |||||||
Amphenol Corp., Class A | 75,980 | 3,801,279 | ||||||
Electronic Design Automation — 0.3% |
| |||||||
Cadence Design Systems, Inc.† | 312,600 | 2,457,036 | ||||||
Electronic Forms — 0.5% |
| |||||||
Adobe Systems, Inc.† | 142,800 | 3,959,844 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Trimble Navigation, Ltd.†# | 86,500 | 3,221,260 | ||||||
Electronic Security Devices — 0.2% |
| |||||||
Taser International, Inc.† | 381,100 | 1,535,833 | ||||||
Energy - Alternate Sources — 0.5% |
| |||||||
First Solar, Inc.†# | 34,610 | 4,251,839 | ||||||
Enterprise Software/Service — 5.2% |
| |||||||
Autonomy Corp. PLC†(1) | 124,200 | 2,578,896 | ||||||
BMC Software, Inc.† | 174,540 | 7,749,576 | ||||||
CA, Inc. | 487,600 | 11,161,164 | ||||||
hiSoft Technology International, Ltd. ADR†# | 48,200 | 1,342,370 | ||||||
Informatica Corp.†# | 182,595 | 7,537,522 | ||||||
Oracle Corp. | 414,934 | 11,219,815 | ||||||
41,589,343 | ||||||||
Entertainment Software — 0.8% |
| |||||||
Electronic Arts, Inc.† | 356,676 | 5,318,039 | ||||||
UBISOFT Entertainment†(1) | 108,600 | 1,038,123 | ||||||
6,356,162 | ||||||||
Human Resources — 1.0% |
| |||||||
SuccessFactors, Inc.†# | 251,246 | 7,580,092 | ||||||
Industrial Audio & Video Products — 0.3% |
| |||||||
Dolby Laboratories, Inc., Class A†# | 31,525 | 1,995,217 | ||||||
Internet Application Software — 0.6% |
| |||||||
RealNetworks, Inc.†# | 711,200 | 2,432,304 | ||||||
Tencent Holdings, Ltd.#(1) | 109,670 | 2,415,409 | ||||||
4,847,713 | ||||||||
Internet Content - Information/News — 1.2% |
| |||||||
Baidu, Inc. ADR† | 88,825 | 9,343,502 | ||||||
Kakaku.com, Inc.(1) | 75 | 366,544 | ||||||
9,710,046 | ||||||||
Internet Infrastructure Software — 2.8% |
| |||||||
AsiaInfo - Linkage, Inc.†# | 74,500 | 1,240,425 | ||||||
F5 Networks, Inc.† | 84,050 | 11,084,514 | ||||||
TIBCO Software, Inc.† | 494,790 | 9,717,676 | ||||||
22,042,615 | ||||||||
Internet Security — 1.5% |
| |||||||
McAfee, Inc.† | 173,000 | 8,105,050 | ||||||
VeriSign, Inc.† | 112,068 | 3,845,053 | ||||||
11,950,103 | ||||||||
Medical Instruments — 0.2% |
| |||||||
St. Jude Medical, Inc.† | 42,600 | 1,648,194 | ||||||
Medical Products — 0.5% |
| |||||||
Stryker Corp. | 28,400 | $ | 1,422,556 | |||||
Zimmer Holdings, Inc.† | 52,800 | 2,600,928 | ||||||
4,023,484 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 0.3% |
| |||||||
Pfizer, Inc. | 127,800 | 2,081,862 | ||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc. | 74,900 | 2,208,801 | ||||||
Networking Products — 1.7% |
| |||||||
Acme Packet, Inc.† | 66,335 | 3,249,088 | ||||||
Atheros Communications, Inc.†# | 41,400 | 1,347,984 | ||||||
BigBand Networks, Inc.†# | 58,100 | 173,138 | ||||||
Cisco Systems, Inc.† | 180,558 | 3,459,491 | ||||||
Juniper Networks, Inc.† | 128,615 | 4,375,483 | ||||||
Polycom, Inc.† | 24,735 | 915,319 | ||||||
13,520,503 | ||||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Delta Electronics, Inc. GDR | 72,064 | 1,601,687 | ||||||
SMA Solar Technology AG#(1) | 2,105 | 183,022 | ||||||
SunPower Corp., Class B† | 179,280 | 2,057,238 | ||||||
3,841,947 | ||||||||
Schools — 0.1% |
| |||||||
Strayer Education, Inc.# | 5,106 | 693,752 | ||||||
Semiconductor Components - Integrated Circuits — 3.2% |
| |||||||
Analog Devices, Inc. | 284,150 | 10,104,374 | ||||||
Cirrus Logic, Inc.†# | 37,760 | 576,595 | ||||||
Cypress Semiconductor Corp.† | 254,585 | 3,989,347 | ||||||
Emulex Corp.† | 100,900 | 1,142,188 | ||||||
Marvell Technology Group, Ltd.† | 257,700 | 4,971,033 | ||||||
Maxim Integrated Products, Inc. | 210,080 | 4,884,360 | ||||||
25,667,897 | ||||||||
Semiconductor Equipment — 2.4% |
| |||||||
Aixtron AG#(1) | 111,380 | 3,392,696 | ||||||
Applied Materials, Inc. | 396,600 | 4,929,738 | ||||||
ASM Pacific Technology, Ltd.#(1) | 170,200 | 1,614,504 | ||||||
Lam Research Corp.† | 94,600 | 4,288,218 | ||||||
Veeco Instruments, Inc.†# | 117,965 | 5,188,101 | ||||||
19,413,257 | ||||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc., Class A† | 1,690 | 137,769 | ||||||
Telecom Equipment - Fiber Optics — 1.2% |
| |||||||
Ciena Corp.†# | 120,900 | 1,831,635 | ||||||
Corning, Inc. | 193,505 | 3,417,298 | ||||||
JDS Uniphase Corp.† | 329,200 | 3,907,604 | ||||||
9,156,537 | ||||||||
Telecommunication Equipment — 1.6% |
| |||||||
ADTRAN, Inc.# | 354,965 | 11,053,610 | ||||||
Alcatel - Lucent ADR† | 690,000 | 1,890,600 | ||||||
12,944,210 | ||||||||
Toys — 0.7% |
| |||||||
Nintendo Co., Ltd.(1) | 19,500 | 5,296,491 | ||||||
Transactional Software — 0.5% |
| |||||||
Longtop Financial Technologies, Ltd. ADR† | 102,295 | 4,046,790 | ||||||
Web Hosting/Design — 1.0% |
| |||||||
Equinix, Inc.†# | 62,100 | 4,818,960 | ||||||
Rackspace Hosting, Inc.†# | 103,400 | 3,016,178 | ||||||
7,835,138 | ||||||||
Web Portals/ISP — 6.9% |
| |||||||
Bitauto Holdings, Ltd. ADR†# | 16,900 | $ | 217,165 | |||||
Google, Inc., Class A† | 74,376 | 41,331,487 | ||||||
NetEase.com, Inc. ADR† | 117,425 | 4,483,286 | ||||||
SINA Corp.†# | 68,810 | 4,405,216 |
170 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Yahoo!, Inc.† | 298,315 | 4,704,428 | ||||||
55,141,582 | ||||||||
Wireless Equipment — 2.9% |
| |||||||
American Tower Corp., Class A† | 3,490 | 176,489 | ||||||
QUALCOMM, Inc. | 485,379 | 22,686,615 | ||||||
RF Micro Devices, Inc.†# | 46,200 | 323,862 | ||||||
23,186,966 | ||||||||
Total Common Stock |
| |||||||
(cost $613,209,753) | 759,160,316 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.2% |
| |||||||
Electric-Distribution — 0.1% |
| |||||||
Silver Spring Networks | 46,800 | 285,480 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Youku.com, Inc. | 1,160,800 | 577,709 | ||||||
Internet Content-Information/News — 0.1% |
| |||||||
Twitter, Inc. | 38,367 | 919,273 | ||||||
Total Convertible Preferred Stock | ||||||||
(cost $1,658,907) | 1,782,462 | |||||||
EXCHANGE TRADED FUNDS — 1.0% |
| |||||||
iShares Asia Trust(1) | 4,479,900 | 7,516,153 | ||||||
EQUITY CERTIFICATES — 0.6% |
| |||||||
Electric Components - Integrated Circuits — 0.2% | ||||||||
Deutsche Bank AG London-MediaTek, Inc.*(4)(5) | 135,871 | 1,740,565 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Deutsche Bank AG London-Richtek Technology Corp.*(4)(5) | 162,750 | 1,452,219 | ||||||
Semiconductors - Electronic Parts Distribution — 0.1% |
| |||||||
Deutsche Bank AG London-Synnex Technology International Corp.*(4)(5) | 269,000 | 673,316 | ||||||
Semiconductors - Circuit Boards — 0.1% |
| |||||||
Deutsche Bank AG London-Tripod Technology Corp.(4)(5) | 250,000 | 1,090,772 | ||||||
Total Equity Certificates | ||||||||
(cost $5,500,299) | 4,956,872 | |||||||
Total Long - Term Investment Securities | ||||||||
(cost $628,142,990) | 773,415,803 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 10.7% | ||||||||
Collective Investment Pool — 8.1% |
| |||||||
Securities Lending Quality Trust(6)(7) | 64,233,703 | 64,048,389 | ||||||
Registered Investment Companies — 1.2% |
| |||||||
T. Rowe Price Reserve Investment Fund | 9,617,037 | 9,617,037 | ||||||
Time Deposits — 1.4% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | $ | 11,508,000 | 11,508,000 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $85,358,740) | 85,173,426 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $713,501,730)(8) | 108.2 | % | 858,589,229 | |||||
Liabilities in excess of other assets | (8.2 | ) | (64,877,190 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 793,712,039 | ||||
† | 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, 2010, the aggregate value of these securities was $5,580,208 representing 0.7% 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, 2010. The aggregate value of these securities was $45,728,340 representing 5.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities. |
(2) | Fair valued security. Securities are classified as Level 2 based on the securities valuation inputs; see Note 2. |
(3) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Science & Technology Fund held the following restricted securities: |
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Deutsche | 01/20/10 | 108,600 | $ | 1,989,963 | ||||||||||||||||||||
07/09/10 | 27,000 | 380,779 | ||||||||||||||||||||||
07/28/10 | 271 | — | ||||||||||||||||||||||
135,871 | 2,370,742 | $ | 1,740,565 | $ | 12.81 | 0.22% | ||||||||||||||||||
Deutsche Bank AG London-Richtek, Technology Corp. Equity | 01/19/10 | 77,000 | 788,033 | |||||||||||||||||||||
01/20/10 | 78,000 | 798,751 | ||||||||||||||||||||||
08/04/10 | 7,750 | — | ||||||||||||||||||||||
162,750 | 1,586,784 | 1,452,219 | 8.92 | 0.18 | ||||||||||||||||||||
Deutsche Bank AG London-Synnex Technology, International Corp. | 09/23/10 | 269,000 | 614,073 | 673,316 | 2.50 | 0.08 | ||||||||||||||||||
Deutsche Bank AG London-Tripod Technology, Corp. Equity Certificates | 09/23/10 | 100,000 | 371,030 | |||||||||||||||||||||
09/24/10 | 150,000 | 557,670 | ||||||||||||||||||||||
250,000 | 928,700 | 1,090,772 | 4.36 | 0.14 | ||||||||||||||||||||
171 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||||||
Silver Spring Networks Series E 8.00% (Convertible Preferred Stock) | 12/11/09 | 46,800 | $ | 468,000 | $ | 285,480 | $ | 6.10 | 0.04 | % | ||||||||||||||||||
Twitter, Inc. Series E (Convertible Preferred Stock) | 09/24/09 | 38,367 | 613,197 | 919,273 | 23.96 | 0.12 | % | |||||||||||||||||||||
Youku.com, Inc. Series F (Convertible Preferred Stock) | 09/20/10 | 1,160,800 | 577,710 | 577,709 | 0.50 | 0.07 | % | |||||||||||||||||||||
$ | 6,739,334 | 0.85 | % | |||||||||||||||||||||||||
(5) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $6,739,334 representing 0.8% of net assets. |
(6) | The security is purchased with the cash collateral received from securities loaned: see Note 2. |
(7) | At November 30, 2010, the Fund had loaned securities with a total value of $62,859,045. This was secured by collateral of $64,233,703, which was received in cash and subsequently invested in short-term investments currently valued at $64,048,389 as reported in the portfolio of investments. The remaining collateral of $1,162,914 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm | 0.44% | 01/06/12 | ||
Federal Home | 0.40% to 1.63% | 07/08/11 to 11/28/11 | ||
Federal National | zero Coupon to 0.63% | 07/11/11 to 07/27/12 | ||
Federal Home | 1.00% | 06/29/12 | ||
United States | 0.38% to 3.88% | 02/28/11 to 08/15/40 |
(8) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Application Software | $ | 83,319,317 | $ | — | $ | — | $ | 83,319,317 | ||||||||
Computers | 91,044,488 | — | — | 91,044,488 | ||||||||||||
Electronic Components - Semiconductors | 97,586,641 | 1,721,628 | # | — | 99,308,269 | |||||||||||
Enterprise Software/Service | 39,010,447 | 2,578,896 | # | — | 41,589,343 | |||||||||||
Web Portals/ISP | 55,141,582 | — | — | 55,141,582 | ||||||||||||
Other Industries* | 354,795,351 | 33,961,966 | # | — | 388,757,317 | |||||||||||
Convertible Preferred Stock | — | — | 1,782,462 | 1,782,462 | ||||||||||||
Exchange - Traded Funds | — | 7,516,153 | # | — | 7,516,153 | |||||||||||
Equity Certificates | — | 4,956,872 | — | 4,956,872 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 64,048,389 | — | 64,048,389 | ||||||||||||
Registered Investment Companies | — | 9,617,037 | — | 9,617,037 | ||||||||||||
Time Deposits | — | 11,508,000 | — | 11,508,000 | ||||||||||||
Total | $ | 720,897,826 | $ | 135,908,941 | $ | 1,782,462 | $ | 858,589,229 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
# | Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $45,728,340 representing 5.7% of net assets; see Note 2. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Convertible Preferred Stock | ||||
Balance as of 5/31/2010 | $ | 954,837 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation)(1) | 249,916 | |||
Net purchases (sales) | 577,709 | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 1,782,462 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Convertible Preferred Stock | ||||
$249,916 | ||||
See Notes to Financial Statements
172
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 8.9 | % | ||
Commercial Services — Finance | 4.9 | |||
Electronic Components — Semiconductors | 4.9 | |||
Machinery — General Industrial | 4.5 | |||
E-Services/Consulting | 4.1 | |||
Consulting Services | 3.7 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Medical — Drugs | 3.2 | |||
Transactional Software | 3.2 | |||
Casino Services | 3.2 | |||
Human Resources | 3.0 | |||
Schools | 2.7 | |||
Telecom Services | 2.6 | |||
E-Marketing/Info | 2.5 | |||
Theaters | 2.0 | |||
Medical — Biomedical/Gene | 1.9 | |||
E-Commerce/Services | 1.9 | |||
E-Commerce/Products | 1.7 | |||
Recreational Vehicles | 1.7 | |||
Hotels/Motels | 1.7 | |||
Medical Products | 1.7 | |||
Medical Instruments | 1.6 | |||
Audio/Video Products | 1.6 | |||
Computer Services | 1.6 | |||
Therapeutics | 1.5 | |||
Transport — Air Freight | 1.5 | |||
Insurance — Property/Casualty | 1.5 | |||
Commercial Services | 1.4 | |||
Ultra Sound Imaging Systems | 1.4 | |||
Medical Information Systems | 1.4 | |||
Retail — Video Rentals | 1.4 | |||
Dental Supplies & Equipment | 1.4 | |||
Auto — Truck Trailers | 1.4 | |||
Printing — Commercial | 1.3 | |||
Distribution/Wholesale | 1.3 | |||
Medical — HMO | 1.1 | |||
Educational Software | 1.1 | |||
Retail — Apparel/Shoe | 0.9 | |||
Retail — Home Furnishings | 0.9 | |||
Hazardous Waste Disposal | 0.9 | |||
Satellite Telecom | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Internet Security | 0.8 | |||
Advertising Services | 0.8 | |||
Networking Products | 0.8 | |||
Transport — Services | 0.8 | |||
Machinery — Electrical | 0.8 | |||
Internet Application Software | 0.8 | |||
Banks — Commercial | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Leisure Products | 0.7 | |||
Entertainment Software | 0.7 | |||
Alternative Waste Technology | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Energy — Alternate Sources | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Medical — Generic Drugs | 0.6 | |||
Containers — Paper/Plastic | 0.5 | |||
Retirement/Aged Care | 0.5 | |||
Metal Processors & Fabrication | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Transport — Rail | 0.4 | |||
Resorts/Theme Parks | 0.3 | |||
Lighting Products & Systems | 0.2 | |||
Retail — Appliances | 0.2 | |||
108.7 | % | |||
* | Calculated as a percentage of net assets |
173
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.8% |
| |||||||
Advertising Services — 0.8% |
| |||||||
Marchex, Inc., Class B# | 98,785 | $ | 713,228 | |||||
Agricultural Chemicals — 0.7% |
| |||||||
Intrepid Potash, Inc.† | 19,100 | 585,415 | ||||||
Alternative Waste Technology — 0.7% |
| |||||||
Calgon Carbon Corp.†# | 42,910 | 599,453 | ||||||
Audio/Video Products — 1.6% |
| |||||||
Harman International Industries, Inc.† | 15,600 | 680,004 | ||||||
TiVo, Inc.†# | 84,600 | 695,412 | ||||||
1,375,416 | ||||||||
Auto - Truck Trailers — 1.4% |
| |||||||
Wabash National Corp.†# | 113,150 | 1,193,732 | ||||||
Banks - Commercial — 0.7% |
| |||||||
First Commonwealth Financial Corp.# | 52,400 | 324,880 | ||||||
Park Sterling Bank† | 61,300 | 322,438 | ||||||
647,318 | ||||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Primo Water Corp.† | 29,900 | 360,893 | ||||||
Casino Services — 3.2% |
| |||||||
Scientific Games Corp., Class A† | 213,684 | 1,720,156 | ||||||
Shuffle Master, Inc.† | 96,409 | 1,034,469 | ||||||
2,754,625 | ||||||||
Chemicals - Diversified — 0.8% |
| |||||||
Solutia, Inc.† | 33,600 | 718,368 | ||||||
Commercial Services — 1.4% |
| |||||||
Live Nation Entertainment, Inc.†# | 116,163 | 1,249,914 | ||||||
Commercial Services - Finance — 4.9% |
| |||||||
Dollar Financial Corp.†# | 67,400 | 1,764,532 | ||||||
Euronet Worldwide, Inc.†# | 35,648 | 583,201 | ||||||
Global Cash Access Holdings, Inc.† | 176,534 | 402,498 | ||||||
Wright Express Corp.†# | 35,873 | 1,545,050 | ||||||
4,295,281 | ||||||||
Computer Services — 1.6% |
| |||||||
LivePerson, Inc.† | 1,200 | 11,592 | ||||||
SYKES Enterprises, Inc.†# | 72,841 | 1,340,274 | ||||||
1,351,866 | ||||||||
Consulting Services — 3.7% |
| |||||||
Gartner, Inc.†# | 26,039 | 837,675 | ||||||
ICF International, Inc.†# | 27,200 | 651,168 | ||||||
The Corporate Executive Board Co. | 49,700 | 1,724,093 | ||||||
3,212,936 | ||||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Graham Packaging Co., Inc.† | 36,950 | 465,570 | ||||||
Dental Supplies & Equipment — 1.4% |
| |||||||
Align Technology, Inc.†# | 28,800 | 503,712 | ||||||
Sirona Dental Systems, Inc.† | 18,529 | 700,211 | ||||||
1,203,923 | ||||||||
Diagnostic Equipment — 0.4% |
| |||||||
Affymetrix, Inc.†# | 86,900 | 361,504 | ||||||
Distribution/Wholesale — 1.3% |
| |||||||
United Stationers, Inc.† | 7,400 | 469,678 | ||||||
WESCO International, Inc.†# | 13,100 | 625,132 | ||||||
1,094,810 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 1.7% |
| |||||||
Shutterfly, Inc.†# | 45,970 | $ | 1,517,010 | |||||
E-Commerce/Services — 1.9% |
| |||||||
Ancestry.com, Inc.† | 31,600 | 903,128 | ||||||
Move, Inc.†# | 281,400 | 711,942 | ||||||
1,615,070 | ||||||||
E-Marketing/Info — 2.5% |
| |||||||
Constant Contact, Inc.†# | 17,300 | 442,707 | ||||||
QuinStreet, Inc.†# | 65,008 | 1,300,160 | ||||||
ReachLocal, Inc.†# | 24,232 | 417,760 | ||||||
2,160,627 | ||||||||
E-Services/Consulting — 4.1% |
| |||||||
GSI Commerce, Inc.†# | 118,151 | 2,817,901 | ||||||
Sapient Corp. | 61,007 | 727,814 | ||||||
3,545,715 | ||||||||
Educational Software — 1.1% |
| |||||||
Blackboard, Inc.†# | 22,000 | 914,100 | ||||||
Electronic Components - Semiconductors — 4.9% |
| |||||||
Fairchild Semiconductor International, Inc.†# | 31,827 | 447,169 | ||||||
Microsemi Corp.†# | 97,029 | 2,148,222 | ||||||
Monolithic Power Systems, Inc.†# | 48,354 | 779,950 | ||||||
PMC - Sierra, Inc.† | 125,600 | 910,600 | ||||||
4,285,941 | ||||||||
Energy - Alternate Sources — 0.6% |
| |||||||
JA Solar Holdings Co., Ltd. ADR† | 78,100 | 541,233 | ||||||
Enterprise Software/Service — 0.7% |
| |||||||
Taleo Corp., Class A† | 20,800 | 638,560 | ||||||
Entertainment Software — 0.7% |
| |||||||
THQ, Inc.†# | 120,998 | 617,090 | ||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
MF Global Holdings, Ltd.†# | 67,100 | 526,735 | ||||||
Hazardous Waste Disposal — 0.9% |
| |||||||
Clean Harbors, Inc.†# | 10,300 | 762,715 | ||||||
Hotel/Motels — 1.7% |
| |||||||
Gaylord Entertainment Co.†# | 43,700 | 1,500,221 | ||||||
Human Resources — 3.0% |
| |||||||
Kforce, Inc.† | 33,800 | 510,718 | ||||||
Monster Worldwide, Inc.†# | 12,100 | 273,218 | ||||||
On Assignment, Inc.†# | 128,841 | 885,137 | ||||||
Resources Connection, Inc. | 57,938 | 969,303 | ||||||
2,638,376 | ||||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Tower Group, Inc.# | 49,550 | 1,274,426 | ||||||
Internet Application Software — 0.8% |
| |||||||
DealerTrack Holdings, Inc.†# | 34,400 | 657,040 | ||||||
Internet Security — 0.8% |
| |||||||
Blue Coat Systems, Inc.†# | 27,000 | 718,200 | ||||||
Leisure Products — 0.7% |
| |||||||
WMS Industries, Inc.†# | 14,196 | 629,593 | ||||||
Lighting Products & Systems — 0.2% |
| |||||||
Universal Display Corp.†# | 6,797 | 168,294 | ||||||
Machinery - Electrical — 0.8% |
| |||||||
Baldor Electric Co.# | 10,399 | 658,361 | ||||||
174
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - General Industrial — 4.5% |
| |||||||
Chart Industries, Inc.† | 24,744 | $ | 782,653 | |||||
Gardner Denver, Inc.# | 19,457 | 1,273,460 | ||||||
Middleby Corp.† | 5,900 | 474,773 | ||||||
Robbins & Myers, Inc. | 27,000 | 837,270 | ||||||
Wabtec Corp.# | 12,700 | 587,121 | ||||||
3,955,277 | ||||||||
Medical Information Systems — 1.4% |
| |||||||
Quality Systems, Inc. | 19,234 | 1,240,401 | ||||||
Medical Instruments — 1.6% |
| |||||||
Spectranetics Corp.†# | 68,460 | 334,770 | ||||||
Volcano Corp.†# | 39,457 | 1,047,583 | ||||||
1,382,353 | ||||||||
Medical Products — 1.7% |
| |||||||
Greatbatch, Inc.†# | 33,400 | 731,794 | ||||||
Luminex Corp.†# | 41,864 | 706,664 | ||||||
1,438,458 | ||||||||
Medical - Biomedical/Gene — 1.9% |
| |||||||
Acorda Therapeutics, Inc.†# | 40,100 | 1,056,635 | ||||||
Halozyme Therapeutics, Inc.†# | 81,027 | 560,707 | ||||||
1,617,342 | ||||||||
Medical - Drugs — 3.2% |
| |||||||
Auxilium Pharmaceuticals, Inc.†# | 44,100 | 834,813 | ||||||
Vanda Pharmaceuticals, Inc.† | 74,200 | 598,052 | ||||||
Viropharma, Inc.† | 88,450 | 1,366,552 | ||||||
2,799,417 | ||||||||
Medical - Generic Drugs — 0.6% |
| |||||||
Impax Laboratories, Inc.†# | 26,900 | 481,510 | ||||||
Medical - HMO — 1.1% |
| |||||||
Centene Corp.† | 42,200 | 981,150 | ||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
CIRCOR International, Inc.# | 9,700 | 383,150 | ||||||
Networking Products — 0.8% |
| |||||||
Ixia† | 43,654 | 692,352 | ||||||
Oil Companies - Exploration & Production — 3.2% |
| |||||||
Brigham Exploration Co.†# | 50,150 | 1,261,272 | ||||||
Carrizo Oil & Gas, Inc.† | 11,200 | 325,024 | ||||||
Swift Energy Co.†# | 23,000 | 839,270 | ||||||
Venoco, Inc.†# | 21,600 | 376,056 | ||||||
2,801,622 | ||||||||
Printing - Commercial — 1.3% |
| |||||||
VistaPrint NV†# | 27,277 | 1,099,809 | ||||||
Recreational Vehicles — 1.7% |
| |||||||
Polaris Industries, Inc.# | 20,695 | 1,504,320 | ||||||
Resort/Theme Parks — 0.3% |
| |||||||
Great Wolf Resorts, Inc.† | 117,620 | 274,055 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Talbots, Inc.†# | 70,200 | 807,300 | ||||||
Retail - Appliances — 0.2% |
| |||||||
Hhgregg, Inc.† | 5,800 | 145,406 | ||||||
Retail - Home Furnishings — 0.9% |
| |||||||
Pier 1 Imports, Inc.†# | 82,400 | 804,224 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants — 0.6% |
| |||||||
Ruby Tuesday, Inc.†# | 41,400 | $ | 529,506 | |||||
Retail - Video Rentals — 1.4% |
| |||||||
Coinstar, Inc.† | 19,100 | 1,230,804 | ||||||
Retirement/Aged Care — 0.5% |
| |||||||
Brookdale Senior Living, Inc.†# | 21,600 | 412,992 | ||||||
Satellite Telecom — 0.8% |
| |||||||
DigitalGlobe, Inc.†# | 24,600 | 726,438 | ||||||
Schools — 2.7% |
| |||||||
Bridgepoint Education, Inc.†# | 97,773 | 1,495,927 | ||||||
Grand Canyon Education, Inc.†# | 46,784 | 890,767 | ||||||
2,386,694 | ||||||||
Telecom Services — 2.6% |
| |||||||
Cbeyond, Inc.†# | 111,320 | 1,467,197 | ||||||
PAETEC Holding Corp.†# | 206,621 | 764,498 | ||||||
2,231,695 | ||||||||
Theaters — 2.0% |
| |||||||
National CineMedia, Inc.# | 91,670 | 1,710,562 | ||||||
Therapeutics — 1.5% |
| |||||||
Onyx Pharmaceuticals, Inc.† | 44,750 | 1,317,887 | ||||||
Transactional Software — 3.2% |
| |||||||
Innerworkings, Inc.†# | 179,686 | 1,108,662 | ||||||
Synchronoss Technologies, Inc.†# | 64,413 | 1,674,094 | ||||||
2,782,756 | ||||||||
Transport - Air Freight — 1.5% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 23,700 | 1,293,072 | ||||||
Transport - Rail — 0.4% |
| |||||||
RailAmerica, Inc.†# | 28,850 | 357,740 | ||||||
Transport - Services — 0.8% |
| |||||||
UTi Worldwide, Inc. | 35,700 | 687,225 | ||||||
Ultra Sound Imaging Systems — 1.4% |
| |||||||
SonoSite, Inc.†# | 41,108 | 1,248,861 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $78,546,267) | 86,877,937 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 8.9% |
| |||||||
Collective Investment Pool — 8.9% |
| |||||||
Securities Lending Quality Trust(1) | ||||||||
(cost $7,718,415) | 7,718,415 | 7,696,148 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $86,264,682)(2) | 108.7 | % | 94,574,085 | |||||
Liabilities in excess of other assets | (8.7 | ) | (7,551,784 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 87,022,301 | ||||
# | 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. |
ADR — American Depository Receipt
175 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock | $ | 86,877,937 | $ | — | $ | — | $ | 86,877,937 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 7,696,148 | — | 7,696,148 | ||||||||||||
Total | $ | 86,877,937 | $ | 7,696,148 | $ | — | $ | 94,574,085 | ||||||||
See Notes to Financial Statements
176
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 16.9 | % | ||
Banks — Commercial | 6.5 | |||
Retail — Restaurants | 4.4 | |||
Real Estate Investment Trusts | 3.4 | |||
Retail — Apparel/Shoe | 3.3 | |||
Oil Companies — Exploration & Production | 3.3 | |||
Auto/Truck Parts & Equipment — Original | 2.9 | |||
Enterprise Software/Service | 2.6 | |||
Machinery — General Industrial | 2.3 | |||
Medical Products | 2.3 | |||
Oil Field Machinery & Equipment | 2.2 | |||
Medical — Drugs | 2.2 | |||
Insurance — Property/Casualty | 2.0 | |||
Distribution/Wholesale | 1.8 | |||
Transport — Truck | 1.6 | |||
Diversified Manufacturing Operations | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Applications Software | 1.5 | |||
Commercial Services — Finance | 1.5 | |||
Medical — Biomedical/Gene | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Machinery — Electrical | 1.2 | |||
Lasers — System/Components | 1.2 | |||
Aerospace/Defense — Equipment | 1.1 | |||
Internet Infrastructure Software | 1.1 | |||
Medical — Hospitals | 1.1 | |||
Gas — Distribution | 1.1 | |||
Telephone — Integrated | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Wire & Cable Products | 0.9 | |||
Commercial Services | 0.9 | |||
Electric Products — Misc. | 0.9 | |||
Food — Misc. | 0.9 | |||
Coal | 0.9 | |||
Telecom Equipment — Fiber Optics | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Oil — Field Services | 0.9 | |||
Transport — Services | 0.8 | |||
Advertising Agencies | 0.8 | |||
Quarrying | 0.8 | |||
Chemicals — Plastics | 0.8 | |||
Instruments — Scientific | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Steel Pipe & Tube | 0.8 | |||
Computer Services | 0.7 | |||
Telecommunication Equipment | 0.7 | |||
Non — Hazardous Waste Disposal | 0.7 | |||
Building — Maintance & Services | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Food — Canned | 0.7 | |||
Miscellaneous Manufacturing | 0.7 | |||
Electric — Integrated | 0.7 | |||
Computer Aided Design | 0.7 | |||
Home Furnishings | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Oil & Gas Drilling | 0.7 | |||
E-Services/Consulting | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Food — Baking | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Insurance Brokers | 0.5 | |||
Casino Services | 0.5 | |||
Retail — Automobile | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Broadcast Services/Program | 0.5 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Medical — HMO | 0.4 |
Airlines | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Time Deposits | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Therapeutics | 0.3 | |||
Medical Instruments | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Multimedia | 0.3 | |||
Printing — Commercial | 0.3 | |||
Savings & Loans/Thrifts | 0.3 | |||
Human Resources | 0.3 | |||
Leisure Products | 0.3 | |||
Telecom Services | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Electronic Design Automation | 0.2 | |||
Auto Repair Centers | 0.2 | |||
Internet Application Software | 0.2 | |||
Internet Security | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Wireless Equipment | 0.2 | |||
Advanced Materials | 0.2 | |||
Instruments — Controls | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Investment Companies | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Gold Mining | 0.1 | |||
Pharmacy Services | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Networking Products | 0.1 | |||
Publishing — Books | 0.1 | |||
Audio/Video Products | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Hotels/Motels | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Retail — Discount | 0.1 | |||
Medical Sterilization Products | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Transport — Marine | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Independent Power Producers | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Steel — Producers | 0.1 | |||
Electronic Security Devices | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Transport — Rail | 0.1 | |||
Direct Marketing | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Computer Data Security | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Medical Laser Systems | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Housewares | 0.1 | |||
Textile — Apparel | 0.1 | |||
Food — Retail | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Office Furnishings — Original | 0.1 | |||
Transactional Software | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Publishing — Periodicals | 0.1 |
177
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Diversified Operations | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Electric — Generation | 0.1 | |||
Consulting Services | 0.1 | |||
Data Processing/Management | 0.1 | |||
Casino Hotels | 0.1 | |||
Radio | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Medical Information Systems | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Computer Graphics | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Optical Recognition Equipment | 0.1 | |||
116.9 | % | |||
* | Calculated as a percentage of net assets |
178
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK — 99.0% |
| |||||||
Advanced Materials — 0.2% |
| |||||||
Core Molding Technologies, Inc.† | 35,700 | $ | 180,285 | |||||
Hexcel Corp.† | 23,500 | 403,025 | ||||||
583,310 | ||||||||
Advertising Agencies — 0.8% |
| |||||||
The Interpublic Group of Cos., Inc.† | 237,358 | 2,527,863 | ||||||
Aerospace/Defense — 0.5% |
| |||||||
Aerovironment, Inc.† | 38,116 | 941,465 | ||||||
Herley Industries, Inc.† | 10,800 | 175,608 | ||||||
Kratos Defense & Security Solutions, Inc.† | 9,100 | 96,187 | ||||||
TransDigm Group, Inc.† | 3,300 | 226,050 | ||||||
1,439,310 | ||||||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
AAR Corp.† | 76,133 | 1,869,826 | ||||||
Curtiss - Wright Corp. | 36,753 | 1,141,916 | ||||||
LMI Aerospace, Inc.† | 12,100 | 196,867 | ||||||
Moog, Inc., Class A† | 7,300 | 269,078 | ||||||
3,477,687 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Intrepid Potash, Inc.†# | 5,000 | 153,250 | ||||||
Airlines — 0.4% |
| |||||||
Allegiant Travel Co.# | 6,000 | 299,580 | ||||||
Pinnacle Airlines Corp.† | 16,700 | 135,771 | ||||||
United Continental Holdings, Inc.†# | 26,773 | 741,077 | ||||||
1,176,428 | ||||||||
Apparel Manufacturers — 0.9% |
| |||||||
Carter’s, Inc.† | 5,000 | 158,300 | ||||||
Hanesbrands, Inc.† | 73,806 | 2,003,833 | ||||||
Under Armour, Inc., Class A†# | 8,200 | 473,386 | ||||||
2,635,519 | ||||||||
Applications Software — 1.5% |
| |||||||
Actuate Corp.† | 25,000 | 141,000 | ||||||
Bsquare Corp.† | 28,700 | 178,227 | ||||||
China TransInfo Technology Corp.† | 14,800 | 78,144 | ||||||
Emdeon, Inc., Class A† | 49,444 | 616,567 | ||||||
EPIQ Systems, Inc.# | 21,700 | 276,458 | ||||||
PDF Solutions, Inc.†# | 50,200 | 200,298 | ||||||
Progress Software Corp.† | 13,367 | 515,565 | ||||||
Quest Software, Inc.† | 102,729 | 2,599,044 | ||||||
RealPage, Inc.† | 2,700 | 73,980 | ||||||
4,679,283 | ||||||||
Auction House/Art Dealers — 0.1% |
| |||||||
Ritchie Bros. Auctioneers, Inc.# | 9,300 | 186,186 | ||||||
Audio/Video Products — 0.1% |
| |||||||
DTS, Inc.†# | 8,700 | 408,378 | ||||||
Auto Repair Centers — 0.2% |
| |||||||
Midas, Inc.† | 13,400 | 104,520 | ||||||
Monro Muffler Brake, Inc.# | 11,550 | 571,032 | ||||||
675,552 | ||||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Tesla Motors, Inc.†# | 1,200 | 42,396 | ||||||
Auto/Truck Parts & Equipment - Original — 2.9% |
| |||||||
Dana Holding Corp.† | 144,518 | 2,183,667 | ||||||
Miller Industries, Inc. | 10,000 | 140,200 | ||||||
Strattec Security Corp. | 8,300 | 283,860 | ||||||
Titan International, Inc.# | 193,343 | 3,089,621 |
Security Description | Shares | (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
TRW Automotive Holdings Corp.† | 67,340 | $ | 3,197,977 | |||||
8,895,325 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Commercial Vehicle Group, Inc.† | 13,400 | 189,878 | ||||||
Banks - Commercial — 6.5% |
| |||||||
1st United Bancorp, Inc.† | 14,300 | 83,226 | ||||||
Alliance Financial Corp. | 4,500 | 132,885 | ||||||
Ameris Bancorp† | 11,900 | 114,716 | ||||||
Associated Banc - Corp.# | 127,452 | 1,630,748 | ||||||
Bancfirst Corp.# | 38,557 | 1,564,643 | ||||||
Bancorp Rhode Island, Inc. | 5,400 | 161,028 | ||||||
Bancorp, Inc.† | 17,600 | 151,360 | ||||||
Camden National Corp. | 6,300 | 226,170 | ||||||
Capital City Bank Group, Inc. | 9,600 | 121,440 | ||||||
Cardinal Financial Corp. | 12,100 | 125,356 | ||||||
Center Financial Corp.† | 21,100 | 132,086 | ||||||
Central Pacific Financial Corp.† | 65,100 | 92,442 | ||||||
Citizens Holding Co. | 6,500 | 117,000 | ||||||
CNB Financial Corp. | 8,500 | 121,805 | ||||||
CoBiz Financial, Inc. | 10,900 | 53,519 | ||||||
Columbia Banking System, Inc.# | 89,590 | 1,562,450 | ||||||
Commerce Bancshares, Inc. | 40,303 | 1,513,378 | ||||||
Community Trust Bancorp, Inc.# | 46,848 | 1,288,789 | ||||||
East West Bancorp, Inc.(1) | 128,112 | 2,221,462 | ||||||
Enterprise Bancorp, Inc. | 10,621 | 121,504 | ||||||
Farmers Capital Bank Corp.† | 20,900 | 103,037 | ||||||
Financial Institutions, Inc. | 6,500 | 118,625 | ||||||
First South Bancorp, Inc. | 12,300 | 91,389 | ||||||
FirstMerit Corp.# | 81,641 | 1,422,594 | ||||||
Glacier Bancorp, Inc.# | 24,571 | 327,531 | ||||||
Heritage Financial Corp.† | 8,300 | 113,876 | ||||||
LNB Bancorp, Inc. | 16,300 | 76,610 | ||||||
Merchants Bancshares, Inc. | 4,600 | 125,258 | ||||||
Northrim BanCorp, Inc. | 7,100 | 134,119 | ||||||
Ohio Valley Banc Corp. | 6,400 | 124,800 | ||||||
Pacific Continental Corp. | 13,000 | 112,320 | ||||||
Pinnacle Financial Partners, Inc.†# | 15,800 | 155,314 | ||||||
Prosperity Bancshares, Inc. | 11,100 | 361,194 | ||||||
Sierra Bancorp | 9,400 | 97,290 | ||||||
Signature Bank† | 12,600 | 553,770 | ||||||
Sterling Bancorp | 6,700 | 62,913 | ||||||
Synovus Financial Corp.# | 60,800 | 123,424 | ||||||
TCF Financial Corp.# | 19,100 | 259,951 | ||||||
Texas Capital Bancshares, Inc.†# | 13,800 | 260,544 | ||||||
United Community Banks, Inc.† | 50,500 | 77,265 | ||||||
United Security Bancshares† | 18,041 | 70,360 | ||||||
Valley National Bancorp.# | 24,506 | 311,226 | ||||||
Virginia Commerce Bancorp, Inc.† | 17,900 | 101,493 | ||||||
Washington Banking Co. | 13,800 | 176,502 | ||||||
Washington Trust Bancorp, Inc.# | 7,600 | 159,524 | ||||||
West Bancorp, Inc. | 18,344 | 133,361 | ||||||
Westamerica Bancorporation# | 8,100 | 395,928 | ||||||
Western Alliance Bancorp†# | 29,900 | 184,483 | ||||||
Wilshire Bancorp, Inc. | 17,400 | 123,192 | ||||||
Zions Bancorporation# | 95,381 | 1,855,161 | ||||||
19,749,061 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Wilmington Trust Corp. | 16,800 | 65,856 | ||||||
Beverages - Non - alcoholic — 0.0% |
| |||||||
SkyPeople Fruit Juice, Inc.† | 21,900 | 106,872 | ||||||
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Broadcast Services/Program — 0.5% |
| |||||||
Fisher Communications, Inc.† | 6,000 | $ | 120,300 | |||||
World Wrestling Entertainment, Inc.# | 100,730 | 1,412,235 | ||||||
1,532,535 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Builders FirstSource, Inc.† | 9,200 | 14,536 | ||||||
Gibraltar Industries, Inc.† | 6,950 | 70,681 | ||||||
Interline Brands, Inc.† | 13,800 | 284,280 | ||||||
Quanex Building Products Corp. | 9,100 | 150,514 | ||||||
520,011 | ||||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Insituform Technologies, Inc., Class A†# | 5,900 | 130,626 | ||||||
MYR Group, Inc.† | 300 | 4,731 | ||||||
135,357 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc.# | 1,100 | 92,994 | ||||||
Building - Maintance & Services — 0.7% |
| |||||||
ABM Industries, Inc.# | 93,364 | 2,150,173 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 3,400 | 123,964 | ||||||
Skyline Corp. | 6,500 | 123,370 | ||||||
247,334 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Meritage Homes Corp.†# | 13,000 | 246,610 | ||||||
Standard Pacific Corp.†# | 20,300 | 72,268 | ||||||
318,878 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Monarch Casino & Resort, Inc.† | 15,000 | 180,150 | ||||||
Casino Services — 0.5% |
| |||||||
Bally Technologies, Inc.†# | 41,471 | 1,624,419 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
FMC Corp. | 25,920 | 2,017,094 | ||||||
Innophos Holdings, Inc. | 57,864 | 1,970,848 | ||||||
Rockwood Holdings, Inc.† | 18,800 | 717,596 | ||||||
4,705,538 | ||||||||
Chemicals - Plastics — 0.8% |
| |||||||
Landec Corp.† | 18,600 | 116,436 | ||||||
PolyOne Corp.† | 191,442 | 2,385,367 | ||||||
2,501,803 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Arch Chemicals, Inc. | 14,300 | 496,496 | ||||||
KMG Chemicals, Inc. | 7,800 | 111,540 | ||||||
608,036 | ||||||||
Circuit Boards — 0.0% |
| |||||||
UQM Technologies, Inc.† | 57,300 | 114,027 | ||||||
Coal — 0.9% |
| |||||||
Cloud Peak Energy, Inc.†# | 17,400 | 364,878 | ||||||
James River Coal Co.†# | 74,283 | 1,478,232 | ||||||
Walter Energy, Inc. | 8,100 | 831,384 | ||||||
Westmoreland Coal Co.† | 7,400 | 79,550 | ||||||
2,754,044 | ||||||||
Commercial Services — 0.9% |
| |||||||
HMS Holdings Corp.† | 4,300 | 270,943 | ||||||
Intersections, Inc. | 12,500 | 130,000 |
Security Description | Shares | (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
Mac - Gray Corp. | 10,700 | $ | 149,693 | |||||
Quanta Services, Inc.† | 7,617 | 134,135 | ||||||
Team, Inc.† | 100,122 | 2,038,484 | ||||||
The Providence Service Corp.† | 7,700 | 129,437 | ||||||
2,852,692 | ||||||||
Commercial Services - Finance — 1.5% |
| |||||||
Global Payments, Inc. | 7,500 | 311,700 | ||||||
Green Dot Corp., Class A†# | 700 | 40,516 | ||||||
MoneyGram International, Inc.† | 18,700 | 45,815 | ||||||
SEI Investments Co. | 83,691 | 1,889,743 | ||||||
Wright Express Corp.† | 51,755 | 2,229,088 | ||||||
4,516,862 | ||||||||
Computer Aided Design — 0.7% |
| |||||||
Parametric Technology Corp.† | 93,619 | 2,005,319 | ||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 7,800 | 248,586 | ||||||
Computer Graphics — 0.1% |
| |||||||
Monotype Imaging Holdings, Inc.† | 13,800 | 154,560 | ||||||
Computer Services — 0.7% |
| |||||||
CACI International, Inc., Class A† | 33,294 | 1,675,687 | ||||||
CIBER, Inc.† | 37,900 | 127,344 | ||||||
Dynamics Research Corp.† | 10,000 | 135,900 | ||||||
Ness Technologies, Inc.† | 25,000 | 112,750 | ||||||
Tier Technologies, Inc., Class B† | 23,100 | 113,190 | ||||||
2,164,871 | ||||||||
Computer Software — 0.0% |
| |||||||
DynaVox, Inc., Class A†# | 10,000 | 39,400 | ||||||
SS&C Technologies Holdings, Inc.† | 5,600 | 108,696 | ||||||
148,096 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
3D Systems Corp.†# | 10,800 | 303,912 | ||||||
Adept Technology, Inc.† | 23,000 | 107,180 | ||||||
Jack Henry & Associates, Inc. | 17,200 | 470,248 | ||||||
Riverbed Technology, Inc.† | 2,800 | 94,948 | ||||||
976,288 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
Dot Hill Systems Corp.† | 87,300 | 155,394 | ||||||
LaserCard Corp.† | 29,100 | 123,384 | ||||||
NetList, Inc.† | 37,900 | 87,549 | ||||||
Xyratex, Ltd.†# | 6,400 | 97,792 | ||||||
464,119 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Immersion Corp.† | 25,600 | 143,616 | ||||||
Synaptics, Inc.† | 8,400 | 239,400 | ||||||
383,016 | ||||||||
Consulting Services — 0.1% |
| |||||||
China Direct, Inc.† | 72,900 | 86,022 | ||||||
The Hackett Group, Inc.† | 27,900 | 98,208 | ||||||
184,230 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 47,700 | ||||||
Kid Brands, Inc.† | 18,000 | 169,380 | ||||||
217,080 | ||||||||
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Alberto - Culver Co. | 3,900 | $ | 145,080 | |||||
CCA Industries, Inc. | 3,421 | 18,165 | ||||||
163,245 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
CommVault Systems, Inc.† | 6,300 | 183,519 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Meridian Bioscience, Inc.# | 22,300 | 495,506 | ||||||
Direct Marketing — 0.1% |
| |||||||
ValueVision Media, Inc., Class A† | 73,900 | 257,911 | ||||||
Distribution/Wholesale — 1.8% |
| |||||||
Beacon Roofing Supply, Inc.† | 96,057 | 1,651,220 | ||||||
Chindex International, Inc.† | 12,600 | 191,898 | ||||||
Ingram Micro, Inc., Class A† | 94,094 | 1,679,578 | ||||||
Owens & Minor, Inc.# | 57,574 | 1,626,465 | ||||||
Pool Corp. | 11,511 | 243,918 | ||||||
5,393,079 | ||||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
A.O. Smith Corp. | 4,650 | 183,256 | ||||||
Actuant Corp., Class A | 14,700 | 347,361 | ||||||
Acuity Brands, Inc.# | 18,800 | 1,012,568 | ||||||
Colfax Corp.†# | 6,200 | 104,656 | ||||||
ESCO Technologies, Inc. | 6,800 | 238,544 | ||||||
Fabrinet† | 7,500 | 129,300 | ||||||
GP Strategies Corp.† | 13,700 | 126,314 | ||||||
Harsco Corp. | 6,200 | 149,172 | ||||||
Koppers Holdings, Inc. | 12,600 | 360,360 | ||||||
Leggett & Platt, Inc. | 6,700 | 138,690 | ||||||
Lydall, Inc.† | 14,100 | 101,943 | ||||||
Matthews International Corp., Class A | 1,300 | 42,224 | ||||||
Park - Ohio Holdings Corp.† | 9,200 | 178,020 | ||||||
Trinity Industries, Inc.# | 71,164 | 1,629,656 | ||||||
4,742,064 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Resource America, Inc., Class A | 31,400 | 189,028 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Alkermes, Inc.† | 17,000 | 178,160 | ||||||
Antares Pharma, Inc.† | 67,700 | 96,811 | ||||||
274,971 | ||||||||
E - Commerce/Services — 0.1% |
| |||||||
OpenTable, Inc.†# | 2,700 | 195,858 | ||||||
E - Marketing/Info — 0.1% |
| |||||||
Constant Contact, Inc.†# | 10,300 | 263,577 | ||||||
E - Services/Consulting — 0.6% |
| |||||||
GSI Commerce, Inc.†# | 64,879 | 1,547,364 | ||||||
Keynote Systems, Inc. | 14,300 | 175,032 | ||||||
Sapient Corp. | 18,800 | 224,284 | ||||||
1,946,680 | ||||||||
Electric Products - Misc. — 0.9% |
| |||||||
GrafTech International, Ltd.† | 127,622 | 2,501,391 | ||||||
Graham Corp. | 11,100 | 181,596 | ||||||
NIVS IntelliMedia Technology Group, Inc.† | 47,700 | 103,509 | ||||||
2,786,496 | ||||||||
Electric - Generation — 0.1% |
| |||||||
GenOn Energy, Inc.† | 52,400 | 184,448 | ||||||
Security Description | Shares | (Note 2) | ||||||
Electric - Integrated — 0.7% |
| |||||||
Central Vermont Public Service Corp. | 5,200 | $ | 105,040 | |||||
Cleco Corp. | 4,000 | 121,320 | ||||||
El Paso Electric Co.† | 12,200 | 321,348 | ||||||
NorthWestern Corp. | 5,000 | 144,050 | ||||||
NV Energy, Inc. | 16,200 | 221,778 | ||||||
OGE Energy Corp. | 9,500 | 422,845 | ||||||
PNM Resources, Inc. | 22,400 | 268,352 | ||||||
The Empire District Electric Co.# | 6,500 | 140,075 | ||||||
Unisource Energy Corp. | 7,900 | 277,843 | ||||||
2,022,651 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
OSI Systems, Inc.† | 71,685 | 2,499,656 | ||||||
Pulse Electronics Corp. | 30,400 | 124,640 | ||||||
2,624,296 | ||||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Advanced Analogic Technologies, Inc.† | 12,700 | 46,482 | ||||||
AuthenTec, Inc.† | 79,200 | 170,280 | ||||||
Diodes, Inc.† | 5,050 | 124,735 | ||||||
GT Solar International, Inc.†# | 25,700 | 171,933 | ||||||
Mindspeed Technologies, Inc.† | 2,902 | 18,080 | ||||||
National Semiconductor Corp. | 6,400 | 85,440 | ||||||
PMC - Sierra, Inc.† | 34,600 | 250,850 | ||||||
Semtech Corp.†# | 110,208 | 2,577,765 | ||||||
Silicon Laboratories, Inc.† | 10,800 | 458,784 | ||||||
3,904,349 | ||||||||
Electronic Design Automation — 0.2% |
| |||||||
Cadence Design Systems, Inc.† | 68,500 | 538,410 | ||||||
Magma Design Automation, Inc.† | 45,900 | 190,026 | ||||||
728,436 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
CyberOptics Corp.† | 18,900 | 162,351 | ||||||
LeCroy Corp.† | 26,600 | 247,114 | ||||||
Measurement Specialties, Inc.† | 8,200 | 209,756 | ||||||
National Instruments Corp. | 5,800 | 197,896 | ||||||
Orbotech, Ltd.† | 15,700 | 173,014 | ||||||
990,131 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science and Engineering, Inc. | 3,300 | 266,046 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Ascent Solar Technologies, Inc.† | 33,000 | 105,270 | ||||||
BioFuel Energy Corp.† | 41,700 | 69,222 | ||||||
FuelCell Energy, Inc.† | 49,000 | 55,370 | ||||||
Headwaters, Inc.† | 31,900 | 124,091 | ||||||
Ocean Power Technologies, Inc.† | 17,900 | 101,851 | ||||||
455,804 | ||||||||
Enterprise Software/Service — 2.6% |
| |||||||
American Software, Inc., Class A | 21,500 | 144,265 | ||||||
Ariba, Inc.†# | 187,864 | 3,801,428 | ||||||
Concur Technologies, Inc.† | 2,500 | 128,025 | ||||||
Informatica Corp.† | 1,300 | 53,664 | ||||||
MedAssets, Inc.† | 10,200 | 189,159 | ||||||
Omnicell, Inc.† | 100,026 | 1,340,348 | ||||||
Open Text Corp.†# | 42,350 | 1,803,687 | ||||||
Opnet Technologies, Inc. | 8,400 | 204,288 | ||||||
PROS Holdings, Inc.†# | 22,000 | 210,100 | ||||||
Taleo Corp., Class A† | 4,400 | 135,080 | ||||||
8,010,044 | ||||||||
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co.# | 13,800 | $ | 397,716 | |||||
Finance - Consumer Loans — 0.0% |
| |||||||
ASTA Funding, Inc. | 13,200 | 94,380 | ||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Diamond Hill Investment Group, Inc. | 1,700 | 117,708 | ||||||
Gleacher & Co., Inc.†# | 20,600 | 51,706 | ||||||
JMP Group, Inc. | 16,300 | 113,937 | ||||||
KBW, Inc. | 67,949 | 1,577,776 | ||||||
Penson Worldwide, Inc.†# | 15,600 | 75,972 | ||||||
Piper Jaffray Cos., Inc.†# | 6,500 | 194,805 | ||||||
2,131,904 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 11,900 | 165,172 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Federal Agricultural Mtg. Corp., Class C | 9,600 | 134,016 | ||||||
Finance - Other Services — 0.0% |
| |||||||
MarketAxess Holdings, Inc. | 4,200 | 76,398 | ||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
Assured Guaranty, Ltd. | 15,900 | 270,459 | ||||||
MGIC Investment Corp.†# | 13,900 | 118,428 | ||||||
Radian Group, Inc.# | 26,200 | 185,758 | ||||||
574,645 | ||||||||
Food - Baking — 0.6% |
| |||||||
Flowers Foods, Inc.# | 65,203 | 1,708,319 | ||||||
Food - Canned — 0.7% |
| |||||||
Seneca Foods Corp., Class B†# | 800 | 19,056 | ||||||
TreeHouse Foods, Inc.†# | 42,087 | 2,090,882 | ||||||
2,109,938 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.† | 20,600 | 149,762 | ||||||
Food - Misc. — 0.9% |
| |||||||
Corn Products International, Inc. | 52,379 | 2,258,582 | ||||||
John B. Sanfilippo & Son, Inc.† | 12,100 | 144,111 | ||||||
Overhill Farms, Inc.† | 18,500 | 97,125 | ||||||
Senomyx, Inc.† | 47,700 | 269,028 | ||||||
2,768,846 | ||||||||
Food - Retail — 0.1% |
| |||||||
Fresh Market, Inc.† | 5,700 | 206,625 | ||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Heelys, Inc.† | 56,600 | 186,214 | ||||||
Gambling (Non - Hotel) — 0.0% |
| |||||||
Dover Downs Gaming & Entertainment, Inc. | 5,034 | 17,518 | ||||||
Gas - Distribution — 1.1% |
| |||||||
Delta Natural Gas Co., Inc. | 3,800 | 117,838 | ||||||
Energen Corp. | 25,944 | 1,130,380 | ||||||
Southwest Gas Corp. | 14,400 | 504,432 | ||||||
UGI Corp. | 51,505 | 1,528,153 | ||||||
3,280,803 | ||||||||
Gold Mining — 0.1% |
| |||||||
Capital Gold Corp.† | 16,800 | 77,448 | ||||||
Franco - Nevada Corp. | 11,300 | 378,226 | ||||||
455,674 | ||||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
EnergySolutions, Inc. | 11,300 | 56,500 | ||||||
Security Description | Shares | (Note 2) | ||||||
Heart Monitors — 0.0% |
| |||||||
HeartWare International, Inc.† | 1,500 | $ | 137,940 | |||||
Home Furnishings — 0.7% |
| |||||||
American Woodmark Corp. | 9,700 | 201,857 | ||||||
Ethan Allen Interiors, Inc. | 100,685 | 1,660,296 | ||||||
Tempur - Pedic International, Inc.† | 3,900 | 136,929 | ||||||
1,999,082 | ||||||||
Hotel/Motels — 0.1% |
| |||||||
Gaylord Entertainment Co.† | 10,600 | 363,898 | ||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc.† | 6,700 | 96,949 | ||||||
Lifetime Brands, Inc.† | 8,000 | 117,920 | ||||||
214,869 | ||||||||
Human Resources — 0.3% |
| |||||||
Barrett Business Services, Inc. | 13,000 | 192,790 | ||||||
Hudson Highland Group, Inc.† | 23,600 | 96,288 | ||||||
Kforce, Inc.† | 20,600 | 311,266 | ||||||
Korn/Ferry International† | 9,000 | 155,880 | ||||||
On Assignment, Inc.† | 20,000 | 137,400 | ||||||
893,624 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Mirant Corp.† | 28,000 | 277,760 | ||||||
Synthesis Energy Systems, Inc.†# | 4,300 | 4,171 | ||||||
281,931 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 96,040 | ||||||
Iteris, Inc.† | 76,210 | 114,315 | ||||||
SRS Labs, Inc.† | 14,700 | 125,244 | ||||||
335,599 | ||||||||
Instruments - Controls — 0.2% |
| |||||||
Elster Group SE† | 5,500 | 87,065 | ||||||
Watts Water Technologies, Inc., Class A | 8,700 | 283,185 | ||||||
Woodward Governor Co. | 5,700 | 192,375 | ||||||
562,625 | ||||||||
Instruments - Scientific — 0.8% |
| |||||||
Dionex Corp.† | 22,179 | 2,022,059 | ||||||
FEI Co.† | 18,800 | 447,440 | ||||||
2,469,499 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Arthur J. Gallagher & Co.# | 58,541 | 1,643,831 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Independence Holding Co. | 18,600 | 143,964 | ||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
FPIC Insurance Group, Inc.† | 40,546 | 1,499,391 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 114,140 | ||||||
HCC Insurance Holdings, Inc. | 13,400 | 376,272 | ||||||
Infinity Property & Casualty Corp. | 12,600 | 727,398 | ||||||
Markel Corp.†# | 1,300 | 459,537 | ||||||
Mercer Insurance Group, Inc. | 6,900 | 129,513 | ||||||
RLI Corp.# | 2,500 | 144,950 | ||||||
Safety Insurance Group, Inc. | 13,180 | 616,956 | ||||||
SeaBright Holdings, Inc.# | 9,700 | 85,263 | ||||||
Selective Insurance Group, Inc. | 25,800 | 425,700 | ||||||
The Hanover Insurance Group, Inc. | 30,640 | 1,387,379 | ||||||
Universal Insurance Holdings, Inc. | 28,300 | 137,821 | ||||||
6,104,320 | ||||||||
182
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Internet Application Software — 0.2% |
| |||||||
eResearchTechnology, Inc.†# | 56,037 | $ | 314,368 | |||||
Vocus, Inc.†# | 14,300 | 350,064 | ||||||
664,432 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
Cogent Communications Group, Inc.† | 9,400 | 113,552 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
ADAM, Inc.† | 12,200 | 76,250 | ||||||
Internet Infrastructure Equipment — 0.0% |
| |||||||
Network Engines, Inc.† | 37,400 | 57,596 | ||||||
Internet Infrastructure Software — 1.1% |
| |||||||
TIBCO Software, Inc.† | 173,370 | 3,404,987 | ||||||
Internet Security — 0.2% |
| |||||||
Blue Coat Systems, Inc.†# | 8,100 | 215,460 | ||||||
Sourcefire, Inc.†# | 9,400 | 255,022 | ||||||
Zix Corp.† | 41,500 | 159,360 | ||||||
629,842 | ||||||||
Investment Companies — 0.2% |
| |||||||
Arlington Asset Investment Corp. | 6,300 | 155,169 | ||||||
NGP Capital Resources Co. | 13,000 | 117,520 | ||||||
TICC Capital Corp. | 19,700 | 207,638 | ||||||
480,327 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Affiliated Managers Group, Inc.† | 24,017 | 2,099,326 | ||||||
Cohen & Steers, Inc.# | 11,200 | 282,240 | ||||||
Financial Engines, Inc.† | 14,700 | 248,724 | ||||||
Pzena Investment Management, Inc., Class A | 3,700 | 26,307 | ||||||
Waddell & Reed Financial, Inc., Class A | 7,800 | 240,240 | ||||||
2,896,837 | ||||||||
Lasers - System/Components — 1.2% |
| |||||||
Cymer, Inc.†# | 51,253 | 1,951,201 | ||||||
Newport Corp.† | 9,700 | 140,941 | ||||||
Rofin - Sinar Technologies, Inc.†# | 49,673 | 1,426,112 | ||||||
3,518,254 | ||||||||
Leisure Products — 0.3% |
| |||||||
Brunswick Corp.# | 47,700 | 760,815 | ||||||
Multimedia Games, Inc.† | 26,700 | 115,344 | ||||||
876,159 | ||||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Terex Corp.†# | 5,100 | 123,828 | ||||||
Machinery - Electrical — 1.2% |
| |||||||
Baldor Electric Co.# | 56,744 | 3,592,463 | ||||||
Machinery - General Industrial — 2.4% |
| |||||||
Applied Industrial Technologies, Inc.# | 1,000 | 29,880 | ||||||
DXP Enterprises, Inc.† | 9,100 | 195,832 | ||||||
Gardner Denver, Inc. | 50,688 | 3,317,530 | ||||||
IDEX Corp. | 65,199 | 2,443,006 | ||||||
Kadant, Inc.† | 7,300 | 140,087 | ||||||
Middleby Corp.† | 5,800 | 466,726 | ||||||
Tennant Co. | 11,000 | 375,540 | ||||||
Wabtec Corp. | 3,800 | 175,674 | ||||||
7,144,275 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Cascade Corp. | 4,300 | 157,036 | ||||||
Security Description | Shares | (Note 2) | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Graco, Inc.# | 9,900 | $ | 356,004 | |||||
Medical Imaging Systems — 0.0% |
| |||||||
Vital Images, Inc.† | 8,100 | 108,702 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Computer Programs & Systems, Inc.# | 3,500 | 163,415 | ||||||
Medical Instruments — 0.3% |
| |||||||
AngioDynamics, Inc.† | 5,300 | 74,041 | ||||||
Bruker Corp.† | 8,200 | 126,444 | ||||||
CryoLife, Inc.† | 17,000 | 95,880 | ||||||
Edwards Lifesciences Corp.† | 2,100 | 139,356 | ||||||
Integra LifeSciences Holdings Corp.† | 3,200 | 138,784 | ||||||
Stereotaxis, Inc.†# | 11,800 | 40,710 | ||||||
Synergetics USA, Inc.† | 31,361 | 107,882 | ||||||
TranS1, Inc.† | 40,300 | 76,973 | ||||||
Vascular Solutions, Inc.† | 15,000 | 158,700 | ||||||
958,770 | ||||||||
Medical Laser Systems — 0.1% |
| |||||||
LCA - Vision, Inc.† | 18,900 | 97,902 | ||||||
Palomar Medical Technologies, Inc.† | 11,000 | 136,950 | ||||||
234,852 | ||||||||
Medical Products — 2.3% |
| |||||||
Alphatec Holdings, Inc.† | 50,000 | 112,500 | ||||||
Cardica, Inc.† | 66,500 | 178,885 | ||||||
Hanger Orthopedic Group, Inc.† | 104,420 | 2,002,776 | ||||||
Orthovita, Inc.† | 38,700 | 77,013 | ||||||
PSS World Medical, Inc.†# | 4,000 | 82,400 | ||||||
Span - America Medical Systems, Inc. | 6,200 | 91,760 | ||||||
Synovis Life Technologies, Inc.† | 8,400 | 135,660 | ||||||
Teleflex, Inc. | 32,768 | 1,636,434 | ||||||
The Cooper Cos., Inc.# | 44,207 | 2,365,074 | ||||||
TomoTherapy, Inc.†# | 11,300 | 39,550 | ||||||
Wright Medical Group, Inc.† | 13,000 | 171,470 | ||||||
6,893,522 | ||||||||
Medical Sterilization Products — 0.1% |
| |||||||
STERIS Corp. | 9,500 | 326,895 | ||||||
Medical - Biomedical/Gene — 1.3% |
| |||||||
Affymax, Inc.† | 17,200 | 116,272 | ||||||
Alexion Pharmaceuticals, Inc.† | 7,100 | 542,795 | ||||||
AMAG Pharmaceuticals, Inc.† | 3,900 | 61,191 | ||||||
American Oriental Bioengineering, Inc.† | 40,800 | 92,616 | ||||||
Anadys Pharmaceuticals, Inc.† | 49,400 | 52,858 | ||||||
Arqule, Inc.† | 30,600 | 166,158 | ||||||
Biosante Pharmaceuticals, Inc.† | 68,800 | 101,136 | ||||||
Celldex Therapeutics, Inc.† | 5,500 | 22,825 | ||||||
Cubist Pharmaceuticals, Inc.† | 11,300 | 245,323 | ||||||
Curis, Inc.† | 53,900 | 90,552 | ||||||
Exelixis, Inc.†# | 15,400 | 89,166 | ||||||
GTx, Inc.† | 37,700 | 109,330 | ||||||
Incyte Corp., Ltd.†# | 37,000 | 536,870 | ||||||
Inovio Biomedical Corp.† | 81,600 | 96,288 | ||||||
Maxygen, Inc.† | 18,100 | 117,107 | ||||||
Oncothyreon, Inc.† | 21,500 | 71,595 | ||||||
Regeneron Pharmaceuticals, Inc.† | 12,600 | 363,132 | ||||||
Sangamo Biosciences, Inc.† | 33,500 | 156,110 | ||||||
Seattle Genetics, Inc.†# | 7,300 | 110,230 | ||||||
StemCells, Inc.† | 110,100 | 116,706 | ||||||
SuperGen, Inc.† | 59,400 | 157,410 | ||||||
The Medicines Co.† | 12,200 | 160,796 | ||||||
Vertex Pharmaceuticals, Inc.† | 7,411 | 245,526 |
183 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Vical, Inc.† | 48,985 | $ | 96,011 | |||||
3,918,003 | ||||||||
Medical - Drugs — 2.2% |
| |||||||
Array Biopharma, Inc.† | 32,900 | 105,609 | ||||||
BioSpecifics Technologies Corp.† | 5,200 | 117,936 | ||||||
Cephalon, Inc.†# | 1,900 | 120,631 | ||||||
Cumberland Pharmaceuticals, Inc.† | 12,800 | 87,808 | ||||||
Cytori Therapeutics, Inc.† | 34,000 | 152,660 | ||||||
Idenix Pharmaceuticals, Inc.†# | 16,800 | 64,008 | ||||||
Myrexis, Inc.† | 28,100 | 104,813 | ||||||
Pharmasset, Inc.†# | 6,600 | 285,912 | ||||||
Pozen, Inc.† | 15,600 | 99,840 | ||||||
Santarus, Inc.† | 54,371 | 150,064 | ||||||
Sciclone Pharmaceuticals, Inc.† | 33,600 | 125,664 | ||||||
Valeant Pharmaceuticals International, Inc.# | 70,305 | 1,818,790 | ||||||
Vanda Pharmaceuticals, Inc.† | 16,600 | 133,796 | ||||||
Viropharma, Inc.† | 143,112 | 2,211,080 | ||||||
Vivus, Inc.†# | 152,637 | 992,141 | ||||||
XenoPort, Inc.†# | 7,800 | 60,450 | ||||||
Zalicus, Inc.† | 101,600 | 119,888 | ||||||
6,751,090 | ||||||||
Medical - HMO — 0.4% |
| |||||||
AMERIGROUP Corp.† | 15,700 | 675,571 | ||||||
Centene Corp.† | 19,600 | 455,700 | ||||||
Metropolitan Health Networks, Inc.† | 27,500 | 118,525 | ||||||
1,249,796 | ||||||||
Medical - Hospitals — 1.1% |
| |||||||
Health Management Associates, Inc., Class A† | 46,200 | 411,642 | ||||||
LifePoint Hospitals, Inc.† | 10,500 | 380,310 | ||||||
MedCath Corp.† | 12,900 | 162,798 | ||||||
Universal Health Services, Inc., Class B | 57,865 | 2,379,409 | ||||||
3,334,159 | ||||||||
Medical - Outpatient/Home Medical — 0.5% |
| |||||||
Continucare Corp.† | 32,600 | 153,872 | ||||||
Gentiva Health Services, Inc.† | 58,013 | 1,333,139 | ||||||
1,487,011 | ||||||||
Metal Processors & Fabrication — 0.4% |
| |||||||
Dynamic Materials Corp. | 8,100 | 130,329 | ||||||
Haynes International, Inc. | 7,500 | 290,025 | ||||||
RBC Bearings, Inc.† | 11,900 | 438,991 | ||||||
Sun Hydraulics Corp.# | 6,800 | 211,888 | ||||||
1,071,233 | ||||||||
Mining — 0.0% |
| |||||||
Vista Gold Corp.† | 24,300 | 69,255 | ||||||
Miscellaneous Manufacturing — 0.7% |
| |||||||
Aptargroup, Inc. | 39,576 | 1,807,436 | ||||||
John Bean Technologies Corp. | 13,100 | 241,695 | ||||||
2,049,131 | ||||||||
Multimedia — 0.3% |
| |||||||
FactSet Research Systems, Inc. | 5,300 | 469,951 | ||||||
Media General, Inc., Class A† | 13,200 | 56,232 | ||||||
Meredith Corp.# | 12,400 | 416,888 | ||||||
943,071 | ||||||||
Networking Products — 0.1% |
| |||||||
Atheros Communications, Inc.†# | 7,500 | 244,200 | ||||||
Ixia† | 10,600 | 168,116 |
Security Description | Shares | (Note 2) | ||||||
Networking Products (continued) |
| |||||||
Meru Networks, Inc.†# | 1,600 | $ | 22,192 | |||||
434,508 | ||||||||
Non - Hazardous Waste Disposal — 0.7% |
| |||||||
Waste Connections, Inc.# | 82,743 | 2,151,318 | ||||||
Office Furnishings - Original — 0.1% |
| |||||||
Knoll, Inc. | 12,900 | 198,015 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
The Standard Register Co. | 18,500 | 54,945 | ||||||
Oil & Gas Drilling — 0.7% |
| |||||||
Patterson - UTI Energy, Inc. | 100,850 | 1,990,779 | ||||||
Oil Companies - Exploration & Production — 3.3% |
| |||||||
Approach Resource, Inc.† | 8,300 | 151,641 | ||||||
Bill Barrett Corp.†# | 16,800 | 645,960 | ||||||
Callon Petroleum Co.† | 26,100 | 154,512 | ||||||
CAMAC Energy, Inc.† | 28,200 | 76,986 | ||||||
Comstock Resources, Inc.†# | 53,446 | 1,309,427 | ||||||
Concho Resources, Inc.† | 10,600 | 877,150 | ||||||
Crimson Exploration, Inc.† | 33,200 | 123,504 | ||||||
Double Eagle Petroleum Co.† | 21,000 | 108,990 | ||||||
Evolution Petroleum Corp.† | 26,100 | 157,383 | ||||||
FieldPoint Petroleum Corp.† | 41,900 | 182,265 | ||||||
Forest Oil Corp.†# | 74,104 | 2,535,839 | ||||||
FX Energy, Inc.† | 29,800 | 176,118 | ||||||
GeoMet, Inc.†# | 26,800 | 22,244 | ||||||
Oasis Petroleum, Inc.† | 29,200 | 741,096 | ||||||
Penn Virginia Corp.# | 72,754 | 1,153,878 | ||||||
PostRock Energy Corp.† | 24,600 | 89,790 | ||||||
RAM Energy Resources, Inc.† | 63,200 | 109,968 | ||||||
SandRidge Energy, Inc.†# | 194,992 | 1,006,159 | ||||||
Swift Energy Co.† | 5,400 | 197,046 | ||||||
Venoco, Inc.†# | 6,600 | 114,906 | ||||||
Warren Resources, Inc.† | 45,500 | 201,565 | ||||||
10,136,427 | ||||||||
Oil Field Machinery & Equipment — 2.2% |
| |||||||
Bolt Technology Corp.† | 12,800 | 167,168 | ||||||
Complete Production Services, Inc.† | 151,685 | 4,315,438 | ||||||
Dresser - Rand Group, Inc.† | 53,434 | 2,026,752 | ||||||
Gulf Island Fabrication, Inc. | 10,300 | 275,628 | ||||||
6,784,986 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Frontier Oil Corp. | 97,980 | 1,521,629 | ||||||
Holly Corp.# | 4,600 | 165,324 | ||||||
1,686,953 | ||||||||
Oil - Field Services — 0.9% |
| |||||||
Key Energy Services, Inc.† | 12,700 | 130,810 | ||||||
Oceaneering International, Inc.† | 29,405 | 2,031,885 | ||||||
SEACOR Holdings, Inc. | 3,800 | 414,200 | ||||||
Union Drilling, Inc.†# | 6,500 | 41,015 | ||||||
2,617,910 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.† | 5,400 | 151,740 | ||||||
Paper & Related Products — 0.0% |
| |||||||
Mercer International, Inc.† | 8,278 | 57,118 | ||||||
Neenah Paper, Inc. | 1,500 | 27,630 | ||||||
84,748 | ||||||||
184 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Masimo Corp.# | 1,000 | $ | 30,860 | |||||
Pharmacy Services — 0.1% |
| |||||||
Catalyst Health Solutions, Inc.† | 7,800 | 334,776 | ||||||
SXC Health Solutions Corp.† | 3,000 | 115,050 | ||||||
449,826 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
U.S. Physical Therapy, Inc.† | 6,500 | 124,735 | ||||||
Physicians Practice Management — 0.0% |
| |||||||
Healthways, Inc.† | 5,700 | 55,005 | ||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Advanced Energy Industries, Inc.† | 123,394 | 1,441,242 | ||||||
PowerSecure International, Inc.† | 12,700 | 109,474 | ||||||
1,550,716 | ||||||||
Printing - Commercial — 0.3% |
| |||||||
American Reprographics Co.† | 32,100 | 225,663 | ||||||
Consolidated Graphics, Inc.† | 7,400 | 351,944 | ||||||
Multi - Color Corp.# | 18,550 | 362,652 | ||||||
940,259 | ||||||||
Professional Sports — 0.0% |
| |||||||
Madison Square Garden, Inc.† | 6,600 | 144,804 | ||||||
Publishing - Books — 0.1% |
| |||||||
Courier Corp. | 7,700 | 109,417 | ||||||
Scholastic Corp. | 11,049 | 310,477 | ||||||
419,894 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
AH Belo Corp.† Class A | 11,721 | 103,145 | ||||||
Lee Enterprises, Inc.† | 30,300 | 58,176 | ||||||
161,321 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
PRIMEDIA, Inc. | 38,500 | 193,655 | ||||||
Quarrying — 0.8% |
| |||||||
Compass Minerals International, Inc. | 30,440 | 2,514,344 | ||||||
Radio — 0.1% |
| |||||||
Cumulus Media, Inc., Class A† | 48,400 | 171,820 | ||||||
Real Estate Investment Trusts — 3.4% |
| |||||||
Alexandria Real Estate Equities, Inc. | 21,963 | 1,466,030 | ||||||
CBL & Associates Properties, Inc.# | 31,400 | 518,100 | ||||||
Chesapeake Lodging Trust | 4,700 | 89,394 | ||||||
Cousins Properties, Inc. | 22,496 | 166,921 | ||||||
DiamondRock Hospitality Co.† | 49,708 | 523,425 | ||||||
Digital Realty Trust, Inc.# | 32,300 | 1,696,396 | ||||||
EastGroup Properties, Inc. | 12,000 | 478,440 | ||||||
Equity One, Inc.# | 16,700 | 289,077 | ||||||
Essex Property Trust, Inc. | 1,600 | 177,344 | ||||||
Kilroy Realty Corp.# | 8,500 | 290,020 | ||||||
LaSalle Hotel Properties | 104,140 | 2,478,532 | ||||||
Parkway Properties, Inc. | 10,500 | 166,845 | ||||||
Pebblebrook Hotel Trust† | 5,300 | 99,322 | ||||||
Senior Housing Properties Trust | 62,033 | 1,385,197 | ||||||
SL Green Realty Corp. | 8,000 | 523,200 | ||||||
10,348,243 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
Colony Financial, Inc. | 6,900 | 133,101 | ||||||
Grubb & Ellis Co.† | 56,800 | 65,320 | ||||||
198,421 | ||||||||
Security Description | Shares | (Note 2) | ||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Consolidated - Tomoka Land Co. | 3,100 | $ | 86,800 | |||||
Starwood Property Trust, Inc. | 10,000 | 199,600 | ||||||
286,400 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Electro Rent Corp. | 6,300 | 93,366 | ||||||
H&E Equipment Services, Inc.†# | 22,100 | 219,895 | ||||||
313,261 | ||||||||
Resort/Theme Parks — 0.0% |
| |||||||
Great Wolf Resorts, Inc.† | 51,200 | 119,296 | ||||||
Retail - Apparel/Shoe — 3.4% |
| |||||||
American Eagle Outfitters, Inc. | 11,300 | 186,450 | ||||||
AnnTaylor Stores Corp.†# | 28,850 | 776,354 | ||||||
Casual Male Retail Group, Inc.† | 23,590 | 113,232 | ||||||
Christopher & Banks Corp. | 13,200 | 70,356 | ||||||
Express, Inc.† | 14,100 | 212,628 | ||||||
Genesco, Inc.† | 58,801 | 2,261,486 | ||||||
HOT Topic, Inc.# | 28,300 | 173,479 | ||||||
J Crew Group, Inc.† | 18,068 | 789,933 | ||||||
Phillips - Van Heusen Corp. | 47,012 | 3,189,294 | ||||||
Rue21, Inc.† | 6,300 | 189,063 | ||||||
Syms Corp.† | 15,400 | 108,570 | ||||||
The Finish Line, Inc., Class A | 115,887 | 2,068,583 | ||||||
Vera Bradley, Inc.† | 1,500 | 49,110 | ||||||
10,188,538 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Hhgregg, Inc.†# | 2,100 | 52,647 | ||||||
Retail - Arts & Crafts — 0.0% |
| |||||||
A.C. Moore Arts & Crafts, Inc.† | 4,900 | 11,368 | ||||||
Retail - Automobile — 0.5% |
| |||||||
Penske Auto Group, Inc.†# | 106,395 | 1,605,501 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Books - A - Million, Inc. | 8,776 | 55,903 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Susser Holdings Corp.† | 11,600 | 155,904 | ||||||
The Pantry, Inc.† | 10,100 | 207,454 | ||||||
363,358 | ||||||||
Retail - Discount — 0.1% |
| |||||||
HSN, Inc.† | 11,700 | 331,695 | ||||||
Retail - Home Furnishings — 0.0% |
| |||||||
Pier 1 Imports, Inc.† | 13,600 | 132,736 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 4,200 | 260,820 | ||||||
Zale Corp.† | 59,200 | 176,416 | ||||||
437,236 | ||||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.†# | 29,400 | 224,322 | ||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
Gaiam, Inc. Class A | 17,400 | 130,848 | ||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Dillard’s, Inc., Class A# | 74,201 | 2,313,587 | ||||||
Retail - Restaurants — 4.4% |
| |||||||
BJ’s Restaurants, Inc.†# | 10,100 | 370,165 | ||||||
Bravo Brio Restaurant Group, inc.† | 4,600 | 80,776 | ||||||
Brinker International, Inc. | 116,352 | 2,378,235 | ||||||
Caribou Coffee Co., Inc.† | 21,600 | 236,304 |
185 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
DineEquity, Inc.† | 46,128 | $ | 2,464,158 | |||||
Famous Dave’s of America, Inc.† | 16,700 | 165,330 | ||||||
Jack in the Box, Inc.† | 15,700 | 315,806 | ||||||
Jamba, Inc.† | 2,600 | 5,252 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.† | 12,600 | 110,124 | ||||||
Panera Bread Co., Class A†# | 5,600 | 561,344 | ||||||
Papa John’s International, Inc.† | 46,110 | 1,180,877 | ||||||
PF Chang’s China Bistro, Inc.# | 45,309 | 2,289,917 | ||||||
Red Robin Gourmet Burgers, Inc.† | 4,600 | 85,238 | ||||||
Sonic Corp.† | 16,862 | 157,828 | ||||||
Texas Roadhouse, Inc.†# | 138,548 | 2,367,785 | ||||||
The Cheesecake Factory, Inc.†# | 14,900 | 474,863 | ||||||
13,244,002 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Hibbett Sports, Inc.†# | 11,300 | 387,025 | ||||||
Zumiez, Inc.† | 17,800 | 566,218 | ||||||
953,243 | ||||||||
Retirement/Aged Care — 0.1% |
| |||||||
Five Star Quality Care, Inc.† | 24,000 | 154,080 | ||||||
Savings & Loans/Thrifts — 0.3% |
| |||||||
Abington Bancorp, Inc. | 10,400 | 124,800 | ||||||
Clifton Savings Bancorp, Inc. | 14,000 | 132,440 | ||||||
Louisiana Bancorp, Inc.† | 6,700 | 95,140 | ||||||
NewAlliance Bancshares, Inc. | 6,300 | 84,042 | ||||||
OceanFirst Financial Corp. | 11,600 | 140,012 | ||||||
Pacific Premier Bancorp, Inc.† | 12,600 | 74,340 | ||||||
United Community Financial Corp.† | 92,900 | 114,267 | ||||||
United Financial Bancorp, Inc. | 10,087 | 149,590 | ||||||
914,631 | ||||||||
Schools — 0.0% |
| |||||||
China Education Alliance, Inc.† | 27,700 | 74,790 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
ION Geophysical Corp.† | 18,600 | 133,734 | ||||||
T.G.C. Industries, Inc.† | 36,400 | 116,844 | ||||||
250,578 | ||||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
Emulex Corp.† | 8,000 | 90,560 | ||||||
Semiconductor Equipment — 0.7% | ||||||||
FSI International, Inc.† | 34,200 | 120,726 | ||||||
Mattson Technology, Inc.† | 34,500 | 95,565 | ||||||
MKS Instruments, Inc.† | 83,826 | 1,707,536 | ||||||
Rudolph Technologies, Inc.† | 9,800 | 73,108 | ||||||
1,996,935 | ||||||||
Steel Pipe & Tube — 0.8% |
| |||||||
Valmont Industries, Inc.# | 28,298 | 2,288,176 | ||||||
Steel - Producers — 0.1% |
| |||||||
AK Steel Holding Corp.# | 20,100 | 266,928 | ||||||
Telecom Equipment - Fiber Optics — 0.9% |
| |||||||
Finisar Corp.† | 3,474 | 66,423 | ||||||
JDS Uniphase Corp.† | 203,348 | 2,413,741 | ||||||
KVH Industries, Inc.† | 14,357 | 190,230 | ||||||
2,670,394 | ||||||||
Telecom Services — 0.3% |
| |||||||
FiberTower Corp.† | 27,000 | 117,720 | ||||||
Knology, Inc.† | 15,700 | 241,623 | ||||||
Premiere Global Services, Inc.† | 21,900 | 154,614 |
Security Description | Shares | (Note 2) | ||||||
Telecom Services (continued) |
| |||||||
tw telecom, Inc.† | 19,700 | $ | 324,656 | |||||
838,613 | ||||||||
Telecommunication Equipment — 0.7% |
| |||||||
ADTRAN, Inc. | 8,800 | 274,032 | ||||||
Preformed Line Products Co. | 2,900 | 134,850 | ||||||
ShoreTel, Inc.† | 22,800 | 161,880 | ||||||
Sonus Networks, Inc.† | 19,500 | 52,260 | ||||||
Tellabs, Inc. | 242,715 | 1,531,532 | ||||||
2,154,554 | ||||||||
Telephone - Integrated — 1.0% | ||||||||
Alaska Communications Systems Group, Inc.# | 156,745 | 1,652,092 | ||||||
Cincinnati Bell, Inc.†# | 495,920 | 1,210,045 | ||||||
Warwick Valley Telephone Co. | 8,100 | 118,665 | ||||||
2,980,802 | ||||||||
Textile - Apparel — 0.1% | ||||||||
Cherokee, Inc. | 6,400 | 126,080 | ||||||
Unifi, Inc.† | 6,000 | 85,320 | ||||||
211,400 | ||||||||
Therapeutics — 0.3% | ||||||||
AVANIR Pharmaceuticals Inc., Class A† | 70,000 | 299,600 | ||||||
AVI BioPharma, Inc.† | 45,900 | 84,456 | ||||||
BioMarin Pharmaceutical, Inc.†# | 6,900 | 186,852 | ||||||
Cyclacel Pharmaceuticals, Inc.† | 51,600 | 94,428 | ||||||
Onyx Pharmaceuticals, Inc.† | 2,800 | 82,460 | ||||||
Spectrum Pharmaceuticals, Inc.† | 29,700 | 132,165 | ||||||
Theravance, Inc.† | 3,800 | 94,924 | ||||||
974,885 | ||||||||
Transactional Software — 0.1% | ||||||||
Bottomline Technologies, Inc.† | 10,400 | 196,872 | ||||||
Transport - Equipment & Leasing — 0.0% | ||||||||
Greenbrier Cos., Inc.† | 6,400 | 120,064 | ||||||
Transport - Marine — 0.1% | ||||||||
CAI International, Inc.† | 9,900 | 202,455 | ||||||
Horizon Lines, Inc. Class A | 27,100 | 98,915 | ||||||
301,370 | ||||||||
Transport - Rail — 0.1% | ||||||||
RailAmerica, Inc.† | 21,100 | 261,640 | ||||||
Transport - Services — 0.8% | ||||||||
UTi Worldwide, Inc. | 131,731 | 2,535,822 | ||||||
Transport - Truck — 1.6% | ||||||||
Celadon Group, Inc.† | 13,600 | 183,192 | ||||||
Heartland Express, Inc. | 1,465 | 22,634 | ||||||
Knight Transportation, Inc. | 32,175 | 620,334 | ||||||
Landstar System, Inc. | 49,839 | 1,791,712 | ||||||
Old Dominion Freight Line, Inc.†# | 77,320 | 2,233,002 | ||||||
USA Truck, Inc.† | 7,900 | 104,675 | ||||||
4,955,549 | ||||||||
Virtual Reality Products — 0.0% | ||||||||
RealD, Inc.† | 4,700 | 133,856 | ||||||
Vitamins & Nutrition Products — 0.1% | ||||||||
Nutraceutical International Corp.† | 8,200 | 121,934 | ||||||
Tiens Biotech Group USA, Inc.† | 43,100 | 64,650 | ||||||
186,584 | ||||||||
186 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal | (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Web Hosting/Design — 0.1% | ||||||||
Web.Com Group, Inc.† | 25,300 | $ | 204,677 | |||||
Wire & Cable Products — 0.9% | ||||||||
Belden, Inc. | 70,546 | 2,347,771 | ||||||
Coleman Cable, Inc.† | 100 | 575 | ||||||
General Cable Corp.† | 16,000 | 524,640 | ||||||
2,872,986 | ||||||||
Wireless Equipment — 0.2% | ||||||||
Aruba Networks, Inc.† | 5,600 | 118,720 | ||||||
EMS Technologies, Inc.† | 8,400 | 156,156 | ||||||
Globecomm Systems, Inc.† | 14,300 | 120,835 | ||||||
SBA Communications Corp., Class A†# | 4,800 | 187,920 | ||||||
583,631 | ||||||||
Total Common Stock | ||||||||
(cost $251,381,138) | 300,768,220 | |||||||
CONVERTIBLE PREFERRED STOCK — 0.0% |
| |||||||
Electric - Distribution — 0.0% |
| |||||||
Silver Spring Networks | 11,300 | 68,930 | ||||||
Oil Companies - Exploration & Production — 0.0% | ||||||||
GeoMet, Inc. | ||||||||
8.00%(7) | 2,715 | 26,064 | ||||||
Total Convertible Preferred Stock | ||||||||
(cost $140,150) | 94,994 | |||||||
PREFERRED STOCK — 0.1% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Synovus Financial Corp. | 8,100 | 162,567 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Assured Guaranty, Ltd. | 3,000 | 214,143 | ||||||
Total Preferred Stock | ||||||||
(cost $358,100) | 376,710 | |||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Terex Corp. | $ | 76,000 | 127,067 | |||||
Total Long - Term Investment Securities | ||||||||
(cost $251,955,388) | 301,366,991 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 17.8% |
| |||||||
Collective Investment Pool — 16.9% |
| |||||||
Securities Lending Quality Trust(5)(6) | 51,564,706 | 51,415,941 | ||||||
Registered Investment Companies — 0.6% |
| |||||||
T. Rowe Price Reserve Investment Fund | 1,742,903 | 1,742,903 | ||||||
Time Deposits — 0.3% |
| |||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10 | $ | 1,014,000 | 1,014,000 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $54,321,608) | 54,172,844 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $306,276,996)(1) | 116.9 | % | 355,539,835 | |||||
Liabilities in excess of other assets | (16.9 | ) | (51,282,405 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 304,257,430 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | See Note 5 for cost of investments on a tax basis. |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Small Cap Fund held the following restricted securities: |
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Silver Spring Networks, Inc. Series E 8.00% | 12/11/09 | 11,300 | 113,000 | 68,930 | $ | 6.10 | 0.02 | % | ||||||||||||||||
(3) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $68,930 representing 0.0% of net assets. |
(4) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 1. |
(5) | The security is purchased with the cash collateral received from securities loaned: see Note 2. |
(6) | At November 30, 2010, the Fund had loaned securities with a total value of $50,160,275 This was secured by collateral of $51,564,706, which was received in cash and subsequently invested in short-term investments currently valued at $51,415,941 as reported in the portfolio of investments. The remaining collateral of $125,409 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||
Federal Home Loan Bank | 0.40% to 1.63% | 07/08/11 to 11/28/12 | ||
Federal Home Loan Mortgage Corp. | 1.00% | 06/29/2012 | ||
Federal National Mortgage Association | zero Coupon to 0.63% | 07/11/11 to 07/27/12 | ||
United States Treasury Notes/Bonds | 0.88% to 3.88% | 02/28/11 to 08/15/40 |
(7) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2010. |
187 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks - Commercial | $ | 19,749,061 | $ | — | $ | — | $ | 19,749,061 | ||||||||
Other Industries* | 281,019,159 | — | — | 281,019,159 | ||||||||||||
Convertible Preferred Stock | 26,064 | — | 68,930 | 94,994 | ||||||||||||
Preferred Stock | 376,710 | — | — | 376,710 | ||||||||||||
Convertible Bonds & Notes | — | 127,067 | — | 127,067 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 51,415,941 | — | 51,415,941 | ||||||||||||
Registered Investment Companies | — | 1,742,903 | — | 1,742,903 | ||||||||||||
Time Deposits | — | 1,014,000 | — | 1,014,000 | ||||||||||||
Total | $ | 301,170,994 | $ | 54,299,911 | $ | 68,930 | $ | 355,539,835 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets which significant unobeservable inputs were used to determine fair value:
Common Stock | Convertible Preferred Stock | |||||||
Balance as of 5/31/2010 | $ | 0 | $ | 82,490 | ||||
Accrued discounts/premiums | — | — | ||||||
Realized gain(loss) | — | — | ||||||
Change in unrealized appreciation(depreciation)(1) | — | (13,560 | ) | |||||
Net purchases(sales) | (0 | ) | — | |||||
Transfers in and/or out of Level 3 | — | — | ||||||
Balance as of 11/30/2010 | $ | — | $ | 68,930 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at November 30, 2010 includes: |
Common Stock | Convertible Preferred Stock | |||||||
$ | — | $ | (13,560 | ) | ||||
See Notes to Financial Statements
188
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.8 | % | ||
Real Estate Investment Trusts | 7.2 | |||
Banks — Commercial | 5.3 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Repurchase Agreement | 2.4 | |||
Medical — Biomedical/Gene | 1.8 | |||
Electric — Integrated | 1.7 | |||
Retail — Apparel/Shoe | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Medical — Drugs | 1.5 | |||
Diversified Manufacturing Operations | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Insurance — Property/Casualty | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Medical Products | 1.2 | |||
Gas — Distribution | 1.2 | |||
Computers — Integrated Systems | 1.1 | |||
Savings & Loans/Thrifts | 1.1 | |||
Medical Instruments | 1.0 | |||
Commercial Services | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Investment Companies | 1.0 | |||
Footwear & Related Apparel | 0.9 | |||
Telecommunication Equipment | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Oil — Field Services | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Airlines | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Medical — HMO | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Therapeutics | 0.7 | |||
Human Resources | 0.7 | |||
Networking Products | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Transport — Marine | 0.7 | |||
Food — Misc. | 0.7 | |||
Computer Services | 0.7 | |||
Wireless Equipment | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Oil Field Machinery & Equipment | 0.7 | |||
Rental Auto/Equipment | 0.6 | |||
Transport — Truck | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Telecom Services | 0.5 | |||
Consulting Services | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Applications Software | 0.5 | |||
Paper & Related Products | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Transactional Software | 0.5 | |||
Lasers — System/Components | 0.4 | |||
Non — Ferrous Metals | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Data Processing/Management | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Gold Mining | 0.4 | |||
E-Marketing/Info | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
E-Services/Consulting | 0.4 | |||
Schools | 0.4 |
Internet Application Software | 0.4 | |||
Web Hosting/Design | 0.4 | |||
Internet Infrastructure Software | 0.4 | |||
Printing — Commercial | 0.4 | |||
Machinery — Electrical | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Coal | 0.3 | |||
Transport — Services | 0.3 | |||
Retail — Automobile | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Medical Information Systems | 0.3 | |||
Satellite Telecom | 0.3 | |||
Instruments — Controls | 0.3 | |||
Water | 0.3 | |||
Computer Aided Design | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Identification Systems | 0.3 | |||
Advanced Materials | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Retail — Pawn Shops | 0.3 | |||
Food — Retail | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Retail — Discount | 0.3 | |||
U.S. Government Treasuries | 0.2 | |||
Engineering/R&D Services | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Retail — Sporting Goods | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Hotels/Motels | 0.2 | |||
Auction Houses/Art Dealers | 0.2 | |||
Computer Software | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Silver Mining | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Hazardous Waste Disposal | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Physical Therapy/Rehabilitation Centers | 0.2 | |||
Intimate Apparel | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Tobacco | 0.2 | |||
Internet Security | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Audio/Video Products | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Home Furnishings | 0.2 | |||
Precious Metals | 0.2 | |||
Transport — Rail | 0.2 | |||
Cellular Telecom | 0.2 |
189
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Circuit Boards | 0.2 | % | ||
Retail — Convenience Store | 0.2 | |||
Theaters | 0.2 | |||
Pharmacy Services | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Retail — Video Rentals | 0.2 | |||
Medical Sterilization Products | 0.2 | |||
Alternative Waste Technology | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Food — Canned | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Transport — Air Freight | 0.2 | |||
Educational Software | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Leisure Products | 0.1 | |||
Recreational Centers | 0.1 | |||
Communications Software | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Superconductor Product & Systems | 0.1 | |||
Agricultural Operations | 0.1 | |||
Private Corrections | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Electronic Design Automation | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Internet Telephone | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Computer Data Security | 0.1 | |||
Poultry | 0.1 | |||
Retail — Fabric Store | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Research & Development | 0.1 | |||
Rubber — Tires | 0.1 | |||
Diversified Minerals | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Finance — Other Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Entertainment Software | 0.1 | |||
Television | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Casino Services | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Casino Hotels | 0.1 | |||
Internet Incubators | 0.1 | |||
Physicians Practice Management | 0.1 | |||
Publishing — Books | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Retail — Hair Salons | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Machinery — Farming | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Cosmetics & Toiletries | 0.1 |
Travel Services | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Heart Monitors | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Platinum | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Protection/Safety | 0.1 | |||
Multimedia | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Building Products — Cement | 0.1 | |||
Diversified Operations | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Metal — Diversified | 0.1 | |||
Toys | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
Brewery | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Direct Marketing | 0.1 | |||
Racetracks | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Food — Confectionery | 0.1 | |||
Retail — Bookstores | 0.1 | |||
Building Products — Wood | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Textile — Apparel | 0.1 | |||
Decision Support Software | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Insurance Brokers | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Coffee | 0.1 | |||
Forestry | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
113.8 | % | |||
* | Calculated as a percentage of net assets |
190
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 97.4% | ||||||||
Advanced Materials — 0.3% | ||||||||
Ceradyne, Inc.† | 19,336 | $ | 510,857 | |||||
Hexcel Corp.† | 73,781 | 1,265,344 | ||||||
Metabolix, Inc.†# | 20,648 | 211,436 | ||||||
STR Holdings, Inc.†# | 21,566 | 387,110 | ||||||
2,374,747 | ||||||||
Advertising Services — 0.0% | ||||||||
Marchex, Inc., Class B# | 14,911 | 107,657 | ||||||
Aerospace/Defense — 0.5% | ||||||||
Aerovironment, Inc.† | 12,774 | 315,518 | ||||||
Cubic Corp. | 11,978 | 546,556 | ||||||
Esterline Technologies Corp.† | 22,680 | 1,335,398 | ||||||
Herley Industries, Inc.† | 10,486 | 170,502 | ||||||
Kratos Defense & Security Solutions, Inc.† | 14,154 | 149,608 | ||||||
National Presto Industries, Inc.†# | 3,647 | 423,417 | ||||||
Teledyne Technologies, Inc.† | 27,557 | �� | 1,108,343 | |||||
4,049,342 | ||||||||
Aerospace/Defense-Equipment — 0.8% | ||||||||
AAR Corp.† | 29,674 | 728,793 | ||||||
Astronics Corp.† | 7,218 | 148,474 | ||||||
Curtiss-Wright Corp. | 34,877 | 1,083,628 | ||||||
Ducommun, Inc. | 8,092 | 181,099 | ||||||
GenCorp, Inc.†# | 45,181 | 221,839 | ||||||
HEICO Corp.# | 22,311 | 1,173,559 | ||||||
Kaman Corp.# | 19,707 | 555,146 | ||||||
LMI Aerospace, Inc.† | 6,817 | 110,913 | ||||||
Moog, Inc., Class A† | 34,492 | 1,271,375 | ||||||
Orbital Sciences Corp.† | 43,814 | 714,168 | ||||||
Triumph Group, Inc. | 12,688 | 1,067,442 | ||||||
7,256,436 | ||||||||
Agricultural Operations — 0.1% | ||||||||
Alico, Inc. | 2,756 | 63,801 | ||||||
Cadiz, Inc.†# | 9,391 | 105,931 | ||||||
Griffin Land & Nurseries, Inc. | 1,844 | 53,734 | ||||||
Limoneira Co.# | 6,267 | 136,683 | ||||||
MGP Ingredients, Inc.# | 8,472 | 77,180 | ||||||
Tejon Ranch Co.† | 10,116 | 244,706 | ||||||
The Andersons, Inc. | 13,993 | 452,254 | ||||||
1,134,289 | ||||||||
Airlines — 0.8% | ||||||||
AirTran Holdings, Inc.† | 102,835 | 765,092 | ||||||
Alaska Air Group, Inc.† | 27,196 | 1,495,780 | ||||||
Allegiant Travel Co.# | 11,554 | 576,891 | ||||||
Hawaiian Holdings, Inc.†# | 39,979 | 315,834 | ||||||
JetBlue Airways Corp.†# | 185,530 | 1,259,749 | ||||||
Pinnacle Airlines Corp.† | 14,344 | 116,617 | ||||||
Republic Airways Holdings, Inc.† | 26,470 | 205,407 | ||||||
Skywest, Inc. | 42,526 | 688,496 | ||||||
US Airways Group, Inc.† | 122,628 | 1,368,529 | ||||||
6,792,395 | ||||||||
Alternative Waste Technology — 0.2% | ||||||||
Calgon Carbon Corp.†# | 42,718 | 596,770 | ||||||
Darling International, Inc.† | 62,683 | 725,869 | ||||||
Rentech, Inc.† | 166,545 | 206,516 | ||||||
1,529,155 | ||||||||
Apparel Manufacturers — 0.8% | ||||||||
American Apparel, Inc.†# | 25,493 | 35,690 | ||||||
Carter’s, Inc.† | 45,166 | 1,429,955 | ||||||
Columbia Sportswear Co. | 8,683 | 483,122 | ||||||
Delta Apparel, Inc.† | 4,617 | 57,482 | ||||||
G-III Apparel Group, Ltd.†# | 11,903 | 325,785 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) |
| |||||||
Joe’s Jeans, Inc.†# | 32,787 | $ | 52,131 | |||||
Maidenform Brands, Inc.† | 17,422 | 478,060 | ||||||
Oxford Industries, Inc.# | 10,669 | 263,524 | ||||||
Quiksilver, Inc.† | 98,542 | 423,731 | ||||||
The Jones Group, Inc. | 66,242 | 896,917 | ||||||
True Religion Apparel, Inc.†# | 19,318 | 433,303 | ||||||
Under Armour, Inc., Class A†# | 26,748 | 1,544,162 | ||||||
Volcom, Inc.# | 14,909 | 268,362 | ||||||
6,692,224 | ||||||||
Applications Software — 0.5% | ||||||||
Actuate Corp.† | 35,022 | 197,524 | ||||||
Deltek, Inc.† | 15,246 | 108,857 | ||||||
Ebix, Inc.† | 20,439 | 424,109 | ||||||
EPIQ Systems, Inc.# | 25,288 | 322,169 | ||||||
NetSuite, Inc.† | 14,134 | 350,806 | ||||||
PDF Solutions, Inc.†# | 17,446 | 69,610 | ||||||
Progress Software Corp.† | 32,065 | 1,236,747 | ||||||
Quest Software, Inc.† | 45,578 | 1,153,123 | ||||||
RealPage, Inc.† | 10,913 | 299,016 | ||||||
4,161,961 | ||||||||
Athletic Footwear — 0.0% | ||||||||
K-Swiss, Inc., Class A†# | 20,230 | 253,280 | ||||||
Auction House/Art Dealers — 0.2% | ||||||||
Sotheby’s | 50,968 | 2,044,327 | ||||||
Audio/Video Products — 0.2% | ||||||||
Audiovox Corp., Class A† | 13,379 | 91,646 | ||||||
DTS, Inc.† | 13,219 | 620,500 | ||||||
TiVo, Inc.†# | 87,805 | 721,757 | ||||||
Universal Electronics, Inc.† | 10,546 | 289,804 | ||||||
1,723,707 | ||||||||
Auto Repair Centers — 0.1% | ||||||||
Midas, Inc.†# | 11,003 | 85,823 | ||||||
Monro Muffler Brake, Inc.# | 15,093 | 746,198 | ||||||
832,021 | ||||||||
Auto - Heavy Duty Trucks — 0.0% | ||||||||
Force Protection, Inc.† | 54,274 | 278,426 | ||||||
Auto - Truck Trailers — 0.1% | ||||||||
Wabash National Corp.† | 51,939 | 547,956 | ||||||
Auto/Truck Parts & Equipment-Original — 0.8% | ||||||||
American Axle & Manufacturing Holdings, Inc.†# | 45,624 | 490,002 | ||||||
Amerigon, Inc.†# | 16,688 | 175,224 | ||||||
ArvinMeritor, Inc.†# | 71,527 | 1,276,757 | ||||||
Dana Holding Corp.† | 106,428 | 1,608,127 | ||||||
Fuel Systems Solutions, Inc.† | 10,846 | 374,838 | ||||||
Miller Industries, Inc. | 7,811 | 109,510 | ||||||
Modine Manufacturing Co.† | 35,170 | 487,456 | ||||||
Spartan Motors, Inc.# | 25,401 | 134,371 | ||||||
Superior Industries International, Inc. | 17,857 | 347,140 | ||||||
Tenneco, Inc.† | 45,418 | 1,655,940 | ||||||
Titan International, Inc. | 26,834 | 428,808 | ||||||
7,088,173 | ||||||||
Auto/Truck Parts & Equipment-Replacement — 0.2% | ||||||||
Commercial Vehicle Group, Inc.† | 18,912 | 267,983 | ||||||
Dorman Products, Inc.†# | 8,746 | 345,554 | ||||||
Douglas Dynamics, Inc. | 8,311 | 122,587 | ||||||
Exide Technologies† | 57,466 | 470,072 | ||||||
Standard Motor Products, Inc. | 15,148 | 190,562 | ||||||
1,396,758 | ||||||||
191
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
B2B/E-Commerce — 0.0% | ||||||||
ePlus, Inc.†# | 2,956 | $ | 68,579 | |||||
Global Sources, Ltd.†# | 17,871 | 161,733 | ||||||
SPS Commerce, Inc.†# | 3,639 | 43,159 | ||||||
273,471 | ||||||||
Banks-Commercial — 5.3% | ||||||||
1st Source Corp.# | 11,798 | 220,269 | ||||||
1st United Bancorp, Inc.†# | 16,919 | 98,469 | ||||||
Alliance Financial Corp. | 3,601 | 106,338 | ||||||
American National Bankshares, Inc. | 4,729 | 105,599 | ||||||
Ameris Bancorp† | 18,248 | 175,911 | ||||||
Ames National Corp.# | 6,294 | 122,985 | ||||||
Arrow Financial Corp.# | 7,509 | 209,801 | ||||||
Bancfirst Corp.# | 5,416 | 219,781 | ||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 21,281 | 345,603 | ||||||
Bancorp Rhode Island, Inc. | 2,850 | 84,987 | ||||||
Bank Mutual Corp. | 35,125 | 160,872 | ||||||
Bank of Marin Bancorp | 4,057 | 135,504 | ||||||
Bank of the Ozarks, Inc.# | 9,933 | 376,361 | ||||||
Bridge Bancorp, Inc. | 4,859 | 118,414 | ||||||
Bryn Mawr Bank Corp. | 7,468 | 125,388 | ||||||
Camden National Corp.# | 5,914 | 212,313 | ||||||
Capital City Bank Group, Inc.# | 9,171 | 116,013 | ||||||
Cardinal Financial Corp. | 22,185 | 229,837 | ||||||
Cass Information Systems, Inc. | 6,493 | 229,592 | ||||||
Cathay General Bancorp | 59,702 | 806,574 | ||||||
Center Financial Corp.† | 27,423 | 171,668 | ||||||
Centerstate Banks, Inc. | 19,825 | 140,163 | ||||||
Century Bancorp, Inc., Class A | 2,617 | 63,096 | ||||||
Chemical Financial Corp.# | 18,581 | 388,714 | ||||||
Citizens & Northern Corp. | 9,361 | 139,572 | ||||||
Citizens Republic Bancorp, Inc.† | 304,596 | 176,666 | ||||||
City Holding Co.# | 11,990 | 384,519 | ||||||
CNB Financial Corp. | 9,403 | 134,745 | ||||||
CoBiz Financial, Inc. | 24,931 | 122,411 | ||||||
Columbia Banking System, Inc.# | 29,863 | 520,811 | ||||||
Community Bank System, Inc.# | 25,181 | 606,358 | ||||||
Community Trust Bancorp, Inc.# | 10,561 | 290,533 | ||||||
CSF Holdings, Inc.†(1)(2) | 2,375 | 0 | ||||||
CVB Financial Corp.# | 68,283 | 537,387 | ||||||
Eagle Bancorp, Inc.† | 12,692 | 160,808 | ||||||
Encore Bancshares, Inc.† | 6,198 | 58,695 | ||||||
Enterprise Financial Services Corp. | 11,472 | 114,376 | ||||||
F.N.B. Corp.# | 86,992 | 762,920 | ||||||
Financial Institutions, Inc. | 8,437 | 153,975 | ||||||
First Bancorp# | 11,559 | 167,490 | ||||||
First Bancorp, Inc.# | 6,748 | 94,405 | ||||||
First BanCorp. Puerto Rico†# | 246,445 | 59,147 | ||||||
First Busey Corp. | 40,387 | 175,683 | ||||||
First Commonwealth Financial Corp.# | 79,681 | 494,022 | ||||||
First Community Bancshares, Inc.# | 12,182 | 168,964 | ||||||
First Financial Bancorp | 43,992 | 726,748 | ||||||
First Financial Bankshares, Inc.# | 15,829 | 765,649 | ||||||
First Financial Corp.# | 8,567 | 258,209 | ||||||
First Interstate BancSystem, Inc. | 9,581 | 130,493 | ||||||
First Merchants Corp.# | 19,711 | 163,404 | ||||||
First Midwest Bancorp, Inc. | 56,304 | 527,568 | ||||||
First South Bancorp, Inc. | 6,381 | 47,411 | ||||||
FirstMerit Corp.# | 81,942 | 1,427,839 | ||||||
German American Bancorp, Inc. | 8,574 | 149,016 | ||||||
Glacier Bancorp, Inc.# | 54,683 | 728,924 | ||||||
Great Southern Bancorp, Inc.# | 7,821 | 174,878 | ||||||
Green Bankshares, Inc.†# | 9,129 | 24,283 | ||||||
Hancock Holding Co.# | 22,179 | 698,638 | ||||||
Hanmi Financial Corp.† | 79,058 | 72,583 | ||||||
Heartland Financial USA, Inc. | 10,094 | 162,211 | ||||||
Heritage Financial Corp.† | 7,590 | 104,135 |
Security Description | Shares | | ||||||
Banks-Commercial (continued) | ||||||||
Home Bancshares, Inc.# | 16,959 | $ | 351,051 | |||||
Hudson Valley Holding Corp. | 10,117 | 200,317 | ||||||
IBERIABANK Corp.# | 20,342 | 1,025,440 | ||||||
Independent Bank Corp.# | 16,111 | 391,336 | ||||||
International Bancshares Corp. | 40,348 | 693,986 | ||||||
Lakeland Bancorp, Inc.# | 15,871 | 165,852 | ||||||
Lakeland Financial Corp.# | 12,441 | 260,141 | ||||||
MainSource Financial Group, Inc.# | 15,552 | 142,456 | ||||||
MB Financial, Inc.# | 40,257 | 572,857 | ||||||
Merchants Bancshares, Inc.# | 3,699 | 100,724 | ||||||
Metro Bancorp, Inc.† | 10,432 | 104,842 | ||||||
MidSouth Bancorp, Inc. | 5,783 | 77,839 | ||||||
MidWestOne Financial Group, Inc. | 5,328 | 76,990 | ||||||
Nara Bancorp., Inc.† | 29,315 | 239,210 | ||||||
National Bankshares, Inc. | 5,355 | 141,479 | ||||||
National Penn Bancshares, Inc. | 95,805 | 642,852 | ||||||
NBT Bancorp, Inc.# | 26,204 | 581,729 | ||||||
Old National Bancorp | 66,249 | 683,027 | ||||||
OmniAmerican Bancorp, Inc.† | 9,193 | 113,442 | ||||||
Oriental Financial Group, Inc. | 35,213 | 408,471 | ||||||
Orrstown Financial Services, Inc. | 5,183 | 135,795 | ||||||
Pacific Continental Corp. | 14,206 | 122,740 | ||||||
PacWest Bancorp.# | 23,351 | 396,967 | ||||||
Park National Corp. | 9,489 | 641,077 | ||||||
Peapack Gladstone Financial Corp. | 6,783 | 81,396 | ||||||
Penns Woods Bancorp, Inc.# | 2,962 | 110,453 | ||||||
Peoples Bancorp, Inc.# | 8,120 | 105,479 | ||||||
Pinnacle Financial Partners, Inc.†# | 25,763 | 253,250 | ||||||
Porter Bancorp, Inc. | 2,737 | 29,286 | ||||||
PrivateBancorp, Inc.# | 39,548 | 480,904 | ||||||
Prosperity Bancshares, Inc. | 35,440 | 1,153,218 | ||||||
Renasant Corp.# | 19,340 | 334,969 | ||||||
Republic Bancorp, Inc., Class A | 7,556 | 154,974 | ||||||
S&T Bancorp, Inc.# | 18,815 | 369,150 | ||||||
S.Y. Bancorp, Inc. | 9,145 | 218,748 | ||||||
Sandy Spring Bancorp, Inc.# | 18,524 | 314,352 | ||||||
SCBT Financial Corp.# | 9,858 | 304,711 | ||||||
Sierra Bancorp | 8,819 | 91,277 | ||||||
Signature Bank† | 31,096 | 1,366,669 | ||||||
Simmons First National Corp., Class A# | 13,273 | 385,581 | ||||||
Southside Bancshares, Inc.# | 12,198 | 255,182 | ||||||
Southwest Bancorp, Inc. | 14,972 | 157,505 | ||||||
State Bancorp, Inc. | 12,838 | 117,083 | ||||||
StellarOne Corp. | 17,638 | 231,058 | ||||||
Sterling Bancorp | 20,730 | 194,655 | ||||||
Sterling Bancshares, Inc.# | 69,696 | 413,646 | ||||||
Suffolk Bancorp# | 7,454 | 191,419 | ||||||
Susquehanna Bancshares, Inc.# | 98,578 | 793,553 | ||||||
SVB Financial Group†# | 31,736 | 1,425,898 | ||||||
Taylor Capital Group, Inc.† | 7,396 | 91,932 | ||||||
Texas Capital Bancshares, Inc.† | 27,777 | 524,430 | ||||||
The Bancorp, Inc.†# | 17,409 | 149,717 | ||||||
The First of Long Island Corp.# | 5,363 | 138,151 | ||||||
Tompkins Financial Corp.# | 6,106 | 234,226 | ||||||
Tower Bancorp, Inc. | 4,334 | 99,942 | ||||||
Towne Bank# | 18,147 | 280,190 | ||||||
TriCo Bancshares# | 10,779 | 155,541 | ||||||
Trustco Bank Corp.# | 59,371 | 333,071 | ||||||
Trustmark Corp.# | 48,562 | 1,036,313 | ||||||
UMB Financial Corp.# | 24,127 | 899,937 | ||||||
Umpqua Holdings Corp.# | 87,062 | 921,987 | ||||||
Union First Market Bankshares Corp.# | 13,776 | 188,731 | ||||||
United Bankshares, Inc.# | 29,512 | 773,509 | ||||||
United Community Banks, Inc.† | 72,772 | 111,341 | ||||||
Univest Corp. of Pennsylvania# | 12,813 | 238,450 |
192
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Banks-Commercial (continued) |
| |||||||
Virginia Commerce Bancorp, Inc.† | 16,603 | $ | 94,139 | |||||
Washington Banking Co. | 11,819 | 151,165 | ||||||
Washington Trust Bancorp, Inc.# | 10,901 | 228,812 | ||||||
Webster Financial Corp. | 49,642 | 819,093 | ||||||
WesBanco, Inc. | 17,811 | 310,446 | ||||||
West Bancorporation, Inc.# | 12,043 | 87,553 | ||||||
West Coast Bancorp.† | 72,385 | 191,096 | ||||||
Westamerica Bancorporation# | 22,305 | 1,090,268 | ||||||
Western Alliance Bancorp† | 50,593 | 312,159 | ||||||
Whitney Holding Corp.# | 73,349 | 688,747 | ||||||
Wilshire Bancorp, Inc. | 15,053 | 106,575 | ||||||
Wintrust Financial Corp. | 23,630 | 676,999 | ||||||
45,189,284 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Boston Private Financial Holdings, Inc.# | 57,792 | 310,343 | ||||||
Batteries/Battery Systems — 0.2% |
| |||||||
A123 Systems, Inc.†# | 55,222 | 424,657 | ||||||
Advanced Battery Technologies, Inc.†# | 45,608 | 172,398 | ||||||
Ener1, Inc.† | 47,077 | 204,785 | ||||||
EnerSys† | 36,711 | 1,108,305 | ||||||
1,910,145 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Bottling Co. Consolidated# | 3,248 | 190,008 | ||||||
Heckmann Corp.† | 68,536 | 265,234 | ||||||
National Beverage Corp.# | 8,588 | 112,417 | ||||||
567,659 | ||||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 6,571 | 536,719 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Acacia Research - Acacia Technologies† | 25,677 | 699,698 | ||||||
CKX, Inc.†# | 42,910 | 177,218 | ||||||
Crown Media Holdings, Inc., Class A†# | 19,364 | 50,927 | ||||||
DG FastChannel, Inc.† | 19,048 | 480,581 | ||||||
Fisher Communications, Inc.† | 5,032 | 100,892 | ||||||
Nexstar Broadcasting Group, Inc., Class A† | 8,256 | 44,582 | ||||||
Outdoor Channel Holdings, Inc.†# | 9,076 | 58,994 | ||||||
World Wrestling Entertainment, Inc.# | 18,621 | 261,067 | ||||||
1,873,959 | ||||||||
Building & Construction Products - Misc. — 0.4% |
| |||||||
Broadwind Energy, Inc.† | 71,487 | 136,540 | ||||||
Builders FirstSource, Inc.† | 35,024 | 55,338 | ||||||
Drew Industries, Inc.† | 14,704 | 297,021 | ||||||
Gibraltar Industries, Inc.†# | 23,369 | 237,663 | ||||||
Interline Brands, Inc.† | 25,072 | 516,483 | ||||||
Louisiana-Pacific Corp.†# | 96,421 | 790,652 | ||||||
NCI Building Systems, Inc.† | 14,883 | 154,932 | ||||||
Quanex Building Products Corp. | 28,765 | 475,773 | ||||||
Simpson Manufacturing Co., Inc. | 29,924 | 774,134 | ||||||
Trex Co., Inc.†# | 11,937 | 220,238 | ||||||
3,658,774 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
Dycom Industries, Inc.†# | 29,855 | 394,683 | ||||||
Insituform Technologies, Inc., Class A†# | 29,834 | 660,525 | ||||||
Layne Christensen Co.† | 14,900 | 491,253 | ||||||
MasTec, Inc.†# | 40,300 | 577,499 | ||||||
MYR Group, Inc.† | 15,359 | 242,211 | ||||||
2,366,171 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc.# | 9,547 | $ | 244,881 | |||||
American DG Energy, Inc.†# | 14,529 | 41,408 | ||||||
Comfort Systems USA, Inc. | 29,362 | 327,386 | ||||||
613,675 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Texas Industries, Inc.# | 15,806 | 595,570 | ||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 21,686 | 243,967 | ||||||
PGT, Inc.† | 14,833 | 32,633 | ||||||
276,600 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 14,616 | 129,059 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Universal Forest Products, Inc. | 14,724 | 481,180 | ||||||
Building - Heavy Construction — 0.2% |
| |||||||
Granite Construction, Inc.# | 26,522 | 672,863 | ||||||
Orion Marine Group, Inc.†# | 20,755 | 278,948 | ||||||
Sterling Construction Co., Inc.†# | 12,433 | 167,721 | ||||||
Tutor Perini Corp. | 20,280 | 386,334 | ||||||
1,505,866 | ||||||||
Building - Maintenance & Services — 0.2% |
| |||||||
ABM Industries, Inc.# | 39,512 | 909,961 | ||||||
Rollins, Inc. | 32,633 | 881,744 | ||||||
1,791,705 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.†# | 5,053 | 184,233 | ||||||
Skyline Corp.# | 5,294 | 100,480 | ||||||
Winnebago Industries, Inc.†# | 22,465 | 235,433 | ||||||
520,146 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
Beazer Homes USA, Inc.†# | 57,684 | 239,966 | ||||||
Brookfield Homes Corp.†# | 7,354 | 64,862 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 40,230 | 149,253 | ||||||
M/I Homes, Inc.†# | 14,306 | 164,948 | ||||||
Meritage Homes Corp.†# | 24,389 | 462,660 | ||||||
Ryland Group, Inc. | 33,490 | 488,284 | ||||||
Standard Pacific Corp.†# | 82,568 | 293,942 | ||||||
1,863,915 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
LodgeNet Interactive Corp.†# | 19,348 | 59,979 | ||||||
Mediacom Communications Corp., Class A†# | 30,883 | 260,961 | ||||||
320,940 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Ameristar Casinos, Inc. | 20,426 | 364,809 | ||||||
Boyd Gaming Corp.† | 41,012 | 366,647 | ||||||
Monarch Casino & Resort, Inc.† | 6,824 | 81,956 | ||||||
813,412 | ||||||||
Casino Services — 0.1% |
| |||||||
Scientific Games Corp., Class A† | 49,439 | 397,984 | ||||||
Shuffle Master, Inc.† | 40,687 | 436,571 | ||||||
834,555 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Syniverse Holdings, Inc.† | 53,009 | 1,619,955 | ||||||
193
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Chemicals - Diversified — 0.8% |
| |||||||
Aceto Corp. | 19,626 | $ | 146,999 | |||||
Codexis, Inc.†# | 4,712 | 44,387 | ||||||
Georgia Gulf Corp.†# | 25,637 | 521,200 | ||||||
Innophos Holdings, Inc.# | 16,283 | 554,599 | ||||||
Olin Corp. | 59,971 | 1,095,670 | ||||||
Rockwood Holdings, Inc.† | 39,621 | 1,512,334 | ||||||
Solutia, Inc.† | 92,271 | 1,972,754 | ||||||
Westlake Chemical Corp.# | 14,940 | 564,134 | ||||||
6,412,077 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Zoltek Cos., Inc.† | 21,446 | 194,944 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp.# | 15,706 | 107,115 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
A. Schulman, Inc. | 23,943 | 484,846 | ||||||
Landec Corp.† | 20,399 | 127,698 | ||||||
PolyOne Corp.† | 70,529 | 878,791 | ||||||
Spartech Corp.† | 23,865 | 226,956 | ||||||
1,718,291 | ||||||||
Chemicals - Specialty — 1.3% |
| |||||||
Arch Chemicals, Inc. | 17,193 | 596,941 | ||||||
Balchem Corp. | 21,433 | 663,566 | ||||||
Ferro Corp.† | 65,487 | 934,499 | ||||||
H.B. Fuller Co. | 37,173 | 779,518 | ||||||
Hawkins, Inc.# | 6,694 | 291,390 | ||||||
KMG Chemicals, Inc. | 4,724 | 67,553 | ||||||
Kraton Performance Polymers, Inc.† | 8,674 | 247,036 | ||||||
Minerals Technologies, Inc. | 14,285 | 869,099 | ||||||
NewMarket Corp.# | 7,856 | 988,285 | ||||||
OM Group, Inc.† | 23,472 | 882,547 | ||||||
Omnova Solutions, Inc.†# | 34,476 | 302,699 | ||||||
Quaker Chemical Corp. | 8,613 | 327,122 | ||||||
Sensient Technologies Corp. | 37,649 | 1,278,937 | ||||||
Stepan Co.# | 5,928 | 418,220 | ||||||
WR Grace & Co.† | 55,268 | 1,849,820 | ||||||
Zep, Inc. | 16,754 | 304,085 | ||||||
10,801,317 | ||||||||
Circuit Boards — 0.2% |
| |||||||
DDi Corp. | 10,213 | 107,134 | ||||||
Multi-Fineline Electronix, Inc.† | 8,082 | 188,311 | ||||||
Park Electrochemical Corp. | 15,646 | 428,700 | ||||||
TTM Technologies, Inc.†# | 60,833 | 806,341 | ||||||
UQM Technologies, Inc.†# | 27,840 | 55,402 | ||||||
1,585,888 | ||||||||
Coal — 0.3% |
| |||||||
Cloud Peak Energy, Inc.† | 23,951 | 502,252 | ||||||
Hallador Energy Co. | 2,939 | 33,799 | ||||||
International Coal Group, Inc.†# | 99,779 | 759,318 | ||||||
James River Coal Co.# | 21,140 | 420,686 | ||||||
L&L Energy, Inc.†# | 13,575 | 143,488 | ||||||
Patriot Coal Corp.†# | 59,421 | 961,432 | ||||||
2,820,975 | ||||||||
Coffee — 0.1% |
| |||||||
Farmer Brothers Co.# | 5,217 | 90,880 | ||||||
Peet’s Coffee & Tea, Inc.†# | 9,056 | 345,305 | ||||||
436,185 | ||||||||
Collectibles — 0.0% |
| |||||||
RC2 Corp.† | 16,614 | 368,000 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services — 1.0% |
| |||||||
Arbitron, Inc.# | 20,240 | $ | 591,413 | |||||
CoStar Group, Inc.†# | 15,733 | 829,759 | ||||||
CPI Corp.# | 4,044 | 115,092 | ||||||
ExlService Holdings, Inc.† | 11,732 | 242,501 | ||||||
Healthcare Services Group, Inc. | 49,897 | 794,859 | ||||||
HMS Holdings Corp.† | 20,648 | 1,301,031 | ||||||
Live Nation Entertainment, Inc.† | 106,979 | 1,151,094 | ||||||
Mac-Gray Corp. | 9,021 | 126,204 | ||||||
Medifast, Inc.† | 10,426 | 253,977 | ||||||
National Research Corp.# | 1,362 | 38,558 | ||||||
PHH Corp.† | 42,145 | 894,738 | ||||||
Pre-Paid Legal Services, Inc.†# | 5,798 | 375,015 | ||||||
Standard Parking Corp.† | 11,978 | 212,729 | ||||||
Steiner Leisure, Ltd.† | 11,279 | 453,641 | ||||||
Team, Inc.† | 14,644 | 298,152 | ||||||
TeleTech Holdings, Inc.† | 22,949 | 435,113 | ||||||
The Providence Service Corp.†# | 9,982 | 167,797 | ||||||
8,281,673 | ||||||||
Commercial Services-Finance — 0.5% |
| |||||||
Advance America Cash Advance Centers, Inc. | 42,461 | 202,114 | ||||||
Asset Acceptance Capital Corp.† | 11,605 | 68,237 | ||||||
Cardtronics, Inc.† | 20,813 | 351,740 | ||||||
CBIZ, Inc.† | 34,044 | 204,945 | ||||||
Dollar Financial Corp.† | 18,501 | 484,356 | ||||||
Euronet Worldwide, Inc.†# | 37,278 | 609,868 | ||||||
Global Cash Access Holdings, Inc.† | 38,945 | 88,795 | ||||||
Heartland Payment Systems, Inc.# | 28,766 | 454,215 | ||||||
MoneyGram International, Inc.†# | 64,264 | 157,447 | ||||||
TNS, Inc.† | 19,814 | 380,825 | ||||||
Wright Express Corp.† | 29,486 | 1,269,962 | ||||||
4,272,504 | ||||||||
Communications Software — 0.1% |
| |||||||
Digi International, Inc.† | 19,252 | 184,819 | ||||||
Seachange International, Inc.† | 21,502 | 172,876 | ||||||
Smith Micro Software, Inc.† | 23,509 | 351,224 | ||||||
SolarWinds, Inc.† | 26,568 | 474,505 | ||||||
1,183,424 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Aspen Technology, Inc.† | 47,311 | 591,388 | ||||||
Parametric Technology Corp.† | 88,274 | 1,890,829 | ||||||
2,482,217 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 31,849 | 1,015,028 | ||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc.† | 17,197 | 192,606 | ||||||
Trident Microsystems, Inc.†# | 54,821 | 101,419 | ||||||
294,025 | ||||||||
Computer Services — 0.7% |
| |||||||
CACI International, Inc., Class A† | 22,998 | 1,157,489 | ||||||
CIBER, Inc.†# | 48,120 | 161,683 | ||||||
Computer Task Group, Inc.†# | 11,426 | 112,546 | ||||||
iGate Corp.# | 17,989 | 359,780 | ||||||
Insight Enterprises, Inc.† | 35,134 | 443,040 | ||||||
LivePerson, Inc.†# | 34,385 | 332,159 | ||||||
Manhattan Associates, Inc.†# | 17,260 | 536,614 | ||||||
SRA International, Inc., Class A† | 32,646 | 640,515 | ||||||
Stream Global Services, Inc.† | 3,482 | 13,371 | ||||||
SYKES Enterprises, Inc.† | 31,387 | 577,521 | ||||||
Syntel, Inc.# | 10,008 | 477,782 |
194
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Computer Services (continued) |
| |||||||
Tier Technologies, Inc.† | 10,667 | $ | 52,268 | |||||
Unisys Corp.† | 32,371 | 731,908 | ||||||
Virtusa Corp.† | 10,450 | 142,538 | ||||||
5,739,214 | ||||||||
Computer Software — 0.2% |
| |||||||
Accelrys, Inc.† | 42,469 | 357,589 | ||||||
Avid Technology, Inc.†# | 22,441 | 349,631 | ||||||
Blackbaud, Inc.# | 34,094 | 862,919 | ||||||
Convio, Inc.† | 4,561 | 33,341 | ||||||
DynaVox, Inc., Class A†# | 7,234 | 28,502 | ||||||
Envestnet, Inc.† | 5,942 | 86,694 | ||||||
Global Defense Technology & Systems, Inc.† | 3,685 | 50,263 | ||||||
Guidance Software, Inc.† | 10,272 | 62,967 | ||||||
SS&C Technologies Holdings, Inc.† | 9,640 | 187,113 | ||||||
2,019,019 | ||||||||
Computers — 0.0% |
| |||||||
Silicon Graphics International Corp.†# | 23,690 | 182,176 | ||||||
Computers - Integrated Systems — 1.1% |
| |||||||
3D Systems Corp.†# | 13,841 | 389,486 | ||||||
Agilysys, Inc.† | 13,699 | 70,276 | ||||||
Cray, Inc.†# | 27,408 | 195,693 | ||||||
Echelon Corp.†# | 25,475 | 242,777 | ||||||
Integral Systems, Inc.†# | 13,521 | 123,311 | ||||||
Jack Henry & Associates, Inc. | 64,885 | 1,773,956 | ||||||
Maxwell Technologies, Inc.† | 20,403 | 329,916 | ||||||
Mercury Computer Systems, Inc.† | 18,286 | 325,674 | ||||||
MTS Systems Corp. | 12,428 | �� | 476,241 | |||||
NCI, Inc., Class A† | 5,101 | 112,069 | ||||||
Netscout Systems, Inc.† | 23,253 | 513,659 | ||||||
Radiant Systems, Inc.† | 25,122 | 453,452 | ||||||
Radisys Corp.†# | 18,586 | 167,832 | ||||||
Riverbed Technology, Inc.† | 95,893 | 3,251,732 | ||||||
Stratasys, Inc.† | 15,594 | 527,389 | ||||||
Super Micro Computer, Inc.† | 18,865 | 194,309 | ||||||
Wave Systems Corp., Class A†# | 61,846 | 163,273 | ||||||
9,311,045 | ||||||||
Computers - Memory Devices — 0.3% |
| |||||||
Hutchinson Technology, Inc.†# | 18,043 | 55,933 | ||||||
Imation Corp.† | 22,994 | 218,443 | ||||||
Isilon Systems, Inc.† | 20,287 | 684,686 | ||||||
Quantum Corp.† | 162,937 | 591,461 | ||||||
Smart Modular Technologies WWH, Inc.† | 40,584 | 227,271 | ||||||
Spansion, Inc., Class A† | 10,016 | 198,016 | ||||||
STEC, Inc.†# | 30,968 | 526,301 | ||||||
Xyratex, Ltd.†# | 22,916 | 350,157 | ||||||
2,852,268 | ||||||||
Computers - Periphery Equipment — 0.2% |
| |||||||
Compellent Technologies, Inc.†# | 17,714 | 460,564 | ||||||
Electronics for Imaging, Inc.† | 34,434 | 450,741 | ||||||
Immersion Corp.† | 21,698 | 121,726 | ||||||
Rimage Corp.† | 7,335 | 112,226 | ||||||
Synaptics, Inc.†# | 25,747 | 733,789 | ||||||
1,879,046 | ||||||||
Consulting Services — 0.5% |
| |||||||
Accretive Health, Inc.†# | 8,976 | 122,881 | ||||||
CRA International, Inc.† | 8,527 | 188,447 | ||||||
Forrester Research, Inc. | 11,087 | 384,165 | ||||||
Franklin Covey Co.†# | 10,128 | 81,328 | ||||||
Hill International, Inc.† | 19,952 | 103,351 |
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services (continued) |
| |||||||
Huron Consulting Group, Inc.†# | 17,004 | $ | 386,161 | |||||
ICF International, Inc.† | 13,211 | 316,271 | ||||||
LECG Corp.† | 19,892 | 18,740 | ||||||
MAXIMUS, Inc. | 13,277 | 805,914 | ||||||
Navigant Consulting, Inc.†# | 39,080 | 325,146 | ||||||
PDI, Inc.† | 6,852 | 64,820 | ||||||
The Advisory Board Co.† | 11,757 | 557,987 | ||||||
The Corporate Executive Board Co.# | 26,053 | 903,779 | ||||||
The Hackett Group, Inc.†# | 22,031 | 77,549 | ||||||
4,336,539 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
American Greetings Corp., Class A# | 30,050 | 603,103 | ||||||
Blyth, Inc.# | 4,084 | 182,065 | ||||||
Central Garden and Pet Co., Class A† | 43,012 | 401,732 | ||||||
CSS Industries, Inc. | 5,749 | 105,034 | ||||||
Helen of Troy, Ltd.† | 23,306 | 550,488 | ||||||
Kid Brands, Inc.† | 9,700 | 91,277 | ||||||
Oil-Dri Corp. of America# | 3,971 | 88,990 | ||||||
Prestige Brands Holdings, Inc.† | 32,303 | 380,206 | ||||||
Spectrum Brands Holdings, Inc.†# | 13,836 | 373,987 | ||||||
Summer Infant, Inc.† | 8,322 | 60,002 | ||||||
WD-40 Co. | 12,610 | 492,925 | ||||||
3,329,809 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Silgan Holdings, Inc.# | 41,043 | 1,405,312 | ||||||
Containers - Paper/Plastic — 0.3% |
| |||||||
AEP Industries, Inc.† | 3,133 | 75,349 | ||||||
Graham Packaging Co., Inc.† | 13,238 | 166,799 | ||||||
Graphic Packaging Holding Co.† | 86,691 | 322,490 | ||||||
Rock-Tenn Co., Class A | 29,607 | 1,601,443 | ||||||
2,166,081 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Elizabeth Arden, Inc.† | 18,467 | 393,532 | ||||||
Inter Parfums, Inc. | 11,043 | 201,645 | ||||||
Revlon, Inc., Class A† | 8,256 | 81,899 | ||||||
677,076 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
Acxiom Corp.†# | 51,981 | 884,197 | ||||||
CommVault Systems, Inc.† | 32,823 | 956,134 | ||||||
CSG Systems International, Inc.† | 25,889 | 487,231 | ||||||
Fair Isaac Corp.# | 31,720 | 740,662 | ||||||
FalconStor Software, Inc.†# | 22,762 | 60,547 | ||||||
Pegasystems, Inc.# | 12,302 | 380,747 | ||||||
Schawk, Inc. | 8,571 | 153,763 | ||||||
3,663,281 | ||||||||
Decision Support Software — 0.1% |
| |||||||
DemandTec, Inc.†# | 14,760 | 152,766 | ||||||
Interactive Intelligence, Inc.† | 10,077 | 272,482 | ||||||
QAD, Inc.†# | 9,883 | 46,549 | ||||||
471,797 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 45,049 | 787,907 | ||||||
Sirona Dental Systems, Inc.† | 25,452 | 961,831 | ||||||
1,749,738 | ||||||||
Diagnostic Equipment — 0.3% |
| |||||||
Affymetrix, Inc.†# | 54,709 | 227,589 | ||||||
Cepheid, Inc.†# | 45,177 | 889,535 | ||||||
Hansen Medical, Inc.† | 32,816 | 47,255 |
195
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Diagnostic Equipment (continued) |
| |||||||
Immucor, Inc.† | 53,150 | $ | 976,366 | |||||
2,140,745 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
Meridian Bioscience, Inc. | 30,881 | 686,176 | ||||||
OraSure Technologies, Inc.†# | 35,679 | 187,314 | ||||||
Quidel Corp.†# | 16,685 | 220,409 | ||||||
1,093,899 | ||||||||
Direct Marketing — 0.1% |
| |||||||
APAC Customer Services, Inc.† | 24,569 | 145,448 | ||||||
Harte-Hanks, Inc. | 29,920 | 372,205 | ||||||
517,653 | ||||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 9,030 | 330,950 | ||||||
Medical Action Industries, Inc.†# | 11,065 | 88,077 | ||||||
Merit Medical Systems, Inc.† | 21,770 | 331,775 | ||||||
Rochester Medical Corp.† | 8,364 | 92,506 | ||||||
843,308 | ||||||||
Distribution/Wholesale — 1.0% |
| |||||||
Beacon Roofing Supply, Inc.† | 34,632 | 595,324 | ||||||
BlueLinx Holdings, Inc.† | 8,454 | 31,702 | ||||||
BMP Sunstone Corp.† | 21,385 | 211,284 | ||||||
Brightpoint, Inc.† | 53,550 | 439,110 | ||||||
Chindex International, Inc.†# | 10,585 | 161,209 | ||||||
Core-Mark Holding Co., Inc.†# | 8,265 | 299,193 | ||||||
Houston Wire & Cable Co.# | 13,696 | 145,862 | ||||||
MWI Veterinary Supply, Inc.† | 9,337 | 570,491 | ||||||
Owens & Minor, Inc. | 47,988 | 1,355,661 | ||||||
Pool Corp. | 37,672 | 798,270 | ||||||
Rentrak Corp.† | 7,227 | 190,793 | ||||||
Scansource, Inc.† | 20,428 | 595,885 | ||||||
School Specialty, Inc.†# | 14,565 | 183,956 | ||||||
Titan Machinery, Inc.† | 10,054 | 210,782 | ||||||
United Stationers, Inc.† | 18,402 | 1,167,975 | ||||||
Watsco, Inc.# | 21,167 | 1,275,735 | ||||||
8,233,232 | ||||||||
Diversified Manufacturing Operations — 1.5% |
| |||||||
A.O. Smith Corp. | 27,640 | 1,089,292 | ||||||
Actuant Corp., Class A | 51,633 | 1,220,088 | ||||||
Acuity Brands, Inc.# | 33,071 | 1,781,204 | ||||||
Ameron International Corp.# | 7,004 | 495,883 | ||||||
AZZ, Inc.# | 9,446 | 352,052 | ||||||
Barnes Group, Inc.# | 37,300 | 712,057 | ||||||
Blount International, Inc.† | 36,367 | 562,234 | ||||||
Colfax Corp.† | 18,571 | 313,479 | ||||||
EnPro Industries, Inc.†# | 15,627 | 572,730 | ||||||
ESCO Technologies, Inc. | 20,111 | 705,494 | ||||||
Fabrinet† | 7,538 | 129,955 | ||||||
Federal Signal Corp. | 48,076 | 308,167 | ||||||
GP Strategies Corp.†# | 11,342 | 104,573 | ||||||
Griffon Corp.†# | 34,049 | 412,674 | ||||||
Koppers Holdings, Inc. | 15,618 | 446,675 | ||||||
LSB Industries, Inc.† | 13,216 | 304,761 | ||||||
Lydall, Inc.† | 13,173 | 95,241 | ||||||
Matthews International Corp., Class A | 22,953 | 745,513 | ||||||
Park-Ohio Holdings Corp.†# | 6,047 | 117,010 | ||||||
Raven Industries, Inc. | 12,340 | 547,896 | ||||||
Standex International Corp. | 9,636 | 288,116 | ||||||
The Brink’s Co. | 36,411 | 893,526 | ||||||
Tredegar Corp.# | 18,937 | 352,796 | ||||||
12,551,416 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Minerals — 0.1% |
| |||||||
AMCOL International Corp.# | 18,125 | $ | 506,231 | |||||
General Moly, Inc.† | 49,657 | 274,107 | ||||||
U.S. Energy Corp.† | 20,650 | 101,598 | ||||||
United States Lime & Minerals, Inc.†# | 2,006 | 82,246 | ||||||
964,182 | ||||||||
Diversified Operations — 0.1% |
| |||||||
Compass Diversified Holdings | 25,157 | 417,606 | ||||||
Harbinger Group, Inc.† | 7,000 | 32,690 | ||||||
Primoris Services Corp. | 16,891 | 149,316 | ||||||
599,612 | ||||||||
Diversified Operations/Commercial Services — 0.2% |
| |||||||
Chemed Corp. | 17,358 | 1,057,797 | ||||||
Viad Corp. | 15,866 | 376,818 | ||||||
Volt Information Sciences, Inc.†# | 11,574 | 77,314 | ||||||
1,511,929 | ||||||||
Drug Delivery Systems — 0.2% |
| |||||||
Alkermes, Inc.† | 72,139 | 756,017 | ||||||
Antares Pharma, Inc.† | 54,399 | 77,790 | ||||||
Depomed, Inc.†# | 40,448 | 220,846 | ||||||
Nektar Therapeutics†# | 71,516 | 906,108 | ||||||
1,960,761 | ||||||||
Drug Detection Systems — 0.0% |
| |||||||
Caliper Life Sciences, Inc.† | 34,632 | 203,290 | ||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-FLOWERS.COM, Inc., Class A†# | 20,086 | 39,971 | ||||||
Blue Nile, Inc.†# | 9,594 | 474,423 | ||||||
Drugstore.com, Inc.† | 71,661 | 123,257 | ||||||
NutriSystem, Inc. | 20,452 | 422,743 | ||||||
Overstock.com, Inc.† | 11,349 | 175,002 | ||||||
Shutterfly, Inc.† | 20,420 | 673,860 | ||||||
Stamps.com, Inc. | 8,143 | 107,162 | ||||||
US Auto Parts Network, Inc.†# | 10,121 | 80,867 | ||||||
Vitacost.com, Inc.†# | 11,092 | 68,770 | ||||||
2,166,055 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Ancestry.com, Inc.† | 14,375 | 410,838 | ||||||
Internet Brands Inc., Class A† | 22,264 | 296,779 | ||||||
Move, Inc.†# | 120,437 | 304,706 | ||||||
OpenTable, Inc.† | 12,019 | 871,858 | ||||||
Orbitz Worldwide, Inc.† | 15,233 | 83,172 | ||||||
United Online, Inc. | 66,258 | 421,732 | ||||||
2,389,085 | ||||||||
E-Marketing/Info — 0.4% |
| |||||||
comScore, Inc.† | 17,235 | 379,170 | ||||||
Constant Contact, Inc.†# | 21,684 | 554,894 | ||||||
Digital River, Inc.† | 30,128 | 1,109,313 | ||||||
Liquidity Services, Inc.† | 10,929 | 169,072 | ||||||
Mediamind Technologies, Inc.† | 4,175 | 54,776 | ||||||
QuinStreet, Inc.†# | 7,761 | 155,220 | ||||||
ReachLocal, Inc.†# | 3,709 | 63,943 | ||||||
ValueClick, Inc.† | 61,832 | 960,869 | ||||||
3,447,257 | ||||||||
E-Services/Consulting — 0.4% |
| |||||||
GSI Commerce, Inc.†# | 50,441 | 1,203,018 | ||||||
Keynote Systems, Inc. | 9,733 | 119,132 |
196
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
E-Services/Consulting (continued) |
| |||||||
Perficient, Inc.† | 17,937 | $ | 202,329 | |||||
Saba Software, Inc.† | 21,627 | 130,411 | ||||||
Sapient Corp. | 78,364 | 934,883 | ||||||
Websense, Inc.†# | 32,840 | 680,773 | ||||||
3,270,546 | ||||||||
Educational Software — 0.2% |
| |||||||
Blackboard, Inc.†# | 25,959 | 1,078,597 | ||||||
Renaissance Learning, Inc.# | 10,165 | 119,642 | ||||||
Rosetta Stone, Inc.† | 8,085 | 169,704 | ||||||
1,367,943 | ||||||||
Electric Products-Misc. — 0.3% |
| |||||||
GrafTech International, Ltd.† | 91,543 | 1,794,243 | ||||||
Graham Corp. | 7,607 | 124,451 | ||||||
Littelfuse, Inc. | 16,664 | 771,043 | ||||||
2,689,737 | ||||||||
Electric-Distribution — 0.0% |
| |||||||
EnerNOC, Inc.†# | 14,974 | 367,312 | ||||||
Electric-Integrated — 1.7% |
| |||||||
Allete, Inc. | 23,652 | 835,625 | ||||||
Ameresco, Inc., Class A† | 6,707 | 86,856 | ||||||
Avista Corp. | 41,776 | 892,753 | ||||||
Black Hills Corp.# | 29,777 | 903,732 | ||||||
Central Vermont Public Service Corp. | 9,252 | 186,890 | ||||||
CH Energy Group, Inc.# | 12,031 | 561,126 | ||||||
Cleco Corp. | 46,123 | 1,398,911 | ||||||
El Paso Electric Co.† | 33,265 | 876,200 | ||||||
IDACORP, Inc. | 36,579 | 1,328,549 | ||||||
MGE Energy, Inc.# | 17,581 | 725,919 | ||||||
NorthWestern Corp. | 27,517 | 792,765 | ||||||
Otter Tail Corp.# | 27,330 | 561,905 | ||||||
Pike Electric Corp.† | 12,663 | 90,287 | ||||||
PNM Resources, Inc. | 65,908 | 789,578 | ||||||
Portland General Electric Co. | 57,270 | 1,212,406 | ||||||
The Empire District Electric Co.# | 30,545 | 658,245 | ||||||
UIL Holdings Corp. | 38,346 | 1,126,222 | ||||||
Unisource Energy Corp. | 27,437 | 964,959 | ||||||
Unitil Corp.# | 8,387 | 193,069 | ||||||
14,185,997 | ||||||||
Electronic Components-Misc. — 0.6% |
| |||||||
Bel Fuse, Inc., Class B | 8,054 | 180,812 | ||||||
Benchmark Electronics, Inc.† | 47,932 | 770,267 | ||||||
CTS Corp. | 26,244 | 270,051 | ||||||
Daktronics, Inc. | 26,132 | 352,259 | ||||||
LaBarge, Inc.† | 9,605 | 136,103 | ||||||
Methode Electronics, Inc. | 28,755 | 293,589 | ||||||
Microvision, Inc.† | 68,536 | 96,636 | ||||||
NVE Corp.† | 3,631 | 185,145 | ||||||
OSI Systems, Inc.† | 12,320 | 429,599 | ||||||
Plexus Corp.† | 30,691 | 832,800 | ||||||
Pulse Electronics Corp. | 31,852 | 130,593 | ||||||
Rogers Corp.† | 11,990 | 395,550 | ||||||
Sanmina-SCI Corp.† | 60,449 | 631,692 | ||||||
Stoneridge, Inc.† | 11,813 | 153,569 | ||||||
Viasystems Group, Inc.† | 3,317 | 57,550 | ||||||
4,916,215 | ||||||||
Electronic Components-Semiconductors — 1.6% |
| |||||||
Advanced Analogic Technologies, Inc.† | 33,212 | 121,556 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 3,923 | 46,134 | ||||||
Amkor Technology, Inc.† | 79,771 | 555,206 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components-Semiconductors (continued) |
| |||||||
Applied Micro Circuits Corp.† | 49,772 | $ | 461,884 | |||||
AXT, Inc.† | 23,941 | 197,513 | ||||||
Cavium Networks, Inc.†# | 33,731 | 1,241,132 | ||||||
Ceva, Inc.†# | 16,203 | 375,910 | ||||||
Conexant Systems, Inc.†# | 62,703 | 85,276 | ||||||
Diodes, Inc.† | 25,781 | 636,791 | ||||||
DSP Group, Inc.† | 17,877 | 136,759 | ||||||
Entropic Communications, Inc.† | 49,437 | 441,967 | ||||||
GSI Technology, Inc.† | 14,892 | 110,201 | ||||||
GT Solar International, Inc.†# | 47,452 | 317,454 | ||||||
Ikanos Communications, Inc.†# | 23,209 | 25,530 | ||||||
Integrated Silicon Solution, Inc.† | 20,008 | 159,864 | ||||||
IXYS Corp.† | 18,559 | 207,675 | ||||||
Kopin Corp.†# | 51,439 | 206,785 | ||||||
Lattice Semiconductor Corp.† | 88,159 | 392,308 | ||||||
Microsemi Corp.† | 63,108 | 1,397,211 | ||||||
Microtune, Inc.† | 41,740 | 121,881 | ||||||
Mindspeed Technologies, Inc.†# | 24,662 | 153,644 | ||||||
MIPS Technologies, Inc.† | 34,942 | 474,862 | ||||||
Monolithic Power Systems, Inc.†# | 24,576 | 396,411 | ||||||
MoSys, Inc.† | 20,954 | 85,492 | ||||||
Netlogic Microsystems, Inc.† | 47,611 | 1,485,463 | ||||||
OmniVision Technologies, Inc.† | 39,595 | 1,120,143 | ||||||
PLX Technology, Inc.†# | 28,609 | 96,126 | ||||||
Richardson Electronics, Ltd. | 11,172 | 119,652 | ||||||
Rubicon Technology, Inc.†# | 12,244 | 268,633 | ||||||
Semtech Corp.† | 47,196 | 1,103,914 | ||||||
Silicon Image, Inc.† | 58,266 | 446,900 | ||||||
Supertex, Inc.†# | 7,583 | 189,651 | ||||||
Volterra Semiconductor Corp.†# | 18,840 | 424,277 | ||||||
Zoran Corp.† | 39,579 | 272,304 | ||||||
13,876,509 | ||||||||
Electronic Design Automation — 0.1% |
| |||||||
Magma Design Automation, Inc.† | 45,267 | 187,405 | ||||||
Mentor Graphics Corp.† | 81,131 | 912,318 | ||||||
1,099,723 | ||||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Analogic Corp. | 9,806 | 455,685 | ||||||
Badger Meter, Inc. | 11,405 | 483,800 | ||||||
FARO Technologies, Inc.† | 12,461 | 323,612 | ||||||
Keithley Instruments, Inc. | 8,676 | 187,141 | ||||||
Measurement Specialties, Inc.† | 11,210 | 286,752 | ||||||
Zygo Corp.† | 13,486 | 154,550 | ||||||
1,891,540 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
American Science & Engineering, Inc. | 6,834 | 550,957 | ||||||
Taser International, Inc.† | 48,329 | 194,766 | ||||||
745,723 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Clean Energy Fuels Corp.† | 30,449 | 407,408 | ||||||
Comverge, Inc.† | 19,417 | 129,511 | ||||||
FuelCell Energy, Inc.†# | 73,614 | 83,184 | ||||||
Green Plains Renewable Energy, Inc.†# | 12,373 | 135,856 | ||||||
Headwaters, Inc.†# | 46,623 | 181,363 | ||||||
Hoku Corp.†# | 13,218 | 33,574 | ||||||
REX American Resources Corp.†# | 5,602 | 90,416 | ||||||
Syntroleum Corp.†# | 53,521 | 99,014 | ||||||
1,160,326 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc.†# | 5,972 | 50,881 |
197
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Engineering/R&D Services (continued) |
| |||||||
EMCOR Group, Inc.† | 50,429 | $ | 1,351,497 | |||||
Exponent, Inc.† | 10,537 | 367,952 | ||||||
Michael Baker Corp.† | 6,108 | 196,006 | ||||||
Mistras Group, Inc.† | 11,141 | 132,578 | ||||||
VSE Corp. | 3,199 | 97,154 | ||||||
2,196,068 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Briggs & Stratton Corp.# | 38,069 | 662,781 | ||||||
Enterprise Software/Service — 1.4% |
| |||||||
Advent Software, Inc.† | 11,996 | 618,754 | ||||||
American Software, Inc., Class A | 17,041 | 114,345 | ||||||
Ariba, Inc.†# | 68,339 | 1,382,840 | ||||||
CDC Corp., Class A†# | 22,868 | 88,499 | ||||||
Concur Technologies, Inc.† | 30,601 | 1,567,077 | ||||||
Epicor Software Corp.† | 37,783 | 353,649 | ||||||
JDA Software Group, Inc.† | 31,695 | 836,907 | ||||||
Lawson Software, Inc.† | 105,494 | 906,193 | ||||||
ManTech International Corp., Class A†# | 16,886 | 674,089 | ||||||
MedAssets, Inc.† | 32,735 | 607,071 | ||||||
MicroStrategy, Inc., Class A† | 6,855 | 593,300 | ||||||
Omnicell, Inc.† | 25,121 | 336,621 | ||||||
Opnet Technologies, Inc. | 10,261 | 249,548 | ||||||
PROS Holdings, Inc.†# | 14,951 | 142,782 | ||||||
QLIK Technologies, Inc.† | 10,316 | 243,148 | ||||||
RightNow Technologies, Inc.† | 16,469 | 417,160 | ||||||
SYNNEX Corp.†# | 17,070 | 489,226 | ||||||
Taleo Corp., Class A† | 30,227 | 927,969 | ||||||
Tyler Technologies, Inc.†# | 23,540 | 480,451 | ||||||
Ultimate Software Group, Inc.†# | 18,953 | 831,468 | ||||||
11,861,097 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Take-Two Interactive Software, Inc.†# | 53,542 | 592,442 | ||||||
THQ, Inc.†# | 52,187 | 266,154 | ||||||
858,596 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc.† | 46,923 | 1,084,391 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
Mine Safety Appliances Co.# | 20,190 | 581,876 | ||||||
Female Health Care Products — 0.0% |
| |||||||
The Female Health Co. | 13,773 | 78,644 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
CLARCOR, Inc. | 38,352 | 1,561,310 | ||||||
PMFG, Inc.† | 11,379 | 169,547 | ||||||
Polypore International, Inc.† | 16,546 | 525,832 | ||||||
2,256,689 | ||||||||
Finance - Auto Loans — 0.0% |
| |||||||
Credit Acceptance Corp.† | 4,338 | 269,260 | ||||||
Finance - Commercial — 0.0% |
| |||||||
NewStar Financial, Inc.†# | 21,560 | 181,966 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
ASTA Funding, Inc. | 8,162 | 58,358 | ||||||
Encore Capital Group, Inc.† | 10,762 | 200,066 | ||||||
Nelnet, Inc., Class A | 20,063 | 428,345 | ||||||
Ocwen Financial Corp.† | 56,437 | 496,646 | ||||||
Portfolio Recovery Associates, Inc.† | 12,901 | 817,536 | ||||||
The Student Loan Corp. | 3,089 | 92,608 | ||||||
The First Marblehead Corp.† | 42,759 | 87,228 | ||||||
World Acceptance Corp.† | 12,479 | 549,825 | ||||||
2,730,612 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card — 0.0% |
| |||||||
CompuCredit Holdings Corp. | 8,873 | $ | 53,238 | |||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
Cowen Group, Inc., Class A† | 27,964 | 114,093 | ||||||
Diamond Hill Investment Group, Inc.# | 1,862 | 128,925 | ||||||
Duff & Phelps Corp., Class A | 21,061 | 281,586 | ||||||
Evercore Partners, Inc., Class A# | 11,900 | 359,142 | ||||||
FBR Capital Markets Corp.† | 40,600 | 146,972 | ||||||
GFI Group, Inc.# | 51,268 | 237,883 | ||||||
Gleacher & Co., Inc.†# | 60,105 | 150,863 | ||||||
International Assets Holding Corp.† | 9,826 | 224,328 | ||||||
Investment Technology Group, Inc.† | 33,131 | 487,026 | ||||||
JMP Group, Inc.# | 11,518 | 80,511 | ||||||
KBW, Inc. | 26,955 | 625,895 | ||||||
Knight Capital Group, Inc., Class A† | 71,871 | 944,385 | ||||||
LaBranche & Co., Inc.†# | 28,705 | 86,689 | ||||||
Ladenburg Thalmann Financial Services, Inc.† | 70,434 | 85,929 | ||||||
MF Global Holdings, Ltd.†# | 79,789 | 626,344 | ||||||
Oppenheimer Holdings, Inc., Class A# | 7,759 | 183,035 | ||||||
optionsXpress Holdings, Inc.† | 32,137 | 555,649 | ||||||
Penson Worldwide, Inc.†# | 15,786 | 76,878 | ||||||
Piper Jaffray Cos.†# | 11,799 | 353,616 | ||||||
Rodman & Renshaw Capital Group, Inc.†# | 12,312 | 29,302 | ||||||
Sanders Morris Harris Group, Inc.# | 16,053 | 109,160 | ||||||
Stifel Financial Corp.†# | 25,945 | 1,344,729 | ||||||
SWS Group, Inc. | 22,078 | 114,806 | ||||||
TradeStation Group, Inc.† | 31,550 | 200,658 | ||||||
7,548,404 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
California First National Bancorp# | 1,453 | 20,168 | ||||||
Marlin Business Services Corp.† | 6,616 | 70,129 | ||||||
90,297 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Doral Financial Corp.†# | 14,550 | 20,515 | ||||||
Federal Agricultural Mtg. Corp., Class C# | 7,451 | 104,016 | ||||||
124,531 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
BGC Parnters, Inc., Class A# | 44,041 | 336,914 | ||||||
Higher One Holdings, Inc.† | 7,981 | 161,695 | ||||||
MarketAxess Holdings, Inc. | 21,017 | 382,299 | ||||||
880,908 | ||||||||
Financial Guarantee Insurance — 0.3% |
| |||||||
MGIC Investment Corp.† | 152,407 | 1,298,508 | ||||||
Primus Guaranty, Ltd.† | 12,530 | 60,394 | ||||||
Radian Group, Inc.# | 101,119 | 716,934 | ||||||
The PMI Group, Inc.†# | 110,385 | 344,401 | ||||||
2,420,237 | ||||||||
Firearms & Ammunition — 0.1% |
| |||||||
Smith & Wesson Holding Corp.† | 46,146 | 177,201 | ||||||
Sturm Ruger & Co., Inc.# | 14,761 | 236,176 | ||||||
413,377 | ||||||||
Food - Canned — 0.2% |
| |||||||
Seneca Foods Corp., Class A†# | 6,478 | 154,112 | ||||||
TreeHouse Foods, Inc.†# | 26,437 | 1,313,390 | ||||||
1,467,502 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Tootsie Roll Industries, Inc. | 18,289 | 487,219 | ||||||
Food-Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.†# | 3,744 | 35,643 | ||||||
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Food - Misc. — 0.7% |
| |||||||
B&G Foods, Inc. | 36,201 | $ | 462,649 | |||||
Bridgford Foods Corp. | 1,376 | 17,475 | ||||||
Cal-Maine Foods, Inc.# | 10,874 | 333,397 | ||||||
Chiquita Brands International, Inc.†# | 34,118 | 381,439 | ||||||
Diamond Foods, Inc. | 16,585 | 771,866 | ||||||
Dole Food Co., Inc.†# | 27,733 | 262,632 | ||||||
J & J Snack Foods Corp. | 10,801 | 494,146 | ||||||
John B. Sanfilippo & Son, Inc.† | 6,101 | 72,663 | ||||||
Lancaster Colony Corp.# | 14,702 | 765,533 | ||||||
Lance, Inc. | 19,662 | 460,287 | ||||||
M&F Worldwide Corp.†# | 8,197 | 193,039 | ||||||
Seaboard Corp. | 251 | 467,362 | ||||||
Senomyx, Inc.† | 29,813 | 168,145 | ||||||
Smart Balance, Inc.† | 48,372 | 177,042 | ||||||
The Hain Celestial Group, Inc.†# | 31,138 | 825,468 | ||||||
5,853,143 | ||||||||
Food - Retail — 0.3% |
| |||||||
Arden Group, Inc., Class A# | 925 | 74,925 | ||||||
Great Atlantic & Pacific Tea Co.†# | 24,639 | 73,917 | ||||||
Ingles Markets, Inc., Class A# | 9,693 | 180,774 | ||||||
Ruddick Corp.# | 33,352 | 1,226,019 | ||||||
Village Super Market Inc., Class A | 4,761 | 150,067 | ||||||
Weis Markets, Inc.# | 8,496 | 327,436 | ||||||
Winn-Dixie Stores, Inc.†# | 42,544 | 258,668 | ||||||
2,291,806 | ||||||||
Food - Wholesale/Distribution — 0.3% |
| |||||||
Calavo Growers, Inc.# | 8,480 | 195,803 | ||||||
Fresh Del Monte Produce, Inc.# | 30,185 | 662,863 | ||||||
Nash Finch Co. | 9,552 | 352,946 | ||||||
Spartan Stores, Inc. | 17,391 | 284,517 | ||||||
United Natural Foods, Inc.† | 36,483 | 1,365,924 | ||||||
2,862,053 | ||||||||
Footwear & Related Apparel — 0.9% |
| |||||||
CROCS, Inc.† | 65,235 | 1,144,548 | ||||||
Deckers Outdoor Corp.† | 29,417 | 2,262,167 | ||||||
Iconix Brand Group, Inc.†# | 54,886 | 1,025,270 | ||||||
Lacrosse Footwear, Inc. | 3,625 | 55,898 | ||||||
R.G. Barry Corp. | 6,521 | 74,991 | ||||||
Skechers U.S.A., Inc., Class A†# | 26,309 | 607,475 | ||||||
Steven Madden, Ltd.† | 18,645 | 843,686 | ||||||
The Timberland Co., Class A† | 31,461 | 779,604 | ||||||
Weyco Group, Inc.# | 5,485 | 132,792 | ||||||
Wolverine World Wide, Inc. | 37,695 | 1,177,969 | ||||||
8,104,400 | ||||||||
Forestry — 0.1% |
| |||||||
Deltic Timber Corp.# | 8,165 | 424,662 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Stewart Enterprises, Inc., Class A# | 62,858 | 356,405 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Isle of Capri Casinos, Inc.†# | 12,128 | 106,605 | ||||||
Pinnacle Entertainment, Inc.† | 46,035 | 613,186 | ||||||
719,791 | ||||||||
Gas - Distribution — 1.2% |
| |||||||
Chesapeake Utilities Corp. | 7,305 | 274,595 | ||||||
New Jersey Resources Corp.# | 31,407 | 1,353,956 | ||||||
Nicor, Inc.# | 34,429 | 1,489,054 | ||||||
Northwest Natural Gas Co. | 20,171 | 984,748 | ||||||
Piedmont Natural Gas Co., Inc.# | 54,557 | 1,613,796 | ||||||
South Jersey Industries, Inc.# | 22,717 | 1,162,883 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) |
| |||||||
Southwest Gas Corp. | 34,500 | $ | 1,208,535 | |||||
The Laclede Group, Inc. | 16,957 | 599,430 | ||||||
WGL Holdings, Inc. | 38,518 | 1,396,663 | ||||||
10,083,660 | ||||||||
Gold Mining — 0.4% |
| |||||||
Allied Nevada Gold Corp.† | 56,935 | 1,522,442 | ||||||
Capital Gold Corp.† | 47,286 | 217,988 | ||||||
Golden Star Resources, Ltd.† | 196,055 | 846,958 | ||||||
Jaguar Mining, Inc.† | 63,923 | 423,170 | ||||||
US Gold Corp.†# | 67,782 | 444,650 | ||||||
3,455,208 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co.# | 49,731 | 380,939 | ||||||
Hazardous Waste Disposal — 0.2% |
| |||||||
Clean Harbors, Inc.† | 17,547 | 1,299,355 | ||||||
EnergySolutions, Inc.# | 68,351 | 341,755 | ||||||
US Ecology, Inc. | 14,138 | 222,108 | ||||||
1,863,218 | ||||||||
Health Care Cost Containment — 0.1% |
| |||||||
Corvel Corp.† | 5,378 | 245,721 | ||||||
MedQuist, Inc.# | 8,730 | 77,871 | ||||||
Prospect Medical Holdings, Inc.† | 7,397 | 62,431 | ||||||
Transcend Services, Inc.†# | 7,049 | 112,784 | ||||||
498,807 | ||||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Unilife Corp.†# | 37,362 | 202,876 | ||||||
Heart Monitors — 0.1% |
| |||||||
HeartWare International, Inc.† | 7,111 | 653,928 | ||||||
Home Furnishings — 0.2% |
| |||||||
American Woodmark Corp. | 6,980 | 145,254 | ||||||
Ethan Allen Interiors, Inc. | 19,045 | 314,052 | ||||||
Furniture Brands International, Inc.†# | 35,609 | 157,035 | ||||||
Hooker Furniture Corp.# | 8,322 | 94,621 | ||||||
Kimball International, Inc., Class B | 24,195 | 141,783 | ||||||
La-Z-Boy, Inc.†# | 39,810 | 299,769 | ||||||
Sealy Corp.†# | 37,086 | 112,000 | ||||||
Select Comfort Corp.† | 42,187 | 370,824 | ||||||
1,635,338 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Gaylord Entertainment Co.†# | 26,357 | 904,836 | ||||||
Marcus Corp. | 15,730 | 203,861 | ||||||
Morgans Hotel Group Co.† | 16,702 | 127,603 | ||||||
Orient-Express Hotels, Ltd., Class A†# | 69,036 | 798,747 | ||||||
Red Lion Hotels Corp.† | 9,324 | 71,515 | ||||||
2,106,562 | ||||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc.† | 12,483 | 180,629 | ||||||
Lifetime Brands, Inc.† | 7,146 | 105,332 | ||||||
285,961 | ||||||||
Human Resources — 0.7% |
| |||||||
Administaff, Inc. | 16,544 | 468,030 | ||||||
AMN Healthcare Services, Inc.†# | 30,199 | 169,115 | ||||||
Barrett Business Services, Inc.# | 5,986 | 88,772 | ||||||
CDI Corp. | 9,687 | 166,132 | ||||||
Cross Country Healthcare, Inc.†# | 23,949 | 183,928 | ||||||
Heidrick & Struggles International, Inc. | 13,491 | 280,208 | ||||||
Hudson Highland Group, Inc.† | 24,830 | 101,306 |
199
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Kelly Services, Inc., Class A† | 20,102 | $ | 359,323 | |||||
Kenexa Corp.† | 17,450 | 319,510 | ||||||
Kforce, Inc.†# | 23,736 | 358,651 | ||||||
Korn/Ferry International† | 34,976 | 605,784 | ||||||
On Assignment, Inc.† | 28,127 | 193,233 | ||||||
Resources Connection, Inc. | 35,225 | 589,314 | ||||||
SFN Group, Inc.† | 40,096 | 343,623 | ||||||
SuccessFactors, Inc.† | 47,841 | 1,443,363 | ||||||
Team Health Holdings, Inc.† | 11,837 | 163,351 | ||||||
TrueBlue, Inc.† | 33,509 | 552,228 | ||||||
6,385,871 | ||||||||
Identification Systems — 0.3% |
| |||||||
Brady Corp., Class A | 37,128 | 1,148,369 | ||||||
Checkpoint Systems, Inc.† | 30,021 | 538,577 | ||||||
L-1 Identity Solutions, Inc.† | 58,389 | 690,742 | ||||||
2,377,688 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
Dynegy, Inc.†# | 79,187 | 403,062 | ||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.† | 10,955 | 75,151 | ||||||
Sonic Solutions, Inc.†# | 32,748 | 326,825 | ||||||
SRS Labs, Inc.† | 9,094 | 77,481 | ||||||
479,457 | ||||||||
Industrial Automated/Robotic — 0.4% |
| |||||||
Cognex Corp. | 30,163 | 843,357 | ||||||
Gerber Scientific, Inc.† | 19,430 | 140,673 | ||||||
Intermec, Inc.† | 37,154 | 420,212 | ||||||
iRobot Corp.†# | 16,239 | 329,652 | ||||||
Nordson Corp.# | 25,941 | 2,060,494 | ||||||
3,794,388 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Spectrum Control, Inc.† | 9,828 | 150,074 | ||||||
Watts Water Technologies, Inc., Class A | 22,287 | 725,442 | ||||||
Woodward Governor Co. | 46,339 | 1,563,941 | ||||||
X-Rite, Inc.†# | 25,793 | 108,588 | ||||||
2,548,045 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
Dionex Corp.† | 13,401 | 1,221,769 | ||||||
FEI Co.† | 28,899 | 687,796 | ||||||
1,909,565 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class B†# | 18,436 | 54,386 | ||||||
eHealth, Inc.†# | 18,168 | 273,429 | ||||||
Life Partners Holdings, Inc.# | 5,646 | 120,768 | ||||||
448,583 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
American Equity Investment Life Holding Co. | 44,469 | 488,270 | ||||||
CNO Financial Group, Inc.† | 168,807 | 987,521 | ||||||
Delphi Financial Group, Inc., Class A | 36,135 | 927,947 | ||||||
FBL Financial Group, Inc., Class A | 10,364 | 276,926 | ||||||
Kansas City Life Insurance Co. | 3,223 | 100,977 | ||||||
National Western Life Insurance Co., Class A# | 1,699 | 283,274 | ||||||
Presidential Life Corp. | 15,966 | 148,005 | ||||||
Primerica, Inc. | 18,304 | 413,487 | ||||||
The Phoenix Cos., Inc.†# | 89,590 | 205,161 | ||||||
Universal American Corp. | 24,323 | 360,710 | ||||||
4,192,278 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.†# | 28,130 | $ | 196,910 | |||||
Horace Mann Educators Corp.# | 29,819 | 486,944 | ||||||
United Fire & Casualty Co. | 17,615 | 365,335 | ||||||
1,049,189 | ||||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
American Physicians Service Group, Inc. | 4,772 | 154,947 | ||||||
American Safety Insurance Holdings, Ltd.†# | 7,994 | 157,722 | ||||||
AMERISAFE, Inc.† | 14,551 | 269,048 | ||||||
Amtrust Financial Services, Inc. | 17,235 | 275,932 | ||||||
Baldwin & Lyons, Inc., Class B# | 6,345 | 146,760 | ||||||
CNA Surety Corp.†# | 13,652 | 320,822 | ||||||
Donegal Group, Inc., Class A | 8,626 | 128,269 | ||||||
EMC Insurance Group, Inc.# | 3,702 | 82,481 | ||||||
Employers Holdings, Inc. | 32,496 | 524,810 | ||||||
Enstar Group, Ltd.† | 5,288 | 438,904 | ||||||
First American Financial Corp. | 79,033 | 1,119,898 | ||||||
First Mercury Financial Corp. | 11,059 | 181,146 | ||||||
FPIC Insurance Group, Inc.† | 7,546 | 279,051 | ||||||
Global Indemnity PLC† | 10,636 | 203,998 | ||||||
Hallmark Financial Services, Inc.† | 8,967 | 78,730 | ||||||
Harleysville Group, Inc.# | 8,957 | 318,780 | ||||||
Hilltop Holdings, Inc.†# | 30,628 | 301,379 | ||||||
Infinity Property & Casualty Corp. | 10,050 | 580,186 | ||||||
Meadowbrook Insurance Group, Inc. | 41,219 | 389,932 | ||||||
National Interstate Corp.# | 5,073 | 104,757 | ||||||
ProAssurance Corp.† | 24,698 | 1,462,863 | ||||||
RLI Corp.# | 13,912 | 806,618 | ||||||
Safety Insurance Group, Inc. | 9,589 | 448,861 | ||||||
SeaBright Insurance Holdings, Inc. | 16,997 | 149,404 | ||||||
Selective Insurance Group, Inc. | 40,524 | 668,646 | ||||||
State Auto Financial Corp. | 11,137 | 175,296 | ||||||
Stewart Information Services Corp.# | 13,341 | 141,948 | ||||||
The Navigators Group, Inc.† | 9,245 | 457,535 | ||||||
Tower Group, Inc. | 30,780 | 791,662 | ||||||
Universal Insurance Holdings, Inc.# | 13,310 | 64,820 | ||||||
11,225,205 | ||||||||
Insurance - Reinsurance — 0.7% |
| |||||||
Alterra Capital Holdings, Ltd. | 73,227 | 1,489,437 | ||||||
Argo Group International Holdings, Ltd. | 23,596 | 870,220 | ||||||
Flagstone Reinsurance Holdings SA | 39,651 | 454,004 | ||||||
Gerova Financial Group, Ltd.†# | 1,030 | 27,038 | ||||||
Greenlight Capital Re, Ltd. Class A†# | 21,512 | 601,906 | ||||||
Maiden Holdings, Ltd. | 38,327 | 288,602 | ||||||
Montpelier Re Holdings, Ltd. | 54,071 | 1,064,117 | ||||||
Platinum Underwriters Holdings, Ltd. | 31,255 | 1,351,154 | ||||||
6,146,478 | ||||||||
Internet Application Software — 0.4% |
| |||||||
Art Technology Group, Inc.† | 119,357 | 712,561 | ||||||
DealerTrack Holdings, Inc.† | 30,617 | 584,785 | ||||||
eResearchTechnology, Inc.† | 37,690 | 211,441 | ||||||
IntraLinks Holdings, Inc.† | 8,483 | 174,410 | ||||||
KIT Digital, Inc.†# | 15,293 | 210,585 | ||||||
Lionbridge Technologies, Inc.† | 46,022 | 150,032 | ||||||
RealNetworks, Inc.† | 64,658 | 221,130 | ||||||
S1 Corp.† | 39,991 | 253,543 | ||||||
VirnetX Holding Corp. | 26,804 | 372,039 | ||||||
Vocus, Inc.† | 12,931 | 316,551 | ||||||
3,207,077 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
AboveNet, Inc. | 17,118 | 1,004,826 |
200
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VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Internet Connectivity Services (continued) |
| |||||||
Cogent Communications Group, Inc.†# | 34,099 | $ | 411,916 | |||||
Internap Network Services Corp.† | 40,018 | 209,294 | ||||||
PC-Tel, Inc.† | 14,735 | 92,536 | ||||||
1,718,572 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.†# | 35,400 | 251,340 | ||||||
Internet Content - Information/News — 0.1% |
| |||||||
Archipelago Learning, Inc.†# | 9,055 | 78,145 | ||||||
Dice Holdings, Inc.† | 12,258 | 138,515 | ||||||
Loopnet, Inc.†# | 14,017 | 149,421 | ||||||
TechTarget, Inc.† | 11,676 | 69,472 | ||||||
The Knot, Inc.† | 23,233 | 217,229 | ||||||
Travelzoo, Inc.† | 4,267 | 183,438 | ||||||
836,220 | ||||||||
Internet Financial Services — 0.0% |
| |||||||
Online Resources Corp.† | 20,776 | 89,960 | ||||||
�� | ||||||||
Internet Incubators — 0.1% |
| |||||||
Internet Capital Group, Inc.† | 28,146 | 348,729 | ||||||
Moduslink Global Solutions, Inc.† | 34,209 | 229,200 | ||||||
Safeguard Scientifics, Inc.†# | 15,828 | 232,988 | ||||||
810,917 | ||||||||
Internet Infrastructure Equipment — 0.0% |
| |||||||
Network Engines, Inc.† | 27,822 | 42,846 | ||||||
Internet Infrastructure Software — 0.4% |
| |||||||
Openwave Systems, Inc.†# | 64,772 | 154,805 | ||||||
support.com, Inc.†# | 36,043 | 233,198 | ||||||
TeleCommunication Systems, Inc., Class A† | 35,028 | 163,231 | ||||||
TIBCO Software, Inc.† | 126,323 | 2,480,984 | ||||||
3,032,218 | ||||||||
Internet Security — 0.2% |
| |||||||
Blue Coat Systems, Inc.†# | 31,638 | 841,571 | ||||||
Sourcefire, Inc.†# | 20,886 | 566,637 | ||||||
VASCO Data Security International, Inc.† | 20,806 | 179,764 | ||||||
Zix Corp.† | 43,088 | 165,458 | ||||||
1,753,430 | ||||||||
Internet Telephone — 0.1% |
| |||||||
BroadSoft, Inc.† | 5,774 | 131,243 | ||||||
j2 Global Communications, Inc.†# | 34,347 | 919,813 | ||||||
1,051,056 | ||||||||
Intimate Apparel — 0.2% |
| |||||||
The Warnaco Group, Inc.† | 33,764 | 1,818,191 | ||||||
Investment Companies — 1.0% |
| |||||||
American Capital, Ltd.† | 258,239 | 1,856,738 | ||||||
Apollo Investment Corp. | 147,393 | 1,556,470 | ||||||
Arlington Asset Investment Corp., Class A | 5,206 | 128,224 | ||||||
Blackrock Kelso Capital Corp# | 54,380 | 609,600 | ||||||
Capital Southwest Corp.# | 2,199 | 220,472 | ||||||
Fifth Street Finance Corp. | 41,442 | 477,826 | ||||||
Gladstone Capital Corp.# | 16,249 | 181,826 | ||||||
Gladstone Investment Corp.# | 17,053 | 132,502 | ||||||
Golub Capital BDC, Inc. | 5,718 | 92,803 | ||||||
Harris & Harris Group, Inc.† | 23,838 | 104,411 | ||||||
Hercules Technology Growth Capital, Inc. | 27,995 | 279,390 | ||||||
Main Street Capital Corp. | 11,504 | 195,913 | ||||||
MCG Capital Corp. | 58,205 | 406,853 | ||||||
Medallion Financial Corp. | 11,470 | 97,266 | ||||||
MVC Capital, Inc.# | 18,765 | 255,767 |
Security Description | Shares | Value (Note 2) | ||||||
Investment Companies (continued) |
| |||||||
NGP Capital Resources Co. | 16,704 | $ | 151,004 | |||||
PennantPark Investment Corp. | 27,463 | 321,317 | ||||||
Prospect Capital Corp. | 57,905 | 566,311 | ||||||
Solar Capital, Ltd. | 4,439 | 104,228 | ||||||
THL Credit, Inc. | 6,956 | 91,124 | ||||||
TICC Capital Corp.# | 20,756 | 218,768 | ||||||
Triangle Capital Corp. | 11,260 | 210,449 | ||||||
8,259,262 | ||||||||
Investment Management/Advisor Services — 0.3% |
| |||||||
Artio Global Investors, Inc.# | 21,441 | 280,234 | ||||||
Calamos Asset Management, Inc., Class A | 14,873 | 177,435 | ||||||
Cohen & Steers, Inc.# | 13,484 | 339,797 | ||||||
Epoch Holding Corp.# | 10,185 | 163,265 | ||||||
Financial Engines, Inc.† | 9,964 | 168,591 | ||||||
GAMCO Investors, Inc., Class A# | 5,352 | 235,756 | ||||||
National Financial Partners Corp.† | 32,448 | 381,588 | ||||||
Pzena Investment Management, Inc., Class A | 5,912 | 42,034 | ||||||
Virtus Investment Partners, Inc.† | 3,931 | 176,109 | ||||||
Westwood Holdings Group, Inc.# | 4,490 | 161,146 | ||||||
2,125,955 | ||||||||
Lasers - System/Components — 0.4% |
| |||||||
Applied Energetics, Inc.† | 59,876 | 47,901 | ||||||
Coherent, Inc.† | 19,215 | 793,772 | ||||||
Cymer, Inc.† | 22,883 | 871,156 | ||||||
Electro Scientific Industries, Inc.† | 21,366 | 319,208 | ||||||
II-VI, Inc.† | 19,070 | 778,628 | ||||||
Newport Corp.† | 27,888 | 405,213 | ||||||
Rofin-Sinar Technologies, Inc.† | 21,495 | 617,121 | ||||||
3,832,999 | ||||||||
Leisure Products — 0.1% |
| |||||||
Brunswick Corp.# | 67,313 | 1,073,642 | ||||||
Johnson Outdoors, Inc., Class A† | 3,368 | 43,616 | ||||||
Marine Products Corp.†# | 7,677 | 48,979 | ||||||
Multimedia Games, Inc.†# | 21,185 | 91,519 | ||||||
1,257,756 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Universal Display Corp.†# | 22,898 | 566,954 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
G&K Services, Inc., Class A | 14,108 | 391,356 | ||||||
UniFirst Corp. | 10,720 | 549,614 | ||||||
940,970 | ||||||||
Machine Tools & Related Products — 0.0% |
| |||||||
Thermadyne Holdings Corp.† | 6,674 | 99,843 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc.†# | 15,089 | 451,916 | ||||||
�� | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
Baldor Electric Co.# | 35,598 | 2,253,709 | ||||||
Franklin Electric Co., Inc. | 17,683 | 688,046 | ||||||
2,941,755 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,990 | 127,794 | ||||||
Lindsay Corp.# | 9,495 | 560,585 | ||||||
688,379 | ||||||||
Machinery - General Industrial — 0.7% |
| |||||||
Albany International Corp., Class A | 20,780 | 438,458 | ||||||
Altra Holdings, Inc.† | 20,700 | 347,346 | ||||||
Applied Industrial Technologies, Inc. | 32,186 | 961,718 | ||||||
Chart Industries, Inc.†# | 21,813 | 689,945 |
201
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Machinery - General Industrial (continued) |
| |||||||
DXP Enterprises, Inc.† | 6,376 | $ | 137,212 | |||||
Flow International Corp.†# | 36,207 | 119,845 | ||||||
Intevac, Inc.†# | 17,204 | 228,813 | ||||||
Kadant, Inc.† | 9,597 | 184,166 | ||||||
Middleby Corp.† | 12,632 | 1,016,497 | ||||||
Robbins & Myers, Inc.# | 20,429 | 633,503 | ||||||
Sauer-Danfoss, Inc.† | 8,931 | 271,413 | ||||||
Tennant Co.# | 14,350 | 489,909 | ||||||
Twin Disc, Inc. | 6,474 | 157,966 | ||||||
5,676,791 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Cascade Corp. | 7,012 | 256,078 | ||||||
Columbus McKinnon Corp.† | 14,768 | 242,343 | ||||||
NACCO Industries, Inc., Class A | 4,395 | 407,021 | ||||||
905,442 | ||||||||
Machinery - Print Trade — 0.0% |
| |||||||
Presstek, Inc.† | 21,190 | 39,202 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Tecumseh Products Co., Class A† | 14,273 | 190,259 | ||||||
The Gorman-Rupp Co. | 9,408 | 279,700 | ||||||
469,959 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp. | 45,227 | 347,343 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
IRIS International, Inc.† | 12,535 | 117,704 | ||||||
MELA Sciences, Inc.†# | 19,487 | 69,374 | ||||||
Merge Healthcare, Inc.† | 39,884 | 153,952 | ||||||
Vital Images, Inc.† | 11,158 | 149,740 | ||||||
490,770 | ||||||||
Medical Information Systems — 0.3% |
| |||||||
athenahealth, Inc.†# | 25,165 | 1,032,017 | ||||||
Computer Programs & Systems, Inc.# | 7,567 | 353,303 | ||||||
Medidata Solutions, Inc.† | 14,521 | 288,968 | ||||||
Quality Systems, Inc. | 14,349 | 925,367 | ||||||
2,599,655 | ||||||||
Medical Instruments — 1.0% |
| |||||||
Abaxis, Inc.† | 16,795 | 453,465 | ||||||
AngioDynamics, Inc.† | 19,097 | 266,785 | ||||||
Arthrocare Corp.† | 20,491 | 620,468 | ||||||
Bruker Corp.† | 55,236 | 851,739 | ||||||
Conceptus, Inc.† | 23,967 | 315,166 | ||||||
CONMED Corp.† | 22,189 | 477,285 | ||||||
CryoLife, Inc.† | 22,129 | 124,808 | ||||||
Delcath Systems, Inc.†# | 33,707 | 339,092 | ||||||
Dexcom, Inc.† | 43,681 | 492,503 | ||||||
Endologix, Inc.†# | 37,585 | 213,483 | ||||||
Genomic Health, Inc.†# | 10,803 | 199,315 | ||||||
Integra LifeSciences Holdings Corp.† | 15,992 | 693,573 | ||||||
Kensey Nash Corp.† | 5,575 | 151,306 | ||||||
MAKO Surgical Corp.†# | 19,716 | 226,143 | ||||||
Natus Medical, Inc.† | 21,997 | 282,881 | ||||||
NuVasive, Inc.†# | 29,764 | 695,287 | ||||||
PURE Bioscience†# | 26,915 | 57,867 | ||||||
Solta Medical, Inc.† | 45,851 | 93,078 | ||||||
Spectranetics Corp.†# | 25,552 | 124,949 | ||||||
St. Jude Medical, Inc.† | 1,179 | 45,620 | ||||||
Stereotaxis, Inc.†# | 22,047 | 76,062 | ||||||
SurModics, Inc.† | 13,446 | 124,376 | ||||||
Symmetry Medical, Inc.† | 27,768 | 226,865 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) |
| |||||||
Vascular Solutions, Inc.†# | 12,928 | $ | 136,778 | |||||
Volcano Corp.† | 38,224 | 1,014,847 | ||||||
Young Innovations, Inc. | 4,341 | 131,185 | ||||||
8,434,926 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Bio-Reference Labs, Inc.† | 18,223 | 382,136 | ||||||
Genoptix, Inc.† | 13,529 | 230,940 | ||||||
NeoStem, Inc.† | 20,947 | 27,231 | ||||||
640,307 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 10,401 | 72,911 | ||||||
Cynosure, Inc. Class A† | 7,508 | 71,176 | ||||||
LCA-Vision, Inc.† | 14,414 | 74,664 | ||||||
Palomar Medical Technologies, Inc.†# | 14,304 | 178,085 | ||||||
396,836 | ||||||||
Medical Products — 1.2% |
| |||||||
ABIOMED, Inc.†# | 24,140 | 277,127 | ||||||
Accuray, Inc.†# | 39,475 | 236,061 | ||||||
Alphatec Holdings, Inc.†# | 39,233 | 88,274 | ||||||
American Medical Systems Holdings, Inc.†# | 57,302 | 1,027,425 | ||||||
Atrion Corp.# | 1,208 | 198,281 | ||||||
BioMimetic Therapeutics, Inc.† | 13,898 | 155,102 | ||||||
Cantel Medical Corp. | 9,941 | 200,709 | ||||||
Cerus Corp.†# | 30,044 | 72,406 | ||||||
Cyberonics, Inc.† | 21,125 | 567,629 | ||||||
Exactech, Inc.† | 6,423 | 114,458 | ||||||
Greatbatch, Inc.†# | 17,662 | 386,974 | ||||||
Haemonetics Corp.† | 19,071 | 1,121,184 | ||||||
Hanger Orthopedic Group, Inc.† | 19,810 | 379,956 | ||||||
Invacare Corp. | 22,102 | 596,533 | ||||||
Luminex Corp.†# | 28,509 | 481,232 | ||||||
NxStage Medical, Inc.† | 18,883 | 408,628 | ||||||
Orthofix International N.V.† | 13,379 | 363,775 | ||||||
Orthovita, Inc.†# | 51,483 | 102,451 | ||||||
PSS World Medical, Inc.†# | 43,482 | 895,729 | ||||||
Syneron Medical, Ltd.† | 27,485 | 265,230 | ||||||
Synovis Life Technologies, Inc.† | 8,726 | 140,925 | ||||||
TomoTherapy, Inc.†# | 37,314 | 130,599 | ||||||
West Pharmaceutical Services, Inc.# | 25,294 | 959,148 | ||||||
Wright Medical Group, Inc.†# | 29,514 | 389,290 | ||||||
Zoll Medical Corp.† | 16,296 | 544,612 | ||||||
10,103,738 | ||||||||
Medical Sterilization Products — 0.2% |
| |||||||
STERIS Corp.# | 45,059 | 1,550,480 | ||||||
Medical - Biomedical/Gene — 1.8% |
| |||||||
Acorda Therapeutics, Inc.†# | 29,443 | 775,823 | ||||||
Affymax, Inc.†# | 15,880 | 107,349 | ||||||
Alnylam Pharmaceuticals, Inc.† | 28,130 | 257,389 | ||||||
AMAG Pharmaceuticals, Inc.† | 16,227 | 254,602 | ||||||
Arena Pharmaceuticals, Inc.†# | 86,685 | 125,693 | ||||||
ARIAD Pharmaceuticals, Inc.† | 85,482 | 344,492 | ||||||
Arqule, Inc.†# | 32,065 | 174,113 | ||||||
AspenBio Pharma, Inc.† | 27,579 | 16,823 | ||||||
AVEO Pharmaceuticals, Inc.† | 7,159 | 105,810 | ||||||
BioCryst Pharmaceuticals, Inc.† | 22,299 | 110,157 | ||||||
Biosante Pharmaceuticals, Inc.†# | 54,354 | 79,900 | ||||||
BioTime, Inc.†# | 16,436 | 131,488 | ||||||
Cambrex Corp.† | 22,655 | 96,737 | ||||||
Celera Corp.†# | 63,322 | 359,036 | ||||||
Celldex Therapeutics, Inc.†# | 24,545 | 101,862 |
202
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Chelsea Therapeutics International, Inc.† | 29,713 | $ | 161,342 | |||||
Clinical Data, Inc.† | 9,058 | 165,580 | ||||||
Cubist Pharmaceuticals, Inc.† | 44,401 | 963,946 | ||||||
Curis, Inc.†# | 58,402 | 98,115 | ||||||
Cytokinetics, Inc.† | 35,854 | 79,237 | ||||||
CytRx Corp.† | 84,286 | 87,657 | ||||||
Dynavax Technologies Corp.† | 55,295 | 110,590 | ||||||
Emergent Biosolutions, Inc.† | 15,850 | 290,372 | ||||||
Enzo Biochem, Inc.†# | 25,728 | 113,203 | ||||||
Enzon Pharmaceuticals, Inc.†# | 37,659 | 418,768 | ||||||
Exact Sciences Corp.† | 27,438 | 162,982 | ||||||
Exelixis, Inc.†# | 82,569 | 478,075 | ||||||
Geron Corp.†# | 74,595 | 427,429 | ||||||
Halozyme Therapeutics, Inc.†# | 54,545 | 377,451 | ||||||
Immunogen, Inc.†# | 51,535 | 428,771 | ||||||
Immunomedics, Inc.†# | 50,690 | 159,674 | ||||||
Incyte Corp., Ltd.†# | 66,869 | 970,269 | ||||||
Inhibitex, Inc.† | 37,991 | 111,314 | ||||||
Inovio Biomedical Corp.†# | 61,931 | 73,079 | ||||||
InterMune, Inc.† | 34,560 | 434,074 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 152,703 | 207,676 | ||||||
Ligand Pharmaceuticals, Inc., Class B† | 15,134 | 127,731 | ||||||
Martek Biosciences Corp.† | 25,331 | 557,282 | ||||||
Maxygen, Inc.†# | 23,997 | 155,261 | ||||||
Micromet, Inc.† | 61,448 | 446,112 | ||||||
Momenta Pharmaceuticals, Inc.† | 30,570 | 466,192 | ||||||
Nanosphere, Inc.† | 13,151 | 68,780 | ||||||
Neuralstem, Inc.† | 35,534 | 71,423 | ||||||
Novavax, Inc.† | 69,814 | 155,685 | ||||||
NPS Pharmaceuticals, Inc.† | 51,592 | 320,386 | ||||||
NuPathe, Inc.†# | 2,762 | 16,489 | ||||||
Nymox Pharmaceutical Corp.† | 14,298 | 58,479 | ||||||
Omeros Corp.† | 14,475 | 117,392 | ||||||
PDL BioPharma, Inc.# | 106,247 | 614,108 | ||||||
Peregrine Pharmaceuticals, Inc.†# | 42,531 | 65,498 | ||||||
RTI Biologics, Inc.† | 42,253 | 114,506 | ||||||
Sangamo Biosciences, Inc.†# | 34,834 | 162,326 | ||||||
Seattle Genetics, Inc.†# | 63,559 | 959,741 | ||||||
Sequenom, Inc.†# | 57,051 | 391,940 | ||||||
StemCells, Inc.† | 92,427 | 97,973 | ||||||
SuperGen, Inc.†# | 43,481 | 115,225 | ||||||
The Medicines Co.† | 40,481 | 533,540 | ||||||
Transcept Pharmaceuticals, Inc.†# | 4,133 | 26,617 | ||||||
Vical, Inc.† | 55,025 | 107,849 | ||||||
ZIOPHARM Oncology, Inc.†# | 37,718 | 155,021 | ||||||
15,266,434 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Akorn, Inc.† | 42,625 | 226,339 | ||||||
Alimera Sciences, Inc.†# | 5,060 | 57,886 | ||||||
Anthera Pharmaceuticals, Inc.†# | 4,427 | 24,216 | ||||||
Aoxing Pharmaceutical Co., Inc.† | 18,660 | 45,717 | ||||||
Ardea Biosciences, Inc.†# | 10,273 | 228,369 | ||||||
Array Biopharma, Inc. | 41,015 | 131,658 | ||||||
Auxilium Pharmaceuticals, Inc.† | 31,706 | 600,195 | ||||||
Biodel, Inc.†# | 12,934 | 21,988 | ||||||
BioSpecifics Technologies Corp.†# | 3,064 | 69,492 | ||||||
Cadence Pharmaceuticals, Inc.†# | 19,197 | 137,642 | ||||||
Corcept Therapeutics, Inc.† | 20,973 | 81,795 | ||||||
Cumberland Pharmaceuticals, Inc.†# | 9,533 | 65,396 | ||||||
Cytori Therapeutics, Inc.†# | 35,498 | 159,386 | ||||||
Durect Corp.†# | 67,025 | 199,735 | ||||||
Eurand NV† | 14,126 | 154,962 | ||||||
Furiex Pharmaceuticals, Inc.† | 6,788 | 83,628 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Hi-Tech Pharmacal Co., Inc.†# | 7,672 | $ | 182,440 | |||||
Idenix Pharmaceuticals, Inc.†# | 27,571 | 105,046 | ||||||
Infinity Pharmaceuticals, Inc.†# | 11,218 | 70,561 | ||||||
Ironwood Pharmaceuticals, Inc.† | 14,911 | 159,399 | ||||||
Jazz Pharmaceuticals, Inc.† | 11,518 | 191,775 | ||||||
Keryx Biopharmaceuticals, Inc.† | 39,410 | 215,179 | ||||||
Lannett Co., Inc.†# | 8,041 | 44,467 | ||||||
MAP Pharmaceuticals, Inc.† | 12,144 | 174,509 | ||||||
Medicis Pharmaceutical Corp., Class A | 45,841 | 1,207,910 | ||||||
Medivation, Inc.† | 26,265 | 297,582 | ||||||
NeurogesX, Inc.†# | 8,520 | 45,667 | ||||||
Opko Health, Inc.† | 68,401 | 206,571 | ||||||
Optimer Pharmaceuticals, Inc.†# | 25,754 | 243,890 | ||||||
Orexigen Therapeutics, Inc.†# | 23,448 | 122,164 | ||||||
Pain Therapeutics, Inc.†# | 27,417 | 218,513 | ||||||
Pharmasset, Inc.†# | 22,293 | 965,733 | ||||||
PharMerica Corp.† | 23,668 | 257,034 | ||||||
Pozen, Inc.†# | 20,516 | 131,302 | ||||||
Progenics Pharmaceuticals, Inc.†# | 21,820 | 103,645 | ||||||
Rigel Pharmaceuticals, Inc.†# | 40,138 | 320,301 | ||||||
Salix Pharmaceuticals, Ltd.† | 43,334 | 1,934,863 | ||||||
Santarus, Inc.†# | 40,456 | 111,659 | ||||||
Savient Pharmaceuticals, Inc.† | 51,324 | 606,136 | ||||||
Sciclone Pharmaceuticals, Inc.†# | 28,776 | 107,622 | ||||||
SIGA Technologies, Inc.†# | 24,171 | 304,555 | ||||||
Somaxon Pharmaceuticals, Inc.†# | 21,875 | 58,844 | ||||||
Sucampo Pharmaceuticals, Inc. Class A†# | 8,532 | 29,435 | ||||||
Synta Pharmaceuticals Corp.†# | 17,229 | 73,912 | ||||||
Targacept, Inc.† | 18,414 | 390,377 | ||||||
Vanda Pharmaceuticals, Inc.† | 21,532 | 173,548 | ||||||
Viropharma, Inc.†# | 59,173 | 914,223 | ||||||
Vivus, Inc.†# | 61,481 | 399,627 | ||||||
XenoPort, Inc.†# | 21,180 | 164,145 | ||||||
Zalicus, Inc.†# | 50,781 | 59,922 | ||||||
12,880,960 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Acura Pharmaceuticals, Inc.†# | 7,092 | 18,723 | ||||||
Caraco Pharmaceutical Laboratories, Ltd.†# | 6,641 | 31,611 | ||||||
Impax Laboratories, Inc.† | 47,606 | 852,147 | ||||||
Par Pharmaceutical Cos., Inc.† | 26,661 | 957,930 | ||||||
1,860,411 | ||||||||
Medical - HMO — 0.8% |
| |||||||
AMERIGROUP Corp.† | 39,312 | 1,691,595 | ||||||
Centene Corp.† | 37,292 | 867,039 | ||||||
Healthspring, Inc.† | 44,061 | 1,182,157 | ||||||
Magellan Health Services, Inc.† | 25,352 | 1,234,642 | ||||||
Metropolitan Health Networks, Inc.† | 30,827 | 132,864 | ||||||
Molina Healthcare, Inc.† | 11,987 | 304,350 | ||||||
Triple-S Management Corp., Class B† | 15,669 | 301,002 | ||||||
WellCare Health Plans, Inc.† | 32,232 | 907,331 | ||||||
6,620,980 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
MedCath Corp.†# | 15,850 | 200,027 | ||||||
Select Medical Holdings Corp.† | 38,802 | 240,184 | ||||||
440,211 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Assisted Living Concepts, Inc., Class A†# | 7,590 | 229,370 | ||||||
Kindred Healthcare, Inc.† | 30,025 | 484,603 | ||||||
National Healthcare Corp.# | 6,749 | 292,367 | ||||||
Skilled Healthcare Group, Inc. Class A† | 15,310 | 97,372 | ||||||
Sun Healthcare Group, Inc.† | 18,930 | 185,514 |
203
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Medical - Nursing Homes (continued) |
| |||||||
The Ensign Group, Inc. | 11,050 | $ | 237,685 | |||||
1,526,911 | ||||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Air Methods Corp.†# | 8,625 | 424,609 | ||||||
Allied Healthcare International, Inc.† | 34,832 | 101,013 | ||||||
Almost Family, Inc.† | 6,315 | 223,803 | ||||||
Amedisys, Inc.†# | 21,715 | 616,272 | ||||||
America Service Group, Inc. | 6,939 | 101,864 | ||||||
Amsurg Corp.† | 23,526 | 432,408 | ||||||
Continucare Corp.† | 22,411 | 105,780 | ||||||
Gentiva Health Services, Inc.† | 22,669 | 520,934 | ||||||
LHC Group, Inc.†# | 12,071 | 319,278 | ||||||
2,845,961 | ||||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
Ampco-Pittsburgh Corp.# | 6,584 | 173,422 | ||||||
CIRCOR International, Inc.# | 12,976 | 512,552 | ||||||
Dynamic Materials Corp.# | 10,009 | 161,045 | ||||||
Hawk Corp., Class A† | 3,815 | 190,635 | ||||||
Haynes International, Inc. | 9,379 | 362,686 | ||||||
Kaydon Corp. | 25,421 | 889,227 | ||||||
Ladish Co., Inc.† | 11,939 | 560,417 | ||||||
LB Foster Co., Class A†# | 7,865 | 272,837 | ||||||
Mueller Industries, Inc. | 28,639 | 873,203 | ||||||
RBC Bearings, Inc.† | 16,514 | 609,201 | ||||||
RTI International Metals, Inc.†# | 22,864 | 648,652 | ||||||
Sun Hydraulics Corp.# | 9,649 | 300,663 | ||||||
Worthington Industries, Inc.# | 42,956 | 688,155 | ||||||
6,242,695 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
A.M. Castle & Co.† | 12,896 | 195,245 | ||||||
Lawson Products, Inc. | 3,133 | 63,005 | ||||||
Olympic Steel, Inc. | 7,043 | 148,185 | ||||||
406,435 | ||||||||
Metal - Aluminum — 0.2% |
| |||||||
Century Aluminum Co.†# | 48,479 | 671,192 | ||||||
Kaiser Aluminum Corp.# | 11,542 | 541,320 | ||||||
Noranda Aluminium Holding Corp.† | 8,881 | 105,595 | ||||||
1,318,107 | ||||||||
Metal - Diversified — 0.1% |
| |||||||
Molycorp, Inc.† | 19,483 | 565,397 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
American Railcar Industries, Inc.† | 7,271 | 109,138 | ||||||
Freightcar America, Inc.# | 9,216 | 228,925 | ||||||
John Bean Technologies Corp. | 21,744 | 401,177 | ||||||
Movado Group, Inc.†# | 12,009 | 144,108 | ||||||
NL Industries, Inc. | 5,257 | 61,822 | ||||||
Trimas Corp.† | 11,583 | 231,081 | ||||||
1,176,251 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Ascent Media Corp., Class A† | 11,040 | 341,246 | ||||||
Lions Gate Entertainment Corp.† | 52,471 | 378,316 | ||||||
719,562 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
Alliance HealthCare Services, Inc.†# | 21,227 | 79,601 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 37,432 | 1,183,226 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Multimedia — 0.1% |
| |||||||
Entravision Communications Corp., Class A† | 37,523 | $ | 93,432 | |||||
EW Scripps Co., Class A†# | 24,444 | 220,729 | ||||||
Journal Communications, Inc., Class A† | 32,411 | 147,146 | ||||||
Martha Stewart Living Omnimedia, Class A†# | 20,506 | 97,199 | ||||||
Media General, Inc., Class A†# | 17,022 | 72,514 | ||||||
631,020 | ||||||||
Music — 0.0% |
| |||||||
Warner Music Group Corp.†# | 34,535 | 166,459 | ||||||
Networking Products — 0.7% |
| |||||||
Acme Packet, Inc.† | 33,286 | 1,630,348 | ||||||
Anixter International, Inc.# | 21,349 | 1,192,769 | ||||||
BigBand Networks, Inc.†# | 38,547 | 114,870 | ||||||
Black Box Corp. | 13,346 | 478,187 | ||||||
Calix, Inc.† | 5,738 | 73,274 | ||||||
Extreme Networks, Inc.† | 69,507 | 203,656 | ||||||
Hypercom Corp.† | 35,593 | 263,388 | ||||||
Infinera Corp.† | 66,866 | 545,627 | ||||||
Ixia | 24,850 | 394,121 | ||||||
LogMeIn, Inc.†# | 11,447 | 501,264 | ||||||
Meru Networks, Inc.†# | 4,165 | 57,769 | ||||||
Netgear, Inc.† | 26,766 | 850,623 | ||||||
6,305,896 | ||||||||
Non-Ferrous Metals — 0.4% |
| |||||||
Brush Engineered Materials, Inc.† | 15,420 | 542,784 | ||||||
Globe Specialty Metals, Inc. | 46,620 | 755,710 | ||||||
Horsehead Holding Corp.† | 32,950 | 383,209 | ||||||
Thompson Creek Metals Co., Inc.† | 106,303 | 1,291,581 | ||||||
Uranium Energy Corp.†# | 46,784 | 327,488 | ||||||
USEC, Inc.†# | 86,695 | 515,835 | ||||||
3,816,607 | ||||||||
Non-Hazardous Waste Disposal — 0.0% |
| |||||||
Casella Waste Systems, Inc., Class A† | 19,266 | 87,853 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 888 | 10,505 | ||||||
Herman Miller, Inc. | 43,299 | 932,660 | ||||||
HNI Corp. | 34,373 | 915,697 | ||||||
Interface, Inc. Class A | 38,378 | 554,178 | ||||||
Knoll, Inc.# | 35,736 | 548,548 | ||||||
Steelcase, Inc., Class A# | 58,231 | 557,853 | ||||||
3,519,441 | ||||||||
Office Supplies & Forms — 0.1% | ||||||||
ACCO Brands Corp.† | 42,323 | 297,107 | ||||||
Ennis, Inc. | 20,001 | 341,417 | ||||||
The Standard Register Co.# | 13,808 | 41,010 | ||||||
679,534 | ||||||||
Oil & Gas Drilling — 0.1% | ||||||||
Hercules Offshore, Inc.† | 88,630 | 226,450 | ||||||
Parker Drilling Co.† | 88,165 | 352,660 | ||||||
Pioneer Drilling Co.† | 41,790 | 286,261 | ||||||
Seahawk Drilling, Inc.†# | 8,278 | 67,300 | ||||||
Vantage Drilling Co.†# | 117,438 | 206,691 | ||||||
1,139,362 | ||||||||
Oil Companies - Exploration & Production — 2.6% |
| |||||||
Abraxas Petroleum Corp.† | 51,938 | 221,256 | ||||||
American Oil & Gas, Inc.† | 38,200 | 367,484 | ||||||
Apco Oil and Gas International, Inc.# | 7,048 | 266,062 | ||||||
Approach Resources, Inc.† | 10,026 | 183,175 | ||||||
ATP Oil & Gas Corp.†# | 33,818 | 497,801 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Berry Petroleum Co., Class A# | 38,889 | $ | 1,482,060 | |||||
Bill Barrett Corp.†# | 34,929 | 1,343,020 | ||||||
BPZ Resources, Inc.†# | 75,197 | 296,276 | ||||||
Brigham Exploration Co.† | 88,498 | 2,225,725 | ||||||
Callon Petroleum Co.† | 22,214 | 131,507 | ||||||
CAMAC Energy, Inc.†# | 36,808 | 100,486 | ||||||
Carrizo Oil & Gas, Inc.†# | 23,653 | 686,410 | ||||||
Clayton Williams Energy, Inc.† | 4,540 | 341,226 | ||||||
Contango Oil & Gas Co.†# | 8,988 | 501,171 | ||||||
Delta Petroleum Corp.†# | 142,834 | 108,725 | ||||||
DLB Oil & Gas, Inc.†(1)(2) | 3,000 | 0 | ||||||
Endeavour International Corp.†# | 15,558 | 160,559 | ||||||
Energy Partners, Ltd.† | 22,340 | 270,537 | ||||||
Energy XXI Bermuda, Ltd.† | 38,496 | 948,926 | ||||||
Evolution Petroleum Corp.† | 11,406 | 68,778 | ||||||
FX Energy, Inc.† | 33,412 | 197,465 | ||||||
Gastar Exploration, Ltd.† | 33,670 | 158,586 | ||||||
Georesources, Inc.† | 10,033 | 199,857 | ||||||
GMX Resources, Inc.†# | 23,780 | 105,345 | ||||||
Goodrich Petroleum Corp.†# | 18,883 | 248,312 | ||||||
Gulfport Energy Corp.† | 20,565 | 383,332 | ||||||
Harvest Natural Resources, Inc.† | 25,688 | 329,063 | ||||||
Houston American Energy Corp.# | 13,922 | 239,598 | ||||||
Isramco, Inc.† | 885 | 50,728 | ||||||
Kodiak Oil & Gas Corp.† | 118,477 | 592,385 | ||||||
Magnum Hunter Resources Corp.† | 40,660 | 249,652 | ||||||
McMoRan Exploration Co.† | 63,210 | 943,725 | ||||||
Miller Petroleum, Inc.† | 13,937 | 72,472 | ||||||
Northern Oil And Gas, Inc.† | 33,563 | 766,915 | ||||||
Oasis Petroleum, Inc.† | 36,720 | 931,954 | ||||||
Panhandle Oil and Gas, Inc., Class A# | 5,540 | 141,990 | ||||||
Penn Virginia Corp.# | 34,559 | 548,106 | ||||||
PetroCorp, Inc.†(1)(2) | 2,364 | 0 | ||||||
Petroleum Development Corp.† | 14,640 | 521,477 | ||||||
Petroquest Energy, Inc.†# | 42,632 | 295,440 | ||||||
RAM Energy Resources, Inc.† | 42,842 | 74,545 | ||||||
Resolute Energy Corp.† | 29,329 | 377,464 | ||||||
Rex Energy Corp.†# | 24,909 | 295,172 | ||||||
Rosetta Resources, Inc.† | 40,077 | 1,435,558 | ||||||
Stone Energy Corp.† | 32,798 | 677,607 | ||||||
Swift Energy Co.† | 28,755 | 1,049,270 | ||||||
TransAtlantic Petroleum, Ltd.† | 111,919 | 361,498 | ||||||
Vaalco Energy, Inc.† | 39,047 | 288,557 | ||||||
Venoco, Inc.†# | 15,223 | 265,032 | ||||||
W&T Offshore, Inc. | 26,584 | 445,282 | ||||||
Warren Resources, Inc.†# | 54,692 | 242,286 | ||||||
22,689,857 | ||||||||
Oil Field Machinery & Equipment — 0.7% | ||||||||
Complete Production Services, Inc.† | 59,110 | 1,681,679 | ||||||
Dril - Quip, Inc.† | 25,823 | 1,999,733 | ||||||
Gulf Island Fabrication, Inc. | 11,056 | 295,859 | ||||||
Lufkin Industries, Inc. | 22,758 | 1,152,238 | ||||||
Natural Gas Services Group, Inc.† | 9,347 | 153,758 | ||||||
T-3 Energy Services, Inc.† | 10,094 | 358,842 | ||||||
5,642,109 | ||||||||
Oil Refining & Marketing — 0.1% | ||||||||
Alon USA Energy, Inc.# | 5,899 | 32,680 | ||||||
Cheniere Energy, Inc.†# | 44,226 | 246,339 | ||||||
CVR Energy, Inc.† | 23,402 | 281,526 | ||||||
Delek US Holdings, Inc.# | 10,491 | 74,696 | ||||||
Western Refining, Inc.†# | 39,610 | 386,198 | ||||||
1,021,439 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services — 0.9% | ||||||||
Allis - Chalmers Energy, Inc.† | 27,689 | $ | 177,763 | |||||
Basic Energy Services, Inc.†# | 17,915 | 259,768 | ||||||
Cal Dive International, Inc.† | 71,620 | 383,167 | ||||||
CARBO Ceramics, Inc. | 14,504 | 1,409,064 | ||||||
Global Industries, Ltd.†# | 77,069 | 480,140 | ||||||
Helix Energy Solutions Group, Inc.† | 79,496 | 1,115,329 | ||||||
Hornbeck Offshore Services, Inc.† | 17,677 | 389,778 | ||||||
Key Energy Services, Inc.† | 95,381 | 982,424 | ||||||
Matrix Service Co.† | 20,324 | 201,817 | ||||||
Newpark Resources, Inc.†# | 67,664 | 387,038 | ||||||
RPC, Inc.# | 21,944 | 642,959 | ||||||
Tesco Corp.†# | 23,315 | 307,991 | ||||||
Tetra Technologies, Inc.† | 57,544 | 632,984 | ||||||
Union Drilling, Inc.†# | 11,440 | 72,186 | ||||||
Willbros Group, Inc.† | 36,964 | 267,250 | ||||||
7,709,658 | ||||||||
Optical Recognition Equipment — 0.0% | ||||||||
Digimarc Corp.† | 5,212 | 146,457 | ||||||
Optical Supplies — 0.0% | ||||||||
STAAR Surgical Co.† | 26,929 | 144,070 | ||||||
Paper & Related Products — 0.5% | ||||||||
Boise, Inc. | 53,316 | 391,873 | ||||||
Buckeye Technologies, Inc. | 29,837 | 594,353 | ||||||
Cellu Tissue Holdings, Inc.† | 6,410 | 76,407 | ||||||
Clearwater Paper Corp.† | 8,727 | 702,523 | ||||||
KapStone Paper and Packaging Corp.† | 29,053 | 427,660 | ||||||
Neenah Paper, Inc. | 11,361 | 209,270 | ||||||
P.H. Glatfelter# | 34,807 | 432,999 | ||||||
Schweitzer - Mauduit International, Inc. | 13,961 | 876,890 | ||||||
Verso Paper Corp.† | 11,345 | 39,821 | ||||||
Wausau Paper Corp. | 37,859 | 291,893 | ||||||
Xerium Technologies, Inc.† | 5,781 | 75,269 | ||||||
4,118,958 | ||||||||
Patient Monitoring Equipment — 0.2% | ||||||||
CardioNet, Inc.† | 18,632 | 75,273 | ||||||
Insulet Corp.† | 30,517 | 414,116 | ||||||
Masimo Corp. | 39,461 | 1,217,766 | ||||||
1,707,155 | ||||||||
Petrochemicals — 0.0% | ||||||||
TPC Group, Inc.† | 6,102 | 170,368 | ||||||
Pharmacy Services — 0.2% | ||||||||
BioScrip, Inc.† | 30,213 | 121,456 | ||||||
Catalyst Health Solutions, Inc.† | 28,869 | 1,239,058 | ||||||
Clarient, Inc.† | 42,473 | 212,365 | ||||||
1,572,879 | ||||||||
Photo Equipment & Supplies — 0.1% | ||||||||
Eastman Kodak Co.† | 204,279 | 962,154 | ||||||
Physical Therapy/Rehabilitation Centers — 0.2% | ||||||||
Healthsouth Corp.†# | 71,164 | 1,280,952 | ||||||
RehabCare Group, Inc.† | 19,175 | 387,910 | ||||||
U.S. Physical Therapy, Inc.† | 7,822 | 150,104 | ||||||
1,818,966 | ||||||||
Physicians Practice Management — 0.1% | ||||||||
American Dental Partners, Inc.†# | 12,147 | 150,016 | ||||||
Healthways, Inc.† | 26,342 | 254,200 | ||||||
IPC The Hospitalist Co., Inc.† | 12,334 | 399,868 | ||||||
804,084 | ||||||||
205
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Pipelines — 0.0% | ||||||||
Crosstex Energy, Inc.# | 31,078 | $ | 287,472 | |||||
Platinum — 0.1% | ||||||||
Stillwater Mining Co.† | 33,810 | 639,685 | ||||||
Pollution Control — 0.0% | ||||||||
Fuel Tech, Inc.† | 13,801 | 100,885 | ||||||
Met - Pro Corp.# | 11,289 | 124,518 | ||||||
225,403 | ||||||||
Poultry — 0.1% | ||||||||
Pilgrim’s Pride Corp.† | 37,568 | 249,451 | ||||||
Sanderson Farms, Inc.# | 17,272 | 764,459 | ||||||
1,013,910 | ||||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.† | 28,108 | 328,301 | ||||||
Capstone Turbine Corp.†# | 185,721 | 145,234 | ||||||
Energy Conversion Devices, Inc.†# | 36,908 | 165,717 | ||||||
Evergreen Solar, Inc.†# | 148,627 | 115,632 | ||||||
Generac Holdings, Inc.† | 14,917 | 221,667 | ||||||
Powell Industries, Inc.† | 6,823 | 240,033 | ||||||
Power - One, Inc.†# | 53,099 | 501,786 | ||||||
PowerSecure International, Inc.† | 14,095 | 121,499 | ||||||
SatCon Technology Corp.†# | 89,214 | 314,925 | ||||||
Vicor Corp.# | 15,067 | 252,824 | ||||||
2,407,618 | ||||||||
Precious Metals — 0.2% | ||||||||
Coeur d’Alene Mines Corp.† | 66,946 | 1,630,135 | ||||||
Printing - Commercial — 0.4% | ||||||||
American Reprographics Co.† | 28,412 | 199,736 | ||||||
Cenveo, Inc.† | 42,491 | 217,554 | ||||||
Consolidated Graphics, Inc.† | 7,198 | 342,337 | ||||||
Deluxe Corp. | 39,037 | 827,194 | ||||||
Multi - Color Corp. | 8,685 | 169,792 | ||||||
Valassis Communications, Inc.† | 37,886 | 1,233,189 | ||||||
2,989,802 | ||||||||
Private Corrections — 0.1% | ||||||||
The Geo Group, Inc.† | 46,423 | 1,118,794 | ||||||
Protection/Safety — 0.1% | ||||||||
Landauer, Inc.# | 7,132 | 467,930 | ||||||
Rural/Metro Corp.† | 14,745 | 167,061 | ||||||
634,991 | ||||||||
Publishing - Books — 0.1% | ||||||||
Cambium Learning Group, Inc.† | 12,805 | 38,159 | ||||||
Courier Corp. | 7,887 | 112,074 | ||||||
Scholastic Corp. | 23,206 | 652,089 | ||||||
802,322 | ||||||||
Publishing - Newspapers — 0.1% | ||||||||
AH Belo Corp., Class A† | 13,893 | 122,258 | ||||||
Lee Enterprises, Inc.#† | 34,655 | 66,538 | ||||||
The Dolan Co.†# | 23,408 | 320,689 | ||||||
The McClatchy Co., Class A†# | 46,042 | 145,493 | ||||||
654,978 | ||||||||
Publishing - Periodicals — 0.0% | ||||||||
Dex One Corp.†# | 38,629 | 183,488 | ||||||
Playboy Enterprises, Inc., Class B†# | 16,597 | 80,993 | ||||||
PRIMEDIA, Inc.# | 12,906 | 64,917 | ||||||
SuperMedia, Inc.†# | 9,892 | 44,712 | ||||||
Value Line, Inc.# | 1,040 | 14,976 | ||||||
389,086 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Racetracks — 0.1% | ||||||||
Churchill Downs, Inc. | 8,784 | $ | 347,759 | |||||
Empire Resorts, Inc.†# | 19,585 | 20,172 | ||||||
Speedway Motorsports, Inc.# | 9,583 | 141,158 | ||||||
509,089 | ||||||||
Radio — 0.0% | ||||||||
Beasley Broadcast Group, Inc., Class A†# | 3,384 | 13,671 | ||||||
Cumulus Media, Inc., Class A†# | 16,840 | 59,782 | ||||||
Entercom Communications Corp., Class A† | 18,166 | 157,863 | ||||||
Radio One, Inc., Class D†# | 24,200 | 26,136 | ||||||
Westwood One, Inc.†# | 4,062 | 38,305 | ||||||
295,757 | ||||||||
Real Estate Investment Trusts — 7.2% | ||||||||
Acadia Realty Trust | 30,504 | 557,003 | ||||||
Agree Realty Corp. | 6,727 | 188,020 | ||||||
Alexander’s, Inc.# | 1,564 | 602,891 | ||||||
American Campus Communities, Inc.# | 49,632 | 1,560,430 | ||||||
American Capital Agency Corp. | 38,386 | 1,125,478 | ||||||
Anworth Mortgage Asset Corp. | 90,405 | 627,411 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 13,536 | 222,261 | ||||||
Ashford Hospitality Trust, Inc.† | 31,343 | 294,624 | ||||||
Associated Estates Realty Corp. | 31,457 | 470,282 | ||||||
BioMed Realty Trust, Inc. | 99,467 | 1,753,603 | ||||||
CapLease, Inc.# | 44,165 | 269,406 | ||||||
Capstead Mortage Corp.# | 53,324 | 626,557 | ||||||
CBL & Associates Properties, Inc. | 104,981 | 1,732,186 | ||||||
Cedar Shopping Centers, Inc. | 42,160 | 255,490 | ||||||
Chatham Lodging Trust | 6,632 | 108,964 | ||||||
Chesapeake Lodging Trust | 11,561 | 219,890 | ||||||
Cogdell Spencer, Inc. | 33,205 | 189,933 | ||||||
Colonial Properties Trust | 59,040 | 1,062,720 | ||||||
Colony Financial, Inc. | 11,300 | 217,977 | ||||||
Cousins Properties, Inc. | 68,631 | 509,242 | ||||||
CreXus Investment Corp. | 10,453 | 132,126 | ||||||
Cypress Sharpridge Investments, Inc.# | 27,668 | 377,668 | ||||||
DCT Industrial Trust, Inc.# | 160,471 | 792,727 | ||||||
DiamondRock Hospitality Co.† | 117,294 | 1,235,106 | ||||||
Dupont Fabros Technology, Inc.# | 31,143 | 703,520 | ||||||
Dynex Capital, Inc. | 15,795 | 165,847 | ||||||
EastGroup Properties, Inc. | 20,494 | 817,096 | ||||||
Education Realty Trust, Inc. | 43,967 | 322,718 | ||||||
Entertainment Properties Trust | 35,340 | 1,636,242 | ||||||
Equity Lifestyle Properties, Inc. | 19,881 | 1,071,188 | ||||||
Equity One, Inc. | 27,742 | 480,214 | ||||||
Excel Trust, Inc. | 11,582 | 133,888 | ||||||
Extra Space Storage, Inc. | 66,299 | 1,062,110 | ||||||
FelCor Lodging Trust, Inc.† | 73,795 | 437,604 | ||||||
First Industrial Realty Trust, Inc.†# | 48,859 | 371,817 | ||||||
First Potomac Realty Trust | 28,159 | 443,223 | ||||||
Franklin Street Properties Corp. | 52,579 | 674,589 | ||||||
Getty Realty Corp.# | 15,908 | 474,217 | ||||||
Gladstone Commercial Corp.# | 6,600 | 122,100 | ||||||
Glimcher Realty Trust | 64,667 | 528,976 | ||||||
Government Properties Income Trust | 20,957 | 537,547 | ||||||
Hatteras Financial Corp.# | 35,051 | 1,085,880 | ||||||
Healthcare Realty Trust, Inc. | 47,363 | 977,572 | ||||||
Hersha Hospitality Trust | 102,369 | 627,522 | ||||||
Highwoods Properties, Inc.# | 54,418 | 1,660,293 | ||||||
Home Properties, Inc.# | 28,506 | 1,527,637 | ||||||
Hudson Pacific Properties, Inc. | 11,348 | 173,170 | ||||||
Inland Real Estate Corp.# | 56,523 | 480,445 | ||||||
Invesco Mortgage Capital, Inc.# | 30,309 | 684,377 | ||||||
Investors Real Estate Trust | 57,142 | 505,707 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Real Estate Investment Trusts (continued) | ||||||||
iStar Financial, Inc.†# | 71,009 | $ | 386,289 | |||||
Kilroy Realty Corp.# | 41,311 | 1,409,531 | ||||||
Kite Realty Group Trust | 41,885 | 210,263 | ||||||
LaSalle Hotel Properties | 53,071 | 1,263,090 | ||||||
Lexington Realty Trust# | 73,535 | 577,250 | ||||||
LTC Properties, Inc. | 19,629 | 529,787 | ||||||
Medical Properties Trust, Inc. | 84,586 | 886,461 | ||||||
MFA Financial, Inc. | 213,089 | 1,736,675 | ||||||
Mid - America Apartment Communities, Inc. | 24,939 | 1,530,506 | ||||||
Mission West Properties, Inc. | 13,742 | 89,735 | ||||||
Monmouth Real Estate Invesment Corp., Class A# | 20,533 | 166,933 | ||||||
MPG Office Trust, Inc.† | 37,080 | 84,913 | ||||||
National Health Investors, Inc. | 18,571 | 817,124 | ||||||
National Retail Properties, Inc. | 63,354 | 1,647,838 | ||||||
Newcastle Investment Corp.† | 47,887 | 272,477 | ||||||
NorthStar Realty Finance Corp. | 58,254 | 246,414 | ||||||
Omega Healthcare Investors, Inc. | 70,699 | 1,492,456 | ||||||
One Liberty Properties, Inc. | 6,510 | 99,668 | ||||||
Parkway Properties, Inc. | 16,658 | 264,696 | ||||||
Pebblebrook Hotel Trust | 28,119 | 526,950 | ||||||
Pennsylvania Real Estate Investment Trust# | 42,053 | 564,772 | ||||||
PennyMac Mortgage Investment Trust# | 12,925 | 230,065 | ||||||
Post Properties, Inc. | 36,955 | 1,259,057 | ||||||
Potlatch Corp.# | 30,372 | 962,185 | ||||||
PS Business Parks, Inc. | 14,070 | 729,107 | ||||||
RAIT Financial Trust† | 74,972 | 120,705 | ||||||
Ramco - Gershenson Properties Trust# | 29,302 | 336,973 | ||||||
Redwood Trust, Inc. | 59,172 | 818,349 | ||||||
Resource Capital Corp.# | 33,924 | 226,273 | ||||||
Retail Opportunity Investments Corp.# | 32,287 | 317,381 | ||||||
Sabra Healthcare REIT, Inc. | 18,930 | 322,756 | ||||||
Saul Centers, Inc. | 4,887 | 208,040 | ||||||
Sovran Self Storage, Inc. | 20,971 | 755,585 | ||||||
Starwood Property Trust, Inc. | 36,200 | 722,552 | ||||||
Strategic Hotels & Resorts, Inc.† | 106,859 | 499,032 | ||||||
Sun Communities, Inc. | 14,435 | 478,376 | ||||||
Sunstone Hotel Investors, Inc.† | 74,917 | 713,210 | ||||||
Tanger Factory Outlet Centers# | 30,774 | 1,476,537 | ||||||
Terreno Realty Corp.† | 6,767 | 120,114 | ||||||
Two Harbors Investment Corp. | 20,133 | 198,109 | ||||||
U-Store-It Trust# | 71,070 | 587,749 | ||||||
UMH Properties, Inc. | 7,627 | 73,372 | ||||||
Universal Health Realty Income Trust# | 8,732 | 306,231 | ||||||
Urstadt Biddle Properties, Inc., Class A | 17,023 | 313,223 | ||||||
Walter Investment Management Corp. | 19,852 | 342,447 | ||||||
Washington Real Estate Investment Trust# | 46,165 | 1,416,342 | ||||||
Winthrop Realty Trust | 17,583 | 210,469 | ||||||
61,385,561 | ||||||||
Real Estate Management/Services — 0.0% | ||||||||
HFF, Inc., Class A† | 13,753 | 127,353 | ||||||
Kennedy - Wilson Holdings, Inc.† | 16,038 | 157,012 | ||||||
United Capital Corp.†# | 1,348 | 39,766 | ||||||
324,131 | ||||||||
Real Estate Operations & Development — 0.1% | ||||||||
Avatar Holdings, Inc.† | 6,857 | 134,466 | ||||||
Consolidated - Tomoka Land Co.# | 4,181 | 117,068 | ||||||
Forestar Group, Inc.† | 27,690 | 498,974 | ||||||
Thomas Properties Group, Inc.† | 27,197 | 116,675 | ||||||
867,183 | ||||||||
Recreational Centers — 0.1% | ||||||||
Life Time Fitness, Inc.† | 31,748 | 1,252,141 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Recreational Vehicles — 0.2% | ||||||||
Arctic Cat, Inc.† | 9,361 | $ | 139,572 | |||||
Polaris Industries, Inc. | 23,669 | 1,720,500 | ||||||
1,860,072 | ||||||||
Recycling — 0.0% | ||||||||
Metalico, Inc.† | 28,981 | 126,647 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
Avis Budget Group, Inc.†# | 78,068 | 1,037,524 | ||||||
Dollar Thrifty Automotive Group, Inc.† | 21,780 | 1,000,138 | ||||||
Electro Rent Corp. | 12,742 | 188,837 | ||||||
H&E Equipment Services, Inc.† | 21,373 | 212,661 | ||||||
McGrath RentCorp | 18,186 | 507,753 | ||||||
Rent-A-Center, Inc.# | 50,036 | 1,393,002 | ||||||
RSC Holdings, Inc.† | 38,018 | 296,160 | ||||||
United Rentals, Inc.†# | 45,957 | 901,676 | ||||||
5,537,751 | ||||||||
Research & Development — 0.1% |
| |||||||
Albany Molecular Research, Inc.† | 18,228 | 92,052 | ||||||
Kendle International, Inc.† | 11,506 | 103,669 | ||||||
Parexel International Corp.† | 44,381 | 779,330 | ||||||
975,051 | ||||||||
Resorts/Theme Parks — 0.2% |
| |||||||
Bluegreen Corp.†# | 11,096 | 32,067 | ||||||
Vail Resorts, Inc.†# | 27,552 | 1,247,555 | ||||||
1,279,622 | ||||||||
Retail - Apparel/Shoe — 1.6% |
| |||||||
AnnTaylor Stores Corp.†# | 44,706 | 1,203,038 | ||||||
Bebe Stores, Inc. | 25,265 | 162,707 | ||||||
Brown Shoe Co., Inc. | 33,015 | 469,473 | ||||||
Casual Male Retail Group, Inc.† | 32,191 | 154,517 | ||||||
Charming Shoppes, Inc.†# | 89,484 | 340,487 | ||||||
Christopher & Banks Corp. | 27,650 | 147,375 | ||||||
Collective Brands, Inc.†# | 49,255 | 831,917 | ||||||
Destination Maternity Corp.† | 3,852 | 147,455 | ||||||
DSW, Inc., Class A†# | 10,749 | 420,286 | ||||||
Express, Inc.† | 12,339 | 186,072 | ||||||
Genesco, Inc.† | 18,290 | 703,433 | ||||||
HOT Topic, Inc. | 34,373 | 210,706 | ||||||
JOS. A. Bank Clothiers, Inc.†# | 20,930 | 942,687 | ||||||
Kenneth Cole Productions, Inc., Class A† | 5,884 | 79,611 | ||||||
Liz Claiborne, Inc.†# | 71,852 | 525,238 | ||||||
New York & Co., Inc.† | 19,418 | 66,992 | ||||||
Pacific Sunwear of California, Inc.†# | 51,304 | 322,702 | ||||||
Rue21, Inc.† | 11,338 | 340,253 | ||||||
Shoe Carnival, Inc.†# | 7,062 | 195,900 | ||||||
Stein Mart, Inc. | 20,848 | 206,395 | ||||||
Talbots, Inc.† | 53,381 | 613,882 | ||||||
The Buckle, Inc.# | 19,857 | 757,545 | ||||||
The Cato Corp., Class A | 21,177 | 604,603 | ||||||
The Children’s Place Retail Stores, Inc.† | 21,092 | 1,094,886 | ||||||
The Dress Barn, Inc.† | 45,142 | 1,115,007 | ||||||
The Finish Line, Inc., Class A | 38,647 | 689,849 | ||||||
The Men’s Wearhouse, Inc. | 40,022 | 1,141,427 | ||||||
The Wet Seal, Inc., Class A†# | 78,526 | 256,780 | ||||||
13,931,223 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 11,420 | 36,544 | ||||||
Hhgregg, Inc.#† | 10,164 | 254,811 | ||||||
291,355 | ||||||||
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Auto Parts — 0.1% |
| |||||||
Pep Boys-Manny, Moe & Jack# | 39,887 | $ | 494,200 | |||||
Retail - Automobile — 0.3% |
| |||||||
America’s Car-Mart, Inc.† | 7,115 | 180,507 | ||||||
Asbury Automotive Group, Inc.† | 22,420 | 352,891 | ||||||
Group 1 Automotive, Inc.†# | 18,656 | 722,547 | ||||||
Lithia Motors, Inc., Class A | 16,732 | 216,847 | ||||||
Penske Automotive Group, Inc.†# | 33,626 | 507,416 | ||||||
Rush Enterprises, Inc., Class A†# | 24,238 | 425,862 | ||||||
Sonic Automotive, Inc., Class A†# | 30,795 | 381,242 | ||||||
2,787,312 | ||||||||
Retail - Bookstores — 0.1% |
| |||||||
Barnes & Noble, Inc. | 29,321 | 411,080 | ||||||
Books-A-Million, Inc.# | 5,440 | 34,653 | ||||||
Borders Group, Inc.†# | 38,425 | 41,115 | ||||||
486,848 | ||||||||
Retail - Building Products — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 16,906 | 397,967 | ||||||
Retail - Catalog Shopping — 0.0% |
| |||||||
Coldwater Creek, Inc.†# | 46,652 | 157,684 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc.† | 7,359 | 66,378 | ||||||
Systemax, Inc.†# | 8,326 | 108,072 | ||||||
174,450 | ||||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc.# | 28,772 | 1,143,543 | ||||||
Susser Holdings Corp.†# | 5,752 | 77,307 | ||||||
The Pantry, Inc.† | 17,537 | 360,210 | ||||||
1,581,060 | ||||||||
Retail - Discount — 0.3% |
| |||||||
99 Cents Only Stores† | 34,935 | 548,829 | ||||||
Citi Trends, Inc.† | 11,457 | 271,416 | ||||||
Fred’s, Inc., Class A# | 29,883 | 382,204 | ||||||
Gordmans Stores, Inc.† | 4,131 | 52,711 | ||||||
HSN, Inc.† | 29,525 | 837,034 | ||||||
Tuesday Morning Corp.† | 22,783 | 118,472 | ||||||
2,210,666 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
Rite Aid Corp.† | 423,777 | 398,223 | ||||||
Retail - Fabric Store — 0.1% |
| |||||||
Jo-Ann Stores, Inc.†# | 20,810 | 1,008,036 | ||||||
Retail - Hair Salons — 0.1% |
| |||||||
Regis Corp.# | 43,666 | 778,128 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Haverty Furniture Cos., Inc. | 14,060 | 168,860 | ||||||
Kirkland’s, Inc.†# | 12,920 | 154,394 | ||||||
Pier 1 Imports, Inc.†# | 79,493 | 775,852 | ||||||
1,099,106 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.†# | 17,038 | 130,000 | ||||||
Steinway Musical Instruments, Inc.† | 4,391 | 75,745 | ||||||
West Marine, Inc.†# | 11,216 | 107,337 | ||||||
313,082 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Saks, Inc.† | 102,914 | 1,146,462 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Gaiam, Inc. Class A# | 12,275 | $ | 92,308 | |||||
Pricesmart, Inc.# | 12,012 | 403,243 | ||||||
Winmark Corp. | 1,853 | 59,574 | ||||||
555,125 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
OfficeMax, Inc.† | 64,493 | 1,102,185 | ||||||
Retail - Pawn Shops — 0.3% |
| |||||||
Cash America International, Inc. | 22,461 | 813,088 | ||||||
EzCorp, Inc., Class A† | 35,100 | 883,116 | ||||||
First Cash Financial Services, Inc.† | 22,906 | 659,464 | ||||||
2,355,668 | ||||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Sally Beauty Holdings, Inc.† | 71,680 | 985,600 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc.† | 23,873 | 834,361 | ||||||
1,819,961 | ||||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc. | 17,756 | 314,814 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp.# | 52,254 | 1,572,845 | ||||||
Retail - Regional Department Stores — 0.2% |
| |||||||
Dillard’s, Inc., Class A# | 32,970 | 1,028,005 | ||||||
Retail Ventures, Inc.† | 17,836 | 292,510 | ||||||
Stage Stores, Inc.# | 29,431 | 445,291 | ||||||
The Bon-Ton Stores, Inc.† | 9,076 | 121,800 | ||||||
1,887,606 | ||||||||
Retail - Restaurants — 1.5% |
| |||||||
AFC Enterprises, Inc.† | 19,739 | 262,134 | ||||||
Biglari Holdings, Inc.†# | 1,090 | 423,247 | ||||||
BJ’s Restaurants, Inc.†# | 17,088 | 626,275 | ||||||
Bob Evans Farms, Inc. | 23,163 | 721,296 | ||||||
Buffalo Wild Wings, Inc.† | 13,804 | 669,356 | ||||||
California Pizza Kitchen, Inc.† | 14,909 | 252,111 | ||||||
Caribou Coffee Co., Inc.†# | 5,611 | 61,384 | ||||||
Carrols Restaurant Group, Inc.† | 9,584 | 67,951 | ||||||
CEC Entertainment, Inc.†# | 16,700 | 626,584 | ||||||
Cracker Barrel Old Country Store, Inc. | 18,114 | 953,883 | ||||||
Denny’s Corp.† | 76,633 | 280,477 | ||||||
DineEquity, Inc.† | 13,626 | 727,901 | ||||||
Domino’s Pizza, Inc.† | 28,126 | 415,421 | ||||||
Einstein Noah Restaurant Group, Inc.†# | 4,313 | 55,120 | ||||||
Jack in the Box, Inc.† | 41,845 | 841,712 | ||||||
Jamba, Inc.† | 45,904 | 92,726 | ||||||
Krispy Kreme Doughnuts, Inc.†# | 45,099 | 270,143 | ||||||
McCormick & Schmick’s Seafood Restaurants, Inc.† | 11,465 | 100,204 | ||||||
O’Charley’s, Inc.† | 13,832 | 95,717 | ||||||
Papa John’s International, Inc.† | 15,879 | 406,661 | ||||||
PF Chang’s China Bistro, Inc.# | 17,610 | 890,009 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 12,050 | 223,287 | ||||||
Ruby Tuesday, Inc.†# | 49,044 | 627,273 | ||||||
Ruth’s Hospitality Group, Inc.†# | 23,142 | 114,322 | ||||||
Sonic Corp.† | 46,512 | 435,352 | ||||||
Texas Roadhouse, Inc.†# | 43,650 | 745,979 | ||||||
The Cheesecake Factory, Inc.†# | 45,932 | 1,463,853 | ||||||
12,450,378 | ||||||||
Retail - Sporting Goods — 0.3% |
| |||||||
Big 5 Sporting Goods Corp.# | 16,819 | 232,102 | ||||||
Cabela’s, Inc.† | 30,571 | 680,205 | ||||||
Hibbett Sports, Inc.† | 21,897 | 749,972 | ||||||
Zumiez, Inc.† | 15,623 | 496,968 | ||||||
2,159,247 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.†# | 13,319 | $ | 82,578 | |||||
Retail - Video Rentals — 0.2% |
| |||||||
Coinstar, Inc.† | 24,116 | 1,554,035 | ||||||
Retail - Vitamins & Nutrition Products — 0.0% | ||||||||
Vitamin Shoppe, Inc.† | 12,318 | 363,504 | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Capital Senior Living Corp.† | 20,874 | 132,341 | ||||||
Emeritus Corp.†# | 15,415 | 277,932 | ||||||
Five Star Quality Care, Inc.† | 24,380 | 156,520 | ||||||
Sunrise Senior Living, Inc.† | 43,136 | 158,741 | ||||||
725,534 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 46,561 | 972,659 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Myers Industries, Inc. | 27,268 | 261,773 | ||||||
Satellite Telecom — 0.3% |
| |||||||
DigitalGlobe, Inc.† | 20,974 | 619,362 | ||||||
GeoEye, Inc.†# | 16,776 | 668,691 | ||||||
Globalstar, Inc.† | 53,886 | 82,985 | ||||||
Hughes Communications, Inc.† | 6,882 | 272,527 | ||||||
ICO Global Communications Holdings, Ltd.† | 72,633 | 109,676 | ||||||
Iridium Communications, Inc.†# | 26,313 | 245,764 | ||||||
Loral Space & Communications, Inc.†# | 8,204 | 599,548 | ||||||
2,598,553 | ||||||||
Savings & Loans/Thrifts — 1.1% |
| |||||||
Abington Bancorp, Inc. | 16,103 | 193,236 | ||||||
Astoria Financial Corp. | 65,657 | 790,510 | ||||||
BankFinancial Corp.# | 14,760 | 137,711 | ||||||
Beneficial Mutual Bancorp, Inc.†# | 26,804 | 208,267 | ||||||
Berkshire Hills Bancorp, Inc.# | 10,837 | 217,499 | ||||||
BofI Holding, Inc.† | 5,434 | 73,250 | ||||||
Brookline Bancorp, Inc.# | 44,899 | 441,357 | ||||||
Clifton Savings Bancorp, Inc.# | 7,706 | 72,899 | ||||||
Danvers Bancorp, Inc.# | 14,550 | 221,888 | ||||||
Dime Community Bancshares, Inc. | 20,621 | 281,477 | ||||||
ESB Financial Corp.# | 6,857 | 96,684 | ||||||
Essa Bancorp, Inc.# | 10,962 | 144,150 | ||||||
First Financial Holdings, Inc.# | 12,764 | 140,276 | ||||||
Flagstar Bancorp, Inc.† | 36,227 | 44,922 | ||||||
Flushing Financial Corp. | 24,063 | 322,444 | ||||||
Fox Chase Bancorp, Inc.†# | 4,168 | 43,806 | ||||||
Heritage Financial Group, Inc. | 1,413 | 14,483 | ||||||
Home Bancorp, Inc.†# | 5,894 | 80,276 | ||||||
Home Federal Bancorp, Inc.# | 12,889 | 148,610 | ||||||
Investors Bancorp, Inc.† | 36,541 | 447,627 | ||||||
Kaiser Federal Financial Group, Inc.# | 2,141 | 20,682 | ||||||
Kearny Financial Corp.# | 11,690 | 100,417 | ||||||
Meridian Interstate Bancorp, Inc.† | 7,021 | 76,880 | ||||||
NASB Financial, Inc.# | 2,704 | 34,773 | ||||||
NewAlliance Bancshares, Inc. | 80,618 | 1,075,444 | ||||||
Northfield Bancorp, Inc.# | 13,872 | 176,313 | ||||||
Northwest Bancshares, Inc. | 84,115 | 863,020 | ||||||
OceanFirst Financial Corp. | 11,207 | 135,269 | ||||||
Oritani Financial Corp. | 42,265 | 474,636 | ||||||
Provident Financial Services, Inc.# | 45,567 | 627,913 | ||||||
Provident New York Bancorp# | 30,013 | 281,222 | ||||||
Rockville Financial, Inc.# | 6,281 | 69,091 | ||||||
Roma Financial Corp. | 6,247 | 60,221 | ||||||
Territorial Bancorp, Inc. | 9,448 | 174,032 | ||||||
United Financial Bancorp, Inc. | 12,915 | 191,529 | ||||||
ViewPoint Financial Group | 10,997 | 115,359 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Waterstone Financial, Inc.†# | 5,527 | $ | 20,174 | |||||
Westfield Financial, Inc.# | 22,846 | 187,794 | ||||||
WSFS Financial Corp.# | 4,522 | 196,707 | ||||||
9,002,848 | ||||||||
Schools — 0.4% |
| |||||||
American Public Education, Inc.†# | 13,976 | 477,560 | ||||||
Bridgepoint Education, Inc.†# | 15,051 | 230,280 | ||||||
Capella Education Co.† | 12,750 | 698,573 | ||||||
Corinthian Colleges, Inc.†# | 68,062 | 281,096 | ||||||
Grand Canyon Education, Inc.†# | 23,553 | 448,449 | ||||||
K12, Inc.† | 19,100 | 489,724 | ||||||
Learning Tree International, Inc. | 4,748 | 47,100 | ||||||
Lincoln Educational Services Corp.† | 12,692 | 186,065 | ||||||
National American University Holdings, Inc. | 6,023 | 41,318 | ||||||
Princeton Review, Inc.†# | 14,398 | 13,678 | ||||||
Universal Technical Institute, Inc.# | 16,261 | 336,765 | ||||||
3,250,608 | ||||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 6,038 | 169,185 | ||||||
Global Geophysical Services, Inc.† | 5,791 | 53,567 | ||||||
ION Geophysical Corp.†# | 96,560 | 694,266 | ||||||
OYO Geospace Corp.† | 3,153 | 239,187 | ||||||
1,156,205 | ||||||||
Semiconductor Components - Integrated Circuits — 0.9% |
| |||||||
Anadigics, Inc.†# | 50,370 | 323,375 | ||||||
Cirrus Logic, Inc.†# | 52,561 | 802,607 | ||||||
Emulex Corp.† | 61,687 | 698,297 | ||||||
Exar Corp.† | 27,866 | 186,702 | ||||||
Hittite Microwave Corp.† | 20,770 | 1,188,875 | ||||||
Integrated Device Technology, Inc.† | 123,507 | 794,150 | ||||||
MaxLinear, Inc., Class A† | 5,766 | 61,927 | ||||||
Micrel, Inc.# | 38,670 | 478,735 | ||||||
Pericom Semiconductor Corp.† | 19,579 | 195,594 | ||||||
Power Integrations, Inc.# | 18,749 | 755,397 | ||||||
Sigma Designs, Inc.† | 24,025 | 288,300 | ||||||
Standard Microsystems Corp.†# | 17,045 | 464,476 | ||||||
TriQuint Semiconductor, Inc.† | 118,013 | 1,405,535 | ||||||
7,643,970 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
ATMI, Inc.† | 23,947 | 429,849 | ||||||
Axcelis Technologies, Inc.† | 80,448 | 199,511 | ||||||
Brooks Automation, Inc.† | 49,426 | 358,338 | ||||||
Cabot Microelectronics Corp.† | 17,968 | 709,197 | ||||||
Cohu, Inc. | 18,197 | 263,493 | ||||||
Entegris, Inc.† | 99,877 | 649,200 | ||||||
Formfactor, Inc.† | 38,019 | 352,816 | ||||||
FSI International, Inc.†# | 29,709 | 104,873 | ||||||
Kulicke & Soffa Industries, Inc.†# | 54,157 | 359,061 | ||||||
LTX-Credence Corp.† | 37,805 | 297,903 | ||||||
Mattson Technology, Inc.†# | 38,639 | 107,030 | ||||||
MKS Instruments, Inc.† | 38,098 | 776,056 | ||||||
Nanometrics, Inc.† | 13,762 | 163,080 | ||||||
Photronics, Inc.† | 41,246 | 263,562 | ||||||
Rudolph Technologies, Inc.† | 24,087 | 179,689 | ||||||
Tessera Technologies, Inc.† | 38,175 | 760,064 | ||||||
Ultra Clean Holdings† | 16,712 | 131,022 | ||||||
Ultratech, Inc.† | 18,489 | 339,643 | ||||||
Veeco Instruments, Inc.†# | 30,824 | 1,355,640 | ||||||
7,800,027 | ||||||||
Silver Mining — 0.2% |
| |||||||
Hecla Mining Co.†# | 194,714 | 1,867,307 | ||||||
209
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Furmanite Corp.†# | 28,371 | $ | 188,100 | |||||
Mueller Water Products, Inc., Class A# | 117,461 | 413,462 | ||||||
Northwest Pipe Co.†# | 7,136 | 158,348 | ||||||
Omega Flex, Inc.# | 2,128 | 36,112 | ||||||
796,022 | ||||||||
Steel - Producers — 0.0% |
| |||||||
Metals USA Holdings Corp.† | 8,835 | 120,421 | ||||||
Shiloh Industries, Inc.† | 4,022 | 44,765 | ||||||
165,186 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy, Inc.† | 5,233 | 163,636 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc.†# | 27,666 | 499,925 | ||||||
Sugar — 0.0% |
| |||||||
Imperial Sugar Co.# | 9,394 | 129,261 | ||||||
Superconductor Product & Systems — 0.1% |
| |||||||
American Superconductor Corp.†# | 34,106 | 1,135,048 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Finisar Corp.† | 57,271 | 1,095,022 | ||||||
Harmonic, Inc.† | 73,686 | 498,117 | ||||||
IPG Photonics Corp.† | 19,743 | 565,834 | ||||||
KVH Industries, Inc.† | 11,094 | 146,995 | ||||||
Oclaro, Inc.† | 38,144 | 369,997 | ||||||
Oplink Communications, Inc.† | 14,697 | 254,111 | ||||||
Sycamore Networks, Inc. | 14,677 | 440,604 | ||||||
3,370,680 | ||||||||
Telecom Services — 0.5% |
| |||||||
Aviat Networks, Inc.†# | 46,092 | 190,821 | ||||||
Cbeyond, Inc.† | 20,708 | 272,931 | ||||||
Consolidated Communications Holdings, Inc. | 18,914 | 348,396 | ||||||
FiberTower Corp.†# | 38,589 | 168,248 | ||||||
Global Crossing, Ltd.†# | 23,290 | 311,387 | ||||||
Knology, Inc.† | 23,561 | 362,604 | ||||||
Motricity, Inc.†# | 4,090 | 121,637 | ||||||
Neutral Tandem, Inc.†# | 25,126 | 361,061 | ||||||
NTELOS Holdings Corp.# | 22,370 | 379,842 | ||||||
PAETEC Holding Corp.† | 95,703 | 354,101 | ||||||
Premiere Global Services, Inc.†# | 46,358 | 327,287 | ||||||
SAVVIS, Inc.†# | 28,507 | 716,381 | ||||||
USA Mobility, Inc. | 17,098 | 291,008 | ||||||
Vonage Holdings Corp.† | 81,271 | 196,676 | ||||||
4,402,380 | ||||||||
Telecommunication Equipment — 0.9% |
| |||||||
ADC Telecommunications, Inc.† | 74,907 | 952,817 | ||||||
ADTRAN, Inc. | 47,262 | 1,471,739 | ||||||
Anaren, Inc.† | 11,351 | 206,702 | ||||||
Applied Signal Technology, Inc. | 10,276 | 337,669 | ||||||
Arris Group, Inc.† | 96,428 | 965,244 | ||||||
Comtech Telecommunications Corp.# | 21,687 | 643,236 | ||||||
CPI International, Inc.† | 5,741 | 111,088 | ||||||
Network Equipment Technologies, Inc.†# | 23,207 | 94,220 | ||||||
Occam Networks, Inc.† | 9,700 | 72,168 | ||||||
OpNext, Inc.†# | 33,464 | 45,846 | ||||||
Plantronics, Inc. | 36,693 | 1,312,509 | ||||||
Preformed Line Products Co. | 1,691 | 78,632 | ||||||
ShoreTel, Inc.†# | 34,766 | 246,839 | ||||||
Sonus Networks, Inc.† | 158,325 | 424,311 | ||||||
Symmetricom, Inc.† | 33,881 | 225,309 | ||||||
Tekelec† | 51,943 | 641,496 |
Security Description | Shares | Value (Note 2) | ||||||
Telecommunication Equipment (continued) |
| |||||||
UTStarcom, Inc.† | 90,296 | $ | 193,233 | |||||
8,023,058 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Alaska Communications Systems Group, Inc.# | 34,419 | 362,776 | ||||||
Atlantic Tele-Network, Inc. | 7,200 | 246,888 | ||||||
Cincinnati Bell, Inc.† | 152,970 | 373,247 | ||||||
General Communication, Inc., Class A† | 36,150 | 407,411 | ||||||
IDT Corp., Class B | 10,925 | 227,131 | ||||||
Shenandoah Telecommunications Co.# | 18,333 | 320,644 | ||||||
1,938,097 | ||||||||
Television — 0.1% |
| |||||||
Belo Corp., Class A† | 69,343 | 402,189 | ||||||
Gray Television, Inc.†# | 37,418 | 74,462 | ||||||
LIN TV Corp., Class A† | 22,189 | 100,516 | ||||||
Sinclair Broadcast Group, Inc., Class A | 34,917 | 270,607 | ||||||
847,774 | ||||||||
Textile - Apparel — 0.1% |
| |||||||
Cherokee, Inc. | 5,956 | 117,333 | ||||||
Perry Ellis International, Inc.† | 7,770 | 211,422 | ||||||
Unifi, Inc.† | 10,564 | 150,220 | ||||||
478,975 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc.†# | 6,833 | 70,380 | ||||||
Theaters — 0.2% |
| |||||||
Carmike Cinemas, Inc.†# | 7,816 | 65,576 | ||||||
Cinemark Holdings, Inc. | 43,269 | 759,371 | ||||||
National CineMedia, Inc.# | 40,291 | 751,830 | ||||||
1,576,777 | ||||||||
Therapeutics — 0.7% |
| |||||||
Alexza Pharmaceuticals, Inc.† | 33,736 | 30,487 | ||||||
Allos Therapeutics, Inc.†# | 60,710 | 246,483 | ||||||
AVANIR Pharmaceuticals Inc., Class A† | 55,684 | 238,328 | ||||||
AVI BioPharma, Inc.†# | 85,253 | 156,866 | ||||||
Cornerstone Therapeutics, Inc.†# | 6,070 | 36,238 | ||||||
Cypress Bioscience, Inc.† | 29,638 | 117,959 | ||||||
Dyax Corp.† | 75,447 | 170,510 | ||||||
Inspire Pharmaceuticals, Inc.† | 45,932 | 320,605 | ||||||
Isis Pharmaceuticals, Inc.†# | 71,586 | 675,414 | ||||||
MannKind Corp.†# | 51,445 | 323,075 | ||||||
Nabi Biopharmaceuticals† | 34,571 | 179,769 | ||||||
Neurocrine Biosciences, Inc.† | 37,859 | 275,613 | ||||||
Onyx Pharmaceuticals, Inc.† | 47,622 | 1,402,468 | ||||||
Osiris Therapeutics, Inc.†# | 12,985 | 85,182 | ||||||
Pharmacyclics, Inc.† | 32,991 | 178,811 | ||||||
Questcor Pharmaceuticals, Inc.†# | 41,843 | 595,844 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 38,229 | 170,119 | ||||||
Theravance, Inc.† | 47,506 | 1,186,700 | ||||||
6,390,471 | ||||||||
Tobacco — 0.2% |
| |||||||
Alliance One International, Inc.†# | 68,805 | 266,963 | ||||||
Star Scientific, Inc.†# | 74,482 | 138,536 | ||||||
Universal Corp.# | 18,369 | 751,476 | ||||||
Vector Group, Ltd.# | 34,475 | 630,548 | ||||||
1,787,523 | ||||||||
Toys — 0.1% |
| |||||||
Jakks Pacific, Inc.† | 21,214 | 408,370 | ||||||
Leapfrog Enterprises, Inc.†# | 26,103 | 148,265 | ||||||
556,635 | ||||||||
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Transactional Software — 0.5% |
| |||||||
ACI Worldwide, Inc.† | 25,861 | $ | 656,611 | |||||
Bottomline Technologies, Inc.† | 23,936 | 453,109 | ||||||
Innerworkings, Inc.†# | 18,337 | 113,139 | ||||||
Synchronoss Technologies, Inc.† | 15,463 | 401,883 | ||||||
VeriFone Systems, Inc.† | 64,967 | 2,257,603 | ||||||
3,882,345 | ||||||||
Transport - Air Freight — 0.2% |
| |||||||
Air Transport Services Group, Inc.† | 41,818 | 308,617 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 19,636 | 1,071,340 | ||||||
1,379,957 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
Aircastle, Ltd. | 38,564 | 369,443 | ||||||
AMERCO, Inc.† | 6,500 | 630,110 | ||||||
Greenbrier Cos., Inc.† | 14,609 | 274,065 | ||||||
TAL International Group, Inc.# | 12,724 | 360,471 | ||||||
Textainer Group Holdings, Ltd.# | 7,340 | 204,199 | ||||||
1,838,288 | ||||||||
Transport - Marine — 0.7% |
| |||||||
American Commercial Lines, Inc.†# | 6,973 | 230,109 | ||||||
Baltic Trading, Ltd. | 12,621 | 148,044 | ||||||
CAI International, Inc. | 7,693 | 157,322 | ||||||
DHT Holdings, Inc. | 37,594 | 165,038 | ||||||
Eagle Bulk Shipping, Inc.† | 47,982 | 239,910 | ||||||
Excel Maritime Carriers, Ltd.†# | 30,737 | 170,590 | ||||||
Genco Shipping & Trading, Ltd.† | 21,566 | 316,589 | ||||||
General Maritime Corp.# | 60,767 | 232,130 | ||||||
Golar LNG, Ltd. | 28,079 | 390,579 | ||||||
GulfMark Offshore, Inc., Class A†# | 17,705 | 519,111 | ||||||
Horizon Lines, Inc., Class A# | 23,514 | 85,826 | ||||||
International Shipholding Corp.# | 4,344 | 114,855 | ||||||
Knightsbridge Tankers, Ltd.# | 18,570 | 422,282 | ||||||
Nordic American Tanker Shipping# | 35,669 | 922,757 | ||||||
Overseas Shipholding Group, Inc. | 19,443 | 679,922 | ||||||
Scorpio Tankers, Inc.† | 10,008 | 99,580 | ||||||
Ship Finance International, Ltd.# | 33,989 | 737,901 | ||||||
Teekay Tankers, Ltd., Class A# | 24,823 | 294,152 | ||||||
Ultrapetrol Bahamas, Ltd.†# | 17,090 | 118,092 | ||||||
6,044,789 | ||||||||
Transport - Rail — 0.2% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 29,474 | 1,399,720 | ||||||
RailAmerica, Inc.† | 17,842 | 221,241 | ||||||
1,620,961 | ||||||||
Transport - Services — 0.3% |
| |||||||
Bristow Group, Inc.† | 27,329 | 1,200,016 | ||||||
Dynamex, Inc.† | 7,518 | 181,560 | ||||||
Echo Global Logistics, Inc.†# | 8,218 | 94,096 | ||||||
Hub Group, Inc., Class A† | 28,398 | 926,627 | ||||||
Pacer International, Inc.†# | 26,995 | 150,902 | ||||||
PHI, Inc.† | 10,229 | 172,870 | ||||||
Universal Truckload Services, Inc.†# | 4,517 | 67,755 | ||||||
2,793,826 | ||||||||
Transport - Truck — 0.6% |
| |||||||
Arkansas Best Corp.# | 19,239 | 473,953 | ||||||
Celadon Group, Inc.† | 15,175 | 204,407 | ||||||
Forward Air Corp.# | 22,044 | 606,651 | ||||||
Heartland Express, Inc.# | 38,364 | 592,724 | ||||||
Knight Transportation, Inc.# | 45,179 | 871,051 | ||||||
Marten Transport, Ltd.# | 11,885 | 255,527 | ||||||
Old Dominion Freight Line, Inc.† | 31,769 | 917,489 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck (continued) |
| |||||||
P.A.M. Transportation Services, Inc.† | 3,548 | $ | 38,425 | |||||
Patriot Transportation Holding, Inc.†# | 1,125 | 83,722 | ||||||
Quality Distribution, Inc.† | 7,247 | 50,294 | ||||||
Roadrunner Transportation Systems, Inc.† | 8,191 | 103,862 | ||||||
Saia, Inc.† | 12,255 | 184,683 | ||||||
USA Truck, Inc.† | 6,072 | 80,454 | ||||||
Werner Enterprises, Inc.# | 32,739 | 706,508 | ||||||
5,169,750 | ||||||||
Travel Services — 0.1% |
| |||||||
Ambassadors Group, Inc.# | 14,731 | 162,188 | ||||||
Interval Leisure Group, Inc.† | 30,268 | 501,541 | ||||||
663,729 | ||||||||
Ultra Sound Imaging Systems — 0.0% |
| |||||||
SonoSite, Inc.† | 11,262 | 342,140 | ||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Neogen Corp.†# | 17,151 | 637,160 | ||||||
Virtual Reality Products — 0.0% |
| |||||||
RealD, Inc.† | 11,166 | 318,008 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Nature’s Sunshine Products, Inc.†# | 5,869 | 50,767 | ||||||
Nutraceutical International Corp.† | 7,161 | 106,484 | ||||||
Schiff Nutrition International, Inc. | 8,900 | 73,247 | ||||||
Synutra International, Inc.†# | 14,737 | 188,192 | ||||||
USANA Health Sciences, Inc.† | 4,660 | 196,279 | ||||||
614,969 | ||||||||
Water — 0.3% |
| |||||||
American States Water Co. | 14,124 | 516,656 | ||||||
Artesian Resources Corp., Class A | 4,878 | 91,560 | ||||||
California Water Service Group | 14,914 | 554,801 | ||||||
Connecticut Water Service, Inc.# | 6,575 | 167,465 | ||||||
Consolidated Water Co., Ltd.# | 11,235 | 99,205 | ||||||
Middlesex Water Co.# | 11,812 | 206,237 | ||||||
PICO Holdings, Inc.†# | 17,181 | 490,518 | ||||||
SJW Corp. | 10,002 | 249,850 | ||||||
York Water Co.# | 9,737 | 154,137 | ||||||
2,530,429 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Energy Recovery, Inc.†# | 31,698 | 105,554 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
NIC, Inc. | 42,425 | 354,249 | ||||||
Rackspace Hosting, Inc.†# | 73,722 | 2,150,470 | ||||||
Terremark Worldwide, Inc.†# | 44,288 | 529,906 | ||||||
3,034,625 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
EarthLink, Inc.# | 82,133 | 736,323 | ||||||
InfoSpace, Inc.† | 27,679 | 213,682 | ||||||
Local.com Corp.†# | 12,351 | 47,057 | ||||||
997,062 | ||||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 35,544 | 1,182,904 | ||||||
Coleman Cable, Inc.†# | 6,121 | 35,196 | ||||||
Encore Wire Corp. | 14,295 | 325,640 | ||||||
Insteel Industries, Inc.# | 13,575 | 140,773 | ||||||
1,684,513 | ||||||||
211
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Wireless Equipment — 0.7% |
| |||||||
Aruba Networks, Inc.†# | 58,656 | $ | 1,243,507 | |||||
EMS Technologies, Inc.† | 11,822 | 219,771 | ||||||
Globecomm Systems, Inc.† | 16,562 | 139,949 | ||||||
InterDigital, Inc.†# | 33,432 | 1,105,596 | ||||||
Novatel Wireless, Inc.†# | 24,141 | 236,823 | ||||||
Powerwave Technologies, Inc.†# | 102,510 | 216,296 | ||||||
RF Micro Devices, Inc.† | 204,101 | 1,430,748 | ||||||
TeleNav, Inc.† | 6,215 | 40,522 | ||||||
Tessco Technologies, Inc. | 3,869 | 58,848 | ||||||
Viasat, Inc.† | 25,231 | 1,043,554 | ||||||
5,735,614 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Obagi Medical Products, Inc.† | 13,224 | 144,406 | ||||||
Total Common Stock | ||||||||
(cost $828,000,229) | 834,538,837 | |||||||
EXCHANGE - TRADED FUNDS — 0.0% | ||||||||
Kayne Anderson Energy Development Fund | 7,890 | 143,677 | ||||||
WARRANTS — 0.0% | ||||||||
Energy - Alternate Sources — 0.0% |
| |||||||
Greenhunter Energy, Inc. † | 3 | 0 | ||||||
Total Long - Term Investment Securities |
| |||||||
(cost $828,198,138) | 834,682,514 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 14.0% |
| |||||||
Collective Investment Pool — 13.8% |
| |||||||
Securities Lending Quality Trust(3)(5) | 118,442,511 | 118,100,804 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | ||||||||
0.14% due 12/16/10(4) | $ | 2,200,000 | 2,199,872 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $120,642,383) | 120,300,676 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENT — 2.4% |
| |||||||
State Street Bank & Trust Co., Joint Repurchase Agreement | $ | 20,112,000 | $ | 20,112,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $968,952,521)(7) | 113.8 | % | 975,095,190 | |||||
Liabilities in excess of other assets | (13.8 | ) | (117,950,042 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 857,145,148 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2) |
(1) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; see Note 2. |
(2) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets. |
(3) | The security is purchased with the cash collateral received from securities loaned (see Note 2). |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | At November 30, 2010, the Fund had loaned securities with a total value of $113,986,900. This was secured by collateral of $118,442,511, which was received in cash and subsequently invested in short-term investments currently valued at $118,100,804 as reported in the portfolio of investments. The remaining collateral of $462,105 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||
United States Treasury Notes/Bonds | 3.50% to 6.38% | 02/15/18 to 08/15/39 |
(6) | See Note 2 for details of Joint Repurchase Agreements. |
(7) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
313 | Long | Russell 2000 Mini Index | December 2010 | $ | 21,444,081 | $ | 22,739,450 | $ | 1,295,369 | |||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks - Commercial | $ | 45,189,284 | $ | — | $ | 0 | $ | 45,189,284 | ||||||||
Real Estate Investment Trusts | 61,385,561 | — | — | 61,385,561 | ||||||||||||
Other Industries* | 727,963,992 | — | 0 | 727,963,992 | ||||||||||||
Exchange Traded Funds | 143,677 | — | — | 143,677 | ||||||||||||
Warrants | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 118,100,804 | — | 118,100,804 | ||||||||||||
U.S. Government Treasuries | — | 2,199,872 | — | 2,199,872 | ||||||||||||
Repurchase Agreement | — | 20,112,000 | — | 20,112,000 |
212
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Appreciation | $ | 1,295,369 | $ | — | $ | — | $ | 1,295,369 | ||||||||
Total | $ | 835,977,883 | $ | 140,412,676 | $ | 0 | $ | 976,390,559 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 0 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | — | |||
Net purchases (sales) | — | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 0 | ||
See Notes to Financial Statements
213
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 15.6 | % | ||
Banks — Commercial | 7.0 | |||
Time Deposits | 5.0 | |||
Electric — Integrated | 5.0 | |||
Consumer Products — Misc. | 3.5 | |||
Oil Companies — Exploration & Production | 3.3 | |||
Metal Processors & Fabrication | 2.8 | |||
Computers — Memory Devices | 2.8 | |||
Insurance — Reinsurance | 2.6 | |||
Retail — Restaurants | 2.3 | |||
Real Estate Investment Trusts | 2.3 | |||
Diversified Manufacturing Operations | 2.3 | |||
Paper & Related Products | 2.2 | |||
Retail — Apparel/Shoe | 2.0 | |||
Human Resources | 2.0 | |||
Finance — Investment Banker/Broker | 1.8 | |||
Gold Mining | 1.7 | |||
Electronic Components — Misc. | 1.6 | |||
Oil — Field Services | 1.5 | |||
Oil & Gas Drilling | 1.5 | |||
Semiconductor Equipment | 1.4 | |||
Telecommunication Equipment | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Insurance — Property/Casualty | �� | 1.1 | ||
Networking Products | 1.1 | |||
Computer Services | 1.1 | |||
Savings & Loans/Thrifts | 1.1 | |||
Building & Construction Products — Misc. | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Apparel Manufacturers | 0.9 | |||
Transport — Marine | 0.9 | |||
Diversified Operations/Commercial Services | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Auto/Truck Parts & Equipment — Original | 0.9 | |||
Medical — Outpatient/Home Medical | 0.9 | |||
Computers — Periphery Equipment | 0.8 | |||
Funeral Services & Related Items | 0.8 | |||
Tobacco | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Investment Companies | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Footwear & Related Apparel | 0.7 | |||
Transport — Truck | 0.6 | |||
Food — Canned | 0.6 | |||
Electronic Measurement Instruments | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Home Furnishings | 0.6 | |||
Office Supplies & Forms | 0.6 | |||
Retail — Convenience Store | 0.6 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Auto/Truck Parts & Equipment — Replacement | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Chemicals — Plastics | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Physicians Practice Management | 0.5 | |||
Food — Misc. | 0.5 | |||
Web Portals/ISP | 0.5 | |||
Medical — HMO | 0.5 | |||
Transport — Equipment & Leasing | 0.5 | |||
Medical Sterilization Products | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Diagnostic Kits | 0.5 | |||
Gas — Distribution | 0.4 |
Wire & Cable Products | 0.4 | % | ||
Insurance — Life/Health | 0.4 | |||
Transactional Software | 0.4 | |||
Batteries/Battery Systems | 0.4 | |||
Silver Mining | 0.4 | |||
Non-Ferrous Metals | 0.4 | |||
Coatings/Paint | 0.4 | |||
Toys | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Private Corrections | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Transport — Services | 0.4 | |||
Retail — Hair Salons | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Coal | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Medical Products | 0.4 | |||
E-Commerce/Products | 0.4 | |||
Racetracks | 0.3 | |||
Internet Application Software | 0.3 | |||
Publishing — Books | 0.3 | |||
Recreational Centers | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Food — Retail | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Medical — Drugs | 0.1 | |||
Textile — Products | 0.1 | |||
Telecom Services | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Consulting Services | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Building Products — Cement | 0.1 | |||
115.5 | % | |||
* | Calculated as a percentage of net assets |
214
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 94.8% | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Esterline Technologies Corp.† | 18,800 | $ | 1,106,944 | |||||
Aerospace/Defense - Equipment — 0.7% | ||||||||
Alliant Techsystems, Inc. | 13,175 | 973,764 | ||||||
GenCorp, Inc.†# | 115,431 | 566,766 | ||||||
1,540,530 | ||||||||
Apparel Manufacturers — 0.9% | ||||||||
Delta Apparel, Inc.†#(3) | 33,092 | 411,995 | ||||||
Hanesbrands, Inc.† | 32,500 | 882,375 | ||||||
The Jones Group, Inc. | 54,900 | 743,346 | ||||||
2,037,716 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.9% | ||||||||
Modine Manufacturing Co.† | 133,152 | 1,845,487 | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.5% | ||||||||
Commercial Vehicle Group, Inc.† | 30,169 | 427,495 | ||||||
Douglas Dynamics, Inc. | 47,624 | 702,454 | ||||||
1,129,949 | ||||||||
Banks - Commercial — 7.0% | ||||||||
BancorpSouth, Inc.# | 44,475 | 571,504 | ||||||
Bank of Hawaii Corp. | 19,625 | 849,762 | ||||||
BOK Financial Corp.# | 6,438 | 300,655 | ||||||
First Citizens BancShares, Inc., Class A | 28,614 | 4,975,688 | ||||||
First Commonwealth Financial Corp.# | 107,200 | 664,640 | ||||||
FirstMerit Corp.# | 50,025 | 871,686 | ||||||
Fulton Financial Corp. | 90,625 | 783,906 | ||||||
IBERIABANK Corp. | 23,038 | 1,161,346 | ||||||
Old National Bancorp# | 111,855 | 1,153,225 | ||||||
UMB Financial Corp.# | 96,280 | 3,591,244 | ||||||
14,923,656 | ||||||||
Batteries/Battery Systems — 0.4% | ||||||||
EnerSys† | 31,550 | 952,494 | ||||||
Beverages - Wine/Spirits — 0.4% | ||||||||
Central European Distribution Corp.† | 35,310 | 848,499 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Builders FirstSource, Inc.† | 83,589 | 132,071 | ||||||
Quanex Building Products Corp. | 106,999 | 1,769,763 | ||||||
Simpson Manufacturing Co., Inc. | 4,946 | 127,953 | ||||||
Trex Co., Inc.† | 10,194 | 188,079 | ||||||
2,217,866 | ||||||||
Building Products - Cement — 0.1% | ||||||||
Eagle Materials, Inc.# | 4,821 | 119,850 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
Apogee Enterprises, Inc. | 17,161 | 193,061 | ||||||
Building - Heavy Construction — 0.4% | ||||||||
Sterling Construction Co., Inc.† | 7,217 | 97,357 | ||||||
Tutor Perini Corp.# | 40,237 | 766,515 | ||||||
863,872 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.6% |
| |||||||
Cavco Industries, Inc.†# | 27,008 | 984,712 | ||||||
Thor Industries, Inc. | 6,768 | 199,859 | ||||||
1,184,571 | ||||||||
Chemicals - Plastics — 0.5% | ||||||||
A. Schulman, Inc. | 53,419 | 1,081,735 | ||||||
Chemicals - Specialty — 0.8% | ||||||||
American Pacific Corp.†#(3) | 52,148 | 319,667 | ||||||
Arch Chemicals, Inc. | 7,654 | 265,747 |
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty (continued) | ||||||||
OM Group, Inc.† | 28,125 | $ | 1,057,500 | |||||
1,642,914 | ||||||||
Coal — 0.4% | ||||||||
James River Coal Co.†# | 39,423 | 784,518 | ||||||
Coatings/Paint — 0.4% | ||||||||
RPM International, Inc. | 44,925 | 920,064 | ||||||
Commercial Services - Finance — 0.6% | ||||||||
Global Payments, Inc. | 9,390 | 390,248 | ||||||
Jackson Hewitt Tax Service, Inc.†# | 78,025 | 65,541 | ||||||
Net 1 UEPS Technologies, Inc.† | 37,817 | 459,477 | ||||||
TNS, Inc.† | 18,834 | 361,989 | ||||||
1,277,255 | ||||||||
Computer Services — 1.1% | ||||||||
CACI International, Inc., Class A† | 20,900 | 1,051,897 | ||||||
DST Systems, Inc. | 20,275 | 868,987 | ||||||
Insight Enterprises, Inc.† | 9,364 | 118,080 | ||||||
SYKES Enterprises, Inc.† | 14,170 | 260,728 | ||||||
2,299,692 | ||||||||
Computers - Integrated Systems — 0.5% | ||||||||
BancTec, Inc.†*(1)(2)(3) | 41,033 | 123,099 | ||||||
Jack Henry & Associates, Inc. | 35,150 | 961,001 | ||||||
1,084,100 | ||||||||
Computers - Memory Devices — 2.7% | ||||||||
Imation Corp.†# | 301,786 | 2,866,967 | ||||||
Quantum Corp.†# | 762,017 | 2,766,122 | ||||||
Spansion, Inc., Class A† | 9,355 | 184,948 | ||||||
5,818,037 | ||||||||
Computers - Periphery Equipment — 0.8% | ||||||||
Electronics for Imaging, Inc.† | 6,801 | 89,025 | ||||||
Lexmark International, Inc., Class A† | 23,725 | 859,794 | ||||||
Synaptics, Inc.† | 29,700 | 846,450 | ||||||
1,795,269 | ||||||||
Consulting Services — 0.1% | ||||||||
CoreLogic, Inc. | 6,790 | 123,646 | ||||||
CRA International, Inc.† | 2,958 | 65,372 | ||||||
189,018 | ||||||||
Consumer Products - Misc. — 3.5% | ||||||||
Blyth, Inc.# | 47,077 | 2,098,693 | ||||||
Central Garden & Pet Co.† | 20,429 | 189,172 | ||||||
Central Garden & Pet Co., Class A† | 29,384 | 274,446 | ||||||
Helen of Troy, Ltd.† | 35,175 | 830,833 | ||||||
Jarden Corp. | 32,501 | 997,781 | ||||||
Prestige Brands Holdings, Inc.† | 82,310 | 968,789 | ||||||
Spectrum Brands Holdings, Inc.†# | 16,164 | 436,913 | ||||||
The Scotts Miracle-Gro Co., Class A | 17,200 | 859,312 | ||||||
WD-40 Co.# | 23,051 | 901,064 | ||||||
7,557,003 | ||||||||
Diagnostic Kits — 0.5% | ||||||||
Alere, Inc.†# | 30,321 | 967,543 | ||||||
Disposable Medical Products — 0.1% | ||||||||
ICU Medical, Inc.†# | 6,069 | 222,429 | ||||||
Distribution/Wholesale — 0.4% | ||||||||
Owens & Minor, Inc.# | 31,450 | 888,462 | ||||||
Diversified Manufacturing Operations — 2.3% | ||||||||
Ameron International Corp. | 14,488 | 1,025,750 |
215 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Diversified Manufacturing Operations (continued) | ||||||||
Barnes Group, Inc.# | 52,475 | $ | 1,001,748 | |||||
Matthews International Corp., Class A | 37,928 | 1,231,901 | ||||||
The Brink’s Co. | 42,075 | 1,032,521 | ||||||
Tredegar Corp. | 29,187 | 543,754 | ||||||
4,835,674 | ||||||||
Diversified Operations/Commercial Services — 0.9% | ||||||||
Viad Corp. | 81,813 | 1,943,059 | ||||||
E-Commerce/Products — 0.4% | ||||||||
NutriSystem, Inc. | 37,304 | 771,074 | ||||||
Electric Products - Misc. — 0.5% | ||||||||
GrafTech International, Ltd.† | 58,275 | 1,142,190 | ||||||
Electric - Integrated — 5.0% | ||||||||
Allete, Inc.# | 139,918 | 4,943,303 | ||||||
El Paso Electric Co.† | 51,955 | 1,368,495 | ||||||
IDACORP, Inc. | 24,700 | 897,104 | ||||||
MGE Energy, Inc.# | 12,388 | 511,500 | ||||||
NV Energy, Inc. | 74,900 | 1,025,381 | ||||||
Portland General Electric Co. | 46,100 | 975,937 | ||||||
TECO Energy, Inc. | 57,725 | 966,894 | ||||||
10,688,614 | ||||||||
Electronic Components - Misc. — 1.6% | ||||||||
AVX Corp. | 85,658 | 1,225,766 | ||||||
Benchmark Electronics, Inc.† | 24,264 | 389,923 | ||||||
Jabil Circuit, Inc. | 53,375 | 806,496 | ||||||
Pulse Electronics Corp. | 238,930 | 979,613 | ||||||
3,401,798 | ||||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
DSP Group, Inc.† | 107,453 | 822,015 | ||||||
Lattice Semiconductor Corp.† | 225,933 | 1,005,402 | ||||||
Microsemi Corp.† | 45,900 | 1,016,226 | ||||||
2,843,643 | ||||||||
Electronic Measurement Instruments — 0.6% |
| |||||||
Orbotech, Ltd.† | 117,886 | 1,299,104 | ||||||
Electronic Security Devices — 0.0% | ||||||||
American Science and Engineering, Inc.# | 882 | 71,107 | ||||||
Energy - Alternate Sources — 0.1% | ||||||||
BioFuel Energy Corp.†# | 116,877 | 194,016 | ||||||
Engineering/R&D Services — 0.4% | ||||||||
EMCOR Group, Inc.† | 33,825 | 906,510 | ||||||
Engines - Internal Combustion — 0.2% | ||||||||
Briggs & Stratton Corp.# | 22,214 | 386,746 | ||||||
Enterprise Software/Service — 0.1% | ||||||||
MicroStrategy, Inc., Class A† | 1,906 | 164,964 | ||||||
Finance - Investment Banker/Broker — 1.8% |
| |||||||
Investment Technology Group, Inc.† | 106,682 | 1,568,226 | ||||||
Knight Capital Group, Inc., Class A†# | 83,281 | 1,094,312 | ||||||
Raymond James Financial, Inc. | 34,650 | 993,762 | ||||||
SWS Group, Inc. | 30,286 | 157,487 | ||||||
3,813,787 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
Deerfield Capital Corp.†#(3) | 31,828 | 186,194 | ||||||
Food - Canned — 0.6% | ||||||||
Del Monte Foods Co. | 56,900 | 1,065,737 | ||||||
Seneca Foods Corp., Class A†# | 12,435 | 295,829 | ||||||
1,361,566 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc. — 0.5% | ||||||||
Corn Products International, Inc. | 23,125 | $ | 997,150 | |||||
Food - Retail — 0.2% | ||||||||
Winn - Dixie Stores, Inc.†# | 78,284 | 475,967 | ||||||
Food - Wholesale/Distribution — 0.4% | ||||||||
Nash Finch Co. | 21,200 | 783,340 | ||||||
Footwear & Related Apparel — 0.7% | ||||||||
Skechers U.S.A., Inc., Class A†# | 18,327 | 423,170 | ||||||
Wolverine World Wide, Inc. | 31,350 | 979,688 | ||||||
1,402,858 | ||||||||
Funeral Services & Related Items — 0.8% | ||||||||
Hillenbrand, Inc. | 92,759 | 1,791,176 | ||||||
Gas - Distribution — 0.4% | �� | |||||||
Vectren Corp. | 37,100 | 960,890 | ||||||
Gold Mining — 1.7% | ||||||||
Aurizon Mines, Ltd.† | 78,919 | 563,482 | ||||||
Gammon Gold, Inc.† | 125,451 | 839,267 | ||||||
New Gold, Inc.†# | 120,032 | 1,125,900 | ||||||
Royal Gold, Inc. | 19,693 | 1,014,583 | ||||||
3,543,232 | ||||||||
Home Furnishings — 0.6% | ||||||||
Furniture Brands International, Inc.†# | 118,760 | 523,732 | ||||||
La-Z-Boy, Inc.†# | 98,787 | 743,866 | ||||||
1,267,598 | ||||||||
Human Resources — 2.0% | ||||||||
AMN Healthcare Services, Inc.†# | 99,536 | 557,402 | ||||||
Heidrick & Struggles International, Inc. | 88,903 | 1,846,515 | ||||||
Hudson Highland Group, Inc.† | 25,116 | 102,473 | ||||||
Kelly Services, Inc., Class A† | 31,938 | 570,892 | ||||||
Korn/Ferry International† | 65,511 | 1,134,650 | ||||||
4,211,932 | ||||||||
Insurance - Life/Health — 0.4% | ||||||||
Protective Life Corp. | 40,650 | 956,088 | ||||||
Insurance - Property/Casualty — 1.1% | ||||||||
Stewart Information Services Corp.# | 128,436 | 1,366,559 | ||||||
The Hanover Insurance Group, Inc. | 21,900 | 991,632 | ||||||
2,358,191 | ||||||||
Insurance - Reinsurance — 2.6% | ||||||||
Argo Group International Holdings, Ltd. | 27,375 | 1,009,590 | ||||||
Aspen Insurance Holdings, Ltd. | 32,600 | 942,140 | ||||||
Endurance Specialty Holdings, Ltd. | 22,850 | 1,007,913 | ||||||
Platinum Underwriters Holdings, Ltd. | 20,350 | 879,731 | ||||||
Validus Holdings, Ltd. | 61,946 | 1,809,443 | ||||||
5,648,817 | ||||||||
Internet Application Software — 0.3% | ||||||||
S1 Corp.† | 115,446 | 731,928 | ||||||
Investment Companies — 0.7% | ||||||||
Apollo Investment Corp. | 88,000 | 929,280 | ||||||
Kohlberg Capital Corp.# | 91,447 | 609,037 | ||||||
1,538,317 | ||||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Waddell & Reed Financial, Inc., Class A | 36,125 | 1,112,650 | ||||||
Westwood Holdings Group, Inc.#(3) | 21,558 | 773,717 | ||||||
1,886,367 | ||||||||
216
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Machinery - Electrical — 0.5% | ||||||||
Franklin Electric Co., Inc. | 27,085 | $ | 1,053,877 | |||||
Machinery - General Industrial — 1.0% | ||||||||
Kadant, Inc.†(3) | 113,853 | 2,184,839 | ||||||
Medical Labs & Testing Services — 0.0% | ||||||||
Genoptix, Inc.†# | 4,930 | 84,155 | ||||||
Medical Products — 0.4% | ||||||||
Teleflex, Inc. | 15,575 | 777,815 | ||||||
Medical Sterilization Products — 0.5% | ||||||||
STERIS Corp. | 28,325 | 974,663 | ||||||
Medical - Biomedical/Gene — 0.7% | ||||||||
Cambrex Corp.† | 130,194 | 555,928 | ||||||
Charles River Laboratories International, Inc.†# | 29,250 | 955,013 | ||||||
1,510,941 | ||||||||
Medical - Drugs — 0.1% | ||||||||
PharMerica Corp.†# | 29,425 | 319,555 | ||||||
Medical - HMO — 0.5% | ||||||||
Healthspring, Inc.† | 36,500 | 979,295 | ||||||
Medical - Hospitals — 0.5% | ||||||||
LifePoint Hospitals, Inc.† | 26,900 | 974,318 | ||||||
Medical - Outpatient/Home Medical — 0.9% | ||||||||
Amedisys, Inc.†# | 34,078 | 967,134 | ||||||
Amsurg Corp.† | 47,500 | 873,050 | ||||||
1,840,184 | ||||||||
Metal Processors & Fabrication — 2.8% | ||||||||
Mueller Industries, Inc. | 198,305 | 6,046,319 | ||||||
Multimedia — 0.0% | ||||||||
Journal Communications, Inc., Class A† | 6,781 | 30,786 | ||||||
Networking Products — 1.1% | ||||||||
ADPT Corp.† | 384,928 | 1,139,387 | ||||||
Anixter International, Inc.# | 17,425 | 973,535 | ||||||
Netgear, Inc.† | 6,998 | 222,396 | ||||||
2,335,318 | ||||||||
Non - Ferrous Metals — 0.4% | ||||||||
Thompson Creek Metals Co., Inc.† | 76,100 | 924,615 | ||||||
Office Supplies & Forms — 0.6% | ||||||||
ACCO Brands Corp.†# | 175,247 | 1,230,234 | ||||||
Oil & Gas Drilling — 1.5% | ||||||||
Atwood Oceanics, Inc.† | 88,163 | 3,138,603 | ||||||
Oil Companies - Exploration & Production — 3.3% |
| |||||||
Comstock Resources, Inc.†# | 83,984 | 2,057,608 | ||||||
Contango Oil & Gas Co.†#(3) | 19,975 | 1,113,806 | ||||||
Forest Oil Corp.† | 29,150 | 997,513 | ||||||
Stone Energy Corp.† | 48,169 | 995,172 | ||||||
Swift Energy Co.† | 15,976 | 582,964 | ||||||
W&T Offshore, Inc. | 73,964 | 1,238,897 | ||||||
6,985,960 | ||||||||
Oil Refining & Marketing — 0.5% | ||||||||
Tesoro Corp.† | 68,257 | 1,113,954 | ||||||
Oil - Field Services — 1.5% | ||||||||
Cal Dive International, Inc.† | 333,687 | 1,785,225 | ||||||
Superior Energy Services, Inc.† | 32,625 | 1,089,349 | ||||||
Willbros Group, Inc.†# | 49,169 | 355,492 | ||||||
3,230,066 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Paper & Related Products — 2.2% | ||||||||
Clearwater Paper Corp.† | 10,779 | $ | 867,709 | |||||
Glatfelter | 62,583 | 778,533 | ||||||
Neenah Paper, Inc. | 103,780 | 1,911,628 | ||||||
Schweitzer - Mauduit International, Inc.# | 15,807 | 992,838 | ||||||
Wausau Paper Corp. | 23,681 | 182,580 | ||||||
4,733,288 | ||||||||
Physicians Practice Management — 0.5% | ||||||||
Mednax, Inc.† | 16,600 | 1,015,920 | ||||||
Printing - Commercial — 0.0% | ||||||||
Cenveo, Inc.†# | 19,447 | �� | 99,569 | |||||
Private Corrections — 0.4% | ||||||||
The Geo Group, Inc.† | 36,914 | 889,627 | ||||||
Publishing - Books — 0.3% | ||||||||
Courier Corp.# | 51,316 | 729,200 | ||||||
Publishing - Newspapers — 0.5% | ||||||||
AH Belo Corp. Class A†# | 123,754 | 1,089,035 | ||||||
Publishing - Periodicals — 0.0% | ||||||||
Dex One Corp.†# | 15,814 | 75,117 | ||||||
Racetracks — 0.3% | ||||||||
International Speedway Corp., Class A | 31,500 | 746,235 | ||||||
Real Estate Investment Trusts — 2.3% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,076 | 71,823 | ||||||
Anworth Mortgage Asset Corp. | 123,000 | 853,620 | ||||||
CBL & Associates Properties, Inc.# | 57,700 | 952,050 | ||||||
CommonWealth REIT | 36,643 | 917,174 | ||||||
Hospitality Properties Trust | 41,625 | 920,745 | ||||||
Medical Properties Trust, Inc. | 84,717 | 887,834 | ||||||
Pennsylvania Real Estate Investment Trust# | 24,748 | 332,366 | ||||||
4,935,612 | ||||||||
Recreational Centers — 0.3% | ||||||||
Life Time Fitness, Inc.†# | 15,255 | 601,657 | ||||||
Rental Auto/Equipment — 0.3% | ||||||||
Aaron’s, Inc.# | 29,550 | 589,818 | ||||||
Retail-Apparel/Shoe — 2.0% | ||||||||
Christopher & Banks Corp. | 64,434 | 343,433 | ||||||
Genesco, Inc.† | 53,363 | 2,052,341 | ||||||
Kenneth Cole Productions, Inc., Class A† | 85,352 | 1,154,813 | ||||||
The Men’s Wearhouse, Inc.# | 23,469 | 669,336 | ||||||
4,219,923 | ||||||||
Retail - Arts & Crafts — 0.1% | ||||||||
A.C. Moore Arts & Crafts, Inc.†# | 53,853 | 124,939 | ||||||
Retail - Convenience Store — 0.6% | ||||||||
Casey’s General Stores, Inc. | 30,897 | 1,228,001 | ||||||
Retail - Hair Salons — 0.4% | ||||||||
Regis Corp.# | 48,925 | 871,843 | ||||||
Retail - Jewelry — 0.1% | ||||||||
Zale Corp.†# | 49,693 | 148,085 | ||||||
Retail - Pawn Shops — 0.2% | ||||||||
Cash America International, Inc. | 11,117 | 402,435 | ||||||
Retail - Restaurants — 2.3% | ||||||||
Brinker International, Inc. | 46,950 | 959,658 | ||||||
Denny’s Corp.†# | 357,741 | 1,309,332 | ||||||
Ruby Tuesday, Inc.† | 15,070 | 192,745 | ||||||
Sonic Corp.† | 103,568 | 969,397 | ||||||
Wendy’s/Arby’s Group, Inc., Class A | 325,448 | 1,552,387 | ||||||
4,983,519 | ||||||||
217
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Savings & Loans/Thrifts — 1.1% | ||||||||
NewAlliance Bancshares, Inc. | 100,286 | $ | 1,337,815 | |||||
Provident New York Bancorp, Inc.# | 28,859 | 270,409 | ||||||
Washington Federal, Inc. | 46,450 | 685,602 | ||||||
2,293,826 | ||||||||
Semiconductor Components - Integrated Circuits — 0.8% | ||||||||
Exar Corp.† | 176,217 | 1,180,654 | ||||||
Standard Microsystems Corp.†# | 18,109 | 493,470 | ||||||
1,674,124 | ||||||||
Semiconductor Equipment — 1.4% | ||||||||
ATMI, Inc.† | 94,377 | 1,694,067 | ||||||
Cabot Microelectronics Corp.† | 32,217 | 1,271,605 | ||||||
2,965,672 | ||||||||
Silver Mining — 0.4% | ||||||||
Pan American Silver Corp. | 25,300 | 947,485 | ||||||
Telecom Services — 0.1% | ||||||||
Aviat Networks, Inc.† | 65,902 | 272,834 | ||||||
Telecommunication Equipment — 1.3% | ||||||||
Arris Group, Inc.† | 90,539 | 906,296 | ||||||
CommScope, Inc.† | 30,900 | 976,749 | ||||||
Plantronics, Inc. | 28,025 | 1,002,454 | ||||||
2,885,499 | ||||||||
Textile - Products — 0.1% | ||||||||
Dixie Group, Inc.†#(3) | 91,467 | 299,097 | ||||||
Tobacco — 0.8% | ||||||||
Universal Corp.# | 21,259 | 869,706 | ||||||
Vector Group, Ltd.# | 45,673 | 835,359 | ||||||
1,705,065 | ||||||||
Toys — 0.4% | ||||||||
Jakks Pacific, Inc.† | 47,475 | 913,894 | ||||||
Transactional Software — 0.4% | ||||||||
ACI Worldwide, Inc†# | 37,535 | 953,014 | ||||||
Transport - Equipment & Leasing — 0.5% |
| |||||||
GATX Corp.# | 29,500 | 978,515 | ||||||
Transport - Marine — 0.9% | ||||||||
Diana Shipping, Inc.† | 66,350 | 895,061 | ||||||
Frontline, Ltd.# | 33,025 | 856,669 | ||||||
Horizon Lines, Inc. Class A# | 70,498 | 257,318 | ||||||
2,009,048 | ||||||||
Transport - Services — 0.4% | ||||||||
Ryder System, Inc. | 20,300 | 875,133 | ||||||
Transport - Truck — 0.6% | ||||||||
Arkansas Best Corp.# | 56,581 | 1,393,873 | ||||||
Web Portals/ISP — 0.5% | ||||||||
EarthLink, Inc. | 110,125 | 987,271 | ||||||
Wire & Cable Products — 0.4% | ||||||||
General Cable Corp.†# | 29,275 | 959,927 | ||||||
Total Common Stock | ||||||||
(cost $197,036,821) | 203,390,028 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Computers - Memory Devices |
| |||||||
Quantum Corp. | $98,000 | $ | 109,035 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $197,134,821) | 203,499,063 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 20.6% |
| |||||||
Collective Investment Pool — 15.6% |
| |||||||
Securities Lending Quality Trust(4) | 33,508,828 | 33,412,155 | ||||||
Time Deposits — 5.0% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. | $ | 10,806,000 | 10,806,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $44,314,828) | 44,218,155 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $241,449,649)(5) | 115.5 | % | 247,717,218 | |||||
Liabilities in excess of other assets | (15.5 | ) | (33,161,903 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 214,555,315 | ||||
† | 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, 2010, the aggregate value of these securities was $232,134 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration. Under the Securities Act of 1933, as amended (the “1933 Act”), (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2010, the Small Cap Special Values Fund held the following restricted securities: |
Name | Acqui- sition Date | Shares | Acqui- sition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
BancTec, Inc. Common Stock | 6/20/2007 | 41,033 | $ | 984,800 | $ | 123,099 | $ | 3.00 | 0.1 | % | ||||||||||||||
(2) | Fair valued security. Securities are classified as Level 3 based on the securities valuation inputs; See Note 2. |
(3) | Illiquid security. At November 30, 2010, the aggregate value of these securities was $5,412,414 representing 2.5% 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. |
218
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks - Commercial | $ | 14,923,656 | $ | — | $ | — | $ | 14,923,656 | ||||||||
Electric - Integrated | 10,688,614 | — | — | 10,688,614 | ||||||||||||
Other Industries* | 177,654,659 | — | 123,099 | 177,777,758 | ||||||||||||
Convertible Bonds & Notes | — | 109,035 | — | 109,035 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 33,412,155 | — | 33,412,155 | ||||||||||||
Time Deposits | — | 10,806,000 | — | 10,806,000 | ||||||||||||
Total | $ | 203,266,929 | $ | 44,327,190 | $ | 123,099 | $ | 247,717,218 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:
Common Stock | ||||
Balance as of 5/31/2010 | $ | 205,165 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation)(1) | (82,066 | ) | ||
Net purchases (sales) | — | |||
Transfers in and/or out of Level 3 | — | |||
Balance as of 11/30/2010 | $ | 123,099 | ||
(1) | The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2010 includes: |
Common Stock | ||||
$(82,066) | ||||
See Notes to Financial Statements
219
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 13.1 | % | ||
Retail — Apparel/Shoe | 5.2 | |||
Electronic Components — Semiconductors | 4.9 | |||
Medical — Biomedical/Gene | 3.7 | |||
Oil Companies — Exploration & Production | 3.2 | |||
Computer Services | 2.7 | |||
Enterprise Software/Service | 2.5 | |||
Retail — Restaurants | 2.5 | |||
Medical Instruments | 2.3 | |||
Networking Products | 2.2 | |||
Pharmacy Services | 2.2 | |||
Footwear & Related Apparel | 2.1 | |||
Advanced Materials | 2.1 | |||
Commercial Services | 2.1 | |||
Medical Products | 2.0 | |||
Web Hosting/Design | 2.0 | |||
Machinery — General Industrial | 1.9 | |||
Retail — Catalog Shopping | 1.9 | |||
Computers — Integrated Systems | 1.8 | |||
Commercial Services — Finance | 1.7 | |||
Communications Software | 1.7 | |||
Internet Infrastructure Software | 1.6 | |||
Food — Misc. | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Chemicals — Specialty | 1.5 | |||
Agricultural Chemicals | 1.4 | |||
Transport — Air Freight | 1.3 | |||
Instruments — Controls | 1.3 | |||
Time Deposits | 1.3 | |||
E-Marketing/Info | 1.2 | |||
Telecommunication Equipment | 1.2 | |||
Medical — Generic Drugs | 1.2 | |||
Hospital Beds/Equipment | 1.1 | |||
Banks — Commercial | 1.1 | |||
Transport — Rail | 1.1 | |||
Theaters | 1.1 | |||
Computer Aided Design | 1.0 | |||
Oil Field Machinery & Equipment | 1.0 | |||
Machinery — Farming | 1.0 | |||
Retail — Discount | 1.0 | |||
Industrial Automated/Robotic | 1.0 | |||
Hotels/Motels | 1.0 | |||
Cellular Telecom | 1.0 | |||
Medical — Drugs | 1.0 | |||
Internet Application Software | 0.9 | |||
Medical — Outpatient/Home Medical | 0.9 | |||
Repurchase Agreements | 0.8 | |||
Human Resources | 0.8 | |||
Oil — Field Services | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Retail — Petroleum Products | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Casino Services | 0.6 | |||
Non — Ferrous Metals | 0.6 | |||
Intimate Apparel | 0.6 | |||
Wireless Equipment | 0.6 | |||
Finance — Consumer Loans | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Seismic Data Collection | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Cosmetics & Toiletries | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Entertainment Software | 0.5 | |||
Filtration/Separation Products | 0.5 | |||
Transactional Software | 0.5 | |||
Audio/Video Products | 0.5 |
Office Supplies & Forms | 0.5 | |||
Platinum | 0.5 | |||
Data Processing/Management | 0.5 | |||
Retail — Sporting Goods | 0.5 | |||
E-Services/Consulting | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Physicians Practice Management | 0.4 | |||
Steel — Producers | 0.4 | |||
Retail — Building Products | 0.4 | |||
Drug Delivery Systems | 0.4 | |||
Transport — Truck | 0.3 | |||
Finance — Other Services | 0.3 | |||
Retail — Appliances | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Retail — Video Rentals | 0.2 | |||
Internet Security | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
E-Commerce/Products | 0.2 | |||
113.9 | % | |||
* | Calculated as a percentage of net assets |
220
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.7% |
| |||||||
Advanced Materials — 2.1% |
| |||||||
Hexcel Corp.†# | 75,514 | $ | 1,295,065 | |||||
STR Holdings, Inc.†# | 52,850 | 948,658 | ||||||
2,243,723 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
Heico Corp. | 14,450 | 563,406 | ||||||
Agricultural Chemicals — 1.4% |
| |||||||
Intrepid Potash, Inc.† | 50,162 | 1,537,465 | ||||||
Audio/Video Products — 0.5% |
| |||||||
DTS, Inc.†# | 10,800 | 506,952 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Titan International, Inc. | 19,400 | 310,012 | ||||||
Wonder Auto Technology, Inc.†# | 1,487 | 12,387 | ||||||
322,399 | ||||||||
Banks - Commercial — 1.1% |
| |||||||
PrivateBancorp, Inc.# | 36,400 | 442,624 | ||||||
Sterling Bancshares, Inc.# | 55,700 | 330,580 | ||||||
Texas Capital Bancshares, Inc.†# | 22,500 | 424,800 | ||||||
1,198,004 | ||||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys† | 23,800 | 718,522 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Interline Brands, Inc.† | 28,755 | 592,353 | ||||||
Casino Services — 0.6% |
| |||||||
Shuffle Master, Inc.† | 60,500 | 649,165 | ||||||
Cellular Telecom — 1.0% |
| |||||||
NII Holdings, Inc.† | 26,450 | 1,025,202 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
Rockwood Holdings, Inc.† | 19,570 | 746,987 | ||||||
Chemicals - Specialty — 1.5% |
| |||||||
Cytec Industries, Inc. | 13,000 | 621,790 | ||||||
Lubrizol Corp.# | 8,950 | 935,812 | ||||||
1,557,602 | ||||||||
Commercial Services — 2.1% |
| |||||||
HMS Holdings Corp.†# | 24,700 | 1,556,347 | ||||||
Steiner Leisure, Ltd.†# | 15,600 | 627,432 | ||||||
2,183,779 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Dollar Financial Corp.†# | 28,111 | 735,946 | ||||||
Moody’s Corp.# | 39,150 | 1,050,394 | ||||||
1,786,340 | ||||||||
Communications Software — 1.7% |
| |||||||
Smith Micro Software, Inc.†# | 50,212 | 750,167 | ||||||
SolarWinds, Inc.†# | 56,800 | 1,014,448 | ||||||
1,764,615 | ||||||||
Computer Aided Design — 1.0% |
| |||||||
ANSYS, Inc.†# | 22,650 | 1,098,525 | ||||||
Computer Services — 2.7% |
| |||||||
Keyw Holding Corp.†# | 22,500 | 281,250 | ||||||
LivePerson, Inc.†# | 51,470 | 497,200 | ||||||
Syntel, Inc.# | 21,650 | 1,033,571 | ||||||
VanceInfo Technologies, Inc. ADR† | 28,400 | 1,068,124 | ||||||
2,880,145 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems — 1.8% |
| |||||||
Radiant Systems, Inc.† | 40,900 | $ | 738,245 | |||||
Riverbed Technology, Inc.†# | 35,450 | 1,202,109 | ||||||
1,940,354 | ||||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Elizabeth Arden, Inc.†# | 26,900 | 573,239 | ||||||
Data Processing/Management — 0.5% |
| |||||||
Pegasystems, Inc.# | 15,700 | 485,915 | ||||||
Drug Delivery Systems — 0.4% |
| |||||||
Nektar Therapeutics†# | 30,800 | 390,236 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Blue Nile, Inc.†# | 4,681 | 231,475 | ||||||
E-Commerce/Services — 0.6% |
| |||||||
Netflix, Inc.†# | 2,850 | 586,815 | ||||||
E-Marketing/Info — 1.2% | ||||||||
comScore, Inc.†# | 33,947 | 746,834 | ||||||
Constant Contact, Inc.†# | 22,629 | 579,076 | ||||||
1,325,910 | ||||||||
E-Services/Consulting — 0.4% |
| |||||||
GSI Commerce, Inc.†# | 17,900 | 426,915 | ||||||
Electronic Components - Semiconductors — 4.9% |
| |||||||
Cavium Networks, Inc.†# | 48,800 | 1,795,596 | ||||||
Cree, Inc.†# | 16,400 | 1,068,952 | ||||||
Inphi Corp.† | 29,948 | 476,173 | ||||||
Mellanox Technologies, Ltd.† | 18,000 | 428,940 | ||||||
Netlogic Microsystems, Inc.†# | 14,800 | 461,760 | ||||||
Silicon Image, Inc.† | 53,000 | 406,510 | ||||||
Volterra Semiconductor Corp.†# | 23,200 | 522,464 | ||||||
5,160,395 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
Itron, Inc.†# | 14,500 | 823,165 | ||||||
Enterprise Software/Service — 2.5% |
| |||||||
Concur Technologies, Inc.†# | 13,000 | 665,730 | ||||||
MedAssets, Inc.† | 23,200 | 430,244 | ||||||
Taleo Corp., Class A†# | 31,200 | 957,840 | ||||||
The Ultimate Software Group, Inc.†# | 14,851 | 651,513 | ||||||
2,705,327 | ||||||||
Filtration/Separation Products — 0.5% |
| |||||||
Polypore International, Inc.† | 16,906 | 537,273 | ||||||
Finance - Consumer Loans — 0.6% |
| |||||||
Portfolio Recovery Associates, Inc.†# | 9,400 | 595,678 | ||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Stifel Financial Corp.†# | 11,453 | 593,609 | ||||||
Finance - Other Services — 0.3% |
| |||||||
Higher One Holdings, Inc.† | 18,000 | 364,680 | ||||||
Food - Misc. — 1.6% |
| |||||||
Diamond Foods, Inc.# | 36,500 | 1,698,710 | ||||||
Footwear & Related Apparel — 2.1% |
| |||||||
CROCS, Inc.†# | 70,550 | 1,237,800 | ||||||
Deckers Outdoor Corp.†# | 4,500 | 346,050 | ||||||
Iconix Brand Group, Inc.†# | 37,100 | 693,028 | ||||||
2,276,878 | ||||||||
Hospital Beds/Equipment — 1.1% | ||||||||
Hill-Rom Holdings, Inc.# | 30,600 | 1,211,148 | ||||||
221 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Hotel/Motels — 1.0% | ||||||||
Intercontinental Hotels Group PLC ADR# | 59,350 | $ | 1,061,772 | |||||
Human Resources — 0.8% | ||||||||
Emergency Medical Services Corp., Class A† | 6,400 | 317,056 | ||||||
TrueBlue, Inc.†# | 31,650 | 521,592 | ||||||
838,648 | ||||||||
Industrial Automated/Robotic — 1.0% | ||||||||
Cognex Corp.# | 38,000 | 1,062,480 | ||||||
Instruments - Controls — 1.3% | ||||||||
Sensata Technologies Holding NV† | 47,750 | 1,327,450 | ||||||
Internet Application Software — 0.9% | ||||||||
Lionbridge Technologies, Inc.†# | 77,100 | 251,346 | ||||||
Vocus, Inc.†# | 28,432 | 696,015 | ||||||
947,361 | ||||||||
Internet Infrastructure Software — 1.6% | ||||||||
F5 Networks, Inc.†# | 8,050 | 1,061,634 | ||||||
support.com, Inc.†# | 102,091 | 660,529 | ||||||
1,722,163 | ||||||||
Internet Security — 0.2% | ||||||||
Sourcefire, Inc.†# | 9,100 | 246,883 | ||||||
Intimate Apparel — 0.6% | ||||||||
The Warnaco Group, Inc.† | 11,700 | 630,045 | ||||||
Machinery - Farming — 1.0% | ||||||||
AGCO Corp.†# | 24,150 | 1,090,131 | ||||||
Machinery - General Industrial — 1.9% | ||||||||
Roper Industries, Inc. | 14,950 | 1,082,529 | ||||||
Wabtec Corp.# | 20,600 | 952,338 | ||||||
2,034,867 | ||||||||
Medical Instruments — 2.3% | ||||||||
Dexcom, Inc.†# | 52,310 | 589,795 | ||||||
Edwards Lifesciences Corp.† | 13,000 | 862,680 | ||||||
Natus Medical, Inc.† | 37,583 | 483,318 | ||||||
Volcano Corp.†# | 18,200 | 483,210 | ||||||
2,419,003 | ||||||||
Medical Products — 2.0% | ||||||||
American Medical Systems Holdings, Inc.†# | 26,600 | 476,938 | ||||||
Cyberonics, Inc.†# | 40,550 | 1,089,578 | ||||||
Zoll Medical Corp.† | 18,200 | 608,244 | ||||||
2,174,760 | ||||||||
Medical - Biomedical/Gene — 3.7% | ||||||||
Alexion Pharmaceuticals, Inc.† | 25,200 | 1,926,540 | ||||||
Exact Sciences Corp.† | 45,100 | 267,894 | ||||||
Incyte Corp., Ltd.†# | 26,900 | 390,319 | ||||||
Seattle Genetics, Inc.†# | 21,300 | 321,630 | ||||||
United Therapeutics Corp.†# | 16,750 | 1,054,077 | ||||||
3,960,460 | ||||||||
Medical - Drugs — 1.0% | ||||||||
Salix Pharmaceuticals, Ltd.†# | 15,300 | 683,145 | ||||||
Viropharma, Inc.† | 21,600 | 333,720 | ||||||
1,016,865 | ||||||||
Medical - Generic Drugs — 1.2% | ||||||||
Par Pharmaceutical Cos., Inc.†# | 34,450 | 1,237,789 | ||||||
Medical - Outpatient/Home Medical — 0.9% |
| |||||||
Lincare Holdings, Inc.# | 36,250 | 933,438 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication — 0.7% | ||||||||
RBC Bearings, Inc.†# | 19,200 | $ | 708,288 | |||||
Networking Products — 2.2% | ||||||||
Acme Packet, Inc.†# | 39,250 | 1,922,465 | ||||||
LogMeIn, Inc.†# | 9,600 | 420,384 | ||||||
2,342,849 | ||||||||
Non - Ferrous Metals — 0.6% | ||||||||
Brush Engineered Materials, Inc.†# | 18,252 | 642,470 | ||||||
Office Supplies & Forms — 0.5% | ||||||||
Avery Dennison Corp.# | 13,350 | 501,159 | ||||||
Oil Companies - Exploration & Production — 3.2% | ||||||||
Berry Petroleum Co., Class A# | 14,600 | 556,406 | ||||||
Georesources Inc.†# | 7,616 | 151,711 | ||||||
Goodrich Petroleum Corp.†# | 42,900 | 564,135 | ||||||
Newfield Exploration Co.† | 8,800 | 588,104 | ||||||
Petrohawk Energy Corp.† | 24,600 | 438,618 | ||||||
Whiting Petroleum Corp.† | 9,750 | 1,072,987 | ||||||
3,371,961 | ||||||||
Oil Field Machinery & Equipment — 1.0% | ||||||||
Dril-Quip, Inc.† | 14,100 | 1,091,904 | ||||||
Oil - Field Services — 0.8% | ||||||||
Core Laboratories NV# | 1,200 | 102,720 | ||||||
Matrix Service Co.†# | 43,390 | 430,863 | ||||||
Willbros Group, Inc.†# | 40,597 | 293,516 | ||||||
827,099 | ||||||||
Pharmacy Services — 2.2% | ||||||||
Catalyst Health Solutions, Inc.† | 40,650 | 1,744,698 | ||||||
SXC Health Solutions Corp.† | 14,000 | 536,900 | ||||||
2,281,598 | ||||||||
Physicians Practice Management — 0.4% | ||||||||
IPC The Hospitalist Co., Inc.†# | 12,900 | 418,218 | ||||||
Platinum — 0.5% | ||||||||
Stillwater Mining Co.† | 26,100 | 493,812 | ||||||
Retail - Apparel/Shoe — 5.2% | ||||||||
DSW, Inc., Class A†# | 35,400 | 1,384,140 | ||||||
Genesco, Inc.† | 10,900 | 419,214 | ||||||
Guess?, Inc.# | 21,550 | 1,018,237 | ||||||
Lululemon Athletica, Inc.†# | 11,500 | 616,630 | ||||||
Stein Mart, Inc. | 41,100 | 406,890 | ||||||
The Children’s Place Retail Stores, Inc.†# | 9,900 | 513,909 | ||||||
Urban Outfitters, Inc.†# | 30,900 | 1,167,711 | ||||||
5,526,731 | ||||||||
Retail - Appliances — 0.3% | ||||||||
hhgregg, Inc.†# | 13,500 | 338,445 | ||||||
Retail - Building Products — 0.4% | ||||||||
Lumber Liquidators Holdings, Inc.†# | 16,600 | 390,764 | ||||||
Retail - Catalog Shopping — 1.9% | ||||||||
MSC Industrial Direct Co., Inc., Class A# | 32,950 | 1,981,613 | ||||||
Retail - Discount — 1.0% | ||||||||
Dollar Tree, Inc.†# | 19,500 | 1,071,525 | ||||||
Retail - Petroleum Products — 0.7% | ||||||||
World Fuel Services Corp.# | 25,504 | 767,670 | ||||||
Retail - Restaurants — 2.5% | ||||||||
California Pizza Kitchen, Inc.† | 26,200 | 443,042 | ||||||
Panera Bread Co., Class A†# | 12,250 | 1,227,940 | ||||||
PF Chang’s China Bistro, Inc.# | 8,000 | 404,320 |
222
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Retail - Restaurants (continued) | ||||||||
Texas Roadhouse, Inc.†# | 36,700 | $ | 627,203 | |||||
2,702,505 | ||||||||
Retail - Sporting Goods — 0.5% | ||||||||
Hibbett Sports, Inc.†# | 14,100 | 482,925 | ||||||
Retail - Video Rentals — 0.2% | ||||||||
Coinstar, Inc.† | 4,000 | 257,760 | ||||||
Seismic Data Collection — 0.6% | ||||||||
ION Geophysical Corp.†# | 81,950 | 589,221 | ||||||
Semiconductor Components - Integrated Circuits — 1.5% | ||||||||
Power Integrations, Inc.# | 40,450 | 1,629,731 | ||||||
Semiconductor Equipment — 0.4% | ||||||||
ATMI, Inc.†# | 23,514 | 422,076 | ||||||
Steel - Producers — 0.4% | ||||||||
Carpenter Technology Corp. | 10,900 | 397,523 | ||||||
Telecommunication Equipment — 1.2% | ||||||||
ADTRAN, Inc.# | 20,500 | 638,370 | ||||||
Plantronics, Inc. | 18,800 | 672,476 | ||||||
1,310,846 | ||||||||
Theaters — 1.1% | ||||||||
National CineMedia, Inc.# | 38,157 | 712,010 | ||||||
Regal Entertainment Group, Class A# | 31,000 | 418,500 | ||||||
1,130,510 | ||||||||
Transactional Software — 0.5% | ||||||||
Innerworkings, Inc.†# | 84,634 | 522,192 | ||||||
Transport - Air Freight — 1.3% | ||||||||
Atlas Air Worldwide Holdings, Inc.†# | 25,600 | 1,396,736 | ||||||
Transport - Rail — 1.1% | ||||||||
Kansas City Southern†# | 25,100 | 1,188,234 | ||||||
Transport - Truck — 0.3% | ||||||||
Forward Air Corp.# | 13,389 | 368,465 | ||||||
Entertainment Software — 0.5% |
| |||||||
RealD, Inc.† | 19,200 | 546,816 | ||||||
Vitamins & Nutrition Products — 0.2% | ||||||||
Vitamin Shoppe, Inc.† | 7,900 | 233,129 | ||||||
Web Hosting/Design — 2.0% | ||||||||
Equinix, Inc.†# | 8,600 | 667,360 | ||||||
NIC, Inc.# | 73,873 | 616,840 | ||||||
Rackspace Hosting, Inc.† | 27,800 | 810,926 | ||||||
2,095,126 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Wireless Equipment — 0.6% | ||||||||
SBA Communications Corp., Class A†# | 15,300 | $ | 598,995 | |||||
Total Long - Term Investment Securities |
| |||||||
(cost $84,245,984) | 104,635,917 | |||||||
SHORT - TERM INVESTMENT SECURITIES — 14.4% | ||||||||
Collective Investment Pool — 13.1% | ||||||||
Securities Lending Quality Trust(1)(2) | 13,951,892 | 13,911,641 | ||||||
Time Deposits — 1.3% | ||||||||
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/10. | $ | 1,306,000 | 1,306,000 | |||||
Total Short - Term Investment Securities |
| |||||||
(cost $15,257,892) | 15,217,641 | |||||||
REPURCHASE AGREEMENT — 0.8% |
| |||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $882,000 and collateralized by $895,000 of United States Treasury Notes, bearing interest at 1.00% due 04/30/12 and having approximate value of $903,592 | 882,000 | 882,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $100,385,876)(3) | 113.9 | % | 120,735,558 | |||||
Liabilities in excess of other assets | (13.9 | ) | (14,714,758 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 106,020,800 | ||||
† | 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) | At November 30, 2010, the Fund had loaned securities with a total value of $14,199,380. This was secured by collateral of $13,951,892, which was received in cash and subsequently invested in short-term investments currently valued at $13,911,641 as reported in the portfolio of investments. The remaining collateral of $643,167 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. |
The components of the short-term pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | ||||||
Federal Home Loan Bank | 0.45% | 07/28/2011 | ||||||
United States Treasury Bonds/Notes | 0.88% to 6.38% | 02/28/11 to 08/15/39 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Retail - Apparel/Shoe | $ | 5,526,731 | $ | — | $ | — | $ | 5,526,731 | ||||||||
Other Industries* | 99,109,186 | — | — | 99,109,186 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 13,911,641 | — | 13,911,641 | ||||||||||||
Time Deposits | — | 1,306,000 | — | 1,306,000 | ||||||||||||
Repurchase Agreement | — | 882,000 | — | 882,000 | ||||||||||||
Total | $ | 104,635,917 | $ | 16,099,641 | $ | — | $ | 120,735,558 | ||||||||
See Notes to Financial Statements
223
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VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Collective Investment Pool | 7.6 | % | ||
Oil Companies — Integrated | 6.1 | |||
Diversified Banking Institutions | 4.5 | |||
Medical — Drugs | 3.9 | |||
Diversified Manufacturing Operations | 3.7 | |||
Computers | 3.7 | |||
Electric — Integrated | 3.0 | |||
Telephone — Integrated | 2.7 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Banks — Super Regional | 2.5 | |||
Medical Products | 2.5 | |||
Beverages — Non-alcoholic | 2.5 | |||
Applications Software | 2.3 | |||
Cosmetics & Toiletries | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Computer Services | 1.9 | |||
Retail — Discount | 1.7 | |||
Tobacco | 1.6 | |||
Multimedia | 1.6 | |||
Oil — Field Services | 1.5 | |||
Web Portals/ISP | 1.5 | |||
Medical — Biomedical/Gene | 1.4 | |||
Real Estate Investment Trusts | 1.3 | |||
Insurance — Reinsurance | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Food — Misc. | 1.3 | |||
Networking Products | 1.2 | |||
Transport — Services | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Wireless Equipment | 1.0 | |||
Medical — HMO | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Transport — Rail | 0.8 | |||
Retail — Building Products | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Computers — Memory Devices | 0.7 | |||
Retail — Drug Store | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Medical Instruments | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
E-Commerce/Products | 0.6 | |||
E-Commerce/Services | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Finance — Credit Card | 0.5 | |||
Pharmacy Services | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Industrial Gases | 0.5 | |||
Repurchase Agreements | 0.4 | |||
Metal — Copper | 0.4 | |||
Oil Field Machinery & Equipment | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Pipelines | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Agricultural Chemicals | 0.4 | |||
Banks — Commercial | 0.4 | |||
Finance — Other Services | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Athletic Footwear | 0.3 | |||
Food — Retail | 0.3 | |||
Machinery — Farming | 0.3 | |||
Apparel Manufacturers | 0.3 |
Instruments — Scientific | 0.3 | |||
Coal | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Gold Mining | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Retail — Regional Department Stores | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Hotels/Motels | 0.3 | |||
Insurance Brokers | 0.2 | |||
Internet Security | 0.2 | |||
Gas — Distribution | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Office Automation & Equipment | 0.2 | |||
Steel — Producers | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Data Processing/Management | 0.2 | |||
Advertising Agencies | 0.2 | |||
Agricultural Operations | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Cruise Lines | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Retail — Office Supplies | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Retail — Consumer Electronics | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Broadcast Services/Program | 0.1 | |||
Toys | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Paper & Related Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Forestry | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Electronic Forms | 0.1 | |||
Cellular Telecom | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Bedding | 0.1 | |||
Television | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Airlines | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Metal — Iron | 0.1 | |||
Retail — Automobile | 0.1 | |||
Electronic Connectors | 0.1 | |||
Commercial Services | 0.1 | |||
Food — Meat Products | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Electronics — Military | 0.1 | |||
Computer Aided Design | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Casino Hotels | 0.1 | |||
Brewery | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Dental Supplies & Equipment | 0.1 |
224
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2010 (Unaudited) — (continued)
Industry Allocation* (continued)
Electric — Generation | 0.1 | % | ||
Containers — Paper/Plastic | 0.1 | |||
Dialysis Centers | 0.1 | |||
Human Resources | 0.1 | |||
Schools | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Coatings/Paint | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Medical Information Systems | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Appliances | 0.1 | |||
107.4 | % | |||
* | Calculated as a percentage of net assets |
225
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 99.3% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Omnicom Group, Inc. | 88,900 | $ | 4,039,616 | |||||
The Interpublic Group of Cos., Inc.† | 144,100 | 1,534,665 | ||||||
5,574,281 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
General Dynamics Corp. | 112,100 | 7,408,689 | ||||||
Lockheed Martin Corp. | 87,600 | 5,960,304 | ||||||
Northrop Grumman Corp. | 86,700 | 5,347,656 | ||||||
Raytheon Co. | 110,300 | 5,101,375 | ||||||
Rockwell Collins, Inc. | 46,300 | 2,595,578 | ||||||
The Boeing Co. | 215,700 | 13,755,189 | ||||||
40,168,791 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Goodrich Corp. | 36,900 | 3,164,913 | ||||||
United Technologies Corp. | 273,900 | 20,616,453 | ||||||
23,781,366 | ||||||||
Agricultural Chemicals — 0.4% |
| |||||||
CF Industries Holdings, Inc. | 21,000 | 2,536,170 | ||||||
Monsanto Co. | 159,300 | 9,545,256 | ||||||
12,081,426 | ||||||||
Agricultural Operations — 0.2% |
| |||||||
Archer - Daniels - Midland Co. | 188,500 | 5,464,615 | ||||||
Airlines — 0.1% |
| |||||||
Southwest Airlines Co. | 219,900 | 2,929,068 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Coach, Inc. | 87,700 | 4,958,558 | ||||||
Polo Ralph Lauren Corp. | 19,200 | 2,097,408 | ||||||
VF Corp. | 25,500 | 2,113,440 | ||||||
9,169,406 | ||||||||
Appliances — 0.1% |
| |||||||
Whirlpool Corp.# | 22,400 | 1,635,200 | ||||||
Applications Software — 2.3% |
| |||||||
Citrix Systems, Inc.† | 55,100 | 3,659,742 | ||||||
Compuware Corp.†# | 65,800 | 677,740 | ||||||
Intuit, Inc.† | 83,400 | 3,743,826 | ||||||
Microsoft Corp. | 2,245,300 | 56,604,013 | ||||||
Red Hat, Inc.† | 55,700 | 2,422,950 | ||||||
Salesforce.com, Inc.†# | 34,500 | 4,803,090 | ||||||
71,911,361 | ||||||||
Athletic Footwear — 0.3% |
| |||||||
NIKE, Inc., Class B# | 113,900 | 9,810,207 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Harman International Industries, Inc.† | 20,500 | 893,595 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Ford Motor Co.†# | 1,014,100 | 16,164,754 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc.# | 107,500 | 5,789,950 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Johnson Controls, Inc. | 198,500 | 7,233,340 | ||||||
Banks - Commercial — 0.4% |
| |||||||
BB&T Corp.# | 204,300 | 4,739,760 | ||||||
First Horizon National Corp.†# | 68,600 | 656,502 | ||||||
M&T Bank Corp.# | 35,100 | 2,701,296 | ||||||
Marshall & Ilsley Corp. | 155,600 | 745,324 | ||||||
Regions Financial Corp.# | 370,300 | 1,992,214 | ||||||
Zions Bancorporation# | 51,100 | 993,895 | ||||||
11,828,991 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Fiduciary — 0.6% |
| |||||||
Northern Trust Corp. | 71,400 | $ | 3,591,420 | |||||
State Street Corp. | 148,000 | 6,393,600 | ||||||
The Bank of New York Mellon Corp. | 357,900 | 9,659,721 | ||||||
19,644,741 | ||||||||
Banks - Super Regional — 2.5% |
| |||||||
Capital One Financial Corp. | 134,700 | 5,014,881 | ||||||
Comerica, Inc.# | 52,000 | 1,897,480 | ||||||
Fifth Third Bancorp | 234,800 | 2,805,860 | ||||||
Huntington Bancshares, Inc. | 211,400 | 1,233,519 | ||||||
KeyCorp | 259,500 | 1,954,035 | ||||||
PNC Financial Services Group, Inc. | 154,900 | 8,341,365 | ||||||
SunTrust Banks, Inc.# | 147,400 | 3,443,264 | ||||||
US Bancorp | 565,300 | 13,442,834 | ||||||
Wells Fargo & Co. | 1,543,000 | 41,985,030 | ||||||
80,118,268 | ||||||||
Beverages - Non-alcoholic — 2.5% |
| |||||||
Coca - Cola Enterprises, Inc. | 97,800 | 2,361,870 | ||||||
Dr Pepper Snapple Group, Inc. | 70,400 | 2,578,752 | ||||||
PepsiCo, Inc. | 469,100 | 30,317,933 | ||||||
The Coca - Cola Co. | 680,900 | 43,012,453 | ||||||
78,271,008 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Brown - Forman Corp., Class B | 30,600 | 2,001,852 | ||||||
Constellation Brands, Inc., Class A† | 52,200 | 1,075,842 | ||||||
3,077,694 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B# | 46,600 | 2,220,490 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications, Inc., Class A†# | 83,900 | 3,421,442 | ||||||
Scripps Networks Interactive Inc., Class A# | 26,500 | 1,350,175 | ||||||
4,771,617 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp.# | 105,700 | 1,153,187 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc.# | 82,600 | 829,304 | ||||||
Lennar Corp., Class A# | 46,900 | 712,411 | ||||||
Pulte Group, Inc.†# | 99,300 | 621,618 | ||||||
2,163,333 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 827,500 | 16,550,000 | ||||||
DIRECTV, Class A† | 255,600 | 10,615,068 | ||||||
Time Warner Cable, Inc. | 104,800 | 6,449,392 | ||||||
33,614,460 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd.# | 22,200 | 2,244,420 | ||||||
Casino Services — 0.0% |
| |||||||
International Game Technology# | 87,900 | 1,360,692 | ||||||
Cellular Telecom — 0.1% |
| |||||||
MetroPCS Communications, Inc.†# | 77,200 | 937,980 | ||||||
Sprint Nextel Corp.† | 880,000 | 3,326,400 | ||||||
4,264,380 | ||||||||
Chemicals - Diversified — 0.9% |
| |||||||
E.I. du Pont de Nemours & Co. | 267,300 | 12,560,427 | ||||||
FMC Corp. | 21,400 | 1,665,348 | ||||||
PPG Industries, Inc. | 48,700 | 3,796,652 |
226
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Chemicals - Diversified (continued) |
| |||||||
The Dow Chemical Co. | 342,000 | $ | 10,663,560 | |||||
28,685,987 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Eastman Chemical Co. | 21,300 | 1,657,353 | ||||||
Ecolab, Inc. | 68,800 | 3,289,328 | ||||||
International Flavors & Fragrances, Inc. | 23,500 | 1,234,220 | ||||||
Sigma - Aldrich Corp.# | 35,800 | 2,263,276 | ||||||
8,444,177 | ||||||||
Coal — 0.3% |
| |||||||
CONSOL Energy, Inc. | 66,600 | 2,794,536 | ||||||
Massey Energy Co.# | 30,100 | 1,478,211 | ||||||
Peabody Energy Corp. | 79,400 | 4,669,514 | ||||||
8,942,261 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
The Sherwin - Williams Co.# | 26,600 | 1,972,922 | ||||||
Commercial Services — 0.1% | ||||||||
Iron Mountain, Inc.# | 59,400 | 1,319,274 | ||||||
Quanta Services, Inc.† | 62,200 | 1,095,342 | ||||||
2,414,616 | ||||||||
Commercial Services - Finance — 1.1% |
| |||||||
Automatic Data Processing, Inc. | 145,100 | 6,467,107 | ||||||
Equifax, Inc.# | 36,900 | 1,277,109 | ||||||
H&R Block, Inc.# | 91,000 | 1,145,690 | ||||||
Mastercard, Inc., Class A | 28,600 | 6,779,058 | ||||||
Moody’s Corp.# | 60,100 | 1,612,483 | ||||||
Paychex, Inc. | 94,900 | 2,708,446 | ||||||
The Western Union Co. | 194,600 | 3,432,744 | ||||||
Total System Services, Inc.# | 48,900 | 737,901 | ||||||
Visa, Inc., Class A | 146,500 | 10,819,025 | ||||||
34,979,563 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 67,000 | 2,364,430 | ||||||
Computer Services — 1.9% | ||||||||
Cognizant Technology Solutions Corp., Class A† | 88,700 | 5,763,726 | ||||||
Computer Sciences Corp. | 45,500 | 2,030,665 | ||||||
International Business Machines Corp. | 371,900 | 52,608,974 | ||||||
60,403,365 | ||||||||
Computers — 3.7% |
| |||||||
Apple, Inc.† | 269,400 | 83,823,810 | ||||||
Dell, Inc.† | 498,800 | 6,594,136 | ||||||
Hewlett - Packard Co. | 668,600 | 28,034,398 | ||||||
118,452,344 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Teradata Corp.† | 49,300 | 2,025,737 | ||||||
Computers - Memory Devices — 0.7% |
| |||||||
EMC Corp.† | 605,500 | 13,012,195 | ||||||
NetApp, Inc.† | 105,300 | 5,362,929 | ||||||
SanDisk Corp.† | 68,700 | 3,064,020 | ||||||
Western Digital Corp.† | 67,600 | 2,264,600 | ||||||
23,703,744 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Lexmark International, Inc., Class A† | 23,200 | 840,768 | ||||||
Consulting Services — 0.0% |
| |||||||
SAIC, Inc.†# | 86,600 | 1,326,712 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Clorox Co. | 41,000 | $ | 2,534,210 | |||||
Fortune Brands, Inc. | 44,900 | 2,653,141 | ||||||
Kimberly - Clark Corp. | 120,700 | 7,470,123 | ||||||
12,657,474 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 27,000 | 1,778,760 | ||||||
Owens - Illinois, Inc.† | 48,200 | 1,295,616 | ||||||
3,074,376 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Bemis Co., Inc. | 32,200 | 1,011,724 | ||||||
Sealed Air Corp.# | 47,100 | 1,095,075 | ||||||
2,106,799 | ||||||||
Cosmetics & Toiletries — 2.1% |
| |||||||
Avon Products, Inc. | 126,500 | 3,612,840 | ||||||
Colgate - Palmolive Co. | 143,300 | 10,969,615 | ||||||
The Estee Lauder Cos., Inc., Class A# | 33,700 | 2,524,804 | ||||||
The Procter & Gamble Co. | 836,900 | 51,109,483 | ||||||
68,216,742 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 128,200 | 5,295,942 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Dun & Bradstreet Corp. | 14,800 | 1,115,032 | ||||||
Fidelity National Information Services, Inc. | 77,700 | 2,090,130 | ||||||
Fiserv, Inc.† | 44,300 | 2,449,790 | ||||||
5,654,952 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY International, Inc.# | 42,100 | 1,301,732 | ||||||
Patterson Cos., Inc.# | 28,500 | 847,305 | ||||||
2,149,037 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 28,700 | 2,086,490 | ||||||
Disposable Medical Products — 0.1% | ||||||||
C.R. Bard, Inc. | 27,600 | 2,341,860 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 43,500 | 2,328,120 | ||||||
Genuine Parts Co.# | 46,500 | 2,238,510 | ||||||
WW Grainger, Inc.# | 17,600 | 2,198,768 | ||||||
6,765,398 | ||||||||
Diversified Banking Institutions — 4.5% |
| |||||||
Bank of America Corp. | 2,958,400 | 32,394,480 | ||||||
Citigroup, Inc.† | 7,517,500 | 31,573,500 | ||||||
JPMorgan Chase & Co. | 1,169,100 | 43,700,958 | ||||||
Morgan Stanley | 446,100 | 10,911,606 | ||||||
The Goldman Sachs Group, Inc. | 152,000 | 23,733,280 | ||||||
142,313,824 | ||||||||
Diversified Manufacturing Operations — 3.7% |
| |||||||
3M Co. | 210,300 | 17,660,994 | ||||||
Danaher Corp.# | 157,800 | 6,824,850 | ||||||
Dover Corp. | 55,000 | 3,014,550 | ||||||
Eaton Corp. | 49,500 | 4,771,800 | ||||||
General Electric Co. | 3,152,200 | 49,899,326 | ||||||
Honeywell International, Inc. | 227,700 | 11,318,967 | ||||||
Illinois Tool Works, Inc. | 148,500 | 7,073,055 | ||||||
Ingersoll - Rand PLC# | 94,900 | 3,890,900 | ||||||
ITT Corp.# | 54,100 | 2,488,600 | ||||||
Leggett & Platt, Inc.# | 43,200 | 894,240 |
227
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Parker Hannifin Corp. | 47,500 | $ | 3,810,925 | |||||
Textron, Inc.# | 80,800 | 1,806,688 | ||||||
Tyco International, Ltd. | 146,700 | 5,558,463 | ||||||
119,013,358 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Leucadia National Corp.†# | 58,100 | 1,508,276 | ||||||
E-Commerce/Products — 0.6% |
| |||||||
Amazon.com, Inc.† | 104,300 | 18,294,220 | ||||||
E-Commerce/Services — 0.5% |
| |||||||
eBay, Inc.† | 340,500 | 9,918,765 | ||||||
Expedia, Inc.# | 61,200 | 1,611,396 | ||||||
priceline.com, Inc.† | 14,300 | 5,634,915 | ||||||
17,165,076 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
Emerson Electric Co. | 221,800 | 12,214,526 | ||||||
Molex, Inc.# | 40,600 | 844,480 | ||||||
13,059,006 | ||||||||
Electric - Generation — 0.1% |
| |||||||
The AES Corp.† | 196,700 | 2,126,327 | ||||||
Electric - Integrated — 3.0% |
| |||||||
Allegheny Energy, Inc.# | 50,000 | 1,141,000 | ||||||
Ameren Corp.# | 70,500 | 2,024,760 | ||||||
American Electric Power Co., Inc. | 141,400 | 5,033,840 | ||||||
CMS Energy Corp.# | 72,100 | 1,295,637 | ||||||
Consolidated Edison, Inc. | 83,300 | 4,029,221 | ||||||
Constellation Energy Group, Inc. | 59,500 | 1,687,420 | ||||||
Dominion Resources, Inc. | 173,700 | 7,213,761 | ||||||
DTE Energy Co. | 49,800 | 2,218,590 | ||||||
Duke Energy Corp. | 388,800 | 6,823,440 | ||||||
Edison International | 96,100 | 3,549,934 | ||||||
Entergy Corp. | 55,100 | 3,925,324 | ||||||
Exelon Corp. | 194,900 | 7,673,213 | ||||||
FirstEnergy Corp.# | 89,900 | 3,156,389 | ||||||
Integrys Energy Group, Inc.# | 22,800 | 1,110,360 | ||||||
NextEra Energy, Inc. | 122,600 | 6,206,012 | ||||||
Northeast Utilities# | 51,900 | 1,614,090 | ||||||
Pepco Holdings, Inc.# | 66,000 | 1,211,100 | ||||||
PG&E Corp. | 115,200 | 5,406,336 | ||||||
Pinnacle West Capital Corp. | 32,000 | 1,293,440 | ||||||
PPL Corp. | 142,300 | 3,615,843 | ||||||
Progress Energy, Inc. | 86,300 | 3,770,447 | ||||||
Public Service Enterprise Group, Inc. | 149,200 | 4,599,836 | ||||||
SCANA Corp.# | 33,200 | 1,348,584 | ||||||
Southern Co. | 244,900 | 9,237,628 | ||||||
TECO Energy, Inc.# | 63,300 | 1,060,275 | ||||||
Wisconsin Energy Corp. | 34,500 | 2,077,590 | ||||||
Xcel Energy, Inc. | 135,500 | 3,184,250 | ||||||
95,508,320 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Jabil Circuit, Inc.# | 57,700 | 871,847 | ||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Advanced Micro Devices, Inc.† | 167,100 | 1,218,159 | ||||||
Altera Corp.# | 90,600 | 3,179,154 | ||||||
Broadcom Corp., Class A | 132,100 | 5,877,129 | ||||||
Intel Corp. | 1,641,700 | 34,672,704 | ||||||
LSI Corp.† | 189,200 | 1,086,008 | ||||||
MEMC Electronic Materials, Inc.†# | 67,100 | 776,347 | ||||||
Microchip Technology, Inc.# | 54,800 | 1,841,828 | ||||||
Micron Technology, Inc.†# | 252,100 | 1,830,246 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
National Semiconductor Corp. | 70,600 | $ | 942,510 | |||||
NVIDIA Corp.† | 169,200 | 2,301,120 | ||||||
QLogic Corp.†# | 32,200 | 576,058 | ||||||
Texas Instruments, Inc. | 352,400 | 11,206,320 | ||||||
Xilinx, Inc.# | 76,300 | 2,069,256 | ||||||
67,576,839 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A# | 51,200 | 2,561,536 | ||||||
Electronic Forms — 0.1% |
| |||||||
Adobe Systems, Inc.† | 154,900 | 4,295,377 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc.† | 102,100 | 3,575,542 | ||||||
FLIR Systems, Inc.†# | 46,600 | 1,249,113 | ||||||
4,824,655 | ||||||||
Electronics - Military — 0.1% |
| |||||||
L-3 Communications Holdings, Inc. | 33,800 | 2,377,154 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
First Solar, Inc.†# | 15,900 | 1,953,315 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp.# | 52,700 | 3,047,641 | ||||||
Jacobs Engineering Group, Inc.† | 37,100 | 1,428,350 | ||||||
4,475,991 | ||||||||
Engines - Internal Combustion — 0.2% |
| |||||||
Cummins, Inc. | 58,600 | 5,691,232 | ||||||
Enterprise Software/Service — 1.1% |
| |||||||
BMC Software, Inc.† | 52,700 | 2,339,880 | ||||||
CA, Inc. | 114,100 | 2,611,749 | ||||||
Novell, Inc.† | 103,600 | 617,456 | ||||||
Oracle Corp. | 1,141,100 | 30,855,344 | ||||||
36,424,429 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Electronic Arts, Inc.† | 97,400 | 1,452,234 | ||||||
Filtration/Separation Products — 0.0% |
| |||||||
Pall Corp. | 34,400 | 1,557,288 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
SLM Corp.† | 143,200 | 1,653,960 | ||||||
Finance - Credit Card — 0.5% |
| |||||||
American Express Co. | 308,600 | 13,337,692 | ||||||
Discover Financial Services | 160,400 | 2,932,112 | ||||||
16,269,804 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
E*Trade Financial Corp.† | 58,600 | 864,350 | ||||||
The Charles Schwab Corp. | 292,200 | 4,391,766 | ||||||
5,256,116 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
CME Group, Inc. | 19,800 | 5,703,588 | ||||||
IntercontinentalExchange, Inc.† | 21,800 | 2,456,860 | ||||||
NYSE Euronext | 76,800 | 2,098,176 | ||||||
The NASDAQ OMX Group, Inc.† | 42,400 | 909,904 | ||||||
11,168,528 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
The Hershey Co.# | 45,500 | 2,129,400 | ||||||
The J.M. Smucker Co. | 35,200 | 2,226,400 | ||||||
4,355,800 | ||||||||
228 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.†# | 53,700 | $ | 390,399 | |||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 20,400 | 1,001,232 | ||||||
Tyson Foods, Inc., Class A | 87,900 | 1,391,457 | ||||||
2,392,689 | ||||||||
Food - Misc. — 1.3% |
| |||||||
Campbell Soup Co.# | 57,100 | 1,935,690 | ||||||
ConAgra Foods, Inc. | 129,600 | 2,783,808 | ||||||
General Mills, Inc. | 189,400 | 6,691,502 | ||||||
H.J. Heinz Co.# | 93,900 | 4,532,553 | ||||||
Kellogg Co. | 76,900 | 3,785,787 | ||||||
Kraft Foods, Inc., Class A | 514,200 | 15,554,550 | ||||||
McCormick & Co., Inc.# | 39,300 | 1,729,593 | ||||||
Sara Lee Corp. | 195,300 | 2,929,500 | ||||||
39,942,983 | ||||||||
Food - Retail — 0.3% |
| |||||||
Safeway, Inc.# | 112,500 | 2,586,375 | ||||||
SUPERVALU, Inc.# | 62,600 | 565,904 | ||||||
The Kroger Co. | 189,300 | 4,458,015 | ||||||
Whole Foods Market, Inc.†# | 43,100 | 2,035,182 | ||||||
9,645,476 | ||||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
Sysco Corp. | 173,500 | 5,034,970 | ||||||
Forestry — 0.1% |
| |||||||
Plum Creek Timber Co., Inc.# | 47,600 | 1,715,504 | ||||||
Weyerhaeuser Co. | 157,900 | 2,635,351 | ||||||
4,350,855 | ||||||||
Gas - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 124,300 | 1,942,809 | ||||||
Nicor, Inc.# | 13,400 | 579,550 | ||||||
NiSource, Inc.# | 82,000 | 1,371,860 | ||||||
Sempra Energy | 73,100 | 3,661,579 | ||||||
7,555,798 | ||||||||
Gold Mining — 0.3% |
| |||||||
Newmont Mining Corp. | 145,200 | 8,542,116 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Stericycle, Inc.†# | 25,100 | 1,854,890 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Rubbermaid, Inc.# | 85,600 | 1,435,512 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Marriott International, Inc., Class A# | 84,500 | 3,313,245 | ||||||
Starwood Hotels & Resorts Worldwide, Inc.# | 56,100 | 3,188,724 | ||||||
Wyndham Worldwide Corp. | 52,700 | 1,515,125 | ||||||
8,017,094 | ||||||||
Human Resources — 0.1% |
| |||||||
Monster Worldwide, Inc.†# | 38,300 | 864,814 | ||||||
Robert Half International, Inc.# | 43,500 | 1,205,820 | ||||||
2,070,634 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc.†# | 74,600 | 1,445,748 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 41,800 | 2,763,816 | ||||||
Industrial Gases — 0.5% |
| |||||||
Air Products & Chemicals, Inc. | 62,700 | 5,405,994 | ||||||
Airgas, Inc. | 22,000 | 1,344,200 |
Security Description | Shares | Value (Note 2) | ||||||
Industrial Gases (continued) |
| |||||||
Praxair, Inc. | 90,200 | $ | 8,302,910 | |||||
15,053,104 | ||||||||
Instruments - Scientific — 0.3% |
| |||||||
PerkinElmer, Inc. | 34,800 | 810,840 | ||||||
Thermo Fisher Scientific, Inc.† | 120,100 | 6,108,286 | ||||||
Waters Corp.† | 27,100 | 2,083,177 | ||||||
9,002,303 | ||||||||
Insurance Brokers — 0.2% |
| |||||||
AON Corp. | 96,800 | 3,883,616 | ||||||
Marsh & McLennan Cos., Inc. | 159,900 | 4,010,292 | ||||||
7,893,908 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
Aflac, Inc. | 138,800 | 7,148,200 | ||||||
Lincoln National Corp. | 93,400 | 2,230,392 | ||||||
Principal Financial Group, Inc.# | 94,400 | 2,571,456 | ||||||
Prudential Financial, Inc. | 137,700 | 6,978,636 | ||||||
Torchmark Corp.# | 23,800 | 1,367,786 | ||||||
Unum Group | 96,300 | 2,069,487 | ||||||
22,365,957 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
ACE, Ltd. | 99,900 | 5,846,148 | ||||||
American International Group, Inc.†#(1) | 39,800 | 1,643,342 | ||||||
Assurant, Inc. | 31,400 | 1,107,478 | ||||||
Cincinnati Financial Corp.# | 48,000 | 1,446,960 | ||||||
Genworth Financial, Inc., Class A† | 144,300 | 1,682,538 | ||||||
Hartford Financial Services Group, Inc. | 131,000 | 2,916,060 | ||||||
Loews Corp. | 93,700 | 3,505,317 | ||||||
MetLife, Inc. | 267,100 | 10,189,865 | ||||||
The Allstate Corp. | 158,600 | 4,616,846 | ||||||
XL Group PLC | 95,300 | 1,873,598 | ||||||
34,828,152 | ||||||||
Insurance - Property/Casualty — 0.5% |
| |||||||
Chubb Corp. | 92,700 | 5,284,827 | ||||||
The Progressive Corp. | 196,800 | 4,002,912 | ||||||
The Travelers Cos., Inc. | 138,600 | 7,483,014 | ||||||
16,770,753 | ||||||||
Insurance - Reinsurance — 1.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 510,000 | 40,636,800 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 53,500 | 2,792,165 | ||||||
Internet Security — 0.2% |
| |||||||
McAfee, Inc.† | 44,800 | 2,098,880 | ||||||
Symantec Corp.† | 232,700 | 3,909,360 | ||||||
VeriSign, Inc.†# | 51,300 | 1,760,103 | ||||||
7,768,343 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 74,000 | 3,836,160 | ||||||
Federated Investors, Inc., Class B# | 27,000 | 640,170 | ||||||
Franklin Resources, Inc. | 43,200 | 4,928,688 | ||||||
Invesco, Ltd. | 138,000 | 3,000,120 | ||||||
Janus Capital Group, Inc.# | 54,100 | 564,804 | ||||||
Legg Mason, Inc.# | 45,500 | 1,484,210 | ||||||
T. Rowe Price Group, Inc.# | 75,600 | 4,409,748 | ||||||
18,863,900 | ||||||||
Linen Supply & Related Items — 0.0% |
| |||||||
Cintas Corp.# | 39,200 | 1,048,404 | ||||||
229 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Machinery - Construction & Mining — 0.5% |
| |||||||
Caterpillar, Inc. | 185,900 | $ | 15,727,140 | |||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 125,000 | 9,337,500 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Industries, Inc.# | 27,800 | 2,012,998 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 16,500 | 1,740,090 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.†# | 20,900 | 1,836,274 | ||||||
Medical Instruments — 0.6% |
| |||||||
Boston Scientific Corp.†# | 447,200 | 2,871,024 | ||||||
Intuitive Surgical, Inc.† | 11,600 | 3,019,364 | ||||||
Medtronic, Inc. | 318,400 | 10,675,952 | ||||||
St. Jude Medical, Inc.† | 100,500 | 3,888,345 | ||||||
20,454,685 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings†# | 30,300 | 2,485,509 | ||||||
Quest Diagnostics, Inc. | 43,400 | 2,140,488 | ||||||
4,625,997 | ||||||||
Medical Products — 2.5% |
| |||||||
Baxter International, Inc. | 172,300 | 8,365,165 | ||||||
Becton, Dickinson and Co. | 68,400 | 5,330,412 | ||||||
CareFusion Corp.† | 65,600 | 1,500,272 | ||||||
Hospira, Inc.† | 49,300 | 2,773,618 | ||||||
Johnson & Johnson | 812,100 | 49,984,755 | ||||||
Stryker Corp. | 100,600 | 5,039,054 | ||||||
Varian Medical Systems, Inc.†# | 35,900 | 2,363,297 | ||||||
Zimmer Holdings, Inc.† | 59,300 | 2,921,118 | ||||||
78,277,691 | ||||||||
Medical - Biomedical/Gene — 1.4% |
| |||||||
Amgen, Inc.† | 282,600 | 14,890,194 | ||||||
Biogen Idec, Inc.† | 71,300 | 4,561,061 | ||||||
Celgene Corp.† | 138,600 | 8,230,068 | ||||||
Genzyme Corp.† | 75,100 | 5,348,622 | ||||||
Gilead Sciences, Inc.† | 247,300 | 9,026,450 | ||||||
Life Technologies Corp.† | 54,100 | 2,694,451 | ||||||
44,750,846 | ||||||||
Medical - Drugs — 3.9% |
| |||||||
Abbott Laboratories | 455,200 | 21,171,352 | ||||||
Allergan, Inc. | 90,700 | 6,010,689 | ||||||
Bristol - Myers Squibb Co.# | 505,600 | 12,761,344 | ||||||
Cephalon, Inc.†# | 22,200 | 1,409,478 | ||||||
Eli Lilly & Co. | 299,200 | 10,071,072 | ||||||
Forest Laboratories, Inc.† | 84,200 | 2,685,138 | ||||||
King Pharmaceuticals, Inc.† | 73,600 | 1,041,440 | ||||||
Merck & Co., Inc. | 907,400 | 31,278,078 | ||||||
Pfizer, Inc. | 2,370,000 | 38,607,300 | ||||||
125,035,891 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc.† | 128,200 | 2,508,233 | ||||||
Watson Pharmaceuticals, Inc.† | 36,800 | 1,793,632 | ||||||
4,301,865 | ||||||||
Medical - HMO — 0.9% |
| |||||||
Aetna, Inc. | 123,100 | 3,646,222 | ||||||
CIGNA Corp. | 80,300 | 2,955,843 | ||||||
Coventry Health Care, Inc.† | 43,800 | 1,109,016 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) |
| |||||||
Humana, Inc.† | 49,900 | $ | 2,796,396 | |||||
UnitedHealth Group, Inc. | 331,500 | 12,106,380 | ||||||
WellPoint, Inc.† | 117,900 | 6,571,746 | ||||||
29,185,603 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Tenet Healthcare Corp.† | 143,100 | 583,848 | ||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AmerisourceBergen Corp. | 82,200 | 2,535,870 | ||||||
Cardinal Health, Inc. | 103,500 | 3,682,530 | ||||||
McKesson Corp. | 77,100 | 4,926,690 | ||||||
11,145,090 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Precision Castparts Corp. | 41,900 | 5,785,133 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alcoa, Inc. | 301,100 | 3,950,432 | ||||||
Metal - Copper — 0.4% |
| |||||||
Freeport - McMoRan Copper & Gold, Inc. | 138,700 | 14,053,084 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cliffs Natural Resources, Inc. | 39,900 | 2,726,766 | ||||||
Motorcycle/Motor Scooter — 0.1% |
| |||||||
Harley - Davidson, Inc.# | 69,400 | 2,170,832 | ||||||
Multimedia — 1.6% |
| |||||||
Meredith Corp.# | 10,700 | 359,734 | ||||||
News Corp., Class A | 672,400 | 9,171,536 | ||||||
The McGraw - Hill Cos., Inc. | 91,100 | 3,142,039 | ||||||
The Walt Disney Co. | 563,900 | 20,587,989 | ||||||
Time Warner, Inc. | 331,600 | 9,778,884 | ||||||
Viacom, Inc., Class B | 179,300 | 6,782,919 | ||||||
49,823,101 | ||||||||
Networking Products — 1.2% |
| |||||||
Cisco Systems, Inc.† | 1,683,900 | 32,263,524 | ||||||
Juniper Networks, Inc.† | 153,300 | 5,215,266 | ||||||
37,478,790 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Titanium Metals Corp.† | 26,600 | 459,382 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 90,300 | 2,541,042 | ||||||
Waste Management, Inc.# | 140,800 | 4,822,400 | ||||||
7,363,442 | ||||||||
Office Automation & Equipment — 0.2% |
| |||||||
Pitney Bowes, Inc.# | 60,900 | 1,336,146 | ||||||
Xerox Corp. | 407,800 | 4,673,388 | ||||||
6,009,534 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 32,400 | 1,216,296 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Diamond Offshore Drilling, Inc.# | 20,500 | 1,327,580 | ||||||
Helmerich & Payne, Inc.# | 31,200 | 1,415,232 | ||||||
Nabors Industries, Ltd.† | 84,100 | 1,857,769 | ||||||
Rowan Cos., Inc.†# | 37,200 | 1,121,580 | ||||||
5,722,161 | ||||||||
Oil Companies - Exploration & Production — 2.6% |
| |||||||
Anadarko Petroleum Corp. | 145,900 | 9,360,944 | ||||||
Apache Corp. | 112,600 | 12,120,264 |
230 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Cabot Oil & Gas Corp.# | 30,700 | $ | 1,073,579 | |||||
Chesapeake Energy Corp.# | 192,900 | 4,074,048 | ||||||
Denbury Resources, Inc.† | 117,700 | 2,139,786 | ||||||
Devon Energy Corp. | 128,300 | 9,054,131 | ||||||
EOG Resources, Inc. | 74,700 | 6,644,565 | ||||||
EQT Corp. | 44,000 | 1,780,680 | ||||||
Noble Energy, Inc. | 51,500 | 4,184,375 | ||||||
Occidental Petroleum Corp. | 239,500 | 21,116,715 | ||||||
Pioneer Natural Resources Co.# | 34,200 | 2,739,762 | ||||||
QEP Resources, Inc. | 51,600 | 1,812,708 | ||||||
Range Resources Corp.# | 47,200 | 1,981,928 | ||||||
Southwestern Energy Co.† | 102,000 | 3,692,400 | ||||||
81,775,885 | ||||||||
Oil Companies - Integrated — 6.1% |
| |||||||
Chevron Corp. | 592,800 | 47,999,016 | ||||||
ConocoPhillips | 437,400 | 26,318,358 | ||||||
Exxon Mobil Corp. | 1,501,300 | 104,430,428 | ||||||
Hess Corp. | 86,200 | 6,038,310 | ||||||
Marathon Oil Corp. | 209,200 | 7,001,924 | ||||||
Murphy Oil Corp. | 56,500 | 3,814,880 | ||||||
195,602,916 | ||||||||
Oil Field Machinery & Equipment — 0.4% |
| |||||||
Cameron International Corp.† | 71,400 | 3,435,054 | ||||||
FMC Technologies, Inc.† | 35,400 | 2,982,096 | ||||||
National Oilwell Varco, Inc. | 123,600 | 7,575,444 | ||||||
13,992,594 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
Sunoco, Inc.# | 35,500 | 1,424,970 | ||||||
Tesoro Corp.†# | 42,100 | 687,072 | ||||||
Valero Energy Corp. | 167,000 | 3,253,160 | ||||||
5,365,202 | ||||||||
Oil - Field Services — 1.5% |
| |||||||
Baker Hughes, Inc. | 127,100 | 6,629,536 | ||||||
Halliburton Co. | 268,600 | 10,163,824 | ||||||
Schlumberger, Ltd. | 402,900 | 31,160,286 | ||||||
47,953,646 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 128,900 | 3,218,633 | ||||||
MeadWestvaco Corp. | 50,400 | 1,251,936 | ||||||
4,470,569 | ||||||||
Pharmacy Services — 0.5% |
| |||||||
Express Scripts, Inc.† | 159,900 | 8,329,191 | ||||||
Medco Health Solutions, Inc.† | 127,900 | 7,842,828 | ||||||
16,172,019 | ||||||||
Photo Equipment & Supplies — 0.0% |
| |||||||
Eastman Kodak Co.†# | 79,200 | 373,032 | ||||||
Pipelines — 0.4% |
| |||||||
El Paso Corp. | 207,600 | 2,800,524 | ||||||
Oneok, Inc. | 31,400 | 1,604,854 | ||||||
Spectra Energy Corp. | 191,100 | 4,542,447 | ||||||
The Williams Cos., Inc. | 172,400 | 3,932,444 | ||||||
12,880,269 | ||||||||
Printing - Commercial — 0.0% |
| |||||||
R.R. Donnelley & Sons Co. | 60,800 | 958,208 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc.# | 70,300 | 921,633 |
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers (continued) |
| |||||||
The New York Times Co., Class A†# | 34,800 | $ | 312,852 | |||||
The Washington Post Co., Class B | 1,600 | 603,232 | ||||||
1,837,717 | ||||||||
Quarrying — 0.0% |
| |||||||
Vulcan Materials Co.# | 37,800 | 1,516,536 | ||||||
Real Estate Investment Trusts — 1.3% |
| |||||||
Apartment Investment & Management Co., Class A# | 34,500 | 832,140 | ||||||
AvalonBay Communities, Inc.# | 25,100 | 2,769,283 | ||||||
Boston Properties, Inc. | 41,100 | 3,444,180 | ||||||
Equity Residential | 83,600 | 4,178,328 | ||||||
HCP, Inc. | 91,400 | 3,009,802 | ||||||
Health Care REIT, Inc. | 39,100 | 1,809,548 | ||||||
Host Hotels & Resorts, Inc. | 194,100 | 3,198,768 | ||||||
Kimco Realty Corp. | 119,700 | 1,994,202 | ||||||
ProLogis# | 164,200 | 2,136,242 | ||||||
Public Storage | 41,100 | 3,970,260 | ||||||
Simon Property Group, Inc. | 86,300 | 8,500,550 | ||||||
Ventas, Inc. | 46,300 | 2,373,801 | ||||||
Vornado Realty Trust | 47,800 | 3,899,524 | ||||||
42,116,628 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CB Richard Ellis Group, Inc., Class A† | 85,400 | 1,638,826 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Abercrombie & Fitch Co., Class A# | 26,000 | 1,306,500 | ||||||
Limited Brands, Inc.# | 78,000 | 2,626,260 | ||||||
Ross Stores, Inc. | 35,500 | 2,303,240 | ||||||
The Gap, Inc. | 129,600 | 2,768,256 | ||||||
Urban Outfitters, Inc.†# | 38,000 | 1,436,020 | ||||||
10,440,276 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 8,000 | 2,075,280 | ||||||
O’Reilly Automotive, Inc.† | 40,900 | 2,461,362 | ||||||
4,536,642 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.†# | 18,600 | 486,018 | ||||||
CarMax, Inc.†# | 66,000 | 2,171,400 | ||||||
2,657,418 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.† | 77,800 | 3,402,972 | ||||||
Retail - Building Products — 0.8% |
| |||||||
Home Depot, Inc. | 491,000 | 14,833,110 | ||||||
Lowe’s Cos., Inc. | 413,700 | 9,390,990 | ||||||
24,224,100 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
GameStop Corp., Class A†# | 44,300 | 882,456 | ||||||
Retail - Consumer Electronics — 0.2% |
| |||||||
Best Buy Co., Inc. | 102,000 | 4,357,440 | ||||||
RadioShack Corp.# | 33,600 | 619,920 | ||||||
4,977,360 | ||||||||
Retail - Discount — 1.7% |
| |||||||
Big Lots, Inc.† | 22,300 | 683,495 | ||||||
Costco Wholesale Corp. | 129,500 | 8,755,495 | ||||||
Family Dollar Stores, Inc. | 37,100 | 1,862,420 | ||||||
Target Corp. | 212,700 | 12,111,138 | ||||||
Wal - Mart Stores, Inc. | 589,700 | 31,896,873 | ||||||
55,309,421 | ||||||||
231
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail - Drug Store — 0.7% |
| |||||||
CVS Caremark Corp. | 400,500 | $ | 12,415,500 | |||||
Walgreen Co. | 286,900 | 9,998,465 | ||||||
22,413,965 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co.# | 37,200 | 2,310,120 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
J.C. Penney Co., Inc. | 69,700 | 2,318,919 | ||||||
Nordstrom, Inc.# | 49,800 | 2,131,440 | ||||||
Sears Holdings Corp.†# | 13,100 | 858,050 | ||||||
TJX Cos., Inc. | 118,100 | 5,386,541 | ||||||
10,694,950 | ||||||||
Retail - Office Supplies — 0.2% |
| |||||||
Office Depot, Inc.† | 81,400 | 354,090 | ||||||
Staples, Inc. | 215,300 | 4,738,753 | ||||||
5,092,843 | ||||||||
Retail - Regional Department Stores — 0.3% |
| |||||||
Kohl’s Corp.†# | 90,800 | 5,122,936 | ||||||
Macy’s, Inc. | 124,600 | 3,199,728 | ||||||
8,322,664 | ||||||||
Retail - Restaurants — 1.3% |
| |||||||
Darden Restaurants, Inc.# | 40,800 | 1,997,160 | ||||||
McDonald’s Corp. | 313,800 | 24,570,540 | ||||||
Starbucks Corp.# | 218,200 | 6,676,920 | ||||||
Yum! Brands, Inc. | 137,700 | 6,896,016 | ||||||
40,140,636 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
The Goodyear Tire & Rubber Co.† | 71,600 | 684,496 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
Hudson City Bancorp, Inc.# | 155,300 | 1,762,655 | ||||||
People’s United Financial, Inc.# | 110,000 | 1,362,900 | ||||||
3,125,555 | ||||||||
Schools — 0.1% |
| |||||||
Apollo Group, Inc., Class A† | 37,400 | 1,271,600 | ||||||
DeVry, Inc. | 18,600 | 798,684 | ||||||
2,070,284 | ||||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Analog Devices, Inc. | 87,900 | 3,125,724 | ||||||
Linear Technology Corp.# | 66,200 | 2,158,120 | ||||||
5,283,844 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 393,900 | 4,896,177 | ||||||
KLA - Tencor Corp. | 49,500 | 1,815,165 | ||||||
Novellus Systems, Inc.† | 27,100 | 817,065 | ||||||
Teradyne, Inc.†# | 53,500 | 634,510 | ||||||
8,162,917 | ||||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.# | 32,400 | 430,272 | ||||||
Nucor Corp. | 93,000 | 3,509,820 | ||||||
United States Steel Corp.# | 42,300 | 2,056,203 | ||||||
5,996,295 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Allegheny Technologies, Inc.# | 29,100 | 1,504,470 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Corning, Inc. | 460,400 | 8,130,664 |
Security Description | Shares | Value (Note 2) | ||||||
Telecom Equipment - Fiber Optics (continued) |
| |||||||
JDS Uniphase Corp.† | 65,300 | $ | 775,111 | |||||
8,905,775 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Harris Corp.# | 38,000 | 1,681,120 | ||||||
Tellabs, Inc.# | 112,500 | 709,875 | ||||||
2,390,995 | ||||||||
Telephone - Integrated — 2.7% |
| |||||||
AT&T, Inc. | 1,742,200 | 48,415,738 | ||||||
CenturyLink, Inc.# | 88,900 | 3,821,811 | ||||||
Frontier Communications Corp.# | 292,500 | 2,661,750 | ||||||
Qwest Communications International, Inc.# | 512,800 | 3,589,600 | ||||||
Verizon Communications, Inc. | 833,400 | 26,677,134 | ||||||
Windstream Corp.# | 142,500 | 1,858,200 | ||||||
87,024,233 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 200,700 | 3,379,788 | ||||||
Tobacco — 1.6% |
| |||||||
Altria Group, Inc. | 614,400 | 14,745,600 | ||||||
Lorillard, Inc. | 44,700 | 3,557,226 | ||||||
Philip Morris International, Inc. | 540,400 | 30,743,356 | ||||||
Reynolds American, Inc. | 99,700 | 3,084,718 | ||||||
52,130,900 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap - On, Inc.# | 17,100 | 905,103 | ||||||
Stanley Black & Decker, Inc. | 48,800 | 2,905,064 | ||||||
3,810,167 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 41,200 | 1,963,592 | ||||||
Mattel, Inc.# | 106,100 | 2,741,624 | ||||||
4,705,216 | ||||||||
Transport - Rail — 0.8% |
| |||||||
CSX Corp. | 111,900 | 6,804,639 | ||||||
Norfolk Southern Corp. | 108,700 | 6,540,479 | ||||||
Union Pacific Corp. | 146,700 | 13,219,137 | ||||||
26,564,255 | ||||||||
Transport - Services — 1.1% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 48,900 | 3,604,419 | ||||||
Expeditors International of Washington, Inc. | 62,600 | 3,311,540 | ||||||
FedEx Corp. | 92,700 | 8,446,824 | ||||||
Ryder System, Inc.# | 15,500 | 668,205 | ||||||
United Parcel Service, Inc., Class B | 292,100 | 20,484,973 | ||||||
36,515,961 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Mead Johnson Nutrition Co. | 60,300 | 3,592,071 | ||||||
Web Portals/ISP — 1.5% |
| |||||||
Google, Inc., Class A† | 73,300 | 40,733,543 | ||||||
Yahoo!, Inc.† | 397,500 | 6,268,575 | ||||||
47,002,118 | ||||||||
Wireless Equipment — 1.0% |
| |||||||
American Tower Corp., Class A† | 118,300 | 5,982,431 | ||||||
Motorola, Inc.† | 688,100 | 5,270,846 | ||||||
QUALCOMM, Inc. | 473,300 | 22,122,042 | ||||||
33,375,319 | ||||||||
Total Long - Term Investment Securities | ||||||||
(cost $2,670,875,728) | 3,160,526,618 | |||||||
232 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
SHORT - TERM INVESTMENT SECURITIES — 7.7% |
| |||||||
Collective Investment Pool — 7.6% |
| |||||||
Securities Lending Quality Trust(2)(3) | 242,274,441 | $ | 241,575,479 | |||||
U.S. Government Treasuries — 0.1% | ||||||||
United States Treasury Bills | $ | 3,200,000 | 3,199,813 | |||||
Total Short - Term Investment Securities | ||||||||
(cost $245,474,254) | 244,775,292 | |||||||
REPURCHASE AGREEMENT — 0.4% |
| |||||||
State Street Bank & Trust Co. Joint Repurchase Agreement(5) | 14,163,000 | 14,163,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,930,512,982)(6) | 107.4 | % | 3,419,464,910 | |||||
Liabilities in excess of other assets | (7.4 | ) | (235,981,264 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 3,183,483,646 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan; see Note 2 |
(1) | Security represents an investment in an affiliated company; see Note 3 |
(2) | The security is purchased with the cash collateral received from securities loaned; see Note 2. |
(3) | At November 30, 2010, the Fund had loaned securities with a total value of $240,156,258. This was secured by collateral of $242,274,441, which was received in cash and subsequently invested in short-term investments currently value at $241,575,479 as reported in the portfolio of investments. The remaining collateral of $4,873,578 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | ||
Federal Farm Credit Bank | 0.44% | 01/06/12 | ||
Federal Home Loan Bank | 0.45% to 1.63% | 07/27/11 to 11/28/11 | ||
Federal Home Loan Mtg. Corp. | 1.00% | 06/29/12 | ||
Federal National Mtg. Assoc. | zero coupon to 1.00% | 07/11/11 to 07/27/12 | ||
United States Treasury Notes/Bonds | 0.88% to 3.88% | 02/28/11 to 08/15/40 |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | See Note 2 for details of Joint Repurchase Agreements. |
(6) | See Note 5 for cost of investments on a tax basis. |
Open Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Value at Trade Date | Value as of November 30, 2010 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
406 | Long | S&P 500 E Mini Index | December 2010 | $ | 24,280,711 | $ | 23,945,880 | $ | (334,831 | ) | ||||||||||||
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Oil Companies - Integrated | $ | 195,602,916 | $ | — | $ | — | $ | 195,602,916 | ||||||||
Other Industries* | 2,964,923,702 | — | — | 2,964,923,702 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Collective Investment Pool | — | 241,575,479 | — | 241,575,479 | ||||||||||||
U.S. Government Treasuries | — | 3,199,813 | — | 3,199,813 | ||||||||||||
Repurchase Agreement | — | 14,163,000 | — | 14,163,000 | ||||||||||||
Total | $ | 3,160,526,618 | $ | 258,938,292 | $ | — | $ | 3,419,464,910 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:@ | ||||||||||||||||
Open Futures Contracts - Depreciation | $ | 334,831 | $ | — | $ | — | $ | 334,831 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
@ | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements
233
Table of Contents
PORTFOLIO PROFILE — November 30, 2010 (Unaudited)
Industry Allocation*
Oil Companies — Integrated | 8.5 | % | ||
Medical — Drugs | 6.7 | |||
Banks — Super Regional | 6.4 | |||
Electric — Integrated | 6.1 | |||
Diversified Banking Institutions | 4.9 | |||
Insurance — Multi-line | 4.9 | |||
Medical — HMO | 4.0 | |||
Medical — Biomedical/Gene | 3.8 | |||
Diversified Manufacturing Operations | 3.7 | |||
Oil — Field Services | 3.3 | |||
Cable/Satellite TV | 3.3 | |||
Telephone — Integrated | 3.2 | |||
Multimedia | 2.5 | |||
Banks — Fiduciary | 2.5 | |||
Transport — Rail | 2.2 | |||
Telecommunication Equipment | 2.2 | |||
Beverages — Non-alcoholic | 2.1 | |||
Chemicals — Diversified | 2.1 | |||
Repurchase Agreement | 2.1 | |||
Retail — Drug Store | 2.0 | |||
Applications Software | 2.0 | |||
Textile — Home Furnishings | 1.9 | |||
Banks — Commercial | 1.9 | |||
Auto/Truck Parts & Equipment — Original | 1.7 | |||
Agricultural Chemicals | 1.6 | |||
Retail — Discount | 1.6 | |||
Auto — Heavy Duty Trucks | 1.6 | |||
Insurance — Life/Health | 1.4 | |||
Office Automation & Equipment | 1.2 | |||
Wireless Equipment | 1.1 | |||
Retail — Misc./Diversified | 1.1 | |||
Steel — Specialty | 1.0 | |||
Coal | 1.0 | |||
Airlines | 1.0 | |||
Cellular Telecom | 1.0 | |||
Soap & Cleaning Preparation | 0.7 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Gas — Distribution | 0.4 | |||
Brewery | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
234
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK — 98.0% | ||||||||
Agricultural Chemicals — 1.6% | ||||||||
Potash Corp. of Saskatchewan, Inc. | 15,050 | $ | 2,163,437 | |||||
Airlines — 1.0% | ||||||||
United Continental Holdings, Inc.† | 49,130 | 1,359,918 | ||||||
Applications Software — 2.0% | ||||||||
Microsoft Corp. | 108,460 | 2,734,277 | ||||||
Auto - Heavy Duty Trucks — 1.6% | ||||||||
Navistar International Corp.† | 41,459 | 2,121,872 | ||||||
Auto/Truck Parts & Equipment-Original — 1.7% | ||||||||
Lear Corp.† | 26,540 | 2,329,416 | ||||||
Banks - Commercial — 1.9% | ||||||||
CIT Group, Inc.† | 63,610 | 2,510,051 | ||||||
Banks - Fiduciary — 2.5% | ||||||||
State Street Corp. | 77,200 | 3,335,040 | ||||||
Banks - Super Regional — 6.4% | ||||||||
Comerica, Inc. | 49,190 | 1,794,943 | ||||||
PNC Financial Services Group, Inc. | 34,830 | 1,875,595 | ||||||
US Bancorp | 89,650 | 2,131,877 | ||||||
Wells Fargo & Co. | 103,290 | 2,810,521 | ||||||
8,612,936 | ||||||||
Beverages - Non-alcoholic — 2.1% | ||||||||
The Coca-Cola Co. | 44,580 | 2,816,119 | ||||||
Brewery — 0.2% | ||||||||
Molson Coors Brewing Co., Class B | 5,621 | 267,841 | ||||||
Cable/Satellite TV — 3.3% | ||||||||
Comcast Corp., Class A | 122,110 | 2,442,200 | ||||||
Time Warner Cable, Inc. | 31,939 | 1,965,526 | ||||||
4,407,726 | ||||||||
Cellular Telecom — 1.0% | ||||||||
Vodafone Group PLC ADR | 52,570 | 1,317,404 | ||||||
Chemicals - Diversified — 2.1% | ||||||||
Celanese Corp., Series A | 75,660 | 2,799,420 | ||||||
Coal — 1.0% | ||||||||
CONSOL Energy, Inc. | 32,930 | 1,381,743 | ||||||
Diversified Banking Institutions — 4.9% | ||||||||
JPMorgan Chase & Co. | 139,203 | 5,203,408 | ||||||
The Goldman Sachs Group, Inc. | 8,880 | 1,386,523 | ||||||
6,589,931 | ||||||||
Diversified Manufacturing Operations — 3.7% | ||||||||
Ingersoll - Rand PLC | 75,230 | 3,084,430 | ||||||
Tyco International, Ltd. | 49,100 | 1,860,399 | ||||||
4,944,829 | ||||||||
Electric - Integrated — 6.1% | ||||||||
American Electric Power Co., Inc. | 38,840 | 1,382,704 | ||||||
Edison International | 86,380 | 3,190,877 | ||||||
Entergy Corp. | 50,790 | 3,618,280 | ||||||
8,191,861 | ||||||||
Finance - Investment Banker/Broker — 0.5% | ||||||||
E*Trade Financial Corp.† | 46,560 | 686,760 | ||||||
Gas - Distribution — 0.4% | ||||||||
NiSource, Inc. | 35,160 | 588,227 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health — 1.4% | ||||||||
CNO Financial Group, Inc.† | 138,840 | $ | 812,214 | |||||
Prudential Financial, Inc. | 21,200 | 1,074,416 | ||||||
1,886,630 | ||||||||
Insurance - Multi - line — 4.9% | ||||||||
ACE, Ltd. | 47,570 | 2,783,796 | ||||||
MetLife, Inc. | 99,012 | 3,777,308 | ||||||
6,561,104 | ||||||||
Machinery - General Industrial — 0.2% | ||||||||
Babcock & Wilcox Co.† | 10,530 | 255,774 | ||||||
Medical - Biomedical/Gene — 3.8% | ||||||||
Amgen, Inc.† | 50,680 | 2,670,329 | ||||||
Gilead Sciences, Inc.† | 69,570 | 2,539,305 | ||||||
5,209,634 | ||||||||
Medical - Drugs — 6.7% | ||||||||
Merck & Co., Inc. | 117,890 | 4,063,668 | ||||||
Pfizer, Inc. | 310,265 | 5,054,217 | ||||||
9,117,885 | ||||||||
Medical-HMO — 4.0% | ||||||||
Humana, Inc.† | 48,810 | 2,735,313 | ||||||
WellPoint, Inc.† | 47,110 | 2,625,911 | ||||||
5,361,224 | ||||||||
Multimedia — 2.5% | ||||||||
Viacom, Inc., Class B | 90,320 | 3,416,806 | ||||||
Office Automation & Equipment — 1.2% | ||||||||
Xerox Corp. | 139,760 | 1,601,650 | ||||||
Oil Companies - Integrated — 8.5% | ||||||||
Chevron Corp. | 70,047 | 5,671,705 | ||||||
Exxon Mobil Corp. | 39,814 | 2,769,462 | ||||||
Marathon Oil Corp. | 46,810 | 1,566,731 | ||||||
Royal Dutch Shell PLC ADR | 23,700 | 1,437,879 | ||||||
11,445,777 | ||||||||
Oil - Field Services — 3.3% | ||||||||
Halliburton Co. | 119,110 | 4,507,122 | ||||||
Retail - Discount — 1.6% | ||||||||
Target Corp. | 37,830 | 2,154,040 | ||||||
Retail - Drug Store — 2.0% | ||||||||
Walgreen Co. | 78,562 | 2,737,886 | ||||||
Retail - Misc./Diversified — 1.1% | ||||||||
AerCap Holdings NV† | 118,300 | 1,536,717 | ||||||
Soap & Cleaning Preparation — 0.7% | ||||||||
Church & Dwight Co., Inc. | 15,000 | 978,750 | ||||||
Steel - Specialty — 1.0% | ||||||||
Allegheny Technologies, Inc. | 27,330 | 1,412,961 | ||||||
Telecom Equipment-Fiber Optics — 0.5% | ||||||||
Ciena Corp.† | 45,230 | 685,234 | ||||||
Telecommunication Equipment — 2.2% | ||||||||
Harris Corp. | 66,450 | 2,939,748 | ||||||
Telephone-Integrated — 3.2% | ||||||||
AT&T, Inc. | 153,550 | 4,267,154 | ||||||
Textile - Home Furnishings — 1.9% | ||||||||
Mohawk Industries, Inc.† | 48,490 | 2,547,665 | ||||||
235
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — November 30, 2010 (Unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Transport - Rail — 2.2% | ||||||||
Norfolk Southern Corp. | 49,300 | $ | 2,966,381 | |||||
Wireless Equipment — 1.1% | ||||||||
QUALCOMM, Inc. | 33,010 | 1,542,887 | ||||||
Total Long - Term Investment Securities | ||||||||
(cost $122,640,317) | 132,291,837 | |||||||
REPURCHASE AGREEMENT — 2.1% | ||||||||
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/10, to be repurchased 12/01/10 in the amount of $2,790,001 and collateralized by $2,820,000 of United States Treasury Notes, bearing interest at 1.00% due 04/30/12 and having approximate value of $2,847,072 | $ | 2,790,000 | 2,790,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $125,430,317)(1) | 100.1 | % | 135,081,837 | |||||
Liabilities in excess of other assets | (0.1 | ) | (104,419 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 134,977,418 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2010 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Long-Term Investment Securities: | ||||||||||||||||
Common Stock: | ||||||||||||||||
Banks - Super Regional | $ | 8,612,936 | $ | — | $ | — | $ | 8,612,936 | ||||||||
Electric - Integrated | 8,191,861 | — | — | 8,191,861 | ||||||||||||
Medical Drugs | 9,117,885 | — | — | 9,117,885 | ||||||||||||
Oil Companies - Integrated | 11,445,777 | — | — | 11,445,777 | ||||||||||||
Other Industries* | 94,923,378 | — | — | 94,923,378 | ||||||||||||
Repurchase Agreement | — | 2,790,000 | — | 2,790,000 | ||||||||||||
Total | $ | 132,291,837 | $ | 2,790,000 | $ | — | $ | 135,081,837 | ||||||||
* | Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of common stocks by industry classification, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
236
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2010 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | FOREIGN VALUE FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at value (unaffiliated)*† | $ | 130,909,424 | $ | 426,282,801 | $ | 22,406,917 | $ | 147,315,531 | $ | 249,747,774 | $ | 142,811,107 | $ | 930,439,107 | ||||||||||||||
Investments at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 2,372,000 | – | – | 2,386,000 | 710,000 | 278,000 | – | |||||||||||||||||||||
Total investments | 133,281,424 | 426,282,801 | 22,406,917 | 149,701,531 | 250,457,774 | 143,089,107 | 930,439,107 | |||||||||||||||||||||
Cash | 23,402 | 100,564 | 495 | – | 973 | 1,292 | 12,456 | |||||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | 2,380,173 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 66,866 | 1,939 | 5,192 | 17,043 | 20,443 | 9,543 | 350,595 | |||||||||||||||||||||
Dividends and interest | 605,201 | 577,287 | 56,745 | 1,000,293 | 469,804 | 559,218 | 2,297,472 | |||||||||||||||||||||
Investments sold | 303,828 | 3,832,543 | 58,724 | 790,868 | 3,159,646 | – | 3,461,048 | |||||||||||||||||||||
Securities lending income | – | 2,706 | – | 387 | 3,730 | – | 89,078 | |||||||||||||||||||||
Prepaid expenses and other assets | 16,294 | 4,349 | 3,873 | 5,050 | 6,559 | 1,835 | 4,870 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 7,836 | 13,726 | – | 25,955 | 88,065 | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 134,297,015 | 430,810,025 | 22,545,672 | 151,515,172 | 254,144,884 | 143,749,060 | 939,034,799 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 27,772 | 720,337 | 2,211 | 131,860 | 113,446 | 68,497 | 218,818 | |||||||||||||||||||||
Investments purchased | 1,150,904 | 3,396,840 | 109,584 | 1,750,576 | 3,173,424 | 337,767 | 551,201 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 55,507 | 252,363 | 13,048 | 60,306 | 148,019 | 90,425 | 534,692 | |||||||||||||||||||||
Administrative service fee | 7,773 | 23,870 | 1,305 | 8,443 | 12,952 | 8,440 | 55,992 | |||||||||||||||||||||
Transfer agent fees and expenses | 189 | 300 | 153 | 186 | 229 | 189 | 245 | |||||||||||||||||||||
Directors’ fees and expenses | 3,881 | 3,438 | 1,728 | 2,929 | 19,130 | 7,609 | 12,246 | |||||||||||||||||||||
Other accrued expenses | 93,162 | 69,087 | 38,974 | 48,839 | 54,399 | 62,469 | 220,042 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 25,968,727 | – | 4,415,603 | 29,482,624 | – | 24,517,348 | |||||||||||||||||||||
Due to custodian | �� | – | – | – | 73,386 | – | – | – | ||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,339,188 | 30,434,962 | 167,003 | 6,492,128 | 33,004,223 | 575,396 | 26,110,584 | |||||||||||||||||||||
NET ASSETS | $ | 132,957,827 | $ | 400,375,063 | $ | 22,378,669 | $ | 145,023,044 | $ | 221,140,661 | $ | 143,173,664 | $ | 912,924,215 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 129,961 | $ | 400,479 | $ | 24,120 | $ | 147,659 | $ | 192,690 | $ | 175,646 | $ | 1,058,209 | ||||||||||||||
Additional paid-in capital | 133,450,315 | 361,992,106 | 24,924,463 | 138,829,493 | 387,352,833 | 168,695,354 | 1,054,450,041 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,233,545 | 193,800 | 314,366 | 6,789,573 | 3,942,297 | 3,794,522 | 23,530,820 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (13,565,491 | ) | (61,485,901 | ) | (3,456,175 | ) | (4,278,837 | ) | (185,402,223 | ) | (39,019,984 | ) | (132,014,200 | ) | ||||||||||||||
Unrealized appreciation (depreciation) on investments | 8,709,497 | 99,272,900 | 571,895 | 3,535,156 | 15,055,064 | 9,528,293 | (34,087,308 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | 1,679 | – | – | – | (167 | ) | (13,347 | ) | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 132,957,827 | $ | 400,375,063 | $ | 22,378,669 | $ | 145,023,044 | $ | 221,140,661 | $ | 143,173,664 | $ | 912,924,215 | ||||||||||||||
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 | |||||||||||||||||||||
Outstanding | 12,996,133 | 40,047,933 | 2,411,987 | 14,765,854 | 19,269,018 | 17,564,598 | 105,820,892 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.23 | $ | 10.00 | $ | 9.28 | $ | 9.82 | $ | 11.48 | $ | 8.15 | $ | 8.63 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 122,199,927 | $ | 327,009,901 | $ | 21,835,022 | $ | 143,780,375 | $ | 234,692,710 | $ | 133,282,814 | $ | 964,526,415 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 2,395,224 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | 27,461,101 | $ | – | $ | 7,015,129 | $ | 28,549,314 | $ | – | $ | 22,976,840 | ||||||||||||||
See Notes to Financial Statements
237
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2010 (Unaudited) — (continued)
GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at value (unaffiliated)*† | $ | 254,361,269 | $ | 274,175,087 | $ | 280,187,556 | $ | 469,456,124 | $ | 110,111,862 | $ | 776,188,682 | $ | 84,480,069 | ||||||||||||||
Investments at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 23,359,000 | – | 2,568,000 | ||||||||||||||||||||||
Total investments | 254,361,269 | 274,175,087 | 280,187,556 | 469,456,124 | 133,470,862 | 776,188,682 | 87,048,069 | |||||||||||||||||||||
Cash | 285 | 1,113 | 3,139 | 54,404 | 113 | 5,797 | 432 | |||||||||||||||||||||
Foreign cash* | 946,391 | 226,707 | 98,049 | 450,773 | – | 70,891 | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 7,298 | 158 | 5,003 | 1,000,357 | 16,886 | 49,217 | 115 | |||||||||||||||||||||
Dividends and interest | 548,518 | 629,358 | 810,860 | 4,165,276 | 691,281 | 1,482,572 | 141,684 | |||||||||||||||||||||
Investments sold | 5,234,989 | 136,037 | – | – | 4,243 | 2,783,018 | 1,835,688 | |||||||||||||||||||||
Securities lending income | 6,748 | – | 1,590 | 16,388 | 561 | 6,172 | 485 | |||||||||||||||||||||
Prepaid expenses and other assets | 1,714 | 2,496 | 9,731 | 62,745 | 4,347 | 15,880 | 3,953 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | 54,957 | 15,290 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 1,872,610 | – | – | 5,370,778 | – | 42,880 | – | |||||||||||||||||||||
TOTAL ASSETS | 262,979,822 | 275,170,956 | 281,115,928 | 480,576,845 | 134,188,293 | 780,700,066 | 89,045,716 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 90,539 | 529,088 | 296,741 | 12,570 | 98,881 | 147,570 | 49,368 | |||||||||||||||||||||
Investments purchased | 761,112 | 1,508,665 | – | 987,759 | – | 2,476,488 | 1,229,849 | |||||||||||||||||||||
Accrued foreign tax on capital gains | 82,592 | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 165,348 | 177,041 | 117,734 | 192,656 | 50,211 | 420,451 | 51,957 | |||||||||||||||||||||
Administrative service fee | 14,293 | 16,677 | 16,483 | 26,972 | 7,030 | 41,352 | 4,850 | |||||||||||||||||||||
Transfer agent fees and expenses | 190 | 219 | 227 | 147 | 330 | 184 | 189 | |||||||||||||||||||||
Directors’ fees and expenses | 2,460 | 3,499 | 6,985 | 6,028 | 3,247 | 9,111 | 2,581 | |||||||||||||||||||||
Other accrued expenses | 102,554 | 86,330 | 103,438 | 111,559 | 45,712 | 132,904 | 45,276 | |||||||||||||||||||||
Line of credit | – | – | – | 558,690 | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 24,527 | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 19,871,439 | – | 8,923,724 | 15,067,731 | 12,159,853 | 65,860,665 | 4,834,763 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 1,394,918 | – | – | 506,774 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 22,485,445 | 2,321,519 | 9,489,859 | 17,470,886 | 12,365,264 | 69,088,725 | 6,218,833 | |||||||||||||||||||||
NET ASSETS | $ | 240,494,377 | $ | 272,849,437 | $ | 271,626,069 | $ | 463,105,959 | $ | 121,823,029 | $ | 711,611,341 | $ | 82,826,883 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 308,912 | $ | 322,163 | $ | 194,196 | $ | 421,282 | $ | 111,363 | $ | 680,346 | $ | 72,357 | ||||||||||||||
Additional paid-in capital | 335,313,546 | 224,779,201 | 432,332,597 | 467,100,590 | 114,362,014 | 800,408,911 | 111,671,127 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,571,259 | 391,406 | 6,136,710 | 16,320,063 | 4,794,307 | 6,592,936 | 1,331,521 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (115,025,722 | ) | 5,825,931 | (168,411,500 | ) | (29,567,814 | ) | 911,277 | (206,509,054 | ) | (34,459,383 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 14,912,683 | 41,507,195 | 1,345,789 | 3,949,957 | 1,644,068 | 110,392,607 | 4,211,261 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 26,780 | – | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 496,291 | 23,541 | 1,497 | 4,881,881 | – | 45,595 | – | |||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (82,592 | ) | – | – | – | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 240,494,377 | $ | 272,849,437 | $ | 271,626,069 | $ | 463,105,959 | $ | 121,823,029 | $ | 711,611,341 | $ | 82,826,883 | ||||||||||||||
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 | |||||||||||||||||||||
Outstanding | 30,891,191 | 32,216,333 | 19,419,605 | 42,128,197 | 11,136,303 | 68,034,579 | 7,235,737 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.79 | $ | 8.47 | $ | 13.99 | $ | 10.99 | $ | 10.94 | $ | 10.46 | $ | 11.45 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 239,448,586 | $ | 232,667,892 | $ | 278,841,767 | $ | 465,506,167 | $ | 108,467,794 | $ | 665,796,075 | $ | 80,268,808 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 936,045 | $ | 227,060 | $ | 98,379 | $ | 452,577 | $ | – | $ | 71,026 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
†Including securities on loan | $ | 19,071,060 | $ | – | $ | 8,694,186 | $ | 14,559,560 | $ | 13,156,759 | $ | 64,116,197 | $ | 4,720,226 | ||||||||||||||
See Notes to Financial Statements
238
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2010 (Unaudited) — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH I FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at value (unaffiliated)*† | $ | 178,567,487 | $ | 252,407,199 | $ | 903,224,167 | $ | 153,005,740 | $ | 570,908,860 | $ | 143,533,461 | $ | 388,066,848 | ||||||||||||||
Investments at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 18,822,000 | 2,547,000 | 4,256,000 | – | 4,037,000 | |||||||||||||||||||||
Total investments | 178,567,487 | 252,407,199 | 922,046,167 | 155,552,740 | 575,164,860 | 143,533,461 | 392,103,848 | |||||||||||||||||||||
Cash | – | 1,662 | 1,784 | 561,629 | 805 | – | 1,219 | |||||||||||||||||||||
Foreign cash* | 1,414 | 1,436,961 | 843,337 | 816,568 | – | 226,229 | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 81,653 | 103,053 | 165,471 | 54,743 | 349,593 | 622 | 37,367 | |||||||||||||||||||||
Dividends and interest | 255,055 | 1,290,177 | 2,727,319 | 2,011,499 | 1,384,621 | 313,833 | 424,712 | |||||||||||||||||||||
Investments sold | 1,482,607 | – | 18,235,272 | 3,690,901 | 3,610,768 | 368,262 | – | |||||||||||||||||||||
Securities lending income | – | – | 55,988 | – | 28,535 | 3,626 | 1,766 | |||||||||||||||||||||
Prepaid expenses and other assets | 2,483 | 579 | 18,732 | 3,191 | 11,291 | 4,519 | 5,064 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 61,966 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 20,810 | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 180,390,699 | 255,239,631 | 944,094,070 | 162,712,081 | 580,612,439 | 144,450,552 | 392,573,976 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 103,213 | 75,413 | 115,049 | 95,717 | 57,862 | 493,246 | 38,632 | |||||||||||||||||||||
Investments purchased | 1,319,326 | 1,424,112 | 18,485,075 | 3,360,773 | 3,599,152 | 596,267 | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 12,477 | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 145,737 | 105,460 | 230,861 | 67,413 | 422,995 | 80,313 | 198,901 | |||||||||||||||||||||
Administrative service fee | 10,202 | 14,807 | 53,134 | 9,438 | 32,297 | 8,031 | 21,755 | |||||||||||||||||||||
Transfer agent fees and expenses | 197 | 149 | 1,381 | 215 | 259 | 147 | 187 | |||||||||||||||||||||
Directors’ fees and expenses | 3,552 | 2,912 | 12,563 | 3,020 | 7,958 | 1,824 | 3,329 | |||||||||||||||||||||
Other accrued expenses | 60,084 | 42,044 | 341,928 | 60,830 | 188,258 | 35,701 | 61,611 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 182,801 | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 46,095,596 | – | 32,158,416 | 12,217,734 | 17,281,561 | |||||||||||||||||||||
Due to custodian | 556,188 | – | – | – | – | 335,609 | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | 737,163 | – | – | |||||||||||||||||||||
Call and put options written, at value@ | 3,987,895 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 3,725 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 6,198,871 | 1,664,897 | 65,518,388 | 3,601,131 | 37,204,360 | 13,768,872 | 17,605,976 | |||||||||||||||||||||
NET ASSETS | $ | 174,191,828 | $ | 253,574,734 | $ | 878,575,682 | $ | 159,110,950 | $ | 543,408,079 | $ | 130,681,680 | $ | 374,968,000 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 177,309 | $ | 235,451 | $ | 1,437,093 | $ | 123,516 | $ | 518,096 | $ | 123,910 | $ | 339,361 | ||||||||||||||
Additional paid-in capital | 154,649,668 | 236,991,160 | 1,071,600,315 | 145,299,885 | 591,699,931 | 112,908,681 | 349,861,004 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 604,475 | 5,307,311 | 27,609,905 | 6,266,194 | 9,305,683 | 1,950,142 | 1,927,579 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 2,765,952 | (4,918,264 | ) | (209,129,319 | ) | 2,172,610 | (107,669,947 | ) | (807,019 | ) | (36,288,373 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 14,768,114 | 15,930,361 | (13,523,823 | ) | 5,252,997 | 49,517,906 | 16,510,284 | 59,125,566 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,231,146 | – | (323,676 | ) | – | – | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 7,641 | 28,715 | 905,187 | (4,252 | ) | 36,410 | (4,318 | ) | 2,863 | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (12,477 | ) | – | – | – | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 174,191,828 | $ | 253,574,734 | $ | 878,575,682 | $ | 159,110,950 | $ | 543,408,079 | $ | 130,681,680 | $ | 374,968,000 | ||||||||||||||
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 | |||||||||||||||||||||
Outstanding | 17,730,889 | 23,545,105 | 143,709,292 | 12,351,632 | 51,809,602 | 12,391,039 | 33,936,095 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 9.82 | $ | 10.77 | $ | 6.11 | $ | 12.88 | $ | 10.49 | $ | 10.55 | $ | 11.05 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 163,799,373 | $ | 236,476,838 | $ | 916,747,990 | $ | 147,752,743 | $ | 521,390,954 | $ | 127,023,177 | $ | 328,941,282 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,442 | $ | 1,434,170 | $ | 848,674 | $ | 834,584 | $ | (741,018 | ) | $ | 230,589 | $ | – | |||||||||||||
@ Premiums received on options written | $ | 5,219,041 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | – | $ | 43,707,278 | $ | – | $ | 30,517,130 | $ | 13,927,614 | $ | 16,842,062 | ||||||||||||||
See Notes to Financial Statements
239
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2010 (Unaudited) — (continued)
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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments at value (unaffiliated)*† | $ | 2,639,119,762 | $ | 332,908,461 | $ | 456,466,051 | $ | 119,414,926 | $ | 858,589,229 | $ | 94,574,085 | $ | 355,539,835 | ||||||||||||||
Investments at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 20,421,000 | – | 35,915,000 | 3,358,000 | – | – | – | |||||||||||||||||||||
Total investments | 2,659,540,762 | 332,908,461 | 492,381,051 | 122,772,926 | 858,589,229 | 94,574,085 | 355,539,835 | |||||||||||||||||||||
Cash | 5 | 1,204 | 531 | 779 | 1,284 | 17,209 | 10,639 | |||||||||||||||||||||
Foreign cash* | – | 422 | – | – | 1,172,927 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 830,432 | 259,241 | 9,812,325 | 104,037 | 61,429 | 288 | 24,427 | |||||||||||||||||||||
Dividends and interest | 2,506,146 | 519,192 | 134,435 | 195,288 | 751,564 | 23,072 | 225,736 | |||||||||||||||||||||
Investments sold | – | 3,439,746 | 9,001,502 | – | 1,951,670 | 677,638 | 891,265 | |||||||||||||||||||||
Securities lending income | 79,939 | 11,383 | – | 4,927 | 69,400 | 9,290 | 13,837 | |||||||||||||||||||||
Prepaid expenses and other assets | 71,559 | 40,598 | 12,411 | 2,703 | 35,335 | 7,070 | 10,016 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 117,703 | 23,208 | – | 9,163 | 59,603 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 2,663,028,843 | 337,180,247 | 511,459,958 | 123,103,868 | 862,632,838 | 95,317,815 | 356,775,358 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 169,950 | 54,345 | 807,746 | 25,660 | 283,105 | 239,449 | 18,089 | |||||||||||||||||||||
Investments purchased | – | 1,358,643 | 18,150,009 | – | 3,615,326 | 232,771 | 601,518 | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 520,770 | 160,133 | 159,467 | 38,294 | 579,277 | 61,839 | 221,925 | |||||||||||||||||||||
Administrative service fee | 134,309 | 16,139 | 27,907 | 6,702 | 46,013 | 5,092 | 17,430 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,657 | 188 | 1,749 | 1,319 | 1,275 | 147 | 189 | |||||||||||||||||||||
Directors’ fees and expenses | 49,768 | 3,712 | 11,834 | 2,089 | 24,086 | 1,046 | 19,572 | |||||||||||||||||||||
Other accrued expenses | 217,779 | 57,148 | 105,923 | 51,717 | 138,014 | 36,755 | 74,499 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 112,150 | – | – | 52,440 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 307,489,970 | 39,439,214 | – | 8,446,525 | 64,233,703 | 7,718,415 | 51,564,706 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 308,696,353 | 41,089,522 | 19,264,635 | 8,624,746 | 68,920,799 | 8,295,514 | 52,517,928 | |||||||||||||||||||||
NET ASSETS | $ | 2,354,332,490 | $ | 296,090,725 | $ | 492,195,323 | $ | 114,479,122 | $ | 793,712,039 | $ | 87,022,301 | $ | 304,257,430 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,210,587 | $ | 252,405 | $ | 4,930,364 | $ | 198,817 | $ | 522,317 | $ | 80,346 | $ | 327,614 | ||||||||||||||
Additional paid-in capital | 2,163,831,642 | 290,938,271 | 488,104,932 | 81,068,184 | 1,328,376,338 | 78,832,469 | 316,888,732 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 36,064,272 | 690,480 | 476 | 592,368 | (528,894 | ) | (254,791 | ) | 529,242 | |||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | 2,743,495 | (39,764,650 | ) | (840,449 | ) | (2,578,147 | ) | (679,807,133 | ) | 54,874 | (62,750,997 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 150,273,613 | 43,974,213 | – | 34,941,383 | 145,087,499 | 8,309,403 | 49,262,839 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 208,881 | – | – | 256,517 | – | – | – | |||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | 6 | – | – | 61,912 | – | – | |||||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 2,354,332,490 | $ | 296,090,725 | $ | 492,195,323 | $ | 114,479,122 | $ | 793,712,039 | $ | 87,022,301 | $ | 304,257,430 | ||||||||||||||
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 | |||||||||||||||||||||
Outstanding | 121,058,732 | 25,240,541 | 493,036,429 | 19,881,707 | 52,231,672 | 8,034,590 | 32,761,428 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 19.45 | $ | 11.73 | $ | 1.00 | $ | 5.76 | $ | 15.20 | $ | 10.83 | $ | 9.29 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,488,846,149 | $ | 288,934,248 | $ | 456,466,051 | $ | 84,473,543 | $ | 713,501,730 | $ | 86,264,682 | $ | 306,276,996 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 422 | $ | – | $ | – | $ | 1,113,745 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 297,773,251 | $ | 39,202,205 | $ | – | $ | 8,268,581 | $ | 62,859,045 | $ | 7,498,668 | $ | 50,160,275 | ||||||||||||||
See Notes to Financial Statements
240
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2010 (Unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK FUND | VALUE FUND | ||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at value (unaffiliated)*† | $ | 954,983,190 | $ | 247,717,218 | $ | 119,853,558 | $ | 3,403,658,568 | $ | 132,291,837 | ||||||||||
Investments at value (affiliated)*† | – | – | – | 1,643,342 | – | |||||||||||||||
Repurchase agreements (cost approximates value) | 20,112,000 | – | 882,000 | 14,163,000 | 2,790,000 | |||||||||||||||
Total investments | 975,095,190 | 247,717,218 | 120,735,558 | 3,419,464,910 | 135,081,837 | |||||||||||||||
Cash | – | 84,542 | 94,895 | – | 611 | |||||||||||||||
Foreign cash* | – | – | – | – | – | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Fund shares sold | 159,817 | 39,409 | 395 | 603,167 | 10,095 | |||||||||||||||
Dividends and interest | 735,754 | 273,875 | 23,038 | 8,032,722 | 531,592 | |||||||||||||||
Investments sold | 324,733 | 900,635 | 478,579 | 7,070 | 1,906,465 | |||||||||||||||
Securities lending income | 100,980 | 6,288 | 3,695 | 32,266 | – | |||||||||||||||
Prepaid expenses and other assets | 11,401 | 3,074 | 2,170 | 140,516 | 2,725 | |||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 2,247 | 120,517 | – | 9,903 | |||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL ASSETS | 976,427,875 | 249,027,288 | 121,458,847 | 3,428,280,651 | 137,543,228 | |||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Fund shares reacquired | 197,280 | 5,564 | 52,087 | 991,088 | 102,611 | |||||||||||||||
Investments purchased | 45,469 | 751,212 | 1,295,969 | 7,440 | 2,316,805 | |||||||||||||||
Interest on securities sold short | – | – | – | – | – | |||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | |||||||||||||||
Investment advisory and management fees | 217,002 | 133,304 | 73,278 | 700,008 | 89,126 | |||||||||||||||
Administrative service fee | 49,255 | 12,442 | 6,035 | 187,468 | 7,998 | |||||||||||||||
Transfer agent fees and expenses | 1,381 | 245 | 147 | 1,810 | 257 | |||||||||||||||
Directors’ fees and expenses | 18,169 | 3,051 | 1,455 | 92,068 | 2,189 | |||||||||||||||
Other accrued expenses | 143,099 | 57,327 | 57,184 | 358,692 | 46,824 | |||||||||||||||
Line of credit | – | – | – | – | – | |||||||||||||||
Variation margin on futures contracts | 128,330 | – | – | 177,391 | – | |||||||||||||||
Collateral upon return of securities loaned | 118,442,511 | 33,508,828 | 13,951,892 | 242,274,441 | – | |||||||||||||||
Due to custodian | 40,231 | – | – | 6,599 | – | |||||||||||||||
Due to custodian for foreign cash* | – | – | – | – | – | |||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | |||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | |||||||||||||||
TOTAL LIABILITIES | 119,282,727 | 34,471,973 | 15,438,047 | 244,797,005 | 2,565,810 | |||||||||||||||
NET ASSETS | $ | 857,145,148 | $ | 214,555,315 | $ | 106,020,800 | $ | 3,183,483,646 | $ | 134,977,418 | ||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 639,098 | $ | 248,576 | $ | 107,394 | $ | 1,328,017 | $ | 150,079 | ||||||||||
Additional paid-in capital | 897,864,172 | 262,427,251 | 112,004,128 | 2,530,481,642 | 197,097,761 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 12,586,463 | 2,387,368 | (238,828 | ) | 79,193,016 | 1,601,180 | ||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions | (61,382,623 | ) | (56,775,449 | ) | (26,201,576 | ) | 83,863,874 | (73,523,122 | ) | |||||||||||
Unrealized appreciation (depreciation) on investments | 6,142,669 | 6,267,569 | 20,349,682 | 488,951,928 | 9,651,520 | |||||||||||||||
Unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,295,369 | – | – | (334,831 | ) | – | ||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | |||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
NET ASSETS | $ | 857,145,148 | $ | 214,555,315 | $ | 106,020,800 | $ | 3,183,483,646 | $ | 134,977,418 | ||||||||||
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 | |||||||||||||||
Outstanding | 63,909,800 | 24,857,591 | 10,739,358 | 132,801,712 | 15,007,949 | |||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 13.41 | $ | 8.63 | $ | 9.87 | $ | 23.97 | $ | 8.99 | ||||||||||
* Cost | ||||||||||||||||||||
Investment securities (unaffiliated) | $ | 948,840,521 | $ | 241,449,649 | $ | 99,503,876 | $ | 2,881,763,869 | $ | 122,640,317 | ||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | 34,586,113 | $ | – | ||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
† Including securities on loan | $ | 113,986,900 | $ | 32,066,797 | $ | 14,199,380 | $ | 240,156,258 | $ | – | ||||||||||
See Notes to Financial Statements
241
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2010 (Unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | FOREIGN VALUE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 656,986 | $ | 1,738,470 | $ | 255,651 | $ | 9,161 | $ | 1,950,743 | $ | 2,550,946 | $ | 11,448,047 | ||||||||||||||
Securities lending income | – | 14,784 | – | 3,167 | 24,934 | – | 310,759 | |||||||||||||||||||||
Interest (unaffiliated) | 1,382,335 | 2,161 | 24 | 2,800,541 | 42 | 306 | 16,674 | |||||||||||||||||||||
Total investment income* | 2,039,321 | 1,755,415 | 255,675 | 2,812,869 | 1,975,719 | 2,551,252 | 11,775,480 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 324,027 | 1,492,330 | 73,343 | 357,056 | 866,658 | 516,282 | 3,014,295 | |||||||||||||||||||||
Administrative service fee | 45,364 | 141,062 | 7,334 | 49,988 | 75,833 | 48,149 | 314,037 | |||||||||||||||||||||
Transfer agent fees and expenses | 721 | 1,200 | 573 | 705 | 901 | 721 | 918 | |||||||||||||||||||||
Custodian fees | 85,470 | 35,216 | 15,516 | 21,705 | 23,608 | 38,566 | 212,356 | |||||||||||||||||||||
Reports to shareholders | 15,051 | 54,683 | 2,171 | 13,553 | 26,997 | 73,022 | 103,279 | |||||||||||||||||||||
Audit and tax fees | 13,820 | 13,185 | 15,683 | 14,944 | 13,498 | 13,163 | 16,508 | |||||||||||||||||||||
Legal fees | 1,812 | 2,811 | 7,750 | 6,664 | 1,736 | 24,308 | 28,615 | |||||||||||||||||||||
Directors’ fees and expenses | 4,525 | 12,003 | 1,830 | 1,849 | 1,925 | 1,830 | 30,380 | |||||||||||||||||||||
Interest expense | – | 152 | – | 87 | 329 | – | 848 | |||||||||||||||||||||
Other expenses | 15,505 | 10,100 | 11,080 | 9,152 | 10,304 | 9,481 | 15,772 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 506,295 | 1,762,742 | 135,280 | 475,703 | 1,021,789 | 725,522 | 3,737,008 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (49,852 | ) | (46,221 | ) | – | (155,131 | ) | (157,054 | ) | – | |||||||||||||||||
Fees paid indirectly (Note 7) | (173 | ) | (2,967 | ) | (675 | ) | – | (4,344 | ) | – | (1,181 | ) | ||||||||||||||||
Net expenses | 506,122 | 1,709,923 | 88,384 | 475,703 | 862,314 | 568,468 | 3,735,827 | |||||||||||||||||||||
Net investment income (loss) | 1,533,199 | 45,492 | 167,291 | 2,337,166 | 1,113,405 | 1,982,784 | 8,039,653 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 3,772,669 | 17,884,250 | (183,431 | ) | 3,095,177 | 4,783,026 | (1,704,001 | ) | 6,391,667 | |||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 146,040 | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 2,727 | – | – | – | 44,694 | (2,024 | ) | ||||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,918,709 | 17,886,977 | (183,431 | ) | 3,095,177 | 4,783,026 | (1,659,307 | ) | 6,389,643 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 5,820,647 | 35,127,918 | 1,423,397 | 1,002,164 | 7,869,539 | 12,241,746 | 78,893,182 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | (49,220 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (2 | ) | 1,958 | – | – | – | (180 | ) | 40,729 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 5,771,425 | 35,129,876 | 1,423,397 | 1,002,164 | 7,869,539 | 12,241,566 | 78,933,911 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 9,690,134 | 53,016,853 | 1,239,966 | 4,097,341 | 12,652,565 | 10,582,259 | 85,323,554 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,223,333 | $ | 53,062,345 | $ | 1,407,257 | $ | 6,434,507 | $ | 13,765,970 | $ | 12,565,043 | $ | 93,363,207 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 12 | $ | (469 | ) | $ | (87 | ) | $ | 7 | $ | 5,695 | $ | 25,312 | $ | 1,046,420 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
242
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2010 (Unaudited) — (continued)
GLOBAL EQUITY FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,084,109 | $ | 5,690,901 | $ | 2,736,613 | $ | 2,568,731 | $ | – | $ | 4,879,693 | $ | 646,191 | ||||||||||||||
Securities lending income | 24,229 | – | 6,309 | 78,098 | 4,804 | 46,328 | 3,380 | |||||||||||||||||||||
Interest (unaffiliated) | 396 | 31,038 | 1,543 | 5,247,331 | 1,664,980 | 241 | 146 | |||||||||||||||||||||
Total investment income* | 2,108,734 | 5,721,939 | 2,744,465 | 7,894,160 | 1,669,784 | 4,926,262 | 649,717 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 945,136 | 1,076,007 | 694,933 | 1,065,228 | 310,451 | 2,401,269 | 301,609 | |||||||||||||||||||||
Administrative service fee | 81,682 | 101,334 | 97,291 | 149,132 | 43,463 | 235,164 | 28,150 | |||||||||||||||||||||
Transfer agent fees and expenses | 727 | 731 | 584 | 529 | 1,314 | 688 | 721 | |||||||||||||||||||||
Custodian fees | 61,931 | 73,363 | 76,261 | 103,122 | 4,801 | 89,899 | 18,354 | |||||||||||||||||||||
Reports to shareholders | 47,052 | 35,785 | 29,271 | 47,659 | 14,471 | 72,650 | 10,045 | |||||||||||||||||||||
Audit and tax fees | 17,249 | 13,021 | 10,125 | 16,433 | 14,944 | 13,114 | 13,442 | |||||||||||||||||||||
Legal fees | 10,910 | 2,094 | 8,754 | 14,702 | 1,348 | 42,320 | 1,086 | |||||||||||||||||||||
Directors’ fees and expenses | 6,855 | 10,220 | 8,087 | 14,576 | 3,529 | 18,694 | 2,490 | |||||||||||||||||||||
Interest expense | – | 631 | – | 96 | – | 158 | – | |||||||||||||||||||||
Other expenses | 9,881 | 11,452 | 17,552 | 9,325 | 8,360 | 14,625 | 8,804 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,181,423 | 1,324,638 | 942,858 | 1,420,802 | 402,681 | 2,888,581 | 384,701 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | – | (167,394 | ) | (42,878 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | – | (1,550 | ) | (22,539 | ) | (1,067 | ) | – | – | (1,803 | ) | |||||||||||||||||
Net expenses | 1,181,423 | 1,323,088 | 920,319 | 1,419,735 | 402,681 | 2,721,187 | 340,020 | |||||||||||||||||||||
Net investment income (loss) | 927,311 | 4,398,851 | 1,824,146 | 6,474,425 | 1,267,103 | 2,205,075 | 309,697 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 1,809,949 | 29,907,740 | 3,216,952 | 2,115,647 | 3,417,941 | 27,216,669 | 516,224 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | – | – | 37,458 | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 165,670 | 40,709 | 139,959 | 3,581,424 | – | (116,129 | ) | – | ||||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,975,619 | 29,948,449 | 3,394,369 | 5,697,071 | 3,417,941 | 27,100,540 | 516,224 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 23,759,903 | 4,118,228 | 24,395,431 | 23,375,223 | (1,600,485 | ) | 57,905,997 | 6,325,776 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | – | – | 679,835 | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 2,060,343 | 27,251 | 17,921 | (899,602 | ) | – | 46,999 | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (82,592 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 25,737,654 | 4,145,479 | 25,093,187 | 22,475,621 | (1,600,485 | ) | 57,952,996 | 6,325,776 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 27,713,273 | 34,093,928 | 28,487,556 | 28,172,692 | 1,817,456 | 85,053,536 | 6,842,000 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 28,640,584 | $ | 38,492,779 | $ | 30,311,702 | $ | 34,647,117 | $ | 3,084,559 | $ | 87,258,611 | $ | 7,151,697 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 80,630 | $ | 182,476 | $ | 104,704 | $ | 226,973 | $ | – | $ | 17,802 | $ | 220 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 82,592 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
243
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2010 (Unaudited) — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH I FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,631,265 | $ | 107,891 | $ | 8,712,882 | $ | – | $ | 4,339,868 | $ | 1,164,875 | $ | 1,758,612 | ||||||||||||||
Securities lending income | – | – | 224,835 | – | 106,586 | 13,838 | 12,298 | |||||||||||||||||||||
Interest (unaffiliated) | 1,415 | 3,468,227 | 3,136 | 3,263,048 | 778 | 194 | 773 | |||||||||||||||||||||
Total investment income* | 1,632,680 | 3,576,118 | 8,940,853 | 3,263,048 | 4,447,232 | 1,178,907 | 1,771,683 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 852,643 | 621,542 | 1,321,924 | 396,474 | 2,358,542 | 483,738 | 1,129,290 | |||||||||||||||||||||
Administrative service fee | 59,685 | 87,156 | 299,947 | 55,506 | 178,926 | 48,374 | 123,516 | |||||||||||||||||||||
Transfer agent fees and expenses | 272 | 541 | 5,161 | 803 | 1,015 | 529 | 711 | |||||||||||||||||||||
Custodian fees | 54,090 | 17,193 | 265,291 | 30,065 | 230,479 | 12,153 | 26,056 | |||||||||||||||||||||
Reports to shareholders | 20,136 | 26,548 | 112,039 | 16,489 | 66,092 | 12,028 | 43,791 | |||||||||||||||||||||
Audit and tax fees | 13,030 | 14,812 | 9,525 | 8,991 | 14,772 | 13,679 | 13,201 | |||||||||||||||||||||
Legal fees | 3,034 | 1,799 | 7,936 | 1,536 | 19,745 | 1,224 | 2,334 | |||||||||||||||||||||
Directors’ fees and expenses | 6,011 | 8,669 | 24,595 | 4,506 | 14,626 | 4,781 | 10,180 | |||||||||||||||||||||
Interest expense | – | – | – | – | 1,453 | 339 | – | |||||||||||||||||||||
Other expenses | 9,205 | 8,556 | 26,563 | 8,499 | 9,751 | 9,238 | 10,693 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,018,106 | 786,816 | 2,072,981 | 522,869 | 2,895,401 | 586,083 | 1,359,772 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | – | – | (313,759 | ) | – | – | ||||||||||||||||||||
Fees paid indirectly (Note 7) | (1,801 | ) | – | – | – | (990 | ) | (10,862 | ) | (10,655 | ) | |||||||||||||||||
Net expenses | 1,016,305 | 786,816 | 2,072,981 | 522,869 | 2,580,652 | 575,221 | 1,349,117 | |||||||||||||||||||||
Net investment income (loss) | 616,375 | 2,789,302 | 6,867,872 | 2,740,179 | 1,866,580 | 603,686 | 422,566 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 4,310,836 | 972,621 | (5,519,079 | ) | 5,379,648 | 6,406,065 | 4,634,505 | 13,041,532 | ||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 762,065 | – | 798,838 | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (10,701 | ) | (11,193 | ) | (172,071 | ) | 7,224 | 58,345 | 16,284 | 27,915 | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | 32,662 | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 5,062,200 | 961,428 | (4,892,312 | ) | 5,386,872 | 6,497,072 | 4,650,789 | 13,069,447 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 6,671,073 | 10,456,668 | 102,419,988 | 3,547,788 | 63,885,223 | 12,295,842 | 31,873,108 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 1,354,344 | – | 1,721,201 | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 10,204 | 44,449 | (72,638 | ) | 78,087 | 84,158 | (2,645 | ) | 3,992 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | (12,477 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,023,144 | 10,501,117 | 104,068,551 | 3,625,875 | 63,969,381 | 12,293,197 | 31,877,100 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 13,085,344 | 11,462,545 | 99,176,239 | 9,012,747 | 70,466,453 | 16,943,986 | 44,946,547 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,701,719 | $ | 14,251,847 | $ | 106,044,111 | $ | 11,752,926 | $ | 72,333,033 | $ | 17,547,672 | $ | 45,369,113 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 29,119 | $ | 607 | $ | 492,555 | $ | 2,959 | $ | 397,662 | $ | 1,017 | $ | 4,641 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 12,477 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
244
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2010 (Unaudited) — (continued)
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 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 15,673,384 | $ | 1,477,603 | $ | – | $ | 556,346 | $ | 2,446,345 | $ | 118,138 | $ | 1,440,358 | ||||||||||||||
Securities lending income | 470,705 | 76,730 | – | 24,322 | 340,191 | 34,217 | 3,796 | |||||||||||||||||||||
Interest (unaffiliated) | 3,483 | 9 | 682,935 | 491 | 7,221 | 140 | 60,820 | |||||||||||||||||||||
Total investment income* | 16,147,572 | 1,554,342 | 682,935 | 581,159 | 2,793,757 | 152,495 | 1,504,974 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,927,620 | 897,163 | 1,029,214 | 212,589 | 3,245,837 | 373,780 | 1,266,559 | |||||||||||||||||||||
Administrative service fee | 749,542 | 89,946 | 180,112 | 37,203 | 256,982 | 30,782 | 99,144 | |||||||||||||||||||||
Transfer agent fees and expenses | 6,193 | 715 | 6,538 | 4,932 | 4,820 | 529 | 721 | |||||||||||||||||||||
Custodian fees | 115,298 | 28,657 | 17,353 | 8,119 | 73,988 | 17,244 | 54,198 | |||||||||||||||||||||
Reports to shareholders | 251,119 | 30,034 | 51,518 | 10,474 | 87,910 | 9,308 | 32,148 | |||||||||||||||||||||
Audit and tax fees | 13,797 | 13,472 | 13,300 | 12,719 | 13,393 | 13,476 | 13,640 | |||||||||||||||||||||
Legal fees | 10,542 | 8,765 | 3,223 | 9,332 | 25,098 | 5,300 | 1,931 | |||||||||||||||||||||
Directors’ fees and expenses | 74,224 | 8,935 | 16,818 | 3,683 | 25,469 | 3,086 | 2,008 | |||||||||||||||||||||
Interest expense | – | 20 | – | – | 60 | 251 | 58 | |||||||||||||||||||||
Other expenses | 57,682 | 8,921 | 9,295 | 46,976 | 19,942 | 9,098 | 42,451 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 4,206,017 | 1,086,628 | 1,327,371 | 346,027 | 3,753,499 | 462,854 | 1,512,858 | |||||||||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | – | (670,842 | ) | (64,347 | ) | – | (27,510 | ) | (195,663 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (27,993 | ) | – | – | (45,238 | ) | (19,493 | ) | (4,166 | ) | |||||||||||||||||
Net expenses | 4,206,017 | 1,058,635 | 656,529 | 281,680 | 3,708,261 | 415,851 | 1,313,029 | |||||||||||||||||||||
Net investment income (loss) | 11,941,555 | 495,707 | 26,406 | 299,479 | (914,504 | ) | (263,356 | ) | 191,945 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 23,987,728 | 3,995,912 | 146 | 1,068,742 | 47,942,897 | 5,472,878 | 4,047,007 | |||||||||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 1,719,198 | – | – | 285,184 | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | (21,815 | ) | – | – | 34,234 | – | (192 | ) | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | 22,810 | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 25,729,736 | 3,974,097 | 146 | 1,353,926 | 47,977,131 | 5,472,878 | 4,046,815 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 217,885,497 | 39,361,328 | – | 12,547,663 | 73,033,356 | 3,189,930 | 27,883,729 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 614,254 | – | – | 302,265 | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 40,923 | – | 49 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 218,499,751 | 39,361,328 | – | 12,849,928 | 73,074,279 | 3,189,930 | 27,883,778 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 244,229,487 | 43,335,425 | 146 | 14,203,854 | 121,051,410 | 8,662,808 | 31,930,593 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 256,171,042 | $ | 43,831,132 | $ | 26,552 | $ | 14,503,333 | $ | 120,136,906 | $ | 8,399,452 | $ | 32,122,538 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | – | $ | 20,461 | $ | – | $ | 1,433 | $ | 55,665 | $ | – | $ | 11,277 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
245
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2010 (Unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends (unaffiliated) | $ | 5,681,736 | $ | 1,641,538 | $ | 152,279 | $ | 33,546,036 | $ | 1,350,138 | ||||||||||
Securities lending income | 589,771 | 117,685 | 24,240 | 225,925 | – | |||||||||||||||
Interest (unaffiliated) | 2,762 | 596 | 139 | 3,381 | 216 | |||||||||||||||
Total investment income* | 6,274,269 | 1,759,819 | 176,658 | 33,775,342 | 1,350,354 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory and management fees | 1,243,799 | 763,018 | 413,164 | 4,082,119 | 538,308 | |||||||||||||||
Administrative service fee | 278,072 | 71,215 | 34,025 | 1,079,572 | 48,310 | |||||||||||||||
Transfer agent fees and expenses | 5,161 | 918 | 529 | 6,767 | 999 | |||||||||||||||
Custodian fees | 96,157 | 37,947 | 25,090 | 172,452 | 11,243 | |||||||||||||||
Reports to shareholders | 92,777 | 22,083 | 127,628 | 384,452 | 19,292 | |||||||||||||||
Audit and tax fees | 13,240 | 13,834 | 13,678 | 13,633 | 13,729 | |||||||||||||||
Legal fees | 4,514 | 1,665 | 1,146 | 15,322 | 1,407 | |||||||||||||||
Directors’ fees and expenses | 27,685 | 7,087 | 3,375 | 107,355 | 4,785 | |||||||||||||||
Interest expense | – | – | 37 | – | 597 | |||||||||||||||
Other expenses | 24,016 | 9,589 | 8,440 | 71,574 | 8,509 | |||||||||||||||
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly | 1,785,421 | 927,356 | 627,112 | 5,933,246 | 647,179 | |||||||||||||||
Fees waived and expenses reimbursed by investment adviser (Note 3) | – | (11,734 | ) | (141,036 | ) | – | (60,561 | ) | ||||||||||||
Fees paid indirectly (Note 7) | – | (7,999 | ) | (6,259 | ) | – | – | |||||||||||||
Net expenses | 1,785,421 | 907,623 | 479,817 | 5,933,246 | 586,618 | |||||||||||||||
Net investment income (loss) | 4,488,848 | 852,196 | (303,159 | ) | 27,842,096 | 763,736 | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||
Net realized gain (loss) on investments (unaffiliated)** | 2,471,460 | 4,573,074 | 9,581,664 | 118,612,076 | 3,913,628 | |||||||||||||||
Net realized gain (loss) on investments (affiliated) | – | – | – | (717,028 | ) | – | ||||||||||||||
Net realized gain (loss) on futures contracts and written options contracts | 482,169 | – | – | (423,937 | ) | – | ||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | |||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,953,629 | 4,573,074 | 9,581,664 | 117,471,111 | 3,913,628 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (unaffiliated) | 72,371,740 | 8,058,482 | 5,210,825 | 129,590,810 | 6,292,599 | |||||||||||||||
Change in unrealized appreciation (depreciation) on investments (affiliated) | – | – | – | 958,403 | – | |||||||||||||||
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 986,727 | – | – | 915,801 | – | |||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | |||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | |||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 73,358,467 | 8,058,482 | 5,210,825 | 131,465,014 | 6,292,599 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 76,312,096 | 12,631,556 | 14,792,489 | 248,936,125 | 10,206,227 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 80,800,944 | $ | 13,483,752 | $ | 14,489,330 | $ | 276,778,221 | $ | 10,969,963 | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 446 | $ | 226 | $ | 324 | $ | 145 | $ | 7,128 | ||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||
See Notes to Financial Statements
246
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,533,199 | $ | 2,722,947 | $ | 45,492 | $ | 53,436 | $ | 167,291 | $ | 378,535 | $ | 2,337,166 | $ | 4,393,083 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,918,709 | 8,977,396 | 17,886,977 | (2,303,741 | ) | (183,431 | ) | (913,793 | ) | 3,095,177 | 3,210,319 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 5,771,425 | 9,644,066 | 35,129,876 | 78,010,153 | 1,423,397 | 4,589,304 | 1,002,164 | 5,586,483 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 11,223,333 | 21,344,409 | 53,062,345 | 75,759,848 | 1,407,257 |
| 4,054,046 |
| 6,434,507 | 13,189,885 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (3,536,552 | ) | – | (906,871 | ) | – | (392,535 | ) | – | (5,565,027 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (3,536,552 | ) | – | (906,871 | ) | – | (392,535 | ) | – | (5,565,027 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from | (5,394,791 | ) | (1,333,177 | ) | (77,653,471 | ) | (11,479,103 | ) | 669,838 | 50,087 | 8,431,516 | 13,727,543 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 5,828,542 | 16,474,680 | (24,591,126 | ) | 63,373,874 | 2,077,095 | 3,711,598 | 14,866,023 | 21,352,401 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 127,129,285 | 110,654,605 | 424,966,189 | 361,592,315 | 20,301,574 | 16,589,976 | 130,157,021 | 108,804,620 | ||||||||||||||||||||||||
End of period† | $ | 132,957,827 | $ | 127,129,285 | $ | 400,375,063 | $ | 424,966,189 | $ | 22,378,669 | $ | 20,301,574 | $ | 145,023,044 | $ | 130,157,021 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 4,233,545 | $ | 2,700,346 | $ | 193,800 | $ | 148,308 | $ | 314,366 | $ | 147,075 | $ | 6,789,573 | $ | 4,452,407 | ||||||||||||||||
See Notes to Financial Statements
247
Table of Contents
VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS – (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | FOREIGN VALUE FUND | GLOBAL EQUITY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,113,405 | $ | 2,942,259 | $ | 1,982,784 | $ | 1,878,441 | $ | 8,039,653 | $ | 15,576,339 | $ | 927,311 | $ | 3,461,954 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 4,783,026 | 171,194 | (1,659,307 | ) | (2,227,212 | ) | 6,389,643 | (45,037,287 | ) | 1,975,619 | 13,248,874 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 7,869,539 | 34,333,404 | 12,241,566 | 18,155,146 | 78,933,911 | 90,640,025 | 25,737,654 | 8,754,052 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,765,970 | 37,446,857 | 12,565,043 | 17,806,375 | 93,363,207 | 61,179,077 | 28,640,584 | 25,464,880 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (4,266,857 | ) | – | (2,814,896 | ) | – | (19,659,718 | ) | – | (776,371 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (4,266,857 | ) | – | (2,814,896 | ) | – | (19,659,718 | ) | – | (776,371 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (12,797,313 | ) | (15,498,036 | ) | 8,839,974 | 7,957,293 | 54,294,444 | 56,405,389 | (9,347,682 | ) | (15,610,951 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 968,657 | 17,681,964 | 21,405,017 | 22,948,772 | 147,657,651 | 97,924,748 | 19,292,902 | 9,077,558 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 220,172,004 | 202,490,040 | 121,768,647 | 98,819,875 | 765,266,564 | 667,341,816 | 221,201,475 | 212,123,917 | ||||||||||||||||||||||||
End of period† | $ | 221,140,661 | $ | 220,172,004 | $ | 143,173,664 | $ | 121,768,647 | $ | 912,924,215 | $ | 765,266,564 | $ | 240,494,377 | $ | 221,201,475 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 3,942,297 | $ | 2,828,892 | $ | 3,794,522 | $ | 1,811,738 | $ | 23,530,820 | $ | 15,491,167 | $ | 4,571,259 | $ | 3,643,948 | ||||||||||||||||
See Notes to Financial Statements
248
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,398,851 | $ | 7,345,682 | $ | 1,824,146 | $ | 4,526,241 | $ | 6,474,425 | $ | 13,759,098 | $ | 1,267,103 | $ | 3,438,497 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 29,948,449 | 41,584,848 | 3,394,369 | 8,346,467 | 5,697,071 | (6,766,138 | ) | 3,417,941 | 843,975 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 4,145,479 | 16,530,999 | 25,093,187 | 25,511,186 | 22,475,621 | 41,853,674 | (1,600,485 | ) | 2,725,366 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 38,492,779 | 65,461,529 | 30,311,702 | 38,383,894 | 34,647,117 | 48,846,634 | 3,084,559 | 7,007,838 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (29,386,642 | ) | – | (6,920,505 | ) | – | (37,023,590 | ) | – | (4,944,289 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (29,386,642 | ) | – | (6,920,505 | ) | – | (37,023,590 | ) | – | (4,944,289 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (42,331,056 | ) | 12,023,263 | (18,830,245 | ) | (46,612,262 | ) | 33,910,629 | 25,187,180 | (6,315,015 | ) | (21,803,410 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (3,838,277 | ) | 48,098,150 | 11,481,457 | (15,148,873 | ) | 68,557,746 | 37,010,224 | (3,230,456 | ) | (19,739,861 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 276,687,714 | 228,589,564 | 260,144,612 | 275,293,485 | 394,548,213 | 357,537,989 | 125,053,485 | 144,793,346 | ||||||||||||||||||||||||
End of period† | $ | 272,849,437 | $ | 276,687,714 | $ | 271,626,069 | $ | 260,144,612 | $ | 463,105,959 | $ | 394,548,213 | $ | 121,823,029 | $ | 125,053,485 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 391,406 | $ | (4,007,445 | ) | $ | 6,136,710 | $ | 4,312,564 | $ | 16,320,063 | $ | 9,845,638 | $ | 4,794,307 | $ | 3,527,204 | |||||||||||||||
See Notes to Financial Statements
249
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,205,075 | $ | 4,418,375 | $ | 309,697 | $ | 998,621 | $ | 616,375 | $ | (1,038,222 | ) | $ | 2,789,302 | $ | 4,796,460 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 27,100,540 | 38,471,980 | 516,224 | 8,099,550 | 5,062,200 | 4,892,029 | 961,428 | 128,640 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 57,952,996 | 83,003,430 | 6,325,776 | 1,622,109 | 8,023,144 | 32,595,183 | 10,501,117 | 14,846,615 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 87,258,611 | 125,893,785 | 7,151,697 | 10,720,280 | 13,701,719 | 36,448,990 | 14,251,847 | 19,771,715 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (5,393,175 | ) | – | (1,839,824 | ) | – | – | – | (1,609,469 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (5,393,175 | ) | – | (1,839,824 | ) | – | – | – | (1,609,469 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (32,027,423 | ) | (40,622,008 | ) | (3,926,787 | ) | (2,786,464 | ) | (9,725,459 | ) | (7,703,526 | ) | 8,784,681 | 63,198,343 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 55,231,188 | 79,878,602 | 3,224,910 | 6,093,992 | 3,976,260 | 28,745,464 | 23,036,528 | 81,360,589 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 656,380,153 | 576,501,551 | 79,601,973 | 73,507,981 | 170,215,568 | 141,470,104 | 230,538,206 | 149,177,617 | ||||||||||||||||||||||||
End of period† | $ | 711,611,341 | $ | 656,380,153 | $ | 82,826,883 | $ | 79,601,973 | $ | 174,191,828 | $ | 170,215,568 | $ | 253,574,734 | $ | 230,538,206 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 6,592,936 | $ | 4,387,861 | $ | 1,331,521 | $ | 1,021,824 | $ | 604,475 | $ | (11,900 | ) | $ | 5,307,311 | $ | 2,518,009 | |||||||||||||||
See Notes to Financial Statements
250
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 6,867,872 | $ | 19,527,858 | $ | 2,740,179 | $ | 5,683,031 | $ | 1,866,580 | $ | 6,881,325 | $ | 603,686 | $ | 1,168,028 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (4,892,312 | ) | 8,482,570 | 5,386,872 | 7,992,157 | 6,497,072 | 12,790,685 | 4,650,789 | 1,595,800 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 104,068,551 | 26,184,362 | 3,625,875 | (2,966,201 | ) | 63,969,381 | 30,542,019 | 12,293,197 | 15,384,015 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 106,044,111 | 54,194,790 | 11,752,926 | 10,708,987 | 72,333,033 | 50,214,029 | 17,547,672 | 18,147,843 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (21,427,547 | ) | – | (5,920,505 | ) | – | (9,737,177 | ) | – | (1,374,980 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (21,427,547 | ) | – | (5,920,505 | ) | – | (9,737,177 | ) | – | (1,374,980 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (11,307,863 | ) | 22,288,377 | (574,007 | ) | (7,170,603 | ) | (688,768 | ) | (13,496,131 | ) | (3,093,212 | ) | 1,973,936 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 94,736,248 | 55,055,620 | 11,178,919 | (2,382,121 | ) | 71,644,265 | 26,980,721 | 14,454,460 | 18,746,799 | |||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 783,839,434 | 728,783,814 | 147,932,031 | 150,314,152 | 471,763,814 | 444,783,093 | 116,227,220 | 97,480,421 | ||||||||||||||||||||||||
End of period† | $ | 878,575,682 | $ | 783,839,434 | $ | 159,110,950 | $ | 147,932,031 | $ | 543,408,079 | $ | 471,763,814 | $ | 130,681,680 | $ | 116,227,220 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 27,609,905 | $ | 20,742,033 | $ | 6,266,194 | $ | 3,526,015 | $ | 9,305,683 | $ | 7,439,103 | $ | 1,950,142 | $ | 1,346,456 | ||||||||||||||||
See Notes to Financial Statements
251
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 422,566 | $ | 1,482,263 | $ | 11,941,555 | $ | 23,100,096 | $ | 495,707 | $ | (114,151 | ) | $ | 26,406 | $ | 196,311 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 13,069,447 | 5,450,731 | 25,729,736 | 52,517,677 | 3,974,097 | 36,600,653 | 146 | 801,644 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 31,877,100 | 53,079,186 | 218,499,751 | 486,974,916 | 39,361,328 | 19,499,698 | – | – | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 45,369,113 | 60,012,180 | 256,171,042 | 562,592,689 | 43,831,132 | 55,986,200 | 26,552 | 997,955 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (2,659,901 | ) | – | (30,019,210 | ) | – | (1,285,857 | ) | (25,776 | ) | (197,599 | ) | |||||||||||||||||||
Net realized gain on securities | – | – | – | (43,546,065 | ) | – | – | – | (65,553 | ) | ||||||||||||||||||||||
Total distributions to shareholders | – | (2,659,901 | ) | – | (73,565,275 | ) | – | (1,285,857 | ) | (25,776 | ) | (263,152 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (18,132,570 | ) | (22,375,492 | ) | (3,479,486 | ) | (29,506,434 | ) | 4,150,425 | (11,061,050 | ) | (48,964,018 | ) | (70,932,381 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 27,236,543 | 34,976,787 | 252,691,556 | 459,520,980 | 47,981,557 | 43,639,293 | (48,963,242 | ) | (70,197,578 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 347,731,457 | 312,754,670 | 2,101,640,934 | 1,642,119,954 | 248,109,168 | 204,469,875 | 541,158,565 | 611,356,143 | ||||||||||||||||||||||||
End of period† | $ | 374,968,000 | $ | 347,731,457 | $ | 2,354,332,490 | $ | 2,101,640,934 | $ | 296,090,725 | $ | 248,109,168 | $ | 492,195,323 | $ | 541,158,565 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,927,579 | $ | 1,505,013 | $ | 36,064,272 | $ | 24,122,717 | $ | 690,480 | $ | 194,773 | $ | 476 | $ | (154 | ) | |||||||||||||||
See Notes to Financial Statements
252
Table of Contents
VALIC 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, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 299,479 | $ | 240,915 | $ | (914,504 | ) | $ | (1,276,682 | ) | $ | (263,356 | ) | $ | (364,774 | ) | $ | 191,945 | $ | 374,184 | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,353,926 | 1,887,777 | 47,977,131 | 101,499,573 | 5,472,878 | 5,312,747 | 4,046,815 | (5,362,336 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 12,849,928 | 20,958,844 | 73,074,279 | 67,149,026 | 3,189,930 | 14,635,807 | 27,883,778 | 75,951,141 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 14,503,333 | 23,087,536 | 120,136,906 | 167,371,917 | 8,399,452 | 19,583,780 | 32,122,538 | 70,962,989 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | (233,954 | ) | – | (640,946 | ) | – | (6,652 | ) | – | (1,281,689 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Total distributions to shareholders | – | (233,954 | ) | – | (640,946 | ) | – | (6,652 | ) | – | (1,281,689 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,726,914 | ) | 6,327,643 | (36,522,118 | ) | (20,243,339 | ) | (8,087,893 | ) | 20,954,692 | (14,653,137 | ) | (20,337,158 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 11,776,419 | 29,181,225 | 83,614,788 | 146,487,632 | 311,559 | 40,531,820 | 17,469,401 | 49,344,142 | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 102,702,703 | 73,521,478 | 710,097,251 | 563,609,619 | 86,710,742 | 46,178,922 | 286,788,029 | 237,443,887 | ||||||||||||||||||||||||
End of period† | $ | 114,479,122 | $ | 102,702,703 | $ | 793,712,039 | $ | 710,097,251 | $ | 87,022,301 | $ | 86,710,742 | $ | 304,257,430 | $ | 286,788,029 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 592,368 | $ | 292,889 | $ | (528,894 | ) | $ | 385,610 | $ | (254,791 | ) | $ | 8,565 | $ | 529,242 | $ | 337,297 | ||||||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | ||||||||||||||||||||||
For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,488,848 | $ | 7,469,987 | $ | 852,196 | $ | 1,404,099 | $ | (303,159 | ) | $ | (538,315 | ) | ||||||||||
Net realized gain (loss) on investments and | 2,953,629 | (24,066,544 | ) | 4,573,074 | 18,317,193 | 9,581,664 | 7,241,171 | |||||||||||||||||
Net unrealized gain (loss) on investments and | 73,358,467 | 230,060,677 | 8,058,482 | 39,243,996 | 5,210,825 | 13,543,147 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from | 80,800,944 | 213,464,120 | 13,483,752 | 58,965,288 | 14,489,330 | 20,246,003 | ||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income | – | (11,860,350 | ) | – | (3,330,142 | ) | – | (189,800 | ) | |||||||||||||||
Net realized gain on securities | – | (18,036,370 | ) | – | – | – | – | |||||||||||||||||
Total distributions to shareholders | – | (29,896,720 | ) | – | (3,330,142 | ) | – | (189,800 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting | (32,673,982 | ) | (8,885,544 | ) | (8,049,366 | ) | (8,582,762 | ) | (3,787,569 | ) | (2,579,741 | ) | ||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 48,126,962 | 174,681,856 | 5,434,386 | 47,052,384 | 10,701,761 | 17,476,462 | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of period | 809,018,186 | 634,336,330 | 209,120,929 | 162,068,545 | 95,319,039 | 77,842,577 | ||||||||||||||||||
End of period† | $ | 857,145,148 | $ | 809,018,186 | $ | 214,555,315 | $ | 209,120,929 | $ | 106,020,800 | $ | 95,319,039 | ||||||||||||
†Includes accumulated undistributed net | $ | 12,586,463 | $ | 8,097,615 | $ | 2,387,368 | $ | 1,535,172 | $ | (238,828 | ) | $ | 64,331 | |||||||||||
See Notes to Financial Statements
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VALIC Company I
STATEMENTS OF CHANGES IN NET ASSETS — (continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | For the Six Months Ended November 30, 2010 (Unaudited) | For the Year Ended May 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 27,842,096 | $ | 50,373,623 | $ | 763,736 | $ | 936,936 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 117,471,111 | 23,187,928 | 3,913,628 | 13,917,853 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 131,465,014 | 462,406,148 | 6,292,599 | 10,913,773 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 276,778,221 | 535,967,699 | 10,969,963 | 25,768,562 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | – | (65,547,002 | ) | – | (3,379,457 | ) | ||||||||||
Net realized gain on securities | – | (88,792,364 | ) | – | – | |||||||||||
Total distributions to shareholders | – | (154,339,366 | ) | – | (3,379,457 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (83,883,336 | ) | 115,680,769 | (31,027,156 | ) | (23,079,236 | ) | |||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 192,894,885 | 497,309,102 | (20,057,193 | ) | (690,131 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 2,990,588,761 | 2,493,279,659 | 155,034,611 | 155,724,742 | ||||||||||||
End of period† | $ | 3,183,483,646 | $ | 2,990,588,761 | $ | 134,977,418 | $ | 155,034,611 | ||||||||
†Includes accumulated undistributed net investment income (loss) | $ | 79,193,016 | $ | 51,350,920 | $ | 1,601,180 | $ | 837,444 | ||||||||
See Notes to Financial Statements
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Note 1 — Organization
VALIC Company I (the “Series” or “VC 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 Dividend Value Fund Foreign Value Fund Global Equity Fund 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 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 and those differences could be significant. 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 for which the securities are principally traded. 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. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or 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 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.
Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.
The various inputs that may be used to determine the value of the Fund’s investments are summarized into three broad levels listed below:
Level 1 — Unadjusted quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.)
Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The summary of the inputs used to value the Fund’s net assets as of November 30, 2010 are reported on a schedule following the Portfolio of Investments.
B. Derivative Instruments
The following tables represent the value of derivatives held as of November 30, 2010, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended November 30, 2010:
Asset Allocation Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Interest rate contracts(2) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | — | ||||||
Equity contracts(3) | Variation margin on futures contracts | — | Variation margin on futures contracts | — | ||||||||
$ | — | $ | — | |||||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Interest rate contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (69 | ) | $ | — | ||||
Equity contracts(3) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | 146,109 | (49,220 | ) | ||||||
$ | 146,040 | $ | (49,220 | ) | ||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for interest rate futures contracts was $133,333 |
(3) | The average notional amount outstanding for equity futures contracts was $583. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Global Equity Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 1,872,610 | Unrealized depreciation on forward foreign currency contracts | $ | 1,394,918 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | 103,500 | $ | 2,036,120 | |||||
Global Social Awareness Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(3)(4) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 24,527 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(4) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 37,458 | $ | 679,835 | |||||
�� |
(1) | The Fund’s derivative contracts held during the period ended November 30, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $75,346,971. |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $26,780 as reported in the Portfolio of Investments. |
(4) | The average notional amount outstanding for equity futures contracts was $7,568. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Global Strategy Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(2) | Unrealized appreciation on forward foreign currency contracts | $ | 5,370,778 | Unrealized depreciation on forward foreign currency contracts | $ | 506,774 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(2) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | 3,567,666 | $ | (1,055,246 | ) | ||||
Growth Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(3) | Unrealized appreciation on forward foreign currency contracts | $ | 42,880 | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on Derivatives Recognized in Statement of Operations | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(3) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | (118,615 | ) | $ | 45,425 | ||||
Health Sciences Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(4)(5) | Call and put options written, at value | $ | 3,987,895 | |||||||||
Call and put options purchased, at value | — | |||||||||||
$ | 3,987,895 | |||||||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(4)(5)(6) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 762,065 | $ | 1,354,344 | |||||
Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options | (1,940 | ) | — | |||||||
$ | 760,125 | $ | 1,354,344 | |||||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for forward foreign currency contracts was $162,247,166. |
(3) | The average notional amount outstanding for forward foreign currency contracts was $1,390,292. |
(4) | The average notional amount outstanding for equity written options contracts was $817,367. |
(5) | The average notional amount outstanding for equity purchased options contracts was $500. |
(6) | The Put options purchased are included in net realized gain/(loss) on investments. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
International Equities Fund | ||||||||||||
Asset Derivatives 2010 | Liability Derivatives 2010 | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 182,801 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 798,838 | $ | 1,721,201 | |||||
International Government Bond Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Foreign exchange contracts(4) | Unrealized appreciation on forward foreign currency contracts | $ | 20,810 | Unrealized depreciation on forward foreign currency contracts | $ | 3,725 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Foreign exchange contracts(4) | Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities | $ | (24,878 | ) | $ | 26,626 | ||||
Mid Cap Index Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(5)(6) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 112,150 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(5) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 1,719,198 | $ | 614,254 | |||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for equity futures contracts was $10,303. |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(323,676) as reported in the Portfolio of Investments. |
(4) | The average notional amount outstanding for forward foreign currency contracts was $230,086. |
(5) | The average notional amount outstanding for equity futures contracts was $24,583. |
(6) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $208,881 as reported in the Portfolio of Investments. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Nasdaq-100® Index Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(2)(3) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 52,440 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(2) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 285,184 | $ | 302,265 | |||||
Small Cap Index Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(4)(5) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 128,330 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(4) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | 482,169 | $ | 986,727 | |||||
Stock Index Fund | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Contracts(1) | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity contracts(6)(7) | Variation margin on futures contracts | $ | — | Variation margin on futures contracts | $ | 177,391 | ||||||
Derivative Contracts(1) | Location of Gain (Loss) on | Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||
Equity contracts(6) | Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts | $ | (423,937 | ) | $ | 915,801 | ||||
(1) | The Fund’s derivative contracts held during the period ended November 30, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America. |
(2) | The average notional amount outstanding for equity futures contracts was $1,937. |
(3) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $256,517 as reported in the Portfolio of Investments. |
(4) | The average notional amount outstanding for equity futures contracts was $26,733. |
(5) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $1,295,369 as reported in the Portfolio of Investments. |
(6) | The average notional amount outstanding for equity futures contracts was $20,333. |
(7) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(334,831) as reported in the Portfolio of Investments. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. During the period ended November 30, 2010, the Global Equity Fund, Global Strategy Fund, Growth Fund and International Government Bond Fund used Forward Foreign Currency Contracts to protect securities and related receivables and payables against changes in future foreign exchange rates. As of November 30, 2010, the following Funds had open forward contracts: Global Equity Fund, Global Strategy Fund, Growth Fund and International Government Bond Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.
A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Fund as unrealized gain or loss on the Statement of Assets and Liabilities. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks to the Funds of entering into forward contracts include counterparty risk and market risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.
Futures Contracts. Certain of the Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. During the period ended November 30, 2010, the Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, NASDAQ 100 Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase exposure to equity or bond markets. As of November 30, 2010, the following Funds had open futures contracts: Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.
A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.
A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are generally conducted through regulated exchanges, which minimize counterparty credit risks.
The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.
Options. Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. During the period ended November 30, 2010, the Health Sciences Fund used options contracts to generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased. As of November 30, 2010, the Health Sciences Fund had open option contracts, which are reported on a schedule following the Fund’s Portfolio of Investments.
An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. 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. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.
Risks to the Funds of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
During the period ended November 30, 2010 the following Funds had options written:
Written Options | ||||||||
Health Sciences Fund | ||||||||
Number of Contracts | Premiums Received | |||||||
Options outstanding as of May 31, 2010 | 8,742 | $ | 4,937,051 | |||||
Options written | 3,876 | 2,109,249 | ||||||
Options terminated in closing purchase transactions | (2,129 | ) | (697,674 | ) | ||||
Options exercised | (850 | ) | (570,598 | ) | ||||
Options expired | (2,240 | ) | (558,987 | ) | ||||
Options outstanding as of November 30, 2010 | 7,399 | $ | 5,219,041 | |||||
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 plus accrued interest, 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, 2010, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:
Fund | Percentage Ownership | Principal Amount | ||||||
Dividend Value | 0.10 | % | $ | 278,000 | ||||
Government Securities | 8.70 | % | 23,359,000 | |||||
Growth & Income | 0.96 | % | 2,568,000 | |||||
Large Capital Growth | 1.50 | % | 4,037,000 | |||||
Mid Cap Index | 7.61 | % | 20,421,000 | |||||
Nasdaq-100® Index | 1.25 | % | 3,358,000 | |||||
Small Cap Index | 7.49 | % | 20,112,000 | |||||
Stock Index | 5.28 | % | 14,163,000 |
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 30, 2010, bearing interest at a rate of 0.01% per annum, with a principal amount of $268,396,000, a repurchase price of $268,396,075, and maturity date of December 1, 2010. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | ||||||||||||
U.S. Treasury Note | 1.38 | % | 05/15/13 | $ | 274,000,000 | $ | 279,425,200 |
As of November 30, 2010, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:
Fund | Percentage Ownership | Principal Amount | ||||||
Money Market I | 35.92 | % | $ | 35,915,000 |
As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:
UBS Securities, LLC, dated November 30, 2010, bearing interest at a rate of 0.21% per annum, with a principal amount of $100,000,000, a repurchase price of 100,001,583 and maturity date of December 1, 2010. The repurchase agreement is collateralized by the following:
Type of Collateral | Interest Rate | Maturity Date | Principal Amount | Market Value | ||||||||||||
U.S. Treasury Inflation Index Notes | 2.00 | % | 01/15/14 | $ | 79,609,800 | $ | 102,000,056 |
D. Foreign Currency Translation
The books and records of the Series 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.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
The Series 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, the Series 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.
E. Investment Securities Loaned
To realize additional income, a Fund may lend portfolio securities with a value of up to 30% 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 temporarily less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by borrower, less expenses associated with the loan. 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.
F. 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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Funds as a reduction to the cost basis of the securities held. Interest income is accrued daily except when collection is not expected. For financial statement purposes, VC 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 VC 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 2006.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
VALIC receives from VC 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 next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 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 the next $500 million | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund@ | 0.75% on the first $500 million | |
0.725% on assets over $500 million | ||
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 the next $500 million | ||
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 the next $500 million | ||
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% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
Global Social Awareness Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund# | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
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 the next $500 million | |
0.35% on assets over $1 billion | ||
Money Market I Fund† | 0.40% |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Nasdaq-100® Index Fund | 0.40% on the first $250 million | |
0.38% on the next $250 million | ||
0.36% on assets over $500 million | ||
Dividend Value Fund* | 0.75% on the first $250 million | |
0.72% on the next $250 million | ||
0.67% on the next $500 million | ||
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 the next $500 million | ||
0.63% on assets over $1 billion | ||
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 the next $500 million | ||
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 the next $500 million | ||
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 the next $500 million | ||
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 | 0.73% on the first $500 million | |
0.67% on the next $500 million | ||
0.64% on the next $500 million | ||
0.61% on assets over $1.5 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 June 1, 2010, the advisory fee for Growth & Income Fund was 0.75% on all assets. |
# | Prior to June 1, 2010, the advisory fee for Global Strategy Fund was 0.50% on all assets. |
* | Prior to June 7, 2010, the advisory fee for Dividend Value Fund was 0.77% on the first $250 million, 0.72% on the next $250 million, 0.67% on the next $500 million and 0.62% on assets over $1 billion. |
† | The Advisor voluntarily agreed, until further notice, to waive investment advisory fees for the Money Market I Fund. For the period ended November 30, 2010, the amount of investment advisory fees waived were $559,335. |
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, 2011. For the purposes of waived fee and/or reimbursed expense calculations, 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 Series 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 | % | ||
Dividend Value@ | 0.82 | % | ||
Global Real Estate | 0.95 | % | ||
Government Securities† | 0.67 | % | ||
Growth | 0.81 | % | ||
Growth & Income | 0.85 | % |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | Maximum Expense Limitation | |||
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 | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
Small Cap Special Values | 0.90 | % | ||
Small-Mid Growth | 1.00 | % | ||
Value | 0.85 | % |
@ | Prior to October 1, 2010, the expense limitation for the Dividend Value Fund was 0.83%. |
† | Prior to October 1, 2010, the Government Securities Fund did not have an expense limitation. |
For the period ended November 30, 2010, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Blue Chip Growth | $ | 49,852 | ||
Broad Cap Value Income | 46,221 | |||
Core Equity | 155,131 | |||
Dividend Value | 157,054 | |||
Growth | 167,394 | |||
Growth & Income | 42,878 | |||
International Growth I | 313,759 | |||
Money Market I | 1,751 | |||
Nasdaq-100® Index | 64,347 | |||
Small Cap Aggressive Growth | 27,510 | |||
Small Cap | 195,663 | |||
Small Cap Special Values | 11,734 | |||
Small-Mid Growth | 141,036 | |||
Value | 60,561 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market I Fund will be able to avoid a negative yield. For the period ended November 30, 2010, VALIC voluntarily waived $109,756 of expenses for the Money Market I Fund (exclusive of investment advisory fees waived by Valic).
VALIC has entered into sub-advisory agreements with the following:
American Century Investment Management, Inc. (“American Century”)†—subadviser for the Growth Fund and a portion of the International Growth I Fund.
Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC and BlackRock Financial Management, Inc. (collectively “BlackRock”)**—subadviser for the Core Equity Fund, the Global Equity Fund and a portion of the Dividend Value Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Century Capital Management, LLC (“Century Capital”)*—subadviser for a portion of the Small-Mid Growth Fund.
Dreman Value Management, LLC—subadviser for 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 Advisers, Inc. (“Invesco”)—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.—subadviser for a portion of the Mid Cap Strategic Growth Fund.
OppenheimerFunds, Inc.—subadviser for the Value Fund.
PineBridge Investments, LLC. (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund and a portion of the Mid Cap Strategic Growth Fund.
RCM Capital Management, LLC—subadviser for a portion of the Science & Technology Fund.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
SunAmerica Asset Management Corp. (“SunAmerica”)**—subadviser for the Government Securities Fund, the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth 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 Large Cap Core Fund, Small Cap Aggressive Growth Fund, a portion of the Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.
† | Effective July 16, 2010, with respect to the Growth and International Growth I Funds, American Century Global Investment Management, Inc. (“ACGIM”) was merged with and into American Century, an affiliated investment advisor. |
* | Effective August 9, 2010, Century Capital became a co-subadviser of the Small-Mid Growth Fund. |
** | Effective June 7, 2010, BlackRock and SunAmerica replaced American Century as co-subadvisers for the Dividend Value Fund. |
The subadvisers are compensated for their services by VALIC.
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”). SunAmerica receives from each Fund, an annual fee of 0.07% based on the average daily net asset value of the Fund. Pursuant to the Administrative Services Agreement, SunAmerica provides administrative services to the Board, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the period ended November 30, 2010, VC I expensed $5,225,998 for accounting and administrative services.
VC 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, 2010, the Series expensed $58,887 in transfer agency and services fees.
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, 2010, certain directors of VC I have deferred $10,050 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. The Series and VALIC Company II are 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.
Effective April 27, 2009, the Retirement Plan was terminated. As a result of terminating the retirement plan, (1) the Retirement Plan was frozen as to future accruals for active Participants as of December 31, 2008, and (2) permits active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2010. The freeze of future accruals does not apply to Directors that have commenced receiving benefits under the retirement plan on or before December 31, 2008. On May 24, 2010, VC I made lump-sum payments to the Directors in accordance with the terms of the Retirement Plan.
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, 2010 | Retirement Plan Expense | Retirement Plan Payments | |||||||||
For the period ended November 30, 2010 | ||||||||||||
Asset Allocation | $ | 399 | $ | — | $ | 200 | ||||||
Blue Chip Growth | — | — | — | |||||||||
Broad Cap Value Income | — | — | — | |||||||||
Capital Conservation | 385 | — | 193 | |||||||||
Core Equity | 710 | — | 355 | |||||||||
Dividend Value | — | — | — | |||||||||
Foreign Value | — | — | — | |||||||||
Global Equity | — | — | — |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | Retirement Plan Liability as of November 30, 2010 | Retirement Plan Expense | Retirement Plan Payments | |||||||||
For the period ended November 30, 2010 | ||||||||||||
Global Real Estate | $ | — | $ | — | $ | — | ||||||
Global Social Awareness | 852 | — | 426 | |||||||||
Global Strategy | — | — | — | |||||||||
Government Securities | 412 | — | 206 | |||||||||
Growth | — | — | — | |||||||||
Growth & Income | 258 | — | 129 | |||||||||
Health Sciences | — | — | — | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities | 2,687 | — | 1,344 | |||||||||
International Government Bond | 489 | — | 245 | |||||||||
International Growth I | — | — | — | |||||||||
Large Cap Core | — | — | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | 6,374 | — | 3,187 | |||||||||
Mid Cap Strategic Growth | — | — | — | |||||||||
Money Market I | 1,901 | — | 951 | |||||||||
NASDAQ-100 Index | — | — | — | |||||||||
Science & Technology | 2,182 | — | 1,092 | |||||||||
Small Cap Aggressive Growth | — | — | — | |||||||||
Small Cap | — | — | — | |||||||||
Small Cap Index | 2,415 | — | 1,208 | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | — | — | — | |||||||||
Stock Index | 9,531 | — | 4,765 | |||||||||
Value | — | — | — |
At November 30, 2010, VALIC 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 | AGL | ||||||
Asset Allocation | 100.00% | — | ||||||
Blue Chip Growth | 99.97% | * | ||||||
Broad Cap Value Income | 100.00% | — | ||||||
Capital Conservation | 100.00% | — | ||||||
Core Equity | 100.00% | — | ||||||
Dividend Value | 99.97% | * | ||||||
Foreign Value | 100.00% | — | ||||||
Global Equity | 100.00% | — | ||||||
Global Real Estate | 100.00% | — | ||||||
Global Social Awareness | 100.00% | — | ||||||
Global Strategy | 100.00% | — | ||||||
Government Securities | 96.80% | — | ||||||
Growth | 100.00% | — | ||||||
Growth & Income | 96.23% | — | ||||||
Health Sciences | 99.96% | * | ||||||
Inflation Protected | 100.00% | — | ||||||
International Equities | 97.81% | * | ||||||
International Government Bond | 100.00% | — | ||||||
International Growth I | 100.00% | — | ||||||
Large Cap Core | 100.00% | — | ||||||
Large Capital Growth | 100.00% | — | ||||||
Mid Cap Index | 98.88% | * | ||||||
Mid Cap Strategic Growth | 100.00% | — | ||||||
Money Market I | 80.76% | 18.16% | ||||||
Nasdaq-100® Index | 96.48% | * |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | VALIC | AGL | ||||||
Science & Technology | 99.80% | * | ||||||
Small Cap | 100.00% | — | ||||||
Small Cap Aggressive Growth | 100.00% | 0.00% | ||||||
Small Cap Index | 98.83% | * | ||||||
Small Cap Special Values | 100.00% | — | ||||||
Small-Mid Growth | 100.00% | — | ||||||
Stock Index | 97.85% | * | ||||||
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, 2010, 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 5/31/2010 | Purchases | Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Market Value at 11/30/2010 | ||||||||||||||||||||||
Stock Index | American International Group, Inc. | $ | — | $ | 1,432,890 | $ | 70,314 | $ | 101,297 | $ | (717,028 | ) | $ | 958,403 | $ | 1,643,342 | ||||||||||||||
International Growth I | AIA Group, Ltd. | — | — | 307,198 | 339,860 | 32,662 | — | — |
During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:
Affiliated Broker | Growth Fund | International Growth I Fund | Value Fund | |||||||||
J.P. Morgan Securities (Asia Pacific) Ltd. | $ | 375 | $ | 2,595 | $ | — | ||||||
J.P. Morgan Securities, Inc. | 82,785 | 21,113 | — | |||||||||
J.P. Morgan Securities, Ltd. | 2,820 | 26,779 | — | |||||||||
Oppenheimer & Co., Inc. | — | — | 400 | |||||||||
Cazenove & Co. | 696 | 2,484 | — | |||||||||
J.P. Morgan Clearing Corp. | 584 | 5,174 | — | |||||||||
J.P. Morgan Chase & Co | — | 91 | — | |||||||||
J.P. Morgan Broking HK, Ltd. | 245 | 3,900 | — | |||||||||
J.P. Morgan Securities Australia, Ltd. | 711 | 2,033 | — |
On October 22, 2010, the International Growth I Fund purchased 120,000 shares of AIA Group LTD. The Fund is prohibited from acquiring shares issued by AIA Group LTD, which is an affiliate of SunAmerica Asset Management Corp., the administrator of the VC I funds. On October 29, 2010 the 120,000 shares were sold to correct this error, resulting in a gain of $32,662 to the Fund.
On November 23, 2010, the Mid Cap Index Fund sold 140 Russell 2000 Mini futures contracts that the Fund did not own. The Fund has an investment restriction that prohibits it from engaging in short sales except to the extent the Fund contemporaneously owns, or has the right to obtain without payment, securities identical to those sold short (“short sales against the box”). The short position was closed on November 23, 2010, resulting in a gain of $22,810 to the Fund.
As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $0 and $761,000 for the periods ended November 30, 2010 and May 31, 2010, respectively.
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 and SunAmerica, the subadvisor to Government Securities Fund, Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth Fund and the Funds’ administrator, entered into a revolving credit facility (“FRBNY Credit Facility”) with the Federal Reserve Bank of New York (“NY Fed”). In connection with the FRBNY Credit Facility, on March 4, 2009, AIG issued its Series C Perpetual, Convertible, Participating Preferred Stock (the “Series C Preferred Stock”) to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”). The Series C Preferred Stock was entitled to approximately 77.8% of the voting power of AIG’s outstanding stock.
On January 14, 2011, AIG completed a series of previously announced integrated transactions (the “Recapitalization”) to recapitalize AIG. In the Recapitalization, AIG repaid the NY Fed approximately $21 billion in cash, representing all amounts owing under the FRBNY Credit Facility and the facility was terminated. Also as part of the Recapitalization, (i) the Series C Preferred Stock was exchanged for shares of AIG Common Stock, which was then transferred to the U.S. Department of the Treasury, and the Trust, which had previously held all shares of the Series C Preferred Stock, was terminated, and, (ii) AIG’s Series E Preferred Shares and Series F Preferred Shares were exchanged for shares of AIG Common Stock and a new Series G Preferred Shares (which functions as a $2 billion commitment to provide funding that AIG will have the discretion and option to use). As a result of the Recapitalization, the United States Treasury held a majority of outstanding shares of AIG Common Stock.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Note 4 — Investment Activity
The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended November 30, 2010, 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 | $ | 84,740,503 | $ | 75,110,178 | $ | 7,180,521 | $ | 20,734,620 | ||||||||
Blue Chip Growth | 56,602,930 | 132,297,944 | — | — | ||||||||||||
Broad Cap Value Income | 1,902,940 | 1,519,832 | — | — | ||||||||||||
Capital Conservation | 106,570,076 | 93,718,819 | 42,999,352 | 34,598,278 | ||||||||||||
Core Equity | 123,827,227 | 133,546,358 | — | — | ||||||||||||
Dividend Value | 109,942,878 | 98,810,855 | — | — | ||||||||||||
Foreign Value | 165,545,679 | 88,812,109 | — | — | ||||||||||||
Global Equity | 115,555,641 | 125,116,265 | — | — | ||||||||||||
Global Real Estate | 90,337,364 | 129,415,065 | — | — | ||||||||||||
Global Social Awareness | 158,771,852 | 161,229,487 | — | — | ||||||||||||
Global Strategy | 49,790,419 | 27,971,266 | — | — | ||||||||||||
Government Securities | — | — | 204,425,385 | 200,689,985 | ||||||||||||
Growth | 334,443,828 | 366,082,254 | — | — | ||||||||||||
Growth & Income | 56,701,157 | 60,821,995 | — | — | ||||||||||||
Health Sciences | 27,225,588 | 33,235,250 | — | — | ||||||||||||
Inflation Protected | 64,729,001 | 61,538,203 | 7,954,988 | 1,175,065 | ||||||||||||
International Equities | 247,799,060 | 252,348,331 | — | — | ||||||||||||
International Government Bond | 74,546,172 | 67,476,174 | 11,165,082 | 13,970,873 | ||||||||||||
International Growth I | 160,576,752 | 168,127,612 | — | — | ||||||||||||
Large Cap Core | 54,578,478 | 49,250,748 | — | — | ||||||||||||
Large Capital Growth | 264,258,287 | 278,051,320 | — | — | ||||||||||||
Mid Cap Index | 293,838,091 | 242,477,497 | — | — | ||||||||||||
Mid Cap Strategic Growth | 143,707,616 | 152,029,873 | — | — | ||||||||||||
Nasdaq-100® Index | 1,116,000 | 2,950,054 | — | — | ||||||||||||
Science & Technology | 404,811,318 | 443,330,170 | — | — | ||||||||||||
Small Cap Aggressive Growth | 26,926,946 | 31,160,184 | — | — | ||||||||||||
Small Cap | 46,690,487 | 57,651,223 | — | — | ||||||||||||
Small Cap Index | 79,825,659 | 93,889,177 | — | — | ||||||||||||
Small Cap Special Values | 28,653,298 | 41,203,931 | — | — | ||||||||||||
Small-Mid Growth | 76,348,932 | 80,137,115 | — | — | ||||||||||||
Stock Index | 294,796,287 | 338,126,332 | — | — | ||||||||||||
Value | 75,996,288 | 107,190,055 | — | — |
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, security lending partnership, 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, 2010.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Asset Allocation | $ | 126,189,728 | $ | 11,374,520 | $ | (4,282,824 | ) | $ | 7,091,696 | |||||||
Blue Chip Growth | 331,098,615 | 101,069,753 | (5,885,567 | ) | 95,184,186 | |||||||||||
Broad Cap Value Income | 21,983,610 | 2,571,336 | (2,148,029 | ) | 423,307 | |||||||||||
Capital Conservation | 146,255,336 | 4,756,314 | (1,310,119 | ) | 3,446,195 | |||||||||||
Core Equity | 243,307,798 | 21,469,869 | (14,319,893 | ) | 7,149,976 | |||||||||||
Dividend Value | 138,141,592 | 13,765,544 | (8,818,029 | ) | 4,947,515 | |||||||||||
Foreign Value | 964,926,315 | 87,828,149 | (122,315,357 | ) | (34,487,208 | ) | ||||||||||
Global Equity | 240,213,105 | 21,860,519 | (7,712,355 | ) | 14,148,164 | |||||||||||
Global Real Estate | 249,352,057 | 44,994,073 | (20,171,043 | ) | 24,823,030 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Global Social Awareness | $ | 288,952,945 | $ | 22,653,927 | $ | (31,419,316 | ) | $ | (8,765,389 | ) | ||||||
Global Strategy | 465,445,551 | 43,492,692 | (39,482,119 | ) | 4,010,573 | |||||||||||
Government Securities | 131,798,551 | 2,843,250 | (1,170,939 | ) | 1,672,311 | |||||||||||
Growth | 682,156,071 | 116,642,308 | (22,609,697 | ) | 94,032,611 | |||||||||||
Growth & Income | 84,686,643 | 6,366,241 | (4,004,815 | ) | 2,361,426 | |||||||||||
Health Sciences | 166,031,547 | 31,024,636 | (18,488,696 | ) | 12,535,940 | |||||||||||
Inflation Protected | 236,480,807 | 18,130,967 | (2,204,575 | ) | 15,926,392 | |||||||||||
International Equities | 965,010,761 | 78,019,240 | (120,983,834 | ) | (42,964,594 | ) | ||||||||||
International Government Bond* | 150,680,952 | 8,651,520 | (3,779,732 | ) | 4,871,788 | |||||||||||
International Growth I | 536,180,126 | 72,952,963 | (33,968,229 | ) | 38,984,734 | |||||||||||
Large Cap Core | 127,638,913 | 20,177,246 | (4,282,698 | ) | 15,894,548 | |||||||||||
Large Capital Growth | 335,025,506 | 64,570,878 | (7,492,536 | ) | 57,078,342 | |||||||||||
Mid Cap Index | 2,525,816,246 | 409,480,788 | (275,756,272 | ) | 133,724,516 | |||||||||||
Mid Cap Strategic Growth | 292,374,114 | 55,955,791 | (15,421,438 | ) | 40,534,353 | |||||||||||
Money Market I | 492,381,051 | — | — | — | ||||||||||||
NASDAQ-100 Index | 88,993,372 | 41,248,367 | (7,468,813 | ) | 33,779,554 | |||||||||||
Science & Technology | 750,050,181 | 157,325,021 | (48,785,973 | ) | 108,539,048 | |||||||||||
Small Cap Aggressive Growth | 87,528,143 | 15,158,879 | (8,112,937 | ) | 7,045,942 | |||||||||||
Small Cap | 308,346,789 | 69,099,998 | (21,906,952 | ) | 47,193,046 | |||||||||||
Small Cap Index | 973,638,217 | 166,771,994 | (165,315,022 | ) | 1,456,972 | |||||||||||
Small Cap Special Values | 245,255,021 | 27,246,874 | (24,784,677 | ) | 2,462,197 | |||||||||||
Small -Mid Growth | 101,910,318 | 21,503,534 | (2,678,294 | ) | 18,825,240 | |||||||||||
Stock Index | 3,012,748,053 | 851,158,332 | (444,441,475 | ) | 406,716,857 | |||||||||||
Value | 129,179,035 | 11,894,015 | (5,991,213 | ) | 5,902,802 |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2010. |
The tax basis distributable earnings at May 31, 2010 and the tax character of distributions paid during the year ended May 31, 2010 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||||||
For the year ended May 31, 2010 | ||||||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | Return of Capital | ||||||||||||||||||
Asset Allocation | $ | 2,715,898 | $ | (15,817,179 | ) | $ | 1,271,051 | $ | 3,536,552 | $ | — | $ | — | |||||||||||
Blue Chip Growth | 119,702 | (75,083,954 | ) | 60,055,989 | 906,871 | — | — | |||||||||||||||||
Broad Cap Value | 147,180 | (3,065,554 | ) | (1,000,090 | ) | 392,535 | — | — | ||||||||||||||||
Capital Conservation | 4,458,795 | (7,280,667 | ) | 2,444,031 | 5,565,027 | — | — | |||||||||||||||||
Core Equity | 2,800,192 | (178,680,171 | ) | (719,563 | ) | 4,266,857 | — | — | ||||||||||||||||
Dividend Value | 1,825,993 | (31,258,824 | ) | (7,294,218 | ) | 2,814,896 | — | — | ||||||||||||||||
Foreign Value | 15,731,924 | (133,957,513 | ) | (113,434,466 | ) | 19,659,718 | — | — | ||||||||||||||||
Global Equity | 4,183,530 | (115,456,496 | ) | (9,700,783 | ) | 776,371 | — | — | ||||||||||||||||
Global Real Estate | 1,429,067 | (12,850,339 | ) | 20,701,092 | 29,386,642 | — | — | |||||||||||||||||
Global Social Awareness | 4,394,060 | (153,909,626 | ) | (33,177,244 | ) | 6,920,505 | — | — | ||||||||||||||||
Global Strategy | 15,032,226 | (33,009,625 | ) | (18,393,360 | ) | 37,023,590 | — | — | ||||||||||||||||
Government Securities | 3,525,295 | (1,708,494 | ) | 3,272,796 | 4,944,289 | — | — | |||||||||||||||||
Growth | 4,427,099 | (217,336,180 | ) | 36,123,952 | 5,393,175 | — | — | |||||||||||||||||
Growth & Income | 1,024,852 | (32,442,960 | ) | (3,964,350 | ) | 1,839,824 | — | — | ||||||||||||||||
Health Sciences | — | — | 5,739,106 | — | — | — | ||||||||||||||||||
Inflation Protected | 2,548,269 | (5,053,240 | ) | 5,453,990 | 1,609,469 | — | — | |||||||||||||||||
International Equities | 21,673,371 | (175,941,319 | ) | (144,447,644 | ) | 21,427,547 | — | — | ||||||||||||||||
International Government Bond* | 7,384,808 | (1,880,308 | ) | 13,222,834 | 5,920,505 | — | — | |||||||||||||||||
International Growth I | 7,721,219 | (103,769,194 | ) | (24,945,125 | ) | 9,737,177 | — | — | ||||||||||||||||
Large Cap Core | 1,332,992 | (4,825,332 | ) | 3,597,033 | 1,374,980 | — | — | |||||||||||||||||
Large Capital Growth | 1,487,778 | (45,435,433 | ) | 25,204,105 | 2,659,901 | — | — |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||||||
For the year ended May 31, 2010 | ||||||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)† | Ordinary Income | Long-Term Capital Gains | Return of Capital | ||||||||||||||||||
Mid Cap Index | $ | 23,588,821 | $ | (6,619,285 | ) | $ | (84,160,981 | ) | $ | 30,526,650 | $ | 43,038,625 | $ | — | ||||||||||
Mid Cap Strategic Growth | 117,016 | (40,084,767 | ) | 1,173,025 | 1,285,857 | — | — | |||||||||||||||||
Money Market I | 8,481 | (1,390,231 | ) | — | 263,152 | — | — | |||||||||||||||||
Nasdaq-100® Index | 269,803 | (2,812,380 | ) | 21,231,891 | 233,954 | — | — | |||||||||||||||||
Science & Technology | — | (691,195,026 | ) | 35,526,681 | 640,946 | — | — | |||||||||||||||||
Small Cap Aggressive Growth | — | (4,148,753 | ) | 3,856,012 | 6,652 | — | — | |||||||||||||||||
Small Cap | 464,753 | (63,162,266 | ) | 19,309,572 | 1,281,689 | — | — | |||||||||||||||||
Small Cap Index | 7,379,062 | (59,324,114 | ) | (70,914,768 | ) | 14,099,262 | 15,797,458 | — | ||||||||||||||||
Small Cap Special Values | 1,330,222 | (56,993,678 | ) | (5,596,285 | ) | 3,330,142 | — | — | ||||||||||||||||
Small-Mid Growth | — | (34,244,334 | ) | 13,614,415 | 189,800 | — | — | |||||||||||||||||
Stock Index | 57,075,132 | 42,900,308 | 276,167,644 | 65,614,118 | 88,725,248 | — | ||||||||||||||||||
Value | 999,315 | (73,848,982 | ) | (389,797 | ) | 3,379,457 | — | — |
* | The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2010. |
† | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2010, 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 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,169,384 | $ | 7,647,795 | ||||||||||||||||
Blue Chip Growth | 154,910 | — | — | — | — | — | 25,811,627 | 49,117,417 | ||||||||||||||||||||||||
Broad Cap Value | — | — | — | — | — | — | 1,290,353 | 1,775,201 | ||||||||||||||||||||||||
Capital Conservation | — | — | — | — | — | — | 7,280,667 | — | ||||||||||||||||||||||||
Core Equity | 73,134,761 | 32,639,490 | — | — | — | — | 24,335,917 | 48,570,003 | ||||||||||||||||||||||||
Dividend Value | — | — | — | — | — | — | 9,349,929 | 21,908,895 | ||||||||||||||||||||||||
Foreign Value | — | — | — | — | — | — | 619,077 | 133,338,436 | ||||||||||||||||||||||||
Global Equity | — | — | — | — | — | — | 43,581,265 | 71,875,231 | ||||||||||||||||||||||||
Global Real Estate | — | — | — | — | — | — | 3,471,144 | 9,379,195 | ||||||||||||||||||||||||
Global Social Awareness | — | — | — | — | — | — | 52,193,261 | 101,716,365 | ||||||||||||||||||||||||
Global Strategy | — | — | — | — | — | — | 5,707,963 | 27,301,662 | ||||||||||||||||||||||||
Government Securities | — | — | — | — | 1,708,494 | — | — | — | ||||||||||||||||||||||||
Growth | 1,573,371 | — | — | 1,130,162 | 47,815,438 | — | 66,892,027 | 99,925,182 | ||||||||||||||||||||||||
Growth & Income | — | — | — | — | — | — | 13,966,026 | 18,476,934 | ||||||||||||||||||||||||
Health Sciences | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Inflation Protected | — | — | — | 17,841 | 478,150 | 34,179 | 1,235,563 | 3,287,507 | ||||||||||||||||||||||||
International Equities | — | — | — | — | — | — | 47,768,559 | 128,172,760 | ||||||||||||||||||||||||
International Government Bond* | — | — | — | — | — | — | 1,729,701 | 92,586 | ||||||||||||||||||||||||
International Growth I | 17,227,965 | — | — | — | — | — | 26,569,259 | 59,971,970 | ||||||||||||||||||||||||
Large Cap Core | — | — | — | — | — | — | 4,640,985 | 184,347 | ||||||||||||||||||||||||
Large Capital Growth | — | — | — | — | — | — | 16,394,045 | 29,041,388 | ||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | — | — | — | 6,619,285 | ||||||||||||||||||||||||
Mid Cap Strategic Growth | — | — | — | — | — | — | 26,700,811 | 13,383,956 | ||||||||||||||||||||||||
Money Market I | — | — | — | — | — | — | 1,390,231 | — | ||||||||||||||||||||||||
Nasdaq-100® Index | — | — | — | — | — | — | 1,504,725 | 1,307,655 | ||||||||||||||||||||||||
Science & Technology | 404,504,281 | 171,964,888 | — | — | — | — | 38,732,224 | 75,993,633 | ||||||||||||||||||||||||
Small Cap Aggressive Growth | — | — | — | — | — | — | 3,524,627 | 624,126 | ||||||||||||||||||||||||
Small Cap | — | — | — | — | — | — | 33,895,635 | 29,266,631 | ||||||||||||||||||||||||
Small Cap Index | — | — | — | — | — | — | — | 59,324,114 | ||||||||||||||||||||||||
Small Cap Special Values | — | — | — | — | — | — | 18,913,026 | 38,080,652 | ||||||||||||||||||||||||
Small-Mid Growth | — | — | — | — | — | — | 26,489,534 | 7,754,800 | ||||||||||||||||||||||||
Stock Index | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Value | — | — | — | — | — | — | 25,251,924 | 48,597,058 |
* | The Capital Loss Carryforward for International Government Bond Fund are for the 12 months ended, September 30, 2010. |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Under the current tax law, capital losses related to securities and foreign currency realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following year. For the fiscal year ended May 31, 2010, the Funds elected to defer capital losses as follows:
Fund | Deferred Post-October Capital Loss | Deferred Post- October Currency Loss | ||||||
Asset Allocation | $ | — | $ | — | ||||
Blue Chip Growth | 181,925 | 2,044 | ||||||
Broad Cap Value | 58,602 | — | ||||||
Capital Conservation | — | —�� | ||||||
Core Equity | 3,566,875 | — | ||||||
Dividend Value | 1,521,077 | 141 | ||||||
Foreign Value | 4,026,150 | 509,692 | ||||||
Global Equity | 771,501 | 2,091,210 | ||||||
Global Real Estate | — | 24,193 | ||||||
Global Social Awareness | 8,468,062 | 56,172 | ||||||
Global Strategy | 2,310,674 | — | ||||||
Government Securities | 820,242 | — | ||||||
Growth | — | — | ||||||
Growth & Income | 683,572 | — | ||||||
Health Sciences | — | 10,290 | ||||||
Inflation Protected | 822,483 | 29,425 | ||||||
International Equities | 1,865,080 | 57,541 | ||||||
International Government Bond* | — | — | ||||||
International Growth I | — | 217,869 | ||||||
Large Cap Core | — | 11,453 | ||||||
Large Capital Growth | 1,869,815 | 1,161 | ||||||
Mid Cap Index | — | — | ||||||
Mid Cap Strategic Growth | 187,007 | 13,791 | ||||||
Money Market I | 362 | — | ||||||
Nasdaq-100® Index | — | — | ||||||
Science & Technology | — | 25,288 | ||||||
Small Cap Aggressive Growth | — | — | ||||||
Small Cap | 1,705,880 | 509 | ||||||
Small Cap Index | — | — | ||||||
Small Cap Special Values | 525,788 | — | ||||||
Small-Mid Growth | — | — | ||||||
Stock Index | — | — | ||||||
Value | — | — |
* | The deferred Post-October Capital Loss for International Government Bond Fund is for the tax year ended September 30, 2010. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 818,475 | $ | 8,001,837 | 1,647,344 | $ | 15,204,827 | 1,191,707 | $ | 10,508,787 | 5,937,937 | $ | 49,573,110 | ||||||||||||||||||||
Reinvested dividends | — | — | 380,684 | 3,536,552 | — | — | 102,125 | 906,871 | ||||||||||||||||||||||||
Shares redeemed | (1,373,447 | ) | (13,396,628 | ) | (2,170,113 | ) | (20,074,556 | ) | (9,596,745 | ) | (88,162,258 | ) | (7,160,281 | ) | (61,959,084 | ) | ||||||||||||||||
Net increase (decrease) | (554,972 | ) | $ | (5,394,791 | ) | (142,085 | ) | $ | (1,333,177 | ) | (8,405,038 | ) | $ | (77,653,471 | ) | (1,120,219 | ) | $ | (11,479,103 | ) | ||||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 263,396 | $ | 2,324,681 | 333,019 | $ | 2,840,535 | 2,417,707 | $ | 23,246,312 | 3,082,722 | $ | 28,557,117 | ||||||||||||||||||||
Reinvested dividends | — | — | 45,015 | 392,535 | — | — | 614,241 | 5,565,027 | ||||||||||||||||||||||||
Shares redeemed | (188,459 | ) | (1,654,843 | ) | (371,172 | ) | (3,182,983 | ) | (1,522,894 | ) | (14,814,796 | ) | (2,212,449 | ) | (20,394,601 | ) | ||||||||||||||||
Net increase (decrease) | 74,937 | $ | 669,838 | 6,862 | $ | 50,087 | 894,813 | $ | 8,431,516 | 1,484,514 | $ | 13,727,543 | ||||||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 275,204 | $ | 2,958,295 | 498,616 | $ | 5,277,342 | 2,344,946 | $ | 17,746,728 | 2,841,671 | $ | 20,593,657 | ||||||||||||||||||||
Reinvested dividends | — | — | 390,738 | 4,266,857 | — | — | 371,358 | 2,814,896 | ||||||||||||||||||||||||
Shares redeemed | (1,451,098 | ) | (15,755,608 | ) | (2,353,176 | ) | (25,042,235 | ) | (1,130,696 | ) | (8,906,754 | ) | (2,091,068 | ) | (15,451,260 | ) | ||||||||||||||||
Net increase (decrease) | (1,175,894 | ) | $ | (12,797,313 | ) | (1,463,822 | ) | $ | (15,498,036 | ) | 1,214,250 | $ | 8,839,974 | 1,121,961 | $ | 7,957,293 | ||||||||||||||||
Foreign Value | Global Equity | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 12,180,672 | $ | 98,875,374 | 14,254,969 | $ | 116,684,981 | 1,257,805 | $ | 9,267,576 | 2,164,619 | $ | 15,714,941 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,291,342 | 19,659,718 | — | — | 104,773 | 776,371 | ||||||||||||||||||||||||
Shares redeemed | (5,232,428 | ) | (44,580,930 | ) | (9,597,863 | ) | (79,939,310 | ) | (2,519,247 | ) | (18,615,258 | ) | (4,489,509 | ) | (32,102,263 | ) | ||||||||||||||||
Net increase (decrease) | 6,948,244 | $ | 54,294,444 | 6,948,448 | $ | 56,405,389 | (1,261,442 | ) | $ | (9,347,682 | ) | (2,220,117 | ) | $ | (15,610,951 | ) | ||||||||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,213,843 | $ | 9,678,993 | 2,639,034 | $ | 19,571,555 | 1,103,520 | $ | 14,425,245 | 1,497,225 | $ | 19,027,134 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,955,134 | 29,386,642 | — | — | 522,302 | 6,920,505 | ||||||||||||||||||||||||
Shares redeemed | (6,196,183 | ) | (52,010,049 | ) | (4,831,327 | ) | (36,934,934 | ) | (2,397,190 | ) | (33,255,490 | ) | (5,868,281 | ) | (72,559,901 | ) | ||||||||||||||||
Net increase (decrease) | (4,982,340 | ) | $ | (42,331,056 | ) | 1,762,841 | $ | 12,023,263 | (1,293,670 | ) | $ | (18,830,245 | ) | (3,848,754 | ) | $ | (46,612,262 | ) | ||||||||||||||
Global Strategy | Government Securities | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,578,754 | $ | 51,082,001 | 2,455,952 | $ | 26,016,480 | 794,582 | $ | 8,721,609 | 1,794,178 | $ | 19,051,830 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,601,517 | 37,023,590 | — | — | 477,709 | 4,944,289 | ||||||||||||||||||||||||
Shares redeemed | (1,619,681 | ) | (17,171,372 | ) | (3,585,244 | ) | (37,852,890 | ) | (1,378,882 | ) | (15,036,624 | ) | (4,339,793 | ) | (45,799,529 | ) | ||||||||||||||||
Net increase (decrease) | 2,959,073 | $ | 33,910,629 | 2,472,225 | $ | 25,187,180 | (584,300 | ) | $ | (6,315,015 | ) | (2,067,906 | ) | $ | (21,803,410 | ) | ||||||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 853,685 | $ | 8,131,867 | 1,636,121 | $ | 14,562,490 | 209,523 | $ | 2,248,318 | 602,851 | $ | 6,448,835 | ||||||||||||||||||||
Reinvested dividends | — | — | 581,161 | 5,393,175 | — | — | 168,946 | 1,839,824 | ||||||||||||||||||||||||
Shares redeemed | (4,184,810 | ) | (40,159,290 | ) | (6,715,519 | ) | (60,577,673 | ) | (571,801 | ) | (6,175,105 | ) | (1,035,035 | ) | (11,075,123 | ) | ||||||||||||||||
Net increase (decrease) | (3,331,125 | ) | $ | (32,027,423 | ) | (4,498,237 | ) | $ | (40,622,008 | ) | (362,278 | ) | $ | (3,926,787 | ) | (263,238 | ) | $ | (2,786,464 | ) | ||||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 561,047 | $ | 5,127,821 | 1,322,475 | $ | 11,980,833 | 2,481,361 | $ | 26,002,717 | 7,833,099 | $ | 76,797,761 | ||||||||||||||||||||
Reinvested dividends | — | — | — | — | — | — | 164,399 | 1,609,469 | ||||||||||||||||||||||||
Shares redeemed | (1,606,095 | ) | (14,853,280 | ) | (2,245,318 | ) | (19,684,359 | ) | (1,609,584 | ) | (17,218,036 | ) | (1,543,211 | ) | (15,208,887 | ) | ||||||||||||||||
Net increase (decrease) | (1,045,048 | ) | $ | (9,725,459 | ) | (922,843 | ) | $ | (7,703,526 | ) | 871,777 | $ | 8,784,681 | 6,454,287 | $ | 63,198,343 | ||||||||||||||||
International Equities | International Government Bond | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 7,284,017 | $ | 43,337,060 | 14,956,126 | $ | 85,257,456 | 1,186,397 | $ | 15,382,036 | 2,171,142 | $ | 26,496,357 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,595,226 | 21,427,547 | — | — | 489,298 | 5,920,505 | ||||||||||||||||||||||||
Shares redeemed | (9,367,733 | ) | (54,644,923 | ) | (14,250,721 | ) | (84,396,626 | ) | (1,243,911 | ) | (15,956,043 | ) | (3,267,466 | ) | (39,587,465 | ) | ||||||||||||||||
Net increase (decrease) | (2,083,716 | ) | $ | (11,307,863 | ) | 4,300,631 | $ | 22,288,377 | (57,514 | ) | $ | (574,007 | ) | (607,026 | ) | $ | (7,170,603 | ) | ||||||||||||||
International Growth I | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,067,434 | $ | 42,895,630 | 4,705,647 | $ | 44,658,359 | 3,007,590 | $ | 28,186,432 | 2,281,757 | $ | 21,668,794 | ||||||||||||||||||||
Reinvested dividends | — | — | 987,543 | 9,737,177 | — | — | 141,751 | 1,374,980 | ||||||||||||||||||||||||
Shares redeemed | (4,465,215 | ) | (43,584,398 | ) | (7,134,548 | ) | (67,891,667 | ) | (3,022,716 | ) | (31,279,644 | ) | (2,329,624 | ) | (21,069,838 | ) | ||||||||||||||||
Net increase (decrease) | (397,781 | ) | $ | (688,768 | ) | (1,441,358 | ) | $ | (13,496,131 | ) | (15,126 | ) | $ | (3,093,212 | ) | 93,884 | $ | 1,973,936 | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 434,217 | $ | 4,345,740 | 1,062,143 | $ | 10,120,144 | 5,019,585 | $ | 91,261,660 | 5,224,687 | $ | 83,782,005 | ||||||||||||||||||||
Reinvested dividends | — | — | 266,790 | 2,659,901 | — | — | 4,496,655 | 73,565,275 | ||||||||||||||||||||||||
Shares redeemed | (2,233,849 | ) | (22,478,310 | ) | (3,611,699 | ) | (35,155,537 | ) | (5,419,413 | ) | (94,741,146 | ) | (11,541,589 | ) | (186,853,714 | ) | ||||||||||||||||
Net increase (decrease) | (1,799,632 | ) | $ | (18,132,570 | ) | (2,282,766 | ) | $ | (22,375,492 | ) | (399,828 | ) | $ | (3,479,486 | ) | (1,820,247 | ) | $ | (29,506,434 | ) | ||||||||||||
Mid Cap Strategic Growth | Money Market I | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,773,850 | $ | 20,073,820 | 1,701,894 | $ | 15,696,112 | 111,325,003 | $ | 111,325,003 | 532,624,636 | $ | 532,624,636 | ||||||||||||||||||||
Reinvested dividends | — | — | 133,388 | 1,285,857 | 25,776 | 25,776 | 263,152 | 263,152 | ||||||||||||||||||||||||
Shares redeemed | (1,542,328 | ) | (15,923,395 | ) | (2,950,929 | ) | (28,043,019 | ) | (160,314,797 | ) | (160,314,797 | ) | (603,820,169 | ) | (603,820,169 | ) | ||||||||||||||||
Net increase (decrease) | 231,522 | $ | 4,150,425 | (1,115,647 | ) | $ | (11,061,050 | ) | (48,964,018 | ) | $ | (48,964,018 | ) | (70,932,381 | ) | $ | (70,932,381 | ) | ||||||||||||||
Nasdaq-100® Index | Science & Technology | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (Unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,530,909 | $ | 8,180,660 | 4,781,443 | $ | 22,156,270 | 827,800 | $ | 11,232,710 | 3,619,808 | $ | 44,805,576 | ||||||||||||||||||||
Reinvested dividends | — | — | 47,168 | 233,954 | — | — | 49,647 | 640,946 | ||||||||||||||||||||||||
Shares redeemed | (2,071,786 | ) | (10,907,574 | ) | (3,298,187 | ) | (16,062,581 | ) | (3,508,199 | ) | (47,754,828 | ) | (5,233,610 | ) | (65,689,861 | ) | ||||||||||||||||
Net increase (decrease) | (540,877 | ) | $ | (2,726,914 | ) | 1,530,424 | $ | 6,327,643 | (2,680,399 | ) | $ | (36,522,118 | ) | (1,564,155 | ) | $ | (20,243,339 | ) | ||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Small Cap Aggressive | Small Cap | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,397,769 | $ | 13,265,015 | 3,000,874 | $ | 27,703,994 | 1,147,915 | $ | 9,225,202 | 1,165,502 | $ | 8,716,814 | ||||||||||||||||||||
Reinvested dividends | — | — | 739 | 6,652 | — | — | 166,670 | 1,281,689 | ||||||||||||||||||||||||
Shares redeemed | (2,172,114 | ) | (21,352,908 | ) | (745,517 | ) | (6,755,954 | ) | (2,895,427 | ) | (23,878,339 | ) | (3,975,307 | ) | (30,335,661 | ) | ||||||||||||||||
Net increase (decrease) | (774,345 | ) | $ | (8,087,893 | ) | 2,256,096 | $ | 20,954,692 | (1,747,512 | ) | $ | (14,653,137 | ) | (2,643,135 | ) | $ | (20,337,158 | ) | ||||||||||||||
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,761,000 | $ | 21,083,696 | 3,827,930 | $ | 42,877,305 | 866,425 | $ | 6,863,359 | 1,881,779 | $ | 13,237,277 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,643,388 | 29,896,720 | — | — | 439,913 | 3,330,142 | ||||||||||||||||||||||||
Shares redeemed | (4,455,068 | ) | (53,757,678 | ) | (7,167,309 | ) | (81,659,569 | ) | (1,876,069 | ) | (14,912,725 | ) | (3,311,954 | ) | (25,150,181 | ) | ||||||||||||||||
Net increase (decrease) | (2,694,068 | ) | $ | (32,673,982 | ) | (695,991 | ) | $ | (8,885,544 | ) | (1,009,644 | ) | $ | (8,049,366 | ) | (990,262 | ) | $ | (8,582,762 | ) | ||||||||||||
Small-Mid Growth | Stock Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 406,657 | $ | 3,559,865 | 767,420 | $ | 6,207,689 | 4,565,054 | $ | 102,064,869 | 11,224,448 | $ | 240,781,531 | ||||||||||||||||||||
Reinvested dividends | — | — | 22,950 | 189,800 | — | — | 6,933,485 | 154,339,366 | ||||||||||||||||||||||||
Shares redeemed | (832,707 | ) | (7,347,434 | ) | (1,089,247 | ) | (8,977,230 | ) | (8,143,917 | ) | (185,948,205 | ) | (12,560,079 | ) | (279,440,128 | ) | ||||||||||||||||
Net increase (decrease) | (426,050 | ) | $ | (3,787,569 | ) | (298,877 | ) | $ | (2,579,741 | ) | (3,578,863 | ) | $ | (83,883,336 | ) | 5,597,854 | $ | 115,680,769 | ||||||||||||||
Value | ||||||||||||||||||||||||||||||||
For the six months ended November 30, 2010 (unaudited) | For the year ended May 31, 2010 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold | 514,676 | $ | 4,258,781 | 2,387,928 | $ | 20,018,505 | ||||||||||||||||||||||||||
Reinvested dividends | — | — | 398,521 | 3,379,457 | ||||||||||||||||||||||||||||
Shares redeemed | (4,222,385 | ) | (35,285,937 | ) | (5,701,781 | ) | (46,477,198 | ) | ||||||||||||||||||||||||
Net increase (decrease) | (3,707,709 | ) | $ | (31,027,156 | ) | (2,915,332 | ) | $ | (23,079,236 | ) | ||||||||||||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the Funds’ expenses have been reduced. For the period ended November 30, 2010, the amount of expense reductions received by each fund, used to offset the Funds’ non-affiliated expenses, were as follows:
Fund | Expense Reductions | |||
Asset Allocation | $ | 173 | ||
Blue Chip Growth | 2,967 | |||
Broad Cap Value Income | 675 | |||
Core Equity | 4,344 | |||
Foreign Value | 1,181 | |||
Global Real Estate | 1,550 | |||
Global Social Awareness | 22,539 | |||
Global Strategy | 1,067 | |||
Growth & Income | 1,803 | |||
Health Sciences | 1,801 | |||
International Growth I | 990 | |||
Large Cap Core | 10,862 | |||
Large Capital Growth | 10,655 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | Expense Reductions | |||
Mid Cap Strategic Growth | $ | 27,993 | ||
Science & Technology | 45,238 | |||
Small Cap Aggressive Growth | 19,493 | |||
Small Cap | 4,166 | |||
Small Cap Special Values | 7,999 | |||
Small-Mid Growth | 6,259 |
Note 8 — Investment Concentration
The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, Government Securities Fund, and Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At the end of the period, the Funds had 37.8%, 28.6% and 50.0%, respectively, of their total 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 Equity Fund, Global Real Estate Fund, Global Strategy Fund, Global Social Awareness Fund and the International Government Bond Fund. The International Equities Fund had 19.4% and 17.7% of its net assets invested in equity securities domiciled in Japan and the United Kingdom, respectively. The International Growth I Fund had 19.0% and 11.4% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The Foreign Value had 20.4% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Equity Fund had 8.0% of its net assets invested in equity securities domiciled in the United Kingdom. The Global Real Estate Fund had 8.0% of its net assets invested in equity securities domiciled in Japan. The Global Strategy Fund had 8.6% of its net assets invested in equity securities domiciled in South Korea. The Global Social Awareness Fund had 11.2% and 8.0% of its net assets invested in equity securities domiciled in the Japan and the United Kingdom, respectively. The International Government Bond Fund had 18.1% 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 affect 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 affect 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, 2010, the Global Real Estate Fund had 70.7% of its net assets invested in Real Estate Investment Trusts.
Note 9 — Lines of Credit
The Series and VALIC Company II have established an $85 million committed and $40 million uncommitted lines of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the greater of (i) Federal Funds Rate plus 125 basis points or (ii) overnight LIBOR plus 125 basis points on the committed line of credit. State Street’s discretionary bid rate is used on the uncommitted line of credit. There is also a commitment fee of 15 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 a Fund’s shortfall exceeds $100,000. For the period ended November 30, 2010, the following funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Blue Chip Growth | 4 | $ | 152 | $ | 915,639 | 1.50 | % | |||||||||
Capital Conservation | 1 | 87 | 2,101,352 | 1.48 | % | |||||||||||
Core Equity | 43 | 329 | 183,489 | 1.50 | % | |||||||||||
Foreign Value | 1 | 848 | 19,940,909 | 1.53 | % | |||||||||||
Global Real Estate | 25 | 631 | 609,718 | 1.49 | % | |||||||||||
Global Strategy | 3 | 96 | 766,934 | 1.50 | % |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Growth | 14 | $ | 158 | $ | 273,806 | 1.50 | % | |||||||||
International Growth I | 48 | 1,453 | 715,922 | 1.52 | % | |||||||||||
Large Cap Core | 11 | 339 | 749,201 | 1.48 | % | |||||||||||
Mid Cap Strategic Growth | 2 | 20 | 247,297 | 1.49 | % | |||||||||||
Science & Technology | 7 | 60 | 206,176 | 1.49 | % | |||||||||||
Small Cap Aggressive Growth | 24 | 251 | 252,331 | 1.49 | % | |||||||||||
Small Cap | 13 | 58 | 106,261 | 1.52 | % | |||||||||||
Small-Mid Growth | 5 | 37 | 177,004 | 1.49 | % | |||||||||||
Value | 18 | 597 | 781,386 | 1.53 | % |
As of November 30, 2010, the following funds had an outstanding borrowing:
Fund | Amount | |||
Global Strategy | $ | 558,690 |
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, 2010, none of the Funds participated in the program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated Funds under certain conditions approved by the board of directors. The affiliated Funds involved in such transaction must have common investment adviser or investment advisers which are affiliated persons of each other, common directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transaction. For the period November 30, 2010, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | |||||||||
Blue Chip Growth | $ | — | $ | 140,685 | $ | (8,955 | ) | |||||
Core Equity | 590,688 | 58,513 | 18,867 | |||||||||
Growth | 367,896 | 804,049 | 44,379 | |||||||||
International Growth I | 236,501 | 439,402 | 127,943 | |||||||||
Large Capital Growth | 3,175,429 | 327,914 | 42,392 | |||||||||
Mid Cap Strategic Growth | — | 1,043,310 | (346,931 | ) | ||||||||
Science & Technology | 16,080 | — | — | |||||||||
Small Cap | 36,432 | 4,364,716 | 586,962 | |||||||||
Value | 184,895 | 281,664 | (41,988 | ) |
Note 12 — Subsequent Events
Value Fund. On January 25, 2011, the Board of VC I approved the termination of OppenheimerFunds, Inc. as the sub-adviser to the Value Fund and approved the appointment of Wellington Management Company, LLP as sub-adviser to the Fund. The Fund’s investment objective will change from seeking “capital appreciation” to seeking “long-term total return, which consists of capital appreciation and income.” Management anticipates that the change of subadviser will occur on or about March 14, 2011.
Mid Cap Strategic Growth Fund. On January 25, 2011, the Board of VC I approved the termination of PineBridge Investments, LLC as the sub-adviser to the Mid Cap Strategic Growth Fund and approved the appointment of RCM Capital Management, LLC as a co-sub-adviser to the Fund. Morgan Stanley Investment Management, Inc. will continue to manage a portion of the assets of the Fund. The change of sub-adviser did not result in any changes to the Fund’s principal investment objective, principal investment strategies or to the principal risks of investing in the Fund. Management anticipates that the change of subadviser will occur on or about March 14, 2001.
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FINANCIAL HIGHLIGHTS
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.16 | $ | 12.01 | $ | 12.28 | $ | 8.77 | $ | 7.29 | $ | 10.54 | $ | 10.80 | $ | 8.92 | $ | 8.32 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.20 | 0.25 | 0.31 | 0.34 | 0.33 | 0.00 | 0.00 | 0.02 | 0.03 | 0.03 | 0.03 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.73 | 1.36 | (2.06 | ) | (0.75 | ) | 1.71 | 0.31 | 1.23 | 1.50 | (3.25 | ) | (0.23 | ) | 1.87 | 0.58 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.85 | 1.56 | (1.81 | ) | (0.44 | ) | 2.05 | 0.64 | 1.23 | 1.50 | (3.23 | ) | (0.20 | ) | 1.90 | 0.61 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.26 | ) | (0.34 | ) | (0.35 | ) | (0.21 | ) | (0.16 | ) | – | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.45 | ) | (0.69 | ) | (1.69 | ) | (0.75 | ) | – | – | (0.01 | ) | (0.04 | ) | – | – | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.26 | ) | (0.79 | ) | (1.04 | ) | (1.90 | ) | (0.91 | ) | – | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.23 | $ | 9.38 | $ | 8.08 | $ | 10.68 | $ | 12.16 | $ | 12.01 | $ | 10.00 | $ | 8.77 | $ | 7.29 | $ | 10.54 | $ | 10.80 | $ | 8.92 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.06 | % | 19.38 | %(e) | (16.41 | )% | (3.84 | )%(g) | 18.14 | % | 5.36 | %(e) | 14.03 | % | 20.54 | % | (30.63 | )% | (1.84 | )%(h) | 21.30 | % | 7.35 | %(f) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.78 | %@ | 0.78 | % | 0.73 | % | 0.69 | % | 0.70 | % | 0.72 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.87 | % | 0.96 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.78 | %@ | 0.78 | % | 0.73 | % | 0.69 | % | 0.70 | % | 0.72 | % | 0.87 | %@ | 0.88 | % | 0.89 | % | 0.91 | % | 0.99 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.02 | % | 0.00 | % | 0.00 | % | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.37 | %@ | 2.18 | % | 2.88 | % | 2.71 | % | 2.87 | % | 2.67 | % | 0.02 | %@ | 0.01 | % | 0.29 | % | 0.31 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.37 | %@ | 2.18 | % | 2.88 | % | 2.71 | % | 2.87 | % | 2.67 | % | 0.00 | %@ | (0.02 | )% | 0.25 | % | 0.27 | % | 0.32 | % | 0.34 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 73 | % | 143 | % | 108 | % | 124 | % | 129 | % | 148 | % | 14 | % | 47 | % | 58 | % | 20 | % | 25 | % | 30 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 12,996 | 13,551 | 13,693 | 14,626 | 14,567 | 13,666 | 40,048 | 48,453 | 49,573 | 39,703 | 10,495 | 7,325 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 132,958 | $ | 127,129 | $ | 110,655 | $ | 156,260 | $ | 177,095 | $ | 164,117 | $ | 400,375 | $ | 424,966 | $ | 361,592 | $ | 418,429 | $ | 113,352 | $ | 65,366 |
# | Unaudited |
@ | Annualized |
(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) | The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate. |
(h) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
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FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 12.65 | $ | 10.21 | $ | 10.00 | $ | 9.38 | $ | 8.78 | $ | 9.54 | $ | 9.91 | $ | 9.45 | $ | 9.66 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.16 | 0.20 | 0.19 | 0.17 | 0.05 | 0.16 | 0.34 | 0.43 | 0.52 | 0.48 | 0.41 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.52 | 1.58 | (3.41 | ) | (1.69 | ) | 2.38 | 0.18 | 0.28 | 0.70 | (0.46 | ) | (0.31 | ) | 0.13 | (0.41 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.59 | 1.74 | (3.21 | ) | (1.50 | ) | 2.55 | 0.23 | 0.44 | 1.04 | (0.03 | ) | 0.21 | 0.61 | – | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.17 | ) | (0.21 | ) | (0.19 | ) | (0.11 | ) | (0.02 | ) | – | (0.44 | ) | (0.73 | ) | (0.58 | ) | (0.15 | ) | (0.21 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.00 | ) | (0.42 | ) | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.17 | ) | (0.21 | ) | (0.61 | ) | (0.11 | ) | (0.02 | ) | – | (0.44 | ) | (0.73 | ) | (0.58 | ) | (0.15 | ) | (0.21 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.28 | $ | 8.69 | $ | 7.12 | $ | 10.54 | $ | 12.65 | $ | 10.21 | $ | 9.82 | $ | 9.38 | $ | 8.78 | $ | 9.54 | $ | 9.91 | $ | 9.45 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.79 | % | 24.41 | % | (30.34 | )% | (12.08 | )% | 25.09 | % | 2.28 | % | 4.69 | % | 12.04 | %(e)(f) | (0.06 | )% | 2.09 | % | 6.46 | % | (0.02 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %@ | 0.67 | %@ | 0.69 | % | 0.69 | % | 0.68 | % | 0.67 | % | 0.70 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.29 | %@ | 1.14 | % | 1.26 | % | 1.03 | % | 1.05 | % | 3.41 | %@ | 0.67 | %@ | 0.69 | % | 0.69 | % | 0.68 | % | 0.67 | % | 0.70 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.59 | %@ | 1.90 | % | 2.57 | % | 1.65 | % | 1.50 | % | 2.40 | %@ | 3.27 | %@ | 3.71 | % | 4.83 | % | 5.27 | % | 4.89 | % | 4.65 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.15 | %@ | 1.61 | % | 2.16 | % | 1.47 | % | 1.30 | % | (0.16 | )%@ | 3.27 | %@ | 3.71 | % | 4.83 | % | 5.27 | % | 4.89 | % | 4.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 7 | % | 22 | % | 24 | % | 21 | % | 27 | % | 194 | % | 94 | % | 170 | % | 122 | % | 136 | % | 203 | % | 174 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 2,412 | 2,337 | 2,330 | 2,481 | 2,582 | 2,663 | 14,766 | 13,871 | 12,387 | 13,389 | 17,897 | 22,200 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 22,379 | $ | 20,302 | $ | 16,590 | $ | 26,151 | $ | 32,646 | $ | 27,203 | $ | 145,023 | $ | 130,157 | $ | 108,805 | $ | 127,695 | $ | 177,290 | $ | 209,742 |
# | Unaudited |
@ | Annualized |
* | 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 a reimbursement by an affiliate. |
(f) | The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
281
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 15.37 | $ | 13.00 | $ | 12.37 | $ | 7.45 | $ | 6.49 | $ | 10.66 | $ | 12.98 | $ | 10.41 | $ | 9.87 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.14 | 0.17 | 0.12 | 0.12 | 0.13 | 0.11 | 0.12 | 0.18 | 0.20 | 0.19 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.65 | 1.59 | (4.66 | ) | (1.50 | ) | 2.35 | 0.56 | 0.59 | 1.02 | (3.64 | ) | (1.89 | ) | 2.47 | 0.46 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.71 | 1.73 | (4.49 | ) | (1.38 | ) | 2.47 | 0.69 | 0.70 | 1.14 | (3.46 | ) | (1.69 | ) | 2.66 | 0.63 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.20 | ) | (0.12 | ) | (0.14 | ) | (0.10 | ) | (0.06 | ) | – | (0.18 | ) | (0.24 | ) | (0.22 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | (0.47 | ) | (0.41 | ) | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.20 | ) | (0.12 | ) | (0.14 | ) | (0.10 | ) | (0.06 | ) | – | (0.18 | ) | (0.71 | ) | (0.63 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.48 | $ | 10.77 | $ | 9.24 | $ | 13.85 | $ | 15.37 | $ | 13.00 | $ | 8.15 | $ | 7.45 | $ | 6.49 | $ | 10.66 | $ | 12.98 | $ | 10.41 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 6.59 | % | 18.73 | %(h) | (32.34 | )% | (9.00 | )%(f) | 19.02 | %(e) | 5.62 | % | 9.40 | % | 17.49 | % | (32.20 | )% | (13.28 | )%(g) | 25.67 | % | 6.44 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.80 | % | 0.82 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.83 | %@ | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.94 | %@ | 0.95 | % | 0.95 | % | 0.91 | % | 0.90 | % | 0.90 | % | 1.05 | %@ | 1.00 | % | 0.97 | % | 0.92 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.02 | %@ | 1.30 | % | 1.65 | % | 0.84 | % | 0.85 | % | 1.03 | % | 2.88 | %@ | 1.60 | % | 2.35 | % | 1.75 | % | 1.61 | % | 1.67 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.88 | %@ | 1.16 | % | 1.52 | % | 0.78 | % | 0.79 | % | 0.99 | % | 2.65 | %@ | 1.43 | % | 2.21 | % | 1.65 | % | 1.51 | % | 1.58 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 58 | % | 103 | % | 88 | % | 69 | % | 110 | % | 39 | % | 76 | % | 41 | % | 39 | % | 37 | % | 30 | % | 109 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,269 | 20,445 | 21,909 | 25,275 | 29,484 | 36,132 | 17,565 | 16,350 | 15,228 | 16,855 | 19,083 | 22,207 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 221,141 | $ | 220,172 | $ | 202,490 | $ | 349,995 | $ | 453,147 | $ | 469,770 | $ | 143,174 | $ | 121,769 | $ | 98,820 | $ | 179,697 | $ | 247,711 | $ | 231,228 |
# | Unaudited |
@ | Annualized |
(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 0.66% from a reimbursement by an affiliate. |
(g) | The Fund’s performance figure was increased by 0.16% from a reimbursement by an affiliate. |
(h) | The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate. |
282
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 13.21 | $ | 10.76 | $ | 10.00 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 13.82 | $ | 10.74 | $ | 10.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(e) | 0.08 | 0.17 | 0.23 | 0.36 | 0.25 | 0.02 | 0.03 | 0.10 | 0.17 | 0.18 | 0.17 | 0.06 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.81 | 0.52 | (4.23 | ) | (0.67 | ) | 2.33 | 0.74 | 0.88 | 0.63 | (4.85 | ) | (1.44 | ) | 3.06 | 0.69 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.89 | 0.69 | (4.00 | ) | (0.31 | ) | 2.58 | 0.76 | 0.91 | 0.73 | (4.68 | ) | (1.26 | ) | 3.23 | 0.75 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.36 | ) | (0.11 | ) | (0.13 | ) | 0.00 | – | (0.02 | ) | (0.12 | ) | (0.23 | ) | (0.15 | ) | (0.01 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.79 | ) | (0.38 | ) | 0.00 | – | – | – | (0.70 | ) | (0.66 | ) | (0.00 | ) | – | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (1.15 | ) | (0.49 | ) | (0.13 | ) | 0.00 | – | (0.02 | ) | (0.82 | ) | (0.89 | ) | (0.15 | ) | (0.01 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 8.63 | $ | 7.74 | $ | 7.26 | $ | 12.41 | $ | 13.21 | $ | 10.76 | $ | 7.79 | $ | 6.88 | $ | 6.17 | $ | 11.67 | $ | 13.82 | $ | 10.74 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.50 | % | 9.23 | % | (30.15 | )% | (2.44 | )% | 24.08 | % | 7.63 | % | 13.23 | % | 11.86 | %(b) | (39.30 | )% | (9.39 | )% | 30.35 | % | 7.48 | % | ||||||||||||||||||||||||
RATIOS/ |
| |||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.83 | %@ | 0.84 | % | 0.94 | % | 0.86 | % | 0.86 | % | 0.84 | %@ | 1.01 | %@ | 1.02 | % | 1.01 | % | 0.97 | % | 0.95 | % | 0.98 | %@ | ||||||||||||||||||||||||
Ratio of expenses to average net assets(d) | 0.83 | %@ | 0.84 | % | 0.94 | % | 0.86 | % | 0.86 | % | 1.65 | %@ | 1.01 | %@ | 1.02 | % | 1.01 | % | 0.97 | % | 0.95 | % | 2.16 | %@ | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | – | – | – | – | – | 0.01 | % | 0.03 | % | 0.01 | % | 0.01 | % | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.79 | %@ | 1.98 | % | 3.01 | % | 2.82 | % | 2.17 | % | 5.06 | %@ | 0.79 | %@ | 1.44 | % | 2.32 | % | 1.38 | % | 1.41 | % | 10.48 | %@ | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(d) | 1.79 | %@ | 1.98 | % | 3.01 | % | 2.82 | % | 2.17 | % | 4.24 | %@ | 0.79 | %@ | 1.44 | % | 2.32 | % | 1.38 | % | 1.41 | % | 9.30 | %@ | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 28 | % | 22 | % | 34 | % | 31 | % | 0 | % | 52 | % | 236 | % | 109 | % | 93 | % | 86 | % | 3 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 105,821 | 98,873 | 91,924 | 76,318 | 79,082 | 65,474 | 30,891 | 32,153 | 34,373 | 33,870 | 34,198 | 38,389 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 912,924 | $ | 765,267 | $ | 667,342 | $ | 946,934 | $ | 1,044,980 | $ | 704,398 | $ | 240,494 | $ | 221,201 | $ | 212,124 | $ | 395,426 | $ | 472,642 | $ | 412,275 |
# | Unaudited |
@ | Annualized |
* | 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) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
(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. |
283
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Real Estate Fund | Global Social Awareness Fund | |||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | March 10, 2008* to May 31, 2008 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 10.00 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 24.25 | $ | 20.82 | $ | 19.38 | ||||||||||||||||||||
Income (loss) from investment operations: | �� | |||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.20 | 0.20 | 0.04 | 0.09 | 0.21 | 0.27 | 0.41 | 0.30 | 0.26 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.90 | 1.64 | (4.87 | ) | 1.17 | 1.34 | 1.48 | (7.47 | ) | (1.71 | ) | 4.25 | 1.30 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.03 | 1.84 | (4.67 | ) | 1.21 | 1.43 | 1.69 | (7.20 | ) | (1.30 | ) | 4.55 | 1.56 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.85 | ) | (0.09 | ) | – | – | (0.34 | ) | (0.40 | ) | (0.29 | ) | (0.16 | ) | (0.12 | ) | |||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | (1.40 | ) | (2.45 | ) | (0.96 | ) | – | |||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (0.85 | ) | (0.09 | ) | – | – | (0.34 | ) | (1.80 | ) | (2.74 | ) | (1.12 | ) | (0.12 | ) | |||||||||||||||||||||||
Net asset value at end of period | $ | 8.47 | $ | 7.44 | $ | 6.45 | $ | 11.21 | $ | 13.99 | $ | 12.56 | $ | 11.21 | $ | 20.21 | $ | 24.25 | $ | 20.82 | ||||||||||||||||||||
TOTAL RETURN(a) | 13.84 | % | 28.56 | % | (41.58 | )% | 12.10 | % | 11.39 | % | 14.88 | % | (34.56 | )% | (5.35 | )%(e) | 22.35 | % | 8.09 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.92 | %@ | 0.93 | % | 0.95 | % | 0.95 | %@ | 0.68 | %@ | 0.69 | % | 0.72 | % | 0.65 | % | 0.62 | % | 0.63 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.93 | % | 1.01 | % | 5.04 | %@ | 0.68 | %@ | 0.69 | % | 0.72 | % | 0.65 | % | 0.62 | % | 0.63 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | – | 0.02 | %@ | 0.01 | % | 0.01 | % | 0.01 | % | 0.02 | % | – | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.04 | %@ | 2.68 | % | 3.54 | % | 2.22 | %@ | 1.30 | %@ | 1.63 | % | 2.03 | % | 1.95 | % | 1.31 | % | 1.30 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.04 | %@ | 2.68 | % | 3.48 | % | (1.87 | )%@ | 1.30 | %@ | 1.63 | % | 2.03 | % | 1.95 | % | 1.31 | % | 1.30 | % | ||||||||||||||||||||
Portfolio turnover rate | 32 | % | 86 | % | 88 | % | 11 | % | 61 | % | 91 | % | 95 | % | 165 | % | 153 | % | 139 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 32,216 | 37,199 | 35,436 | 2,599 | 19,420 | 20,713 | 24,562 | 27,983 | 19,308 | 18,349 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 272,849 | $ | 276,688 | $ | 228,590 | $ | 29,131 | $ | 271,626 | $ | 260,145 | $ | 275,293 | $ | 565,483 | $ | 468,159 | $ | 382,067 |
# | Unaudited |
@ | Annualized |
* | 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 0.12% from a reimbursement by an affiliate. |
284
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 13.08 | $ | 10.92 | $ | 10.00 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 10.12 | $ | 9.86 | $ | 10.14 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.37 | 0.32 | 0.41 | 0.31 | 0.03 | 0.11 | 0.28 | 0.28 | 0.40 | 0.43 | 0.37 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.76 | 0.99 | (2.39 | ) | (0.33 | ) | 2.05 | 0.90 | 0.16 | 0.29 | 0.05 | 0.36 | 0.07 | (0.46 | ) | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.92 | 1.36 | (2.07 | ) | 0.08 | 2.36 | 0.93 | 0.27 | 0.57 | 0.33 | 0.76 | 0.50 | (0.09 | ) | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (1.03 | ) | (0.71 | ) | (0.19 | ) | (0.16 | ) | (0.01 | ) | – | (0.40 | ) | (0.25 | ) | (0.46 | ) | (0.24 | ) | (0.19 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.25 | ) | (0.20 | ) | (0.04 | ) | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (1.03 | ) | (0.96 | ) | (0.39 | ) | (0.20 | ) | (0.01 | ) | – | (0.40 | ) | (0.25 | ) | (0.46 | ) | (0.24 | ) | (0.19 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.99 | $ | 10.07 | $ | 9.74 | $ | 12.77 | $ | 13.08 | $ | 10.92 | $ | 10.94 | $ | 10.67 | $ | 10.50 | $ | 10.42 | $ | 10.12 | $ | 9.86 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.14 | % | 13.79 | %(f) | (15.60 | )% | 0.63 | % | 21.86 | % | 9.30 | %(e) | 2.53 | % | 5.56 | %(f) | 3.04 | % | 7.54 | % | 5.12 | % | (0.94 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.67 | %@ | 0.68 | % | 0.71 | % | 0.73 | % | 0.71 | % | 0.72 | %@ | 0.65 | %@ | 0.71 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.67 | %@ | 0.68 | % | 0.71 | % | 0.73 | % | 0.71 | % | 1.57 | %@ | 0.65 | %@ | 0.71 | % | 0.65 | % | 0.66 | % | 0.67 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.04 | %@ | 3.47 | % | 3.16 | % | 3.17 | % | 2.60 | % | 3.80 | %@ | 2.04 | %@ | 2.58 | % | 2.63 | % | 3.92 | % | 4.22 | % | 3.68 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.04 | %@ | 3.47 | % | 3.16 | % | 3.17 | % | 2.60 | % | 2.94 | %@ | 2.04 | %@ | 2.58 | % | 2.63 | % | 3.92 | % | 4.22 | % | 3.68 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 7 | % | 20 | % | 25 | % | 25 | % | 31 | % | 1 | % | 199 | % | 216 | % | 126 | % | 67 | % | 141 | % | 99 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 42,128 | 39,169 | 36,697 | 38,838 | 38,988 | 37,843 | 11,136 | 11,721 | 13,789 | 16,472 | 10,221 | 11,775 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 463,106 | $ | 394,548 | $ | 357,538 | $ | 495,975 | $ | 509,885 | $ | 413,319 | $ | 121,823 | $ | 125,053 | $ | 144,793 | $ | 171,641 | $ | 103,483 | $ | 116,084 |
# | Unaudited |
@ | Annualized |
* | 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) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
285
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 10.26 | $ | 9.22 | $ | 10.00 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 17.73 | $ | 14.70 | $ | 14.02 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | 0.06 | 0.05 | 0.02 | (0.01 | ) | 0.01 | 0.04 | 0.13 | 0.24 | 0.26 | 0.19 | 0.15 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.23 | 1.61 | (3.62 | ) | 0.89 | 1.05 | (0.79 | ) | 0.93 | 1.24 | (5.79 | ) | (0.85 | ) | 2.95 | 0.60 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.26 | 1.67 | (3.57 | ) | 0.91 | 1.04 | (0.78 | ) | 0.97 | 1.37 | (5.55 | ) | (0.59 | ) | 3.14 | 0.75 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.07 | ) | 0.00 | – | 0.00 | – | – | (0.24 | ) | (0.28 | ) | (0.22 | ) | (0.11 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | 0.00 | – | – | – | – | – | (0.96 | ) | (0.78 | ) | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.07 | ) | 0.00 | – | 0.00 | – | – | (0.24 | ) | (1.24 | ) | (1.00 | ) | (0.11 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.46 | $ | 9.20 | $ | 7.60 | $ | 11.17 | $ | 10.26 | $ | 9.22 | $ | 11.45 | $ | 10.48 | $ | 9.35 | $ | 16.14 | $ | 17.73 | $ | 14.70 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.70 | % | 22.01 | %(f) | (31.94 | )% | 8.87 | % | 11.29 | % | (7.80 | )% | 9.26 | % | 14.58 | %(f) | (33.90 | )% | (3.44 | )%(e) | 21.40 | % | 5.36 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | %@ | 0.85 | % | 0.94 | % | 0.95 | % | 0.94 | % | 0.93 | %@ | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.86 | %@ | 0.88 | % | 0.94 | % | 0.95 | % | 0.94 | % | 1.39 | %@ | 0.96 | %@ | 0.95 | % | 0.95 | % | 0.89 | % | 0.89 | % | 0.89 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.01 | % | 0.02 | % | 0.03 | % | 0.02 | % | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.66 | %@ | 0.67 | % | 0.64 | % | 0.22 | % | (0.09 | )% | 1.55 | %@ | 0.77 | %@ | 1.21 | % | 2.15 | % | 1.53 | % | 1.18 | % | 1.04 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.61 | %@ | 0.64 | % | 0.64 | % | 0.22 | % | (0.09 | )% | 1.09 | %@ | 0.66 | %@ | 1.11 | % | 2.05 | % | 1.49 | % | 1.13 | % | 1.00 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 51 | % | 99 | % | 114 | % | 203 | % | 103 | % | 38 | % | 74 | % | 174 | % | 189 | % | 238 | % | 169 | % | 148 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 68,035 | 71,366 | 75,864 | 86,259 | 99,984 | 127,742 | 7,236 | 7,598 | 7,861 | 8,034 | 8,422 | 9,858 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 711,611 | $ | 656,380 | $ | 576,502 | $ | 963,368 | $ | 1,025,501 | $ | 1,177,556 | $ | 82,827 | $ | 79,602 | $ | 73,508 | $ | 129,657 | $ | 149,283 | $ | 144,880 |
# | Unaudited |
@ | Annualized |
* | 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 0.17% from a reimbursement by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
286
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 11.53 | $ | 10.64 | $ | 9.49 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 9.59 | $ | 9.60 | $ | 10.17 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.03 | (0.05 | ) | (0.04 | ) | (0.07 | ) | (0.06 | ) | (0.08 | ) | 0.12 | 0.24 | 0.20 | 0.49 | 0.39 | 0.43 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.72 | 1.94 | (2.45 | ) | 0.13 | 2.37 | 1.70 | 0.48 | 0.81 | (0.61 | ) | 0.29 | (0.07 | ) | (0.68 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.75 | 1.89 | (2.49 | ) | 0.06 | 2.31 | 1.62 | 0.60 | 1.05 | (0.41 | ) | 0.78 | 0.32 | (0.25 | ) | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.08 | ) | (0.39 | ) | (0.36 | ) | (0.33 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.89 | ) | (1.03 | ) | (1.42 | ) | (0.47 | ) | – | – | – | – | – | 0.00 | ||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | (0.01 | ) | – | – | – | |||||||||||||||||||||||||||||||||||
Total distributions | – | – | (0.89 | ) | (1.03 | ) | (1.42 | ) | (0.47 | ) | – | (0.08 | ) | (0.40 | ) | (0.36 | ) | (0.33 | ) | (0.32 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.82 | $ | 9.07 | $ | 7.18 | $ | 10.56 | $ | 11.53 | $ | 10.64 | $ | 10.77 | $ | 10.17 | $ | 9.20 | $ | 10.01 | $ | 9.59 | $ | 9.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 8.27 | % | 26.32 | % | (23.05 | )% | 0.05 | % | 23.19 | % | 16.94 | % | 5.90 | % | 11.47 | % | (4.08 | )% | 8.22 | % | 3.35 | % | (2.44 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.19 | %@ | 1.18 | % | 1.19 | % | 1.17 | % | 1.17 | % | 1.16 | % | 0.63 | %@ | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.19 | %@ | 1.18 | % | 1.19 | % | 1.17 | % | 1.17 | % | 1.16 | % | 0.63 | %@ | 0.65 | % | 0.66 | % | 0.73 | % | 1.05 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.72 | %@ | (0.62 | )% | (0.55 | )% | (0.63 | )% | (0.57 | )% | (0.76 | )% | 2.24 | %@ | 2.55 | % | 2.18 | % | 5.59 | % | 4.00 | % | 4.45 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.72 | %@ | (0.62 | )% | (0.55 | )% | (0.63 | )% | (0.57 | )% | (0.76 | )% | 2.24 | %@ | 2.55 | % | 2.16 | % | 5.51 | % | 3.61 | % | 4.08 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 38 | % | 43 | % | 44 | % | 47 | % | 54 | % | 26 | % | 48 | % | 39 | % | 70 | % | 37 | % | 13 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,731 | 18,776 | 19,699 | 18,782 | 17,035 | 17,026 | 23,545 | 22,673 | 16,219 | 15,887 | 1,640 | 1,668 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 174,192 | $ | 170,216 | $ | 141,470 | $ | 198,368 | $ | 196,444 | $ | 181,078 | $ | 253,575 | $ | 230,538 | $ | 149,178 | $ | 159,074 | $ | 15,722 | $ | 16,016 |
# | Unaudited |
@ | Annualized |
(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. |
287
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 11.29 | $ | 9.79 | $ | 7.56 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.05 | $ | 12.08 | $ | 13.04 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.13 | 0.19 | 0.31 | 0.25 | 0.19 | 0.22 | 0.45 | 0.46 | 0.49 | 0.49 | 0.48 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.68 | 0.25 | (4.18 | ) | (0.75 | ) | 2.02 | 2.09 | 0.74 | 0.40 | (0.56 | ) | 0.57 | 0.42 | (0.17 | ) | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.73 | 0.38 | (3.99 | ) | (0.44 | ) | 2.27 | 2.28 | 0.96 | 0.85 | (0.10 | ) | 1.06 | 0.91 | 0.31 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.15 | ) | (0.28 | ) | (0.26 | ) | (0.16 | ) | (0.05 | ) | – | (0.48 | ) | (0.73 | ) | (0.63 | ) | (0.52 | ) | (0.28 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.95 | ) | (0.22 | ) | (0.61 | ) | – | – | – | (0.01 | ) | (0.09 | ) | (0.42 | ) | (0.99 | ) | |||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.15 | ) | (1.23 | ) | (0.48 | ) | (0.77 | ) | (0.05 | ) | – | (0.48 | ) | (0.74 | ) | (0.72 | ) | (0.94 | ) | (1.27 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 6.11 | $ | 5.38 | $ | 5.15 | $ | 10.37 | $ | 11.29 | $ | 9.79 | $ | 12.88 | $ | 11.92 | $ | 11.55 | $ | 12.39 | $ | 12.05 | $ | 12.08 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.57 | % | 7.06 | % | (37.10 | )% | (3.91 | )% | 24.05 | % | 30.32 | % | 8.05 | % | 7.32 | % | (0.70 | )% | 8.94 | % | 7.60 | %(e) | 2.65 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.48 | %@ | 0.52 | % | 0.55 | % | 0.51 | % | 0.50 | % | 0.56 | % | 0.66 | %@ | 0.68 | % | 0.72 | % | 0.68 | % | 0.70 | % | 0.71 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.48 | %@ | 0.52 | % | 0.55 | % | 0.51 | % | 0.50 | % | 0.56 | % | 0.66 | %@ | 0.68 | % | 0.72 | % | 0.68 | % | 0.70 | % | 0.71 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.60 | %@ | 2.29 | % | 3.18 | % | 2.87 | % | 2.45 | % | 2.19 | % | 3.46 | %@ | 3.70 | % | 3.96 | % | 4.07 | % | 4.04 | % | 3.81 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.60 | %@ | 2.29 | % | 3.18 | % | 2.87 | % | 2.45 | % | 2.19 | % | 3.46 | %@ | 3.70 | % | 3.96 | % | 4.07 | % | 4.04 | % | 3.81 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 30 | % | 66 | % | 81 | % | 104 | % | 47 | % | 98 | % | 53 | % | 147 | % | 224 | % | 183 | % | 164 | % | 198 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 143,709 | 145,793 | 141,492 | 106,313 | 97,164 | 83,906 | 12,352 | 12,409 | 13,016 | 14,457 | 11,264 | 11,377 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 878,576 | $ | 783,839 | $ | 728,784 | $ | 1,102,850 | $ | 1,097,046 | $ | 821,577 | $ | 159,111 | $ | 147,932 | $ | 150,314 | $ | 179,191 | $ | 135,777 | $ | 137,405 |
# | Unaudited |
@ | Annualized |
(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. |
288
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth I Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.91 | $ | 10.30 | $ | 8.07 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 11.91 | $ | 10.10 | $ | 10.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.13 | 0.18 | 0.20 | 0.14 | 0.16 | 0.04 | 0.10 | 0.13 | 0.11 | 0.13 | 0.02 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.41 | 0.80 | (4.86 | ) | 0.16 | 2.65 | 2.12 | 1.14 | 1.47 | (2.51 | ) | (0.65 | ) | 1.78 | 0.09 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.45 | 0.93 | (4.68 | ) | 0.36 | 2.79 | 2.28 | 1.18 | 1.57 | (2.38 | ) | (0.54 | ) | 1.91 | 0.11 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.18 | ) | (0.12 | ) | (0.18 | ) | (0.05 | ) | – | (0.12 | ) | (0.04 | ) | (0.09 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | (0.44 | ) | (0.50 | ) | – | – | ||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.18 | ) | (0.18 | ) | (0.12 | ) | (0.18 | ) | (0.05 | ) | – | (0.12 | ) | (0.48 | ) | (0.59 | ) | (0.10 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.49 | $ | 9.04 | $ | 8.29 | $ | 13.15 | $ | 12.91 | $ | 10.30 | $ | 10.55 | $ | 9.37 | $ | 7.92 | $ | 10.78 | $ | 11.91 | $ | 10.10 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 16.04 | %(f) | 11.07 | % | (35.39 | )% | 2.78 | % | 27.31 | % | 28.35 | % | 12.59 | % | 19.81 | % | (21.36 | )% | (4.73 | )% | 19.01 | % | 1.10 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.01 | %@ | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %@ | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.13 | %@ | 1.12 | % | 1.14 | % | 1.11 | % | 1.11 | % | 1.19 | % | 0.85 | %@ | 0.88 | % | 0.89 | % | 1.00 | % | 0.91 | % | 2.43 | %@ | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.02 | %@ | 0.01 | % | 0.02 | % | 0.02 | % | 0.01 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.73 | %@ | 1.35 | % | 2.11 | % | 1.56 | % | 1.19 | % | 1.71 | % | 0.86 | %@ | 1.08 | % | 1.60 | % | 0.96 | % | 1.15 | % | 3.49 | %@ | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.61 | %@ | 1.24 | % | 1.97 | % | 1.46 | % | 1.09 | % | 1.53 | % | 0.86 | %@ | 1.05 | % | 1.56 | % | 0.81 | % | 1.09 | % | 1.90 | %@ | ||||||||||||||||||||||||
Portfolio turnover rate | 33 | % | 79 | % | 70 | % | 64 | % | 74 | % | 97 | % | 38 | % | 33 | % | 41 | % | 62 | % | 24 | % | 2 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 51,810 | 52,207 | 53,649 | 55,226 | 51,765 | 48,065 | 12,391 | 12,406 | 12,312 | 7,869 | 7,405 | 17,431 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 543,408 | $ | 471,764 | $ | 444,783 | $ | 726,258 | $ | 668,274 | $ | 495,181 | $ | 130,682 | $ | 116,227 | $ | 97,480 | $ | 84,844 | $ | 88,186 | $ | 176,038 |
# | Unaudited |
@ | Annualized |
* | 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) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (Note 3). |
289
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 12.38 | $ | 10.43 | $ | 9.85 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 26.62 | $ | 23.72 | $ | 21.46 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.04 | 0.06 | 0.03 | 0.05 | 0.01 | 0.10 | 0.19 | 0.25 | 0.26 | 0.30 | 0.25 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.31 |
| 1.53 |
| (4.01 | ) | 0.07 | 1.93 | 0.59 | 2.05 |
| 4.40 |
| (8.65 | ) | (1.05 | ) | 4.38 | 3.00 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.32 | 1.57 | (3.95 | ) | 0.10 | 1.98 | 0.60 | 2.15 | 4.59 | (8.40 | ) | (0.79 | ) | 4.68 | 3.25 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.07 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | – | (0.25 | ) | (0.27 | ) | (0.30 | ) | (0.12 | ) | (0.11 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.24 | ) | – | – | – | – | (0.36 | ) | (1.89 | ) | (1.65 | ) | (1.66 | ) | (0.88 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.07 | ) | (0.27 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | – | (0.61 | ) | (2.16 | ) | (1.95 | ) | (1.78 | ) | (0.99 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.05 | $ | 9.73 | $ | 8.23 | $ | 12.45 | $ | 12.38 | $ | 10.43 | $ | 19.45 | $ | 17.30 | $ | 13.32 | $ | 23.88 | $ | 26.62 | $ | 23.72 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.57 | % | 19.08 | %(g) | (31.55 | )% | 0.78 | %(f) | 18.97 | % | 6.08 | % | 12.43 | %(h) | 34.73 | % | (33.91 | )% | (2.73 | )% | 20.77 | % | 15.35 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | %@ | 0.78 | % | 0.79 | % | 0.78 | % | 0.76 | % | 0.79 | % | 0.39 | %@ | 0.39 | % | 0.40 | % | 0.38 | % | 0.38 | % | 0.39 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.77 | %@ | 0.78 | % | 0.79 | % | 0.78 | % | 0.76 | % | 1.33 | % | 0.39 | %@ | 0.39 | % | 0.40 | % | 0.38 | % | 0.38 | % | 0.39 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.23 | %@ | 0.41 | % | 0.61 | % | 0.27 | % | 0.42 | % | 0.30 | % | 1.12 | %@ | 1.17 | % | 1.64 | % | 1.08 | % | 1.27 | % | 1.09 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.23 | %@ | 0.41 | % | 0.61 | % | 0.27 | % | 0.42 | % | (0.24 | )% | 1.12 | %@ | 1.17 | % | 1.64 | % | 1.08 | % | 1.27 | % | 1.09 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 79 | % | 59 | % | 49 | % | 49 | % | 78 | % | 404 | % | 11 | % | 12 | % | 22 | % | 21 | % | 14 | % | 19 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 33,936 | 35,736 | 38,018 | 41,724 | 47,394 | 58,300 | 121,059 | 121,459 | 123,279 | 112,050 | 115,417 | 101,116 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 374,968 | $ | 347,731 | $ | 312,755 | $ | 519,294 | $ | 586,875 | $ | 608,299 | $ | 2,354,332 | $ | 2,101,641 | $ | 1,642,120 | $ | 2,676,198 | $ | 3,071,995 | $ | 2,398,610 |
# | Unaudited |
@ | Annualized |
(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) | 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 figure was increased by less than 0.01% by a reimbursement by an affiliate. |
(h) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (Note 3). |
290
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 14.14 | $ | 11.76 | $ | 9.97 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | (0.00 | ) | 0.02 | 0.01 | 0.00 | 0.02 | 0.00 | 0.00 | 0.01 | 0.04 | 0.05 | 0.04 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.79 | 2.14 | (5.95 | ) | 1.23 | 2.39 | 1.77 | 0.00 | 0.00 | – | – | – | – | |||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.81 | 2.14 | (5.93 | ) | 1.24 | 2.39 | 1.79 | – | 0.00 | 0.01 | 0.04 | 0.05 | 0.04 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.05 | ) | – | – | (0.01 | ) | – | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | ||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (1.27 | ) | (0.35 | ) | – | – | – | (0.00 | ) | – | – | – | – | |||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.05 | ) | (1.27 | ) | (0.35 | ) | (0.01 | ) | – | (0.00 | ) | (0.00 | ) | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.73 | $ | 9.92 | $ | 7.83 | $ | 15.03 | $ | 14.14 | $ | 11.76 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 18.25 | % | 27.35 | %(f) | (37.52 | )% | 8.71 | % | 20.30 | % | 17.95 | % | 0.01 | % | 0.04 | %(e) | 1.33 | % | 3.82 | % | 4.90 | % | 3.61 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.84 | % | 0.83 | % | 0.84 | % | 0.26 | %@ | 0.41 | % | 0.54 | % | 0.51 | % | 0.52 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.85 | %@ | 0.86 | % | 0.87 | % | 0.84 | % | 0.83 | % | 1.39 | % | 0.52 | %@ | 0.55 | % | 0.59 | % | 0.51 | % | 0.52 | % | 0.56 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.02 | %@ | 0.04 | % | 0.04 | % | 0.01 | % | 0.00 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.36 | %@ | (0.09 | )% | 0.21 | % | 0.03 | % | 0.00 | % | 0.60 | % | 0.01 | %@ | 0.03 | % | 1.31 | % | 3.72 | % | 4.80 | % | 3.56 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.36 | %@ | (0.10 | )% | 0.19 | % | 0.03 | % | 0.00 | % | 0.05 | % | (0.25 | )%@ | (0.10 | )% | 1.26 | % | 3.72 | % | 4.80 | % | 3.54 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 58 | % | 239 | % | 293 | % | 151 | % | 242 | % | 486 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 25,241 | 25,009 | 26,125 | 24,438 | 23,317 | 30,660 | 493,036 | 542,000 | 612,933 | 572,369 | 516,352 | 442,628 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 296,091 | $ | 248,109 | $ | 204,470 | $ | 367,295 | $ | 329,635 | $ | 360,613 | $ | 492,195 | $ | 541,159 | $ | 611,356 | $ | 572,434 | $ | 516,352 | $ | 442,628 |
# | Unaudited |
@ | Annualized |
(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 the effect of payments by an affiliate. |
(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. |
291
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Nasdaq-100® Index Fund | Science & Technology Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 5.34 | $ | 4.38 | $ | 4.28 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.67 | $ | 11.50 | $ | 11.27 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | (0.02 | ) | (0.02 | ) | 0.01 | (0.01 | ) | (0.05 | ) | (0.05 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.72 | 1.14 | (1.68 | ) | 0.27 | 0.96 | 0.10 | 2.29 | 2.98 | (4.44 | ) | 0.75 | 2.22 | 0.28 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.73 | 1.15 | (1.67 | ) | 0.28 | 0.96 | 0.10 | 2.27 | 2.96 | (4.43 | ) | 0.74 | 2.17 | 0.23 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.01 | ) | – | (0.00 | ) | (0.00 | ) | – | (0.01 | ) | – | – | – | – | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.05 | ) | – | – | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.01 | ) | (0.06 | ) | – | (0.00 | ) | – | – | (0.01 | ) | – | – | – | – | ||||||||||||||||||||||||||||||||
Net asset value at end of period | $ | 5.76 | $ | 5.03 | $ | 3.89 | $ | 5.62 | $ | 5.34 | $ | 4.38 | $ | 15.20 | $ | 12.93 | $ | 9.98 | $ | 14.41 | $ | 13.67 | $ | 11.50 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 14.51 | % | 29.60 | %(f) | (29.36 | )% | 5.32 | % | 22.01 | % | 2.36 | % | 17.56 | % | 29.67 | %(f) | (30.74 | )%(e) | 5.41 | % | 18.87 | % | 2.04 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.53 | %@ | 0.54 | % | 0.55 | % | 0.56 | % | 0.63 | % | 0.61 | % | 1.02 | %@ | 1.02 | % | 1.06 | % | 1.00 | % | 1.03 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.60 | % | 0.66 | % | 0.60 | % | 0.63 | % | 0.61 | % | 1.02 | %@ | 1.02 | % | 1.06 | % | 1.00 | % | 1.03 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.02 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.56 | %@ | 0.25 | % | 0.35 | % | 0.27 | % | 0.08 | % | 0.07 | % | (0.26 | )%@ | (0.20 | )% | 0.09 | % | (0.11 | )% | (0.39 | )% | (0.42 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.44 | %@ | 0.18 | % | 0.24 | % | 0.23 | % | 0.08 | % | 0.07 | % | (0.26 | )%@ | (0.20 | )% | 0.09 | % | (0.11 | )% | (0.39 | )% | (0.42 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 1 | % | 6 | % | 9 | % | 8 | % | 5 | % | 14 | % | 57 | % | 138 | % | 150 | % | 145 | % | 163 | % | 117 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,882 | 20,423 | 18,892 | 17,471 | 15,678 | 18,856 | 52,232 | 54,912 | 56,476 | 63,061 | 70,630 | 89,433 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 114,479 | $ | 102,703 | $ | 73,521 | $ | 98,269 | $ | 83,647 | $ | 82,519 | $ | 793,712 | $ | 710,097 | $ | 563,610 | $ | 908,590 | $ | 965,650 | $ | 1,028,643 |
# | Unaudited |
@ | Annualized |
(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 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions. |
(f) | The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate. |
292
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.71 | $ | 10.22 | $ | 10.00 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 13.22 | $ | 12.64 | $ | 11.01 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.05 | ) | (0.03 | ) | (0.05 | ) | (0.08 | ) | (0.01 | ) | 0.01 | 0.01 | 0.03 | 0.04 | 0.01 | 0.00 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.02 | 2.84 | (3.17 | ) | (0.49 | ) | 1.58 | 0.23 | 0.97 | 1.95 | (2.98 | ) | (2.04 | ) | 1.58 | 1.63 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.99 | 2.79 | (3.20 | ) | (0.54 | ) | 1.50 | 0.22 | 0.98 | 1.96 | (2.95 | ) | (2.00 | ) | 1.59 | 1.63 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.00 | ) | – | – | – | – | – | (0.04 | ) | (0.04 | ) | – | – | – | |||||||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.92 | ) | – | (0.01 | ) | – | – | – | (0.44 | ) | (1.40 | ) | (1.01 | ) | – | |||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.00 | ) | (0.92 | ) | – | (0.01 | ) | – | – | (0.04 | ) | (0.48 | ) | (1.40 | ) | (1.01 | ) | – | |||||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.83 | $ | 9.84 | $ | 7.05 | $ | 11.17 | $ | 11.71 | $ | 10.22 | $ | 9.29 | $ | 8.31 | $ | 6.39 | $ | 9.82 | $ | 13.22 | $ | 12.64 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.06 | % | 39.59 | %(e) | (26.42 | )% | (4.59 | )% | 14.70 | % | 2.20 | % | 11.79 | % | 30.65 | % | (29.56 | )% | (15.29 | )% | 13.29 | % | 14.80 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.99 | % | 0.99 | % | 1.00 | % | 1.00 | % | 1.00 | %@ | 0.93 | %@ | 0.94 | % | 0.95 | % | 0.95 | % | 0.95 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.05 | %@ | 1.10 | % | 1.12 | % | 1.14 | % | 1.15 | % | 3.18 | %@ | 1.07 | %@ | 1.06 | % | 1.07 | % | 1.05 | % | 1.02 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.04 | %@ | 0.02 | % | 0.01 | % | 0.03 | % | 0.02 | % | – | 0.00 | %@ | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.64 | )%@ | (0.56 | )% | (0.37 | )% | (0.52 | )% | (0.83 | )% | (0.80 | )%@ | 0.13 | %@ | 0.13 | % | 0.40 | % | 0.31 | % | 0.04 | % | (0.02 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.71 | )%@ | (0.66 | )% | (0.50 | )% | (0.66 | )% | (0.98 | )% | (2.98 | )%@ | (0.01 | )%@ | – | 0.28 | % | 0.21 | % | (0.03 | )% | (0.09 | )% | |||||||||||||||||||||||||
Portfolio turnover rate | 32 | % | 73 | % | 74 | % | 98 | % | 192 | % | 28 | % | 17 | % | 37 | % | 40 | % | 119 | % | 87 | % | 83 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 8,035 | 8,809 | 6,553 | 5,823 | 4,434 | 6,032 | 32,761 | 34,509 | 37,152 | 39,852 | 41,863 | 48,356 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 87,022 | $ | 86,711 | $ | 46,179 | $ | 65,033 | $ | 51,911 | $ | 61,659 | $ | 304,257 | $ | 286,788 | $ | 237,444 | $ | 391,306 | $ | 553,319 | $ | 611,356 |
# | Unaudited |
@ | Annualized |
* | 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% by a reimbursement by an affiliate. |
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 19.41 | $ | 17.24 | $ | 15.16 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.62 | $ | 10.59 | $ | 10.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.11 | 0.18 | 0.23 | 0.21 | 0.15 | 0.03 | 0.05 | 0.10 | 0.12 | 0.13 | 0.02 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.19 | 3.06 | (5.35 | ) | (2.27 | ) | 2.93 | 2.51 | 0.52 | 2.12 | (3.43 | ) | (2.31 | ) | 2.01 | 0.58 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.26 | 3.17 | (5.17 | ) | (2.04 | ) | 3.14 | 2.66 | 0.55 | 2.17 | (3.33 | ) | (2.19 | ) | 2.14 | 0.60 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.23 | ) | (0.20 | ) | (0.07 | ) | (0.07 | ) | – | (0.12 | ) | (0.10 | ) | (0.09 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.27 | ) | (0.97 | ) | (1.37 | ) | (0.90 | ) | (0.51 | ) | – | – | (0.27 | ) | (0.61 | ) | (0.05 | ) | – | ||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.45 | ) | (1.20 | ) | (1.57 | ) | (0.97 | ) | (0.58 | ) | – | (0.12 | ) | (0.37 | ) | (0.70 | ) | (0.11 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 13.41 | $ | 12.15 | $ | 9.43 | $ | 15.80 | $ | 19.41 | $ | 17.24 | $ | 8.63 | $ | 8.08 | $ | 6.03 | $ | 9.73 | $ | 12.62 | $ | 10.59 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 10.37 | % | 34.01 | % | (32.19 | )% | (10.71 | )% | 18.66 | % | 17.84 | % | 6.81 | % | 36.20 | %(f) | (33.97 | )% | (17.39 | )% | 20.30 | % | 6.02 | %(e) | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.45 | %@ | 0.46 | % | 0.47 | % | 0.42 | % | 0.43 | % | 0.45 | % | 0.90 | %@ | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | %@ | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.45 | %@ | 0.46 | % | 0.47 | % | 0.42 | % | 0.43 | % | 0.45 | % | 0.91 | %@ | 0.98 | % | 0.96 | % | 0.92 | % | 0.90 | % | 2.30 | %@ | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.01 | %@ | 0.01 | % | 0.04 | % | 0.03 | % | 0.02 | % | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.13 | %@ | 0.98 | % | 1.65 | % | 1.34 | % | 1.20 | % | 0.90 | % | 0.83 | %@ | 0.69 | % | 1.48 | % | 1.09 | % | 1.10 | % | 2.91 | %@ | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.13 | %@ | 0.98 | % | 1.65 | % | 1.34 | % | 1.20 | % | 0.90 | % | 0.82 | %@ | 0.61 | % | 1.42 | % | 1.07 | % | 1.10 | % | 1.51 | %@ | ||||||||||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 24 | % | 20 | % | 18 | % | 22 | % | 15 | % | 98 | % | 67 | % | 51 | % | 64 | % | 132 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 63,910 | 66,604 | 67,300 | 62,690 | 62,786 | 57,051 | 24,858 | 25,867 | 26,857 | 26,379 | 30,647 | 35,239 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 857,145 | $ | 809,018 | $ | 634,336 | $ | 990,398 | $ | 1,218,827 | $ | 983,742 | $ | 214,555 | $ | 209,121 | $ | 162,069 | $ | 256,767 | $ | 386,817 | $ | 373,291 |
# | Unaudited |
@ | Annualized |
* | 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) | The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate. |
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | December 5, 2005* to May 31, 2006 | Six Months Ended November 30, 2010# | Year Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 11.65 | $ | 10.33 | $ | 10.00 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 39.80 | $ | 33.87 | $ | 32.17 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.03 | ) | (0.05 | ) | 0.01 | (0.03 | ) | (0.02 | ) | 0.00 | 0.21 | 0.37 | 0.53 | 0.60 | 0.58 | 0.53 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.36 | 1.82 | (2.98 | ) | (1.57 | ) | 1.34 | 0.33 | 1.83 | 3.66 | (12.20 | ) | (3.30 | ) | 6.86 | 2.11 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.33 | 1.77 | (2.97 | ) | (1.60 | ) | 1.32 | 0.33 | 2.04 | 4.03 | (11.67 | ) | (2.70 | ) | 7.44 | 2.64 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.02 | ) | (0.01 | ) | – | – | – | – | (0.49 | ) | (0.70 | ) | (0.61 | ) | (0.31 | ) | (0.25 | ) | |||||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.28 | ) | – | – | – | – | (0.67 | ) | (3.17 | ) | (1.89 | ) | (1.20 | ) | (0.69 | ) | ||||||||||||||||||||||||||||||
Return of capital | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.02 | ) | (0.29 | ) | – | – | – | – | (1.16 | ) | (3.87 | ) | (2.50 | ) | (1.51 | ) | (0.94 | ) | |||||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.87 | $ | 8.54 | $ | 6.79 | $ | 10.05 | $ | 11.65 | $ | 10.33 | $ | 23.97 | $ | 21.93 | $ | 19.06 | $ | 34.60 | $ | 39.80 | $ | 33.87 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 15.57 | % | 26.03 | %(e) | (29.01 | )% | (13.73 | )% | 12.78 | % | 3.30 | % | 9.30 | % | 21.06 | % | (32.99 | )% | (6.98 | )% | 22.37 | % | 8.27 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.00 | %@ | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | %@ | 0.38 | %@ | 0.38 | % | 0.39 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.29 | %@ | 1.09 | % | 1.15 | % | 1.03 | % | 1.01 | % | 2.49 | %@ | 0.38 | %@ | 0.38 | % | 0.39 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 0.04 | % | 0.06 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.64 | )%@ | (0.63 | )% | 0.01 | % | (0.33 | )% | (0.20 | )% | (0.49 | )%@ | 1.81 | %@ | 1.70 | % | 2.31 | % | 1.64 | % | 1.58 | % | 1.57 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.93 | )%@ | (0.72 | )% | (0.14 | )% | (0.36 | )% | (0.21 | )% | (1.98 | )%@ | 1.81 | %@ | 1.70 | % | 2.31 | % | 1.64 | % | 1.58 | % | 1.57 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 81 | % | 74 | % | 91 | % | 196 | % | 83 | % | 277 | % | 10 | % | 7 | % | 7 | % | 5 | % | 4 | % | 7 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 10,739 | 11,165 | 11,464 | 11,803 | 13,987 | 18,720 | 132,802 | 136,381 | 130,783 | 124,600 | 133,576 | 140,078 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 106,021 | $ | 95,319 | $ | 77,843 | $ | 118,628 | $ | 162,946 | $ | 193,337 | $ | 3,183,484 | $ | 2,990,589 | $ | 2,493,280 | $ | 4,311,083 | $ | 5,316,922 | $ | 4,744,289 |
# | Unaudited |
@ | Annualized |
* | 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 a reimbursement from an affiliate. |
295
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Value Fund | ||||||||||||||||||||||||
Six Months Ended November 30, 2010# | Year Ended May 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.28 | $ | 7.20 | $ | 11.01 | $ | 13.41 | $ | 12.19 | $ | 11.15 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.05 | 0.15 | 0.15 | 0.08 | 0.14 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.66 | 1.20 | (3.76 | ) | (1.65 | ) | 3.10 | 1.07 | ||||||||||||||||
Total income (loss) from investment operations | 0.71 | 1.25 | (3.61 | ) | (1.50 | ) | 3.18 | 1.21 | ||||||||||||||||
Distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.17 | ) | (0.09 | ) | (0.04 | ) | (0.24 | ) | (0.05 | ) | |||||||||||||
Net realized gain on securities | – | – | (0.11 | ) | (0.86 | ) | (1.72 | ) | (0.12 | ) | ||||||||||||||
Return of capital | – | – | – | – | – | – | ||||||||||||||||||
Total distributions | – | (0.17 | ) | (0.20 | ) | (0.90 | ) | (1.96 | ) | (0.17 | ) | |||||||||||||
Net asset value at end of period | $ | 8.99 | $ | 8.28 | $ | 7.20 | $ | 11.01 | $ | 13.41 | $ | 12.19 | ||||||||||||
TOTAL RETURN(a) | 8.57 | % | 17.30 | % | (32.55 | )%(e) | (11.44 | )% | 28.42 | % | 10.92 | %(e) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.88 | % | 1.03 | % | 0.92 | % | ||||||||||||
Ratio of expenses to average net assets(c) | 0.94 | %@ | 0.94 | % | 0.94 | % | 0.93 | % | 1.03 | % | 0.92 | % | ||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | ||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.11 | %@ | 0.56 | % | 1.89 | % | 1.39 | % | 0.65 | % | 1.29 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.02 | %@ | 0.47 | % | 1.79 | % | 1.34 | % | 0.64 | % | 1.29 | % | ||||||||||||
Portfolio turnover rate | 57 | % | 105 | % | 173 | % | 142 | % | 116 | % | 76 | % | ||||||||||||
Number of shares outstanding at end of period (000’s) | 15,008 | 18,716 | 21,631 | 25,199 | 6,691 | 16,214 | ||||||||||||||||||
Net assets at end of period (000’s) | $ | 134,977 | $ | 155,035 | $ | 155,725 | $ | 277,346 | $ | 89,740 | $ | 197,648 |
# | Unaudited |
@ | Annualized |
(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. |
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VALIC COMPANY I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited)
At a meeting held on August 2-3, 2010, the Board of Directors (the “Board”), including the Directors that are not interested persons of VC 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 VC I (the “Advisory Agreement”) and the investment sub-advisory agreements between VALIC and each of the following sub-advisers of VC I (collectively, the “Sub-advisory Agreements”): Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”); BlackRock Investment Management, LLC (“BlackRock”); Bridgeway Capital Management, Inc. (“Bridgeway Capital”); Franklin Advisers, Inc. (“Franklin”); Goldman Sachs Asset Management, L.P. (“GSAM”); Invesco Advisers, Inc. (“Invesco”); Massachusetts Financial Services Company (“MFS”); Morgan Stanley Investment Management, Inc. (“Morgan Stanley”); OppenheimerFunds, Inc. (“Oppenheimer”); RCM Capital Management, LLC (“RCM”); SunAmerica Asset Management Corp. (“SAAMCo”); 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”).
In addition, at the August 2010 meeting, the Board approved a new Investment Sub-Advisory Agreement between VALIC and Century Capital Management, LLC (“Century Capital”) (the “Century Capital Sub-Advisory Agreement”) with respect to the Small-Mid Growth Fund.
The Investment Advisory Agreement and Investment Sub-advisory Agreements, including the Century Capital Sub-Advisory Agreement, are collectively referred to as the “Advisory Contracts.”
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 and their affiliates; (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-Adviser Expense Group/Universe”), as selected an independent third-party provider of investment company data; (7) the terms of the Advisory Contracts, and (8) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history.
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 during which such independent counsel provided guidance to the Independent Directors.
The continuation of all Advisory Contracts were approved at the August 2010 for a one-year term beginning September 1, 2010 and ending August 31, 2011, with the exception of the Century Capital Sub-Advisory Agreement, which was approved for an initial two-year term.
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 regular 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. 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. The Board also reviewed each Sub-adviser’s brokerage practices.
The Board reviewed VALIC’s and SAAMCo’s compliance program and personnel. It was noted that SAAMCo is an affiliated company of VALIC. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
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
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VALIC COMPANY I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
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 Sub-adviser 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 Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, which included one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, 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 unaudited data from the semi-annual report for the period ended November 30, 2009.
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 was for the period ended April 30, 2010 and that benchmark information presented by management was through the period June 30, 2010.
• | Asset Allocation Fund (sub-advised by PineBridge). 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. The Board also considered that the Fund’s total expenses were slightly above the median of its Expense Universe and below the median of its Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Universe. The Board also noted that during the past year breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe for the one-, three- and five-year periods, and outperformed the Lipper VUF Mixed-Asset Target Allocation Moderate Index for such periods. The Board also noted that the Fund outperformed its custom blended benchmark for the one-, three- and five-year periods (S&P 500® Index: 55%; Barclays Capital Aggregate Bond Index: 35%; and T-Bill 3-Month Index: 10%). The Board concluded that the Fund’s performance was satisfactory.
• | Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fee was at the median of its Expense Group and was above the median of its Expense Universe. In addition, the Board noted that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. In addition, the Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also took into account the fact that breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules in October 2008. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one-year period, at the median for the five-year period and below the median for the three-year period. The Board also noted that the Fund’s performance was above the median of its Performance Universe for the one-, three- and five-year periods. In addition, the Board noted that the Fund outperformed the Lipper VUF Large Cap Growth Index for the one- and five-year periods and underperformed the Index for the three-year period. The Board considered that the Fund outperformed its benchmark, the S&P 500® Index, for the three- and five-year periods and underperformed its benchmark for the one-year period. The Board took into account management’s discussion of the Fund’s performance. The Board concluded that the Fund’s performance was satisfactory.
• | Broad Cap Value Income Fund (sub-advised by Barrow Hanley). 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 below the medians of its Expense Group/Universe. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund was at the median of its Performance Group for the one-year period and above the median of its Performance Group for the three-year period. The Board also considered that the Fund was above the median of its Performance Universe and the Lipper VUF Multi-Cap Value Index for the one- and three-year periods. The Board noted that the Fund underperformed its benchmark, the Russell 1000® Value Index, for the one-year period and outperformed the Index for the three-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Capital Conservation Fund (sub-advised by PineBridge). 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 the Fund’s sub-advisory fees were above the medians of the Subadvisor Expense Group/Universe. The Board also took into account management’s discussion of the Fund’s expenses. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe for the one-, three- and five-year periods. In addition, the Board noted that the Fund underperformed the Lipper VUF A-Rated Corporate Index for the same periods. The Board also considered that the Fund outperformed its benchmark, the Barclays Capital Aggregate Bond 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 and the changes made to the Fund’s investment strategy beginning October 1, 2008, and concluded that performance is being addressed.
• | Core Equity Fund (sub-advised by BlackRock). 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 below the medians of its Expense Group/Universe. The Board noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board noted that the expense limitation on total expenses, which had been previously lowered in October 2008, would be extended contractually through September 30, 2011. |
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board considered that the Fund was below the median of its Performance Group/Universe and underperformed the Lipper VUF Large Cap Core Index for the one-, three- and five-year periods. The Board considered that the Fund underperformed the Russell 1000® Index for the one-, three- and five-year periods. The Board noted that BlackRock began managing the Fund in March 2007 and that Fund performance for the five-year period represented the performance of the Fund’s previous sub-advisers. The Board also noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance was being addressed.
• | Dividend Value Fund (formerly, Core Value Fund) (sub-advised by BlackRock and SAAMCo). 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 but below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses and also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011 and would also be lowered from 0.83% to 0.82%. It was also noted that the Fund’s contractual management fee payable to VALIC was lowered in June 2010 such that the first breakpoint was reduced from 0.77% on the first $250 million to 0.75% on the first $250 million. |
The Board considered that the Fund was below the median of its Performance Group/Universe and underperformed the Lipper VUF Large Cap Value Index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed the Russell 1000 Value Index for the one- and five-year periods, and outperformed the Index for the three-year periods. It was also noted that on June 7, 2010, the Fund’s investment strategy changed and BlackRock and SAAMCo assumed subadvisory duties from American Century Investment Management, Inc. The Board considered that the Fund’s performance represented the performance of the previous sub-adviser which utilized a different investment strategy. The Board took into account the recent changes to the Fund’s investment strategy and noted the replacement of the Fund’s sub-adviser, and concluded that the Fund’s performance was being addressed.
• | 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 actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe and outperformed the Lipper VUF International Value Index for the one- and three-year periods. It also considered that the Fund outperformed its benchmark, the MSCI Europe, Australasia, Far East (EAFE) Index, for the one- and three-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Global Equity Fund (sub-advised by BlackRock Financial). The Board considered that the Fund’s actual advisory fees were above the median of its Expense Group/Universe and its total expenses were above the median of its Expense Group and at the median of its Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were above the median of the Subadvisor Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Board considered that Blackrock Financial assumed management of the Fund on September 11, 2009 and as a result the Fund’s performance information primarily reflects the performance of the prior sub-adviser. The Board considered that the Fund’s performance was at the median of the Performance Group for the one-year period and below the median of the Performance Universe for the one-year period. The Board also considered that the Fund’s performance was below the medians of the Performance Group/Universe for the three-year period. The Board noted that the Fund underperformed the Lipper VUF Global Core Index for the one- and three-year periods. The Board also noted that the Fund trailed its benchmark, the S&P Global Broad Market Index, for the one- and three-year periods. The Board noted management’s discussion of the Fund’s performance, including the engagement of a new sub-adviser, and concluded that the Fund’s performance is being addressed.
• | Global Real Estate Fund (formerly Real Estate Fund) (sub-advised by GSAM and Invesco). 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 above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund’s performance was below the median of its Performance Group/Universe and underperformed the Lipper VUF Real Estate Index for the one-year and since inception periods and that the Fund outperformed the FTSE EPRA / NAREIT Global Real Estate Composite Index for the one-year period. The Board noted management’s discussion of the Fund’s performance and the Performance Group/Universe, as well as the fact that the Fund only commenced operations on March 10, 2008, and concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Global Social Awareness Fund (sub-advised by PineBridge). 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 actual sub-advisory fees were below the median of its Subadvisor Expense Universe. Additionally, the Board considered that effective June 1, 2010, breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules. |
The Board considered that the Fund’s performance was at the median of its Performance Group for the one-year period, and below the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund’s performance was below the median of its Performance Universe and the Lipper VUP Global Core Index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark, the MSCI World Index for the one- and three-year periods, and underperformed the Index for the five-year period. The Board noted that the Fund changed its principal investment strategy in October 2007 from a domestic strategy to a global strategy and that the Fund’s performance record included its performance prior to such 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 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 medians of its Expense Group/Universe. Additionally, the Board considered that effective June 1, 2010, breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules. |
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe for the one-year period. The Board also considered that the Fund’s performance was at the median of its Performance Group and below the median of its Performance Universe for the three-year period. In addition, the Board considered that the Fund underperformed the MSCI AC World Index for the one-year period and outperformed the Index for the three-year period. The Board concluded that the Fund’s performance was satisfactory.
• | Government Securities Fund (sub-advised by SAAMCo). 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, 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 actual 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, including the fact that VALIC implemented a new expense limitation on total expenses which would be extended contractually through September 30, 2011. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe and underperformed the Lipper VUF General U.S. Government Index for the one-, three- and five-year periods. The Board also considered that the Fund trailed its benchmark, the Barclays Capital U.S. Government Bond Index, for the one- three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, as well as management’s continued monitoring of the Fund. The Board concluded that the Fund’s performance is being addressed.
• | Growth & Income Fund (sub-advised by SAAMCo). 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 below the medians of its Expense Group/Universe. The Board noted that the Fund’s sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. Additionally, the Board considered that effective June 1, 2010, breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules. |
The Board considered that the Fund was below the medians of its Performance Group/Universe and underperformed the Lipper VUF Large Cap Core Index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark, the S&P 500® Index for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, as well as management’s continued monitoring of the Fund. In addition, the Board noted that effective March 22, 2010, a new sleeve with a growth component was added to the Fund. The Board concluded that the Fund’s performance is being addressed.
• | Growth Fund (formerly, Ultra Fund) (sub-advised by American Century). The Board considered that the Fund’s actual advisory fees were above the medians of its Expense Group/Universe. In addition, the Board considered that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. The Board also took into account management’s discussion of the Fund’s expenses, and noted that the Fund’s advisory and sub-advisory fee schedules were reduced in October 2009. |
The Board noted that the Fund’s performance was above the median of its Performance Group/Universe and that it outperformed the Lipper VUF Large-Cap Growth Index for the one- and three-year periods. The Board also noted that the Fund outperformed its benchmark, the Russell 1000® Growth Index, for the one- and three-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered that the Fund’s actual advisory fees and total expenses were above the medians of its Expense Group/Universe. The Board also noted that the Fund’s actual 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 considered that the Fund’s performance was above 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 Board concluded that the Fund’s performance was satisfactory.
• | Inflation Protected Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees were below the medians of its Expense Group/Universe total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board noted the relatively small number of funds in its Expense and Subadvisor Expense Groups. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board noted that the Fund was above the medians of its Performance Group/Universe, and outperformed the Lipper VUF General U.S. Government Index and its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, for the one-year period and was below such medians and underperformed the Index and benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s Performance Group/Universe. The Board also noted management’s discussion of the Fund’s performance and concluded that the Fund’s performance has been satisfactory.
• | International Equities Fund (sub-advised by PineBridge). The Board considered that the Fund’s actual advisory fees and total expenses were below the medians of its Expense Group/Universe and that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. The Board took into account that the Fund’s advisory and sub-advisory fee schedules were reduced in March 2010. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe for the one-year period and below the medians of its Performance Group/Universe for the three- and five-year periods. The Board also considered that the Fund underperformed the Lipper VUF International Core Index for the for the one-, three- and five-year periods. In addition, the Board noted that the Fund underperformed its benchmark, the MSCI EAFE Index for the one-, three- and five-year periods. The Board also noted management’s discussion of the Fund’s performance, including the Fund’s improved more recent performance, and concluded that the Fund’s performance has been satisfactory.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
• | International Government Bond Fund (sub-advised by PineBridge). 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 actual sub-advisory fees were below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund was at the median of its Performance Group for the one-year period, below the median of its Performance Group for the three-year period, and above the median of its Performance Group for the five-year period. The Board also considered that the Fund was below the median of its Performance Universe for the one- and three-year periods, and above the median of its Performance Universe for the five-year period. In addition, the Board noted that the Fund underperformed the Lipper VUF Global Income Index for the one-, three- and five-year periods. Finally, the Board noted that the Fund outperformed its blended benchmark for the one-year period and underperformed the blended benchmark for the three- and five-year periods (JP Morgan Emerging Markets Bond Index Plus: 30% and the Citigroup World Government Bond Index: 70%). The Board took into account management’s discussion of the Fund’s performance, including that the Fund’s recent performance versus the benchmark has improved, as well as the Fund’s performance over the long-term. 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. The Board also considered 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 actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund’s performance was slightly below the median of its Performance Universe for the one-year period and above the median of its Performance Universe for the three- and five-year periods. The Board noted that the Fund outperformed the Lipper VUF International Growth Index for the one-, three- and five-year periods. In addition, the Fund outperformed its benchmark, the MSCI EAFE Index, for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Large Cap Core Fund (sub-advised by Wells Capital). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of its Expense Universe. In addition, the Board also noted that the Fund’s total expenses were below the medians of its Expense Group/Universe. The Board considered that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund was above the medians of its Performance Group/Universe and outperformed the Lipper VUF Large Cap Core Index for the one- and three-year periods. The Board also considered that the Fund underperformed its benchmark, the S&P 500® Index, for the one-year period and outperformed the benchmark for the three-year period. The Board concluded that Fund’s performance was satisfactory.
• | Large Capital Growth Fund (sub-advised by SAAMCo and Invesco Aim). 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 fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund was below the median of its Performance Group for the one-, three- and five-year periods. The Board also considered that the Fund was below the median of its Performance Universe for the one- and five-year periods, and at the median of its Performance Universe for the three- year period, and underperformed the Lipper VUF Large Cap Growth Index for the one-, three- and five-year periods. The Board considered that the Fund underperformed its benchmark, the Russell 1000 Growth Index, for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, as well as management’s continued monitoring of the Fund. The Board concluded that the Fund’s performance is being addressed.
• | Mid Cap Index Fund (sub-advised by SAAMCo). 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. The Board also considered that the Fund’s total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Board also noted that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Universe. |
The Board considered that the Fund’s performance was above the median of its Performance Group/Universe and outperformed the Lipper VUF Mid Cap Core Index for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark, the S&P MidCap 400 Index, for the for the one-year period and underperformed the benchmark for the three- and five-year periods. The Board noted that SAAMCo replaced AIGGIC as the Fund’s sub-adviser in December 2009. The Board concluded that the Fund’s performance was satisfactory.
• | Mid Cap Strategic Growth Fund (sub-advised by PineBridge and Van Kampen). 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 actual sub-advisory fees were at the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund was below the medians of its Performance Group/Universe and underperformed the Lipper VUF Mid Cap Growth Index for the one-year period and was above the medians of its Performance Group/Universe and outperformed the Index for the three-year period. The Board also considered that the Fund was below the median of its Performance Group, above the median of its Performance Universe, and outperformed the Index for the five-year period. The Board also considered that the Fund underperformed its benchmark, the Russell Midcap® Growth Index, for the one-year period and outperformed the benchmark for the three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, including its continued monitoring of the Fund, and concluded that the Fund’s performance was satisfactory in light of all factors considered.
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APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
• | Money Market I Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees and total expenses were above the medians of its Expense Group/Universe. In addition, the Board considered that the Fund’s actual sub-advisory fees were below the median of its Subadvisor Expense Group and above the median of its Subadvisor Expense Universe. The Board noted the relatively small range among the expense ratios of the funds in the Fund’s Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011 and that VALIC has contributed capital to support the Fund’s current yield. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one-year period and below the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one-year period and at the median of its Performance Universe for the three- and five-year periods. The Board noted that the Fund underperformed the Lipper VUF Money Market Index for the one-, three- and five-year periods. In addition, the Board noted that the Fund underperformed its benchmark, the T-Bill 3 Month Index, for the one-year period and outperformed the benchmark for the three- and five-year periods. The Board took into account the relatively small range in performance returns among the Performance Group/Universe and Indices. The Board concluded that the Fund’s performance has been satisfactory in light of all factors considered.
• | Nasdaq-100® Index Fund (sub-advised by SAAMCo). 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 above the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were at the median of the Subadvisor Expense Group and above the median of the Subadvisor Expense Universe. The Board also noted that the expense limitation on total expenses, which was lowered effective October 1, 2009, would be extended contractually through September 30, 2011. The Board also considered management’s discussion of the Fund’s expenses and of the appropriateness of the peer group chosen for the Fund. Additionally, the Board considered that effective December 1, 2009, breakpoints were implemented to the Fund’s advisory and sub-advisory fee schedules. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe and outperformed the Lipper VUF Large-Cap Growth Index for the one-, three- and five-year periods. The Board noted that the Fund underperformed its benchmark, the Nasdaq-100® Index for the one-, three- and five-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | Science & Technology Fund (sub-advised by RCM, T. Rowe Price and Wellington Management). The Board considered that the Fund’s actual advisory fees were at the median of its Expense Group and above the median of its Expense Universe, and that the Fund’s total expenses were at the median of its Expense Group and below the median of its Expense Universe. The Board noted that the Fund’s actual sub-advisory fees were above the median of its Subadvisor Expense Universe. |
The Board considered that the Fund’s performance was above the median of its Performance Group for the one-year period, and below the median of its Performance Group for the three- and five-year periods. The Board also considered that the Fund’s performance was above the median of its Performance Universe for the one- and three-year periods and below the median of its Performance Universe for the five-year period. The Board also noted that the Fund outperformed the Lipper VUF Science & Technology Index for the one- and three-year periods and underperformed the Index for the five-year period, and that the Fund outperformed its benchmark, the S&P North American Technology Index, for the one-year period, and underperformed the benchmark for the three- and five-year periods. The Board considered management’s discussion of the Fund’s performance, including the Fund’s improved more recent performance and its overall performance over the longer term, and concluded that the Fund’s overall 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 medians of its Expense Group/Universe and that the Fund’s total expenses were below the medians of its Expense Group/Universe. The Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund was above the median of its Performance Group/Universe, the Lipper VUF Small Cap Growth Index and its benchmark, the Russell 2000® Growth Index, for the one- and three-year periods. The Board concluded that the Fund’s performance was satisfactory.
• | 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 actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses, which was lowered effective October 1, 2009, would be extended contractually through September 30, 2011. |
The Board considered that the Fund’s performance was below the medians of its Performance Group/Universe and the Lipper VUF Small Cap Core Index for the one-, three- and five-year periods. The Board also considered that the Fund underperformed its benchmark, the Russell 2000 Index for the one-, three- and five-year periods. The Board noted the steps management has taken to address the Fund’s performance. The Board also took into account management’s discussion of the Fund’s performance, 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 SAAMCo). 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 at the median of the Expense Group and below the median of the Expense Universe. In addition, the Board noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was at or above the medians of its Performance Group/Universe for the one-, three- and five-year periods. In addition, the Board considered that the Fund outperformed the Lipper VUF Small Cap Core Index for the one-, three- and five-year periods. The Board noted that the Fund outperformed its benchmark, the Russell 2000 Index, for the one-year period, and underperformed the benchmark for the three- and five-year periods. 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
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VALIC COMPANY I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
Group/Universe. The Board noted that effective December 1, 2009, SAAMCo replaced AIGGIC as the Fund’s sub-adviser. The Board concluded that the Fund’s performance was satisfactory in light of all factors considered.
• | Small Cap Special Values Fund (sub-advised by Wells Capital and Dreman). 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 fees were at the median of its Subadvisor Expense Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board noted that the Fund’s performance was above the medians of its Performance Group/Universe and the Lipper VUF Small Cap Value Index for the one-year period and below the medians and the Index for the three-year period. In addition, the Board noted that the Fund outperformed its benchmark, the Russell 2000 Value Index, for the one-year period and underperformed the benchmark for the three-year period. The Board also noted that Dreman replaced Putnam Investment Management, LLC in September 2009 as one of the Fund’s sub-advisers, and that the Fund’s relative performance has improved since the sub-adviser change. The Board took into account management’s discussion of the Fund’s performance, the recent sub-adviser change, and its plans for the Fund and concluded that performance is being addressed.
• | Small-Mid Growth Fund (sub-advised by Wells Capital). 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. In addition, the Board noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
At the August 2010 meeting, the Board approved the engagement of Century Capital as a co-sub-adviser of the Fund. The Board noted that Century Capital would replace Wells Capital’s Small-Mid Cap Growth team as the manager of the Fund’s Small-Mid Growth sleeve, and Wells Capital’s Small Cap Growth team would continue to the manage the Fund’s Small Growth sleeve. Century Capital and Wells Capital would each manage approximately 50% of the Fund’s assets. The Board considered that the sub-advisory fee rate payable to Century Capital would be the same as the sub-advisory fee rate payable to Wells Capital and, as a result, VALIC would not retain any more or less of its advisory fee.
The Board noted that the Fund’s performance was below 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- and three-year periods. Management presented information regarding the hypothetical historical returns of the Fund had it been managed by Century Capital and Wells Capital’s Small Growth team and reported that the hypothetical fund would have outperformed the Fund for the one-year period and would have been in line with the returns of the Morningstar Small Growth Category and Russell 2000 Growth Index for such period. The Board took into account management’s discussion of the Fund’s performance, the addition of a co-sub-adviser, and its continued monitoring of the Fund and concluded that management is addressing the Fund’s performance.
• | Stock Index Fund (sub-advised by SAAMCo). The Board considered that the Fund’s actual advisory fees were below the median of its Expense Group and above the median of the Expense Universe, and 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 noted that the Fund’s actual sub-advisory fees were below the medians of its Subadvisor Expense Group/Universe. |
The Board considered that the Fund’s performance was above the medians of its Performance Group/Universe and that the Fund outperformed the Lipper VUF S&P 500 Index for the one-year period, and that the Fund’s performance was below the medians of its Performance Group/Universe and that the Fund underperformed the Index for the three- and five-year periods. The Board also noted that the Fund underperformed its benchmark, the S&P 500 Index for the one-, three-, and five-year periods. The Board noted that 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 noted that SAAMCo replaced AIGGIC as the Fund’s sub-adviser in December 2009. The Board took into account management’s discussion of the Fund’s performance and 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 were above 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. The Board also noted that the Fund’s actual sub-advisory fees were above the medians of its Subadvisor Expense Group/Universe. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2011. |
The Board considered that the Fund’s performance was below the median of its Performance Group for the one- and five-year periods, and above the median of its Performance Group for the three-year period. The Board also considered that the Fund’s performance was below the median of its Performance Universe for the one-year period and above the median of its Performance Universe for the three- and five-year periods. The Board noted that the Fund underperformed the Lipper VUF Multi-Cap Value Index for the one- and three-year periods and outperformed the Index for the five-year period. The Board also noted that the Fund underperformed its benchmark, the Russell 1000® Value Index, for the one-, three- and five-year periods. The Board noted management’s discussion of the Fund’s performance, and concluded that performance is being addressed.
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/Profitability. 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.
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VALIC COMPANY I
APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)
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 VC I also 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 SAAMCo, an affiliate of VALIC, 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 SAAMCo receives from the Funds, SAAMCo compensates VALIC for certain administrative services (0.02% of daily net assets), and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value (0.01% of daily net assets).
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. These benefits can be material.
In considering the profitability to VALIC and its affiliates in connection with their 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 SAAMCo in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was 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.
For each of the above reasons, the Directors determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Investment Sub-Advisory Agreements.
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 with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to those Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that it the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to the 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, although 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 reviewed the terms of the Century Capital Sub-Advisory Agreement, including the duties and responsibilities undertaken by Century Capital. It also noted that the Century Capital Sub-Advisory Agreement was the same in all material respects as the Sub-Advisory Agreement with Wells Capital, except for the name of the sub-adviser, the term of the agreements and the sub-advisory fee rate.
The Board concluded that the terms of each of the Advisory Contracts 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 interests of each of the Funds and its 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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VALIC Company I
SUPPLEMENT TO THE PROSPECTUS
Supplement to the Summary Prospectus dated October 1, 2010
In the Fund Summary for the Small-Mid Growth Fund (the “Fund”) under “Investment Manager,” the disclosure with respect to Edward Rick, IV as a portfolio manager of the Fund is deleted in its entirety. Linda Z. Freeman, Jeffrey S. Drummond, Jeffrey Harrison and Paul Carder will continue to serve as portfolio managers of the Fund.
Date: October 7, 2010
Supplement to the Summary Prospectus dated October 1, 2010
This supplement supersedes the supplement filed on December 30, 2010
Large Cap Core Fund. On the Fund Summary in the section titled “Investment Adviser,” the disclosure with respect to Walter McCormick and Emory Sanders are deleted in their entirety. Effective January 18, 2011, the Fund is managed by a team of portfolio managers including W. Shannon Reid, CFA, Senior Portfolio Manager (team leader), David M. Chow, CFA, Portfolio Manager and Jay Zelko, Portfolio Manager.
Date: January 21, 2011
Supplement to the Summary Prospectus dated October 1, 2010
Value Fund. On January 25, 2011, the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of OppenheimerFunds, Inc. (“OppenheimerFunds”) as the sub-adviser to the Value Fund (the “Fund”) and approved the appointment of Wellington Management Company, LP (“Wellington Management”) as sub-adviser to the Fund. The Board approved an amendment to the existing investment sub-advisory agreement between VALIC and Wellington Management (the “Wellington Management Sub-advisory Agreement”) to specifically include the Fund.
With respect to the Wellington Management Sub-advisory Agreement, the Board has authority, pursuant to an exemptive order granted by the Securities and Exchange Commission, to enter into sub-advisory agreements without a shareholder vote; however, an information statement explaining the sub-adviser change will be mailed to the shareholders of the Fund. The effective date of the Wellington Management Sub-advisory Agreement is on or about March 14, 2011. The following changes will take place upon the effective date of the Wellington Management Sub-advisory Agreement:
The Fund’s “Investment Objective” as reflected in its Fund Summary changes from seeking “capital appreciation” to seeking “long-term total return, which consists of capital appreciation and income.”
The first paragraph of the “Principal Investment Strategies of the Fund” as reflected in its Fund Summary is replaced with the following disclosure:
The Fund attempts to achieve its objective by investing in common stocks of companies that the sub-adviser has identified as financially sound but out-of-favor that provide above-average potential total returns and sell at below-average price/earnings multiples. The Fund employs a “bottom-up” approach, which is the use of fundamental analysis to select specific securities from a variety of industries. The Fund may buy securities issued by companies of any size or market capitalization range and at times might increase its emphasis on securities of issuers in a particular capitalization range. While the Fund does not limit its investments to issuers within a particular capitalization range, the portfolio manager currently focuses on securities of larger-size companies.
In addition, the second paragraph of the “Principal Investment Strategies of the Fund” section is amended to delete references to investments in fixed income securities and investments in cash and cash equivalents as a principal investment strategy of the Fund. Accordingly, the “Principal Risks of Investing in the Fund” section is amended to delete references to “Interest Rate Risk” as a principal investment risk of the Fund.
The “Investment Adviser” section of the Fund Summary is amended to delete OppenheimerFunds as the sub-adviser of the Fund and to reflect the engagement of “Wellington Management” as the new sub-adviser of the Fund and the addition of Karen H. Grimes, CFA, Senior Vice President and Equity Portfolio Manager of Wellington Management, as the portfolio manager of the Fund.
Date: January 28, 2011
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VALIC Company I
SUPPLEMENT TO THE PROSPECTUS — (continued)
Supplement to the Summary Prospectus dated October 1, 2010
Mid Cap Strategic Growth Fund. On January 25, 2011, the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of PineBridge Investments, LLC (“PineBridge”) as the sub-adviser to the Mid Cap Strategic Growth Fund (the “Fund”) and approved the appointment of RCM Capital Management, LLC (“RCM”) as a co-sub-adviser to the Fund. Morgan Stanley Investment Management, Inc. will continue to manage a portion of the assets of the Fund. At the meeting, the Board approved an amendment to the existing investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and RCM (the “RCM Sub-Advisory Agreement”) to specifically include the Fund.
With respect to the RCM Sub-Advisory Agreement, the Board has authority, pursuant to an exemptive order granted by the Securities and Exchange Commission, to enter into sub-advisory agreements without a shareholder vote; however, an information statement explaining the sub-adviser change will be mailed to the shareholders of the Fund.
The effective date of the RCM Sub-advisory Agreement is on or about March 14, 2011. Also, effective on such date, the “Investment Adviser” section of the Fund Summary is amended to delete PineBridge as a sub-adviser of the Fund and to reflect the addition of “RCM” as a co-sub-adviser of the Fund, and the addition of Louise M. Laufersweiler, Director, CIO of Small Cap and Mid Cap Equities and Senior Portfolio Manager of RCM, and Steven Klopukh, Director and Portfolio Manager of RCM, as portfolio managers of the Fund.
The change of sub-adviser did not result in any changes to the Fund’s principal investment objective, principal investment strategies or to the principal risks of investing in the Fund.
Date: January 28, 2011
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VALIC Company I
PROXY VOTE
PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS
A special joint meeting of the shareholders of VALIC Company I Core Value Fund (n/k/a Dividend Value Fund) was held on Friday, June 4, 2010. The Fund adopted the following proposal:
A new investment sub-advisory agreement between VALIC and SunAmerica, which provides that SunAmerica will manage a portion of the assets of the fund.
Votes in Favor | 13,648,045.723 | |||
Votes Against | 337,419.665 | |||
Votes Abstained | 1,041,729.172 |
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VALIC Company I
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
American Century Investment Management, Inc.
4500 Main Street
Kansas City, MO 64111
Barrow, Hanley, Mewhinney & Strauss, LLC
2200 Ross Avenue, 31st Floor
Dallas, TX 75201-2761
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022
BlackRock Investment Management, LLC
800 Scudders Mill Rd.
Plainsboro, NJ 08536
Bridgeway Capital Management, Inc.
5615 Kirby Drive
Suite 518
Houston, TX 77005-2448
Century Capital Management, LLC
100 Federal Street
Boston, MA 02110
Dreman Value Management, LLC
Harborside Financial Center
Plaza 10, Suite 800
Jersey City, NJ 07311
Franklin Advisers, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906
Goldman Sachs
Asset Management, LP
200 West Street
New York, NY 10282
Invesco Advisers, Inc.
1555 Peachtree St. NE
Atlanta, GA 30309
Massachusetts Financial Services Company
500 Boylston Street
Boston, MA 02116
Morgan Stanley Investment Management, Inc.
522 Fifth Avenue
New York, NY 10020
OppenheimerFunds, Inc.
Two World Financial Center
225 Liberty Street, 11th Floor
New York, NY 10281-1008
Pinebridge Investments, LLC
70 Pine Street
New York, NY 10270
RCM Capital Management, LLC
555 Mission St. Suite 1700
San Francisco, CA 94105
SunAmerica Asset Management Corp.
Harborside Financial Center
3200 Plaza 5
Jersey City, NJ 07311
Templeton Global Advisors Ltd.
Lyford Cay
Nassau, Bahamas
Templeton Investment Counsel, LLC
Broward Financial Centre, Suite 2100
Ft. Lauderdale, FL 33394
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
Wellington Management Company, LLP
280 Congress Street
Boston, MA 02210
Wells Capital Management, Inc.
525 Market St.
10th Floor
San Francisco, CA 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
Kurt W. Bernlohr,
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. Gibbons-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
Thomas A. Ward,
Vice President
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VALIC Company I
DISCLOSURE OF QUARTERLY FUND HOLDINGS
VC 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. VC 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 VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC 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 VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC 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 VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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VALIC Online — Account Access
You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1.800.448.2542.
Account access
Manage your VALIC account online today
CLICK VALIC.com
CALL 1.800.448.2542
VISIT your VALIC financial advisor
| Manage your account online!
Enjoy quick, easy and secure access—now or anytime.
Powerful features:
You’ll find a long list of powerful features to track and analyze your portfolio values with graphs and charts. You can print and download account transaction confirmations and tax statements, view transaction history and download it to Quicken using Direct ConnectSM. The Account Aggregation Feature allows you to display information from other accounts in addition to your VALIC accounts. Account information is also available for viewing on your cell phone or mobile device.
You can easily manage your personal profile to update your contact information (phone, address, e-mail), reset your password and more. Your financial advisor’s contact information is also readily accessible. You can also request forms for a variety of services.
With VALIC Online you can initiate account transactions including:
•Allocation changes
•Transfer money among investment options
•Rebalance account to your desired allocation mix
•Change contributions
Personal Deliver-e® is an electronic document delivery service with these attractive features:
•Elect to receive notification when account statements, certain regulatory documents and transaction confirmations are available for viewing and printing
•Select which notifications you want to receive electronically
•Days faster than paper delivery
•Less paper, less waste
Start exploring VALIC Online today!
> Go to VALIC.com and click on Access Your Account in the “Links to Login” section
> Click “Register Now” to begin the registration process
> Enter the information to set up your security profile
> Click “I Agree” to accept the VALIC access agreement (required)
> Verify and/or update your address, e-mail and telephone number
> Click “Continue” to update your record and proceed to the Summary screen
Copyright © The Variable Annuity Life Insurance Company. All rights reserved.
VC 23800 (12/2010) J80543 EE |
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRSRT STD U.S. POSTAGE PAID GLASGOW, KY PERMIT NO. 207 |
VC 4873 (11/2010) J74499
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s the 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) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ Kurt W. Bernlohr | |
Kurt W. Bernlohr | ||
President |
Date: February 08, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Kurt W. Bernlohr | |
Kurt W. Bernlohr | ||
President |
Date: February 08, 2011
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 08, 2011